Company registration number: 08148539 Charity registration number: 1148705
Shenley Christian Fellowship
(A company limited by share capital) Annual Report and Financial Statements
for the Year Ended 31 October 2023
Shenley Christian Fellowship
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees | 1 |
| Trustees' Report | 2 to 6 |
| Statement of Trustees' Responsibilities | 7 |
| Independent Examiner's Report | 8 to 9 |
| Statement of Financial Activities | 10 to 11 |
| Balance Sheet | 12 to 13 |
| Notes to the Financial Statements | 14 to 30 |
Shenley Christian Fellowship
Reference and Administrative Details
Trustees Reverend R T Dilnot Miss J A Messenger Dr M Owolabi Mr R Goodship Mr C Rattray Charity Registration Number 1148705 Company Registration Number 08148539 The charity is incorporated in England & Wales. Principal Office The Oak Tree Centre Wallinger Drive Shenley Brook End Milton Keynes MK5 7GZ Accountants KRW Accountants Ltd The Mill Pury Hill Business Park Alderton Road Towcester NN12 7LS
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Shenley Christian Fellowship
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 October 2023.
Shenley Christian Fellowship is a group of Christian believers that have a living relationship with God through his son Jesus Christ. Our prime aim is to glorify Jesus Christ in our lives, our speech, our actions, and our worship, to be His witnesses and to make disciples. Our beliefs are biblical, in line with main line evangelical Christianity and are outlined in the statement of faith.
Structure, governance and management
The charity is a charitable company limited by guarantee, incorporated in England and Wales with company number 08148539, and was established on 18 July 2012. On 22 July 2013 the original charitable trust, Shenley Christian Fellowship Trust, charity number 1015402 (governed by the Declaration of Trust dated 3 March 1992 and the Supplementary Declaration of Trust 1 December 1999) was officially linked with the charitable company and was initially treated as forming a part of it. The funds of Shenley Christian Fellowship Trust are shown in these accounts as a restricted fund of the Reporting Charity.
The charity is governed by its Articles of Association as amended by special resolution dated 27th June 2013. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Reverend R T Dilnot
Miss J A Messenger
Dr M O Owolabi
Mr R Goodship
Mr C Rattray (appointed 19 May 2024)
The Chair of Trustees, would meet with new Trustees to induct them into the role, taking them through the Trustee manual.
The charity is led by a group of Trustees, who form the Leadership Team. The Minister is the only paid member of the Trustees and as Senior Church Leader his responsibility is to lead the church, together with the Leadership Team, following the model of congregational governance as laid out in the Constitution.
The charity is a member of the Baptist Union of Great Britain. It also works alongside other churches and denominations in Milton Keynes and beyond, to further the work of the Gospel of Jesus Christ.
Charity’s Objectives
The charity's objectives are:
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The advancement of the Christian faith for the benefit of the public.
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The relief of sickness and the preservation of health among people.
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The prevention or relief of poverty.
In furtherance of these objectives the Trustees have established a building fund appeal to further develop the permanent base which was opened in September 2016 and from which the charity can operate for the future.
The policies the charity adopted in furtherance of these objectives continue to be consistent with those adopted by the original trust (Shenley Christian Fellowship Trust), which it now embraces.
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Shenley Christian Fellowship
Trustees' Report
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The charity seeks to make grant applications to various grant making bodies for different ministry projects, to further advance the work that they seek to undertake in pastoral support, education, and the building of the second phase of the Church's building, the Oak Tree Centre, to enable further growth and development.
The charity could not fulfil its objectives without the dedicated and sacrificial support of the many volunteers who are both regular attenders of the church and those who attend the ministry activities but not the church itself. These volunteers are essential to the life of the charity and without them we would not exist.
Achievements and Performance
The charity’s activities gained greater pace as we continued to grow as a church family.
Acorns Family Outreach ministry: This has continued to grow well with more families joining the group as some of the existing children moving up to school. We also had a change of leader. Joy Dilnot, who was our Acorns Family Outreach Pastor, returned to full time teaching. Following a recruitment process, John Chapman was appointed as Acorns Family Outreach Worker and has done a great job leading the team of volunteers who sacrificially give their time each week (term time only) to assist in the running of tis ministry.
Winter Night Shelter: We partnered again for the 2022-2023 winter season with Winter Night Shelter MK, offering our building to host a group of homeless people overnight. All meals were prepared at Unity Park (the home of the Winter Night Shelter). But guests (up to a maximum of 16) slept at the church’s building, the Oak Tree Centre on Wednesday nights.
Monday Club: In accordance with our plans, we started Monday Club, a group for the over 60s. This has been set up to provide a safe and enjoyable space for those aged 60+ in our community and our church and help to combat loneliness. Attendance has been good since we started in April 2023 and the group is steadily growing.
Food & Clothing Bank: We started a Food & Clothing Bank ministry this year, which runs on the last Friday of each month. This ministry is to support families struggling financially and offers them food from a selected range of essential nonperishable items (one of each item). There are also clothes that they can look through and take as needed. We have built the ministry up to supporting around 50 individuals/families per month.
Youth & Children’s Ministry: Our ministry for ages 0-18 have continued to operate each Sunday, but recruiting volunteers is always a challenge, and not unique to us. Our youth (11-18’s ministry) led a morning service this year, which was greatly appreciated and very well received.
Also, with Phase 2 of our building project temporarily shelved, we hired a Portakabin, which has been sited at the far end of our carpark, and which is used as the youth room on Sundays. It is also available to hire during the week for community groups. Whilst this is only a temporary solution, it is providing a separate space for the youth, and we are encouraging them to decorate it and make it their space.
Sunday Services: Services for worship, bible teaching, testimonies, and fellowship continue to be held every Sunday morning in our building, the Oak Tree Centre. We have continued to stream our services live via our church Facebook page and have invested in some equipment to improve the streaming quality and facilities. We also upload the Sunday teaching to our YouTube page in the week after the Sunday in question. Our continuing Café Church and family Services are developing well.
We also celebrated 4 people being baptised over this year, making a public declaration of their faith in Jesus Christ.
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Shenley Christian Fellowship
Trustees' Report
The Oak Tree Centre
The use of our building, the Oak Tree Centre, has continued to grow again post-pandemic. Our Centre Manager, recruited in November 2022 tragically died in January 2023. This was a significant shock to the staff team and church congregation alike. In the interim, Pastor Ross Dilnot oversaw the running of the oak Tree Centre in a reduced capacity, but in the autumn of 2023, we recruited a new Centre Manager.
Hirers continue to grow and change as their needs change. Regular community hirers have continued, and we still hire out for parties on a Saturday afternoon / evening, although we’d like to stop hiring for parties and seek a regular Saturday afternoon hirer instead.
We still need to build Phase 2 of the Oak Tree centre, but repayment of Phase 1 loans continues steadily, and costs of building have significantly risen, which makes Phase 2 a challenge.
Future Plans
Oak Tree Centre: The Trustees recognise that there is an increasing and fast approaching need to build Phase 2 of the Oak Tree Centre, but whilst repayment of Phase 1 loans continues steadily, costs of building have significantly risen, which makes Phase 2 a challenge.
Leadership & Governance: We are currently a small leadership team for the size of church, and are seeking to recruit the right people, under God’s guidance, to join the Leadership Team. In January 2023, Kehinde Sokunle joined the group and has brought gifts of wisdom and discernment to strengthen the team.
Governance Change: In October 2022 we began a process with the church congregation to look at changing our church governance from having Church Members to having Partners. This also included streamlining the process requiring voting from the Members, and also reducing the Membership Meetings in favour of using technology to convey information (email, Zoom etc.). We foresee this process of consultation and change taking approximately and anticipate taking a vote on the change in the October 2023 Church Family Meeting.
Life Groups: Our development of our Life Group programme (mid-week small community groups) has not developed how we had hoped. However, we have now given the oversight of the ministry area to one of our Leadership Team with an aim to lead clearly from the top to re-build and re-structure our Life groups for the discipleship of all who attend these groups.
Safeguarding
We have continued to be thorough and diligent in the work of safeguarding for our church. The use of the NSPCC’s Safeguarding training has proved invaluable, as has the Safeguarding reporting package that we subscribe to - MyConcern.
Staff
The church employed six staff - five part time (Oak Tree Centre Manager, Bookkeeper, Acorns Families Outreach Pastor, Cleaner and Maintenance person) and one full time ordained Baptist Minister. We also employed contracted workers for publicity and website administration, and gardening. The person we employed to administer phase 2 of the Oak Tree Centre building project retired, and this role has not currently been replaced, due to Phase 2 being temporarily shelved.
Mission Support Giving
As shown in our Statement of Accounts, we continued to commit a significant proportion of our income, almost £13,000, to other charities which have a Christian ethos including Bridgebuilder Trust, MK Money lifeline, Baptist Home Mission, Moorlands Bible College and two missionaries working for Scripture Union in other parts of the world. This giving is reviewed annually.
Data Protection
We believe we comply with the Data Protection Policy under the government's General Data Protection Regulations and continue to use the IT package called 'Church Suite' to assist in handling our data and communication.
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Shenley Christian Fellowship
Trustees' Report
The Trustees believe that we have achieved our objectives this year through the activities outlined above and are eager to develop the good work that is in progress.
Financial review
General Fund of the Shenley Christian Fellowship income was £174,910 (2022: £139,985) whilst General Fund expenditure, including transfers was £142,548 (2022: £137,268).
Restricted Funds were used to further the aims of the fellowship and in accordance with the restrictions placed upon the gift by the donors. The Family Fund was used to relieve poverty and hardship in specific cases for those within the fellowship. Details of the sources and use of restricted funds are detailed in the accounts. Restricted Giving income shown in these accounts includes, where appropriate, an allocation from the Gift Aid that SCF receives that is appropriate to the circumstances of the donation.
Total accumulated funds at the end of the year were as follows: SCF General Funds £118,528 (2022: £86,526) and restricted funds £1,253,278 (2022: £1,254,063).
In addition, restricted funds given to the charity received in the year amounted to £785 deficit (2022: £67,191) and, as shown in the accounts are principally attributable to the Building Fund. However, in accordance with the direction given by the Charity Commission, all the funds of SCFT are treated as "restricted" within these accounts of the reporting charity.
Restricted funds
Restricted Funds were used to further the aims of the fellowship and in accordance with the restrictions placed upon the gift by the donors. The Family Fund was used to relieve poverty and hardship in specific cases for those within the fellowship and outside the fellowship as deemed appropriate. Details of the sources and use of restricted funds are detailed in the accounts. Restricted Giving income shown in these accounts includes, where appropriate, an allocation from the Gift Aid that SCF receives that is appropriate to the circumstances of the donation.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained to be sufficient to meet all the financial obligations of the charity in terms of rent due for property, salary in lieu of notice for employees, and other essential expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period. The policy of the charity is to hold funds sufficient to cover three months of normal expenditure.
The annual report was approved by the trustees of the charity on 15 July 2024 and signed on its behalf by:
Ola Sokunle
......................................... Reverend R T Dilnot Trustee
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Shenley Christian Fellowship
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Shenley Christian Fellowship for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The annual report was approved by the trustees of the charity on 15 July 2024 and signed on its behalf by:
Ola Sokunle
......................................... Reverend R T Dilnot Trustee
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Shenley Christian Fellowship
Independent Examiner's Report to the trustees of Shenley Christian Fellowship ("the Company")
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 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 Shenley Christian Fellowship 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 confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
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 that in any material respect:
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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.
KRWitchell
...................................... Mr K R Witchell ICAEW
KRW Accountants The Mill Pury Hill Business Park Alderton Road Towcester NN12 7LS
15 July 2024
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Shenley Christian Fellowship
Statement of Financial Activities for the Year Ended 31 October 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities Investment income 4 Total income Expenditure on: Direct costs Charitable activities Total expenditure Net (expenditure)/income Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 18 |
Unrestricted funds £ Restricted funds £ Total 2023 £ 173,910 59,074 232,984 365 7,164 7,529 275 425 700 |
Unrestricted funds £ Restricted funds £ Total 2023 £ 173,910 59,074 232,984 365 7,164 7,529 275 425 700 |
|---|---|---|
| 174,550 | 66,663 241,213 |
|
| 5,928 1,957 7,885 140,286 61,825 202,111 |
||
| 146,214 63,782 209,996 |
||
| 28,336 2,881 31,217 3,666 (3,666) - |
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| 32,002 (785) 31,217 86,526 1,254,063 1,340,589 118,528 1,253,278 1,371,806 |
The notes on pages 14 to 30 form an integral part of these financial statements. Page 8
Shenley Christian Fellowship
Statement of Financial Activities for the Year Ended 31 October 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities Investment income 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net (expenditure)/income Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 18 |
Unrestricted funds £ 139,985 - 62 140,047 (142,700) (142,700) (2,653) 5,432 2,779 83,747 86,526 |
Restricted funds £ 109,985 5,815 - 115,800 (43,177) (43,177) 72,623 (5,432) 67,191 1,186,872 1,254,063 |
Total 2022 £ 249,970 5,815 62 255,847 (185,877) (185,877) |
|---|---|---|---|
| 69,970 - 69,970 1,270,619 1,340,589 |
All of the charity's activities derive from continuing operations during the above two periods.
The funds breakdown for 2022 is shown in note 18.
The notes on pages 14 to 30 form an integral part of these financial statements. Page 9
Shenley Christian Fellowship
(Registration number: 08148539) Balance Sheet as at 31 October 2023
| Note Fixed assets Tangible assets 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand 14 Creditors: Amounts falling due within one year 15 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 16 Net assets Funds of the charity: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 18 |
2023 £ 1,739,860 2 1,739,862 1,766 155,633 157,399 _____(123,516) 33,883 1,773,745 (401,939) 1,371,806 1,278,733 93,073 1,371,806 |
2022 £ 1,754,363 2 1,754,365 |
|
|---|---|---|---|
| 1,123 157,997 159,120 (139,056) |
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| 20,064 1,774,429 (433,840) |
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1,340,589 1,254,063 86,526 1,340,589 |
For the financial year ending 31 October 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The notes on pages 14 to 30 form an integral part of these financial statements. Page 10
Shenley Christian Fellowship
(Registration number: 08148539) Balance Sheet as at 31 October 2023
The financial statements on pages 8 to 27 were approved by the trustees, and authorised for issue on 15 July 2024 and signed on their behalf by:
Ola Sokunle
......................................... Reverend R T Dilnot Trustee
The notes on pages 14 to 30 form an integral part of these financial statements. Page 11
Shenley Christian Fellowship
Notes to the Financial Statements for the Year Ended 31 October 2023
1 Charity status
The charity is limited by share capital, incorporated in England & Wales.
The address of its registered office is: The Oak Tree Centre Wallinger Drive Shenley Brook End Milton Keynes MK5 7GZ
These financial statements were authorised for issue by the trustees on July 2024.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Shenley Christian Fellowship meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of the income receivable can be measured reliably.
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Shenley Christian Fellowship
Notes to the Financial Statements for the Year Ended 31 October 2023
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Grant income from the Coronavirus Job Retention Scheme is recognised in the period to which the underlying furloughed staff costs relates.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading those aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings, they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
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.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’ meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £100.00 or more are initially recorded at cost.
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Shenley Christian Fellowship
Notes to the Financial Statements for the Year Ended 31 October 2023
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate 1% of building costs (once the building is Land and buildings brought into use) Interest in property no charge Equipment 25% - 33% straight line Fixtures, fittings & equipment 25% - 33% straight line
Business combinations
Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the charity. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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Shenley Christian Fellowship
Notes to the Financial Statements for the Year Ended 31 October 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustee’s discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
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Shenley Christian Fellowship
Notes to the Financial Statements for the Year Ended 31 October 2023
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled, or expires.
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Shenley Christian Fellowship
Notes to the Financial Statements for the Year Ended 31 October 2023
Debt instruments
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
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Shenley Christian Fellowship
Notes to the Financial Statements for the Year Ended 31 October 2023
Derivative financial instruments
The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
3 Income from donations and legacies
| Donations and legacies; Donations from individuals Grants, including capital grants; Grants from other charities |
Unrestricted funds General £ 173,910 - 173,910 |
Restricted funds £ 59,074 - 59,074 |
Total 2023 £ 232,984 - 232,984 |
Total 2022 £ 249,970 |
||
|---|---|---|---|---|---|---|
| 249,970 |
Page 18
Shenley Christian Fellowship
Notes to the Financial Statements for the Year Ended 31 October 2023
4 Investment income
| 4 Investment income | ||||
|---|---|---|---|---|
| Interest receivable and similar income; Interest receivable on bank deposits 5 Expenditure on charitable activities Spiritual & community activity Outreach Mission Events Governance costs(note 6) Spiritual & community activity Outreach Mission Events Governance costs(note 6) |
Unrestricted Funds General £ 275 |
Restricted funds General £ 425 |
Total 2023 £ 700 |
Total 2022 £ 62 |
| Unrestricted funds General £ 64,598 31,685 32,249 6,460 2,629 137,621 Unrestricted funds General £ 64,925 28,984 38,448 6,511 3,832 142,700 |
Restricted funds £ 21,885 35,025 3,126 - 30,561 90,597 Restricted funds £ 15,975 5,742 2,251 - 19,209 43,177 |
Total 2023 £ 86,483 66,710 35,375 6,460 33,190 |
||
| 228,218 | ||||
| Total 2022 £ 80,900 34,726 40,699 6,511 23,041 |
||||
| 185,877 |
In addition to the expenditure analysed above, there are also governance costs of £33,190 (2022 - £23,041) which relate directly to charitable activities. See note 6 for further details.
Page 19
Shenley Christian Fellowship
Notes to the Financial Statements for the Year Ended 31 October 2023
6 Analysis of governance and support costs
Governance costs
| Unrestricted funds General £ Independent examiner fees Examination of the financial statements - Other governance costs - - |
Restricted funds £ 1,944 31,246 33,190 |
Total 2023 £ 1,944 31,246 33,190 |
Total 2022 £ 1,944 21,097 |
|---|---|---|---|
| 23,041 |
7 Trustees remuneration and expenses
During the year the charity made the following transactions with trustees:
Reverend R T Dilnot
Reverend R T Dilnot received remuneration of £28,924 (2022: £27,151) during the year.
During the year a Trustee, Reverend R T Dilnot, was employed as a Senior Church Leader. His salary included a housing allowance of £13,335 (2022: £13,369). Pension contributions paid on behalf of the Senior Church Leader were £4,233 (2022: £6,954).
In addition the charity owns a 20% interest in the property owned by the Senior Church Leader personally which was acquired at a cost of £52,770 and is shown in these accounts in fixed assets. The Charity is entitled to a 20% share in any uplift in value between the date of purchase and the date of sale. The entitlement will only arise on the sale of the property and is secured in favour of the Charity by way of a second mortgage charge.
Page 20
Shenley Christian Fellowship
Notes to the Financial Statements for the Year Ended 31 October 2023
8 Staff costs
The aggregate payroll costs were as follows:
| 8 Staff costs The aggregate payroll costs were as follows: |
||
|---|---|---|
| Staff costs during the year were: Wages and salaries Included within wages and salaries are pension costs of £4,439 (2022: £7,797) |
2023 £ 57,178 |
2022 £ 64,332 |
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full-time equivalents was as follows:
| Total | 2023 No 5 |
2022 No 5 |
|---|---|---|
2 (2022 - 2) of the above employees participated in the Defined Contribution Pension Schemes.
1 (2022 - 1) of the above employees participated in the Defined Benefit Pension Schemes.
No employee received emoluments of more than £60,000 during the year.
9 Independent examiner's remuneration
| Examination of the financial statements | 2023 £ 1,944 |
2022 £ 1,944 |
|---|---|---|
Page 21
Shenley Christian Fellowship
Notes to the Financial Statements for the Year Ended 31 October 2023
10 Taxation
The charity is a registered charity and is therefore exempt from taxation.
| 11 Tangible fixed assets Cost At 1 November 2022 At 31 October 2023 Depreciation At 1 November 2022 Charge for the year At 31 October 2023 Net book value At 31 October 2023 At 31 October 2022 |
Land and buildings £ 1,804,217 1,804,217 103,373 14,129 117,502 1,686,715 1,700,844 |
Furniture and equipment £ 27,571 27,571 26,821 375 27,196 374 750 |
Other tangible fixed asset £ 52,770 52,770 - - - 52,770 52,770 |
Total £ 1,884,558 1,884,558 130,194 14,504 144,698 1,739,860 1,754,363 |
|---|---|---|---|---|
Page 22
Shenley Christian Fellowship
Notes to the Financial Statements for the Year Ended 31 October 2023
12 Fixed asset investments
| 12 Fixed asset investments | ||||
|---|---|---|---|---|
| Shares in group undertakings and participating interests Shares in group undertakings and participating interests Cost At 1 November 2022 At 31 October 2023 Net book value At 31 October 2023 At 31 October 2022 |
2023 £ 2 Subsidiary undertakings £ 2 |
2022 £ 2 |
||
| Total £ 2 2 |
||||
| 2 | ||||
| 2 | 2 2 |
|||
| 2 |
Details of undertakings
Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:
| Country of | Proportion of voting rights | Principal | ||
|---|---|---|---|---|
| Undertaking | incorporation | Holding | and shares held | activity |
| 2023 2022 |
||||
| Subsidiary undertakings | ||||
| SCF Outreach Limited | England | Ordinary shares |
100% 100% |
trading entity of the charity |
Page 23
Shenley Christian Fellowship
Notes to the Financial Statements for the Year Ended 31 October 2023
| 13 Debtors Prepayments 14 Cash and cash equivalents Cash at bank 15 Creditors: amounts falling due within one year Bank loans Trade creditors Other taxation and social security Other creditors Accruals |
2023 £ 1,766 2023 £ 155,633 2023 £ 62,355 114 - 185 60,862 123,516 |
2022 £ 1,123 |
|---|---|---|
| 2022 £ 157,997 |
||
| 2022 £ 92,361 1,958 116 131 44,490 |
||
| 139,056 |
Bank borrowings
Baptists Together Loan
Baptists Together Loan is denominated in pounds sterling with a nominal interest rate of 8.85% (2023 - 3.35%). The carrying amount at year end is £417,294 (2022 – £462,201).
The loan is secured by fixed charges over the charity's buildings.
Baptist Building Fund Loan
Baptist Building Fund Loan is denominated in pounds sterling and is interest free. The carrying amount at the year-end is £45,000 (2022: £60,000).
Congregational Loans
Congregational Loans of £2,000 (2022: £4,000) are repayable following notice given by the individual lenders. During the year there were £2,000 of repayments (2022: NIL).
Page 24
Shenley Christian Fellowship
Notes to the Financial Statements for the Year Ended 31 October 2023
16 Creditors: amounts falling due after one year
| Bank loans 18 Funds Unrestricted funds General Restricted funds Total funds Unrestricted funds General Restricted funds Total funds |
Balance at 1 November 2022 £ 86,526 1,254,063 1,340,589 Balance at 1 November 2021 £ 83,747 1,186,872 1,270,619 |
Incoming resources £ 174,550 66,663 241,213 Incoming resources £ 140,047 115,800 255,847 |
Resources expended £ (146,214) (63,782) (209,996) Resources expended £ (142,700) (43,177) (185,877) |
2023 £ 401,939 Transfers £ 3,666 (3,666) - Transfers £ 5,432 (5,432) - |
2022 £ 433,840 Balance at 31 October 2023 £ 118,528 1,253,278 1,372,118 Balance at 31 October 2022 £ 86,526 1,254,063 1,340,589 |
||
|---|---|---|---|---|---|---|---|
Page 25
Shenley Christian Fellowship
Notes to the Financial Statements for the Year Ended 31 October 2023
19 Pension commitments and other post-retirement benefits
Defined benefit scheme
The Church is an employer participating in a pension scheme known as the Baptist Pension Scheme (the Scheme), which is administered by the Pension Trustee (Baptist Pension Trust Limited). The Scheme is a separate legal entity, and the assets of the Scheme are held separately from those of the Employer and the other participating employers.
For any month, each participating employer in the Scheme pays contributions as set out in the Schedule of Contributions in force at the time.
The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS102. This is because it is not possible to attribute the Scheme’s assets and liabilities to specific employers and meant that contributions are accounted for as if the Scheme were a defined contribution scheme. The pension costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in the year, plus any impact of deficiency contributions (see below).
The Minister is eligible to join the scheme.
From January 2012, pension provision is being made through the Defined Contribution (DC) Plan with the Scheme. In general members pay 8% of their Pensionable Income and employers pay 6% of members’ Pensionable Income into individual pension accounts which are operated and managed on behalf of the Pension Trustee by Legal and General Life Assurance Society Limited. In addition, the employer pays a further 4% of Pensionable Income to cover Death in Service Benefits, administration costs, and an associated insurance policy which provide income protection for Scheme members in the event that they are unable to work due to long term incapacity. This income protection policy has been insured by the Baptist Union of Great Britain with Aviva plc. The further 4% contribution rate is reduced to 3% for Employers Contributions made to the Segregated DC Arrangements.
Benefits ins respect of service prior to 12 January 2012 are provided through the Defined Benefit (DB) Plan within the Scheme. The main benefits for pre-2012 service were a defined benefit pension of one eightieth of Final Minimum Pensionable Income for each year of Pensionable Service, together with additional pension in respect premiums paid on Pensionable Income in excess of Minimum Pensionable Income. The Scheme, previously known as the Baptist Ministers Pension Fund, started in 1925, but was closed to future accrual of defined benefit on 31 December 2011.
Actuarial valuation at 31 December 2019
A formal valuation of the Defined Benefit (DB) Plan was performed at 31 December 2019 by a professionally qualified Actuary using the Projected Unit Method. The market value of the scheme of the DB assets at the valuation date was £298 million.
The valuation of the DB Plan revealed a deficit of assets competed with the value of liabilities of £18 million (equivalent to a past service funding level of 94%). The Church and the other employers supporting the DB Plan are collectively responsible for funding the deficit.
Page 26
Shenley Christian Fellowship
Notes to the Financial Statements for the Year Ended 31 October 2023
The key financial assumptions underlying the valuation were as follows:
----- Start of picture text -----
RPI price inflation assumption 3.20% pa
CPI price inflation assumption 2.70% pa
Minimum Pensionable Income Increases (RPI) 3.20% pa
Assumed investment returns
Pre-retirement 2.95% pa
Post retirement 2.70% pa
Deferred pension increases
Pre April 2009 3.20% pa
Post April 2009 2.50% pa
Pensions increases
Main Scheme pension 2.70% pa
----- End of picture text -----
Post retirement mortality in accordance with 80% of the S3NFA and S3NMA tables, with allowance for future improvements in mortality rates from 2013 in line with the CMI 2019 core projections, with a long-term annual rate of improvements of 1.75% for males and 1.5% for females, with the core smoothing parameter and with additional initial mortality improvement factor A=0.5%
The next actuarial valuation of the DB Plan with the Scheme is due to take place not later than as at the 31 December 2022.
Recovery plan
In addition to the contributions to the DB Plan set out above, where a valuation of the DB plan revealed a deficit the Trustee and the Council agree to a rate of deficiency contributions from churches and other employers involved in the DB Plan.
Under the current Recovery Plan dated 30 September 2020, deficiency contributions are payable until 30 June 2026. These contributions are broadly based on the employer’s membership at 31 December 2014 and increase annually in line with increases to Minimum Pensionable Income as defined in the Rules. However, the Trustee and the Council agreed a 50% reduction for all deficiency contributions payable between 1 July 2020 and December 2020.
Defined contribution scheme
The Church also makes contributions to defined contribution pension schemes. The assets of these schemes are held separately from those of the Church in independently administered funds. The pension cost and charge represent contributions payable by the Church to these funds and amounted to £206 (2022: £166).
Page 27
Issuer
Issuer KRW Accountants Ltd Document generated Mon, 15th Jul 2024 15:21:33 UTC Document fingerprint 8f803abf62bdbfd004a68119b717fb63
Parties involved with this document
Document processed
Party + Fingerprint
| Sun, 21st Jul 2024 16:46:51 UTC | Revd Ross Thomas Dilnot - Signer (d40b1edee6f0c59e8592907daf6d4c61) |
|---|---|
| Mon, 22nd Jul 2024 14:22:00 UTC | Keith Witchell - Signer (f4fddc204e4742b5152d1d23113efdc1) |
| Audit history log | |
| Date | Action |
| Mon, 22nd Jul 2024 14:22:15 UTC | Keith Witchell viewed the envelope (40.94.89.13) |
| Mon, 22nd Jul 2024 14:22:00 UTC | Keith Witchell viewed the envelope (217.42.26.165) |
| Mon, 22nd Jul 2024 14:22:00 UTC | This envelope has been signed by all parties (217.42.26.165) |
| Mon, 22nd Jul 2024 14:22:00 UTC | Keith Witchell signed the envelope (217.42.26.165) |
| Mon, 22nd Jul 2024 14:21:31 UTC | Keith Witchell viewed the envelope (217.42.26.165) |
| Sun, 21st Jul 2024 16:46:52 UTC | Revd Ross Thomas Dilnot viewed the envelope (2.216.191.192) |
| Sun, 21st Jul 2024 16:46:52 UTC | Document emailed to party email (18.170.24.131) |
| Sun, 21st Jul 2024 16:46:52 UTC | Sent the envelope to Keith Witchell for signing (2.216.191.192) |
| Sun, 21st Jul 2024 16:46:51 UTC | Revd Ross Thomas Dilnot signed the envelope (2.216.191.192) |
| Sun, 21st Jul 2024 16:45:39 UTC | Revd Ross Thomas Dilnot viewed the envelope (2.216.191.192) |
| Sun, 21st Jul 2024 15:23:04 UTC | Document emailed to party email (13.42.101.129) |
| Sun, 21st Jul 2024 15:23:04 UTC | Sent Revd Ross Thomas Dilnot a reminder to sign the document. () |
| Thu, 18th Jul 2024 15:22:04 UTC | Document emailed to party email (13.41.79.68) |
| Thu, 18th Jul 2024 15:22:03 UTC | Sent Revd Ross Thomas Dilnot a reminder to sign the document. () |
| Mon, 15th Jul 2024 15:21:46 UTC | Document emailed to party email (3.10.23.160) |
| Mon, 15th Jul 2024 15:21:35 UTC | Sent the envelope to Revd Ross Thomas Dilnot for signing. |
| (18.169.242.120) | |
| Mon, 15th Jul 2024 15:21:35 UTC | Envelope has been set to automatically remind the active signer every 3 |
| day(s). (18.169.242.120) | |
| Mon, 15th Jul 2024 15:21:35 UTC | Keith Witchell has been assigned to this envelope. (18.169.242.120) |
| Mon, 15th Jul 2024 15:21:35 UTC | Revd Ross Thomas Dilnot has been assigned to this envelope. |
| (18.169.242.120) |
Mon, 15th Jul 2024 15:21:35 UTC Envelope generated. (18.169.242.120) Mon, 15th Jul 2024 15:21:35 UTC Document generated with fingerprint 8f803abf62bdbfd004a68119b717fb63. (18.169.242.120) Mon, 15th Jul 2024 15:21:35 UTC Document generated with fingerprint f855aa10128b9d00434ffdbaca9b517c. (18.169.242.120) Mon, 15th Jul 2024 15:21:33 UTC Envelope generated with fingerprint bd0555b937d8cdb82cdf54e4fd00c697 (18.133.63.166)