Charity Registration No. 1137233
Company Registration No. 07250346 (England and Wales)
CITY HOPE CHURCH
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
CITY HOPE CHURCH
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Patricia Idaewor |
|---|---|
| Angela Lynch | |
| Joanna Peacock | |
| Dave Staunton | |
| Wellesley Watkins | |
| Secretary | Rebecca Whittlesea |
| Charity number | 1137233 |
| Company number | 07250346 |
| Principal address | Drummond Christian Centre |
| 121 Drummond Road | |
| London | |
| SE16 2JY | |
| Registered office | Drummond Christian Centre |
| 121 Drummond Road | |
| London | |
| SE16 2JY | |
| Independent examiner | Richard F Hopper |
| 4 Rhodfa Clawdd Offa | |
| Denbigh | |
| Denbighshire | |
| LL16 4RJ |
CITY HOPE CHURCH
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 - 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 18 |
CITY HOPE CHURCH
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their annual report and financial statements for the year ended 31 March 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 charity's constitution , the Companies Act 2006 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 charity's object is the proclamation of the Christian faith. The policies adopted in furtherance of this object are the running of a church in London and there has been no change in these during the year.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
A summary of the developments, activities and achievements of the church during the year is set out below. Regular Sunday services were held online when appropriate due to government coronavirus restrictions relating to the Covid-19 pandemic. When it was deemed safe to do so, live Sunday services were held again with numbers attending restricted due to safer capacity guidelines. A debt advice centre was run in partnership with Christians Against Poverty. Regular community work too place including Youth (11-17) work (weekly activities as guidelines allowed and a summer event); a weekly foodbank in conjunction with Southwark foodbank, and a weekly support group. All activities were suspended when Covid-19 regulations required. Support was also provided to churches overseas (particularly those affiliated with the New Frontiers network).
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. The trustees consider the financial position to be satisfactory.
The majority of donations received are from standing orders and bank transfers (£183,822) and the gift aid tax refunds for the year totalled £46,944. The trustees encourage regular giving by standing order as this provides a reliable figure for budgetary planning.
It is the policy of the charity 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 trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity ’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.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is a company limited by guarantee.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Patricia Idaewor Angela Lynch Joanna Peacock Dave Staunton Wellesley Watkins
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CITY HOPE CHURCH
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees oversee the administrative matters of the church, delegating day-to-day and pastoral matters to the paid staff.
The trustees' r eport was approved by the Board of Trustees.
Dave Staunton
Trustee Dated: 21 November 2021
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CITY HOPE CHURCH
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2021
The trustees, who are also the directors of City Hope Church for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law 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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate 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 Companies Act 2006. 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.
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CITY HOPE CHURCH
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CITY HOPE CHURCH
I report to the trustees on my examination of the financial statements of City Hope Church (the charity) for the year ended 31 March 2021.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (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
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 matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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
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4 the financial statements 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 financial statements to be reached.
Richard F Hopper
Chartered Accountant
4 Rhodfa Clawdd Offa Denbigh Denbighshire LL16 4RJ
Dated: 6 December 2021
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CITY HOPE CHURCH
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted Restricted Endowment funds funds funds 2021 2021 2021 Notes £ £ £ Income from: Donations and legacies 3 254,464 78,856 - Charitable activities 4 2,669 - - Investments 5 77,947 16 - Total income 335,080 78,872 - Expenditure on: Charitable activities 6 316,173 52,150 - Net gains/(losses) on investments 11 131,343 - - Net movement in funds 150,250 26,722 - Net movement in funds 150,250 26,722 - Fund balances at 1 April 2020 1,570,197 31,829 666,000 Fund balances at 31 March 2021 1,720,447 58,551 666,000 |
Total Unrestricted Restricted Endowment funds funds funds 2021 2020 2020 2020 £ £ £ £ 333,320 217,086 38,768 - 2,669 4,700 - - 77,963 82,988 56 - 413,952 304,774 38,824 - 368,323 285,959 8,195 - 131,343 8,366 - - 176,972 27,181 30,629 - 176,972 27,181 30,629 - 2,268,026 1,543,016 1,200 666,000 2,444,998 1,570,197 31,829 666,000 |
Total 2020 £ 255,854 4,700 83,044 343,598 294,154 8,366 57,810 57,810 2,210,216 2,268,026 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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CITY HOPE CHURCH
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2021
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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CITY HOPE CHURCH
BALANCE SHEET
AS AT 31 MARCH 2021
| Notes Fixed assets Tangible assets 12 Investments 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Capital funds Endowment funds - general 16 Income funds Restricted funds 17 Unrestricted funds |
2021 £ £ 132,812 2,016,141 2,148,953 8,154 292,537 300,691 (4,646) 296,045 2,444,998 666,000 58,551 1,720,447 2,444,998 |
2020 £ £ 147,758 1,884,798 2,032,556 12,115 234,342 246,457 (10,987) 235,470 2,268,026 666,000 31,829 1,570,197 2,268,026 |
|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 21 November 2021
Dave Staunton Trustee Company Registration No. 07250346
Wellesley Watkins Trustee
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CITY HOPE CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
Charity information
City Hope Church is a private company limited by guarantee incorporated in England and Wales. The registered office is Drummond Christian Centre, 121 Drummond Road, London, SE16 2JY.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's constitution, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts 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 trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees 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 trustees 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.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
Income is recognised when the charity 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 charity 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 charity 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 charged in the accounts at the time when the church incurs a liability to make payment.
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CITY HOPE CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 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:
Property improvements 4% p.a. on cost Fixtures and fittings 10% p.a. on cost Computers 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 .
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 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
1.9 Impairment of fixed assets
At each reporting end date, the charity 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 ) .
1.10 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.
1.11 Financial instruments
The charity 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 charity 's balance sheet when the charity 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.
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CITY HOPE CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
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.
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 p aymen ts 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 charity ’s contractual obligations expire or are discharged or cancelled.
1.12 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 charity’s accounting policies, the trustees 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.
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CITY HOPE CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
3 Donations and legacies
| Unrestricted Restricted funds funds 2021 2021 £ £ Donations and gifts 254,464 75,356 Grant income - 3,500 254,464 78,856 |
TotalUnrestricted Restricted funds funds 2021 2020 2020 £ £ £ 329,820 217,086 38,768 3,500 - - 333,320 217,086 38,768 |
Total 2020 £ 255,854 - 255,854 |
|---|---|---|
4 Charitable activities
Other income
| Income | Income |
|---|---|
| from church | from church |
| activities | activities |
| 2021 | 2020 |
| £ | £ |
| 2,669 | 4,700 |
5 Investments
| Unrestricted Restricted funds funds 2021 2021 £ £ Rental income 77,168 - Dividend income 735 - Interest receivable 44 16 77,947 16 |
TotalUnrestricted Restricted funds funds 2021 2020 2020 £ £ £ 77,168 82,482 - 735 408 - 60 98 56 77,963 82,988 56 |
Total 2020 £ 82,482 408 154 83,044 |
|---|---|---|
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CITY HOPE CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
6 Charitable activities
| Church | Church | |
|---|---|---|
| activities | activities | |
| 2021 | 2020 | |
| £ | £ | |
| Staff costs | 110,368 | 104,185 |
| Direct church activities | 61,613 | 38,224 |
| Staff housing and recruitment | 5,032 | 4,779 |
| 177,013 | 147,188 | |
| Grant funding of activities (see note 7) | 60,854 | 26,516 |
| Share of support costs (see note 8) | 128,847 | 118,877 |
| Share of governance costs (see note 8) | 1,609 | 1,573 |
| 368,323 | 294,154 | |
| Analysis by fund | ||
| Unrestricted funds | 316,173 | 285,959 |
| Restricted funds | 52,150 | 8,195 |
| 368,323 | 294,154 |
7 Grants payable
| Church | Church | |
|---|---|---|
| activities | activities | |
| 2021 | 2020 | |
| £ | £ | |
| Grants to institutions: | ||
| Christian work | 33,154 | 15,284 |
| Grants to individuals | 27,700 | 11,232 |
| 60,854 | 26,516 |
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CITY HOPE CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
8 Support costs
| Support costs Governance costs £ £ Staff costs 36,046 - Depreciation 33,534 - Premises expenses 48,014 - Administration expenses 11,253 - Accountancy - 1,596 Other governance costs - 13 128,847 1,609 Analysed between Charitable activities 128,847 1,609 |
2021 £ 36,046 33,534 48,014 11,253 1,596 13 130,456 130,456 |
Support costs Governance costs £ £ 36,089 - 30,691 - 42,495 - 9,602 - - 1,560 - 13 118,877 1,573 118,877 1,573 |
2020 £ 36,089 30,691 42,495 9,602 1,560 13 120,450 120,450 |
|---|---|---|---|
Governance costs includes payments to the independent examiner of £1,596 (2020- £1,560) for independent examination and accountancy fees.
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or reimbursement of expenses during the year.
10 Employees
Number of employees
The average monthly number of employees during the year was:
| Ministry activities Administration Employment costs Wages and salaries Social security costs Other pension costs |
2021 Number 3 2 5 2021 £ 127,786 7,270 11,358 146,414 |
2020 Number 3 2 5 2020 £ 121,986 7,880 10,408 140,274 |
|---|---|---|
There were no employees whose annual remuneration was £60,000 or more.
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CITY HOPE CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
11 Net gains/(losses) on investments
| Unrestricted | Unrestricted | |||
|---|---|---|---|---|
| funds | funds | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Revaluation of investments | 23,675 | 471 | ||
| Revaluation of investment properties | 107,668 | 7,895 | ||
| 131,343 | 8,366 | |||
| Tangible fixed assets | ||||
| Property | Fixtures and | Computers | Total | |
| improvements | fittings | |||
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 April 2020 | 684,542 | 68,002 | 53,926 | 806,470 |
| Additions | - | 4,650 | 13,938 | 18,588 |
| At 31 March 2021 | 684,542 | 72,652 | 67,864 | 825,058 |
| Depreciation and impairment | ||||
| At 1 April 2020 | 565,058 | 47,146 | 46,508 | 658,712 |
| Depreciation charged in the year | 22,699 | 4,506 | 6,329 | 33,534 |
| At 31 March 2021 | 587,757 | 51,652 | 52,837 | 692,246 |
| Carrying amount | ||||
| At 31 March 2021 | 96,785 | 21,000 | 15,027 | 132,812 |
| At 31 March 2020 | 119,484 | 20,856 | 7,418 | 147,758 |
12 Tangible fixed assets
The church's primary property (121 Drummond Road SE16, which is held in trust on the church's behalf by London Baptist Property Board) has no value in freehold property as it was constructed in 1865 and has been fully depreciated. The property improvements represent the costs of improvements to this property since 1988.
13 Fixed asset investments
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CITY HOPE CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
| 13 | Fixed asset investments | (Continued) | |||
|---|---|---|---|---|---|
| Quoted | Programme | Other | Total | ||
| investment | investments | investments | |||
| £ | £ | £ | |||
| Cost or valuation | |||||
| At 1 April 2020 | 97,429 | 1,435,000 | 352,369 | 1,884,798 | |
| Additions | 1,600 | - | - | 1,600 | |
| Valuation changes | (3,804) | 65,000 |
7,895 | 69,091 | |
| At 31 March 2021 | 95,225 | 1,500,000 | 360,264 | 1,955,489 | |
| Carrying amount | |||||
| At 31 March 2021 | 95,225 | 1,500,000 | 360,264 | 1,955,489 | |
| At 31 March 2020 | 97,429 | 1,435,000 | 352,369 | 1,884,798 | |
| 2021 | 2020 | ||||
| Other investments comprise: | £ | £ | |||
| Loans | 359,737 | 352,369 |
Market values of investment properties are determined by the trustees, taking into account movements in the prices of similar properties in the same area.
| 14 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 15 Creditors: amounts falling due within one year |
14 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 15 Creditors: amounts falling due within one year |
2021 £ 5,025 3,129 8,154 |
2020 £ 3,425 8,690 12,115 |
|---|---|---|---|
| Other creditors Accruals and deferred income |
2021 £ - 4,646 4,646 |
2020 £ 7,322 3,665 10,987 |
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Other creditors | - | 7,322 |
| Accruals and deferred income | 4,646 | 3,665 |
| 4,646 | 10,987 |
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
CITY HOPE CHURCH
16 Endowment funds
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
| Movement | in funds | |||
|---|---|---|---|---|
| Balance at 1 | Incoming | Resources | Balance at 31 | |
| April 2020 | resources | expended | March 2021 | |
| £ | £ | £ | £ | |
| Permanent endowments | ||||
| Freehold property fund | 666,000 | - | - | 666,000 |
| 666,000 | - | - | 666,000 |
T he permanent endowment arose from the sale of a chapel and may be used in the provision of freehold property to be used in the furtherance of the church's objects. Any such property represents permanent endowment of the charity. The fund can be used in meeting the proper costs of administering the charity and of managing the assets after any other charity income has been used. After meeting those costs the fund must be used in furtherance of the objects of the charity.
17 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 | Incoming | Resources | Balance at | |
| 1 April 2020 | resources | expended | 31 March 2021 | |
| £ | £ | £ | £ | |
| International work | 31,109 | 3,306 | (7,500) | 26,915 |
| Other donations | 720 | 5,568 | (5,568) | 720 |
| Covid support | - | 59,998 | (31,774) | 28,224 |
| Youth worker | - | 10,000 | (7,308) | 2,692 |
| 31,829 | 78,872 | (52,150) | 58,551 |
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CITY HOPE CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
| 18 Analysis of net assets between funds Unrestricted funds Restricted funds Endowment funds 2021 2021 2021 £ £ £ Fund balances at 31 March 2021 are represented by: Tangible assets 132,812 - - Investments 1,350,141 - 666,000 Current assets/(liabilities) 237,494 58,551 - 1,720,447 58,551 666,000 |
TotalUnrestricted funds 2021 2020 £ £ 132,812 147,758 2,016,141 1,218,798 296,045 203,641 2,444,998 1,570,197 |
Restricted funds Endowment funds 2020 2020 £ £ - - - 666,000 31,829 - 31,829 666,000 |
Total 2020 £ 147,758 1,884,798 235,470 2,268,026 |
|---|---|---|---|
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CITY HOPE CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
19 Related party transactions
There were no disclosable related party transactions during the year (2020 - none) .
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