HOLYWELL FREE CHURCH
ACCOUNTS FOR THE YEAR ENDED
31 MARCH 2023
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 2023
CONTENTS
| Page No | |
|---|---|
| Trustees Report | 1-4 |
| Independent Examiner’s Report | 5 |
| Receipts and Payments Account | 6 |
| Statement of Assets and Liabilities | 7 |
- 1 -
HOLYWELL FREE CHURCH
TRUSTEES REPORT FOR THE YEAR ENDING 31 MARCH 2023
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 2022/2023 were as follows:
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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. With effect from 1[st] September 2022, the Church appointed Tim Barnes as Assistant Minister.
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 2022/23 were:
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P D Mizen (confirmed in office June 2022)
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A P Mitchell (confirmed in office June 2020)
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B K D Young (confirmed in office June 2022)
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T Barnes (elected September 2022)
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 2022/23 were:
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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 2022)
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S Xiao (elected June 2022)
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 2023
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: https://www.holywell.church/
1.6 BANKERS
- i) Barclays Bank plc, 2 Bishop Meadow Road, Loughborough, Leicestershire, LE11 5RB.
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[st] March 2023. 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[st] March 2023, Holywell church continued to hold services for the public worship of God on Sunday mornings and evenings, which all were welcome to attend.
The meetings that were held to encourage and support various groups within the church and to engage with those in the community continued. Almost all regular activities were back to normal operation after the earlier Covid19 restrictions, including home groups, young people’s meetings, Senior Moments, the regular men’s breakfasts and the monthly ‘Flourish’ meeting for women. The annual ‘At Home Day’ took place in June 2022 and the Holiday Bible Club for children in August 2022.
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HOLYWELL FREE CHURCH
TRUSTEES REPORT FOR THE YEAR ENDING 31 MARCH 2023
2.2 ACTIVITIES (CONTINUED)
In September 2022, Tim Barnes joined the church as Assistant Minister and Elder.
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 £171,409, including £14,200 in restricted gifts, with a total expenditure/disbursement of £154,351 leaving a closing balance of £131,814.
The accounts for 2022/23 have been independently examined and will be discussed at the Annual Church Meeting on Thursday 29[th] June 2023. A copy of the church accounts and independent examiners' report are appended hereto.
The Church continued its policy of distributing to Christian work. In 2022/23, some £38,547 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 will 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 2023.
2.5 INVESTMENTS
Under the Trust Deed, the church has the power to make investments which the Trustees consider appropriate. The investment account previously held with Stewardship Services was closed in April 2022. The church has no other investments.
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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 2023.
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 2023, 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
29 June 2023
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HOLYWELL FREE CHURCH
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023
| 2021/2022 £ 126,525.23 19,080.80 70.00 33.00 50.00 19,233.80 181.76 9.42 191.18 11,995.00 - 11,995.00 157,945.21 8,072.65 82,961.77 91,034.42 ____ £248,979.63 ____ |
RECEIPTS OFFERINGS AND REGULAR GIVING Other Income Tax Refund Use of Building Bookstall Income Sundry Income Interest Stewardship Services Barclays Bank Restricted Income Receipts Missionary Giving – specific Offerings Building Fund TOTAL RECEIPTS Balances at start of the financial year Barclays Stewardship Services GRAND TOTAL |
2022/2023 £ 136,274.84 20,627.81 - 222.00 68.20 20,918.01 15.82 - 15.82 12,599.87 1,600.00 14,199.87 171,408.54 21,612.38 93,143.53 114,755.91 ____ 286,164.45 ____ |
2021/2022 £ 44,956.10 697.55 17,304.00 3,701.22 1,571.47 1,976.49 70,206.83 3,185.83 494.31 1,494.41 2,649.99 4,686.08 12,510.62 239.25 815.28 839.49 32.54 17.92 2,081.39 342.80 494.07 7.04 548.93 3,012.49 765.07 320.00 - 9,516.27 26,220.00 15,770.00 41,990.00 134,223.73 21,612.38 93,143.53 114,755.91 ____ £248,979.63 ____ |
PAYMENTS MINISTRY Stipend – Joseph Pettitt Ministerial Expenses Ministry Trainee/Assistant Minister Salary Employer’s NIC/HMRC payment NEST (Pension) Visiting Preachers’ Fees Building Utilities IT and Communications Insurance Cleaner’s Salary and Cleaning Products Maintenance Other Expenses DBS Checks CCLI Licences Advertising Refreshments Catering Equipment Stationery and Administration Children and Young People’s Work Holiday Bible Club HMRC Interest Books Diaconal Gifts Summer BBQ Other Meetings Building Project Donations to other Charities etc Regular Missionary Giving Restricted Donation to Other Charities TOTAL PAYMENTS BALANCES AT END OF THE FINANCIAL YEAR Barclays Stewardship Services GRAND TOTAL |
2022/2023 £ 47,608.53 1,362.25 19,301.36 332.76 1,710.96 1,572.55 71,888.41 2,926.53 3,075.90 1,601.88 2,944.49 7,522.53 18,071.33 314.00 869.10 948.21 2,155.28 3,519.33 3,492.97 524.31 170.70 0.00 281.88 0.00 160.00 130.00 13,278.00 25,843.78 27,017.36 11,529.87 38,547.23 154,350.75 131,813.70 0.00 131,813.70 ___ 286,164.45 ____ |
|||
|---|---|---|---|---|---|---|---|---|
| M | 2022 | |
|---|---|---|
| FIXEDASSETS | ||
| Building(atvaluationasatFeb 2017) | 1,250,000.00 | 1,250,000.00 |
| Land(atvaluationasat31March2004) | 226,000.00 | 226,000.00 |
| Contents (atvaluationasat3IMay2010) | 51,592.00 | 51,592.00 |
| TOTALFIXEDASSETS | 91,527,592.40 | 91,527,592.00 |
| CURRENTASSETS | ||
| GiftAidtax reclaimable | 17,508.7s | 18,214.00 |
| Cash(StewardshipServices) | 0.00 | 93,t43.53 |
| Cash(Barclays) | 131,813.70 | 21,6t2.38 |
| Loan toJosephandLouise Pettitt | 50,000.00 | 50,000.00 |
| TOTALCURRENTASSETS | f.199,322.45 | f182,969.91 |
| CURRENTLIABILITIES | ||
| Accrualsandotherliabilities | 3,570.73 | 1,200.00 |
| TOTALCURRENTLIABILITIES | f3,570.73 | f1,200.00 |
| NET CURRENTASSETS | f,195,751.72 | f181,769.91 |
| TOTALNETASSETS | f.1,723,343.72 | 91,709,361.91 |
| CHARITABLEFUNDS | ||
| ReshictedFunds | 1,600.00 | 0.00 |
| UnrestrictedFunds | 1,721,743,72 | I,709,361.91 |
| 1,1,723,343.72 | fI,709"361.91 |