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2024-06-30-accounts

Docusign Envelope ID: 07AAB0E8-EC8A-409E-AF17-4A21C655D912

Bay Church (Torbay) Annual Report and Financial Statements For the period 1 July 2023 to 30 June 2024

Address for correspondence: Bay Church, St Andrew’s, Sands Road, Paignton, TQ4 6HA

Minister: The Reverend Matt Bray

Independent Examiner:

Mr Ian Barrett 22 Union Street Newton Abbot TQ12 2JS

Bankers: NatWest Bank, 59 High Street, Exeter, EX1 3DL

Registered Charity Number 1194618

Docusign Envelope ID: 07AAB0E8-EC8A-409E-AF17-4A21C655D912

Bay Church (Torbay)

Contents Page
Annual Report 1
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Cashflow Statement 8
Notes to the Financial Statements 9

0

Docusign Envelope ID: 07AAB0E8-EC8A-409E-AF17-4A21C655D912

Bay Church (Torbay)

Annual Report

for the period ended 30 June 2024

Aim and Purpose

The Bay Church trustees (the CIO) have the responsibility of cooperating with the Incumbent, the Reverend Matt Bray, in promoting across the Torbay area, the whole mission of the Church – pastoral, evangelistic, social and ecumenical. As well as the Church itself, which is a Grade II Listed Building, the CIO is also responsible for maintaining the Church Hall. The CIO leases the church from the benefice of Paignton Parish and the church hall from the PCC.

The object of the CIO is to advance the Christian faith for the benefit of the public living in Torbay in accordance with the tenets of the Church of England and in accordance with the statements of belief appearing in the schedule. The vision of Bay Church is to see Jesus loved, the Church alive and society transformed in Torbay and beyond. We aim to build a thriving and sustainable church which contributes to the Diocesan vision to grow in prayer, make new disciples and serve the people of the Devon with joy.

Objectives and Activities

The CIO is committed to enabling as many people as possible to worship at our Church, and to become part of our church family. When planning our activities, the CIO has considered the Charity Commission’s guidance on public benefit, and in particular the specific guidance to charities for the advancement of religion. Our services and worship put faith into practice through prayer, worship and scripture. We try to enable ordinary people to live out their faith as part of our church family, to see:

To facilitate this work, it is vital that we maintain the fabric of both the Church and the Hall.

Achievements and performance

Worship and Prayer

We have continued to grow as a church numerically, with those who call Bay Church their home, but Sunday Attendance growth plateaued due to lack of space to grow into, which saw a drop in ‘regular attendance’. Proportionally, however, we are really pleased with the make-up of the congregation with the anticipated 40% of young families and young adults and tracking at 50% of the anticipated ratio of un-churched or de-churched members. People continue to find Bay Church a safe space to explore or reexplore their faith.

A year ago we launched an all-age service called THE FOUR which has struggled to gain the momentum that we had hoped. The decision was made to shift strategy and run this once a month, rather than every week to help promote regular attendance from our core members to provide a base on which to build upon.

1

Docusign Envelope ID: 07AAB0E8-EC8A-409E-AF17-4A21C655D912

We regularly start a new term with a focused few days on prayer, mostly led by our lay volunteers and keen prayers.

Deanery Synod

Bay Church is a member of Torbay Deanery Synod and will nominate members of the CIO to sit on the Deanery Synod. This provides the CIO with a link with the churches around us, and also with the Diocese as a whole. It also receives reports from the General Synod.

Church Fabric

Refurbishments are finally well underway having only previously had the church roof. Since the last report we’ve received faculty consent and had the church equipped with new electrics and air source heating, running water and drainage for our servery, and new toilets and accessibility measures are underway. The hall (with additional funding received from church commissioners since our last report) is currently having its roof restored, electrics rewired, and toilets refreshed with dramatic accessibility changes awaiting planning consent.

Mission and Evangelism

Thanks to the £10,000 National Lottery grant we were able to set up Bay Tots (a free weekly baby and toddler group) early in the Bay Church journey. This has continued to grow seeing over 100 people coming through the doors each week across all age groups. It is becoming known across the area as one of the best offerings for parents/carers and their little ones.

We continue to run the Alpha course as an accessible model of evangelism. Each term we encourage the church to invite friends and family to try Alpha and to explore the big questions of life, faith and meaning. We have seen guests double on last year and we are doing so without a high turnover over of volunteers to run alpha. Instead, we have a small, committed team serving term by term with a passion for helping guests on their faith journeys. We have also seen this of social action involvement, with a small crew volunteering for all the programs.

Just like last year, through funding and support from Love Christmas we have partnered with churches across the UK to deliver hundreds of 'bags of kindness' at Christmas time to families across our local community.

Events are continuing to thrive with our ‘Spectaculars’ telling the Easter and Christmas stories to 200+ guests per showing with multiple showings across the day. We have also seen a huge increase in attendance numbers from last year at our other big events such as our Light Parties, Christmas Family Markets and Crib services. Our reputation for these events continues to grow and that is evident in the figures.

Group and Crew Involvement

Every other week people from the congregation gather in smaller groups in homes across the area. Group growth is holding steady and on target with our own metrics, with slightly more engaged in groups despite the drop in the number of groups available. As the result of a few pastoral issues over the last year there have been some changes to groups, with some groups closing and new ones being set up. We have also seen a lack of confidence in people we consider ready to lead these groups, which has stalled our training of new leaders and the starting of new groups, but they continue to be a place where people can find belonging and grow in their journeys of faith.

2

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Our Crews are the teams of volunteers that serve every area in the life of the Church. Worship & Production, Home (Hospitality), Prayer, Kids, Youth and Bless the Bay. Crews meet twice a term for training and encouragement, and they serve throughout the week in various events and services.

Financial Review

The total unrestricted income for the year was £165,832 (2023: £120,068) of which £133,940 (2023: £115,682) was donations. The £714,386 (2023: £366,566) of restricted income includes £600,114 (2023: £343,366) of Strategic Development Fund income from the Archbishops’ Council. £811,313 (2023: £325,538) was spent to provide Christian ministry at Bay Church. The amount also includes £473,577 spent on major improvements to the church and hall buildings, of which £468,147 was funded through the Strategic Development Fund income.

The net result for the year was a surplus of £68,905 (2023: £161,096).

Reserves Policy

The CIO aims to hold free reserves broadly equivalent to 3 months’ expenditure (£70,000) for the following reasons:

  1. To manage cash flow and contractual obligations;

  2. In case of significant building maintenance being required; and

  3. Against loss of income whilst buildings are not available for rental.

However, as this is only the CIO’s third year of activity and the majority of expenditure is funded through the Strategic Development Fund (SDF) grant, the trustees have agreed to operate with a higher reserves balance in the short term, to allow a buffer as the SDF grant reduces in future years.

The total net assets as at the year-end were £287,102, and of these, £139,978 is unrestricted and £147,124 is restricted reserves.

Going Concern

The financial statements have been prepared on the going concern basis. There are no material uncertainties related to events or conditions that may cast significant doubts upon the CIO’s ability to continue as a going concern.

Safeguarding

The PCC has complied with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 (duty to comply with the House of Bishops’ guidance on safeguarding children and vulnerable adults).

Volunteers

The trustees of the CIO would like to thank all the volunteers who work so tirelessly to make our Church a lively and vibrant community.

3

Docusign Envelope ID". 07MBOE8-EC8A409E-AF174A21C655D912 Strurture, Governance and Management The method of appointment of CIO trustees is set out in the CIO'S constitution. The CIO comprises the Minister licensed by the Bishop of Exeter to lead the Mission Initiative (who will act in an ex-officio capacity) and up to 6 other trustees, who will be appointed by the existing trustees. The CIO trustees are responsible for making decisions on all matters of general concern and importance in the church. and for all f inancial matters. The full CIO met 4 times during the year. Admlnistrative Information The Church is situated in Sands Road, Paignton, TQ4 6HA and is part of the Torbay Deanery, in the Diocese of Exeter. The correspondence address is Bay Church St Andrevf s, Sand5 Road, Paignton, TQ4 6HA. Bay Church (Torbayl is a Charitable Incorporated Organisation and registered with the Charity Commission, Charity Number 1194618. Trustees who have served from l July 2023 until the date this report was approved were.. The Minister {ex-offlcio) Rev Matt Bray (Chairl Elected Members Mr Mark Elsdon-Dew Mr Andrew Parsons Mr Neil Williams Mrs Victoria Lovell Mr Steve Edwards Mrs Jan Miles Mr Peter Sharp Mrs Beth Cinque Mr Mike Nixon Until 27 May 2024 Until 31 January 2024 Until 27 August 2024 From 7 February 2024 From 6 June 2024 From 24 Ortober 2024 Key management personnel include all members of the CIO as well as the Operations Dirertor Imatt Martinl. Approved by the Trustee5 on 24 April 2025 und signed on its behalf by.. Jbja Rev Matt Bray ICh•lrl Mr Neil Williams (Trusteel

Docusign Envelope ID: 07AAB0E8-EC8A-409E-AF17-4A21C655D912

• Independent examiner's report on the accounts

Section A Independent Examiner’s Report •

Report to the trustees of Bay Church (Torbay) On accounts for the year 30 June 2024 Charity no 1194618 ended (if any) Set out on pages 7 – 17

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 30 June 2024.

Responsibilities and basis As the charity's trustees, you are responsible for the preparation of the accounts of report in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust’s accounts 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 The charity’s gross income exceeded £250,000 and I am qualified to do the work Statement being a member of the Institute of Chartered Accountants in England & Wales.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect:

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.

Signed & Dated:
Name:
Relevant Professional
Qualification(s) or body:
Address:		 Date
28/04/2025
Ian Barrett
FCA FCIE
22 Union Street, Newton Abbot, TQ12 2JS

5

Docusign Envelope ID: 07AAB0E8-EC8A-409E-AF17-4A21C655D912

Bay Church (Torbay) STATEMENT OF FINANCIAL ACTIVITIES Period Ending 30 June 2024

Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds 2024 funds Funds 2023
Notes £ £ £ £ £ £
INCOME FROM
Donations and legacies 2a) 133,940 714,386 848,326 115,682 366,566 482,248
Charitable activities 2b) 20,262 - 20,262 1,945 - 1,945
Other trading activities 2c) 11,590 - 11,590 2,441 - 2,441
Investments 2d) 40 - 40 - - -
______ _____ ______ ______ _____ ______
TOTAL INCOME 165,832 714,386 880,218 120,068 366,566 486,634
______ _____ ______ ______ _____ ______
EXPENDITURE ON
Charitable activities 3a) 174,019 637,294 811,313 94,222 231,316 325,538
Raising funds 3b) - - - - - -
______ _____ ______ ______ _____ ______
TOTAL EXPENDITURE 174,019 637,294 811,313 94,222 231,316 325,538
______ _____ ______ ______ _____ ______
Net income/(expenditure) before investment
gains/(losses) (8,187) 77,092 68,905 25,846 135,250 161,096
Net gains/(losses) on investments - - - - - -
______ _____ ______ ______ _____ ______
NET INCOME/(EXPENDITURE) (8,187) 77,092 68,905 25,846 135,250 161,096
Transfers 13 - - - 74,088 (74,088) -
Reserves brought forward 12 148,165 70,032 218,197 48,231 8,870 57,101
________ _____ ________ ________ _____ ________
Reserves carried forward 139,978 147,124 287,102 148,165 70,032 218,197
______ ______ ________ ________ ______ ______

6

Docusign Envelope ID". 07MBOE8-EC8A409E-AF174A21C655D912 Bay Church (Torbay) BALANCE SHEET at 30 June 2024 2024 2023 Notes FIXED ASSETS Tangible fixed assets 97,120 97.120 114,426 114,426 CURRENT ASSErs Stock Debtors and Prepayments Cash at bank and in hand 21,306 226.128 20,651 84,461 247,434 105,112 LIABILITIES Creditors - amounts falling due within one year 57,452 1,341 Net current assets 189,982 103,771 NET ASSETS 287,102 218,197 CIO FUND5 Unrestrirted reserves General Designated li 139,978 148,165 139.978 148,165 Restricted reser¥e5 li 147,124 70,032 287,102 218,197 These financial statements were approved by the trustees on 24 April 2025 and were signed on its behalf by.. Rev Matt Brav Chair Mr Neil Williams Trustee

Docusign Envelope ID: 07AAB0E8-EC8A-409E-AF17-4A21C655D912

Notes
Cash flows from operating activities
Net cash provided by/(used in) operating
activities
1
Cash flows from investing activities
Proceeds from the sale of investments
Purchase of tangible fixed assets
Purchase of investments
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Total cash and cash equivalents at the year end
2
1
Reconciliation of net income/(expenditure)
to net cash flows from operating activities
Net income for the reporting period (as per
the Statement of Financial Activities)
Adjustments for:
Depreciation
Dividends, interest and rents
Gain on investments
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating
activities
2
Analysis of cash and cash equivalents
Cash at bank and in hand		 __
_		 2024
£
141,667
-
-
-
___
-
141,667
84,461
__
226,128
__
2024
£
68,905
17,306
-
-
-
(655)
56,111
____
141,667
__
226,128
____		 2023
£
151,446
-
(74,087)
-
______
(74,087)
77,359
7,102
___
84,461
___
2023
£
161,096
6,723
-
-
-
(16,029)
(344)
___
151,446
___

__
84,461
______

8

Docusign Envelope ID: 07AAB0E8-EC8A-409E-AF17-4A21C655D912

Bay Church (Torbay) NOTES TO THE FINANCIAL STATEMENTS

Period Ending 30 June 2024

1. Accounting policies Basis of preparation

The financial statements have been prepared under the Charities Act 2011 and in accordance with Church Accounting Regulations 2006 together with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102).

The financial statements have been prepared under the historic cost convention.

The CIO meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in sterling, which is the functional currency of the CIO.

Going concern

The financial statements have been prepared on the going concern basis. There are no material uncertainties related to events or conditions that may cast significant doubts upon the CIO's ability to continue as a going concern.

Funds

General funds represent the funds of the CIO that are not subject to any restrictions regarding their use and are available for application on the general purposes of the CIO. Funds designated for a particular purpose by the CIO are also not restricted.

Restricted funds are income funds that must be spent on restricted purposes and details of the funds held and restrictions provided are shown in the notes to the accounts.

The financial statements include all transactions, assets and liabilities for which the CIO is responsible in law. They do not include the accounts of the church groups that owe their main affiliation to another body nor those that are informal gatherings of church members.

Income

Donations and legacies

Planned giving, collections and general donations are recognised only when received.

Gift aid recoverable on donations is recognised when the donation is received.

Grants and legacies to the CIO are recognised as soon as the CIO is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the CIO is probable.

Charitable activities

Income from church fee income is recognised when the fee is due. Income from activities is accounted for gross.

Other trading activities

Rental income is recognised when the rent is due. Where income is received in advance, it is recognised in the year in which the event takes place that it relates to.

Investments

Interest entitlements are accounted for as they accrue.

9

Docusign Envelope ID: 07AAB0E8-EC8A-409E-AF17-4A21C655D912

Bay Church (Torbay) NOTES TO THE FINANCIAL STATEMENTS Period Ending 30 June 2024

1. Accounting policies (continued)

Expenditure

Raising funds

Expenditure on raising funds is accounted for on the accruals basis.

Charitable activities

Expenditure on charitable activities is accounted for on the accruals basis.

Grants are accounted for when paid over, or when awarded, if that award creates a binding obligation on the CIO.

Tangible fixed assets

Consecrated land and buildings and moveable church furnishing

Consecrated and beneficed property is excluded from the accounts by s10(2)(a) of the Charities Act 2011.

No value is placed on moveable church furnishings held by the churchwardens on special trust for the CIO and which require a faculty for disposal since the CIO considers this to be inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and moveable church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.

Other fixed assets

Other fixed assets are recognised at cost. Individual assets with a purchase price less than £1,000 are written off when the asset is acquired.

Depreciation has been provided on other fixed assets on a straight-line basis in order to write off the cost of the assets over the following estimated useful lives:

Debtors

Amounts owing to the charity at 30 June in respect of fees, rents or other income are shown as debtors less provision for any amounts that may prove uncollectable. These are recognised initially at the settlement amount. Prepayments are valued at the amount prepaid, net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.

Creditors

Creditors are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payment for the goods or services it must provide.

Financial instruments

The church only has financial assets and liabilities of a kind that qualify as basic financial instruments. All (including debtors and creditors) are initially recognised at transaction value and subsequently measured at their settlement value.

10

Docusign Envelope ID: 07AAB0E8-EC8A-409E-AF17-4A21C655D912

Bay Church (Torbay)

NOTES TO THE FINANCIAL STATEMENTS Period Ending 30 June 2024

2
Income from:
Unrestricted
Funds
Restricted
Funds
£
£
2a)
Donations and legacies
Planned giving
103,856
-
Gift aid recoverable
19,731
-
Collections
10,353
-
SDF grants
-
600,114
CRT grants
-
1,000
Other grants
-
113,272
___
__
133,940
714,386
2b)
Charitable activities
Weddings, Christenings & Funerals
240
-
Fundraising
20,022
-
___
__
20,262
-
2c)
Other trading activities
Church venue rental
11,590
-
___
__
11,590
-
2d)
Investments
Dividends and interest
40
-
___
__
40
-
___
___
Total income
165,832
714,386
 Total
2024
£
103,856
19,731
10,353
600,114
1,000
113,272
___
848,326
240
20,022
__
20,262
11,590
___
11,590
40
__
40
______
880,218		 Total
2023
£
78,039
16,876
18,517
355,366
1,200
12,250
______
482,248
457
1,488
______
1,945
2,441
______
2,441
-
______
-
______
486,634

11

Docusign Envelope ID: 07AAB0E8-EC8A-409E-AF17-4A21C655D912

Bay Church (Torbay)

NOTES TO THE FINANCIAL STATEMENTS Period Ending 30 June 2024

3
Expenditure on:
Unrestricted
Funds
Restricted
Funds
£
£
3a)
Charitable activities
Missionary and charitable giving (Note 6)
-
305
Hospitality
-
-
Clergy and staff expenses
7,360
-
Services and Groups
18,782
3,654
Projects and Events
45,755
94
Staff costs (Note 4)
-
157,157
Maintenance and repairs
18,422
-
Major improvements (church and hall)
5,430
468,147
Church running costs
12,606
109
Church hall running costs
10,519
488
Administrative costs
12,035
-
Depreciation
17,306
-
Support and governance costs
Legal and professional fees
25,804
7,340
Independent examiner's fee
-
-
___
__
174,019
637,294
Unrestricted
Funds
Restricted
Funds
£
£
3b)
Raising funds
Fundraising costs
-
-
__
___
Total expenditure
-
-
__
__
4
Staff costs
Wages and salaries
Social security costs
Employer's pension contributions
Average number of employees
Average number of full-time
equivalent employees		 Total
2024
£
305
-
7,360
22,436
45,849
157,157
18,422
473,577
12,715
11,007
12,035
17,306
33,144
-
___
811,313
Total
2024
£
-
__
-
____
2024
£
114,574
30,438
12,145
___
157,157
___
2024
5.7
5.3		 Total
2023
£
460
1,937
6,539
24,144
19,025
136,367
14,453
74,328
18,724
10,608
9,584
6,723
2,106
540
___
325,538
Total
2023
£
-
__
-
____
2023
£
102,160
24,041
10,166
___
136,367
___
2023
5.45
5.1

During the year the CIO did not employ anyone who earned £60,000 per annum or more.

Total employee benefits (including pension and employer's national insurance contributions) to key management personnel were £43,489.

12

Docusign Envelope ID: 07AAB0E8-EC8A-409E-AF17-4A21C655D912

Bay Church (Torbay) NOTES TO THE FINANCIAL STATEMENTS

Period Ending 30 June 2024

5 Related party transactions

Faith Martin, Bay Church’s Worship Pastor, is married to Matt Martin, Bay Church’s Operational Director (a member of key management personnel).

During the year to 30 June 2024, the charity received £16,700 in donations (2023: £10,300) from the CIO trustees, key management personnel and persons closely connected to them. The donors did not attach any conditions to their gifts which required the charity to significantly alter the nature of its existing activities.

Clergy and staff claimed expenses of £591 (2023: £272) during the year for travel, subsistence, office supplies and the cost of communications. No other transactions were undertaken with any other CIO member, persons closely connected to them or related parties.

6 Missionary and charitable giving

Subsidising Focus Fees 2024
£
-
__
-
__		 2023
£
460
__
460
__
-

7 Tangible fixed assets

Land and
buildings
Fixtures and
fittings
Computers and
equipment
£
£
£
Cost
Brought forward
-
76,863
44,286
Additions
-
-
-
___
__
__
Carried forward
-
76,863
44,286
Depreciation
Brought forward
-
4,009
2,714
Charge for year
-
10,889
6,417
___
__
__
Carried forward
-
14,898
9,131
Net book value
Carried forward
-
61,965
35,155
___
__
__
Brought forward
-
72,854
41,572
___
__
__
8
Debtors and prepayments
2024
£
Tax recoverable
19,731
Prepayments
-
Other debtors
1,575
_______
21,306		 Total
£
121,149
-
___
121,149
6,723
17,306
__
24,029
97,120
____
114,426
___
2023
£
20,288
-
363
_____
20,651

13

Docusign Envelope ID: 07AAB0E8-EC8A-409E-AF17-4A21C655D912

Bay Church (Torbay) NOTES TO THE FINANCIAL STATEMENTS Period Ending 30 June 2024

9 Creditors and accruals

Trade creditors
Accruals
Deferred income
Other creditors		 2024
£
56,859
593
-
-
____
57,452		 2023
£
977
364
-
-
____
1,341

10 Contingent assets

During 2021, Bay Church was awarded a Strategic Development Funding (SDF) grant of £1,499,803 by the Archbishops’ Council towards the cost of growing mission in Torbay over 5 years. An additional sum of £386,018 was awarded in late 2022 for additional capital works. This grant was applied for by the Exeter Diocesan Board of Finance (EDBF), acting as an agent on behalf of Bay Church. Operational grants are claimed in advance on a bi-annual basis. Grants for capital expenditure are claimed when contracts/tenders are signed. All moneys go through EDBF and are passed on to Bay Church. Each claim requires approval by administrators of the SDF to ensure it is in line with the original budget submitted. The Archbishops’ Council reserves the right to terminate the award if it becomes substantially unlikely that Bay Church will be able to deliver its outcomes as set out in the original grant application. These performance related conditions prevent the full recognition of the grant. So far Bay Church has managed to meet the conditions, so there does not appear to be a reason why SDF income will not be available in 2024-25. Of the total grant, £1,100,381 has been recognised, leaving £785,440 as a contingent asset.

11 Movement in funds

2024
Brought
forward
Income
Expenditure
£
£
£
Unrestricted reserves
General
148,165
165,832
174,019
Designated
-
-
-
___
___
___
148,165
165,832
174,019
Restricted reserves
SDF Project
65,435
600,113
633,017
LPW (Refurbishment)
-
58,673
-
Benefact Trust
(Refurbishment)
-
54,600
-
Charitable giving
4,597
1,000
4,277
____
____
___
70,032
714,386
637,294
___
___
___
218,197
880,218
811,313
____
____
___		 Gains/
(losses)
Transfers
£
£
-
-
-
-
__
__
-
-
-
-
-
-
-
-
-
-
__
__
-
-
__
__
-
-
__
__		 Carried
forward
£
139,978
-
___
139,978
32,531
58,673
54,600
1,320
___
147,124
___
287,102
___

14

Docusign Envelope ID: 07AAB0E8-EC8A-409E-AF17-4A21C655D912

Bay Church (Torbay) NOTES TO THE FINANCIAL STATEMENTS

Period Ending 30 June 2024

2023
Unrestricted
reserves
General
Designated
Restricted reserves
SDF Project
Charitable giving		 Brought
forward
£
48,231
-
___
48,231
6,853
2,017
___
8,870
___
57,101
___		 Income
Expenditure
£
£
120,068
(94,222)
-
-
___
___
120,068
(94,222)
355,366
(222,696)
11,200
(8,620)
__
___
366,566
(231,316)
___
____
486,634
(325,538)
___
_______		 Gains/
(losses)
Transfers
£
£
-
74,088
-
-
__
__
-
74,088
-
(74,088)
-
-
__
__
-
-
__
__
-
-
__
__		 Carried
forward
£
148,165
-
___
148,165
65,435
4,597
___
70,032
___
218,197
___

Unrestricted funds

These unrestricted funds represent those funds available to apply to the CIO’s general church activities.

Restricted funds

Charitable giving

This fund is where there have been collections for specific charities. The amounts would have been distributed shortly after their receipt.

Strategic Development Fund (SDF) Project

This fund contains the SDF income that has either been received or is receivable. The carried forward balance is earmarked to cover salary costs in the following year.

12
Analysis of Assets and liabilities between funds
2024
Unrestricted
funds
Restricted
funds
£
£
Tangible fixed assets
97,120
-
Debtors and prepayments
21,306
-
Cash at bank and in hand
31,488
194,640
Current liabilities
(9,936)
(47,516)
____
_______
Net assets
139,978
147,124
 Total
£
97,120
21,306
226,128
(57,452)
____
287,102

15

Docusign Envelope ID: 07AAB0E8-EC8A-409E-AF17-4A21C655D912

Bay Church (Torbay)

NOTES TO THE FINANCIAL STATEMENTS

Period Ending 30 June 2024

Analysis of Assets and liabilities between funds
2023 Unrestricted Restricted Total
funds funds
£ £ £
Tangible fixed assets 114,426 - 114,426
Debtors and prepayments 20,651 - 20,651
Cash at bank and in hand 12,658 71,803 84,461
Current liabilities 430 (1,771) (1,341)
____ _______ ____
Net assets 148,165
____		 70,032
_______		 218,197
____

16