| Page | |||
|---|---|---|---|
| Report ofthe Trustees | 1 | to | 5 |
| Report ofthe Independent Auditors |
6 | to | 8 |
| Statement ofFinancial Activities | |||
| Balance Sheet | 10 | ||
| Cash Flow Statement | |||
| Notes to the Cash Flow Statement | 12 | ||
| Notes to the Financial Statements | 13 | to | 24 |
| 31.12.20 | 31.12.19 | |||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||||
| Notes | funds | funds f |
funds | fundsf | ||||
| INCOME AND ENDOWMENTS | FROM | |||||||
| Donations and legacies |
2 | 2,846&412 | 127485 | 2,973,997 | 2,457,062 | |||
| Charitable activities |
4 | |||||||
| Support for Ministry | 74&214 | 74,214 | 73,165 | |||||
| Church Property | 350,841 | 350,$41 | 382,799 | |||||
| Invesnnent income |
3 | ~67 123 | ~19514 | ~86637 | ~101563 | |||
| Total | 2,987,749 | 497,940 | 3,485,689 | 3,014,589 | ||||
| EXPENDITURE ON | ||||||||
| Charitable activities |
||||||||
| Support for Ministry | 2,110,720 | 70,635 | 2&181455 | 2,380,072 | ||||
| Support for Parishes | 487,696 | 34,799 | 522,495 | 467,150 | ||||
| Church Property | 115,699 | 158412 | 273,911 | 336,949 | ||||
| Grants k Other Financial | Support | 28„&t25 | $,01$ | 36,943 | 36,505 | |||
| Communication | 28,925 | 249 | 29,174 | 28,205 | ||||
| Total | 2,771„&t67 | 271,911 | 3,043,878 | 3,248,$81 | ||||
| Net gains on investments | ~194028 | 70,977 | ~265005 | ~600051 | ||||
| NKT INCOME | 409,810 | 297,006 | 706,$16 | 365,759 | ||||
| Transfers between funds | 16 | ~55 60 | 55360 | |||||
| Net movement in funds |
465,170 | 241,646 | 706,816 | 365,759 | ||||
| RECONCILIATION | OF FUNDS | |||||||
| Total funds brought | forward | 4454,561 | 1,127,572 | 5,482,133 | 5,116,374 | |||
| TOTAL FUNDS CARRIED FORWARD | ~4819731 | ~169 18 | ~6188949 | 5,482,133 |
| 31.12.20 | 31.12.19 | 31.12.19 | ||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| funds | funds | funds | funds | |||
| Notes | f | f. | f | |||
| FIXEDASSETS | ||||||
| Tangible assets | 11 | 289,868 | 2373 | 292,241 | 294,402 | |
| Investments | 32 | 4.884.875 | 4 | 830525 | ||
| 4,373,943 | 1,013,827 | 5,387,770 | 5,124,927 | |||
| CURRENT ASSETS | ||||||
| Stocks | 13 | 3,000 | ||||
| Debtors Cash at bank |
14 | 325,035 624 6 |
87,869 3 "'I |
412,904 | 391,876 562 923 |
|
| 949,635 | 404,581 | 1,354,216 | 957,799 | |||
| CREDITORS | ||||||
| Amounts falling due within one year |
15 | (503,847) | (49,190) | (553,037) | (600,593) | |
| NET CURRENT ASSETS | 7 | I | » 6 |
|||
| TOTAL ASSETSLESSCURRENT | ||||||
| LIABILITIES | 4,819,731 | 1,369,218 | 6,188,949 | 5,482, 133 | ||
| NET ASSETS | ~69 8 |
6 8899 | 5 | I M |
||
| FUNDS | ||||||
| Unrestricted funds |
4,819,731 | 4,354,561 | ||||
| Restricted funds |
2 | |||||
| TOTAL FUNDS | »33 |
| 31.12.20 | 31.12.19 | |||||
|---|---|---|---|---|---|---|
| Notes | ||||||
| Cash fiovrs from operating | activities | |||||
| Cash generated from operations |
I | 301,819 | ~119135) | |||
| Net cash provided by/(used |
in) | operating | activities | 301,819 | ~119,135) | |
| Cash flows froin investiag | activities | |||||
| Purchase oftangible fixed assets |
(9,580) | (2,618) | ||||
| Purchase offixed asset investments | (53,071) | |||||
| Sale offixed asset investments | 100,000 | |||||
| Interest received | 86,150 | 101,057 | ||||
| Net cash provided by investing | activities | 76,570 | 145,368 | |||
| Change in cash and cash equivalents | in | |||||
| the reporting period |
378,389 | 26,233 | ||||
| Cash and cash equivalents | at | the | ||||
| begianing ofthe reporting |
period | 562,923 | 536,690 | |||
| Cash and cash equivalents | at | the end | of | |||
| the reporting period |
~941 312 | ~562 923 |
| RECONCILIATION | RECONCILIATION | OF NET INCOME TO NKT CASH FLOW FROM | OF NET INCOME TO NKT CASH FLOW FROM | OPERATING | ||
|---|---|---|---|---|---|---|
| ACTIVITIES | ||||||
| 31.12.20 | 31.12.19 | |||||
| I | ||||||
| Net income for the | reporting | period (as per the Statement ofFinancial | ||||
| Activities) | 706,816 | 365,759 | ||||
| Adjustments for: Depreciation charges |
11,741 | 6,720 | ||||
| Gain on investments | (265,005) | (600,051) | ||||
| Interest received | (86,150) | (101,057) | ||||
| Decrease in stocks | 3,000 | 345 | ||||
| Increase in debtors | (21,027) | (278,973) | ||||
| (Decrease)/increase | in | creditors | ~47 556 | 488,122 | ||
| Net cash provided | by/(used | in) operations | ~301819 | (119,135) | ||
| 2. | ANALYSIS OF CHANGES | IN NET FUNDS | ||||
| At 1.1.20 | Cash flow | At31.12.20 | ||||
| f | f | |||||
| Net cash | ||||||
| Cash at bank | ~562923 | 378889 | 941,312 | |||
| ~562 23 | 378,389 | 941,312 | ||||
| Total | 562,923 | 378889 | ~941 312 |
| DONATION | S AND LEGACIES |
||||
|---|---|---|---|---|---|
| 31.12.20 | 31.12.19 | ||||
| f | f | ||||
| Ministry area donations |
1,408,303 | 1,606,638 | |||
| RBCW grants | 352,450 | 704,899 | |||
| Other grants | 83,098 | 54,217 | |||
| Coronavirus | grants | 995,131 | |||
| Evangelism grants Sundry donation tk other income |
71,318 ~63697 |
~91308 | |||
| ~2973997 | 2,457,062 | ||||
| INVESTMENT INCOME | |||||
| 31.12.20 | 31.12.19 | ||||
| f | |||||
| Bank interest —general |
487 | 506 | |||
| Investment | income from listed investments | —general | fund | 67,123 | 82,408 |
| Investment | income fiom listed investments | -widows | &orphans | 19,027 | 18,649 |
| 86,637 | 101,563 |
| INCOME FRO | M CH | A | RITA | BLE ACTIVITIES | |||
|---|---|---|---|---|---|---|---|
| 31.12.20 | 31.12.19 | ||||||
| Activity | f | ||||||
| Administration | contributions | Support for Ministry | 74,214 | 73,165 | |||
| Rents due to Parsonage | fund | Church Property | 113,010 | 94,054 | |||
| Personages improvements |
|||||||
| fund | Church Property | 8,129 | 41,272 | ||||
| BDBFgrant to parsonage | |||||||
| fund | Church Properly | 229,702 | 247,473 | ||||
| 425,055 | 455,964 | ||||||
| CHARITABLE ACTIVITIES COSTS | |||||||
| Support | |||||||
| Direct | costs (see | ||||||
| Costs f. |
note 6) f. |
Totals f |
|||||
| Support for Ministry | 1,889,632 | 291,723 | 2,181,355 | ||||
| Support for Parishes | 405,805 | 116,690 | 522,495 | ||||
| Church Property | 157,220 | 116&691 | 273,911 | ||||
| Grants &Other Communication |
Financial | Support | 7,769 | 29,174 ~29174 |
36,943 ~29174 |
||
| 2,460,426 | 583,452 | 3,043,87$ |
| SUPPORT COSTS | ||||
|---|---|---|---|---|
| Governance | ||||
| Management f |
costs | Totals | ||
| Support for Ministry | 268,508 | 23,215 | 291,723 | |
| Support for Parishes | 107,404 | 9,286 | 116,690 | |
| Church Property | 107,405 | 9&286 | 116,691 | |
| Grants &Other Financial | Support | 26,$52 | 2322 | 29,174 |
| Communication | ~26 852 | 2322 | 29,174 | |
| 537,021 | 46,431 | 583,452 |
| Activity | Basis ofallocation | |
|---|---|---|
| Management | As below | |
| Governance costs |
As below | |
| Support for Ministry | 50% | |
| Support for Parishes | 20% | |
| Church Property | 20% | |
| Grants &Other Financial | Support | 5% |
| Communication | 5% |
| 31.12.20 | 31.12.19 | |||
|---|---|---|---|---|
| 8 | ||||
| Auditors' | remuneration | 10,920 | 10,560 | |
| Auditors' | remuneration | for non audit work | 3,320 | 1,464 |
| Depreciation - owned | assets | 11,741 | 6,720 |
| 31.12.20 | 31.12.19 | ||
|---|---|---|---|
| 6 | |||
| Wages | and salaries | 437,223 | 349,818 |
| Social | security costs | 38,882 | 30,982 |
| Other | pension costs | 48,150 | |
| 8 |
| The average monthly number ofemployees during |
the year was as follows: | |
|---|---|---|
| 31.12.20 | 31.12.19 | |
| Chief officer | 4.8 | 4 |
| Finance oCicer | 2 | I |
| CYFME | 4 | 4 |
| Other | 4 | |
| 14.8 |
| contributions for 19 |
(2019 | (2019 | - 17)staff members. | - 17)staff members. | ||
|---|---|---|---|---|---|---|
| COMPARATIVES | FOR | THE STATEMENT OF FINANCIAL ACTIVITIES | ||||
| Unrestricted | Restricted | Total | ||||
| funds | funds | funds | ||||
| f. | I | |||||
| INCOME AND ENDOWMENTS FROM | ||||||
| Donations and legacies |
2,422,538 | 34,524 | 2,457,062 | |||
| Charitable activities |
||||||
| Support for Ministry Church Property |
73,165 | 382,799 | 73,165 382,799 |
|||
| Investment income |
82,408 | 19,155 | ~101563 | |||
| Total | 2,578,111 | 436,478 | 3,014,589 | |||
| EXPENDITURE ON | ||||||
| Charitable activities |
||||||
| Support for Ministry | 2,378,047 | 2,025 | 2,380,072 | |||
| Support for Parishes | 436,099 | 31,051 | 467,150 | |||
| Church Property | 112,012 | 224,937 | 336,949 | |||
| Grants &Other Financial | Support | 28,002 | 8,503 | 36,505 | ||
| Communication | 28,002 | 203 | 28,205 | |||
| Total | 2,982,162 | 266,719 | 3,248,881 | |||
| Net gains on investments | ~449 099 | 150,952 | ~600051 | |||
| NET INCOME | 45,048 | 320,711 | 365,759 | |||
| Transfers between |
funds | ~54 581 | ~545811 | |||
| Net movement in funds |
99,629 | 266,130 | 365,759 | |||
| RECONCILIATION | OF FUNDS | |||||
| Total funds brought | forward | 4,254,933 | 861,441 | 5,116,374 | ||
| TOTAL FUNDS CARRIED FORWARD | 4,354,562 | 1,127,571 | 5,482, 133 |
| TANGIBLE FIXEDASSETS | ||||
|---|---|---|---|---|
| Fixtures | ||||
| Freehold | and | Computer | ||
| property | fittings | equipment I |
Totals | |
| COST | ||||
| At 1 January 2020 Additions |
262800 | 44,533 | 9,066 9,580 |
316,099 ~9580 |
| At 31December 2020 | 262,500 | 44,533 | 18,646 | 325,679 |
| DEPRECIATION | ||||
| At I January 2020 Charge for year |
2,625 | 17,817 4,453 |
3,880 4,663 |
21,697 ~II 741 |
| At 3I December 2020 | ~2625 | ~22 270 | ~8543 | ~33 438 |
| NET BOOK VALUE | ||||
| At 31 December 2020 | 259,875 | 22,263 | ~10103 | ~292 241 |
| At 31 December 2019 | 262,500 | 26,716 | 5,186 | 294,402 |
| FIXEDASSETINVESTMENTS | |
|---|---|
| COIF | |
| investments | |
| MARKET VALUE | |
| At 1 January 2020 Revaluations |
4,830,525 ~265 004 |
| At 31 December 2020 | ~5095529 |
| NET BOOK VALUE | |
| At 31 December 2020 | 5,095,529 |
| At 31 December 2019 | ~4,830525 |
| 13. | STOCKS | ||||
|---|---|---|---|---|---|
| 31.12.20 | 31.12.19 | ||||
| f | |||||
| Stocks | 3,000 | ||||
| 14. | DEBTORS:AMOUNTS FALLING | DUE WITHIN ONE YEAR | |||
| 31.12.20 | 31.12.19 | ||||
| f | |||||
| Ministry area donations Other debtors |
391869 373,035 |
96,860 292,016 |
|||
| Prepayments | 3,000 | ||||
| 412,904 | 391,876 | ||||
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | |||
| 31.12.20 | 31.12.19 | ||||
| f | |||||
| Other creditors | 553,037 | 600,593 | |||
| 16. | MOVEMENT IN FUNDS | ||||
| Net | Transfers | ||||
| movement | between | At | |||
| At 1.1.20 | in funds | funds | 31.12.20 | ||
| f | f | f | |||
| Unrestricted funds |
|||||
| General fund | |||||
| 3,791,148 | 513,187 | 55,360 | 4,359,695 | ||
| Capital reserve StBeuno Fund Operational reserve |
262,500 187,733 ~113180 |
(2,625) (107417) 6,765 |
259,875 80,216 ~119945 |
||
| 4,354,561 | 409,810 | 55360 | 4,$19,731 | ||
| Restricted funds | |||||
| Parsonage board |
388,411 | 222,048 | (55,360) | 555,099 | |
| Widows gt orphans | 695,547 | 50,195 | 745,742 | ||
| Cathedral Partnership |
25,065 | 107 | 25,172 | ||
| Cathedral Foodbank |
10,840 | 23,453 | 34&293 | ||
| Good Hope Foundation Envangelism Fund |
7,709 | (1,170) ~273 |
6,539 2 373 |
||
| ~1127572 | ~297006 | ~55,360 | ~1369218 | ||
| TOTAL FUNDS | ~5,4$2 133 | 706,816 | ~6,188949 |
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expendtxl | losses | in funds | |
| f, | ||||
| Unrestricted funds |
||||
| General fund |
||||
| 2,962,749 | (2,636,825) | 187,263 | 513,187 | |
| Capital reserve | (2,625) | (2,625) | ||
| StBeuno Fund Operational reserve |
25,000 | (132,517) | ~6765 | (107,517) ~6765 |
| 2,987,749 | (2,771,967) | 194,028 | 409,810 | |
| Restricted funds | ||||
| Parsonage board |
351,172 | (160870) | 31,246 | 222,048 |
| Widows &orphans | 19,253 | (8,789) | 39,731 | 50,195 |
| Cathedral Partnership |
107 | 107 | ||
| Cathedral Foodbank |
45,645 | (22,192) | 23,453 | |
| Good Hope Foundation Envangelism Fund |
10,445 ~71318 |
(11,615) ~68,94 |
(1,170) ~273 |
|
| ~497940 | ~271 11 | ~70977 | ~297006 | |
| TOTAL FUNDS | ~3485689 | ~3,043,878 | ~265005 | ~706816 |
| Cemparatives for movement in fu |
nds | |||
|---|---|---|---|---|
| Net | Transfers | |||
| movement | between | At | ||
| At 1,1.19 f |
in funds f |
funds f. |
31.12.19 f. |
|
| Unrestricted funds |
||||
| General fund | ||||
| 3,544,140 | 92,427 | 154,581 | 3,791,148 | |
| Capital reserve | 262,500 | 262,500 | ||
| StBeano Fund Operational reserve |
263,848 184,445 |
(76,115) 28,735 |
~100,000 | 187,733 ~113180 |
| 4,254,933 | 45,047 | 54,581 | 4,354,561 | |
| Restricted funds | ||||
| Parsonage board | 224,400 | 218,592 | (54,581) | 388,411 |
| Widows gt orphans | 591,614 | 103,933 | 695,547 | |
| Cathedral Partnership |
24,441 | 624 | 25,065 | |
| Cathedral Foodbank Good Hope Foundation |
12,819 8,167 |
(1,979) ~458) |
10,840 ~7709 |
|
| ~861441 | 320,712 | 54 581 | 1,127,572 | |
| TOTAL FUNDS | ~5116,374 | ~365759 | ~5482,133 |
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| Unrestricted funds |
||||
| General fund | ||||
| 2,553,111 | (2,881,048) | 420,364 | 92,427 | |
| StBeuno Fund Operational reserve |
25,000 | (101,115) | ~28735 | (76,115) 28,735 |
| 2,578,111 | (2,982,163) | 449,099 | 45,047 | |
| Restricted funds | ||||
| Parsonage board |
389,060 | (227,187) | 56,719 | 218,592 |
| Widows A orphans | 18,990 | (9,290) | 94,233 | 103,933 |
| Cathedral Partnership |
1,650 | (1,026) | 624 | |
| Cathedral Foodbank Good Hope Foundation |
1],992 14,786 |
(13,971) ~(15,244 |
(1,979) ~458 |
|
| 436478 | ~266,718) | 150,952 | ~320712 | |
| TOTALFUNDS | ~3,014589 |
| A current year 12months and prior |
year 12months combined p |
osition is as foll | ows: | |
|---|---|---|---|---|
| Net | Transfers | |||
| movement | between | At | ||
| At 1.1.19 | in funds | funds | 31.12.20 | |
| f | ||||
| Unrestricted funds |
||||
| General fund |
||||
| 3,544,140 | 605,614 | 209,941 | 4,359,695 | |
| Capital reserve | 262,500 | (2,625) | 259,875 | |
| StBeuno Fund Operational reserve |
263,848 184,445 |
(183,632) ~35 500 |
~100,000) | 80,216 119,945 |
| 4,254,933 | 454,857 | ]09,941 | 4,819,731 | |
| Restricted funds | ||||
| Parsonage board |
224,400 | 440,640 | (109,941) | 555,099 |
| Widows k orphans | 591,614 | 154,128 | 745,742 | |
| Cathedral Partnership |
24,441 | 731 | 25,172 | |
| Cathedral Feedback |
12,819 | 21,474 | 34,293 | |
| Good Hope Foundation Envangelism Fund |
8,167 | (1,628) 2,373 |
6,539 ~2373 |
|
| 861,441 | ~617718 | ~(109,941 | ~1,369218 | |
| TOTAL FUNDS | ~5116,374 | ~1072575 | 6,188,949 |
| A current year 12months and prior as follows: |
year 12months combined |
net movement in |
funds, included | in the above a |
|---|---|---|---|---|
| Incoming | Resources | Gains and | Movement | |
| resources | expended | losses | in funds | |
| f | f, | f. | f | |
| Unrestricted funds |
||||
| General fund | ||||
| 5,515,860 | (5,517,873) | 607,627 | 605,614 | |
| Capital reserve | (2,625) | (2,625) | ||
| StBeuno Fund Operational reserve |
50,000 | (233,632) | ~35500 | (183,632) 35,500 |
| 5,565,860 | (5,754,130) | 643,127 | 454,857 | |
| Restricted funds | ||||
| Parsonage board | 740,232 | (387,557) | 87,965 | 440,640 |
| Widows R orphans | 38,243 | (18,079) | 133,964 | 154,128 |
| Cathedral Partnership |
1,757 | (1,026) | 731 | |
| Cathedral Foodbank |
57,637 | (36,163) | 21,474 | |
| Good Hope Foundation Envangelism Fund |
25,231 ~71318 |
(26,859) ~68,945) |
(1,628) ~2373 |
|
| ~934418 | ~538 629 | 221,929 | ~617718 | |
| TOTAL FUNDS | ~6500278 | ~6,292,759) | ~865056 | ~1072575 |