ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024
THE EXCHANGE CHURCH, AYLESBURY
(A COMPANY LIMITED BY GUARANTEE)
REGISTERED CHARITY No. 1157119 REGISTERED COMPANY No: 08765846
Castle View Accounting Ltd Ground Floor Offices
53 High Street Arundel West Sussex BN18 9AJ
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 2023 END OF FINANCIAL YEAR 31st August 2024 DIRECTORS AT 31ST AUGUST 2024 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 Ground Floor Offices 53 High Street Arundel West Sussex BN18 9AJ
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THE EXCHANGE CHURCH, AYLESBURY (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS'
FOR THE YEAR ENDED 31ST AUGUST 2024
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 2024.
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).
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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 55% 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 met up till the end of December 2023 at Aston Clinton Community Centre. Since the start of 2024 we have been meeting at Broughton Junior School in Aylesbury. The numbers of regular attendees as of 31st August 2024 was approx. 55 adults and 10 children and 15 youth.
1.2 Prayer Meetings
We hold monthly Wednesday night prayer meetings, at which the average attendance has been around 7 to 10 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.
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THE EXCHANGE CHURCH, AYLESBURY
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS' (Continued) FOR THE YEAR ENDED 31ST AUGUST 2024
2. Working with the Local Community
We were able to give our normal support to the community with the Foodbank and through delivering food and other items in the local 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 £2500 to the Catalyst network to help fund their work in the UK and Overseas. 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 IA COMPANY LIMITED 8Y GUARANTEE) REPORT OF THE DIRECTORS. (Contlnued) FOR THE YEAR ENDED 31ST AUGUST 2024 Financial Review The charity is financially dependent on the voluntsry support of the general public making diynations. Total volurttary income receipts for th8 year, InCdIng Grft receivable and miscelLqneous income. amounted lo £57.546 12022-23 £52.745}. The church's total expenditure was £63.303 {2022123 £51.450) The financial posrbon of the church on 31 AugLSSt 2024 is very healthy having reseryes of £81.3. Management and administration costs relate to staff costs. office SUPFAies. phot(ywng, insurance, and professional fees. Trustee indemnity insurance is in place. The trustees approve an annual budget aThl give regular attentron to financial results, variance from budgets and non- financial indicators. As required by government. the church set up an ¢Upational pension scheme for employees through The PeOpS Pension in August 2017. Ouring the year, the church had part-time empbye8s {one senior leader and one graphicsl admin support worker). The average number of staff during the year was 2 and the total rernuneratn for 12 months came to £30.624. The cost oflhe end of year independent eXaminatn was £840. ststement of Directors. Responsibilities: The Chariti"e$ Act and the Companies Act require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the chartty as at the end of the financial year and of the surplus or deficit of the Charity. In preparing those financial statements the Board is required to -_ Sekct suitsble accounting policies and then appty them consistently, b) Make judgements and estimates that a reaSonaLe ar pruden( Prepare the financial statements on the goirKJ COrM b$ unless it is inappropriate to presume that the charity will continue in business.. d) State whether applicable accounting stsndards and statements of recommended practice have been folkjwed subject to any material departures disclosed and explained in the financial statements. The Directors are also responsible for maintaining adequale accounting records which disclose wtth reasonable accuracy at any time the financial position of the chartty and which are sufficbent to show and explain the charity's transactions and enable them to ensure that the financial statements compty with the Companies Act 2006 and comply with regulations made under the Charities Act. They are abo responsib for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irreguLarities. The Directors are also responsible for the contents of the Directors. report. and the responsibiltty of the independent examiner in relation to the Directors. rewrt is limf(ed to examining the report and ensuring that on the face of the report, there are no ineonsistencies with the figures disch)sed in the ffinancial statements. These accounts have been prepared in accordance with the provisio applicatAe to companies subject to the small companies regime. l approve the attached ststement of finanaal athrties and balance sheet for the year ended 31st August 2024 and confirm that I have made available all infonnation necessary for its preparation. Signed on their behalf by Director ......... Printed Name.. f I OT HY £PEAFK rlAAJ
THE EXCHANGE CHURCH, AYLESBURY
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2024
(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 2023/24 2022/23 £ £ £ £ £ 54,527 - - 54,527 50,943 2,037 - - 2,037 827 961 - - 961 975 57,525 - - 57,525 52,745 60,866 - - 60,866 49,049 336 - - 336 974 1,961 - - 1,961 1,427 63,163 - - 63,163 51,450 (5,638) - - (5,638) 1,295 87,660 - - 87,660 86,365 82,022 - - 82,022 87,660 |
|---|---|
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 (A COMPANY LIMfTED BY GUARANTEEI BALANCE SHEET AS AT 31 ST AUGUST 2024 Unrestricted Restricted FurKIs Funds Total Total 31-Aug-24 31-Aug-23 Notes Flxed Assets Tangible Ass8ts Curront AvJgts Debtors & Prepayments Cash at Bank and in Hand Totsl Current Assets 2,105 85,262 87,367 2.105 85,262 87.367 2.408 85,952 88.360 Creditors: amounts falling due within one year 5.345 5.345 700 NET CURRENT ASSETS 82.022 82.022 87.660 TOTAL ASSETS less current lia.1f(ieS 82,022 82.022 87.660 Creditors: amounts fallirKJ due in more than one year 10 NET ASSETS 82.022 82.022 87.660 Funds of the Crity General Funds Designated Funds Restricted Funds 82,022 82,022 87.660 Total Funds 82.022 82,022 87.660 Directors. Responslbllltles: The Directors are satisfied that for the year ended on 31st August 2024 the charttable comp8ny was entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that no member or members have required the company to obtain an audrt of its accounts for the year in questson in accordance with section 476 of the Act. However, in accordance wrth section 145 of the Charities Act 2011, the accounts have been examined by an Independent Examiner whose report appears on page 15. The Directors acknowledge their responsitxlty for mpty1ng with the requirements of the Companies Act 2006 wrth respect to accounting records and the prepar8tK)n of accounts. The accounls have been prepared in actordance with ihe provisions in Part 15 of the Companies Act 2006 applicable lo companies subject to the small companies regime and in accordance with the FInarla1 Reporting Standard applicable in the UK Republic of Ireland {FRS102). The Directors acknOedge their resports[lty for ertsuring that the company keeps prOr ac(x)unting records which comply with section 386 of the Act and for Fffeparing finanal ststements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profft and bss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise compty with the requirements of the Companies Act 2006 relating to accounts. so far as applicabl8 to the company. LULF Approved bythe Directorsonthe........ ............................................................................................................. Signed on their behalf by Director .............. Printed N8me= f1olOfk14 £PcRKr1 6tA
THE EXCHANGE CHURCH, AYLESBURY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024
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 to the 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 1st January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities Act 2011 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 2024
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 capital employed, 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. (2022/23: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 2024
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 2023/24 2022/23 £ £ £ £ £ 46,216 - - 46,216 42,856 8,311 - - 8,311 8,087 54,527 - - 54,527 50,943 2,037 - - 2,037 827 2,037 - - 2,037 827 961 - - 961 975 961 - - 961 975 |
|---|---|
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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 2024
4. RESOURCES EXPENDED
| Note a) Costs of Charitable Activities Advertising & Publicity Books & Publications Catalyst Festival Catering Costs Children's Work Community Events Conference Costs 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 2023/24 2022/23 £ £ £ £ £ 654 - - 654 123 63 - - 63 23 1,008 - - 1,008 - 2,538 - - 2,538 1,611 502 - - 502 231 457 - - 457 840 1,069 - - 1,069 - 14,971 - - 14,971 10,783 511 - - 511 489 320 - - 320 398 1,218 - - 1,218 452 5,503 - - 5,503 3,372 90 - - 90 32 30,624 - - 30,624 27,579 294 - - 294 45 1,044 - - 1,044 3,071 60,866 - - 60,866 49,049 336 - - 336 974 336 - - 336 974 840 - - 840 700 1,121 - - 1,121 727 1,961 - - 1,961 1,427 |
|---|---|
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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 2024
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 Sundry Creditors |
Unrestricted Restricted Total Total Funds Funds 31-Aug-24 31-Aug-23 £ £ £ £ 2,105 - 2,105 2,408 2,105 - 2,105 2,408 Unrestricted Restricted Total Total Funds Funds 31-Aug-24 31-Aug-23 £ £ £ £ 85,262 - 85,262 85,952 85,262 - 85,262 85,952 Unrestricted Restricted Total Total Funds Funds 31-Aug-24 31-Aug-23 £ £ £ £ 840 - 840 700 4,505 - 4,505 - 5,345 - 5,345 700 |
|---|---|
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-24 31-Aug-23 £ £ £ £ - - - - 82,022 - 82,022 87,660 - - - - 82,022 - 82,022 87,660 |
|---|---|
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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 2024
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 2024 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 2023/24 £ (5,638) - (5,638) 87,660 82,022 TOTAL 2023/24 £ 26,624 2,232 1,768 30,624 TOTAL 2023/24 2 |
TOTAL 2022/23 £ 1,295 - 1,295 86,365 87,660 TOTAL 2022/23 £ 23,916 2,016 1,647 27,579 TOTAL 2022/23 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. (2022/23: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 2024
14. PAYMENTS TO DIRECTORS AND RELATED PARTIES
During the financial year Director Pyniarlang Shabong received £25,260 (2022/23:£24,056) in salary related payments and £1,768 (2022/23:£1,684) in Pension contributions in furtherance of the Charity's objects.
During the financial year The Exchange Church, Aylesbury made charitable donations of £600 (2022/23:£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
y j y g g 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
Report to the trustees/ members of The Exchange Church, Aylesbury) on the accounts for the year ended 31st August 2024 set out on pages 7 to 15.
Respective responsibilities of trustees and examiner
The Charity's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the financial statements. The trustees are satisfied that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the governing document or constitution of the Charity for the conducting of an audit. As a consequence, the trustees have elected that the financial statements be subject to independent examination.
Having satisfied myself that the charity is not subject to audit, and is eligible for independent examination, it is my responsibility to:-
a) examine the accounts under section 145 of the Act;
b) to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act; and;
c) to state whether particular matters have come to my attention.
Basis of independent examiner's statement
I conducted my examination in accordance with the General Directions given by the Charity Commissioners for England & Wales in relation to the conducting of an independent examination, referred to above. An independent examination includes a review of the accounting records kept by the Charity and of the accounting systems employed by the Charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements , and seeking explanations from you as trustees concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of the Charities legislation and that the financial statements comply with the SORP, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements.
The procedures undertaken do not provide all the evidence that would be required in an audit , and information supplied by the trustees in the course of the examination is not subjected to audit tests or enquiries, and consequently I do not express an audit opinion on the view given by the financial statements, and in particular, I express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below.
I planned and performed my examination so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report I obtain written assurances from the trustees of all material matters.
Independent examiner's statement
In the course of my examination, no matter has come to my attention:
- which gives me reasonable cause to believe that in, any material respect, the trustees requirements:
· to keep accounting records in accordance with section 386 of the Companies Act 2006; and
· to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of recommended Practice: Accounting and Reporting by Charities.
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
K. Collaku MAAT Castle View Accounting Ltd Ground Floor Offices 53 High Street Arundel West Sussex BN18 9AJ
Date: 23rd October 2024
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