## **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 3 ## **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 4 ## **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 SALT AND LIGHT MINISTRIES COMPANY BY GUARAKfEE) REPORT OF THE DIRECTORS. IContinu•dl FOR THE YEAR ENDED 31ST AUGUST2022 stst•m•ntol Dlrothrn. R•Jpun￿b￿*1o￿. chariti￿ Act ￿ the c￿r￿n185 Act requre Board rdTnthes lo r￿9par#f￿a￿l•l statomgnts lor wr Which gNe a tyje and fair of the slate cd affaysof fv ¢￿ty as ai olts ￿ year aTha ofts sfy orleficrt bl dl I￿rn 10 enwr•th81 wth thè Ctyrwkys Aci ￿ afvj wth r￿u￿1 ￿jer the cn•rWs They ¥041¥o reSp￿ty• fc* 4leoL4•rthvJ IM auoiscrf tho ch¥ty 4DJ h•K8 *kJNJ r8*K¥￿0 $18p8 for th8 kYMnlvJn d*•ctKffj c4 Ir•Jd regirr•. S*nod Dkfjaor..................... Pn￿￿j I4￿.. ## **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-A￿l-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 Tot*1 Curr•thA￿•t# 17.J$5 35.812 4B.417 11 56.920 IIET CUARÉNT ASSETS 17.355 31754 1&5131 ¢Y•d￿￿￿'. ArNwnlsdu• In 12 TOTAL ASSETS18u CL¥r8rrt Ilatth• 745.J#I 17,355 782.754 7X*h07 IIÉT ASSETS 745J99 17,355 762,754 730A87 Fundi 0fth•¢￿rty Ge￿141 Fund5 DbsvJnathd ReslrLted Fund 716.IA9 29.310 716,¢J8 29.310 17.355 725.182 17.355 5.375 Tot•1 745.399 17.355 762.754 1.487 Dlr•¢tN•' R•wTh￿bIlrtkn' th? 10 an thjw ae¢tK)n 477 al Corn￿* Act 2C￿ arml Irwi memL*r LY mtmbgrs h•V r•qui￿j t￿* Comp￿ 10 •i ￿¢0￿11$ fc* fv ywar a¢wthn¢• ¥xtKY) 478 of tho ACL o¥¥¢vei, in 8cwrd•nc8 wHh 145 01 ￿ ChBrflkn ki 2011, h8¥e 8xamr*J In08￿￿1 whoso rep)rt aFpo￿ M p•afr 2 The ￿¢￿nIS Iwe b8Bn Part 1S cl •FF4katde lo corw¢$ ¥vbie¢i lo the ¥mon reGqff* I￿1 ￿ xecddorrt• th6 F￿￿1 apF4t•ble in th• UK sThJ ol Irg1grn1 IfRS1ty21. w￿h 5ectkin 386 of the kt and for pre￿r￿a swemen¢s *￿h 9￿ 8 tn* ￿ fak the state d altaits of thB cornp￿ Hs al the olthefThr￿d ￿ and rf ts rffoth fr* li acc￿d￿r￿¢ 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$lbllMI85 of truste•s and •xamSnor The Charity's trustees (who are also the directors of lh8 c￿Y ts the Wr￿￿&5 uJmp8ny18wI a￿ responsible for the preparation of the finarKial ststements. The trustees are sali5fied that the audrt requirem8nl ol SectKJn 144111 ol the Charbties Act 2011 IlhÈ Ar.11 dn￿ nnl Wy. th8t thwe i8 ￿ fÈquir•mgTht in tho G*)v•ming do¢umgnt or ¢on6tilution ol th9 Charity for tho corKI￿lIng ol an audit. As a w1aeque￿e. the trustees have eknt&l that the financial slalemenls be Subl￿t lo iThYepend8nt examinatw. Hawng satlsfie¢J my8aW that ￿ chty TrJt sUb￿t to a￿lit aWKI is ehgible for Independenl 8xaffllnal￿n, it Is my r85ponsibility to'.- 81 examlne thè account$ 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 Sec￿on 14515llbl of the Acl.. and., cl to stste whether part￿Ular 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 & Wa￿5 In rolaiion to the ￿nductIng of an indep8nd￿l 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 con*dorai*)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 $tstom•nts, and in part#>JJar. l expr8S8 no 9￿￿0Th 8$ 10 w￿th￿r 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 sat*fy rnyseN that tho c*pctfveB of the lThJ8pethl8nt •xamlnation are achleved and bofor• finalising th• I c4)tsin ￿lI18n ass￿rn frrffi ts tr￿t￿9 ofgl miW¥l matters. Ind•p•nd•nt •x•mlr*s •t*t•m•nt In the course of my exirninalion, no matter has corne lo my allention.. whkh gives me reasonatrAe cause 10 belI￿e 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 ￿￿)n￿r￿J recofds. compty with the acctyjnting r￿uir￿￿ontS 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