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|||||Page|
|---|---|---|---|---|
|Trustees'<br>Report||||1-6|
|Independent<br>Examiner's||Report|||
|Statement<br>of Financial|Activities||(including||
|income and expenditure||account)|||
|Balance Sheet|||||
|Statement ofCash Flows||||10|
|Notes tothe Accounts||||11-20|





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|Legal and||administrative|information||||
|---|---|---|---|---|---|---|
|Trustees|||Mrs Elizabeth Barker||||
||||Mr Richard Sewell||||
||||Dr Glennis<br>Willams||||
||||Mr John Charles Whitehead||||
||||Mr Guy Sears||(resigned|31 August 2020)|
||||Mr Gregory George||(appointed|5 January 2021)|
||||Mr Stuart Walker||(appointed|13February 2021)|
|Secretary|||Mrs Gillian Ryeland||||
|Director|||Rev'd John Ryeland||||
|Charity number|||1080534||||
|Company|number||03877993||||
|Registered||Office|International<br>House,||||
||||142 Cromwell<br>Road, London,||||
||||England,<br>SW7 4EF||||
|IIldependent||Examiner|Steve Ellum||||
||||Steve Ellum 8 Associates|Limited|||
||||Chartered<br>Accountants||||
||||Adulam<br>House, Gian Yr Afon, Llanelli SA15|||3QB|
|Bankers|||CafCash<br>Limited||||
||||Kings<br>Hill||||
||||West Mailing<br>Kent||||
||||ME194TA||||
|Investment||advisors|Ruffer Investment<br>Management||Limited||
||||80 Victoria Street||||
||||London SW1E5JL||||





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|||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|
|||||Funds|funds|2020|2019|
||||Notes|||F||
|Income and endowments||from:||||||
|Other donations<br>and legacies||||98,481||98,481|41,443|
|Investment<br>income||||15,139||15,139|16,120|
|Other sources||||824,229||824,229||
|||||937,849||937,849|57,563|
|Income charitable<br>activities||||2,028||2,028|4,747|
|Total income||||939,877||939,877|62,310|
|Expenditure<br>on:||||||||
|Raising funds||||2,401||2,401|1,208|
|Charitable<br>activities:||||||||
|Ministry and teaching||||150,782||150,782|198,920|
|Total expenditure||||153,183||153,183|200,128|
|Net gains on investments||||63,296||63,296|16,712|
|Net gain on revaluation|offixed assets||18|857,000||857,000||
|Net expenditure<br>for the year and||||||||
|Net movement<br>in funds||||1,706,990||1,706,990|(121,106)|
|Fund balances at 1 January||2020|18|1,106,107||1,106,107|1,227,213|
|Fund balances at 31 December 2020|||18|2,813,097||2,813,097|1,106,107|





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||||Notes|2020|2020|2019|2019|
|---|---|---|---|---|---|---|---|
|Fixed assets||||||||
|Tangible assets|||11||1,203,621||695,863|
|Investments|||12||1,479,370||276,930|
||||||2,682,991||972,793|
|Current assets||||||||
|Stocks||||5,172||6,238||
|Debtors|||13|4,941||9,827||
|Investments|||12|||100,000||
|Cash at bank and in||hand||131,195||30,732||
|||||141,308||146,797||
|Creditors: amounts|falling due within|||||||
|One year|||14|(11,202)||(13,483)||
|Net current assets|||||137,106||133,314|
|Total assets less current liabilities|||||2,820,097||1,106,107|
|Creditors: amounts||falling due after||||||
|More than one year||||||||
||||||2,813,097||1,106,107|
|Income funds||||||||
|Unrestricted<br>funds|||18||1,956,097||1,106,107|
|Revaluation<br>Reserve|||18||857,000|||
||||||2,813,097||1,106,107|



## 



## 

||||2020|2019|
|---|---|---|---|---|
|Cash flows from operating<br>activities|||||
|Surplus/(deficit)<br>for the financial year|||1,706,990|(121,106)|
|Adjustments<br>for:|||||
|Depreciation<br>oftangible assets|||14,255|19,488|
|Profit on Sale ofFixed Assets|||(824,229)||
|Interest received|||(2)|(2)|
|Rents received|||(14,000)|(14,000)|
|Dividends<br>received|||(1,137)|(2,118)|
|(Gains) on investments|||(920,296)|(16,712)|
|Decrease/(increase)<br>in trade and other debtors|||4,886|(2,772)|
|Decrease<br>in stocks|||1,066|2,634|
|Decrease<br>in trade creditors and other creditors|||(2,281)|(33,228)|
|Net cash generated<br>from operating|activities||(34,748)|(167,816)|
|Cash flows from investing<br>activities|||||
|Purchase of investments|||(1,100,000)||
|Proceeds from sale ofinvestments|||60,856|155,000|
|Proceeds from sale offixed assets|||1,159,216||
|Interest received|||||
|Rents Received|||14,000|14,000|
|Dividends<br>received|||1,137|2,118|
|Net cash from investing<br>activities|||135,211|171,120|
|Net increase<br>in cash and cash equivalents|||100,463|3,304|
|Cash and cash equivalents<br>at the beginning||ofthe year|30,732|27,428|
|Cash and cash equivalents<br>at the end ofthe||year|131,195|30,732|





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|2|Donation and legacies||||||
|---|---|---|---|---|---|---|
||||||2020|2019|
|||||||F|
||Other donations||||27,186|41,443|
||Legacies||||71,295||
||||||98,481|41,443|
|3|Investment<br>Income||||||
||||||2020|2019|
||Income from listed investments||||1,137|2,118|
||Rental income from investment||property||14,000|14,000|
||Interest receivable||||2|2|
||||||15,139|16,120|
|4|Income from other sources||||||
||||||2020|2019|
||Profit on disposal ofCambridge||Court||823,085||
||Profit on disposals||||1,144||
||||||824,229||
|5|Income from charitable|activities|||||
||||||2020|2019|
||Publications,<br>conferences|and|speaking|engagements|2,028|4,747|



|Total expend|iture||||||||
|---|---|---|---|---|---|---|---|---|
|||||Staff|Depreciation/|Other|Total|Total|
|||||Costs|loss on|costs|||
||||||Disposalf||2020|2019|
|Raising funds|||||||||
|Investment|property|management|costs|||2,401|2,401|1,208|
|Charitable|activities||||||||
|Minist<br>and|teachin||||||||
|Activities undertaken||directly||39,253||4,854|44,107|82,986|
|Support costs||||56,486|14,255|35,934|106,675|115,934|
|||||95,739|14,255|40,788|150,782|198,920|
|Total expenditure||||95,739|14,255|43,189|153,183|200,128|





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|Support cos|ts||||
|---|---|---|---|---|
|||Ministry|Total|Total|
|||And|2020|2019|
|||Teaching|||
|Premises costs||18,645|18,645|15,041|
|Communications||4,465|4,465|5,766|
|Staff costs||56,486|56,486|63,950|
|Depreciation||14,255|14,255|19,488|
|Other support|costs|10,544|10,544|9,215|
|Governance|costs|2,280|2,280|2,474|
|||106,675|106,675|115,934|



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|equivalent<br>e|mp|loyees<br>during the year was|<br><br>||
|---|---|---|---|---|
||||2020|2019|
||||F|F|
|Direct charitable||activities||2|
|Support staff||||3|
|Employment|costs||||
||||2020|2019|
||||F||
|Wages and salaries|||82,417|124,350|
|Social security|costs||3,702|8,358|
|Other pension|costs||9,620|(13,850)|
|Other redundancy||costs||18,000|
||||95,739|136,858|





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||Land and|Building|Plant and|Fixtures,|Total|
|---|---|---|---|---|---|
||Buildings|project|machinery|fittings<br>&||
|||||equipment||
||||E|E||
|Cost||||||
|At 1 January 2020|806,865|163,254|20,970|52,894|1,043,983|
|Revaluation|857,000||||857,000|
|Disposals|(463,865)|(163,254)|(20,970)||(648,089)|
||1,200,000|||52,894|1,252,894|
|Depreciation||||||
|At 1 January 2020|261,016|26,692|11,966|48,446|348,120|
|Charge for the year|10,304|2,449|675|827|14,255|
|Disposals|(271,320)|(29,141)|(12,461)||(313,102)|
|||||49,273|49,273|
|Net book value||||||
|At 31December 2020|1,200,000|||3,621|1,203,621|
|At 31 December 2019|545,849|136,562|9,004|4,448|695,863|





|||Listed|Investment|Total|
|---|---|---|---|---|
|||Investments|property||
||||E||
|Fair value at 1 January 2019||146,930|230,000|376,930|
|Disposals at carrying<br>value||(60,856)||(60,856)|
|Change<br>in value|in the year|63,296||63,296|
|Additions||1,100,000||1,100,000|
|Fair value at 31|December 2020|1,249,370|230,000|1,479,370|



|13|Debtors||||
|---|---|---|---|---|
||||2020|2019|
||||F|F|
||Other debtors||3,242|4,306|
||Prepayments|and accrued income|1,699|5,521|
||||4,941|9,827|



||2020|2019|
|---|---|---|
|Taxes and social security costs|2,025|1,761|
|Other creditors (see note 15)|7,000|8,775|
|Accruals|2,177|2,947|
||11,202|13,483|





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|'/0 ofpensionable|stipends|January 2018to|January 2021to|
|---|---|---|---|
|||December 2020|December 2022|
|Deficit repair contributions||11.9'/0|7,1'/o|





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|||December 2020|December 2019|December 2018|
|---|---|---|---|---|
|Discount rate||0.2% pa|1.1%pa|2.1%pa|
|Price inflation<br>Increase to total pensionable|payroll|3.1%pa<br>1.6% pa|2.8% pa<br>1.3%pa|3.1%pa<br>1.6% pa|



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||||||||2020|2019|
|---|---|---|---|---|---|---|---|---|
|||||||||F|
|Contributions|payable|by|the|company|forthe|year|1,860|2,419|





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||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|
||||funds|funds||
||||E|||
|Brought forward|||1,106,107||1,106,107|
|Income in year|||939,877||939,877|
|Expenditure|in year||(153,183)||(153,183)|
|Investment|gains|in year|63,296||63,296|
|Revaluation|Reserve - Property||857,000||857,000|
|Carried forward|||2,813,097||2,813,097|



## 

|Analysis ofnet|assets between funds|||||
|---|---|---|---|---|---|
||||Unrestricted|Total|Total|
||||funds|2020|2019|
||||E|||
|Fund balances at|31 December 2020 are represented|by:||||
|Tangible fixed assets|||1,203,621|1,203,621|695,863|
|Investments|||1,479,370|1,479,370|276,930|
|Current assets|||141,308|141,308|146,797|
|Creditors: amounts|falling due within one year||(11,202)|(11,202)|(13,483)|
|Creditors: amounts|falling due after more than one year|||||
||||2,813,097|2,813,097|1,106,107|





|||Unrestricted|Restricted|Total|
|---|---|---|---|---|
|||Funds|funds|2019|
|Income and endowments|from:||||
|Other donations<br>and legacies||41,443||41,443|
|Investment<br>income||16,120||16,120|
|||57,563||57,563|
|Income charitable<br>activities||4,747||4,747|
|Total income||62,310||62,310|
|Expenditure<br>on:|||||
|Raising funds||1,208||1,208|
|Charitable activities:|||||
|Ministry<br>and teaching||198,920||198,120|
|Total expenditure||200,128||200,128|
|Net gains on investments||16,712||16,712|
|Net expenditure<br>for the year and|||||
|Net movement<br>in funds||(121,106)||(121,106)|
|Fund balances at 1 January|2019|1,227,213||1,227,213|
|Fund balances at 31 December 2019||1,106,107||1,106,107|