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Trustees' Report and |
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Financial Statements for the Year Ended 31 December 2019 |
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Capstone Church |
REGISTERED COMPANY NUMBER:
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REGISTERED CHARITY NUMBER:
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Trustees' Report and |
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Financial Statements for the Year Ended 31 December 2019 |
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for |
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Capstone Church |
Capstone Church |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Page |
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Trustees' Report | 1 | to | 5 |
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Independent Examiner's Report | 6 |
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Statement of Financial Activities | 7 |
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Balance Sheet | 8 | to | 9 |
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Notes to the Financial Statements | 10 | to | 15 |
Capstone Church (Registered number: 06874952) |
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Trustees' Report |
for the Year Ended 31 December 2019 |
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The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the |
financial statements of the charity for the year ended 31 December 2019. The trustees have adopted the provisions of |
Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in |
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January |
2019). |
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OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The objectives of the Charity as set out in the governing document are: |
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- to advance the Christian faith and |
- to relieve sickness and financial hardship and to promote and preserve good health by the provision of funds, goods or services |
of any kind, including through the provision of counselling and support in such |
parts of the United Kingdom or the world as the Trustees from time to time may think fit. |
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In setting the objectives and planning the activity of the Charity, the Trustees have given careful consideration to the Charity |
Commission's general guidance on public benefit. |
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Significant activities |
For the period from January 2019 to December 2019, the charity had the following objectives and undertook the following |
activities: |
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Objectives |
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To give people opportunities to practice the Christian faith. |
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Activities |
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Sunday Service (Ilford and Southall) |
Kids Church |
Fasting and Prayer |
Wednesday Worship Practice |
Prayer Room |
Unite Home Groups |
Pebbles Toddler Group |
Father's Feast |
Christian Business Forum |
Mentoring Program |
Core Program (Creating Our Roots in Eternity) |
411 Prophets |
Happy Eaters |
Saturday Night Service |
Catch the Glory 2019 (Annual Prayer Conference) |
NEWS - Prayer Night |
Easter Weekend |
10 Year Anniversary |
Special Sunday Services with Guest Ministers |
Bible Experience for Kids |
Love Thy Neighbour |
Maximum Annual Conference 2019 |
Christmas Service |
Christmas Party |
Christmas Variety Show |
New Year's Eve Service |
Capstone Boys Home |
Supporting Other ministries |
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Capstone Church (Registered number: 06874952) |
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Trustees' Report |
for the Year Ended 31 December 2019 |
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ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
Sunday Service |
The Church has its regular services every Sunday. This is free for all to attend. This service begins with a time of worship by the |
vibrant church worship band and preaching by one of the church leaders on the Christian faith, followed by a time of prayer. Free |
snacks are served after each service. We have one service on Sunday at 2 locations. One in Ilford and at Southall from 10 AM |
until 12 Noon. |
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Kids Church |
During the time of the sermon on a regular 10.00 am Sunday Service, children aged 12 years and under attend Kids Church, where |
they get involved in activities and games and are taught from a bible-based curriculum. |
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21 Days of Fasting and Prayer |
Members of Capstone Church fast and pray for 21 days during which time meetings are held every day; to praise, worship and for |
teaching of God's word. |
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Wednesday Worship Practice |
The Church Worship Band meets on Wednesday evenings to practice and rehearse ahead of the Sunday Service. |
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Prayer Room |
We have a 4 hour a week Prayer Room. Each Prayer Room session lasts for two hours during which there is continuous worship |
led by a worship leader and team, and prayer lead by a session leader. It is free for all to attend. |
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Unite Home Groups |
A home group is a small group of members of the church that meet in homes of leaders or cafes every fortnight during school |
term time. A home group is based on common interest and/or location, for example a Medical Home group for those from the |
medical profession, Youth Home Group for those between the ages of 12 and 24, Family Home Groups for families. A home |
group meeting generally lasts for hour and half and may include a time of worship, prayer, teaching from the bible and fellowship |
with food. The purpose of the home groups is to create community and enable the church to care for its members on a deeper |
one on one level. |
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Pebbles Toddler Group |
A toddler group is held at the church every Wednesday from 11 am to 12pm for toddlers up to the age of 4 and their parents. It |
includes a time of free time, rhyme time, snack time. This is open to the community. There was also a special Christmas party for |
the toddlers held on 18 December 2019 with a visit from Santa and his elf! |
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Father's Feast |
The Fathers Feast is an outreach program. Every Monday of the week, a team from the Church cook dinner in the Church kitchen |
and serves it for the homeless of Ilford. The meal usually consists of a main course, dessert and hot/cold drinks and is served as a |
buffet. Members of our team also sit with the homeless and provide one on one support such as counsel and prayer. In running |
this program, we also work with local organisations that support the homeless in the area. This program is in line with the main |
vision of the Charity to provide community service in the form of relieving sickness and financial hardship amongst other things. |
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Christian Business Forum |
A Christian Business Forum in the form of a breakfast meeting held a local hotel is held one Saturday a month, from 7.30am - |
9.30am. The purpose of the forum is to empower, equip, inspire individuals to step in to make impact through influencing change |
within the community they serve, the people they touch, the industry they are involved in, while bringing transformation to the |
land they live in. It is aimed at those running businesses or working in the marketplace. |
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Mentoring Program |
A leadership mentoring program was held for leaders of the church one evening a month at the Senior Pastors residence. It was a |
time of teaching of biblical doctrines and instilling qualities required for leadership, followed by dinner. The purpose is to identify |
leaders within the church that can eventually be ordained as ministers. |
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Core Program (Creating Our Roots in Eternity) |
A 6 week course aimed to build a firm foundation on Christian principles, to equip and strengthen people, particularly new |
believers and those wanting to be planted in Capstone Church, in the Christian faith. At the end of the course there is an |
encounter day where attendees can choose to have their official Baptism. |
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411 Prophets |
Capstone Church (Registered number: 06874952) |
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Trustees' Report |
for the Year Ended 31 December 2019 |
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From 11 October 2019, a 11-week course was held where attendees were trained and equipped trained in the area of the |
prophetic in the Christian faith. Classes were held from 7pm -10pm every Friday for the 11 weeks. |
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Happy Eaters |
During the months of August and September, we held a free healthy eating workshop for an hour every Wednesday for the |
community. These workshops aimed to create awareness on the importance of healthy eating. Through fun and creative ways, |
participants were given tips and advice on healthy eating, handling fussy eaters, feeding a family on a budget and quick 10 |
minute recipes. |
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Saturday Night Service |
On 26 October 2019, we launched the Saturday Night Service. The service was held every Saturday night from 6.30 pm - 8pm and |
was aimed at those who would otherwise be unable to attend the Sunday morning service and also aimed at the Youth to get |
involved. A team would gather from 5pm to pray, organise and go out on to the streets to invite people for the service. The |
services included a time of worship, sometimes with guest worship artists, a short preaching of the word by one of the leaders, |
followed by a time of food and fellowship. |
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Catch the Glory 2019 (Annual Prayer Conference 2019) |
We hold a three-day prayer conference every year at the end of 21 Days of prayer and fasting. From 31 January to 02 February |
2019. Corey Russell from IHOP KC was with us for the conference. He ministered to our congregation members and people from |
around the UK that travelled in for the conference. The purpose of this conference was to equip and stir up a passion for |
Christians to pray. |
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N-E-W-S Prayer Night |
On 8 March 2019, an 8-hour prayer night was held that was open to all to pray for the city of the London. This meeting was held |
at Capstone Church as being based in the East of London, 3 other meetings were held in other locations based in the North, West |
and South of London. The meetings were jointly hosted by Liberation Ministries and Passion for the Nation. |
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Easter Weekend |
We held a night meeting on Good Friday, 19th April 2019. The meetings were free for all to attend and comprised of worship, |
preaching the Gospel and offer of prayer. There was a special Celebration service on Easter Sunday, 21st April 2019. Community |
members were also invited to attend any of our meetings. On Saturday, a team from the church also went on to the streets of |
the neighbourhood reaching out to the community with offer of prayer and inviting them for our services. |
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10 Year Anniversary |
In May 2019, Capstone Church celebrated it's 10-year anniversary. This was marked by a special three nightly meetings. On 16 |
May 2019, we were joined by Stacey Campbell, founder of Be a Hero and Shiloh Company ministries from USA; on 17 May 2019 |
we had a special thanksgiving service and on 18 May 2019 we had a special dinner at the banqueting suite next door to our |
building and invited friends of the church old and new from across the world to celebrate with us. Founders of Harvest |
International Ministry, Apostle Che and Sue Ahn from Pasadena, USA also joined us for this. |
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Special Sunday Services |
Throughout the year on various Sundays, we had different guest ministers minister to the church. These included: |
Tinu George, founder and chairman of El-Shaddai Ministry and Pastor of Jesus is Alive Global Worship Centre, Kottarakara, India |
Vinny Sakore, Associate Pastor of Life Centre Ministries, Harrisburg, PA, USA |
Wesley Campbell, founder of Be a Hero International and Board Member of Tell Asia Ministries. |
Jennifer LeClaire, an internationally recognized author and apostolic-prophetic voice and conference speaker. She is the senior |
leader of Awakening House of Prayer in Fort Lauderdale, FL, founder of the Ignite Network and founder of the Awakening Prayer |
Hubs prayer movement. |
Winnie Banov, founder of Global Celebration |
Daniel Stenmark, founder and director of Missio Demi Krykan, Sweden |
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Bible Experience for Kids |
On 31 May 2019 and 01 June 2019, we held a workshop for kids that was run by Olly Goldenberg of Children Can ministries, to |
help children learn about the bible in a fun and interactive way. The event was open to all kids aged between 5 years and 11 |
years with registration. The two days included interactive teaching, workbooks and games. Lunch and snacks were also provided. |
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Love Thy Neighbour |
On 14 and 15 June 2019, we had the privilege of hosting Jackie Pullinger, a missionary who went from England to Hong Kong over |
50 years ago and has worked tirelessly sharing the gospel and working with gangsters and the poor in the Kowloon Walled City. |
During her time with us she shared her experiences and encouraged us to reach out to those in need and provided practical |
advice on doing this. The event was open to all. |
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Capstone Church (Registered number: 06874952) |
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Trustees' Report |
for the Year Ended 31 December 2019 |
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Maximum Annual Conference 2019 |
We held a three day Leadership Conference from 26 to 28 September 2019, from 10:00 am 10.00pm. The event entitled |
"Maximum" is our annual leadership conference. It included visiting Guest Ministers: Dr James Maloney of Dove on the Rise |
(USA), Mark Tubbs of Transformation of the Nations (USA), Simon Braker of Legacy Ministries (UK) and Emma Stark of Glasgow |
Prophetic Centre (UK). |
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Christmas Service |
Our Christmas Service was held on 15 December 2019 at 10am and comprised of carols by the church choir, worship, drama, |
preaching the gospel, offer of prayer and fellowship. It was free for all to attend. |
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Christmas Party |
Our Christmas party for the year 2019 was held on 15th December. All congregation members were invited to come out for a |
dinner at the Halfway House in Brentwood. It turned out to be a great time of fun, games, food and laughs. |
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Christmas Variety Show |
On 21 December 2019, Capstone put together a special variety show that was free to attend for the general public. It was an |
evening of entertainment with dance presentations, inspirational music, drama sketches, games and food! A message on the |
significance of Christmas was also delivered. |
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New Year's Eve Service |
Our New Year's Eve Service was an extraordinary night of worship, dances, acts and followed by the Word of God. The service |
began with dinner. This year's New Year's Eve service was also an ordination service, where a number of leaders in the church |
were ordained as Pastors and other Ministers. |
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Capstone Boys home |
Capstone Church has taken a commitment to support 10 orphan boys for a period of 5 years in the Indian city of Hyderabad. The |
boys are aged between 6 and 11 years. In doing so, we have partnered with a charity in Hyderabad called Asha Jyothi which |
works with orphans and children of single parents amongst other things. The boys are provided with accommodation, food, |
clothing and an education. The home where the boys are housed is called Capstone Boys Home. |
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Supported other Christian ministries |
This year we have extended support to Global Celebration, John Foundation, Burning and Shining Lamp Ministries; HIM |
Ministries; Clear River Network; Indian Evangelical Team and various houses of prayer and churches across the UK, prayer |
missionaries, and various local missions. |
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STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as |
defined by the Companies Act 2006. |
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Capstone Church is a company limited by guarantee, incorporated on 9 April 2009, governed by its Memorandum and Articles of |
Association. It registered as a charity with the Charity Commission for England & Wales on 8 May 2009. |
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New Trustees are appointed by the members. The Trustees may appoint a person who is willing to act to be a Trustee, either to |
fill a vacancy or as an additional Trustee. |
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New Trustees are briefed on their legal obligation under charity and company law, the content of the Memorandum and Articles |
of Association, the committee and decision making processes, the business plan and recent financial performance of the Charity. |
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The Trustees are responsible for the management of the risks faced by the Charity. All significant activities undertaken are |
subject to risk review as part of the initial project assessment and implementation. The Trustees review the major risks that the |
Charity faces on a regular basis and controls are established accordingly. |
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The Trustees are aware of the major risks to which the Charity is exposed, in particular those related to the projects and finances |
of the organisation, and are satisfied that systems are in place to mitigate exposure to the major risks. |
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REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
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Registered Charity number |
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Capstone Church (Registered number: 06874952) |
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Trustees' Report |
for the Year Ended 31 December 2019 |
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Registered office |
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Trustees |
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Independent Examiner |
Nordens |
The Retreat |
406 Roding Lane South |
Woodford Green |
Essex |
IG8 8EY |
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Approved by order of the board of trustees on
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Independent Examiner's Report to the Trustees of |
Capstone Church |
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Independent examiner's report to the trustees of Capstone Church ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2019. |
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Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the |
preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
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Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are |
eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under |
section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the |
Charity Commission under section 145(5) (b) of the 2011 Act. |
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Independent examiner's statement |
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am |
qualified to undertake the examination because I am a registered member of FCCA which is one of the listed bodies. |
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I have completed my examination. I confirm that no matters have come to my attention in connection with the examination |
giving me cause to believe: |
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1. | accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or |
4. |
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended
Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
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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. |
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Lorraine Curtis |
FCCA |
Nordens |
The Retreat |
406 Roding Lane South |
Woodford Green |
Essex |
IG8 8EY |
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Date: ............................................. |
Capstone Church |
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Statement of Financial Activities |
for the Year Ended 31 December 2019 |
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31.12.19 | 31.12.18 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
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Investment income | 2 |
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Total |
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EXPENDITURE ON |
Charitable activities |
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Total |
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NET INCOME/(EXPENDITURE) |
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RECONCILIATION OF FUNDS |
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Total funds brought forward |
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TOTAL FUNDS CARRIED FORWARD |
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484,576 |
Capstone Church (Registered number: 06874952) |
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Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 9 |
( |
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NET ASSETS |
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FUNDS | 11 |
Unrestricted funds | 598,947 | 484,576 |
TOTAL FUNDS |
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484,576 |
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019. |
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The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006. |
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The trustees acknowledge their responsibilities for |
(a) |
ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the
end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
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Capstone Church (Registered number: 06874952) |
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Balance Sheet - continued |
31 December 2019 |
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These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
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The financial statements were approved by the Board of Trustees and authorised for issue on
its behalf by: |
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Capstone Church |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared |
in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended |
Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in |
the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements |
have been prepared under the historical cost convention. |
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Income |
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received |
and the amount of income receivable can be measured reliably. |
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Donations are recognised as income when received, except in circumstances where the donor specifies the time period |
that the donation relates to, in which case they are recognised as income in that period. |
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Donations received with imposed restrictions are classified as restricted funds. |
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On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the |
charitable company which is the amount the Charity would have been willing to pay to obtain services or facilities of |
equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the |
period of receipt. |
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Event income consists of registration and other fees for charitable events. |
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Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of |
the donation. |
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Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to |
that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the |
obligation can be measured reliably. |
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Charitable activity costs are incurred on the Charity's religious operations, and include support costs and costs relating to |
the governance of the Charity apportioned to the charitable events. |
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Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related |
to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities |
on a basis consistent with the use of resources. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Fixtures and fittings | - |
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Computer equipment | - |
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Taxation |
The charity is exempt from corporation tax on its charitable activities. |
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Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
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Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise |
when specified by the donor or when funds are raised for particular restricted purposes. |
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Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
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Capstone Church |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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1. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet |
date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of |
transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable |
company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
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Going concern |
The Charity is in the main reliance upon donations to raise revenue to meet future expenditure. The trustees consider |
that it is appropriate to prepare the financial statements on the going concern basis. This assumes that the charitable |
company will be successful in its fundraising activities. These financial statements do not include any adjustments that |
would result if insufficient funds are raised. |
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2. | INVESTMENT INCOME |
31.12.19 | 31.12.18 |
£ | £ |
Deposit account interest |
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3. | NET INCOME/(EXPENDITURE) |
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Net income/(expenditure) is stated after charging/(crediting): |
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31.12.19 | 31.12.18 |
£ | £ |
Depreciation - owned assets |
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4. | TRUSTEES' REMUNERATION AND BENEFITS |
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There were no trustees' remuneration or other benefits for the year ended 31 December 2019 nor for the year ended |
31 December 2018. |
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Trustees' expenses |
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There were no trustees' expenses paid for the year ended 31 December 2019 nor for the year ended 31 December 2018. |
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5. | STAFF COSTS |
31.12.19 | 31.12.18 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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118,659 | 141,447 |
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Key management personnel includes those persons having authority and responsibility for planning, directing and |
controlling the activities of the entity, directly or indirectly, including Trustees. |
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One trustee (2018: one), who is also considered to be the Charity's key management personnel, received total |
remuneration, including employer national insurance contributions, of £50,028 (2017: £50,057) during the year, as |
agreed with the Charity Commission. |
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During the year, Preethy Kurian a trustee of the charity, was reimbursed £Nil (2018: £Nil) in relation to travel expenses. |
Capstone Church |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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5. | STAFF COSTS - continued |
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The average monthly number of employees during the year was as follows: |
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31.12.19 | 31.12.18 |
Direct charitable activity staff | 3 | 3 |
Administrative staff | 1 | 1 |
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6. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Included in freehold property is land at an estimated cost of £575,000 which is not depreciated. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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Gift Aid recoverable | - | 22,167 |
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Capstone Church |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Bank loans and overdrafts (see note 10) |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Bank loans (see note 10) |
|
|
|
Bank loans are secured by way of a fixed and floating charge over the assets of the charity and are repayable by monthly |
instalments over a period of 20 years. The interest rate per annum is equal to the aggregate of the margin rate (3.5%) |
and the base rate which during the period was 0.5% (2018 - 0.5%) |
|
Personal guarantees have been provided in respect of the bank loan by the Trustees and certain close family members of |
the Trustees. |
|
10. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
31.12.19 | 31.12.18 |
£ | £ |
Amounts falling due within one year on demand: |
Bank loans |
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments: |
Bank loans more 5 yr by instal | - | 448,352 |
|
11. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.1.19 | in funds | 31.12.19 |
£ | £ | £ |
Unrestricted funds |
General fund | 484,576 | 114,371 | 598,947 |
|
TOTAL FUNDS |
|
114,371 | 598,947 |
Capstone Church |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
11. | MOVEMENT IN FUNDS - continued |
|
Net movement in funds, included in the above are as follows: |
|
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 495,374 | (381,003 | ) | 114,371 |
|
TOTAL FUNDS |
|
( |
) | 114,371 |
|
|
Comparatives for movement in funds |
|
Net |
movement | At |
At 1.1.18 | in funds | 31.12.18 |
£ | £ | £ |
Unrestricted funds |
General fund | 537,403 | (52,827 | ) | 484,576 |
|
TOTAL FUNDS | 537,403 | (52,827 | ) | 484,576 |
|
Comparative net movement in funds, included in the above are as follows: |
|
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 410,174 | (463,001 | ) | (52,827 | ) |
|
TOTAL FUNDS | 410,174 | (463,001 | ) | (52,827 | ) |
|
A current year 12 months and prior year 12 months combined position is as follows: |
|
Net |
movement | At |
At 1.1.18 | in funds | 31.12.19 |
£ | £ | £ |
Unrestricted funds |
General fund | 537,403 | 61,544 | 598,947 |
|
TOTAL FUNDS | 537,403 | 61,544 | 598,947 |
Capstone Church |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
11. | MOVEMENT IN FUNDS - continued |
|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as |
follows: |
|
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 905,548 | (844,004 | ) | 61,544 |
|
TOTAL FUNDS | 905,548 | (844,004 | ) | 61,544 |
|
12. | RELATED PARTY DISCLOSURES |
|
During the year unrestricted donations totalling £Nil (2018: £55,477) were donated by trustees and related parties. |