## **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:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- 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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