LIVING WATERS CHURCH SOUTH TYNESIDE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report together with the financial statements of the charity for the year ended 31st December 2020.
OBJECTS OF THE CHARITY
The principal activities of the company are to advance the Christian faith, to relieve sickness and financial hardship, to promote and preserve good health and to advance education.
TRUSTEES
The trustees who served during the year were:
Elizabeth Graham Smith June Schofield Kenneth David Cooper Sheila Olsen Harold Edward Gandy Mavis Thirkell David Schofield Samuel Smith
Review of Developments, Activities and Achievements 2020.
In a year which was completely interrupted by Covid 19 the church managed to introduce some measures which allowed members to continue to worship God during the Covid 19 Pandemic. During the year the following announcements were made:
In April 2020 the Senior Pastor Dave Schofield retired after giving over 30 years of service to the Lord and Living Waters Church. Pastor Sam Smith would take over as Lead Pastor.
The church decided that connect groups would continue to operate on the Zoom media platform during the time of church closure due to Covid 19. As the church services were curtailed due to Covid it was decided by the trustees to set up the Sunday service on YouTube this was brought about by Government restrictions which caused the closure of the church during lockdown.
In May Pastor Sam Smith became a fully accredited minister at the Assemblies of God Conference 2020.
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In June 2020 church services continued to be held on YouTube and in July 2020 the Assemblies of God issued guidelines to churches on how they were able to reopen under Government restrictions.
During the year the church trustees held monthly meetings on the Zoom platform to discuss a range of items which included the financial situation of the church as Government restrictions were put in place.
Events in the church such as Kids Club, Boys Brigade and the church Breakfast Club ran until the start of lockdown.
During the year the church continued to support financially the Indian Orphanage in Machilipatnam and a family on the Mercy Ships and also 4 children in El Salvador under Compassion U.K.
CLOSE COMPANY PROVISIONS
In the opinion of the trustees, the charity is a close company within the meaning of S414 Income and Corporation Taxes Act 1988 (as amended).
Signed on behalf of the trustees
Mr. H E Gandy
Approved by the trustees on September 27th 2021
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LIVING WATERS CHURCH SOUTH TYNESIDE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes INCOME Income and endowments from: Voluntary Income Collections Donantions and grants Roof appeal Activities for generating funds Coffee shop Breakfast club Other trading activities Receipts from Church activities Hire of hall Total EXPENDITURE Expenditure on: Charitable activities Support costs 2 Gifts and donations Costs of activities Governance costs 3 Total Transfers between funds NET INCOME/(EXPENDITURE) FOR THE PERIOD RECONCILIATION OF FUNDS: Funds brought forward Total funds carried forward |
Unrestricted funds £ 41,153 1,029 0 3,208 3,829 49,219 41,812 2,494 0 600 44,906 (4,978) (665) 56,682 56,017 |
Restricted funds £ 1,210 6,532 0 549 961 9,252 10,493 3,089 339 13,921 4,978 308 347,436 347,744 |
Total Funds £ 42,362 7,560 0 549 961 3,208 3,829 58,470 52,305 5,583 339 600 58,827 0 (357) 404,118 403,761 |
Prior period funds £ |
|---|---|---|---|---|
| 44,247 10,512 13,578 3,742 6,414 1,222 10,458 |
||||
| 90,173 74,122 5,799 3,258 600 |
||||
| 83,779 0 |
||||
| 6,394 397,724 404,118 |
LIVING WATERS CHURCH SOUTH TYNESIDE
BALANCE SHEET
AS AT 31 DECEMBER 2020
| Notes FIXED ASSETS 6 CURRENT ASSETS Debtors 7 Cash at bank and in hand CREDITORS: Amount falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amount falling due after one year TOTAL NET ASSETS OR LIABILITIES FUNDS OF THE CHARITY 9 Restricted income funds Unrestricted funds TOTAL FUNDS |
£ 1,003 8,833 9,836 8,391 |
Total funds £ 429,316 1,446 430,761 27,000 403,761 347,744 56,017 403,761 |
Prior year funds £ |
|---|---|---|---|
| 442,891 1,970 5,587 |
|||
| 7,557 11,331 |
|||
| (3,773) | |||
| 439,118 35,000 |
|||
| 404,118 347,436 56,682 404,118 |
The company was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.
These accounts were approved by the trustees on 2021 and are signed on their behalf by: 27th September
Sam Smith
Mr. S Smith
LIVING WATERS CHURCH SOUTH TYNESIDE
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities (revised 2005), the Financial Reporting Standard for Smaller Entities (effective April 2008) and applicable accounting standards.
Company status
The charity is a company limited by guarantee, which was incorporated on 21 September 2010. The members of the company are the trustess named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
Incoming Resources
Incoming resources are included in the Statement of Financial Activities when the charity becomes entitled to the income.
Fund Accounting
Unrestricted funds are available for the furtherance of the general objectives of the charity.
Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
Fixed Assets
The assets transferred from Living Waters Church (prior to incorporation) have been shown at their original cost to this previous charity together with the associated depreciation.
Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives.
| Property | 2 % straight line |
|---|---|
| Roof | 30 years (see note 10) |
| Office equipment | 30 % reducing balance |
| Fixtures and fittings | 20 % reducing balance |
2. SUPPORT COSTS
| Heat, light and water Insurance Telephone Repairs Salaries and employer's NI Conferences and training Guest speakers Stationery, books and music Subscriptions Child protection clearance Bank charges Equipment rental Others Depreciation Depreciation - Roof (see note 10) |
2020 Unrestricted £ 1,754 2,248 681 1,550 27,013 584 181 3,203 120 104 562 730 3,083 41,812 |
2020 Restricted 0 9,679 814 10,493 |
2019 Unrestricted 0 3,093 2,188 596 2,005 30,382 1,427 350 889 2,716 128 268 1,223 1,059 3,355 49,679 |
2019 Restricted £ |
|---|---|---|---|---|
| 10,052 14,391 |
||||
| 24,443 |
LIVING WATERS CHURCH SOUTH TYNESIDE
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020
3. GOVERNANCE
| 3. GOVERNANCE | ||
|---|---|---|
| Independent examiners fees | 2020 £ 600 |
2019 £ |
| 500 |
4. TRUSTEES REMUNERATION
Mr. D Schofield was employed by the church as the Pastor during the year. The total remuneration was £1,250 (2019 £9,167). Mr. S Smith was also employed during the year and his remuneration was £20,000 (2019 £20,382).
5. TAXATION
All income and gains are applied to the charitable objects and there is therefore no charge to Corporation Tax.
6. TANGIBLE FIXED ASSETS
| Costs brought forward Depreciation brought forward Additions - Other Additions - Roof Depreciation for the period - Other Depreciation for the period - Roof (see note 10) Net book value at 31 December 2020 Net book value at 31 December 2019 |
Freehold Land and Buildings £ 561,756 129,607 0 0 10,475 814 420,859 432,149 |
Fixtures and Fitings £ 42,981 33,619 0 1,872 7,489 9,361 |
Office Equipment £ 11,459 10,077 0 414 967 1,381 |
Total £ |
|---|---|---|---|---|
| 616,195 173,304 0 0 12,762 814 |
||||
| 429,316 442,891 |
7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Income tax recoverable Prepayments Other debtors 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals Taxation and social security Other creditors |
2020 £ 451 552 0 1,003 2020 £ 0 391 8,000 8,391 |
2019 £ |
|---|---|---|
| 1,159 511 300 |
||
| 1,970 2019 £ |
||
| 0 330 11,000 |
||
| 11,331 |
LIVING WATERS CHURCH SOUTH TYNESIDE
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020
9. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 9. ANALYSIS OF NET ASSETS BETWEEN FUNDS | |||
|---|---|---|---|
| Fund balances at 31 December 2020 represented by: Tangible fixed assets Current assets Current liabilities Long term liabilities |
Unrestricted Funds £ 46,277 9,740 56,017 56,017 56,017 |
Restricted Funds £ 383,039 96 383,135 8,391 374,744 27,000 347,744 |
Total £ |
| 429,316 9,836 |
|||
| 439,152 8,391 |
|||
| 430,761 27,000 |
|||
| 403,761 |
10. ADDITIONAL DISCLOSURES
The new roof aquired during 2019 was depreciated in last year's account at a cost of £14,391. The depreciation during the first year included the amount collected by the roof appeal, £13,578, plus the residual depreciation of £814. Going forward the roof will be depreciated over the remaining 29 years of it's life at £814 per annum.
Independent examiner's report on the accounts
Section A Independent Examiner’s Report
Report to the trustees/ Living Waters Church South Tyneside members of On accounts for the year 31 December 2020 Charity no 1139119 ended (if any) Set out on pages 3 - 7 I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 / 12 / 2020 . Responsibilities and As the charity's trustees, you are responsible for the preparation of the basis of report accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’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 I have completed my examination. I confirm that no material matters have examiner's statement come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did 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.
| Signed: Name: Relevant professional qualification(s) or body (if any): Address: |
Date: Andrew McCullough |
20th October 2021 |
|---|---|---|
| Andrew McCullough | ||
| Chartered Institute of Management Accountants (CIMA) | ||
| 92 Bede Burn Road, Jarrow, Tyne and Wear. NE32 5AT |
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