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2022-03-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

LATYMER CHRISTIAN FELLOWSHIP TRUST

(A Company Limited by Guarantee)

CHARITY REGISTRATION NUMBER 1142420

COMPANY REGISTRATION NUMBER 07650618

Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF

1

LATYMER CHRISTIAN FELLOWSHIP TRUST
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page 3 Legal and Administrative Information
Page 4 Independent Examiner's Report
Page 5 to 10 Directors' Annual Report
Page 11 Statement of Financial Activities
Page 12 Balance Sheet
Pages 13 to 21 Notes to the Financial Statements

2

LATYMER CHRISTIAN FELLOWSHIP TRUST

(A COMPANY LIMITED BY GUARANTEE)

LEGAL AND ADMINISTRATIVE INFORMATION

CHARITY NUMBER 1142420 COMPANY REGISTRATION NUMBER 07650618 DATE OF INCORPORATION 27th May 2011 START OF FINANCIAL YEAR 1st April 2021 END OF FINANCIAL YEAR 31st March 2022 DIRECTORS THAT SERVED DURING Simon Blanchflower THE YEAR TO 31ST MARCH 2022 Timothy Paul Spencer Hazel Vinson James Fletcher (resigned 24th September 2021) Gillian Bedford Eman Bahgat Mahmoud Tawfik Yosry Deborah Barnett

GOVERNING DOCUMENT

Memorandum and Articles of Association dated 27th May 2011

OBJECTS

i) To advance the Christian faith in accordance with the statement of beliefs appearing in the Articles of Association in the Royal Borough of Kensington and Chelsea and in such other parts of the United Kingdom or the world as the Trustees from time to time may think fit.

ii) To relieve persons who are in conditions of need or hardship or who are aged or sick and to relieve the distress caused thereby in the said borough and in such other parts of the United Kingdom or the world as the Trustees from time to time think fit.

iii) To promote and fulfil such other charitable purposes beneficial to the community in the said borough and in other such parts of the United Kingdom or the world as the Trustees may from time to time think fit.

REGISTERED ADDRESS 116 - 118 Bramley Road North Kensington London W10 6SU BANKERS The Co-Operative Bank Plc P.O Box 250 Skelmersdale WN8 6WT INDEPENDENT EXAMINER Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF

3

LATYMER CHRISTIAN FELLOWSHIP TRUST

(A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.

RESPONSIBILITIES AND BASIS OF REPORT

As the charity’s trustees of the Company (who are also the directors of the company 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 for this year 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 material matters have come to my attention which gives me cause to believe that:

• the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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

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.

J Irvinesmith FCIE

Independent Examiners Ltd Unit 2 The Broadbridge Business Centre

Delling Lane Bosham West Sussex PO18 8NF

Date: 20226th October

4

LATYMER CHRISTIAN FELLOWSHIP TRUST

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2022

Latymer Christian Fellowship Trust

Registered Charity Number 1142420 Company Registration Number 7650618 Memorandum and Articles dated 27 May 2011

1. Reference and Administrative details

Trustees: Simon Blanchflower Timothy Paul Spencer Hazel Vinson James Fletcher (resigned September 2021) Gillian Bedford Deborah Barnett Eman Bahgat Mahmoud Tawfik Yosry Senior Staff Members Luiz Lopes, Operations Manager Steve and Tanya Bownds, Church Leaders Church Leaders : Mary White Steve Bownds Tanya Bownds

Bankers: Co-operative Bank plc, PO Box 250, Skelmersdale, WN8 6WT

Independent Examiner : Independent Examiners Ltd

2. Structure, Governance and Management

Latymer Christian Fellowship Trust was formed as a charitable company as set out in our Memorandum and Articles of 27th May 2011. It continues the work of the charitable trust, Latymer Christian Fellowship Trust, which was in operation from 1995 to 2011.

The work of the Trust is carried out by a small number of employees and an increasing number of volunteers. Tanya and Steve Bownds share a full-time role of overall leadership of the church and work of the charity. The Trustees meet on a quarterly basis to receive reports on both the running of the building and the church and to give strategic leadership to the activities of the Trust. Trustees are inducted by the Chair of Trustees using the Charity Commission’s document “The Essential Trustee” and the Trust’s induction pack.

Key partnerships for the Trust include:

In 2021/22, Livability owned the church building and provided payroll for us. This partnership came to an end at the end of March 2022 when the building was sold to Royal Borough of Kensington and Chelsea Council (RBKC). Further information on this is in the sections below. We ended the financial year as tenants of RBKC.

3. Objectives and Activities

The main purposes of the Trust as set out in its Memorandum and Articles are to:

The activities of the Trust are primarily undertaken in the Royal Borough of Kensington and Chelsea but also in such other parts of the UK or the world as the Trustees may think fit.

The Trustees have reviewed the Trust’s activities in the light of the Charity Commission’s requirement to demonstrate public benefit in line with the charity’s aims and are confident that the principles outlined in published guidance have been met as follows, more detail is provided in the body of the report:

5

LATYMER CHRISTIAN FELLOWSHIP TRUST

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS (Continued)

FOR THE YEAR ENDED 31ST MARCH 2022

3. Objectives and Activities (continued)

Principle 1 – There must be an identifiable benefit or benefits – it must be clear what the benefits are, they must be related to the aims and must be balanced against any detriment or harm.

The charity through its church services and activities, community activities and care/concern for vulnerable members of the community is meeting its aims and delivering clear public benefit through doing so.

Principle 2 – Benefit must be to the public, or section of the public – the beneficiaries must be appropriate to the aims, the opportunity must not be unreasonably restricted, people in poverty must not be excluded from the opportunity to benefit and any private benefits must be incidental.

Church services are open to all to attend, as are the majority of community activities. Some of our groups are specifically for women or girls or for young people/children. Where charges are made for community activities these are set at a level such that people are not excluded (most activities are free).

This period could perhaps be best described as a period of re-convening; as Covid restrictions have been lifted and people have begun to come back together. Our vision to follow Jesus, love all people and make disciples in Ladbroke Grove has continued and we have found new ways to deliver it as we have responded to people’s needs. We continue to be so grateful to God for his provision during this time and have been encouraged by the desire of our community to return to meeting together and deepening and expanding relationships with one another.

a) Church

Key roles

Tanya and Steve Bownds continue to take senior responsibility for the church and charity as the Team Leaders, with Mary White as the third member of the core leadership team. We have a Leadership+ group which includes two others who contribute and provide insight into leadership decisions without bearing the leadership responsibility. This year has seen the ground work being laid for a Racial Inclusion Working Group made up of people from the church from the global majority with the aim to move Latymer forwards in becoming a church that is fully representative of our wonderfully diverse local community at all levels of engagement, where everyone is equally valued and we are actively anti-racist.

Our values are to be biblical, evangelistic, prayerful, experimental and generous. We experimented with our first full year Bible reading adventure starting in January 2022, we reviewed our giving partners and as a leadership team have established rhythms of prayer and fasting. Other activities have flexed and evolved according to restrictions being lifted, opportunities and relationships.

Church Services: We were so delighted when we were able to be fully back together again for our services and from September 2021 – December 2021, saw an increase in numbers as people felt safe to join together again. The spring term 2022 saw people fully embracing the opportunities to catch up with family and friends outside of church which resulted in more variable numbers week-by-week. We enjoyed celebrating Christmas together with a number of different services and activities focused on our 2021 theme of God’s Presence, Power and Purpose. We started 2022 with a series on Micah tying it into our theme for 2022 of Walking and Talking with Jesus.

Discipleship : Our Thursday night Discipleship Groups returned to meeting in person and we see around 2/3[rd] of our church attend these regularly. We continued with 12pm prayer on zoom which was attended faithfully by a number of people from the church. We also continued our 8am prayer for those who are working. Our Bible reading adventure for 2022 follows the book of Luke. It was encouraging that seven people attended the Pioneer Leaders’ Conference and seven attended the Global Leadership Summit including another local church leader who joined us for the day. Being online meant a broader take-up for both.

Prayer and Worship : This year we have focussed on expanding and growing our Sunday worship team which has brought a greater depth and beauty to our worship times together. We have also moved our monthly worship nights back to being in person. As a leadership team we have established more consistent patterns of weekly and monthly prayer and fasting. We held three 24/1 prayer sessions, each with a specific focus including praying for the plans for a new building and a Pioneer prayer day in February. We particularly enjoyed carol singing outside Latimer underground station this year.

6

LATYMER CHRISTIAN FELLOWSHIP TRUST (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31ST MARCH 2022

3. Objectives and Activities (continued)

Pastoral care : A key part of our work continues to be pastoral care. While many were delighted by the lockdown restrictions being lifted, a number took more time to adjust and so we continued to reach out to them and are delighted that everyone now feels comfortable to attend with us again. Supporting people to engage and to respect others who might be adjusting at a different pace has been part of the support and care we have offered to individuals. During this time a few people who are part of Latymer have become frailer and so the support needs we are responding to have increased. Adult Safeguarding training was held for 16 people from the church as part of our commitment to vulnerable people and to safeguarding being everyone’s responsibility. The Safeguarding Co-ordinators held monthly safeguarding meetings in addition to a significant amount of ongoing work with individuals with long-term mental health needs which can lead to times of crisis. We ran a Bereavement journey course which helped people process loss and grief, an Alpha course and two rounds of a forgiveness exercise based on the book “Forgive, release and be set free”. These have all been large time commitments, but really significant for the people attending and resulting in change and growth.

Youth and children’s work : As we opened up from Covid and reviewed the capacity of staff and volunteers, we were delighted to re-start our Daniel’s Den Toddler group and while numbers have been fluctuating, a core group is building relationships with one another. Over the summer we ran weekly craft activities in our church car park and enjoyed chatting with and getting to know more people locally as they popped by on their way past. We ran a wonderful Christmas treasure hunt for local families. We also began Kids Church once a month, a high energy service for children including songs, games, crafts, challenges and prayer.

Mission Partnerships: Despite not managing to recruit an Eden Team Leader in 2020 as hoped, we continued in partnership with Eden (The Message) and contributed to a major review of their model and partnerships in the London Region. The outcomes of this will affect how they work with churches going forward and how that partnership will look in the future. We still have two volunteers living locally who were recruited to be part of our Eden team. It is wonderful that they are also fully established as part of the church. We continued to support a range of mission organisations financially and reviewed which ones we would continue with going forward being keen that we partner with people where we have a relational link and mission alignment. We saw one of our church members move to work in South Sudan and we continue to provide prayer support for her. We continue to benefit from being part of the Pioneer Network, and from our relationships with other church leaders locally through the Together for God network and Grenfell Faith Leaders.

Community Outreach

Our community work is co-ordinated by the part-time Church and Community Development Worker and supported by volunteers. Activities included:

As restrictions eased we were able to do a number of smaller trips including visiting Kew Gardens and a Message Trust coffee shop. At Christmas we enjoyed hosting a pantomime.

Grenfell

The Grenfell Public Inquiry is ongoing and continues to cause some tension in the community. There were still restrictions in place for the 4th anniversary, but we had a time of remembrance in our Church Service, were open for private prayer and reflection and also showed a service from St Clement’s Church on the anniversary.

7

LATYMER CHRISTIAN FELLOWSHIP TRUST

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31ST MARCH 2022

3. Objectives and Activities (continued)

b) Building

The Royal Borough of Kensington & Chelsea (RBKC) purchased the church building from Livability at the end of March 2022 as part of the plans for the re-development of the site, with our existing lease transferring as part of this transaction. At the same time, we signed an Agreement for Lease with RBKC which established the Trust’s role in the design of the re-development, the size and specification of the new church and community facility and the terms of our lease once the new building has been completed. Consultation has commenced with the community regarding the plans for a new building which will house the new church and community centre, a stay and play facility and flats. The current timeline will see the building having to be vacated in the first quarter of 2023 to allow demolition of the existing building to commence. Much of 2021/22 was spent liaising with Livability, RBKC and lawyers to ensure that Latymer Christian Fellowship Trust will have the requisite space in the new building and a favourable longterm lease.

The pandemic obviously had a major effect on the use of, and income from, the building, but we were delighted to be able to bring staff back from furlough as building use increased again quite quickly once restrictions were lifted. It did not reach pre-pandemic levels as one-off bookings reduced and some of our regular users reduced the frequency of their use. We also said goodbye to the Ballet School who used our building as they found new premises that better met their needs in early 2022.

Our pricing structure reflects our desire to advance the Christian faith and to fulfil charitable purposes, as Christian and charitable groups benefit from lower hire rates.

40 Talbot Grove House, a flat owned by Livability which our church team leaders had been living in was sold in 2021. They were really grateful to be able to partner with a charity called Mission Housing in a shared ownership scheme which enabled them to remain living on the same estate.

4. Achievements and Performance

Yet again, this year has been an unusual one, but maybe unusual will be the norm going forward! We are grateful to God for bringing everyone at Latymer back together and for sustaining the leadership team, staff, volunteers and community through this time. We celebrate:

5. Financial Review

We were pleased that our forecasts through the year, as we responded to the changing pandemic restrictions, were broadly on track with the income and expenditure totals at the end of the year.

The unrestricted reserves policy target is £67,000, which is equivalent to 3 months’ expenditure, plus £12,000 for boiler replacement and a big piece of unplanned work totaling £79,000. We finished the year with £242,240, which amounts to a variation of £163,240 from the policy; however, £5,662 is restricted. The Trustees are comfortable with holding a higher level of unallocated reserves than would normally be the case due to the financial uncertainty around the period when the church building is being redeveloped.

Having spent funds held from 2017/18 from our BT Donate fundraising page, which are for “anyone impacted by the Grenfell Tower disaster… as well as the people who lived in the Tower, anyone who witnessed it or who has lost a loved one is a victim of this terrible tragedy”, on staff time providing one-to-one support in the previous financial year, this year we returned to using the money for community activities. We had hoped to use the remaining money for a coach trip, but restrictions did not enable this, so that will be spent in summer 2022.

8

LATYMER CHRISTIAN FELLOWSHIP TRUST (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31ST MARCH 2022

5. Financial Review (continued)

We were very grateful for funding of £12,080 from a local fund, Neighbourhood Community Infrastructure Levy (NCIL), towards front-line staff time supporting individuals in our ward, including those who are vulnerable. Old Possums Practical Trust also gave an unrestricted gift towards our community work of £2,500. Our ongoing core costs funding from Kensington and Chelsea Council continued for six months of the year, but various factors including the uncertainty as to what our community outreach would entail with the plans for the building moving ahead meant that we didn’t apply for further funding from them. We had held £5,000 from the All Churches Trust since June 2019 when we had planned to do a major refurbishment for the building, but as the plans for the new building moved forward it was clear that we would be unable to spend the funds within the All Churches Trust’s objects so we returned the funds. We still retain £2,000 City Living Local Life funds which we will need to spend or return in 2022/23.

The Trustees continued in their financial management policies which include:

We continued to regularly reforecast the budget in 2021/22 in light of pandemic restrictions being eased and other building users returning to their activities. The Leadership Team and Chair of Trustees continued to communicate regularly during this time and particularly in relation to the building sale and transfer of lease from Livability to RBKC.

The charity’s principal income sources are:

The major risks during this time continued to be reduced income from decreased building and car park use, but also the sale and proposed re-development of the building and implications for staff, activities, users and the community. We mitigated these by careful financial planning, maintaining strong relationships with Livability and RBKC, securing pro bono legal advice through LawWorks and being open and transparent with all partners throughout this time. Careful financial planning from previous years means we have more in reserves than our policy requires and the income coming into the church through tithes, giving and funding remained reasonably stable throughout.

The Trust’s expenditure has advanced the Christian faith by providing activities and resources to encourage people in their faith journey. The provision of community activities has been beneficial to local people.

The Trust maintains and develops the church building as a resource and does not hold material investments.

6. Plans for the Future

The trustees and leadership team had a day away in March 2022 which gave an opportunity to review the vision, values and priorities for the years ahead. These continue to focus on discipleship, community and outreach, however, knowing that it is likely that at some point we will be out of the building while it is demolished and rebuilt, we are looking forward to prioritising getting to know people we don’t know yet and building ever stronger relationships with other community groups and organisations.

We expect to need to move out of the building in the first quarter of 2023 and will look for alternative venues to continue meeting together. This will result in redundancies for those staff whose roles are reliant on having a building. We intend to plan for this and ensure that we are ready for when this happens. Transitioning well will be a priority for the Leadership Team this year.

In the meantime, we will continue to prioritise growing and deepening our relationships with those we already know, providing activities that meet the needs of our community. We are keen to see the church become ever more representative of the local community and so will continue to develop our Racial Inclusion Working Group responding to their reviews, comments and recommendations. We will also be reviewing our work with Children and Young People and considering our longer-term strategy in this area of our work as we look to increasingly be a church that is intergenerational.

We are also committed to a new partnership with London City Mission to have a missionary one day a week training and developing our church members to grow in evangelistic outreach and will be exploring another partnership with Mission Housing to provide an additional property in the area for church members to rent affordably.

9

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LATYMER CHRISTIAN FELLOWSHIP TRUST

(A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITY

FOR THE YEAR ENDED 31ST MARCH 2022

Notes
INCOME FROM:
Donations & Legacies
3a
Trading Activities
3b
Investments
3c
Charitable Activities
3d
Other Income
3e
TOTAL INCOME
EXPENDITURE ON:
Charitable Activities
4a
Raising Funds
4b
Governance Costs
4c
TOTAL EXPENDITURE
NET INCOME/(EXPENDITURE)
Transfer Between Funds
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total Funds Brought Forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2021/22
2020/21
£
£
£
£
£
53,382
14,890
352
68,624
60,404
-
88,861
-
88,861
58,616
154
262
-
416
1,170
5,151
2,031
14,564
21,746
49,505
-
-
-
-
-
58,687
106,044
14,916
179,647
169,695
56,471
61,755
22,086
140,312
115,526
-
51,628
33
51,661
36,721
-
7,708
-
7,708
3,129
56,471
121,091
22,119
199,681
155,376
2,216
(15,047)
(7,203)
(20,034)
14,319
923
11,346
(12,269)
-
-
3,139
(3,701)
(19,472)
(20,034)
14,319
204,587
32,553
25,134
262,274
247,955
207,726
28,852
5,662
242,240
262,274

Movements on all reserves and all recognised gains and losses are shown above. All the charity's operations are classed as continuing.

The notes on pages 13 to 21 form part of these financial statements.

11

Tary1b￿ Assets J.014 372 L,391 9.223 220 16.222 247.352 574 26.844 Cash at Bank and In Hand 22.r20 21720 1.800 206.712 5,662 240.854 26D,883 3•7,7ZS I6￿274 I￿1•1 261274 GenèTrl Fwds 207.726 207,7Z6 28￿52 5.662 204.587 3L553 25.134 28.852 662 14 274 reglme and in acurdarKe FRSI02 $01P. Approved ￿ the DYeclcrf50n ￿ "2 2022 191 Skjned th￿r by

LATYMER CHRISTIAN FELLOWSHIP TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2022

1. ACCOUNTING POLICIES

Basis of Preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.

The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.

Assessment of Going Concern

Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.

Changes to previous accounts

The classification of income and expenditure have been presented in a slightly different format to previous reporting periods to create greater clarity. No figures have been restated.

Income

Recognition of Income

These are included in the Statement of Financial Activities (SOFA) when:

Offsetting

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.

Grants and Donations

Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP).

Tax Reclaims on Donations and Gifts

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

Contractual Income and Performance Related Grants

This is only included in the SoFA once the charity has provided the related goods or services or met the performance related conditions.

Gifts in Kind

Gifts in kind for use by the charity are included in the SoFA as income from donations when receivable.

Legacies

Legacies are included in the SOFA when receipt is probable, that is, when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met.

Government Grants

The charity has received government grants in the reporting period

Donated Services and Facilities

Donated services and facilities are included in the SOFA when received at the value of the gift to the charity provided the value of the gift can be measured reliably.

Donated services and facilities that are consumed immediately are recognised as income with an equivalent amount recognised as an expense under the appropriate heading in the SOFA.

13

LATYMER CHRISTIAN FELLOWSHIP TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31ST MARCH 2022

1. ACCOUNTING POLICIES (Continued)

Volunteer Help

The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report.

Income from interest, royalties and dividends

This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

Investment Gains and Losses

This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

Insurance claims

Insurance claims are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP) and are included as an item of other income in the SoFA.

Income from membership subscriptions

Membership subscriptions which gives a member the right to buy services or other benefits are recognised as income earned from the provision of goods and services as income from charitable activities.

Expenditure and liabilities

Liability Recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Governance and Support Costs

Support costs represent the cost of central functions, for example governance costs, payroll administration, information technology. Governance costs are those support costs which relate to public accountability of the charity and its compliance with regulation and good practice.

Grants with Performance Conditions

Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.

Grants Payable without Performance Conditions

Where there are no conditions attaching to the grant that enables the donor charity to realistically avoid the commitment, a liability for the full funding obligation must be recognised.

Employee benefits

Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.

Redundancy cost

The charity made no redundancy payments during the reporting period.

Pensions

The charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

Deferred income

No material item of deferred income has been included in the accounts.

Creditors

The charity has creditors which are measured at settlement amounts less any trade discounts.

Provisions for liabilities

A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date

Legal status of the charity

The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

14

LATYMER CHRISTIAN FELLOWSHIP TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31ST MARCH 2022

Taxation

The charity is exempt from tax on its charitable activities.

Fixed Assets

Tangible fixed assets for use by the charity, these are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or, if gifted, at the value to the charity on receipt.

Depreciation Expense

Depreciation is calculated at a rate to write off the cost of tangible fixed assets on a Reducing Balance over their estimated useful lives. The rates applied per annum are as follows:

General Equipment 25%

There has been no change to the accounting policies (valuation rules and methods of accounting) since last year.

2. TANGIBLE FIXED ASSETS

2. TANGIBLE FIXED ASSETS
General Designated Total
Equipment Equipment
£ £ £
Cost 01-Apr-21 39,769 4,401 44,170
Additions 923 - 923
Disposals - - -
Cost at 31-Mar-22 40,692 4,401 45,093
Depreciation 01-Apr-21 39,124 3,655 42,779
Charge 554 374 928
Disposals - - -
Depreciation at 31-Mar-22 39,678 4,029 43,707
Net Book Value 31-Mar-22 1,014 372 1,386
Net Book Value 31-Mar-21 645 746 1,391

The annual commitments under non-cancelling operating leases, capital commitments and contingent liabilities at 31st March 2022 are as follows:

Quarterly rental lease payments of £2,595

15

LATYMER CHRISTIAN FELLOWSHIP TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2022

3. INCOME FROM:

a) Donations & Legacies
Gift Aid Donations
Gift Aid Tax Refund
Gifts & Offerings
b) Other Trading Activities
Centre Bookings
Car Park
Flat Rent
c) Investments
Interest
d) Charitable Activities
Community Activities
Grants
Grants - HMRC Job retention scheme
Sundry Income *		 Unrestricted
Designated
Restricted
Total
Total
Funds
Funds
Funds
2021/22
2020/21
£
£
£
£
£
25,810
12,345
-
38,155
36,955
9,223
321
-
9,544
9,279
18,349
2,224
352
20,925
14,170
53,382
14,890
352
68,624
60,404
-
64,582
-
64,582
31,261
-
13,202
-
13,202
11,233
-
11,077
-
11,077
16,122
-
88,861
-
88,861
58,616
154
262
-
416
1,170
154
262
-
416
1,170
2,255
-
-
2,255
32
2,500
-
14,564
17,064
38,121
2,031
-
2,031
11,471
396
-
-
396
(119)
5,151
2,031
14,564
21,746
49,505

16

LATYMER CHRISTIAN FELLOWSHIP TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2022

4. EXPENDITURE ON:

a) Charitable Activities
Advertising & Publicity
Children & Youth Work
Community Activities
Depreciation Expense
Discipleship Expenses
Doubtful Debt Provision
Eden Central Support
Evangelism
Gifts & Donations
Printing, Postage & Stationery
Staff Costs
10
Sundry Expenses
Sundry Expenses - Return of Unused Grant
Telephone Costs
Training Costs
Volunteer Costs
Website & IT Costs
b) Raising Funds
Building Improvement
Building Repairs & Maintenance
Centre Flat
Cleaning & Hygiene Costs
Council Tax
Equipment Maintenance
Electricity
Gas Costs
Rent
Service Charges
Sundry Fundraising Costs
Waste Collection
Water Costs
c) Governance Costs
Independent Examiners Fee
Insurance Costs
Legal & Professional Fees (incl bookkeeping fees)		 Unrestricted
Designated
Restricted
Total
Total
Funds
Funds
Funds
2021/22
2020/21
£
£
£
£
£
57
-
-
57
109
-
10
54
64
651
16
-
3,496
3,512
1,680
554
374
-
928
697
5,306
-
329
5,635
875
-
334
-
334
-
-
1,500
-
1,500
1,500
896
-
271
1,167
1,939
7,869
75
352
8,296
11,798
878
806
-
1,684
1,262
38,591
55,694
12,084
106,369
89,786
206
25
-
231
102
-
-
5,000
5,000
-
325
1,080
-
1,405
1,613
1,351
500
1,851
1,010
15
-
-
15
19
407
1,857
-
2,264
2,485
56,471
61,755
22,086
140,312
115,526
-
1,020
-
1,020
-
-
3,367
-
3,367
5,045
-
115
-
115
259
-
15,777
-
15,777
8,925
-
1,022
-
1,022
962
-
7,951
-
7,951
3,935
-
994
-
994
2,655
-
6,403
-
6,403
3,752
-
10,263
-
10,263
7,082
-
575
-
575
2,039
-
435
33
468
183
-
1,411
-
1,411
1,058
-
2,295
-
2,295
826
-
51,628
33
51,661
36,721
-
1,800
-
1,800
1,800
-
2,236
-
2,236
1,077
-
3,672
-
3,672
252
-
7,708
-
7,708
3,129

17

LATYMER CHRISTIAN FELLOWSHIP TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2022

5. DESIGNATED FUNDS

Church Buildings/Ops
Eden
Leaders Salaries
Church Buildings		 Balance
Balance
01-Apr-21
Income
Expenditure
Transfers
31-Mar-22
£
£
£
£
£
32,553
91,154
107,321
-
16,386
-
2,730
1,610
-
1,120
-
12,160
12,160
11,346
11,346
32,553
106,044
121,091
11,346
28,852
Balance
Balance
01-Apr-20
Income
Expenditure
Transfers
31-Mar-21
£
£
£
£
£
42,498
70,319
80,264
-
32,553
42,498
70,319
80,264
-
32,553
CURRENT FINANCIAL YEAR
PREVIOUS FINANCIAL YEAR

Church Buildings - Funds held for future operating costs, developments and major building repairs

The Charity's Designated funds are represented by the Charity's cash reserves, fixed assets and debtors and are to be expended as specified above.

6. RESTRICTED FUNDS

40 TGH
Neighbourhood Community Infrastructure Levy
Ops - All Churches Trust
Ops - RBKC/City Living Local Life
Eden - London Community Foundation
Church - Ukraine Appeal
Church - Technical Equipment
Post Grenfell - Gifts for those affected by
the fire (BT Donate)		 Balance
Balance
01-Apr-21
Income
Expenditure
Transfers
31-Mar-22
£
£
£
£
£
11,379
-
(33)
(11,346)
-
-
12,080
(11,023)
-
1,057
5,000
-
(5,000)
-
-
2,000
1,561
(1,561)
-
2,000
147
-
(147)
-
-
-
352
(352)
-
-
-
923
-
(923)
-
6,608
-
(4,003)
-
2,605
25,134
14,916
(22,119)
(12,269)
5,662
CURRENT FINANCIAL YEAR

Transfers between funds in 2021/22

The £11,346 transfer represents funds that have historically been set aside by the Trustees as a reserve to cover future service charge and repair liabilities, generated from rental income of the flat at Talbot Grove House. Since the flat was sold in this financial year, the reserves are no longer required and the Trustees agreed in May 2021 that the funds should released to cover Leaders’ salary costs.

The £923 transfer represents the funds spent to purchase fixed assets in accordance with the terms of those funds.

18

LATYMER CHRISTIAN FELLOWSHIP TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2022

6. RESTRICTED FUNDS (continued)

40 TGH
Ops - All Churches Trust
Ops - RBKC/City Living Local Life
Eden - London Community Foundation
Church -Westway Trust
Church - RBKC
Post Grenfell - Gifts for those affected by the fire (BT Donate)		 Balance
Balance
01-Apr-20
Income
Expenditure
31-Mar-21
£
£
£
£
15,027
52
(3,700)
11,379
5,000
-
-
5,000
2,000
-
-
2,000
10,768
-
(10,621)
147
-
2,500
(2,500)
-
-
3,121
(3,121)
-
21,250
-
(14,642)
6,608
54,045
5,673
(34,584)
25,134
PREVIOUS FINANCIAL YEAR

Purposes of restricted funding received are as follows:

All Churches Trust - funding towards refurbishment work

RBKC/City Living Local Life - funding towards refurbishment work

London Community Foundation - funding for work with children and young people RBKC - funding towards core salary cost

Westway Trust - support for exercise class

Neighbourhood Community Infrastructure Levy - for core salary costs for one to one support for community members Ukraine Appeal - to give to a charity supporting Ukrainians

Post Grenfell – Support and activities for those affected by the fire (BT Donate) Technical Equipment - to support online services during Covid 19 40 TGH - accommodation for church leaders

The Charity's Restricted funds are wholly represented by the Charity's Cash Reserves and are to be expended as specified above.

19

LATYMER CHRISTIAN FELLOWSHIP TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2022

7. CASH AT BANK AND IN HAND

General Accounts:
Current
Deposit
Fixed Rate Deposit Account
Cash in Hand
Eden Current Account
Eden Cash in Hand
Church Buildings:
Current
Deposit
Fixed Rate Deposit Account
40 TGH Flat Account
PayPal Account
Cash in Hand
8. DEBTORS AND PREPAYMENTS
Accrued Income
Centre Bookings
Less Provision for Doubtful Debts
Gift Aid Tax Recoverable
Prepayments
Sundry Debtors
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Independent Examiners Fee
Accrued Salary and Pension Costs
Other Accruals
Sundry Creditors
10. STAFF COSTS AND NUMBERS
Gross Wages and Salaries
Employer's National Insurance Costs
Employers Allowance (2020/21: 3 years)
Pension Contributions
Backdated Pension Contributions		 31-Mar-22
£
18,508
123,867
21,776
156
23,392
-
28,691
2,460
28,056
-
-
446
247,352
31-Mar-22
£
-
4,045
(334)
9,544
2,967
-
16,222
31-Mar-22
£
1,800
2,515
9,791
8,614
22,720
2021/22
£
97,784
7,832
(4,000)
1,996
2,515
106,127		 31-Mar-21
£
22,849
101,801
21,657
179
22,346
132
25,164
2,459
27,798
11,199
97
158
235,839
31-Mar-21
£
10,628
2,180
-
9,279
4,757
-
26,844
31-Mar-21
£
1,800
-
-
-
1,800
2020/21
£
91,178
5,865
(9,000)
1,489
-
89,533

The Charity operates a PAYE scheme to pay all employed members of staff and no employees received emoluments of over £60,000 (2020/21: None).

20

LATYMER CHRISTIAN FELLOWSHIP TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2022

10. STAFF COSTS AND NUMBERS (continued)

Employees who were engaged in each of the following activities:

Activities in furtherance of organisation's objects 2021/22
5
5		 2020/21
5
5

The Church had 7 employees at the start of the period and 5 employees at the end of the period.

The key management personnel of the charity comprise the Trustees and Senior Management Team. No Trustees received remuneration. The total employee benefits (including employer national insurance and employer pension contributions) of the key management personnel of the charity were £39,908 (2020/21: £20,731).

11. RECONCILIATION OF MOVEMENT ON CAPITAL AND RESERVES

The Company is Limited by Guarantee (07650618) and is a Charity registered with the Charity Commission (1142420) and does not have a Share capital and has no income subject to Corporation Tax.

Profit / Deficit for the financial year
Other Recognised Gains
Balance Brought Forward
Closing Funds at 31st March 2022/31st March 2021		 2021/22
£
(20,034)
-
(20,034)
262,274
242,240		 2020/21
£
14,319
-
14,319
247,955
262,274

12. PAYMENTS TO DIRECTORS AND RELATED PARTIES

In this financial year, no payments were made to directors or any persons connected with them, other than for reimbursements for purchases made on behalf of the Charity. No material transaction took place between the charity and a trustee or any person connected with them (2020/21: None.)

13. RISK ASSESSMENT

The Directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.

14. RESERVES POLICY

The Directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily.

15. PUBLIC BENEFIT

The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Directors' report. The Directors confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.

21