ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022
THE EXCHANGE CHURCH, AYLESBURY
(A COMPANY LIMITED BY GUARANTEE)
REGISTERED CHARITY No. 1157119
REGISTERED COMPANY No: 08765846
Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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THE EXCHANGE CHURCH, AYLESBURY
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(A COMPANY LIMITED BY GUARANTEE)
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CONTENTS
Page 3 Legal and Administrative Information
Page 4 to 6 Report of the Directors'
Page 7 Statement of Financial Activities
Page 8 Balance Sheet
Pages 9 to 14 Notes to the Financial Statements
Page 15 Independent Examiner's Report
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THE EXCHANGE CHURCH, AYLESBURY
(A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1157119 COMPANY REGISTRATION NUMBER 08765846 DATE OF INCORPORATION 7th November 2013 START OF FINANCIAL YEAR 1st September 2021 END OF FINANCIAL YEAR 31st August 2022 DIRECTORS AT 31ST AUGUST 2022 Sharon Clark Timothy Speakman Trevor John Bennett Pyniarlang Shabong Jacqueline Fiona Annan
GOVERNING DOCUMENT
Memorandum and Articles of Association Incorporated 7th November 2013 as Amended by Special Resolution Dated 11th April 2014.
OBJECTS
The Trust is established to: (a) to advance Christianity, in accordance with the provisions of the basis of Faith of the Evangelical Alliance, in the county of Buckinghamshire and elsewhere; (b) to relieve people who are in charitable need; (c) to advance education (including vocational training); (d) to promote such other charitable objects as the trustees shall from time to time determine.
CORRESPONDENT ADDRESS
Flat 4 Chiltern House Oxford Road Aylesbury Bucks HP19 8FQ
PRIMARY BANKERS CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Mailing Kent ME19 4JQ SOLICITORS Rutter & Rutter Solicitors St Audrey's Wincanton Somerset BA9 9DR INDEPENDENT EXAMINERS Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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THE EXCHANGE CHURCH, AYLESBURY
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS' FOR THE YEAR ENDED 31ST AUGUST 2022
The trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements of the charity for the year ended 31st August 2022.
Structure, Governance and Management
The Charity was registered as a Company limited by guarantee on 7 November 2013 with a Memorandum and Articles of Association and as a Charity on 20 May 2014.
Pyniarlang Shabong, Jacqueline Fiona Annan, Trevor John Bennett, Sharon Clark and Tim Speakman have served as trustees throughout the year.
The trustees meet three times a year.
The Trust Deed authorises the Trustees to make and hold investments using the general funds of the charity. No such investments are presently held.
A child protection coordinator and a deputy child protection coordinator / child protection administrator ensure all necessary staff and volunteers are police checked. The charity is committed to delivering good practice in all regulated areas, such as Health & Safety, Child Protection, etc.
Day-to-day operation of the charity is carried out by employees and volunteer team leaders.
Objectives and Activities
The trust is established to benefit the public by:
· advancing Christianity in accordance with the provisions of the basis of faith of the Evangelical Alliance.
· relieving people who are in charitable need, because of sickness or poor health, age, financial hardship or some other reason.
· advancing education (including vocational training).
- promoting such other charitable objects as the trustees shall from time to time determine.
Public Benefit Statement
The charity trustees have exercised their powers with due regard to the guidance on public benefit published by the Charity Commission to promote the charity’s Objectives through our main activities, which are described below. All our charitable activities focus on the four purposes outlined above.
Achievements and Performance
1. Overall Progress and Growth
Church attendance has remained stable during the year. The church continued to work with the local community including providing a foodbank in the local community centre. Our own community events at Christmas saw further growth in numbers of families from the local community attending.
1.1 Sunday Services
The church meets together each Sunday morning to worship, listen to a talk on a Bible-based subject, build friendships and to share the good news of Jesus. We have been meeting at Aston Clinton Community Centre alongside Zoom. The numbers of regular attendees as at 31 August 2021 was approx. 25 adults and 9 children and young people.
1.2 Prayer Meetings
We hold monthly Wednesday night prayer meetings, at which the average attendance has been around 5 adults during the course of the year.
1.3 Outreach
In conjunction with Aylesbury Foodbank ran a Foodbank in Buckingham Park, which was started in September 2019.
2. Working with the Local Community
We were able to give our normal support to the Buckingham Park Church of England Primary School Christmas fayre.
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THE EXCHANGE CHURCH, AYLESBURY (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS' (Continued) FOR THE YEAR ENDED 31ST AUGUST 2022
3. Working with Other Churches
3.1 Catalyst Network of Churches
We continue to build friendships with a number of churches in this relational network. In particular, we are receiving help from a local Catalyst church New Life Church Milton Keynes, in terms of preaching support on a Sunday and regular meetings with the senior leader Richard Wightman. Sharon Clark who is employed by New Life Church Milton Keynes is a trustee. We are also part of the regional Hub based in Bedford run by Kings Arms Church.
This year we gave a grant of £2,500 to the Catalyst network to help fund their work in the UK and Overseas. We provide a oneoff donation of £1,000 to the Catalyst Network Ukraine Emergency appeal. We also gave £500 to Kings Arms Church in Bedford and £600 to New Life Church, Milton Keynes to contribute to the costs of running Hubs which supports churches and leaders that relate to them.
3.2 Aylesbury Church Network (ACN)
We continue to build relationships with other churches in Aylesbury, attending events and meetings for local leaders.
3.3 Evangelical Alliance
The charity has been a member of the Evangelical Alliance since August 2016 (Membership No 239984).
4. Working Overseas
4.1 Greece
We helped support missionary work in Greece by the church's former leaders with a donation of £600. This is continuing at a rate of £100 per month.
5. Discipleship and Pastoral Care
5.1 Community Groups
Our weekly daytime and evening discipleship groups, have been able to take place in person following the lifting of covid 19 restrictions.
5.2 Youth
We have a group of 11–18-year-olds that met the first 2 Sundays of each month. We have been able to use a separate hall adjacent to the main church meeting place to facilitate this.
5.3 Children
We have one children’s group on a Sunday for 5–10-year-olds. These activities have been provided on a limited basis due to a lack of facilities. However, we have been able to secure the same hall as used by the youth group for the 3rd and 4th Sundays of the month starting from September 2022.
Financial Review
The charity is financially dependent on the voluntary support of the general public making donations. Total voluntary income receipts for the year, including Gift Aid receivable and miscellaneous income, amounted to £52,395 (2020-21 £58,205). The church’s total expenditure was £44,987 (2020-21 £43,002) The financial position of the church at 31 August 2022 is very healthy having reserves of £86,365.
Management and administration costs relate to staff costs, office supplies, photocopying, insurance, and professional fees. Trustee indemnity insurance is in place.
The trustees approve an annual budget and give regular attention to financial results, variance from budgets and non-financial indicators.
As required by government, the church set up an occupational pension scheme for employees through The Peoples Pension in August 2017.
During the year, the church had two part-time employees (one senior leader and one graphics/ admin support worker).
The average number of staff during the year was 2 and the total remuneration for 12 months came to £26,571.
The cost of the end of year independent examination was £600.
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Timothy Speakman
THE EXCHANGE CHURCH, AYLESBURY (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2022
(Incorporating Income & Expenditure Account)
| Notes INCOMING RESOURCES Income Resources from Generated Funds Donations & Legacies 3a Investment Income 3b TOTAL INCOMING RESOURCES RESOURCES EXPENDED Cost of Generating Funds Cost of Charitable Activities 4a Governance Costs 4b TOTAL RESOURCES USED NET INCOMING/(OUTGOING) RESOURCES Balance Brought Forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2021/22 2020/21 £ £ £ £ £ 52,342 - - 52,342 58,198 53 - - 53 7 52,395 - - 52,395 58,205 43,678 - - 43,678 42,058 1,309 - - 1,309 945 44,987 - - 44,987 43,003 7,408 - - 7,408 15,202 78,957 - - 78,957 63,755 86,365 - - 86,365 78,957 |
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Movements on all reserves and all recognised gains and losses are shown above. All of the charity's operations are classed as continuing.
The notes on pages 9 to 14 form part of these financial statements.
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Timothy Speakman
THE EXCHANGE CHURCH, AYLESBURY (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022
Basis of Preparation & Assessment of Going Concern
Basis of Preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.
The Charity 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.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ the trustees are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
Incoming Resources with Related Expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services has been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer Help
The value of any voluntary help received is not included in the accounts but is described in the trustees' annual report.
Investment Income
This is included in the accounts when receivable.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
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THE EXCHANGE CHURCH, AYLESBURY (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST AUGUST 2022
1. ACCOUNTING POLICIES (Continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees' meetings and cost of any legal advice to trustees on governance or constitutional matters.
Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Support Costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of the resources, eg allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Pensions
The Charity operates a define contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the financial period. Pension contributions are charged to the Statement of Financial Activities as they become payable.
Taxation
The charity is exempt from tax on its charitable activities.
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.
Fixed Tangible Assets
Tangible fixed assets for use by the charity, these are capitalised if they can be used for more than one year, and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.
There has been no change to the accounting policies (valuation rules and methods of accounting) since last year.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets on a reducing balance basis over their estimated useful lives. The rates applied per annum are as follows:
Fixtures and Fittings 25%
2. TANGIBLE FIXED ASSETS
The Charity held no fixed assets investments during this or the previous financial period.
There are no annual commitments under non-cancelling operating leases and no capital commitments. (2020/21:None)
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THE EXCHANGE CHURCH, AYLESBURY (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST AUGUST 2022
3. INCOMING RESOURCES
| Notes a) Donations & Legacies Gifts & Donations Gift Aid Tax Recoverable b) Investment Income Interest 4. RESOURCES EXPENDED Note a) Costs of Charitable Activities Advertising & Publicity Books & Publications Catering Costs Children's Work Community Events Gifts & Donations Insurance Costs Office Costs PA Music Rent & Rates Small Groups Staff Costs 13 Training Costs Travel & Subsistence b) Governance Costs Independent Examiners Fee 9 Legal & Professional Fees |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2021/22 2020/21 £ £ £ £ £ 42,380 - - 42,380 48,003 9,962 - - 9,962 10,195 52,342 - - 52,342 58,198 53 - - 53 7 53 - - 53 7 Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2020/21 2020/21 £ £ £ £ £ 330 - - 330 195 38 - - 38 139 1,438 - - 1,438 - 465 - - 465 484 886 - - 886 137 7,000 - - 7,000 12,908 474 - - 474 453 398 - - 398 230 1,148 - - 1,148 567 3,300 - - 3,300 600 92 - - 92 188 26,571 - - 26,571 25,804 410 - - 410 90 1,128 - - 1,128 263 43,678 - - 43,678 42,058 600 - - 600 575 709 - - 709 370 1,309 - - 1,309 945 |
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THE EXCHANGE CHURCH, AYLESBURY (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST AUGUST 2022
5. RESTRICTED FUNDS
The Charity held no restricted funds during this or the previous financial period.
6. DESIGNATED FUNDS
The Charity held no designated fund during this or the previous financial year.
7. DEBTORS AND PREPAYMENTS
| Gift Aid Tax Recoverable 8. CASH AT BANK AND IN HAND Cash at Bank and in Hand 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Independent Examiners Fee |
Unrestricted Restricted Total Total Funds Funds 31-Aug-22 31-Aug-21 £ £ £ £ 2,132 - 2,132 2,288 2,132 - 2,132 2,288 Unrestricted Restricted Total Total Funds Funds 31-Aug-22 31-Aug-21 £ £ £ £ 84,833 - 84,833 77,219 84,833 - 84,833 77,219 Unrestricted Restricted Total Total Funds Funds 31-Aug-22 31-Aug-21 £ £ £ £ 600 - 600 550 600 - 600 550 |
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10. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The Charity held no long term liabilities during this or the previous financial year.
11. NET ASSETS BETWEEN FUNDS
| Fixed Asset Investments Net Current Assets Long Term Liabilities |
Unrestricted Restricted Total Total Funds Funds 31-Aug-22 31-Aug-21 £ £ £ £ - - - - 86,365 - 86,365 78,957 - - - - 86,365 - 86,365 78,957 |
|---|---|
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THE EXCHANGE CHURCH, AYLESBURY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST AUGUST 2022
12. RECONCILIATION OF MOVEMENT ON CAPITAL AND RESERVES
The Company is Limited by Guarantee and is a Charity registered with the Charity Commission number 1157119 and is not, therefore, subject to Corporation Tax and does not have a Share capital.
| Profit / Deficit for the financial year Other Recognised Gains Balances Brought Forward Closing Funds at 31st August 2022 13. STAFF COSTS AND NUMBERS Gross Wages and Salaries Employer's National Insurance Costs Pension Contributions Employees who were engaged in each of the following activities: Activities in furtherance of organisation's objects |
TOTAL 2021/22 £ 7,408 - 7,408 78,957 86,365 TOTAL 2021/22 £ 23,344 1,668 1,559 26,571 TOTAL 2021/22 2 |
TOTAL 2020/21 £ 15,202 - 15,202 63,755 78,957 TOTAL 2020/21 £ 22,511 1,775 1,518 25,804 TOTAL 2020/21 2 |
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The Charity operates a PAYE scheme to pay all members of employed staff. The Charity also employs self employed staff and no employees received emoluments in excess of £60,000. (2020/21:None)
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THE EXCHANGE CHURCH, AYLESBURY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST AUGUST 2022
14. PAYMENTS TO DIRECTORS AND RELATED PARTIES
During the financial year Director Pyniarlang Shabong received £22,483 (2020/21:£21,612) in salary related payments and £1,559 (2020/21:£1,518) in Pension contributions in furtherance of the Charity's objects.
During the financial year The Exchange Church, Aylesbury made charitable donations of £600 (2020/21:£250) to New Life Church Milton Keynes (Registered Charity Number 1119167) in furtherance of the Charity's object. Director Mrs Sharon Clark is also a Trustee of New Life Church Milton Keynes and all conflicts of interest have been identified, documented and managed accordingly.
No other payments were made to directors or any persons connected with them during this financial period. No other material transaction took place between the charity and a director or any person connected with them.
15. RISK ASSESSMENT
The Directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
16. RESERVES POLICY
The Directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily.
17. 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.
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