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2023-03-31-accounts

Company Registration number 06101946 Charity Registration number 1120286

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

ANNUAL REPORT AND FINANCIAL STATEMENTS

31 March 2023

Stephenson Coates Audit Limited Chartered Accountants West 2, Asama Court Newcastle Business Park Newcastle upon Tyne NE4 7YD

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

CONTENTS

Page
Report of the directors 1 - 5
Independent examiner’s report 6
Statement of financial activities 7
Balance sheet 8 - 9
Cash flow statement 10
Notes to the financial statements 11 - 18

EMMANUEL CHURCH DURHAM (a Company limited by guarantee without Share Capital)

REPORT OF THE DIRECTORS

The directors present their report and the financial statements for the year ended 31 March 2023.

Reference and administrative details

Company number: 06101946 Charity number: 1120286 Principal address: The Durham Centre Belmont Industrial Estate Durham DH1 1TN Independent examiner: John Oswald BA FCA Stephenson Coates Audit Limited Chartered Accountants West 2, Asama Court Newcastle Business Park Newcastle upon Tyne, NE4 7YD Bankers: CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent, ME19 4JQ Barclays Bank PLC Leicester LE87 2BB Solicitors: Muckles LLP Time Central 32 Gallowgate Newcastle upon Tyne NE1 4BF

Directors

The following directors of the charitable company (who are its trustees for the purposes of charity law) served during the year and up to the date of approval of this report:

G A Bell Executive Chairman and Senior Elder I J Portwine Executive Director and Elder J E Booth Non-executive and Treasurer W R Byng Non-executive lay member Company secretary: A J Biggs

Page 1

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

REPORT OF THE DIRECTORS

(continued)

Structure, governance and management

Governing document

Emmanuel Church Durham is a Company limited by guarantee, governed by its Memorandum and Articles of Association dated 13 February 2007.

The charitable company was incorporated in order to provide a distinct legal entity to carry out the activities of Emmanuel Church Durham which since 1991 had been undertaken through a charitable trust. The company was registered with the Charity Commission on 26 July 2007. On 1 December 2007 the entire assets, liabilities and undertakings of the Emmanuel Church Durham charitable trust were transferred to the charitable company.

There are currently three members, each of whom agree to contribute £1 in the event of the charitable company winding up.

Appointment and retirement of directors

Directors are required to sign a confirmation that they adhere to the articles of faith contained within the company's Memorandum and Articles of Association and that they understand their obligations as directors. Directors serve for a fixed term of two years and are eligible for reappointment.

Directors’ induction and training

The Charity Commission website and publications are used to keep the directors up to date with developments in the charitable sector. The necessity for formal training sessions for individual directors is reviewed each year.

Organisation

The charitable company operates primarily in the County Durham area, with links with churches and Christian organisations both in the UK and internationally. Church membership is voluntary and free.

The charitable company is overseen by a board of directors, which consists of the two of the five leaders – Elders - of Emmanuel Church and, currently, two lay members. The Elders of the Church are responsible for the day-today running of the charitable company, including the direction of the Church and the pastoral care of the membership. The lay members include the Treasurer and other persons operating in a non-executive capacity.

The board of directors meets at least quarterly, to review the finances, risk management, legal issues and other matters affecting the charitable company. A separate remuneration sub-committee operates consisting of the nonexecutive directors who do not receive payments from the charitable company to review the financial provision for the two full-time executive directors.

In setting our objectives and planning our activities, the directors have regard to the Charity Commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant.

Page 2

EMMANUEL CHURCH DURHAM (a Company limited by guarantee without Share Capital)

REPORT OF THE DIRECTORS

(continued)

Risk management

The board of directors considers the major risks to which the charitable company is exposed and identifies the appropriate mitigation. To this end the charity has taken out employer's liability, public liability and buildings insurance.

A strict child protection policy is implemented; all voluntary helpers who work with children are subject to criminal records bureau checks and must comply with detailed guidelines for the care of children. In order to ensure the safety of the Church members and general public a team of stewards operate during Sunday meetings. A fire evacuation plan has been drawn up.

A system of financial control exists to prevent the loss of the charity's assets through fraud and mismanagement. Financial reports are made at least quarterly to the Board. Our reserves policy is reviewed annually.

Objectives, activities and achievements

The objectives of the charitable company are:-

The vision of the Church is - To be a growing charismatic family church with a world vision.

The Church congregation meets on a Sunday at The Durham Centre in Durham City. During University term time attendance is about 200 adults, with about 70 children. The Sunday morning acts as a "shop window" for the other activities of the Church, which take place during the week. As a diverse Church we cater for people’s needs in many different ways, principally by having smaller mid-week groups. The activities of Emmanuel Church extend far beyond our regular Sunday morning meetings. The measurement of the success of our activities by the use of financial performance indicators is not wholly appropriate for a charity with these much wider objectives.

The Church employs one full-time and two part-time children's and youth workers to oversee and develop the children's and youth work both in the Church and the local community. The mid-week provision for our groups uses a detached model and has grown during the year. Links with local schools have been strengthened, and a number of assemblies have been taken. The youth also enjoyed attending the first national NewDay camp in Norfolk, following COVID.

Work with University students has continued as they meet at the HUB, a student and 20’s Sunday evening meeting based in a city centre location. This has created a great community feel for this group. We employ one full time person to support and develop this work. We were also able to have an intern for the year.

The development of The Emmanuel Centre (TEC), our new building with capacity for 500 seats, has continued to be the cause of great frustration. We were planning to move into the building in Easter 2021, but that was not possible because of a design fault in the heating system. This year has been spent trying to rectify the issue by installing a complementary heating and air handling system. Our expectation is that it will be usable from Spring 2023.

Connections with the community have continued to be strengthened with our Make Lunch initiative, detached youth work, school assemblies and supporting the Christian Unions of local schools. We were able to run a number of Alpha courses during the year. Partnering with Acts435 enabled financial support to be offered where needed. At Christmas we saw the return of our annual FunDay which was attended by the Mayor of Durham.

Page 3

EMMANUEL CHURCH DURHAM (a Company limited by guarantee without Share Capital)

REPORT OF THE DIRECTORS

(continued)

Objectives, activities and achievements (continued)

Our Emmanuel Global Reach (EGR) initiative has assisted us in our outreach to the nations. A number of training conferences have been put on, one including a prominent International ministry. This year we were able to send teams to Bulgaria and Turkey. There has also been support to a church family relocating to Kenya for a season, and two of our recent graduates as they develop a ministry. A number of prayer initiatives for specific areas of the world have also started. We are also seeing an increasing diversity within our gathered community.

Financial review

We remain very grateful for the strength of our voluntary income, both regular giving and giving for specific purposes. The Durham Centre returned to profitability in the year following the pandemic restrictions to its operations. We expect the flow of income into the Church from TDC to resume in the current year.

The design fault in the heating system of The Emmanuel Centre caused to incur significant costs in rectifying the position and in legal costs pursuing our claims. These unanticipated costs were the principal reason why the Church incurred a deficit of £165,335 in the year. We are fortunate that we were able to absorb this loss through our strong reserves.

Investment policy

As the guaranteed unrestricted funds are minimal, there is little opportunity for investment. The directors have considered the most appropriate policy for investing cash resources and have decided that bank deposits meet their requirements of a reasonable rate of return, without significant capital risk, and with predictable accessibility to the funds. We review this policy regularly.

Reserves policy

It remains the directors’ policy to maintain free reserves of between six to twelve months fixed committed expenditure. Free reserves at 31 March 2023 were £275,312 (2022: £401,150). The directors are satisfied that this provides a reasonable level of reserves to hold for our ongoing activities, including trading activities at The Durham Centre, and for our development commitments.

Plans for future periods

We continue to be motivated by our vision statement of being “A growing charismatic family church with a world vision”. We also anticipate that our growing relationship with Regions Beyond will lead to more opportunities to serve nations around the world.

Movement into TEC is important for fulfilling our growth potential. We are looking to a first launch event in May following extensive training for Musicians, PA and AV in using the new systems. Raising funds to be able to develop the second phase which will give a foyer, toilets, kitchen and meeting rooms will be ongoing.

Page 4

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

REPORT OF THE DIRECTORS

(continued)

Statement of the directors' responsibilities in relation to the financial statements

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the directors on 17 December 2023 and signed on their behalf by:

G A Bell Chair

Page 5

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

INDEPENDENT EXAMINER’S REPORT TO THE DIRECTORS ON THE UNAUDITED

FINANCIAL STATEMENTS OF EMMANUEL CHURCH DURHAM

I report to the charity trustees on my examination of the accounts of the charitable company for the year ended 31 March 2023, which are set out on pages 7 to 18.

Responsibilities and basis of report

As the charity’s trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (the ‘2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s report

I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

John Oswald BA FCA Stephenson Coates Audit Limited Chartered Accountants West 2, Asama Court Newcastle Business Park Newcastle upon Tyne NE4 7YD

17 December 2023

Page 6

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account)

FOR THE YEAR ENDED 31 MARCH 2023
Unrestricted Restricted
funds
funds
Note
£
£
INCOME FROM:
Giving
2
382,635
19,260
Charitable activities
Bible weeks, weekends away and events
3,012
2,070
Other trading activities
The Durham Centre – covenanted donation
16
-
-
Investments
3
546
-
Coronavirus job retention scheme grants
-
-
_
_
Total
386,193
21,330


EXPENDITURE ON:
Charitable activities
4
551,528
33,284


Total
551,872
33,284


NET (EXPENDITURE)/INCOME
5-7
(165,335)
(11,954)
Gross transfers between funds
-
-
NET MOVEMENT IN FUNDS
(165,335)
(11,954)
Total funds brought forward
1,865,840
13,093


Total funds carried forward
14/15
1,700,505
1,139

___		 Total
2023
£
401,895
5,082
-
546
-
__
407,523
_
584,812

584,812

(177,289)
-
(177,289)
1,878,933
_
1,701,644
______		 Total
2022
£
433,694
1,508
-
178
2,462
__
437,842
_
398,784

398,784

39,058
-
39,058
1,839,875
_
1,878,933
______

The charitable company has no recognised gains or losses other than the results for the period as set out above. All of the activities of the charitable company are classed as continuing.

The notes on pages 11 to 18 form part of these financial statements.

Page 7

(a Company limited by guarantee without Share Capital)

EMMANUEL CHURCH DURHAM

BALANCE SHEET

AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
8
Investments
9
Current assets
Debtors
10
Cash and bank and in hand
11
Creditors: amounts falling due
within one year
12
Net current assets
Total assets less current liabilities
Creditors: amounts falling due
after one year
13
Net assets
Funds
Unrestricted
14/15
Restricted
14/15
Total funds		 2023
£
£
2,240,006
7
2,240,013
137,912
169,361
307,273
(59,405)
247,868
2,487,881
(786,237)
_
1,701,644
_
1,700,505
1,139
_
1,701,644
_		 2022
£
£
2,307,714
7
2,307,721
153,596
295,879
449,475
(74,078)
375,397
2,683,118
(804,185)
_
1,878,933
_
1,865,840
13,093
_
1,878,933
_

The Balance Sheet continues on the following page.

Page 8

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

BALANCE SHEET (continued)

Directors’ statements required by the Companies Act 2006 for the year ended 31 March 2023

In approving these financial statements as directors of the company we hereby confirm:

(1) ensuring that the company keeps adequate accounting records which comply with section 386 of the Companies Act 2006, and

(2) preparing financial statements which give a true and fair view of the state of affairs of the charitable company at the end of the financial year and of its profit or loss for the year then ended in accordance with the requirements of sections 394 and 395, and which otherwise comply with the provisions of the Companies Act relating to financial statements, so far as applicable to the charitable company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements were approved and authorised for issue by the directors on 17 December 2023:

G.A. Bell J. Booth I.J. Portwine W. Byng

Company registration no. 06101946

The notes on pages 11 to 18 form part of these financial statements.

Page 9

EMMANUEL CHURCH DURHAM

(a company limited by guarantee without share capital)

CASH FLOW STATEMENT YEAR ENDED 31 MARCH 2023

Reconciliation of net income to net
cash flows from operating activities
Net income for year
Investment income
Depreciation
Loss on disposal of fixed assets
Movement in debtors
Movement in creditors
Net cash (outflow)/inflow from operating
activities
Cash flows from investing activities
Purchases of tangible fixed
assets
Investment income
Net cash flows from investing activities
Cash flows from financing activities
Repayments of bank loan
Additional bank loans received
Net cash flow from financing activities
Net (decrease)/increase in cash
and cash equivalents
Cash and cash equivalents at start of year
Cash and cash equivalents at end of year		 2023
£
£
(177,289)
(546)
71,086
-
15,684
(4,410)
(95,475)
(3,378)
546
(2,832)
(28,211)
-
(28,211)
(126,518)
295,879
169,361		 2022
£
£
39,058
(178)
71,510
-
(6,548)
12,244
116,086
(31,037)
178
(30,859)
(29,715)
-
(29,715)
55,512
240,367
295,879		 2022
£
£
39,058
(178)
71,510
-
(6,548)
12,244
116,086
(31,037)
178
(30,859)
(29,715)
-
(29,715)
55,512
240,367
295,879
55,512
240,367
295,879

The reconciliation of net debt arising in the year is set out in note 17.

Page 10

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements of the charitable company have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and United Kingdom Generally Accepted Accounting Practice applicable to smaller entities. The charitable company constitutes a public benefit entity as defined by FRS102.

The charitable company has taken the option under section 398 of the Companies Act 2006 and the Charities Act 2011 (Group Accounts) Regulations 2015 not to prepare consolidated financial statements.

The financial accounts are prepared in Sterling (£) which is the functional currency of the charitable company.

1.2 Going concern

The directors of the charitable company are satisfied that there are no material uncertainties concerning the charitable company’s ability to continue as a going concern for a period of at least 12 months from the date of approval of the financial statements. Accordingly, the financial statements continue to be prepared on the going concern basis.

1.3 Fund accounting

Unrestricted funds are those available for use at the discretion of the directors in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are those that are to be used in accordance with the specific restrictions imposed by donors or which have been raised by the charity for particular purposes. Designated funds are earmarked by the directors for particular purposes.

1.4 Income

Giving - Collections are recognised when received by or on behalf of the Church. Planned giving under Gift Aid is recognised only when received. Income tax recoverable on Gift Aid donations is recognised when the income is recognised. Grants and legacies are accounted for as soon as the Church is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the Church is certain. Covenanted donations from The Durham Centre are recognised on an accruals basis.

Investment income – Interest entitlements are accounted for as they accrue.

Grants - Government Grants that compensate the charitable company for expenses incurred are recognised in the statement of financial affairs on a systematic basis in the same period in which the expenses are incurred.

1.5 Expenditure

Charitable activities – The cost of charitable activities represents the cost of undertaking the charity's objectives. All expenditure is accounted for on an accruals basis. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Value added tax is not recoverable by the charitable company and as such it is included in the relevant costs in the Statement of Financial Activities.

Page 11

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

(continued)

1.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recorded at cost and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures, fittings and equipment 25% per annum reducing balance Freehold property over 20 years Leasehold property over the term of the lease

1.7 Impairment of fixed assets

Properties, fixtures, fittings and equipment are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared against its carrying amount. Where the estimated recoverable amount is lower, an impairment loss is recognised immediately in the Statement of Financial Activities.

1.8 Debtors and creditors due within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses from impairment are recognised in expenditure.

1.9 Concessionary loans received

The charity initially recognises and measures concessionary loans at the amount received. The carrying amount is adjusted in subsequent years to reflect repayments and any accrued interest.

1.10 Operating leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straightline basis over the term of the lease.

1.11 Defined contribution plans

The charitable company operates a defined contribution pension scheme for its staff. The scheme and its assets are held by independent managers. The pension cost charge in the financial statements represents contributions due from the charity for the year.

1.12 Voluntary assistance

Time is expended on the charity’s activities and governance which is donated free of charge. It is impractical to quantify the value of the time given, and accordingly it is neither recorded as donated income nor as an expense in the financial statements.

Page 12

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

(continued

2.
Income from giving
Unrestricted
funds
£
Building fund
-
Tithes
258,996
Offerings and gifts
61,643
Gift aid recoverable
61,996
_
382,635
_
3.
Investment income
£
Interest on cash deposits
546
_
546

4.
Charitable activities
£
Gifts (below)
33,327
Global reach
7,203
Ministry fees and expenses (note 6)
107,614
Activities expenditure
108,707
Office administration
8,421
Insurance
4,837
Rates
2,320
Utilities
14,398
Bank charges
2,190
Depreciation
71,086
Repairs and maintenance
12,823
Legal and professional
2,810
Independent examiner’s fees
2,460
Loan interest
44,618
Building project costs
128,714

551,528
___
Gifts comprise:
India giving
Regions Beyond UK (note 6)
Ministry
Needy
Other		 Restricted
funds
£
14,115
-
1,617
3,528
_
19,260
_
£
-
_
-

£
-
-
-
3,924
-
-
-
-
107
-
-
-
-
-
29,253

33,284
___		 Total
2023
£
14,115
258,996
63,260
65,524
_
401,895
_
£
546
_
546

£
33,327
7,203
107,614
112,631
8,421
4,837
2,320
14,398
2,297
71,086
12,823
2,810
2,460
44,618
157,967

584,812

2023
£
250
15,450
10,427
7,000
200
__
33,327
_____		 Total
2022
£
33,690
258,365
73,326
68,313
_
433,694
_
£
178
_
178
_
£
26,668
16,571
96,487
90,976
4,825
3,613
1,349
11,171
2,178
71,510
10,400
2,607
2,358
27,568
30,503
_
398,784

2022
£
1,017
14,700
8,300
2,376
275
__
26,668
_____

Page 13

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

(continued)

5. Staff costs

Staff costs were as follows:
Salaries and wages
Social security costs
Pension costs		 Total
Total
2023
2022
£
£
110,511
98,058
4,146
3,601
2,993
2,591
117,650
104,250
_
___		 Total
2022
£
98,058
3,601
2,591

No employee received emoluments above £60,000 p.a. in the year. The average number of staff employed by the charity during the year was 7 (2022: 7).

6. Directors’ remuneration, related party transactions and key management personnel

Two of the directors are engaged in Ministry and in accordance with the charitable company's constitution, Ministry fees and salaries were paid to them during the year.

Ministry fees, salaries and expenses for the year were:

nistry fees, salaries and expenses for the year were:
G A Bell I J Portwine
£ £
Ministry fees 41,934 -
Ministry salaries - 41,486
Wife's support 3,940 6,600
Expenses 9,488 3,445
_____ _____

I J Portwine is also a director of Regions Beyond UK (note 4).

Key management personnel are considered to comprise the directors and elders.

7. Net income for the year

Net income is stated after charging:

Net income is stated after charging:
Total Total
2023 2022
£ £
Depreciation 71,086 71,510
Independent examiner’s fees 2,460
____		 2,358
____

Page 14

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

(continued)

8. Tangible fixed assets

Cost
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
Elimination on disposal
At 31 March 2023
Net book amount
At 31 March 2023
At 31 March 2022		 Freehold
property
2,715,853
-
-
2,715,853
_
687,956
57,851
-
745,807
_
1,970,046
_
2,027,897
_		 Leasehold
property

£
249,014

-
-
249,014

_
11,068

2,767
-

13,835

_
235,179
_
237,946
_		 Fixtures
& fittings
£
179,338
3,378
-
182,716
__
137,467
10,468
-
147,935
_
34,781

41,871
___		 Total
£
3,144,205
3,378
-
3,147,583
_
836,491
71,086
-
907,577
_
2,240,006
_
2,307,714
_

All assets are held to further the main objects of the charity.

9. Investments

The charitable company owns all of the seven issued shares of The Durham Centre Limited, a company registered in England; the company provides a range of flexible, modern, well-resourced meeting solutions. Further details of the subsidiary undertaking’s results for the year are outlined in note 16.

10. Debtors

Accounts receivable
Gift aid recoverable
Other debtors
Prepayments and accrued income
Amount owed by subsidiary undertaking		 2023
£
-
62,789
6,311
3,606
65,206
137,912
______		 2022
£
-
67,049
4,771
1,677
80,099
153,596
______

The amount owed by the subsidiary undertaking is not due within one year.

Page 15

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

(continued)

11. Cash at bank and in hand

Bank deposit accounts
Bank current accounts
Cash in hand
12.
Creditors: amounts falling due within one year
Bank loans (secured)
Trade creditors
Other taxes and social security costs
Accruals and deferred income
Other creditors
13.
Creditors: amounts falling due after
more than one year
Bank loans (secured)
Other creditors		 2023
£
1,628
167,314

419

169,361

__
£
28,583
20,637
2,101
5,904
2,180
59,405
_
£
786,237
-
786,237
___		 2022
£
1,628
294,101
150
295,879
__
£
38,846
22,356
2,388
8,238
2,250
74,078
_
£
804,185
-
804,185
___

The main bank loan is fully secured on the freehold and leasehold properties. It is repayable by instalments expiring in 2041. The amount due at 31 March 2023 is analysed as follows:

£ Within one year 24,383 between one and two years 27,000 between three and five years 85,000 after more than five years 633,783 ______

The charitable company took out a Government backed bounce back loan of £50,000 in 2021; which is repayable in equal instalments over 10 years.

Page 16

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

(continued)

14. Fund movements

Unrestricted
General
Restricted
Building fund
Children’s work
Beyond Ourselves
Unrestricted
General
Restricted
Building fund
Children’s work
Global reach
Beyond Ourselves		 Balance
at 1
April 2022
£
1,865,840
11,610
-
1,483
1,878,933
_
Balance
at 1
April 2021
£
1,836,464
-
-
-
3,411
1,839,875
_		 Incoming
Outgoing
Transfers
Balance
resources
resources
at 31
March 2023
£
£
£
£
386,193
(551,528)
-
1,700,505
17,643
(29,253)
-
-
1,617
(1,617)
-
-
2,070
(2,414)
-
1,139
407,523
(584,812)
-
1,701,644
_
__
_
_
Incoming
Outgoing
Transfers
Balance
resources
resources
at 31
March 2022
£
£
£
£
383,267
(353,891)
-
1,865,840
42,113
(30,503)
-
11,610
876
(876)
-
-
10,421
(10,421)
-
-
1,165
(3,093)
1,483
437,842
(398,784)
-
1,878,933
_
_

_____

The General reserve represents the free funds of the charity which are not designated for particular purposes.

The Building fund has been created in connection with development of the Durham site.

The Children’s work fund is restricted to work with children in the Church and the local community.

The Global reach initiative is to assist outreach to other nations.

Beyond Ourselves is a fund which is restricted for use in home and overseas missionary and relief work. This includes relief to individuals with debt management issues.

Page 17

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

(continued)

15.
Analysis of net assets
Unrestricted funds
General
Restricted funds
Beyond Ourselves		 Fixed
assets
£
2,240,013
-
2,240,013
__		 Net
Creditors
current
due over
assets
one year
£
£
246,729
(786,237)
1,139
-
247,868
(786,237)
__
____		 Total
2023
£
1,700,505
1,139

1,701,644
__

16. Subsidiary undertaking

The Durham Centre Limited traded during the year providing a range of flexible, modern, well-resourced meeting solutions. Trading recovered in the year, almost to pre-pandemic levels and a net profit of £45,267 arose in the year. The charitable company continues to support the subsidiary undertaking as its business recovers It is anticipated that covenanted payments to the charitable company will restart in the current year.

17. Reconciliation of net debt

Cash and cash equivalents
Bank loans due within one year
Bank loans due over one year
Net debt		 31 March
Cash
Non cash
2022
flows
movements
£
£
£
295,879
-126,361
0
-38,846
28,211
-17,948
-804,185
-
17,948
-547,152
-98,307
0		 31 March
2023
£
169,361
-28,583
-786,237
-645,459

Page 18