CIO
Unaudited Financial Statements for the period 17 December 2019 to 31 December 2020 Charity number: 1187005
Jesus said “I am the way, the truth and the life.
No-one comes to the Father except through me”.
MOUNT PLEASANT BAPTIST CHURCH, SWANSEA
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner’s Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 13 |
MOUNT PLEASANT BAPTIST CHURCH, SWANSEA
REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 December 2020
The Trustees present their first report with the financial statements of the charity as a charitable incorporated organisation (CIO) for the first period ended 31 December 2020.
The Church’s Reference and administrative information set out on page 3 forms part of this report. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and the relevant version of the 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).
This report represents the first for the charity as a newly incorporated charitable organisation. The Trustees made the decision in 2019 to close the unincorporated association (a registered charity) and form a CIO under the same name, being registered with the Charity Commission as a CIO on 17 December 2019. This decision was driven primarily to benefit from the separate legal status afforded to a CIO and the limited legal liability for Trustees. This enables the charity to enter into contracts in its own name giving its Trustees and members generally limited or no liability for the charity’s debts.
OBJECTIVES AND ACTIVITIES
Mount Pleasant Baptist Church, Swansea seeks to continue the old and ancient work of every local church that has ever existed – sharing the good news of the forgiveness of sins through Jesus Christ to every person that lives nearby, following him together, bringing the grace and peace of the Living God to people’s lives, from infancy through to death.
We are currently approximately 200 members and have links with other churches across South Wales and the wider UK, who we partner with in prayer and with help as they share this good news in their neighbourhoods.
Our legal purpose is the advancement of the Christian faith in accordance with the basis of faith primarily but not exclusively within Swansea and the surrounding area; and other such charitable purposes as shall, in the opinion of the Trustees, further the work of the church.
We have a prominent site in the centre of the city which we seek to use fully to serve our local community with all the help God brings his church.
Staffing and volunteering
The church employs three full time staff and has seven staff overall. More than a hundred people regularly volunteer in a whole variety of capacities, without whom the work of the church simply could not happen. It is not possible to place a monetary value on the contributions made by volunteers nor are figures available that show how many hours of service they provide.
ACHIEVEMENTS AND PERFORMANCE
Activities during this unusual calendar period of lockdown have included worship services on Sundays, using the extensive site to safely accommodate anyone who wanted to attend in person as well as streaming the services for the public good. Weekly prayer meetings have been held online to pray for our city and neighbourhoods and people working across the area, as well as for our members.
The children and the wider church read through a book of the Bible together each month, sharing what God says about all the situations of life with one another, and in summer 2020 did a Gospel of Mark Project together sharing God’s word. People in the city listened to our pastor’s daily lockdown vlog, heard our choir’s virtual singing, and had the opportunity to tune in to weekly good news meetings which many did. We also lit up the Kingsway in December with investment in classic and warm tree light displays.
Other noteworthy items
The church is supporting a church plant in the neighbouring town of Neath called Soul Church and has provided pastoral support to people there throughout the period with the changing restrictions, as well as online services and meeting each week.
While many of the non-core activities of the church were not possible in person this year, each week many ways that God gives help to people were possible, legal and done: the reading of God’s word, public prayer, preaching, the provision of the Lord’s supper, soloists singing God’s praise, as well as regular and wideranging pastoral support for the church and local community.
Page 1
MOUNT PLEASANT BAPTIST CHURCH, SWANSEA
REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2020
ACHIEVEMENTS AND PERFORMANCE – (continued)
PUBLIC BENEFIT STATEMENT
The Trustees confirm that they have complied with the duty in the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. The Church provides public benefit principally in the provision of a Place of Worship, worship services, and in this pandemic year by streaming these services on the public platforms of YouTube and Facebook so that the widest range of people possible could benefit from all that God says and all the help he brings. The Church seeks to fulfil its charitable objectives in the advancement of Christianity and in supporting those in need.
FINANCIAL REVIEW
Going concern
The entire assets and liabilities of the charity were transferred from the original unincorporated association to the new charitable incorporated organisation (CIO) on 1[st] June 2020.
Having considered the consequences of Covid-19 and other events and conditions, the Trustees are confident that the charity will continue to meet its liabilities as they fall due and consider that there are no material uncertainties that impact on the going concern basis being used to prepare these financial statements.
The accounts comply with the current statutory requirements and the charity's governing documents.
With largely self-sustaining income, backed up by strong reserves, the Church aims to maximise its charitable expenditure whilst prudently managing its infrastructure. Total incoming resources for this first period of £148,962 consist of donations received of £121,257, associated tax refunds of £25,224 and other income of £2,481. A significant proportion of the total expenditure of £141,196 relates to employment costs of £70,992 and property repairs of £12,419 which are disclosed at note 3 to the accounts.
Income exceeded expenditure by £7,766 for the seven months to 31 December 2020.
Reserves policy
The Trustees have examined the level of reserves held at the period end in light of the main risks facing the organisation. A policy has been established to maintain free reserves sufficient to cover temporary short-falls in income. The trustees are aware of the need to accumulate sufficient reserves such that the Church can continue in operation during any short-term income shortfall.
The free reserves of a charity represent the funds that are freely available to spend. In calculating the free reserves, the Trustees have deducted from total funds any restricted or designated funds at the period end and the net book value of all tangible fixed assets as detailed in the accounts. This leaves a surplus of free reserves at 31 December 2020 of £31,257 which is deemed to be a sufficient level of reserves by Trustees. The total funds designated at the period end totalled £147,635. Further details of designated funds are provided on page 13, note 9.
The policy is reviewed by the Trustees on an ongoing basis.
Exceptional item - Repair costs
During the period £12,419 was spent on repairs to the building.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Mount Pleasant Baptist Church CIO was established on 17 December 2019, becoming operational from 1 June 2020 with assets transferred from the previous charity with effect from that date. The charity is governed by the Board of Trustees who are responsible for controlling the management and administration of the Church. The Board of Trustees are governed by the charity’s constitution which is based on the Charity Commission Foundation Model for a Charitable Incorporated Organisation (CIO).
Induction and training of new trustees
Church members appoint Trustees by a resolution passed at a properly convened Church meeting and in accordance with the Church rules. The Trustees are responsible for the induction of any new Trustee. This involves making them aware of a Trustee's responsibilities and of the nature of the governing document and administrative procedures. A new Trustee would receive a copy of the charity's governing document together with a copy of the charity's latest Annual Report and Accounts.
Page 2
MOUNT PLEASANT BAPTIST CHURCH, SWANSEA
REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT– (continued)
Key management remuneration
The board of Trustees, Tom Martyn and William Savory, are considered to be the key management personnel of the charity. Details of Trustee remuneration or other benefits are disclosed at note 4. Details of Trustee expenses and related party transactions are disclosed in notes 4 and 10 respectively. Payments to other key management personnel are given at note 5.
Risk management
The Trustees have conducted a review of the major risks to which the charity is exposed. Where appropriate, systems or procedures have been established to mitigate the risk the charity faces. These procedures are periodically reviewed to ensure they continue to meet the needs of the charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees - at date of report’s approval:
James Christie Lewis Davies Andrew Haden Geraint Morris Benjamin Jones Stephen Levy
Principal Address
The Kingsway, Swansea, SA1 5LF
Charity Registration Details
Name: Mount Pleasant Baptist Church CIO No: 1187005
Independent examiner
Mark Williams FCA of Gordon Down & Company Limited 144 Walter Road Swansea SA1 5RW
Bankers
Barclays Bank plc 1-5 St David’s Way Cardiff CF10 2DP
STATEMENT OF TRUSTEES RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with applicable laws and regulations. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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MOUNT PLEASANT BAPTIST CHURCH, SWANSEA
REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2020
STATEMENT OF TRUSTEES RESPONSIBILITIES – (continued)
Statement as to disclosure to the independent examiner
In so far as the trustees are aware at the time of approving the trustees’ annual report:
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There is no relevant information, being information needed by the independent examiner in connection with preparing his report, of which the independent examiner is unaware.
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The trustees, having made enquiries of fellow trustees and the independent examiner that they ought to have individually taken, have each taken all steps that they are obliged to take as a Trustee in order to make themselves aware of any relevant information for the independent examination and to establish that the independent examiner is aware of that information.
Approved by order of the board of trustees on 27 August 2021 and signed on its behalf by:
B Jones - Trustee
Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MOUNT PLEASANT BAPTIST CHURCH, SWANSEA
I report to the trustees on my examination of the financial statements of Mount Pleasant Baptist Church ('the charity') for the period 17 December 2019 to 31 December 2020, which are set out on pages 6 to 13.
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 Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mark Williams FCA Gordon Down & Company Limited 144 Walter Road Swansea SA1 5RW
19 October 2021
Page 5
MOUNT PLEASANT BAPTIST CHURCH, SWANSEA
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 DECEMBER 2020
| Notes Income: Online donations Cash donations Gift Aid from HMRC Other - Government grants - Sundry Total income Expenditure: Property - property repairs 3 Distributions Employment Other operating expenses Total expenditure Net income/(expenditure) Transfers between funds Reconciliation of funds: Total funds brought forward Transfer from antecedent organisation* Total funds carried forward |
Unrestricted Funds £ 115,267 990 25,224 2,472 9 143,962 9,209 12,419 12,096 70,992 36,480 141,196 2,766 775 - 469,451 472,992 |
Restricted Funds £ 5,000 - - - - 5,000 - - - - - - 5,000 - - 9,010 14,010 |
Endowment Funds £ - - - - - - - - - - - - - (775) - 775 - |
Total funds Total funds 7 months activity to 31.12.2020 £ 17 months to 31.05.2020 £ 120,267 231,472 990 6,680 25,224 59,485 2,472 9 148,962 378,217 9,209 38,015 12,419 6,819 12,096 46,405 70,992 180,436 36,480 61,951 141,196 357,626 7,766 20,591 - - 479,236 458,645 487,002 479,236 |
|---|---|---|---|---|
*On 1 June 2020, the funds and activities of Mount Pleasant Baptist Church were transferred to Mount Pleasant Baptist Church CIO.
All income and expenditure derive from continuing activities. There were no recognised gains or losses other than those noted above.
The notes form part of these financial statements
Page 6
MOUNT PLEASANT BAPTIST CHURCH, SWANSEA
BALANCE SHEET FOR THE PERIOD ENDED 31 DECEMBER 2020
| Notes Fixed assets Tangible assets 6 Current assets Debtors 7 Cash at bank Creditors Amounts falling due within one year 8 Net current assets Total assets less current liabilities Net assets 9 Funds Unrestricted funds Unrestricted fund – revaluation reserve Restricted funds Total funds |
Unrestricted Funds £ 294,100 29,587 169,632 199,219 (20,327) 178,892 472,992 472,992 |
Restricted Funds £ - - 14,010 14,010 - 14,010 14,010 14,010 |
Endowment Funds £ - - - - - - - - |
Total funds 31.12.2020 £ Total funds 31.05.2020 £ 294,100 282,852 29,587 52,285 183,642 149,581 213,229 201,866 (20,327) (5,482) 192,902 196,384 487,002 479,236 487,002 479,236 237,992 234,451 235,000 235,000 14,010 9,010 487,002 479,236 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees on 27 August 2021 and were signed on its behalf by:
B Jones - Trustee
The notes form part of these financial statements
Page 7
MOUNT PLEASANT BAPTIST CHURCH, SWANSEA
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
Statutory information
Mount Pleasant Baptist Church is a charitable incorporated organisation registered with the Charity Commission in England & Wales. The office address is The Kingsway, Swansea, SA1 5LF.
Basis of preparing the financial statements
The accounts (financial statements) of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the relevant version of the 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) and the Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102) and the Charities Act 2011 and Generally Accepted Accounting Practice.
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and 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 relevant version of the 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) rather than the Accounting and Reporting by charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have been prepared under the historical cost convention.
As the Church qualifies as a smaller charity, the trustees have opted for the concession to use resource classifications instead of activity categories in the Statement of Financial Activities.
Going Concern
At the time of approving these financial statements, the Trustees are confident that the charity has adequate resources to continue in operational existence for the foreseeable future. Having considered the consequences of Covid-19 and other events and conditions, the Trustees are confident that the charity will continue to meet its liabilities as they fall due and consider that there are no material uncertainties that impact on the charity’s ability to continue as a going concern. It is therefore considered appropriate by the Trustees to prepare these financial statements on a going concern basis.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemption 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 recognition
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.
Legacy gifts are recognised on a case-by-case basis following the granting of probate when the administrator/ executor for the estate has communicated in writing both the amount and settlement date.
Interest on funds held on deposit is included upon notification of the interest paid or payable by the Bank.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability
Expenditure and irrecoverable VAT.
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
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MOUNT PLEASANT BAPTIST CHURCH, SWANSEA
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES – (continued)
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 - 0% on land and 2% on buildings Fixtures & fittings etc - 20% on cost
Assets costing more than £1,000 are capitalised. Property is not depreciated as the asset represents freehold land which is considered to have an indefinitely long useful life.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Taxation
The Trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
Fund accounting
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Unrestricted funds are available to spend on activities that further any of the purposes of the Church;
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The revaluation reserve is the difference between the most recent revaluation of property assets and their historic cost;
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Restricted funds are donations which the donor, or Church when making an appeal, has specified are to be solely used for particular areas of the charity’s work;
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The capital of the expendable endowment fund can be spent if the trustees so determine. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements;
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Designated funds are part of the charity's total unrestricted general funds and represent amounts set aside by the Elders to be used for particular purposes in the future. The Elders have the power to re-designate such funds within unrestricted funds. Designated funds are not disclosed separately on the charity's Statement of Financial Activities nor on its Balance Sheet.
Financial instruments
The Church 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 would be subsequently measured at the carrying value plus accrued interest less repayments.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
2. Net expenditure
Net expenditure is stated after charging:
| 7 months | 17 months to | |
|---|---|---|
| activity to | ||
| 31.12.20 | 31.05.20 | |
| £ | £ | |
| Independent Examiner’s fees – Independent examination | 882 | 630 |
| Independent Examiner’s fees– other services | 1.638 | 1,170 |
| Depreciation – owned assets | 8,512 | 10,703 |
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MOUNT PLEASANT BAPTIST CHURCH, SWANSEA
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020
3. EXCEPTIONAL ITEMS
- £12,419 was spent on repairs to the building during the period.
4. TRUSTEES' REMUNERATION AND BENEFITS
The charity makes payments to two of its Trustees, Rev S Levy, for services as Church Pastor and J Christie in connection with a church discipleship and rehabilitation programme. Their remuneration during the period was as follows: -
| 7 months | ||
|---|---|---|
| activity to | ||
| 31.12.20 | ||
| £ | £ | |
| Trustees' salaries | 29,736 | 65,621 |
| Trustees' social security | 2,514 | 5,981 |
| Pension contributions | 572 | 1,362 |
| 32,822 |
The charity's governing document makes provision for payments to be made to a Trustee.
Trustees' expenses
The total amount of expenses reimbursed to Trustees or paid directly to third parties during the year totalled £180. These expenses comprise the reimbursed travel costs and other expenses of one Trustee. It appears that in many cases the Trustees acted as agents of the charity and made purchases on its behalf. Such expenditure was not related to the service provided by the Trustees.
Church funds have been used to purchase insurance to protect the church from loss arising from the neglect or default of its trustees, employees or agents. Church funds have also been used to purchase insurance to indemnify trustees and other officers against the consequences of any neglect or default on their part.
These insurances have been acquired as part of the church’s general insurance policies. Consequently, it has not proved practicable to state the cost of providing these particular aspects of insurance cover.
5. STAFF COSTS – excluding Trustees’ remuneration
| 7 months | 17 months t | |
|---|---|---|
| activity to | ||
| 31.12.20 | 31.05.20 | |
| £ | £ | |
| Wages and salaries | 36,674 | 93,813 |
| Employer's NI | 2,818 | 7,248 |
| Pension contributions | 702 | 1,808 |
40,194 |
102,869 |
There were no employees with emoluments above £60,000. The total employee benefits of the charity's key management personnel were £36,847.
The average monthly number of employees during the year was 7.
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MOUNT PLEASANT BAPTIST CHURCH, SWANSEA
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020
6. TANGIBLE FIXED ASSETS
| Freehold property Improvements to property Fixtures & fittings etc £ £ £ COST Transferred into the CIO on 1 June 2020 235,000 40,979 44,270 Additions - - 19,760 Disposals - - (1,200) At 31 December 2020 235,000 40,979 62,830 DEPRECIATION Transferred into the CIO on 1 June 2020 - 3,019 34,378 Charge for period - 478 8,034 Elimination on disposal - (1,200) At 31 December 2020 - 3,497 41,212 NET BOOK VALUE At 31 December 2020 235,000 37,482 21,618 At 1 June 2020 (transfer value) 235,000 37,960 9,892 |
Totals £ 320,249 19,760 (1,200) 338,809 37,397 8,512 (1,200) 44,709 294,100 282,852 |
|---|---|
The Church has one freehold property (the main Church property, Kingsway, Swansea). The land held was professionally valued in 2013 at £235,000; its previous carrying value was £nil. The church building is carried at its initial cost to the church of £nil. The Revaluation reserve detailed at note 10 arose on the revaluation of the charity’s land.
7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 7 months | 17 months to | |
|---|---|---|
| activity to | ||
| 31.12.20 | 31.05.20 | |
| £ | £ | |
| Gift Aid | 25,311 | 48,505 |
| Other debtors & prepayments | 4,276 | 3,780 |
29,587 |
52,285 |
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 7 months | 17 months to | |
|---|---|---|
| activity to | ||
| 31.12.20 | 31.05.20 | |
| £ | £ | |
| Trade creditors | - | - |
| Social security and other taxes | 3,157 | 805 |
| Other creditors & accruals | 17,170 | 4,677 |
20,327 |
5,482 | |
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MOUNT PLEASANT BAPTIST CHURCH, SWANSEA
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020
9. MOVEMENT IN FUNDS
| Transferred into CIO on 1 June Net movement in funds £ £ Unrestricted funds General Fund 234,451 2,766 Revaluation reserve 235,000 - 469,451 2,766 Restricted funds Special Project Grant 9,010 - Soul Church - 5,000 9,010 5,000 Endowment funds Literary fund 775 - TOTAL FUNDS 479,236 7,766 |
Transfers At 31.12.20 £ £ 775 237,992 - 235,000 775 472,992 - 9,010 - 5,000 - 14,010 (775) - - 487,002 |
|---|---|
- See analysis of transfer of assets on page 13.
Net movement in funds, included in the above are as follows:
| Incoming resources Resources expended Movement in funds £ £ £ Unrestricted funds General fund 143,962 (141,196) 2,766 Restricted funds Special Project Grant - - - Soul Church 5,000 - 5,000 5,000 - 5,000 Endowment funds Literary fund - - - TOTAL FUNDS 148,962 (141,196) 7,766 |
Incoming resources Resources expended Movement in funds £ £ £ Unrestricted funds General fund 143,962 (141,196) 2,766 Restricted funds Special Project Grant - - - Soul Church 5,000 - 5,000 5,000 - 5,000 Endowment funds Literary fund - - - TOTAL FUNDS 148,962 (141,196) 7,766 |
Incoming resources Resources expended Movement in funds £ £ £ Unrestricted funds General fund 143,962 (141,196) 2,766 Restricted funds Special Project Grant - - - Soul Church 5,000 - 5,000 5,000 - 5,000 Endowment funds Literary fund - - - TOTAL FUNDS 148,962 (141,196) 7,766 |
|---|---|---|
| 5,000 - 7,766 |
||
Restricted funds
- Special Project Grant
This fund is for a local outreach project and formed part of the transfer of assets on 1 June 2020. Funds held at the period end are unchanged at £9,010 and are represented by a bank balance. No funds were expended in the period due to Covid-19 restrictions.
Soul Church, Neath
The Church continued its support for a church plant in Neath called Soul Church. During the year a grant of £5,000 was received from SaRang Community Church, South Korea, to contribute towards ongoing ministry costs. Funds were not used in the period as Soul church did not meet due to Covid-19 restrictions.
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MOUNT PLEASANT BAPTIST CHURCH, SWANSEA
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020
Endowment funds
-
Literary fund (expendable endowment)
-
This fund was established many years ago to raise money for Sunday School prizes and formed part of the transfer of assets into the new CIO on 1 June 2020. For several years now, the aims and objectives of this fund have been fulfilled as part of those Church activities that are administered from within general unrestricted funds. Therefore, the Trustees have, in accordance with their discretionary powers, taken the decision to convert the fund from one of capital to that of expendable income. Subsequently £775 has been transferred to unrestricted funds and the Literary fund closed.
Designated funds
Designated funds are part of the charity's total unrestricted general funds noted above and represent amounts set aside by the Elders to be used for particular purposes in the future. The Elders have the power to re-designate such funds within unrestricted funds. Designated funds are not disclosed separately on the charity's Statement of Financial Activities nor on its Balance Sheet.
Designated fund balances at the period end were as follows: -
| Eccentrics Conference Building repairs |
£ 499 147,136 147,635 |
|---|---|
Analysis of the transfer of assets from Mount Pleasant Baptist Church on 1 June 2020
| Tangible Fixed Assets Debtors – Gift Aid Debtors – Other Cash at bank Creditors: due within 1 year |
£ 282,852 48,505 3,780 149,581 (5,482) |
|---|---|
| 479,236 |
10. RELATED PARTY DISCLOSURES
The aggregate value of unconditional donations made by the Trustees in the period to 31 December 2020 was £23,420.
11. DONATED SERVICES
Much of the work of the charity is carried out voluntarily by its members. No adjustment has been made to the accounts for the estimated value of these services as the Trustees do not consider that any financial cost has been borne by any third party.
12. CAPITAL COMMITMENTS
There were no capital commitments at the year end.
13. GOVERNMENT GRANTS
The amounts recognised in the financial statements for government grants are as follows: -
| 7 months | 17 months to | |
|---|---|---|
| activity to | ||
| 31.12.20 | 31.05.20 | |
| £ | £ | |
| Recognised in Other income: | - | |
| Coronavirus Job Support Scheme | 2,472 | 805 |
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