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2024-03-31-accounts

Emmanuel Bristol

Company Limited by Guarantee

FINANCIAL STATEMENTS

for the year ended

31 March 2024

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 2024

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

N Brand E S Daniels (appointed 27 September 2024) H J Evans (appointed 23 September 2024) A Kirk (appointed 13 September 2024) P Mallard C J Moll P W Stacey R Taylor (appointed 14 October 2024)

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 2024

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 2024.

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:

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

Weekly services

Emmanuel Bristol (‘the charity’) has church congregations at three sites in Bristol: Emmanuel Westbury continued to meet on Sunday afternoons in the Redland Hall at Redmaids’ High School; Emmanuel Bishopston met on Sunday mornings at the Church of the Good Shepherd, Bishopston; Emmanuel City Centre met on Sunday afternoons at The Emmanuel Meeting House, Lewins Mead. Sunday meetings included groups for children and young people. Each congregation continued to livestream its services for the benefit of the general public and for members unable to join in-person gatherings.

Other events

Emmanuel City Centre and Emmanuel Bishopston enjoyed weekends away in April 2023. Students and 20s-30s at Emmanuel City Centre and Emmanuel Westbury enjoyed several reading weeks and getaways. Other regular events included women’s breakfasts and midweek community meals. A varied programme of summer socials this year included garden games, a watercolour evening, picnics, simple sausage suppers, walks, BBQs, body boarding, blackberry picking, skittles and board games. Christmas socials included festive wreath making and gin tasting.

Training

Several ministry training evenings, short courses, book clubs and discussion groups were run, including ‘Equip’, ‘Destiny Discussion Group’ and ‘Word Work’. Visiting speakers led sessions on “What does it mean to be a man or a woman?” and “Raising kids for Christ in a confusing world”. Emmanuel City Centre ran twice-termly meals and talks on topics such as singleness, marriage and technology. In October 2023, Mike Cain led three sessions setting out a renewed vision for Emmanuel Bristol.

Community involvement

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. Members of the church continued to be involved with other social welfare projects including the Bristol Churches Shelter, prison visiting and the mentoring of ex-offenders (with MentorMe), supporting workers in the sex industry (with One25), and promoting social justice (with Just Love).

Members of the church are also involved with several community initiatives listed on the Emmanuel Bristol website: providing fostering and respite care (with Home for Good), playing music at Southmead Hospital, providing hospitality (with Refugee Welcome Homes), serving as school governors, helping at a women’s night shelter (with Spring of Hope), and volunteering with inHope, Shelter and Oxfam. The church also runs several parent and toddler groups, and an English Conversation Café at The Emmanuel Meeting House for people wanting to practise their English. Emmanuel Bishopston ran a children’s holiday club in April 2023.

2

Emmanuel Bristol Company Limited by Guarantee TRUSTEES’ ANNUAL REPORT (continued) For the year ended 31 March 2024

Ministry beyond Bristol

Links have been maintained with mission partners in the United Kingdom and overseas, and grants were made to support their work, meet development needs and relieve poverty. Other members of the church travelled to Greece and South Asia to participate in and investigate opportunities to partner with existing in-country initiatives. Regular ‘Vision for Global Mission’ meetings were held for members of the church family interested in serving Christ overseas. In September 2023, a long-standing assistant pastor of Emmanuel Westbury moved to Greece to work with a church.

Staffing changes

In September 2023, several staff appointments were made to serve the needs of our three growing congregations which include many children, young people and students. Our part-time children’s and intergenerational worker increased her hours to four days a week. Emmanuel Westbury appointed a new full-time assistant pastor and a new part-time female pastoral worker. Emmanuel City Centre appointed a new full-time student worker. Overall staff numbers were 18 (2023: 19).

In previous annual reports, we noted that in January 2022 our senior pastor Mike Cain had gone on longterm sick leave with a serious illness and that his responsibilities had been transferred to other members of staff. During this period, Emmanuel Westbury was led by its assistant pastor, Ian Taylor. Mike has since begun to recover and has resumed a wide range of speaking, pastoral and leadership responsibilities. In the summer of 2023 Ian was appointed as pastor of Emmanuel Westbury on a permanent basis, and Mike stepped back from Emmanuel Westbury and took on a new role across all three congregations. As well as preaching and teaching, Mike is focusing on refreshing our vision, renewing our structures, and taking the lead in exploring opportunities for planting new churches in the city of Bristol and surrounding areas.

Freehold property improvements

The church undertook major development works on two of its freehold properties during the year. A commercial-grade kitchen was installed at The Emmanuel Meeting House. The Church of the Good Shepherd was re-roofed, fire and intruder alarm systems were installed, and the toilets, quiet room and some of the outside space were redeveloped.

PLANS FOR FUTURE PERIODS

During the year, the leadership, in consultation with members of the churches, renewed the vision of the churches to be: “Together we want to be healthy churches that display and proclaim God’s love to the people of Bristol and beyond.” 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 was £1,145,521 (2023: £1,051,513). 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 21-28. The charity ended the year with net assets of £3,409,177 (2023: £3,372,361), principally reflecting the three freehold properties. Current assets including cash of £408,766 (2023: £596,791) include amounts held in restricted and designated funds to meet the costs of refurbishing and redeveloping The Emmanuel Meeting House and the Church of the Good Shepherd.

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.

3

Emmanuel Bristol Company Limited by Guarantee TRUSTEES’ ANNUAL REPORT (continued) For the year ended 31 March 2024

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 2024 this was approximately £277,200 (2023: £211,450).

At 31 March 2024 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 £511,941 (2023: £377,875).

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, including those caused by recent cost of living pressures, a change in government, and conflicts in Ukraine and the Middle East, have the potential to affect donors’ ability to give. The trustees continue to monitor these uncertainties, but to the date of approving these financial statements have discerned no significant impact on the charity’s income.

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 risks facing the charity relate to finances, key management and safeguarding. The nature of these risks and steps taken by the trustees to mitigate them are set out below.

Finance risk is the risk that donations do 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.

Key management risk is the risk that the charity loses the services of senior pastoral or support staff through accident or long-term illness. The risk is mitigated by the employment of a staff team which comprises nine (2023: eleven) full-time and nine (2023: eight) part-time employees. The staff and members of the church have a diverse range of skills and can step in to cover absences when required.

Safeguarding risk is the risk that the charity fails to protect children, young people and adults at risk. All staff and volunteers working with these groups are subject to DBS (Disclosure and Barring Service) checks. Church members are reminded regularly that safeguarding is everyone’s responsibility. Each church has appointed safeguarding officers to whom any concerns can be reported. The charity employs a parttime safeguarding administrator. Safeguarding in all three churches is overseen by a full-time pastoral worker who is an experienced social worker.

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.

4

Emmanuel Bristol Company Limited by Guarantee TRUSTEES’ ANNUAL REPORT (continued) For the year ended 31 March 2024

During the year, the charity was overseen by a board of trustees comprising three types of trustee: (1) representatives of the steering team (as explained below), who were unanimously appointed by the steering team; (2) representatives of the wider church congregations, who were appointed by the steering team in consultation with their leadership team; and (3) external trustees representative of the wider Christian community, which had to include (a) someone with experience of a full-time pastorteacher role within a church, appointed by unanimous agreement of the steering team members not employed by the charity; and (b) someone with lay leadership experience, appointed by unanimous agreement of the members of the steering team employed by the charity.

After the year end, by special resolution passed on 27 June 2024, the charitable company adopted new articles of association under which the composition of the trustee board and the methods used to recruit and appoint new charity trustees changed. There are now three types of trustee, as set out below. Trustees cannot be elders, or on the leadership team, or currently employed by the charity, nor can they have served as an elder or been employed by the charity in the 12 months prior to their appointment.

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, the senior pastor and each church’s main pastor. The trustees receive no remuneration from the charity. The trustees set the remuneration of the director of operations, the senior pastor 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.

Trustees and secretary

The trustees who have served the company during the year and since the year end to the date of approval of these financial statements, except where indicated below, were:

D A W Barton (resigned 8 September 2024) N Brand E J Butler (resigned 8 September 2024) E S Daniels (appointed 27 September 2024) H J Evans (appointed 23 September 2024) A Kirk (appointed 13 September 2024) T M Colyer (resigned 8 September 2024) P Mallard C J Moll P W Stacey R Taylor (appointed 14 October 2024)

The secretary throughout the year and continuing at the date of approval of these financial statements was S G Russell.

5

Emmanuel Bristol Company Limited by Guarantee TRUSTEES, ANNUAL REPORT Icontinuedl For Ihe year ended 31 Morch 2024 REFERENCE AND ADMINISTRATIVE DETAILS Reference and adminislrative details ore shown in the schedule ol members of Ihe boord and professional odvisers on page l of the financial statements. AUDITOR 8urton Sweel Limited has indicated its willingness to continue as auditor next year. STATEMENT OF TRUSTEES, RESPONSIBILITIES The truslees (who ore also directors ol Emmanuel Bristol for the purpose ol company lowl are responsible for preparing Ihe Trustees, Report lincorporaling the strategic report and directors, reporll ond the financial slatemenls in accordance with applicable low and United Kingdom Accounting Standords, including Finoncial Reporting Stondard 102.. The Financial Reporting Standard applicable in the UK ond Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Company low requires the trustees to prepare financial slolements lor each financial year which give a Irue ond fair view ol Ihe state ol alloirs ol Ihe chariloble company ond of the income ond expenditure ol Ihe charitable company lor thol period. In preporing these financiol statements. the trustees are required lo.. select suitable accounting policies and then apply Ihem consistently,. observe the methods and principles in the Charities SORP.. make judgements and e5timales thal are reosonable ond prudent,. state whether applicable UK Accounting Standards have been followed, subject lo any maleriol departures disclosed and explained in the financial statements., and prepare the financial slolemenls on the going concern basis unless it is inappropriate to presume that Ihe charitable compony will continue in operation. The trustees are responsible lor keeping adequate accounting records that disclose with reasonable occuracy al any lime the financial position ol the charitable compony ond enable them to ensure that the linanciol stalemenls comply with the Componies Acl 2006. They ore also responsible lor soleguarding the assets of the charitoble compony and hence lor taking reasonoble steps for Ihe prevention and delection ol fraud and other irregularilie5. In accordance wilh company low, os the company's directors. we cerlily thol.. so lar os we are aware, Ihere is no relevant informotion ol which the charitable company's ouditor is unawore,. and os the directors ol the charitable company we have token oll the steps that we ought to hove taken in order lo make ourselves awore ol ony relevant audit information and to establish IhaTr the choritoble company's auditor is awore ol that inlormolion. SMALL COMPANY PROVISIONS This report hos been prepared in occordance with the provisions applicable to companies enlilled lo the small componies exemplion. On behalf ol the board p w stacey Trustee Oole.. . 2024

Emmanuel Bristol Company Limited by Guarantee INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF EMMANUEL BRISTOL For the year ended 31 March 2024

Opinion

We have audited the financial statements of Emmanuel Bristol (the ‘Charity’) for the year ended 31 March 2024 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).

In our opinion, the financial statements:

Basis for opinion

We conducted our 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 our 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 2024

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report (incorporating the strategic report and the directors’ report).

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:

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:

8

Emmanuel Bristol Company Limited by Guarantee INDEPENDENT AUDITOR'S REPORT Icontinuedl For the yeor ended 31 March 2024 Our audit procedure5 in relation to fraud included but were nol limited lo.. making enquiries of Ihose charged with governance and other management as lo where they considered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud,. discussing amongst Ihe engogement leam the risks of froud.. gaining an understonding ol the inlernal controls in place lo mitigole risks of fraud ond non- compliance with laws and regulolions,. testing journal entries to identify unusual transactions., assessing whether judgements and assumptions made in determining the occounting estimoles set out in the accounting policies were indicative ol polential bias,. and investigating the ralionale behind significanl or unusual transoclions. There are inherent limitations in our oudil procedures described obove. The more removed thol laws and regulolion5 are from financial transaclion5. the less likely it 15 Ihot we would become aware of non- compliance. Auditing stondards also limit the audit procedures required lo identify non-compliance with lows ond regulations to enquiry of the directors and olher management ond the inspection of regulatory and legol correspondence, il any. Materiol misstatements Ihat arise due to fraud can be harder lo detect Ihan those that orise from error os they may involve deliberote concealmenl or collusion. A further description of our responsibilities for the audil of the linanciol statements is located on the Financial Reporting Council's website at wvM.frc.or audilors audit-assurance-elhics auditors- res onsibilities-lor-the-audit This description forms port of our ouditor's report. Use of our report This report is made solely to the Charity's members, as a body. in accordonce with Chopter 3 of Part 16 ol the Companies Act 2006. Our audit work has been underlaken so that we might 51ate lo the Charity's members those molters we are required to state in them in an auditor's reporl and lor no other purpose. To the fullest exlenl permitted by low, we do not accept or assume responsibility to onyone other than Ihe Charity's members as o body, lor our audit work, lor this reporl, or lor the opinions we have formed. Joshu ngslon ACA (Senlor Stolutory Audltor) For on on behalf ol Burton Sweet Limited Slotutory Auditor The Clock Tower 5 Forleigh Court Old Weston Road Flax Bourton Bristol BS48 1 UR Dote.. 2024

Emmanuel Bristol

Company Limited by Guarantee

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) For the year ended 31 March 2024

2024 2024 2024 2023 2023 2023
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
Note £ £ £ £ £ £
INCOME
Donations and grants 2 938,017 149,106 1,087,123 900,213 74,539 974,752
Charitable activities 3 48,920 – 48,920 73,150 – 73,150
Investments 4 9,478
 –
 9,478
 3,611
 –
 3,611
996,415
 149,106
 1,145,521
 976,974
 74,539
 1,051,513
EXPENDITURE
Charitable activities 5 (863,279)
 (245,426)
 (1,108,705)
 (843,049)
 (3,742)
 (846,791)
NET INCOME/(EXPENDITURE) 10 133,136 (96,320) 36,816 133,925 70,797 204,722
TRANSFERS BETWEEN FUNDS 15, 16 232,973 (232,973) – 116,221 (116,221) –
OTHER RECOGNISED GAINS AND LOSSES
Actuarial gains on defined benefit pension schemes 20 –
 –
 –
 1,000
 –
 1,000
NET MOVEMENT IN FUNDS 366,109 (329,293) 36,816 251,146 (45,424) 205,722
RECONCILIATION OF FUNDS
Total funds brought forward 15, 16 2,935,061
 437,300
 3,372,361
 2,683,915
 482,724
 3,166,639
TOTAL FUNDS CARRIED FORWARD 15, 16 3,301,170
 108,007
 3,409,177
 2,935,061
 437,300
 3,372,361

All of the above amounts relate to continuing activities. The notes on pages 13-28 form part of these financial statements.

10

Emmanuel Bristol Company Limited by Guarantee BALANCE SHEET As ol 31 March 2024 Company number: 07421296 2024 2023 Note FIXED ASSETS Tangible ossels 2.850.732 2.684,665 CURRENT ASSETS Debtors Cosh at bank 542,574 408,766 480,600 596,791 951.340 1,077,391 CREDITORS Amounts falling due within one year 1112,7751 185.2251 NET CURRENT ASSETS 838,565 992,166 TOTAL ASSETS LESS CURRENT LIABILITIES 3,689,297 3.676,831 CREDITORS Amounts falling due after more thon one year 1280,1201 1304.4701 NET ASSETS 3,409,177 3.372,361 FUNDS Unreslricted income funds Restricted income funds 3,301.170 108.007 2,935,061 437,300 TOTAL FUNDS 3,409,177 3,372,361 The note5 on poges 13-28 form parl ol Ihese financial statemenls. The trustees acknO￿ledge their responsibilities for coirplying with Ihe requiremenls ol the Act with respect to occounling records and the preparolion ol linanciol slalemenls. These linoncial stolemenls have been prepared in occordonce with the provisions opplicable to conipanies subject lo Ihe small companieJ regime. These linonciol slalements were opproved by the Iruslees on . signed on their beholl by.. . 2024 ond are P W Slacey Trustee

Emmanuel Bristol Company Limited by Guarantee

STATEMENT OF CASH FLOWS For the year ended 31 March 2024

Note
CASH GENERATED FROM OPERATING ACTIVITIES
21
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets
Proceeds on disposal 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		 2024
£
48,090
(199,992)
–
9,478

(190,514)

(26,708)
(18,893)

(45,601)

(188,025)
596,791

408,766
 2023
£
189,474
(122,346)
230
3,611

(118,505)

(48,308)
(12,817)

(61,125)

9,844
586,947

596,791

The notes on pages 13-28 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 2024

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, including those caused by recent cost of living pressures, a change in government, and conflicts in Ukraine and the Middle East, have the potential to affect donors’ ability to give. The trustees continue to monitor the situation, but to the date of approving these financial statements have discerned no significant impact on the charity’s income.

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 2024

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.

Legacy income is recognised when the charity becomes entitled to the income, receipt is probable, and the monetary value can be measured reliably. Receipt is normally considered probable when there has been grant of probate, the executors have established that there are sufficient assets in the estate (after settling any liabilities) to pay the legacy, and any conditions attached to the legacy are either within the control of the charity or have been met.

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 the earlier of the date on which the intention to make the grant is communicated to the beneficiary and 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 generally 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:

Freehold property – not depreciated (see below) Freehold property improvements – 10 years straight line Fixtures, fittings and equipment – 4 years straight line or 10 years straight line Assets in the course of construction – not depreciated (until completed and brought into use)

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 2024

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 20.

15

Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2024

2 INCOME FROM DONATIONS AND GRANTS

2 INCOME FROM DONATIONS AND GRANTS
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Year ended 31 March 2024:
General donations 933,346 101 933,447
Building fund donations – 116,024 116,024
Grants 4,671
 32,981
 37,652
938,017
 149,106
 1,087,123
Year ended 31 March 2023:
General donations 900,213 146 900,359
Building fund donations –
 74,393
 74,393
900,213
 74,539
 974,752
3 INCOME FROM CHARITABLE ACTIVITIES
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Year ended 31 March 2024:
Weekends away, training days and courses 20,854 – 20,854
Community-based activities 26,767 – 26,767
Resources and refreshments 970 – 970
Other income 329
 –
 329
48,920
 –
 48,920
Year ended 31 March 2023:
Weekends away, training days and courses 38,342 – 38,342
Community-based activities 32,648 – 32,648
Resources and refreshments 1,601 – 1,601
Other income 559
 –
 559
73,150
 –
 73,150
4 INCOME FROM INVESTMENTS
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Year ended 31 March 2024:
Bank interest receivable 9,478 –
 9,478
9,478 –
 9,478
Year ended 31 March 2023:
Bank interest receivable 3,611
 –
 3,611
3,611
 –
 3,611

16

Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2024

5 EXPENDITURE ON CHARITABLE ACTIVITIES (ANALYSED BY ACTIVITY)

Direct Direct Support Grants Total
costs costs payable
(note 6) (note 7) (note 9)
£ £ £ £
Year ended 31 March 2024:
Ministry 771,972 207,833 – 979,805
Grants payable –
 –
 128,900
 128,900
771,972
 207,833
 128,900
 1,108,705
Direct Support Grants Total
costs costs payable
(note 6) (note 7) (note 9)
£ £ £ £
Year ended 31 March 2023:
Ministry 552,760 184,773 – 737,533
Grants payable –
 –
 109,258
 109,258
552,760
 184,773
 109,258
 846,791
6 MINISTRY DIRECT COSTS
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Year ended 31 March 2024:
Staff costs (see note 8) 365,852 – 365,852
Sunday services expenses 33,465 – 33,465
Weekends away, training days and courses 30,465 – 30,465
Community-based activities 4,991 – 4,991
Premises costs 52,632 241,904 294,536
Mortgage interest payable 18,893 – 18,893
Unwind interest-free loan discount (see note 14) – 2,853 2,853
Other ministry expenses 20,917
 –
 20,917
527,215
 244,757
 771,972
Year ended 31 March 2023:
Staff costs (see note 8) 341,384 – 341,384
Sunday services expenses 27,059 – 27,059
Weekends away, training days and courses 33,701 – 33,701
Community-based activities 10,291 – 10,291
Premises costs 102,487 – 102,487
Mortgage interest payable 12,817 – 12,817
Unwind interest-free loan discount (see note 14) – 3,328 3,328
Other ministry expenses 21,586
 107
 21,693
549,325
 3,435
 552,760

17

Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2024

6 MINISTRY DIRECT COSTS (continued)

Community-based activities include parent and toddler groups, an English conversation café and a children’s 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.

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 2024:
Staff costs (see note 8)
136,532
–
Office supplies and equipment
9,441
–
Depreciation
33,925
–
Legal, professional, insurance, bank charges
16,847
–
Governance costs (audit fees)
11,088
–


207,833
–


Unrestricted
Funds
Restricted
Funds
£
£
Year ended 31 March 2023:
Staff costs (see note 8)
136,734
–
Office supplies and equipment
10,798
–
Depreciation
14,828
–
Legal, professional, insurance, bank charges
11,853
–
Governance costs (audit fees)
10,560
–


184,773
–

 Total
Funds
£
136,532
9,441
33,925
16,847
11,088

207,833

Total
Funds
£
136,734
10,798
14,828
11,853
10,560

184,773

18

Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2024

8 STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL

Notes
Wages and salaries
Social security costs
Pension costs
Defined benefit pension adjustment
20
Amounts recharged (see below)		 2024
£
438,885
34,955
45,748
–
(17,204)

502,384
 2023
£
428,970
37,190
43,481
(1,000)
(30,523)

478,118

Amounts recharged reflect staff costs recharged to Living Out. Living Out is a registered charity of which Ed Shaw (senior pastor of Emmanuel City Centre) is a trustee. The comparative figures presented above have been reanalysed to show the equivalent amounts recharged in the prior year. The reanalysis has no net impact on total staff costs as previously reported.

Total staff costs shown above comprised direct staff costs of £380,166 (2023: £358,077) before recharges of £14,314 (2023: £16,693), and support staff costs of £139,422 (2023: £150,564) before recharges of £2,890 (2023: £13,830).

The charity had nine (2023: eleven) full-time and nine (2023: eight) part-time employees analysed as follows:

Senior and associate pastors
Ministry assistants
Administrators		 2024
Number
12
2
4

18
 2023
Number
12
3
4

19

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 (2023: 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 including spouses is set out below:

Wages and salaries
Social security costs
Pension costs		 2024
£
172,461
17,523
23,192

213,176
 2023
£
154,423
16,116
19,526

190,065

19

Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2024

9 GRANTS

United Kingdom:
- Organisations (see analysis below)
- Individuals
Overseas:
- Organisations (see analysis below)
- Individuals		 2024
£
78,697
5,731
39,893
4,579

128,900
 2023
£
80,243
6,174
21,450
1,391

109,258

Grants to organisations based in the United Kingdom included the following:

Bristol Diocese of the Church of England
Sixty-One
Crosslands
South-West Gospel Partnership
Faith in Kids
One25
University and Colleges Christian Fellowship and CUs
Church of England Evangelical Council
Bristol Churches Winter Night Shelter
Other (individually immaterial)
Grants to overseas organisations included the following:
UFM Worldwide
Crosslinks
TeachBeyond
Fingerprints in Uganda
Other (individually immaterial)
10
NET INCOME FOR THE YEAR
Net income for the year is stated after charging:
Depreciation
Gain on disposal of tangible fixed assets
Operating lease costs: land and buildings		 2024
£
60,000
5,375
4,200
2,500
2,000
1,172
1,000
1,000
1,000
450

78,697

2024
£
19,058
11,595
6,930
2,310
–

39,893

2024
£
33,925
–
18,700
 2023
£
59,843
5,900
3,900
2,500
3,150
–
1,500
1,000
–
2,450

80,243

2023
£
5,250
7,350
6,300
2,100
450

21,450

2023
£
14,828
230
18,000

20

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2024

Emmanuel Bristol

Company Limited by Guarantee

11 TANGIBLE FIXED ASSETS

Freehold Fixtures, Assets in the
Freehold property fittings and course of
property improvements equipment construction Total
£ £ £ £ £
Cost
At 1 April 2023 2,545,000 – 148,414 19,779 2,713,193
Additions – – 12,670 187,322 199,992
Transfers – 207,101 – (207,101)
 –
At 31 March 2024 2,545,000 207,101 161,084 –
 2,913,185
Depreciation
At 1 April 2023 – – 28,528 – 28,528
Charge for the year – 6,903 27,022 – 33,925
Eliminated in respect of disposals – – – –
 –
At 31 March 2024 – 6,903 55,550 –
 62,453
Net book value
At 31 March 2024 2,545,000 200,198 105,534 –
 2,850,732
At 31 March 2023 2,545,000 – 119,886 19,779 2,684,665

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.

Assets in the course of construction (reflecting the development of a commercial-grade kitchen at The Emmanuel Meeting House) were not depreciated until completed and brought into use, on which date they were transferred into freehold property improvements and depreciation commenced.

21

Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2024

12 DEBTORS

Income tax recoverable
Prepayments and accrued income		 2024
£
498,586
43,988

542,574
 2023
£
472,412
8,188

480,600

Income tax recoverable reflects amounts receivable on donations made under Gift Aid. Accrued income includes grants of £32,981 (2023: £nil) under the Listed Places of Worship (LPW) Grant Scheme in relation to the freehold property improvements made during the year. The amount accrued was received in June 2024.

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		 2024
£
10,689
38,203
9,480
4,485
36,908
13,010

112,775

2024
£
220,413
59,707

280,120
 2023
£
10,585
37,812
10,211
9,257
16,210
1,150

85,225

2023
£
230,459
74,011

304,470

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 the Bank of England Base Rate + 3.00%. The amount due after more than five years is £167,679 (2023: £179,405).

Other loans due within one year and after more than one year comprise £23,000 (2023: £23,000) relating to the purchase of the senior pastor’s residence and £74,910 (2023: £88,823) relating to the purchase of The Meeting House. Further details are set out below.

The loans of £23,000 (2023: £23,000) were made to the charity to enable it to purchase the senior pastor's residence. The loans are interest-free, unsecured, and have no fixed repayment terms so have 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 nil (2023: £13,669).

22

Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2024

15 UNRESTRICTED INCOME FUNDS

Balance at
1 April
2023
Income
and gains
Expenditure
and losses
£
£
£
General
2,709,673
996,415
(798,400)
Designated
225,388
–
(64,879)



2,935,061
996,415
(863,279)



Balance at
1 April
2022
Income
and gains
Expenditure
and losses
£
£
£
General
2,473,957
977,974
(750,979)
Designated
209,958
–
(92,070)



2,683,915
977,974
(843,049)


 Transfers
Balance at
31 March
2024
£
£
125,973
3,033,661
107,000
267,509


232,973
3,301,170


Transfers
Balance at
31 March
2023
£
£
8,721
2,709,673
107,500
225,388


116,221
2,935,061

Designated funds are analysed further in note 23. Income and gains include nil (2023: £1,000) relating to actuarial gains on the pension scheme (see note 20).

16 RESTRICTED INCOME FUNDS

Balance at
1 April
2023
£
Property
436,732
Special Welfare
568

437,300

Balance at
1 April
2022
£
Property
481,888
Special Welfare
836

482,724
 Income
Expenditure
£
£
149,005
(244,757)
101
(669)


149,106
(245,426)


Income
Expenditure
£
£
74,393
(3,328)
146
(414)


74,539
(3,742)

 Transfers
Balance at
31 March
2024
£
£
(232,973)
108,007
–
–


(232,973)
108,007


Transfers
Balance at
31 March
2023
£
£
(116,221)
436,732
–
568


(116,221)
437,300

Descriptions of each restricted fund are given in note 1.

Transfers relate to amounts donated to the charity to enable it to purchase and then develop certain freehold properties. The income is therefore initially classified in restricted funds. On completing the purchase or undertaking the development expenditure, the restrictions are discharged, and transfers are made to general funds.

23

Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2024

17 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible Other Fixed asset Fixed asset
fixed assets net assets loans Total
£ £ £ £
At 31 March 2024
Restricted Income Funds:
Property – 108,007 – 108,007
Special Welfare –
 –
 –
 –
–
 108,007
 –
 108,007
Unrestricted Income Funds:
General 2,850,732 511,941 (329,012) 3,033,661
Designated –
 267,509
 –
 267,509
2,850,732
 779,450
 (329,012)
 3,301,170
Total Funds 2,850,732
 887,457
 (329,012)
 3,409,177
Tangible Other Fixed asset
fixed assets net assets loans Total
£ £ £ £
At 31 March 2023
Restricted Income Funds:
Property – 436,732 – 436,732
Special Welfare –
 568
 –
 568
–
 437,300
 –
 437,300
Unrestricted Income Funds:
General 2,684,665 377,875 (352,867) 2,709,673
Designated –
 225,388
 –
 225,388
2,684,665
 603,263
 (352,867)
 2,935,061
Total Funds 2,684,665
 1,040,563
 (352,867)
 3,372,361

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 2024

19 RELATED PARTY TRANSACTIONS

Trustees’ giving

During the year, the trustees in aggregate made donations of £34,275 (2023: £28,525) 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, two trustees received, in aggregate, travel expenses of £330 (2023: £128) to reimburse the costs of attending trustees’ meetings and a staff appraisal.

A payment of £300 (2023: £nil) was made to the wife of a trustee for training course fees. The application was considered and accepted on an arm’s length basis, following the same procedures that would be applied to any similar application from unconnected persons, and the trustee was not involved in the decision to grant the funds.

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 PENSION COSTS

The charity contributes to defined contribution pension schemes on behalf of 17 (2023: 18) 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 Church of England Funded Pensions 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 26 as being recognised in the Statement of Financial Activities, giving a total charge for the year ended 31 March 2024 of £44,325 (2023: £39,776).

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 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions:

25

Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2024

20 PENSION COSTS (continued)

Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the scheme was fully funded.

The deficit recovery contributions under the recovery plan in force at each 31 December were as follows:

as follows:
% of pensionable stipends
31 December 2021 7.1% payable from January 2021 to December 2022
31 December 2022 Nil
31 December 2023 Nil

An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from April 2022, and remained in place until December 2022.

For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the scheme’s rules.

Section 28.11A of FRS102 requires agreed deficit recovery payments to be recognised as a liability. However, as there are no agreed deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 31 December 2023 is nil. 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		 2024
£
–
–
–

–
 2023
£
2,000
(1,000)
(1,000)

–

The remaining change to the balance sheet liability comprises the change in the agreed deficit recovery plan and changes in the discount rate and inflation 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. No assumptions are needed for December 2023 as there are no agreed deficit recovery payments going forward. No price inflation assumption was needed for December 2021 since pensionable stipends for the remainder of the recovery plan were already known.

December December December
2023 2022 2021
Discount rate n/a n/a 0.0% pa
Price inflation n/a n/a n/a
Increase to total pensionable payroll n/a
 n/a
 -1.5% 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 failed Responsible Body’s pension liabilities.

26

Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2024

21 CASH GENERATED FROM OPERATING ACTIVITIES

Net movement in funds for the year
Interest on mortgage
Unwind interest-free loan discount
Bank interest receivable
Depreciation
Gain on disposal of tangible fixed assets
Increase in debtors
Increase/(decrease) in creditors
Decrease in defined benefit pension liability
Cash generated from operating activities		 2024
£
36,816
18,893
2,853
(9,478)
33,925
–
(61,974)
27,055
–

48,090
 2023
£
205,722
12,817
3,328
(3,611)
14,828
(230)
(34,530)
(6,850)
(2,000)

189,474

22 ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand
Bank loan
Other loans
Cash at bank and in hand
Bank loan
Other loans		 At 1 April
2023
Cash flows
Non-cash
changes
At 31 March
2024
596,791
(188,025)
–
408,766
(241,044)
9,972
–
(231,072)
(111,823)
16,766
(2,853)
(97,910)




243,924
(161,287)
(2,853)
79,784




At 1 April
2022
Cash flows
Non-cash
changes
At 31 March
2023
586,947
9,844
–
596,791
(252,585)
11,541
–
(241,044)
(145,262)
36,767
(3,328)
(111,823)




189,100
58,152
(3,328)
243,924

27

Emmanuel Bristol Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2024

23 DESIGNATED UNRESTRICTED INCOME FUNDS

The trustees have designated the following funds within unrestricted income funds to cover planned expenditure. Funds shown for 35 Walsingham Road, the Church of the Good Shepherd and the Emmanuel Meeting House are designated for medium- and long-term renewal of those properties, separate from development expenditure (which typically uses restricted funds given for that purpose) and day-to-day maintenance expenditure.

35 Walsingham Road
Church of the Good Shepherd
Emmanuel Meeting House
Practical care
Ministry training
Mission partner support
Church growth
35 Walsingham Road
Church of the Good Shepherd
Emmanuel Meeting House
Practical care
Ministry training
Mission partner support
Church growth		 At 1 April
2023
Designated
Expenditure
At 31 March
2024
£
£
£
£
29,680
5,000
(3,094)
31,586
16,640
10,000
–
26,640
68,904
16,000
–
84,904
12,500
500
(448)
12,552
–
4,500
(3,676)
824
97,664
61,000
(57,661)
101,003
–
10,000
–
10,000




225,388
107,000
(64,879)
267,509




At 1 April
2022
Designated
Expenditure
At 31 March
2023
£
£
£
£
64,724
5,000
(40,044)
29,680
7,540
10,000
(900)
16,640
56,759
16,000
(3,855)
68,904
12,000
500
–
12,500
213
4,000
(4,213)
–
68,722
72,000
(43,058)
97,664
–
–
–
–




209,958
107,500
(92,070)
225,388

24 EVENTS AFTER THE REPORTING DATE

In July 2024 the charity received legacy income of £120,000 as restricted income to be spent at the Church of the Good Shepherd (Emmanuel Bishopston). No amounts were accrued in these financial statements at the end of the current or previous year in relation to this receipt.

28