2021-03-31-accounts

COMPANY REGISTRATION NUMBER: 07185047 CHARITY REGISTRATION NUMBER: 1144906

The Assembly of the Brethren in Christ's Church Limited

Company Limited by Guarantee

Financial Statements

31 March 2021

POINTON YOUNG

Chartered Accountants & Statutory Auditors 33 Ludgate Hill Birmingham B3 1EH

The Assembly of the Brethren in Christ's Church Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2021

	Page
Trustees' annual report (incorporating the director's report)	1
Statement of financial activities (including income and
expenditure account)	4
Statement of financial position	5
Notes to the financial statements	6

The Assembly of the Brethren in Christ's Church Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 March 2021

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2021.

Reference and administrative details

Registered charity name	The Assembly of the Brethren in Christ's Church Limited
Charity registration number	1144906
Company registration number	07185047
Principal office and registered	14 Sugden Grove
office	Birmingham
	B5 7DH
The trustees
	P Asgedom
	S Iyob
	S.M. Nuguse
	A Tsegay
Auditor	Pointon Young
	Chartered Accountants & Statutory Auditors
	33 Ludgate Hill
	Birmingham
	B3 1EH

Structure, governance, and management

The Trustees are aware of their responsibilities for governance and will actively seek new members using a skill-based approach where necessary. None of the Members Council has any beneficial interest in the company

Objectives and activities

Christian Church including all community and social activities associated with our church work.

Strategic report

The following sections for achievements and performance and financial review form the strategic report of the charity.

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The Assembly of the Brethren in Christ's Church Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2021

Achievements and performance

As you know due to covid restrictions, we were not able to do face to face meetings, however thanks to God we have managed to meet through zoom meetings, we have been praying and encouraging each other. We also helped those who were shielding to supply them with basic necessities, helped with basic food shopping to those who were affected by lock down. Furthermore, God has blessed us with eight marriages and we have celebrated in accordance with the covid restriction rules. Despite all the restrictions our Charity has managed to survive, we were able to pay our bills and continue to do our daily activities.

Financial review

We are very grateful to all that donate to the Assembly of the Brethren in Christ's Church.

It is the policy of the charity that unrestricted funds, which have not been designated for a specific use, should on the grounds of prudence, be maintained at a level between 6 and 12 months of expenditure. The trustees consider that reserves at this level would ensure that, even in the event of a significant drop in funding, they would be able to continue the charity's current activities and meet obligations on staffing and buildings, whilst also considering ways in which additional funds could be raised. This level of reserves has not been maintained this year due to an increase in outgoings, the trustees are taking steps to address this risk.

Trustees' responsibilities statement

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the applicable Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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The Assembly of the Brethren in Christ's Church Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2021

P Asgedom

29 December 2021 Trustee

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The Assembly of the Brethren in Christ's Church Limited

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 31 March 2021

		2021	2021	2020
		Unrestricted
		funds	Total funds	Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	5	26,864	26,864	63,225
Charitable activities	6	17,460	17,460	9,855
		────────	────────	────────
Total income		44,324	44,324	73,080
		════════	════════	════════
Expenditure
Expenditure on charitable activities	7,8	52,311	52,311	71,297
		────────	────────	────────
Total expenditure		52,311	52,311	71,297
		════════	════════	════════
		────────	────────	────────
Net (expenditure)/income and net movement in funds		(7,987)	(7,987)	1,783
		════════	════════	════════
Reconciliation of funds
Total funds brought forward		232,027	232,027	230,244
		─────────	─────────	─────────
Total funds carried forward		224,040	224,040	232,027
		═════════	═════════	═════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 6 to 12 form part of these financial statements.

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The Assembly of the Brethren in Christ's Church Limited

Company Limited by Guarantee

Statement of Financial Position

31 March 2021

		2021	2020
	Note	£	£
Fixed assets
Tangible fixed assets	12	304,006	314,115
Current assets
Debtors	13	1,413	4,545
Cash at bank and in hand		62,853	62,994
		────────	────────
		64,266	67,539
Creditors: amounts falling due within one year	14	10,003	13,169
		────────	────────
Net current assets		54,263	54,370
		─────────	─────────
Total assets less current liabilities		358,269	368,485
Creditors: amounts falling due after more than one year	15	134,229	136,458
		─────────	─────────
Net assets		224,040	232,027
		═════════	═════════
Funds of the charity
Unrestricted funds		224,040	232,027
		─────────	─────────
Total charity funds	16	224,040 ═════════	232,027 ═════════

These financial statements were approved by the board of trustees and authorised for issue on 29 December 2021, and are signed on behalf of the board by:

P Asgedom Trustee

The notes on pages 6 to 12 form part of these financial statements.

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The Assembly of the Brethren in Christ's Church Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 14 Sugden Grove, Birmingham, B5 7DH.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the

general objects of the charity.

Restricted funds are available for use subject to restrictions imposed by the donor or through terms of an appeal.

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The Assembly of the Brethren in Christ's Church Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2021

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• legacy income is recognised when receipt is probable and entitlement is established.

• income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable, and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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The Assembly of the Brethren in Christ's Church Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2021

3. Accounting policies (continued)

Tangible assets (continued)

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property - 2% straight line Fixtures and fittings - 25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

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The Assembly of the Brethren in Christ's Church Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2021

3. Accounting policies (continued)

Financial instruments (continued)

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Limited by guarantee

The company is a private company limited by guarantee and consequently does not have share capital.

5. Donations and legacies

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Donations
	Donations	26,864	26,864	63,225	63,225
		════════	════════	════════	════════
6.	Charitable activities
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Other income	17,460	17,460	9,855	9,855
		════════	════════	═══════	═══════

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The Assembly of the Brethren in Christ's Church Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2021

7. Expenditure on charitable activities by fund type

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	General Charitable Activities	52,311	52,311	71,297	71,297
		════════	════════	════════	════════
8.	Expenditure on charitable activities	by activity type

	Activities
	undertaken	Total funds	Total fund
	directly	2021	2020
	£	£	£
General Charitable Activities	52,311	52,311	71,297
	════════	════════	════════
Net (expenditure)/income
Net (expenditure)/income is stated after	charging/(crediting):
		2021	2020
		£	£
Depreciation of tangible fixed assets		10,109 ════════	10,109 ════════

9. Net (expenditure)/income

10. Staff costs

The average head count of employees during the year was 1 (2020: 2). The average number of full-time equivalent employees during the year is analysed as follows:

		2021	2020
		No.	No.
Number of staff - type	1	1 ════	2 ════

No employee received employee benefits of more than £60,000 during the year (2020: Nil).

11. Trustee remuneration and expenses

One or more trustees has been paid remuneration or received other benefits from employment with the charity or a related entity.

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The Assembly of the Brethren in Christ's Church Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2021

12. Tangible fixed assets

		Freehold	Fixtures and
		property	fittings	Total
		£	£	£
	Cost
	At 1 April 2020	324,641	34,608	359,249
	Disposals	–	(21,837)	(21,837)
		─────────	────────	─────────
	At 31 March 2021	324,641	12,771	337,412
		═════════	════════	═════════
	Depreciation
	At 1 April 2020	19,478	25,656	45,134
	Charge for the year	6,493	3,616	10,109
	Disposals	–	(21,837)	(21,837)
		─────────	────────	─────────
	At 31 March 2021	25,971	7,435	33,406
		═════════	════════	═════════
	Carrying amount
	At 31 March 2021	298,670	5,336	304,006
		═════════	════════	═════════
	At 31 March 2020	305,163	8,952	314,115
		═════════	════════	═════════
13.	Debtors
			2021	2020
			£	£
	Prepayments and accrued income		1,088	1,995
	Other debtors		325	2,550
			───────	───────
			1,413	4,545
			═══════	═══════

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

14. Creditors: amounts falling due within one year

	2021	2020
	£	£
Accruals and deferred income	2,610	2,610
Corporation tax	6	6
Social security and other taxes	2,087	2,402
Bank loan	3,824	3,743
Other creditors	1,476	4,408
	────────	────────
	10,003	13,169
	════════	════════

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The Assembly of the Brethren in Christ's Church Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2021

15. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loan	134,229	136,458
	═════════	═════════

16. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
					At
		At		31 March 202
	1	April 2020	Income	Expenditure	1
		£	£	£	£
General funds		232,027	44,324	(52,311)	224,040
		═════════	════════	════════	═════════
					At
		At			31 March 202
	1	April 2019	Income	Expenditure	0
		£	£	£	£
General funds		230,244	73,080	(71,297)	232,027
		═════════	════════	════════	═════════

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