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2021-03-31-accounts

REGISTERED COMPANY NUMBER: 03573958 (England and Wales) REGISTERED CHARITY NUMBER: 1073139

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS (A COMPANY LIMITED BY GUARANTEE)

GROUP REPORT OF THE TRUSTEES AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Scott & Wilkinson LLP Chartered Accountants and Statutory Auditors Dalton House

9 Dalton Square LANCASTER LA1 1WD

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 7
Report of the Independent Auditors 8 to 11
Consolidated Statement of Financial Activities 12
Consolidated Balance Sheet 13
Charity Balance Sheet 14
Consolidated Cash Flow Statement 15
Notes to the Consolidated Cash Flow Statement 16
Notes to the Financial Statements 17 to 30

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2021

Trustees Mr P Maiden (deceased 14/7/2020)
Mr B J Sweeney
Mr M Thompson
Mr N Wrigley
Rev S S Abel Boanerges
Rev A R Wadsworth
Company secretary Mrs J A Burrows
Registered office Capernwray Hall
Capernwray
CARNFORTH
LA6 1AG
Registered company number 03573958 (England and Wales)
Registered charity number 1073139
Auditors Scott & Wilkinson LLP
Chartered Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

Page 1

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and activities

The Objects (as set out in the Memorandum and Articles of Association and under "Public Benefit" below) are fulfilled in the programmes currently being run; namely short-term Bible Schools, Christian conferences and holidays with a Bibleteaching focus, and reflected in the Charity's Mission Statement, which reads:

"Our mission is to proclaim the transforming presence of Jesus Christ through biblical teaching and practical training, equipping men and women for service in his Church worldwide."

All the programmes, including the conferences and holidays, involve a balance of formal teaching, activity based learning and practical experience and application. Through these programmes, the Charity seeks to bring people into a vital relationship with Jesus Christ, and then equip them to better serve their home community and help others to come to the same understanding.

The Charity also, through its objectives, is able to support work in countries overseas where there are particular needs that cannot be met because of the lack of resources. Funds are sent overseas to various mission organisations or national churches for training purposes or needed development, when CMFOT also acts as a conduit for the provision of relief in times of international catastrophe.

Aims and objectives for the coming year

It is hoped and anticipated that the devastating effects of the coronavirus pandemic in the UK will decrease and that this will lead to Capernwray's annual calendar and numbers attending moving closer to normality. We anticipate, however, that there will, at least for some of this year, continue to be limitations required by reason of the ongoing coronavirus pandemic.

As an education provider it is hoped that a significant proportion of the Charity's annual calendar will again provide the Bible teaching courses that have now been established for over 70 years. Capernwray will seek to enable an international body of students to increase their knowledge and understanding of the Word of God, deepen their faith and help to equip them for service in His church worldwide.

Aside from the Bible School, it is intended that the Christian conferences and holidays that were the foundational programmes of the Charity in 1947 will also recommence as soon as practicable to fill the remainder of the calendar, with the aim that Capernwray will provide Bible teaching and encouragement as well as relaxation for a cross section of ages.

Capernwray will also seek to ensure that its work develops its impact locally, nationally and internationally. To the extent Capernwray is able to do so in light of ongoing restrictions, outreach and mission opportunities will be pursued, as well as partnerships with churches, knowing that an important part of the work is to impact lives outside our immediate environment, while giving practical experience to those who take part in such programmes.

Any building projects will be relatively small in scope due to the impact of coronavirus on the charity's reserves, but the desire remains to continue to improve staff and guest accommodation where required and proportionate. It remains an aim of CMFOT to purchase the entire share capital of Capernwray Hall Limited (which owns a number of houses on site which are used by staff for accommodation).

Page 2

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities (cont.)

Key Strategies

It is vital that Capernwray continues to have the effective staff and active board of trustees it has had for the ministry to fulfil the aims and objectives of the Charity. With Peter Maiden sadly having passed away in May 2020, the trustees will consider how it can strengthen the board.

The Senior Management Team ("SMT") will assess the staff needs as well as the current programme and plan for the necessary changes enabling them to guide and develop the work in the days ahead.

There needs to be careful thought and planning as to how Capemwray carries out marketing and communications.

Significant activities

The annual programmes of the Bible School, conferences and holidays remain the major focus of the on-site activities. Two accredited courses are available to students each year, providing a strong foundation of biblical knowledge, a deepening relationship with Christ and increased equipping for service in the worldwide church. Fifteen conferences and holidays throughout the year have the same aim in mind for all ages, with the opportunity of additional recreational activities to suit the age range of participants. There will, subject to coronavirus restrictions, continue to be the opportunity for Capernwray to play a role in supporting churches and other Christian organisations in both the local area and around the country.

Public benefit

The Charity's objects (the "Objects") as set out in the Memorandum and Articles of Association are: -

(a) To advance the Christian faith in accordance with the Statement of Beliefs appearing in the Schedule hereto in such parts of the United Kingdom or the world as the directors of the Charity (herein called the "trustees") may from time to time think fit;

(b) To relieve persons who are in conditions of need or hardship or who are aged or sick and to relieve the distress caused thereby in such parts of the United Kingdom or the world as the trustees may from time to time think fit.

The Objects are currently fulfilled through the following:

The courses, conferences and holidays offered are available to any who wish to participate, and are designed to introduce participants to the Christian faith and enable them to develop further in that faith. The fees charged are considered by the trustees to be reasonable, but provision is also made by the Charity to enable some to attend who, because of financial reasons, may otherwise be unable to participate. During this current financial year the level of provision was £12,586 for those attending Bible School, with no support provided for conferences or holidays due to the pandemic preventing us from running them.

The Charity also provides benefit to the wider community through the following:

Page 3

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities (cont.)

Volunteers

Voluntary workers play an important part in the ministry of Capernwray every year. Applications come from a variety of countries and are usually from young people who have a desire to serve in a Christian environment and want to experience a different culture or surroundings from their own. They contribute to the ministry at Capernwray, while also seeing their own Christian lives develop and quite a number improve in their English language skills. Bible studies and social activities are organised for the voluntary workers and they are given the opportunity to attend lectures, seminars and a local church.

Our voluntary workers assist in many aspects of the ministry, including domestic and maintenance duties, sports and audio visual work, as well as being involved in the programmes and training of guests and students, along with opportunities of outreach into the community.

During the Bible School we typically have 20 voluntary workers and this number normally rises to 40 or more during the holiday periods.

Strategic report

Achievement and performance

The message of the Risen Christ remains at the centre of life at Capernwray and all its activities and the Bible is foundational in all that is taught. The response by students to Winter Bible School which operated in the midst of a global pandemic with 60 students attending was incredibly encouraging. It is a great credit to the staff for the energy and dedication they demonstrated in re-opening the centre and making the necessary adjustments such as social distancing, one-way systems and barriers which the students also observed really well.

The quality and commitment of students was again something for which we are grateful as they were both receptive and responsive. It is always of great encouragement to see the clear development in the lives of those who attend. Their understanding of the Christian life and its practical outworking along with a greater understanding of God's Word will have been of further preparation for their involvement in His Church worldwide. At the completion of each term the reports from our outside verifiers, NCFE, were again excellent.

In order to facilitate online learning, our wifi capability was significantly improved prior to the course commencing in September, and now all rooms have wifi availability.

It was with great sadness that we were unable to offer any holiday programmes due to the implications of the coronavirus pandemic. All the same, it was so encouraging to receive such generous donations from guests who would normally come.

Similarly, the coronavirus pandemic meant that we were unable to offer a Spring Bible School in 2020.

As we were closed during Spring, the interim inspection by the British Accreditation Council (BAC) that we were due to have was pushed back to 20 October 2020 and was conducted online due to the restrictions in place. The report was highly complimentary and can be accessed on the BAC website.

The successful inspection by BAC was essential as we are reliant upon such inspections in order to be an accredited education provider. A welcome visa change that has helped Capernwray is that the Home Office confirmed that a new Visitor Visa route (which permits study for up to 6 months) can be used in close succession if a student leaves the UK and then returns. This will mean it is once more possible for students to attend both Winter and Spring School (which had not been possible since the Tier 4 Trusted Sponsor Status revocation in October 2016 for non-EU, or non-Canadian, Australian or New Zealand students).

Although Brexit has brought some welcome changes to the visa situation as far as students go, it will be increasingly difficult to recruit sufficient numbers of voluntary workers as we will be reliant in future years on UK citizens or those able to obtain a Youth Mobility Visa.

With us having to restrict numbers on site, it has not been possible to have "Taster Weeks" students in the past year.

Page 4

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

Strategic report (cont.)

The outreach programme plays a very important part in the student experience and contact with churches and outside organisations was once again invaluable and mutually beneficial, despite a large proportion of students having only been able to attend online services. The coronavirus pandemic also severely restricted opportunities to serve the local community although in February 2021 a number of outreaches took place virtually.

In December 2020, after many years of faithful service, Ian Ellershaw (Dean of Students) moved on to take up a role as a Community Pastor for a local church with whom we have an excellent relationship - Carnforth Free Methodist. We have filled this position by appointing Matthew Wraight (who had been job sharing the Outreach Coordinator role with his wife) to Male Dean of Students and promoted Hester Martin from Assistant Dean of Students to Female Dean of Students. It remains an ongoing need to fill the Maintenance Coordinator position.

The development of the facilities at Capernwray attracts requests from other churches and organisations to make use of what is available. Regrettably it has not been possible to have outside groups in the past year but it continues to be our desire for us to be both a resource for the local churches, local organisations and also the local region.

The absence of guests over the summer made it possible to make a number of improvements to the roof of the Main Hall. The estate, grounds, and gardens continue to be managed well, thereby keeping them attractive for guests, students and visitors. The grounds have provided very adequate space for the development of more outside activities benefiting those taking part in the programmes. Leasing of the grazing land continues and the relationship with those involved is healthy and arrangements will continue.

With physical concerts not being possible, it was decided to offer the 2020 Christmas Presentation and Ladies Conference in March online - both were made available on YouTube and have had 10,227 views and 8,300 views respectively. It was a benefit that many former guests, staff and students from all over the world could feel like they were back at Capernwray, even though they were in some cases many miles away.

The trustees are grateful for the team of staff who continue to serve the work of Capemwray in such a challenging external environment and thank the Lord for all that He has been pleased to do in the past year. It is a great joy to see the impact that the message of the Lord Jesus Christ has in the many lives of those who participate in the various programmes. In addition to the permanent staff many volunteers have once again shared in this vital work of His Kingdom on earth. It is the continuing desire of the trustees to see that Capemwray will always stand firm on the Word of God and be a means in this broken world to proclaim the restoring message of the Gospel to the glory of God.

Financial review

Reserves policy

The trustees have agreed that the Charity should work towards holding a reserve sufficient to cover 3 months payroll (including National Insurance), which currently equates to approximately £182,553. Due to the impact of the pandemic, it has been necessary to utilise part of this payroll reserve, meaning that the level set aside has fallen to £95,739. The reserves policy will continue to be reviewed on an annual basis and free reserves as at 31 March 2021 amounted to £269,299 (2020 - £455,047) for the group.

Pension fund

Further accruals to the Final Salary Scheme ceased at the end of March 2009. The employees who were formerly contributing members of the Final Salary Scheme at that date have now joined the Group Personal Pension Scheme. All new staff are automatically enrolled onto the current scheme on the same terms.

Funding sources

Funds are principally drawn from fees paid for the Bible School, conferences and holidays. Other resources are received by way of gifts each year, including contributions to the new Conference Hall Fund and other projects. The expenditure in the year has been used to enable the running of the Bible School and holidays and conferences, which includes maintaining and improving the facilities available to guests and students, as well as promoting the courses.

Page 5

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management

Governing document

Memorandum and Articles of Association dated 2 June 1998. Incorporated as a Charitable Company number 03573958.

Recruitment and appointment of new trustees

Names of future possible trustees are brought to the Trustees' Meeting and considered by the current trustees. Consideration is given to the qualities and skills they would bring to the Board. Potential trustees are made fully aware of the aims and purpose for which the Charity was established and must concur with the governing documents along with the "Principles and Practices". Trustees are provided with information made available by the Charity Commission that lays out the responsibilities of trustees, describes and clarifies legislation and ensures they are kept up to date with the charity sector.

Organisational structure

The appointment of two key positions that need to be approved by the Board of Trustees are the Managing Director and Bible School Principal.

Major financial decisions relating to capital expenditure will also be taken at board level. The preparation of the annual budget is the responsibility of the Finance Manager, and is presented by the Managing Director to the Board for approval. These policies and the relationship between the Board of Trustees and the Managing Director are documented in the CMFOT Governance Policy.

Related parties

CMFOT has a wholly owned subsidiary company, Capernwray Parkland Farm Limited, which is responsible for the running of the Capernwray Hall estate. CMFOT leases the land to Capernwray Parkland Farm Limited.

Transactions with related parties are disclosed in note 22 to the financial statements.

Risk management

The trustees carry out a rolling review of risk assessment of the Charity, with regular reports provided to the trustees by the Head of Human Resources and Compliance. In conjunction with the Managing Director and key managers, they ensure that systems and procedures are in place to manage and minimise those risks.

Wider Network

The Capernwray Missionary Fellowship of Torchbearers is an autonomous body, but is part of a broader fellowship known as Torchbearers International. The terms regarding unity and cooperation between the organisations of the worldwide fellowship are contained in an agreement dated 19 December 2000.

Page 6

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

Statement of trustees' responsibilities

The trustees (who are also the directors of The Capernwray Missionary Fellowship Of Torchbearers for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Auditors

The auditors, Scott & Wilkinson LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by:

...................................................................... Rev A R Wadsworth - Trustee

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

Opinion

We have audited the financial statements of The Capernwray Missionary Fellowship Of Torchbearers (the 'charitable company') and its subsidiary (the 'group') for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

T M Preece FCCA (Senior Statutory Auditor) for and on behalf of Scott & Wilkinson LLP Chartered Accountants and Statutory Auditors Dalton House 9 Dalton Square LANCASTER LA1 1WD Date: .............................................

Page 11

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Notes
Income and endowments from
Donations and legacies
2
Charitable activities
4
Bible schools, courses and conferences
Outreach
Investment income
3
Other income
Total
Expenditure on
Raising funds
5
Charitable activities
6
Bible schools, courses and conferences
Outreach
Other
Total
NET INCOME/(EXPENDITURE)
Other recognised gains/(losses)
Actuarial gains/(losses) on defined benefit
schemes
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
fund
£
329,965
671,128
-
4,030
68,647
1,073,770
25,572
1,349,469
89
68,921
1,444,051
(370,281)
(265,000)
(635,281)
5,585,739
4,950,458		 Restricted
funds
£
57,477
8,825
-
-
-
66,302
-
11,064
-
413
11,477
54,825
-
54,825
11,870
66,695		 2021
Total
funds
£
387,442
679,953
-
4,030
68,647
1,140,072
25,572
1,360,533
89
69,334
1,455,528
(315,456)
(265,000)
(580,456)
5,597,609
5,017,153		 2020
Total
funds
£
178,186
1,842,066
403
8,051
104,551
2,133,257
62,212
2,108,344
4,337
133,231
2,308,124
(174,867)
(5,800)
(180,667)
5,778,276
5,597,609

The notes form part of these financial statements

Page 12

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS (REGISTERED NUMBER: 03573958)

CONSOLIDATED BALANCE SHEET 31 MARCH 2021

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors
Amounts falling due within one year
16
Net current assets
Total assets less current liabilities
Pension (liability)/asset
19
NET ASSETS
Funds
18
Unrestricted funds
Restricted funds
Total funds		 Unrestricted
Restricted
fund
funds
£
£
4,787,684
-
11,340
-
4,799,024
-
52,043
-
152,323
-
433,040
66,695
637,406
66,695
(322,972)
-
314,434
66,695
5,113,458
66,695
(163,000)
-
4,950,458
66,695		 2021
Total
funds
£
4,787,684
11,340
4,799,024
52,043
152,323
499,735
704,101
(322,972)
381,129
5,180,153
(163,000)
5,017,153
4,950,458
66,695
5,017,153		 2020
Total
funds
£
4,947,736
11,340
4,959,076
45,208
44,529
833,400
923,137
(284,604)
638,533
5,597,609
-
5,597,609
5,585,739
11,870
5,597,609

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

.............................................

Rev A R Wadsworth - Trustee

The notes form part of these financial statements

Page 13

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS (REGISTERED NUMBER: 03573958)

CHARITY BALANCE SHEET 31 MARCH 2021

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors
Amounts falling due within one year
16
Net current assets
Total assets less current liabilities
Pension (liability)/asset
19
NET ASSETS
Funds
18
Unrestricted funds
Restricted funds
Total funds		 Unrestricted
Restricted
fund
funds
£
£
4,787,197
-
11,341
-
4,798,538
-
51,943
-
164,402
-
404,332
66,695
620,677
66,695
(321,378)
-
299,299
66,695
5,097,837
66,695
(163,000)
-
4,934,837
66,695		 2021
Total
funds
£
4,787,197
11,341
4,798,538
51,943
164,402
471,027
687,372
(321,378)
365,994
5,164,532
(163,000)
5,001,532
4,934,837
66,695
5,001,532		 2020
Total
funds
£
4,947,082
11,341
4,958,423
44,708
44,589
817,055
906,352
(282,953)
623,399
5,581,822
-
5,581,822
5,569,952
11,870
5,581,822

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

.............................................

Rev A R Wadsworth - Trustee

The notes form part of these financial statements

Page 14

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2021
£
(339,528)
-
(339,528)
-
1,833
4,030
5,863
(333,665)
833,400
499,735		 2020
£
(313,050)
(1,000)
(314,050)
(28,360)
23
8,051
(20,286)
(334,336)
1,167,736
833,400

The notes form part of these financial statements

Page 15

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

1. Reconciliation of net expenditure to net cash flow from operating activities

2021 2020
£ £
Net expenditure for the reporting period (as per the Statement of
Financial Activities) (315,456) (174,867)
Adjustments for:
Depreciation charges 160,049 164,063
(Profit)/loss on disposal of fixed assets (1,830) 909
Interest received (4,030) (8,051)
Interest paid - 1,000
(Increase)/decrease in stocks (6,835) 7,097
(Increase)/decrease in debtors (107,794) 14,406
Increase/(decrease) in creditors 38,368 (165,608)
Difference between pension charge and cash contributions (102,000) (151,999)
Net cash used in operations (339,528) (313,050)
2. Analysis of changes in net funds
At 1/4/20 Cash flow At 31/3/21
£ £ £
Net cash
Cash at bank and in hand 833,400 (333,665) 499,735
Total 833,400 (333,665) 499,735

The notes form part of these financial statements

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THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies

Basis of preparing the financial statements

The financial statements of the charitable company (limited by guarantee), which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The Capernwray Missionary Fellowship of Torchbearers meets the definition of a public benefit entity.

Although the charity has been adversely affected by Covid-19 since the year end and significantly reduced the level of activities carried out, it has a strong Balance Sheet and liquidity position and therefore has no concerns over the ability to continue.

The financial statements consolidate the results of the charity and its wholly owned subsidiary, Capernwray Parkland Farm Limited. A separate Statement of Financial Activities for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs

Indirect costs, including support and governance costs have been apportioned to the charity's activities using a basis consistent with the use of resources. For example, staff costs are apportioned by time spent, property costs by floor area and other costs by their usage.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Business combinations

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the charity. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.

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THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies - continued

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is valued at the lower of cost and estimated selling price less costs to sell, after due regard for slow moving and obsolete stocks. Cost is determined using the first-in, first-out (FIFO) basis.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Fund accounting

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined benefit pension scheme which was closed to new entrants on 31 March 2004. In the light of consultation held with the then active members of the scheme and following the decision of the directors, there have been no further accruals to the defined benefit scheme since 31 March 2009.

For defined benefit schemes the amounts charged in resources expended are the current service costs and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the SOFA if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over that period until vesting occurs. The interest cost and the expected return on assets are shown as a net amount of other finance costs or credits adjacent to interest. Actuarial gains and losses are recognised immediately in Other recognised gains/losses.

Defined benefit schemes are funded, with the assets of the scheme held separately from those of the group, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent currency and term to the scheme liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The resulting defined benefit asset or liability is presented separately on the face of the balance sheet.

Going concern

There are no material uncertainties regarding the charity's ability to continue as a going concern.

2.
Donations and legacies
Donations
Legacies
Platinum jubilee appeal		 2021
£
305,551
50,554
31,337
387,442		 2020
£
105,052
-
73,134
178,186

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THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

3. Investment income

3.
Investment income
Deposit account interest
4.
Income from charitable activities
Activity
Literature and merchandise
Bible schools, courses and conferences
Bible schools, courses and
conferences
Bible schools, courses and conferences
Grants
Bible schools, courses and conferences
Other income
Bible schools, courses and conferences
Conference fund gifts
Bible schools, courses and conferences
Student fund gifts
Bible schools, courses and conferences
Outreach income
Outreach
Grants received, included in the above, are as follows:
Government grants
5.
Raising funds
Raising donations and legacies
Staff costs
Purchases
Advertising		 2021
£
4,030
2021
£
10,268
388,117
182,104
90,639
110
8,715
-
679,953
2021
£
182,104
2021
£
22,256
9
3,307
25,572		 2020
£
8,051
2020
£
74,690
1,658,773
-
92,374
-
16,229
403
1,842,469
2020
£
-
2020
£
29,218
4,689
28,305
62,212

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THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

6. Charitable activities costs

Charitable activities costs
Bible schools, courses and conferences
Outreach		 Direct
Costs
£
1,210,560
89
1,210,649		 Support
costs (see
note 7)
£
149,973
-
149,973		 Totals
£
1,360,533
89
1,360,622

7. Support costs

Bible schools, courses and conferences Finance
£
6,430		 Governance
Other
costs
£
£
122,698
20,845		 Totals
£
149,973

Staff costs have been allocated according to time spent and overheads have been allocated on a usage basis.

8. Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration
Depreciation - owned assets
Surplus/(deficit) on disposal of fixed assets		 2021
£
12,745
160,049
(1,830)		 2020
£
9,383
164,064
909

9. Trustees' remuneration and benefits

Trustees' remuneration and benefits
2021 2020
£ £
Trustees' salaries 425 -

During the year the aggregate amount of donations from trustees was £4,700 (2020 - £1,200).

Trustees' expenses

Trustees' expenses
2021 2020
£ £
Trustees' expenses -
1,074

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THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

10. Staff costs

Staff costs
Wages and salaries
Social security costs
Other pension costs		 2021
£
639,294
41,479
52,545
733,318		 2020
£
726,229
49,994
45,970
822,193

The total amount of employee benefits received by key management personnel during the year, including trustees, was £135,850 (2020 - £148,677).

The average monthly number of employees during the year was as follows:

Course and conference staff
Management and administration		 2021
31
4
35		 2020
37
4
41

No employees received emoluments in excess of £60,000.

Page 21

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

11. Comparatives for the statement of financial activities

Income and endowments from
Donations and legacies
Charitable activities
Bible schools, courses and conferences
Outreach
Investment income
Other income
Total
Expenditure on
Raising funds
Charitable activities
Bible schools, courses and conferences
Outreach
Other
Total
NET INCOME/(EXPENDITURE)
Other recognised gains/(losses)
Actuarial gains/(losses) on defined benefit
schemes
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
fund
£
100,507
1,825,837
403
8,051
104,551
2,039,349
62,212
1,965,110
4,337
133,063
2,164,722
(125,373)
(5,800)
(131,173)
5,716,911
5,585,738		 Restricted
funds
£
77,679
16,229
-
-
-
93,908
-
143,234
-
168
143,402
(49,494)
-
(49,494)
61,365
11,871		 Total
funds
£
178,186
1,842,066
403
8,051
104,551
2,133,257
62,212
2,108,344
4,337
133,231
2,308,124
(174,867)
(5,800)
(180,667)
5,778,276
5,597,609

Page 22

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

12. Tangible fixed assets

Group
Cost
At 1 April 2020
Disposals
At 31 March 2021
Depreciation
At 1 April 2020
Charge for year
Eliminated on disposal
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
Charity
Cost
At 1 April 2020 and 31 March 2021
Depreciation
At 1 April 2020
Charge for year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Freehold
property
£
6,683,250
-
6,683,250
1,807,478
145,082
-
1,952,560
4,730,690
4,875,772
Freehold
property
£
6,683,250
1,807,478
145,082
1,952,560
4,730,690
4,875,772		 Plant and
machinery
£
77,460
(1,200)
76,260
67,263
2,614
(1,197)
68,680
7,580
10,197
Plant and
machinery
£
61,760
52,217
2,450
54,667
7,093
9,543		 Fixtures
and
fittings
£
219,069
-
219,069
157,302
12,353
-
169,655
49,414
61,767
Fixtures
and
fittings
£
219,069
157,302
12,353
169,655
49,414
61,767		 Totals
£
6,979,779
(1,200)
6,978,579
2,032,043
160,049
(1,197)
2,190,895
4,787,684
4,947,736
Totals
£
6,964,079
2,016,997
159,885
2,176,882
4,787,197
4,947,082

Page 23

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

13. Group fixed asset investments

Unlisted
investments
£
Market value
At 1 April 2020 and 31 March 2021
11,340
Net book value
At 31 March 2021
11,340
At 31 March 2020
11,340		 Totals
£
11,340
11,340
11,340

There were no investment assets outside the UK.

Details of undertakings

The charity holds one investment of 20% or more of the nominal value of any class of share capital. This is the 100% owned subsidiary undertaking, Capernwray Parkland Farm Limited, which is incorporated in England with a principal activity of agriculture and £1 share capital.

The profit/loss after tax for the year of Capernwray Parkland Farm Limited was a loss of £167 (2020 - £240) and the aggregate amount of capital and reserves at the end of the year was £15,621 (2020 - £15,788).

14. Stocks

Group

Stocks for resale
Raw materials
Charity
Stocks for resale
Raw materials		 2021
£
13,228
38,815
52,043
2021
£
13,228
38,715
51,943		 2020
£
14,609
30,599
45,208
2020
£
14,609
30,099
44,708

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THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

15.
Debtors: amounts falling due within one year
Group
Other debtors
Prepayments and accrued income
Charity
Other debtors
Prepayments and accrued income
16.
Creditors: amounts falling due within one year
Group
Trade creditors
Social security and other taxes
VAT
Other creditors
Accrued expenses
Pension contributions accrual
Deferred income
Charity
Trade creditors
Social security and other taxes
VAT
Other creditors
Accrued expenses
Pension contributions accrual
Deferred income		 2021
£
133,981
18,342
152,323
2021
£
146,060
18,342
164,402
2021
£
34,180
11,070
2,823
42,441
22,200
6,184
204,074
322,972
2021
£
34,156
11,070
2,823
42,441
20,630
6,184
204,074
321,378		 2020
£
22,007
22,522
44,529
2020
£
22,067
22,522
44,589
2020
£
34,140
12,452
262
15,373
30,284
6,837
185,256
284,604
2020
£
34,014
12,452
262
15,373
28,759
6,837
185,256
282,953

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THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

17. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2021
£
29,885
-
29,885		 2020
£
31,737
9,260
40,997

18. Movement in funds

Unrestricted funds
General fund
Restricted funds
Sponsored student fund
Sponsored conference fund
Library books
Platinum Jubilee Fund
Sports equipment fund
Staff fund
TOTAL FUNDS		 At 1/4/20
£
5,585,739
531
6,688
3,699
-
952
-
11,870
5,597,609		 Net
movement
in funds
£
(635,281)
22,150
110
246
31,272
147
900
54,825
(580,456)		 At
31/3/21
£
4,950,458
22,681
6,798
3,945
31,272
1,099
900
66,695
5,017,153

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Sponsored student fund
Sponsored conference fund
Library books
Platinum Jubilee Fund
Sports equipment fund
Staff fund
TOTAL FUNDS		 Incoming
resources
£
1,073,770
31,396
110
2,000
31,336
560
900
66,302
1,140,072		 Resources
expended
£
(1,444,051)
(9,246)
-
(1,754)
(64)
(413)
-
(11,477)
(1,455,528)		 Gains and
losses
£
(265,000)
-
-
-
-
-
-
-
(265,000)		 Movement
in funds
£
(635,281)
22,150
110
246
31,272
147
900
54,825
(580,456)

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THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

18. Movement in funds - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Sponsored student fund
Sponsored conference fund
Library books
Platinum Jubilee Fund
Sports equipment fund
TOTAL FUNDS		 At 1/4/19
£
5,716,911
19,879
6,884
3,699
30,903
-
61,365
5,778,276		 Net
movement
in funds
£
(131,172)
(19,348)
(196)
-
(30,903)
952
(49,495)
(180,667)		 At
31/3/20
£
5,585,739
531
6,688
3,699
-
952
11,870
5,597,609

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Sponsored student fund
Sponsored conference fund
Police family day
Platinum Jubilee Fund
Sports equipment fund
TOTAL FUNDS		 Incoming
resources
£
2,039,349
16,229
-
3,425
73,134
1,120
93,908
2,133,257		 Resources
expended
£
(2,164,721)
(35,577)
(196)
(3,425)
(104,037)
(168)
(143,403)
(2,308,124)		 Gains and
losses
£
(5,800)
-
-
-
-
-
-
(5,800)		 Movement
in funds
£
(131,172)
(19,348)
(196)
-
(30,903)
952
(49,495)
(180,667)

The specific purposes for which the funds are to be applied are as follows:

The sponsored student fund is to sponsor students through their studies. The sponsored conference fund is used to help visitors pay holiday and conference fees. Police family day funds are to be spent on a police and family fun day. The library book fund is to buy new books for the hall's library.

The platinum jubilee fund is to finance property improvements and building projects. The sports equipment fund is to help finance the purchase of new sports equipment.

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THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

19. Employee benefit obligations

The employer operated a defined benefit scheme in respect of certain employees, which is now accruing no further benefit. This is a separate trustee administered fund holding the pension scheme assets to meet long term pension liabilities. Contributions are paid to the scheme in accordance with the recommendations of an independent actuarial advisor.

The most recent comprehensive actuarial valuation was carried out at 31 March 2019 by Claire Davidson of Mercer Limited, who also provide the charity with interim FRS102 disclose information.

The most recent full actuarial valuation showed a deficit of £479,000. The employer has agreed with the trustees that it will aim to eliminate the deficit over a period of 8 years from 1 April 2020. The employer and the trustees have also agreed to review the contribution levels annually, with the support of the Scheme Actuary where relevant. In addition, the employer has agreed with the trustees that it will meet expenses of the scheme and levies due to the Pension Protection Fund.

The amounts recognised in the balance sheet are as follows:

Fair value of plan assets
Present value of defined benefit obligation
Net scheme deficit		 Defined benefit
pension plans
2021
2020
£
£
1,429,800
1,859,800
(1,592,800)
(1,859,800)
(163,000)
-

The amounts recognised in the Statement of Financial Activities are as follows:

Net interest from net defined benefit
asset/liability
Actual return on plan assets		 Defined benefit
pension plans
2021
2020
£
£
(4,000)
1,000
(4,000)
1,000
249,000
(109,000)
249,000

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THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

19. Employee benefit obligations - continued

Changes in the present value of the defined benefit obligation are as follows:

Opening defined benefit obligation
Interest cost
Actuarial losses/(gains)
Benefits paid
Remeasurements:
Actuarial (gains)/losses from changes in
demographic assumptions
Actuarial (gains)/losses from changes in
financial assumptions		 Defined benefit
pension plans
2021
2020
£
£
1,859,800
2,410,000
34,000
51,000
-
94,800
(873,000)
(356,000)
150,000
(340,000)
422,000
-
1,592,800
1,859,800		 Defined benefit
pension plans
2021
2020
£
£
1,859,800
2,410,000
34,000
51,000
-
94,800
(873,000)
(356,000)
150,000
(340,000)
422,000
-
1,592,800
1,859,800
1,859,800

Changes in the fair value of scheme assets are as follows:

Opening fair value of scheme assets
Assets surplus not realisable
Contributions by employer
Expected return
Actuarial gains/(losses)
Benefits paid		 Defined benefit
pension plans
2021
2020
£
£
1,859,800
2,263,800
92,000
(92,000)
102,000
153,000
38,000
50,000
211,000
(159,000)
(873,000)
(356,000)
1,429,800
1,859,800		 Defined benefit
pension plans
2021
2020
£
£
1,859,800
2,263,800
92,000
(92,000)
102,000
153,000
38,000
50,000
211,000
(159,000)
(873,000)
(356,000)
1,429,800
1,859,800
1,859,800

The amounts recognised in other recognised gains and losses are as follows:

Actuarial (gains)/losses from changes in
demographic assumptions
Actuarial (gains)/losses from changes in
financial assumptions
Irrecoverable surplus
Return on plan assets excluding interest		 Defined benefit
pension plans
2021
2020
£
£
(150,000)
340,000
(422,000)
-
96,000
-
211,000
-
(265,000)
340,000		 Defined benefit
pension plans
2021
2020
£
£
(150,000)
340,000
(422,000)
-
96,000
-
211,000
-
(265,000)
340,000
340,000

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THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

19. Employee benefit obligations - continued

The major categories of scheme assets as amounts of total scheme assets are as follows:

UK Equities
Overseas Equities
Bonds
Property
Cash
Other / Pensions managed fund
Asset surplus, not realisable		 Defined benefit
pension plans
2021
2020
£
£
245,000
289,000
799,000
700,000
299,000
489,000
30,000
77,000
33,800
352,800
23,000
44,000
-
(92,000)
1,429,800
1,859,800

Principal actuarial assumptions at the balance sheet date are as follows:

Discount rate: 2.1% (2020 - 2.4%) Inflation (RPI): 3.3% (2020 - 2.7%) Inflation (CPI): 2.4% (2020 - 1.8%) Allowance for revaluation of deferred pensions of CPI or 5% pa if less: 2.4% (2020 - 1.8%) Allowance for pension in payment increases of RPI or 5% pa if less: 3.1% (2020 - 2.7%) Allowance for pension in payment increases of RPI or 2.5 %pa if less 2.1% (2020 - 1.9%) Allowance for commutation of pension for cash at retirement: 100% of Post A Day (2020 - 100%)

The mortality assumptions adopted at 31 March 2021 imply the following life expectancies at age 65 years:

A male retiring in 2021 has a life expectancy of 21.1 years. A female retiring in 2021 has a life expectancy of 22.9 years. A male retiring in 2041 has a life expectancy of 22.4 years. A female retiring in 2041 has a life expectancy of 24.4 years.

The best estimate of contributions to be paid by the employer to the scheme for the period commencing 1 April 2021 is £30,000.

20. Related party disclosures

Mr A M Thomas, a director emeritus, is also a director and shareholder of Capernwray Hall Limited. During the year the charity paid rent in the sum of £20,625 (2020 - £20,625) to Capernwray Hall Limited and received management charges of £900 net of VAT (2020 - £900) from the company. At the year end there was £4,076 (2020 - £nil) owed to Capernwray Hall Limited.

During the year the charity undertook transactions with Capernwray Parkland Farm Limited, its subsidiary company. At the year end the charity was owed £17,279 (2020 - £2,187) from Capernwray Parkland Farm Limited.

Mr A M Thomas is also a trustee of Torchbearer Trust Fund, another registered charity. At the year end a balance of £645 was owed to (2020 - £126 owed to) Torchbearer Trust Fund. During the year, in preparation for its closure, Torchbearer Trust Fund transferred £30,085 of funds it held to the charity.

Page 30