Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 1tt7 Registered number- 06739587 Charity number- 1128133 BRUNSTAD CHRISTIAN CHURCH DIDCOT (A company limited by guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 2r27 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} CONTENTS Page Reference and administrative details of the charity, its Trustees and advisers Trustges. report Independent examiner's report Statement of financial activities Balance sheet 9-10 Statement of cash flows Notes to the financial ststements 12-25
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 3r27 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustgos Ms Gro Jacobs (resigned 22 February 20231 Ms Linda Heaven Iresigned 12 December 20231 Mr Louis Peter Van As lappoinled 22 February 2023) Mr Paul Heaven Ms Lucy Savage Mr Stuart David Cox lappoinled 6 February 20241 Ms Anne Abraham (appointed 26 September 20231 Company registgrgd number 06739587 Charity rggistered numbgr 1128133 Registgred officg Garden House, Milton Hill, Steventon, Abingdon, Oxfordshire, OX13 6AF Chigf executive officor David Heaven Accountants James Cowper Kreslon, Reading Bridge House, George Street, Reading, Berkshire, RG1 8LS 8ankors HSBC. 186 Broadway, Didcol, Oxfordshire, OX11 8RP Page 1
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 4tt7 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees (who are also directors of the charity for the purposes of the Companies Acll present their annual report together with the financial stslemenls of Brunstsd Christian Church Didcol Ilhe company) for the year ended 31 December 2023. The Trustees confirm that the Annual report and financial slalements of the company comply with the current slatulory requirements, the requirements of the companls governing document and the provisions of the Statement of Recommended Practice ISORPI, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. sin the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 Islralegic Report and Direclorfs Report) Regulations 2013 is not required. STRUCTURE, GOVERNANCE AND MANAGEMENT CONSTITUTION The company is registered as a charitable company limited by guarantee and was sel up by a Memorandum of Association on 3 November 2008. The Articles of Association were updated in December 2011 to reflect the latest guidelines and lo provide that voting of the board should be unanimous where not specified otherwise by the companies acts. The company is conslituled under a Memorandum of Association dated 3 November 2008 and is a registered charity number 1128133. The principal object of the company is to promote the furtherance of the Christs'an faith and support the development of young people. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. As the need arises the existing Iruslees will continue lo identify potential candidates from the active church members based on their involvement and skills. Many church members take responsibility for activities or projects in the church, and this gives us a pool of possible candidates with known POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES Appropriate webinars and courses lo improve and update Iruslee knowledge are highlighted to all Iruslees and feedback from those allending is shared with the whole group. ORGANISATIONAL STRUCTURE AND DECISION MAKING The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. The board of Iruslees meets al least 9 limes a year and meetings include a financial update, development considerations and any other significant decisions. At the AGM in September, Paul Heaven retired as a Iruslee by rotation in accordance with the articles and offered themselves for reappointment, which was unanimously approved. On 22 February 2023, Gro Jacobs resigned as Iruslee, and Louis Van As was appointed as trustee. On 26 September 2023 Anne Abraham was appointed as Iruslee. On 12 December 2023, Linda Heaven resigned as Iruslee. Stuart Cox was appointed as a Iruslee on 6 February 2024. OBJECTIVES AND ACTIVITIES ACTIVITIES FOR ACHIEVING OBJECTIVES The Iruslees have paid due regard lo the Charity Commission's guidance on public benefit and strongly believe that holding Christian services and olher aclivits'es detailed in this report provide public benefit. Individuals are laughl lo feel responsible lo contribute lo the welfare of society, lo respect the authori118s in the country, and lo show genuine care for Iheir neighbours and the environment. Page 2
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 5r27 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} TRUSTEES. REPORT ICONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 The charity holds regular Christian meetings, and arrange the following activities aimed at specific groups: Three Sunday School groups for 3-5, 6-8 and 9-11 y8ar olds Bible studies for tweens Weekly youth meeting for 13-36 year olds Sport I leisure lime aclivities113-25 years) Foolb811 tr8ining14-16 years) Weekly activities club18-11 years and 12-18 years) Contributed with acting, directing, script writing, dubbing and translating of Christian media conlenl Develop leadership and management skills by involvement in and planning of church events and activities We contribute financially to international missionary work ancl support a multilingual Christian website Iww4.aclivechrislianily.orgl both financially and by conlribuling conlent. We have decided that it is more effective lo support this global resource Ihan maintain our own local web presence. Several of our members have conlribuled conlenl lo th8 sile, either in written form or as video interviews. Several of our members also volunteer their time lo provide English sublilling and dubbing on the Brunslad TV channel, enabling English speaking people around the world lo access the content. ACHIEVEMENTS AND PERFORMANCE REVIEW OF ACTIVITIES In 2023 there were no significant improvements lo the property. Regular general meetings are held on Sundays with three concurrent children's meetings held alongside. Youth meetings are held weekly for 1>36-year-olds. The regular aclivitses clubs continue on a Tuesday evening for 11-Year-OldS, whilst the 12-18-year-olds are also provided with a variety of aclivits'es and given the opportunity to develop a range of skills ranging from maintenance lo media and event planning. Our media team continues lo be involved in Iranslaling and dubbing the content of the channel from Norwegian so that English speakers all over the wodd can watch and listen lo conlenl in English. Our youth group participated in two TV based bible studies during the Spring and Autumn of 2023. Many of the youth group also travelled lo Norway for four Christian International Youth Activity camps held throughout the year. The camps offer young people allending from all over the world a broad range of activities during the day and brings them together in the evenings for interesting bible studies, meetings and other events aimed al edification and building fellowship. Our youth group also visited a Christian youth group in the Netherlands and hosted a return visit from the NL youth group. FINANCIAL REVIEW We closed the year with nel assets of £1,162k 12022.. £1,194kl having raised £597k {2022.' £516kl during the year, in addition lo spending £629k12022.' £605kl on charitable activities and governance costs. The increase in income was due lo increased donations, standing orders and increased business donations. The increase in spending was due lo an In¢aSe in events, aclivilies, and foriegn exchange differences. Due to rising interest rates, we look the decision to pay off the remaining balance on our mortgage in Ocl-23. This is expected lo make significant savings in interest costs over the next few years. The trading subsidiary TCD saw continued growth donating £64,38912022: £53,824). Page 3
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 6r27 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} TRUSTEES. REPORT ICONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 PRINCIPAL RISKS AND UNCERTAINTIES The trustees have evaluated the risks facing the charity and these fall into two main areas, financial and people. Raising sufficient income to meet our operating costs, and to maintsin a sound financial basis for expected future growih is a key risk. Our income regularly exceeds our expectslions, we have a significant cash balance, and the members of the 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 activity is focussed on children and young people, and therefore we face the same risks as every other organisalion that 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 normally aim lo hold £20,000 for emergency spend and a further £20,000 lo cover seasonal fluclualions in our current account. Amounts for use over a longer lime frame are moved lo interest bearing accounts. During the year £14,019 12022.. £12,414) of reserves was invested in improvements to our property and other fixed assets. Our policy is to build reserves sufficient to allow us lo develop facilities which will further our objectives over 8 horizon of al least twenty years and lo reduce our reliance on debt funding. We ideally plan lo lake a maximum of 500/0 debt funding for building projects. Currently we are partway through the sawng cycle and therefore have funds 12023.. £1,037,195 and 2022-. £1,141,979) saved for future development and projects. We anticipate this to be used in= small and medium development projects in the short to medium term, including extension of our existing premises. a major development al our main premises, Garden House. donating funds lo charitable projects being carried out by like-mindeé organisalions which further our objectives. We held funds for this purpose al the ye8r-end in order to support spectfic projects 8$ the need arises. Our preference is to adopt a social investment approach lo the reserves in order lo apply them for aligned charitsble purposes until such time as we need lo use them. This is covered in more detail in the next section. INVESTMENTS POLICY As our reserves policy noted above has involved us holding significant funds careful consideration has been given lo our investment policy. Our policy is lo seek to hold our funds in a combination of= interesl-bearing cash accounts and money market accounts as a low risk and accessible funds 12023.. £209,919 and 2022.. £355,292) low to moderate risk charitable investment (NOK 1 Om loan with an interest rale of 5,/0} Page 4
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 7r27 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} TRUSTEES. REPORT ICONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES. RESPONSIBILITIES STATEMENT The Trustees (who are also directors of Brunslad Chrislian Church Didcot for the purposes of company lawl are responsible for preparing the Trustees. Report and Ihe financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financial statements for each financial year. Under company law the Truslees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of Ihe charitable company and of Ihe incoming resources and application of resources, including Ihe income and expenditure, of the chariiable company for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities Statement of Recommended Practice.. make judgments and accounting eslimales that are reasonable and prudent., prepare the financi81 statements on the going concern basis unless it is inappropriate lo presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charitable companls transactions and disclose with reasonable accuracy al any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevenb.on and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. PH Pa01Jn2C i1&T(urc•II Mr Paul Heaven ITrusleel Dale.. 01 June 2024 Page 5
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 8r27 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Indgpendent Examingr's Roport to thg Trustegs of Brunstad Christian Church Did¢ot report lo the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023. Responsibilitigs and 8asis of Roport As the Trustees of the Charity land its directors for the purposes of company lawl you are responsible for the preparation ol the accounts in accordance with the requirements of the Companies Act 2006 Ilhe 2006 Acl'l. Having satisfied myself that the accounts of the Charity are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the Charity's accounts arried out under section 145 of the Charities Act 2011 {'the 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515}Ibl of the 2011 Act. Independent Examiner's Statement Since the Charitls gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination because l am a member of Institute of Chartered Acwuntsnls in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no mallers have come lo my attention in connection with th8 examination giving me cause lo believe- accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act., or the accounts do not accord with those records., or 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 'lrue and fairf Mew which is not a matter considered as part of an independent examination., or 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 applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republ of Ireland IFRS 1021. I have no concerns and have come across no other mallers in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Page 6
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 9r27 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} INDEPENDENT EXAMINER'S REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. My work has been undertaken so that I might stsle to the Charity's Trustees those matters l am required lo stale lo them in an Independent examinerfs report and for no other purpose. To the fullest exlenl permitted by law. I do not accept or assume responsibility lo anyone other than the Charity and the Charitys Trustees as a body. for my work or for this report. Signed.. Mr Alexander Peal Dated.. Bsc IHons} FCA DChA James Cowper Kreston Charlered Accountants and Statutory Auditor Reading Bridge House George Street Reading Berkshire RG1 8LS Page 7
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 10127 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Notg Income from: Donations and legacies Other trading activities Investments Other income 448,968 104,147 42,833 740 448,968 104,147 42,833 740 318,310 91,864 42,902 63,235 Total income 596,688 596,688 516.311 Expenditure on: Charitable activities Other expenditure 614,161 15,182 614,161 15,182 595,388 9,781 Total expenditure 629,343 629,343 605,169 Net movement in funds 132,6551 {32,6551 188,8581 Reconciliation of funds.. Total funds brought forward Nel movement in funds 740.707 453,506 132,6551 1,194,213 132,6551 1,283,071 188.8581 Total funds carried forward 740,707 420,851 1,161,558 1,194,213 The notes on pages 12 to 25 form part of these financial slalements. Page 8
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 11127 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by guarantee} REGISTERED NUMBER: 06739587 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Not8 Fixed assgts Tangible assets Investments 12 13 91,395 772,284 136,098 839,278 863,679 975,376 Current assets Debtors Cash al bank and in hand 14 100,923 209,919 92,207 355,292 310.842 447,499 Creditors.. amounts falling due within one year 15 {12,963} 150,2551 Net current assets 297,879 397,244 Total assets less current Ilabllltles 1,161.558 1,372,620 Creditors.. amounts falling due after more than one year 16 1178,4071 Total net assets 1,161,558 1,194,213 Charity funds Reslricled funds 17 740,707 420,851 740,707 453,506 Unrestricted funds 17 Total funds 1,161.558 1,194,213 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company lo obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements have been prepared in accordance wf(h the provisions applicable to entities subject to the small companies regime. Page 9
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 12127 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by guarantee} REGISTERED NUMBER: 06739587 BALANCE SHEET ICONTINUED} AS AT 31 DECEMBER 2023 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mr Paul Heaven Trustee Dale: 01 Jun8 2024 The notes on pages 12 to 25 form part of these financial statements. Page 10
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 13127 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operating activities Nel cash used irb operating activits'es 36,039 130,9171 Cash flows from investing activitles Dividends. interests and rents from investments Purchase of tangible fixed assets 42,833 114,019) 42,902 112.4141 Net cash provided by investing activities 28.814 30.488 Cash flows from financing activities Repayments of borrowing (210.2261 130,7411 Net cash used in financing activities 1210,2261 130,7411 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 1145,373> 355.292 131,1701 386,462 Cash and Cash equivalents at the end of the year 209,919 355,292 The notes on pages 12 to 25 form part of these financial slalements Page11
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 14127 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policios 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Brunstad Christian Church Didcot meets the definition of 8 public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or tr8ns8Ction value unless otherwise slated in the relevant 8ccounling 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 lo £10 per member of the company. 1.3 Fund accounting General funds are unreslricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated fijnds comprise unreslricled funds that have been sel aside by the Trustees for p8rticu18r purposes. The aim and use of each designated fund is set out in the notes lo the financial sl8temenls. Restricted funds are funds which are to be used in accordance with specific reslriclions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Investment ineome, gains and losses are allocated to the appropriate fund. 1.4 Income All income is recognised once the Charity has entillemenl to the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. For legAcies, entillemenl is taken as the earlier of the date on which either.. the Charity is aware that probate has been granted. the estate has been finalised and nolificalion has been made by the executorlsl lo the Charity that a dislribLJtion will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention lo make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Income lax recoverable in relation to donations received under Gift or deeds of covenant is recognised at the time of the donation. Income lax recoverable in relation to investment income is re¢ognised at the lime the investment income is receivable. Page 12
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 15127 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policios l¢ontinu9dl 1.5 Expenditure Expenditure is recognised once there is a legal or conslruclive obligation lo make payments to a third party. it is probable that settlement will be required and the amount of the obligation can measured reliably. l expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings. Charitable activities and Governance costs are costs incurred on the companls educational operations, including support costs and costs relating lo the governan of the company apportioned to charitable activities. l expenditure is inclusive of irrecoverable VAT. 1.6 Tangible fixed assets and depreciation Tangible fixed assets costing £1,000 or more are capitalised. Tangible fixed assets are initially recognised al cost. After recognition. under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should b8 included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the slraighl-line method. Depreciation is provided on the following bases.. Land and buildings Plant and machinery Fixtures and fillings Equipment Other fixed assets 5,/0 slraighl line 33.10 slraighl line 33.10 slraighl line 33.10 slraighl line 10.10 & 33 /0 slraighl line For the year ended 31 December 2023 there has been a change in depreciation rate for the Land and buildings from 10 /0 slraighl line lo 5 /0 slraighl line lo better reflect the residual value of the asset. The adjustment has been applied prospectively and apportioned accross the remaining useful life of the asset. 1.7 Investments Inveslmenis are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at fair value as al the balance sheet date, using the closing quoted market price. Inveslmenl gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gainslllossesl on investments, in the Slalemenl of Financial Aclivits'es incorporating income and expenditure accounl. Page 13
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 16127 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policios l¢ontinu9dl 1.8 Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling al the balance sheet dale. Transactions in foreign currencies are translated into sterling al the rale ruling on the dale of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities incorporating income and expenditure account. 1.9 Intorest rgcgivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity.. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 1.10 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al 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-lerm 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 Liabilities and provisions LiabiliteS are recognised when there is an obligation al the Balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement. and Ihe amount of the selllemenl can be estimated reliably. Liabilities are recognised at the amount that the Charity anlicipales it will pay lo sellle the debt or the amount il has received as advanced payments for the goods or services il must provide. 1.13 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their selllemenl value with the eXpIlOn of bank loans which are subsequently measured al amortised cost using Ihe effective inleresl method. Page 14
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 17127 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Critical accounting gstimates and areas of judgmont The preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the amounts reported for assets and liabilities as al the balance sheet dale and the amounts reported for revenues and expenses during the year. However, the nature of eslim8lion means that actual outcomes could differ from those eslimales. The following judgements (apart from those involving eslimalesl have had the most significant effect on amounts recognised in the financial slalements. Critical accounting estimates and assumptions.. Tangible fixed assets (see note 11 } Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. Income from donations andlggacies Unrestricled funds 2023 Total funds 2023 Total funds 2022 Donations including gift aid TCD Business 384,579 64,389 384.579 64.389 264,486 53,824 448.968 448,968 318.310 Totsl 2022 318,310 318,310 Page 15
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 18127 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from other trading activities Income from fundraising events Unrestricted funds 2023 Total funds 2023 Total funds 2022 Short term rentsl income Local events and activikn'es Christian resources 6,270 96,491 1,386 6.270 96,491 1,386 6,735 82,339 2,790 104,147 104.147 91,864 Total 2022 91,864 91,864 Investment income Unrestricled funds 2023 Total funds 2023 Total funds 2022 Investment income Bank interest 37,977 4,856 37.977 4,856 42,230 672 42,833 42,833 42,902 Total 2022 42,902 42,902 Other incoming resources Unrestricted funds 2023 Total funds 2023 Total funds 2022 Other initiab'ves 740 740 63,235 Total 2022 63,235 63,235 Page 16
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 19127 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure on charitable activitlgs Summary by fund type Unrestricted funds 2023 As restated Total 2022 Total 2023 Direct costs Governance costs 610,222 3,939 610.222 3,939 589,470 5,918 614,161 614,161 595,388 Total 2022 as reslaled 595,388 595,388 Othgr expenditure Unrestricted funds 2023 Total funds 2023 Total fLJnds 2022 Mortgage interest 15,182 15,182 9,781 Total 2022 9,781 9,781 Analysis of expenditure by activitie5 Activities undertaken directly 2023 Support costs Total funds 2023 Total funds 2022 2023 Direct Costs Governance costs 610,222 610,222 3.939 589,470 5,918 3,939 610,222 3,939 614,161 595,388 Totsl 2022 589,470 5,918 595,388 Page 17
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 20r27 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by activities (continued) Analysis of direct costs Total funds 2023 Total funds 2022 Activities 2023 Meetings and Events Donation to BCC Federation Cost of literature Missionary fund donations Premises costs 255,574 37,791 255.574 37,791 214,320 2,532 140,003 88,015 536 2,402 3,038 11531 138,777 107,552 76,074 73,846 1,106 3,108 13,5511 58,722 107,552 76.074 73,846 1,106 3.108 (3.551} 58,722 Bank charges and fOIgn exchange differences Computer and internet expenses Postage, slalionery and telephone Other Depreciation of equipment & property 610,222 610,222 589,470 Total 2022 589,470 589,470 Analysis of support costs Total funds 2023 Total funds 2022 Activities 2023 Travel costs Subscriptions Independent examinerfs fees 397 182 397 182 2,198 350 3.370 3.360 3,360 3,939 3.939 5,918 Totsl 2022 5,918 5,918 Page 18
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 21r27 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Independent examinerfs remuneration 2023 2022 Fees payable lo the Charills independent examiner for the independent examination of the Charity's annual accounts Fees payable lo the Charitls independent examiner in respect of.. Preparation of the Company's annual accounts 1,170 1,140 2.190 2,130 11. Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefils12022 - £NILI. During the year ended 310ecember 2023, no Trustee expenses have been incurred12022 - £NILI. 12. Tanglble flxed assets Freehold property Plant and machinery Office gquipmont Other fixed assets Total Cost or valuation At 1 January 2023 Additions Disposals 825,720 58,706 6,361 58.244 7.658 (2.7781 321.962 1,264,632 14,019 12,7781 At 31 December 2023 825,720 65,067 63,124 321,962 1,275,873 Dèpreciation At 1 January 2023 Charge for the year On disFN)sals 784,398 3.999 38,682 12,189 41.233 12.797 (2.7781 264.221 29.737 1,128,534 58,722 12,7781 At 31 December 2023 788,397 50,871 51,252 293.958 1,184.478 Nèt book value At 31 December 2023 37,323 14,196 11.872 28.004 91,395 At 31 December 2022 41.322 20,024 17,011 57,741 136.098 Page 19
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 22Q7 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Fixed assgt investmgnts Investments in subsidiary Unlisted Companies investments Total Cost or valuation Al 1 January 2023 Revaluations 839.272 166,9941 839,278 166,9941 At 31 December 2023 772.278 772,284 Prlnclpal subsldlarles The following were subsidiary undertakings of the Charity.. Names Company number Holdlng TCD Business Limited Oxfordshire Enterprises Limited GH Travel Limited 06451996 07360963 09410676 The financial results of the subsldiarS for the year were.. Names Aggregate of share capital and reserves TCD Business Limited Oxfordshire Enterprises Limited GH Travel Limited All three subsldiarS had a profil and loss balance of £nil in the year wlh GH Travel Limited and Oxfordshire Enterprises Limited being dormant in the year. Page 20
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 23r27 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Debtors 2023 2022 Trade debtors 8,368 4.515 88,040 1,315 6,824 84,068 Amounts owed by group undertakings Prepayments and accrued income 100,923 92,207 Creditors: Amounts falling duo within on8 year 2023 2022 Bank loans 31,819 7,380 Trade creditors 5,821 Amounts owed lo group undertakings Other creditors Accruals and deferred income 1,090 6,050 1,090 9,964 12,963 50,255 16. Creditors- Amounts falling due after more than one year 2023 2022 Bank loans 178,407 The aggregate amo¢Jnt of liabilities payable or repayable wholly or in part more than five years after the reporting dale is.. 2023 2022 Repayable by inslalments 19,312 19,312 The loan was for a mortgage secured over the property purchased during the 2013. Th8 loan was fully repaid during the year. Page 21
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 24r27 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statgmgnt of funds Statgmgnt of funds - current year Balancg at 31 Decgmbgr 2023 Balance at 1 January 2023 Income Expenditure Unrestricted funds Designaled funds Designated Funds - all funds 401,273 1104,7851 296,488 General funds General Funds - all funds 52,233 596.688 (524,558} 124,363 Total Unrestricted funds 453,506 596,688 1629,343} 420,851 Restricted funds Reslricled Funds- all funds 740,707 740.707 Total of funds 1,194,213 596,688 1629,343> 1,161,558 Page 22
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 25r27 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statgmgnt of funds Icontinuedl Statgmgnt of funds - prioi yeai Balance al 31 December 2022 Balance at 1 January 2022 Income Expenditure Unrestricted funds Designaled funds Designated Funds - all funds 401,273 401,273 General funds General Funds - all funds 141,091 516,311 1605,1691 52,233 Total Unrestricted funds 542,364 516,311 1605,1691 453.506 Restrided funds Reslricled Funds- all funds 740,707 740,707 Total of funds 1,283,071 516,311 1605,1691 1,194,213 The reslricled fund is restricted lo the development of the freehold property. A major development al the main premises, Garden House, is currently expected lo start in 2028. 18. Analysis of net assets between funds Analysis of net assets between funds - current year Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 91,395 31,577 310,842 112,9631 91,395 772,284 310,842 112,9631 740,707 Total 740,707 420,851 1,161,558 Page 23
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 26127 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Analysis of net assets between funds {continugdl Analysis of net assets between funds - prior year Restricted Unreslricled funds funds 2022 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Cutrenl assets Creditors due within one year Creditors due in more than one year 136,098 98,571 447,499 150,2551 1178,407) 136,098 839,278 447,499 150,2551 1178,4071 740,707 Total 740,707 453,506 1,194,213 19. Reconciliation of net movement in funds to net cash flow from operating activities 2023 2022 Nel expenditure for the year las per Statement of Financial Activities) 132.655) 188,8581 Adjustments for: Depreciation charges Revaluation of investments Dividends, interests and rents from investments Increase in debtors 58.722 66.994 142.833} 18,7161 (5,473} 138,777 142,9021 113,2711 124,6631 Decrease in creditors Net cash provided byllused inl operating activities 36.039 130,9171 Analysis of cash and cash equivalents 2023 2022 Cash in hand 209.919 355,292 Total cash and cash equivalents 209,919 355,292 Page 24
Virfuasignature Tran5aclK>n Ref. VL3P-PLVK-Y2SG 01 Jjn 2024 I1..04.. 8ST (UTC +1) 0 111 P 27r27 BRUNSTAD CHRISTIAN CHURCH OIDCOT IA company limited by 9uarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Analysis of changes in net debt At1 January 2023 Cash flows At31 December 2023 Cash al bank and in hand 355,292 131,8191 1178.4071 1145,373} 31,819 178.407 209,919 Debt due within 1 year Debt due after 1 year 145,066 64,853 209,919 Related party transactions In common with many Church organisalions, trustees make a significant financial contribution lo the charity. These donations are made as part of normal giving by Church members and it would not be practical lo quantify the amount donated. Brunstsd Christian Church Didcot18CCDI has a wholly owned trading subsidiary TCD Business Limited which made donations of £64,389 12022.. £53,824) lo the charitable company in the CLJrrent accounting period. At the year end BCCD was owed £4,51512022: £6,824} by TCD Business Limited. BCCD has a wholly owned trading subsidiary Oxfordshire Enterprises Limited. Al the year end BCCD was owed £212022.. £21. Controlling party The ultimate controlling paty is the Board of Trustees as detsiled on page 1 of the financial stslemenls. Page 25