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2021-12-31-accounts

Charity registration number 1133488

MEMORIAL COMMUNITY CHURCH

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

MEMORIAL COMMUNITY CHURCH

LEGAL AND ADMINISTRATIVE INFORMATION

Deacons Hilary Colston
Kemi Ajose
Lotanna Aranotu
Ruth Clewett
Clive Furness
Val Donnelly
Jeremy Middleton
Sylvia Owen
Pat Wiggins
Anne Kasibante
Deborah Sewell
Brian Dexter
Shola Ajose (Appointed 3 February
2022)
Charity number 1133488
Principal address 395 Barking Road
Plaistow
London
E13 8AL
Independent examiner Richard F Hopper
4 Rhodfa Clawdd Offa
Denbigh
Denbighshire
LL16 4RJ

MEMORIAL COMMUNITY CHURCH

CONTENTS

Page
Deacons' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 14

MEMORIAL COMMUNITY CHURCH

DEACONS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The deacons present their annual report and financial statements for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the church's constitution, the Charities Act 2011 and "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) (effective 1 January 2019)".

Objectives and activities

The church's objects are to proclaim the Christian faith and to serve the local community through its work and witness. The policies adopted in furtherance of these objects are the running of the various activities of the church.

The deacons have paid due regard to guidance issued by the Charity Commission in deciding what activities the church should undertake.

Achievements and performance

Memorial Community Church has continued to hold regular services and to seek to serve the local neighbourhood throughout 2021.

The church has continued with a pastoral vacancy throughout 2021. The day-to-day governance of the church has been managed by the deacons and elders.

The church profile was completed by the end of November 2020 and sent to the Baptist Union, National Settlement. The deacons appointed a settlement team to review the profiles of ministers submitted by the National Settlement Team, and to initially meet with ministers by Zoom. From this the church invited Rev Andrew Allcock and his wife Katherine Allcock to meet informally with church members at the end of May 2021, and for Andrew to preach on a Sunday.

From this the deacons invited Andrew to 'preach with a view' on 26 September and to meet with the church that afternoon. There was then a church meeting on 3 October and a secret ballot. From this the church invited Rev Andrew Allcock to come to Memorial Community Church as our minister. Rev Allcock accepted this call, and he and his wife moved into the manse in early December.

The church has carried out significant repairs to the manse, including installing an upstairs bathroom. Other work on our buildings included a repair to the outside of the front wall of the church. Water ingress had caused the plaster on the exterior wall of the South Hall to crumble. The work was completed with the help of a small grant from the Bernard Sunley Trust.

With the ongoing pandemic the church partially reopened in June 2021, running hybrid services, i.e. in person and by Zoom. The church invested in improved audio visual equipment. Church hybrid attendance has been similar to face-to-face attendance.

The Covid-19 working group, responsible to the deacons, was able to respond quickly to rapidly changing situations and met throughout 2021. The church was aware of families with inadequate access and was able to make some additional equipment available for some families. A Covid fund was established which has made some hardship payments and given craft materials to families.

A pastoral team was established particularly to stay in touch with vulnerable people known to the church.

All lettings ceased during the lockdown; the building manager worked with tenants to identify what reduced rents they should pay, for instance for the security of the buildings and the safe storage of tenants' equipment.

The Buildings Manager retired at the end of August 2021 and the post was filled by the caretaker as an interim measure.

MEMORIAL COMMUNITY CHURCH

DEACONS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Financial review

The financial transactions of the church during the year and the financial position at the end of the year are summarised in the attached accounts.

During 2019 the church's heating systems failed in both the main building and the Swift Centre. After lengthy investigations it was agreed that the only way forward was to replace these systems at a significant cost of £149,000 and this work was carried out during 2019 and into 2020. The funding was mainly through a loan of £84,000 from the London Baptist Property Board (LBPB) in November 2019 augmented by donations from members. The loan from LBPB is repayable over the period to 2030.

It is the policy of the church that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The deacons considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the church’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Should the level of these reserves fall below the recommended level for a sustained period then the church could augment these reserves by disposal of its investment properties. Accordingly the deacons consider the financial position for 2021 and subsequently to be challenging but satisfactory recognizing that the church has underlying fixed assets which could be realized to meet cashflow requirements if necessary.

The deacons have assessed the major risks to which the church is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The church is part of the Baptist denomination of churches in the UK.

The deacons who served during the year and up to the date of signature of the financial statements were: The deacons who served during the year and up to the date of signature of the financial statements were:
Hilary Colston
Kemi Ajose
Lotanna Aranotu
Peter Bailey (Resigned 31 August 2021)
Ruth Clewett
Clive Furness
Val Donnelly
Jeremy Middleton
Sylvia Owen
Pat Wiggins
Anne Kasibante
Deborah Sewell
Brian Dexter
Shola Ajose (Appointed 3 February 2022)

The deacons are appointed by the members of the church in general meeting.

The day-to-day running of the church is dealt with by the minister, elders and deacons.

The deacons' report was approved by the Board of Deacons.

..............................

Hilary Colston Church Secretary Dated: .........................

MEMORIAL COMMUNITY CHURCH

INDEPENDENT EXAMINER'S REPORT

TO THE DEACONS OF MEMORIAL COMMUNITY CHURCH

I report to the deacons on my examination of the financial statements of Memorial Community Church (the church) for the year ended 31 December 2021.

Responsibilities and basis of report

As the deacons of the church you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the church’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Richard F Hopper

Chartered Accountant

4 Rhodfa Clawdd Offa Denbigh Denbighshire LL16 4RJ

Dated: .........................

MEMORIAL COMMUNITY CHURCH

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£		 Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£		 Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
funds funds funds funds
2021 2021 2021 2020 2020 2020
£ £ £ £ £ £
Income from:
Donations and legacies
3		 65,321 4,900 70,221 66,003 4,977 70,980
Charitable activities
4		 38,228 - 38,228 50,198 - 50,198
Investments
5		 25,057 - 25,057 27,503 - 27,503
Total income 128,606 4,900 133,506 143,704 4,977 148,681
Expenditure on:
Charitable activities
6		 135,014 1,910 136,924 117,619 5,209 122,828
Net gains/(losses) on
investments
11
- - - 51,900 - 51,900
Net (expenditure)/income for
the year/
Net movement in funds
Fund balances at 1 January
2021		 2,990 77,985
(6,408) (3,418) (232) 77,753
3,268,219 26,072 3,294,291 3,190,234 26,304 3,216,538
Fund balances at 31
December 2021
3,261,811 29,062 3,290,873 3,268,219 26,072 3,294,291

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

MEMORIAL COMMUNITY CHURCH

BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes 2021 2021 2020
£
£
2,499,979
850,000
3,349,979
10,720
68,898
79,618
(31,306)
48,312
3,398,291
(104,000)
3,294,291
26,072
2,686,994
581,225
3,268,219
3,294,291		 2020
£
£
2,499,979
850,000
3,349,979
10,720
68,898
79,618
(31,306)
48,312
3,398,291
(104,000)
3,294,291
26,072
2,686,994
581,225
3,268,219
3,294,291
£ £ £
Fixed assets
Tangible assets
12
Investment properties
13
Current assets		 20,333
71,018
91,351
(42,035)		 2,493,262
850,000
3,343,262
49,316
3,392,578
(101,705)
3,290,873
29,062
3,261,811
3,290,873		 10,720
68,898
79,618
(31,306)
2,686,994
581,225
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
17
Net assets
(104,000)
3,294,291
26,072
3,268,219
3,294,291
Income funds
Restricted funds
18
Unrestricted funds 2,680,586
581,225
General unrestricted funds
Revaluation reserve
The financial statements were approved by the Deacons on ...................... ...
..............................
..............................
Hilary Colston
Clive Furness
Trustee
Trustee

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

Memorial Community Church is an independent unincorporated church affiliated to the Baptist denomination of churches.

1.1 Accounting convention

The financial statements have been prepared in accordance with the church's constitution, the Charities Act 2011 and "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) (effective 1 January 2019)". The church is a Public Benefit Entity as defined by FRS 102.

The church has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the church. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the deacons have a reasonable expectation that the church has adequate resources to continue in operational existence for the foreseeable future. Thus the deacons continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the deacons in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the church is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the church has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the church has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Resources expended

Expenditure is recognised in the accounts at the time when an obligation to make payment is incurred. Until the obligation is paid the balance is carried in current liabilities.

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings 0% p.a.
Leasehold improvements 0% p.a.
Fixtures, fittings & equipment 5% - 25% p.a. on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

No depreciation is provided on the freehold property or the organ because, in the opinion of the deacons, their residual value is no less than their original cost.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 Impairment of fixed assets

At each reporting end date, the church reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The church has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the church's balance sheet when the church becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the church’s contractual obligations expire or are discharged or cancelled.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the church’s accounting policies, the deacons are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
£
£		 Unrestricted
Restricted
funds
funds
£
£		 Unrestricted
Restricted
funds
funds
£
£		 Total Total
funds funds 2021 2020
£ £ £ £
Donations and gifts 53,415 4,900 58,315 67,736
Legacies receivable 9,906 - 9,906 -
Grant income 2,000 - 2,000 3,244
For the year ended 31 December 2021 65,321 4,900 70,221 70,980
4,977
For the year ended 31 December 2020 66,003 70,980

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

4 Charitable activities

Charitable rental income 2021 2020
£ £
38,228 49,028
Other income - 1,170
38,228 50,198

5 Investments

Unrestricted
Unrestricted
funds
funds
2021
2020
£
£		 Unrestricted
Unrestricted
funds
funds
2021
2020
£
£		 Unrestricted
Unrestricted
funds
funds
2021
2020
£
£
funds funds
2021 2020
£ £
Rental income 25,050 27,470
Interest receivable 7 33
25,057 27,503

6 Charitable activities

Church
activities
Church
activities
2021
2020
£
£		 Church
activities
Church
activities
2021
2020
£
£		 Church
activities
Church
activities
2021
2020
£
£
2021 2020
£ £
Staff costs 21,744 32,931
Church activities 5,876 2,747
27,620 35,678
Grant funding of activities (see note 7) 2,656 2,976
Share of support costs (see note 8) 105,448 82,812
Share of governance costs (see note 8) 1,200 1,362
Analysis by fund
136,924 122,828
Unrestricted funds 135,014 117,619
Restricted funds 1,910 5,209
136,924 122,828

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

7 Grants payable

Church
activities
2021
£
Grants to institutions:		 Church
activities
2021
£
Grants to institutions:		 Church
activities
2021 2020
£ £
Grants to institutions:
Other 2,156 1,656
Grants to individuals 500 1,320
2,656 2,976

8 Support costs

Support costs
Support
costs
Governance
costs		 2021 Support
costs
Governance
costs		 2020
£ £ £ £ £ £
Staff costs 16,383 - 16,383 13,706 - 13,706
Depreciation 10,241 - 10,241 9,828 - 9,828
Premises expenses 75,535 - 75,535 54,752 - 54,752
Administration expenses 3,289 - 3,289 4,526 - 4,526
Accountancy - 1,200 1,200 - 1,362 1,362
105,448 1,200 106,648 82,812 1,362 84,174
Analysed between
Charitable activities 105,448 1,200 106,648 82,812 1,362 84,174

Governance costs includes payments to the independent examiner of £1,200 (2020- £1,362) for independent examination and accountancy fees.

9 Deacons

None of the deacons (or any persons connected with them) received any remuneration during the year. Small reimbursements of normal church expenses were made to some of them.

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

10 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was: The average monthly number of employees during the year was: The average monthly number of employees during the year was:
2021
2020
Number
Number
Church activities 2 2
Premises 2 2
Total 4 4
Employment costs 2021 2020
£ £
Wages and salaries 34,096 43,488
Other pension costs 4,031 3,149
38,127 46,637

There were no employees whose annual remuneration was more than £60,000.

11 Net gains/(losses) on investments

Total Unrestricted
funds
2021 2020
£ £
Revaluation of investment properties - 51,900

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

12 Tangible fixed assets

Cost
At 1 January 2021
Additions
At 31 December 2021
Depreciation and impairment
At 1 January 2021
Depreciation charged in the year
At 31 December 2021
Carrying amount
At 31 December 2021
At 31 December 2020		 Land and
buildings
Leasehold
improvements		 Land and
buildings
Leasehold
improvements		 Fixtures,
fittings &
equipment		 Total
£ £ £ £
2,413,000 71,679 51,704 2,536,383
- - 3,524 3,524
2,413,000 71,679 55,228 2,539,907
- 17,680 18,724 36,404
- 6,510 3,731 10,241
- 24,190 22,455 46,645
2,413,000 47,489 32,773 2,493,262
2,413,000 53,999 32,980 2,499,979
13
Investment property
Fair value
At 1 January 2021 and 31 December 2021		 2021
£
850,000

Investment properties comprise two private dwelling houses located not far from the church. The valuations were made by the trustees on an open market value basis by reference to market evidence of transaction prices for similar properties in the same street, indexed according to the government house prices indices for London, and with reference to a local estate agent.

14 Debtors

Debtors
Amounts falling due within one year: 2021 2020
£ £
Other debtors 19,427 10,217
Prepayments and accrued income 906 503
20,333 10,720

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

15
Loans and overdrafts		 15
Loans and overdrafts		 15
Loans and overdrafts		 15
Loans and overdrafts		 15
Loans and overdrafts		 15
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year
16
Creditors: amounts falling due within one year		 2021 2020
£ £
120,105 128,443
18,400 24,443
101,705 104,000
Notes
Bank loans
15
Other creditors
Accruals and deferred income
17
Creditors: amounts falling due after more than one year
Notes
Bank loans
15		 2021 2020
£ £
18,400 24,443
19,707 3,289
3,928 3,574
42,035 31,306
2021 2020
£ £
101,705 104,000
18
Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of
donations and grants held on trust for specific purposes:
Movement in funds
Movement in funds
Balance at
1 January 2020
Incoming
resources
Resources
expended
Balance at
1 January 2021
Incoming
resources
Resources
expended
Balance at
31 December
2021
£
£
£
£
£
£
£
Building
development
fund
7,855
3,114
(4,197)
6,772
-
(718)
6,054
East Tower
fund
565
-
(66)
499
-
(66)
433
Other
restricted
funds
17,884
638
(846)
17,676
4,900
(1,126)
21,450
Covid relief
-
1,225
(100)
1,125
-
-
1,125
26,304
4,977
(5,209)
26,072
4,900
(1,910)
29,062
Incoming
esources
Resources
expended
Balance at
1 January 2021
r		 Incoming
esources
Resources
expended
Balance at
31 December
2021
£ £ £ £ £ £ £
3,114
-
638
1,225
4,977		 -
-
4,900
7,855 (4,197) 6,772 (718) 6,054
565 (66) 499 (66) 433
17,884 (846) 17,676 (1,126) 21,450
- (100) 1,125 - - 1,125
4,900
26,304 (5,209) 26,072 (1,910) 29,062

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

The East Tower fund contains funds raised in 2011 for the restoration of the East Tower and the historic bells.

MEMORIAL COMMUNITY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

18 Restricted funds

(Continued)

The Building development fund contains funds raised by the church through fundraising events, donations and grants towards the development of the building. In 2013 it included funding from English Heritage, Historic Churches Preservation Trust, Garfield Weston Foundation and Big Lottery.

Equipment funds represent assets bought with specific donations or gifts.

Other restricted funds include the following, together with sums collected through special offerings for overseas aid and support to individuals:

Victoria Dock Mission Fund - entrusted to the church for development of christian mission in the area of the River Thames east of Tower Bridge. It was not the intention that the church would carry out this mission itself; it is intended to gift this over a period of time by way of grants to organisations and individuals to support new and existing ministries in the Thames Gateway area.

12th West Ham Scouts Fund - originally connected with a scout group, but as this no longer exists the deacons intend to use this fund for similar youth work such as camping.

19 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2021
2021
£
£
Fund balances at 31
December 2021 are
represented by:		 Unrestricted
funds
Restricted
funds
2021
2021
£
£
Fund balances at 31
December 2021 are
represented by:		 Unrestricted
funds
Restricted
funds
2021
2021
£
£
Fund balances at 31
December 2021 are
represented by:		 Total
Unrestricted
funds		 Total
Unrestricted
funds		 Restricted
funds		 Total
2020
£
2,499,979
850,000
48,312
2021 2021 2021 2020 2020
£ £ £ £ £
Tangible assets 2,492,559 703 2,493,262 2,499,261 718
Investment properties 850,000 - 850,000 850,000 -
Current assets/(liabilities) 20,957 28,359 49,316 22,958 25,354
Long term liabilities (101,705) - (101,705) (104,000) - (104,000)
3,294,291
3,261,811 29,062 3,290,873 3,268,219 26,072

20 Related party transactions

There were no disclosable related party transactions during the year (2020 - none).