REGISTERED CHARITY NUMBER: 1142391
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
FOR
WALSALL INDEPENDENT EVANGELICAL CHURCH
Crombies Accountants Limited Chartered Accountants 34 Waterloo Road Wolverhampton West Midlands WV1 4DG
WALSALL INDEPENDENT EVANGELICAL CHURCH
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| Page | ||
|---|---|---|
| Report of the Trustees | 1 to | 2 |
| Statement of Financial Activities | 3 | |
| Balance Sheet | 4 | |
| Notes to the Financial Statements | 5 to | 10 |
| Detailed Statement of Financial Activities | 11 |
WALSALL INDEPENDENT EVANGELICAL CHURCH
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report with the financialstatements of the charity for the year ended 31 December 2019. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicableto charities preparing their accounts in accordance with the FinancialReporting Standard applicablein the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The primary aims of the trust are to fulfil the role of a Christian church in the Walsallarea and to provide help to others in promoting the Christian faith in the United Kingdom and overseas.
The church is not a buildingbut a gathering of ordinary people of different ages and backgrounds whose lives have been changed by Jesus Christ, the Son of God. The New Testament reveals the church as a community of people, properly taught and cared for, who by loving and serving Jesus Christ, were also committed to love and care for each other and to bring a blessing to the area in which they lived. The Walsall Independent Evangelical Church, its trustees, elders and members are committed to the restoration of those New Testament principles. It is not alone in this, it is one of many churches in the area, country and all over the world that is re-discovering the excitement of knowing Jesus Christ. The vision is to see the people of Walsall come into this experience of knowing Jesus as their Lord, Saviour and friend.
Grantmaking
Gifts to external organisations and individuals are considered by the trustees on the basis of need and fulfilment of the charitable objectives. There are no upper or lower limits of support.
FINANCIAL REVIEW
Reserves policy
The trustees have set a policy of retaining reserves sufficient for the foreseeable needs of the church. Where there is specific capital expenditure foreseen amounts are set aside into designated funds so the free reserves (general reserves excluding amounts invested in assets for the churches use) are available to meet the costs of normal running and expansion of the church and to ensure the church can meet the commitments that have been entered into. The level of free reserves is not set as a specific formula but is anticipated to be between two and twelve months of the level of fixed expenditure over committed income. This policy is reviewed each year to determine if surplus funds have been generated and what action will be undertaken to use these to the greatest effect.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
Trustees are selected by the members from the Elders of the church.
Wider network
The church is a member of the Fellowship of Independent EvangelicalChurches and has a longstanding relationship with this organisation that pursues similar objectives in the UK and overseas. The church works within the fraternity of West Midlands FIEC churches assisting other churches and receives voluntary help itself where needed. During the year grants have been made to help the objectives which can best be done on a larger scale than the WalsallIndependent Evangelical Church could do independently.
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WALSALL INDEPENDENT EVANGELICAL CHURCH
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The trustees have a duty to identify and review the risks to which the church is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
All major insurable risks are subject to normal churches and employers' insurance. Contractual risks are reviewed before being entered into to assess that they could not significantlyimpact upon the churches ability to fulfil its objectives. A review of all risk areas will be undertaken by the trustees in conjunction with staff and volunteers responsible for the area of activity. The scope of this assessment covers financial risk, insurance and health and safety. The areas that this will impact on are particularly child protection, fire safety, health and safety and tax and other legislativecompliance together with the "knock on" impact on reputational risk.
Risk management is aimed at ensuring the church achieves its objectives in the most effective way and that resources are directed at those objectives.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1142391
Principal address
Bath Street Centre Bath Street Walsall West Midlands WS1 3DB
Trustees
Pastor M Webb Elder D Prew Elder J Daniel
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
..................................................................... Trustee
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WALSALL INDEPENDENT EVANGELICAL CHURCH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 71,540 Charitable activities Fellowship and catering 60 Children and young people 72 Evangelism 906 Contribution to building running costs 2,605 Leadership training - Almshouses 3,897 Investment income 2 - Other income 16 Total 79,096 EXPENDITURE ON Charitable activities Fellowship and catering 323 Children and young people - Evangelism 5,921 Administration and resources 2,223 Property 11,541 Salaries and national insurance 44,427 Pastoral care/gifts 741 Visiting speakers 280 Almshouses 4,786 Service Activities 1,263 Governance costs 4,540 Total 76,045 NET INCOME/(EXPENDITURE) 3,051 RECONCILIATION OF FUNDS Total funds brought forward 254,622 TOTAL FUNDS CARRIED FORWARD 257,673 |
Restricted funds £ 8,589 - - - - - - 16 - 8,605 - - 10,000 - - - - - - - - 10,000 (1,395) 45,264 43,869 |
2020 Total funds £ 80,129 60 72 906 2,605 - 3,897 16 16 87,701 323 - 15,921 2,223 11,541 44,427 741 280 4,786 1,263 4,540 86,045 1,656 299,886 301,542 |
2019 Total funds £ 82,812 - 370 2,728 4,760 216 2,831 31 1,278 95,026 414 449 19,562 2,379 15,160 42,370 1,115 250 4,582 2,075 4,587 92,943 2,083 297,803 299,886 |
|---|---|---|---|
The notes form part of these financial statements
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WALSALL INDEPENDENT EVANGELICAL CHURCH
BALANCE SHEET 31 DECEMBER 2020
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 5 259,282 CURRENT ASSETS Debtors 6 500 Cash at bank and in hand (1,083) (583) CREDITORS Amounts falling due within one year 7 (1,026) NET CURRENT ASSETS (1,609) TOTAL ASSETS LESS CURRENT LIABILITIES 257,673 NET ASSETS 257,673 FUNDS 9 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ - 10,000 38,668 48,668 (4,799) 43,869 43,869 43,869 |
2020 Total funds £ 259,282 10,500 37,585 48,085 (5,825) 42,260 301,542 301,542 257,673 43,869 301,542 |
2019 Total funds £ 259,282 10,500 30,929 41,429 (825) 40,604 299,886 299,886 254,622 45,264 299,886 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Trustee
The notes form part of these financial statements
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WALSALL INDEPENDENT EVANGELICAL CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
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 applicablein the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The FinancialReporting Standard applicablein 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 FinancialActivities 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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Deposit account interest | 16 | 31 |
continued...
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WALSALL INDEPENDENT EVANGELICAL CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 69,978 Charitable activities Children and young people 370 Evangelism 2,728 Contribution to building running costs 4,760 Leadership training 216 Almshouses 2,831 Investment income - Other income 1,278 Total 82,161 EXPENDITURE ON Charitable activities Fellowship and catering 414 Children and young people 449 Evangelism 9,747 Administration and resources 2,379 Property 15,160 Salaries and national insurance 42,370 Pastoral care/gifts 1,115 Visiting speakers 250 Almshouses 4,582 Service Activities 2,075 Governance costs 4,587 Total 83,128 NET INCOME/(EXPENDITURE) (967) RECONCILIATION OF FUNDS Total funds brought forward 255,589 |
Restricted funds £ 12,834 - - - - - 31 - 12,865 - - 9,815 - - - - - - - - 9,815 3,050 42,214 |
Total funds £ 82,812 370 2,728 4,760 216 2,831 31 1,278 95,026 414 449 19,562 2,379 15,160 42,370 1,115 250 4,582 2,075 4,587 92,943 2,083 297,803 |
|---|---|---|
continued...
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WALSALL INDEPENDENT EVANGELICAL CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
| 4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - Unrestricted funds £ TOTAL FUNDS CARRIED FORWARD 254,622 5. TANGIBLE FIXED ASSETS Freehold property £ COST At 1 January 2020 and 31 December 2020 259,282 DEPRECIATION At 1 January 2020 and 31 December 2020 - NET BOOK VALUE At 31 December 2020 259,282 At 31 December 2019 259,282 6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 8) Trade creditors Other creditors 8. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts |
continued Restricted funds £ 45,264 Motor vehicles £ 5,250 5,250 - - 2020 £ 10,500 2020 £ 7,179 1 (1,355) 5,825 2020 £ 7,179 |
Total funds £ 299,886 Totals £ 264,532 5,250 259,282 259,282 2019 £ 10,500 2019 £ 2,179 1 (1,355) 825 2019 £ 2,179 |
|---|---|---|
continued...
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WALSALL INDEPENDENT EVANGELICAL CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
9. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Mission Legacy Grant fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Grant fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Mission Legacy Grant fund TOTAL FUNDS |
At 1.1.20 £ 254,622 8,885 36,379 45,264 299,886 Incoming resources £ 79,096 8,605 87,701 At 1.1.19 £ 255,589 8,885 33,329 42,214 297,803 |
Net movement At in funds 31.12.20 £ £ 3,051 257,673 - 8,885 (1,395) 34,984 (1,395) 43,869 1,656 301,542 Resources Movement expended in funds £ £ (76,045) 3,051 (10,000) (1,395) (86,045) 1,656 Net movement At in funds 31.12.19 £ £ (967) 254,622 - 8,885 3,050 36,379 3,050 45,264 2,083 299,886 |
|---|---|---|
continued...
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WALSALL INDEPENDENT EVANGELICAL CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 82,161 Restricted funds Grant fund 12,865 TOTAL FUNDS 95,026 A current year 12 months and prior year 12 months combined position is as follows: At 1.1.19 £ Unrestricted funds General fund 255,589 Restricted funds Mission Legacy 8,885 Grant fund 33,329 42,214 TOTAL FUNDS 297,803 |
Resources Movement expended in funds £ £ (83,128) (967) (9,815) 3,050 (92,943) 2,083 Net movement At in funds 31.12.20 £ £ 2,084 257,673 - 8,885 1,655 34,984 1,655 43,869 3,739 301,542 |
|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources Movement resources expended in funds £ £ £ |
|---|---|
| General fund | 161,257 (159,173) 2,084 |
| Restricted funds | |
| Grant fund | 21,470 (19,815) 1,655 |
| TOTAL FUNDS | 182,727 (178,988) 3,739 |
continued...
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WALSALL INDEPENDENT EVANGELICAL CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
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WALSALL INDEPENDENT EVANGELICAL CHURCH
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| FOR THE YEAR ENDED 31 | DECEMBER 2020 | |
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Gifts | - | (1) |
| Donations | 80,129 | 82,813 |
| Investment income | 80,129 | 82,812 |
| Deposit account interest | 16 | 31 |
| Charitable activities | ||
| Charitable activities | 7,540 | 10,905 |
| Other income | ||
| Other income | 16 | 1,278 |
| Total incoming resources | 87,701 | 95,026 |
| EXPENDITURE | ||
| Charitable activities | ||
| Activities with an outreach aim | 2,920 | 6,032 |
| Teaching and church services | 400 | 250 |
| Fellowship and catering | 944 | 1,529 |
| Property expenses | 17,184 | 20,521 |
| Social concern | 3,289 | 5,675 |
| Grants to institutions | 11,116 | 10,511 |
| Support costs | 35,853 | 44,518 |
| Management | ||
| Wages | 47,849 | 44,971 |
| Admin & office supplies | 2,271 | 3,454 |
| Finance | 50,120 | 48,425 |
| Bank charges | 72 | - |
| Total resources expended | 86,045 | 92,943 |
| Net income | 1,656 | 2,083 |
This page does not form part of the statutory financial statements
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