2021-03-31-accounts - Life Christian Centre

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LIFE CHRISTIAN	CENTRE	ANNUAL
		CONTENTS
			a e
Charity Inform atio n
Trustees' Report
Independent Examiner's	Report
Accountants' Report
Income & Expenditure	Statement		10
Financial Position Statement
Notes to the Accounts			13
Detailed Financial Statement			20

he costs outAow	structure in the year are summarised	as follows:
		2021	2020
Administrative	Expenses		12,794
Administration:	Salaries 8 Wages
Charity Activities		9,437	20,889
Governance Costs		2,020
			f32,282

		2021	2020
		E
Incoming Resources		16,603	43,671
Fund Raising Costs
Gross Income		16,603	43,671
Administrative Expenses		3,320	10,293
Administration: Salaries g Wages
Direct Charity Activities		10,023	20,889
Governance Costs		2,020
Total Resources Expended		15„363	32,282
Net Fund IVtovement serves	Transferred to Re-	1,240	11,389

					31st March.	31st March
					2021	2020
				Notes
FIXEDASSETS
Buildings					28,036	21771
Computers					982	1,309
Equipment					1,376	1,834
Music Equipment					1,542	2,086
Office Furniture
						27,089
CURRENT ASSETS
Bank					6,934	9,995
Debtors					6,190	6,235
Savings					3,129	3,129
					16,253	19,359
LIABILITIES
Creditors					1,735	1,145
Net Current	Assets					45,303
RESERVES
Unrestricted		income Funds
Retained		Surplus				45,303
Restricted	Funds
Special	Projects/Building		Fund
TOTAL CHARITY FUNDS					46,543	45,303

These are included in the	These are included in the	Statement of Financial Activities (SoFA) when.	Statement of Financial Activities (SoFA) when.
~	the charity becomes	entitled to the resources;
~	it is more likely than	not	that the trustees will receive the resources;
~	the monetary value	can	be measured with sufficient reliability.
There has been no offsetting			of assets and liabilities, or income and expenses,	un-
less	required or permitted	by	the FRS 102SORP or FRS 102.

Grants and donations are only included in the SoFAwhen the general income recog-
nition criteria are met (5.10to 5.12 FRS'I02 SORP).
In the case of performance related grants, income must only be recognised to the
extent that the charity has provided the specified goods or services as entitlement to the grant only occurs when the performance related conditions are met (5.16 FRS
102SORP).

Legacies				Legacies are included in the SOFA when receipt is probable, that is, when there
				has been grant of probate, the executors have established that there are sufficient
				assets in the estate and any conditions attached to the legacy are either within the
				control ofthe charity or have been met.
Government		grants		The charity has received government grants in the reporting period
Tax reclaims		on	dona-	Gift Aid receivable is included in income when there is a valid declaration from the
tions and	gifts			donor. Any Gift Aid amount recovered on a donation is considered to be part of
				that gift and is treated as an addition to the same fund as the initial donation unless
				the donor or the terms of the appeal have specified otherwise.
Contractual		income		This is only included in the SoFA once the charity has provided the related goods
and performance			re-	or services or met the performance related conditions.
lated grants
Donated	goods			Donated goods are measured at fair value (the amount for which the asset could	be
				exchanged) unless impractical to do so.
				The cost ofany stock ofgoods donated for distribution to beneficiaries is deemed	to
				be the fair value ofthose gifts at the time oftheir receipt and they are recognised	on
				receipt. In the reporting period in which the stocks are distributed, they are recog-
				nised as an expense at the carrying amount ofthe stocks at distribution.
				Donated goods for resale are measured at fair va1ue on initia1 recognition, which	is
				the expected proceeds from sale less the expected costs ofsale, and recognised	in
				'Income from other trading activities' with the corresponding stock recognised in the
				balance sheet. On its sale the value of stock is charged against 'Income from other
				trading activities' and the proceeds from sale are also recognised as 'Income from
				other trading activities'.
				Goods donated for on-going use by the charity are recognised as tangible fixed as-
				sets and included in the SoFA as incoming resources when receivable.
				Gifts in kind for use by the charity are included in the SoFA as income from donations
				when receivable.
hnnetnA	ccnsawnc		end
facilities				Donated services and facilities are included in the SOFA when received at the value ofthe gift to the charity provided the value ofthe gift can be measured reliably.
				Donated services and facilities that are consumed immediately are recognised	as
				income with an equivalent amount recognised as an expense under the appropriate
				heading in the SOFA.
Supportcosts				The charity has incurred expenditure on support costs.

Volunteer help	The value of any voluntary help received is not included in the accounts but is de-
	scribed in the trustees' annual report.
Income from interest,	This is included in the accounts when receipt is probable and the amount receivable
royalties and dividends	can be measured reliably.
Income from member-	Membership subscriptions received in the nature of a gift are recognised in Dona-
ship subscriptions	tions and Legacies.
	Membership subscriptions which gives a member the right to buy services or other
	benefits are recognised as income earned from the provision ofgoods and services
	as income f'rom charitable activities.
Settlement of insur-	Insurance claims are only included in the SoFA when the general income recogni-
ance claims	tion crifena are met (5.I0to 5.I2 PRS'I02 SORP) and are included as an item of
	other income in the SoFA.
Investment gains and	This includes any realised or unrealised gains or losses on the sale of investments
losses	and any gain or loss resulting from revaluing investments to market value at the
	end of the year.
3.2 EXPENDITURE AND	LIABILITIES
Llaull lty f eL"Ugll ltlOI'1	LlaUIIIIlee dle 1eovgl fleeU wl lefe IL ls 11lvle likely Lfldll llvl Llldl Lffefd ls d If Lldl vl Cvfl" structive obligation committing the charity to pay out resources and the amount of
	the obligation can be measured with reasonable certainty.
Governance and sup-	Support costs have been allocated between governance costs and other support.
port costs	Governance costs comprise ail costs involving public accountability of the charity and its compliance with regulation and good practice.
	Support costs include central functions and have been allocated to activity cost cat-
	egories on a basis consistent with the use of resources, e.g. allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by
	their usage.
Grants with perfor- mance conditions	Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the
	SoFA once the recipient of the grant has provided the specified service or output.
Grants payable without performance condi-	Where there are no conditions attaching to the grant that enables the donor charity to realistically avoid the commitment, a liability for the full funding obligation must
tions	be recognised.
Redundancy cost	The charity made no redundancy payments during the reporting period.
Deferred income	No material item ofdeferred income has been included in the accounts.
Creditors	The charity has creditors which are measured at settlement amounts less any trade
	discounts

Provisions		for	iiabili-	A liability is measured on recognition at its historicai	A liability is measured on recognition at its historicai	cost and	then subsequently	then subsequently	then subsequently	then subsequently
ties				measured at the best estimate of the amount required		to settle the obligation		at		the
				rspnrtino Ckta
Basic financial			instru-	The charity accounts for basic financial instruments on		initial recognition as per par-
ments				agraph 10.7 FRS102SORP. Subsequent	measurement	is as per paragraphs			11.17
				to 11.19, FRS102SORP
3.3ASSETS
Tangible for use by	fixed charity		assets	These are capitalised if they can be used for more than irised		one year,	and cost at	least
				They are valued at cost.
				Thc denrer iation rate c anrl methnrls	arc ac fnllnws
				Land 8 buildings	2%
				Plant & machinery	25%
				Motor vehicles	25%
				Fixtures &fittings	25%
				Computer equipment-----	50%
Intangible		fixed assets		The charity has no intangible fixed assets,	that is, non-monetary		assets that	do		not
				have physical substance but are identifiable	and are controlled by		the charity through
				custody or legal rights.
				They are valued at cost.
Investments
				Fixed asset investments in quoted shares, traded bonds		and similar investments				are
				valued at initially at cost and subsequently	at fair value (their market value)			at		the
				year end. The same treatment is applied	to unlisted investments		unless fair		value
				cannot be measured reliably in which case	it is measured at cost		less impairment.
				Investments held for resale or pending their	sale and cash and cash equivalents				with
				a maturity date of less than 1 year are treated as current asset investments
Stocks and		work	in pro-	Stocks held for sale as part ofnon-charitable	trade are measured		at the lower ofcost
gress				or net realisable vaalue.
				Goods or services provided as part ofa charitable activity are measured at net					real-
				isable value based on the service potential	provided by	items ofstock.
				Work in progress is valued at cost less any	foreseeable	loss that is likely to occur				on
				the contract.
Debtors				Debtors (including trade debtors and loans	receivable) are measured on initial			recog-
				nition at settlement amount after any trade discounts		or amount	advanced	by		the
				charity. Subsequently, they are measured	at the cash or other		consideration			ex-
				pected to be received.

		They are valued	at fair value except where	at fair value except where
		ments.
4. INCOMING	RESOURCES		2021	2020
Gift Aid			0	9,298
Interest			0	5
Offering			0	4,619
Other			345	1,604
Room Hire			495	3,145
Special Prniects		Funding	150	1,065
Sunday School		Special Offering	0	60
Tithes		15,613		23,875
Total		16,603		43,6?1

5.ADMINISTRATION	5.ADMINISTRATION	2021	2020
TURE
Cleaning Costs			1,572
Electricity and Gas		602	?91.
Light g Heating			1,056
Special Occasion Expenses			50
Other		1,569	6„824
TOTAL		3,3Z0	10,293
6.SALARIES L ALLOWANCES		2021	2020
Salaries wages 8	Allowances		900
Sociai security costs
Pension costs
Other Employee	benefits
Total staff costs			900

7.Cltari	Activities	2021	2020
Conference	Costs	43	855
Council Collections		0	252
Compassion	Assist	586	2,501
Fuel Costs		0	453
Honorarium		0	2,390
Interest Charges		0	1
Internet &	Telephone	211	288
Light & Heating		605	792
Rents		7,800	8,190
Repairs & Maint		180	579
Software		144	199
Teas &Entertainment			466
Travel Exp			18
Other			3,905
TOTAL		10,023	20,889

	land and Buildings	Computers	Fixtures and Fittings	Qlce/Music Equipment
At01.04.2020		1,309			27,088
Additions	6,700				6,700
Dis osals	0	0			0
At31.03.2021	28,471	1,309	1,834	2,174	33,788
At01.01.2020
Charge forthe
year
On disposais
	435		458		1,764
t kVau
At31.03.2021	28,036		1,376	1,630	32,024

9.Bank	2021	2020
Lul rent Account	6,934
Savings Account	3,129	3,129
	M,OH	13,124

10.Debtors
Other
Gift Aid*	6,190
	6,235

Other		310
Service	Provider*	835
		1,145

INCOMING RESOURCES	INCOMING RESOURCES	INCOMING RESOURCES		2021	2020
Gift Aid				0	9,298
Offering				0	4,619
Other				345	1,669
Room Hire				495	3,145
Special Projects	Funding			150	1,065
Tithes				15,613	23,875
Total				16,603	43,671
EXPENDITURE
Auditing Costs				250	200
Bad Debts Written	Off				950
Cleaning Costs					1,572
Compassion Assist					2„501
Conference Costs					855
Council Collections					252
Depreciation				1,764	2,217
Electricity and Gas				602	798
I uel Costs
Gardening				104
Honorarium					2,390
Insurance
Internet &Telephone					576
Licences
Light &Heating				807	1,056
Pastor Allowance					3,600
Rents				7,800	8,190
Repairs g Maint				180	579
Software					199
Other					129
Teas & Entertainment					466
Training & Seminar	Costs			1,034
Water				540	1,035
Write offs					4,107
Yn&ah Articats
TOTAL RESOURCES	EXPENDED				32,282
Net Fund Movement		Transferred	to Reserves	1,240	11,389