## Emmanuel Bristol ## Company Limited by Guarantee FINANCIAL STATEMENTS for the year ended 31 March 2022 Company Registration No. 07421296 Charity Number 1139421 Emmanuel Bristol Company Limited by Guarantee MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS For the year ended 31 March 2022 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 AUDITOR Burton Sweet Limited The Clock Tower Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR 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 2022 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 2022. ## 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 has two principal activities: - pastoral ministry, exercised through church services, meetings and training courses, community groups and social welfare projects; and - 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 After a 2020-21 year which was dominated by the COVID-19 (Coronavirus) outbreak and during which the charity’s churches met largely online, 2021-22 benefited from the growing success of the national vaccination programme. This 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. As in-person gatherings resumed, Emmanuel Westbury was initially unable to return to its usual venue but during the summer of 2021 met on Sundays at 4:00pm at St Alban’s, Westbury Park (as in 2020-21). We would again like to record our gratitude to the clergy and congregation of St Alban’s for making that possible. In September 2021, Emmanuel Westbury returned to its usual venue at the Redland Hall at Redmaids’ High School. Emmanuel Bishopston met on Sundays at 11:15 (10:45 from January 2022) at the Church of the Good Shepherd, Bishopston. Emmanuel City Centre met on Sundays at 4:30pm and 6:30pm at The Emmanuel Meeting House on Lewins Mead in central Bristol. Sunday meetings at Emmanuel Westbury and Emmanuel Bishopston included groups for children and young people. Each church continued to stream its services online for the benefit of the general public and for members who for various health reasons were unable to join in-person gatherings. We continue to be indebted to members of our churches who contribute their time and expertise to make these livestreams happen week by week. When permitted, members of the churches continued to meet in pastoral small groups each week after services or on midweek evenings (including groups for teenagers) and for monthly prayer meetings, some of which brought all three churches together for joint prayers. Reading weeks and getaways were organised for undergraduate and graduate students. Other groups met informally on an ad hoc basis. Several training evenings, courses and one-off events were held during the year. These included a Christianity Explored course, a film club, a wine tasting event, a series of three evenings reflecting on ‘Purposeful Sexuality’, and three evenings under the title ‘Pint and a Ponder’ considering freedom, connection and happiness. As the year ended, various events were getting underway in connection with a national churches’ initiative called ‘Passion for Life’, including a bike clinic, a dramatisation of the gospel of Mark, a sports quiz and an art and crafts evening. One member of staff continued a part-time role with ‘Living Out’, a charity set up to encourage evangelical congregations to welcome and accept same-sex attracted people and help churches to provide pastoral support and advice in relation to biblical teachings on sexuality. In December 2021, the charity acquired the Church of the Good Shepherd, including its adjoining community hall, from the Parish of Bishopston and St Andrews. 2 Emmanuel Bristol Company Limited by Guarantee TRUSTEES’ ANNUAL REPORT (continued) For the year ended 31 March 2022 ## ACHIEVEMENTS AND PERFORMANCE (continued) In January 2022, our senior pastor Mike Cain was diagnosed with a serious illness and went on long-term sick leave for treatment which continues at the time of writing. Mike’s work responsibilities were transferred to other existing members of staff, and Emmanuel Westbury has since appointed additional elders to help oversee the church during this period. A major review of our organisational and administrative structures was undertaken by UCAN (UK Church Administrator Network) during the year to help us understand our organisational needs and to plan for future growth. In response to local community needs, Mums & Toddlers groups resumed weekly during school term-time at the Northcote Scout Hall on Great Brockeridge and at Horfield Baptist Church. A Blokes & Toddlers Group met periodically at the Northcote Scout Hall. An English Conversation Café continued to meet at the Emmanuel Meeting House on Tuesday evenings, for informal English practice, tea, cake, conversation and games. Emmanuel City Centre resumed its weekly Community Meal for members and their guests. The Emmanuel Meeting House continued to provide a free venue for a weekly outreach programme run by Bristol Drugs Project and Homeless Health Services which enables people in need to contact drugs outreach workers and access medical services. In previous years, the Emmanuel Meeting House has been one of the venues for the Bristol Churches Winter Night Shelter (‘BCWNS’) organised with St Mungo’s. This year, as in 2020-21, the shelter operated from bed and breakfast accommodation elsewhere in the city. Members of the churches were among the volunteers who welcomed and cared for the guests. Members of the churches continued 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. Links have been maintained with mission partners in the United Kingdom and overseas, and grants (as detailed in note 9) 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. ## FINANCIAL REVIEW The charity’s income and expenditure is set out in the Statement of Financial Activities on page 10 and the related notes on pages 16-20. Total income of £1,303,546 (2021: £851,463) this year included donations of £569,731 (2021: £147,254) in connection with the purchase of the Church of the Good Shepherd in December 2021. 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. The charity’s financial position is set out in the Balance Sheet on page 11 and the related notes on pages 21-27. The charity ended the year with net assets of £3,166,639 (2021: £2,545,113), principally reflecting the three freehold properties. Current assets including cash of £586,947 (2021: £802,440) include amounts held in restricted and designated funds to meet the costs of the planned refurbishment and redevelopment of The Emmanuel Meeting House and the Church of the Good Shepherd. 3 Emmanuel Bristol Company Limited by Guarantee TRUSTEES’ ANNUAL REPORT (continued) For the year ended 31 March 2022 ## 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 2022 this was approximately £170,500 (2021: £143,200). At 31 March 2022 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 £294,657 (2021: £341,923). In the coming year, the trustees will seek to maintain free reserves at a level around or above the target figure and, when possible, to designate funds towards specific purposes including developing the properties to further the charity’s objectives and maximise public benefit. ## GOING CONCERN Income to meet current and future expenditure is provided by ongoing voluntary donations from members of the congregation. Economic uncertainties during the coronavirus pandemic and recent cost of living pressures relating particularly to the war in Ukraine potentially affect people’s ability to give. To the date of approval of these financial statements, the impact 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 2022 ## 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 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 8. 5 Emmanuel Bristol Company Limited by Guarantee TRUSTEES’ ANNUAL REPORT (continued) For the year ended 31 March 2022 ## STATEMENT OF TRUSTEES’ RESPONSIBILITIES The trustees (who are also directors of Emmanuel Bristol for the purpose of company law) are responsible for preparing the Trustees’ Report (incorporating the strategic report and directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 charitable company and of the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company 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 charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In accordance with company law, as the company’s directors, we certify that: - so far as we are aware, there is no relevant information of which the charitable company’s auditor is unaware; and - as the directors of the charitable company we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information. ## AUDITOR Burton Sweet Limited has indicated its willingness to continue as auditor next year. SMALL COMPANY PROVISIONS This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. On behalf of the board ............................................................. ............................................................. D A W Barton T M Colyer Trustee Trustee Date: ......................................... 2022 30 November 6 Emmanuel Bristol Company Limited by Guarantee INDEPENDENT AUDITOR’S REPORT For the year ended 31 March 2022 ## **Opinion** We have audited the financial statements of Emmanuel Bristol (the ‘Charity’) for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the Charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state in them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed. In our opinion, the financial statements: - give a true and fair view of the state of the Charity’s affairs as at 31 March 2022 and of its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted out audit in accordance with international Standards in Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and out auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If based, on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report the fact. We have nothing to report in this regard. 7 Emmanuel Bristol Company Limited by Guarantee INDEPENDENT AUDITOR’S REPORT (continued) For the year ended 31 March 2022 ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the trustees’ report (incorporating the strategic report and the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the trustees’ report (incorporating the strategic report and the directors’ report) have been prepared in accordance with applicable law requirements. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - sufficient accounting records have not been kept; - the financial statements are not in agreement with the accounting records and returns; - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not obtained all the information and explanations necessary for the purposes of our audit. ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the charity through discussions with directors and other management, and from our knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements of the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance through the audit. 8 Emmanuel Bristol Company Limited by Guarantee INDEPENDENT AUDITOR’S REPORT (continued) For the year ended 31 March 2022 We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and - understanding the design of the charity’s remuneration policies. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/apb/scope/private.cfm This description forms part of our auditor’s report. Joshua Kingston ACA (Senior Statutory Auditor) For and on behalf of Burton Sweet Limited Statutory Auditor The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR Date: ......................................... 2022 30 November 9 ## Emmanuel Bristol ## Company Limited by Guarantee STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) For the year ended 31 March 2022 |||2022|2022|2022|2021|2021|2021| |---|---|---|---|---|---|---|---| |||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total| |||Funds|Funds|Funds|Funds|Funds|Funds| ||Note|£|£|£|£|£|£| |INCOME|||||||| |Donations and grants|2|710,798|569,731|1,280,529|699,575|147,485|847,060| |Charitable activities|3|22,913|–|22,913|4,206|–|4,206| |Investments|4|104|–|104
|197|–|197| |||733,815|569,731|1,303,546
|703,978|147,485|851,463| |EXPENDITURE|||||||| |Charitable activities|5|(668,690)|(13,330)|(682,020)
|(549,492)|(23,200)|(572,692)| |NET INCOME|10|65,125|556,401|621,526|154,486|124,285|278,771| |TRANSFERS BETWEEN FUNDS|15, 16|600,000|(600,000)|–|9,406|(9,406)|–| |OTHER RECOGNISED GAINS AND LOSSES|||||||| |Actuarial losses on defined benefit pension schemes|22|–|–|–
|(1,000)|–|(1,000)| |NET MOVEMENT IN FUNDS||665,125|(43,599)|621,526|162,892|114,879|277,771| |RECONCILIATION OF FUNDS|||||||| |Total funds brought forward|15, 16|2,018,790|526,323|2,545,113
|1,855,898|411,444|2,267,342| |TOTAL FUNDS CARRIED FORWARD|15, 16|2,683,915|482,724|3,166,639|2,018,790|526,323|2,545,113| All of the above amounts relate to continuing activities. The notes on pages 13-27 form part of these financial statements. 10 Emmanuel Bristol Company Limited by Guarantee BALANCE SHEET As at 31 March 2022 Company number: 07421296 |||2022|2021| |---|---|---|---| ||Note|£|£| |FIXED ASSETS|||| |Tangible assets|11|2,577,147|1,957,412| |CURRENT ASSETS|||| |Debtors|12|446,070|235,919| |Cash at bank||586,947|802,440
| |||1,033,017|1,038,359| |CREDITORS|||| |Amounts falling due within one year|13|(114,435)|(92,910)
| |NET CURRENT ASSETS||918,582|945,449
| |TOTAL ASSETS LESS CURRENT LIABILITIES||3,495,729|2,902,861| |CREDITORS|||| |Amounts falling due after more than one year|14|(327,090)|(353,748)| |PROVISIONS FOR LIABILITIES|||| |Pension scheme|22|(2,000)|(4,000)
| |NET ASSETS||3,166,639|2,545,113
| |FUNDS|||| |Unrestricted income funds|17|2,683,915|2,018,790| |Restricted income funds|17|482,724|526,323
| |TOTAL FUNDS||3,166,639|2,545,113| The notes on pages 13-27 form part of these financial statements. The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 30 November These financial statements were approved by the trustees on .................................................... 2022 and are signed on their behalf by: ............................................................. ............................................................. D A W Barton T M Colyer Trustee Trustee 11 ## Emmanuel Bristol Company Limited by Guarantee STATEMENT OF CASH FLOWS For the year ended 31 March 2022 |Note
CASH GENERATED FROM OPERATING ACTIVITIES
20
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets
Interest income
CASH USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of borrowings
Interest paid
CASH USED IN FINANCING ACTIVITIES
(DECREASE)/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|2022
£
446,721
(623,603)
104
(623,499)
(29,629)
(9,086)
(38,715)
(215,493)
802,440
586,947|2021
£
282,060
(5,740)
197

(5,543)

(29,156)
(9,509)

(38,665)

237,852
564,588

802,440| |---|---|---| The notes on pages 13-27 form part of these financial statements. 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. 12 Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 ## 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. Income to meet current and future expenditure is provided by ongoing voluntary donations from members of the congregation. Economic uncertainties during the coronavirus pandemic and recent cost of living pressures relating particularly to the war in Ukraine potentially affect people’s ability to give. To the date of approval of these financial statements, the impact 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 two 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 Special Welfare Fund relates to funds received to meet practical needs. The charity has two further restricted funds but these were not active during the year. The Ministry Growth Fund reflects grants received towards specific ministries such as work with undergraduate students. The Partner Organisation Fund relates to funds received to support external projects carried out by other organisations. 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 15 and 23). 13 Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2022 ## 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 assets and a regular programme of repairs and renewals which maintains their value in use. 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. 14 Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2022 ## 1 ACCOUNTING POLICIES (continued) ## 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. ## 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 14) 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 22. 15 Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2022 ## 2 INCOME FROM DONATIONS AND GRANTS |2|INCOME FROM DONATIONS AND GRANTS|||| |---|---|---|---|---| |||Unrestricted|Restricted|Total| |||Funds|Funds|Funds| |||£|£|£| ||Year ended 31 March 2022:|||| ||General donations|710,798|–|710,798| ||Building fund donations|–|569,731|569,731| ||Grants|–
|–|–
| |||710,798
|569,731|1,280,529
| ||Year ended 31 March 2021:|||| ||General donations|694,075|231|694,306| ||Building fund donations|–|147,254|147,254| ||Grants|5,500
|–|5,500
| |||699,575
|147,485|847,060
| |3|INCOME FROM CHARITABLE ACTIVITIES|||| |||Unrestricted|Restricted|Total| |||Funds|Funds|Funds| |||£|£|£| ||Year ended 31 March 2022:|||| ||Weekends away, training days and courses|10,104|–|10,104| ||Community-based activities|11,334|–|11,334| ||Resources and refreshments|1,199|–|1,199| ||Other income|276
|–|276
| |||22,913
|–|22,913
| ||Year ended 31 March 2021:|||| ||Weekends away, training days and courses|–|–|–| ||Community-based activities|3,754|–|3,754| ||Resources and refreshments|424|–|424| ||Other income|28
|–|28
| |||4,206
|–|4,206
| |4|INCOME FROM INVESTMENTS|||| |||Unrestricted|Restricted|Total| |||Funds|Funds|Funds| |||£|£|£| ||Year ended 31 March 2022:|||| ||Bank interest receivable|104
|–|104
| |||104
|–|104
| ||Year ended 31 March 2021:|||| ||Bank interest receivable|197
|–|197
| |||197
|–|197
| 16 Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2022 ## 5 EXPENDITURE ON CHARITABLE ACTIVITIES (ANALYSED BY ACTIVITY) |Direct
costs
(note 6)
Support
costs
(note 7)
Grants
payable
(note 9)
£
£
£
Year ended 31 March 2022:
Ministry
417,526
140,201
–
Grants payable
–
–
124,293

417,526
140,201
124,293

Direct
costs
(note 6)
Support
costs
(note 7)
Grants
payable
(note 9)
£
£
£
Year ended 31 March 2021:
Ministry
342,258
114,115
–
Grants payable
–
–
116,319

342,258
114,115
116,319

6
MINISTRY DIRECT COSTS
Unrestricted
Funds
Restricted
Funds
£
£
Year ended 31 March 2022:
Staff costs (see note 8)
291,731
–
Sunday services expenses
28,061
–
Weekends away, training days and courses
9,341
–
Community-based activities
9,936
–
Premises costs
36,689
9,464
Mortgage interest payable
9,086
–
Unwind interest-free loan discount (see note 14)
–
3,786
Other ministry expenses
19,352
80

404,196
13,330

Year ended 31 March 2021:
Staff costs (see note 8)
263,199
–
Sunday services expenses
12,300
–
Weekends away, training days and courses
–
–
Community-based activities
4,138
–
Premises costs
18,531
17,585
Mortgage interest payable
9,509
–
Unwind interest-free loan discount (see note 14)
–
4,229
Other ministry expenses
11,381
1,386

319,058
23,200
|Total
£
557,727
124,293

682,020

Total
£
456,373
116,319

572,692

Total
Funds
£
291,731
28,061
9,341
9,936
46,153
9,086
3,786
19,432

417,526

263,199
12,300
–
4,138
36,116
9,509
4,229
12,767

342,258
| |---|---| 17 Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2022 ## 6 MINISTRY DIRECT COSTS (continued) Community-based activities include parent and toddler groups, community meals, and English conversation café and a film club. Premises costs comprise rent of venues for services and other meetings and staff housing costs including council tax, utilities and repairs and maintenance. Other 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. ## 7 MINISTRY SUPPORT COSTS |Unrestricted
Funds
Restricted
Funds
£
£
Year ended 31 March 2022:
Staff costs (see note 8)
100,188
–
Office supplies and equipment
7,900
–
Depreciation
3,868
–
Legal, professional, insurance, bank charges
18,645
–
Governance costs
9,600
–

140,201
–

Unrestricted
Funds
Restricted
Funds
£
£
Year ended 31 March 2021:
Staff costs (see note 8)
85,044
–
Office supplies and equipment
7,256
–
Depreciation
3,047
–
Legal, professional, insurance, bank charges
17,628
–
Governance costs
1,140
–

114,115
–
|Total
Funds
£
100,188
7,900
3,868
18,645
9,600

140,201

Total
Funds
£
85,044
7,256
3,047
17,628
1,140

114,115
| |---|---| Governance costs comprise audit fees (2021: independent examination fees). 18 Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2022 8 STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL |Notes
Wages and salaries
Social security costs
Pension costs
Defined benefit pension adjustment
22|2022
£
329,893
26,999
37,027
(2,000)
391,919|2021
£
296,281
21,743
33,219
(3,000)

348,243| |---|---|---| Total staff costs shown above comprised direct staff costs of £291,731 (2021: £263,199) and support staff costs of £100,188 (2021: £85,044). The charity had nine (2021: six) full-time and seven (2021: ten) part-time employees analysed as follows: |Senior and associate pastors
Ministry assistants
Administrators|2022
Number
9
3
4
16|2021
Number
8
4
4

16| |---|---|---| 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 (2021: 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|2022
£
113,571
11,706
18,655
143,932|2021
£
105,571
10,932
17,657

134,160| |---|---|---| 19 Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2022 ## 9 GRANTS |United Kingdom:
- Organisations (see analysis below)
- Individuals
Overseas:
- Organisations (see analysis below)
- Individuals|2022
£
75,769
4,719
43,700
105
124,293|2021
£
91,422
726
22,150
2,021

116,319| |---|---|---| 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
Church of England Evangelical Council
Other (individually immaterial)
Grants to overseas organisations included the following:
Crosslinks
Good Shepherd Anglican Church, New York, USA
UFM Worldwide
TeachBeyond
Wycliffe Bible Translators
Fingerprints in Uganda
Other (individually immaterial)
10
NET INCOME FOR THE YEAR
Net income for the year is stated after charging:
Depreciation
Operating lease costs: land and buildings|2022
£
59,250
5,550
3,500
3,000
2,500
–
–
–
1,000
969
75,769
2022
£
12,700
11,500
7,500
7,500
–
4,500
–
43,700
2022
£
3,868
20,705|2021
£
60,000
5,000
3,500
3,000
2,298
2,000
2,000
2,000
–
11,624

91,422

2021
£
10,200
–
5,500
–
6,000
–
450

22,150

2021
£
3,047
7,920| |---|---|---| 20 Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2022 ## 11 TANGIBLE FIXED ASSETS |||Fixtures,|| |---|---|---|---| ||Freehold|fittings and|| ||property|equipment|Total| ||£|£|£| |Cost|||| |At 1 April 2021|1,945,000|28,301|1,973,301| |Additions|600,000
|23,603|623,603
| |At 31 March 2022|2,545,000
|51,904|2,596,904
| |Depreciation|||| |At 1 April 2021|–|15,889|15,889| |Charge for the year|–
|3,868|3,868
| |At 31 March 2022|–
|19,757|19,757
| |Net book value|||| |At 31 March 2022|2,545,000
|32,147|2,577,147
| |At 31 March 2021|1,945,000
|12,412|1,957,412
| 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 assets and a regular programme of repairs and renewals which maintains their value in use. In the opinion of the trustees, the market value of freehold property at the year end is not less than its carrying value. ## 12 DEBTORS |Income tax recoverable
Other debtors
Prepayments and accrued income|2022
£
430,514
4,159
11,397
446,070|2021
£
231,564
–
4,355

235,919| |---|---|---| Income tax recoverable reflects amounts receivable on donations made under Gift Aid. 21 Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2022 13 CREDITORS: Amounts falling due within one year |Bank loan
Other loans
Taxation and social security
Other creditors
Accrued costs
Deferred income
CREDITORS: Amounts falling due after more than one year
Bank loan
Other loans|2022
£
13,319
57,438
8,893
13,609
12,957
8,219
114,435
2022
£
239,266
87,824
327,090|2021
£
12,862
57,080
7,814
9,068
5,590
496

92,910

2021
£
252,585
101,163

353,748| |---|---|---| 14 CREDITORS: Amounts falling due after more than one year 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 £181,078 (2021: £196,396). Other loans due within one year and after more than one year comprise £43,000 (2021: £43,000) relating to the purchase of the senior pastor’s residence and £102,262 (2021: £115,243) 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 6). The amount due after more than five years is £29,554 (2021: £44,894). 22 Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2022 ## 15 UNRESTRICTED INCOME FUNDS |Balance at
1 April
2021
Income
and gains
Expenditure
and losses
£
£
£
General
1,875,645
733,815
(578,003)
Designated
143,145
–
(90,687)

2,018,790
733,815
(668,690)

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)|Transfers
Balance at
31 March
2022
£
£
442,500
2,473,957
157,500
209,958

600,000
2,683,915

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

9,406
2,018,790| |---|---| Designated funds are analysed further in note 23. Expenditure and losses includes £nil (2021: £1,000) relating to actuarial losses on the pension scheme (see note 22). ## 16 RESTRICTED INCOME FUNDS |Balance at
1 April
2021
£
Property
525,407
Special Welfare
916
526,323
Balance at
1 April
2020
£
Property
409,373
Special Welfare
2,071
411,444|Income
Expenditure
£
£
569,731
(13,250)
–
(80)

569,731
(13,330)

Income
Expenditure
£
£
147,254
(21,814)
231
(1,386)

147,485
(23,200)|Transfers
Balance at
31 March
2022
£
£
(600,000)
481,888
–
836

(600,000)
482,724

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

(9,406)
526,323| |---|---|---| Descriptions of each restricted fund are given in note 1. In the current year, property fund income includes amounts donated to the charity to enable it to purchase and renew the Church of the Good Shepherd. The income was therefore classified in restricted funds. The purchase of the property was completed during the year and consequently this restriction was discharged and a transfer was made to general funds. In the comparative period, the transfer of £9,406 from restricted to unrestricted funds reflected property development expenditure that was allocated to unrestricted funds in the year ended 31 March 2020 but should have been allocated to restricted funds. 23 Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2022 ## 17 ANALYSIS OF NET ASSETS BETWEEN FUNDS ||Tangible|Other|Fixed asset|Fixed asset|| |---|---|---|---|---|---| ||fixed assets|net assets||loans|Total| ||£|£||£|£| |At 31 March 2022|||||| |Restricted Income Funds:|||||| |Property|–|481,888||–|481,888| |Special Welfare|–|836
||–|836
| ||–|482,724
||–|482,724
| |Unrestricted Income Funds:|||||| |General|2,577,147|294,657|(397,847)||2,473,957| |Designated|–|209,958
||–|209,958
| ||2,577,147|504,615
|(397,847)||2,683,915
| |Total Funds|2,577,147|987,339
|(397,847)||3,166,639
| ||Tangible|Other|Fixed asset||| ||fixed assets|net assets||loans|Total| ||£|£||£|£| |At 31 March 2021|||||| |Restricted Income Funds:|||||| |Property|–|525,407||–|525,407| |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| ## 18 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. 24 Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2022 ## 19 RELATED PARTY TRANSACTIONS ## Trustees’ giving During the year, the trustees in aggregate made donations of £46,725 (2021: £26,160) 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 and other payments During the year, one trustee received travel expenses of £34 to reimburse the costs of attending a trustees’ meeting (2021: No trustees received any such expenses during the year). Also during the year, one trustee received travel expenses of £14 and a discretionary gift of £50 for speaking at a Sunday meeting. The gift reflected the church’s regular practice on such occasions, and the amount was consistent with gifts to other external speakers during the year. 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. ## 20 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
Increase/(decrease) in creditors
Decrease in defined benefit pension liability
Cash generated from operating activities|2022
£
621,526
9,086
3,786
(104)
3,868
(210,151)
20,710
(2,000)
446,721|2021
£
277,771
9,509
4,229
(197)
3,047
(1,870)
(8,429)
(2,000)

282,060| |---|---|---| ## 21 CONTINGENT LIABILITIES During the year, the charity entered an arrangement under which it became a guarantor for a 12-month lease in relation to an urgent and critical pastoral need. The guarantee will lapse when the lease expires in November 2022. At the year end, the estimated contingent liability was £9,100 (2021: £nil). 25 Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2022 ## 22 PENSION COSTS The charity contributes to defined contribution pension schemes on behalf of 15 (2021: 15) 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 27 as being recognised in the Statement of Financial Activities, giving a total charge of £35,027 for 2022 (2021: £30,219). 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 2019, 31 December 2020 and 31 December 2021 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. 26 Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2022 ## 22 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
Remaining change to the balance sheet liability*
Balance sheet liability at end of year|2022
£
4,000
(2,000)
–
2,000|2021
£
6,000
(3,000)
1,000

4,000| |---|---|---| 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. In general, these are set by reference to the duration of the deficit recovery payments, but as at 31 December 2021, under accounting rules, the payments are not discounted since the remaining recovery plan is less than 12 months. No price inflation assumption is needed since pensionable stipends for the remainder of the recovery plan are already known. ||December|December|December| |---|---|---|---| ||2021|2020|2019| |Discount rate|0.0% pa|0.2% pa|1.1% pa| |Price inflation|n/a|3.1% pa|2.8% pa| |Increase to total pensionable payroll|-1.5% pa
|1.6% pa|1.3% 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. ## 23 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 Church of the Good Shepherd
Renewal of the Emmanuel Meeting House
Practical care
Ministry training
Mission partner support|2022
£
64,724
7,540
56,759
12,000
213
68,722
209,958|2021
£
23,267
–
58,780
1,500
3,200
56,398

143,145| |---|---|---| 27