REGISTERED COMPANY NUMBER: 07372351 (England and Wales) REGISTERED CHARITY NUMBER: 1142412
Report of the Trustees and Unaudited Financial Statements for the Year Ended 5 April 2023
for
The Black Country Net
S A R Accountants Tower View Broadway Road Childswickham Broadway Worcestershire WR12 7HD
The Black Country Net
Contents of the Financial Statements
for the Year Ended 5 April 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 12 |
| Detailed Statement of Financial Activities | 13 | to | 14 |
The Black Country Net Reference and Administrative Details for the Year Ended 5 April 2023
TRUSTEES Revd P G Chamberlain J Cook (resigned 6.12.22) T Fellows Mrs L J Wildsmith Communications manager COMPANY SECRETARY K R Davis REGISTERED OFFICE Alpha House 9 Tipton Street Sedgley West Midlands DY3 1HE REGISTERED COMPANY 07372351 (England and Wales) NUMBER
REGISTERED CHARITY NUMBER 1142412
INDEPENDENT EXAMINER S A R Accountants Tower View Broadway Road Childswickham Broadway Worcestershire WR12 7HD
Page 1
The Black Country Net
Report of the Trustees for the Year Ended 5 April 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 5 April 2023. 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principle objectives of the company are :-
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to promote the advancement of education of the general public in Christian principles;
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to advance Christian education of school children and young people;
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to promote such other purposes currently recognised as charitable and any new charitable purpose.
Working primarily in the Black Country boroughs of Dudley, Sandwell, Walsall and Wolverhampton, promoting church partnerships and helping communities by encouraging business enterprise , food banks and the like.
The main activities have been facilitating the regular gatherings of leaders from both Church, business, public and charitable sectors ,including representatives of youth and children's works, on a monthly basis, either in the local boroughs or on a wider basis across the Black Country. These , we are pleased to report, have spawned many initiatives at every level.
Public benefit
The Trustees confirm that they have referred to the information contained in the Charity Commissioner's General Guidance on public benefit when reviewing the Trust's objectives and activities. The Trustees consider that considerable public benefit will be achieved and many members of the public will benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
As in other years, we as a board have been delighted with the many and varied opportunities where we have clearly seen churches and organisations come TOGETHER. From leaders meetings across the four boroughs to youth gatherings culminating in a second TOGETHER day at Himley Hall, Dudley in July.
This saw well over 3000 attendees and close to 100 churches and groups joining together for a day of fun, engagement and networking. Although many volunteered hours and hours of time to make this happen specific, thanks, have to go to Linsey Wildsmith for coordinating the event, alongside several members of the core team.
Sadly, Linsey has stood down as an employee. However, we are delighted that she remains as a trustee and board member .
We remain focused on keeping the movement as active as it has grown to be in the last few years with specific moments being arranged for the future.
FINANCIAL REVIEW
Financial position
The total net expenditure over income for the year amounts to £33,099 (2022 net income over expenditure £19,106). Total funds carried forward amount to £79,409 (2022 £112,508).
The vast majority of the finances required to fund the activities are raised through regular giving and one-off donations from individuals , local churches and businesses, supplemented by the refund of income tax from HM Revenue and Customs through the gift aid scheme. Additionally grants are sourced and received on an ad- hoc basis.
Page 2
The Black Country Net
Report of the Trustees for the Year Ended 5 April 2023
FINANCIAL REVIEW
Reserves policy
The policy agreed by the directors is to aim to hold in unrestricted reserves not committed or invested in tangible fixed assets ( the " free " reserves) sufficient to cover the general overhead expenses and salary costs not specifically funded by external agencies or able to be covered by other committed income such as rents for a period of six months. As of 5th April 2023, we feel that the free reserves available of £79,409 would meet this objective.
Risk policy and review
The directors review risk periodically and are satisfied that major risks to which the charity is exposed, are adequately mitigated through insurance, strategic planning, policies and procedures.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
New directors are appointed by the existing directors. A selection and recruitment process takes place when potential board members are selected after making careful enquiry as to their suitability and their support of the objectives of the trust. The board aims to have a broad range of skills represented, in particular expertise in Christian doctrine, finance and charity law. The board of directors currently comprises of 6 members who meet quarterly. Director Linsey Wildsmith whilst being on staff brings an additional level of expertise to the board.
A Core Team, consisting of the board of directors plus at least 4 others, and a borough representatives Team also provide input and advice into the management of the trust.
Approved by order of the board of trustees on 17 October 2023 and signed on its behalf by:
Revd P G Chamberlain - Trustee
Page 3
Independent Examiner's Report to the Trustees of The Black Country Net
Independent examiner's report to the trustees of The Black Country Net ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 5 April 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 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 accounting requirements of Section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Sally-Ann Reeves FCCA
The Institute of Chartered Accountants in England and Wales
S A R Accountants Tower View Broadway Road Childswickham Broadway Worcestershire WR12 7HD
17 October 2023
Page 4
The Black Country Net
Statement of Financial Activities for the Year Ended 5 April 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 94,932 Charitable activities Networking 2,220 Total 97,152 EXPENDITURE ON Charitable activities Pastoral and Ministry - Networking 59,468 Together Festival 70,783 Total 130,251 NET INCOME/(EXPENDITURE) (33,099) RECONCILIATION OF FUNDS Total funds brought forward 112,508 TOTAL FUNDS CARRIED FORWARD 79,409 |
Restricted funds £ - - - - - - - - - - |
5.4.23 Total funds £ 94,932 2,220 97,152 - 59,468 70,783 130,251 (33,099) 112,508 79,409 |
5.4.22 Total funds £ 73,845 7,945 81,790 13,754 48,930 - 62,684 19,106 93,402 112,508 |
|---|---|---|---|
The notes form part of these financial statements
Page 5
The Black Country Net
Balance Sheet
5 April 2023
| Unrestricted funds Notes £ CURRENT ASSETS Prepayments and accrued income 16,230 Cash at bank 87,565 103,795 CREDITORS Amounts falling due within one year 5 (24,386) NET CURRENT ASSETS 79,409 TOTAL ASSETS LESS CURRENT LIABILITIES 79,409 NET ASSETS 79,409 FUNDS 6 Unrestricted funds TOTAL FUNDS |
Restricted funds £ - - - - - - - |
5.4.23 Total funds £ 16,230 87,565 103,795 (24,386) 79,409 79,409 79,409 79,409 79,409 |
5.4.22 Total funds £ 14,060 98,948 113,008 (500) 112,508 112,508 112,508 112,508 112,508 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 6
The Black Country Net
Balance Sheet - continued 5 April 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 17 October 2023 and were signed on its behalf by:
P G Chamberlain - Trustee
The notes form part of these financial statements
Page 7
The Black Country Net
Notes to the Financial Statements for the Year Ended 5 April 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. 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.
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.
Taxation
The charity is exempt from corporation 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.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. TRUSTEES' REMUNERATION AND BENEFITS
| Trustees' salaries Trustees' pensions paid Trustees' expenses Trustees' expenses |
5.4.23 £ 22,053 474 22,527 5.4.23 £ 40 |
5.4.22 £ 21,345 449 21,794 5.4.22 £ 169 |
|---|---|---|
continued...
Page 8
The Black Country Net
Notes to the Financial Statements - continued for the Year Ended 5 April 2023
3. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Administration No employees received emoluments in excess of £60,000. 4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 73,845 Charitable activities Networking 7,945 Total 81,790 EXPENDITURE ON Charitable activities Pastoral and Ministry 13,754 Networking 48,930 Total 62,684 NET INCOME 19,106 RECONCILIATION OF FUNDS Total funds brought forward 93,402 TOTAL FUNDS CARRIED FORWARD 112,508 |
5.4.23 1 Restricted funds £ - - - - - - - - - |
5.4.22 1 Total funds £ 73,845 7,945 81,790 13,754 48,930 62,684 19,106 93,402 112,508 |
|---|---|---|
continued...
Page 9
The Black Country Net
Notes to the Financial Statements - continued for the Year Ended 5 April 2023
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accruals and deferred income MOVEMENT IN FUNDS At 6.4.22 £ Unrestricted funds General fund 25,102 Next Generation 19,905 Together Festival 24,288 Love Wolverhampton 40 Love Dudley 4,362 Love Sandwell 14,915 Love Walsall 18,878 Chapel premises 4,027 Gender Conference 991 Mental Health - 112,508 TOTAL FUNDS 112,508 Net movement in funds, included in the above are as follows: Unrestricted funds General fund Next Generation Together Festival Love Wolverhampton Love Dudley Love Sandwell Love Walsall Mental Health TOTAL FUNDS |
Net movement in funds £ (9,336) 1,305 (30,556) (60) 673 1,148 2,977 - - 750 (33,099) (33,099) Incoming resources £ 44,840 1,405 40,227 - 1,490 1,440 7,000 750 97,152 97,152 |
5.4.23 5.4.22 £ £ 24,386 500 Transfers between At funds 5.4.23 £ £ (1,869) 13,897 - 21,210 3,704 (2,564) 100 80 65 5,100 (1,000) 15,063 (1,000) 20,855 - 4,027 - 991 - 750 - 79,409 - 79,409 Resources Movement expended in funds £ £ (54,176) (9,336) (100) 1,305 (70,783) (30,556) (60) (60) (817) 673 (292) 1,148 (4,023) 2,977 - 750 (130,251) (33,099) (130,251) (33,099) |
|---|---|---|
6. MOVEMENT IN FUNDS
continued...
Page 10
The Black Country Net
Notes to the Financial Statements - continued for the Year Ended 5 April 2023
6. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | Transfers | |||
|---|---|---|---|---|
| movement | between | At | ||
| At 6.4.21 | in funds | funds | 5.4.22 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 4,818 | 9,622 | 10,662 | 25,102 |
| Next Generation | 43,862 | (3,957) | (20,000) | 19,905 |
| Together Festival | 7,941 | 16,347 | - | 24,288 |
| Love Wolverhampton | 60 | (20) | - | 40 |
| Love Dudley | 5,793 | (1,878) | 447 | 4,362 |
| Love Sandwell | 11,718 | 622 | 2,575 | 14,915 |
| Love Walsall | 18,953 | (2,575) | 2,500 | 18,878 |
| Theology Network | 257 | 199 | (456) | - |
| Chapel premises | - | (245) | 4,272 | 4,027 |
| Gender Conference | - | 991 | - | 991 |
| 93,402 | 19,106 | - | 112,508 | |
| TOTAL FUNDS | 93,402 | 19,106 | - | 112,508 |
| Comparative net movement in funds, included in the above are as follows: | ||||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
|
| General fund | 49,162 | (39,540) | 9,622 | |
| Next Generation | 1,758 | (5,715) | (3,957) | |
| Together Festival | 19,367 | (3,020) | 16,347 | |
| Love Wolverhampton | - | (20) | (20) | |
| Love Dudley | 1,260 | (3,138) | (1,878) | |
| Love Sandwell | 1,515 | (893) | 622 | |
| Love Walsall | 5,000 | (7,575) | (2,575) | |
| Theology Network | 209 | (10) | 199 | |
| Chapel premises | - | (245) | (245) | |
| Gender Conference | 3,519 | (2,528) | 991 | |
| 81,790 | (62,684) | 19,106 | ||
| TOTAL FUNDS | 81,790 | (62,684) | 19,106 |
continued...
Page 11
The Black Country Net
Notes to the Financial Statements - continued for the Year Ended 5 April 2023
7. RELATED PARTY DISCLOSURES
During the year, John Cook, who was a trustee until 6.12.22, was paid £12,000 up to the date of resignation (2022 £nil) relating to consultancy fees.
D Chamberlain, daughter in law of trustee Revd P G Chamberlain, was paid £nil (2022 £5,415) for consultancy fees as the Next Generation coordinator.
Page 12
The Black Country Net
Detailed Statement of Financial Activities for the Year Ended 5 April 2023
| Detailed Statement of Financial Activities for the Year Ended 5 April 2023 |
||
|---|---|---|
| 5.4.23 | 5.4.22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 87,137 | 66,320 |
| Gift aid | 7,795 | 7,525 |
| Charitable activities | 94,932 | 73,845 |
| Breakfast meetings | 780 | 2,100 |
| Retreats | 1,440 | 1,045 |
| Other receipts | - | 4,800 |
| 2,220 | 7,945 | |
| Total incoming resources | 97,152 | 81,790 |
| EXPENDITURE | ||
| Charitable activities | ||
| Trustees' salaries | 22,053 | 21,345 |
| Trustees' pensions paid | 474 | 449 |
| Trustees' expenses | 40 | 169 |
| IT Support | 1,402 | 1,469 |
| Insurance | 1,086 | - |
| Advertising & marketing | 692 | 180 |
| Events | 72,488 | 6,240 |
| Retreats | 1,098 | 1,100 |
| Self Employed Workers | 884 | - |
| Equipment | - | 5,973 |
| Next Generation Coordinator | - | 5,415 |
| Consultancy fees | 20,000 | 842 |
| Next Generation Champions | 3,503 | 8,039 |
| Breakfast meeting costs | 134 | 3,608 |
| As One Project costs | - | 2,523 |
| Gifts incl. visiting speakers | 1,824 | 2,073 |
| 125,678 | 59,425 | |
| Support costs | ||
| Management | ||
| Membership and subscriptions | 791 | 929 |
| Finance | ||
| Bank charges | 400 | 279 |
This page does not form part of the statutory financial statements
Page 13
The Black Country Net
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 5 April 2023 | |||
| 5.4.23 | 5.4.22 | ||
| £ | £ | ||
| Finance | |||
| Information technology | |||
| Software and web hosting | 24 | 15 | |
| Governance costs | |||
| Accountancy and legal fees | 3,358 | 2,036 | |
| Total resources expended | 130,251 | 62,684 | |
| Net (expenditure)/income | (33,099) | 19,106 | |
This page does not form part of the statutory financial statements
Page 14