## **REPORT OF THE TRUSTEES AND**
## **FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022 BUSH HILL PARK COMMUNITY CHURCH**
## **CONTENTS OF THE FINANCIAL STATEMENTS**
|Reference and Administrative Details|2|
|---|---|
|Report of the Trustees|3 to 5|
|Independent Examiners Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Cash Flow Statement|9|
|Notes to the Financial Statements|10 to 14|
**1 |** P a g e
**BUSH HILL PARK COMUNITY CHURCH**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Charity number**
1128298
## **Principal address**
Gospel Hall 2-4 Leighton Road Enfield EN1 1XH
## **Auditors**
AP Whitehead ACA 34 Illingworth Way Enfield EN1 2PA
## **Bankers**
Santander 1-5 Church Street Enfield EN2 6AB
## **Association**
Fellowship of Independent Evangelical Churches 41 The Point, Market Harborough LE16 7QU
**2 |** P a g e
**BUSH HILL PARK COMUNITY CHURCH REPORT OF THE TRUSTEES**
**for the Year Ended 31 December 2022**
The trustees present their report with the financial statements of the charity for year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). On 1 August 2020 the charity converted from an unincorporated charity to a Charitable Incorporated Organisation – this reorganisation was treated as a merger.
## **CONSTITUTION**
A group of Christians started meeting together in the Bush Hill Park area in 2007 and established Bush Hill Park Community Church (“the Church) as a charity on in July 2009. On 1 August 2020 the Church transferred its activities to a Charitable Incorporated Organisation registered with the Charity Commission.
The Church is governed by a constitution established in July 2009 and updated in September 2019.
## **PRINCIPAL ACTIVITY**
The principal activity of the Church in the year under review was the Proclamation of the Gospel of the Lord Jesus Christ in Bush Hill Park and the surrounding area and through support of mission at home and abroad.
The Church provides support for members of the Church and local community.
## **APPOINTMENT OF OFFICIALS**
Nominations for a new Elder may be made at any time by the body of Elders. The nomination requires the approval of the Church meeting with a minimum threshold of 80% of those voting. An Elder shall be appointed for five years and shall then be eligible for re-election.
Deacons may be appointed by the Elders. They have no fixed term but are reviewed annually. At present there are no deacons appointed.
The Church Secretary is responsible for the induction of any new elder which involves an awareness of the responsibilities of the position, the governing document, and the Church’s policy and procedures.
**3 |** P a g e
41Page
**BUSH HILL PARK COMUNITY CHURCH REPORT OF THE TRUSTEES**
## **for the year ended 31 December 2022**
## **FUTURE ACTIVITIES**
It is the intention of the Elders to continue the principal activities as set out above.
## **REVIEW OF THE YEAR**
Stuart Chaplin has been the Pastor of the Church since January 2015. Alwis Rajendran worked as a Ministry Trainee until August 2022.
The Church has continued to hold services of worship every Sunday, which have included preaching and bible teaching and throughout the year age related activities for children have also been provided. All these meetings have been open to the general public, who have been regularly invited by leaflet campaigns and press advertisements. During 2022 the Church resumed in person meetings some of the meetings have taken place online in 2021 to comply with government regulations and for the safety of Church members.
We continue to support our missionary family in various parts of the UK and abroad.
## **RELATED PARTY TRANSACTIONS**
There were no transactions with related parties during the year.
## **FINANCIAL POSITION**
The Church made a surplus on unrestricted funds of £601,367 (2021: surplus £25,870) in the year. This was impacted by the gift of the Leighton Road Hall which was included at its valuation of £600,000.
The Church raised restricted income net of expenses of £21,065 (2021: £7,769). This principally represented gifts for future developments.
## **RESERVES POLICY**
The objective is that the reserves of the Church are sufficient to fund the activities for three months. At this stage the level of reserves is below that threshold. The elders continue to work towards building the level of reserves.
## **RISK MANAGEMENT**
The elders have conducted a review of the major risks to which the church would be exposed, and systems are being implemented to mitigate those risks where possible. The risks and systems will be regularly reviewed.
**5 |** P a g e
61Page
**BUSH HILL PARK COMUNITY CHURCH REPORT OF THE TRUSTEES**
## **ELDERS AND OFFICIALS**
The elders and officials in office during the year were as follows:
-
## **Elders**
Stuart Chaplin Paul Robinson John Reeves Roger Wray Nick Norman (appointed October 2022)
## **VOLUNTEERS**
The church’s activities rely on the commitment of large number of volunteers. The Church recognises the contribution that the volunteers make in the sustaining of its activities.
## **TRUSTEES RESPONSIBILITIES**
Charity law 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 church and of its financial activities for that period. In preparing those financial statements the elders and officials are required to:
(a) select suitable accounting policies and then apply them consistently;
(b) make judgements and estimates that are reasonable and prudent;
(c) state whether the policies adopted are in accordance with SORP 2005 and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements;
- (d) prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Church will continue.
The elders and deacons are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Church and to enable them to ascertain that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the Church and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.
**7 |** P a g e
Signed on behalf of the Trustees
S Chaplin 23 May 2023
## **REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF**
## **BUSH HILL: PARK COMMUNITY CHURCH**
I report on the accounts of the Charity for the period ended 31 December 2022, which are set out on pages 7 to 14.
## **Respective responsibilities of trustees and examiner**
The Charity's trustees are responsible for the preparation of the accounts. The Charity’s’ trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the 1993 Act)) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts (under section 43(3)(a) of the 1993 Act);
to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the 1993 Act); and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements
to keep accounting records in accordance with section 41 of the 1993 Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act have not been met; or
**8 |** P a g e
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
AP Whitehead ACA 34 Illingworth Way Enfield Middlesex EN1 2PA
23 May 2023
## **BUSH HILL PARK COMMUNITY CHURCH**
## **STATEMENT OF FINANCIAL ACTIVITIES for the Period Ended 31 December 2022**
**----- Start of picture text -----**
Note Unrestrict Restricte Total Unrestrict Restric Total
s ed funds d funds 2022 ed funds ted 2021
funds
£ £ £ £ £ £
Donations 2 70,778 30,622 101,40 85,626 13,152 98,778
and legacies 0
Donated 7 600,000 - 600,00 - - -
assets 0
Other 3 - - - 5,642 - 5,642
income
Investments 4 275 192 467 434 99 533
Total 671,053 30,814 701,8 91,702 13,251 104,95
67 3
Charitable 5 69,687 9,749 79,437 65,832 5,482 71,314
activities
Total 69,687 9,749 79,43 65,832 5,482 71,314
7
Net 601,366 21,064 622,4 25,870 7,769 33,639
income 30
Transfers (14,500) 14,500 - - - -
between
funds
Net 586,866 35,564 622,4 25,870 7,769 33,639
movement 30
in funds
Total funds 330,429 20,632 351,06 304,559 12,863 317,422
brought 1
forward
Total funds 10 917,295 56,917 973,4 330,429 20,632 351,06
carried 92 1
forward
**----- End of picture text -----**
**9 |** P a g e
## **CONTINUING OPERATIONS**
All income and expenditure has arisen from continuing activities.
The notes on pages 10-14 form part of these financial statements.
**10 |** P a g e
## **BUSH HILL PARK COMMUNITY CHURCH**
## **BALANCE SHEET**
## **At 31 December 2022**
**----- Start of picture text -----**
Note 2022 2021
s
£ £
Fixed assets
Tangible assets 7 846,875 247,916
Current assets
Cash at bank and in hand 144,617 124,145
Creditors: Amounts falling due within one year 8 (3,000) (3,000)
Net current assets 141,617 121,14
5
Creditors: Amounts falling due after more than 9 (15,000) (18,000
one year )
Total net assets 973,492 351,06
1
The funds of the charity
Restricted funds 10 56,197 35,132
Unrestricted funds
- Fixed asset fund 10 828,874 226,916
- General fund 10 88,421 89,013
Total unrestricted funds 917,295 315,92
9
Total funds 973,492 351,06
1
**----- End of picture text -----**
The financial statements were approved by the Board of Trustees on 23 May and were signed on its behalf by:
.............................................
S Chaplin -Trustee
The notes on pages 10-14 form part of these financial statements.
**11 |** P a g e
**BUSH HILL PARK COMMUNITY CHURCH**
## **CASH FLOW STATEMENT**
## **for the Period Ended 31 December 2022**
**----- Start of picture text -----**
2022 2021
£ £
Cash flows from operating activities
Cash generated from operations 20,005 31,448
Net cash provided by operating activities 20,005 31,448
Cash flows from investing activities
Interest received 467 233
Change in cash and cash equivalents in the 20,473 31,681
reporting period
Cash and cash equivalents at the beginning of 124,145 92,464
the reporting period
Cash and cash equivalents at the end of the 144,617 124,14
reporting period 5
RECONCILIATION OF NET INCOME TO NET CASH
FLOW FROM OPERATING ACTIVITIES
Net (expenditure)/income for the reporting 622,430 33,639
period (as per the statement of financial
activities)
Adjustments for:
Depreciation charges 1,042 1,042
Interest received (467) (233)
-
Gifted fixed assets (600,000
)
Increase/(decrease)/ in creditors (3,000) (3,000)
Net cash (used in) operating activities 20,005 31,448
**----- End of picture text -----**
The notes on pages 10-14 form part of these financial statements.
**12 |** P a g e
**BUSH HILL PARK COMMUNITY CHURCH**
**Notes to the Financial Statements**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements and assessment of going concern**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective October 2019)', the Charities Act 2011 and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The trustees consider that there are no material uncertainties about the Church's ability to continue as a going concern.
## **Incoming resources**
Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when it is receivable. Legacies and donations are included in the Statement of Financial Activities in the year in which they are received.
Donations arising under Gift Aid are accounted for on the date of receipt and provisions are made for income tax remaining unclaimed at the year end.
No value of services by volunteers has been included in these accounts.
## **Expenditure**
Gifts and donations represent amounts paid by the Church to support organisations with similar aims including the support of members of the church undertaking work in furtherance of the gospel outside with other organisations.
## **Debtors**
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
## **Cash at bank and in hand**
Cash at bank and in hand includes; cash, bank current accounts and bank deposit accounts with no withdrawal limitations.
## **Creditors**
Creditors are recognised where the charity has a present obligation resulting from a past event that will 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 are recognised at their settlement amount.
**13 |** P a g e
## **BUSH HILL PARK COMMUNITY CHURCH**
## **Notes to the Financial Statements**
## **1. ACCOUNTING POLICIES (Continued)**
## **Tangible fixed assets**
## **The Stewards Company Limited**
## **John Laing**
Fixed assets for use by the Church with a value of greater than £1,000 are capitalised and depreciated. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property 1% reducing balance
## **Taxation**
The Church is exempt from tax on its charitable activities.
## **Fund accounting**
## _Restricted funds_
The Trainee Fund comprises gifts given by individuals to fund a ministry trainee undertaking a pastoral training and development.
## _Unrestricted funds_
The general funds are donations and other income received or generated for the objects of the Church without further specific purpose.
The Fixed Asset Fund represents the book value of other freehold property and tangible assets.
## **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 measured at transaction value and subsequently measured at their settlement value.
## **Pensions**
The Church contributes to pension schemes nominated by the staff. The contributions are accounted for in the period in which they are receivable.
**14 |** P a g e
**BUSH HILL PARK COMMUNITY CHURCH**
## **Notes to the Financial Statements**
## **2. Donations and legacies**
**----- Start of picture text -----**
2022 2022 2022 2021 2021 2021
Unrestrict Restricte Total Unrestrict Restricte Total
ed funds d funds funds ed funds d funds funds
£ £ £ £ £ £
Regular giving 41,556 1,200 42,756 44,353 3,152 47,505
Other donations 10,205 29,422 39,627 27,165 10,000 37,615
Gift aid 19,017 - 19,017 13,658 - 13,657
Total 70,778 30,622 101,40 85,176 13,152 98,778
0
**----- End of picture text -----**
## **3. Other income**
**----- Start of picture text -----**
2022 2022 2022 2021 2021 2021
Unrestrict Restricte Total Unrestrict Restricte Total
ed funds d funds funds ed funds d funds funds
£ £ £ £ £ £
- - - -
Coronavirus Job 5,642 5,642
Retention Scheme
Total - - - 5,642 - 5,642
4. Investment income
2022 2022 2022 2021 2021 2021
Unrestricted Restricted Total Unrestrict Restricte Total
funds funds funds ed funds d funds funds
£ £ £ £ £ £
Bank interest 275 192 467 134 99 233
Property - - - 300 - 300
income
Total 275 192 467 434 99 533
5 Charitable activities
2022 2022 2022 2021 2021 2021
Unrestrict Restricte Total Unrestrict Restricte Total
ed funds d funds funds ed funds d funds funds
£ £ £ £ £ £
Christian
ministry
Staff costs 48,439 3,365 51,804 46,508 5,048 51,556
Outreach, and 7,905 796 8,701 4,329 434 4,763
development
Mission 3,940 - 3,940 3,700 - 3,700
organisations
Premises costs 6,967 - 6,967 6,859 - 6,859
Welfare - - - - - -
Other costs 1,394 5,589 6,983 3,394 - 3,394
- -
Depreciation 1,042 1,042 1,042 1,042
Total 69,687 9,750 79,437 65,832 5,482 71,314
**----- End of picture text -----**
**15 |** P a g e
**BUSH HILL PARK COMMUNITY CHURCH**
## **Notes to the Financial Statements**
**----- Start of picture text -----**
6. Staff costs
2022 2022 2022 2021 2021 2021
Unrestricte Restricte Total Unrestrict Restricte Total
d funds d funds funds ed funds d funds funds
£ £ £ £ £ £
Wages 45,922 3,365 49,287 44,131 5,048 49,179
National - - - - - -
insurance
Pension 2,517 - 2,517 2,377 - 2,377
Total 48,439 3,365 51,804 46,508 5,048 51,556
**----- End of picture text -----**
Remuneration during the year was paid to one trustee – Stuart Chaplin totalling £35,534 (2021: £33,313) in respect of his employment as Pastor of the Church along with pension contributions of £2,218 (2021 £2,048). Stuart received no remuneration for his involvement as a trustee. No other benefits were received by trustees during the year nor for the period ended 31 December 2022 or 2021.
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the period ended 31 December 2021.
**T** he average number of employees during the year was as follows;
**----- Start of picture text -----**
2022 2021
No. No.
Pastors 1.0 1.0
Ministry Trainee 0.3 0.3
Administrative staff 0.5 0.5
Total 1.8 1.8
**----- End of picture text -----**
## **7. Tangible fixed assets**
**----- Start of picture text -----**
Freehold Total
property
£ £
Cost
Cost at the beginning of the period 250,000 250,000
Additions 600,000 -
Cost at the end of the period 850,000 250,00
0
Depreciation
At the beginning of the period 2,084 1,042
Charge for the year 1,042 1,042
At the end of the period 3,125 2,084
Net book value at beginning of the period 247,916 250,000
Net book value at end of the period 846,875 247,91
6
**----- End of picture text -----**
**16 |** P a g e
**BUSH HILL PARK COMMUNITY CHURCH**
**Notes to the Financial Statements**
## **7. Tangible fixed assets (continued)**
In June 2022 the Church received a gift of a property in Leighton Road from the Brethren which is used for the Church’s activities. The property is included at the valuation on the date of transfer of £600,000.
## **8. Creditors: Amounts falling due within one year**
**----- Start of picture text -----**
2022 2021
£ £
Secured loan 15,000 18,000
Total 15,000 18,00
0
**----- End of picture text -----**
The loan is secured on the Living Room, a freehold property at 105 St Marks Road, EN1 1BJ. The loan is repayable at £3,000 per annum until 2027. The loan is interest free.
## **9. Movement in funds**
**----- Start of picture text -----**
Balance Income Expenditu Transfer Balance
at 1 re s at 31
January Decemb
er
2022 £ £ £ £ £
Unrestricted fund
General fund 103,513 71,053 (69,687) (16,458) 88,421
Fixed asset fund 229,916 600,000 - 1,958 828,874
Total unrestricted funds 330,429 671,053 (69,687) (14,500 917,295
)
Restricted funds
Ministry Trainee fund 10,632 1,638 (4,161) (2,879) 5,230
Gifts - 16,122 - 17,362 33,484
Development fund 10,000 13,054 (5,588) 17 17,483
Total restricted funds 20,632 30,814 (9,749) 14,500 56,197
Total 351,061 701,867 (79,436) - 973,492
2021 £ £ £ £ £
Unrestricted fund
General fund 79,601 91,702 (65,832) (1,958) 103,513
Fixed asset fund 224,958 - - 1,958 226,916
Total unrestricted funds 304,559 91,702 (65,832) - 330,429
Restricted funds
-
Ministry Trainee fund 12,863 3,251 (5,482) 10,632
- - -
Development fund 10,000 10,000
Total restricted funds 12,863 13,251 (5,482) - 20,632
Total 317,422 104,953 (71,314) - 351,061
**----- End of picture text -----**
**17 |** P a g e
The Ministry Trainee Fund comprises gifts given by individuals to fund a Ministry Trainee undertaking a pastoral training and development.
The Fixed Asset Fund represents the book value of other freehold property and tangible assets.
The General Fund is donations and other income received or generated for the objects of the church without further specific purpose.
The transfer reflect the recognition of designations on gifts which were not reflected in the prior year.
**18 |** P a g e