Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..1153 8ST ILrrc +11 D 111 P 1126 Registered number.. 06739587 Charity nuMr.. 1128133 BRUNSTAD CHRISTIAN CHURCH DIDCOT (A company limited by guarantee UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..1154 8ST ILrrc +11 D 111 P2Q6 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l CONTENTS Page Reference and administrative details of the charity. its Trustees and advisers Trust••$' r•port Independent examinerfs report Stat¢m•nt of flnan¢lal a¢tlvltl•$ Balance sheet Statement of cash flows 10 Notès to th• financlal statèmènts
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..1154 8ST ILrrc +11 D 111 P BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020 Trustees Mr Jonathan Schradi (Resigned 26 Octob8r 20201 Mr Stuart Cox (Resigned 26 October 20201 Ms Gro Jacobs (Appointed 26 October 2020} Ms Linda Heaven Mr Knut Haukelidsaeter (Appointed 26 October 2020) Mr Paul Heaven Ms Lucy Sav8g8 Company r¢glst¢rod nuMr 06739587 Charlty reglstered number 1128133 R•glst•rod office Garden House, Milton Hill, Sleventon, Abinon. Oxfordshire, OX13 6AF Chl•f •x•cutlv• offlc•r David Heaven A¢¢ountant$ James Cowper Kreston, Reading Bridge House. George Street. Reading, Berkshire, RG18LS Bank•r8 HSBC, 188 Broadway, Didcot, Oxfordshirg. OX118RP Page 1
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..1155 8ST ILrrc +11 D 111 P4r26 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Truslees (who are also directors of the charity for the purposes of ihe Companies Act) present their annual report together with the financial statemenis of Brunstad Christian Church Didcol Ithe company) for the year ended 31 December 2020. The Trustees confimi that the Annual report and financial statements of the company comply with th8 current ststulory requirements. the requirements of the coMpanS governing document and the provisions of the Statement of Re¢ommended Pra¢ti¢e ISORPI, appli(3ble to d)arities preparing their a¢¢ounts in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. Since the company qualifies as small under section 383, Ihe strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Direclorfs Reporti Regulations 2013 Is not required. STRUCTURE. GOVERNANCE AND MANAGEMENT CONSTITUTION The company is registered a5 a charitable o)mpany limTted by guarantee and was set up by a Memorandum of A550Ci81ion on 3 November 2008. The Arb"des of Association were updated in December 2011 to refltscl th& lalesl guidelines anij lo provide Ihal voting ol the IM)ard should b8 unanimous whero not specified otherwise by the companies acts. The company is conslituled urKler a Memorandum of Association dated 3 November 2008 and is a registered charity number 1128133. The principal object ol the company is to promote the furtherance of the Christsan failh and support the development of young people. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the company is the rgsponsibility ol the TrtJ$tee$ who are glected and co-oplgd under the terms of the Articles of Association. As the need arises the existing trustees will continue to identify Potential candidates from the active church members based on their involvement and skills. Many church members take responsibility lor particular activities or projects in the cl)ureh and this gives us a pool of possible Candidatès with known skills. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES Appropriate webinars and courses lo improve and update Iruslee knowledge are highlighted lo all Iruslees and feedback from those attending is shared with the whole group. ORGANISATIONAL STRUCTURE AND DECISION MAKING The management of the cornpany is the responsibility of the Trustees who are elected and co-opted under the terms of the Artides of Association. The board of Iruslees ffleels al least 9 limes a year and meetings include a finan¢i81 update. development nsiderati$ and any other signthcanl dgcisions. At the AGM in Oclober Gro Jacobs and Knul Haukelidsaeter were appoinied as truslees and Jonalhan Schradi and Stuart Cox retired as Iruslees. OBJECTIVES AND ACnVITIES ACTIVITIES FOR ACHIEVING OBJECTIVES The Iruslees have paid due reg3rd lo the Charity Commission's guidan on public benefft 8nd strongly believe that holding Christian s8rvices and othèr activitiès dèlailed in this report providè public bènefit. IndividLJals arè taught to feel responsible to contribute to the welfare of siety, to respect the authorities in the country, and to show genuine care for their neighb)urs and the environment. Page 2
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..1155 8ST ILrrc +11 D 111 PV26 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 The charity holds regular Christian meelings. and arrange the followng activities aimed at specrfic groups.. Two Sunday School groups for 4-7 and &12 year olds Weekly youth meeting for 13-36 year olds Sport I leisure time a¢tivitse$113-25 years) Football Iraining18-12 years) Weekly activitigs ¢lub18- 11 Yea and 12-18 years) Encourage creative arts using music and drama scripl writing and production. Develop leadership and management ski115 by involvement in and planning of church events and activities We contribute financially to inlemational missionary work and support a multilingual Christian website Iwww.activechristianity.orgl both financially and by contributing content. We have decided that it is more effective lo support this global resource than maintain our own local web presence. Several of our members contribute content lo Ihtr sile, either in written fom or as video interviews. Sever81 of our m&mb&rs also volunteer their lim& to providg English subty'ling and tlubbing the Brunstsd TV channel. enabling En91ish speaking people around the world to access the content. ACHIEVEMENTS AND PERFORMANCE REVIEW OF ACTIVITIES Following the purchase of the Garden House premises in 2013, a range of improvements have been made to the property. In 2020, renovation work was carried out in ihe upstairs youth room, media room and the downstairs archive room, Dug lo covid rgslriclions, meets'ngs and events were mostty held onling Ihroughoul 2020. Rogular general meetings were held online. The children were able to follow along wilh online meetings and bible stories broadcast on the Brunstad TV channel. Our media team were involved in translaling and dubbing Ihe content of the channel from Norwegian so that English speaking thildren all over the wodd could watch and listen lo content in English. Youth meetings are held weekly for 1>36-year-olds, and many were held online during the lockdowns. The regular activities clubs conbnue on a Tuesday evening for 8-11-year-olds, whilst the 12-18-year-olds are also provided with a variety of activities and given the opportunity lo develop a range of skills ranging from maintenance lo medi8 and event planning. The charity carried out a range of other aclivities duriThJ the period for those attending the church. within the covid restrictions. Our youth group participated in a TV b8se(I bible study during the Spring of 2020. Due to travel and covid restriciions, the four seasonal youth camps were eilher held locally, or online Iwilhin homes during lockdown). A broad range of aclivities were aanged during Ihe day, and in the evening, bible studies, meetings and other events were held. The trading subsidiary TCD had a quiet year due to the impart of ¢ovid-19 on the hospitality industy. TCD Business donated £5,48812019'. £45,945). Oxfordshire Enlerprises donated £nil12019'. £1,140) and GH Travel donated £nil12019'. £10,215). Both Oxfordshire Enterprises and GH Travel were made dormant at the beginning of 2020. FINANCIAL REVIEW We closed the year vmh net assets of £1,342k12019'. £1,418kl having raised £282k12019.' £413kl during the year. in addib'on to spending £358k12019.. £726kl on charitable actiVTties and govemance costs. The reduction in inwme was due to impact of Govid restriGtions on trading subsidiaries. reduGtion in events due to lockdowns and the conscious decision not to have any furKlraising drives towards long-tem development whilst covid-19 restricuons were still in place. Page 3
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..1155 8ST ILrrc +11 D 111 P BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 PRINCIPAL RISKS AND UNCERTAINTIES The Irusleès havè evalu8led the risk5 facing the chanty and these fall into two main areas. financi81 and people. Raising sufficient income to meet our opèrating costs. and to maintain a sound finan¢ial basis for èxpèct&d future growth is a key risk. Our income regulady exceeds our expectations, we have a significant cash balance. and the members of ihe charity continue to be highly engaged in our mission, so this risk is currently considered lo be low. On the people side, much of our ath'vity is lo¢ussed on (l)ildren and young people, and therefore we fa¢8 th same risks as every other organisalion thal provides services lo those groups. We manage this risk through a Child Protection Program including enhanced DBS checks and regular training. This risk is currently considered lo be low. RESERVES POLICY We would nomally aim to hold £20,OtKI for emergency spend and a further £20.000 to cover seasonal fluctuations in our current account. Amounts for use over a longer lime frame a moved lo interest bearing accounts. Durlng the year £41.950 12019.. £59.4681 ol rgserves was invested in improvements to our propety. Our policy is to build reserves sufficient to allow us to develop facilities which will further our objectives over horizon ol al least twenty years and to reduce our reliance on debt funding. We ideally plan lo take a maximum of 500/0 debl funding for building projects. Currently we are paaY through the saving cycle and therefore have lunds 12020.. £1,166,263 and 2019.. £1,177.4221 saved lor future development and projects. We ants'cipate this to be used in.. small and medium development projecis in the short to medium lemi12021-20261 a major development al our main premises. Garden House. currently expected lo start in 2027. donating funds to charitablg projects being carried out by like-minded organisations which further our objectives. We held funds for this pur[ at the yearend in order to support specific projects as the need arises. Our preference is to adopt a social investsnenl approach to the reserves in order lo apply them for aligned haritable purposes until such lime as we need lo use them. This is covered in more detail in the next section. INVESTMENTS POLICY As our reserves policy rted above has involved us holding significant funds careful cyjnsideration has been given lo our investsnenl policy. Our policy is lo seek to hold our funds in a combination of: Interest-bearing cash accounts as a low risk and accessible funds12020.' £432,784 and 2019.. £1,177,422) Low lo moder8le risk ch8ri1able investment INOK 10m 108n wth 8n interost r810 of SV.I. Approved by order of the members of the board of Truslees and signed on their behalf by.. Mr Paul Hoaven Trustee Date.. 29 September 2021 Page 4
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..115S 8ST ILrrc +11 D 111 P7126 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Ind•p•nd•nt Examlnèrfs Rèport to th• Trust88s of Brunstad Chrlstlan Church Dldcot report lo the ch8rity Trustees on my exarnin8tion of the accounts of the Company for the year ended 31 December 2020. Responsibilities and Basis of Report As the Trustees of the Company {and its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061.the 2006 ACYI. Havin9 satisfied my3elf 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 the Companls accounts carried out under section 145 of the Charitie5 Act 2011 1.the 2011 Act'l. In carrwng out my examination I have followed the Directions given by the Charity Commission under section 14S15llbl of the 2011 Act. Independent Examlnerfs Statornent Since the Companvs gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confim) that l am qualffied to undertake the examination because l am a member of Inslilule ol Chartered A¢¢ountants in England and Wales. which 1$ one of the listed bodies. I have completed my examination. I confirm that matters have come to my attention in connection wth the examination giving me cause to believe.. a¢¢ounting records werg not kepl in rospg¢t of the Company as required by $e¢tion 386 of the 2006 Act., or the accounts do not accord Ihose reeord$'. or the accounts do not comply vrith the accounling requirements of section 396 of the 2006 Act other than any requirement that the accounts give a Irue and fairf view whth is not a matter considered as part of an independent examination; or the accounts have not been ppared in accordance wilh the melhthyg and principles of the Statement of Recommended Pra¢tice for accounting and porting by ¢h8ri1ies applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicablè in the UK and RepLJblic of Ireland IFRS 1021. I have no wncems and have come across no other mattors in nectIon with tho examination to which altenb'on should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Page 5
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..115S 8ST ILrrc +11 D 111 PW26 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 This report is made solely to the Companys TTUStees. as a ljody. in accordance wf(h Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might stsle lo the Companls Trustees those matters l am reouired to state to them in an Independent examine¢s report and for no other purpose. To the fullest exient pem)ilted by law. I do not accept or assume responsibility to anyone other than the Company and the Companys Trustees as a body. for my work or for this report. Signed.. Mr Alexander Peal Dated.. 29 September 2021 BS¢ (Honsl FCA DChA James Cowper Kreston Ch8rtertrd A¢¢ounlanls and Stslutory Auditor Reading Bridge House George Street Reading Berkshire RG1 8LS Page 6
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..115S 8ST ILrrc +11 D 111 P9Q6 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2020 Restrlcted Unrestricted funds funds 2020 2020 Total funds 2020 Total funds 2019 Income from: Donations and leg8ues Other trading activitiès Investments Other income 203.651 74.477 776 203,651 74,477 776 281,654 127,356 3,416 189 3.407 3,407 Total Income Exp8ndltur• on: Charitable activities Other trxpenditurtr 282,311 282,311 412,615 11,159 337.806 9,402 348,965 9,402 713,132 12,441 Total •xpondltur• 11,159 347,208 358,367 725,573 N•t movem•nt Sn funds Rt¢on¢lllatlon ol lund$'. Total funds brought forwartl Net movement in funds 111,1591 164.897) 176,0561 1312,9581 751,866 111,1591 666.406 164,897) 1,418,272 176,0561 1.731,230 1312,9581 740,707 601,S09 1,342,216 1,418,272 Total funds carrl•d forward The notes on pages 1110 24 fomi part ol these financial slatements. Page 7
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..1157 8ST ILrrc +11 D 111 P I28 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limited by guarant¢¢l REGISTERED NUMBER: 06739587 BALANCE SHE AS AT 31 DECEMBER 2020 2020 2019 Flx•d a$sets Tangible assets Investments 336,123 839,278 422,097 12 1.175,401 422,103 Current assets Dgblors Cash at bank and in hand 13 30.913 432.784 52.626 1,289,988 463,697 1,342,614 Creditors.. amounts falling due within one year 14 152.8311 165,7431 Not Current assets 410,866 1.276,871 Total assets less current Ilabllltl•s 1.586,267 1,698,974 Creditors.. amounts lalling due after more than one year 15 1244,0511 1280,7021 Total not a¥i•t# 1.342,216 1,418,272 Charlty funds Restricted funds Unrestricted funds 16 16 740,707 601,509 751,866 666,406 Total funds 1.342,216 1.418,272 The Company was entiued to exemption from audil under section 477 01 Ihe Companies Acl 2006. The members have not Tequireil the company lo obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Truslees acknowledge their S[)nSIbIlI1IeS for complying the requirements of Ihe Act with respect to accounting records and preparation of finanaal statements. Th& financial stslements have been prep8red in 8ccord8n¢e with the provisions applicabl& lo enlilies subject lo the small companies regime. Page 8
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..1157 8ST ILrrc +11 D 111 P 11f26 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limited by guarant¢¢l REGISTERED NUMBER: 06739587 BALANCE SHE {CONTINUED) AS AT 31 DECEMBER 2020 The financial statements were approved and authorised for issue by ihe Trustees and signed on their behalf by.. FUe_ 2BS1p21 1011 51 ESTIilTC *1 Mr Paul Heaven Trustee Dale.. 29 September 2021 The notes on pages 11 to 24 fomi part of these financial statemenls. Page 9
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..1158 8ST ILrrc +11 D 111 P 12f26 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Cash flows from operating activities Nel cash used in operating activ"e$ 56,854 1113,0741 Cash flows from investing activities Dividends, Interests and rents from investrnents Purchase ol tangible fixed assets Purchase of investments 776 141,9501 1839,2721 3,416 159,4681 Not ¢ash u$•d In Invo$tlng a¢tlvltl 1880,4461 156,0521 Cash flow5 from flnanclng actlvltles Repayments of borrowing 133,6121 129,5071 Not caBh used In financlng actlv5tlo8 133,6121 129.5071 Chang8 In cash and cash •qulvalent8 Sn the y•ar Cash and cash equivalents al the beginning of the year 1857,2041 {198,8331 1.289,988 1.488,621 Cash and cash •qulval•nts at th• ènd of the y•ar 432,784 1.289,988 The notes on paggs 11 to 24 fomi part of these financial statements Page 10
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..1158 8ST ILrrc +11 D 111 P 1Y26 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Aceountlng pollelès 1.1 Basis of preparation of financial sL*ernents The financial statements have been ppared in accordance with the Charities SORP IFRS 1021- Accounting and Repo.n9 by Charilies.. Slatemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. the Financial RepK)rting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Brunstad Chrisban Church Didcot meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy. 1.2 Company status The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member ol the company. 1.3 Fund a¢¢ounllng General funds are unrestricted lunds which are available for use al the discretion of the Trustees in furtherance ol the general objedives of the Company and which have not been designated for tslher purposes. Designated funds comprise unrestricted lunds that have been set aside by the Trustees lor particular purposes. The aim and use of each designated fund is set out in the note5 to the financial stalernenls. Restricted lund$ 8ro fvnds which are to bg used in accordanco spocific rgslriclions imposod by donors or which have been raised by ihe Company lor particular purposes. The costs of raising and administering such funds are charged against the specsfic lund. The aim and u58 of each restricted fund is set out in the notes lo the financial statements. Investment incomg. gains and losses are allocated to the appropriate fund. 1.4 Incorne All income is cOgnised once the Company has enlillemenl lo the income, il is probable that the in¢omg will be received and the amotjnt ol inwme receivable can be meaSUd liablY. For legacies, entitlement is taken as the earfier of ihe date on which either.. the company is aware that probate has been granted. the estate has been finalised and notification has been made by the execulorlsl to the Trust that 8 dislribub.on wll be made. or when 8 dislribub.on is received from the estste. Re¢eipt of a legacy, in whole or in part, is lY ¢onsidèred probable when the amount Can be measured reliably and the company has been notified ol the executorfs intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate. and the criteria for income recognition have not been mel, then the legacy is treated as a contingent a5sel and dilOSed tf material. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tsx recoverable in relats.on to investtnent income 15 rewgnised at the time the inv851menl incoma is receivable. Page11
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..1158 8ST ILrrc +11 D 111 P 14f26 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Aceountlng pollelès {contbnu•dl 1.5 Expgnditure Expenditure is rec(NJnised once there is a legal or constructive obligation to make payments to a third party, it is probable that settlement will be required and the amount of the obligation can measured reliably. All èxpènditure is accountèd lor on an accnJal$ basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings. Charitable activities and Governance cLJsts are costs incurred on the companys educational operations. including SUPPK)rt costs and costs l8"ng to the govem8nce of the company 8PPOrtion&d lo ¢harilabl8 actsvibes. All expenditure is inclusive of irrecoverable VAT. 1.6 Tanglblè fix•d a$$•ts and d*pr•¢latlon Tangible fixed assets cosling £11 or more are capitslised. Tangible fixed assets are initially recognised al cost. After recognition, under the cost model, tangible rixed assets are measured al cost less accumulated depreciation and any accumulated irnpairmenl losses. All costs incurred lo bring a tsngible fixe¢J asset into its intended working condits'on should be includ9d in thg measurement of cosl. DeprerAatson is charged so as lo allcrate the cLJsl of tsngible fixed assets less their residual value over their eslimaled useful lives, . Depreciatson is provideil lollwng bases: Land and buildings Plant and machinery Fixtures and fittings Equipment Other fixed assets 10% siraight line 33&k slraighl line 33&A slraighl line 33Q/• Straight line 10% & 33% straighl lina 1.7 Investments Investments are a fomi ol basic financial instrument and are intb'ally recognised at their transaction value and subsequently measured at fair value as al the balance sheet date, using the closing quoted market price. Investment gains and losses, wheiher realised or unrealised, are combined and shown in the heading 'Gainslllossesl on investsnenls. in the Statement of Financial Activities incorporating income and expenditure account. 1.8 For•lgn curr•ncl8s Monetary assets and liabilities denominated in foreign currencjes a translated into sterfing al rates of exchange ruling al the balance sheet date. Transactions in foreign currencies are translated into sterting at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Fin8nci81 Activities incorporating in¢om$ and expènditurè account Page 12
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..1159 8ST ILrrc +11 D 111 P 1Y26 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Aceountlng pollelès {contbnu•dl 1.9 Interest receivable Interest on funds held on deposit is induded when receivable and the amount can be measured reliably by the Company; this is nomially upon notification of the interest paid or payable by the institution with whom the funds are deposited. 1.10 Dèbtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 1.11 Cash at bank and In hand Cash at bank and in hand includes cash and short-terni highly liquid investments with a short maturity ol three months or less Irom the date of acquisition or opening of the deposit or similar account. 1.12 Llabllltl•s ¥nd pr¢vl$lon$ Liabilities are recognised when there is an obligation at the Balance sheel dale as a result of a past event. it is probable that a transfer of economic benefit will be required in 58ltlement, and the amount ol the setuement can be eslimaled reliably. Li8bilitlgs are recognised al Ihg amount Ihal ihg Company anlicipalos il will pay to Sgttle the dgbl or the amount it has received as advanced Paents for the good$ or services it must provide. 1.13 Fln*n¢lal Instruments The Company only has financial assgts and financial liabilities of a kind that qualify as basic financial instruments. Basic financial insinjments are initially recognised at transaction value and subsequently measured at their seitlement value wlh the excepb'on ol bank loans which are subsequently measured al amortised cost using the effective interest method. Crltlcal aeeountlng ostlmat•s and ar•as of Judgment The preparabon of the financial slalemenls requiTe5 management lo make judgements, eslimales and assumptions that affect the 8mounls reFK>rte(I for assets and liabilities as at the balance sheet dale and Ihg amounts reported for venueS and expenses during the year. However. the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had ihe most significanl effect on amounts recognised in Ihe financial 5tstements. Critical accounting gstimales and assumpts'ons.. Tangible fixed assets (see note 111 Tangible fixed assets are depreciated over their useful live5 tsking into account residu81 values. where appropriatè. Th8 actual lives of thè assèls and residual values arè ass8ssèd annually and may vary depending on a number ol factors. Residual value assessments consider issues such as the remaining life of the asset and Projected disposal values. Page 13
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..1159 8ST ILrrc +11 D 111 P 1V26 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 In¢ome from donation$ and legacies Unrestricted funds 2020 Total fund5 2020 Total funds 2019 Donations including gift aid TCD Bu5ine55 GH Travel Oxfordshire Enterprises 198.163 5.488 198,163 5,488 224,354 45,945 10,215 1,140 203.651 203,651 281,654 Total 2019 281.654 281,654 Incom• from oth•r tradlng actlvltl•8 Incomt from fundralslng •v•nt$ Unr•strlct•d funds 2020 Total funds 2020 Total funds 2019 Short term rental income Local events and acts'vilies Christian resotjrces Other 1.200 66.732 1.045 5.500 1,200 66,732 1,045 5,$00 4,695 116,426 6,220 74.477 74,477 127,356 Total 2019 127.356 127,356 Page 14
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..1159 8ST ILrrc +11 D 111 P 17f26 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Investment income Unrestricted funds 2020 Total fund5 2020 Total funds 2019 Bank interest 776 776 3,416 Total 2019 3.416 3,416 Other Incomlng r•$ourcos Unrestrlcted fund$ 2020 Total funds 2020 Total funds 2019 Other initialiv88 3.407 3,407 189 Total 2019 189 189 Analys1$ of •xp•ndlturn on ¢harltabl8 actlvltl Summary by fund ty R•strlct•d Unr•strlct•d funds funds 2020 2020 Total funds 2020 Total funds 2019 Direct costs Govemance costs 11.159 334.356 3,450 345.515 3,450 708,429 4,703 11,159 337.806 348.965 713,132 Total 2019 206,414 506,718 713,132 Page 15
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..12m 8ST ILrrc +11 D 111 P 1V26 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Other expenditure Unrestricted funds 2020 Total fund5 2020 Total funds 2019 Mortgage interest 9.402 9,402 12,441 Total 2019 12.441 12.441 Analy$ls Of oxpondlture by a¢tlvltl•$ Actlvltles undertaken dlr•¢tly 2020 Support ¢o$t$ 2020 Total funds 2020 Total funds 2019 Dlrect costs Gov8rnanc8 costs 345,515 345,515 3,450 708,429 4,703 3.450 34S,515 3.450 348,965 713,132 Total 2019 708,429 4,703 713,132 Page 16
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..12m 8ST ILrrc +11 D 111 P 1V26 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysis of expenditure by activities Icontinuedl Analysls af dlrect costs Total funds 2020 Tol81 funds 2019 A¢tlvltl•$ 2020 Mgelings and Events Donation to 8runstad Non¥ay Cost of literature Missionary lund donations Premis8s costs Bank charges Computer and inlernel expenses Poslage. stationary and telephone Other 92.125 11.159 1.383 66.729 38.701 92,125 11,159 1,383 66,729 38,701 259,990 206,414 776 52,411 49,969 753 2,151 513 2,470 132,982 3.571 583 2.956 127.924 3,571 583 2,956 127,924 Depreci8tion ol equipmenl & property 345.515 345,515 708,429 Total 2019 708.429 708,429 Analys18 of support costs Total fund$ 2020 Total fund$ 2019 A¢tlvltlè$ 2020 Travgl costs Subscripts'ons Independent examineTS fees 315 435 2,700 315 435 1,505 414 2,700 2,784 3.450 3.450 4,703 Total 2019 4.703 4,703 Page 17
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..12m 8ST ILrrc +11 D 111 P228 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 10. Independent examinerfs remuneration 2020 2019 Fees p8yabltr lo the Companrfs independent ex8miner for the i[pendent examination of the Companls annual accounts 2,800 2,784 11. Tangible fixed assets Fr••hold property Plant and Offlcè Oih•r flx•d machinery equipment assets Total C¢$t ¢r valuatlon At 1 January 2020 Additions 825.720 37,501 11,242 17,539 14,618 267,848 16.090 1,148,808 41,950 Al 31 December 2020 825.720 48,743 32,157 283.938 1,190,558 D•pre¢latlon At 1 January 2020 Charge for the yoar 536,682 82.572 9,876 7,670 14,113 3,918 165,840 33.764 726,511 127.924 At 31 Decgmber 2020 619.254 17,546 18,031 199.604 854,435 N•t book value Al 31 December 2020 206,466 31,197 14,126 84,334 336.123 Al 31 December 2019 289.038 27.625 3,426 102,008 422,097 12. Flx¢d a$$•t Inv•$tm•nt$ Investments subsldlary Unllst•d companles Investments Total Cost or valuatlon At 1 January 2020 Addrtions 839.272 839.272 At 31 December 2020 839,272 839.278 Page 18
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..12nl 8ST ILrrc +11 D 111 P21f26 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Principal $ubsidiarios The following were subsidiary undertakings of the Company. Names Company number Holding TCD Business Limited Oxfordshire Enterprises Limited GH Travel Limited 06451996 07360963 09410676 100% 100¥. 100/. The aggre9ate of the share capilal and reserves as at 31 December 2020 and the profil and loss for the subsidiaries lor the year were as followed.. Names Aggr•gat• of sharg capital and reserves TCD Btjsiness Limited Oxfordshire Enterprises Limited GH Travel Limited All three subsidiaries had a profil 8nd loss balance of £nil In the year wth GH Travel Limlled and Oxfordshire Enterprises Limiled being domiant in thg year. 13. Debtors 2020 2019 Trade deblors Amounts owed by group undertakings Prepayments and accrued income 3,238 9,710 17,099 25,817 26,231 30,913 52,626 Page 19
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..12nl 8ST ILrrc +11 D 111 P22f26 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 14. Creditors.. Amount$ falling due within one year 2020 2019 Bank loans Trade creditors 33,366 1,017 30,327 1,994 Amounts owed to group undertakings Other Creditors Accruals and deferred income 6,692 11,754 3,870 29,552 52,831 65,743 15. Credltors.. Amoun1$ falllng due aftor more than ono year 2020 2019 Bank loans 244,051 280,702 The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting dale is.. 2020 2019 Repayable by instalments 72,979 109,630 72,979 109,630 The loan is for a mortgage secured over the propety purchased during the 2013. Repayments on the loan have begun with inleresl being paid al the base rate plus 2.95%. Page 20
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..12nl 8ST ILrrc +11 D 111 P2Y26 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 16. Statsment of funds Statsmènt of funds - current year Balance at 31 De¢omb•r 2020 Balance at I January 2020 Incomè Exp8ndltur8 Unr•$trl¢t¢d funds D8signat8d funds Designated Funds 425.556 425,556 G•n•ral lund$ General Funds 240,850 282,311 1347,2081 175.953 Total Unrostrlctod funds 666,406 282,311 1347,2081 601,509 R¢¥trlct•d fund• Restricted Funds 751.866 111,1591 740,707 Total of funds 1,418,272 282,311 1358,3671 1,342,216 Page 21
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..12fft 8ST ILrrc +11 D 111 P24f26 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 16. Statsment of funds (continued) Statsmènt of funds - prlor year Balance at 31 December 2019 88lance at 1 January 2019 Transfers inlout Income Expendilure Unr•$trl¢t¢d funds D8signat8d funds Designated Funds 425.556 425,556 G•n•ral lund$ General Funds 353.361 412.615 1519.1591 15,9671 240,850 Total Unrostrlctod funds 778,917 1519.1591 15,9671 666,406 R•strlct8d funds Reslricled Funds 9S2.313 1206.4141 5,967 751,866 Total ol lund$ 1,731,230 1725,573) 1,418,272 17. Analysls of net ass¢t$ htween fvnds Analysls of net assets between funds- current rIOd Restricted Unrestricted fvnds funds 2020 2020 Total fund$ 2020 Tangible fixed assets Fixed asset investments 336.123 336,123 839,278 839.278 1277,0101 463,697 152,8311 152,8311 1244,0511 {244.051} Current asseis Creditors due wthin one year Creditors due in more than one year 740.707 Total 740,707 601,509 1,342.216 Page 22
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..12fft 8ST ILrrc +11 D 111 P2Y26 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 17. Analysis ol net assets between funds Icontinuedl Analysls of nat assèts b8tw8•n funds- prior wrlod Restricted Unrestricted funds funds 2019 2019 Total funds 2019 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 422,097 422,097 751.866 590,748 1.342,614 165,7431 165,7431 1280,7021 1280,7021 Total 751.866 666,406 1.418,272 18. R¢¢on¢Sllatlon of net mov•m•nt In funds to net ¢a$h flow from op•ratlng actlvltlès 2020 2019 Nel expgndilure lor the peric4J18s per Slatemenl of Financial Activiligs) 176,0561 1312,9581 Adjustments for: Depreciation charges Dividends, interests and rents from invesim8nis Decrease in debtors Increaselldecreasel in creditors 127,924 17761 21,713 115,9511 132,982 13,4161 53,402 16,916 Not cash provlded byllusod In) operatlng act5vltles 56,854 1113,0741 19. Analy$ls of ¢a$h and ¢a$h •qulval•nts 2020 2019 Cash in hand 432,784 1,289,988 Total cash and cash equivalents 432,784 1,289,988 Page 23
Tran6action Rgf. 4LN&XPVK.4HRH 29 a)21 10..12fft 8ST ILrrc +11 D 111 P2V26 BRUNSTAD CHRISTIAN CHURCH DIDCOT IA ¢ompany limit by guarant¢¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 20. Analysis of changes in net debt At31 December 2020 January 2020 Cash flows Cash al bank and in hand Debt due within 1 year D8bt due after 1 year 1.289,988 130,3271 1280,7021 1857,2041 13,0391 36.651 432.784 133,3661 {244,0511 978,959 1823,5921 155,367 21. R•lat•d party tran8actlons In common with many Church org8nisalion8, trustees make a significant financial contribution lo the charity. These donations a made as part of nomial giving by Church members and il would not be practical to quantsty thg amount donatod. Brunstad Christian Church Didcol IBCCDI has a wholly owned trading Subsidiary TCD Business Limited which made donations 01 £5.488 12019.. £45,945) to the charitsble company in the current accounting period. Al the year end BCCD was owed £1,46612019.. £7,9451 by TCD Business Limited. BCCD has a wholly owned trading subsidiary Oxfordshire Enterprises Limited which made donations of £nil 12019.. £1,140) to the charitable company in the currenl accounting period. At the year end BCCD was owe(1 £212019.. £4391 by Oxfordshire Enlerprises Limited. BCCO has a wholly owned trading subsidiary GH Travel Limrted which made donations of £nil 12019.. £10,215) to ihe charitable company in Ihe current accounting period. Al the year end BCCD was owed £nil12019'. £8,715) by GH Travel Limited. 22. Controlllny party The ultsmate conlrolling party is the Board of Trustees as detailed on page 1 of the financial statements. Page 24