ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE) COMPANY REGISTRATION No: 03603373 CHARITY REGISTRATION No: 1071600
Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
SALT AND LIGHT MINISTRIES (A COMPANY LIMITED BY GUARANTEE)
| CONTENTS | |
|---|---|
| Page 3 | Legal & Administrative Information |
| Pages 4 to 6 | Report of the Directors' |
| Page 7 | Statement of Financial Activities |
| Page 8 | Balance Sheet |
| Pages 9 to 19 | Notes to the Financial Statements |
| Page 20 | Independent Examiner's Report |
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1071600 COMPANY REGISTRATION NUMBER 03603373 DATE OF INCORPORATION 24th July 1998 START OF FINANCIAL YEAR 1st September 2021 END OF FINANCIAL YEAR 31st August 2022 DIRECTORS AT 31ST AUGUST 2022 S.P Thomas A. Moyo S.H Neal
GOVERNING DOCUMENT
Memorandum and Articles of Association Incorporated 24th July 1998.
OBJECTS
To advance the Christian Faith in accordance with the statement of beliefs appearing in the schedule hereto in such parts of the World as the Directors of the Charity may from time to time think fit.
REGISTERED ADDRESS
33 Lower Hall Lane Walsall West Midlands WS1 1RR
PRIMARY BANKERS
Barclays Bank Plc 20-22 Park Street Walsall West Midlands WS1 1NG
INDEPENDENT EXAMINERS
Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS' FOR THE YEAR ENDED 31ST AUGUST 2022
Principal Activity
The principal activity of the company is the advancement of the Christian faith through the provision of training and support for Christian Ministries in a group of churches in the United Kingdom and internationally.
Charitable Status
The company has charitable status and is registered with the Charity Commission under registration number 1071600, and a company registered in England and Wales under registration number 3603373.
Governing Instrument
-
The company’s activities are regulated by the Memorandum and Articles of Association. The objects of the company are: i) To advance the Christian faith
-
ii) To relieve those who are in conditions of need, hardship or who are aged or sick iii) To advance education in accordance with Christian principles
-
iv) To promote other charitable objects as decided by the directors from time to time
Directors:
-
M D Greig (resigned 16/12/21)
-
M A Harland (resigned 10/06/21)
-
A Moyo (appointed 19/11/20)
-
M S Nash (resigned 16/12/21)
-
S H Neal (appointed 16/12/21)
-
D J Rolles (appointed 19/11/20, resigned 16/12/21)
-
N S Strike (appointed 19/11/20, resigned 16/12/21)
-
S P Thomas
Apart from where noted, the above named have served during the year. The Directors of the company are also the trustees of the charitable activities. The Directors are kept informed of the activities and performance of the charitable company and provided with regular management information. The composition of the Board is kept under review and additional appointments will be made should the need arise. All Directors are made aware of their responsibilities.
Persons of Significant Control
In line with recent changes to legislation we have created a register of persons of significant control and submitted their details as part of our Companies House return. These persons (who hold the right to appoint or remove the majority of the board of directors of the company) are therefore identical to our Members.
Members
The Members of the charity are the leaders of the Spheres on whose behalf the national framework is run. They are:
-
A Barclay-Watt (Resigned 15/11/21)
-
S Thomas
-
M Dunkley (Resigned 11/11/21)
-
S Jones
-
P Norris (Resigned 10/11/121)
-
D Richards
-
A Moyo (Joined 19/11/20)
Administrative details
Key Staff: Oliver Russell and Andy O’Connell
Registered Office: 33 Lower Hall Lane, Walsall, England, WS1 1RR
Independent Examiners: Castle View Accounting Ltd, New Barn, Mudberry Lane, Bosham Chichester, PO18 8TS
Bankers: Barclays Bank PLC & Virgin Money
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SALT AND LIGHT MINISTRIES (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS' (Continued) FOR THE YEAR ENDED 31ST AUGUST 2022
Review of Activities
Within the UK we have continued with our strategy of releasing churches to invest more in their local Spheres, and have supported this work through a further round of a Training Grant processes to invest £53,700 in Sphere-sponsored training over this period.
We also continue to handle a small number of regular donors to overseas development projects we initiated but which have been subsequently transferred to UK charities who carry on that work (Henley Baptist Church, Basingstoke Community Churches).
Our international work has benefitted from learnings during the pandemic. We had our second online International Leaders Conference this year to which we had nearly 400 delegates. We will be continuing to operate a blend of virtual and in-person gatherings and interventions as we continue to offer training and support for Christian ministries in our international group of churches.
Financial Review
During the year the charity has received donations and other income amounting to £76,716 and has incurred expenditure of £44,449. The charity is largely dependent on voluntary support from many individuals and the family of churches, and this is gratefully acknowledged by the Directors.
Reserves
The Directors seek to hold adequate reserves to meet three months operating costs including emergency property costs. At year end we had cash at hand of £34,135 to cover a 22/23 expenditure budget of £72,294.
Risk Management
The Directors have reviewed the major risks to which the charity is exposed and have taken steps to mitigate the potential impact of these.
Cohesion
In autumn 2021, three Spheres which had previously been part of Salt & Light UK separated as part of the anticipated process as we brought increased clarity to our direction and principles. The financial mitigations put in place to reduce costs, especially administrative contractors and the risks created by large scale events and to derive the benefits of the increased clarity through the renewed commitment from the remaining spheres.
One consequence of this is a shift in the focus of our activity from the UK to the wider family. This is very much in keeping with the vision and direction first articulated at our 2018 International Leaders Conference and so although further changes in personnel, processes and leadership may be necessary the work of the charity can continue on a firm footing.
Cost of Living
The inflationary increases are a concern for all charities, but we are in a fortunate position to be somewhat immunised against them by both the asset value of our property portfolio and the stability of the (government backed) rent we receive from them. We will remain vigilant to any changes in government policy regarding housing benefit and look for cost saving measures on our expenditures.
Public Benefit
The Directors have considered the guidance provided by the Charity Commission regarding public benefit and the work of the charity (in particular the specific guidance on charities for the advancement of religion).
5
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SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2022
(Incorporating Income and Expenditure Account)
| Notes INCOMING RESOURCES Incoming Resources from Generated Funds Donations, Grants & Legacies 3a Investment Income 3b Charitable Activities 3c Activities for Generating Funds 3d Other Incoming Resources 3e TOTAL INCOMING RESOURCES RESOURCES EXPENDED Cost of Generating Funds Charitable Activities 4a Cost of Generating Funds 4b Governance Costs 4c TOTAL RESOURCES EXPENDED NET INCOMING/ (OUTGOING) RESOURCES Balance Brought Forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2021/22 2020/21 £ £ £ £ £ 387 11,477 12,183 24,047 33,214 5 - - 5 9 4,460 200 - 4,660 13,207 - 48,000 - 48,000 48,000 3 - - 3 318 4,856 59,677 12,183 76,716 94,748 12,067 30,297 203 42,567 136,336 - - - - 673 1,881 - - 1,881 1,643 13,949 30,297 203 44,449 138,652 (9,093) 29,380 11,980 32,267 (43,904) 725,182 (70) 5,375 730,487 774,391 716,089 29,310 17,355 762,754 730,487 |
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 9 to 19 form part of these financial statements.
7
SALT AND LIGHTMINISTRIES IACQMPAIIY UMITED OY GIJARANTEE) ALANCE SHEET AS AT 31ST AUGUST 2022 31-Al-2? 31-A¢w-21 Flx•d Tgroib19Ass•ts lTrrfestrn8ni 719.(D) 10.(IXI 719.IMI 10.( 719.CO) Total FIA•d 729.( 729.000 739,000 08btors & Prepaymwts Cash 81 Bart4 and in H8TrJ 10 1.67T 16.7WI 1Q.180 38237 17.3&fj 34.135 Tot1 Curr•thA•t# 17.J$5 35.812 4B.417 11 56.920 IIET CUARÉNT ASSETS 17.355 31754 1&5131 ¢Y•d'. ArNwnlsdu• In 12 TOTAL ASSETS18u CL¥r8rrt Ilatth• 745.J#I 17,355 782.754 7Xh07 IIÉT ASSETS 745J99 17,355 762,754 730A87 Fundi 0fth•¢rty Ge141 Fund5 DbsvJnathd ReslrLted Fund 716.IA9 29.310 716,¢J8 29.310 17.355 725.182 17.355 5.375 Tot•1 745.399 17.355 762.754 1.487 Dlr•¢tN•' R•wThbIlrtkn' th? 10 an thjw ae¢tK)n 477 al Corn Act 2C arml Irwi memLr LY mtmbgrs h•V r•quij t Comp 10 •i ¢011$ fc fv ywar a¢wthn¢• ¥xtKY) 478 of tho ACL o¥¥¢vei, in 8cwrd•nc8 wHh 145 01 ChBrflkn ki 2011, h8¥e 8xamrJ In081 whoso rep)rt aFpo M p•afr 2 The ¢nIS Iwe b8Bn Part 1S cl •FF4katde lo corw¢$ ¥vbie¢i lo the ¥mon reGqff I1 xecddorrt• th6 F1 apF4t•ble in th• UK sThJ ol Irg1grn1 IfRS1ty21. wh 5ectkin 386 of the kt and for prera swemen¢s h 9 8 tn fak the state d altaits of thB cornp Hs al the olthefThrd and rf ts rffoth fr li accdr¢ reqiiremenis of Ik?ns 394 whKh offv Compgn XI)6 to JttOLfflS. 80 rasawh'cthlg lo thB ¢>Y[4)ry. bythB the...................... .. PriM•J Nar. -É FHÉfvJ P.
SALT AND LIGHT MINISTRIES (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022
1. ACCOUNTING POLICIES
Basis of Preparation & Assessment of Going Concern
Basis of Preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1st January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ the Directors are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
Incoming Resources with Related Expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA in the same financial period as the gift to which they relate.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services has been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer Help
The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report.
Investment Income
This is included in the accounts when receivable.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
9
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2022
1. ACCOUNTING POLICIES (Continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the Directors' meetings and cost of any legal advice to Directors on governance or constitutional matters.
Changes in Accounting Policies and Previous Accounts
There has been no change to the accounting policies (variation rules and methods of accounting) since last year, and no changes to the previous accounts.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Taxation
The charity is exempt from tax on its charitable activities.
Legal Status of the Charity
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.
Pension Scheme Arrangement
The Charity operates a defined contribution pension scheme for its employees. Obligations for contribution to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the Charity in independently administered funds.
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at Directors' best estimate of market value.
Fixed Assets Investments
Fixed asset investments are held to generate income and/or for their investment potential. Fixed asset investments are investments that are held specifically for sale or are investments that the charity expects to sell by the next balance sheet
Investments, other than social investments (see below), are valued as follows:
i ) Investment property and listed investments are valued at their market value (fair value) at the balance sheet date.
Social Investments
Social investments are investments where the primary motive is to further the charity's objects, not to generate an investment
Concessionary Loans
These are initially recognised as the amount paid and thereafter the carrying value at every balance sheet date is adjusted for repayments, interest charges and provisions for impairment if the amount owed may not be fully recoverable.
Impairment Losses
Impairment losses and losses arising on the disposal of social investments are included in the Statement of Financial
10
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2022
Critical Accounting Estimates and Areas of Judgement
ln preparing financial statements certain judgements, estimates and assumptions have to be made that affect the amounts recognised
i ) The valuation of fixed asset investments and the recoverability of social investments. These estimate are reassessed annually and the valuations are adjusted to reflect current expectations of the fair value of each.
ii ) The constructive obligation for grants payable is based on an assessment of the likely duration of the supported activity. Again this estimate is re-assessed annually and the obligation is adjusted to reflect current expectations.
Tangible Fixed Assets
These are capitalised if they can be used for more than one year, and cost at least £5,000. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied per annum are as follows:
Equipment Cost 25% - Reducing Balance Basis Fixtures and Fittings 25% - Reducing Balance Basis
Amortisation
No amortisation is charged to freehold Land and Buildings as the Land and Buildings is maintained to such a standard that the estimated residual value is not less than cost.
Land & Buildings
Land and Buildings have been valued and included within the accounts at cost value as at the 31st August 2016 in accordance with FRS 102 - Previous revaluation as deemed cost.
Valuation of Land and Building
During the financial year ended 31st August 2016 the Director of Salt and Light Ministries sough guidance and advice regarding the current market value of the Land and Building held by the Charity at 88 Pinnocks Way, Botley, OX2 9DQ and 161 Southern By-Pass, North Hinksey, OX2 0LN. The Land and Buildings have been included in the accounts at market value as at the 31st August 2016 and are included in the accounts in accordance with FRS102 Previous Valuation Deemed Cost.
2. TANGIBLE FIXED ASSETS
| Cost 01-Sep-21 Additions Cost at 31-Aug-22 Depreciation 01-Sep-21 Charge Depreciation at 31-Aug-22 Net Book Value 31-Aug-22 Net Book Value 31-Aug-21 |
Pinnocks Southern Total Way By-Pass 2021/22 £ £ £ 365,000 354,000 719,000 - - - 365,000 354,000 719,000 - - - - - - - - - 365,000 354,000 719,000 365,000 354,000 719,000 Land & Buildings |
|---|---|
The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st August 2022 : None
31st August 2021 : None
11
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2022
3. INCOMING RESOURCES
| a) Donations, Grants & Legacies Gifts & Donations Gift Aid Tax Recovered b) Investment Income Interest c) Charitable Activities Conference & Events King's School of Theology d) Activities for Generating Funds Rental Income e) Other Incoming Resources Sundry Income |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2021/22 2020/21 £ £ £ £ £ 387 11,477 9,824 21,688 33,214 - - 2,359 2,359 - 387 11,477 12,183 24,047 33,214 5 - - 5 9 5 - - 5 9 4,460 - - 4,460 9,963 - 200 - 200 3,244 4,460 200 - 4,660 13,207 - 48,000 - 48,000 48,000 - 48,000 - 48,000 48,000 3 - - 3 318 3 - - 3 318 |
|---|---|
12
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2022
4. RESOURCES EXPENDED
| a) Charitable Activities Bank Charges Conference & Events Gifts & Donations Insurance Costs International Church Relief Fund King's School of Theology New Hope Uganda Office Costs Pearls Expenditure Repairs & Maintenance Staff Costs Sundry Expenses Training Grants |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2021/22 2020/21 £ £ £ £ £ 1,597 14 - 1,611 1,620 3,454 - 145 3,599 42,125 58 - - 58 5,708 719 1,124 - 1,843 811 - - - - 2,670 - - - - 3,244 - - 18 18 216 860 174 - 1,034 773 - - 40 40 100 4,995 15,000 - 19,995 - 384 13,985 - 14,369 29,570 - - - - 1,499 - - - - 48,000 12,067 30,297 203 42,567 136,336 |
|---|---|
b) Cost of Generating Funds
| Property Costs c) Governance Costs Independent Examiners Fee Legal & Professional Fees |
- - - - 673 - - - - 673 1,425 - - 1,425 1,425 456 - - 456 218 1,881 - - 1,881 1,643 |
|---|---|
13
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2022
5. DESIGNATED FUNDS
CURRENT FINANCIAL YEAR
| Transform Summer Camp King's School of Theology International Operations UK Operations Eph 4 Weekend UK Team Meetings Housing Pot Training Grants |
Balance Balance 01-Sep-21 Income Expenditure Transfers 31-Aug-22 £ £ £ £ £ (158) - - - (158) - 200 8 - 192 (1,866) 3,767 5,573 - (3,672) 2,713 7,710 8,592 - 1,831 - - - - - - - - - - 47,241 48,000 16,124 - 79,117 (48,000) - - - (48,000) (70) 59,677 30,297 - 29,310 |
|---|---|
PREVIOUS FINANCIAL YEAR
| Transform Summer Camp King's School of Theology International Operations UK Operations Eph 4 Weekend UK Team Meetings Housing Pot Training Grants |
Balance Balance 01-Sep-19 Income Expenditure Transfers 31-Aug-20 £ £ £ £ £ (14,840) - 158 14,840 (158) (535) 3,244 3,244 535 - 2,025 13,303 16,170 (1,024) (1,866) 662 18,613 13,400 (3,162) 2,713 (116) - - 116 - (1,465) - - 1,465 - 1,098 48,000 759 (1,098) 47,241 - - - (48,000) (48,000) (13,171) 83,160 33,731 (36,328) (70) |
|---|---|
Designated Funds are mainly training related courses or events where any final surplus or deficit are transferred to general funds.
Designated Funds are mainly training related courses or events where any final surplus or deficit is transferred to the General Fund.
Transfers include both these final balance transfers and a management charged levied on the event to cover central costs.
International Operations Fund includes costs incurred to support the international branch of the Church Family.
The Designated Funds held are wholly represented by the Charity's Cash Reserves. The Designated Funds in deficit are classed as continued operations and funds will be replenished in the coming financial period.
14
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2022
6. RESTRICTED FUNDS
CURRENT FINANCIAL YEAR
| Ministry Support - UK Development Fund Ministry Support - International Development Fund Church Relief Fund New Hope Uganda Pearls of Africa International Church Relief Fund Youth Development Fund Basingstoke Development Fund |
Balance Balance 01-Sep-21 Income Expenditure Transfers 31-Aug-22 £ £ £ £ £ 3,000 - - - 3,000 1,000 - - - 1,000 1,580 - - - 1,580 - - 18 - (18) (20) 60 40 - - (185) 330 145 - - - - - - - - 11,793 - - 11,793 5,375 12,183 203 - 17,355 |
|---|---|
PREVIOUS FINANCIAL YEAR
| Ministry Support - UK Development Fund Ministry Support - International Development Fund Church Relief Fund New Hope Uganda Pearls of Africa International Church Relief Fund Youth Development Fund |
Balance Balance 01-Sep-20 Income Expenditure Transfers 31-Aug-21 £ £ £ £ £ 5,218 - 3,000 782 3,000 1,941 - 1,000 59 1,000 6,097 120 1,700 (2,937) 1,580 74 216 216 (74) - (20) 120 100 (20) (20) (200) 1,155 970 (170) (185) 5,439 - - (5,439) - 18,549 1,611 6,986 (7,799) 5,375 |
|---|---|
Ministry Support Funds are monies given for a) Support for Barney Coombs, the founder of Salt & Light and b) Development Funds for both the UK and International branches of the Church Family.
Church Relief International and Church Relief International Education Funds include monies given specifically given to support overseas aid and education projects, the biggest of which is the Children's Centre - New Hope Uganda. The grants giving is made to institutions and individuals who undertake activities that further the Charity's objects. These funds are gradually being transferred to other organisations who will continues to administer the funds to intended recipients.
The Youth Development Fund has been set to provide for Charitable work with young people in furthering the Charity's
The Restricted Funds held are wholly represented by the Charity's Cash Reserves. The Restricted Fund in deficit are classed as continued operations and funds will be replenished in the coming financial period.
15
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2022
7. GRANTS PAYABLE
| Grants for UK and Overseas Missions Grants for the Relief of Poverty Grants for Education, including Ministry Training |
Grants to Grants to TOTAL TOTAL Institutions Individuals 2021/22 2020/21 £ £ £ £ 58 - 58 4,208 203 - 203 2,986 - - - 48,000 261 - 261 55,194 |
|---|---|
8. SOCIAL INVESTMENT
CURRENT FINANCIAL YEAR
| Concessionary Loans PREVIOUS FINANCIAL YEAR Concessionary Loans |
Balance Loans Loans Provision for Balance 01-Sep-21 Made Repaid Impairment 31-Aug-22 £ £ £ £ £ 20,000 - 10,000 - 10,000 20,000 - 10,000 - 10,000 Balance Loans Loans Provision for Balance 01-Sep-20 Made Repaid Impairment 31-Aug-21 £ £ £ £ £ 30,000 - 10,000 - 20,000 30,000 - 10,000 - 20,000 |
|---|---|
Social investments comprise a concessionary loans made to a Charity to help it expatriate a Church Leader into a new UK Church.
16
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2022
9. CASH AT BANK AND IN HAND
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| Fund | Fund | 31-Aug-22 | 31-Aug-21 | |
| £ | £ | £ | £ | |
| Cash at Bank and in Hand | 16,780 | 17,355 | 34,135 | 38,237 |
| 16,780 | 17,355 | 34,135 | 38,237 | |
| 10. DEBTORS AND PREPAYMENTS | ||||
| Sundry Debtors | Unrestricted Fund £ 1,677 |
Restricted Fund £ - |
Total 31-Aug-22 £ 1,677 |
Total 31-Aug-21 £ 10,180 |
| 1,677 | - | 1,677 | 10,180 | |
| 11. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| Grant Obligations | Unrestricted Fund £ - |
Restricted Fund £ - |
Total 31-Aug-22 £ - |
Total 31-Aug-21 £ 53,700 |
| Independent Examiners Fees | 1,425 | - | 1,425 | 1,425 |
| Sundry Creditors | 634 | - | 634 | 1,805 |
| 2,059 | - | 2,059 | 56,930 |
12. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The Charity held no long term liabilities during this or the previous financial year.
13. NET ASSETS BETWEEN FUNDS
| Fixed Asset Investments Net Current Assets Long Term Liabilities |
Unrestricted Restricted Total Total Funds Funds 31-Aug-22 31-Aug-21 £ £ £ £ 729,000 - 729,000 729,000 16,399 17,355 33,754 (8,513) - - - - 745,399 17,355 762,754 720,487 |
|---|---|
17
SALT AND LIGHT MINISTRIES (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2022
14. RECONCILIATION OF MOVEMENT ON CAPITAL AND RESERVES
The Company is Limited by Guarantee (03603373) and is a Charity registered with the Charity Commission (1071600) and does not have a Share capital and has no income subject to Corporation Tax.
| Profit / Deficit for the financial year Other Recognised Gains Balance Brought Forward Closing Funds at 31st August 2022 15. STAFF COSTS AND NUMBERS Gross Wages, Salaries & Fees Employer's National Insurance Costs Pension Contributions Employees who were engaged in each of the following activities: Charitable Activities |
TOTAL 2021/22 £ 32,267 - 32,267 730,487 762,754 TOTAL 2021/22 £ 14,369 - - 14,369 TOTAL 2021/22 2 |
TOTAL 2020/21 £ (43,904) - (43,904) 774,391 730,487 TOTAL 2020/21 £ 29,570 - - 29,570 TOTAL 2020/21 3 |
|---|---|---|
The Charity operates PAYE scheme to pay all employed members of staff and no members of staff received emoluments of over £60,000 (2020/21:None).
The Charity's key management comprise the trustees and the key staff named in the administrative details of the Trustees Annual Report. During the year no key management received employment benefits directly from Salt and Light Ministries, but other organisations were reimbursed £14,369 for work carried out by key management (2020/21: £24,070).
18
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2022
16. FIXED ASSET INVESTMENTS
The Charity owns two houses that had previously been used for bible college student accommodation. The houses are currently rented to another Charity and ongoing usage is kept under review. As at the 31st August 2019 the Directors consider the values of the properties to be £719,000. The last valuation from a local estate agent was carried out during the year ended 31st August 2016.
| Cost or Fair Value Brought Forward Change in Value of Investments Cost or Fair Value Carried Forward |
Pinnocks Southern Total Total Way By-Pass 31-Aug-22 31-Aug-21 £ £ £ £ 365,000 354,000 719,000 719,000 - - - - 365,000 354,000 719,000 719,000 Land & Buildings |
|---|---|
17. DIRECTORS AND OTHER RELATED PARTIES
No payments were made to Directors or any persons connected with them during this financial period. No material transaction took place between the organisation and a Director or any person connected with them.
18. RISK ASSESSMENT
The Directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
19. RESERVES POLICY
The Directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily.
20. PUBLIC BENEFIT
The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
19
INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS R8POrt lo Ihe tntst membwB of Salt aThJ LwJht MInth on the &xx)unts the year eThJed 31st August 2022 set out on pages T to 19. Respectl¥e r•spon$lbllMI85 of truste•s and •xamSnor The Charity's trustees (who are also the directors of lh8 cY ts the Wr&5 uJmp8ny18wI a responsible for the preparation of the finarKial ststements. The trustees are sali5fied that the audrt requirem8nl ol SectKJn 144111 ol the Charbties Act 2011 IlhÈ Ar.11 dn nnl Wy. th8t thwe i8 fÈquir•mgTht in tho G)v•ming do¢umgnt or ¢on6tilution ol th9 Charity for tho corKIlIng ol an audit. As a w1aequee. the trustees have eknt&l that the financial slalemenls be Sublt lo iThYepend8nt examinatw. Hawng satlsfie¢J my8aW that chty TrJt sUbt to alit aWKI is ehgible for Independenl 8xaffllnaln, it Is my r85ponsibility to'.- 81 examlne thè account$ uniler 145 01 the Ad; bl ¢0 follow the prL¢du do in Ihg G8rwal re¢1b tyven ty fv Char6ty Cornmi88?n un(r Secon 14515llbl of the Acl.. and., cl to stste whether partUlar matlets have come lo my attsnthYL Ba# of Ind8pond?nl examln•r'1 stat•m•nt l e0n(JuCt my examinaiion ill accordance Gen8rn1 [£)0 by Chan"ty Cc•nmls6ionèrs lor England & Wa5 In rolaiion to the nductIng of an indep8ndl examlrwtion. refer to above. An ind8pend8rrt examinab.on includ88 a review of the accounting rKords kapt by the Charity aTrJ ol Ihe acctyjnting systems employ8d by tho Charlty And a comparison of the flnancial statgments wosented those recL)rd5. It also irwudes condorai)n of any unusual Items or disclo$urgs in the financial statemeffls. and st8kn.ng expknaiims fvorn you as trustees corterning such matters. Th8 purpos8 of Ihe 6x•mSnation 1$ to e$t8bllsh as far as posslble Ihai thare ha been t¥•xhe5 of the Charil$ Èg+slallon 8nd that the flnanaal statements clynpty wlth the SORP. C a tost bwi& of evid•nc• re18van¢ lo lh8 arntyJnls and disdojures In the rinan¢tal $lalements. The proce(Jure8 und•rtaken do nol t[de 011 IhB bè requlrgd In an audK. and inf¢nnatkJn supplled by the trustees Sn thè course of the examin8t•Jn is not subj'ectwj lo audit losts or enqulri•s. and 50qUentIY l ¢Jo not •xpres$ an 8udlt opSnlon on the view by Ihe financi81 $tstom•nts, and in part#>JJar. l expr8S8 no 90Th 8$ 10 wthr th¢ rinancial statements glvo a true and fair eW of the allai¥8 of the charity. and my repyl is Iimil&J to th? mamers sel out in tho stAtèment below. I pl8nn¢d and perfomi•d my gxarninatiC 80 as to satfy rnyseN that tho cpctfveB of the lThJ8pethl8nt •xamlnation are achleved and bofor• finalising th• I c4)tsin lI18n assrn frrffi ts trt9 ofgl miW¥l matters. Ind•p•nd•nt •x•mlrs •tt•m•nt In the course of my exirninalion, no matter has corne lo my allention.. whkh gives me reasonatrAe cause 10 belIe tw in, any matorial r8ipxt, the trustees rw)ulrornentg." . to keep accounling recor(Is in &cordance with 386 ofthe Companw Aci 2C#J6.' and . lo prepare accounts vthKh acc4)rd th the )nrJ recofds. compty with the acctyjnting ruirontS of $edion 396 of th8 Cornp8Die8 Act 2(Xfj and wlh the mel)d9 .lFIe> of the stsiement ol recommended Practice". Acctyjnting and R8POrtlng by Charili•&. have not been me¢ GY io which. In my okNnion. ¥ttentlon $hrJJkl bè drawi kn iydv to a propw uThJerslar¥JirYJ of th8 accounts lo be reach K. ColLqku MAAT Castle Vlew Accounting Ltd New 8arn Mudbèrry L$no Bosham Chichester Wesl Sussox P018 8TS Datè: 28th Jung 2023 20