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2024-03-31-accounts

HOLYWELL FREE CHURCH

ACCOUNTS FOR THE YEAR ENDED

31 MARCH 2024

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 2024

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 2024

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 23[rd] 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 2023/2024 were as follows:

1.2.2 Minister and Assistant Minister

Ministers serving during the financial year 2023/24 were Joseph Pettitt, appointed with effect from 1st December 2009, and Tim Barnes, appointed as Assistant Minister with effect from 1[st] September 2022.

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 ex-officio Elder. The Elders serving during the financial year 2023/24 were:

1.2.4 Deacons

Deacons, who would normally include among their number the 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 2023/24 were:

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 2024

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

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 2024. 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).

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 church’s 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 2024, 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. These included prayer meetings, home groups, young people’s meetings, Senior Moments, Women, the regular men’s breakfasts and the monthly ‘Flourish’ meeting for women. The annual Holiday Bible Club for children was held in August 2023.

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HOLYWELL FREE CHURCH

TRUSTEES REPORT FOR THE YEAR ENDING 31 MARCH 2024

2.2 ACTIVITIES (CONTINUED)

From September 2023, two new part-time employees, Charis Daly and Suwan Wei, were appointed in administrative roles.

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 £181,682, including £11,798 in restricted gifts, with a total expenditure/disbursement of £202,439 leaving a closing balance of £111,057.

The accounts for 2023/24 have been independently examined and will be discussed at the Annual Church Meeting on Thursday 20[th] June 2024. A copy of the church accounts and independent examiners’ report are appended.

The Church continued its policy of distributing to Christian work. In 2023/24, some £34,538 was distributed. These funds were used to contribute to the financial support of missionaries working in South America, Africa, 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 recognised that due to the age and limitations of the current church building, it is intended that considerable expenditure is made on the building in the near future, hence the balance will be allowed 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 2024

2.5 INVESTMENTS

Under the Trust Deed, the church has the power to make investments which the Trustees consider appropriate. An investment account with Kingdom Bank was opened on 26 January 2024. The church has no other investments.

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HOLYWELL FREE CHURCH

TRUSTEES REPORT FOR THE YEAR ENDING 31 MARCH 2024

2.6 RISK MANAGEMENT

The Church Officers review the major risks to which those attending the church are subject, witha view to being satisfied that appropriate measures are in place to mitigate these. Policies aimed at reducing risk have been drawn up covering building evacuation in case of anemergency, use of the baptistry, child protection, vulnerable adults, and kitchen use and food safety. Copies of these documents have been circulated to appropriate members and others as necessary.

2.7 INDEPENDENT EXAMINATION

A resolution to appoint Cound & Co. LLP, Chartered Accountants, as the Church’s Independent Examiners for the financial year 2024/25 will be considered by the church membership at the Annual Church Meeting on 20" June 2024.

2.8 SERIOUS INCIDENTS

No serious incidents, as defined in the Charity Commission's Guidance Notes on Annual Returns, have occurred during the year 2023/24.

2.9 APPROVAL

This Trustees' Report was approved by the trustees via email and signed by the Chairman of the Trustees on 24" May 2024.

Alastair Mitchell

5 June 2024

-5-

.

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 2024.

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 2024, of Independent Examination.

It is my responsibility to:

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:

  1. which gives me reasonable cause to believe that, in any material respect, the requirements:

  2. @ to keep accounting records in accordance with Section 130 of the Charities Act; and

© to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act;

have not been met; or

  1. 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 / l Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR 14 June 2024

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HOLYWELL FREE CHURCH

RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024

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
____		 RECEIPTS
OFFERINGS AND REGULAR GIVING
Other Income
Tax Refund
Grace Baptist Mission
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		 2023/2024 £
146,100.79
146,100.79
20,318.72
3350.00
0.00
70.00
23,738.72
44.64
44.64
11798.50
11,798.50
181,682.65
131,813.70
0.00
131,813.70
____
313,496.35
____		 2022/2023 £
47,608.53
1,362.25
19,301.36
332.76
0.00
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
281.88
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
____		 PAYMENTS
MINISTRY
Stipend – Joseph Pettitt
Ministerial Expenses
Ministry Trainee/Assistant Minister Salary
Employer’s NIC
Administrator and Operations Manager’s Pay
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
Books
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
Kingdom Bank		 2023/2024 £
51,285.13
2,939.57
35,174.73
4,680.32
12,600.00
2,334.16
1,042.85
110,056.76
5,469.35
1,926.71
1,572.08
3,121.01
11,147.78
23,236.93
307.57
932.48
165.00
1,744.63
22,178.31
3,998.46
400.29
231.08
492.67
0.00
3,566.58
600.00
34,607.07
15,860.00
18,678.50
34,538.50
202,439.26
50,057.09
61,000.00
111,057.09
___
313,496.35
____

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;

HOLYWELL FREE CHURCH

STATEMENT OF ASSETS AND LIABILITIES AS AT 31 MARCH 2024

FIXED ASSETS 2024 2023
Building (at valuation as at Feb 2017) 1,250,000.00 1,250,000.00
Land (at valuation as at 31 March 2004) 226,000.00 226,000.00
Contents (at valuation as at 31 May 2010) 51,592.00 51,592.00
.
TOTALFIXED ASSETS £1,527,592.00 £1,527,592.00
CURRENTASSETS
GiftAid tax reclaimable 18,042.75 17,508.75
Cash (Kingdom Bank) 61,000.00 0.00
Cash (Barclays) 50,057.09 131,813.70
Loan to Joseph andLouise Pettitt 50,000.00 50,000.00
TOTALCURRENTASSETS £179,099.84 £199,322.45
CURRENT LIABILITIES
Accruals and other liabilities 3,821.22 3,570.73
TOTALCURRENT LIABILITIES £3,821.22 £3,570.73
NETCURRENTASSETS £175,278.62 £195,751.72
TOTALNETASSETS £1,702,870.62 £1,723,343.72
CHARITABLEFUNDS
Restricted Funds Building Fund 1,600.00 1,600.00
Unrestricted Funds 1,701,270.62 1,721,743.72
£1,702,870.62 £1,723,343.72

Approved by the Trustees and Church Officers on 5 June 2024 and signed on their behalf by:

A Mitchell

PD Mizen