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2021-03-31-accounts

GEFC LIMITED (A company limited by guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31[st] MARCH 2021

Company number : 07848581 Charity Number : 1146665

GEFC LIMITED (A company limited by guarantee)

Contents

Page
Report of the trustees 1 -4
Report of the independent examiner 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 10

GEFC LIMITED

Report of the trustees for the year ended 31 March 2021

The trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 March 2021 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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 (FRS102) (effective 1 January 2015)

Purposes and activities

The charity’s objects are for the public benefit

to advance the Christian faith in accordance with the statement of beliefs in Tyne & Wear and in such parts of the United Kingdom and the world as the trustees from time to time may think fit;

and

to fulfil such other purposes which are exclusively charitable according to the law of England and Wales and are connected to the charitable work of the charity as the trustees from time to time think fit

In shaping the objectives for the year and planning activities, the trustees have considered the Charity Commission’s guidance on public benefit. The church is community based and is open to all to become involved.

The strategies employed to achieve the charity’s aims and objectives are to

hold weekly services with a variety of speakers who provide insight and education into religion make donations on a planned basis to projects adopted by the church

make donations to projects in need following natural disasters or those facing hardship employ church workers to visit and support church and community members

Achievements

The charity held weekly meetings to hear speakers and contemplate all aspects of the Christian Faith. Monies were gifted to projects in or operated by

fted to projects in or operated by
G Leeder
Open Doors
People’s Kitchen
Travel assistance
Other – including home repairs		 £
1,500
500
500
1,609
1,569
5,678

2

GEFC LIMITED

Report of the trustees for the year ended 31 March 2021

Achievements - continued

The charity continued employing two leaders supporting the local community.

Financial Review

The charity gifted in total £5,678 and used £47,251 on salaries and operating costs. Income amounted to £45,945. There is a healthy bank balance of £55,672 (2020 - £55,731). Liabilities are negligible.

Reserves policy and going concern

Reserves are needed to bridge the gap between the spending and receiving of income and to cover unplanned expenditure. The trustees in line with Charity Commission guidance seek to have a minimum of six months expenditure in reserves. This target has been achieved. The trustees do not believe going concern is an issue in the next twelve months given the careful financial management employed by the charity and level of monies held in the bank.

Plans for future periods

The trustees plan to continue with the weekly services and support projects or individuals in need. Encouragement will be given to new members. Financial support will be given to causes in tune with the charity’s Christian ethos and those communities suffering or facing hardship after natural disasters.

Reference and administrative information

Charity number : 1146665
Company number : 07848581
Directors and trustees
M Hopper
M Gallagher
D J Beeley
D W Sinclair
Registered office 10 Glendale Gardens
Gateshead
Tyne & Wear
NE9 5SA

3

GEFC LIMITED

Report of the trustees for the year ended 31 March 2021

Reference and administrative information - continued

Independent R A Page Examiner 511 Durham Road Low Fell Tyne & Wear NE9 5EY Bankers Lloyds TSB High Street Gosforth Newcastle upon Tyne

Governing Document

The organisation is a charitable company limited by guarantee, incorporated on 15 November 2011 and registered as a charity on 29 March 2012. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

Recruitment and Appointment of Trustees

The directors of the company are also charity trustees for the purpose of charity law.

The trustees continually audit the available skills of the board and look to acquire new trustees with different skills and experiences which can assist in the growth of the organisation. Recruitment is by approach and word of mouth.

Organisational Structure

The charity has a management committee of 6 members who communicate on a regular basis.

Risk Management

The trustees and management have carried out an assessment of the major risks facing the charity.

Trustees’ responsibilities in relation to the financial statements

The charity trustees (who are also directors of GEFC Limited for the purposes of company law) are responsible for preparing a trustees annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Accepted Accounting Practice).

GEFC LIMITED

4

Report of the trustees for the year ended 31 March 2021

Trustees’ responsibilities in relation to the financial statements - continued

Company law requires the trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of its income and expenditure for that period. In preparing the financial statements, the trustees are required to:

Select suitable accounting policies and then apply them consistently Observe the methods and principles in the Charities SORP Make judgements and 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 statement;

Prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Companies Act 2006. The trustees 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.

Signed on behalf of the trustees

D Beeley - Trustee

Date: 10 October 2021

GEFC LIMITED

Report of the Independent Examiner to the trustees of GEFC Limited

I report on the financial statements of GEFC Limited for the year ended 31 March 2021 which are set out on pages 6 to 10.

Respective responsibility of trustees and examiner

The charity’s trustees are responsible for the preparation of the financial statements. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011(the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to

Examine the accounts under section 145 of the 2011 Act

To follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act) and

To state whether particular matters have come to my attention.

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention :

have not been met ;or

R A Page FCCA 511 Durham Road Low Fell Gateshead Tyne & Wear NE9 5EY

Date: 10 October 2021

GEFC LIMITED

6

Statement of financial activities (including Income and Expenditure Account) Year ended 31 March 2021

Notes
Income

Donations
Gift aid
Bank interest
Other Interest
Bank charges refund
Other income
Employment allowance
Total income
Expenditure
Expenditure on charitable activities
2
Church
Net income(expenditure)
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 2021
2020
£
£
37,781
37,820
6,504
7,930
333
-
508
30
-
467
1,327
1,371
45,945
48,126
47,251
53,421
(1,306)
(5,295)
63,024
68,319
61,718
63,024

GEFC LIMITED

7

Balance sheet as at 31 March 2021

Note
Fixed Asset
Tangible fixed assets
4
Current assets
5
Debtors
Money market deposits
Cash at bank
Creditors: amounts falling
due within one year
6
Net current assets
Total assets less current
Liabilities
Funds
£
6,504
15,000
40,672		 2021
£
683

61,035
£
7,930
35,000
20,732		 2020
£
-
63,024
62,176
1,141		 63,662
638
61,718 63,024


61,718		 63,024

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2020.

The trustees have not required the charitable company to obtain an audit of its financial statements for the period ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard 102.

The financial statements on pages 6 to 10 were approved by the Board of Trustees on 10 October 2021 and were signed on its behalf by

D Beeley- Trustee

GEFC LIMITED

8

Notes to the financial statements Year ended 31 March 2021

1 Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the period.

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) – (Charities SORP (FRS 1023), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Grants

Grants for immediate expenditure are accounted on a receivable basis. Grants where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.

Resources expended

Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered.

Costs

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly and other are apportioned on an appropriate basis such as staff time.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life

Computer equipment

33% On cost

GEFC LIMITED

9

Notes to the financial statements Year ended 31 March 2021

2 Expenditure

Charitable activities
External gifts
Internal gifts
Speakers
Junior church
Salaries
Pension
Equipment
Safeguarding
Travel
Advertising and printing
Rent
Insurance
Repairs
Depreciation
Support costs
Sundry
Accountancy
Software		 2021
2020
£
£
3,240
8,507
2,438
1,073
1,200
1,300
-
122
29,030
27,778
1,580
1,582
265
216
129
132
1,873
929
1,979
1,082
2,250
4,420
466
795
-
3,439
336
-
1,509
1,068
956
736
-
242
47,251
53,421

GEFC LIMITED

10

Notes to the financial statements Year ended 31 March 2021

3 Trustees remuneration

Trustees were not paid remuneration for carrying out duties as trustees. One trustee is employed by the church as a lay worker. The duties include visiting church members in need of help. Salary paid for this role relate specifically to it. There is no inclusion in the salary for their duties as a trustee.

4 Tangible fixed assets

5
Debtors


Gift aid
6
Creditors – amounts falling due in one year
Accrued expenses
Payroll taxes
Cost
Additions
As at 31 March 2021
Depreciation
Charge for year
As at 31 March 2021
Net Book Value
As at 31 March 2021
2021
£
6,504		 2020
£
7,930
Computer
Equipment
£
1,019
1,019
336
336
683
2021
£
797
344		 2020
£
638
-
1,141 638