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← Jubilee Church, Coventry

2023-12-31-accounts

JUBILEE CHURCH, COVENTRY

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

CHARITY REGISTRATION No: 1149730

COMPANY REGISTRATION No: 8207822

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

JUBILEE CHURCH, COVENTRY (A COMPANY LIMITED BY GUARANTEE)

CONTENTS

Page 3 Legal and Administrative Information
Pages 4 to 6 Report of the Directors
Page 7 Statement of Financial Activities
Page 8 Balance Sheet
Page 9 Statement of Cashflows
Pages 10 to 19 Notes to the Financial Statements
Page 20 Independent Examiners Report to the Trustees/Directors

2

JUBILEE CHURCH, COVENTRY

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2023

LEGAL AND ADMINISTRATIVE INFORMATION

CHARITY NAME

Jubilee Church, Coventry

CHARITY NUMBER 1149730 COMPANY REGISTRATION NUMBER 8207822 START OF FINANCIAL YEAR 1st January 2023 END OF FINANCIAL YEAR 31st December 2023 DIRECTORS THAT SERVED DURING Andrew Simpkins THE YEAR TO 31 DECEMBER 2023 Paul Harrison James Noble Chris Mainey Joanne Bass (appointed 6th April 2023) Tessa Colledge (appointed 6th April 2023) Jonathan Hall (appointed 27th November 2023)

REGISTERED ADDRESS

DATE OF INCORPORATION

St Columba's St Columba's Close Coventry CV1 4BX 10th September 2012

GOVERNING DOCUMENT Memorandum and Articles of Association

BANKERS Co-Operative Bank Plc INDEPENDENT EXAMINERS Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham PO18 8NF

OBJECTS

(A) TO ADVANCE THE CHRISTIAN FAITH IN ACCORDANCE WITH THE STATEMENT OF BELIEFS IN THE SCHEDULE HERETO ATTACHED IN SUCH PARTS OF COVENTRY, THE UNITED KINGDOM OR THE WORLD AS THE TRUSTEES MAY FROM TIME TO TIME THINK FIT AND TO FULFIL SUCH OTHER PURPOSES WHICH ARE EXCLUSIVELY CHARITABLE ACCORDING TO THE LAW OF ENGLAND AND WALES AND ARE CONNECTED WITH THE CHARITABLE WORK OF THE CHARITY;(B)TO RELIEVE PERSONS WHO ARE IN CONDITIONS OF NEED, FINANCIAL HARDSHIP OR SICKNESS AND WHO MAY BE AGED AND TO RELIEVE THE DISTRESS CAUSED THEREBY IN THE SAID LOCATION AND IN SUCH OTHER PARTS OF THE UNITED KINGDOM OR THE WORLD AS THE TRUSTEES MAY FROM TIME TO TIME THINK FIT;(C)TO ADVANCE CHRISTIAN AND OTHER EDUCATION INCLUDING BUT NOT BY WAY OF LIMITATION THROUGH THE PROVISION OF TRAINING COURSES IN THE SAID LOCATION AND IN SUCH OTHER PARTS OF THE UNITED KINGDOM OR THE WORLD AS THE TRUSTEES MAY FROM TIME TO TIME THINK FIT;(D)TO PROVIDE OR ASSIST IN THE PROVISION OF FACILITIES IN THE INTERESTS OF SOCIAL WELFARE FOR RECREATION OR OTHER LEISURE TIME OCCUPATION OF INDIVIDUALS WHO HAVE NEED OF SUCH FACILITIES BY REASON OF THEIR YOUTH, AGE, INFIRMITY OR DISABILITY, FINANCIAL HARDSHIP OR SOCIAL CIRCUMSTANCES WITH THE OBJECT OF IMPROVING THEIR CONDITIONS OF LIFE.

3

JUBILEE CHURCH, COVENTRY

(A COMPANY LIMITED BY GUARANTEE)

Introduction

The Trustees who are also the Directors have pleasure in submitting the Report and Accounts for the year to 31 December 2023.

Public Benefit

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

Objectives and aims of the charity

To enjoy and proclaim the year of the Lord’s favour.

To make disciples – we want to become more like Jesus and teach and show others to do likewise.

To plant Churches – in both the local area and overseas.

To reach other nations – we are part of a worldwide family of Churches. We are committed to supporting other Churches which are part of this network.

How our activities deliver public benefit

Jubilee Church holds weekly meetings in Coventry each Sunday at St Columba’s near the city centre and simultaneously in the Stoke area of the city. There are dedicated children’s groups for 3 to 18 years. During the university term times there is a weekly Church prayer meeting; Powerhouse, on a Sunday evening. There are regular midweek youth groups and children’s groups that serve children from the church and the wider community.

The majority of people within Jubilee are part of a small group. These small groups are designed to provide a context for community in the Church where people can find support and encouragement. We consider the connections made at these groups to be more and more important part of assisting people with their Christian growth and mental wellbeing.

Jubilee Church has continued to develop its relationship with churches in the Dalmatia region of Croatia and Bosnia & Herzegovina. During 2023 Andrew Simpkins was able to visit Croatia to train leaders of churches in the region. However, the majority of support was financial support by funding some of the expenses of one of the in country leaders as he serves Churches in that area.

We have also partnered with other Catalyst Network churches to support churches worldwide that relate to the network.

Jubilee Church continues to provide services for the benefit of those in the city of Coventry through direct grants to Hope Coventry where Andrew Simpkins is a trustee.

The church has continued to be instrumental in creating and running the Motofest Coventry event. This was run successfully in June 2023 when it attracted over 200,000 visitors to Coventry City Centre during the weekend. Motofest was able to make a significant contribution towards the salary costs of James Noble as he dedicated more of his time to planning the events for this and future years.

We have continued to run outreach projects, language support and provide some grants to immigrants to the city from Hong Kong with British Nationals Overseas status. We have also delivered regular mentoring and coaching sessions to primary aged children in the Stoke area of the city.

We have partnered with other churches in the Catalyst Network of churches to run Encounter a week long event for people suffering from life controlling addictions and mental health issues.

4

JUBILEE CHURCH, COVENTRY

(A COMPANY LIMITED BY GUARANTEE)

Achievements and Performance

During 2023 Jubilee Church celebrated its 25th anniversary as a church in the city. Jubilee continues to be a healthy and vibrant Church attended by around 200 people, who have been able to continue to worship God, learn more about Him and tell others about Him.

We have commenced the refurbishment of St Columba’s following its purchase in November 2022. We moved the office and administration team into the building in early 2023 and moved Sunday morning meetings for the city site to the building in June 2023. We have commended a full refurbishment of the premises including a total renewal of the electrics and lighting and full replacement of the heating system. The refurbishment programme is about 50% complete and the building is being used successfully as a meeting place for worship and community activities as well as an operating hub for the church and related organisations. The refurbishment programme will continue during 2024 in line with the available funds in the building fund.

Financial Review

Jubilee Church funds increased by £36,532 during the 2023. This is a reduction of £18,201 on operating unrestricted funds and an increase of £54,733 on restricted funds.

Restricted funds are mainly due to gifts received (and the associated gift aid) for building refurbishment, our work with the poor and the closed work in Cambodia.

Investment Policy

Surplus funds are reviewed on a regular basis and where available invested within interest bearing bank accounts. The aims of the investment policy are to maximise the returns achieved subject to minimal risk and the requirement to maintain short term availability of all funds.

Grants Policy

Jubilee is not primarily a grant giving charity. However, the Church does seek to be generous and support a number of other organisations with similar aims and objectives. Jubilee gave regularly to the Catalyst Network of Churches, to Hope Coventry and to support the work of the Church in the Dalmatia region of Croatia and Bosnia & Herzegovina.

Reserves Policy

Jubilee Church aims to hold the equivalent of three months expenditure as general reserves.

Related Parties

Jubilee Church is involved in the work of the Catalyst Network of Churches and has given financially to this work. Andrew Simpkins is a Trustee of the Catalyst Network of Churches and Jubilee Church, Coventry.

Jubilee Church is involved in running Coventry Motofest by supporting through employee and volunteer time. James Noble and Andrew Simpkins are Directors of Coventry Motofest Ltd and Jubilee Church, Coventry.

Jubilee church makes small grants to Hope Coventry. Andrew Simpkins is a director of Hope Coventry and Jubilee Church Coventry.

5

JUBILEE CHURCH, COVENTRY

(A COMPANY LIMITED BY GUARANTEE)

Directors' Responsibilities

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

Charity law requires us as Directors to prepare financial statements for each accounting year which give a true and fair view of the state of the charity and of its income and expenditure for the year.

We are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the company and enable us to ensure that the financial statements comply with the Companies Act 2006.

We also have a responsibility to safeguard the assets of the charity and to take reasonable steps to prevent fraud or any other irregularities.

The trustees are also responsible for the contents of the trustees' report, and the responsibility of the independent examiner in relation to the trustees' report is limited to examining the report and ensuring that, on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

Reference and administrative

Information is provided on the page following the cover sheet

Approval

16/05/2024 This report was approved by the Directors on …..............................................2024 and signed on their behalf by:

…..........................................................................

Print Name: …..........................................................C. Mainey

6

JUBILEE CHURCH, COVENTRY (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Income
Donations and legacies
2a
Investment Income
2b
Income from charitable activities
2c
Other Income
2d
Total income
Expenditure
Expenditure on charitable activities
3a
Total Expenditure
Net income/expenditure before
investment gains/(losses)
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
8,9
Net movement in funds
Reconciliation of funds:
Total Funds Brought Forward
Total Funds Carried Forward		 Unrestricted
Designated
Designated
Restricted
TOTAL
TOTAL
Fixed Asset
Funds
Funds
Funds
Funds
2023
2022
£
£
£
£
£
£
278,662
-
-
79,190
357,852
499,378
228
-
-
113
341
1,425
10,442
-
-
-
10,442
19,844
15,000
-
-
-
15,000
16,702
304,332
-
-
79,303
383,635
537,349
295,768
18,505
8,260
24,570
347,103
361,828
295,768
18,505
8,260
24,570
347,103
361,828
8,564
(18,505)
(8,260)
54,733
36,532
175,521
-
-
-
-
-
-
8,564
(18,505)
(8,260)
54,733
36,532
175,521
(593,431)
18,160
725,584
(150,313)
-
-
(584,867)
(345)
717,324
(95,580)
36,532
175,521
651,681
1,754
-
174,967
828,402
652,881
66,814
1,409
717,324
79,387
864,934
828,402

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

The notes on pages 9 to 18 form part of these financial statements.

7

JUBILEE CHURCH, COVENTRY

(A COMPANY LIMITED BY GUARANTEE)

BALANCE SHEET AS AT 31 DECEMBER 2023

Note
Fixed Assets:
Tangible assets
4
Current Assets:
Debtors
5
Cash at bank and in hand
6
Total Current Assets
Creditors: amounts falling due with
7
within one year
NET CURRENT ASSETS
TOTAL ASSETS less current liabilities
Creditors: amounts falling due in more than
one year
NET ASSETS
Funds of the Charity
General Funds
Designated Funds
8
Designated Funds - Fixed Assets
8
Restricted Funds
9
Total Funds		 Unrestricted
Designated
Designated
Restricted
31.12.23
31.12.22
Fixed Asset
Funds
Funds
Funds
Funds
Total
Total
£
£
£
£
£
£
264
-
717,324
-
717,588
563,409
15,862
-
-
10,152
26,014
40,936
58,064
1,409
-
69,335
128,808
228,694
73,926
1,409
-
79,487
154,822
269,630
(7,376)
-
-
(100)
(7,476)
(4,637)
-
-
66,550
1,409
-
79,387
147,346
264,993
-
-
66,814
1,409
717,324
79,387
864,934
828,402
-
-
-
-
-
-
66,814
1,409
717,324
79,387
864,934
828,402
66,814
-
-
-
66,814
651,681
-
1,409
-
-
1,409
1,754
-
-
717,324
-
717,324
-
-
-
-
79,387
79,387
174,967
66,814
1,409
717,324
79,387
864,934
828,402

For the year ended 31st December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

16/05/2024 Approved by the Directors on the …...................................

Signed on their behalf by …............................

Print Name: …..............................................C. Mainey

8

JUBILEE CHURCH, COVENTRY

(A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Cash used in operating activities
(a)
Cash used from investing activities
Interest income
Purchase of tangible fixed assets
Cash provided by (used in)
investing activities
Cash flows from financing activities
Introduction/(Repayment) of long term borrowing
Cash used in financing activities
Increase/(decrease) in cash and
cash equivalents in the year
Cash and cash equivalents at the
start of the year
TOTAL cash and cash equivalents
at the end of the year
(b)
(a) Reconciliation of net movement in funds to net cash flow from
Net movement in funds
Add back depreciation charge
Deduct interest income shown in investing activities
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash used in operating activities
(b) Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 2023
£
62,345
341
(162,573)
(162,232)
-
-
(99,887)
228,694
128,808
operating activities
2023
£
36,532
8,393
(341)
14,922
2,839
62,345
2023
£
128,808
128,808		 2022
£
142,523
1,425
(563,541)
(562,116)
-
-
(419,593)
648,287
228,694
2022
£
175,521
133
(1,425)
(26,192)
(5,514)
142,523
2022
£
228,694
228,694

9

JUBILEE CHURCH, COVENTRY (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies

a) Basis of preparation

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with FRS 102 (effective 1 January 2019) - (Charities SORP (FRS 102)) and the Charities Act 2011.

Advantage has been taken of Section 396(5) of The Companies Act 2006 to allow the format of the financial statements to be adapted to reflect the special nature of the charity's operation and in order to comply with the requirements of the SORP.

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

The charity has opted to prepare its accounts using natural categories.

Changes to accounting estimates

A change has been made to the accounting estimate regarding fixed asset depreciation. Full details are given in note 1j). No other changes to accounting estimates have occurred in the reporting period

Material prior period errors and changes to previous accounts

No material prior period errors have been identified in this accounting period and there have been no changes to previous accounts.

Preparation of accounts on a going concern basis

Preparation of the accounts is on a going concern basis. The Trustees are of the view that the level of reserves will support the charity going forward.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

b) Income

Income is included in the Statement of Financial Activities (SOFA) when:

The charity has relied upon volunteers in carrying out its charitable activities during the year. In accordance with paragraph 6.18 of the SORP, the role of volunteers has not been recognised in the accounts.

c) Interest receivable

Interest on funds held on deposit is included when receipt is probable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

d) Grants and Donations

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

10

JUBILEE CHURCH, COVENTRY

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

e) Tax Reclaims on Donations and Gifts

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

f) Government Grants

The charity has received government grants totalling £8,050 in the reporting period.

g) Fund accounting

Unrestricted Funds

The general fund is used to account for the day to day activities of the trust.

Designated Funds

The designated giving fund is from the amount designated by the Trustees to support the work of local Churches in the UK & Overseas. This is primarily through existing relationships with Churches in the Catalyst apostolic network and in the city of Coventry. The designated fixed asset fund is designated by the Trustees to ringfence the fixed assets to enable clearer financial reporting.

Restricted Funds

The Building Fund is from special offerings. During the previous year they were used to purchase a building for the charity, they now represent funds held for refurbishment costs

The Working with the Poor fund is from special offerings and specific donations for particular project

and initiatives working with the poor.

The Cambodia fund is to be used to support a future church plant in Cambodia

The East Meets West fund is from grants and specific donations to be used for the East Meets West project.

The Toasty Tuesdays fund is from grants and specific donations to be used for the Toasty Tuesdays project.

The Other Specific Offerings fund is from special offerings for specific purposes during the year.

h) Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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.

i) Offsetting

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

j) Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Assets costing less than £2,000 are written off in the year of purchase. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life as follows:

Fixtures and Fittings - 25% on cost

Vehicles - 25% on cost

Building Improvements - 5% on cost (depreciation will start 2024, as works are still in progress) Freehold Building - 2% on cost (starting 2023)

Until 1st January 2023, freehold and long leasehold land and buildings were not depreciated as they were deemed to have a very long remaining useful life (i.e. 50 years or more), and the trustees considered that the residual value was at least equal to its net book value. The Trustees have changed the accounting estimation depreciation rate on 1st January 2023 to provide more meaningful financial information and clarity. They have opted as from 1st January 2023 to split the land and building element and depreciate the building element over 50 years. Land is not depreciated.

11

JUBILEE CHURCH, COVENTRY

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

k) Operating leases

Rental charges payable under operating leases are charged on a straight line basis over the terms of the lease.

l) Taxation

The charity is exempt from tax on its charitable activities.

m) Legal status of the charity

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

n) Redundancy payments

The charity made no redundancy payments during the period.

o) Pensions

The charity operates a defined contribution pension scheme for certain employees. Pension contributions are charged to the Statement of Financial Activities as they fall due for payment.

p) Debtors

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

q) Creditors

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

2. INCOME
a) Donations and legacies
General Giving
Income from Grants
Income from Grants (Government)
Gift Aid
b) Investment income
Bank Interest
c) Income from charitable activities
Children and Youth Work
Weekends Away
Other lncome
d) Other Income
Secondment income
Gain on sale of fixed assets		 Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2023
2022
£
£
£
£
£
234,163
-
54,597
288,760
396,973
-
-
5,400
5,400
10,000
-
-
8,050
8,050
5,300
44,499
-
11,143
55,642
87,105
278,662
-
79,190
357,852
499,378
228
-
113
341
1,425
228
-
113
341
1,425
2,019
-
-
2,019
5,944
4,109
-
-
4,109
7,691
4,314
-
-
4,314
6,209
10,442
-
-
10,442
19,844
15,000
-
-
15,000
15,000
-
-
-
-
1,702
15,000
-
-
15,000
16,702

12

JUBILEE CHURCH, COVENTRY (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

3. EXPENDITURE

Notes
a) Expenditure on charitable activities
Building the Church
3aii) and iii)
Donations and Gifts
Grants
3aii) & iii)
Support Costs
3ai)
Governance:
Legal & Professional Fees
Independent Examiners Fees
Support Costs
3ai)		 Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2023
2022
£
£
£
£
£
276,000
8,865
3,428
288,293
257,402
500
-
-
500
41,445
500
17,900
21,142
39,542
35,393
14,510
-
-
14,510
20,067
2,553
-
-
2,553
5,579
1,520
-
-
1,520
1,390
185
-
-
185
553
295,768
26,765
24,570
347,103
361,829

The church identifies the cost of its support functions, and identifies those that relate to the governance function. Having identified its governance costs the remaining support costs are apportioned between the key charitable activities and costs of raising funds.

3ai) Support Costs

Staff Costs
Premises Costs
Office and IT Costs		 Building
Church
Grants &
Governance
the Church
planting
Donations
Costs
£
£
£
£
9,563
-
1,367
139
1,511
-
216
22
1,622
-
232
24
12,695
-
1,815
185

3aii) Analysis of grants payable

Advancement of Religion
Warwick University
Bosnia Church
Catalyst Network
Hope Church
Hope Coventry
Liberty Family Church
Life Ministries Trust
Relief of poverty and need
Individuals
Return of National Grid Toasty Tuesday Fuel Grant		 Institutions
Individuals
2023
2022
£
£
500
-
500
-
3,000
-
3,000
8,920
9,960
-
9,960
9,960
2,000
-
2,000
3,440
4,940
-
4,940
4,320
-
-
-
955
-
-
-
5,000
-
9,942
9,942
2,798
9,200
-
9,200
-
29,600
9,942
39,542
35,393

13

JUBILEE CHURCH, COVENTRY (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

3. EXPENDITURE

3aii) Analysis of grants payable

Grants totalling £15,460 (2022: £28,275) were given to organisations within the Catalyst Network of Churches which is part of the wider work in which Jubilee is involved or to other charities within Coventry to support the joint work between them and Jubilee Coventry.

Grants totalling £9,942 (2022: £2,798) were given to individuals for the relief of poverty.

Grants totalling £4,940 (2022:£4,320) were given to Hope Coventry for its work in the City.

3aiii) In note 3a) the following items of expenditure are material and more fully detailed below:

----- Start of picture text -----
2023 2022
£ £
Building the Church
Travel and Accommodation incl. catering 11,341 9,180
Vehicle Costs 589 1,230
Equipment and IT Costs 6,938 3,863
Premises Rental 11,857 25,351
Premises Costs incl. Cleaning and Maintenance 11,458 576
Resources and Conferences 4,866 5,950
Guest Speakers 1,000 800
Property Insurance 4,033 2,038
Office costs incl. bank charges 4,741 2,506
Advertising and Publicity 293 276
Staff Costs incl. Salaries 222,784 205,499
Depreciation 8,393 133
288,293 257,402
Grants Paid
Churches 3,500 23,275
Charities 26,100 9,320
Individuals 9,942 2,798
39,542 35,393
----- End of picture text -----

4. TANGIBLE FIXED ASSETS

Cost
01-Jan-23
Additions
Disposals
Transfers
Cost at
31-Dec-23
Depreciation
01-Jan-23
Charge
Disposals
Depreciation at
31-Dec-23
Net Book Value
31-Dec-23
Net Book Value
31-Dec-22		 Land &
Freehold
Freehold
Building
Fixtures &
Vehicles
Total
Buildings
Land
Building
Improvements
Fittings
£
£
£
£
£
£
£
563,011
-
-
-
7,173
5,250
575,434
162,573
-
-
-
-
-
162,573
-
-
-
-
-
(5,250)
(5,250)
(725,584)
150,000
413,011
162,573
-
-
-
-
150,000
413,011
162,573
7,173
-
732,757
-
-
-
-
6,776
5,250
12,026
-
-
8,260
-
133
-
8,393
-
-
-
-
-
(5,250)
(5,250)
-
-
8,260
-
6,909
-
15,169
-
150,000
404,751
162,573
264
-
717,588
563,011
-
-
397
-
563,409

14

JUBILEE CHURCH, COVENTRY (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

5. DEBTORS AND PREPAYMENTS

HMRC Gift Aid Tax Recoverable
Other Debtors
6. CASH AT BANK AND IN HAND
Current accounts
Deposit accounts
Cash in hand		 Unrestricted
Restricted
Total
Total
Fund
Fund
31.12.23
31.12.22
£
£
£
£
12,882
10,152
23,034
40,936
2,980
-
2,980
-
15,862
10,152
26,014
40,936
Unrestricted
Restricted
Total
Total
Fund
Fund
31.12.23
31.12.22
£
£
£
£
58,832
8,518
67,350
167,556
-
60,817
60,817
60,475
641
-
641
663
59,473
69,335
128,808
228,694

7. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other Creditors
Tax and Social Security
Pension Contributions
Independent Examiners Fees		 Unrestricted
Restricted
Total
Total
Fund
Fund
31.12.23
31.12.22
£
£
£
£
2,885
100
2,985
2,475
-
-
-
862
2,885
-
2,885
-
1,606
-
1,606
1,300
7,376
100
7,476
4,637

15

JUBILEE CHURCH, COVENTRY

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

8. DESIGNATED FUNDS

----- Start of picture text -----
Current Year Balance Transfer Balance
01-Jan-23 Income Expenditure Btw funds 31-Dec-23
£ £ £ £ £
Giving Fund 1,754 - (18,505) 18,160 1,409
Fixed Asset Fund - - (8,260) 725,584 717,324
1,754 - (26,765) 743,744 718,733
Prior Year Balance Transfer Balance
01-Jan-22 Income Expenditure Btw funds 31-Dec-22
£ £ £ £ £
- -
Giving Fund 6,618 (4,864) 1,754
- -
6,618 (4,864) 1,754
----- End of picture text -----

The designated giving fund is from the amount designated by the Trustees to support the work of local Churches in the UK & Overseas. This is primarily through existing relationships with Churches in the Catalyst apostolic network and in the city of Coventry.

The designated fixed asset fund is ringfenced by the Trustees and represented by fixed assets held by the charity.

The designated funds are represented by:

Fixed Assets
Cash at Bank
Debtors
Creditors		 31-Dec-23 31-Dec-22
£
£
717,324
-
1,409
4,227
-
1,506
-
(3,979)
718,733
1,754

16

JUBILEE CHURCH, COVENTRY

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

9. RESTRICTED FUNDS

The restricted funds are only spent on specific purposes.

----- Start of picture text -----
Current Year Balance Transfer Balance
01-Jan-23 Income Expenditure Btw funds 31-Dec-23
£ £ £ £ £
Building Fund 141,445 65,409 - (150,073) 56,781
Working with the Poor 8,419 3,074 (6,379) (240) 4,874
Cambodia 10,450 - - - 10,450
East Meets West 4,391 8,050 (5,950) - 6,491
- - -
Toasty Tuesdays 9,400 (9,400)
Other specific offerings 862 2,770 (2,841) - 791
174,967 79,303 (24,570) (150,313) 79,387
Prior Year Balance Transfer Balance
01-Jan-22 Income Expenditure Btw funds 31-Dec-22
£ £ £ £ £
Building Fund 414,154 142,054 - (414,763) 141,445
-
Working with the Poor 12,346 2,825 (6,752) 8,419
Cambodia 802 10,603 (955) - 10,450
East Meets West - 5,300 (909) - 4,391
- -
Toasty Tuesdays 10,000 (600) 9,400
Other specific offerings 864 48,291 (48,293) - 862
428,166 219,073 (57,509) (414,763) 174,967
----- End of picture text -----

The restricted funds are represented by:

Cash at Bank
Debtors
Creditors		 31-Dec-23 31-Dec-22
£
£
69,335
149,583
10,152
25,484
(100)
(100)
79,387 174,967

Purpose of restricted funds:

The Building Fund is from special offerings to be used to purchase a building for the charity. These were transferred to general fund as they were used to purchase St. Columba' s. The funds now held are for the refurbishment costs. The Working with the Poor fund is from special offerings and specific donations for particular projects and initiatives working with the poor.

The Cambodia fund was the closing assets of our work in Cambodia. They are to be used to support a future church plant in Cambodia.

The East Meets West fund is from grants and specific donations to be used for the East Meets West project.

The Toasty Tuesdays fund is from grants and specific donations to be used for the Toasty Tuesdays project. The Other Specific Offerings fund is from special offerings for special purposes during the year.

The transfer of £240 represents the reimbursement to general fund of Newday Tickets purchased.

The transfer of £150,073 represent building improvements that were funded from restricted funds, and as the restriction was fulfilled once the asset had been transferred, the asset was subsequently reclassed as designated fixed asset unrestricted funds.

17

JUBILEE CHURCH, COVENTRY (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

10. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL

Gross Wages and Salaries
Employer's National Insurance Costs (net of annual allowance)
Employer's Pension Costs
Other Payroll costs (Life Assurance)		 2023
2022
£
£
191,907
180,915
14,146
16,106
23,922
13,523
921
799
230,896
211,343

Staff are paid through the PAYE system

Within the SOFA salaries are split between Charitable purposes and support costs.

The church contributed to the pension scheme of 6 employees throughout the period and paid life cover contributions for one employee.

The church operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund.

Employees were engaged in the following activities

Activities in furtherance of Charitable Objectives
Management & Administration		 2023
2,022
5
5
1
1
6
6

Number of employees whose total employee benefits (excluding employer pension costs) fell within each band of £10,000 from £60,000 upwards:

Band Number of employees
£60,000 to £69,999 1
£70,000 to £79,999 0
£80,000 to £89,999 0
£90,000 to £99,999 0
£100,000 to £109,999 0

Key management personnel are considered to be the Trustees and Church Elders. Three trustees received a salary and benefits for their employment as a Church Elder. This is disclosed in note 11 below. No other key management personnel received any payments.

18

JUBILEE CHURCH, COVENTRY

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

11. TRUSTEES AND OTHER RELATED PARTIES

In this financial period the charity has paid trustees remuneration and benefits (including Employer Nl, Employer Pension and Life Assurance contributions) for their roles as Church Elders as follows:

Name of Trustee
Legal authority
Andrew Simpkins
Governing document
James Noble
Governing document
Paul Harrison
Governing document		 TOTAL
TOTAL
Remuneration Employer NI
Employer
2023
2022
Pension & Life
Assurance
£
£
£
£
£
57,317
6,782
11,100
75,199
66,212
52,260
5,957
5,226
63,443
59,406
41,683
4,497
3,126
49,306
46,502
151,260
17,236
19,452
187,948
172,120
Amounts paid or benefit value

The charity also paid £1,578 (2022: £2,208) during the year for Paul Harrison to undertake a Theological training course in connection with his role as a Church Leader.

No trustees were remunerated for their role as a trustee.

In this period the charity has paid expenses to Trustees in relation to their roles as employees and Church leaders, not in relation to their role as Trustees, as follows:

Number of Trustees who were paid expenses
Amount paid:
Training
Books and stationery
Hospitality
Mileage
Meetings, events and refreshments
Other travel (flights, parking, accommodation)
Accommodation
Total Amount paid		 TOTAL
TOTAL
2023
2022
3
3
£
£
109
-
-
38
81
189
950
993
-
886
132
809
61
123
1,333
3,038

7 Trustees made donations to the Charity during 2023. These donations totalled £71,189 (2022: £67,800). There were no conditions attached. There are no outstanding balances at the balance sheet date.

Grants of £9,960 (2022; £51,405) were paid to Catalyst Network of Churches. Andrew Simpkins has served as a Director for the Catalyst Network of Churches during this period.

Grants of £3,500 (2022: £4,320) were paid to Hope Coventry. Andrew Simpkins is a Trustee of Hope Coventry.

Gifts of £500 for event sponsorship were given to Motofest. Andrew Simpkins and James Noble have served as Directors of Motofest during this period.

No other payments were made to trustees or any persons connected with them during this financial period other than the reimbursement of sundry direct expenses incurred and reimbursement of expenditure incurred on behalf of the charity. No material transaction took place between the organisation and a trustee or any person connected with them.

19

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES

I report to the trustees on my examination of the accounts of Jubilee Church, Coventry for the year ended 31 December 2023.

Responsibilities and basis of report

As the charity’s trustees of Jubilee Church Coventry, (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 Jubilee Church, Coventry 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 have completed my examination. Attention is drawn to the fact that due to an unexpected resignation of two non-employed Trustees last year, it left the charity in an unavoidable position where a majority of trustees were being paid for a period of 11 months until new Trustees were appointed to the Board in April 2023. The Trustees confirm that in line with their internal procedures, all decisions regarding compensation for the employed trustees were made by the non employed trustees. The position was corrected in April 2023. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

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.

Signed:

Date: 10th June 2024

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

20