REGISTERED CHARITY NUMBER: 1141385
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
FOR
WOODFORD BAPTIST CHURCH
AJM Accountancy & Taxation Ltd 21 Goldings Close Kings Hill West Malling Kent ME19 4BE
WOODFORD BAPTIST CHURCH
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 to 10 |
| Notes to the Financial Statements | 11 to 20 |
WOODFORD BAPTIST CHURCH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The Trustees have adopted the provisions of 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) (effective 1 January 2019).
The principal purpose of Woodford Baptist Church is the advancement of the Christian faith according to the principles of the Baptist denomination. The Church also engages in outreach to the wider community in South Woodford and beyond.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Trustees are committed to enabling as many people as possible to worship at the Church, participate in its activities and for the Church to be involved in the local community in South Woodford.
When planning and carrying out our activities for the year, the Minster and Trustees have considered the Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. We seek to enable people to live out their faith through: - Worship, prayer, Bible study and Christian discipleship
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Provision of pastoral care
-
Missionary and outreach work
To facilitate our work, we maintain the fabric of the Woodford Baptist Church building and the manse (Arlington Road).
Volunteers
The Church encourages the involvement of volunteers and we thank the members who so faithfully offer their service. The Church does not receive significant donations in kind or other intangible income.
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WOODFORD BAPTIST CHURCH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
ACHIEVEMENT AND PERFORMANCE Charitable activities
Coronavirus
Covid-19 legislation and guidelines meant that the Church needed to use new and different means to achieve its objectives 2020-21.
The Trustees closed the Church building in March 2020, moving what activities we could to online platforms. The Trustees chose to not reopen the building for collective worship as soon as regulations permitted in 2020 but took a phased approach. We also monitored local infection rates and closed the building to collective worship and other activities again at the end of 2020, opening up again as permitted by regulations in 2021.
We sought to ensure our staff team could work safely throughout the pandemic, through a combination of working from home and implementing Covid-secure practices in the Church building.
The Church usually hires out rooms in the building, subject to approval, to various educational, sporting and community organisations. We adhered to Covid-19 regulations throughout the year in relation to the use of our premises for different activities, which had a small impact on our income generation when the building closed. This was offset, however, by the savings made through reduced expenditure on activities and staff costs.
Membership
We welcomed six new people into Church membership during the year and baptised two.
Collective worship and teaching
We successfully moved our Sunday morning worship online, through a mix of teaching via YouTube followed by coffee and fellowship via Zoom. Our Minister, his family and the technical team worked hard throughout the year to adapt and upgrade the equipment to enable the broadcast of services.
Life groups continued to meet throughout the year online and, when regulations permitted, in the Church building and outdoors.
Pastoral care
Much of our pastoral work was carried out over the telephone and online, or in person when permitted in a Covid-secure way. This was both organised formally, and took place spontaneously, as Church members demonstrated practical and emotional care for one another.
Missions work
The Church continued to support Missions partners in the UK and overseas, financially and through prayer and fellowship.
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WOODFORD BAPTIST CHURCH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
ACHIEVEMENT AND PERFORMANCE Activities
Children's work
Following Covid-19 restrictions, all children's groups ceased to meet in person. Alternative activities were provided for parents to access for their children. This included the Friends and Heroes series, which was posted on a private Facebook page, along with activity sheets. When the series came to an end, Family Worship packs were created, which included a Bible reading, a link to an animated story, memory verse, reflections, and crafts. The Family Worship packs were eventually superseded by 'Kid's Club by Post', a resource provided by Urban Saints.
Youth work
The Church appointed Kelly McNeil as Youth Minister, during the year, following her carrying out the role as an interim.
The Friday Social group, Mix, met online every two weeks, attended by 8-10 young people. The Sunday devotional group, Encounter, met every week online, attended by 5-8 young people. Kelly also maintained contact with the young people throughout the week, including through socially distanced meetings when permitted.
Kelly also attended a four-part workshop on Re-imagining Youth Work - Youth work run by the London Baptist Association.
Outreach
The Church ran an online Alpha course, a course to explore the Christian faith, via Zoom, for 12 weeks. It was attended by 7 people including two people who were new to WBC.
At Christmas, the Church organised and delivered 100 gift bags to local residents. At Easter we organised Easter 220 gift bags for the Church neighbours and all of the residents at Homesdale retirement home.
Primetime, the weekly gathering for tea, cake and company for the over-50s, was unable to meet over the year. However, the organisers kept in touch with members by phone, and visits when permitted. Approx. 40 people would normally attend during the year; with five organisers and 10 - 27 attending in any one week. Most attendees are single or widowed people, and real relationships have been built up over the years. Sadly, some members have died during the year and when the group meets again in person, one of the first meetings will be to commemorate those relationships.
Communications
The Church kept members up to date through a weekly email and social media, as well as through word of mouth. A communications consultant supported a branding redesign and created a new suite of communications materials.
Governance
The Trustees met online regularly throughout the year. We ensured the Church adhered to Covid-19 regulations in all activities and progressed a number of new policies, as well as a review of our constitution. Two of our Trustees stepped down at the end of 2020, and we welcomed three new Trustees onto the board in 2021.
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WOODFORD BAPTIST CHURCH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
FINANCIAL REVIEW
Financial position
The Statement of Financial Activities shows total income for the year of £270,917 (2020: £164,296). Total expenditure for the year amounted to £121,512 (2020: £144,263), and the net income for the year amounted to £149,405 (2020: £20,033).
Total funds carried forward increased from £648,460 to £797,865, with general unrestricted reserves increasing from £89,955 to £102,295. Restricted funds representing the manse fund amounted to £77,550 at 31 March 2021.
Reserves policy
The Trustees aim to hold general fund reserves of at least 3-6 months’ expenditure, in case these are needed for an unplanned expense such as major building repair or for the orderly winding down of activities should future giving be withdrawn.
Expenditure during the year ended 31 March 2021 was lower than usual on account of Covid-19, and therefore general fund reserves, which stood at £102,295 on 31 March 2021 represented approximately 10 months expenditure rather than 7 months when based on a more usual financial year. Given the ongoing impact of Covid-19 in the subsequent financial year, the Trustees do not consider releasing any reserves to be necessary, and it is expected that expenditure will increase as the church is able to reopen activities following the relaxation of Covid-19 related restrictions.
FUTURE PLANS
The Trustees are working towards a proposal for the Church to become a Charitable Incorporated Organisation, in line with the precedent governing document from the Baptist Union.
The Church was blessed with a generous anonymous financial gift towards improving the fabric of the Manse, which the Trustees are putting together proposals for spending.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
Woodford Baptist Church is a registered charity (No. 1141385), governed by a constitution.
Current Trustees are listed within this Report of the Trustees. Trustees are elected from church member at church members' meetings, in accordance with the Church's constitution.
The Trustees are responsible for all church activities, but work in co-operation with, and delegate to, a Leadership Team comprising of Elders and Deacons, also elected at church members' meetings.
The Trustees keep under review the major operational, financial and other risks to which the Church faces.
Key management remuneration
The total remuneration of key management personnel amounted to £31,186.
Affiliated charities
The Church is autonomous and self-governing, although affiliated to the Baptist Union, the London Baptist Association, the Evangelical Alliance and Partners In Harvest.
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WOODFORD BAPTIST CHURCH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1141385
Principal address
32 George Lane South Woodford London E18 1LW
Trustees
Edward Whetham (resigned 31.12.20) Helen Clark Robert Mathison (resigned 31.12.20) Jo Waterfield Alberto Escobar (resigned 19.7.20) Rachel Aston Peter Sircar Philip Woolley Jonathan Somerville Christopher Hickinbotham Kofi Antwi Debrah (appointed 1.1.21) Kelly Michelle McNeil (appointed 21.3.21) Jenny Marianne Escobar (appointed 21.3.21)
Independent Examiner Andrew James Martin FCA AJM Accountancy & Taxation Ltd 21 Goldings Close Kings Hill West Malling Kent ME19 4BE
Bankers
Barclays Bank plc Loughton & Woodford Group 33 The Broadway Woodford Green Essex IG8 0HJ
Solicitors
Carter Lemon Camerons 10 Aldersgate Street London EC1A 4HJ
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WOODFORD BAPTIST CHURCH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
Approved by order of the board of trustees on 19 September 2021 and signed on its behalf by:
Rachel Aston - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WOODFORD BAPTIST CHURCH
Independent examiner's report to the trustees of Woodford Baptist Church
I report to the charity trustees on my examination of the accounts of Woodford Baptist Church (the Trust) for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of FCA which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Andrew James Martin FCA AJM Accountancy & Taxation Ltd 21 Goldings Close Kings Hill West Malling Kent ME19 4BE
19 September 2021
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WOODFORD BAPTIST CHURCH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 114,702 Charitable activities 4 Church charitable activities - Investment income 3 187 Other income 5 6,086 Total 120,975 EXPENDITURE ON Charitable activities 6 Church charitable activities 111,723 Other 8 36 Total 111,759 NET INCOME 9,216 Transfers between funds 17 122,247 Net movement in funds 131,463 RECONCILIATION OF FUNDS Total funds brought forward 588,826 TOTAL FUNDS CARRIED FORWARD 720,289 |
Restricted funds £ 149,942 - - - 149,942 5,197 4,582 9,779 140,163 (122,247) 17,916 59,634 77,550 |
2021 Total funds £ 264,644 - 187 6,086 270,917 116,920 4,618 121,538 149,379 - 149,379 648,460 797,839 |
2020 Total funds £ 156,075 3,259 475 4,487 164,296 137,016 7,247 144,263 20,033 - 20,033 628,427 648,460 |
|---|---|---|---|
The notes form part of these financial statements
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WOODFORD BAPTIST CHURCH
BALANCE SHEET 31 MARCH 2021
| Unrestricted Restricted funds funds Notes £ £ FIXED ASSETS Tangible assets 12 692,750 31,316 CURRENT ASSETS Debtors 13 4,753 - Cash at bank and in hand 103,432 51,510 108,185 51,510 CREDITORS Amounts falling due within one year 14 (27,022) (5,276) NET CURRENT ASSETS 81,163 46,234 TOTAL ASSETS LESS CURRENT LIABILITIES 773,913 77,550 CREDITORS Amounts falling due after more than one year 15 (53,624) - NET ASSETS 720,289 77,550 |
2021 Total funds £ 724,066 4,753 154,942 159,695 (32,298) 127,397 851,463 (53,624) 797,839 |
2020 Total funds £ 727,732 15,347 119,282 134,629 (38,031) 96,598 824,330 (175,870) 648,460 |
|---|---|---|
The notes form part of these financial statements
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WOODFORD BAPTIST CHURCH
BALANCE SHEET - continued 31 MARCH 2021
| FUNDS 17 Unrestricted funds: General fund Fixed asset reserve (designated) Restricted funds TOTAL FUNDS |
102,269 618,020 720,289 77,550 797,839 |
89,955 498,871 588,826 59,634 648,460 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 19 September 2021 and were signed on its behalf by:
Rachel Aston - Trustee
The notes form part of these financial statements
Page 10
WOODFORD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost Equipment, Fixtures & Fittings - at varying rates on cost
The depreciable value of freehold buildings is depreciated over a useful economic life of 50 years. However, as the residual value is considered to be not lower than the original cost, no depreciation is chargeable. Freehold land is not depreciated.
Taxation
The charity is exempt from tax on its charitable activities. Value Added Tax is not recoverable by the Church, and is therefore included in the relevant costs in the Statement of Financial Activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees. Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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WOODFORD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES - continued
Fund accounting
Investment income and gains are allocated to the appropriate fund.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Going concern
The charity is entirely dependent on continuing donations from the membership and, as a consequence, the going concern basis is also dependent on these continuing.
Estimates and judgements made in preparing the accounts
As part of the estimates and judgements made in preparing the accounts, the trustees considered the depreciation policies, residual values of assets and estimated useful economic lives. The value of short-term employee benefits representing an accrual for holiday pay have been considered as not material to the financial statements.
2. DONATIONS AND LEGACIES
| Unrestricted funds £ Donations 101,090 Gift aid 13,612 114,702 |
Restricted funds £ 147,181 2,761 149,942 |
2021 Total funds £ 248,271 16,373 264,644 |
2020 Total funds £ 128,792 27,283 156,075 |
|---|---|---|---|
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WOODFORD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
3. INVESTMENT INCOME
| Unrestricted funds £ Deposit account interest 187 4. INCOME FROM CHARITABLE ACTIVITIES Activity Youth & children's activities Church charitable activities Other events Church charitable activities 5. OTHER INCOME Unrestricted funds £ Gain on sale of tangible fixed assets - Use of church premises 2,650 Other events 3,436 6,086 6. CHARITABLE ACTIVITIES COSTS Church charitable activities |
Restricted funds £ - Restricted funds £ - - - - Direct Costs (see note 7) £ 116,786 |
2021 Total funds £ 187 2021 £ - - - 2021 Total funds £ - 2,650 3,436 6,086 Support costs £ 134 |
2020 Total funds £ 475 2020 £ 2,791 468 3,259 2020 Total funds £ 33 4,215 239 4,487 Totals £ 116,920 |
|---|---|---|---|
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WOODFORD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
7. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Staff costs Provision of accommodation Bookkeeping services Travel & other staff expenses Church building & equipment Events & youth costs Gifts to missionaries Administration & subscriptions Depreciation |
2021 £ 63,122 6,465 3,096 412 9,105 5,570 14,321 9,205 5,490 116,786 |
2020 £ 66,492 6,017 3,129 1,109 17,033 11,753 16,968 8,725 5,790 137,016 |
|---|---|---|
8. OTHER
| Unrestricted Restricted funds funds £ £ Interest payable and similar charges 36 **4,582 ** |
2021 Total funds £ 4,618 |
2020 Total funds £ 7,247 |
|---|---|---|
9. TRUSTEES' REMUNERATION AND BENEFITS
One Trustee received emoluments (including contributions to a pension scheme) of £31,186 (2020: £28,912) and free accommodation in a manse as part of the terms of their employment.
One existing employee was appointed as a Trustee during the year and received emoluments (including contributions to a pension scheme) of £13,848 as part of the terms of their employment.
Trustees' expenses
Out of pocket expenses were reimbursed to the trustees as follows totalling £nil (2020: £7,160). Trustees expenses for the comparative period have been restated excluding amounts reimbursed in purchasing goods for the charity.
| 2021 | 2021 | 2020 | 2020 | |
|---|---|---|---|---|
| Number | £ | Number | £ | |
| Property expenses | 0 | 0 | 1 | 5,549 |
| Conferences & training | 0 | 0 | 1 | 1,207 |
| Telephone & communications | 0 | 0 | 1 | 308 |
| Food & refreshments | 0 | 0 | 1 | 96 |
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WOODFORD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
10. STAFF COSTS
| 2021 £ Wages and salaries 60,224 Social security costs - Other pension costs 2,898 63,122 The average monthly number of employees during the year was as follows: 2021 Charitable activities 3 Management and administration 1 4 No employees received emoluments in excess of £60,000. 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 113,760 42,315 Charitable activities Church charitable activities 1,256 2,003 Investment income 475 - Other income 4,487 - Total 119,978 44,318 EXPENDITURE ON Charitable activities Church charitable activities 127,526 9,490 Other - 7,247 Total 127,526 16,737 NET INCOME/(EXPENDITURE) (7,548) 27,581 |
2020 £ 65,585 (4,045) 4,952 66,492 2020 3 1 4 Total funds £ 156,075 3,259 475 4,487 164,296 137,016 7,247 144,263 20,033 |
|---|---|
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WOODFORD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
|---|---|---|---|---|---|
| Unrestricted | Restricted |
Total | |||
| funds | funds | funds | |||
| £ | £ | £ | |||
| Transfers between funds | 10,421 | (10,421) | - | ||
| Net movement in funds | 2,873 | 17,160 | 20,033 | ||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 585,953 | 42,474 | 628,427 | ||
| TOTAL FUNDS CARRIED FORWARD | 588,826 | 59,634 | 648,460 | ||
| 12. | TANGIBLE FIXED ASSETS | ||||
| Improvements | Equipment, | ||||
| Freehold | to |
Fixtures | |||
| property | property |
& Fittings | Totals | ||
| £ | £ | £ | £ | ||
| COST | |||||
| At 1 April 2020 | 708,000 | 12,121 | 90,554 | 810,675 | |
| Additions | - | - | 1,825 | 1,825 | |
| At 31 March 2021 | 708,000 | 12,121 | 92,379 | 812,500 | |
| DEPRECIATION | |||||
| At 1 April 2020 | - | 3,712 | 79,231 | 82,943 | |
| Charge for year | - | 1,213 | 4,278 | 5,491 | |
| At 31 March 2021 | - | 4,925 | 83,509 | 88,434 | |
| NET BOOK VALUE | |||||
| At 31 March 2021 | 708,000 | 7,196 | 8,870 | 724,066 | |
| At 31 March 2020 | 708,000 | 8,409 | 11,323 | 727,732 |
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WOODFORD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other loans (see note 16) Trade creditors Accrued expenses 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE Other loans (see note 16) 16. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Other loans Amounts falling between one and two years: Other loans - 1-2 years Amounts falling due between two and five years: Other loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Other loans more 5yrs instal |
2021 £ 2,101 2,652 4,753 2021 £ 21,107 7,954 3,237 32,298 YEAR 2021 £ 53,624 2021 £ 21,107 21,107 32,517 - |
2020 £ 12,793 2,554 15,347 2020 £ 21,107 12,253 4,671 38,031 2020 £ 175,870 2020 £ 21,107 21,107 63,322 91,441 |
|---|---|---|
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WOODFORD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
16. LOANS - continued
During the year ended 31 March 2019, the charity took out a loan with the London Baptist Property Board for £211,072 to part-finance the purchase of a new manse. The loan was established as being payable by quarterly instalments over a period of 10 years which commenced from 30 June 2019. Additional voluntary donations were received during the year specifically towards the repayment of the loan which has been used for that purpose and therefore the loan is expected to be repaid within 4 years.
17. MOVEMENT IN FUNDS
| Net movement At 1.4.20 in funds £ £ Unrestricted funds General fund 89,955 9,216 Fixed asset reserve (designated) 498,871 - 588,826 9,216 Restricted funds Manse restricted fund 59,634 115,163 Manse improvements restricted fund - 25,000 59,634 140,163 TOTAL FUNDS 648,460 149,379 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 120,975 Restricted funds Other 4,629 Manse restricted fund 120,313 Manse improvements restricted fund 25,000 149,942 TOTAL FUNDS 270,917 |
Transfers between funds £ 3,098 119,149 122,247 (122,247) - (122,247) - Resources expended £ (111,759) (4,629) (5,150) - (9,779) **(121,538) ** |
At 31.3.21 £ 102,269 618,020 720,289 52,550 25,000 77,550 797,839 Movement in funds £ 9,216 - 115,163 25,000 140,163 149,379 |
|---|---|---|
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WOODFORD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
17. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Fixed asset reserve (designated) Restricted funds Other Manse restricted fund TOTAL FUNDS |
At 1.4.19 £ 101,474 484,479 585,953 - 42,474 42,474 628,427 |
Net movement in funds £ (7,548) - (7,548) (53) 27,634 27,581 20,033 |
Transfers between funds £ (3,971) 14,392 10,421 53 (10,474) (10,421) - |
At 31.3.20 £ 89,955 498,871 588,826 - 59,634 59,634 648,460 |
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Other Manse restricted fund TOTAL FUNDS |
Incoming resources £ 119,978 8,869 35,449 44,318 164,296 |
Resources expended £ (127,526) (8,922) (7,815) (16,737) (144,263) |
Movement in funds £ (7,548) (53) 27,634 27,581 20,033 |
|---|---|---|---|
The fixed asset reserve is a fund designated by the Trustees. Each year the movement on the net book value of the fixed asset fund is transferred between the general (unrestricted) fund and the designated (unrestricted fund).
The manse fund is a restricted fund specifically for the church manse, contributed to by donations used towards manse purchase costs, running costs, loan finance charges and loan repayments. The manse is used to accommodate the Senior Minister (who is also a Trustee) and family. Each year a transfer is made from the manse fund to the fixed asset reserve fund (in which the manse loan from the London Property Board is held) representing the loan capital repaid from the manse fund contributions.
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WOODFORD BAPTIST CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
17. MOVEMENT IN FUNDS - continued
The manse improvement fund is a restricted fund specifically for the upkeep and improvement of the church manse, contributed to by donations.
18.
RELATED PARTY DISCLOSURES
During the year the spouse of a trustee who is a professional carpenter was paid an amount of £395 for works completed on the church manse.
The spouse of a trustee is an existing employee of the charity providing caretaking, health & safety services, whose total remuneration amounted to £8,944.
19. ULTIMATE CONTROLLING PARTY
The charity is controlled by the Trustees, as shown on page 6, meeting together.
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