Company registration number: 09164176 Charity registration number: 1162583
St Swithun’s Bournemouth
Known as
LOVECHURCH
(A company limited by guarantee)
Annual Report and Financial Statements
For the year ended 31 December 2024
Oak Accounting Ltd Independent Examiner 27 Bascott Road Wallisdown Bournemouth Dorset BH11 8RJ
St Swithun’s Bournemouth
Known as LOVECHURCH
Contents
| Reference and Administrative Details 3 |
|---|
| Trustees’ Report 4-6 |
| Independent Examiner’s Report 7 |
| Statement of Financial Activities 8 |
| Balance Sheet 9-10 |
| Notes to the Financial Statements 11-21 |
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St Swithun’s Bournemouth
Known as LOVECHURCH
Reference and Administrative Details
Charity Registration Number 1162583 Company Registration Number 09164176 The charity is incorporated in England Registered Office St Swithun’s Church Gervis Road Bournemouth Dorset BH1 3ED Trustees Timothy John Matthews Matthew John Brearley Festus Fatai Adedoyin Chris Muir Appointed 7 April 2024 Christine De Silva Appointed 8 April 2024 Debi Matthews Appointed 15 April 2024
Independent Examiner Oak Accounting Ltd Independent Examiner 27 Bascott Road Wallisdown Bournemouth Dorset BH11 8RJ
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St Swithun’s Bournemouth
Known as LOVECHURCH
Trustees’ Report
The trustees (who are directors for the purposes of company law) present the annual report together with the financial statements of the charitable company for the year ended 31 December 2024.
Objectives, values and activities
LOVECHURCH is a vibrant church in the centre of Bournemouth and part of the HTB Network of Churches. We were planted into St Swithun’s Church from HTB in London in 2014. During 2024 we celebrated our ten-year anniversary.
Lovechurch exists for three purposes:
· To play our part in the evangelisation of Bournemouth - that means sharing our faith with everyone we know 24/7;
· the transformation of Bournemouth’s society - this means bringing God’s Kingdom to bear in every sphere of life;
· the revitalisation of the church - that in every community there is a Spirit-filled, life-giving fellowship of God’s people.
At the continuing invitation of the PCC of St Clements, Boscombe we resource mission in that parish. We run many services and activities across the two sites.
Our values are to always be:
Relational Living out our love for God and our love for one another, taking time to listen patiently, speak courageously, and forgiving one another when we have done wrong.
Evangelistic We constantly talk about Jesus and always refer back to Him as the pattern for our lives and revelation of who God is.
Adventurous Life is a journey that we are on together, sometimes it hurts but through everything we seek to encourage and help one another to walk into the freedom and dignity that Jesus has won for us.
Learning We are always growing together and learning more about God’s love and His plan for our lives.
Achievements and performance
2024 has been a year of celebration as we celebrated and thanked God for His provision across ten years since we launched in 2014. In April we held our first Church Summit for all our members to gather for worship and a presentation of the vision and ministry of the church. In the summer we gathered the Burnbake Campsite for our Homefires weekend, including a funday for the whole church on the Saturday. In September, we met together for a huge celebration at a ‘Lovechurch is 10’ party.
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Our regular programme continued throughout the year. On a Sunday, we hold three services across the two sites and a thriving, often over-subscribed, Kids and Youth programme. Sunday evening at St Swithun’s is attended by many students from the nearby university. Our weekday church activities complement our Sunday programme and include prayer, youth ministry, student ministry, Ladies and Men’s groups and the Alpha course.
Many of our church members meet during the week in Connect Groups, some are on-line and some in-person. By the end of 2024 we had 16 groups and 97 people registered in a group. We also run a successful internship programme.
Our work with our community around St Clement and St Swithun’s was stepped up during the Covid-19 crisis to respond to greater need and this has continued with the current cost of living crisis. Significant funding has been received during recent years. These funds were used for the most vulnerable in our community to serve breakfast to schoolchildren, provide CAP debt counselling and life skills training and establish a Spear Bournemouth centre assisting disadvantaged 16-24 year-olds into sustained employment and training.
During 2024, we sent a group of young people to Uganda to participate in mission projects at the Namuwongo Community Foundation. This trip was supported by members of the church and was a life-building experience for our young people as well as participating in vital mission with our friends in Uganda.
We pray for and enable Christian leadership in every sphere of society, including leaders in media and the arts; government; education; business; the family; healthcare and the charity sector; and ordained leaders for the Church. We see ourselves as stewards of God’s gift of creation and have a strong environmental focus, targeting net-zero carbon emissions by 2030. During 2022, we achieved Ecochurch Bronze under the A Rocha UK’s Award Scheme.
Financial Review
In 2024, we reported a net surplus of £11,266 in unrestricted funds and a surplus of £8,535 in restricted funds. Restricted funds of £78,613 were received during the year and £70,078 were spent. The balance of restricted funds at the end of 2024 was £45,944. We expect to spend these funds in the coming year. The largest funds received in the year were: Love Cities, a social transformation project led by the Churches Revitalisation Trust; Dorset Community Fund; funds to be used for space and environmental projects; and Christians Against Poverty, a debt counselling service. The funds received from the Love Cities initiative were principally transferred to Spear, a programme to help young people from disadvantaged backgrounds get into work. An analysis of restricted funds is laid out in note 17.
Unrestricted income decreased by 3.5% from the prior year to £397,814 mainly reflecting the continued transfer of congregational giving direct to St Clement. Unrestricted expenditure decreased by 3.2% to £386,548 mainly explained by the matching transfer of expenditure to St Clement. The surplus on unrestricted funds was added to reserves brought forward of £316,247, giving unrestricted reserves carried forward at the end of 2024 of £327,513.
Net current assets excluding any property related loans, or “free reserves”, were £15,749 at 31 December 2024. This represented 2 weeks of expenditure, although it represented 8 weeks of net expenditure after considering regular monthly donation income from our congregation. Our policy is to aim to have “free reserves” representing at least 13-26 weeks of expenditure considering this regular monthly donation income. We are actively seeking ways of increasing regular giving in order to increase the reserves. The restricted funds carried forward will largely be spent on community projects during 2024.
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St Swithun's Bournemouth
known as LOVECHURCH
Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Investment income 5 Other income Total Income Expenditure on: Raising funds Charitable activities 6 Total Expenditure Net income/(expenditure) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 17 |
Unrestricted £ Restricted £ Total 2024 £ Total 2023 £ 382,571 69,020 451,591 517,388 - 9,593 9,593 9,798 12,612 - 12,612 15,241 2,631 - 2,631 2,599 |
|---|---|
| 397,814 78,613 476,427 545,026 |
|
| (215) - (215) (4,607) (386,333) (70,078) (456,411) (552,515) |
|
| (386,548) (70,078) (456,626) (557,122) |
|
| 11,266 8,535 19,801 (12,096) |
|
| 11,266 8,535 19,801 (12,096) 316,247 37,409 353,656 365,750 |
|
| 327,513 45,944 373,457 353,656 |
|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 17.
The notes on pages 11-21 form an integral part of these financial statements
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St Swithun's Bournemouth
known as LOVECHURCH
(Registration number: 09164176) Balance Sheet as at 31 December 2024
| Note Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand 13 Creditors: Amounts falling due within one year 14 Net currentassets Total assets less current liabilities Creditors: Amounts falling due after more than one year 15 Netassets Funds of the charity: Restricted income funds Restricted funds 17 Unrestricted income funds Unrestricted funds Total funds 17 |
2024 £ 2023 £ 688,034 690,685 9,756 5,631 91,829 62,766 |
|---|---|
| 101,585 68,397 (75,591) (48,844) |
|
| 25,994 19,553 |
|
| 714,028 710,238 (340,571) (356,582) |
|
| 373,457 353,656 |
|
| 45,944 37,409 327,513 316,247 |
|
| 373,457 353,656 |
The notes on pages 11-21 form an integral part of these financial statements
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The notes on pages 11-21 form an integral part of these financial statements
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St Swithun's Bournemouth
known as LOVECHURCH
Notes to the Financial Statements for the Year Ended 31 December 2024
1 Charity status
The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation.
The address of its registered office is: St Swithun's Church Gervis Road Bournemouth Dorset BH1 3ED
These financial statements were authorised for issue by the trustees on 20 March 2024.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
St Swithun's Bournemouth meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
St Swithun's Bournemouth
11
known as LOVECHURCH
Notes to the Financial Statements for the Year Ended 31 December 2024
Income and endowments
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Grants receivable
Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.
Donated services and facilities
Where services or facilities are provided to the charity as a donation that would normally be purchased from a supplier this benefit is included in the financial statements at its fair value unless its fair value cannot be reliably measured, then at the cost to the donor of the resale value of goods that are to be sold.
Investment income
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid by the bank.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
Raising funds
The cost involved in fundraising, such as fees to subscription based giving services.
Charitable activities
As a small charity, most of its activities are directly linked to charitable activities therefore most of the charity's expenditure are charitable costs.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
St Swithun's Bournemouth
12
known as LOVECHURCH
Notes to the Financial Statements for the Year Ended 31 December 2024
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Land and Buildings Furniture and Equipment
Depreciation method and rate No depreciation Straight line over 5 years
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Borrowings
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objective of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
St Swithun's Bournemouth
13
known as LOVECHURCH
Notes to the Financial Statements for the Year Ended 31 December 2024
3 Income from donations and legacies
| Donations and legacies; Donations from individuals Gift aid reclaimed Grants, including capital grants; Grants from other charities Total for 2024 Total for 2023 |
Unrestricted funds Restricted Total General £ funds £ funds £ 309,762 25,066 334,828 72,810 6,684 79,494 - 37,270 37,270 |
|---|---|
| 382,572 69,020 451,592 |
|
| 517,388 |
4 Income from charitable activities
| Ministry activities Total for 2024 Total for 2023 |
Unrestricted funds Restricted Total General £ funds £ funds £ - 9,593 9,593 |
|---|---|
| - 9,593 9,593 |
|
| - 9,798 9,798 |
5 Investment income
| Interest receivable and similar income; Interest receivable on bank deposits Other investment income Income from rents Total for 2024 Total for 2023 |
Unrestricted funds Total General £ funds £ 1,047 1,047 - - 11,565 11,565 |
|---|---|
| 12,612 12,612 |
|
| 15,241 15,241 |
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St Swithun's Bournemouth
known as LOVECHURCH
Notes to the Financial Statements for the Year Ended 31 December 2024
6 Expenditure on charitable activities
| Other costs Depreciation, amortisation and other similar costs Staff costs Total for 2024 Total for 2023 |
Unrestricted funds Restricted Total General £ funds £ funds £ 244,217 48,451 292,668 417 2,234 2,651 141,699 19,393 161,092 |
|---|---|
| 386,333 70,078 456,411 |
|
| 395,218 157,295 552,515 |
Analysis of expenditure by activity
| Note Administration Building & Venue Ministries Ministry Activities Mission Giving 7 Staff 9 Depreciation |
Total 2024 £ Total 2023 £ 53,091 55,090 99,817 122,146 17,951 25,921 59,585 111,753 62,224 70,000 161,092 164,409 2,651 3,196 456,411 552,515 |
|---|---|
7 Grant-making
Analysis of grants and mission giving
| Winchester Diocese Contributions Mission Partners Leaders Discretional |
2024 £ 2023 £ 62,224 70,000 - - - - |
|---|---|
| 62,224 70,000 |
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St Swithun's Bournemouth
known as LOVECHURCH
Notes to the Financial Statements for the Year Ended 31 December 2024
8 Trustees’ remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any other benefits from the charity during the year.
9 Staff costs
The aggregate payroll costs were as follows:
| 9 Staff costs The aggregate payroll costs were as follows: |
|
|---|---|
| Staff costs during the year were: Wages and salaries Social security costs Pension costs Other staff costs |
2024 £ 2023 £ 148,670 153,902 5,683 4,201 2,945 2,929 3,794 3,377 |
| 161,092 164,,409 |
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
| Employed staff | 2024 No 2023 No 7 8 |
|---|---|
No employee received emoluments of more than £60,000 during the year.
10 Taxation
The charity is a registered charity and is therefore exempt from taxation.
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St Swithun's Bournemouth
known as LOVECHURCH
Notes to the Financial Statements for the Year Ended 31 December 2024
11 Tangible fixed assets
| Cost At 1 January 2024 Additions At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 12 Debtors Other debtors 13 Cash and cash equivalents Cash at bank |
Land and buildings £ 683,616 - |
Furniture and equipment £ Total £ 125,084 808,700 - - |
|---|---|---|
| 683,616 | 125,084 808,700 |
|
| - - |
118,015 118,015 2,651 2,651 |
|
| - | 120,666 120,666 |
|
| 683,616 | 4,418 688,034 |
|
| 683,616 | 7,069 690,685 |
|
| 2024 £ 2023 £ 9,756 5,631 |
||
| 2024 £ 2023 £ 91,829 62,766 |
Cash at bank includes:
Unrestricted funds of £49,608 (2023: £31,315) and Restricted Funds of £42,221 (2023: £31,451).
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St Swithun's Bournemouth
known as LOVECHURCH
Notes to the Financial Statements for the Year Ended 31 December 2024
14 Creditors: amounts falling due within one year
| 14 Creditors: amounts falling due within one year | |
|---|---|
| Bank loans Other loans Other creditors Accruals |
2024 £ 2023 £ 18,600 15,900 17,100 17,294 37,912 6,600 1,979 9,050 |
| 75,591 48,844 |
15 Creditors: amounts falling due after one year
| Bank loans Other loans |
2024 £ 2023 £ 293,898 314,518 46,673 42,064 |
|---|---|
| 340,571 356,582 |
16 Pension and other schemes
Defined contribution pension scheme
The charity operates a defined contribution pension scheme.
The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £2,945 (2023 - £2,929).
St Swithun's Bournemouth
18
known as LOVECHURCH
Notes to the Financial Statements for the Year Ended 31 December 2024
17 Funds
| Unrestricted Funds General fund Restricted Funds Christians Against Poverty (CAP) Sound Desk Table Tennis St Clements General Childrens Carpet Space & Environment Boiler Repair & Venue Hire Childrens Play Area Production Equipment Sale LYN Food Spear Love Your Neighbour Hub Safe Families Love Christmas Love Cities Dorset Police Dorset Community Fund Total restricted funds Total funds |
Balance at 1 January 2024 £ Incoming resources £ Resources expended £ Transfers £ Balance at 31.12.24 £ 316,247 397,814 (386,548) - 327,513 14,927 12,478 (16,977) 6,000 16,428 5,958 - (2,234) 3,724 - 408 (408) - 311 1,250 (1,561) - - 500 (500) - - 12,500 (2,800) 9,700 - 2,119 (2,119) - - 937 (937) - 311 1,968 (195) 2,084 4,569 3,059 (4,263) 1,507 4,872 - 2,155 (14,155) 12,000 - 3,959 281 (5,037) 1,078 281 - - (2,000) 2,000 - 1,924 7,589 (6,280) (1,882) 1,351 - 20,000 (20,000) - |
|---|---|
| 1,582 - (1,582) - |
|
| 3,868 13,370 (9,030) (703) 7,505 |
|
37,409 78,613 (70,078)- 45,944 |
|
353,656 476,427 (456,626) - 373,457 |
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St Swithun's Bournemouth
known as LOVECHURCH
Notes to the Financial Statements for the Year Ended 31 December 2023
| Unrestricted Fund General fund Restricted Fund Christians Against Poverty (CAP) Asda Cost of Living St Clements Garden & Community Meals St Clements General Florence Bright St Clements Hall Eco LYN Food Spear Archbishop Fund Love Your Neighbour Hub Cafe Repair Love Christmas Talbot Trust Asda St Clements PCC Safe Families Talbot Village Dorset Police Nave Window Dorset Community Fund Computers Production Equipment sale Youth Events 2023 Love Cities EFSA Rework Sound System Total restricted funds Total funds |
Balance at 1 January 2023 £ Incoming resources £ Resources expended £ Transfers £ Balance at 31 December 2023 £ 303,283 412,380 (399,416) 316,247 12,080 11,675 (16,126) 7,298 14,927 - 800 (800) - 363 - (363) - 0 9,970 (9,659) 311 - 600 (600) - 12,062 - (12,062) - - 3,607 (3,607) 0 6,901 462 (7,574) 4,780 4,569 1,449 1,747 (42,196) 39,000 - 2,000 - (2,000) - 3,527 1,750 (3,020) 1,702 3,959 0 2,500 (2,500) - 1,827 7,036 (6,939) 1,924 46 0 (46) - 780 - 0 (780) - 6,127 - (6,127) - - - (8,000) 8,000 - - 15,000 (15,000) - - 5,000 (3,418) 1,582 - 6,400 (6,400) - - 6,100 (2,232) 3,868 2,500 - (2,500) - 937 - (626) 311 |
|---|---|
| 593 (593) - |
|
| - 60,000 - (60,000) - |
|
| 3,220 - (3,220) - |
|
| 8,053 - (2,095) 5,958 |
|
| 62,465 132,648 (157,703) - 37,409 |
|
| 365,748 545,028 (557,119) - 353,656 |
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St Swithun's Bournemouth
known as LOVECHURCH
Notes to the Financial Statements for the Year Ended 31 December 2024
18 Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets |
Unrestricted funds Restricted Total funds at 31 December General £ funds £ 2024 £ 684,310 3,724 688,034 59,364 42,221 101,585 (75,591) - (75,591) (340,571) - (340,571) |
|---|---|
| 327,512 45,945 373,457 |
|
| Unrestricted funds Restricted Total funds at 31 December General £ funds £ 2023 £ 684,727 5,958 690,685 36,946 31,451 68,397 (48,844) - (48,844) (356,582) - (356,582) |
|
| 316,247 37,409 353,656 |
21