OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-02-28-accounts

CONTENTS Page
Trustees'
Annual
Report		 2—10
Independent
Auditors'
Report		 11 —14
Statement ofFinancial Activities 15-16
Summary
Income and Expenditure		 Account 17
Balance Sheet 18
Statement ofcash flows 19
Notes forming part ofthe Financial Statements 20 —35

Trustees: D.JPowell (Chairman) D.JPowell (Chairman) D.JPowell (Chairman)
A.C.Davies (Company Secretary)
T.D.Grieve
J.N. Kingston
E.J.Marsh
W.P.Massey
S.D.North (retired 18 March 2022)
E.F.C.Small
Charity Leader J.T.Preston
Company registered number 03471812
Charity registered number 1066832
Registered office: 45-47 Loft House
College Road
Bristol
BS79FG
Auditors: Mazars LLP
Chartered
Accountants
90Victoria Street
Bristol
Bsl 6DP
Bankers: National
Westminster		 Bank Plc
32 Corn Street
Bristol
BSI IHQ
Solicitors: Meade King
Springfield
House
45 Welsh Back
Bristol
BS14AG
Investment Maaagers Sarasin & Partners,
100St. Paul's Churchyard,
London
EC4M 8BU
Brewin Dolphin Securifies
12 Smithfield Street
London EC1A9BD

Current
Year
Vnrestrlc- Unrestricted Expendable
tcd General Designated Restricted Endowment
Fuads Feeds Fuads Fond Total Funds Total Faads
2022 2022 2022 2022 2022 2021
Note 8 f
Income and endowments from
Donarions and legacies 79,466 1,030,635 47379 1,157380 (390,753
in vcsnncnts 357,141 357,141 373466
Charitable
Activities		 119,831 119,831 116,352
Total income and endowments 556,438 1,030,635 47379 1,634,352 1,780371
Expenditure
on
Raising Funds 6 31,941 31,941 28317
6,7
Charttabic
acn'vi ries		 8,9 511,607 35381 1,096,884 1,643,772 1,652343
Total Expenditure 6 511,607 35381 1,096,884 31,941 1,675,713 1,680,460
Nei gains/Posses)
on
invesnnents 12 618,318 618,318 624,475
Ner incamel(expenditure) 18,19 44,831 (35381) (66349) 633,656 576,957 724386
Transfers
between funds		 20 (150315) (99,785) 4,725 245375
Other gainslPosses) 1330 59 535 594 (4,779)
Nn' ma venteni infunds (105,325) (134,531) (61324) 878,931 577351 719,607
Totalfunds
brought		 18,19
forward 20 331,487 2376,4(5 169,370 11,785,777 14363,049 13,843,442
Totalfinuls carried 18,19
forward 20 226,162 2,141,884 107,846 12,664,708 15,140,600 14,563,049

Unl'estele Ual' striated Expendable
ted General Dmlgnated Restricted Endowment
Feeds Funds Fuads Fond Total Funds
2021 2021 2021 2021 2021
Note
Income and eadowments from
Donations
and legacies		 64,982 1325,771 1390,753
investments 373366 373366
Charitable
Acriviries		 116,352 116,352
Total Income and eadowments 554,600 1325,77( 1,780371
Expendltureoa
Raistng Funds 6 283I7 28317
6,7
Charitable
acrivtrirs		 8,9 469319 35395 1,147,629 1,652343
Total Expeadlture 6 469,219 35395 1,147,629 28,217 1,680,460
Net gains)(tosses)
on
invesanents 12 624,475 624,475
Net income'(esfrenditure) 18,19 85381 (35395) 78,142 596358 724,386
Transfers between funds 20 (72316 (2316) (170,000)
Other gains)(tosses) 1330 (2,982) (1,797) (4,779)
Ner movementin
ftuuis		 254,615 (39,408) 78,142 426,258 719,607
Totalfunds brought 18,19
forward 20 76,872 2,315,823 91328 11,359,519 13,843,442
Totalfunds carried 18,19
forward 20 331,487 2,276,415 169,370 11,785,777 (4363,049
Unrestricted Total Total
Income Restricted Income
Fuads Fund Funds income Funds
2022 2022 2022 2021
8 8 8
income 556,438 1,030,635 1,587,073 1,780,371
Less: Total Expenditure (546,888) (1,096,884) (1,643,772) (1,652,243)
Transfers (to)/from Expeadable endowment fund (250,000) 4,725 (245,275) 170,000
Other Gains fiosses) 594 594 (4,779)
Net movement in funds (239,856) (61,524) (301,380) 293,349

Total Funds Total Funds
2022 2021
8
Net cash provided
by (used In) operating		 activities note 2 (183,769) (230381)
Cash flows from investing
activities:
Dividends and interest 357,141 373,266
Purchase ofproperty,
plant and equipment		 (5,061) (I365)
Computer soibvare development
costs		 (2,600)
Investment
fees/property
fund		 (3,404) (2,351)
Saleofquoted investments 397,511 374,854
Capital
withdrawn
from investments		 170,000
Purchase ofquoted investments
flom additional		 cash invested (143,588)
Purchase ofquoted investments
lrom other		 cash (398,931) (387,603)
Purchase ofunlisted
investmmts		 (8,793)
Change in cash held for settlemeats (103,323) 7,616
Net cash provkled
by (usod in) investing		 activities 91,552 531,917
Change ln cash and cash equivalents in tbe reporting period (92317) 301,336
Cash and cash equivalents
at the beginning ofthe reporting		 period 576,927 280370
Change in cash aad cash equlvahstts due to exchange rate movements 594 (4,779)
Cash and cash equivalents
at the end		 of the reporting period 485304 57M27

Total Funds Total Fonda
2022 2021
f f
Net income/(expenditure) for tbe reporting perkd (as per the statement offinancial
sctlvitlm) 576857 724486
Adjustments for:
Dqtreciation and amottisation charges 35381 35395
(Gains)/losses on investments (618318) (624,475)
Defaults
/k		 provisions 714 (249)
Investment fees 31,941 28317
Exchange rate losses/ (gains) on PR investments (535) 1,797
Mortgages (2,575)
Microfmance repaid 17,417 7,109
Mortgage repaid 87350
Dividmds
and interest		 (357,141) (373366)
(Increase)/decrease in stocks 701 214
(Increase)/dcctcam in debtors 5,994 7,309
Increase/(decrease) in credittxs 35,970 (34,443)
Net cash provided by (used la) operating activltks (183,769) (230481)
Donatkns and kgscles
Un res trkted
General Restrkted Endowment Total Funds
Funds Funds Funds 2022
f f
Donations 69,981 1,030,635 1,100,616
Legacies 9,485 47379 56,764
Total 79,466 1,030,635 47279 1,157380
Dosations and legactes - prior year
Unrestricted
General Restrkted Endowment Total Funds
Funds Funds Funds 2021
f f
Donations 42,429 1,219,113 146(~2
Legacies 22,553 6,658 29,211
Total 64,982 1,225,771 1290,753

Unrestricted
General TotalFuads Total Funds
Funds 2022 2021
f
Dividends
Receivable		 357,136 357,136 371419
Interest on cash deposits 5 5 1,747
Total 357,141 357,141 373,266
AII ofthe 2021 investment income was in the Unrestricted General Fund
income from charitable activities
Uarestrlcted
General Total Fonda Total Funds
Funds 2022 2021
f
Rental Income 104378 104378 99459
interest on Community House Mongages 12,937 12,937 14,770
Family Records 1,660 1,660 1,999
SaleofBooks 856 856 24
Total 119,831 119,831 116,352
All ofthe 2021 income from charitable activities was in the Unrestritxed General Fund
Analysis ofexpenditure by type
StaffCosts Other Costs Grants Total
2022 2022 2022 2022
f f
Investmeot
Management		 Costs 31,941 31,941
Cost ofraising funds 31,941 31,941
Global Partnerships (SKI) 39,946 36,896 1379376 1,356,118
Inspiring
Faith		 51,477 48,740 100317
Nurturing
Families		 18,944 12,942 31,886
Resourcing
Minisny		 35,697 31,929 67,626
Transforming
Communities		 5355 35,185 35,385 75,925
Governance 12,000 12,000
Charitable
Activities		 151,419 177,692 1,314,661 1,643,772
Total expenditure 151,419 209,633 1,314,661 1,675,713

StaffCosts
Other Costs		 StaffCosts
Other Costs		 StaffCosts
Other Costs		 Grants Total
2021 2021 2021 2021
f
Investment
Management
Costs		 28317 28217
Cost ofraising fuads 28317 28217
Global Partnetships
(SKI)		 40327 29,360 1285,421 1355,008
Inspiring
Faith		 32314 29,166 61,380
Nurturing
Families		 14,129 7,814 21,943
Resourcing
Ministry		 25210 20,499 45,709
Transforming
Communities		 13360 40,689 75,403 129,652
Governance 17,179 21,372 38,551
Charitable
Activities		 142419 148,900 1,360,824 1,652343
Total expeadlture 142419 177,117 1,360,824 1,680,460
SKIincluding
Orphans ofthe World		 is the continuation ofthe wmk formerly carried on by the SKI trust. Its work is to provide grants, support and
encouragemeut
to those involved		 in Christian work and education
both in the		 UK and overseas. It has an emphasis on wwk amongst childrea
and
in particular
orphans
and widows.
2022 2021
8
Grants to 109(2021:125)individual Christian worktss 676365
Grants above f5,000 to Organisations (details below, where grants were above f5,000 in the current or preceding
period) 517,084 530887
Grants below f5,000to Organisations 67,882 60,195
Defaults and exchange (gains)/ losses for Programme rdated investments (see note 13) 179 1,548
Total 661616 6666
Groats to organisation
s above 85,000(details below, where grants		 were above 85,000 ln either the current
or prccediag period) 2022 2021
Gospd ofKingdom Associates 21416 22365
Rwandan
Orphan project		 74,128 71,782
Haven Home Orphanage 64,120 49,639
25:40Romania 21,906 24,066
Ebeaezer Children's
Centre		 30,145 32,777
Subtotal carried forward 211,816 200329

SKI(continued) 2022 2021
f
Subtotal brought
forward		 211,816 200329
Bright Hope World 10,600 26,000
Shared Hope 22,000 30,000
Hebron Hostel Trust 12,952 13362
Afiica Naturally 9318 7,196
Casa Hogar Lamedas Pampa 3,748 5,445
UNIVlDA 3339 7,965
Hands at Work in A&ice-Bandeni 23,434 34,622
Hands at Work in Afiica —Oshoek 19,356 31369
Helping Them to Smile 21,004 8,110
Five Talents 10,000 10,000
Holland Wharf Girls Hostel 13,026 14,641
The Joseph Project 6,814 6,858
House ofHope 38,531 12,606
SSSNepal 11,072 8375
GTSSS 1,028 5,684
DFN UK 18,638 11333
New Victory Child Care 7322 8,710
Send aCow 14,633 16,060
Love Bristol 4380 7,190
Mongolia Community Project 4,141 18,115
Solid Rock international Ministries 28390 15,580
YWAM 23,739
CeHBED Orphanage 1,723 6,698
lntunationat
China Concern		 Ltd 7322
For Ethiopia 12399
Total 5 7.0I
8 Net income/(expenditure)
This is afier (crediting)/charging: 2022 2021
f f
Depreciation/amortisation oftangible and intangible fixed assets owned by the charity 35,281 35395
Auditors'
remuneration		 2NO .830

StaffCosts
2022 2021
Wages and Salaries 138,083 128,958
Social Security costs 5,066 5383
Other Pension costs 8270 8478
Total
Management
Administranon
Total 8 I
Intangible Fixed Assets Computer
Software in Total
Developmest 2022
Cost ss at I March 2021 15,200 15200
Cost as at 28 February 2022 15300 15300
Amortisstlon 4360 4,560
Net Soak Value as at 28
February 2022 10,640 10,640
Net lhrok Value as at 28
Febrasry 2021 13,680 13,680

Tangible Fired Assets
Building Furniture
Land and Plant & Museum Flatures
tk		 Ofuce Total
Buildings Machinery Content Fittings Equipment 2022
8 f g 8
Cost as at 1March 2021 1,693,915 111,821 104,690 56,919 19,807 1,987,151
Additions 5,061 5,061
As at 28 February 2022 1,693,915 111,821 104,690 56,919 24,S68 1,992312
Accumulstmt
Depreciadon
As at
1 March 2021		 94,743 17,705 16376 11,935 13,846 154,S05
Charge for the year 11,182 10,469 5,692 4,898 32441
As at 28 February 2022 94,743 28,887 27,045 17,627 18,744 187,046
Net Book Value as at 28
February
2022		 1499,172 82J34 77,645 39492 6,124 1,805,166
Net BookValue as at 28
Febraary 2021 1,599,172 94,116 88,114 44,984 5,962 1,832,348

2022 2021
Listed investments Total Total
Market Value f
As at I March 2021 4333,532 4,163,765
Sale Proceeds (397,511) (374,854)
Additions
from additional		 cash invested 143,588
Other Additions 398,931 383,486
Change
in cash htdd for settlements		 (from additional cash invested) 106,412 (8381)
Costs ofmanaging
investments		 (28,537) (25,866)
Unrealised
valuation		 nts (loss)/gain 63,349 148334
Reagsed net gain/(loss) 174,531 47,048
At 28 February 2022 4,794395 4,333332
Being:
Investments
managed		 by Brewin Dolphin 4,689,740 4,305,432
Cash held for settlements 104355 28,100
4,794495 4333432
Analysis ofInvestments
UK Equities 1,427,806 1,464,515
UK Bonds 467,319 487,178
Overseas Equities 1,456,604 1,253,178
Overseas Bonds 127485 72,483
Othtu 1,315381 1,028,078
Total 4,794,295 4305,432
Historical cost ofmvestments 3,633,912 3,311,003
2022 2021
Total Total
UnUsted
investments		 f f
As at I March 2021 7,458,388 7,194,412
Reduction
m otpital,		 cash withdrawn from investment manage. (170,000)
Purchase ofSarasin Alpha CIF for Endowments 8,793 4,117
Change
in cash held for settlemtnts		 84 1,010
Unrealised
valuation		 net gain/(loss) 377,265 428,849
At 28 February 2022 7,844,530 7,458,388
Fixed Asset Investments (continued) 2022 2021
Total Total
f f
Sarasin Endowments
Fund		 Class A Inc 6,194,524 6,024,790
Units in Property
Funds		 1,646,033 1,429,709
Cash 3,973 3,889
Total value ofinvestments 7,844,530 7,458,388
2022 2021
Total Total
f,
Quoted Investments 4,689,740 4,305,432
Units in proptxty
funds		 1,646,033 1,429,709
Sarasin Endowments
Fund		 Class A Inc. 6,194424 6,024,790
Cash held for settlements 108,528 31,989
Total value ofinvestments 12,638,825 11,791 tt20

Community
Mlerolinance House Total
Loans Mortgages 2022
f f f
As at I March 2021 22,935 409450 432, 185
Additions (new loans)
Exchange rate gains (losses) 535 535
Amounts repaid (17,417) (87250) (104,667)
Defaults and provisions (charged) credited to Charitable
actrvlttcs .grants (714) (714)
At 28 February 2022 5339 322,000 327,339
Programme
relattxi investments		 consist of:

The follo wing is a brea kd own ofP rogramm e
related investments
between fix		 ed and current assets:
2022 2021
f f
Fixed Assets 322,000 409,250
Current Assets 5339 22,935
Total 327339 32.173
Programme
Related		 investments -Prior Year
Community
Mkroflnance House Total
Lotms Mortgages 2021
f f.
As at I March 2020 31492 406,675 438467
Additions
(new loans)		 2,575 2,575
Exchange rate gains (losses) (1,797) (1,797)
Amounts repaid (7,109) (7,109)
Defaults and provisions (charged) credited to Charitable
sett v1ties —grants 249 249
At 28 February 2021 22,935 409,250 432,185
14 Stocks
2022 2021
Total 2.1
15 Debtors
2022 2021
f
Debtors and prepaymmts 19,824 25,748
Income tax recoverable 10377 10,347
Total 30.101 36.18
16 Creditors: Amounts falling due within one year
2022 2021
f
Trade Cted2tots 12477 14,789
Social Security and other taxes 4,836 4,549
Accruals and deferred income 37333 18,452
Sundry creditors and SKIgifis not yet paid 72,466 50486
Other txeditors - pension obligation 6,010 8,555
Total 32.922 96, »

2022 2021
8
Other creditors - pension oh Iigatioo 25,264 en5
18 Movement
ln Unrestricted		 Designated Funds
Programme Total
Unrestrkted Related Un rcstrkted
Fixed Asset investment Dmignatod
Fund Fund Funds
K
As at I March 2021 1,846,026 430,389 2276,415
Transfer fiom (to) Unrestricted Funds 5,061 (17696) (12435)
Transfer &om (to) Expendable Endowment Fund (87250) (87250)
Nts incomct(expenditure) (35381) (35281)
Other Gains (Losses) 535 535
As at 28 Febraary 2022 1,815,806 326,078 2,141,884
The transfer from the Unrestricted Fund to the Unrestricted Fixed Asset Fund off5,061 represents fixed asset additions in the year. The transfer to
the Expendable
Endowment		 Fund off87,250 is due to the full repayment ofa mortgage loan.
Movement
ln Unrestricted		 Designated Feeds - Prior Year
Programme Total
Unrestricted Related Unrestrkted
Fixed Asset Investmeot Designated
Fund Fund Funds
As at I March 2020 1,877,556 438267 2,315,823
Transfer from (to) Uotestricted Funds 3,865 (6,081) (2416)
Net income/(expenditure) (35,395) (35,395)
Other Gains (Losses) (1,797) (1,797)
As at 28 February 2021 1,846,026 430,389 2376,415

Tbe Churches Restricted
SKI City Fand Legacies Total
f f f f
As at I March 2021 71393 74,752 23,325 169370
Income &Endowments 1,006,874 23,761 1,030,635
Expenditure 1,048,834 35,384 12,666 1,096,884
Transfer from Expendable Endowment Fund 4,725 4,725
As at 28 Febraary 2022 34,058 63,129 10,659 107,846
SKl donor balances represent amounts given to the Charity in the year ended 28 February
2021 for the work ofSKI		 but not distributed at 28
February 2021.The Churches City Fund is a fund directed at social needs in Bristol such as food poverty and refugees in which the Charity
partners
with Bristol churches.		 The transfer from the Expendable Endowment
Fund represeats
10'/s oftbe legacies received overf15,000 which
were taken directly to the Expendabk Endowment Fund. As explained in Note Icit is the trustees practice to donate 1(P/v ofthese legacies to
pressing
needs.
Movement
ln Restrkted		 Fands - Mar Year
The Churches Restrkted
SKI City Fund Legacies Total
f f
As at I March 2020 60,031 8,197 23,000 91328
Income &Endowments 1,077,155 141,958 6,658 1325,77(
Expenditure (1,065,893) (75,403) (6,333) (1,147,629)
As at 28 February 2021 71393 74,752 23325 169370

Unrestricted Unrestricted
General Desigasted Restrkted Endowment TotslFunds Total Funds
Fuads Funds Funds Fuads 2022 2021
f 8 f
As st March 2021 331,487 2276,415 169,370 11,785,777 14463,049 13,843,442
Total income &endowments 556,438 1,030,635 47379 1,634352 1,780,371
Total expenditure (511,607) (35381) (1,096,884) (31,941) (1,675,713) (1,680,460)
Ntx gains/(losses) on investments 618318 618,318 624,475
Transfers between funds (150215) (99,785) 4,725 245275
Other Gains snd Losses 59 535 594 (4,779)
As at 28 Febraary 2022 226,162 2,141,884 1072146 12,664,708 15,140,600 14,563,049
Movemeat
in sU Funds - Prior Year
Uarcstrletcll Unrestrktcd
General Designated Restricted Endowmeat Total Funds
Funds Funds Funds Funds 2021
8
As st March 2020 76,872 2,315,823 91428 11359,519 13,843,442
Total mcome &endowments 554,600 1,225,771 1,780371
Total expenditure (469219) (35095) (1,147,629) (28217) (1,680,460)
Net gams/(losses) on investments 624,475 624,475
Transfers between funds 172316 (2316) (170,000)
Other Gains snd Losses (2,982) (1,797) (4,779)
As at 28 February 2021 331,487 2476,415 169470 11,785,777 14~,049