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2020-12-31-accounts

DocuSign Envelope ID: 46C3DED6-6BFC-482C-9507-1FA0590D8AC6

Registered number: 06357407 Charity number: 1122437

THE ARK ISLEHAM (A company limited by guarantee)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

DocuSign Envelope ID: 46C3DED6-6BFC-482C-9507-1FA0590D8AC6

THE ARK ISLEHAM (A company limited by guarantee) CONTENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Page
Trustees' report 1
Reference and administrative details of the charity, its 4
trustees and advisers
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8

DocuSign Envelope ID: 46C3DED6-6BFC-482C-9507-1FA0590D8AC6

THE ARK ISLEHAM (A company limited by guarantee) TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees who are also directors of the church for the purposes of the Companies Act 2006, present their report with the financial statements of the Church for the year ended 31 December 2020. The Trustees have adopted the provisions of 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) (October 2019).

The Trustees have had due regard for the guidance published by the Charities Commission on public benefit.

REFERENCE AND ADMINISTRATIVE DETAILS

The Trustees who served during the year were:

Mr. Michael Hawes Mr. Terry Malkin Mr. John Wick Mr. Frank Young Ms. Wendy Evans Mr. Graham Strand

These were also the trustees and directors on the date the report and accounts were approved.

The above named were also the subscribers and members of the company. Each of them guarantees to contribute a sum not exceeding £10 towards any shortfall in the event of a winding up.

The Church Council is responsible for the day-to-day management of the Trust. The names of the members of the Council are shown on the charity information page which forms part of these accounts.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The governing document of the Church comprises the Company's Memorandum and Articles of Association.

Trustees are recruited from within the membership of the congregation of The Ark Isleham. As part of their induction and training, all trustees are given a copy of "The Essential Trustee" published by the Charity Commission, and any other publications deemed relevant.

The trustees meet on a regular basis, and currently all decisions of a material nature are made by the Board.

The Church has a wholly owned trading subsidiary, High Oak Construction Limited, company number 06604863, which was incorporated on 28 May 2008. This company is the legal entity being used to undertake the design and construction of a new church building for the use of The Ark, Isleham.

The Church has a leadership team of Elders, responsible for all spiritual decisions. The Church Council, made up of seven people, is appointed by the Elders, with Trustee approval. The Church Council meets fortnightly. The Trustees meet regularly.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Charities Act 2011 requires that the Trustees ensure that the Church keeps accounting records of all transactions so as to disclose at any time, with reasonable accuracy, the financial position of the Church at that time and to enable them to ensure that the financial statements comply with the disclosure regulations. The Trustees are also responsible for safeguarding the Church’s assets and hence for taking reasonable steps for the prevention and detection of error, fraud and other irregularities.

1

DocuSign Envelope ID: 46C3DED6-6BFC-482C-9507-1FA0590D8AC6

THE ARK ISLEHAM (A company limited by guarantee) TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

In preparing the financial statements the Trustees are expected to:

RISK MANAGEMENT

The Trustees have examined the major strategic, business and operational risks to which the Church is exposed and systems have been established to manage those risks.

An annual budget is drawn up, based on the giving of the previous year. A system is in place, whereby a financial report is issued each quarter from the computerised accounts to each trustee so that any necessary corrective steps can be taken.

OBJECTIVES AND ACTIVITIES

William Norman built the original chapel in Church Street, Isleham and set up a trust to promote the worship of Almighty God in 1824. The objectives remain the same but have been extended to serve the community in various ways, both in Isleham and much further afield.

The Church's objects are as follows:

The Church's current objective is to bring about the construction of a new church complex, which once complete will enable the furtherance of the above objects. To that end it will replace our original building, which had become outdated, unsuitable and too small. All members of the public are welcome to attend the church and avail themselves of the various facilities and ministries. As well as enabling more people to attend the worship services, there will be enhanced children's and youth facilities, and a better equipped kitchen and dining area. These facilities will benefit organisations such as the mothers' and toddlers' group, and older peoples' lunch club, which serve the people of Isleham and the surrounding area.

All in all, this will enable people in our area to live out their faith as part of our community through:

The Church policy is to give a significant proportion of the income to Mission or outreach of various types e.g. Youth for Christ, and Regenerate. Further sums are given as gifts to needy people.

In setting our objectives and planning our activities our Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit.

2

DocuSign Envelope ID: 46C3DED6-6BFC-482C-9507-1FA0590D8AC6

THE ARK ISLEHAM (A company limited by guarantee) TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

ACHIEVEMENT AND PERFORMANCE

The church has a membership of about 240, plus approximately 80 under 16s. In addition to two services each Sunday, there are many midweek activities, catering for all ages and a wide range of interests. All this has helped people develop their faith in Jesus. In addition, a number of programs provided practical help and support to the local community. During 2020 there were prolonged periods when COVID precautions meant that we could not hold live services, and were unable to hold any young peoples’ or mid-week meetings. At other times we were only able to hold services for restricted numbers. We used this time to develop live streaming of video, which has proved a popular way for people to view our services, including many who had never attended. We intend to continue live streaming as a way of making our services more accessible to all.

Work on our new building, The Ark, progresses towards completion. In the year ended 31 December 2020 we continued to draw down on our pre-arranged mortgage facility, as well as receiving donations towards the funding of the project. In November 2019, our insurers had stipulated that The Ark could no longer be left unoccupied, even though it was not complete, and so we had to start using the building for Sunday services. This did at least enable us to put the former chapel on the market, and it was sold in June 2020. The funds from this were applied to the building costs of The Ark. As described above, the effect of the COVID precautions meant that the use for Sunday services was limited and so did not significantly impede the continuing building operations or lead to too much inconvenience for worshippers. During the year we continued to work on the unfinished areas, notably the Atrium (entrance vestibule), kitchen and servery, Refectory (café area), offices, and additional toilet facilities. These should be completed in late 2021.

FINANCIAL REVIEW

The results show a surplus of £235,750 (2019 £62,320). At the balance sheet date there were free reserves of £149,368 (2019 £70,338) that equate to 10 months of unrestricted expenditure.

It is not the aim of the Church to accumulate funds or make investments.

RESERVES POLICY

It is the policy of the Church whereby the unrestricted funds not committed or invested in tangible fixed assets or held as long term investment generating income or capital growth, that is the free reserves, should equate to between three and six months of the unrestricted expenditure.

The designated fund of £4,500 included in unrestricted funds as set out in Note 14 is a donation of £500 to pay for an artistic work for the new building and £4,000 for outfitting the kitchen.

PLANNING FOR FUTURE PERIODS

The Trustees intend to manage the Church in the foreseeable future as in previous years.

This report has been prepared having taken advantage of the small companies exemption in the Companies Act 2006.

ON BEHALF OF THE TRUSTEES

Mr. Michael Hawes Trustee

Approved by the Trustees on 26 August 2021

3

DocuSign Envelope ID: 46C3DED6-6BFC-482C-9507-1FA0590D8AC6

THE ARK ISLEHAM (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees

Mr. Michael Hawes Mr. Terry Malkin Mr. John Wick Mr. Frank Young Ms. Wendy Evans Mr. Graham Strand

Church Council Members

Mrs. Geraldine Ciantar Mr. Richard Liddington Mr. Richard Holloway (Chair) Mr. John Wick Miss. Abigail Dennis Mrs. Marilyn Strand

Company Registered Number

06357407

Charity Registered Number

1122437

Registered and Church Office

101 Beck Road, Isleham, Ely, Cambridgeshire, CB7 5QP

Company secretary

Mr. Michael Hawes

Independent Examiner

Stuart Berriman, Chater Allan LLP, Chartered Accountants, Beech House, 4a Newmarket Road, Cambridge, CB5 8DT

4

DocuSign Envelope ID: 46C3DED6-6BFC-482C-9507-1FA0590D8AC6

THE ARK ISLEHAM (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

I report on the financial statements of the Trust for the year ended 31 December 2020 which are set out on pages 6 to 15.

Responsibilities and basis of report

As the charity 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 company’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 statement

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 that in any material respect:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities

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.

Stuart Berriman Chater Allan LLP Chartered Accountants Beech House 4a Newmarket Road Cambridge CB5 8DT

02 September 2021 Date: ………………………………………

5

DocuSign Envelope ID: 46C3DED6-6BFC-482C-9507-1FA0590D8AC6

THE ARK ISLEHAM (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Income from:
Donations and legacies
2
Investments
3
Other
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net income/(expenditure) before transfers
Transfers between funds
Net movement in funds
Reconciliation of movement in funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted
Total
funds
funds
funds
2020
2020
2020
£
£
£
234,557
197,469
432,026
620
155
775
55,259
137,000
192,259
290,436
334,624
625,060
182,872
206,438
389,310
182,872
206,438
389,310
107,564
128,186
235,750
-
-
-
107,564
128,186
235,750
79,678
1,864,043
1,943,721
187,242
1,992,229
2,179,471		 Total
funds
2019
£
432,492
2,084
80
434,656
372,336
372,336
62,320
-
62,320
1,881,401
1,943,721

All activities relate to continuing operations.

The notes on pages 8 to 15 form part of these financial statements.

6

DocuSign Envelope ID: 46C3DED6-6BFC-482C-9507-1FA0590D8AC6

THE ARK ISLEHAM (A company limited by guarantee) BALANCE SHEET AS AT 31 DECEMBER 2020

Registered Company number: 06357407 Registered Charity number: 1122437

Note
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within one year
12
Net current assets
Creditors: amounts falling due after more than one year
13
Net assets
Charity funds
Restricted funds
14
Unrestricted funds
14		 Total
2020
£
2,619,732
1
2,619,733
94,461
288,707
383,168
59,227
323,941
764,203
2,179,471
1,992,229
187,242
2,179,471		 Total
2019
£
2,626,938
1
2,626,939
119,480
243,717
363,197
226,508
136,689
819,907
1,943,721
1,864,043
79,678
1,943,721

The charitable company is entitled to exemption from audit under section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for:

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements were approved by the Board of Trustees on 26 August 2021 and were signed on their behalf by:

Mr. Michael Hawes Trustee

The notes on pages 8 to 15 form part of these financial statements.

7

DocuSign Envelope ID: 46C3DED6-6BFC-482C-9507-1FA0590D8AC6

THE ARK ISLEHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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) (issued in October 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, the Companies Act 2006 and in accordance with the Church Accounting Regulations 1998. The financial statements have been prepared under the historical cost convention.

1.2 Company status

The company is a company limited by guarantee. The members of the company are the Trustees named on page 4. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.

1.3 Fund accounting

The unrestricted general funds are available for use at the discretion of the Church Council in furtherance of its charitable objectives and are not subject to any restrictions regarding their use.

Designated funds are created by the trustees’ for funds to be set aside for a specific purpose.

Restricted funds can only be used for particular restricted purposes within the objectives of the church. Restrictions arise when specified by the donor or when funds are raised for a particular purpose.

Further explanations of the nature and purpose of each fund is included in the notes to the financial statements.

1.4 Income

All voluntary income plus associated tax recovery is recognised as income when the donation is received. Investment income is recognised in the Statement of Financial Activities as it becomes payable. All other income is recognised when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

1.5 Expenditure

Expenditure is recognised in the period in which they are incurred and include attributable VAT which cannot be recovered. These are allocated to the particular activity to which they relate. Gifts and grants are accounted for when they are paid.

As much of the management and activity of the church is carried out by volunteers, the intangible cost is not included in the financial statements as this voluntary contribution to the life of the church is incalculable.

1.6 Taxation

The Church is exempt from corporation tax on its charitable activities.

8

DocuSign Envelope ID: 46C3DED6-6BFC-482C-9507-1FA0590D8AC6

THE ARK ISLEHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES (Continued)

1.7 Tangible fixed assets

All expenditure incurred during the year on church buildings or moveable church furniture, whether maintenance or improvement, is written off as expenditure in the accounts and clearly disclosed.

Church land and buildings are depreciated on a straight line basis over 25 years.

Equipment purchased is depreciated on a straight line basis over 4 to 5 years and vehicles are depreciated at 25% on a reducing balance basis. Individual items of equipment with a purchase price of £200 or less are written off when the asset is acquired.

1.8 Going concern

The trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The trustees have considered the potential impact on the company of the current global pandemic known as COVID-19. In the opinion of the trustees there will be no material adverse effect on the company's ability to continue to trade. The trustees believe the company is well placed to manage its business risks successfully despite the current uncertain economic outlook. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

1.9 Financial instruments

The company 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.

1.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.11 Cash at bank and in hand

Cash at bank and 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.

1.12 Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

1.13 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

9

DocuSign Envelope ID: 46C3DED6-6BFC-482C-9507-1FA0590D8AC6

THE ARK ISLEHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. INCOME FROM DONATIONS AND LEGACIES
Offerings & donations
Gift aid donations
Tax credits
3. INCOME FROM INVESTMENTS
Rent
Interest
4. OTHER INCOME
Sale of land
Covid grants
Use of premises
Profit on disposal of assets
5. COST OF CHARITABLE ACTIVITIES
Church Buildings:
Professional fees
Legal fees
Mortgage interest
Depreciation of land and buildings
Staff and Administration:
Salaries
Staff expenses
Visiting speakers
Training
Office expenses
Website
Youth Groups:
Junior Church 3-11
Impact 11-14
Youth 15-21
Events and Materials:
Term expenses
Events/Church holiday
Funerals
Copyright and licences
CD's
Music
DVDs/Books
Carried forward		 Unrestricted Restricted
Total
funds
funds
funds
2020
2020
2020
£
£
£
34,649
85,009
119,658
158,106
89,666
247,772
41,802
22,794
64,596
234,557
197,469
432,026
582
-
582
39
155
194
620
155
775
55,000
-
55,000
259
-
259
-
-
-
-
137,000
137,000
55,259
137,000
192,259
150
-
150
1,503
7,927
9,430
-
33,956
33,956
-
131,070
131,070
101,424
-
101,424
1,589
-
1,589
-
-
-
464
-
464
3,435
-
3,435
929
615
1,544
92
-
92
252
-
252
125
-
125
377
-
377
668
-
668
74
-
74
1,211
-
1,211
135
-
135
177
-
177
21
-
21
112,626
173,568
286,194		 Total
funds
2019
£
77,603
283,765
71,124
432,492
1,163
921
2,084
-
-
80
-
80
600
152
35,215
88,697
104,609
2,045
330
3,034
3,900
911
314
294
428
24
4,369
1,170
963
441
1,421
19
248,936

10

DocuSign Envelope ID: 46C3DED6-6BFC-482C-9507-1FA0590D8AC6

THE ARK ISLEHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

5. COST OF CHARITABLE ACTIVITIES
(Continued)
Brought forward
Other Groups:
Rendezvous over 50s
Luncheon club
Mission:
Newmarket YFC
YWAM Heath
P Claringbold
M & J Heath
S Copsey
Miss Rhezi Liddington
J Robson
Josh Wells
Evangelical Alliance - annual membership
CVM - annual renewal
DTS Sponsorship
N Peachey Building Works
St Mary's Church, Ely
M Spooner
N & D YFC
Newsletters
Gifts:(note 6)
Church Costs:
Support costs (note 7)		 Unrestricted
Restricted
Total
funds
funds
funds
2020
2020
2020
£
£
£
112,626
173,568
286,194
757
-
757
356
-
356
5,100
-
5,100
1,800
-
1,800
6,000
-
6,000
5,400
-
5,400
600
-
600
-
-
-
44
-
44
2,700
-
2,700
238
-
238
-
-
-
-
-
-
-
-
-
660
-
660
80
-
80
450
-
450
774
-
774
11,130
695
11,825
34,158
32,175
66,333
182,872
206,438
389,310		 Total
funds
2019
£
248,936
857
1,226
5,100
1,800
5,700
5,400
1,800
2,475
2,800
1,575
227
99
1,208
2,000
-
-
-
-
21,678
69,455
372,336

6. GIFTS

In accordance with the objectives as stated in the Trustees’ Report £11,825 has been given at the discretion of the Elders, Council and Trustees to needy people. The individual amounts and donees are not disclosed for confidentiality reasons in these Financial Statements.

7. SUPPORT AND GOVERNANCE COSTS

Catering and housekeeping
Office rent
Heat, insurance and rates
Repairs and renewals
New equipment
Minibus running costs
Telephone/internet
Sundries including bank charges
Depreciation
Loss on disposal of asset
Independent examiner costs
Professional fees
Trustee indemnity insurance
Carried forward		 2,506
-
2,506
-
-
-
15,621
32,175
47,797
525
-
525
1,011
-
1,011
715
-
715
494
-
494
207
-
207
10,896
-
10,896
206
-
206
1,656
-
1,656
-
-
-
307
-
307
34,145
32,175
66,320		 5,162
3,096
35,596
507
531
1,300
1,759
548
18,455
478
1,608
100
302
69,441

11

DocuSign Envelope ID: 46C3DED6-6BFC-482C-9507-1FA0590D8AC6

THE ARK ISLEHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. SUPPORT AND GOVERNANCE COSTS
(Continued)
Brought forward
Annual return filing fee		 Unrestricted
Restricted
Total
funds
funds
funds
2020
2020
2020
£
£
£
34,145
32,175
66,320
13
-
13
34,158
32,175
66,333		 Total
funds
2019
£
69,441
13
69,455

All governance was carried out by volunteers and no other tangible costs were incurred.

8. STAFF AND TRUSTEES

Gross
Employer's NIC
Pension contributions		 91,528
-
91,528
2,817
-
2,817
7,079
-
7,079
101,424
-
101,424		 92,286
3,215
9,108
104,609

The average number of staff employed by the Church during the financial year was 5 (2019: 3) comprising 1 fulltime minister, 1 part-time minister, 1 full-time church worker, 2 part-time secretaries and 2 part-time caretakers. No employee received remuneration amounting to more than £50,000 in either year.

One of the Elders, Mr. Tim Malkin, who is the son of the Trustee Mr. Terry Malkin, has been a full-time employee of the church for many years.

During the year, no Trustee received any remuneration or expenses (2019: £nil) other than stated above.

9. TANGIBLE FIXED ASSETS
Cost
As at 1 January 2020
Additions
Disposals
As at 31 December 2020
Depreciation
As at 1 January 2020
Charge for the year
Eliminated on disposal
As at 31 December 2020
Net book value
As at 31 December 2020
As at 31 December 2019		 Freehold
land &
buildings
Church
Equipment
Vehicles
£
£
£
3,246,743
64,393
10,362
330,000
8,966
-
(300,000)
(3,338)
-
3,276,743
70,021
10,362
655,314
31,473
7,773
131,070
8,307
2,589
(96,000)
(3,132)
-
690,384
36,648
10,362
2,586,359
33,373
-
2,591,429
32,920
2,589		 Total
£
3,321,498
338,966
(303,338)
3,357,126
694,560
141,966
(99,132)
737,394
2,619,732
2,626,938

12

DocuSign Envelope ID: 46C3DED6-6BFC-482C-9507-1FA0590D8AC6

THE ARK ISLEHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10. FIXED ASSET INVESTMENTS
Shares in subsidiary
There were no investment assets outside the UK.		 2020
£
1		 2019
£
1

The Company owned 100% of the share capital of High Oak Construction Limited, a construction company registered in England and Wales. At the balance sheet date its aggregate deficit in its capital and reserves was £24,094 (2019: (£20,257)) and its loss for the year was £3,837 (2019: (£6,602).

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Gift aid
Prepayments and other debtors
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Examiner fee
Loans from members
Payroll taxes
Mortgage
Other creditors and accruals
13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Mortgage
Amounts falling due in more than five years and repayable by instalments:
Mortgage		 2020
£
12,838
81,623
94,461
2020
£
1,700
-
1,619
55,330
578
59,227
2020
£
764,203
275,000		 2019
£
23,380
96,100
119,480
2019
£
1,700
164,000
1,600
54,000
5,208
226,508
2019
£
819,907
330,000

13

DocuSign Envelope ID: 46C3DED6-6BFC-482C-9507-1FA0590D8AC6

THE ARK ISLEHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14. STATEMENT OF FUNDS
Unrestricted Funds
General Fund
Designated Fund
Restricted Funds
Church Construction Fund
Poland Funds
Total Funds		 Brought
Transfers
forward
Income
Expenditure
in/(out)
£
£
£
£
75,178
290,436
(182,872)
4,500
-
-
79,678
290,436
(182,872)
-
1,863,509
334,223
(205,743)
-
534
401
(695)
-
1,864,043
334,624
(206,438)
-
1,943,721
625,060
(389,310)
-		 Carried
forward
£
182,742
4,500
187,242
1,991,989
240
1,992,229
2,179,471

Restricted Funds

The Church accounts include Restricted Funds, where the monies can only be used for the specific purpose for which they were entrusted to the church. These monies are not at the disposal of the Church Council for any other purpose, and represent:

Church Construction Fund

This was originally monies donated for the purpose of building the new church and also includes the old church building.

Poland Fund

These are funds raised for supporting organisations in Poland.

Unrestricted Funds

These funds are expendable at the discretion of the Trustees and Church Council in furtherance of the objectives of the Church.

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets - tangible
Fixed assets - investments
Current assets
Creditors due within one year
Creditors due after more than one year
Total		 Unrestricted
Restricted
funds
funds
2020
2020
£
£
33,373
2,586,359
1
-
157,765
225,403
(3,897)
(55,330)
-
(764,203)
187,242
1,992,229		 Total
funds
2020
£
2,619,732
1
383,168
(59,227)
(764,203)
2,179,471

14

DocuSign Envelope ID: 46C3DED6-6BFC-482C-9507-1FA0590D8AC6

THE ARK ISLEHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

16. RELATED PARTY TRANSACTIONS

During the year £307 (2019: £302) was paid by the charity for Trustee indemnity insurance.

During the year £23,000 of donations were received from Trustees.

17. CAPITAL COMMITMENTS

The Church had capital commitments for the freehold building as at 31 December 2020 of £350,000 (2019: £680,000).

18. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Income from:
Donations and legacies
Investments
Other
Total income
Expenditure on:
Charitable activities
Total expenditure
Net Income before transfers
Transfers between funds
Net movement in funds
Reconciliation of movement in funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted
Total
funds
funds
funds
2019
2019
2019
£
£
£
220,766
211,726
432,492
1,207
877
2,084
80
-
80
222,053
212,603
434,656
215,761
156,575
372,336
215,761
156,575
372,336
6,292
56,028
62,320
(2,665)
2,665
-
3,627
58,693
62,320
76,052
1,805,349
1,881,401
79,679
1,864,042
1,943,721

15