FORWARD IN FAITH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Registered charity number. 1057246
Page I FORWARD IN FAITH LEGAL AND ADMINISTRATIVE INFORMATION 11 MEMBERSHIP OF THE EXECUTIVE COMMITTEE Under the Constitution of Forward in Faith, the members of the Executive Committee are the Trustees of the Charity. In 2021 the membership of the Executive Committee was as follows: The Rt Revd Tony Robinson Dr Lindsay Dixon The Revd Ian Mccorniack Mr Jonathan Prichard The Rt Revd Jonathan Baker The Revd Paul Benfield The Revd Philip Corbett Dr Richard Mantle The Revd Edward Martin Mrs Hannah Phillips Chairn]an Lay Vice-chairnian Clerical Vice-Chairn]an Treasurer Co-opted Co-opted Elected by the Council Co-opted Elected by the Council Elected by the Council Mr Tom Middleton (Director) was in attendance at meetings of the Executive Committee. BANKERS INDEPENDENT EXAMINER Lloyds Bank plc 98 Victoria Street London SWIE 5JL Mr Greg Stevenson FCA Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD CHARITY ADDRESS 2A The Cloisters Gordon Square London WCIH OAG
Page 2 FORWARD IN FArrH TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DECEMBER 2021 The Trustees present their annual report for the year ended 31 Dettmber 2021 under the Charities A¢t 2011, together wilh th¢ audited a¢¢ounts for the year, and confirm that the latter comply with the requirements of th¢ ACL the Charity's governing document and Charities SORP (FRS 102) issued in 2019. Objec¢iv¢s The Charity is established 'to advance the Chrtstian religion by promoting the spread of the catholic faith in accordan¢¢ with the traditional understanding of th¢ historic a[OlIC succession, the ministry of bishops and priests, and full ecclesial Communion,. Forward in Faith afifimis the catholic faith &s the Church of England re1Ved it and proclaims it afresh in this generation. It upholds catholic order and the catholic doctrine of the Sa¢raments, and in particular the threefold ministy, which the Church of England shares with the Church throughout the world and across the ages. It seeks the visible unity of Christ's Church. li achi¢v¢s its objectives in a variety of ways, includin8 through the magazine New Directions aTKI other publications and by suptK)rting the Catholic Group in General Synod. Its Constitution empowers it to SUPFKJrt The ScKiety. established under the patronage of Si. Wilfrid and St. Hilda wsh.com , as an ecclesial structure with a ministy and sa¢rdments in which th¢ faithful can have confidence, so that they can flourish within the life and StrucreS of the Church of England. It provides advice and SUPEM)rt to the Society's bishops, to parishes. and tt) individual members of the clergy and laity. The Trnstees have had regard to th¢ Charity Commission's guidance on public FKnefit. They are satisfied that the Chariry's work is for the benefit of the public mission of the Church of England and for the benefit of her m¢mbers, &8 well &s that of all those outside the Church to whom its clergy and people minist¢r. Activitie4 AchievemeDts and PerforniaM¢e As with altnost all other organisations. th¢ COV11>19 pandemic continued to play a major part in the Charity's functioning during 2021. Trustees continu¢d to make the Case lor churches to be kepl open, wherever and whenever that was safe. so that public services could be held, and the saeraments be made available. Thankfully. it would appear that the worst of the pandemic is now over, and church life should be able to return in full to something like norniality. The pandemic meant that a National Assembly could not be held in 2021 but there is a National Assembly Scheduled for 28 May 2022. UTbder a Sei of changes prowjsed to the Charity's Constitution. and on which the membership of Fonvard in Faith ha5 been consulted twice (on¢¢ on the principle and once on the detsil), it would be the last such National Assembly. The National Assembly would be repla¢¢d in part by an Annual Meeting and there would be a new approach to ¢Iting clergy and lay members onto the Ex¢¢utive via a one member-one vote system. During 2021, the editorship of the Charity's highly regarded monthty publication, New Direclions, passed from Fr Philip Corbett (who came to the end of his second spell as Editor) to Fr Simon Walsh. The publication remains the besi and principal, means of keeping in touch with Tnembers. The trnst¢es' thanks go to Fr Corbett for his two tern15 of servic£ as Editor and to Fr Walsh for agre¢in8 to take on the role, which is a voluntary one. Fonvard in Faith provided resourc&s in SUPIM)rt of the Catholic Group's candidates for the Generdl Synod elections. which had been delayed from 2020 to 2021 as a result of the pandemic. Overall numbers elected were slightly down on the 2015 election but that was not wholly unexted, given the issues debated during the election and trends in church membership. The trustees were sad to learn of the death of Clare Lees later in 2021. who w&s one of the three members of staff engaged on elections work. May Clare rest in peace. Grant funding from the Catholic AFK)Stolic Church Trust enables the Charity to employ a Chapllin, who celebrates Mass on ccrtain weekday5 in the English Chapel. currently Tucsdays and Thursdays but shortly to be expanded to "Euesdays, Wednesdays and 'lThur5days, and conducts 3 cycle of prayer for b'orward in Faith supw)rteTS and parishes.
Pag¢ 3 FORWARD IN FAITH TRUSTEES. REPORT FOR THE YEAR ENDED 31ST DECEMBER 2021 continued The trustees of Forward in Faith were saddened to hear of the death on 12 January 2021 of Sister Mary Teresa SSM, sometime Reverend Mother of the Priory of Our Lady of Walsingham, a member of the first elected Forward in Faith Council, a founder of Religious of Orthodox Tradition (ROOT), and also the deliverer of the Devotional Address at the first Forward in Faith National Assembly. May Sister Mary Teresa rest in peace. Forward in Faith continued to support the work of The Society under its Council of Bishops. Priorities for The Society included initiatives in the areas of missions, vocations, and communications. Future plans In 2022 the Charity plans to continue with the work describcd above. In particular, Forward in Faith will develop plans which airn to increase individual membership numbers, hold its first National Assembly for two-and-a-half years in May 2022, and move office from Gordon Square to St Andrew, Holborn in July 2022, while continuing to support the work of The Society. FINANCIAL REVIEW Financial Position at the Year End The Charity's unrestricted General Fund increased from a level of £1,021,236 as at 31 December 2020 (of which £70,180 was restricted) to a level of £1,057,559 as at 31 December 2021 (of which £80,573 was restricted). Trustees are mindful, though, that income from legacies cannot be relied upon and that there is further work to do to establish a financially sustainable 'base' budget for the Charity, encompassing all annually recurring items of income and expenditure. Reserves The Trustees are aware of the Charity Cornmission's guidance with regard to reserves. As set out above, the General Fund has been built up to such a level that reserves equivalent to multiple years of expenditure are available, should they be required. Investments Investments stood at £844,739 as at 31 December 2021, increasing substantially from the level of £758,750 as at 31 December 2020. Income from investments plays a part in funding the work of the Charity. Golng Concern and Deficits The trustees are satisfied that there are no uncertainties with regard to the continuance of the Charity as a going concern. No funds of the Charity are in deficit. Risks The Trustees have identified the Charity's principal risk as a financial risk arising from a decline in membership subscriptions from individual donors. A working group has been estsblished to think through how the number of individual members can be increased, balancing the benefits provided by the advocacy work undertaken by Forward in Faith on one hand and by the catechetic and devotional resources provided by The Society on the other. 11 REFERENCE AND ADMtNISTRATIVE INFORMATION The name of the Trustees, the Charity, s prirAcipal address and particulars of the Charity's professional advisers are given on page l. Further inforniation about Forward in Faith can be found on its website: www.forwardinfaith.com
Page 4 FORWARD IN FATTH TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DECEMBER 2021 contittyed STRUCTURE. GOVERNANCE AND MANAGEMENT Colls¢itutio The Charity is an unincorporated ass(Kiation. It is gov¢rned by a Constitution adopted by the National Assembly in 1994 and amended by the Natiotthl Assembly on 20 October 21x17. 19 Octokr 2013 and 14 November 2015. This provides for a Council consisting of members ele¢t¢d by the National Assembly. ex- officio members and C(opted member5. Trustees The management and control of th¢ (Trganisation 15 exercised by an Exrfutive Committee. whose members are the Trustees of the Charity. The Executive Committee consists of: A Chaitman, Clerical Vic¢-Chairn]an and tay Vicfrchairnian (elected by all the m¢mbers of the National Assembly). Three members of the Council (elwted by the Council). The Treasurer (apw)inted by the Executive Committtt with the approval of the Council). Three members with relevant expertise (COTrOPted with the approval of the Council). Organigational Manggement The day-to-day management of the Charity is in the hands of the Director, who works for the organisalion on a fi&ll-time basis and has the right to attend all meetings of the Council and Ex¢¢utive Committee. He is assisted by a part-time Administrntor. Systems of internal financial control (approved by the Trustees in 2014 and revised in 2017) and Grievance, Disciplinary and Safeguarding Policies (approved by the Trustees in 2016) are in place. Benchmarks for Staff Remuneration After wmpletion of any probationary period. lay staff members are paid at the current sthndard point (for hourly-paid staff, the hourly rate) of the appropriate band of the National Church Institutions, pay bands identified in their COntrts of employmenl (pro rata in the case of part-time ¢mployees)- The Chaplain is paid the current stipend for clergy in the Di¢S¢ of iA)ndon of incumbent status (pro rata), together with a housing allowance, as established in 2015 and at the level of th¢ Dio¢¢s¢ of LA)ndon's housing allowance for clergy of incumbeni status (pro rata). Relaled Pirtleg The Chairnian is a Trustee of th¢ Additional Curdtes Society (a charity with related objects) which undertakes provides some printing and distribution services to the Charity. The Charity suprtS the Catholic GTOUP in Generdl Synod IKyth financially and through th¢ work of the Director. The Chairnian of the Catholic Group is a Trustee. A Conflicts of Interest Policy, adopted in 2013. is ID place. Trustee5 withdraw from discussions in respect of matters for which they have a conflict of interest.
Page 5 FORWARD IN FAITH TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DECEMBER 2021 continued STATEMENT OF TRUSTEES? RESPONSIBILITIES The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and 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 affairs of the Charity and of its financial activities for that period. In preparing those financial ststements the trustees are required to: select suitable accounting policies and then apply them consistently. make judgements and estimates that are reasonable and prudent. state whether the policies adopted are in accordance with the statement of recommend practice 'Accounting and Reporting by Charities, and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. INDEPENDENT EXAMINER Knox Cropper has intimated its willingness to act and will be proposed as Independent Examiners in the next meeting before which the accounts are laid. On behalf of the Trustees The Rt Revd Tony Robinson, Bishop of Wakefield Chaim]an Date: 25th April 2022
Page 6 FORWARD IN FAITH REPORT OF THE INDEPENDENf EXAMINER TO THE TRUSTEES I report to the trustees on my examination of the accounts of Fonwd in Faith (the Charity) for the year ended 3 1st December 2021 which are set out on pages 7 to 19. This report is made to the Trustee5, 85 a body. in accordance with the temls of my engagement. My work has been undertaken so that I might cary out an Independent Examination of the financial statements in accordance with the General Directions given by the Charity Commissioners. To the fullest extent p¢m)itted by law. I do not accept or a55um¢ reSnsibIlity to anyon¢ other than the Charity and the Charity's Trustees a FKMIY for my work or for this report. Ruponsibiliti and b&gis on report As the Charity TTUStees you are responsible for the preparation of the accounts in accordance with the requir¢m¢nts of the Charities Act 2011 ('th¢ Arf,). I report in r¢sp¢ct of my examination of the Charity's accounts carriejj out under wtion 145 of the 201 l Act and in carrying out my examination I have followed all the applicable DitionS given by the Charity Commi&8ioTh under section 145(5Xb) of the ACL Independent examiner's statement I have completed my examination. confirni that no material matteTS hav¢ come to my attention in connection with the examination giving me cause to believe that in any material ffspect: acci)unting records were not kept in respect of the Charity &$ required by section 130 of the Act" or 2. the accounts do not accord with those records. or 3. th¢ accounts do not comply with the applicable requirements nCerning the forni and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts giv¢ a 'tru¢ 4nd fair view, whith is not a matter ¢onsid¢r¢d &s part of an indep¢ndent examination. I have no concerns and have come across no other matters in eomlection with the examination to which attention should k drdwn in this rqx)rt in order to ¢nable a proper understandi of the accounts to be reached. Greg Stev¢nson FCA Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD .2022
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Page 8 FORWARD IN FAITH BALANCE SHEET AT 31ST DECEMBER 2021 Note 2021 2020 FIXED ASSETS Tangible assets Investments io 844,739 758.750 844.739 758,750 CURRENT ASSETS Debtors Cash at bank and in hand: National Funds Branches 12 8.946 1,512 160,385 52,054 192,981 65,058 221.385 269,551 CREDITORS.. due within one year 13 (8,565) (7,065) NET CURRENT ASSETS 212,820 262,486 TOTAL NET ASSETS £1.057,559 £1.021,236 FUNDS Unrestricted Funds General fund Restricted Funds 15 15 976,986 80,573 951,056 70,180 TOTAL FifNDS £1,057,559 £1,021.236 Approved by the Trustees on 25th April 2022 The Rt Revd Tony Robinson, Bishop of Wakefield Chaimian nathan Pri surer
Page 9 FORWARD IN FAITH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2021 2021 Total Funds 2020 Total Funds Note Net Cash (used in)/provided by Operating Activities (73,425) 100,113 Cash flows from Investing Activities Purchase of Investments Bank Interest and Dividends Proceeds on Investments (25,000) 25,872 27,825 Net Cash (used in)/provided by Investing Activities 27,825 872 Change in Cash and Cash Equivalents in the period (45,600) 100,985 Cash and Cash Equivalents at beginning of period 258,039 157,054 Cash and Cash Equivalents at end of period £212,439 £258,039 A) Reconciliation of Net Income/(Expenditure) to net cashflow from operating activities Net Income/(Expenditure) for the reporting period Adjustments for: (Increase)/Decrease in Debtors (Decrease)llncrease in Creditors Investment Income Loss/(Gain) on Investments 36,323 18,602 2,566 1,500 (27,825) (85,989) 116,842 (23,683) (25,872) 14,224 Net Cash (used in)/provided by operating activities (73,425) £100,113 B) Analysis of Cash and Cash Equivalents Bank Balances Notice Deposits (less than 3 months) 161,395 51,044 206,995 51,044 £212,439 £258,039 C) Analysis of Changes in Net Funds At 11112021 Cash Flows At 31/1212021 Cash 258,039 (45,600) 212,439
Page 10 FORWARD IN FAITH NOTES TO TIIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021 l. ACCourING POLICIES B&sis of Preparation 2nd AMessm¢nt going concern The COUnts have been prepared under the historical cost convention with items recognised ai Cost or transaction value vnl¢ss oihenvise stated in the relevant notes to these accounts. They have been prepared in accordance with the Sthtement of Recommended Prnctice Accounting and Reporting by Charities preparing their accounts in accordance with th¢ Financial Reporting Stsndards applicable in the UK and Republic of Ireland (FRS 102) effective 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. Th¢ a¢wunts have been pr¢pared to give a 'true and fair, view and have departed from the Charities (Acwunts and Rewrts) Regulations 2008 only to the extent required to provid¢ a 'true and fair, view. This departure involved following Accounting and Reporting by Charities preparing their COUnts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rdther than the Accounting and Reporting by Charities staternt of RecotntneJKled Practice effective from l April 2005 which has since withdraw The financial statements include the income and expenditure of Forward in F8ith branches which arrange activities in England and Swtland. The Charity constitutes 2 public b¢ft¢fit entity as defin¢d by FRS 102. The TTUSte¢s consider that there are no uncthainties aiKUt the Charity's ability to continue as a going concern. Th¢ most significant area of uncertainty that affects the Charity is th¢ continued receipt of legacies. Tangible Fixed Assets and DepTrTcition Tangible fixed &8sets costing more than £l.O(M) are capitalised and included at cost including any incidentsl costs of wuisition. Depreciation of fixed assets is calculated to WTi* off their cost or valuation less any residu21 value over their estimated useful liv¢s as follows.. Ofrice equipment 3 years Pensions The charity parti¢ipates in two defined beneftt schemes.. Penston Builder Classic (Closed to new employees) and Pension Builder 2014, which all ¢ligtble ¢mploy¢es. Th¢ schem¢s are administered by the Church of England Pensions Board. As Forward in Faith is wiabl¢ to identify its share of underlying assets and liabilities FRS 102 requires pension costs to be accounted for on the basis of contributions payable to the s¢heme in the year (Note 18). There is no requirement for deficit funding at the current time. Leased Asset and Obligations Where assets are financed by leasing agreements that give rights approximately to ownership ('ftnan¢e leases,). the assets are tre&t¢d as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease terni. The corresponding leasing commitments are shown &s obligations to the lessor. Lease payments are treated as consisting of capital and interest elements. and the interest is charged to the statement of financial activities in prO)rtIOn to the remaining balance outstanding. All other le&8es are operating leases, and the annual rentsls are charged to statement of financial activities on a straight-line basis over the lease t¢rn).
Page 11 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021 continued I. ACCOUNTING POLICIES (continued) 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. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it. In accordance with this policy, legacies are included when the charity is advised by the personal representative of an estate that a legacy is probable, and that payment will be made, or property transferred, and the amount involved can be quantified. Donations are recognised when received. Subscriptions from Members are for a period cotenninous with the year end and are recognised in the year in which they are received. 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 settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of the resources. Resources expended includes VAT which cannot be recovered. Raising funds consists of fundraising expenditure and allocated support costs. Charitable activities include publication costs, grants and donations and allocated support costs including governance costs. Allocation of Support Costs The support costs have been allocated as to l O % to raising funds and 90 % to charitable activities. Branches The Charity's accounts include the transactions of the Branches, and as the funds remain attributable to those branches, the balances are held as restricted funds. 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 and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Currently there are no designated funds. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund are set out in the notes to the financial statements.
Page 12 FORWARD IN FArrH NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31ST DECEMBER 2021 ¢ontiDued I. ACCOUNTING POLlCtES (continued) Critical AccouDting Judgemellts And Key Sources of Uncert¥iDty The prepardtion of the Financial Ststements requires the Charity's management to make significant judgements and estimates. The Ètems in the Filthncial Statements where these judgements and estimales have been made include: Employee Benefits The pension scheme disclosure has been prepared in accordance with the details provided by the Scheme's actuary and in considerdtion of the disclosure requirements under FRS 102. At present there is no liability to disclose, but changes in assumptions used in evaluating the S¢h¢me's liability could have a signifi¢ant effect on the amounts shown in the Finan¢ial Statetnents. Use1 Life of T*ttgible Fixed Assets The depreciation charge on tangible rd assets is based on Management's estimates of useful life. This is subject to uncertainty and reviewed by Mana8¢m¢nt at reporting date. General Fund Restritted Fuud Total 2021 Total 2020 2. SUBSCRIPTIONS. DONATIONS AND LEGACIES Subsoriptions Donations Income tsx 0Verable Legacies Donations to Chapel Fund Branch income 111.523 2,793 17.606 4.742 111.523 24,312 17,606 4,742 16.000 2.415 114.629 48,258 18,755 62,532 16,000 5,258 21.519 16,000 2,415 £136,664 £39.934 £176.598 £265,432 2020 £242.644 £22,788 £265.432 3. CHARITABLE ACTtVITIES Publications Other tnwme 13.428 3,462 13,428 5.626 16,566 3,555 2,164 £16.890 2,164 £19,054 £20.121 2020 £19.896 £225 £20,121
Page 13 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021 4. OTHER TRADING ACTIVITIES General Fund Restricted Fund Total 2021 Total 2020 Branch activities Other sales 397 397 523 £397 £397 £523 2020 £523 £523 5. INVESTMENTS Dividends receivable Interest receivable Branch interest and dividends receivable 27,813 12 27,813 12 154 25,497 125 250 154 £27,825 £154 £27,979 £25,872 2020 £25,622 £250 £25,872 6. RAIStNG FUNDS Fundraising Expenditure Allocated support costs (Note 8) 14,295 58 14,353 15,578 £14,295 £58 £14,353 £15,578 2020 £15,405 £173 £15,578 7. CHARITABLE ACTIVITIES Publications costs External Meeting costs Chaplaincy costs IT costs Catholic Group grant Catholic Mission Network Pandemic Initiatives General Synod Elections The Society Council of Bishops Archives Project Donations and Gifts Branch cost of charitable activities Allocated support costs (Note 8) 56,148 56,148 57,226 223 17,676 1,481 2,500 17,037 17,037 1,881 2,500 9,044 1,881 2,500 9,044 12,385 20,174 1,029 3,808 380 1,500 4,953 140,209 31,335 1,627 5,013 31,335 1,627 5,013 5,579 521 5,579 129,177 128,656 £227,160 £32,181 £259,341 £263,544 2020 £241,728 £21,816 £263,544
Page 14 FORWARD IY4 FATTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31ST DECEMBER 2021 conlinued SUPPORT COSTS General Fund Restiicted Fund Totsl 2021 Totsl 2020 Salaries National Assembly Office costs Sundry expenses Travel Covnputer Bank charges Establishment expenses Branch support costs Independent Examination Accountancy and KatIOn services Insurance Reallocation of suprrf>rt costs 116,398 116.398 116,608 33 7,054 6,269 3,332 2,049 651 6,288 1,735 5,220 5.213 1.335 (155.787) 6,607 250 890 636 786 6.730 6.607 250 890 636 786 6,730 579 5.400 3.902 1.352 (143,530) 579 5,4(M) 3,902 ,352 (142,951) (579) 2020 2021 2020 9. STAFF COSTS AND NUMBERS Payroll costs Wages and salaries Social security costs Pension costs 135,456 12,198 11.750 128.576 7,172 16,418 £159,404 £152,166 The averdge head count for the year was 6 of whom one was fiEII time. and the full time equivalent amounted to 2.75 (2020.. 6 and 2.6)- One employee for the reporting period fell in the band £60,000 - £70,0. Key management Frsonnel received salary of £69,738 and pension wntributions of £7,845.
Page 15 FORWARD IN FATTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021 continued 10. TANGIBLE FIXED ASSETS Office equipment Cost I st January 2021 Additions Disposals 3,469 31 st December 2021 £3,469 Depreciation I st January 2021 Disposals Charge for year 3,469 31 st December 2021 £3,469 Net book value 31 st December 2021 3 1st December 2020 All of the fixed assets are held for the use of the Charity. General Fund Schroders Property Fund Restricted Fund Branch I I. INVESTMENTS CCLA Total Market Value at I st January 2021 Additions Realised Gains/(Losses) Unrealised Gains/(Losses) 438,633 200,715 114,279 5,123 758,750 48,632 20,089 16,532 736 85,989 Market Value at 3 1st December 2021 £487,265 £220,804 £130,811 £5,859 £844,739 Cost at 31 st December 2021 £365,000 £225,000 £125,000 £3,390 £718,390
Page 16 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMEiYrs FOR THE YEAR ENDED 31ST DECEMBER 2021 ¢ontinued 2021 2020 12. DEBTORS Amounts falling due within one year Trade debtors Other debtors and Prepayments 5,354 3.592 207 11.305 £8,946 £11.512 13. CREDITORS Amounts falling due within one year Aecru&ls and d¢f¢rr¢d in¢om¢ 8.565 7.065 £8,565 £7,065 14. ALLOCATION OF NET ASSETS BETWEEN FLfNDS Net Currellt knets Investments Total 2021 General funds Restricted funds 838.880 5,859 138,106 74,714 976,986 80,573 £844.739 £212,820 £1,057.559 2020 General fvnds Restricted fvnds 753.627 5.123 197,429 65.057 951.056 70,180 £758.750 £262,486 £1,021,236
Page 17 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021 continued 15. FUNDS BAlaDce at 1st January 2021 Gainl(Loss) on Investments Balance at 31st December 2021 2021 Income Expenditure Transfers Restricted funds Scotland Fund Branches Fund Branches (National) Fund Chapel Fund John Richards Memorial Fund Catholic Mission Network 3,575 58,957 3,283 3,745 620 3,575 57,912 3,283 4,167 680 10,956 4,733 (6,158) 736 (356) 17,459 60 20,000 (17,037) (9,044) 70,180 42,252 (32,239) 736 (356) 80,573 Unrestricted- General Fund 951,056 181,776 (241,455) 85,253 356 976,986 £1,021,236 £224,028 £(273,694) £85,989 £1,057,559 Balance at 1st January 2020 Gafinl(Loss) on Investments Balance Ydt 31st December 2020 2020 Income Expenditure Transfers Restricted funds Scotland Fund Branches Fund Branches (National) Fund Chapel Fund John Richards Memorial Fund The Gift Fund 3,575 60,025 3,111 906 555 675 3,575 58,957 3,283 3,745 620 5,561 172 17,465 65 (6,688) 331 (272) (14,626) (675) 68,847 23,263 (21,989) 331 (272) 70,180 Unrestricted - General Fund 933,787 288,685 (257,133) (14,555) 272 951,056 £1,002,634 £311,948 £(279,122) £(14,224) £1,021,236 The Scotland Fund is for the benefit of work in Scotland. The Branches Fund comprises money raised and held by the branches for expenditure in their areas. The Branches (National) Fund comprises money, held nationally, which is derived from branches that are in abeyance, pending re-establishment of the branches concerned. The Chapel Fund represents net income raised to cover the cost of leasing the Chapel at Gordon Square and the ministy exercised within it. The John Richards Memorial Fund is held for expenditure on projects in memory of Bishop John Richards. The General Reserve represents the free funds of the charity which are not designated for particular purposes. Catholic Mission Network- Grant Funding has been received, on behalf of The Society, from the Allchurches Trust and from the Fellowship of St John, for a new initiative to establish a Catholic Mission Network.
Page 18 NOTES TO THE FINANCIAL STATEMENTS FOR THE YKAR ENDED 31ST DECEMBER 2021 continued 16. OPERATING LEASE C0MPrftTTs Ai 3 1st [kmber 2021. th¢ Clwity had commitments under operatin8 leases as follows: land and Buildin 2021 2020 Other 2021 2020 Within one year B¢tween 2 8nd 5 years Over 5 years 7.1 3.1 7.100 8.875 591 930 17. TRUSTEES, EXPENSES, REMUNERATION AND RELATED PARTY TRANSACTIONS The Trustees ar¢ not remunerated. During the year travel and accommc4knion expenses of £819 were reimbursed (2020.. £1.546). The AddRtiollal Curates Society The Charity employs the services of the Additional Curates Society and in the year paid £Nil for services provided (2020.. £Nil). The Rt Revd Tony Robinson is a trustee of the Additional Curats Society. The Catholic Group in General Synod The Charity made payments to the Catholic Group in G¢n¢ral Synod amounting to £2,500 (2020= £2,500). The Revd Paul Benfield is Chairnian of the Catholic Group. 18. PENSTONS Forward in Faith parti¢ipat¢s in th¢ Pension Builder Scheme section of The ChuKh Workers Pension Fund (CWPF). The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separdtely from those of the Employer and the other participating employers. CWPF has two sections: the Defined Benefits Scheme 2. the Pension Builder Scheme, which has two subsections; a deferred annuity section knovm as Pension Builder Classic. and, a cash balance section known as Pension Builder 2014. b) Pellslon Bullder Seheme Both sections of the Pension Builder Scheme are classed as defined kn¢fit s¢h¢mes. Pension Builder Classic provides a pension accumulated from contributions paid and converted into a d¢ferred #nnuity during employment based on ternis set and reviewed by the Church of England Pensions Board from time to time. Discretionary in¢r¢ases may also be added, depending on investment returns and other factors.
Page 19 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021 continued 18. PENSIONS (continued) Pension Builder Scheme (Continued) Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement depending on investment returns, and other factors. The account, plus any bonuses declared, is payable, unreduced from age 65. There is no sub-division of assets between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102, This is because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA in the year are contributions payable (2021: £11,750 2020: £16,418). A valuation of the Pension Builder Scheme is carried out once every three years. The most recent was carried out as of 31 December 2019. The next valuation is due at 31 December 2022. For the Pension Builder Classic section, the valuation revealed a deficit of £4.8m on the on-going assumptions used. At the most recent annual review, the Board chose to grant a discretionary bonus, of 3 % following improvements in the funding position over 2021. There is no requirement for deficit payments at the current time. For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time. The legal structure of the scheme is such that if another employer fails, Forward in Faith could become responsible for paying a share of that employer, s pension liabilities. 19. EVENTS AFTER THE BALANCE SHEET DATE In the last two years, there has been major global upheaval in both the social and financial spheres. The effects of these on the charity remain unclear although the valuation of investments at the year end had recovered to pre-pandemic levels and levels of dividend income had started to recover. This had improved the financial outlook for the charity for the forthcoming year, although the charity will now need to keep the situation in Ukraine under review in this context. However it is unlikely to cause major disruption to the charity's activities.