Charity Registration No. 1163272
QUAYSTONE CHRISTIAN CHURCH
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
QUAYSTONE CHRISTIAN CHURCH
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Robert Lambden Rose Boakye-Yiadom Rachel Redfearn Charity number 1163272 Principal address Island House Community Centre Roserton Street London E14 3PG Independent examiner Richard F Hopper 4 Rhodfa Clawdd Offa Denbigh Denbighshire LL16 4RJ
QUAYSTONE CHRISTIAN CHURCH
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 13 |
QUAYSTONE CHRISTIAN CHURCH
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their annual report and financial statements for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution , the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The principal purpose of the Church is the advancement of the Christian faith guided by the principles of the Baptist denomination . The Church may also carry out other charitable purposes which are compatible with the Christian faith in the UK and/or other parts of the world.
The Church's activities may include, but are not restricted to:
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regular public worship, prayer, Bible study, preaching and teaching
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baptism as defined in the Baptist Union's Declaration of Principle
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the Communion of the Lord's supper which shall normally be observed at least once a month
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evangelism and mission, locally, regionally, nationally and internationally
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the teaching, encouragement, welcome and inclusion of young people
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nurture and growth of Christian disciples
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education and training for Christian and community service
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giving and encouraging pastoral care
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supporting and encouraging charitable social action in the United Kingdom and abroad
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encouraging relationships with and supporting other Christians.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Church services were conducted over a video conferencing platform due to the restrictions in place during the year on gathering and singing. This allowed Sunday services and the weekly prayer meeting to continue throughout the year. We were also able to continue the conversational English sessions for non-native English speakers via video conference. When regulations permitted walks were organised allowing people to gather together safely in an outdoor environment.
Financial review
The income and expenditure for the year and the financial position at the end of the year are summarised in the attached accounts.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity ’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Any unrestricted funds which are not needed for short-term working capital are deposited with The London Baptist Property Board. The trustees consider that this gives an appropriate balance between achieving an investment return, capital protection, liquidity and ensuring that the funds are used for purposes aligned with the church's charitable objects.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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QUAYSTONE CHRISTIAN CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Structure, governance and management
The charity was established by a charitable trust and constitution which were updated on 7 June 2015. Prior to that date the church was a charity as part of the Baptist Union of GB. The trustees believe that the Christian faith is of benefit to both individuals and society as a whole, since it works towards a holistic vision of a transformed and peace-filled community and the flourishing of humankind and all of creation.
The trustees who served during the year and up to the date of signature of the financial statements were: Robert Lambden
Valerie Pyper (Resigned 26 February 2021) Rose Boakye-Yiadom Rachel Redfearn
The trustees are appointed by the church members.
The church is affiliated to the Baptist Union of GB, one of the mainstream Christian churches in the UK.
The trustees' r eport was approved by the Board of Trustees.
Robert Lambden Trustee
28 February 2022
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QUAYSTONE CHRISTIAN CHURCH
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF QUAYSTONE CHRISTIAN CHURCH
I report to the trustees on my examination of the financial statements of Quaystone Christian Church (the charity) for the year ended 31 March 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Richard F Hopper
Chartered Accountant
4 Rhodfa Clawdd Offa Denbigh Denbighshire LL16 4RJ
Dated: 18 March 2022
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QUAYSTONE CHRISTIAN CHURCH
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income from: Donations and legacies 3 49,078 - Investments 4 43 - Total income 49,121 - Expenditure on: Charitable activities 5 47,109 - Net income/(expenditure) for the year/ Net movement in funds 2,012 - Fund balances at 1 April 2020 623,424 560 Fund balances at 31 March 2021 625,436 560 |
Total Unrestricted Restricted funds funds 2021 2020 2020 £ £ £ 49,078 52,524 339 43 435 - 49,121 52,959 339 47,109 68,169 339 2,012 (15,210) - 623,984 638,634 560 625,996 623,424 560 |
Total 2020 £ 52,863 435 53,298 68,508 (15,210) 639,194 623,984 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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QUAYSTONE CHRISTIAN CHURCH
BALANCE SHEET
AS AT 31 MARCH 2021
| Notes Fixed assets Tangible assets 10 Current assets Debtors 12 Investments 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Income funds Restricted funds 15 Unrestricted funds General unrestricted funds Revaluation reserve |
2021 £ 644 51,323 26,337 78,304 (456) 388,249 237,187 |
£ 548,148 77,848 625,996 560 625,436 625,996 |
2020 £ 1,407 51,178 16,095 68,680 (3,462) 386,237 237,187 |
£ 558,766 65,218 623,984 560 623,424 623,984 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on 28 February 2022
Robert Lambden Trustee
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QUAYSTONE CHRISTIAN CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
Charity information
Quaystone Christian Church is an unincorporated charity formed by a trust deed and constitution which were updated in June 2015.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's constitution, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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QUAYSTONE CHRISTIAN CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
1.5 Resources expended
Expenditure is charged in the accounts at the time when a liability to make payment is incurred.
The Church makes grants to other organisations and Christian workers whose charitable aims complement its work. The Church has a policy of giving away 10% of its unrestricted income, and any part of this not disbursed by the end of the financial year is included in designated funds.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Freehold property is stated at market valuation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings 2% p.a. on buildings and improvements Plant and machinery 20% - 33.33% p.a. on cost Fixtures, fittings & equipment 10% p.a. on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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QUAYSTONE CHRISTIAN CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
1.10 Retirement benefits
The charity operates a defined contributions pension scheme. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme. No pension contributions are payable for staff who are not directly employed by the church.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Unrestricted | Restricted | Total | |
|---|---|---|---|---|
| funds | funds | funds | ||
| 2021 | 2020 | 2020 | 2020 | |
| £ | £ | £ | £ | |
| Donations and gifts | 49,078 | 52,524 | 339 | 52,863 |
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QUAYSTONE CHRISTIAN CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
4 Investments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Interest receivable | 43 | 435 | |
| 5 | Charitable activities | ||
| Church | Church | ||
| activities | activities | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Staff costs | 24,675 | 26,733 | |
| Church activities | 1,133 | 3,732 | |
| 25,808 | 30,465 | ||
| Grant funding of activities (see note 6) | 700 | 4,095 | |
| Share of support costs (see note 7) | 20,205 | 33,552 | |
| Share of governance costs (see note 7) | 396 | 396 | |
| 47,109 | 68,508 | ||
| Analysis by fund | |||
| Unrestricted funds | 47,109 | 68,169 | |
| Restricted funds | - | 339 | |
| For the year ended 31 March 2020 | |||
| Unrestricted funds | 68,169 | ||
| Restricted funds | 339 | ||
| 68,508 |
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QUAYSTONE CHRISTIAN CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
6 Grants payable
| Grants to institutions: Grants to individuals - Support costs Support costs Governance costs £ £ Staff costs 500 - Depreciation 10,618 - Premises expenses 8,298 - Administrative expenses 789 - Accountancy - 396 20,205 396 Analysed between Charitable activities 20,205 396 |
Church activities Church activities 2021 2020 £ £ - 4,095 700 - 700 4,095 2021 Support costs Governance costs 2020 £ £ £ £ 500 2,400 - 2,400 10,618 10,680 - 10,680 8,298 19,339 - 19,339 789 1,133 - 1,133 396 - 396 396 20,601 33,552 396 33,948 20,601 33,552 396 33,948 |
|---|---|
7 Support costs
Governance costs includes payments to the independent examiner of £ 396 (2020- £ 396 ) for a ccountancy and independent examination fees.
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year . One trustee (2020: 1) was refunded expenses, including costs of resources (V Pyper £135 and previous year £313).
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QUAYSTONE CHRISTIAN CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
9 Employees
Number of employees
The average monthly number of employees during the year was:
| Church activities Employment costs Wages and salaries Other pension costs |
2021 Number 1 2021 £ 20,446 4,729 25,175 |
2020 Number 1 2020 £ 24,074 5,059 29,133 |
|---|---|---|
There were no employees whose annual remuneration was £60,000 or more.
10 Tangible fixed assets
| Cost At 1 April 2020 At 31 March 2021 Depreciation and impairment At 1 April 2020 Depreciation charged in the year At 31 March 2021 Carrying amount At 31 March 2021 At 31 March 2020 |
Land and buildings Plant and machinery Fixtures, fittings & equipment £ £ £ 591,228 5,345 37,671 591,228 5,345 37,671 56,832 3,311 15,335 5,912 1,001 3,705 62,744 4,312 19,040 528,484 1,033 18,631 534,396 2,034 22,336 |
Total £ 634,244 634,244 75,478 10,618 86,096 548,148 558,766 |
|---|---|---|
The manse is revalued to market value periodically, the most recent valuation having been carried out in July 2015 by Alphabet City which gave a valuation range of £400,000 - £700,000. The trustees have decided that a fair valuation at that date was £535,000 which is the reported market value of a similar house in the same road, and have assumed a further 5% increase in value up to 31 March 2017.
| 11 | Financial instruments | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Carrying amount of financial assets | |||
| Instruments measured at fair value through profit or loss | 51,323 | 51,178 |
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QUAYSTONE CHRISTIAN CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
| 12 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 13 Current asset investments London Baptist Property Board deposit 14 Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
2021 £ - 644 644 2021 £ 51,323 2021 £ - 456 456 |
2020 £ 298 1,109 1,407 2020 £ 51,178 2020 £ 968 2,494 3,462 |
|---|---|---|
15 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds | Movement in funds | Movement | ||||
|---|---|---|---|---|---|---|
| in funds | ||||||
| Balance at | Incoming | Resources | Balance at | Incoming | Balance at |
|
| 1 April 2019 | resources | expended | 1 April 2020 | resources | 31 March 2021 |
|
| £ | £ | £ | £ | £ |
£ |
|
| Church building | 560 | - | - | 560 | - |
560 |
| Foodbank | - | 339 | (339) | - | - |
- |
| 560 | 339 | (339) | 560 | - |
560 |
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QUAYSTONE CHRISTIAN CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
| 16 Analysis of net assets between funds Unrestricted funds Restricted funds 2021 2021 £ £ Fund balances at 31 March 2021 are represented by: Tangible assets 548,148 - Current assets/ (liabilities) 77,288 560 625,436 560 |
TotalUnrestricted funds Restricted funds 2021 2020 2020 £ £ £ 548,148 558,766 - 77,848 64,658 560 625,996 623,424 560 |
Total 2020 £ 558,766 65,218 623,984 |
|---|---|---|
17 Related party transactions
The custodian Trustee of the church is the Baptist Union Corporation Limited (charity no. 249635) which is controlled by the Baptist Union Council.
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