**Charity registration number 1168068**
## **VALE OF EVESHAM CHRISTIAN CENTRE**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **VALE OF EVESHAM CHRISTIAN CENTRE**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
D E Bennett S A Wilderspin J R King N J Green N M DeVine M S Hewitt
**Charity number Independent examiner**
1168068 Azets 93 High Street Evesham Worcestershire United Kingdom WR11 4DU
## **VALE OF EVESHAM CHRISTIAN CENTRE**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 4|
|Independent examiner's report|5|
|Statement of financial activities|6 - 7|
|Balance sheet|8|
|Notes to the financial statements|9 - 18|
## **VALE OF EVESHAM CHRISTIAN CENTRE**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
The trustees present their annual report and financial statements for the year ended 31 March 2024.
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)" (effective 1 January 2019).
## **Objectives and activities**
The aims of our Church are as follows:
1. to advance the Christian faith in accordance with the Basis of Faith primarily, but not exclusively, within the Vale of Evesham and the surrounding neighbourhood;
2. to assist and relieve persons who are in conditions of need, hardship or distress or who are sick or in poor health; and
3. to advance education and carry out other charitable purposes in the United Kingdom and/or other parts of the world providing that they are not in conflict with 1.
During the year, we have planned activities and expenditure in order to achieve our aims.
We intend that the broader aims of the church are achieved through our regular work and special events. Usually, we provide for the advancement of the Christian Faith (Aim 1) through our Sunday services, weekday groups and children’s activities.
We have now returned to meeting in person, although we have continued to offer the opportunity to view the service using YouTube rather than Zoom. Our children’s work on a Sunday is now weekly for older children and almost weekly for the younger children. When there are 5 Sundays in the month, there is often a family service instead of separate children’s work. We have re-started our mid-week young people’s group for Y6 to 17 year olds in cooperation with other churches which have a similar vision for the discipleship of young people and this has gone very positively so far.
We have supported other organisations financially to achieve Aim 3 above – notably Open Doors worldwide in support of the persecuted church and a family of four formerly in India and now in Cambodia. In addition we have formed connections with individuals in Kenya and those with ministries which are less static.
Our work with those in need (Aim 2 above) is largely carried out through the work of Caring Hands. Now that the church has been meeting in person again, Caring Hands has returned to using the Lighthouse building for most things. Funding and donations have been maintained during this time for Caring Hands, and the amount which the church gives to Caring Hands has increased significantly.
In addition, we have donated to local and national agencies to support their work. Open Doors provides practical help to those in need as well as evangelistic outreach and training for church leaders.
The trustees confirm they have referred to the Charity Commission’s guidance on public benefit when reviewing the Charity’s aims and objectives, carrying out activities during the year and planning for the future.
- 1 -
## **VALE OF EVESHAM CHRISTIAN CENTRE**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
The charity relies heavily on many of its trustees, leadership team, members and also non-members for their time spent on a wide range of activities including administration, catering, cleaning, counselling, finance, leadership, maintenance, pastoral matters, PA system operation, preaching, security, worship group, youth and children's work.
The functions of volunteers have changed significantly during the pandemic, but we have very much needed their input on a daily basis to provide pastoral care, practical assistance with IT and online activities generally. These activities have largely returned to the pre-pandemic norms, although a few people have not returned for in-person services and other activities.
Towards the end of last year, a new Pastor, Neville Green was appointed and he began his paid employment on the 1st March 2023 at which point he automatically became a Trustee ex-officio. He and his wife Lesley have moved into a rented manse and the manse building owned by the church remains rented out to a local minister from another church. They have made a very positive contribution to the work of the church and have opened up new avenues of service which we hope to pursue in the future. Some of the new mission support has been through the relationships built up over the years by the new pastor and his wife.
## **Achievements and performance**
## _Advancing the Christian Faith_
## Worship and Prayer
Over the course of the year the church has sought to fulfil these purposes through weekly Sunday worship, weekday Small Groups for Bible study, worship, prayer and fellowship. We have had new members join the church and some new Christians. Prayer Meetings have continued to be generally well-attended, which is encouraging.
We have tried to make sure that the services welcome children and try to engage them and celebrate their faith and achievements during the early part of Sunday services.
We have begun regular Renewal meetings on Monday evenings where, in an atmosphere of worship, we seek to discern God's plans and purposes for us as a church and as individuals and ask for Him to lead us into a fresh understanding and experience of His love, grace and power.
## Outreach
Although church members have been involved in outreach individually, there has been little organised outreach this year. We have seen a number of new people attending the church and also had a baptism towards the end of the year on Easter Sunday.
## Children and Youth Work
As mentioned above the Children & Youth work now includes other activities, including outreach to the youth in our community, through a joint enterprise with other churches in Evesham that hold similar values and aims to VECC.
## Assisting and Relieving Those in Need
As previously mentioned, the main way in which we provide for those in need is through Caring Hands. The work of Caring Hands (the food-bank, diner (three times weekly), clothes bank, baby bank, pet food bank and homeless resources bank), is separated formally from the church as a separate CIO. Caring Hands remains very much part of our work, and we support Caring Hands through giving to general funds, practical help through provision of at least 4 volunteers and providing Trustees for its oversight. The Trustees have taken legal advice about conflict of interest between the two charities and have followed the advice with great care.
## Advancing Education and carrying out Other Charitable Purposes
As mentioned above, this work is largely carried out by Open Doors and a family in Cambodia teaching midwifery and English as a foreign language as well as people in Kenya (Route 61) and other individuals with whom the church has established a working relationship. We have continued to support these causes financially and prayerfully.
- 2 -
## **VALE OF EVESHAM CHRISTIAN CENTRE**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **Financial review**
The trustees consider that due to the known level of monthly recurring income the minimum funds required are the amount required to continue the activities of the church for three months. This year the income has again exceeded expenditure and we have the legacy money. This is in deposit accounts as we decide how to use it in the longer term. We are now employing a Pastor full-time and the reserves give us confidence that we will be able to sustain that employment even if giving does not increase to cover the salary in the short-term. The Pastor is a Trustee and provision for a Trustee to be employed is contained within the Constitution.
Unrestricted general funds at 31 March 2024 were £327,260 (2023: £304,154) and expenditure for three months is estimated as £24,239. including the salary for a pastor. The present level of funds therefore exceeds the minimum level.
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.
## **Structure, governance and management**
The charity is a charitable incorporated organisation governed by its constitution.
Vale of Evesham Christian Centre has its own constitution and rules and at present is overseen by the Synergy family of churches, with Mark Mumford, who now lives in Worcester, as our link representative.
Previously some of the Trustees’ duties were delegated to the Leadership Team. However, during the past year we have tried to keep the two groups distinct in terms of responsibilities and roles. We have therefore tried to retain Trustee duties as the responsibility of the Trustees only and the Leadership Team has concentrated on Spiritual leadership.
The trustees held 4 full meetings during the year.
The trustees who served during the year and up to the date of signature of the financial statements were: D E Bennett
S A Wilderspin J R King N J Green N M DeVine M S Hewitt
The trustees are elected by existing trustees.
The charity's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The charity's current policy concerning the payment of trade creditors is to:
- settle the terms of payment with suppliers when agreeing the terms of each transaction;
- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
- pay in accordance with the charity's contractual and other legal obligations.
- 3 -
## VALE **VALE** OF **OF** EVESHAM **EVESHAM CHRISTIAN** CHRISTIAN CENTRE **CENTRE**
## **TRUSTEES'** TRUSTEES’ **REPORT** REPORT (CONTINUED) **(CONTINUED)** FOR _**FOR THE**_ THE _**YEAR**_ YEAR ENDED _**ENDED 31**_ 31 MARCH _**MARCH**_ 2024 _**2024**_
The The trustees' trustees' report report was was approved approved by by the the Board Board of of Trustees. Trustees
> S S A A Wilderspin Wilderspin J JR R King King Trustee **Trustee Trustee** Trustee
> Date: Date: 21 . AY GLS..202 .
-4-4.
## **VALE** VALE **OF** OF **EVESHAM** EVESHAM CHRISTIAN **CHRISTIAN CENTRE** CENTRE **INDEPENDENT** INDEPENDENT **EXAMINER'S** EXAMINER'S REPORT **REPORT TO** TO **THE** THE **TRUSTEES** TRUSTEES **OF** OF **VALE** VALE **OF** OF **EVESHAM** EVESHAM **CHRISTIAN** CHRISTIAN CENTRE **CENTRE**
I | report report to to the the trustees trustees on on my my examination examination of of the the financial financial statements statements of of Vale Vale of of Evesham Evesham Christian Christian Centre Centre (the (the charity) charity) for for the the year year ended ended 31 31 March March 2024. 2024.
**Responsibilities** Responsibilities **and** and **basis** basis **of** of **report** report As As the the trustees trustees of of the the charity charity you you are are responsible responsible for for the the preparation preparation of of the the financial financial statements statements in in accordance accordance with with the the requirements requirements of of the the Charities Charities Act Act 2011 2011 (the (the 2011 2011 Act). Act).
I | report report in in respect respect of of my my examination examination of of the the charity charity's ’s financial financial statements statements carried carried out out under under section section 145 145 of of the the 2011 2011 Act. Act. In In carrying carrying out out my my examination examination I | have have followed followed all all the the applicable applicable Directions Directions given given by by the the Charity Charity Commission Commission under under section section 145(5)(b) 145(5)(b) of of the the 2011 2011 Act. Act.
> **Independent** Independent **examiner** examiner's **’s statement** statement
> Your Your attention attention is is drawn drawn to to the the fact fact that that the the charity charity has has prepared prepared financial financial statements statements in in accordance accordance with with Accounting Accounting
> and and Reporting Reporting by by Charities Charities preparing preparing their their accounts accounts in in accordance accordance with with the the Financial Financial Reporting Reporting Standard Standard applicable applicable in in the the UK UK and and Republic Republic of of Ireland Ireland (FRS (FRS 102) 102) in in preference preference to to the the Accounting Accounting and and Reporting Reporting by by Charities: Charities: Statement Statement of of Recommended Recommended Practice Practice issued issued on on 1 1 April April 2005 2005 which which is is referred referred to to in in the the extant extant regulations regulations but but has has now now been been withdrawn. withdrawn. I 1 understand understand that that this this has has been been done done in in order order for for financial financial statements statements to to provide provide a a true true and and fair fair view view in in accordance accordance with with Generally Generally Accepted Accepted Accounting Accounting Practice Practice effective effective for for reporting reporting periods periods beginning beginning on on or or after after 1 1 January January 2015. 2015.
- I | have have completed completed my my examination. examination. I | confirm confirm that that no no matters matters have have come come to to my my attention attention in in connection connection with with the the
- examination examination giving giving me me cause cause to to believe believe that that in in any any material material respect: respect: 1 1 accounting accounting records records were were not not kept kept in in respect respect of of the the charity charity as as required required by by section section 130 130 of of the the 2011 2011 Act; Act; or or 2 2 __ the the financial financial statements statements do do not not accord accord with with those those records; records; or or 3 3. the the financial financial! statements statements do do not not comply comply with with the the applicable applicable requirements requirements concerning concerning the the form form and and content content of of accounts accounts set set out out in in the the Charities Charities (Accounts (Accounts and and Reports) Reports) Regulations Regulations 2008 2008 other other than than any any requirement requirement that that the the accounts accounts give give a a true true and and fair fair view view which which is is not not a a matter matter considered considered as as part part of of an an independent independent examination. examination.
- 4 4 the the financial financial statements statements have have not not been been prepared prepared in in accordance accordance with with the the methods methods and and principles principles of of the the Statement Statement of of Recommended Recommended Practice Practice for for accounting accounting and and reporting reporting by by charities charities applicable applicable to to charities charities preparing preparing their their accounts accounts in in accordance accordance with with the the Financial Financial Reporting Reporting Standard Standard applicable applicable in in the the UK UK and and Republic Republic of of Ireland Ireland (FRS (FRS 102). 102).
I | have have no no concerns concerns and and have have come come across across no no other other matters matters in in connection connection with with the the examination examination to to which which attention attention should should be be drawn drawn in in this this report report in in order order to to enable enable a a proper proper understanding understanding of of the the financial financial statements statements to to be be reached. reached.
Stuart Stuart Christy Christy FCA FCA **Azets** Azets Statutory Statutory Auditors Auditors and and Accountants Accountants 93 93 High High Street Street Evesham Evesham
Worcestershire Worcestershire WR11 WR11 4DU 4DU United United Kingdom Kingdom Dated Dated: 29[08[2.024
-5-5-
## **VALE OF EVESHAM CHRISTIAN CENTRE**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**Unrestricted Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**designated**
**2024**
**2024**
**2024**
**Notes**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
81,691
-
510
Charitable activities
**4**
1,035
-
-
Other trading activities
**5**
50
-
-
Investments
**6**
20,885
-
-
Other income
**7**
620
-
353
**Total income**
104,281
-
863
**Expenditure on:**
Raising funds
**8**
671
-
-
Charitable activities
**9**
80,504
-
2,276
Other
**12**
-
-
-
**Total expenditure**
81,175
-
2,276
Net gains/(losses) on investments
**13**
-
53,751
-|**Total**
**Unrestricted Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**designated**
**2024**
**2023**
**2023**
**2023**
**£**
**£**
**£**
**£**
82,201
38,406
-
8,129
1,035
4,140
-
-
50
150
-
-
20,885
13,591
-
-
973
88
-
-
105,144
56,375
-
8,129
671
855
-
-
82,780
40,197
-
2,865
-
88
-
-
83,451
41,140
-
2,865
53,751
-
-
-|**Total**
**2023**
**£**
46,535
4,140
150
13,591
88|
|---|---|---|
|||64,504|
|||855|
|||43,062|
|||88|
|||44,005|
|||-|
- 6 -
## **VALE OF EVESHAM CHRISTIAN CENTRE**
## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**Unrestricted Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**designated**
**2024**
**2024**
**2024**
**Notes**
**£**
**£**
**£**
**Net income/(expenditure) for the year/**
**Net movement in funds**
23,106
53,751
(1,413)
Fund balances at 1 April 2023
304,154
548,000
12,943
**Fund balances at 31 March 2024**
327,260
601,751
11,530|**Total**
**Unrestricted Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**designated**
**2024**
**2023**
**2023**
**2023**
**£**
**£**
**£**
**£**
75,444
15,235
-
5,264
865,097
288,919
548,000
7,679
940,541
304,154
548,000
12,943|**Total**
**2023**
**£**
20,499
844,598|
|---|---|---|
|||865,097|
The statement of financial activities includes all gains and losses recognised in the year.
- 7 -
## **VALE** VALE **OF** OF **EVESHAM** EVESHAM **CHRISTIAN** CHRISTIAN CENTRE **CENTRE**
## **BALANCE** BALANCE **SHEET** SHEET _**AS**_ AS AT _**AT**_ 31 _**31 MARCH**_ MARCH _**2024**_ 2024
||||**2024**
2024||**2023**
2023||
|---|---|---|---|---|---|---|
||**Notes**
Notes|£
£||£
£|**£**
£|**£**
£|
|Fixed assets
Fixed assets|||||||
|Tangible assets
Tangible assets|**15**
15|||374,077
374,077||371,518
371,518|
|Investment property
Investment property|**16**
16|||240,000
240,000||183,000
183,000|
|Investments
Investments|**17**
17|||200,911
200,911||180,000
180,000|
|||||814,988
814,988||734,518
734,518|
|**Current assets**
Current assets|||||||
|Debtors
Debtors|**18**
18|7,367
7,367|||6,327
6,327||
|Cash at bank and in hand
Cash at bank and in hand||119,874
119,874|||126,995
126,995||
|||127,241
127,241|||133,322
133,322||
|**Creditors: amounts falling due within**
Creditors: amounts falling due within|||||||
|**one year**
one year|**19**
19|(1,688)
(1,688)|||(2,743)
(2,743)||
|Net current assets
Net current assets||||125,553
125,553||130,579
130,579|
|**Total assets less current liabilities**
Total assets less current liabilities||||940,541
940,541||865,097
865,097|
|**Income funds**
Income funds|||||||
|Restricted funds
Restricted funds||||11,530
11,530||12,943
12,943|
|Unrestricted funds - desiqnated
Unrestricted funds - designated|||||||
|General fund
General fund||-
co|||-
-||
|Revaluation reserve
Revaluation reserve||601,751
601,751|||548,000
548,000||
|||||601,751
601,751||548,000
548,000|
|Unrestricted funds - general
Unrestricted funds - general||||327,260
327,260||304,154
304,154|
|||||940,541
940,541||865,097
865,097|
> The The financial financial statements statements were were approved approved by by the the Trustees Trustees on on 21 AVE 202¢
_....._ S S A A Wilderspin Wilderspin MS M S Hewitt Hewitt **Trustee** Trustee **Trustee** Trustee
-8-8-
## **VALE OF EVESHAM CHRISTIAN CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies**
## **Charity information**
Vale of Evesham Christian Centre is a Charitable Incorporated Organisation (CIO) with charity registration number 1168068. The charity's principal address is Vale of Evesham Christian Centre, Bewdley Street, Evesham, Worcestershire, WR11 4AD.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's constitution, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities 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 amounts 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 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.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 Income**
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.
- 9 -
## **VALE OF EVESHAM CHRISTIAN CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies**
**(Continued)**
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.
## **1.5 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 single 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 are allocated on the portion of the asset’s use.
## **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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings held at valuation - not depreciated Fixtures, fittings and equipment 10% - 20% straight line
Freehold land is not depreciated.
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 Investment property**
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
## **1.8 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
## **1.9 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).
## **1.10 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.
- 10 -
## **VALE OF EVESHAM CHRISTIAN CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.11 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.
## _**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 payments 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.
## **1.12 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **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.
- 11 -
## **VALE OF EVESHAM CHRISTIAN CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **3 Donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**general**
**2024**
**2024**
**£**
**£**
Donations and gifts
72,942
480
Gift Aid
5,499
30
Other
3,250
-
81,691
510
**Charitable activities**
Hire of Church premises (regular)|**Total**
Unrestricted
Restricted
Total
funds
funds
general
**2024**
2023
2023
2023
**£**
£
£
£
73,422
32,178
8,106
40,284
5,529
5,368
23
5,391
3,250
860
-
860
82,201
38,406
8,129
46,535
**Hire of**
**Church**
**premises**
**(regular)**
**Hire of**
**Church**
**premises**
**(regular)**
**2024**
**2023**
**£**
**£**
1,035
4,140|Total
2023
£
40,284
5,391
860|
|---|---|---|
|||46,535|
## **4 Charitable activities**
## **5 Other trading activities**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**general**|**general**|
||**2024**|**2023**|
||**£**|**£**|
|Trading activity income: other|50|150|
## **6 Investments**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**general**|**general**|
||**2024**|**2023**|
||**£**|**£**|
|Rental income|9,600|9,180|
|Interest receivable|11,285|4,411|
||20,885|13,591|
- 12 -
## **VALE OF EVESHAM CHRISTIAN CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **7 Other income**
||**Unrestricted**|**Restricted**|**Total **|**Unrestricted**|
|---|---|---|---|---|
||**funds**|**funds**||**funds**|
||**general**|||**general**|
||**2024**|**2024**|**2024**|**2023**|
||**£**|**£**|**£**|**£**|
|Other income|620|353|973|88|
**8 Raising funds**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**general**|**general**|
||**2024**|**2023**|
||**£**|**£**|
|Fundraising and publicity|||
|Other fundraising costs|51|705|
|Trading costs|||
|Other trading activities|620|150|
||671|855|
## **9 Charitable activities**
|Depreciation and impairment
Advancement of Christian faith
Assisting persons in need
Advancing education/other charitable purposes
**Analysis by fund**
Unrestricted funds - general
Restricted funds|**2024**
**£**
2,265
63,010
10,475
7,030
82,780
82,780
80,504
2,276
82,780|**2023**
**£**
1,630
32,662
7,165
1,605|
|---|---|---|
|||43,062|
|||43,062|
|||40,197
2,865|
|||43,062|
- 13 -
## **VALE OF EVESHAM CHRISTIAN CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **10 Trustees**
Four trustees were reimbursed for expenditure incurred on behalf of the charity. The only trustee to be paid travel expenses this year was Neville Green, amounting to £521, who has been employed as the charity's pastor since 1 March 2023. Travel expenses of £625 were paid to trustees in the previous year, in connection with their involvement with voluntary activities, not in connection with trustee duties. There were no payments for travel between home and place of employment.
The charity is renting a property for the use of Neville Green and his wife. During the year, total payments of £19,060 were made for rent, council tax, water and broadband costs, also mobile phone contract costs of £206. Other payments for Neville Green were salary £25,000 and pension contributions £930.
## **11 Employees**
The average monthly number of employees during the year was:
||The average monthly number of employees during the year was:|||
|---|---|---|---|
|||**2024**|**2023**|
|||**Number**|**Number**|
|||1|1|
||There were no employees whose annual remuneration was more than £60,000.|||
|**12**|**Other**|||
|||**Total**|Unrestricted|
||||funds|
|||**£**|general|
|||**2024**|2023|
||Other expenditure|-|88|
|**13**|**Net gains/(losses) on investments**|||
|||**Unrestricted**|**Total**|
|||**funds**||
|||**designated**||
|||**2024**|**2023**|
|||**£**|**£**|
||Revaluation of investment properties|53,751|-|
## **14 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
- 14 -
## **VALE OF EVESHAM CHRISTIAN CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **15 Tangible fixed assets**
|**Freehold land**
**and buildings**
**Fixtures,**
**fittings and**
**equipment**
**£**
**£**
**Cost or valuation**
At 1 April 2023
365,000
8,148
Additions
-
4,823
At 31 March 2024
365,000
12,971
**Depreciation and impairment**
At 1 April 2023
-
1,630
Depreciation charged in the year
-
2,264
At 31 March 2024
-
3,894
**Carrying amount**
At 31 March 2024
365,000
9,077
At 31 March 2023
365,000
6,518|**Total**
**£**
373,148
4,823|
|---|---|
||377,971|
||1,630
2,264|
||3,894|
||374,077|
||371,518|
The freehold building (the church) was valued at £365,000 in March 2013 by Timothy Lea & Griffiths, Evesham and this is the one-off revalued amount that was used on transition to SORP FRS 102 in 2015 and also the deemed cost going forward. The trustees consider this valuation to remain appropriate at the balance sheet date.
## **16 Investment property**
|**Fair value**
At 1 April 2023
Additions through external acquisition
Net gains or losses through fair value adjustments
At 31 March 2024|**2024**
**£**
183,000
3,249
53,751|
|---|---|
||240,000|
The investment property was valued at £240,000 by Mark Treadwell MRICS of Sheldon Bosley Knight on 23 April 2024. The trustees consider this valuation to be appropriate at the balance sheet date.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Cost|3,249|-|
- 15 -
## **VALE OF EVESHAM CHRISTIAN CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**16**
**Investment property**
The carrying value of investment property at the balance sheet date is as follows:
Freehold
**17**
**Fixed asset investments**
**Cost or valuation**
At 1 April 2023
Additions
At 31 March 2024
**Carrying amount**
At 31 March 2024
At 31 March 2023
**18**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Prepayments and accrued income
**19**
**Creditors: amounts falling due within one year**
Other creditors
Accruals and deferred income|**(Continued)**
**2024**
**2023**
**£**
**£**
240,000
183,000
**Unlisted**
**investments**
**£**
180,000
20,911
200,911
200,911
180,000
**2024**
**2023**
**£**
**£**
-
1,331
7,367
4,996
7,367
6,327
**2024**
**2023**
**£**
**£**
184
662
1,504
2,081
1,688
2,743|
|---|---|
- 16 -
## **VALE OF EVESHAM CHRISTIAN CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**20**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Fair value**
**reserve**
**Restricted**
**funds**
**2024**
**2024**
**2024**
**£**
**£**
**£**
Fund balances at 31 March 2024 are represented
by:
Tangible assets
4,506
365,000
4,571
Investment properties
3,249
236,751
-
Investments
200,911
-
-
Current assets/(liabilities)
118,594
-
6,959
327,260
601,751
11,530|**Total Unrestricted**
**funds**
**Fair value**
**reserve**
**Restricted**
**funds**
**2024**
**2023**
**2023**
**2023**
**£**
**£**
**£**
**£**
374,077
423
365,000
6,095
240,000
-
183,000
-
200,911
180,000
-
-
125,553
123,731
-
6,848
940,541
304,154
548,000
12,943|**Total**
**2023**
**£**
371,518
183,000
180,000
130,579|
|---|---|---|
|||865,097|
- 17 -
## **VALE OF EVESHAM CHRISTIAN CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **21 Related party transactions**
Three trustees of Vale of Evesham Christian Centre (VECC) are also trustees of Caring Hands in the Vale (Caring Hands). Caring Hands shared the premises of VECC in previous years but this year, following the move of its operations to its own premises The Lighthouse , only the office has been shared. Following a decision by the non-conflicted VECC trustees no rent has been charged to Caring Hands since June 2023. The amount of rent charged in the year was £1,035 (2023: £4,140). The non-conflicted trustees also decided to increase VECC's monthly donation to Caring Hands from £760 to £800. The total amount paid in the year was £9,440 (2023: £9,120) and this is in furtherance of one of VECC's aims which is 'to assist and relieve persons who are in conditions of need, hardship or distress or who are sick or in poor health'.
A fourth trustee of VECC, Diane Bennett, is employed full-time by Caring Hands and is also available to assist with VECC's operations and activities on a voluntary basis. The office at VECC is used by Diane for both roles.
Caring Hands paid £70 (2023: £70) for operating expenses on behalf of VECC and this was reimbursed by VECC to Caring Hands.
VECC received payments totalling £620 (2023: £438) intended for Caring Hands and this was passed on to Caring Hands during the year.
- 18 -