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← The Ark Isleham

2023-12-31-accounts

Docusign Envelope ID: 5678DC29-3BF4-45A3-8847-876193CC3B71

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 2023

Docusign Envelope ID: 5678DC29-3BF4-45A3-8847-876193CC3B71

THE ARK ISLEHAM (A company limited by guarantee) CONTENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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
Statement of Cash Flows 8
Notes to the financial statements 9-17

Docusign Envelope ID: 5678DC29-3BF4-45A3-8847-876193CC3B71

THE ARK ISLEHAM (A company limited by guarantee) TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023. 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 Paul Hedger Chairman Mr. Michael Hawes Vice Chairman Mr. Frank Young Mr. Graham Strand Mrs Hannah Bianco Dr Jonathan Darley Mrs Kathryn Slingsby Mrs Lorna Wells

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 generally recruited from inside the membership, but we also aim to have at least one Trustee who is a member of another church. 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 work of the subsidiary company is now coming to an end and it will likely be dissolved in 2024.

The Church acquired 100% of the share capital of Gourmet Brownie Limited in January 2023. The company bakes brownies, selling to the wholesale and private customer markets. Profits are donated to the Church.

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: 5678DC29-3BF4-45A3-8847-876193CC3B71

THE ARK ISLEHAM (A company limited by guarantee) TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

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: 5678DC29-3BF4-45A3-8847-876193CC3B71

THE ARK ISLEHAM (A company limited by guarantee) TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

ACHIEVEMENT AND PERFORMANCE

The church has about 400 adult members and regular attenders, plus at least 100 under 16s. In addition to the service each Sunday, there are many midweek activities, catering for all ages and a wide range of interests. In particular, we instigated daily prayer meetings, at different times each day, in order to accommodate as many people's schedules as possible. We continued with Little Oaks, our monthly Friday morning meeting for Mothers and Toddlers, which has proved extremely popular and has been oversubscribed on several occassions. We started a group for young adults (those aged between 18-30) and our Arise summer youth conference continues to grow and develop. 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, notably the Community Pantry. We continue to develop the live-streaming of our Sunday services which are now watched regularly by many people around the country.

Work on our new building, The Ark, progressed towards completion. In the year ended 31 December 2023 we continued receiving donations towards the funding of the project. The air handling system was installed and commissioned in the spring of 2023, and has proven to enhance comfort considerably. Work continued on the staircase in the atrium, the upstairs offices and the additional toilets. All of these were completed in the first few months of 2024.

FINANCIAL REVIEW

The results show a surplus of £65,148 (2022: £227,753). At the balance sheet date there were free reserves of £127,940 (2022: £67,206) that equate to 3 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.

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

==> picture [77 x 37] intentionally omitted <==

Mr. Michael Hawes Trustee

30 July 2024 Approved by the Trustees on:

3

Docusign Envelope ID: 5678DC29-3BF4-45A3-8847-876193CC3B71

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 2023

Trustees

Mr. Michael Hawes Mr. Terry Malkin Mr. John Wick Mr. Frank Young Ms. Wendy Evans Mr. Graham Strand Mrs Hannah Bianco Dr Jonathan Darley Mr Paul Hedger Mrs Kathryn Slingsby Mrs Lorna Wells

Resigned 17 January 2023 Resigned 17 January 2023 Resigned 17 January 2023

Appointed 17 January 2023 Appointed 13 February 2023 Appointed 17 January 2023 Appointed 17 January 2023 Appointed 17 January 2023

Church Council Members

Mrs. Geraldine Ciantar (Chair) Mr. Richard Liddington Mr. Jeremy Liming Mr.Graham Strand Mrs Hannah Bianco Mrs. Marilyn Strand Mr. Steve Ayres

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, 7 Quy Court,Colliers Lane, Stow-cum-Quy, Cambridge, C25 9AU

4

Docusign Envelope ID: 5678DC29-3BF4-45A3-8847-876193CC3B71

THE ARK ISLEHAM (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

I report on the financial statements of the Trust for the year ended 31 December 2023 which are set out on pages 6 to 17.

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

  2. 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

  3. 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.

==> picture [101 x 37] intentionally omitted <==

Stuart Berriman Chater Allan LLP Chartered Accountants 7 Quy Court Colliers Lane Stow-cum-Quy Cambridge CB25 9AU

30 July 2024 Date: ………………………………………

5

Docusign Envelope ID: 5678DC29-3BF4-45A3-8847-876193CC3B71

THE ARK ISLEHAM (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2023

==> picture [504 x 381] intentionally omitted <==

----- Start of picture text -----
Unrestricted Designated Restricted Total Total
funds funds funds funds funds
2023 2023 2023 2023 2022
Note £ £ £ £ £
Income from:
Donations and legacies 2 386,046 20,000 151,481 557,527 731,819
Investments 3 426 - 4 430 180
Total income 386,472 20,000 151,485 557,956 731,999
Expenditure on:
Charitable activities 4 320,255 - 172,553 492,808 504,245
-
Total expenditure 320,255 172,553 492,808 504,245
Net income/(expenditure) before transfers 66,216 20,000 (21,068) 65,148 227,753
Transfers between funds (16,363) - 16,363 - -
Net movement in funds 49,853 20,000 (4,705) 65,148 227,753
Reconciliation of movement in funds:
-
Total funds brought forward 130,228 2,581,938 2,712,165 2,484,412
Total funds carried forward 180,081 20,000 2,577,233 2,777,313 2,712,165
----- End of picture text -----

All activities relate to continuing operations.

The notes on pages 9 to 16 form part of these financial statements.

6

Docusign Envelope ID: 5678DC29-3BF4-45A3-8847-876193CC3B71

THE ARK ISLEHAM (A company limited by guarantee) BALANCE SHEET AS AT 31 DECEMBER 2023

Registered Company number: 06357407 Registered Charity number: 1122437

==> picture [477 x 355] intentionally omitted <==

----- Start of picture text -----
Total Total
2023 2022
Note £ £
Fixed assets
Tangible assets 8 2,802,987 2,926,783
Investments 9 150,001 1
2,952,988 2,926,784
Current assets
Debtors 10 35,580 25,225
Cash at bank and in hand 193,882 90,885
229,461 116,110
Liabilities
Creditors: amounts falling due within one year 11 57,432 57,442
Net current assets 172,029 58,668
Creditors: amounts falling due after more than one year 12 347,704 273,287
Net assets 2,777,313 2,712,165
Charity funds
Restricted funds 14 2,577,233 2,581,938
Unrestricted funds 14 180,081 130,228
Designated funds 14 20,000 -
2,777,313 2,712,165
----- End of picture text -----

The charitable company is entitled to exemption from audit under section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

30 July 2024

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

Mr. Michael Hawes Trustee

The notes on pages 9 to 16 form part of these financial statements.

7

Docusign Envelope ID: 5678DC29-3BF4-45A3-8847-876193CC3B71

THE ARK ISLEHAM (A company limited by guarantee) STATEMENT OF CASH FLOWS AS AT 31 DECEMBER 2023

Cash used in operating activities
Cash flows from investing activities:
Purchase of tangible assets
Purchase of investments		 Note
1		 2023
2022
£
£
173,908
(14,844)
(50,910)
(250,963)
(20,000)
-
Net cash provided by/(used in) investing activities (70,910)
(250,963)
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 the end of the reporting		 2 102,997
(265,807)
90,885
356,692
period 193,882
90,885
Notes to Cash flow statement
1. Reconciliation of net income for the year to net cash flow
Net movement in funds
Adjustments for:
Depreciation charges
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
(Decrease)/Increase in long-term creditors		 from operating activities
2023
2022
£
£
65,148
227,753
174,706
170,251
(10,355)
27,341
(10)
(6,952)
74,417
(433,237)
Net cash inflow (outflow) from operating activities 173,908
(14,844)
2. Analysis of cash and cash equivalents
Cash at bank and in hand		 At 1
January
2023
£
90,885		 At 31
Cash
December
flow
2023
£
£
102,997
193,882
90,885 102,997
193,882

8

Docusign Envelope ID: 5678DC29-3BF4-45A3-8847-876193CC3B71

THE ARK ISLEHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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.

9

Docusign Envelope ID: 5678DC29-3BF4-45A3-8847-876193CC3B71

THE ARK ISLEHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES (Continued)

1.7 Tangible fixed assets

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 years. 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 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.

10

Docusign Envelope ID: 5678DC29-3BF4-45A3-8847-876193CC3B71

THE ARK ISLEHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

==> picture [498 x 558] intentionally omitted <==

----- Start of picture text -----
Unrestricted Designated Restricted Total Total
funds funds funds funds funds
2023 2023 2023 2023 2022
£ £ £ £ £
2. INCOME FROM DONATIONS AND LEGACIES
Offerings & donations 104,163 20,000 27,469 151,632 329,408
Gift aid donations 224,382 - 98,779 323,161 316,885
Tax credits 57,500 - 25,233 82,733 85,526
386,046 20,000 151,481 557,527 731,819
3. INCOME FROM INVESTMENTS
Rent 98 - - 98 100
Interest 327 - 4 331 80
426 - 4 430 180
4. COST OF CHARITABLE ACTIVITIES
Church Buildings:
Professional fees 330 - - 330 200
- - - -
Mortgage interest 7,563
Interest on members loans - - 6,719 6,719 6,486
- -
Depreciation of land and buildings 156,291 156,291 154,555
Staff and Administration:
Salaries 183,591 - - 183,591 154,876
Staff expenses 205 - - 205 296
Visiting speakers 713 - - 713 600
Training 163 - - 163 1,528
- -
Office expenses 4,297 4,297 4,035
Website 1,153 - - 1,153 1,005
Youth Groups:
Junior Church 3-11 313 - - 313 315
Impact 11-14 134 - - 134 99
Youth 15-21 532 - - 532 317
Arise 2,140 - 1,170 3,310 2,440
Little Oaks 282 - - 282 -
Surge 366 - - 366 -
Flow 113 - - 113 -
Events and Materials:
Term expenses 349 - - 349 545
Church events 4,619 - - 4,619 -
Funerals 38 - - 38 120
- -
Copyright and licences 1,812 1,812 1,536
Safeguarding and DBS 210 - - 210 -
Music 692 - - 692 151
Carried forward 202,052 - 164,180 366,232 336,668
----- End of picture text -----

11

Docusign Envelope ID: 5678DC29-3BF4-45A3-8847-876193CC3B71

THE ARK ISLEHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Designated
Restricted
Total
Total
funds
funds
funds
funds
funds
2023
2023
2023
2023
2022
£
£
£
£
£
4. COST OF CHARITABLE ACTIVITIES
(Continued)
Brought forward
202,052
-
164,180
366,232
336,668
Other Groups:
Evergreens over 60’s
-
-
-
-
515
Community pantry
-
-
8,355
8,355
1,748
Creche
26
-
-
26
377
Young adults group
97
-
-
97
-
Godly conversations
359
-
-
359
-
Mission:
Newmarket YFC
5,100
-
-
5,100
5,100
YWAM
1,800
-
-
1,800
1,800
P Claringbold
7,700
-
-
7,700
5,700
M & J Heath
5,400
-
-
5,400
5,400
Mr Richard Liddington – India Mission
2,600
-
-
2,600
600
J Robson
3,200
-
-
3,200
3,200
I Duckworth
450
-
-
450
-
Evangelical Alliance - annual membership
303
-
-
303
251
St Mary's Church, Ely
720
-
-
720
720
R Bendall
-
-
-
-
97
L Samalionas
-
-
-
-
1,500
T4Free
-
-
-
-
97
Newsletters
-
-
-
-
348
Lamb Hospital Health Appeal, Pakistan
500
-
-
500
-
Gifts:(note 5)
11,674
-
-
11,674
15,315
Church Costs:
Support costs (note 6)
78,274
-
18
78,292
124,810
320,255
-
172,553
492,808
504,245
5. GIFTS
6. SUPPORT AND GOVERNANCE COSTS
Catering and housekeeping
3,766
-
18
3,784
4,603
Cleaning and building welfare
3,677
-
-
3,677
3,632
Heat, insurance and rates
46,347
-
46,347
81,095
Repairs and renewals
1,966
-
-
1,966
6,646
Building Welfare
87
-
-
87
-
Maintenance contracts
2,268
-
-
2,268
1,967
New equipment
880
-
-
880
152
Minibus running costs
-
-
-
-
176
Telephone/internet
695
-
-
695
651
Sundries including bank charges
307
-
-
307
297
Training
1,545
-
-
1,545
534
Depreciation
18,415
-
-
18,415
15,696
Profit on disposal of assets
(6,600)
-
-
(6,600)
-
Independent examiner costs
2,150
-
-
2,150
2,300
Legal and professional fees
1,836
-
-
1,836
6,514
In accordance with the objectives as stated in the Trustees’ Report £11,674 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.
Carried forward
77,338
-
18
77,356
124,262

12

Docusign Envelope ID: 5678DC29-3BF4-45A3-8847-876193CC3B71

THE ARK ISLEHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted
Designated
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2023
6. SUPPORT AND GOVERNANCE COSTS
£
£
£
£
(Continued)
Brought forward
77,338
-
18
77,356
Trustee indemnity insurance
923
-
-
923
Annual return filing fee
13
-
-
13
78,274
-
18
78,292
All governance was carried out by volunteers and no other tangible costs were incurred.
7. STAFF AND TRUSTEES
Gross
162,839
-
-
162,839
Employer's NIC
8,186
-
-
8,186
Pension contributions
12,567
-
-
12,567
183,591
-
-
183,591		 Total
funds
2022
£
124,262
525
13
124,800
136,947
7,739
10,189
154,876

The average number of staff employed by the church during the financial year was 8 (2022:6) comprising 3 full-time pastors, 1 full-time centre manager, 2 part-time admin people and 2 part-time caretakers. No employee received remuneration amounting to more than £60,000 in either year.

During the year, no Trustee received any remuneration or expenses (2022: £nil) other than stated above.

8. TANGIBLE FIXED ASSETS
Cost
As at 1 January 2023
Additions
Disposals
As at 31 December 2023
Depreciation
As at 1 January 2023
Charge for the year
Eliminated on disposal
As at 31 December 2023
Net book value
As at 31 December 2023
As at 31 December 2022		 Freehold
land &
buildings
Church
Equipment
Vehicles
Total
£
£
£
£
3,863,886
124,181
10,362
3,998,428
43,376
7,534
-
50,910
-
-
(10,362)
(10,362)
3,907,262
131,715
-
4,038,976
1,000,124
61,160
10,362
1,071,646
156,291
18,415
-
174,706
-
-
(10,362)
(10,362)
1,156,415
79,575
-
1,235,990
2,750,847
52,140
-
2,802,987
2,863,762
63,021
-
2,926,783

13

Docusign Envelope ID: 5678DC29-3BF4-45A3-8847-876193CC3B71

THE ARK ISLEHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. FIXED ASSET INVESTMENTS

IXED ASSET INVESTMENTS
Shares in subsidiary - High Oak Construction Limited
Shares in subsidiary - Gourmet Brownie Limited		 2023
£
1
150,000
150,001		 2022
£
1
-
1

There were no investment assets outside the UK.

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 £1,724 (2022: (£18,802)) and its profit for the year was £21,082 (2022: (£447 loss).

The Company owned 100% of the share capital of Gourmet Brownie Limited, a manufacturing company registered in England and Wales. At the balance sheet date its aggregate suplus in its capital and reserves was £33,621 and its profit for the period to 31 December 2023 was £5,461.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Gift aid
Prepayments and other debtors
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Examiner fee
Payroll taxes
Loans from members
Other creditors and accruals
12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Loans from members
Other loan		 2023
£
173
30,881
4,525
35,580
2023
£
2,300
2,904
48,669
3,559
57,432
2023
£
217,704
130,000
347,704		 2022
£
-
18,229
6,996
25,225
2022
£
2,300
2,262
49,000
3,881
57,442
2022
£
273,287
-
273,287

Other loan - The share capital of Gourmet Brownie Limited is being purchased over a number of years. The Ark Isleham liability to pay the agreed cost of the shares is based on achieving sufficient profits in The Gourmet Brownie Limited to justify the investment.

13. LEASING AGREEMENTS
Due within one year
Between one and five years		 2023
£
1,475
3,320
4,795		 2022
£
1,475
4,795
6,270

14

Docusign Envelope ID: 5678DC29-3BF4-45A3-8847-876193CC3B71

THE ARK ISLEHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

==> picture [426 x 256] intentionally omitted <==

----- Start of picture text -----
14. STATEMENT OF FUNDS Brought Transfers Carried
forward Income Expenditure in/(out) forward
£ £ £ £ £
Unrestricted Funds
General Fund 130,228 386,472 (320,255) (16,363) 180,081
130,228 386,472 (320,255) (16,363) 180,081
Designated Funds
Brownie Fund - 20,000 - - 20,000
- - -
20,000 20,000
Restricted Funds
Church Construction Fund 2,558,282 61,123 (163,010) 37,857 2,494,252
Poland Fund 99 225 - - 324
-
Community Pantry Fund 3,558 6,848 (7,406) 3,000
-
Loan Repayment Fund 20,000 15,861 (21,494) 14,367
Arise Youth Conference Fund - 3,688 (1,188) - 2,500
Community Meal Fund - 1,000 (949) - 51
- - -
Gift Day 2023 Fund 62,741 62,741
2,581,938 151,485 (172,553) 16,363 2,577,233
Total Funds 2,712,165 557,956 (492,808) - 2,777,313
----- End of picture text -----

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.

Poland Fund

These are funds raised for supporting organisations in Poland.

Community Pantry Fund

Isleham Community pantry seeks to support local people who find themselves in difficult circumstances, by providing food and toiletries.

Loan Repayment Fund

Donation given for the repayment of loans given by members.

Arise Youth Conference Fund

Donation received for Arise 2024

Community Meal Fund

Grant received from East Cambs District Council to provide free meals for the community once a month.

Gift Day 2023 Fund

These are funds raised for Audio/visual equipment to improve the online services, to finish the upstairs youth area and complete any other areas or tasks required should funds allow, once the two primary items are completed.

15

Docusign Envelope ID: 5678DC29-3BF4-45A3-8847-876193CC3B71

THE ARK ISLEHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. STATEMENT OF FUNDS (continued)

Unrestricted Funds

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

Designated Funds

Brownie Fund

The share capital of Gourmet Brownie Limited is being purchased over a number of years. The Ark Church has no liability to pay the agreed cost of the shares unless the company makes sufficient profits to justify this investment.

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 Designated
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2023
£
£
£
£
52,140
-
2,750,847
2,802,987
1
150,000
-
150,001
136,702
-
92,759
229,461
(8,763)
-
(48,669)
(57,432)
-
(130,000)
(217,704)
(347,704)
180,081
20,000
2,577,233
2,777,313

16. RELATED PARTY TRANSACTIONS

During the year £923 (2022: £525) was paid by the charity for Trustee indemnity insurance.

During the year £39,865 of donations were received from Trustees.

17. CAPITAL COMMITMENTS

The Church had no capital commitments for the freehold building as at 31 December 2023 (2022: £nil).

16

Docusign Envelope ID: 5678DC29-3BF4-45A3-8847-876193CC3B71

THE ARK ISLEHAM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Income from:
Donations and legacies
Investments
Total income
Expenditure on:
Charitable activities
Total expenditure
Net Income before transfers
Transfers between funds
Net movement in funds		 Unrestricted Restricted
Total
funds
funds
funds
2022
2022
2022
£
£
£
285,053
446,766
731,819
170
10
180
285,223
446,776
731,999
313,436
190,809
504,245
313,436
190,809
504,245
(28,213)
255,967
227,753
(49,180)
49,180
-
(77,393)
305,147
227,753

17