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2020-12-31-accounts

Charity Registration No. 1174702

HOPE CHURCH TONBRIDGE

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

HOPE CHURCH TONBRIDGE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Sarah Mosedale
Tim Bower
Lesley Bower
Steve Thurgood
Tom Horner
Paul Clark (Appointed 16 July 2020)
Malcolm Harris (Appointed 16 July 2020)
Charity number 1174702
Independent examiner Nigel Hewson FCA DChA
Hewsons
Chartered Accountants
80 Woodhurst Avenue
Orpington
Kent
BR5 1AT
Bankers CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Solicitors Ellis-Feror & Negus
2 Devonshire Avenue
Beeston
Nottingham
NG9 1BS

HOPE CHURCH TONBRIDGE

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Statement of cash flows 7
Notes to the financial statements 8 - 17

HOPE CHURCH TONBRIDGE

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report and financial statements for the year ended 31 December 2020.

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 dated 19 August 2017 , 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 charity's objects are :

  1. To advance the Christian faith in accordance with the Statement of Beliefs principally in Tonbridge Kent but also in such other parts of the United Kingdom or the world as the charity trustees may from time to time think fit and to fulfil such other purposes which are exclusively charitable according to the law of England and Wales and are connected with the charitable work of the CIO.

  2. To relieve sickness and financial hardship and to promote and preserve good health by the provision of funds, goods or services of any kind, including through the provision of counselling and support in such parts of the United Kingdom or the world as the charity trustees from time to time may think fit.

Success is being able to meet our charitable objectives.

The year to 31 December 2020 was severely impacted by Covid-19, however obtaining ownership of the building in Douglas Road, together with the refurbishment, which continued into 2021, provides an excellent base for reaching out into our local community.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on Public Benefit when reviewing their aims and objectives and in planning the future activities of the charity. In particular, the trustees ensure that activities contribute to the aims and objectives they have set.

We will make grants, which are funded either internally or externally, which support our objectives. An

example in the year was the Christmas voucher project.

The trustees are very grateful to multiple volunteers, whose work has made the operation of the church possible during lockdown. Particular thanks goes to those who have tirelessly given their time to the building refurbishment.

Achievements and performance

Hope Church Tonbridge (HCT) continued to meet at the Tonbridge Evangelical Free Church (TEFC) in Douglas Road until the pandemic began in March 2020. We then moved our services online, initially via Zoom and then soon afterwards they were pre-recorded and put on our YouTube channel. After the service we would gather as a church for a virtual coffee and catch up via Zoom.

Our children’s work also continued online via YouTube together with activity sheets posted out on our HCT WhatsApp group beforehand, this has been excellent.

Alongside this, negotiation continued with TEFC regarding HCT taking over TEFC and its premises. We hired a solicitor to engage in negotiations for us and the final legalities were completed on 18 November 2020. This is really exciting news for us as a church, as we can now begin to plan to hold events, projects and outreach into the local community, using the building as our base.

The Senior Leadership team and trustees agreed that the building in Douglas Road needed to be updated and refurbished and in May 2020 we held a special offering and raised approximately £27,000 including gift aid.

HOPE CHURCH TONBRIDGE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Our plans included

In March 2021 we held a further gift day for the building. The funds raised were enough to complete the works in July 2021.

Over the last year HCT has continued to grow numerically, with several people joining us from another local church, others joining after doing Alpha and others moving into the area.

On 20 December 2020 we held our Christmas services via YouTube. In the morning we ran our Family Service for adults and children alike and in the evening, we held our traditional carol service, both of which were a success.

We also ran a project in liaison with Sure Start to provide vouchers for needy families so they could buy Christmas presents for children and adults. We funded this from a grant from M&S Electrical Services Limited for £2,000 and also financial donations from members of HCT.

From March 2020 we started midweek Connect groups, the main aim of these was to provide a place where people could meet and provided a scenario whereby, we could ensure that people were pastored during the pandemic season. These have proved highly efficient and successful.

At the end of 2020 our Hope Baby Project Leader stepped down and a new leader took on the role who is very enthusiastic about growing the project. We are currently applying for funding for HBP.

In 2020 we were successful in our application for funding to establish a Seniors project commencing in January 2021. This project is for people over 60 and its aim is to address loneliness and isolation and to provide friendship and fun to those that attend.

HCT also hosted 2 virtual quiz nights in 2020 which were very successful.

HCT continues to be affiliated to Catalyst, which is a New Frontiers sphere. We have attended various virtual leadership events and Richard Wightman provides Apostolic oversight for HCT.

HCT also work in liaison with the other churches in Tonbridge. (TACT) and donated £1,273 to the Tonbridge Baptist Church food bank.

Financial review

The trustees are pleased to report an unrestricted fund surplus of £543,799. This largely arises from the generous gift of the church premises referred to earlier which have been valued at £500,000. Fund balances are shown in the statement of financial activities and more detail shown in the notes to the accounts.

The Board of Trustees has established a policy of holding at least three months expenditure in unrestricted net current assets (equivalent to approximately £25,000 based on current projections). At 31 December 2020 unrestricted net current assets were £59,289 which exceeded this as we were saving money to redevelop the building at 34 Douglas Road. This was achieved in 2021.

Risk Management

The trustees actively review the major risks which the charity might face, in particular those relating to governance, reputation, operations and finance. The charity reviews its insurance annually, including the type of cover and overall levels of cover.

HOPE CHURCH TONBRIDGE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees put great emphasis on the active monitoring of its financial risks, including maintaining liquid funds to settle debts as they fall due. This has been managed closely during the building refurbishment project. Maintaining free reserves at the levels referred to above is key to our financial management.

As we return to live services and to the undertaking of activities during the week, our key risks are the health and safety of attenders and participants. Key to this are our safeguarding controls over those adults who lead events involving children or vulnerable adults.

Future Plans

Our future plans revolve around being able to open up our building, which we are hopeful can take place in early September 2021. This will permit us to hold public services on a Sunday together with events during the week, including those put on by local organisations.

Structure, governance and management

The charity is a charitable incorporated organisation.

The trustees who served during the year and up to the date of signature of the financial statements were: Sarah Mosedale

Tim Bower Lesley Bower Steve Thurgood Tom Horner Grace Onasanya (Resigned 25 January 2021) Philip Grainger (Resigned 24 April 2020) Paul Clark (Appointed 16 July 2020) Malcolm Harris (Appointed 16 July 2020)

Trustees are appointed by existing trustees.

Trustees meet as often as required to further the work of the charity; this is usually on a quarterly basis although has been monthly during the building programme in 2021.

Reference and administrative information is provided on the page following the cover sheet.

The trustees' r eport was approved by the Board of Trustees.

Tim Bower

Trustee Dated: 24 August 2021

HOPE CHURCH TONBRIDGE

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HOPE CHURCH TONBRIDGE

I report to the trustees on my examination of the financial statements of Hope Church Tonbridge (the charity) for the year ended 31 December 2020.

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

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

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.

Nigel Hewson FCA DChA

Hewsons Chartered Accountants 80 Woodhurst Avenue Orpington Kent BR5 1AT

Dated: 25 August 2021

HOPE CHURCH TONBRIDGE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted
Restricted
funds
funds
2020
2020
Notes
£
£
Income from:
Donations and legacies
3
625,486
10,278
Charitable activities
4
-
-
Investments
5
10
-
Total income
625,496
10,278
Expenditure on:
Charitable activities
6
81,697
10,807
Net income/(expenditure)
for the year/
Net movement in funds
543,799
(529)
Fund balances at 1
January 2020
25,748
5,335
Fund balances at 31
December 2020
569,547
4,806		 TotalUnrestricted
Restricted
funds
funds
2020
2019
2019
£
£
£
635,764
54,450
5,971
-
30
-
10
18
-
635,774
54,498
5,971
92,504
53,537
5,135
543,270
961
836
31,083
24,787
4,499
574,353
25,748
5,335		 Total
2019
£
60,421
30
18
60,469
58,672
1,797
29,286
31,083

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

HOPE CHURCH TONBRIDGE

BALANCE SHEET

AS AT 31 DECEMBER 2020

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
Income funds
Restricted funds
14
Unrestricted funds
Designated funds
15
General unrestricted funds		 2020
£
3,700
75,729
79,429
(15,334)
519,078
50,469		 £
510,258
64,095
574,353
4,806
569,547
574,353		 2019
£
1,290
33,694
34,984
(4,701)
500
25,248		 £
800
30,283
31,083
5,335
25,748
31,083

The financial statements were approved by the Trustees on 24 August 2021

Paul Clark Trustee

HOPE CHURCH TONBRIDGE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

2020
Notes
£
£
Cash flows from operating activities
Cash generated from operations
18
58,760
Investing activities
Purchase of tangible fixed assets
(16,735)
Interest received
10
Net cash (used in)/generated from
investing activities
(16,725)
Net cash used in financing activities
-
Net increase in cash and cash equivalents
42,035
Cash and cash equivalents at beginning of year
33,694
Cash and cash equivalents at end of year
75,729		 2019
£
-
18		 £
3,246
18
-
3,264
30,430
33,694

HOPE CHURCH TONBRIDGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

Hope Church Tonbridge is a charitable incorporated organisation.

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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

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 at least a further 12 months .

This assessment has been made taking into account the impact of the Covid 19 pandemic and that assessment of the trustees is that the pandemic has not had a significant impact on finances and is unlikely to for the 12 months from signing the accounts. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

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 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 is recognised at the time of the donation.

HOPE CHURCH TONBRIDGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

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.

In accordance with the Charities SORP (FRS 102), the general volunteer time of the many members of the church who provide support is not included in the financial statements , however, refer to the trustees’ annual report for more information about their contribution.

1.5 Expenditure

Expenditure is accounted for on an accruals basis and allocated to the appropriate heading in the accounts. Grants and donations payable are taken into account at the earlier of when they are paid or become legally enforceable.

Other than the normal commitments under contracts of employment there are no contractual or constructive obligations to future expenditure at the balance sheet date. Where the trustees h ave authorised expenditure which is not yet legally enforceable or become constructive obligations amounts are set aside into funds designated for the purpose.

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. Assets costing less than £500 are written off as an expense in the year in which the expenditure is incurred.

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 50 years buildings only Fixtures and fittings 4 years straight line

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 net income/(expenditure) for the year.

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 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.

HOPE CHURCH TONBRIDGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.10 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.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

Critical judgements

Donated goods and services

The most significant judgement, as set out in note 3 below, was the valuation of the land and building donation received.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2020
2020
£
£
Donations and gifts
108,835
9,698
Donated goods and
services
500,000
-
Tax recoverable
16,651
580
625,486
10,278		 TotalUnrestricted
Restricted
funds
funds
2020
2019
2019
£
£
£
118,533
48,518
5,947
500,000
-
-
17,231
5,932
24
635,764
54,450
5,971		 Total
2019
£
54,465
-
5,956
60,421

All income is from church activities.

During the year Tonbridge Evangelical Free Church gave its premises in Douglas Road, Tonbridge to the charity which is included in donated goods and services above. The land and buildings were valued by an independent architect,which the trustees believe to be a fair market value at the time of the gift. The valuation of £500,000 is consistent with the view of the trustees, based on local property market values.

HOPE CHURCH TONBRIDGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

4 Charitable activities

Church
activities
2019
£
Charitable activities and events 30
5 Investments
Unrestricted Unrestricted
funds funds
2020 2019
£ £
Interest receivable 10 18
6 Charitable activities
Church
Church
activities
activities
2020
2019
£
£
Staff costs 56,100
36,284
Depreciation and impairment 7,277
277
Premises costs 2,611
6,893
Ministry and outreach expenses 5,907
4,965
Expensed equipment 881
762
Other direct costs of activities 2,322
2,427
75,098
51,608
Grant funding of activities (see note 7) 6,649
1,545
Share of support costs (see note 8) 5,740
3,547
Share of governance costs (see note 8) 5,017
1,972
92,504
58,672
Analysis by fund
Unrestricted funds 81,697
53,537
Restricted funds 10,807
5,135
92,504
58,672

HOPE CHURCH TONBRIDGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

7 Grants payable

Grants to institutions:
Catalyst
TBC Food Bank
Other
Grants to individuals		 2020
£
650
1,259
920
2,829
3,820
6,649		 2019
£
1,400
-
44
1,444
101
1,545

Grants to individuals includes £3,373 to approximately 80 local children respect of the Christmas voucher project.

8 Support costs

Support
costs
Governance
costs
£
£
Administrative expenses
645
-
IT and communications
380
-
Bookkeeping and
administrative support
4,715
-
Independent examiner's
fees
-
2,940
Legal and professional
-
2,077
5,740
5,017
Analysed between
Charitable activities
5,740
5,017		 2020
Support
costs
Governance
costs
£
£
£
645
634
-
380
253
-
4,715
2,660
-
2,940
-
1,960
2,077
-
12
10,757
3,547
1,972
10,757
3,547
1,972		 2019
£
634
253
2,660
1,960
12
5,519
5,519

Governance costs includes amounts payable to the independent examiner of £ 1,380 (2019- £ 1,260 ) for independent examination fees , £1,380 (2019- £ 720 ) for accountancy and other services, and an under accrual of £180 (2019- £ 20 over accrual) from the previous year.

HOPE CHURCH TONBRIDGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

9 Trustees

In accordance with the governing document, during the year Tim Bower received remuneration for his pastoral services of £33,000 and pension contributions of £3,300 (2019- £16,256 and £1,711 respectively). Lesley Bower received remuneration for her pastoral services of £18,000 and pension contributions of £1,800 (2019- £16,256 and £1,889 respectively). Sarah Mosedale received project management fees of £990 (2019- £nil).

During the year two trustees were reimbursed travel and training expenses of £478 (2019- £511 for travel and training).

10 Employees

Number of employees

The average monthly number of employees during the year was:

2020 2019
Number Number
Pastoral 2 2
Employment costs 2020 2019
£ £
Wages and salaries 51,000 32,420
Other pension costs 5,100 3,864
56,100 36,284

There were no employees whose annual remuneration was £60,000 or more.

HOPE CHURCH TONBRIDGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

11 Tangible fixed assets

Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 1 January 2020
-
1,383
Additions
516,735
-
At 31 December 2020
516,735
1,383
Depreciation and impairment
At 1 January 2020
-
583
Depreciation charged in the year
7,000
277
At 31 December 2020
7,000
860
Carrying amount
At 31 December 2020
509,735
523
At 31 December 2019
-
800		 Total
£
1,383
516,735
518,118
583
7,277
7,860
510,258
800
Freehold land and buildings additions includes the £500,000 value of donated land and buildings
to in note 3 to the financial statements.
12
Debtors
2020
Amounts falling due within one year:
£
Other debtors
1,931
Prepayments and accrued income
1,769
3,700
13
Creditors: amounts falling due within one year
2020
£
Other creditors
11,792
Accruals and deferred income
3,542
15,334		 referred
2019
£
1,174
116
1,290
2019
£
2,489
2,212
4,701

HOPE CHURCH TONBRIDGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

14 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 Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 January 2019 resources expended
1		 January 2020 resources expended 31 December
2020
£ £ £ £ £ £ £
Hope Baby - 5,852 (636)
5,216		 89 (4,811)
494
Christmas
Relief - - - - 4,402 (3,373)
1,029
Seniors
Project - - - - 4,000 (1,081)
2,919
Tonbridge
Baptist
Church
Foodbank - - - - 1,273 (1,273)
-
Other
projects and
events 44 119 (44)
119		 514 (269)
364
Baby Basics 4,455 - (4,455)
-		 - - -
4,499 5,971 (5,135)
5,335		 10,278 (10,807)
4,806

Hope Baby is a fund that receives income restricted for use in providing essential equipment, clothing and toiletries for women and families in extreme need.

Christmas Relief is monies received to provide vouchers for local families in particular need over Christmas during the COVID crisis.

Seniors Project represents grant money received specifically to set up and run a local senior's club in the community.

Tonbridge Baptist Church Foodbank is income raised to support this foodbank.

Other projects and events represent restricted monies not forming another separate fund.

Baby Basics existed in 2019 for the same purposes as Hope Baby. The source funding was different however. When the funding for Baby Basics ran out the church continued with the same ministry but it was funded from a different source and called Hope Baby.

HOPE CHURCH TONBRIDGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

15 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement Movement in funds Movement in funds
in funds
Incoming
Balance at		 Incoming Resources Balance at
resources
1 January 2020		 resources expended 31 December
2020
£
£		 £ £ £
Building Fund -
-		 527,188 (8,110)
519,078
Catalyst 500
500		 1,000 (1,500)
-
500
500		 528,188 (9,610)
519,078

Building Fund monies represent the ownership of 34 Douglas Road, Tonbridge together with monies set aside for building projects.

Catalyst is monies set aside to support the work carried out by a number of churches who relate together under this name.

16 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2020
2020
£
£
Fund balances at 31
December 2020 are
represented by:
Tangible assets
510,258
-
Current assets/
(liabilities)
59,289
4,806
569,547
4,806		 TotalUnrestricted
funds
Restricted
funds
2020
2019
2019
£
£
£
510,258
800
-
64,095
24,948
5,335
574,353
25,748
5,335		 Total
2019
£
800
30,283
31,083

17 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2020 2019
£ £
Aggregate compensation 56,100 36,112

Transactions with related parties

During the year the charity donations of £51,081 (2019- £ 26,103) were received from trustees and related parties.

HOPE CHURCH TONBRIDGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

18
Cash generated from operations
2020
£
Surplus for the year
543,270
Adjustments for:
Investment income recognised in statement of financial activities
(10)
Donated goods and services
(500,000)
Depreciation and impairment of tangible fixed assets
7,277
Movements in working capital:
(Increase) in debtors
(2,410)
Increase in creditors
10,633
Cash generated from operations
58,760		 2019
£
1,797
(18)
-
277
(523)
1,713
3,246

19 Analysis of changes in net funds

The charity had no debt during the year.