## Free Believers in Christ Fellowship
Report and Accounts Year ended 31 December 2022
1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk
## **FREE BELIEVERS IN CHRIST FELLOWSHIP**
## **CHARITY INFORMATION**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Trustees**
Brynyl Balo Nida Coplanga Anabelle Miranda Jerryson Satur (resigned 5 March 2022) Nenita Abuan (resigned 5 March 2022) Sherrill Patnay (appointed 3 January 2022) Melanie Tello (appointed 3 January 2022)
## **Key Staff**
Rev. Melchor Miranda
## **Governing Document**
CIO - Constitution dated 14 June 2021 Trust - Declaration of Trust dated 29 November 1998
## **Charity Registration Number**
CIO - 1195805 Trust - 1073806
## **Principal Address**
The Highgate Whitchurch Shropshire SY13 1SB
## **Independent Examiner**
Archie McDowall BA CA Stewardship 1 Lamb's Passage London EC1Y 8AB
## **Bankers**
|**Contents**|**Page**|
|---|---|
|Charity Information|1|
|Trustees' Annual Report|2-4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Accounts|8-16|
|Detailed Statement of Financial Activities with Comparatives|17|
Page 1
## **FREE BELIEVERS IN CHRIST FELLOWSHIP**
## **TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
The trustees have pleasure in submitting the Report and Accounts for the year.
## **Charity history**
The CIO was formed on 14 June 2021 and registered with the Charity Commission on 14 September 2021. It later merged with Free Believers in Christ Fellowship Trust in January 2022. The Trust was constituted by a Declaration dated 29 November 1998. The Board of Trustees administers the charity and are the governing body of the church.
The Report and Accounts presented for the year are the combined Report and Accounts of both the CIO and the Trust as permitted by the Charities SORP. Please see note 2(a) for further information on the basis of accounting in this respect.
## **Object of the charity**
The charity is a charitable incorporated organisation and is governed by Constitution. The object of the charity, as set out in the governing document is, for the public benefit, the advancement of the Christian faith in the United Kingdom and the world, in such ways as the Trustess may from time to time decide.
## **Summary of the charity's main activities and achievements**
To further the above objects and vision, the charity's main activities and achievements were as follows:
The year 2022 was a big breakthrough for the church, as all the members nationwide worked hard continuining our daily evening Bible studies in different places, weekly prayer meetings and Sunday divine services, with all those who cannot join physically made sure they are joining online.
In the first quarter of the year, all the leaders agreed to read the whole Bible one hour/day and we are able to finish reading together mid-April. This boosted each one's faith in serving the Lord and being of help to society.
Thanksgiving celebtrations of different outreaches were done with whole Saturday seminar and Sunday divine celebrations.
We conducted our annual national convention in Scout Park, north London, for a three day celebtration from Friday 12th until Sunday 14th August 2022.
Our fundraising activities continued as we went around looking for a church building for sale or a commercial building to buy. We are so happy that after all the hard work, we finally bought our own building in Whitchurch, Shropshire on 16th August 2022.
Page 2
## **FREE BELIEVERS IN CHRIST FELLOWSHIP**
## **TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Summary of the charity's main activities and achievements (continued)**
We were able to use our new building to celebrate Sheffield and Sevenoaks' anniversaries on 19th and 20th November. Rev. Rachel Chungalao and Rev. Ruel Buyacao, both from Canada, came as our speakers.
Every Saturday evening is our leaders' meeting and empowerment, where we come together online or face-to-face to talk about anything that will keep us active in the ministry and given the specific topics that we teach our people.
In 2023, since there are some works that need to be done in the building that we bought, most of our members are voluntarily coming to help on their days off, hoping to finish by the middle of the year. We are planning for more activities since we now have our own building, like women's conference, youth retrea and more children's daily Bible vacation school (DBVS), during school half-term or school holidays.
Most the charity's activities are undertaken by volunteers and the charity could not operate effectively without their efforts.
In planning the activities the Trustees have applied the guidance on public benefit issued by the Charity Commission.
## **Structure, Governance and Management**
Responsibility for setting policy and for making operating decisions rests with the trustees who meet regularly to monitor the activities of the charity. New trustees are recruited and appointed by the existing trustees, by a majority vote.
## **Financial review**
During the year income decreased by £12,211, to £350,449, and expenditure increased by £14,526, to £141,045, excluding fixed asset acquisitions. As a result surplus for the year decreased by £2,315, to £209,404 and the charity's net assets increased by the same amount, to £764,078. Net current assets decreased by £339,942, to £212,660.
Page 3
## **FREE BELIEVERS IN CHRIST FELLOWSHIP**
## **TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Key risks and uncertainties**
The charity is exposed to various risks - be they operational, financial or reputational. The trustees review the charity's activities regularly to identify significant risks and, where possible, they take appropriate measures to mitigate those risks.
## **Responsibilities of trustees under charity law**
The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the trustees are required to:
1. select suitable accounting policies and apply them consistently;
2. observe the methods and principles in the Charities SORP;
3. make judgements and estimates that are reasonable and prudent;
4. state whether the applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements; and
5. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. 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.
## **Approval**
This report was approved by the trustees and signed on their behalf by:
## Acmiranda
> Acmiranda (Jan 10, 2025 14:28 GMT) _____________________________________ ANABELLE MIRANDA Jan 10, 2025 Date: _________________________
Page 4
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF**
## **FREE BELIEVERS IN CHRIST FELLOWSHIP**
## **('the Charity')**
I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 December 2022 on pages 6 to 17 following, which have been prepared on the basis of the accounting policies set out on pages 8 to 10.
## **Responsibilities and basis of report**
As the charity’s trustees of the Charitable Incorporated Organisation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 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**
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants of Scotland, which is one of the listed bodies.
I have completed my examination. During the course of my examination I identified a number of areas in which proper accounting records had not been kept. In particular I was unable to satisfy myself that all expenditure had properly been incurred for the charitable purposes of the charity.
In addition I was unable to confirm that all income had been recorded due to payments being made from cash received prior to the cash being banked. There also appeared to be inadequate control over cash received at various locations around the country.
I have no reason to believe that:
1. the accounts do not accord with the accounting records as maintained; or
2. the accounts 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.
In my opinion, in addition to the matters highlighted above, attention should be drawn to the following matter:
As stated in Note 15 (b) of the accounts a loan was made to a company which is controlled by a person who is closely connected to a trustee of the charity. This loan remains outstanding at the date of signing this report.
Other than the matter referred to in the above paragraph, 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 financial statements to be reached.
Archie McDowall BA CA The Institute of Chartered Accountants of Scotland Stewardship 1 Lamb's Passage London EC1Y 8AB
Date:
Page 5
## **FREE BELIEVERS IN CHRIST FELLOWSHIP**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
|Note
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
**Total income and endowments**
**EXPENDITURE ON:**
Charitable activities
7
**Total expenditure**
**Net income/(expenditure)**
**Transfers between funds**
14
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
14|Unrestricted
Funds
£
153,746
-
-
7,500
161,246
113,681
113,681
47,565
477,632
525,197
197,008
722,205|Restricted
Funds
£
189,203
-
-
-
189,203
27,365
27,365
161,839
(477,632)
(315,793)
357,666
41,873|Total
Funds
2022
£
342,949
-
-
7,500
350,449
141,045
141,045
209,404
-
209,404
554,674
764,078|Total
Funds
2021
Restated
£
312,229
19,241
6,768
-|
|---|---|---|---|---|
|||||338,238|
|||||126,519|
|||||126,519|
|||||211,719
-|
|||||211,719
342,955|
|||||554,674|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing operations.
The notes on page 8-16 form part of these accounts.
Page 6
## **FREE BELIEVERS IN CHRIST FELLOWSHIP**
## **BALANCE SHEET**
## **AS AT 31 DECEMBER 2022**
|Note
**FIXED ASSETS**
Tangible assets
9
**CURRENT ASSETS**
Debtors
10
Cash at bank and in hand
11
**CREDITORS: Amounts falling**
**due within one year**
12
**Net current assets / (liabilities)**
**TOTAL NET ASSETS**
**FUND BALANCES**
14
Unrestricted Funds
General funds
Designated funds
Restricted Funds|Unrestricted
Funds
£
551,418
551,418
193,113
41,274
234,387
(63,600)
170,787
722,205
722,205
-
722,205
-
722,205|Restricted
Funds
£
-
-
-
41,873
41,873
-
41,873
41,873
-
-
-
41,873
41,873|Total
Funds
2022
£
551,418
551,418
193,113
83,147
276,260
(63,600)
212,660
764,078
722,205
-
722,205
41,873
764,078|Total
Funds
2021
Restated
£
2,072|
|---|---|---|---|---|
|||||2,072|
|||||157,268
396,774|
|||||554,042
(1,440)|
|||||552,602|
||||||
|||||554,674|
|||||197,008
-|
|||||197,008
357,666|
|||||554,674|
The financial statements were approved by the Board of Trustees and were signed on its behalf by:
Acmiranda Acmiranda (Jan 10, 2025 14:28 GMT) --------------------------------------ANABELLE MIRANDA Jan 10, 2025 Date: ___________________
Charity number: CIO - 1195805
The notes on page 8-16 form part of these accounts.
Page 7
## **FREE BELIEVERS IN CHRIST FELLOWSHIP**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1 Statutory Information**
The charity is a charitable incorporated organisation registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.
## **2 Accounting Policies**
These financial statements are prepared on a going concern basis, under the historical cost convention.
These financial statements have been prepared in accordance with the "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 of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.
The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.
The principles adopted in the preparation of the financial statements are set out below.
## a) Change of legal structure
The charity (the 'CIO') was dormant until 1 January 2022 and, until that date, the CIO's activities were undertaken by a trust with the same name (Free Believers in Christ Fellowship Trust with charity registration number 1073806). With effect from 1 January 2022, the trust transferred its net assets and its activities to the CIO. As permitted by the Charities SORP, this transfer has been accounted for as a merger because it qualifies as a charity reconstruction (whereby the charity has simply changed its legal form). In accordance with the requirements of merger accounting, the net assets of the trust were transferred at book value, not fair value, to the CIO. These financial statements present the combined results of the trust and the CIO for the year ended 31 January 2022 and the comparatives are the results of the trust for the year ended 31 March 2020. More information about the merger is given in note 16 'Use of merger accounting'.
## b) Going concern
- The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
## c) Income
- Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.
Income from donations and legacies includes:
- i) Recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.
- ii) Donated facilities, services and goods. Goods donated for distribution to beneficiaries are recognised as income when receivable at fair value (being an estimate of the amount it would cost to purchase those items). Goods donated for resale are recognised as income at the point of sale (as the sale proceeds cannot be estimated reliably before the goods are sold). Facilities, services and goods donated for the charity's own use are recognised as income when receivable at their value to the charity.
Page 8
## **FREE BELIEVERS IN CHRIST FELLOWSHIP**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **2 Accounting Policies**
The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.
When donated goods, services and facilities are distributed or consumed, an expense in respect of those items is included in the Statement of Financial Activities. At the year end any goods that have not been distributed or consumed are recognised as stock; donated fixed assets are capitalised.
iii) Legacies. Income from legacies is recognised when a distribution is received from the estate or, if earlier, when the charity has been notified that a distribution will be made and the amount receivable can be measured reliably.
Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from church retreats and other events and courses.
Income from other trading activities represents income receivable from activities undertaken to generate funds for the charity.
Investment income represents income generated by the charity's assets.
## d) Expenditure
Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured
The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.
The cost of raising funds is not significant and has not been separately disclosed.
Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.
## e) Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects. Endowment funds are donations that are retained as capital in accordance with the donor's wishes. The nature of the restriction determines whether the endowments represent permanent endowments or expendable endowments.
## f) Tangible fixed assets
Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £1,5000 and the item is expected to benefit the charity over more than one accounting period. Unless stated, depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:
|Freehold land|Is not depreciated (because it is not consumed by use)|
|---|---|
|Freehold buildings|Over 50 years after taking account of the building's residual value|
|Leasehold improvements|Over the lease term or, if shorter, expected useful life|
|Equipment|20% per annum on a reducing balance basis|
|Motor Vehicles|Over 4 years|
The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.
Page 9
## **FREE BELIEVERS IN CHRIST FELLOWSHIP**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **2 Accounting Policies**
## g) Pension scheme arrangements
The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.
## h) Taxation
The company is a registered charity; it has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.
## i) Financial instruments
The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).
## j) Exemption from preparing a cashflow statement
The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.
k) Critical accounting estimates and areas of judgement ln preparing financial statements certain judgements, estimates and assumptions have to be made that affect the amounts recognised in the financial statements. The trustees consider the following to be significant:
- i) The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimates for useful economic life and residual value. These estimates are reassessed annually and, when necessary, adjusted to reflect current circumstances.
## **3 Donations and legacies**
|**ations and legacies**|||
|---|---|---|
|Donations of cash and similar
Income tax recoverable|2022
£
310,560
32,389
342,949|2021
£
287,595
24,634|
|||312,229|
## **4 Income from charitable activities**
|**Income from charitable activities**|||
|---|---|---|
|Charitable Mission
Conference Income
European Income
**Income from other trading activities**
Other income|2022
£
-
-
-
-
2022
£
-
-|2021
£
3,536
15,605
100|
|||19,241|
|||2021
£
6,768|
|||6,768|
## **5 Income from other trading activities**
Page 10
## **FREE BELIEVERS IN CHRIST FELLOWSHIP**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
|**6**
**Investment income**
Interest on Loan
**7**
**Charitable expenditure**
**a**
**Costs incurred directly on specific activities**
Staff costs
Utility costs
Travel & subsistence
Motor vehicle costs
Rent and rates
Conferences and training
Miscellaneous expenses
**b**
**Costs incurred on support & administration**
Governance costs
Independent examiner's fee
Other
Office costs
Communication expenses
Depreciation of tangible fixed assets
**Total expenditure**|2022
£
7,500
7,500
2022
£
73,311
1,082
4,670
770
26,383
982
878
108,076
3,600
945
4,545
3,873
594
23,958
32,969
141,045|2021
£
-|
|---|---|---|
|||-|
|||2021
£
81,134
2,756
3,990
5,367
12,478
5,194
3,208|
|||114,127|
|||1,440
1,366|
|||2,806
3,980
2,263
3,343|
|||12,392|
|||126,519|
The fee payable to the independent examiner for preparing and examining the accounts was £3,600 (2021: £1,440).
Page 11
## **FREE BELIEVERS IN CHRIST FELLOWSHIP**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **8 Analysis of staff costs, the cost of key management personnel and trustee remuneration**
|**ysis of staff costs, the cost of key management personnel and trustee remuneration**|||
|---|---|---|
|Gross wages and salaries
Social security
Pension costs
Other employment benefits & costs|2022
£
68,909
851
2,690
861
73,311|2021
£
72,536
5,330
3,162
106|
|||81,134|
The average monthly number of employees during the year was 5 (2021: 5). Most of the charity's activities are carried out by volunteers.
No staff received salaries at a rate of more than £60,000 per annum.
The charity's key management comprise the trustees and the key staff named on the Company Information page. Total employment benefits payable to key management for the year were as follows:
|Employer
Wages &
pension
salaries
contributions
Trustees:
Anabelle Miranda
12,668
193
Nida Coplanga
12,467
-
Key management connected to trustees:
Rev. Melchor Miranda
32,000
773|2022
£
12,861
12,467
32,773|
|---|---|
||58,101|
Anabelle Miranda and Nida Coplanga served as church leaders and received the above payments for serving in that capacity, not for serving as trustees. It came to light during 2024 that the charity was in breach of its consitution by remunerating a majority of its trustees and, therefore, these payments were not permitted by its governing document. This was resolved by the reappointment of two individuals who had previously served as trustees and the charity is no longer in breach of its governing document.
## **9 Tangible fixed assets**
|**Tangible fixed assets**|||||
|---|---|---|---|---|
|Cost
At 1 January 2022
Additions
At 31 December 2022
Accumulated depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021|Freehold
Property
£
-
519,819
519,819
-
10,396
10,396
509,423
-|Fixtures,
fittings and
equipment
£
3,237
4,485
7,722
1,165
1,311
2,476
5,246
2,072|Vehicles
£
11,300
49,000
60,300
11,300
12,250
23,550
36,750
-|Total
2022
£
14,537
573,304|
|||||587,841|
|||||12,465
23,958|
|||||36,423|
|||||551,418|
|||||2,072|
The charity purchased the former Highgate Hotel, The Highgate, Whitchurch, Shrophshire in August 2022 to use as a retreat and conference centre and it is reflected above at cost. Refurbishment of the property began at the beginning of 2023.
Page 12
## **FREE BELIEVERS IN CHRIST FELLOWSHIP**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **10 Debtors**
|**10**
**Debtors**|||
|---|---|---|
|Tax recoverable
Short-term Loan
Prepayments and accrued income
**11**
**Cash at Bank and in Hand**
Cash at bank with immediate access
**12**
**Creditors: liabilities falling due within one year**
Accruals
Loans|2022
£
20,613
150,000
22,500
193,113
2022
£
83,147
83,147
2022
£
3,600
60,000
63,600|2021
£
7,268
150,000
-|
|||157,268|
|||2021
£
396,774|
|||396,774|
|||2021
£
1,440
-|
|||1,440|
## **13 Pension commitments**
During the year employer’s pension contributions totalling £2,690 (2021: £3,162) were payable to defined contribution personal pension schemes. No pension contributions were owing at the balance sheet date (2021: £nil).
Page 13
## **FREE BELIEVERS IN CHRIST FELLOWSHIP**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **14 Funds**
During the year the movements in the charity's funds were as follows:
|_General Unrestricted Funds_
Total Unrestricted Funds
_Restricted Funds_
Anniversary Fund
Building Fund
Rental Fund
European Outreach Fund
Philippine Outreach Fund
Aggregate of funds|Opening
balance
2022
£
197,008
197,008
37,146
309,582
5,229
570
5,139
357,666
554,674|Incoming
resources
2022
£
161,246
161,246
-
181,775
7,428
-
-
189,203
350,449|Outgoing
resources
2022
£
(113,681)
(113,681)
(982)
-
(26,383)
-
-
(27,365)
(141,045)|Transfers
in the year
2022
£
477,632
477,632
-
(491,357)
13,725
-
-
(477,632)
-|Gains and
losses
2022
£
-
-
-
-
-
-
-
-
-|Closing
balance
2022
£
722,205|
|---|---|---|---|---|---|---|
|||||||722,205|
|||||||36,164
-
-
570
5,139|
|||||||41,873|
|||||||764,078|
The transfers referred to above were made for the following reasons:
a) Transfer from the **Building Fund** to the **General Fund** upon acquisition of a property for which the former fund was set-up.
b) Transfer from the **General Fund** to the **Rental Fund** to cover a year-end deficit.
## **Analysis of net assets by fund**
The assets and liabilities of the various funds were as follows:
|Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year|General
Designated
funds
funds
£
£
551,418
-
193,113
-
41,274
-
(63,600)
-
722,205
-
Unrestricted Funds|Restricted
funds
£
-
-
41,873
-
41,873|2022
£
551,418
193,113
83,147
(63,600)|
|---|---|---|---|
||||764,078|
Page 14
## **FREE BELIEVERS IN CHRIST FELLOWSHIP**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **14 Funds (continued)**
In the previous year the movements in the charity's funds were as follows:
|_General Unrestricted Funds_
Total Unrestricted Funds
_Restricted Funds_
Anniversary Fund
Building Fund
Rental Fund
European Outreach Fund
Philippine Outreach Fund
Aggregate of funds|Opening
balance
2021
£
91,714
91,714
26,735
222,433
-
470
1,603
251,241
342,955|Incoming
resources
2021
£
214,141
214,141
15,605
87,149
17,707
100
3,536
124,097
338,238|Outgoing
resources
2021
£
(108,847)
(108,847)
(5,194)
-
(12,478)
-
-
(17,672)
(126,519)|Transfers
in the year
2021
£
-
-
-
-
-
-
-
-
-|Gains and
losses
2021
£
-
-
-
-
-
-
-
-|Closing
balance
2021
£
197,008|
|---|---|---|---|---|---|---|
|||||||197,008|
|||||||37,146
309,582
5,229
570
5,139|
|||||||357,666|
|||||||554,674|
## **Analysis of net assets by fund**
In the previous year, the assets and liabilities of the various funds were as follows:
|Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year|General
Designated
funds
funds
£
£
2,072
-
157,268
-
39,108
-
(1,440)
-
197,008
-
Unrestricted Funds|Restricted
funds
£
-
-
357,666
-
357,666|2021
£
2,072
157,268
396,774
(1,440)|
|---|---|---|---|
||||554,674|
Page 15
## **FREE BELIEVERS IN CHRIST FELLOWSHIP**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **15 Transactions with related parties** During the year the charity:
- a) paid expenses no expenses (2021: £nil) to or for trustees for carrying out duties associated with being trustees; reimbursements for expenses incurred when acting as agent for the charity or incurred when undertaking employment duties not connected with serving as a trustee are not included in this disclosure.
- b) received interest payments totalling £7,500 (2021: £nil) from SG Property & Investments Limited, a company controlled by Rev. Melchor Miranda, who is key management and closely connected to trustee Anabelle Miranda. These interest payments related to a loan of £150,000 made to SG Property & Investments Limited in October 2021 by the Trust for the purchase of property. This loan is due for repayment.
- c) received a bridging loan of £60,000 from Rev. Melchor Miranda, who is key management and closely connected to trustee Anabelle Miranda. This loan has no fixed repayment date and was outstanding at the balance sheet date.
## **16 Use of merger accounting**
As explained in note 2(a) 'Change of legal structure', during the year a Trust (Free Believers in Christ Fellowship Trust with charity registration number 1073806) transferred its net assets and its activities to this charity (the 'CIO') in January 2022. The provisions of merger accounting have been used in the preparation of these financial statements. These financial statements present the combined results of the Trust and the CIO for the year ended 31 December 2022. The CIO did not undertake any transactions prior to 1 January 2022 and had no assets or liabilities before the transfer. The comparatives presented in these financial statements are the results of the Trust for the year ended 31 December 2021.
The year's results can be analysed as follows:
|year's results can be analysed as follows:|||||
|---|---|---|---|---|
|Total income
Total expenditure
Net income / expenditure
Other gains and losses
Net movement in funds|Trust
£
-
-
-
-
-
pre-merger|CIO
£
-
-
-
-
-
pre-merger|Combined
Charity
post-merger
£
350,449
(141,045)
209,404
-
209,404|Combined
total
£
350,449
(141,045)
209,404
-|
|||||209,404|
The aggregate carrying value of the net assets of the respective charities at the date of the merger, were as follows:
|Net assets
Represented by:
Unrestricted funds
Restricted funds|Trust
£
554,674
197,008
357,666
554,674|CIO
£
-
-
-
-|Combined
total
£
554,674|
|---|---|---|---|
||||197,008
357,666|
||||554,674|
Page 16
## **FREE BELIEVERS IN CHRIST FELLOWSHIP**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
|Note
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
**Total income and endowments**
**EXPENDITURE ON:**
Charitable activities:
7
**Total Expenditure**
**Net income/(expenditure)**
**Transfers between funds**
14
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
14||General
Designated
2022
2022
£
£
153,746
-
-
7,500
161,246
-
113,681
113,681
-
47,565
-
477,632
-
525,197
-
197,008
-
722,205
-
Unrestricted funds|Restricted
2022
£
189,203
189,203
27,365
27,365
161,839
(477,632)
(315,793)
357,666
41,873|Total
2022
£
342,949
-
-
7,500
350,449
141,045
141,045
209,404
-
209,404
554,674
764,078|||General
Designated
2021
2021
£
£
188,132
-
19,241
-
6,768
-
-
-
214,141
-
108,847
108,847
-
105,294
-
-
-
105,294
-
91,714
-
197,008
-
Unrestricted funds|Restricted
2021
£
124,097
-
-
-
124,097
17,672
17,672
106,425
-
106,425
251,241
357,666|Total
2021
£
312,229
19,241
6,768
-
338,238
126,519
126,519
211,719
-
211,719
342,955
554,674|
|---|---|---|---|---|---|---|---|---|---|
Page 17