ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023
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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
THE EXCHANGE CHURCH, AYLESBURY
(A COMPANY LIMITED BY GUARANTEE)
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 15 | Notes to the Financial Statements |
| Page 16 | Independent Examiner's Report |
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THE EXCHANGE CHURCH, AYLESBURY
(A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER
CHARITY NUMBER 1157119 COMPANY REGISTRATION NUMBER 08765846 DATE OF INCORPORATION 7th November 2013 START OF FINANCIAL YEAR 1st September 2022 END OF FINANCIAL YEAR 31st August 2023 DIRECTORS AT 31ST AUGUST 2023 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 2023
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 2023.
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.
-
recently we have been able to help lots of families from Ukraine.
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 increased by 40% after the Covid 19 Pandemic. The church continued to work with the local community including providing a foodbank and free lunch once a month 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 of 31st August 2023 was approx. 40 adults and 7 children and 8 youth.
1.2 Prayer Meetings
We hold monthly Wednesday night prayer meetings, at which the average attendance has been around 3 to 5 adults during the year. We also have a prayer for healing in the first two Friday nights of every month, over people who are sick and for the people in Aylesbury town in general and for those in authority for wisdom and strength.
1.3 Outreach
In conjunction with Aylesbury Foodbank ran a Foodbank in Buckingham Park, which was started in September 2019. And we continue till today. Free Lunch and interaction with the people in the community once a month, to talk about the community and many other things that help us to serve the community better.
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THE EXCHANGE CHURCH, AYLESBURY
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS' (Continued) FOR THE YEAR ENDED 31ST AUGUST 2023
2. Working with the Local Community
We were able to give our normal support to the community with the Foodbank, Free lunch once a month and listening to what they want to say or share, Christmas Carol singing to lift the spirit, especially during and after the pandemic, delivering food and other items in the Buckingham Park community. We have been able to help few Ukrainian families, homeless people, and some people with serious addiction.
We also helped supporting the Youth for Christ ministry among the young people in schools in Aylesbury with regular donation of 50 pound/month.
3. Working with Other Churches
3.1 Newfrontiers Catalyst Network of Churches
We continue to build friendships with several churches in this relational network. We are receiving support from a local church New Life Church Milton Keynes, Kings Arms Church in Bedford, and Jubilee church Solihull in terms of preaching support on a Sunday and regular meetings with the senior leader Simon Holley, Rob Davey &Tim Williams. 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 and Milton Keynes Hub.
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 one-off donation of £1,000 to the Catalyst Network earthquake 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 like the church in the park once a year and meetings regularly for prayers with other church 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 £1,200. This is continuing at a rate of £100 per month. We also helped support financially the work that Pyn Shabong (Pastor) is involved in India and Myanmar and other nations with the travelling cost. It varies from £1,500 to £2,000 Pound a year.
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 2021.
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THE EXCHANGE CHURCH, AYLESBURY IACQMPAMY UIAITED 8YGUARANTEEI REPORT OF THE DIRECTORS. (Continu) FOR THE YEAR ENDED 31ST AUGUST 2023 nanclal R¢v4•%¥ r¢orne rBceipts ts the . iKludwq (Ift wlv8LIB and rnffjCdL1r irtm. amthed to t52,745 12021.22 £52.39SI. Thfr ch.$ t(ts1 oAKWure w £51.450 12021-22 £44.9887) p111 of tho ¢lvJrch on 31 Auyuit 2023 Mvwy hetyhowr¥ r•¥orw8 oIE87.8f Trusi8e 1ndernwinsufo Isin F4K¢ iThJK•torL In Awsi 2017. Th• averap cl818ff thv pww4•2wbJlh•ttholrnmLYfkni fry 12nKmthB c to £27.579. Stat•m•nt o101r•Or. R•w•1w• charitS Act and the Comwie$ ALI r•quty• the Pthrd ofTruM to •t•trynts tr •Kh flnancl•1 year 9IV8 8 irua 4Th1 I"r DI at• ol •ffws ¢hity ¥ Il •J ofthe •JWui rwdeficjl ch8rbty. In Itw •l•nwtsth& BorJ is rwMre(Ito:. bl chtywth crmbnue in dl Th• 1WL lth re1$ reasonarAfr accurxy 01 Bny bme tho finartial F#J&tiL¥) thaiy aTrJ •r• iD ¢harTVs Irin&qckn8 and blg tw to ensuro lh8 ataments cur¥ty kl 2006 and wih reW•Uon8 made under Ihfy Ch•riUes kL Thry WB 50 reltIo asset5 of chyty aTr1 for The DirKlors Brfy o1¥0 re8 fty tr ol the Drg¢1rys' rewtrAIty d Ih8 examiner in re11 to thre¢trys' reKM is 10 eXamW the lop>1 pAbJ enwnr¥J Ihat on thfy 18¢e of reprrt conp8rM88 re. 18kyuve the Statement olfin31 arJ baance sheet 31st August 2023 cLYffirm Uil &"gned m ih8tyth8Wby Thri(............ ......................................................................................................... Printed Naw*'.
THE EXCHANGE CHURCH, AYLESBURY
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2023
(Incorporating Income & Expenditure Account)
| Notes INCOMING RESOURCES Income Resources from Generated Funds Donations & Legacies 3a Investment Income 3b Activities for Generating Funds 3c TOTAL INCOMING RESOURCES RESOURCES EXPENDED Cost of Generating Funds Cost of Charitable Activities 4a Cost of Generating Funds 4b Governance Costs 4c TOTAL RESOURCES USED NET INCOMING/(OUTGOING) RESOURCES Balance Brought Forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2023/22 2022/21 £ £ £ £ £ 50,943 - - 50,943 52,342 827 - - 827 53 975 - - 975 - 52,745 - - 52,745 52,395 49,049 - - 49,049 43,678 974 - - 974 - 1,427 - - 1,427 1,309 51,450 - - 51,450 44,987 1,295 - - 1,295 7,408 86,365 - - 86,365 78,957 87,660 - - 87,660 86,365 |
|---|---|
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 15 form part of these financial statements.
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THE EXCHANGE CHURCH, AYLESBURY IA COMPANY UMITED BYGUARANTEEI BALANCE SHEET AS AT 31ST AUGUST 2023 Total 31-Auu.23 31-Aui.22 Fu Flx•d A#Mts TangitAe Asse ¢urr•tht A•sot• Dqt)tor5 & Prep8wTrwn Cash ai Bank and in Ma• Total Curr•ntA¥¥•t¥ 2.408 B5.95? Mo 2.132 84,633 •6.965 BX952 ,J80 ¢i•dkor¥'. amount5 lallry du•wAhkn > 7C#) NET CURAÉNT A55ETS 87.660 86.365 TOTAL ASSETS le¥¥ cwrent 87.060 87.660 80.365 ¢r•dlt4XS.' (knTrlnnKY• to IIET ASSETS 7.660 7,660 86,365 Fund¥olth•Ch•rlty Gora1 Funds D8gnated Furn1$ 87.660 97.660 Tvt•l Funds 87,66Q 47,660 86,365 Dlr•ctori' R••pon•lWIWw.' Tho Dlr8Ctors 5alMfied that ly t >ar •rvJed 31 W8t 2023 th• chBni•t was •rrtiO•d 10 ?xernrAion Ircffl I rw#rwnoni to otthn 8tttKn 477 01 2( pknj 1 rnamtrr c wrfmbor8 ave rwArgd th8 ¢LYnpgny to obtahl awyit ofils cwAs frff >ar In x¢frtdan¢eiih 476 011 .1 in whth 145 ol 201t. by • Ind8wnd8ni Examinar wh)xe rOF#M pllge 1& ¢onpan&?s to rw¥mg •)J 5tarJ¥d 4r¥Aublo in tho UK aj ollr4laTrl IFRS1021. cLYnply 386 ¢Y lar [ryrj ffinarvial slateM whirh byve a tnje 8ThJ tsir ol the 8tth ol affaiTS cAThpw 89 at ervj of thp fina yo¥ arvj if5 ryofit kx¥ ILY the finBwl y8•r in aGcrKdarth the requirements of xeckn¥ 394 395 whth C¢Wi88 th• r¥4uremrts of Cc¥nwnKs Act 2rJx r8LgiwNJ lo accThJnts so far as 8rWui4e lo the curv. Prw*ed Name.. Y lTrOIHY SfLOKnR
THE EXCHANGE CHURCH, AYLESBURY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023
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 note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2015) (Second Edition, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.
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 2023
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 year.
There are no annual commitments under non-cancelling operating leases and no capital commitments. (2022/21: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 2023
3. INCOMING RESOURCES
| a) Donations & Legacies Gifts & Donations Gift Aid Tax Recoverable b) Investment Income Interest c) Activities for Generating Funds Activities & Events |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2023/22 2022/21 £ £ £ £ £ 42,856 - - 42,856 42,380 8,087 - - 8,087 9,962 50,943 - - 50,943 52,342 827 - - 827 53 827 - - 827 53 975 - - 975 - 975 - - 975 - |
|---|---|
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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 2023
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) Cost of Generating Funds Activities & Events c) Governance Costs Independent Examiners Fee 9 Legal & Professional Fees |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2023/22 2022/21 £ £ £ £ £ 123 - - 123 330 23 - - 23 38 1,611 - - 1,611 1,438 231 - - 231 465 840 - - 840 886 10,783 - - 10,783 7,000 489 - - 489 474 398 - - 398 398 452 - - 452 1,148 3,372 - - 3,372 3,300 32 - - 32 92 27,579 - - 27,579 26,571 45 - - 45 410 3,071 - - 3,071 1,128 49,049 - - 49,049 43,678 974 - - 974 - 974 - - 974 - 700 - - 700 600 727 - - 727 709 1,427 - - 1,427 1,309 |
|---|---|
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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 2023
5. RESTRICTED FUNDS
The Charity held no restricted funds during this or the previous financial year.
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-23 31-Aug-22 £ £ £ £ 2,408 - 2,408 2,132 2,408 - 2,408 2,132 Unrestricted Restricted Total Total Funds Funds 31-Aug-23 31-Aug-22 £ £ £ £ 85,952 - 85,952 84,833 85,952 - 85,952 84,833 Unrestricted Restricted Total Total Funds Funds 31-Aug-23 31-Aug-22 £ £ £ £ 700 - 700 600 700 - 700 600 |
|---|---|
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-23 31-Aug-22 £ £ £ £ - - - - 87,660 - 87,660 86,365 - - - - 87,660 - 87,660 86,365 |
|---|---|
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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 2023
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 2023 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 2023/22 £ 1,295 - 1,295 86,365 87,660 TOTAL 2023/22 £ 23,916 2,016 1,647 27,579 TOTAL 2023/22 2 |
TOTAL 2022/21 £ 7,408 - 7,408 78,957 86,365 TOTAL 2022/21 £ 23,344 1,668 1,559 26,571 TOTAL 2022/21 2 |
|---|---|---|
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. (2022/21: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 2023
14. PAYMENTS TO DIRECTORS AND RELATED PARTIES
During the financial year Director Pyniarlang Shabong received £24,056 (2022/21:£22,483) in salary related payments and £1,684 (2022/21:£1,559) in Pension contributions in furtherance of the Charity's object
During the financial year The Exchange Church, Aylesbury made charitable donations of £600 (2022/21:£600) 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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INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS ReFy)rt to the trust8881 mgrnberB of The EXCar Church. Aythryl on thtr for the yw ended 31st August 20?3 Bet oul on pageB 7 to 15. Re4p¢¢tlv• Mpon•lbllltkn of trurt••s and •xmSnor Tha Chanws trust99s Iwho are also the dt01$ ol the cc¥7)pany for wrw885 of ci)mpany lawl afe responsible for the preparation of th8 financial ststements. The Iruslees arè sattsfiwj that th? audil rUIr8fflenI of S8ction 144111 of the Charities Aci 2011 lthe Actl th)es not sp, ar that Iherg is requIrent in the govemirKJ doojmenl or constitution ol the Charity for the conducting of an audiL crw. the trustees have ele¢ttra that the finarla1 statornonts be subject to independ8nl examinalK)n. Havlng satid myAeW that the charity is subierA to a( aThl li for e¥Amination. rt is my rwpon$itrility to:_ al 8xarning the accounts under Section 145 ol the Act.. bl to follow Ihe prc¢edUr la down in the General Dir1#$ by Il Charity Commrf8•Jn waion 14515llbl r Ili¥ AL'I, ¥iiQ, cl lo slate wh61hw particular matt•r¥ ¢cTh to atten PUSS of Indepgnd•nt ¢x•mln•rfs st•t•m•nt I conducted my examination In accordanc8 With CThts grven by the Charlty Comrrd$8lcThrs for England & Wales irs relatson to th• cor11] ol an indeoendenl examinat. reforrod to atthè. Aft Indecéndent exarninatkjn Includès # revi8w ol Iho accountin9 records kept by th• Charity and ol Ihe xcounting $ysloms grnployod by the Charity and A compaS¢n of th& flnon¢ial $tsiements wesenled wmh those records. M also includes canstyjtralion of any unujual It•rn$ or diiclo•uw IN th• financial 8tat•mgnt4 , gnd B¢¢king xplonollon¢ from you 00 tvutstooo oon¢orning ouch rnattoro. The purkw ol lh8 examinat L8 to 8St8blwh as lor 0$ Ihal Ih8r8 have b88n no breaches of the Charitles logislation and Ih8t the finarrial statements corn 4th th• SORP. J t$8t bo9iJ. of wdence reknnt io th8 amounts ari¢J dtsL-lu¥ur8¥ In Ihg nnandal wmenty. The procedures undertakon do not FYowd• all th• that K)uld be requtrad in audrt . and inf0ma.On supplled by thè trusteès in th ¢our8e of the examination is not subjected to autht tèsts or 0Th4uiri$8. and ¢onsequently I do not $xprw an audit ¢Vinn the vh¥ by the finawal 8tstem8nts, and in p8rti¢ulèr. l ¢xpres$ no opinK)n a$ to whethèr th8 financ1 siaiemgnls oNe a tru• •nd lalr ol th8 Affairs ol tho chariiy. my rerth is Ilmitgd to thg matters set cut in the statem1 belryw. I planned 4nd porforrn•J my •x•mhwtion •• to Mlisfy my#•lf Ihat tho oWtiv88 ol Iho •xarnlnation ar8 achieved and before fin8llslThJ th8 r•rth l otrtAln writt8n 8$8urws truJtee8 ofall material mattws. Ind•pend•nt •x•mln•e• •tst•m•nt In the cow88 of my exWnInatk, Th) matt•r has CJ)mg to my 8tt•nib)n: which gN•S mt r•8stsnablè cause to b81ieve thal in, any material resFrt the Iruslees requlrements.. . to kp accountsng rKords in acwdance wrfh $8Clion 386 01 tha Cornpani85 Act 2006.. and . lo pr8pare accwnts which 8c£orrl wrth the ac(£wntirvJ records. comply with the accounting rnqvirernents of section 396 of the Cornpanie8 Acl 26 and writh the methcJs wvj .[4&$ of the Stst8m8nt of rnct¥nm8Tha8d Practic•.. Aceountlng and Rèporting by Chariti8S. havg not been rnet.. or to which. in my opinion. 8tt8nlbJn stJuld be dravm in ordw lo enable a uTrJerstsndlng of the aOTrts to be K. Collaku MAAT Casl Vlew AcUntIng Ltd New Barn Mudberry Lane Bosham Chrhester W95t Sussex P018 8TS Date.. 24th Novemtr 2023 16