## Charis Christian Centre
Report and Accounts Year ended 31 December 2020
1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk
## CHARIS CHRISTIAN CENTRE
## FOR THE YEAR ENDED 31 DECEMBER 2020
## COMPANY INFORMATION
|Directors/Trustees|A O Mabo||
|---|---|---|
||K Odubanjo||
||T Olusanya||
|Company Secretary|K Odubanjo||
|Key staff|K Adeshugba||
||M O Adeshugba||
|Governing Document|Memorandum and Articles of Association 2009||
|Company Registration Number|06907586||
|Charity Registration Number|1131271||
|Registered Office|78 Capworth Street ,||
||Leyton, London,||
||E10 7HA||
|Independent Examiner|Stephen Mathews FCA||
||Stewardship||
||1 Lamb's Passage||
||London, EC1Y 8AB||
|Bankers|HSBC Bank plc||
||CONTENTS||
|||Page|
|Directors' Report||2-6|
|Independent Examiner's Report||7|
|Statement of Financial Activities||8|
|Balance Sheet||9|
|Notes to the Accounts||10-14|
|Detailed Statement of Financial Activities with Comparatives||15|
Page 1
## CHARIS CHRISTIAN CENTRE
## REPORT OF THE DIRECTORS
## FOR THE YEAR ENDED 31 DECEMBER 2020
The Directors have pleasure in submitting the Report and Accounts for the year.
## Objects of the charity
The Trust seeks to demonstrate the Christian faith in action by being a gospel focussed church in London.
## Government
The policy and operating decisions of the charity rest with the Directors who meet regularly to monitor the activities of the Company. New Directors are recruited and appointed by a majority of existing Directors.
The board of trustees for Charis Christian Centre, continued to work along-side the Pastorate in the administration of the charity to ensure continued good governance of the charity.
As part of our overall process and procedure we sat down and outlined a number of governance forums for 2020.
Pastorate & Trustee Committee, Trustees Board, Finance Board. Each of these boards has a terms of reference and is designed to assist in the smooth running of the charity.
Finally, in 2020 we continued our business planning cycle, designed to assist in the forecasting of plans, strategy and financial planning. This remains a work in progress, it is planned to develop in 2021, in the light of the issues raised in 2020.
## Review of Activities
In line with this several structural changes were made in 2018 which has continued to assist the church in becoming more efficient in the use of its resources. The suspension of services in Charis Kent and reintegration of the Youth ministry back into the main Church, meant we could focus on other areas.
This has meant, in 2020, that we have continued to be able to impact our immediate locality with outreach-based events such as the food bank and our outreach to care homes on a Sunday. This year has seen both these areas thrive and expand throughout. We also continue to run an effect prisons ministry which reaches another area of society entirely.
## The Vision
Our Vision is from ISAIAH 58: 12
“Those from among you shall build the old waste places; you shall Raise up the foundations of many generations; and you shall be called the Repairer of the breach, the Restorer of streets to dwell in”
The vision of Charis Christian Centre is based on the following three pillars: -
To Raise
To Repair
To Restore the foundations of many generations
Page 2
## CHARIS CHRISTIAN CENTRE
## REPORT OF THE DIRECTORS
## FOR THE YEAR ENDED 31 DECEMBER 2020
## RAISE
- A church with a mission to reach, win and disciple the lost for Christ.
- People in the ways and ordinances of God.
- Families, Careers, Businesses and Ministries based on biblical principles.
- God-given visions, dreams and goals.
## REPAIR
- Breaches in the lives of people both spiritual and physical relationships.
- Broken visions, dreams and goals in the church.
- Relationships within the family.
## RESTORE
- That which the devil has stolen.
- The altar of prayer both in the home and in the church.
- Broken relationships.
We are called to Raise, Repair and Restore the foundations of our generation and generations to come.
## OUR MISSION
Our mission is to:
- Raise that which has been planted.
- Repair that which has been broken down.
- Restore that which has been destroyed.
The primary ways that this is being done are:
• Fulfilling the objects in teaching, preaching and showing practical care in the community. This was both in the normal teaching in the church on Sunday, which are open to all, and midweek meetings for the church members and also by running specific courses to address particular aspects of Christian living which is open to the wider community; all of which are provided without charge. The aims of the teaching, preaching and discipleship programs include the impact upon lifestyle arising from following the teaching of Christ to love God and your neighbour as yourself. The outreach churches continued in Lewisham and Leyton, and we celebrated the second year of the Albany Leyton outreach church in October. The expectation of the residents on a weekly basis of the church coming is wonderful.
• Bringing the love of Christ to the community: we regularly undertook outreach amongst the elderly in care homes in both Leyton and Lewisham, also in running courses for those who wanted to find out about Christianity . December also saw us host a community carol service; we literally took the church to the streets the programme was well received by the local residents.
Page 3
## CHARIS CHRISTIAN CENTRE
## REPORT OF THE DIRECTORS
## FOR THE YEAR ENDED 31 DECEMBER 2020
• Bringing the love of Christ to the community in practical care: The members of the church have consistently been applying the principles of church life outlined in the New Testament outlined earlier to be ‘salt and light’ in the community, in the places they live and work and in having an impact on social attitudes in wider national society. This is a very major part of the purpose of the church and much of it is done without publicity and the amount of time spent in this way cannot be quantified. In December we held our third Foodbank Christmas dinner which was a remarkable event with people coming from far and wide to join us in this event. We are able to do this, because of the generous donations of members towards to food bank.
Also our PRISON MINISTRY: this ministry has flourished. We trust and pray that God will enable us to put a program together to help in rehabilitation and integration when they are released from prison.
• Impacting the next generation. We appreciate the value of the next generation and that they suffer unprecedented pressures in some areas. Our pastors alongside volunteer members of the church have worked with young people in our "Dynamic church" youth events to help build strength and confidence together with appreciation of how active Christian faith is relevant in these issues.
When Covid hit in March 2020, the church went through some restructure as below:
• We had to move services online so it was undertaken from private houses. The services were 3 times a week with bible study and prayer meeting.
• We had to purchase equipment for the new phase of online services which include improving our sound system in church, lighting, music equipment, and equipping the house to live-stream services.
- We had to change the food bank from Monday to Sunday to ensure adequate helpers and to make it easier for volunteers to follow COVID guidance.
- We did significant building work to the kitchen and food bank storage area.
- We obtained funding for our food bank to buy iPads, fridge, and major storage refurbishment.
• We held trustees and elders meetings in May, June and July planning to open the church. We did risk assessment and opened the church in August but had intermittent times of opening and closing.
• There has been a decline in attendance due to COVID, but there has been an increase in our online participation and service. Still all our mid-week services are still online, only Sunday services have returned.
In planning the activities the Directors have had regard to the guidance on public benefit issued by the Charity Commission.
Page 4
## CHARIS CHRISTIAN CENTRE
## REPORT OF THE DIRECTORS
## FOR THE YEAR ENDED 31 DECEMBER 2020
## Financial Review
The financial reserves of the Church have been partially used during the year as members have continued to faithfully support the repayment of the mortgage as well as the wider ministry costs. The building works costing nearly £50,000 were successfully accomplished in 2018 and the reserves, whilst declining slightly in 2019, have been replenished in 2020 against the expectations during Covid-19. The Trustees would like to thank the members which have been so generous in supporting this work.
The Trustees have set a policy of retaining reserves sufficient for the foreseeable needs of the Church. Where there is specific capital expenditure foreseen amounts would be set aside into designated funds so the free reserves (general reserves excluding amounts invested in assets for the churches use and the amounts due on the mortgage loan) are available to meet the costs of normal running and expansion of the Church and to ensure the Church can meet the commitments that have been entered into. The level of free reserves are not set as a specific formula, but with income from committed supporters expected to remain stable, significant reserves are not considered to be required. The current policy is to hold £10,000 reserves to cover income fluctuations and a further £15,000-20,000 for unexpected expenditure and Cashflow fluctuations. At the year end the free reserves amounted to £8,000 which fell outside of that range. Since the year end the reserves have been increased so that by October 2020 the cash balances had increased to £80,000 and has returned to being within the policy range.
## Risk Statement
The Directors have reviewed the risks to which a small charity operating with few employees is exposed. Appropriate procedures are in place to identify, monitor and review these risks on a regular basis.
GDPR had been identified as a specific risk, and as a result, a GDPR compliance officer had been appointed to ensure that policies and structure was in place for us to ensure that we continue to effectively monitor our obligations in terms of GDPR.
We conducted GDPR training sessions for all workers and volunteers in the ministry. We also carried out an audit of personal information held ensuring that it was still relevant. All mailing lists we updated and new consent was sought from people on our mailing lists.
## Directors' Responsibilities
Charity law requires us as Directors to prepare financial statements for each accounting year which give a true and fair view of the state of the charity and of its income and expenditure for the year.
1. Select suitable accounting policies and apply them consistently
2. Make judgements and estimates that are reasonable and prudent
3. State whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts.
4. Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
Page 5
## CHARIS CHRISTIAN CENTRE
## REPORT OF THE DIRECTORS
## FOR THE YEAR ENDED 31 DECEMBER 2020
We are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the company and enable us to ensure that the financial statements comply with the Companies Act 2006.
We also have a responsibility to safeguard the assets of the charity and to take reasonable steps to prevent fraud or any other irregularities.
## Approval
This report was approved by the Directors on 27 October 2021 and signed on their behalf by:
A O Mabo
Page 6
## INDEPENDENT EXAMINER'S REPORT
## TO THE TRUSTEES OF
## CHARIS CHRISTIAN CENTRE
## ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020 on pages 8 to 15 following, which have been prepared on the basis of the accounting policies set out on page 10.
## Responsibilities and basis of report
As the charity’s 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 charity’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
Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
Stephen Mathews FCA Institute of Chartered Accountants in England and Wales
27 October 2021
Stewardship 1 Lamb's Passage London
Page 7
## CHARIS CHRISTIAN CENTRE
## STATEMENT OF FINANCIAL ACTIVITIES
## FOR THE YEAR ENDED 31 DECEMBER 2020
## SUMMARY INCOME AND EXPENDITURE ACCOUNT
|Note
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investments
Charitable activities
Other trading activities (rental income)
Total income and endowments
EXPENDITURE ON
Charitable activities
3
Total expenditure
Net income/(expenditure)
Transfers between funds
Reconciliation of funds:
Funds brought forward
Total funds carried forward|Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2019
£
£
£
£
253,880
16,250
270,130
207,233
15
-
15
21
4,170
-
4,170
1,608
18,000
-
18,000
22,000|
|---|---|
||276,065
16,250
292,316
230,862
201,970
18,989
220,959
227,865|
||201,970
18,989
220,959
227,865
74,096
(2,739)
71,357
2,997
(2,739)
2,739
-
-|
||71,357
-
71,357
2,997
428,135
-
428,135
425,138|
||499,491
-
499,492
428,135|
Movements on reserves and all recognised gains and losses are shown above.
The notes on page 10-15 form part of these accounts.
Page 8
## CHARIS CHRISTIAN CENTRE
## BALANCE SHEET
## FOR THE YEAR ENDED 31 DECEMBER 2020
|Note
FIXED ASSETS
Tangible assets
5
CURRENT ASSETS
Debtors
6
Cash at bank
7
CURRENT LIABILITIES
Liabilities falling due within one year
8
Net Current Assets
Liabilities falling due over one year
9
NET ASSETS
FUND BALANCES
Unrestricted funds
General Funds
10
Restricted Funds
10|Unrestricted
Restricted
Total funds
Total funds
Funds
Funds
2020
2019
£
£
£
£
780,638
-
780,638
807,233
8,615
-
8,615
8,532
98,341
-
98,341
16,896|
|---|---|
||106,956
-
106,956
25,428|
||55,148
-
55,148
53,270|
||51,809
-
51,809
(27,842)|
||(332,953)
-
(332,953)
(351,256)|
||499,494
-
499,494
428,135|
||499,493
499,493
428,135
-
-
-|
||499,493
-
499,493
428,135|
For the year ended 31 December 2020, the company was entitled to the exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
## Responsibilities of directors/trustees:
- a. The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with Section 476 of the Companies Act - however, in accordance with Section 145 of the Charities Act 2011 the accounts have been examined by an independent examiner whose report forms part of this document.
- b. The directors/trustees acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Directors and signed on their behalf on the 27 October 2021 by:
A O Mabo Company number: 06907586
Charity number: 1131271
The notes on page 10-15 form part of these accounts.
Page 9
## CHARIS CHRISTIAN CENTRE
## NOTES TO THE ACCOUNTS
## FOR THE YEAR ENDED 31 DECEMBER 2020
## 1 Statutory information and Accounting Policies
The charity is a charitable company limited by guarantee and is incorporated in the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.
These financial statements are prepared on a going concern basis, under the historical cost convention.
These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102"), with the Companies Act 2006 and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.
The principles adopted in the preparation of the financial statements are set out below.
## a) Going concern
The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
## b) Income:
Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.
Income from donations and legacies:
Ioncludes recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not i) been recovered by the balance sheet date is included as a debtor.
The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the ii) value of these services has not been included in these financial statements as they cannot be reliably measured.
Legacies. Income from legacies is recognised when a distribution is received from the estate or, if earlier, when iii) the charity has been notified that a distribution will be made and the amount receivable can be measured reliably.
Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from church retreats and other events and courses.
Income from other trading activities represents income receivable from activities undertaken to generate funds for the charity.
Investment income represents income generated by the charity's assets and includes income from letting the charity's property and bank interest.
## c) Expenditure
Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.
The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.
The cost of raising funds is not significant and has not been separately disclosed.
Page 10
## CHARIS CHRISTIAN CENTRE
## NOTES TO THE ACCOUNTS
## FOR THE YEAR ENDED 31 DECEMBER 2020
Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.
## d) Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects. Endowment funds are donations that are retained as capital in accordance with the donor's wishes. The nature of the restriction determines whether the endowments represent permanent endowments or expendable endowments.
## e) Tangible fixed assets
Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £2,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:
Depreciation periods are as follows:
Freehold land Not depreciated. Freehold buildings Over 50 years after taking account of the buildings residual value. Equipment Between 3 and 7 years
The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.
## f) Pension scheme arrangements:
The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.
Goods held for sale are measured at the lower of cost and net realisable value for each group of items.
## g) Taxation
The company is a registered charity; it has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.
## h) Financial instruments
The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).
## i) Exemption from preparing a cashflow statement
The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.
## 2 Donations
|Donations
General donations
Tax recoverable
Government Grants (Job Retention Sceme)
Government Grants (Covid Response)|Total
Total
2020
2019
£
£
192,741
175,393
32,281
31,840
35,108
10,000
0|
|---|---|
||270,130
207,233|
Page 11
0
## CHARIS CHRISTIAN CENTRE
## NOTES TO THE ACCOUNTS
## FOR THE YEAR ENDED 31 DECEMBER 2020
|3
Charitable activity
a
Direct Charitable Costs
Salaries and related costs
Accommodation
Telephone and utilities
Church ministry expenses
Conferences and training
Miscellaneous expenses
Depreciation
Grants payable
Note 3c
b
Support & Administration
Governance costs
Office costs
Loan interest and finance charges
Insurance
Combined charitable activity cost
c
Grants
Mission support|Total
Total
2020
2019
£
£
88,472
76,409
22,000
18,000
10,328
11,155
22,047
41,549
1,097
-
-
91
26,595
26,595
500
2,295
171,038
176,094
£
£
4,420
3,725
20,061
15,201
20,554
28,572
4,887
4,273
49,921
51,771
220,959
227,865
Institutions
Individuals
2020
2019
£
£
£
£
500
-
500
2,295|Total
Total
2020
2019
£
£
88,472
76,409
22,000
18,000
10,328
11,155
22,047
41,549
1,097
-
-
91
26,595
26,595
500
2,295|
|---|---|---|
|||171,038
176,094|
|||£
£
4,420
3,725
20,061
15,201
20,554
28,572
4,887
4,273|
|||49,921
51,771|
|||220,959
227,865|
||500
-
500
2,295||
Fees payable to Stewardship, other than for the annual accounts and independent examination of £3,900 (2019 £3,420), for payroll bureau services totalled £802 (2019: £650) and for book-keeping assistance £1,740 (2019 £nil).
## 4 Analysis of staff costs, key management personnel and trustee remuneration
|ysis of staff costs, key management personnel and trustee remuneration||
|---|---|
|Gross wages, salaries & benefits in kind
Employer's National Insurance costs
Pension costs
Total staff costs|2020
2019
£
£
81,007
68,993
3,440
4,016
4,025
3,400|
||88,472
76,409|
The charity has 3(2019 2) employed staff. Its activities are generally carried out by volunteers. No staff received salaries at a rate of more than £60,000 per annum.
Remuneration payable to key management for the period amounted to £68,000 gross salary and £3,400 pension contributions in the year (2019 £67,315 and £3,400 respectively). Key management is considered to cover church pastors directly employed by the charity.
No remuneration was paid to any trustee during the year nor to any person connected to them.
## 5 Tangible Fixed Assets
|Tangible Fixed Assets||
|---|---|
|Cost
At 1 January 2020
Additions
At 31 December 2020
Accumulated Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 1 January 2020|Land
Equipment
Total
& Buildings
& fittings
2020
£
£
£
1,000,656
191,540
1,192,196
-
-
-|
||1,000,656
191,540
1,192,196|
||200,005
184,958
384,963
20,013
6,582
26,595|
||220,018
191,540
411,558|
||780,638
0
780,638|
||800,651
6,582
807,233|
Page 12
## CHARIS CHRISTIAN CENTRE
## NOTES TO THE ACCOUNTS
## FOR THE YEAR ENDED 31 DECEMBER 2020
|6
Debtors and Prepayments
Tax recoverable
Other Debtors
Prepayments
7
Cash at Bank and in Hand
Bank operating accounts
8
Creditors: liabilities falling due within one year
Trade Creditors
Mortgage loan due within one year
Accruals
9
Creditors: liabilities falling due over one year
Mortgage loan balance
Less: falling due within one year|2020
2019
£
£
2,615
5,032
4,000
2,000
2,000
1,500|
|---|---|
||8,615
8,532|
||£
£
98,341
16,896|
||98,341
16,896|
||£
£
11,007
13,549
35,721
35,721
8,420
4,000|
||55,148
53,270|
||£
£
368,674
386,977
(35,721)
(35,721)|
||332,953
351,256|
The mortgage loan is provided by The Access Bank UK for the purchase of the church building and secured on that building with normal commercial terms and repayment by October 2030.
## 10 Funds
## 2020
The restricted funds represent amounts received for specific purposes and the movements in the year are as follows:
|Building fund|Opening
Incoming
Outgoing
Transfers
Closing
balance
resources
resources
in the year
balance
£
£
£
£
£
-
16,250
(18,989)
2,739
-|
|---|---|
The Building fund is for the purpose of repayment of the mortgage on the church building and expenditure on building repairs and improvements.
The transfer of from the building fund has been made for the purpose of capital improvements to the property and capital repayments of the mortgage loan.
The assets and liabilities represented by the various funds are as follows:
|Restricted funds
Unrestricted funds
2019
The restricted funds represent amounts
Building fund|Fixed
Bank & cash
Mortgage
Other net
Total
assets
balances
liabilities
assets
£
£
£
£
£
-
-
-
-
-
780,638
98,341
(368,674)
(10,812)
499,494|
|---|---|
||780,638
98,341
(368,674)
(10,812)
499,494|
||received for specific purposes and the movements in 2017 are as follows:
Opening
Incoming
Outgoing
Transfers
Closing
balance
resources
resources
in the year
balance
£
£
£
£
£
-
10,214
(20,255)
10,041
-|
Page 13
## CHARIS CHRISTIAN CENTRE
## NOTES TO THE ACCOUNTS
## FOR THE YEAR ENDED 31 DECEMBER 2020
The assets and liabilities represented by the various funds are as follows:
|Unrestricted funds|Fixed
Bank & cash
Mortgage
Other net
Total
assets
balances
liabilities
assets
£
£
£
£
£
807,233
16,896
(386,977)
(9,017)
428,135|
|---|---|
||807,233
16,896
(386,977)
(9,017)
428,135|
## 11 Lease Commitments
The charity has a lease on a property which runs on a month to month basis at a cost of £24,000 per annum.
## 12 Transactions with related parties
During the year the charity:
- i) Received donations totalling £17,794 (2019: £23,062) from related parties (which includes trustees, anyone closely connected to them and key management).
- ii) No expenses (2018: £zero) were paid to, or for, the trustees.
- iii) Paid £22,000 (2019 £18,000) as rental to K and Mrs M O Adeshugba, who are key management, under a lease agreement with the church, for use of a property owned by them for church accommodation.
- iv) Charged K and Mrs M O Adeshugba £18,000 (2019 £22,000) for use of the church's premises by a nursery owned by them. The amount charged for the use of the premises has been assessed as being an arm's length price by an appropriately qualified independent professional. At the balance sheet date £4,000 (2019 £2,000) was owed to the church in respect of this contract.
## 13 Members
Each member of the company commits to contribute if the charity is wound up an amount of £10.
Page 14
## CHARIS CHRISTIAN CENTRE
Detailed Statement of Financial Activities with Comparatives
FOR THE YEAR ENDED 31 DECEMBER 2020
|Note
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investments
Charitable activities
Other trading activities
Other income and endowments
Total income and endowments
EXPENDITURE ON
Charitable activities
3
Total expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward|Total
Total
Funds
Funds
2020
2019
2020
2019
2020
2019
£
£
£
£
£
£
253,880
197,020
16,250
10,214
270,130
207,234
15
21
15
21
4,170
1,608
4,170
1,608
18,000
22,000
-
18,000
22,000
-
-
-
-
-
Unrestricted Funds - General
Restricted Funds|
|---|---|
||276,065
220,649
16,250
10,214
292,316
230,863
201,970
207,610
18,989
20,255
220,959
227,865|
||201,970
207,610
18,989
20,255
220,959
227,865
-
-
-
-
-|
||74,096
13,039
(2,739)
(10,041)
71,357
2,998
(2,739)
(10,041)
2,739
10,041|
||71,357
2,998
-
-
71,357
2,998
428,136
425,138
-
-
428,136
425,138|
||499,493
428,136
-
-
499,493
428,136|
Movements on reserves and all recognised gains and losses are shown above.
Page 15