OpenCharities

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

2021-12-31-accounts

GENESIS BAPTIST CHURCH

Charity No. 1189052

Trustees' Report and Unaudited Accounts

31 December 2021

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 2021.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1189052

Trustees

The following trustees served during the year:

Accountants

MA GLOBAL

HATTON GARDEN

LONDON

EC1N 8LE

OBJECTIVES AND ACTIVITIES

A large charity must provide an explanation of its aims, including details of the issues it seeks to tackle and the changes or differences it seeks to make through its activities...

A large charity must provide an explanation how the achievement of its aims will further its legal purposes...

A large charity must provide an explanation of its strategies for achieving its stated aims and objectives...

A large charity must provide an explanation of its criteria or measures it uses to assess success in the reporting period...

A large charity should provide a more detailed explanation of its short-term and long-term aims and objectives...

ACHIEVEMENTS AND PERFORMANCE

A large charity must review its charitable activities undertaken, explaining performance achieved against objectives set ...

A large charity must include an explanation when material fundraising activities are undertaken, details of the performance achieved against fundraising objectives set ...

A large charity must provide an explanation when material investments are held, details of investment performance achieved against objectives set ...

A large charity must provide an explanation of any material expenditure occurred to raise income in the future...

A large charity must provide commentary on those significant positive and negative factors within and outside the charity's control which are relevant to the achievement of its objectives ...

PLANS FOR FUTURE PERIODS

Page 2

GENESIS BAPTIST CHURCH Trustees Annual Report

A large charity must provide a summary of the charity's plans for the future including its aims and objectives and details of any plans to achieve them ...

A large charity's report should explain the trustees perspective of the future direction of the charity...

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

31 December 2021

Page 3

GENESIS BAPTIST CHURCH Statement of Financial Activities

for the year ended 31 December 2021

Notes
Income and endowments
from:
Donations and legacies
3
Total
Expenditure on:
Charitable activities
4
Other
5
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		 Unrestricted
funds		 Total funds Total funds
2021 2021 2020
£ £ £
51,461 51,461 62,187
51,461 51,461 62,187
22,232 22,232 24,261
27,089 27,089 25,984
49,321 49,321 50,245
- - -
2,140 2,140 11,942
- - -
2,140 2,140 11,942
2,140 2,140 11,942
2,140 2,140 11,942

Page 4

GENESIS BAPTIST CHURCH Balance Sheet

at 31 December 2021

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
7
Unrestricted funds
7
General funds
Reserves
7
Total funds
Approved by the trustees on 31 December 2021
And signed on their behalf by:
C. Margarit
Trustee
31 December 2021		 2021
2020
£
£
2,140
11,942
2,140
11,942
2,140
11,942
2,140
11,942
2,140
11,942
2,140
11,942
2,140
-
2,140
-
2,140
-
Type text here		 2020
£
11,942
11,942
11,942
11,942
11,942
11,942
-
-
-

Page 5

GENESIS BAPTIST CHURCH Notes to the Accounts

for the year ended 31 December 2021

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

Income

Page 6

GENESIS BAPTIST CHURCH Notes to the Accounts

Expenditure

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.

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.

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.

Page 7

GENESIS BAPTIST CHURCH Notes to the Accounts

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.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Page 8

GENESIS BAPTIST CHURCH

Notes to the Accounts

2 Statement of Financial Activities - prior year

Income and endowments from:
Donations and legacies
Total
Expenditure on:
Charitable activities
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds carried forward
3
Income from donations and legacies
4
Expenditure on charitable activities
Expenditure on charitable
activities
Governance costs		 Unrestricted
£
51,461
51,461
Unrestricted
£
17,879
4,353
22,232		 Unrestricted
funds
2020
£
62,187
62,187
24,261
25,984
50,245
11,942
11,942
11,942
11,942
Total
2021
£
51,461
51,461
Total
2021
£
17,879
4,353
22,232		 Total funds
2020
£
62,187
62,187
24,261
25,984
50,245
11,942
11,942
11,942
11,942
Total
2020
£
62,187
62,187
Total
2020
£
18,363
5,898
24,261

Page 9

GENESIS BAPTIST CHURCH Notes to the Accounts

5 Other expenditure

5
Other expenditure
Employee costs
Motor and travel costs
Premises costs
General administrative costs
Legal and professional costs
6
Staff costs
No employee received emoluments in excess of £60,000.
7
Movement in funds
Restricted funds:
Unrestricted funds:
General funds
Total funds
8
Analysis of net assets between funds
Net current assets
9
Reconciliation of net debt
Cash and cash equivalents
Net debt		 Unrestricted
£
6,695
2,418
5,695
10,121
2,160
27,089
Incoming
resources
(including
other
gains/losses
)
£
51,461
51,461
At 1 January
2021
£		 Total
2021
£
6,695
2,418
5,695
10,121
2,160
27,089
Resources
expended
£
(49,321)
(49,321)
Unrestricted
funds
£
2,140
2,140
Cash flows
£		 Total
2020
£
5,214
2,435
10,147
8,188
-
25,984
At 31
December
2021
£
2,140
2,140
Total
£
2,140
2,140
At 31
December
2021
£
11,942 (9,802) 2,140
11,942
11,942		 (9,802)
(9,802)		 2,140
2,140

Page 10

GENESIS BAPTIST CHURCH Statement of Cash flows for the year ended 31 December 2021

Cash flows from operating activities
Net income per Statement of Financial Activities
Net cash provided by operating activities
Net cash from investing activities
Net cash from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2021
£
2,140
2,140
-
-
2,140
11,942
14,082		 2020
£
11,942
11,942
-
-
11,942
-
11,942
Components of cash and cash equivalents
Cash and bank balances 2,140 11,942
2,140 11,942

Page 11

GENESIS BAPTIST CHURCH Detailed Statement of Financial Activities

for the year ended 31 December 2021

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
Legal and professional costs
Consultancy fees
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net income		 Unrestricted
funds
2021
£
51,461
51,461
51,461
17,879
4,353
22,232
22,232
6,695
6,695
2,418
2,418
5,695
5,695
287
5,173
819
3,842
10,121
2,160
2,160
27,089
49,321
-
2,140		 Total funds
2021
£
51,461
51,461
51,461
17,879
4,353
22,232
22,232
6,695
6,695
2,418
2,418
5,695
5,695
287
5,173
819
3,842
10,121
2,160
2,160
27,089
49,321
-
2,140		 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

Page 12

GENESIS BAPTIST CHURCH Detailed Statement of Financial Activities

GENESIS BAPTIST CHURCH
Detailed Statement of Financial Activities
Net income before other
gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2,140
-
2,140
-
2,140		 2,140
-
2,140
-
2,140		 11,942
-
11,942
-
11,942

Page 13