2020-12-31-accounts - Genesis Baptist Church

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

GENESIS BAPTIST CHURCH

Charity No. 1189052

Trustees' Report and Unaudited Accounts

31 December 2020

GENESIS BAPTIST CHURCH Conlents Pages Tru5tees' Annual Report Page 1

GENESIS BAPTIST CHURCH Trustees Annual Report

The Trustees present their report with the unaudited financial statements of the charity for the year ended 31 December 2020.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1189052

Trustees

The following Trustees served during the year:

S. Andrei
F. Antonie
C. Chiosa
C. Margarit

Accountants

MA GLOBAL HATTON GARDEN

LONDON

EC1N 8LE

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Trustees are responsible for keeping proper accounting records that 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 the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the charity's trustees

C. Margarit Trustee 01 June 2021

Page 2

GENESIS BAPTIST CHURCH Statement of Financial Activities

for the year ended 31 December 2020

Notes Income and endowments from: Donations and legacies 2 Total Expenditure on: Charitable activities 3 Other 4 Total Net gains on investments Net income Transfers between funds Net income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds carried forward	Unrestricte d funds 2020 £ 62,187	Total funds 2020 £ 62,187
	62,187 24,261 25,984	62,187 24,261 25,984
	50,245 -	50,245 -
	11,942 -	11,942 -
	11,942	11,942
	11,942	11,942
	11,942	11,942

Page 3

GENESIS BAPTIST CHURCH Balance Sheet

at 31 December 2020

Charity No. 1189052 Current assets Cash at bank and in hand Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 6 Unrestricted funds 6 General funds Reserves 6 Total funds Approved by the trustees on 01 June 2021 And signed on their behalf by: C. Margarit Trustee 01 July 2021	2020 £ 11,942
	11,942
	11,942 11,942
	11,942
	11,942
	11,942
	11,942
	11,942

Page 4

GENESIS BAPTIST CHURCH Notes to the Accounts

for the year ended 31 December 2020

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 5

GENESIS BAPTIST CHURCH Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Intangible fixed assets and amortisation

Intangible fixed assets (including purchased goodwill, patents and trademarks) are carried at cost less accumulated amortisation and impairment losses.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 6

GENESIS BAPTIST CHURCH Notes to the Accounts

Trade and other creditors

Short term creditors are measured at the transaction price. Other 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.

Page 7

GENESIS BAPTIST CHURCH Notes to the Accounts

2 Income from donations and legacies

3 Expenditure on charitable activities Expenditure on charitable activities Governance costs 4 Other expenditure Employee costs Motor and travel costs Premises costs General administrative costs	Unrestricted £ 62,187 62,187 Unrestricted £ 18,363 5,898 24,261 Unrestricted £ 5,214 2,435 10,147 8,188 25,984	Total 2020 £ 62,187
		62,187
		Total 2020 £ 18,363 5,898
		24,261
		Total 2020 £ 5,214 2,435 10,147 8,188
		25,984

5 Staff costs

No employee received emoluments in excess of £60,000.

Page 8

GENESIS BAPTIST CHURCH Notes to the Accounts

6 Movement in funds

At 1 January 2020 £	Incoming resources (including other gains/losses ) £ 62,187 62,187 Cash flows £	Resources expended £ (50,245) (50,245) Unrestricted funds £ 11,942 11,942 New HP/Finance leases £	At 31 December 2020 £ 11,942
			11,942
			Total £ 11,942
			11,942
			At 31 December 2020 £
-	11,942		11,942
- -	11,942 11,942	- -	11,942
			11,942

Page 9

GENESIS BAPTIST CHURCH Detailed Statement of Financial Activities

for the year ended 31 December 2020

Income and endowments from: Donations and legacies Total income and endowments Expenditure on: Charitable activities Total of expenditure on charitable activities Employee costs Temporary staff Motor and travel costs Travel and subsistence Premises costs Rent General administrative costs, including depreciation and amortisation Bank charges Software, IT support and related costs Stationery and printing Telephone, fax and broadband Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains	Unrestricted funds 2020 £ 62,187 62,187 62,187 18,363 5,898 24,261 24,261 5,214 5,214 2,435 2,435 10,147 10,147 165 6,380 1,192 451 8,188 25,984 50,245 - 11,942 11,942 -	Total funds 2020 £ 62,187
		62,187
		62,187 18,363 5,898
		24,261
		24,261 5,214
		5,214
		2,435
		2,435
		10,147
		10,147
		165 6,380 1,192 451
		8,188
		25,984
		50,245 -
		11,942
		11,942 -

Page 10

GENESIS BAPTIST CHURCH Detailed Statement of Financial Activities

Net movement in funds Reconciliation of funds: Total funds carried forward	11,942	-	11,942 -	11,942 11,942
					-

Page 11