HOLYWELL FREE CHURCH
ACCOUNTS FOR THE YEAR ENDED
31 MARCH 2022
REGISTERED CHARITY NUMBER: 500613
Cound & Co LLP
Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR Tel: 01509 214163
HOLYWELL FREE CHURCH
ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022
CONTENTS
Page No Trustees Report 1-4 Independent Examiner’s Report 5 Receipts and Payments Account 6 Statement of Assets and Liabilities 7
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HOLYWELL FREE CHURCH
TRUSTEES REPORT FOR THE YEAR ENDING 31 MARCH 2022
1. LEGAL AND ADMINISTRATIVE INFORMATION
1.1 TRUST DEED
The procedures for the government of Holywell Free Church are laid down in the Statement of Doctrine and a Trust Deed (revision dated 23rd February 1982). The church is registered as a charity with the Charity Commissioners (Charity No. 500613).
1.2 TRUSTEES AND CHURCH OFFICERS
1.2.1 Trustees
Under the current Trust Deed, Trustees are appointed to serve for life, unless they resign for reasons of ill-health or other cause. Trustees of the Church during the financial year 2021/2022 were as follows:
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J R Hall (appointed 1996 resigned September 2021)
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D Donegani (appointed January 2012)
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P D Mizen (appointed January 2012)
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A P Mitchell (appointed October 2017)
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B K D Young (appointed February 2020)
1.2.2 Minister
The current Minister is Joseph Pettitt, appointed with effect from 1[st ] December 2009.
1.2.3 Elders
Under the terms of the current Trust Deed, day-to-day management of the church's affairs is delegated to the Church Elders, assisted by the Church Deacons (see below). Elders are appointed for 3-year terms at the members' Annual Church Meeting, and are then considered for confirmation in office every subsequent 3 years. The Minister of the Church, when one is appointed, serves as an ex-officio Elder. The Elders serving during the financial year 2021/22 were:
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P D Mizen (confirmed in office June 2019)
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A P Mitchell (confirmed in office June 2020)
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B K D Young (elected June 2019)
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Seth Wrigglesworth (elected September 2020, resigned November 2021)
1.2.4 Deacons
Deacons, who would normally include among their number the Church Secretary and Church Treasurer, are appointed to serve for 2-year terms of office at an Annual Church Meeting, and may subsequently be re-appointed at 2-year intervals. Those serving during the financial year 2021/22 were:
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A Taylor (elected June 2019 did not stand for re-election June 2021)
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T Jun (elected June 2021)
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S Wei (elected June 2021)
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N Millwood (elected June 2021)
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A Simpson (elected June 2021)
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P Yemofio (elected June 2020)
1.3 PROPERTY
The Church fully owns its own church building, erected in 1984/85, on a freehold site on Berkeley Road, Loughborough, Leicestershire LE11 3SJ.
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HOLYWELL FREE CHURCH
TRUSTEES REPORT FOR THE YEAR ENDING 31 MARCH 2022
1.4 CONTACT PERSON
The contact person is Alastair Mitchell, 111 Nanpantan Road, Loughborough, Leics. LE11 3YB (Tel. 07914 163712 or e-mail alastairmitchell@hotmail.com).
1.5 WEBSITE
The Church maintains a website at: www.holywellchurch.org.uk
1.6 BANKERS
i) Barclays Bank plc, 2 Bishop Meadow Road, Loughborough, Leicestershire, LE11 5RB.
ii) Stewardship Services, P O Box 99, Loughton, Essex, IG10 3QJ, (account closed in April 2022).
1.7 SOLICITOR
Straw and Pearce, 18 Rectory Place, Loughborough, Leicestershire, LE11 1UU (Tel 01509 268931).
1.8 INDEPENDENT EXAMINER
Cound & Co. LLP, Chartered Accountants, 1 Princes Court, Royal Way, Loughborough, Leicestershire LE11 5XR (Tel. 01509 214163).
2. TRUSTEES ANNUAL REPORT
The Trustees are pleased to present their report for the year ended 31 March 2022. Legal and administrative information, as given in paragraphs 1.1 - 1.8, forms part of this report.
Financial details and accounts, comprising Receipts and Payments Account, Independent Examiner's Statement, and Statement of Assets and Liabilities for the financial year are contained in a separate document (appended herewith).
2.1 OBJECTIVES AND PUBLIC BENEFIT.
The objectives of the church are to promulgate the Gospel of the Lord Jesus Christ within the local community it serves and throughout the world, to build up believers in their faith in Christ, and to show Christian acts of mercy and kindness to all those in need with whom the church comes into contact.
Holywell Free Church provides a public benefit through the advancement of the Christian Religion, in accordance with the churches statement of faith, through the various activities highlighted below. With the exception of members' meetings, these activities are open to anyone who wishes to attend, and we actively encourage the community to participate in our activities.
2.2 ACTIVITIES
During the year ending 31 March 2022, Holywell church continued to hold services for the public worship of God on Sunday mornings and evenings, which all were welcome to attend. These services were all live-streamed via Zoom and YouTube for those unable to attend in person.
The meetings that were held to encourage and support various groups within the church and to engage with those in the community continued. As a result of the earlier Covid-19 restrictions, some of these continued with a mix of in-person and online meetings, including home groups, young people’s meetings, the regular men’s breakfasts and the monthly ‘Flourish’ meeting for women.
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HOLYWELL FREE CHURCH
TRUSTEES REPORT FOR THE YEAR ENDING 31 MARCH 2022
2.2 ACTIVITIES (CONTINUED)
However, Senior Moments, the midweek coffee morning, the Saturday morning prayer meeting, and services for the residents of Abbeyfield and Woodthorpe Lodge care homes continued to be suspended. The annual ‘At Home Day’ that was scheduled to take place in May 2021 was also cancelled.
In November 2021, Seth Wrigglesworth resigned his roles as Assistant Minister and Elder to take up a ministry position at Parbold Evangelical church.
2.3 FINANCIAL REVIEW
We are grateful to God that all our financial needs over the past 12 months have been fully met. The total income over the year was £157,945, including £11,995 in restricted gifts, with a total expenditure/disbursement of £134,224 leaving a closing balance of £114,756.
The accounts for 2021/22 have been independently examined and will be discussed at the Annual Church Meeting on Thursday 30 June 2022. A copy of the church accounts and independent examiners' report are appended hereto.
The Church continued its policy of distributing to Christian work. In 2021/22, some £41,990 was distributed. These funds were used to contribute to the financial support of missionaries working in Latvia, the Sahara Desert, the Middle East, and Europe as well as in the UK, and to a range of other Christian causes.
The Trustees are satisfied that the church is in a healthy financial position and able to meet all its foreseeable commitments.
2.4 RESERVES POLICY
The purpose of the reserve policy for Holywell Free Church is to ensure that sufficient funds are available to cover normal operational costs and to provide a measure of protection against large unbudgeted expenditure, whilst also making sure that excessive, unallocated funds do not accumulate.
The church plans to spend the majority of its regular income on the operation of the church and the support of its missionary interests.
The trustees deem it sensible to maintain a balance of 6 months’ operational costs, which corresponds to approximately £60,000.
The officers of the church review the accounts on a monthly basis. It is recognized that when income matches expenditure the reserve figure could be at a lower level.
It is also recognized that due to the age, and limits, of the current church building, it will probably be necessary to make considerable expenditure on the building at some point in the foreseeable future, hence we allow the balance to be higher than £60k for the moment.
Should a situation arise where a large financial gift (e.g. legacy) is made to the church, the officers of the church will recommend to the members how this money should be used in accordance with the aims and objectives of the church’s constitution.
The level of reserves will be reviewed annually to reflect the perceived risks and budgetary demands of the church.
Date for next review – September 2022.
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INDEPENDENT EXAMINER’S REPORT
TO THE OFFICERS OF HOLYWELL FREE CHURCH
I report on the attached accounts of the Church for the year ended 31 March 2022.
Respective responsibilities of officers and examiner
The Church officers are responsible for the preparation of the accounts. The Church officers consider that an audit is not required for this year under Section 144(2) of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed. The Church Constitution states that the accounts “shall be duly audited………..” This was the term in common usage when the Constitution was originally drawn up and signified that some form of independent verification of the church accounts should take place. The officers believe that this is now adequately achieved by means of the arrangements set out in the Charity Commissioners’ guidance, and in the case of the accounts for the year ended 31 March 2021, of Independent Examination.
It is my responsibility to:
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examine the accounts under Section 145 of the Charities Act;
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follow the procedures laid down in the General Directions given by the Charity Commission, under Section 145(5)(b) of the Charities Act; and
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state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Church and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Church officers concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with Section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the
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Charities Act;
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
D R Gradon MA FCA Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR
30 June 2022
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HOLYWELL FREE CHURCH
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022
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2020/2021 £ RECEIPTS 2021/2022 £ 2020/2021 £ PAYMENTS 2021/2022 £
109,537.05 OFFERINGS AND REGULAR GIVING 126,525.23 MINISTRY
43,449.56 Stipend – Joseph Pettitt 44,956.10
303.36 Ministerial Expenses 697.55
Other Income 27,557.90 Ministry Trainee Salary 17,304.00
14,872.89 Tax Refund 19,080.80 2,662.41 Employer’s NIC/HMRC payment 3,701.22
- Away Day (Donations) - 1,755.91 NEST (Pension) 1,571.47
- Use of Building 70.00 619.00 Visiting Preachers’ Fees 1,976.49
358.83 Bookstall Income 33.00 76,348.14 70,206.83
1,105.51 Sundry Income 50.00
16,337.23 19,233.80 Building
2242.84 Utilities 3,185.83
Interest 365.62 Telephone and Broadband 494.31
245.90 Stewardship Services 181.76 1,341.28 Insurance 1,494.41
Barclays Bank 9.42 2,385.19 Cleaner’s Salary and Cleaning Products 2,649.99
191.18 913.86 Maintenance 4,686.08
Restricted Income Receipts 7,248.79 12,510.62
14,651.25 Missionary Giving – specific Offerings 11,995.00
Other Expenses
153.50 DBS Checks 239.25
843.81 CCLI Licences 815.28
909.53 Advertising 839.49
21.29 Refreshments Catering 32.54
696.19 Equipment 17.92
3,141.94 Stationery and Administration 2,081.39
140.28 Children and Young Peoples Work 342.80
- Holiday Bible Club 494.07
- HMRC Interest 7.04
2,959.67 Books 548.93
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East Midlands Churches Day and other Christian Meetings
7,700.00 Diaconal Gifts 3,012.49
- Summer BBQ 765.07
149.85 Other Meetings 320.00
16,716.06 9,516.27
Donations to other Charities etc
23,820.00 Regular Missionary Giving 26,220.00
17,901.25 Restricted Donation to Other Charities 15,770.00
41,721.25 41,990.00
£140,771.43 TOTAL RECEIPTS 157,945.21 £142,034.24 TOTAL PAYMENTS 134,223.73
Balances at start of the financial year BALANCES AT END OF THE FINANCIAL YEAR
9,581.36 Barclays 8,072.65 8,072.65 Barclays 21,612.38
82,715.87 Stewardship Services 82,961.77 91,034.42 82,961.77 Stewardship Services 93,143.53 114,755.91
_ __ __ _ __ _
£233,068.66 GRAND TOTAL £248,979.63 £233,068.66 GRAND TOTAL £248,979.63
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| 2022 | 2021 | |
|---|---|---|
| F'IXEDASSETS | ||
| Building(atvaluationasatFeb2017|1,250,000.00 | 1,250,000.00 | |
| Land(atvaluationasat 31March2004) | 226,000.00 | 226,000.00 |
| Contents (atvaluationasat 31May2010) | 51,592.00 | 51,592.00 |
| TOTALFIXEDASSETS | f1,527,.592.00 | f,1,527,592.00 |
| CURRENTASSETS | ||
| Gift Aidtax reclaimable | 18,214.00 | 76,977.87 |
| Cash(StewardshipServices) | 93,143.53 | 82,961.77 |
| Cash(Barclays) | 21,612.38 | 8,072.65 |
| Loan toJoseph andLouise Pettitt | 50,000.00 | 50,000.00 |
| TOTALCURRENTASSETS | f182,969.91 | f,158,012.29 |
| CURRENTLIABILITIES | ||
| Accrualsandotherliabilities | 1200.00 | 2,084.70 |
| TOTALCURRENTLIABILITIES | f,1,200.00 | f,z,084.70 |
| NET CURRENTASSETS | f181,769.91 | f155,927.59 |
| TOTALNETASSETS | f,1,709.361.91 | f,1,683,519.59 |
| CHARITABLEFUNDS | ||
| RestrictedFunds | 0.00 | 0.00 |
| UnrestrictedFunds | 1,709,361.91 | 1,683,519.59 |
| f1,709,361.91 | t1,683,519.59 |