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2021-12-31-accounts

Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Resurrection Manifestations

Trustees’ report and unaudited financial statements for the year ended 31 December 2021

Charity registered number 1120871 Company registered number 6352788

Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Contents

Trustees’ report 1
Statement of trustees' responsibilities 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes 12

Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Report of the trustees for the year ended 31st December 2021

The Elders are pleased to present their report together with the unaudited financial statements of the Charity for the year ending 31st December 2021 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes. The unaudited financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s constitution, the Charities Act 2011, the Companies Act 2006 and 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) (effective 1 January 2015).

Reference and administrative details

Charity number : 1120871

Company number: 6352788

Principal Office: 161-169 Essex Road, London N1 2SN

Bankers: Royal Bank of Scotland Plc

Elders

The members of the Board of Elders of the Charity are its trustees for the purpose of Charity law and Directors under company law and throughout this report are collectively referred to as the Elders. The Elders serving during the year and since the year end were as follows:

Elders who are also Members

Rev Prince David Amponsah (Chairman) (resigned on 31 October 2021) Mr John Kwame Frimpong (Deputy Chair) Ms Naomi Brew Mr Christian Kusi-Yeboah

Co-opted Trustee

Mr Nicholas Arthur

Structure, Governance and Management

Governing Document

Resurrection Manifestations (the ‘Charity’) is a company limited by guarantee and it is governed by Memorandum and Articles of Association dated 28 August 2007. It is registered as a charity with the Charities Commission.

Appointment of Elders

As set out in the Memorandum and Articles of Association, the Elders are entitled to appoint any person as a trustee and any person so appointed shall, except for where a trustee is also a Member, serve until the General Meeting in the third year following their appointment and until their successors are appointed and qualify or until their earlier resignation or removal.

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Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Trustees’ report (continued)

Any trustee so appointed shall retire at the end of that period but may then be reappointed for a further fixed period or periods. When considering appointing Elders, the Elders shall have regard to the requirement for any specialist skills needed.

Trustee induction and training

New Elders undergo an orientation to brief them on their legal obligations under Charities law, Companies Act, the content of the memorandum and articles of association, decision making processes, the organisational plan and recent financial performance of the Charity. During the induction they meet key employees and other Elders. Elders are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Organisation

The Board of Elders (‘the Board’), which can have up to 8 members, administers the Charity. The Board meets monthly or as required by the Charity’s business.

Decision making

Matters reserved for the Board are as follows:

Matters which the Board considers suitable for delegation are contained in the terms of reference of any committee set up. The Board periodically receives reports and recommendations from such committees in relation to any matters delegated to those committees. In addition, the Board receives reports and recommendations from time to time on any matter which it considers significant to the Charity.

Risk management

The Elders have a risk management strategy which comprises:

This work has identified that financial sustainability as the major financial risk for the Charity.

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Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Trustees’ report (continued)

A key element in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due, regular liaison with bankers, and active management of creditor balances to ensure sufficient working capital.

Attention has also been focussed on non-financial risks arising from fire, health and safety of congregants and security of the premises. Procedures are in place to ensure compliance with health and safety of staff, volunteers, members and visitors to the church.

Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects.

Related parties

All Elders give of their time freely and no Elder receives remuneration in his/her capacity as a trustee. One Elder receives remuneration or other benefit from his work with the Charity (in his capacity as a minister). Any connection between a trustee or an employee or office holder of the Charity (and consequential related parties) with a service provider, a supplier or other third parties must be disclosed to the full board of Elders. In the current year no such related party transactions were reported. Details of Elders’ expenses and related party transactions are disclosed in note 16 to the accounts.

Objectives and activities

The charitable Objects of the Charity are the purposes of the Charity and they are to:

Aims and Intended Impact

Within these Objects, the Charity’s aim is to present the gospel of Jesus Christ to all men through teachings and preaching, in all wisdom, that we may present every man perfect in Christ Jesus. The Charity exists to glorify God and to work for the advancement of Christ’s Kingdom throughout the world.

The calling of the Charity is to respond to the gospel of God's love in Christ and to live out its discipleship in worship and mission. We do this through:

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Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Trustees’ report (continued)

The Charity delivers its charitable Objects in two ways:

We co-operate with other churches in various ecumenical bodies in the UK and beyond. Work carried out by the partner organisations is especially useful where the Charity has no established infrastructure for managing staff and operations or where it provides a more effective approach than using its own staff. Using partner organisations helps utilise local knowledge effectively and assists in our educational and evangelical work. Whichever method of delivery is used, the approach to deciding on what work needs to be funded and how it is monitored is the same. The Charity has found from experience that this approach delivers maximum value to the beneficiary groups.

The Elders have referred to the guidance contained in the Charities Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning the Charity’s future activities.

The Elders consider how planned activities will contribute to the aims and objectives they have set. The Elders’ particular contribution to the working out of the calling of the Charity is to:

We consider that, for these reasons, the Charity meets the public benefit requirements.

Plans for the future

A revised ministerial and evangelical strategy with interim targets and annual review arrangements and effective monitoring has been developed, adopted and being implemented by the Elders. Our objectives under the proposed strategy are:

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Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Trustees’ report (continued)

Our core aims remain, and our immediate goal is to effectively reach Greater London with the powerful message of the love of the Lord Jesus Christ.

We intend to continue our approach of funding direct and indirect outreach programmes but then following this with further projects such as quarterly seminars on current issues in Christendom and an annual conference with speakers from all over the world.

Achievements and performance

In our endeavours to keep moving forward as a Church, the members continue to involve and reach out to the local community so that everyone knows the church is ‘their’ church as well as ‘our’ church. Throughout this year the church has faced some challenges, however, it should be celebrated that so many members of our Church Family have helped to continue the work.

Throughout the year other opportunities for worship have been offered. The two major areas of activity are: weekly open services (three times a week) and guest speaker series. Our church family is aware that not everyone can attend church on a Sunday, and so we share our worship using technology to broadcast and provide on demand recordings.

It is the belief of all Elders that the church exists to offer the community somewhere to encounter God, to worship, to gather and grow closer as a community. And so many community groups use the church as a venue for their activities.

The Church continues to seek new ways of sharing the Good news of Jesus Christ with the community. Throughout the forthcoming year, it is hoped, that with God’s help, the Church will continue to move forward as one family.

The Charity has undertaken works to modernise certain facilities and further works are now proposed (in cooperation with the local authority and Heritage England) to improve and introduce other essential facilities in the building which are considered necessary to provide the building with a long-term sustainable future. Work on obtaining the requisite planning permissions is on-going.

The Charity recognises and acknowledges that the building is listed as of historic and architectural importance. It was built for public entertainment and the Charity wishes to see the building remain accessible to the public. It is currently available for use seven days a week (except during church services) for other non-religious assembly and leisure uses such as concerts, films, conferences etc.

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Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Trustees’ report (continued)

Financial Review

During the year, the Charity raised £284,930 (2020: £276,019) from the general public and the government (gift aid) to carry out our programmes. £218,433 (2020: £212,215) of the total income was raised through donations and funds receivable in respect of gift aid totalled £31,312 (2020: £63,804). The rental of space in the property to two telecommunication companies and other hirers also generated a net contribution of £180,073 (2020: £43,723).

Total income and gains for the year was £465,003 (2020: £362,376).

The Charity benefits greatly from the involvement and enthusiastic support of its many volunteers. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.

The Charity has net current liabilities of £528,264 (2020: £561,627), but the Elders believe that voluntary income for the next 12 months will be sufficient to allow the Charity to pay all liabilities as they fall due.

Impact of COVID-19

During the year the Church was impacted by COVID-19 in a number of ways.

Like so many organisations, our programmes and services were significantly affected and our inability to meet in person at church services made things even worse. Our focus shifted from physical activities and programmes to online services and heightened pastoral care, as we aimed to provide support and community in such a difficult environment.

COVID-19 meant we were not able to meet in person and so we gave all our attention to holding worship services online. This opened the opportunity to reach people well beyond our physical locations and will remain a key initiative post the pandemic. An online community has formed and is a point of connection for so many who can’t be a part of a physical expression of church. A message of faith and the chance to connect with others has reached all corners – whether that be remote towns, urban centres, hospitals or prisons.

As church services have reopened, we have heard many stories of people who first watched church online and are now attending our services. We believe that church online is here to stay as an addition, rather than a replacement, for gathering together face to face.

The Pastoral team exists to provide practical and spiritual support and care to our church community, particularly in times of crisis, change and hardship. In 2020 we continued our aim to support people in every season of life. In response to the shifting needs of the church during a tumultuous year, the Pastoral team re-evaluated their approach.

Connections were primarily made through technology and a team of pastors were available to talk to people live during streamed services over the weekend. The disruption to people’s lives caused by COVID 19 produced a greater volume of pastoral care needs in our church community.

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Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Trustees’ report (continued)

Our ability to hold services and run community events was reduced due to restrictions on gatherings. Like most organisations, we adopted a working remotely policy where possible. Despite the interruption to regular church programmes, our staff and volunteers have been assisting many who have been affected in this season. We redeployed people to serve alongside our pastoral team, who together made close phone calls, identifying the needs within our communities, and providing care and support to those most affected.

2020 was a perfect storm for everyone, not least the church’s finances. Covid lockdowns immediately drained the Church of income from services, rental income and fundraising events.

Our rental activity was forced to close for periods as COVID-19 spread. Demand for services for homelessness, financial difficulty and family violence increased.

But the Church rallied and found new ways of giving – digitally, by bank transfer, and even cheques and cash arriving through the door during lockdown. We have ended 2020 with a surplus, for which we must be grateful as many churches will have fared far worse.

Considering the difficulties we all faced, our revenue remained strong enough to meet all the ministry outgoings. Tithes and offerings form the majority of church’s income, and we were encouraged by the congregants ongoing generosity and support. Close and regular attention was given to the church’s cash flow with austerity measures introduced to offset the interruption in our activities. As a result, our cash position remained stable throughout the year.

Bank facilities and borrowings

On 19 May 2021, the Royal Bank of Scotland granted a new £610,000 loan facility to the Charity. The loan facility matures on 30th June 2023 and the amount outstanding as at 31st December 2020 was £612,190 (2020: £610,746). The charity is in discussions with several lenders to refinance the current credit facilities. Based on negotiations conducted to date and the expected loan to value ratio, the Trustees have a reasonable expectation that the refinance will proceed successfully. No matters have been drawn to our attention to suggest that a refinance loan may not be forthcoming on acceptable terms.

Volunteers

The Charity is very involved in the community and is dependent on voluntary help. Volunteers assist with stewarding events, enabling longer opening and lower staff costs than would otherwise be the case. Most volunteers are members of the Church.

Many of our departments each has a team of around 10 volunteers and would be unable to operate without their help. Volunteers also provide assistance with events giving time and supplies to make them a success. The Elders would like to take this opportunity to say how much we appreciate their continuing and valuable support for our work.

Reserves policy

It is the Elders’ policy to hold reserves of approximately six months expenditure. At the year end the Charity had reserves of £759,546 (2020: £727,627).

The reserve level is below the Trustee’s policy but we plan to restore reserves to the required level in future years. With a reduced loan amount, the Elders’ key priority for the next 3 years is to meet all obligations under the new loan facility and to settle all major outstanding debts. Hence, it is unlikely that reserves will be at the 6 months level in the next 3 years.

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Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Trustees’ report (continued)

Remuneration

The Charity currently has one employee and as such no detailed remuneration policy has been adopted by the Elders. However, as and when a review of remuneration is required and deemed appropriate, this is discussed at the Board and any conclusions are implemented as directed by the Board.

Auditors

The Charity is entitled to exemption from audit, in accordance with sections 475 and 477 of the Companies Act 2006 relating to small companies and no notice has been deposited under section 476 of the Act.

By order of the Elders

Christian Kusi-Yeboah Elder

Date: 30[th] September 2022

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Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Elders (who are the directors and Trustees of the Charity) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Elders to prepare financial statements for each financial year. Under that law the Elders have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Elders must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the Elders are required to:

The Elders are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Elders are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website.

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Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 December 2021

Unrestricted Total Total
Funds Funds 2021 Funds 2020
Note £ £ £
Income
Donations 3
Voluntary income 249,745
249,745		 276,019
Income from other activities
Rental income 137,223
137,223		 25,056
Other income 42,850
42,850		 18,667
Grants 35,185
35,185		 42,634
Total Income 465,003
465,003		 362,376
Expenditure
Expenditure on charitable activities 5 432,084
432,084		 312,951
Governance costs 4 1,000
1,000		 9,000
_
_		 _
Total Expenditure 433,084
433,084		 321,951
Net Income/(Expenditure) 31,919
31,919		 40,425
Reconciliation of Funds
Total funds brought forward 727,627
727,627		 687,202
Total funds carried forward 11,12 759,546
759,546		 727,627

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Balance sheet as at 31 December 2021

Note
31
Fixed Assets
Tangible assets
7
Current assets
Debtors
8
Cash
Total current assets
Creditors:amounts falling due within one year
9
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after more than one year
The Funds of the Charity
Unrestricted Fund
11,12
Total Charity funds		 December
2021
31
£
1,900,000
23,688
104
23,792
(552,056)
(528,264)
1,371,736
(612,190)
759,546
759,546
759,546		 December
2020
£
1,900,000
2,667
11,680
14,347
(575,974)
(561,627)
1,338,373
(610,746)
727,627
727,627
727,627

The notes on pages 12 to 21 form part of these accounts. The Elders have prepared the accounts in accordance with the Companies Act 2006 and the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the Charity. The Charity is entitled to exemption from audit, in accordance with sections 475 and 477 of the Companies Act 2006 relating to small companies and no notice has been deposited under section 476 of the Act.

Approved by the Elders on 30 September 2022

Christian Kusi-Yeboah Elder

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Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Statement of cash flows

Note Total Total
Funds 2021 Funds 2020
£ £
Cash flows from operating activities:
Net cash provided by (used) in operating activities 3 - -
Cash flows from investing activities:
Purchase of investments - -
Purchase of property, plant and equipment - -
Proceeds from sale of investments - -
Dividends, interest and rents from investments - -
Net cash provided by (used in) investing activities - -
Cash flows from financing activities:
Repayments of borrowing - -
Overdraft facility cancellation - -
Cash inflows from new borrowing - -
Net cash provided by (used in) financing activities - -
Change in cash and cash equivalents in the reporting period - -
Cash and cash equivalents at the beginning of the reporting
period - -
Cash and cash equivalents at 31 December 3 - -

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Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

1. Accounting policies

1.1 Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Going concern

The Charity has net current liabilities of £528,264 (2020: £561,627), however the Elders believe that voluntary income for the next 12 months will be sufficient to allow the Charity to pay all liabilities as they fall due. The Elders are of the view that the measures taken subsequent to the year-end to reduce operating costs and to raise one-off giving towards the loan repayment and other debt repayment arrangements being negotiated will secure the immediate future of the Charity for the next 12 to 18 months and that on this basis the Charity is a going concern.

The Elders are also pursuing alternative sources of funding. The Charity has completed the short term renovation work at its Essex Road property. Due to the historic and unique architectural features of the building and its location, we are confident the rental activity would be a good and strong source of income for the Charity.

We believe the income from rental of the Essex Road building and the potential growth in membership (from the local area) would strengthen the overall financial capacity of the Charity and enhance the ability of the Charity to support the new credit facility.

For these reasons, we continue to adopt the going concern basis of accounting in preparing the annual financial statements. The accompanying financial statements have therefore been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future with neither the intention nor the necessity of liquidating or ceasing operations.

1.2 Income

All income is recognised once the Charity has entitlement to the funds, any performance conditions attached to the item(s) have been met, it is probable that the income will be received and the monetary value of incoming resources can be measured with sufficient reliability. Income received in advance of provision of other specified service is deferred until the criteria for income recognition are met.

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Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Notes (continued)

Donated professional services and donated facilities are recognised as income when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

In accordance with the Charities SORP (FRS 102), the general volunteer time of the Volunteers is not recognised (refer to the Trustees’ annual report for more information about their contribution).

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.

1.3 Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Designated funds are unrestricted funds of the Charity which the Elders have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Charity’s work or for specific projects being undertaken by the Charity.

1.4 Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.

Irrecoverable VAT is charged as a separate line item or expense but not against the activity for which the expenditure was incurred.

1.5 Allocation of expenditure

All expenditure has been classified under heading that aggregate all costs related to the category. Expenditure is classified under the following activity headings:

The allocation of expenditure has been analysed in notes 4 and 5.

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Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Notes (continued)

1.6 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost, net of depreciation and provision for impairment.

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value is higher than its recoverable amount. The recoverable amount is the higher of net realisable value (the amount at which an asset could be disposed of, less any direct selling costs) and value in use (the present value of the future cash flows obtainable as a result of an asset’s continued use).

All repairs and maintenance are charged to the income statement during the financial period in which they are incurred.

Depreciation of fixed assets is provided from the date that the asset is first brought in to use or when it is available for use. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Buildings 2% per annum straight line

Motor Vehicles 25% per annum straight line

1.7 Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.8 Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.9 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2. Legal status of the Charity

The Charity is a company limited by guarantee and has no share capital. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £5,000 per member.

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Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Notes (continued)
3. Income
3.1 Voluntary income Year
ended		 Year
ended
31 December 31 December
2021 2020
£ £
Donations and grants 253,618 254,849
Gift Aid 31,312
 63,804
284,930
 318,653
3.2 Income from other activities
Year ended 31 Year ended 31
December December 2020
2021
£ £
Other income 42,850 18,667
Rental income 137,223 25,056
180,073 43,723
3.3 Reconciliation of net income/(expenditure) to net
cash flow from operating activities
Year Year ended
ended
31		 31
December December
2021 2020
£ £
Net income/(expenditure) for the reporting period (as
31,919		 40,425
per the statement of financial activities)
Adjustments for:
Depreciation charges 101,850 -
Gain on debt facility termination - -
Gain on overdraft facility termination - -
Derivative termination cost - -
(Increase)/decrease in debtors (21,021) (209)
Increase/(decrease) in creditors 1,444
 (28,640)
Net cash provided by (used in) operating activities 114,192
 11,576

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Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Notes (continued)

3.4 Analysis of cash and cash equivalents

3.4 Analysis of cash and cash equivalents
Year Year
ended 31 ended 31
December December
2021 2020
£ £
Cash in hand 104 11,680
Notice deposits (less than 3 months) - -
Overdraft facility repayable on demand (8,554) -
(8,450) 11,680
4 Analysis of governance costs
Year ended Year ended
31 December 31 December
2021 2020
£ £
Trustee expenses 1,000 9,000
Audit - -
1,000 9,000
5 Analysis of expenditure on charitable activities
5.1 Unrestricted Fund
Year ended 31 Year ended 31
December December
2021 2020
£ £
Bank charges 1,742 1,067
Charitable donations 230 2,000
Ministry expenses 1,100 3,550
Cleaning 1,669 1,980
Computer & I.T expenses 1,442 3,423
Equipment rental 5,400 9,496
Miscellaneous expenses - -
Motor expenses 796 -
Printing and stationery - -
Repairs and maintenance 50,610 -
Bank and other interest 50,025 8,534
Light, water and heat 20,294 23,157
Professional fees 48,985 27,467

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Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Insurance 12,791 10,032
Penalties 455 1,712
Mortgage interest - 4,876
Security costs 32,094 36,236
Telephone 13,775 8,882
Office expenses 2,639 2,654
Salaries 73,157 139,185
Music - -
Rental commission and expenses 13,030 2,772
Fixed asset depreciation and impairment 101,850 25,928
432,084 312,951
6 Employees
Year ended 31 Year ended 31
December December
2021 2020
£ £
Salary 66,931 121,960
Employer’s NIC 6,226 17,225
73,157 139,185
The total and average number of full time employees in the period was 1 (2020: The total and average number of full time employees in the period was 1 (2020: The total and average number of full time employees in the period was 1 (2020: The total and average number of full time employees in the period was 1 (2020: The total and average number of full time employees in the period was 1 (2020: 1) and office
holders (ministers) was 1 (2020: 1).
7 Tangible fixed assets
Land and Motor Vehicle Total Total
buildings 2021 2020
£ £ £ £
Cost
At 1 January 1,900,000 - 1,900,000 1,900,000
Additions 101,850 - 101,850 -
At 31 December 2,001,850 - 2,001,850 1,900,000
Depreciation
At 1 January - - - -
Charge for the year 101,850 - 101,850 -
At 31 December 101,850 - 101,850 7,861,724

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Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Land and Motor Vehicle Total
buildings
£ £
Net book value
At 31 December 2021 1,900,000 - 1,900,000
At 31 December 2020 1,900,000 - 1,900,000

The Charity owns a unique property (formerly a Mecca Bingo) in the London Borough of Islington, which was acquired in August 2007 to use as a church auditorium and for other related activities. The building was reviewed for impairment in the 2015 as property values, generally, has declined for such properties since the Charity acquired the property (at the peak of the property boom in 2007). Also, based on specialist report, there is evidence of obsolescence and a considerable amount is required to bring the property into full use and to meet modern standards and regulatory requirements.

An independent valuation report commissioned by the Elders in 2014 indicated that the value of the building was £1,900,000. This is on the basis of the commercial value being £3,900,000 and assuming a refurbishment cost of £2,000,000. Thus, the Elders concluded that the carrying value of the building at the end of the 2014 financial year was higher than the recoverable amount and the property was written down to the recoverable amount (£1,900,000). JLL valuation report on the building (dated 26 October 2017) valued the building at £1,755,200 (assuming £2.2m of capital expenditure for repairs/restoration). The report also valued the land at the rear at £1.3million based on assumption of planning consent permission for a residential and commercial scheme for 19 flats.

Both valuations assumed a significant sum is required to bring the property into full use and to meet modern standards and regulatory requirements. The valuation is sensitive to this assumption and without detailed investigations it is impossible to know for certain how much will be needed to repair and modernise the building. The Elders have concluded that the carrying value of the building at the end of the year should be at the recoverable amount of £1,900,000 and as such all improvement expenditure capitalised in the year have been written off as depreciation expense.

The Elders have evaluated the length of the remaining useful economic life of the building and as a result of that assessment and because the estimated residual value of the tangible fixed asset is not materially different from the carrying amount of the asset, no additional depreciation has been recognised in the year.

8. Debtors

. Debtors
31 December 31 December
2021 2020
£ £
Debtors 23,688 2,667
23,688
 2,667

19

Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Notes (continued)

9. Creditors: amounts falling due within one year

31 December 31 December
2021 2020
£ £
Accounts payable 232,115 281,649
Other loans - 51,000
Payroll and VAT liability 255,887 235,272
Bank Overdraft 8,554 -
Accruals & deferred income 55,500 8,053
552,056 575,974

Included within Accounts payable is an amount of £148,027 (2020: £179,998) that is secured by a registered charge on the Charity’s freehold property (ie a second charge).

10. Creditors: amounts falling due after more than one year

Total Total
2021 2020
£ £
RBS Loan 612,190 610,746

Interest accrues on the RBS loan at 4.43% above the bank’s base rate. The RBS loan matures in June 2023 and it is secured on the Essex Road building.

11. Deferred income

Total Total
2021 2020
£ £
At 31 December 17,500 8,053

Deferred income relates to prepaid rent in respect of part of the building leased to two telecom companies for installation of telecommunication masts.

20

Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Notes (continued)

12. Analysis of movement in funds

Unrestricted
Fund Total Total
2021 2021 2020
£ £ £
Income 465,003 465,003 362,376
Expenditure (433,084) (433,084) (321,951)
Net movement 31,919 31,919 40,425
Opening balance 727,627 727,627 687,202
Closing balance 759,546
 759,546
 727,627
3. Analysis of net assets between funds
Unrestricted Total Total
Fund 2021 2020
£ £ £
Tangible fixed assets 1,900,000 1,900,000 1,900,000
Net current assets/(liabilities) (528,264) (528,264) (561,627)
Creditors due after more than one (612,190) (612,190) (610,746)
year
Total assets at 31 December 759,546 759,546 727,627

13. Analysis of net assets between funds

21

Resurrection Manifestations Trustees’ report and unaudited financial statements For the year ended 31 December 2021

Notes (continued)

13. Corporation Taxation

The Charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

14. Share Capital

The company has no Share Capital but is limited by guarantee of the members. Membership of the company is obtained through application to the Elders. In the event of a winding up, the liability of each member is limited to £5,000.

15. Trustee remuneration and related party transactions

During the year two Elders received reimbursement of expenses incurred on behalf of the Charity totalling £1,000 (2020: £9,000). No trustee or a person related to a trustee had any personal interest in any contract or transaction entered into by the Charity during the period. No related party of a trustee received any benefit or amounts from the Charity.

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