## Emmanuel Bristol Company Limited by Guarantee UNAUDITED FINANCIAL STATEMENTS for the year ended 31 March 2021 Company Registration No. 07421296 Charity Number 1139421 Emmanuel Bristol Company Limited by Guarantee MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS REGISTERED CHARITY NAME Emmanuel Bristol CHARITY NUMBER 1139421 COMPANY REGISTRATION NUMBER 07421296 PRINCIPAL OFFICE Emmanuel Meeting House Lewins Mead Bristol BS1 2NN REGISTERED OFFICE Emmanuel Meeting House Lewins Mead Bristol BS1 2NN TRUSTEES AT DATE OF APPROVAL OF THESE FINANCIAL STATEMENTS D A W Barton N Brand E J Butler T M Colyer P Mallard C J Moll P W Stacey SECRETARY S G Russell BANKERS CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ 1 Emmanuel Bristol Company Limited by Guarantee TRUSTEES’ ANNUAL REPORT For the year ended 31 March 2021 The trustees, who are also directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2021. ## OBJECTIVES AND ACTIVITIES The objective of the charity is the advancement of the Christian faith for the benefit of the public especially within, but not limited to, the city of Bristol and surrounding area. To further this objective the charity organises church services, meetings and training courses and employs staff to undertake pastoral ministry. It also meets practical community needs, supports social welfare projects, and makes grants to partner organisations and individuals. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning future activities. The charity’s public benefit is evident not only in its church services and midweek programmes, all of which are designed to be as accessible and welcoming as possible, but also in its involvement in the community and social welfare projects described below. ## ACHIEVEMENTS AND PERFORMANCE The year under review was dominated by the COVID-19 (Coronavirus) outbreak in early 2020. This resulted in several national lockdowns during which it was not possible for churches to meet in person. From late March to mid-September 2020 the weekly Sunday meetings of our three churches (Emmanuel Westbury, Emmanuel Bishopston and Emmanuel City Centre) moved wholly online. We streamed our meetings on YouTube, using video conferencing software to facilitate contributions from multiple participants. Our pastoral small groups and prayer meetings also moved online. The move to online streaming involved a steep learning curve, and we are indebted to members of our churches who stepped up and put in many hours of hard work to get the technology working and to make the livestream happen week by week. In retrospect, the move online brought several unexpected benefits. In common with many churches, we found that streaming our Sunday meetings drew observers who might have been reluctant to join us on a Sunday but were willing and able to watch the livestreams and hear more about the Christian faith that way. This met a spiritual need at a time of great national crisis and uncertainty. The livestream also enabled people to join us from outside Bristol and overseas. For several months during lockdown, our senior pastor Mike Cain took to the airwaves shortly before work each weekday morning with a short ‘thought for the day’ based on one of the psalms. This series was greatly appreciated by the 40 or so people who tuned in each morning and by the many who caught up with it later in the day. Following a partial lifting of the lockdown measures, from mid-September to December 2020 we were able to resume in-person gatherings in a limited capacity, respectful of laws and government guidelines on the size of gatherings, social distancing and prohibitions on communal singing. Emmanuel Westbury was unable to return to its usual venue at the Redland Hall at Redmaids’ High School but met at St Alban’s, Westbury Park. We would like to record our gratitude to the clergy and congregation of St Alban’s for making that possible both in the autumn of 2020 and subsequently during 2021. Emmanuel Bishopston met at the Church of the Good Shepherd, Bishopston, and Emmanuel City Centre met at The Emmanuel Meeting House on Lewins Mead in central Bristol. For various reasons, many of our members were not able to join in-person gatherings, so throughout this period we continued to livestream our Sunday meetings, using a mixture of onsite and remote content. A national lockdown was re-imposed in January 2021 and our meetings moved wholly online again until early in April 2021, since when the growing success of the vaccination programme has allowed the gradual easing of restrictions and the resumption of in-person gatherings, in line with the government’s roadmap and subject to ongoing measures designed to limit the spread of the virus. 2 Emmanuel Bristol Company Limited by Guarantee TRUSTEES’ ANNUAL REPORT (continued) For the year ended 31 March 2021 Most of our regular in-person community activities were suspended throughout the year in line with COVID restrictions. These included our Mums & Toddlers groups at the Northcote Scout Hall on Great Brockeridge, Horfield Baptist Church and the Emmanuel Meeting House, our Blokes & Toddlers group at the Northcote Scout Hall, our annual children’s holiday club in August, and Emmanuel City Centre’s weekly community meal for members and guests. Other regular activities like our English Conversation Café (for informal English practice, tea, cake, conversation and games), our weekends away for teenagers, undergraduate and graduate students, and our training evenings, courses and one-off events moved online wherever possible. Across all three churches, new online initiatives sprang up to combat isolation and preserve community. A member of Emmanuel Westbury hosted some memorable online ‘open mic nights’, revealing previously hidden talents. Emmanuel Bishopston and Emmanuel City Centre ran online book groups. Emmanuel City Centre ran a poetry club, quiz nights and a Sunday Kitchen Live (cook-along). The Emmanuel Meeting House provides a free venue for a weekly outreach programme run by Bristol Drugs Project and Homeless Health Services which enables homeless people to contact drugs outreach workers and access medical services. This programme was suspended during the early months of the pandemic (during which church members donated via the charity to Homeless Health Services enabling them to provide basic mobile phones to service users so they could stay in touch) but resumed in November 2020 and continued through subsequent lockdowns as a permitted support group. Ordinarily, the Emmanuel Meeting House would have been one of the venues for the year’s Bristol Churches Winter Night Shelter (‘BCWNS’) organised with St Mungo’s. This year, because of the pandemic, the shelter operated from bed and breakfast accommodation. Members of the churches were among the volunteers who welcomed and cared for the guests. The charity also contributed financially to the services provided by BCWNS (see note 7). Whenever possible during the year, members of the churches continued to contribute supplies to the North West Bristol Food Bank and to be involved with social welfare projects including prison visiting and the mentoring of ex-offenders, caring for the homeless and workers in the sex industry, and for people rebuilding their lives after relationship breakdown. Direct involvement in many of these activities was curtailed during the pandemic, so the charity also made special financial contributions to relevant organisations including the North West Bristol and East Bristol Foodbanks, Sixty-One and One25. Contributions to these organisations are included in the amounts shown in note 7. Links have been maintained with mission partners in the United Kingdom and overseas, and grants (as detailed in note 7) were made to support their work, meet development needs and relieve poverty. ## PLANS FOR FUTURE PERIODS The medium and long-term intention is to plant further small churches at other locations in Bristol. 3 Emmanuel Bristol Company Limited by Guarantee TRUSTEES’ ANNUAL REPORT (continued) For the year ended 31 March 2021 ## FINANCIAL REVIEW Total income was £851,463 (2020: £815,693). Total expenditure was £572,692 (2020: £558,473) and actuarial losses on the defined benefit pension liability were £1,000 (2020: actuarial gains of £10,000) resulting in movement in funds for the year of £277,771 (2020: £267,220). Further details are shown in the Statement of Financial Activities on page 8 and the related notes on pages 14-17. In addition to monetary donations and grants, the charity benefits from time and services provided on a voluntary basis by members of the churches. It is impossible to place a monetary value on these contributions, and accordingly they are not recognised in the Statement of Financial Activities. At the year end the charity had net assets of £2,545,113 (2020: £2,267,342) comprising tangible fixed assets of £1,957,412 (2020: £1,954,719) (principally the two freehold properties), net current assets of £945,449 (2020: £698,380) including cash of £802,440 (2020: £564,588), long-term mortgage and loan creditors of £353,748 (2020: £379,757) and a pension scheme liability of £4,000 (2020: £6,000). Further details are shown in the Balance Sheet on page 9 and the related notes on pages 18-24. ## RESERVES POLICY It is the intention of the trustees to maintain sufficient cash-backed reserves not held in designated funds to meet three months' average expected expenditure. For the year to 31 March 2021 this was approximately £143,200 (2020: £139,600). At 31 March 2021 the charity’s free reserves (calculated as unrestricted funds, less designated funds, less the difference between the net book value of fixed assets and the total of outstanding loans against the property) were £341,923 (2020: £252,497). In the coming year, the trustees will seek to maintain free reserves at a level around or above the target figure. ## COVID-19 AND GOING CONCERN The trustees have considered the impact of the COVID-19 pandemic on the charity’s current and future financial position. Income to meet current and future expenditure is provided by ongoing voluntary donations from members of the congregation. If the pandemic had resulted in widespread unemployment, this might have affected donations. To the date of approval of these financial statements, employment levels have remained high and the impact of COVID-19 on donations has been minimal. The trustees will continue to monitor the situation. For this and the other reasons set out in note 1, the trustees are confident the charity will have sufficient financial resources to continue in existence for a period of at least 12 months from the date of approval of these financial statements, and therefore continue to adopt the going concern basis of preparation. ## RISK MANAGEMENT The principal risk facing the charity is a financial one, namely that the level of donations does not cover the charity's ongoing monthly commitments, reserves are used up, and the charity runs out of cash. The steering team and trustees mitigate this risk by monitoring financial information on a regular basis, by briefing the congregation on financial matters annually and according to need, and by encouraging the congregation to give by regular standing order and in a tax-efficient manner. Towards the end of each financial year, members of the congregation are given the opportunity formally to review the level of their giving and to renew their commitment for a further year, which makes it possible for the steering team and trustees to plan expenditure with a reasonable degree of confidence. ## FUNDRAISING Emmanuel Bristol performs all its own fundraising activities and does not use professional fundraisers. There have been no complaints about fundraising activities in the current or previous year. Our fundraising is mainly via an annual presentation of the churches’ budget and financial requirements for the next financial year, and is directed at existing members of the churches. Any email communication is in line with our privacy policy to those who have consented to receive communication. 4 Emmanuel Bristol Company Limited by Guarantee TRUSTEES’ ANNUAL REPORT (continued) For the year ended 31 March 2021 ## REFERENCE AND ADMINISTRATIVE DETAILS Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the financial statements. ## TRUSTEES AND SECRETARY The trustees who have served the company during the year and since the year end were: D A W Barton N Brand E J Butler T M Colyer P Mallard C J Moll D M Rice (resigned 25 March 2021) P W Stacey The secretary throughout the year and continuing at the date of approval of these financial statements was S G Russell. ## PROFESSIONAL INDEMNITY INSURANCE The charity maintains professional indemnity and public liability insurance in respect of its trustees and certain officers and staff. ## STRUCTURE, GOVERNANCE AND MANAGEMENT The company is a registered charity and is constituted under a memorandum and articles of association agreed on 27 October 2010. The liability of its members, who are also its trustees, is limited by guarantee. The charity carries out its activities through three churches in Bristol. The churches are part of the Church of England and are licensed and overseen by the Bishop of Bristol. The charity is overseen by a board of trustees comprising three types of trustee: representatives of the steering team (as explained below); representatives of the wider church congregations; and external trustees representative of the wider Christian community. The methods used to recruit and appoint new charity trustees depend on the type of trustee: - Trustees representing the steering team are unanimously appointed by the steering team; - Trustees representing the wider church congregation are appointed by the steering team in consultation with their leadership team; - Trustees representing the wider Christian community must include: - Someone with experience of a full-time pastor-teacher role within a church, appointed by unanimous agreement of the steering team members not employed by the charity; - Someone with lay leadership experience, appointed by unanimous agreement of the members of the steering team employed by the charity. Day to day leadership of the churches is provided by a steering team which comprises members of the congregation and some staff members. The steering team makes decisions only with the approval of the trustees where appropriate and with the guidance of the leadership team, which comprises leaders of the churches’ small groups and various ministry teams, and having weighed up the wisdom of other members of the churches. The key management personnel of the charity comprise the trustees, the director of operations, and each church’s main pastor. The trustees receive no remuneration from the charity. The trustees set the remuneration of the director of operations and each church’s main pastor except for the main pastor of Emmanuel Bishopston whose remuneration is set by the Diocese of Bristol as disclosed in note 6. 5 Emmanuel Bristol Company Limited by Guarantee TRUSTEES, ANNUAL REPORT Iconlinuedl For the yeor ended 31 March 21r21 STA TEMENT OF TRUSTEES. RESPoNSIBIL￿lEs The Irustees (who are olso director5 01 Emmanuel BTiStol forlhe wrpose of compony lowl are re5pon5ible lor preparing the Trustees. Rerth lincorpcKoling Ihe 5trolegic repcyl and directo￿, report) and the financial slolemenls in accordonce wthh oppficatje law and Unifed Kingdom Accounting Slondords, including Finonciol Reporting Stondard 10?. The financial Reporting Slondard applicoble in the UK ond Republic ol Irelond Iunited Kingdom Generolty Accepted Accounting Proclicel. Company law requires the trustees to prepore finonciol slolemenls foreoch finoncial year which give a true and fair view of the stole of offoirs of the choritoble compony ond ol the income and expenditure of the charitol￿e compony lor Ihat period. In pyeparing these financial statements. the Iruslees ore required to: select suitable occounling policies and then app￿ them consi%lenlly, obsep4e the methods ond principles in the Chorilies SORP-, make judgemenls ond e51imotes Ihot ore ie050nable and prudent-, stole whether opplicable UK Accounting Standard5 have been fdlowed. subject lo any moleriol deporture5 disclosed and eX￿ained ir) the financial slatemenls-. ond prepare the financial stole￿EntS on Ihe going concern boys unless it is inopyopriole lo presume that the charita￿e company wll conthnve in operolion. The tnjstees ore ie5Fx>nsible for keeping adequate accounting records that disclose wilh reasonoble occuracy at any lime the financial position of the choritolse compony ond enob1e them to ensure thal the financial slotemenls comp￿With the Comr>onEs Act 2(M)6. They cye 0150 responsible lorsafeguarding the ossels ol the choritoble compony ond hence for taking Teasonable steps lor the prevention and detection of froud and other irregularities. In 50 far as the trustees are cJwore= Ihere is no relevant inlormatKJn of which the charFloble compony's independent exominer is unaware.. ond the trustees hove token oll steps Ihot Ihey tyJghl lo rmke the￿￿elVeS aware of Ihol information. INDEPENDENT EXAMINER Josh Kingston ol PAlrton Sweet knmited hos indicoled his wifingness lo continue os an independent exominer next year. SMALL COMPANY PROVLSIONS This report hos been prepared in occ(Kdonce wlh Ihe yomsions appficatje lo companies entitled lo the small comF)onies exemplion. On behalf ol the bjard DA WBarton Tnjstee T M Cdyer Trustee Date.. INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EMMANUEL BRLSTOL I'THE COMPANY'I I report lo the chorily Injslees on my exorrwnalion ol the occovnts ol the company lor the yeor end&d 31 March 2021. RESPONSIBILtriES AND BASIS OF REPORT As the charity's trustees of the compony land also ils dwectors for the purposes ol company lawl you ore responsible lor the preporotion of the accounts in occordonce with the requirements ol the Componies Act 2CK)61'lhe X06 Act'l. Hoving solisfied myself that the occovnts ol the company are not requ￿ed lo be audited under Part 16 ol the 2(K)6 Act and ore eligible f(¥ independent exominolion. I report in respect ol my exomination ol your charity's occounts os corried out under section 145 of the Chorities Act I I'the 2011 Acl'l. In carrying out my exominotion I hove followed the t￿rectIonS given by the Charity Commission under Section 145151 Ibl ol the l Act. INDEPENDENT EXAMINER'S STATEMENT Since the company's gross income exceeded £2￿).(rn your exorriner must be o member ol a body listed in section 145 of the X)I l Act. I confrn Ihal l om ouofified to undertake the examination because l am o member of the Inslilule olchortered AcccxJnlont5 in England ond Wales. which is one ol the list&d bodies. I hove completed my examinat￿)n. I confim thot no r￿tte[S hove corrE lo my otlenlion in connection th the examinotion giwng me couse lo Weve: occour)ling records were r￿1 kept in respect of the CC￿￿nY 05 required by section 386 01 the 2tK)6 Act.. or 2. the occounls do nol occ(Kd wth Ih05e records-. cx 3. the occounts do not compty wth the occounling requirements of section 396 01 the 2C06 Act other than any requirement Ihol the accounls give o 'lrue ar)d fair v￿w. which is not o molter considered as part ol an independent exorrinolion-. or the occounts hove not been preF)ared in accordonce wth Ihe N*thods ond principle5 01 the stotemenl ol Recommended Practice for occounling ond reFK)rting by charities opplicoble lo charities preparing their accounts in occordonce with Me Financial Reporting Stondord ap￿Icable in the UK ond Repubfic ol keland IFRS 1021. I have no concerns ond hove come across no olhef motlers in connection with the examinolion lo which ollenlion should be drawrl in this report in (Kder to enable a pyoper vnderslanding ol the occounls to be reached. Jirigslon Bsc (Honsl ACA Burton Sweet LirrNted The Clock Tower 5 Farteigh Court Old Weston Rood Rox Bourton Bii%lol BS48 1 UR Dale.. ## Emmanuel Bristol ## Company Limited by Guarantee UNAUDITED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) For the year ended 31 March 2021 |||Unrestricted|Restricted|Total Funds|Total Funds| |---|---|---|---|---|---| |||Funds|Funds|2021|2020| ||Note|£|£|£|£| |INCOME|||||| |Donations and grants|2|699,575|147,485|847,060|786,470| |Charitable activities|3|4,206|–|4,206|28,539| |Investments|4|197
|–
|197
|684
| |||703,978
|147,485
|851,463
|815,693
| |EXPENDITURE|||||| |Charitable activities|5|(549,492)
|(23,200)
|(572,692)
|(558,473)
| |NET INCOME||154,486|124,285|278,771|257,220| |TRANSFERS BETWEEN FUNDS|14|9,406|(9,406)|–|–| |OTHER RECOGNISED GAINS AND LOSSES|||||| |Actuarial (losses)/gains on defined|||||| |benefit pension schemes|19|(1,000)
|–
|(1,000)
|10,000
| |NET MOVEMENT IN FUNDS||162,892|114,879|277,771|267,220| |RECONCILIATION OF FUNDS|||||| |Total funds brought forward||1,855,898
|411,444
|2,267,342
|2,000,122
| |TOTAL FUNDS CARRIED FORWARD||2,018,790
|526,323
|2,545,113
|2,267,342
| All of the above amounts relate to continuing activities. The notes on pages 11-24 form part of these financial statements. Comparative fund information can be found in the notes to the financial statements. 8 Emmanuel Bristol Compony Limited by Guarantee UNAUDITED BALANCE SHEET 31 March 2021 Company number: 07421296 2020 Note FIXED ASSEtS Tongible assets 1.957,412 1.954.719 CURRENT ASSErs Debtors Cash ol bonk 10 235.919 234,049 564.S98 I,038,￿9 798,637 CREDITORS Amounts lolling dve within one ye(w 192.9101 11(J),2571 NEfcuRRENT ASSETS 945.449 698,380 TOTAL ASSEfs LESS CURRENT LIABIL￿lEs 2.902.861 2.0￿,[rI9 CREDtfoRS Amour)Is falling due ofler nb)re than one yec 12 1353.7481 1379.7571 PRov￿10Ns FOR LIABILtriES Pension scheme 19 14.LXKJI 16,((￿} NET ASSETS 2.545.113 2,267.342 FUNDS Unre51ricled income funds Re51ricled income luncts 13 14 2018,790 526.323 1.855.898 411,444 TOTAL FUNDS 2,545,113 2.267.342 The notes on poges 11-24 form rKJrt of these finonciol statements. For the year ended 31 Morch 2021 the company was enttlled lo exemption from audit under section 477 ol the Companies Act 2(X)6 relating lo smoll componies. No member5 have requwed the compony to obtoin on oudit of ils accounts for the year in queslion in accordonce with section 476 01 the Componies Act ￿)6. The Iruslees 0¢kn￿edge Iheirresponsibilttries f(xcomthng with the requremenlsol the Act with respect to occounting records and the ryeporotion of financ￿1 stolement5. These financiol stotemer)Is have been rKepored in accordance with the promsions apFlicable to componies subject lo the smoll componies regime. 14 No•(pa These financial stotemenls wete approved by the Irustees on ..........................................................2021 and are signed on Iheir behalf by= DA WBarton Trustee T M Colyer Twstee Emmanuel Bristol Company Limited by Guarantee UNAUDITED STATEMENT OF CASH FLOWS For the year ended 31 March 2021 |Note
CASH GENERATED FROM OPERATING ACTIVITIES
18
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets
Interest income
CASH (USED IN) / GENERATED FROM INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of borrowings
Interest paid
CASH USED IN FINANCING ACTIVITIES
INCREASE IN CASH AND CASH EQUIVALENTS IN THE YEAR
CASH AND CASH EQUIVALENTS AT START OF YEAR
CASH AND CASH EQUIVALENTS AT END OF YEAR|2021
£
282,060
(5,740)
197

(5,543)

(29,156)
(9,509)

(38,665)

237,852
564,588

802,440
|2020
£
176,733
–
684

684

(28,434)
(10,659)

(39,093)

138,324
426,264

564,588
| |---|---|---| The notes on pages 11-24 form part of these financial statements. 10 Emmanuel Bristol Company Limited by Guarantee UNAUDITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 ## 1 ACCOUNTING POLICIES ## COMPANY INFORMATION Emmanuel Bristol is a company limited by guarantee incorporated in the United Kingdom and registered in England and Wales. The registered office is Emmanuel Meeting House, Lewins Mead, Bristol, BS1 2NN. The company’s principal activities are disclosed in the Trustees’ Report. ## BASIS OF PREPARATION The financial statements have been prepared in accordance with 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. Emmanuel Bristol meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows: ## GOING CONCERN The financial statements have been prepared on the assumption that the charity is able to continue as a going concern. The COVID-19 pandemic had a profound impact on the UK economy during the year, and while the vaccination programme has now enabled most lockdown measures to be eased and economic activity to return almost to pre-pandemic levels, its impact continues to be felt. The trustees have considered the impact of the pandemic on the charity’s current and future financial position. Income to meet current and future expenditure is provided by ongoing voluntary donations from members of the congregation. If the pandemic had resulted in widespread unemployment, this might have affected donations. To the date of approval of these financial statements, employment levels have remained high and the impact of COVID-19 on donations has been minimal. The trustees will continue to monitor the situation. As disclosed in the trustees’ report, the trustees aim to maintain sufficient cash-backed reserves not held in designated funds to meet three month’s average expected expenditure. The trustees prepare, approve and monitor annual budgets each year. Taking all of this into account, the trustees are confident the charity will have sufficient financial resources to continue in existence for a period of at least 12 months from the date of approval of these financial statements, and therefore continue to adopt the going concern basis of preparation. ## FUND ACCOUNTING Income and expenditure is analysed as either restricted funds or unrestricted funds. Where conditions are attached to the manner in which income is spent, the income and related expenditure are classified within restricted funds. Where no conditions are attached, the income and related expenditure are classified within unrestricted funds. The charity operated four restricted funds during the year. The Property Fund includes donations received in connection with the purchase and improvement of freehold property used in furtherance of the charity’s objectives. The Ministry Growth Fund relates to a grant received towards the costs of employing staff specifically for ministry among undergraduate students and at Emmanuel Bishopston. The Partner Organisation Fund relates to funds received to support external projects carried out by other organisations. The Special Welfare Fund relates to funds received to meet practical needs. In addition, the trustees designate funds within the unrestricted income funds to cover the costs of maintaining the charity’s freehold properties and other areas of ministry (see notes 13 and 20). 11 Emmanuel Bristol Company Limited by Guarantee UNAUDITED NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2021 ## 1 ACCOUNTING POLICIES (continued) ## INCOME Donations and grants receivable are recognised in full as soon as the charity becomes unconditionally entitled to their receipt. This includes situations where income such as grants are intended to cover expenditure over an extended period of time, provided the timing of the expenditure remains wholly at the discretion of the charity. Where donations or grants are received specifically to fund the purchase of a fixed asset, the income is included in restricted funds until such time as the asset is purchased, at which point the restriction is discharged and the amounts are transferred to general funds. In addition to monetary donations and grants, the charity benefits from time and services provided on a voluntary basis by members of the church congregation. It is impossible to place a monetary value on these contributions, and accordingly they are not recognised in the Statement of Financial Activities. ## EXPENDITURE Liabilities are recognised as expenditure generally as soon as there is a legal or constructive obligation committing the charity to the expenditure. In the case of goods supplied or services provided by a third party, the expenditure is recognised in full as soon as that third party has supplied the goods or provided the services. Expenditure on grants is recognised as soon as the charity becomes unconditionally committed to the expenditure, which is generally not before the date of payment. Expenditure relating directly to the furtherance of the charity's objects is classified as costs of charitable activities and includes governance costs associated with meeting the constitutional and statutory requirements of the charity. ## FIXED ASSETS All fixed assets are initially recorded at cost. Fixed assets costing less than £1,000 are then fully written off within expenditure in the period of acquisition. Professional fees incurred in connection with the purchase of freehold property are written off within expenditure in the year of purchase. All other fixed assets are capitalised and depreciated to write off the cost of the asset over its useful economic life as follows: ## Equipment – 4 years straight line or 10 years straight line No depreciation is being charged on freehold property as, in the opinion of the trustees, any charge would not be material due to the very long useful life of the asset. The trustees review the carrying value annually for indication of any impairment. Taking into account the properties’ favourable locations, their good state of repair, the absence of any indications of adverse movements in the local property market, and the trustees’ intention to retain the properties for the long-term (such that no forced sale is anticipated), the trustees consider that no such impairments have occurred. In the opinion of the trustees, therefore, the market values of the properties at the year end are not less than their carrying value. ## DEBTORS Income tax recoverable and accrued income is recognised at the settlement amount due. Prepayments are recognised on an accruals basis reflecting the extent to which amounts paid in the period relate to a future period. 12 Emmanuel Bristol Company Limited by Guarantee UNAUDITED NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2021 ## 1 ACCOUNTING POLICIES (continued) ## CASH AND CASH EQUIVALENTS Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of opening the account or making the deposit. ## CREDITORS Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due. Loans at non-market rates (see note 12) are recognised at their fair value at each reporting date, and any related discount is recognised in income or expenditure in the statement of financial activities. ## OPERATING LEASE AGREEMENTS Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. ## PENSION COSTS The charity contributes to defined contribution pension schemes on behalf of its employees. The assets of the schemes are held separately from those of the charity. The annual contributions payable are charged to the Statement of Financial Activities. In addition, the charity participates in the Church of England Funded Pensions Scheme for stipendiary clergy. Although this scheme is a defined benefit scheme, it is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means it is not possible to attribute the scheme’s assets and liabilities to specific employers. It is therefore accounted for as a defined contribution scheme and the annual contributions payable are charged to the Statement of Financial Activities, except deficit recovery contributions in respect of which a liability is recognised in the balance sheet as detailed in note 19. 13 Emmanuel Bristol Company Limited by Guarantee UNAUDITED NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2021 ## 2 INCOME FROM DONATIONS AND GRANTS |Unrestricted
Funds
Restricted
Funds
£
£
Year ended 31 March 2021:
General donations
694,075
231
Building fund donations
–
147,254
Grants
5,500
–


699,575
147,485


Year ended 31 March 2020:
General donations
597,399
306
Building fund donations
–
187,515
Grants
–
1,250


597,399
189,071


3
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
Funds
Restricted
Funds
£
£
Year ended 31 March 2021:
Weekends away, training days and courses
–
–
Community-based activities
3,754
–
Resources and refreshments
424
–
Other income
28
–


4,206
–


Year ended 31 March 2020:
Weekends away, training days and courses
15,592
–
Community-based activities
7,289
–
Resources and refreshments
5,236
–
Other income
422
–


28,539
–


4
INCOME FROM INVESTMENTS
Unrestricted
Funds
Restricted
Funds
£
£
Year ended 31 March 2021:
Bank interest receivable
197
–

197
–

Year ended 31 March 2020:
Bank interest receivable
684
–


684
–

|Total
Funds
£
694,306
147,254
5,500

847,060

597,705
187,515
1,250

786,470

Total
Funds
£
–
3,754
424
28

4,206

15,592
7,289
5,236
422

28,539

Total
Funds
£
197

197

684

684
| |---|---| 14 Emmanuel Bristol Company Limited by Guarantee UNAUDITED NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2021 ## 5 EXPENDITURE ON CHARITABLE ACTIVITIES |Unrestricted
Funds
Restricted
Funds
£
£
Year ended 31 March 2021:
Sunday services expenses
12,300
–
Ministry expenses
11,381
1,386
Weekends away, training days and courses
–
–
Community-based activities
4,138
–
Staff costs (see note 6)
348,243
–
Premises costs
18,531
17,585
Mortgage interest payable
9,509
–
Unwind interest-free loan discount (see note 12)
–
4,229
Office supplies and equipment
7,256
–
Depreciation
3,047
–
Legal, professional, insurance, bank charges
17,628
–
Grants (see note 7)
116,319
–
Governance costs (independent examination)
1,140
–


549,492
23,200


Year ended 31 March 2020:
Sunday services expenses
36,477
–
Ministry expenses
34,758
1,500
Weekends away, training days and courses
2,376
–
Community-based activities
10,379
–
Staff costs (see note 6)
296,451
1,250
Premises costs
40,157
–
Mortgage interest payable
10,659
–
Unwind interest-free loan discount (see note 12)
–
4,656
Office supplies and equipment
13,425
–
Depreciation
2,420
–
Legal, professional, insurance, bank charges
7,371
–
Grants (see note 7)
95,524
–
Governance costs (independent examination)
1,070
–


551,067
7,406

|Total
Funds
£
12,300
12,767
–
4,138
348,243
36,116
9,509
4,229
7,256
3,047
17,628
116,319
1,140

572,692

36,477
36,258
2,376
10,379
297,701
40,157
10,659
4,656
13,425
2,420
7,371
95,524
1,070

558,473
| |---|---| Ministry expenses comprise expenses incurred mainly by staff in respect of printing, stationery and postage, books and resources, travel and subsistence, hospitality, training and conferences. Community-based activities include parent and toddler groups, craft evenings and a holiday club. Premises costs comprise rent of venues for services and other meetings and staff housing costs including council tax, utilities and repairs and maintenance. 15 Emmanuel Bristol Company Limited by Guarantee UNAUDITED NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2021 6 STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL |Notes
Wages and salaries
Social security costs
Pension costs
Defined benefit pension adjustment
19|2021
£
296,281
21,743
33,219
(3,000)

348,243
|2020
£
251,019
20,321
29,361
(3,000)

297,701
| |---|---|---| The charity had six (2020: four) full-time and ten (2020: eleven) part-time employees analysed as follows: |Senior and associate pastors
Ministry assistants
Administrators|2021
Number
8
4
4

16
|2020
Number
7
4
4

15
| |---|---|---| The full-time pastor of Emmanuel Bishopston is not included in the figures shown above, but is a stipendiary curate of the Diocese of Bristol. The charity contributes to the costs of his employment through ‘Parish Share’ payments to the Diocese of Bristol. No employee (2020: none) received remuneration at the level (exceeding £60,000) requiring individual disclosure under the Charities SORP (FRS102) and the Companies Act 2006. Remuneration of key management personnel: The key management personnel of the charity comprise the trustees, the director of operations, and each church’s main pastor. The trustees receive no remuneration from the charity. The aggregate employment costs of the other key management personnel is set out below: |Wages and salaries
Social security costs
Pension costs|2021
£
105,571
10,932
17,657

134,160
|2020
£
100,071
10,238
17,051

127,360
| |---|---|---| 16 Emmanuel Bristol Company Limited by Guarantee UNAUDITED NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2021 ## 7 GRANTS |United Kingdom:
- Organisations (see analysis below)
- Individuals
Overseas:
- Organisations (see analysis below)
- Individuals|2021
£
91,422
726
22,150
2,021

116,319
|2020
£
61,555
1,337
32,000
632

95,524
| |---|---|---| Grants to organisations based in the United Kingdom included the following: |Bristol Diocese of the Church of England
Sixty-One
Crosslands
Faith in Kids
South West Gospel Partnership
Church Pastoral Aid Society
Bristol Churches Winter Night Shelter
Incredible Kids
Other (individually immaterial)
Grants to overseas organisations included the following:
Crosslinks
Wycliffe Bible Translators
UFM Worldwide
Good Shepherd Anglican Church, New York, USA
OMF International
Other (individually immaterial)
8
NET INCOME FOR THE YEAR
Net income for the year is stated after charging:
Depreciation
Operating lease costs: land and buildings|2021
£
60,000
5,000
3,500
3,000
2,298
2,000
2,000
2,000
11,624

91,422

2021
£
10,200
6,000
5,500
–
–
450

22,150

2021
£
3,047
7,920
|2020
£
56,500
–
–
3,000
–
–
–
2,055

61,555

2020
£
10,300
6,000
5,000
5,000
3,500
2,200

32,000

2020
£
2,420
25,420
| |---|---|---| 17 Emmanuel Bristol Company Limited by Guarantee UNAUDITED NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2021 ## 9 TANGIBLE FIXED ASSETS |||Fixtures,|| |---|---|---|---| ||Freehold|fittings and|| ||property|equipment|Total| ||£|£|£| |Cost|||| |At 1 April 2020|1,945,000|22,561|1,967,561| |Additions|–
|5,740
|5,740
| |At 31 March 2021|1,945,000
|28,301
|1,973,301
| |Depreciation|||| |At 1 April 2020|–|12,842|12,842| |Charge for the year|–
|3,047
|3,047
| |At 31 March 2021|–
|15,889
|15,889
| |Net book value|||| |At 31 March 2021|1,945,000
|12,412
|1,957,412
| |At 31 March 2020|1,945,000
|9,719
|1,954,719
| As explained in note 1, no depreciation is being charged on freehold property as, in the opinion of the trustees, any charge would not be material due to the very long useful life of the asset. In the opinion of the trustees, the market value of freehold property at the year end is not less than its carrying value. ## 10 DEBTORS |Income tax recoverable
Prepayments and accrued income|2021
£
231,564
4,355

235,919
|2020
£
222,220
11,829

234,049
| |---|---|---| Income tax recoverable reflects amounts receivable on donations made under Gift Aid. 18 Emmanuel Bristol Company Limited by Guarantee UNAUDITED NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2021 11 CREDITORS: Amounts falling due within one year |Bank loan
Other loans
Taxation and social security
Other creditors
Accrued costs
Deferred income
12
CREDITORS: Amounts falling due after more than one year
Bank loan
Other loans|2021
£
12,862
57,080
7,814
9,068
5,590
496

92,910

2021
£
252,585
101,163

353,748
|2020
£
12,153
56,707
5,406
10,901
7,878
7,212

100,257

2020
£
265,714
114,043

379,757
| |---|---|---| The bank loan due within one year and after more than one year reflects a mortgage taken out to purchase the senior pastor's residence and is secured on the underlying property. The loan is for 25 years and bore interest during the year at 3.5% per annum. The amount due after more than five years is £196,396 (2020: £212,283). Other loans due within one year and after more than one year comprise £43,000 (2020: £43,000) relating to the purchase of the senior pastor’s residence and £115,243 (2020: £127,750) relating to the purchase of The Meeting House. Further details are set out below. The loan of £43,000 was made to the charity to enable it to purchase the senior pastor's residence. The loan is interest-free, unsecured, and has no fixed repayment terms so has been presented as repayable on demand. A loan of £200,000 was made to the charity in the year ended 31 March 2017 in connection with its purchase of The Meeting House. The loan is interest-free, repayable in 144 equal monthly instalments, and is secured on the underlying property. In accordance with FRS 102, the loan was discounted to £163,120 on the date of drawdown, reflecting its fair value at that date, and a credit of £36,880 was recognised within investment income to reflect the benefit of the interestfree terms. This discount is being unwound over the period of the loan (see note 5). The amount due after more than five years is £44,894 (2020: £59,707). 19 ## Emmanuel Bristol Company Limited by Guarantee UNAUDITED NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2021 ## 13 UNRESTRICTED INCOME FUNDS |Balance at
1 April
2020
Income
and gains
Expenditure
and losses
£
£
£
General
1,758,599
703,978
(506,838)
Designated
97,299
–
(43,654)



1,855,898
703,978
(550,492)



Balance at
1 April
2019
Income
and gains
Expenditure
and losses
£
£
£
General
1,702,494
636,622
(498,017)
Designated
67,849
–
(53,050)



1,770,343
636,622
(551,067)


|Transfers
Balance at
31 March
2021
£
£
(80,094)
1,875,645
89,500
143,145


9,406
2,018,790


Transfers
Balance at
31 March
2020
£
£
(82,500)
1,758,599
82,500
97,299


–
1,855,898

| |---|---| Designated funds are analysed further in note 20. Income and gains includes £nil (2020: £10,000) relating to actuarial gains on the pension scheme (see note 19). Expenditure and losses includes £1,000 (2020: £nil) relating to actuarial losses on the pension scheme (see note 19). ## 14 RESTRICTED INCOME FUNDS |Balance at
1 April
2020
£
Property
409,373
Ministry Growth
–
Partner Organisations
–
Special Welfare
2,071

411,444

Balance at
1 April
2019
£
Property
226,514
Ministry Growth
–
Partner Organisations
–
Special Welfare
3,265

229,779
|Income
Expenditure
£
£
147,254
(21,814)
–
–
–
–
231
(1,386)


147,485
(23,200)


Income
Expenditure
£
£
187,515
(4,656)
1,250
(1,250)
–
–
306
(1,500)


189,071
(7,406)

|Transfers
Balance at
31 March
2021
£
£
(9,406)
525,407
–
–
–
–
–
916


(9,406)
526,323


Transfers
Balance at
31 March
2020
£
£
–
409,373
–
–
–
–
–
2,071


–
411,444

| |---|---|---| Descriptions of each restricted fund are given in note 1. The transfer of £9,406 (2020: £nil) from restricted to unrestricted funds reflects property development expenditure that was allocated to unrestricted funds in the year ended 31 March 2020 but should have been allocated to restricted funds. 20 Emmanuel Bristol Company Limited by Guarantee UNAUDITED NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2021 ## 15 ANALYSIS OF NET ASSETS BETWEEN FUNDS |||Tangible|Other|Fixed asset|Fixed asset|| |---|---|---|---|---|---|---| ||fixed assets||net assets||loans|Total| |||£|£||£|£| |At 31 March 2021||||||| |Restricted Income Funds:||||||| |Property||–|525,407||–|525,407| |Ministry Growth||–|–||–|–| |Partner Organisations||–|–||–|–| |Special Welfare||–
|916
||–
|916
| |||–
|526,323
||–
|526,323
| |Unrestricted Income Funds:||||||| |General|1,957,412||341,923|(423,690)||1,875,645| |Designated||–
|143,145
||–
|143,145
| ||1,957,412
||485,068
|(423,690)
||2,018,790
| |Total Funds|1,957,412
||1,011,391
|(423,690)
||2,545,113
| |||Tangible|Other|Fixed asset||| ||fixed assets||net assets||loans|Total| |||£|£||£|£| |At 31 March 2020||||||| |Restricted Income Funds:||||||| |Property||–|409,373||–|409,373| |Ministry Growth||–|–||–|–| |Partner Organisations||–|–||–|–| |Special Welfare||–
|2,071
||–
|2,071
| |||–
|411,444
||–
|411,444
| |Unrestricted Income Funds:||||||| |General|1,954,719||252,497|(448,617)||1,758,599| |Designated||–
|97,299
||–
|97,299
| ||1,954,719
||349,796
|(448,617)
||1,855,898
| |Total Funds|1,954,719
||761,240
|(448,617)
||2,267,342
| 16 COMPANY LIMITED BY GUARANTEE In the event the company is wound up, each member will contribute to the assets of the company an amount not exceeding £1.00. The members of the company are the trustees. 21 Emmanuel Bristol Company Limited by Guarantee UNAUDITED NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2021 ## 17 RELATED PARTY TRANSACTIONS Trustees’ giving During the year, the trustees in aggregate made donations of £26,160 (2020: £31,435) to the charity in furtherance of its objects. ## Trustees’ remuneration None of the trustees nor any persons connected with them received any remuneration in connection with services provided to the charity during the year or previous year. Trustees’ expenses No trustees received expenses during the year (2020: two trustees received travel expenses of £110 to reimburse the costs of attending trustees’ meetings). No other trustees or any persons connected with them received any expenses during the year other than periodic reimbursement of the cost of goods and services purchased as agents on behalf of the charity. ## 18 CASH GENERATED FROM OPERATING ACTIVITIES |Net movement in funds for the year
Interest on mortgage
Unwind interest-free loan discount
Bank interest receivable
Depreciation
Increase in debtors
(Decrease)/increase in creditors
Decrease in defined benefit pension liability
Cash generated from operating activities|2021
£
277,771
9,509
4,229
(197)
3,047
(1,870)
(8,429)
(2,000)

282,060
|2020
£
267,220
10,659
4,656
(684)
2,420
(113,775)
19,237
(13,000)

176,733
| |---|---|---| ## Cash flow restrictions Charity law prohibits the use of net cash inflows on any endowed or other restricted fund to offset net cash outflows on any fund outside its own objects, except on special authority. In practice this restriction has not had any effect on cash flows during the year or previous year. 22 Emmanuel Bristol Company Limited by Guarantee UNAUDITED NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2021 ## 19 PENSION COSTS The charity contributes to defined contribution pension schemes on behalf of 15 (2020: 13) of its employees. In addition, the charity participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Responsible Bodies. Each participating Responsible Body in the scheme pays contributions at a common contribution rate applied to pensionable stipends. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means it is not possible to attribute the scheme’s assets and liabilities to each specific Responsible Body, and this means contributions are accounted for as if the scheme were a defined contribution scheme. The pensions costs charged to the Statement of Financial Activities in the year are contributions payable towards benefits and expenses accrued in that year, plus the figures shown in the table on page 24 as being recognised in the Statement of Financial Activities. A valuation of the scheme is carried out once every three years. The most recent scheme valuation completed was carried out as at 31 December 2018. The 2018 valuation revealed a deficit of £50m, based on assets of £1,818m and a funding target of £1,868m, assessed using the following assumptions: - An average discount rate of 3.2% pa; - RPI inflation of 3.4% pa (and pension increases consistent with this); - Increase in pensionable stipends of 3.4% pa; and - Mortality in accordance with 95% of the S3NA_VL tables, with allowance for improvements in mortality rates in line with the CMI2018 extended model with a long-term annual rate of improvement of 1.5%, a smoothing parameter of 7 and an initial addition to mortality improvements of 0.5% pa. Following the 31 December 2018 valuation, a recovery plan was put in place until 31 December 2022 and the deficit recovery contributions (as a percentage of pensionable stipends) are as set out in the table below. |% of pensionable stipends|January 2018 to|January 2021 to| |---|---|---| ||December 2020|December 2022| |Deficit recovery contributions|11.9%
|7.1%
| As at 31 December 2018 the deficit recovery contributions under the recovery plan in force at that time were 11.9% of pensionable stipends until December 2025. As at 31 December 2019 and 31 December 2020 the deficit recovery contributions under the recovery plan in force were as set out in the above table. For senior office holders, pensionable stipends are adjusted in the calculations by a multiple as set out in the scheme’s rules. 23 Emmanuel Bristol Company Limited by Guarantee UNAUDITED NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2021 ## 19 PENSION COSTS (continued) Section 28.11A of FRS102 requires agreed deficit recovery payments to be recognised as a liability. The movement in the balance sheet liability in the current and previous period is set out in the table below: |Balance sheet liability at start of year
Deficit contribution paid
Interest cost*
Remaining change to the balance sheet liability*
Balance sheet liability at end of year|2021
£
6,000
(3,000)
–
1,000

4,000
|2020
£
19,000
(3,000)
–
(10,000)

6,000
| |---|---|---| *recognised in the Statement of Financial Activities. The remaining change to the balance sheet liability comprises the change in the agreed deficit recovery plan and changes in the discount rate and assumptions between year-ends. This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions set by reference to the duration of the deficit recovery payments: ||December|December|December| |---|---|---|---| ||2020|2019|2018| |Discount rate|0.2% pa|1.1% pa|2.1% pa| |Price inflation|3.1% pa|2.8% pa|3.1% pa| |Increase to total pensionable payroll|1.6% pa
|1.3% pa
|1.6% pa
| The legal structure of the scheme is such that if another Responsible Body fails, the charity could become responsible for paying a share of that Responsible Body’s pension liabilities. ## 20 DESIGNATED UNRESTRICTED INCOME FUNDS The trustees have designated the following funds within unrestricted income funds to cover planned expenditure. |Renewal of 35 Walsingham Road
Renewal of the Emmanuel Meeting House
Practical care
Ministry training
Mission partner support|2021
£
23,267
58,780
1,500
3,200
56,398

143,145
|2020
£
20,352
42,780
1,000
2,872
30,295

97,299
| |---|---|---| 24