GRACE CHURCH YATE
REPORT & FINANCIAL STATEMENTS 31 DECEMBER 2021
Charity Number 1133210
GRACE CHURCH YATE
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
| Contents | Pages |
|---|---|
| Trustees’ Annual Report | 1 - 3 |
| Reference & Administrative Information | 4 |
| Independent Examiner’s Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the financial statements | 8 - 15 |
| The following pages do not form part of the Financial Statements | |
| Detailed Statement of Financial Activities | 17 - 18 |
GRACE CHURCH YATE
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 31 DECEMBER 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2021.
STRUCTURE GOVERNANCE AND MANAGEMENT
A constitution governs the charitable assets of the church from a legal perspective in accordance with the requirements of charity law. Regulations affecting the spiritual governance of the church are contained in a separate document entitled “Rules and Regulations”.
In this church it shall be the Elders and Deacons, not otherwise disqualified from being trustees, who together, by the nature of their responsibilities, shall be the charity trustees, referred to in the Constitution as the “Office Bearers”.
There must be a minimum of three Office Bearers at all times. The Church Members’ Meeting, acting in accordance with the procedures set out in the constitution, shall appoint, remove and accept the resignation of Office Bearers.
The charity seeks to appoint new trustees as and when the current trustees see a requirement for additional trustees as part of the continuing nature of the charity. Training new trustees starts with an assessment that individuals meet criteria set out in the bible, then a period of testing is undertaken before a final recommendation is made by the trustees to a general church meeting for recognising a new individual joining the team of trustees.
CHARITY OBJECTIVES
The principal objective of the charity is the advancement of the Christian faith according to Baptist principles and in accordance with the Basis of Faith as stated in its constitution. The charity may also carry out other charitable purposes in the United Kingdom and/or other parts of the world.
The charity seeks to fulfil this objective by being a local church with a wide scope of different activities which include property ownership for holding public meetings, provision of housing and fund raising.
MAIN ACTIVITIES FOR PUBLIC BENEFIT
The church runs meetings open to all the public including worship, children’s clubs and meetings for older folk. The church gives funds for the relief of poverty in the UK and overseas.
The church proclaims the gospel as described in the Basis of Faith in the constitution and encourages believers in the exercise of this faith.
The trustees have given due consideration to Charity Commission published guidance on the operation of the public benefit requirement and consider the open meetings, support for non-members, running of children’s clubs, relief of poverty and provision of housing meet these requirements.
ACHIEVEMENTS IN THE YEAR
The Global pandemic of Covid-19 has substantially reduced many of these activities during the year. Worship services have been continued when the church was able to do this under the emergency rules to contain Covid-19 that were effective during the year.
Other meetings of children and older folk were suspended as required during the emergency.
1
GRACE CHURCH YATE
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 31 DECEMBER 2021
The gospel was preached consistently over the year in accordance with the Basis of Faith set out in the constitution.
Support for other UK and overseas charities was maintained, with particular relief given to people in countries that could only provide limited or no government support following their governments’ restrictions imposed to fight the Covid-19 infection.
The church purchased a property in Yate in 2012 and moved into the property in August 2013 after some initial development.
The church built a new church hall which caters for a larger number of people during 2019 and it was opened for church meetings towards the end of 2019. Some aspects of the development of the site continued into 2021 and there is a limited amount of work which will be completed in 2022.
The church rented residential flats from part of the property during the year. Income from these rents is considered part of the general funds of the church and is available to fund any activities of the church, including continuing property development and loan repayments.
FINANCIAL REVIEW
The church expenditure on Charitable activities is set out in Note 5 and amounts to £103,050. Additional expenditure, as set out in Note 4, of £16,682 is for managing the rental properties which generate their own income to cover these costs. The remaining £103,050 is considered by the Trustees as expenditure in pursuit of the normal activities of a church. The expenditure is lower than the church would normally expect because of Mr Heaps resignation in 2020. The church has not found a replacement for the fulltime eldership role and a reduced level of wages will follow until a replacement is found.
The church expenditure on the development of the buildings amounted to £94,675 in the year. The church began holding meetings in the new church hall in 2019, however some aspects of the development were not complete by the end of 2019. The years 2020 and 2021 have seen widespread economic disruption due to the Covid 19 pandemic and completion of the final stages of the development has been delayed, but all aspects of the building is expected to be completed in 2022.
The Trustees seek to maintain cash balances of a minimum of £20,000 to carry on the normal church activities for several months if no income is received during those months. The Trustees will monitor the cash reserves carefully in the foreseeable future and reduce expenditure appropriately to manage cash reserves.
The cash balances of the church at the year end were £120,327. This represents more cash than £20,000, the target cash holding.
The Trustees expect most of the surplus cash reserves to be used in 2022 completing the property development and to commence repaying the loans which have been taken out to enable the church to develop the site.
The Trustees are expecting all loans to be repaid over a period of 11 to 13 years.
THE IMPACT OF COVID 19 ON THE CHARITY
The funds of the charity are mainly raised from the members by voluntary donations and rental income from residential properties. Both sources are dependent on the personal circumstances of individuals. The full impact of a general economic slowdown resulting from the Covid 19 virus and control measures in society are unknown and difficult to predict. During the year the church has received funds into the general fund which have maintained the general fund income. Income has reduced to restricted funds
2
GRACE CHURCH YATE
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 31 DECEMBER 2021
as the development work on the church buildings have moved towards completion, and the need for money to complete the building has reduced.
The Trustees will monitor income and reduce expenditure where necessary to maintain the viability of the church overall.
Activities of the church have been reduced under government control measures. Some activities have been continued using internet technology to replace large meetings of people. This has been used for church services and prayer meetings.
Gifts to relieve poverty in the UK and overseas have included a focus on overseas aid when overseas governments have been unable to provide support for particular groups of people who were badly affected by steps taken to control the virus in their countries.
TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustees
Derek Morland Trustee: Deacon
Date: 27[th] August 2022
3
GRACE CHURCH YATE
REFERENCE & ADMINISTRATIVE INFORMATION
YEAR ENDED 31 DECEMBER 2021
Registered charity name Grace Church Yate 1133210
Charity registration number
The charity changed its name to Grace Church Yate, in March 2013.
The Charity’s main address is: c/o Mr JR Gulliford 20 Frampton End Road Frampton Cotterell Bristol BS36 2JZ
TRUSTEES
The trustees who managed the charity during the year were: Mr R Gulliford Mr J Barber Mr G Williams Mr D Morland Mr JA Gulliford Mr K Rawlings Mr JR Gulliford Mr S Walker-Cox Mr T Chewter (Appointed 21[st] April 2021) Mr P Jeal Mr C Prendergast
Signed on behalf of the Trustees
Derek Morland Trustee: Deacon
Date: 27[th] August 2022
4
GRACE CHURCH YATE
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF GRACE CHURCH YATE
YEAR ENDED 31 DECEMBER 2021
I report to the trustees on my examination of the accounts of Grace Church Yate (the Charity) for the year ended 31 December 2021.
Responsibilities and basis of report
As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
Since the Charity’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 material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Joshua Kingston, BSc ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR
Date: 27[th] August 2022
5
GRACE CHURCH YATE
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2021
| Unrestricted | Restricted | Total Funds | Total Funds | ||
|---|---|---|---|---|---|
| Funds | Funds | 2021 | 2020 | ||
| Note | £ | £ | £ | £ | |
| INCOME | |||||
| Donations | 2 | 117,675 | 67,112 | 184,787 | 224,769 |
| Investment income | 3 | 84,220 | - | 84,220 | 82,752 |
| ---------------------------- | ----------------------- | ---------------------------- | ---------------------------- | ||
| TOTAL INCOME | 201,895 | 67,112 | 269,007 | 307,521 | |
| ---------------------------- | ----------------------- | ---------------------------- | ---------------------------- | ||
| EXPENDITURE on | |||||
| Raising funds | 4 | 16,682 | - | 16,682 | 17,194 |
| Charitable activities | 5 | 71,498 | 31,552 | 103,050 | 107,286 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| TOTAL EXPENDITURE | 88,180 | 31,552 | 119,732 | 124,480 | |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| NET INCOME | 8 | 113,715 | 35,560 | 149,275 | 183,041 |
| TRANSFERS Between | Funds | ||||
| 16/17 | 35,560 | (35,560) | - | - | |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| NET MOVEMENT IN FUNDS | 149,275 | - | 149,275 | 183,041 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 1,867,149 | - | 1,867,149 | 1,684,108 | |
| ------------------------------------------ | -------------------------------- | ------------------------------------------ | ------------------------------------------ | ||
| TOTAL FUNDS CARRIED | |||||
| FORWARD | 16/17 | 2,016,424 | - | 2,016,424 | 1,867,149 |
| ========================================== | ================================ | ========================================== | ========================================== |
The Statement of Financial Activities includes all gains and losses in the year and therefore a Statement of Comprehensive Income has not been prepared.
All of the above amounts relate to continuing activities.
Prior year fund comparatives for 2020 are included in note 10.
6
GRACE CHURCH YATE
BALANCE SHEET
YEAR ENDED 31 DECEMBER 2021
| 2021 | 2021 | 2020 | |||
|---|---|---|---|---|---|
| Note | £ | £ | £ | ||
| FIXED ASSETS | |||||
| Tangible assets | 11 | 1,362,911 | 1,268,236 | ||
| Investments | 12 | 1,400,000 | 1,400,000 | ||
| ------------------------------------------ | ------------------------------------------ | ||||
| TOTAL FIXED ASSETS | 2,762,911 | 2,668,236 | |||
| CURRENT ASSETS | |||||
| Debtors | 13 | - | - | ||
| Cash at Bank | 120,327 | 212,066 | |||
| ------------------------------------------ | ------------------------------------------ | ||||
| 120,327 | 212,066 | ||||
| CREDITORS: Amounts falling due within one | |||||
| year | 14 | (6,814) | (6,153) | ||
| - | -------------------------------- | ------------------------------------------ | |||
| NET CURRENT ASSETS | 113,513 | 205,913 | |||
| ------------------------------------------ | ------------------------------------------ | ||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 2,876,424 | 2,874,149 | |||
| CREDITORS: Amounts falling due after more | |||||
| than one year | 15 | (860,000) | (1,007,000) | ||
| ------------------------------------------ | ------------------------------------------ | ||||
| TOTAL NET ASSETS | 2,016,424 | 1,867,149 | |||
| ========================================== | ========================================== | ||||
| THE FUNDS OF THE CHARITY | |||||
| Restricted income funds | 18 | - | - | ||
| Unrestricted income funds | 18 | 2,016,424 | 1,867,149 | ||
| ------------------------------------------ | ------------------------------------------ | ||||
| TOTAL CHARITY FUNDS | 18 | 2,016,424 | 1,867,149 | ||
| ========================================== | ========================================== |
These financial statements were approved by the members of the committee on the 27[th] August 2022 and are signed on their behalf by:
D Morland
Trustee: Deacon
The notes on pages 8 to 15 form part of these financial statements.
7
GRACE CHURCH YATE
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view’. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The COVID-19 pandemic during the year has brought many uncertainties to the global economy. Along with other similar charities and organisations, the impact of this on the charity is highlighted in further detail within the Trustees’ Annual Report. Notwithstanding these uncertainties, the Trustees have chosen to prepare the financial statements on a going concern basis given the free reserves held by the charity and the careful planning of the Trustees.
The charity is a Public Benefit entity.
Income
Income is recognised in the accounts when the charity becomes entitled to the income, it is probable that the income will be received, and the value can be measured reliably.
Expenditure
Expenditure is recognised when a present legal or constructive obligation exists, which can be measured reliably.
Most expenditure is for meeting the church objectives i.e., operating as a church.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs are recognised within Charitable Activities.
Cash at Bank
Cash represents charity accounts maintained with banks repayable without penalty on notice of not more than 24 hours.
Creditors and Loans
Short term creditors are recognised at transaction price. Loans falling due after more than 1 year are recognised at transaction value. These loans have been made interest free with agreement that the loans will be repaid after more than 1 year and over the next 10 years. Repayment dates are not known or agreed in advance.
Fund Designation
Unrestricted funds
Unrestricted funds can be used in accordance with the charitable objects at the discretion of the trustees.
Designated funds
Designated funds are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects.
8
GRACE CHURCH YATE
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES (continued)
Restricted funds
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support costs. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Fixed assets
All fixed assets are recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Freehold property 0% per year
In accordance with the SORP, no provision for depreciation has been made against the properties as it is the view of the trustees that the estimated residual value of each property is not materially different from the carrying value.
Investments
Investment property is held at valuation. The Trustees conducted their own valuation of the investment properties at the year end.
2. DONATIONS
| 2021 | Unrestricted | Restricted | Total Funds |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Donations | 117,675 | 67,112 | 184,787 |
| ========================================== | ========================================== | ========================================== | |
| 2020 | Unrestricted | Restricted | Total Funds |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Donations | 112,166 | 112,603 | 224,769 |
| ========================================== | ========================================== | ========================================== |
3. INVESTMENT INCOME
| Unrestricted | Restricted | Total Funds | Total Funds | ||
|---|---|---|---|---|---|
| Funds | Funds | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Rent receivable | 84,206 | - | 84,206 | 82,727 | |
| Bank Interest | 14 | - | 14 | 25 | |
| =========================== | =========================== | =========================== | =========================== | ||
| 84,220 | - | 84,220 | 82,752 | ||
| =========================== | =========================== | =========================== | =========================== |
The 2020 investment income categories were all unrestricted funds.
9
GRACE CHURCH YATE
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2021
4. COSTS OF RAISING FUNDS BY FUND TYPE AND ACTIVITY
| 2021 | Unrestricted | Restricted |
Total Funds |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Management of Property for Rent | 16,682 | - | 16,682 |
| ========================================== | ========================================== | ========================================== | |
| 2020 | Unrestricted | Restricted |
Total Funds |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Management of Property for Rent | 17,194 | - | 17,194 |
| ========================================== | ========================================== | ========================================== |
5. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE AND ACTIVITY
| 2021 | Unrestricted | Restricted | Total Funds |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Church building and general costs | 10,632 |
- | 10,632 |
| Wages | 26,474 | - | 26,474 |
| Outreach and preaching | 1,828 | - | 1,828 |
| Missionary and social support | 30,884 | 31,552 | 62,436 |
| Governance Costs (Note 7) | 1,680 | - | 1,680 |
| Profit on disposal of property | - | - | - |
| ------------------------------------------ | ------------------------------------------ | ------------------------------------------ | |
| Church Activities | 71,498 | 31,552 | 103,050 |
| ========================================== | ========================================== | ========================================== | |
| 2020 | Unrestricted | Restricted | Total Funds |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Church building and general costs | 10,334 |
- | 10,334 |
| Wages | 36,280 | - | 36,280 |
| Outreach and preaching | 1,256 | - | 1,256 |
| Missionary and social support | 27,547 | 52,489 | 80,036 |
| Governance Costs (Note 7) | 1,620 | - | 1,620 |
| Profit on disposal of property | (22,240) | (22,240) | |
| ------------------------------------------ | ------------------------------------------ | ------------------------------------------ | |
| Church Activities | 54,797 | 52,489 | 107,286 |
| ========================================== | ========================================== | ========================================== |
10
GRACE CHURCH YATE
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2021
6. GRANTS
Included within missionary and social support and outreach and preaching are grants paid during the year, which are summarised as follows:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Organisations | ||
| Lanka Evangelical Fellowship of Churches (Sri Lanka) | 36,385 | 37,224 |
| Illyrian Gospel Trust | - | 15,320 |
| Lebanon Baptist Church | - | 12,727 |
| Forest Fold Baptist Church (Cyprus support) | 8,327 | 6,655 |
| Star Fish Asia (Khanpur School) | 9,620 | 3,800 |
| Morning Star Children’s Centre (South Africa) | 3,313 | 375 |
| Penknap Providence Church | 1,000 | |
| Caring for Life | - | 100 |
| Individuals | ||
| Youssef Naciri | 3,792 | 2,220 |
| Swanson A | - | 500 |
| Individuals for Preaching expenses | 983 | 313 |
| ---------------------------------- | ---------------------------------- | |
| Total | 63,419 | 79,234 |
| ================================= | ================================= |
7. GOVERNANCE COSTS
| Unrestricted | Total Funds | Total Funds | |
|---|---|---|---|
| Funds | 2021 | 2020 | |
| £ | £ | £ | |
| Independent Examiner’s fee | 1,680 | 1,680 | 1,620 |
| ----------------------- | ----------------------- | ----------------------- | |
| 1,680 | 1,680 | 1,620 | |
| ======================= | ======================= | ======================= |
The Independent Examiners Fee paid in 2020 was from Unrestricted funds
8. NET INCOME
This is stated after charging:
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Profit on disposal of property | - | (22,240) | |
| Independent Examiner’s fee | 1,680 | 1,620 | |
| =================== | =================== | ||
| 9. | STAFF COSTS AND EMOLUMENTS | ||
| Total staff costs were as follows: | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Wages and salaries | 26,474 | 33,157 | |
| Social security costs | - | 1,227 | |
| Pension contributions | - | 1,896 | |
| ---------------------------------- | ---------------------------------- | ||
| 26,474 | 36,280 | ||
| ================================= | ================================= |
11
GRACE CHURCH YATE
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2021
Particulars of employees:
The average number of employees during the year was as follows:
| 2021 | 2020 | |
|---|---|---|
| No | No | |
| Full/Part Time Ministry | 1 | 1 |
| Training | - | - |
| ---------------------- | ---------------------- | |
| 1 | 1 | |
| =================== | =================== |
No employee received remuneration of more than £60,000 during the year (2020 – Nil). The church has had no full time position since 30[th] September 2020. Several of the trustees and some members have increased their commitment to the church since that time to substitute for the loss of the full time position. One of these individuals has been paid for a part time roll. His total employee benefits were £26,474 (2020 - £nil).
In 2020 the key management personnel comprise of the full time Elder, who resigned on 30[th ] September 2020.
His total employee benefits were £nil (2020 - £36,280).
(These costs include Gross Pay, Employers Pension costs and Employers National Insurance)
10. PRIOR YEAR FUND COMPARATIVES
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| INCOME | |||
| Donations | 112,166 | 112,603 | 224,769 |
| Investment income | 82,752 | - | 82,752 |
| ---------------------------- | ----------------------- | ---------------------------- | |
| TOTAL INCOME | 194,918 | 112,603 | 307,521 |
| ---------------------------- | ----------------------- | ---------------------------- | |
| EXPENDITURE on | |||
| Raising Funds | 17,194 | - | 17,194 |
| Charitable activities | 54,797 | 52,489 | 107,286 |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| TOTAL EXPENDITURE | 71,991 | 52,489 | 124,480 |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| NET INCOME | 122,927 | 60,114 | 183,041 |
| TRANSFERS Between Funds | 60,154 | (60,154) | - |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| NET MOVEMENT IN FUNDS | 183,081 | (40) | 183,041 |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 1,684,068 | 40 | 1,684,108 |
| ------------------------------------------ | -------------------------------- | ------------------------------------------ | |
| TOTAL FUNDS CARRIED | |||
| FORWARD | 1,867,149 | - | 1,867,149 |
| ========================================== | ================================ | ========================================== |
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GRACE CHURCH YATE
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2021
11. TANGIBLE FIXED ASSETS
| Freehold Property | ||
|---|---|---|
| £ | ||
| COST | ||
| At 1 January 2021 | 1,268,236 | |
| Additions in the year | 94,675 | |
| Disposals in the year | - | |
| ------------------------------------------ | ||
| At 31 December 2021 | 1,362,911 | |
| ========================================== | ||
| DEPRECIATION | ||
| At 1 January 2021 | - | |
| Charge for the year | - | |
| ----------------------- | ||
| At 31 December 2021 | - | |
| ======================= | ||
| NET BOOK VALUE | ||
| At 31 December 2021 | 1,362,911 | |
| ========================================== | ||
| At 31 December 2020 | 1,268,236 | |
| ========================================== | ||
| 12 | INVESTMENTS | |
| Investment Property | ||
| £ | ||
| COST and VALUATION | ||
| At 1 January 2021 | 1,400,000 | |
| ------------------------------------------ | ||
| At 31 December 2021 | 1,400,000 | |
| ========================================== |
Investment property has been separated from property held for operational use as a tangible fixed asset in the year 2019, as the rental property was substantially completed during that year. Some work is continuing on the site into 2021 but relates to property held for use in church activity. The value of the residential rental property is not considered to be affected by the Covid-19 pandemic. The rental income of the properties has remained substantially the same as the previous year during the pandemic in 2021.
13 DEBTORS: Amounts falling due within one year
| 2021 | 2020 | |||
|---|---|---|---|---|
| £ | £ | |||
| Rent in Arrears | - | - | ||
| ---------------------------------- | ---------------------------------- | |||
| - | - | |||
| ================================ | ================================ |
14 CREDITORS: Amounts falling due within one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Accruals | 1,650 | 1,560 |
| Rent in Advance | 3,164 | 2,593 |
| Personal Loans | 2,000 | 2,000 |
| ---------------------------------- | ---------------------------------- | |
| 6,814 | 6,153 | |
| ================================ | ================================ |
13
GRACE CHURCH YATE
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2021
15 CREDITORS: Amounts falling due after more than one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Loans repayable in the periods: | ||
| 2-3 years | - | 2,000 |
| Over 10 years | 860,000 | 1,005,000 |
| ------------------------------------------ | ------------------------------------------ | |
| 860,000 | 1,007,000 | |
| ========================================== | ========================================== |
All loans are unsecured.
16. RESTRICTED INCOME FUNDS
| 2021 | Balance at | Fund | Balance at | ||
|---|---|---|---|---|---|
| 1 Jan 2021 | **Income ** | Expenditure | Transfers | 31 Dec 2021 | |
| £ | £ | £ | £ | £ | |
| Gifts earmarked for | |||||
| specific recipients | - | 31,552 | (31,552) | - | - |
| Gifts for property loan | |||||
| repayments and | |||||
| development | - | 35,560 | - | (35,560) | - |
| -------------------------------- | ------------------------------------------ | ------------------------------------------ | ------------------------------------------ | -------------------------------- | |
| - | 67,112 | (31,552) | (35,560) | - | |
| ================================ | ========================================== | ========================================== | ========================================== | ================================ |
Gifts for loan repayments are used to repay loans and are transferred to repay from general funds.
Gifts for property development are transferred to general funds to cover development expenses which become general funds.
| 2020 | Balance at | Fund | Balance at | ||
|---|---|---|---|---|---|
| 1 Jan 2020 | Income | Expenditure | Transfers | 31 Dec 2020 | |
| £ | £ | £ | £ | £ | |
| Gifts earmarked for | |||||
| specific recipients | 40 | 52,449 | (52,489) | - | - |
| Gifts for property loan | |||||
| repayments and | |||||
| development | - | 60,154 | - | (60,154) | - |
| -------------------------------- | ------------------------------------------ | ------------------------------------------ | ------------------------------------------ | -------------------------------- | |
| 40 | 112,603 | (52,489) | (60,154) | - | |
| ================================ | ========================================== | ========================================== | ========================================== | ================================ |
17. UNRESTRICTED INCOME FUNDS
| 2021 | Balance at | Fund | Balance at | ||
|---|---|---|---|---|---|
| 1 Jan 2021 | **Income ** | Expenditure | Transfers | 31 Dec 2021 | |
| £ | £ | £ | £ | £ | |
| General Funds | 1,867,149 | 201,895 | (88,180) | 35,560 | 2,016,424 |
| ------------------------------------------ | ------------------------------------------ | ------------------------------------------ | ------------------------------------------ | ------------------------------------------ | |
| 1,867,149 | 201,895 | (88,180) | 35,560 | 2,016,424 | |
| ========================================== | ========================================== | ========================================== | ========================================== | ========================================== |
14
GRACE CHURCH YATE
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021
17. UNRESTRICTED INCOME FUNDS (Continued)
| 2020 | Balance at | Fund | Balance at | ||
|---|---|---|---|---|---|
| 1 Jan 2020 | Income | Expenditure | Transfers | 31 Dec 2020 | |
| £ | £ | £ | £ | £ | |
| General Funds | 1,684,068 | 194,918 | (71,991) | 60,154 | 1,867,149 |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ------------------------------------------ | |
| 1,684,068 | 194,918 | (71,991) | 60,154 | 1,867,149 | |
| ========================================== | ================================ | ================================ | ================================ | ========================================== |
18. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 2021 | Net current | Long term | ||
|---|---|---|---|---|
| Fixed assets | assets | liabilities | Total | |
| £ | £ | £ | £ | |
| Unrestricted Income Funds: | ||||
| General Funds | 2,762,911 | 113,513 | (860,000) | 2,016,424 |
| Restricted Income Funds | - | - | - | - |
| ------------------------------------------ | ------------------------------------------ | ------------------------------------------ | ------------------------------------------ | |
| Total Funds | 2,762,911 | 113,513 | (860,000) | 2,016,424 |
| ========================================== | ========================================== | ========================================== | ========================================== | |
| 2020 | Net current | Long term | ||
| Fixed assets | assets | liabilities | Total | |
| £ | £ | £ | £ | |
| Unrestricted Income Funds: | ||||
| General Funds | 2,668,236 | 205,913 | (1,007,000) | 1,867,149 |
| Restricted Income Funds | - | - | - | - |
| ------------------------------------------ | ------------------------------------------ | ------------------------------------------ | ------------------------------------------ | |
| Total Funds | 2,668,236 | 205,913 | (1,007,000) | 1,867,149 |
| ========================================== | ========================================== | ========================================== | ========================================== |
19. RELATED PARTY TRANSACTIONS
A trustee was paid travel expenses when on church activities outside the UK of £nil (2020 - £1,114). No other Trustee expenses have been waived or reimbursed during the current or previous years.
The following trustees were employed and paid by the church in accordance with the charity’s constitution.
Mr JR Gulliford was paid a salary of £26,473 and pension contributions of £nil in the year for the work of part-time elder of the church.
Mr P Heaps resigned from his position as full-time elder of the church on 30th September 2020. In 2020 Mr P Heaps was paid a salary of £33,157 and pension contributions of £1,896 in the year for that role. Trustee loans to the church in the year totalled £Nil at the year-end (2020 - £45,000). No interest was charged on these loans.
There were no further related party transactions in the year.
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