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← St Michael's Church Centre Limited

2024-12-31-accounts

REGISTERED COMPANY NUMBER: 08242432 (England and Wales) REGISTERED CHARITY NUMBER: 1149601

Report of the Trustees and

Audited Financial Statements

for the Year Ended 31 December 2024

for

ST MICHAEL'S CHURCH CENTRE LIMITED

ST MICHAEL'S CHURCH CENTRE LIMITED

Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2024

Page
Report of the Trustees 1 to 6
Report of the Independent Auditors 7 to 10
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 28

ST MICHAEL'S CHURCH CENTRE LIMITED

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

St Michael's Church Centre Limited (SMCC) was established in October 2012, with the main charitable purpose being "to advance the Christian religion". In 2013, the SMCC became "Trustee for all purposes" (ie both Custodian and Managing Trustees) for all the assets of the Old School Rooms Trust.

The overall vision of SMCC is to provide quality facilities, primarily for the congregation of St Michael's Church and associated church groups as well as the wider community and corporate, regional and national organisations. The Trustees believe these objectives benefit the communities which they wish to serve.

Significant activities

The first occupational stage of the new buildings was completed in April 2015, and from that time, the Church Centre has been the venue for the 10.30am family church services and the 6.30pm informal evening services. The Church Centre has also been increasingly used to host community events as well as an expanding variety of Christian events. Practical examples of the expanding activities include hosting the Bristol-wide Bible-Study-Fellowship on a weekly basis, monthly Messy Church, and a variety of Bristol choirs, as well as expanding youth-work within the premises. Other community events include Robot Wars, Golden Oldies, St Michael's Church over-65's lunches and Summer Club.

The Trustees confirm that they have complied with their duty under the Charities Act 2011 to have due regard to the Charity Commission's guidance on Public Benefit when planning and reviewing the objectives and activities of SMCC.

Grantmaking

As part of the Heart of the Community Project, it is the intention that 10% of the internally generated funds will be available for mission work both in the UK and overseas as the project progresses. The concept of "mission" has been extended to include the support of churches in the region who are struggling to fulfil their missionary and community outreach ambitions. Tithe funds have been set aside for charitable grants to be made during 2025.

Volunteers

Much of what happens at the Church Centre is driven by volunteers. It is not possible to quantify the contribution of volunteers except to say that the charity would not be able to carry out many of its activities without them.

Page 1

ST MICHAEL'S CHURCH CENTRE LIMITED

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024

ACHIEVEMENT AND PERFORMANCE

Charitable activities - review of the year

The main user of SMCC is St Michael's Church congregation and its staff and administration. When rooms are available, regular church bookings include a Men's Group, Life Groups, Messy Church, Beehive, Link Club, and Saturday Breakfast. Space is provided for youth work in the form of Sunday Club, including Teen-Central, FXG and Word and other youth-work events. There is a quarterly over 65s lunch and the Church Centre is increasingly being used regionally and nationally to host events.

The facilities are making an impact locally and regionally and there is a steady and noticeable increase in footfall. Users of the facilities include individuals, charities and larger organisations.

SMCC provides the facilities for the Coffee Shop, operated by St Michaels Church, which is open 6 days a week. The facility is used outside opening hours for marriage/wedding preparation, parenting courses, ALPHA courses, community library and student groups. The Church Centre provides space for a number of groups including several uniformed groups. Residual space is also used by a number of community groups including Music with Mummy, Men's Group, Stokes Volunteer Bureau, Keep Fit (dance class) and Link Club (senior citizens). The Church Centre is also used for commercial purposes, wedding receptions and birthday parties. The Trustees of SMCC are delighted with the increase in usage for Christian and community events that has been seen during 2024.

FINANCIAL REVIEW

Principal funding sources

The primary source of incoming funds is the sacrificial donations (both regular and one-off) from individual members of St Michael's Church congregation. The next most significant source of income is the income generated by the hiring of the facilities to a range of users from the general public, and then revenue generated by the hiring out of the facilities to St Michael's Church PCC for use by the church. The constructional development of the Church Centre is complete, and the main focus of donational income in 2024 was the repayment of all the loans of which nil remains outstanding at the year-end (2023 - £451,799). The operational surpluses allow the continuing upgrading of the centre facilities as well as the day-to-day operation of the facility by an increasing range of users.

During the period, there was significant funding of SMCC from donations and related gift aid totalling £437,631 (2023 - £298,783). During the year a contribution of £145,000 (2023 - £157,903 as restated) was made by Stoke Gifford PCC to SMCC as payment for the church use of the buildings. This has enabled the Trustees to progress the development of SMCC facilities and provide additional space for the whole range of church and community activities.

One of the four main objectives of the Heart of the Community (HOTC) project, (being an integral part of the SMCC), was to provide funds for the refurbishment of the old St Michael's church building. During the year, a gift of £77,000 was made to St Michael's PCC along with a gift of £30,000 for the ministry and mission of St Michael's.

During 2024, the SMCC became registered as Partially Exempt for VAT purposes, which has resulted in charging unrecoverable VAT during the year of £25,384 to the SOFA.

Reserves policy

At the year end, there were total reserves of £6,025,328 (2023 - £5,749,435) of which £733 (2023 - £1,188) was held in restricted funds and £5,963,533 (2023 - £5,620,794) in designated funds.

It is the intention that general reserves will be at least 3 months' annual operating expenditure of running the Church Centre, which currently equates to £92,933 based on 2024 operating expenditure.

At the year end, free reserves were £88,350 (2023 - £139,189, as restated). Free reserves are measured as the General Fund balance, less any fixed assets held in the fund, plus the designated Fabric Fund.

A designated fund of £5,875,498 (2023 - £5,769,955) represents the net book value of the Church Centre building and related fixed assets and can only be realised by the disposal of the fixed asset. During the year, the fixtures and fittings were transferred to the fund.

Page 2

ST MICHAEL'S CHURCH CENTRE LIMITED

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024

FINANCIAL REVIEW

Funds in deficit

In the prior year, the Heart of the Community Fund showed a deficit of £338,689 as a result of loans of £451,799 drawn down of which £11,549 was secured against the property. The deficit has been cleared in the current year as the loan were repaid and the remaining balance was reimbursed by the General Fund.

FUTURE PLANS

The intention is that SMCC will continue to grow, develop and flourish in the growth of the community. It is the intention of the Trustees to continue to apply surplus funds into the on-going development of the Church Centre for the benefit of all church user-groups and the wider community.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is governed by its Memorandum and Articles of Association adopted on 5 October 2012, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

During 2013, a Scheme was set up with the Charity Commission under the Charities Act 2011 to discharge the Bristol Diocesan Board of Finance Limited as custodian trustee of the assets of the Old School Rooms Trust (OSRT) and appoint St Michael's Church Centre Limited (SMCC) as "Trustee for all purposes". The Scheme also provided for the transfer of title to the land previously held by the OSRT to SMCC as custodian trustee.

The Board of SMCC meet regularly throughout the year to review the activities of the charity. As a result of that review, the Objective clause in the Memorandum and Articles of Association has been expanded as follows:

"The charitable purposes of the Charity are to advance the Christian religion by providing facilities for St Michael's church (Stoke Gifford) and other Christian organisations locally, regionally and nationally, for meetings, mission and outreach and, provided there is sufficient capacity remaining, to offer the facilities to local schools, community groups, charities and to other users, in a noticeably Christian setting; and any such other charitable purposes as shall, in the opinion of the Trustees, put into practice the Christian Religion, including but not limited to prevention and relief of need, hardship and sickness; the advancement of education; the provision of facilities in the interests of social welfare for recreation or other leisure time of groups and individuals which have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship or social circumstances with the object of improving conditions of life; provided that the advancement of such purposes be undertaken in a manner consistent with the Christian religion."

This amendment has been approved by the Charity Commission and at Companies House.

Recruitment and appointment of new trustees

The Memorandum and Articles state that there must be at least three members at all times. Not more than three trustees may be appointed by resolution of the PCC. The PCC may remove any trustee it has appointed and may fill any vacancy arising amongst the three trustees it is entitled to appoint.

All other trustees shall be appointed by resolution of the Trustees. Trustees are elected to serve for a period of three years at a time.

Induction and training of new trustees

Trustees receive a short induction which includes review of the previous minutes, an update from an existing trustee and are required to review the publication 'The Essential Trustee' issued by the Charity Commission.

Page 3

ST MICHAEL'S CHURCH CENTRE LIMITED

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT Staff remuneration

All staff who work for SMCC are also jointly employed by St Michael's Church PCC. The costs of those staff are on the payroll of St Michael's PCC but shared by both charities and are re-charged by a management charge agreed annually between the Trustees of the two charities.

All St Michael's Church PCC employees are remunerated by reference to a standard salary-band matrix, which is comparative to other large churches within the Bristol area.

Related parties

None of the Trustees receive remuneration or other benefit from their work with SMCC. In the current year no other related party transactions took place with the Trustees.

St Michael's Church PCC is a related party of St Michael's Church Centre Limited (SMCC). SMCC is responsible for the construction and operation of the St Michael's Church Centre. The Church Centre is the continuing expression of the vision of St Michael's Church of 'Living to make a difference, by being a Christian heart at the centre of our communities'. SMCC and St Michael's Church PCC have two trustees in common. In order to deliver the Church Centre, SMCC took out low-interest loans from individuals, the Bristol Diocese (via St Michael's Church PCC), and CAF Bank. CAF Bank requested, (and the PCC of St Michael's supplied) a "letter of comfort" to signify their support of SMCC operations. In June 2024, CAF confirmed that their loan had been fully repaid and that the SMCC and the St Michael's PCC had been released from all legal charges on the assets of the SMCC.

Interest payments on all loans are the liability of SMCC and are paid from SMCC funds.

Risk management

The major risks to which the charity and each trustee is exposed have been reviewed and, where appropriate, systems and procedures have been established to manage those risks.

The Trustees operate a risk management process. This involves identifying the types of risks the charity faces, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of managing or mitigating the risks. The main risk to SMCC is the discontinuation of regular and one-off donations from members of the St Michael's congregation for the completion of the new facilities. However, the Trustees regularly review cash-flow projections at the Trustees' board meetings, and are satisfied that, based on the last 5 years track record and experience, SMCC remains financially healthy and solvent for the foreseeable future.

The other risks which occur within the day-to-day operation of the Church Centre are reviewed regularly by the appointed management responsible for the care of children, adults and Health and Safety within the PCC and SMCC.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

08242432 (England and Wales)

Registered Charity number

1149601

Registered office

St Michael's Church Office The Old School Rooms The Green, North Road Stoke Gifford Bristol BS34 8PD

Page 4

ST MICHAEL'S CHURCH CENTRE LIMITED

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees

C Bradley Treasurer S Denning L Hitchin Acting Chair (resigned 3.6.24) C Sweetnam R J Farrell Chair from 3 June 2024 D R Pilch K Bridgford (appointed 21.10.24) R Fairchild (appointed 21.10.24)

Auditors

Gravita Audit Western Limited Chartered Accountants and Statutory Auditors Bath House 6 - 8 Bath Street Bristol BS1 6HL

Bankers

Lloyds Bank 61 Gloucester Road Patchway Bristol BS34 5JH

Web addresses

www.stmichaelsbristol.org

Page 5

ST MICHAEL'S CHURCH CENTRE LIMITED

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees (who are also the directors of St Michael's Church Centre Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.

In so far as the Trustees are aware:

AUDITORS

The auditors, Gravita Audit Western Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 23 June 2025 and signed on its behalf by:

C Bradley - Trustee

Page 6

Report of the Independent Auditors to the Members of St Michael's Church Centre Limited

Opinion

We have audited the financial statements of St Michael's Church Centre Limited (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 7

Report of the Independent Auditors to the Members of St Michael's Church Centre Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 8

Report of the Independent Auditors to the Members of St Michael's Church Centre Limited

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks applicable to the charitable company and the sector in which it operates. We determined that the following laws and regulations were most significant: The Companies Act 2006, UK GAAP, The Charities Act 2011 and the Charities SORP.

We obtained an understanding of how the charitable company is complying with those legal and regulatory frameworks and made enquiries to the management of known or suspected instances of fraud and non-compliance with laws and regulations. We corroborated our enquiries through our review of board minutes, other relevant meeting minutes and review of correspondence with regulatory bodies.

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:

• Challenging assumptions and judgments made by management in its significant accounting estimates and judgments;

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 9

Report of the Independent Auditors to the Members of St Michael's Church Centre Limited

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Bracher BSc FCA (Senior Statutory Auditor) for and on behalf of Gravita Audit Western Limited Chartered Accountants and Statutory Auditors Bath House 6 - 8 Bath Street Bristol BS1 6HL

23 June 2025

Page 10

ST MICHAEL'S CHURCH CENTRE LIMITED

Statement of Financial Activities (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Management of the Church Centre
Raising funds
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Management of the Church Centre
Heart of the Community
Other
11
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
437,631
145,144
311,728
5,446
899,949
54,666
539,171
27,050
2,714
623,601
276,348
5,748,247
6,024,595		 Restricted
fund
£
-
-
-
-
-
-
455
-
-
455
(455)
1,188
733		 2024
Total
funds
£
437,631
145,144
311,728
5,446
899,949
54,666
539,626
27,050
2,714
624,056
275,893
5,749,435
6,025,328		 2023
Total
funds
£
298,783
158,047
294,383
3,319
754,532
73,021
387,070
75,889
11,529
547,509
207,023
5,542,412
5,749,435

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 11

ST MICHAEL'S CHURCH CENTRE LIMITED (REGISTERED NUMBER: 08242432)

Balance Sheet 31 DECEMBER 2024

Notes
FIXED ASSETS
Tangible assets
16
CURRENT ASSETS
Debtors
17
Cash at bank
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
19
NET ASSETS
FUNDS
23
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
5,875,498
45,376
126,578
171,954
(22,857)
149,097
6,024,595
-
6,024,595		 Restricted
fund
£
-
-
733
733
-
733
733
-
733		 2024
Total
funds
£
5,875,498
45,376
127,311
172,687
(22,857)
149,830
6,025,328
-
6,025,328
6,024,595
733
6,025,328		 2023
Total
funds
£
5,934,504
24,113
274,921
299,034
(221,738)
77,296
6,011,800
(262,365)
5,749,435
5,748,247
1,188
5,749,435

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 23 June 2025 and were signed on its behalf by:

C Bradley - Trustee

R J Farrell - Trustee

The notes form part of these financial statements

Page 12

ST MICHAEL'S CHURCH CENTRE LIMITED

Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2024
£
301,457
(2,714)
298,743
-
5,446
5,446
(451,799)
(451,799)
(147,610)
274,921
127,311		 2023
£
266,245
(11,529)
254,716
(28,343)
3,319
(25,024)
(228,882)
(228,882)
810
274,111
274,921

The notes form part of these financial statements

Page 13

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024 2023
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 275,893 207,023
Adjustments for:
Depreciation charges 59,006 59,006
Interest received (5,446) (3,319)
Interest paid 2,714 11,529
(Increase)/decrease in debtors (21,263) 8,990
Decrease in creditors (9,447) (16,984)
Net cash provided by operations 301,457 266,245
2. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS
At 1.1.24 Cash flow At 31.12.24
£ £ £
Net cash
Cash at bank 274,921 (147,610) 127,311
274,921 (147,610) 127,311
Debt
Debts falling due within 1 year (189,434) 189,434 -
Debts falling due after 1 year (262,365) 262,365 -
(451,799) 451,799 -
Total (176,878) 304,189 127,311

The notes form part of these financial statements

Page 14

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The charity is a company, incorporated in England and Wales, limited by guarantee having no share capital and, in accordance with the Memorandum of Association, every member is liable to contribute £1 towards the costs of dissolution and liabilities incurred by the charity in the event of the company being wound up. The address of the registered office is given in the charity information on pages 4 to 5 of these financial statements.

The financial statements are prepared in sterling which is the functional currency of the charity and are rounded to the nearest £.

The financial statements have been prepared on a going concern basis after consideration by the Trustees. The Trustees consider that the charity has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.

Income

All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The value of services provided by volunteers has not been included.

Voluntary income

Donations are recognised when received and gift aid is recognised on an accruals basis in line with the donation. Grants are also recognised on a receivable basis. Pledges are not recognised until they are received.

Grants and legacies to the charity are accounted for as soon as the charity is notified of its legal entitlement and the amount due.

Investment income

Investment income is recognised on an accruals basis and represents income from deposit funds, short and long term investments.

Rental income

Rental income and the provision of refreshments and other services to hirers, is recognised within other trading activities and is accounted for in the period to which the event takes place.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

continued...

Page 15

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES - continued

Raising funds

Costs of raising funds are recognised on an accruals basis in the period to which they relate.

Tangible fixed assets

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

Fixtures and fittings - 5 years straight line (equipment), 15 years straight line (kitchen) Freehold property (excluding land) - 50 years straight line (fit-out), 200 years straight line (construction)

All fixed assets are initially recorded at cost. The cost of construction of the church centre, including on surveying and engineering costs, has been capitalised. Depreciation has been charged for the full year on additions.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.

Designated funds form part of the unrestricted funds and have been identified as being for particular purposes by the Trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Debtors

Debtors are measured on initial recognition at settlement amount after any amounts advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

Creditors

The charity has creditors which are measured at settlement amounts.

Cash and short term investments

Cash at bank is held to meet short-term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

continued...

Page 16

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES - continued

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the charity's contractual obligations are discharged, cancelled, or they expire.

Concessionary loans

Concessionary loans include those payable to third parties which are interest free or below market interest rates and are made to advance charitable purposes. The charity has applied S34 of FRS102 with regards to the valuation of loans to public benefit entities so that discounted present value and an associated interest charge are not recognised. All loans are measured at cost. Concessionary loans were repaid in the year.

2. DONATIONS AND LEGACIES

Donations
Gift aid
3.
RAISING FUNDS
Fundraising events
Room hire
Refreshments and other services
Other income		 2024
£
353,231
84,400
437,631
2024
£
262
214,174
92,880
4,412
311,728		 2023
£
241,216
57,567
298,783
2023
£
839
184,228
109,316
-
294,383

continued...

Page 17

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

4. INVESTMENT INCOME

4. INVESTMENT INCOME
2024 2023
£ £
Deposit account interest 5,446 3,319
5. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Activity £ £
Contribution for Church use Management of the Church Centre 145,144 158,047

A payment of £19,000 made to the church in the prior year, and treated as a refund of contribution for church use, has been reclassified as a grant to the PCC to ensure consistency with payments recognised in the current year.

6. RAISING FUNDS

Other trading activities

Cost of fundraising events
Costs of refreshments and other services		 2024
£
94
54,572
54,666		 2023
£
359
72,662
73,021

7. CHARITABLE ACTIVITIES COSTS

Management of the Church Centre
Heart of the Community		 Direct
Costs (see
note 8)
£
427,146
-
427,146		 Grant
funding of
activities
(see note
9)
£
107,000
27,050
134,050		 Support
costs (see
note 10)
£
5,480
-
5,480		 Totals
£
539,626
27,050
566,676

continued...

Page 18

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

8. DIRECT COSTS OF CHARITABLE ACTIVITIES

Rates and water
Insurance
Light and heat
Contribution to PCC for cleaner and caretaker
Contribution to PCC for administrator
Contribution to PCC for facilities & hospitality staff
Repairs and maintenance
Cleaning
Licences
Other professional fees
Office, admin and training
Irrecoverable VAT
Bad debts written off
Bank charges
Depreciation
9.
GRANTS PAYABLE
Management of the Church Centre
Heart of the Community
The total grants paid to institutions during the year was as follows:
Axe Valley Christian Trust
The Brickworks
Christ The King Bradley Stoke
Embrace the Middle East Charity
The Epaphras Trust
Holy Trinity Church Stapleton
inHope Bristol
Kintsugi Hope
The Leprosy Mission England
Moldova Mission
Stoke Gifford PCC - Ministry and Mission
Stoke Gifford PCC - Church Refurbishment
St Mary's and St James Church, Lockleaze
Returned grants		 2024
£
4,413
9,398
78,412
1,028
34,464
95,366
73,441
36,097
170
34
8,869
25,384
256
808
59,006
427,146
2024
£
107,000
27,050
134,050
2024
£
-
10,000
5,000
-
-
3,500
-
-
-
5,050
30,000
77,000
-
(6,500)
124,050		 2023
£
4,069
8,099
88,321
976
32,724
76,432
51,420
34,964
159
13
7,633
-
-
414
59,006
364,230
2023
£
19,000
75,889
94,889
2023
£
2,000
-
-
6,000
15,000
-
6,500
6,000
6,774
9,115
19,000
-
20,000
-
90,389

continued...

Page 19

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

9. GRANTS PAYABLE - continued

The total grants paid to individuals during the year was as follows:

The total grants paid to individuals during the year was as follows:
Sarah Sutton - Clwb Coffi
Moldova mission partners		 2024
£
-
10,000
10,000		 2023
£
4,500
-
4,500

In accordance with the expressed desire to tithe at least 10 per cent of donations to the Heart Of The Community project £42,825 (2023 - £147,915) has been set aside in the Tithe Fund (designated) to be available for grant funding and £57,050 was expended during the year (2023 - £94,889).

A payment of £19,000 made to the church in the prior year and treated as a refund of contribution for church use, has been reclassified as a grant to the PCC to ensure consistency with payments recognised in the current year.

10. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
Management of the Church Centre 5,480

Support costs, included in the above, are as follows:

Governance costs

Governance costs
2024 2023
Management
of the
Church Total
Centre activities
£ £
Auditors' remuneration 3,780 2,175
Auditors' remuneration for non audit work 1,700 1,665
5,480 3,840

continued...

Page 20

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

11. OTHER

OTHER
Interest payable and similar charges
Support costs		 2024
£
2,714
5,480
8,194		 2023
£
11,529
3,840
15,369

12. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£ £
Auditors' remuneration - audit 3,780 2,175
Accounts preparation 1,700 1,665
Depreciation - owned assets 59,006 59,005

13. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

14. STAFF COSTS

Staff costs of £130,858 (2023 - £110,132) were incurred by Stoke Gifford PCC for staff who are jointly employed by Stoke Gifford PCC and SMCC. The contributions that have been made by SMCC are included in charitable activities expenditure.

The Operations Director and the Trustees comprise the key management personnel of the charity. No Trustee received any remuneration during the current or previous year. No Trustees were reimbursed for expenses in the current or previous year. Key management personnel received total employment benefits of £25,434 (2023 - £24,194).

continued...

Page 21

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

15.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
funds
fund
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
298,783
-
Charitable activities
Management of the Church Centre
158,047
-
Raising funds
294,383
-
Investment income
3,319
-
Total
754,532
-
EXPENDITURE ON
Raising funds
73,021
-
Charitable activities
Management of the Church Centre
387,070
-
Heart of the Community
75,889
-
Other
11,529
-
Total
547,509
-
NET INCOME
207,023
-
RECONCILIATION OF FUNDS
Total funds brought forward
5,541,224
1,188
TOTAL FUNDS CARRIED FORWARD
5,748,247
1,188		 Total
funds
£
298,783
158,047
294,383
3,319
754,532
73,021
387,070
75,889
11,529
547,509
207,023
5,542,412
5,749,435

continued...

Page 22

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

16. TANGIBLE FIXED ASSETS

COST
At 1 January 2024 and 31 December 2024
DEPRECIATION
At 1 January 2024
Charge for year
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 Freehold
property
£
5,940,976
171,021
42,761
213,782
5,727,194
5,769,955		 Fixtures
and
fittings
£
259,461
94,912
16,245
111,157
148,304
164,549		 Totals
£
6,200,437
265,933
59,006
324,939
5,875,498
5,934,504

The asset value of freehold property of £5,727,194 in the Balance Sheet represents the cumulative expenditure on the acquisition of the land, all construction costs and associated professional fees incurred to date less depreciation.

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors - room hire
owing
Prepayments
Income tax recoverable		 2024
£
27,999
17,297
80
45,376		 2023
£
22,724
-
1,389
24,113

continued...

Page 23

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other loans (see note 20)
Trade creditors
VAT
Accrued expenses		 2024
£
-
6,441
3,004
13,412
22,857		 2023
£
189,434
4,457
-
27,847
221,738

The analysis of the maturity of the CAF loan, in the prior year, reflected the intent to repay the loan rather than the legal terms of the loan agreement.

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Other loans (see note 20)
All external loans were fully repaid during 2024.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Other loans - individuals
Other loans - Bristol Diocese
Other loans - CAF
Amounts falling between one and two years:
Other loans - 1-2 years - individuals
Amounts falling due between two and five years:
Other loans 2-5 years - individuals
CONCESSIONARY LOANS
Amount of concessionary loans received		 2024
£
-
2024
£
-
-
-
-
-
-		 2023
£
262,365
2023
£
62,635
115,250
11,549
189,434
81,660
180,705
2024 2023
£ £
Loans from individuals - 325,000
Amounts payable after less than 1 year - 62,635
Amounts payable in more than 1 year - 262,365

20. LOANS

continued...

Page 24

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

20. LOANS - continued

Loans from individuals were provided at nil rate of interest and have been fully repaid in the year.

The prior year analysis of the maturity of the loans from individuals reflected the agreements with the individuals to repay the loans over 4 years.

21. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2024
£
637
1,591
2,228		 2023
£
345
-
345

22. SECURED DEBTS

In the prior year, the amounts due under the loan to CAF Bank were secured on the assets that they related to.

In the prior year, the bank held a Legal Mortgage and Charge over land and a Fixed Charge over tangible assets. All external loans were fully repaid during 2024.

23. MOVEMENT IN FUNDS

Unrestricted funds
General Fund
Heart of the Community Fund
(designated)
Church Centre Property Fund (designated)
Tithe Fund (designated)
Fabric Fund (designated)
Church Refurbishment Fund (designated)
Restricted funds
Library Fund
TOTAL FUNDS		 At 1.1.24
£
127,453
(338,689)
5,769,955
74,972
37,556
77,000
5,748,247
1,188
5,749,435		 Net
movement
in funds
£
45,468
434,204
(59,006)
(57,050)
(10,268)
(77,000)
276,348
(455)
275,893		 Transfers
between
funds
£
(111,859)
(95,515)
164,549
42,825
-
-
-
-
-		 At
31.12.24
£
61,062
-
5,875,498
60,747
27,288
-
6,024,595
733
6,025,328

continued...

Page 25

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

23. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General Fund
Heart of the Community Fund
(designated)
Church Centre Property Fund (designated)
Tithe Fund (designated)
Fabric Fund (designated)
Church Refurbishment Fund (designated)
Restricted funds
Library Fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General Fund
Heart of the Community Fund
(designated)
Church Centre Property Fund (designated)
Tithe Fund (designated)
Fabric Fund (designated)
Church Refurbishment Fund (designated)
Restricted funds
Library Fund
TOTAL FUNDS		 At 1.1.23
£
145,082
(445,062)
5,812,717
2,931
25,556
-
5,541,224
1,188
5,542,412		 Incoming
resources
£
462,812
437,087
-
50
-
-
899,949
-
899,949
Net
movement
in funds
£
52,371
273,288
(42,762)
(75,874)
-
-
207,023
-
207,023		 Resources
expended
£
(417,344)
(2,883)
(59,006)
(57,100)
(10,268)
(77,000)
(623,601)
(455)
(624,056)
Transfers
between
funds
£
(70,000)
(166,915)
-
147,915
12,000
77,000
-
-
-		 Movement
in funds
£
45,468
434,204
(59,006)
(57,050)
(10,268)
(77,000)
276,348
(455)
275,893
At
31.12.23
£
127,453
(338,689)
5,769,955
74,972
37,556
77,000
5,748,247
1,188
5,749,435

continued...

Page 26

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

23. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General Fund
Heart of the Community Fund
(designated)
Church Centre Property Fund (designated)
Tithe Fund (designated)
TOTAL FUNDS
Funds		 Incoming
resources
£
453,154
301,378
-
-
754,532
754,532		 Resources
Movement
expended
in funds
£
£
(400,783)
52,371
(28,090)
273,288
(42,762)
(42,762)
(75,874)
(75,874)
(547,509)
207,023
(547,509)
207,023

Heart of the Community Fund (designated)

This represents the Heart of the Community Project asset value, excluding fixed assets. The loans have been fully repaid in the year and the project is complete. £42,825 was transferred to the Tithe fund and £138,729 to the Church Centre Property Fund.The remaining negative fund balance of £86,039 has been cleared by the General Fund.

The prior year negative fund balance of £338,689 included loans of £451,799 of which £11,549 was secured against the property.

In the prior year, a transfer of £19,000 was made from the Heart of the Community Fund to the General Fund in recognition of a refund of the PCC contribution for church use of the Church Centre. In the 2024 accounts, the refund has been reclassified as a grant to the PCC to ensure consistency with the treatment of the amounts payable to the PCC in the current year.

Church Centre Property Fund (designated)

Representing the net book value of the Church Centre building and other fixed assets. At the start of the year, transfers of £25,820 and £138,729 were made from the General Fund and Heart of the Community Fund respectively to bring all fixed assets into the property fund. Depreciation for this year has been charged to this fund accordingly.

Tithe fund (designated)

A transfer was made into this fund of £42,825 (2023 - £147,915) to represent the annual designation of HOTC gifts received for mission payments.

Fabric fund (designated)

Created to set aside a fund for current and future provisions for maintaining the fabric of the Church Centre. During the year, a transfer was made into this fund of £nil (2023 - £12,000).

Library fund (restricted)

This represents funding provided specifically for the development of the community library, a joint initiative with South Gloucestershire Council.

continued...

Page 27

ST MICHAEL'S CHURCH CENTRE LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024

23. MOVEMENT IN FUNDS - continued

Funds - continued

Church Refurbishment Fund (Designated)

This represented funds set aside from the General Fund to reflect the Trustees' decision to earmark £77,000 for the refurbishment of the church building in the future. The balance of £77,000 has been gifted to St Michael's Church PCC during the year and is included in the grants disclosure per note 9.

Comparative analysis of net assets between funds, are as follows:

Fund balances as at 31 December 2023 Unrestricted Unrestricted Restricted
Total		 Restricted
Total		 Restricted
Total
funds funds
funds
£ £
£
Fixed assets 5,934,504 -
5,934,504
Current assets 297,846 1,188 299,034
Current liabilities (221,738) - (221,738)
Non-current liabilities (262,365
)		 - (262,365
)

Total net assets 5,748,247 1,188
5,749,435

24. RELATED PARTY DISCLOSURES

On 30 June 2014, Stoke Gifford PCC received a loan of £375,000 from the Diocese of Bristol in support of the construction of the Church Centre. This loan was at an interest rate of 0.55% over the CCLA base rate (0.25% at the start of the year, increasing throughout the year to 3.50% on 16 December 2022), and it is required to be repaid by 30 June 2024 as funds allow. On 16 July 2014, these monies were onward loaned to SMCC on the same basis as Stoke Gifford PCC received the loan from the Diocese.

The loan was repaid during the year (2023 - balance of £115,250). Interest payments of £2,215 (2023 - £10,150) were paid by SMCC to the Diocese during the year.

During the year, a contribution of £145,000 (2023 - restated to £157,903) was received from Stoke Gifford PCC in recognition of the use of the Church Centre and Old School Rooms for church activities.

Contributions of £34,464 (2023 - £32,724) and £96,394 (2023 - £77,408) have been paid to Stoke Gifford PCC in recognition of work carried out by employees who are jointly employed by the PCC and SMCC, for administration and building maintenance of the Church Centre respectively.

Donations from Trustees and related parties

The aggregate donations received from the Trustees were £13,450 (2023 - £21,010).

Other related party transactions

During the year grants of £10,000 (2023 - £Nil) were paid to The Brickworks. SMCC and The Brickworks had one trustee in common at the start of the previous year.

Page 28