ISLE OF WIGHT CHRISTIAN FELLOWSHIP
ACCOUNTS FOR THE YEAR TO 31°’ MARCH 2024
CHARITY NO. 1156683
ISLE OF WIGHT CHRISTIAN FELLOWSHIP
Contents of the Accounts for the Year to 31' March 2024
Pages 1-3 - Annual Report of the Trustees Page 4 - Statement ofFinancial Activities Page 5 - Balance Sheet Pages 6 —-9Notes to the Accounts Page 10 - Independent Examiners Report
Charity Information
Bankers
HSBC 101 St James Street Newport Isle of Wight PO30 IHX
CAF Bank Ltd 25 Kings Hill Avenue, Kings Hill, West Malling, Kent. ME 19 4JQ
Stewardship 1 Lamb's Passage London EC1Y 8AB
Independent Examiner
Lisa Lawley
Current Trustees (as at date of approval)
Mr Peter Rudd Ms Sarah Brown Mrs Claire Henretty Mr Christian Beasley
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ISLE OF WIGHT CHRISTIAN FELLOWSHIP
Annual Report for the year to 31° March 2024
The Isle of Wight Christian Fellowship is a registered charity, No.1156683. The registered address is 26 Queens Road, Newport, Isle of Wight. The legal constitution is a Charitable Incorporated Organisation registered as a body corporate under Part 11 of the Charities Act 2011; the organisation was incorporated on 14"" April 2014. The trustees of the charity during the year to 31™ March 2024 were as follows:
Mr Peter Rudd Ms Sarah Brown Mrs Claire Henretty Mr Christian Beasley
Objects
The main objects of the charity are the furtherance of Christianity and the relief of poverty in accordance with the constitution.
Governance and leadership
The charity has a board of trustees, who meet three times per annum; additional meetings are called if business requires it. The constitution also allows electronic communication. Financial decisions are made by the trustees including decisions over the appointment of charity employees, the associatedunpaid and legalreceivr e sponsibilitiesd no remunerationof anduringemployerthe perioare d .ischargedNew trusteesby thearetrustees.appointedThesolelytrusteesthroughare election by the existing trustees.
Day to day spiritual leadership comes from a team of church leaders led by the full time employed Pastor; one ofthe trustees is on the aforesaid church leadership team.
Reserves
It is not the intention of the trustees to build up general (unrestricted) reserves beyond a point that secures the charity’s ability to meet its financial obligations including securing the ability to respond to identified risks. If income were to regularly exceed expenditure, generating unneeded reserves, the trustees would look to prudently support other charities or organisations that carry out activities that are in line with the charity’s objectives. It is more likely however that the church would look to expand its capacity to deliver the charity’s objects.
The charity purchased a long lease for £160,000 in January 2015 providing the charity with its first building. The charity refurbished the old cinema to the point that it could be used for the first time in April 2017 for a Sunday service. The charity used the majority of its cash reserves up to April 2017 to get the building ready to use and since has built up the unrestricted cash reserves to allow for ongoing maintenance and to complete the final renovations. A £175,000, 15 year variable rate mortgage was taken out to assist with the purchase and refurbishment. £13,563 was paid off the loan during the year leaving a balance of£84,058 (2023 - £97,621) owing at the year end.
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ISLE OF WIGHT CHRISTIAN FELLOWSHIP Annual Report for the year to 31°‘ March 2024
Reserves and property developments (continued)
Review of the Period
Services were held each Sunday at 10:30 am based at the charity premises. The church continued to employ a Pastor and Assistant Pastor throughout the year. An Operations Manager continued to be employed full time throughout the year with duties including overseeing of the day to day running of the building, organising services, leading on communications, including digital media, making a significant contribution to the smooth running of the charity. The Assistant Pastor worked for the charity on a part time basis; the costs of employment continue to be largely met by restricted funded contributions from a small number of members. The full time church Pastor works with both church members and with members of the local community sharing the gospel of Jesus Christ and providing assistance where he can.
It was agreed to join with and incorporate the activities of a small unregistered charitable group within the Isle of Wight Christian Fellowship registered charity. This group has been managed by | members of the church and supports the promotion ofthe Christian Faith and the provision of relief | to the poor in Bulgaria. The nameof this ministry is ‘Love Bulgaria’, this name has been registered with the Charities Commission and any funds collected under this name will be treated as restricted and will be used solely for that ministry. It is unlikely that the funding raised for Love Bulgaria will exceed £10,000 per annum and will remain a small facet of the work ofthe charity.
The charity has is jointly supporting the cost of the employment ofa youth worker along with a number of other churches based in Newport on the Isle of Wight. This youth worker works with young people living in Newport including engagement and development, he also links up with other Christian and non-Christian groups that support young people.
A number of other Christian outreach organisations are regularly financially supported, including the Isle of Wight branch of Youth for Christ and Jesus Witnesses Caravan Outreach.
During the year the charity made a surplus of income over expenditure of £8,496 (2023 - £31,091), the unrestricted surplus was £6,279 (2023 - £43,720). The Trustees consider the state of the charity’s financial affairs to be satisfactory, with unrestricted reserves totalling £525,573 (2023 - £519,294) at the year end. The balance of restricted funds is £4,995 (2023 - £2,777).
Equipment and furniture costing £12,603 was purchased during the year, this was largely funded by a £10,000 legacy received from a past member which was received in the 2022/23 financial year.
The Trustees are satisfied that the charity will continue as a going concern for the foreseeable future with likely future income being able to cover future expenditure commitments.
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ISLE OF WIGHT CHRISTIAN FELLOWSHIP
Annual Report for the year to 31 March 2024
Review of the Period (continued)
Income and Expenditure
The majority of income received by the charity was made up from tithes and offerings given by the congregation. The tithes and offerings were given under gift aid and general giving. The total unrestricted income was £152,490 (2023 - £161,625). Unrestricted expenditure amounted to £146,212 (2023 - £117,905) leaving an unrestricted surplus of £6,278 (2022 - £43,720). Restricted funds showed net income of £2,218 (2023 - net expenditure £12,629). The financial objectives for the year were to continue to maintain the financial reserves of the charity to maintain resilience, to fund further improvements to the building and to increase the level of support for Christian outreach and financial support for those in poverty. The Trustees prioritised the use of funds to delivering its direct charitable objects and then to pay running costs and servicing the building loan whilst building up a cash reserve including to have funding to pay for unexpected building repairs.
The employment of the full time Operations Manager has added to the regular salary costs of running the charity though the benefits of this role have provided significant enhancements to the smooth running of the charity that would not have been possible through volunteers alone. Outline plans are in place to carry out further building refurbishment once funds allow, in particular the installation of ventilation/cooling and improvements to roof insulation.
Details of the movements of restricted funds are shown ina table on page 5.
Surplus funds are deposited with the Charities Aid Foundation (CAF) in the interest bearing Gold Deposit Account. This investment is secure and has generated modest levels of interest. £71,920 (2023 - £78,631) was held in the Gold Deposit Account at the end ofthe[year.]
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For and on behalfof the Trustees
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ISLE OF WIGHT CHRISTIAN FELLOWSHIP
Statement of Financial Activities for the Year to 31°" March 2024
| Unrestricted Notes Funds |
Unrestricted Notes Funds |
Restricted Funds |
Total | Year to 31/03/2023 |
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|---|---|---|---|---|---|
| Income& Expenditure | £ | £ | £ | ||
| Incoming Resources | |||||
| Donations and legacies | |||||
| Donations and gifts | 122522 | 16110 | 138632 | 136299 | |
| Legacies | - | - | - | 10000 | |
| Gift Aid | 21015 | 1600 | 22615 | 22373 | |
| Interest income | 2 | 2278 | - | 2278 | 751 |
| Rental income | 1550 | - | 1550 | 600 | |
| Other receipts | 5125 | - | 5125 | 5085 | |
| Total Incoming Resources | 152490 | 17710 | 170200 | 175108 | |
| Resources Expended | |||||
| Expenditure on charitable activities | |||||
| Ministry gifts | 400 | - | 400 | 2617 | |
| Other gifts | 3758 | 7360 | 11118 | 22816 | |
| Mission support | 5450 | 72 | $522 | 4272 | |
| Ministry salaries Training |
5 | 76528 1196 |
8000 - |
84528 1196 |
69617 516 |
| Meeting Hall Hire | - | - | - | 300 | |
| Literature, Tapes and Software | 2857 | - | 2857 | 2388 | |
| Material for children’s work | 754 | - | 754 | 556 | |
| 90943 | 15432 | 106375 | 103082 | ||
| Other Expenditure | |||||
| Church Management & Administration | 3 | 10431 | 60 | 1049] | 8408 |
| Church Building Running Costs | 4 | 44838 | - | 44838 | 32527 |
| Total Resources Used | 146212 | 15492 | 161704 | 144017 | |
| Net Income | 6278 | 2218 | 8496 | 31091 | |
| Transfers between funds | - | - | - | - | |
| Net movement in funds | 6279 | 2218 | 8496 | 31091 | |
| Reconciliation of Funds: | |||||
| Total funds brought forward | 519294 | 2777 | 522071 | 490980 | |
| Totalfundscarriedforward | £525573 | £4995 | £530567 | £522071 |
The Notes on pages 6 to 9 form part of these accounts
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ISLE OF WIGHT CHRISTIAN FELLOWSHIP Balance Sheet as at 31‘' March 2024
| Notes | 2023/24 | 2022/23 | |||||
|---|---|---|---|---|---|---|---|
| Fixed Assets | £ | £ | |||||
| Tangible assets | 7 | 504298 | 498484 | ||||
| Total fixed assets | 504298 | 498484 | |||||
| Current Assets | |||||||
| Stock | 400 | 400 | |||||
| Debtors | 41000 | 39100 | |||||
| Prepayments | 2425 | 1847 | |||||
| Cash at bank and in | hand | 86016 | 98826 | ||||
| Total current assets | 129840 | 140173 | |||||
| Creditors: Amounts Falling | Due | ||||||
| Within One Year | |||||||
| Creditors and accruals | ( 34026) | ( 31806) | |||||
| Net Current Assets | 95814 | 108367 | |||||
| Total assets less current | liabilities | 600112 | 606851 | ||||
| Creditors: Amounts Falling | Due | ||||||
| After One Year | 8 | ( 69545) | ( 84780) | ||||
| Total Net Assets | 530567 | 522071 | |||||
| Funds oftheCharity | |||||||
| Unrestricted funds Restrictedincome Total funds |
funds | 525572 4995 530567 |
519294 2777 522071 |
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| RESTRICTED FUNDS | Property | Income | Expenditure | Balance | c/f | ||
| Transferred | £ | ||||||
| £ | £ | £ | |||||
| Employment — Assist Pastor | - | 8000 | (8000) | - | |||
| Ukraine refugee support | 175 | - | - | 175 | |||
| Love Bulgaria funds | 1602 | 9638 | (7420) | 3820 | . | ||
| Training Mission Sponsor Child sponsorship |
1000 - |
- 72 |
- (72) |
1000 - |
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| 2777 | 17710 | (15492) | 4995 | ||||
| HEE coon Claire Henretty - Trustee |
pareSOA 24+ |
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| A oO) | 2 | ||||||
| PeterJRudd—Chair | |||||||
| For and on behalfofthe | Trustees |
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ISLE OF WIGHT CHRISTIAN FELLOWSHIP
Notes to the Accounts for the Year to 31°‘ March 2024
Note 1: Basis of preparation
- 1.1 Basis of accounting
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
These accounts have been prepared in accordance with the Charities SORP (FRS 102) (second edition — October 2019) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
Income
All income is recognised in the Statement of Financial Activities as it is received or when it is more likely than not that the trustees will receive the resources. There has been no offsetting of assets and liabilities or income and expenses, unless required or permitted by the FRS 102 SORP.
Grants
The charity hasn’t received any grants since its formation.
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.
Income from interest
This is included in the accounts when receipt is probable and the amount can be measured reliably.
Expenditure and liabilities
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
No material item ofdeferred income has been included in the accounts.
The charity has creditors which are measured at settlement amounts less any trade discounts.
A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.
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ISLE OF WIGHT CHRISTIAN FELLOWSHIP
Notes to the Accounts for the Year to 31 March 2024 (cont.)
Tangible Fixed Assets
These are capitalised if they can be used for more than one year, and cost at least £100.
Buildings, freehold and long leasehold, are held at cost and are held for use by the charity. There is no intention to revalue these fixed assets however a review for impairment of a fixed asset will be carried out if events or changes in circumstances indicate that the carrying amount of the fixed asset may not be recoverable. Any impairment losses are recognised in the Statement of Financial Activities. It is the intention of[the][charity][to][maintain][its][buildings] at a high level of repair and will therefore not be depreciated.
Depreciation on equipment is charged on original cost at a rate calculated to write down the cost of such assets over their estimated useful life. The rates used are as follows:
Church Equipment 20% per annum straight line Administration Equipment 25% per annum straight line
Debtors
Debtors are measured at initial recognition at settlement amount or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of 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.
- 1.2 Going Concern
Going concern has been adopted as the basis for the production of the accounts as the charity’s financial forecasts and projections indicate that that it will be able to continue in operational existence for the foreseeable future.
1.3 Taxation
The charity is exempt from income tax on its charitable activities.
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Interest Received
| Interest Received | ||
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| 2023/24 | 2022/23 | |
| CAF Cash Accounts | 1446 | 417 |
| Inland Revenue | 832 | 334 |
| 2278 | SL |
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ISLE OF WIGHT CHRISTIAN FELLOWSHIP
Notes to the Accounts for the Year to 31*' March 2024 (cont.)
| 3. | Church Management& Administration | ||
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| 2023/24 | 2022/23 | ||
| Travel& conference expenses | 63 | 277 | |
| Printing, postage& stationery | - | 35 | |
| Insurance | 1340 | 966 | |
| Memberships& subscriptions | 661 | 206 | |
| Independent examiner’s fees | 400 | 120 | |
| Equipment repairs and renewals | - | 152 | |
| Mobile phones | 72 | 36 | |
| Depreciation | 6,789 | 5,276 | |
| Professional fees | 40 | - | |
| DBS check costs | 306 | 220 | |
| Bank charges | 331 | 335 | |
| Visitor subsistence | 46 | 582 | |
| Miscellaneous expenses | 443 | . 203 | |
| 10,491 | 8,408 | ||
| 4. | Church Building Running Costs | ||
| 2023/24 | 2022/23 | ||
| Rates, light and heat | 3,812 | 2,440 | |
| Service charge | 17,829 | 11,371 | |
| Buildings insurance | 7,848 | 6,548 | |
| Mortgage interest | 6,225 | 5,353 | |
| Property cleaning and waste | 2,772 | 1,712 | |
| Property repairs | 929 | 1,102 | |
| Security & fire safety | 1,507 | 1,391 | |
| Lift service& safety check | 1,417 | 1,291 | |
| Minor furnishings | 1,984 | 690 | |
| Office telephone including internet | 515 44,838 |
629 32,527 |
5. Employees’ Remuneration
The charity had an average of three employees (2022/23 — three) during the year, the Church Pastor, Assistant Pastor and Operations Manager.
| 2023/24 | 2022/23 | |
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| Gross salary costs | 73485 | 60,243 |
| Employers National Insurance costs | 6,375 | 5,296 |
| Pensioncosts(definedcontributionscheme) | 4,667 | 3,831 |
No employees received employee for the reporting period of more than £60,000.
The charity continued to offer and contribute to a defined contribution pension scheme during the 2023/24 accounting year satisfying the requirements of Auto Enrolment.
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ISLE OF WIGHT CHRISTIAN FELLOWSHIP
Notes to the Accounts for the Year to 31“ March 2024 (cont.)
- Trustees’ Remuneration, Expenses and Related Party Transactions No remuneration nor expenses, directly or indirectly, was paid or was payable out of[the] funds of the charity for the period to any trustee.
| 7. | Tangible fixed assets | ||||
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| Property | Church | Administration | Total | ||
| Equipment | Equipment | ||||
| Cost | |||||
| At 01.04.23 | 488,595 | 22,773 | 5,511 | 516,879 | |
| Additions | - | 12,603 | - | 12,603 | |
| Disposals | - | - | - | - | |
| At 31.3.24 | 488.595 | 35,376 | 5,511 | 529,482 | |
| Depreciation | |||||
| At 01.04.23 | - | 14,198 | 4,197 | 18,395 | |
| Additions | - | 6,321 | 468 | 6,789 | |
| Disposals | - | - | - | - | |
| At 31.3.24 | - | 20,519 | 4.665 | 25,184 | |
| Net Book Value 31.3.24 | 488,595 | 14,857 | 846 | 504,298 | |
| NetBookValue31.3.23 | 488,595 | 8,575 | 1,314 | 498,484 |
The Charity purchased its first building in January 2015; a long leasehold with most of[the] accommodation located on the first floor. The building has been purchased to further the work ofthe charity,[it][is] not held as an investment. The building[is] located at 26A High Street, Newport, Isle of Wight. PO30 ISS.
8. Long Term Liabilities
The charity has a mortgage, taken out with Stewardship, a lender that supports Christian charities, to purchase and refurbish the building at 26A High Street, Newport, Isle of Wight. All repayments and interest payments during the year were made as per the loan commitment with Stewardship. The interest rate is variable, ending the financial year at 7.5%, Repayments are monthly and started immediately after the initial drawdown in January 2015. The loan term is 15 years with the final repayment expected February 2030. A charge is held over the building by Stewardship.
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|Loan|repayable over ||year|69,545|84,780|
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|Loan|repayable within|| year|14,513|12,841|
|Loan|repayable between
| and 5 years||61,564|60,052|
|Loan|repayable over 5|years|7,981|24,728|
|Total|loanrepayable||84,058|97,621|
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Independent examiner's report on the accounts
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Report to the trustees of ISLE OF WIGHT CHRISTIAN FELLOWSHIP
On accounts for the year
ended y 315" MARCH 2024 Charity no | 1156683
Set out on pages 1 to9
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I report to the trustees on my examination ofthe accounts ofthe above Charitable Incorporated Organisation (“the CIO”) for the year ended 31“ March 2024.
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Responsibilities and basis of report
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As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements ofthe Charities Act 2011 (“the Act”).
I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s I have completed my examination. I confirm that no material matters have come statement to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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e the accounting records were not kept in accordance with section 130 of the Charities Act; or
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e the accounts did not accord with the accounting records; or
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e the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
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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: Lacy Date: iSlq \2y |
Name: LisA Dant laArLEY
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Relevant professional Nve 2 Accaugtin 6
qualification(s) or body
Address: BF Wellele. aay Nese a
Tle qy [Wigte][ PS3S] [226A]
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