REGISTERED COMPANY NUMBER: 05516571 (England and Wales) REGISTERED CHARITY NUMBER: 1167525
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 March 2021
for
Destiny Life Church Ltd
Ward Goodman 4 Cedar Park Cobham Road Ferndown Industrial Estate Wimborne Dorset BH21 7SF
Destiny Life Church Ltd
Contents of the Financial Statements for the Year Ended 31 March 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | to | 8 |
| Notes to the Financial Statements | 9 | to | 20 |
| Detailed Statement of Financial Activities | 21 | to | 22 |
Destiny Life Church Ltd
Report of the Trustees for the Year Ended 31 March 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019).
The trustees of Destiny Life Church have the responsibility of co-operating with the Senior Pastors, Andrew and Alison Timms in promoting the mission and objectives of the church, the pastoral and evangelistic aims of the church and it's social interaction with the local community and further afield.
The trustees are directly responsible for the assets of the charity and their maintenance, this refers to the building at 25a Elliott Road, West Howe Industrial Estate Bournemouth. The trustees also oversee the financial responsibilities within the church and the policy and procedures relating to safeguarding and charitable obligations.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives and aims of the charity are contained within our constitution, namely; the advancement of the Christian religion in accordance with the statement of faith through the following means:
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Worship, preaching and teaching of Christian doctrine and all forms of media
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The instruction and care of Christians including young people and children,
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The evangelism of non-Christians, and
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The relief of persons who are in conditions of need, hardship, poverty or who are aged or sick.
The charity operates in Dorset and abroad and is linked with other charities with similar objectives.
The premises at 25a Elliott Road is the main hub of the church and is where most activities take place and therefore it is important the trustees maintain the fabric of the church complex.
Public benefit
Trustees have had regard to the Charity Commission guidance on public benefit and information of how the church operates for the public benefit can be found in the Achievements and Performance section of the report.
Page 1
Destiny Life Church Ltd
Report of the Trustees for the Year Ended 31 March 2021
ACHIEVEMENT AND PERFORMANCE
Charitable activities
For the period 1st April 2020 to 31st March 2021 the church went from a vibrant active Sunday service to the church being closed due to lockdown. The church did open for the period September 25th, 2020, to December 23rd, 2020, observing COVID-19 rules around social distancing and the wearing of face coverings. Advised risk management precautions were adhered to and a risk assessment was produced each time the government relaxed restrictions.
The church invested in broadcasting equipment - the purchase of cameras and suitable broadcast hardware and began to broadcast services on-line every Sunday. These consisted of a socially distanced worship team and one person preaching an encouraging word, all from separated areas of the auditorium. COVID-19 rules for the workplace were observed during this time.
Activities outside of Sunday service
Discipleship Courses - The Freedom in Christ course was suspended for the duration of the lockdown period and discipleship was moved to a Wednesday evening "Bible Discussion" course via Zoom.
Recovery Course - This was suspended due to lockdown
CAP Job Club - CAP is a nationwide Christian charity who provide debt recovery services as well as support for those coming out of debt. This was suspended due to lockdown and shortly into 2021 CAP suspended many of their services nationwide retaining only the on-line debt management service.
Destiny Youth (DY) - DY is for youth between 12 and 17 years of age and has grown over the year from 10 members to 25 members. Not all the youth who attend are yet attending church. Face-to face activities were suspended during lockdown and while people were restricted from meeting in groups of more than 6 were conducted via Zoom. Once restrictions were lifted allowing people to meet outside, the youth met in public areas.
Connect Groups - Connect groups are small groups who meet up outside of the Sunday service for fellowship, connection, and support. There are 7 main groups that meet, each is different and varied in their activities. These continued throughout the lockdown periods but moved online and were conducted through Zoom.
18 to 30s group - This group caters for those members of the church who are between 18 and 30ish and provide a place of relaxation, fellowship, and support. This group met online through Zoom until restrictions on numbers were lifted.
Mission and Evangelism
In partnership with Radiant Encounter Ministries (registered Charity - 1165807) Destiny Life Church have become involved in supporting and helping a Romany community of 5000 people in the heart of Bulgaria. A visit to the Roma community in Kazanluk was booked to take place in April 2021. A team was due to visit Kazanluk and flights and accommodation had been booked and paid for. This visit has been postponed until after all restrictions are lifted. The flights have been banked and have a 3-year time limit and the accommodation was refunded.
Destiny Life Church provided support to the Roma community in Kazanluk during the pandemic by providing money through Radiant Encounter Ministries
FINANCIAL REVIEW
Financial position
Destiny Life Church is dependent on the financial generosity of those who attend the church in the form of tithes and offerings. It is upon this income that the trustees base their forecast for the year. Any individual gifts above this are not accounted for in the normal giving in the church.
At the year end the Church had a net income of £18,503 before depreciation charges of £23,193 resulting in a net expenditure for the year of £4,690 (2020 - net income of £3,707). Unrestricted reserves at the year end totalled £553,482 (2020: £541,369).
The charitable company has negative free reserves of £334,275 as at 31 March 2021 (2020 - negative free reserves of £355,300). Free reserves are calculated by deducting fixed assets from the unrestricted (and undesignated) reserves held at the year-end.
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Destiny Life Church Ltd
Report of the Trustees for the Year Ended 31 March 2021
FINANCIAL REVIEW
Reserves policy
Destiny Life Church aims to set aside reserves into a reserve account (savings) in order to provide 3 months buffer to cater for any drop in giving. Over the period of 2020 to 2021 this reserve has been used to meet any deficits in the year and did not reach the limit of 3 month’s buffer. Trustees continue to monitor expenditure on a regular basis.
Going concern
Trustees continue to monitor expenditure closely to ensure there are sufficient funds to cover liabilities as they fall due. Trustees also note that the charity hold significant reserves as fixed assets which contributes to significant annual depreciation charges which affect the reported surplus in the Statement of Financial Activities but not the cash balances of the charity. These assets could also provide resources in extreme circumstances should cash flow no longer be sufficient and therefore trustees consider the charity to be a going concern.
Financial Liability
Since May 2019 Destiny Life Church have been undergoing an investigation by HMRC into the non-compliance of PAYE contributions by the previous senior pastor. This investigation was resolved in the year with an agreement between Destiny Life Church and HMRC being made for £5,681 to be paid by March 2022.
FUTURE PLANS
For the period 23rd December through to June 2021 the church was closed following a member of the congregation contracting COVID-19 in their workplace and self-isolating. Several members of the team were "pinged" through the NHS app as having contact during the week. Due to this it was decided following consultation with the trustees to close the church to face-to-face meetings and everything moved on-line.
This meant the Christmas services were cancelled along with the Easter service for 2021.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
The church holds a family or financial update evening and promotes their need for a new trustee. The church asks its members to email the office with their nominations of people they think would appropriate or if they would like to nominate themselves to be a trustee. Potential candidates are interviewed by the chair and secretary of the board of trustees. The successful candidates are voted in at a trustee meeting.
Decision making
The senior leadership team for the church changed and reduced from 8 members to 4 following the other 4 members, husband and wife teams moving on to other things. This has not affected the drive and vision of the leadership and the goal is to find other members who are willing and able to step up. The Senior Leadership Team led by the senior pastors are responsible for the spiritual direction and vision of the church and the trustees are fully behind the vision and direction of the church.
The trustees were meeting in person every month to ensure all policies and procedures were updated and reviewed and that all financial responsibilities have been carried out. This was reduced in September to every quarter.
Relationships with other churches and charities
Destiny Life Church is in relationship with at least 10 other churches in the area being an active member of a Senior Pastors group that meet in the city centre at a Holy Trinity Brompton church plant in a group of 12 other pasters. We also have links with a smaller pastors connect group for the west side of the city and have links with several charities who are based in the area, the main link being with a charity called Faithworks Wessex (Charity number - 1086250).
All connections were maintained throughout lockdown and connections were made via Zoom.
Destiny Life Church is also linked with Radiant Encounter Ministries, as stated above, the founders of this charity are members of the church.
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Destiny Life Church Ltd
Report of the Trustees for the Year Ended 31 March 2021
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
05516571 (England and Wales)
Registered Charity number
1167525
Registered office
25A Elliot Road West Howe Industrial Estate Bournemouth Dorset BH11 8LQ
Trustees
A N Dicker R R Nash (resigned 16 November 2020) J J Sullivan Rev A P Timms R Dendle (resigned 14 June 2021) B Dowling (appointed 3 August 2021)
Company Secretary
Rev A P Timms
Independent Examiner
Ward Goodman 4 Cedar Park Cobham Road Ferndown Industrial Estate Wimborne Dorset BH21 7SF
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Rev A P Timms - Trustee
Page 4
Independent Examiner's Report to the Trustees of Destiny Life Church Ltd
Independent examiner's report to the trustees of Destiny Life Church Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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 accounts to be reached.
Miss Jen Richardson BA (Hons) ACA FCCA DChA Ward Goodman 4 Cedar Park Cobham Road Ferndown Industrial Estate Wimborne Dorset BH21 7SF
Date: .............................................
Page 5
Destiny Life Church Ltd
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2021
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 86,427 Charitable activities 6 Ministry, outreach costs 1,600 Other trading activities 4 1,600 Investment income 5 2 Other income 1,401 Total 91,030 EXPENDITURE ON Raising funds 14,338 Charitable activities Governance costs 2,837 Ministry, outreach costs 57,405 Support costs 4,337 Total 78,917 NET INCOME/(EXPENDITURE) 12,113 RECONCILIATION OF FUNDS Total funds brought forward 541,369 TOTAL FUNDS CARRIED FORWARD 553,482 |
Restricted funds £ 1,160 - - - - 1,160 - - 17,963 - 17,963 (16,803) 53,715 36,912 |
2021 Total funds £ 87,587 1,600 1,600 2 1,401 92,190 14,338 2,837 75,368 4,337 96,880 (4,690) 595,084 590,394 |
2020 Total funds £ 96,421 4,059 - 5 - |
|---|---|---|---|
| 100,485 16,159 3,820 40,531 36,268 |
|||
| 96,778 | |||
| 3,707 591,377 |
|||
| 595,084 |
The notes form part of these financial statements
Page 6
Destiny Life Church Ltd
Balance Sheet 31 March 2021
| Notes FIXED ASSETS Tangible assets 11 CURRENT ASSETS Debtors 12 Cash at bank and in hand CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 14 NET ASSETS FUNDS 17 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ 887,756 5,456 15,247 20,703 (33,946) (13,243) 874,513 (321,032) 553,481 |
Restricted funds £ 35,432 - 1,481 1,481 - 1,481 36,913 - 36,913 |
2021 Total funds £ 923,188 5,456 16,728 22,184 (33,946) (11,762) 911,426 (321,032) 590,394 553,481 36,913 590,394 |
2020 Total funds £ 945,332 2,562 23,846 26,408 (31,491) (5,083) 940,249 (345,165) 595,084 541,369 53,715 595,084 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
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Destiny Life Church Ltd
Balance Sheet - continued 31 March 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. J J Sullivan - Trustee
The notes form part of these financial statements
Page 8
Destiny Life Church Ltd
Notes to the Financial Statements for the Year Ended 31 March 2021
1. LEGAL FORM
The company is a private company limited by guarantee and registered in England and Wales. The members of the company are the Trustees named on page 4. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company. The address of the registered office can be found on page 4.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the company is aware that probate has been grant, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part is only considered probable when the amount can be measured reliably and the company has been notified of the executor's intention to make a granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as contingent asset and disclosed if material.
Grants (including government grants) are recognised only when there is reasonable assurance that the company will comply with the conditions attached to them and that the grants will be received. Grants that are receivable as compensation for expenses already incurred are recognised in the Statement of Financial Activities in the period in which they become receivable.
Donated services of facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised and refer to the Trustees'' report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
continued...
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Destiny Life Church Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
2. ACCOUNTING POLICIES - continued
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a singe activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.
Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out centrally. Governance costs are those incurred in connection with administration fo the company and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the ore-tax discount rate that reflects the risks specific to the liability, The unwinding of the discount is recognised within the interest payable and similar charges.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
- Freehold property - Straight line over 50 years Fixtures and fittings - 20% on reducing balance Computer equipment - Straight line over 3 years
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
Page 10
Destiny Life Church Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
2. ACCOUNTING POLICIES - continued
Preparation of the accounts on a going concern basis
Destiny Life Church reported a net expenditure of £4,690 for the year and net current liabilities of £11,762 at the reporting date. The church and its trustees have taken actions to reduce any non essential spending in the year which should secure the immediate future of the church for the next 12 months and on that basis the church is a going concern. The church has been impacted by the Covid pandemic post year end and while this has influenced the income recieved via donations (which is the largest source of church income), sufficient donations have been received to ensure the church can cover its liabilities and donations received year on year have held up better than may have been expected despite the restrictions imposed on holding services in the year. Trustees also note that the charity holds significant fixed assets which could provide resources in extreme circumstances should cash flow be further impacted.
Revaluation of tangible fixed assets
The company has adopted the revaluation model to revalue items of property, plant and equipment whose fair value can be measured reliably. The revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.
The fair value of land and buildings is usually determined from market-based evidence by appraisal that is normally undertaken be professionally qualified valuers. The fair value of items of plant and machinery is usually their market value determined by appraisal.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity.
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.
Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount incurred net of any trade discounts due.
Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Financial Instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Termination Payments
Termination benefits are amounts payable as a result of a decision by the Church to terminate an employee's contract before the normal retirement date or an employee’s decision to accept voluntary redundancy and are charged on an accruals basis to the relevant line in the Statement of Financial Activities.
continued...
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Destiny Life Church Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
| 3. DONATIONS AND LEGACIES Donations Gift aid Grants Grants received, included in the above, are as follows: HMRC JRS Furlough Grants 4. OTHER TRADING ACTIVITIES Other income 5. INVESTMENT INCOME Interest receivable - trading 6. INCOME FROM CHARITABLE ACTIVITIES Activity Church Events & Activities Ministry, outreach costs Rental Income Ministry, outreach costs Club & Group Events Ministry, outreach costs 7. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets Hire of plant and machinery Surplus on disposal of fixed assets Independent examination |
2021 £ 73,758 11,319 2,510 87,587 2021 £ 2,510 2021 £ 1,600 2021 £ 2 2021 £ - 1,600 - 1,600 2021 £ 23,193 1,753 (1,401) 1,542 |
2020 £ 85,546 10,875 - |
|---|---|---|
| 96,421 | ||
| 2020 £ - 2020 £ - 2020 £ 5 2020 £ 864 2,615 580 4,059 2020 £ 23,995 1,099 - 1,542 |
continued...
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Destiny Life Church Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
8. TRUSTEES' REMUNERATION AND BENEFITS
During the year ended 31 March 2021, A Timms a Trustee and Senior Pastor of Destiny Life Church recieved remuneration of £12,349 (2020: £nil).
Trustees' expenses
During the year ended 31 March 2021 three trustees were reimbursed out of pocket expenses of £841 (2020: £268).
9. STAFF COSTS
| Wages and salaries Other pension costs The average monthly number of employees during the year was as follows: Staff (head count) No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 89,298 Charitable activities Ministry, outreach costs 4,059 Investment income 5 Total 93,362 EXPENDITURE ON Raising funds 16,159 Charitable activities Governance costs 3,820 Ministry, outreach costs 38,460 Support costs 23,092 Total 81,531 NET INCOME/(EXPENDITURE) 11,831 |
2021 £ 25,767 22 25,789 2021 3 Restricted funds £ 7,123 - - 7,123 - - 2,071 13,176 15,247 (8,124) |
2020 £ 16,017 - 16,017 2020 2 Total funds £ 96,421 4,059 5 |
|---|---|---|
| 100,485 16,159 3,820 40,531 36,268 |
||
| 96,778 | ||
| 3,707 |
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
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Destiny Life Church Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
| 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - Unrestricted funds £ RECONCILIATION OF FUNDS Total funds brought forward 529,538 TOTAL FUNDS CARRIED FORWARD 541,369 11. TANGIBLE FIXED ASSETS Fixtures Freehold and property fittings £ £ COST At 1 April 2020 975,000 99,530 Additions - 1,049 Disposals - (2,200) At 31 March 2021 975,000 98,379 DEPRECIATION At 1 April 2020 41,489 88,102 Charge for year 20,745 2,055 Eliminated on disposal - (2,200) At 31 March 2021 62,234 87,957 NET BOOK VALUE At 31 March 2021 912,766 10,422 At 31 March 2020 933,511 11,428 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors |
continued Restricted Total funds funds £ £ 61,839 591,377 53,715 595,084 Computer equipment Totals £ £ 1,180 1,075,710 - 1,049 - (2,200) 1,180 1,074,559 787 130,378 393 23,193 - (2,200) 1,180 151,371 - 923,188 393 945,332 2021 2020 £ £ 5,456 2,562 |
Total funds £ 591,377 |
|---|---|---|
| 595,084 |
continued...
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Destiny Life Church Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2021 £ Bank loans and overdrafts (see note 15) 21,177 Other loans (see note 15) 2,956 Trade creditors 1,245 Social security and other taxes 807 Other creditors 6,219 Accruals and deferred income 1,542 33,946 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2021 £ Bank loans (see note 15) 292,966 Other loans (see note 15) 28,066 321,032 15. LOANS An analysis of the maturity of loans is given below: 2021 £ Amounts falling due within one year on demand: Bank loans 21,177 Other loans 2,956 24,133 Amounts falling between one and two years: Bank loans - 1-2 years 23,146 Other loans - 1-2 years 3,045 26,191 Amounts falling due between two and five years: Bank loans - 2-5 years 75,263 Other loans - 2-5 years 9,701 84,964 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 194,557 Other loans more 5yrs instal 15,320 209,877 |
2020 £ 21,405 2,869 1,520 - 4,155 1,542 31,491 2020 £ 314,143 31,022 |
2020 £ 21,405 2,869 1,520 - 4,155 1,542 |
|---|---|---|
| 31,491 | ||
| 345,165 | ||
| 2020 £ 21,405 2,869 |
||
| 24,274 | ||
| 22,241 2,956 |
||
| 25,197 | ||
| 72,457 9,416 |
||
| 81,873 | ||
| 219,445 18,650 238,095 |
continued...
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Destiny Life Church Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
16. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
| Within one year Between one and five years MOVEMENT IN FUNDS Unrestricted funds General fund Revaluation Fund Mission Trips (Designated) Restricted funds Building fund assets Building fund Boiler Fund Cooker Fund Building Improvement CAP Job Recovery Course Mission Trips (Restricted) TOTAL FUNDS |
At 1.4.20 £ 142,590 398,179 600 541,369 266 43,546 4,401 450 4,710 120 200 22 53,715 595,084 |
Net movement in funds £ 12,440 - (328) 12,112 (53) (11,896) (880) (90) (3,741) (120) - (22) (16,802) (4,690) |
2021 £ 939 - 939 Transfers between funds £ 8,848 (8,848) - - - - - - - - - - - - |
2020 £ 1,323 768 2,091 At 31.3.21 £ 163,878 389,331 272 |
2020 £ 1,323 768 |
|---|---|---|---|---|---|
| 2,091 | |||||
| 553,481 213 31,650 3,521 360 969 - 200 - |
|||||
| 36,913 | |||||
| 590,394 |
17. MOVEMENT IN FUNDS
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Destiny Life Church Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
17. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 90,530 | (78,090) | 12,440 |
| Mission Trips (Designated) | 500 | (828) | (328) |
| 91,030 | (78,918) | 12,112 | |
| Restricted funds | |||
| Building fund assets | - | (53) | (53) |
| Building fund | - | (11,896) | (11,896) |
| Boiler Fund | - | (880) | (880) |
| Cooker Fund | - | (90) | (90) |
| Building Improvement | 1,160 | (4,901) | (3,741) |
| CAP Job | - | (120) | (120) |
| Mission Trips (Restricted) | - | (22) | (22) |
| 1,160 | (17,962) | (16,802) | |
| TOTAL FUNDS | 92,190 | (96,880) | (4,690) |
Comparatives for movement in funds
| Unrestricted funds General fund Revaluation Fund Tithe fund Mission Trips (Designated) Restricted funds Building fund assets Building fund Boiler Fund Cooker Fund Building Improvement CAP Job Recovery Course Mission Trips (Restricted) TOTAL FUNDS |
At 1.4.19 £ 116,806 407,027 5,705 - 529,538 333 55,442 5,501 563 - - - - 61,839 591,377 |
Net movement in funds £ 13,655 - (1,824) - 11,831 (67) (11,896) (1,100) (113) 4,710 120 200 22 (8,124) 3,707 |
Transfers between funds £ 12,129 (8,848) (3,881) 600 - - - - - - - - - - - |
At 31.3.20 £ 142,590 398,179 - 600 |
|---|---|---|---|---|
| 541,369 266 43,546 4,401 450 4,710 120 200 22 |
||||
| 53,715 | ||||
| 595,084 |
continued...
Page 17
Destiny Life Church Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
17. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Tithe fund Restricted funds Building fund assets Building fund Boiler Fund Cooker Fund Building Improvement CAP Job Recovery Course Mission Trips (Restricted) TOTAL FUNDS |
Incoming resources £ 93,362 - 93,362 - - - - 4,710 720 200 1,493 7,123 100,485 |
Resources Movement expended in funds £ £ (79,707) 13,655 (1,824) (1,824) (81,531) 11,831 (67) (67) (11,896) (11,896) (1,100) (1,100) (113) (113) - 4,710 (600) 120 - 200 (1,471) 22 (15,247) (8,124) (96,778) 3,707 |
Resources Movement expended in funds £ £ (79,707) 13,655 (1,824) (1,824) (81,531) 11,831 (67) (67) (11,896) (11,896) (1,100) (1,100) (113) (113) - 4,710 (600) 120 - 200 (1,471) 22 (15,247) (8,124) (96,778) 3,707 |
|---|---|---|---|
| 11,831 (67) (11,896) (1,100) (113) 4,710 120 200 22 |
|||
| (8,124) | |||
| 3,707 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Revaluation Fund Tithe fund Mission Trips (Designated) Restricted funds Building fund assets Building fund Boiler Fund Cooker Fund Building Improvement Recovery Course TOTAL FUNDS |
At 1.4.19 £ 116,806 407,027 5,705 - 529,538 333 55,442 5,501 563 - - 61,839 591,377 |
Net movement in funds £ 26,095 - (1,824) (328) 23,943 (120) (23,792) (1,980) (203) 969 200 (24,926) (983) |
Transfers between funds £ 20,977 (17,696) (3,881) 600 - - - - - - - - - |
At 31.3.21 £ 163,878 389,331 - 272 |
|---|---|---|---|---|
| 553,481 213 31,650 3,521 360 969 200 |
||||
| 36,913 | ||||
| 590,394 |
continued...
Page 18
Destiny Life Church Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
17. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 183,892 | (157,797) | 26,095 |
| Tithe fund | - | (1,824) | (1,824) |
| Mission Trips (Designated) | 500 | (828) | (328) |
| 184,392 | (160,449) | 23,943 | |
| Restricted funds | |||
| Building fund assets | - | (120) | (120) |
| Building fund | - | (23,792) | (23,792) |
| Boiler Fund | - | (1,980) | (1,980) |
| Cooker Fund | - | (203) | (203) |
| Building Improvement | 5,870 | (4,901) | 969 |
| CAP Job | 720 | (720) | - |
| Recovery Course | 200 | - | 200 |
| Mission Trips (Restricted) | 1,493 | (1,493) | - |
| 8,283 | (33,209) | (24,926) | |
| TOTAL FUNDS | 192,675 | (193,658) | (983) |
Restricted Funds
Building Fund - This fund was restricted for the initial purchase of the Church building. The restricted fund is utilised each year through depreciation costs.
Building Fund Assets - This fund relates to assets purchased with the purchase of the building. The restricted fund is utilised each year through depreciation costs.
Boiler Fund - Relates to money received for the purchase of a new Boiler. The restricted fund is utilised each year through depreciation costs.
Cooker Fund - Relates to money received for the purchase of a new Cooker. The restricted fund is utilised each year through depreciation costs.
Dishwasher Fund - Relates to money received for the purchase of a new Dishwasher. The dishwasher was purchased in the year and the fund purpose has been fully satisfied in the year.
Recovery Course - Restricted donation specifically to cover costs for a Recovery course.
CAP Job fund - This fund is restricted to pay the Christians Against Poverty subscription costs for the year.
Building improvement Fund - Restricted for works to be carried out on on the building including heating, roof, coffee shop and electrical works and other minor building works.
Mission Trips - Funds are restricted/designated to help fund mission trips in Bulgaria.
Bible School Fund - Relates to donations received for the purpose of assisting with the funding of Bible School fees for a student.
continued...
Page 19
Destiny Life Church Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
17. MOVEMENT IN FUNDS - continued
Transfers between funds
A transfer of funds has taken place between the General Fund and Revaluation designated fund to recognise the depreciation allocated to the Revaluation reserve in the year ended 31 March 2021.
18. RELATED PARTY DISCLOSURES
During the year ended 31 March 2021 Trustees donated a total of £7,176 to Destiny Life Church (2020: £8,455).
During the year ended 31 March 2021, Mr A Timms a Trustee and Senior Pastor received amounts totalling £nil (2020: £6,504) for professional consultancy and teaching services provided to Destiny Life Church. A nil balance was outstanding at 31 March 2021.
During the year ended 31 March 2021, the son and spouse of a Trustee donated amounts totalling £2,140 in Tithe on Tithe giving (2020: £1,200).
Mrs L Foster the wife of Mr R Foster, a former Trustee, is an employee of the charity and recieved remuneration of £nil (2020: £9,000).
During the year ended 31 March 2021, a total of £3,350 (2020: £2,170) was donated to Radiant Encounter Ministries, a registered charity (Charity number: 1165807) with trustees including R Dendle and A Timms.
Page 20
Destiny Life Church Ltd
| Detailed Statement of Financial Activities for the Year Ended 31 March 2021 INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Grants Other trading activities Other income Investment income Interest receivable - trading Charitable activities Church Events & Activities Rental Income Club & Group Events Other income Gain on sale of tangible fixed assets Total incoming resources EXPENDITURE Other trading activities Bank loan interest Charitable activities Wages Pensions Equipment costs Telephone Postage and stationery Sundries Professional Fees Insurance Travelling expenses Premises costs and hall hire Camp, course & conference Subscriptions & Sundries Coffee shop & catering Resource costs Youth club expenses Freehold property Carried forward |
2021 £ 73,758 11,319 2,510 87,587 1,600 2 - 1,600 - 1,600 1,401 92,190 14,338 25,767 22 1,753 1,419 259 547 2,331 5,486 - 11,102 322 1,855 516 - 54 20,744 72,177 |
2020 £ 85,546 10,875 - |
|---|---|---|
| 96,421 - 5 864 2,615 580 |
||
| 4,059 - |
||
| 100,485 16,159 16,017 - 1,099 1,760 510 606 7,754 5,732 43 7,094 4,203 1,645 880 615 260 20,745 68,963 |
This page does not form part of the statutory financial statements
Page 21
Destiny Life Church Ltd
| Detailed Statement of Financial Activities for the Year Ended 31 March 2021 Charitable activities Brought forward Fixtures and fittings Computer equipment Gifts & Donations Support costs Finance Bank charges Governance costs Accountancy and legal fees Total resources expended Net (expenditure)/income |
2021 £ 72,177 2,055 393 4,925 79,550 154 2,838 96,880 (4,690) |
2020 £ 68,963 2,857 393 3,994 |
|---|---|---|
| 76,207 592 3,820 |
||
| 96,778 | ||
| 3,707 |
This page does not form part of the statutory financial statements
Page 22