**THE LANGHAM PARTNERSHIP (UK & Ireland) (Limited by Guarantee)** 

## **FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED** 

**30[TH] JUNE 2021** 

**Company Number 4235957 Charity Number 1092233** 



**THE LANGHAM PARTNERSHIP (UK & Ireland) (Limited by Guarantee)** 

## **FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED** 

**30[TH] JUNE 2021** 

|**Contents**|**Page**|
|---|---|
|Report of the Directors|1-8|
|Report of the Independent Auditors|9-12|
|Statement of Financial Activities|13|
|Balance Sheet|14|
|Statement of Cash Flows|15-16|
|Notes to the Financial Statements|17-36|





**THE LANGHAM PARTNERSHIP (UK & Ireland)** (1) **(Limited by Guarantee)** 

## REPORT OF THE DIRECTORS 

FOR THE YEAR ENDED 30[TH] JUNE 2021 

The directors (who are trustees of the charitable company) present their report and audited financial statements for the year ended 30[th] June 2021. The financial statements have been prepared in accordance with the Statement of Recommended Practice including Update Bulletin 2 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. 

## **Reference and Administrative Information** 

_Charity name_ 

The Langham Partnership (UK & Ireland) 

_Charity registration number_ 1092233 

_Company registration number_ 4235957 

_Registered office and Operational address (until 27 August 2021):_ 

Langham Service Centre, Unit 5, Grearshill Road, Kingstown Industrial Estate, Carlisle CA3 0ET, UK. 

_From 27[th] August 2021:_ 

Langham Partnership, Lancaster St, Carlisle, CA1 1TF 

_Management Committee/Trustees_ 

David Ball Peter Burt Nigel Bridges _(appointed 5[th] June 2021)_ Mary Evans (Chair) Ronald Clements Norman Fraser _(resigned 18[th] November 2020)_ Desta Heliso Anshebo _(appointed 10[th] December 2020)_ 

Alan Johnston Stephen Osei-Mensah Stephen Mackay Keith Mallon Gillian Phillips Judith Sawers David Turner 

_Secretary_ John Libby 

_Senior staff/Chief Executive Officer_ Revd Canon John Libby, National Director 

_Auditors_ 

Moore Kingston Smith LLP 60 Goswell Road, London EC1M 7AD 

## _Bankers:_ 

Barclays, 33 English St, Carlisle. CA3 8JS Clydesdale Bank, 82 English Street, Carlisle. CA3 8HP Fifth Third Bank, Western Michigan, 1850 East Paris, Grand Rapids, Michigan USA 49546 

_Investment Managers:_ The M&G Securities Limited, Laurence Pountney Hill, London. EC4R 0HH Schroder Unit Trusts Limited, 31 Gresham Street, London EC2V 7QA Blackrock Investment Management Limited, 12 Throgmorton Avenue, London. EC2N 2DL 



**THE LANGHAM PARTNERSHIP (UK & Ireland)** (2) **(Limited by Guarantee)** 

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **Structure, Governance and Management** 

The Langham Partnership (UK and Ireland) [LPUKI], is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association. LPUKI was an original member of the Langham Partnership formed in 2001. It signed up to the provisions set out in the Langham Partnership International Protocol first adopted September 2003 (latest revision adopted November 2013) and is currently one of the 6 National members. Langham’s glo bal programmes are jointly owned by, and are internationally operated through, the staff and funds provided by all 6 Members. The location and development of the Langham Service Centre in Carlisle results in additional responsibilities for LPUKI and the need for the LPUKI Board to have visibility of the programme incomes and expenditures and cash flow requirements on a regular basis, in order to exercise its fiduciary interest in the programme funds passing through the LPUKI accounts. 

New Trustees are appointed by the existing Trustees in accordance with the Articles of Association, which specify that there must be a minimum of three Trustees at any one time, with no set maximum. The Board meets a minimum of three times a year, with one of these being a longer residential. Newly appointed trustees are provided with a full induction and the Chair and CEO provide training. Some roles require an appropriate professional qualification but most roles do not. Each year the Chair and CEO consider the number of vacancies likely to be available on the board against the particular skills, experience and other attributes that are being sought at that time to maintain diversity. Internal advertising to supporters and related organisations and approaches to known experts in key fields are the methods generally used for filling Trustee vacancies. 

The Trustees have examined the major strategic, business and operational risks that LPUKI faces and review regularly an updated risk management matrix, confirming an assessment has been made of current risks and appropriate mitigating actions are in place. Those of primary concern to the Trustees at present continue to relate to growing current income for the charity with a donor base that is ageing and in recruiting new supporters through updated methods. Significant time and resources are now being invested in raising Langham’s profile. Potential foreign exchange fluctuations post Brexit are of concern and require the transparency and modelling made possible by the new global accounting system. Where much of Langham’s operation spans the globe, the rise in visa restrictions and their complexity is starting to have significant impact on planning. 

The impact of Covid- 19 has been considered on the charity’s future plans and budgeti ng processes and the effect of the outbreak will continue to be a significant risk into the 2021-22 financial year and potentially beyond. The effect on this year’s financial statements has been considered as part of the going concern assessment in note 1. Critical to Langham is the ability to control expenditure in an environment where income is volatile or under pressure and this has proved itself this year. An anticipated 10% reduction in donor income due to Covid-19 was offset by a controlled reduction in programme expenditure, especially in reduced travel. In the event our income increased due to generous support from donors and some significant one-off gifts and legacies. 

## **Fundraising Policy** 

The charity is registered with the Fundraising Regulator and adheres to its Code of Practice as well as the Charity Commission guidelines on fundraising. Trustees are issued with the Institute of Fundraising 'Practical Handbook’ (2016) and activity is reviewed annually against this. The charity only fundraises and promotes support via specific written information which is issued in response to explicit written consent or personal enquiry direct or through the website.  No cold calling, telephone or street fundraising is carried out and no inducements are made to staff or volunteers. No professional fundraisers or commercial participators carried out any fundraising activities on behalf of the charity. Our privacy policy covers how we use our donors’ data and provides opportunities for all donors to opt out of contact with us or make a complaint at any point. Overseeing fundraising is the responsibility of our Supporter Development Manager who is a member both of 



## **THE LANGHAM PARTNERSHIP (UK & Ireland)** (3) **(Limited by Guarantee)** 

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30[TH] JUNE 2021 

the Institute of Fundraising, and our senior leadership team. No complaints linked to fundraising have been received during the period under review. 

## **Objectives and Activities** 

The charitable company’s objects as stated in its governing document are the advancement of the Christian religion, based on the belief set out in the Bible. This is given expression in the following ways; 

- The writing, printing, publication and distribution of Christian literature 

- Preaching and teaching 

- Provision of post-graduate theological education and training 

## _Public Benefit_ 

The objects of LPUKI are focused on education and teaching as a core means of advancement of the Christian religion in the Majority World (Latin America, Africa, Asia, the Middle East and Eastern Europe), to help the global church grow in maturity. This is done by providing grants, scholarships, training workshops, assistance in the creation, publication and distribution of literature and also includes the facilitation of local preaching networks. 

In shaping our objectives for the year and planning our activities, the trustees have also considered the Charity C ommission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2) _’._ 

## _Mission and main activities_ 

Our vision is to see churches in the majority world equipped for mission and growing in maturity in Christ, through the ministry of pastors and leaders who believe, teach and live by the Word of God. We achieve the objects of the charity and our mission to strengthen the ministry of the Word of God, through: 

- Funding and nurturing national movements for biblical preaching and teaching networks in the Majority World, aimed at a wide range of church leaders who could not usually afford such training within their regions. 

- Supporting individuals and publishing houses in the Majority World through mentoring, writing, publication and distribution of Christian literature. This support is provided as free consultancy work, writers ’ workshops and also through the provision of financial grants and books. 

- Providing scholarships and family support to scholars seeking further theological training to doctoral level. Scholars are always expected to return to their home countries in order to train others and develop training institutions in the Majority World. 

The Langham Partnership carries out these programme initiatives in partnership with institutions and individuals in the countries where we operate. LPUKI has been a major contributor to a strategic planning process involving all six national Langham members and the three international programs. This process informed our global Strategic Plan and Growth Campaign which, after 2 years (out of 5) has been reassessed and extended in the light of Covid-19. 



**THE LANGHAM PARTNERSHIP (UK & Ireland)** (4) **(Limited by Guarantee)** 

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **Achievements and Performance** 

Our global Strategic Plan could be usefully summarised as looking to double our global impact in financial terms over 5 years and then to sustain that level for a further 10 years, while resources are committed to growing our regular core income to match. This Plan was deliberately plateaued in the wake of Covid-19 pending greater clarity over the global economic situation and the response of our donors. In the event Langham’s expansion was less constrained by the economic impact on donors, who remained extremely generous, but rather by the collapse in international and regional travel. However, the excellent numbers given below are independently assessed and are given for Langham Partnership as a whole because UKI specific impact numbers are not independently collected. 

Programmes have been expanding significantly over the last 2 years. The momentum in these figures represents a heroic response to Covid-19. Full use of real-time virtual, digital media has significantly helped to maintain impact as well as reducing travel and admin costs. Together with our su pporters, and with God’s grace, this past year these 3 programmes have accomplished: 

## **Langham Preaching:** 

- Held **204** (2020, 331) preaching training seminars in **54** (2020, 69) countries in need of solid biblical preaching.  54% of the seminars were remote (online). There are **99** Langham Preaching Movements in **85 countries** around the world, but some had to pause Preaching seminars during FY21 due to the Covid-19 pandemic. 

- Equipped **8,909** (2020, 9,661) pastors and lay leaders to te ach God’s Word ( **1691** (2020, 929) of these individuals are local indigenous Facilitators and Preaching Club coordinators). Training has been led by **607** (2020, 545) local Facilitators, who are equipped and working together in teams to train others. 

- Shepherded **1,146** (2020, 1190+) preaching groups of **7-10** pastors and leaders meeting regularly for ongoing training and mentoring 

- Held **6** (2020, 5) global or regional consultations, forums or leadership meetings, involving **220** (2020, 82) leaders and/or coordinators from across the world to review, learn, train and plan.  All of these were remote (online) 

## **Langham Literature:** 

- Supplied **16,563** (2020, 13,893) Bible-centred books to **633** Majority World (MW) colleges (2020, 642) across **80** (2020, 80) countries to help students grow and mature in Christ. **9,582** (2020, 9,952) of these books were supplied to **627** colleges free of charge through the Library Grants program. 

- Distributed **13,940** (2020, 35,229) Bible-centred books to Majority World pastors, students and ministry partners in need of study materials. **5,262** (2020, 8,788) of these books were supplied free of charge to participants at, or Coordinators of, Langham Preaching seminars. 

- Distributed **5,561** (2020, 8,635) Bible-centred books to partner Majority World publishers. 

- Supplied **75,467** (2020, 17,308) Langham publications (including digitisations) to Western countries. 



**THE LANGHAM PARTNERSHIP (UK & Ireland)** (5) **(Limited by Guarantee)** 

## REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **Langham Literature (continued):** 

- Supported **22** (2020, 22) indigenous publishers, in **17** (2020, 15) different countries, in the production of **55** (2020, 50) local language titles, through the awarding of Publisher Grants. Additionally, **13** (2020, 16) local writers in **12** (2020, 15) countries were supported through Writer Grants. 

- Mentored **6** (2020, 28) Majority World Editors and trained **1** (2020, 50) Majority World writers. 

- • Published **46** books (2020, 48), including **26** (2020, 25) Langham Global Library, **11** (2020, 13) Langham Monographs, **3** Langham Preaching resources, (2020,3) 6 Hippobooks (2020, 5) and 0 LivresHippo books (2020, 2). **33** (2020, 34) of the books published were by MW authors or contributors and **7** (2020, 13) of these were by Langham Scholars. 

- Supported the publication of **2** ground-breaking Bible Commentaries (The Branch Exposition of the Bible: New Testament and South Asia Bible Commentary - Hindi translation), and actively worked on **18** other Bible Commentary projects. 

## **Langham Scholars:** 

- Supported **84** PhD (2020, 78) students from **44 MW** (2020, 44) countries in theological doctoral programs. **22** of these scholars are new scholars who commenced Langham scholarships during the 2020-21 academic year. 

- Celebrated the graduation of **19** scholars (2020, 14), all of whom have returned, or are preparing to return, to serve in the Majority World. Leaders who will go on to shape their nations with a biblical worldview as they teach in seminaries, start salt and light ministries, and serve at the highest levels in government – and join a fellowship of **more than 325** graduated Langham Scholars serving around the world. 

- Supported **3** (2020, 6) current doctoral MW scholars and **3** postdoctoral scholars, with study residencies for concentrated periods of study, or research and writing projects, in centres where there is access to excellent library resources and a research community. 

- Supported the involvement of **9** Majority World postdoctoral scholars, in the International Research and Training seminar (IRTS), and **9** Francophone African postdoctoral scholars in the Francophone IRTS projects. 1 of the IRTS and 0 of the Francophone IRTS scholars had individual study residencies to assist them to produce papers, research articles and academic monographs. 

- Held **6** Regional Scholar consultations (2020, 1) for current Langham scholars. Although there were no Regional Forums for graduated Langham scholars, **2** webinars were held in February and in April. Many Langham scholars joined this global event with participants from around the world. Consultations and Forums provide opportunities for scholars to network, receive pastoral care, share research, collaborate, and be more effective in serving the church and theological institutions. 

- • Langham Scholars had **20** articles and **34** books published. 

The Covid- 19 pandemic affected a number of Langham’s planned activities, including:  postponement or cancellation of Preaching seminars, global or regional consultations, Scholars study residencies, Scholar Consultations and Forums; and impacted book distribution and delays to writing projects. However, there has been great creativity in adapting to the disruptions of Covid e.g. many Preaching seminars and Consultations/Forums changed to online delivery. 

Significant enforced transport savings positively affected our national and international budgets and there was a very effective transfer of internal Langham meetings (UKI SLT, LTEC and LPIC) to virtual gatherings. A good Programme ‘high’ in the use of this techno logy was a virtual gathering of around 200 preaching facilitators in Peru. Langham UKI also successfully implemented a dispersed digital Advent and Easter programmes and instigated a monthly ‘Langham Live’ monthly virtual prayer gathering which were all we ll attended. 



**THE LANGHAM PARTNERSHIP (UK & Ireland)** (6) **(Limited by Guarantee)** 

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **Structural developments and Staffing changes** 

The first half of 2020-21 financial year continued to be dominated by the impact of Covid-19. The UKI and LPI team in the UK continued effective alternative working arrangements. Two staff were furloughed and the resources to work productively from home continued to be provided for others. A Covid-19 cleansing and distancing programme enabled continued if minimal warehouse and office use. 

The forced ability to undertake virtual meetings, added to the investment made over the last 3 years in cloud systems and a digital media presence, enhanced the efficiency of changed working practices forced by the pandemic. D evelopments in digital supporter events and participation in ‘202 1 hybrid Keswick’ indicate a productive and effective way forward in informing supporters and engaging with a potential wider support group. 

Right at the end of the 2021 financial year, the internal move of our Operations Manager to support our newly appointed International Director enabled several adjustments to current roles and the appointment of a part time Ireland representative to augment the UKI team. 

– The most exciting and encouraging structural development is the delivery of our new Warehouse and Offices the new ‘Langham Service Centre’ . Handover itself is expected on 27[th] August just in time for the 1[st] September surrender of our lease on our present premises. The change of address details are noted in the first page of this report. Especially after Brexit (with the resulting building supply chain impact) but also with Covid regulations affecting contractors on site, we express our thanks and congratulations to the design and management team for this whole development project, which looks like being delivered on time and to budget. 

## **Financial Review** 

The 2020- 21 impact of our programmes (see ‘Achievements and Performance’, above) depends on the Group raising £7.2m in donations and other income. Much of this flows through UKI, both due to its role as banker to the group and the location of the Langham Service Centre in Carlisle, UK. There are about £1.8m of internal ‘inter entity transfers’ through UKI accounts. 

Of the £7.2m raised by the Group in 2020/21 (largely through donations) £1.6m was contributed directly from LPUKI income. This enabled the Group to spend £5.9m on Programmes directly and via global ministry support, of which £3.3m has been expended through LPUKI. 

## **Remuneration policy** 

Salaries are set by benchmarking against market rates, normally based on Church on England levels suitably adjusted where similar positions occur in the wider charity sector or in order to fit local part time job scales. 



**THE LANGHAM PARTNERSHIP (UK & Ireland)** (7) **(Limited by Guarantee)** 

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **Reserves Policy** 

Total funds held as at 30 June 2021 were £2,721k, of which £1,312k is restricted and not available for the general purpose of the charity and £1,409k is unrestricted. 

The trustees have assessed LPUKI’s risks and determined the level of free (designated ‘policy’) reserves required, based on a formula that takes account of 3 month’s operational costs, 1 -month strategic reserve, multi-year program commitments especially for Scholars and contingency reserve needs, for example for the Hookses property. As such, a Reserves Policy Fund has been established with a current calculated requirement of £277k. Due to use of the reserve in 2019-20, the balance brought forward at 1[st] July 2020 was £253k.  This has been replenished to £277k at 30[th] June 2021. Trustees will continue to review LPUKI’s reserves p olicy and level of reserves on an annual basis, in the light of changing risks and developing strategies and plans. 

## **Investment policy** 

The trustees have the power to make any investments that they think fit. They have considered the most appropriate policy for investing funds and have found the specialist unit trusts designed for the charity sector meet their requirements to generate both income and capital growth. 

## **Auditors** 

Moore Kingston Smith LLP were re-appointed to act as Auditors at the last yea r’s AGM and we are grateful for their diligence and advice during the year. 



**THE LANGHAM PARTNERSHIP (UK & Ireland)** (8) **(Limited by Guarantee)** 

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **Trustees’ Responsibilities** 

The trustees are responsible for preparing the Annual Report 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 period that 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: 

- select suitable accounting policies and then apply them consistently; 

- comply with applicable accounting standards, including FRS 102, subject to any material departures disclosed and explained in the financial statements; 

- observe the methods and principles in the Charities SORP 

- make judgements and estimates that are reasonable and prudent; 

- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

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 which 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. 

The trustees who held office at the date of approval of this Annual Report as set out above each confirm that: 

- so far as they were aware, there is no relevant audit information (information required by the charitable company’s auditors in connection with preparing their report) of which the charitable company’s auditors are unaware; and 

- as trustees of the charitable company, they have taken all the steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditors are aware of that information. 

## **Small company** 

This report has been prepared in accordance with the provisions applicable to companies subject to the Small Companies ’ regime in Part 15 of the Companies Act 2006. 

## APPROVED BY THE BOARD OF DIRECTORS AND SIGNED ON ITS BEHALF BY: 



Mary Evans (Director)                                                      Alan Johnston (Director) 



## **THE LANGHAM PARTNERSHIP (UK & IRELAND)** (9) **(Limited by Guarantee)** 

## REPORT OF THE INDEPENDENT AUDITORS 

TO THE MEMBERS OF THE LANGHAM PARTNERSHIP (UK & IRELAND) 

## **Opinion** 

We have audited the fin ancial statements of The Langham Partnership (UK & Ireland) (‘the charitable company’) for the year ended 3 0 June 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows 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, including FRS 102 ‘The Financial Reporting Standard Applicabl e in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company’s affairs as at 30 June 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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 Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the Corporation 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 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 directors with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other inform ation. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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. 



## **THE LANGHAM PARTNERSHIP (UK & IRELAND)** (10) **(Limited by Guarantee)** 

## REPORT OF THE INDEPENDENT AUDITORS 

TO THE MEMBERS OF THE LANGHAM PARTNERSHIP (UK & IRELAND) 

## **Opinions on other matters prescribed by the Companies Act 2006** 

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

- the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the trustees’ annual report have been pr epared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. 

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: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in prepa ring the Trustees’ Annual Report and from preparing a Strategic Report. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ resp onsibilities statement set out on page 8, 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 a re 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. 

## **Auditor’s responsibi lities 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 an auditor’s report that i ncludes 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 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. 



**THE LANGHAM PARTNERSHIP (UK & IRELAND)** (11) **(Limited by Guarantee)** 

REPORT OF THE INDEPENDENT AUDITORS 

TO THE MEMBERS OF THE LANGHAM PARTNERSHIP (UK & IRELAND) 

## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud** 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. 

However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. Our approach was as follows: 

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, UK financial reporting standards as issued by the Financial Reporting Council and UK taxation legislation. 

- We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. 

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. 

- We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations. 

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal cont rol. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. 

- Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of ou r auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 



**THE LANGHAM PARTNERSHIP (UK & IRELAND)** (12) **(Limited by Guarantee)** 

## REPORT OF THE INDEPENDENT AUDITORS 

TO THE MEMBERS OF THE LANGHAM PARTNERSHIP (UK & IRELAND) 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 

## **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 company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable 

company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. 


James Cross (Senior Statutory Auditor) 

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 

Devonshire House 60 Goswell Road London EC1M 7AD 

Date:  9 December 2021 



## **THE LANGHAM PARTNERSHIP (UK & IRELAND)** (13) **(Limited by Guarantee)** 

## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30[TH] JUNE 2021 

|**Income and Expenditure Account**<br>**Note**<br>**Income**<br>Donations and legacies<br>3<br>Investment income<br>4<br>Grants<br>6<br>Charitable activities:<br>Literature<br>5<br>Other programmes<br>5<br>**Total Income**<br>**Expenditure**<br>Cost of raising funds<br>7<br>Charitable activities<br>7<br>**Total Expenditure**<br>**Net operating**<br>**income/(expenditure)**<br>Net gains/|(losses) on<br>investments<br>**Net income/(expenditure) for**<br>**the year** <br>Transfers between funds<br>19<br>**Net movement in funds**<br>**Reconciliation of funds**<br>Funds brought forward at 1stJuly 2020<br>**Funds carried forward at 30th June**<br>**2021**|**Unrestricted**<br>**Restricted**<br>**Total**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**General**<br>**Designated**<br>**2021**<br>**2020**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>875,616<br>24,164<br>2,526,597<br>3,426,377<br>2,959,645<br>11,649<br>-<br>-<br>11,649<br>15,343<br>2207<br>-<br>3,000<br>5,207<br>13,000<br>91,821<br>1,251<br>308,068<br>401,139<br>392,379<br>649<br>5,662<br>5,378<br>11,689<br>11,539|
|---|---|
||981,942<br>31,076<br>2,843,042<br>3,856,060<br>3,391,906|
||184,921<br>-<br>-<br>184,921<br>198,986<br>73,285<br>554,809<br>2,530,246<br>3,158,341<br>3,142,167|
||258,206<br>554,809<br>2,530,246<br>3,343,262<br>3,341,153|
||723,736<br>(523,733)<br>312,795<br>512,799<br>50,753<br>12,744<br>-<br>-<br>12,744<br>(13,343)|
||736,480<br>(523,733)<br>312,795<br>525,543<br>37,410<br>(710,261)<br>665,316<br>44,945<br>-<br>-|
||26,219<br>141,583<br>357,740<br>525,543<br>37,410<br>105,757<br>1,135,047<br>954,736<br>2,195,540<br>2,158,129|
||131,976<br>1,276,630<br>1,312,476<br>2,721,083<br>2,195,540|



The whole of the movements arise from continuing activities. 

There were no other recognised gains or losses other than those stated above. 

The notes on pages 17 to 36 form part of these financial statements. 



## **THE LANGHAM PARTNERSHIP (UK & IRELAND)** (14) **(Limited by Guarantee) Company Number 4235957** 

## BALANCE SHEET 

AS AT 30[TH] JUNE 2021 

|**Note**<br>**Fixed assets**<br>Tangible fixed assets<br>12<br>Investments<br>13<br>**Current assets**<br>Stock<br>14<br>Debtors and prepayments<br>15<br>Cash at bank and in hand<br>**Current liabilities**<br>Creditors: Amounts falling due<br>within one year<br>16<br>Provision<br>18<br>**Net current assets**<br>**Total assets less current**<br>**liabilities**<br>Creditors:  Amounts falling due<br>after one year<br>17<br>**Total net assets**<br>Represented by:<br>**Unrestricted funds:**<br>General fund<br>19<br>Designated funds<br>19<br>**Restricted funds**<br>20|**2021**<br>**£**<br>**£**<br>1,894,007<br>402,562<br>2,296,569<br>108,995<br>172,488<br>680,102<br>961,585<br>458,604<br>28,467<br>474,514<br>2,771,083<br>50,000<br>2,721,083<br>131,976<br>1,276,630<br>1,408,606<br>1,312,477<br>2,721,083|**2021**<br>**£**<br>**£**<br>1,894,007<br>402,562<br>2,296,569<br>108,995<br>172,488<br>680,102<br>961,585<br>458,604<br>28,467<br>474,514<br>2,771,083<br>50,000<br>2,721,083<br>131,976<br>1,276,630<br>1,408,606<br>1,312,477<br>2,721,083|**2020**<br>**£**<br>**£**<br>952,500<br>389,818<br>1,342,318<br>179,096<br>76,915<br>784,878<br>1,040,889<br>137,666<br>-<br>903,221<br>2,245,540<br>50,000<br>2,195,540<br>105,757<br>1,135,047<br>1,240,803<br>954,736<br>2,195,540|**2020**<br>**£**<br>**£**<br>952,500<br>389,818<br>1,342,318<br>179,096<br>76,915<br>784,878<br>1,040,889<br>137,666<br>-<br>903,221<br>2,245,540<br>50,000<br>2,195,540<br>105,757<br>1,135,047<br>1,240,803<br>954,736<br>2,195,540|
|---|---|---|---|---|
|||2,296,569<br>474,514||1,342,318<br>903,221|
||961,585<br>458,604<br>28,467||1,040,889<br>137,666<br>-||
||50,000||105,757<br>1,135,047||
|||2,771,083||2,245,540|
|||2,721,083||50,000<br>2,195,540|
||131,976<br>1,276,630||||
|||1,408,606<br>1,312,477||1,240,803<br>954,736|
||||||
|||2,721,083||2,195,540|



These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. Approved by the Directors on  17[th] November 2021 and signed on their behalf by: 



A Johnston                                                                     M Evans 

**Director                                                                         Director** 

The notes on pages 17 to 36 form part of these financial statements 



(15) 

## **THE LANGHAM PARTNERSHIP (UK & IRELAND) (Limited by Guarantee) Company Number 4235957** 

|<br> <br> <br> <br> <br>|STATEMENT OF CASH FLOWS<br>AS AT 30THJUNE 2021<br>**2021**<br>**2020**<br>**£**<br>**£**<br>**Cash outflow from operating activities**<br>Net cash provided by/(used in) operating activities<br>836,270<br>(28,773)<br>═══════<br>═══════<br>**Cash flows from investing activities**<br>Investment income and interest received<br>11,649<br>15,343<br>Payments to acquire tangible fixed assets<br>(952,694)<br>(433,939)<br>────────<br>────────<br>Net cash provided by (used in) investing activities<br>(941,045)<br>(418,596)<br>═══════<br>═══════<br>**Cash flows from financing activities**<br>Cash inflows from new borrowing                                                                                -                  50,000<br> ─────── ───────<br>Net cash provided by (used in) financing                                                                    -                  50,000<br> ═══════ ═══════<br>**Net increase/(decrease) in cash and cash equivalents**<br>(104,775)<br>(397,369)<br>Cash and cash equivalents at beginning of year<br>784,877<br>1,182,246<br> ────────<br>────────<br>**Cash and cash equivalents at end of year**<br>680,102<br>784,877<br>═══════<br>═══════<br>**Reconciliation of net income/ (expenditure) to net cash flow from operating activities**<br>**2021**<br>**2020**<br>**£                          £**<br>**Net income/(expenditure)**<br>525,543<br>37,410<br>**Adjustments for:**<br>Depreciation charges<br>11,187<br>11,578<br>Net losses/ (gains) on investments<br>(12,744)<br>13,344<br>Investment income<br>(11,649)<br>(15,343)<br>(Increase)/ Decrease in stock<br>70,101<br>(51,210)<br>(Increase)/Decrease in debtors<br>(95,573)<br>42,670<br>(Decrease)/ Increase in creditors<br>320,938<br>(67,223)<br>(Decrease)/ Increase in provisions                                                                    28,467                           -<br>────────<br>────────<br>**Net cash provided by/(used in) operating activities**<br>836,270<br>(28,773)<br>═══════<br>═══════|
|---|---|





**THE LANGHAM PARTNERSHIP (UK & IRELAND)** (16) **(Limited by Guarantee) Company Number 4235957** STATEMENT OF CASH FLOWS AS AT 30[TH] JUNE 2021 

|**Analysis of changes in net debt**<br>Cash at bank<br>Cash held by investment managers|**As at 1 July 2020**<br>**Cashflows**<br>**As at 30 June 2021**<br>784,877<br>(104,775)<br>680,102<br>-<br>-<br>680,102|
|---|---|
||784,877<br>(104,775)<br>680,102|





**THE LANGHAM PARTNERSHIP (UK & IRELAND)** (17) **(Limited by Guarantee)** 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## 1 **ACCOUNTING POLICIES** 

## **Accounting convention** 

These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of investments being measured at fair value through income and expenditure within the Statement of Financial Activities. 

The charity constitutes a public benefit entity as defined by FRS 102.  The financial statements have been prepared in accordance with 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) including update bulletin 2, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice. 

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. 

The principal accounting policies adopted in the preparation of the financial statements are set out below. 

## **Going concern** 

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity ’s forecasts and projections and have taken account of pressures on donation and investment income. 

The trustees have given due consideration for the effects of the Covid-19 outbreak, the impact of which may extend into the 2021-22 financial year and beyond. 

The 2020- 21 financial year has shown the resilience of Langham’s income streams to the impact of Covid. 

Based on its donor profile, and sources of income, Langham is largely sheltered from reductions in income due to Covid restrictions, however, a prudent approach to budget planning for the 2021-22 financial year has been taken particularly in terms of income expectation.  This will be monitored closely throughout the year and budgets adjusted where required. 

Income from other Langham entities (£1.8m in 2020-21) could reduce if other Langham entities (based across the world) are impacted by Covid in different ways.  This risk is mitigated by decisions on income and expenditure being taken by the Leadership Team Executive Committee, which comprises representatives from each entity and programme stream and meets on a monthly basis. 

In previous years Langham has shown capacity to reduce budgets and costs quickly and effectively in the face of the risk of reduced income. 

The charity holds significant reserves as at 30[th] June 2021. 

Taking the above into account, the Trustees are confident that the charity will continue to meet its obligations as they fall due and that therefore the going concern basis continues to be appropriate. 



**THE LANGHAM PARTNERSHIP (UK & IRELAND)                                       (** 18) **(Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **ACCOUNTING POLICIES (continued)** 

## **Income** 

- Donations, grants and other forms of voluntary income are recognised in the period in which the charitable company is legally entitled to its receipt and the amount can be measured and receipt is probable. Income tax recoverable on Gift Aid donations is recognised when the income is recognised. Legacies are included on a receivable basis as and when the value can be measured with sufficient reliability and receipt is probable. 

- Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects.  Gifts donated for resale are included as income when they are sold. 

- Activities in furtherance of the charitable company’s objects include income from book sales and is included in the period in which it is receivable. 

- Investments are included in the balance sheet at their market value on that date. Unrealised revaluation gains are included in the Statement of Financial Activities. Investment income is credited to the income and expenditure account, and is inclusive of any income tax recoverable thereon. 

## **Expenditure** 

All expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligation to pay. Expenditure has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources. 

- Grants payable are accounted for when paid over, or when awarded, if that award creates a binding obligation on the charitable company. 

- Cost of raising funds includes all expenditure in relation to obtaining funding for the charitable company to meet its charitable aims. 

- Costs of charitable activities include all expenditure directly related to furthering the objects of the charitable company. 

- Support costs including governance costs are allocated to cost of raising funds and charitable activities on the basis of an estimate of time spent by the relevant staff members, and resources utilised. 

Expenditure includes attributable VAT that cannot be recovered. 

## **Depreciation** 

Fixed assets below £500 are not capitalised. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost of each asset evenly over its expected useful life, as follows: 

Fixtures, fittings and equipment 20% to 25% on cost 

Freehold land is not depreciated. No depreciation is charged on freehold buildings as they are maintained to a high standard, which prolongs their useful life and enhances their residual value (based on prices prevailing at the time of acquisition) and accordingly any depreciation charge arising is considered to be immaterial. The freehold building is reviewed for impairment annually. 



**THE LANGHAM PARTNERSHIP (UK & IRELAND)** (19) **(Limited by Guarantee)** 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **ACCOUNTING POLICIES (continued)** 

## **Investments** 

Investments are stated at market value at the balance sheet date. Realised and unrealised gains or losses for the period are accounted for through the Statement of Financial Activities. 

## **Stocks** 

Stocks are stated at the lower of cost and net realisable value. When publications are given to scholars, their cost is recognised within grants payable at the time of the gift. 

## **Cash and cash equivalents** 

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. 

## **Employee benefits** 

The costs of short-term employee benefits are recognised as a liability and an expense. 

## **Pensions** 

The charitable company participates in a defined contribution pension scheme, the assets of which are held separately from those of the charitable company in a fund independently administered by the Pensions Trust. The charitable company also contributes to money purchase personal pension plans held by individual employees. Contributions are charged to the statement of financial activities for the period in which they are payable to the scheme. 

## **Operating leases** 

Rentals payable for assets held under operating leases are charged as they fall due. 

## **Foreign currencies** 

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the net movement in funds. 

## **Funds** 

Unrestricted funds represent the funds of the charitable company that are not subject to any restrictions regarding their use, and are available for application to the general purposes of the charitable company. Funds designated for a particular purpose by the charitable company are also unrestricted. Designations are shown as a transfer from undesignated to designated funds. 

Restricted funds are those amounts given for specific purposes, which may be declared by the donor or with their authority. 

## **Critical accounting estimates and areas of judgement** 

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. 

In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year. 



**THE LANGHAM PARTNERSHIP (UK & IRELAND)** (20) **(Limited by Guarantee)** 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## 2 **TAXATION** 

The charity benefits from exemptions on income and gains falling within sections 466-493 of the Corporation Tax Act 2010 to the extent they are derived from charitable activities. 



**THE LANGHAM PARTNERSHIP (UK & IRELAND)** (21) **(Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **3 DONATIONS** 

|**3**<br>**DONATIONS**||
|---|---|
|Literature:<br>Other donations and gifts<br>Income tax receivable<br>Legacies<br>Scholarship and education:<br>Other donations and gifts<br>Income tax receivable<br>Legacies<br>Preaching and teaching:<br>Other donations and gifts<br>Income tax receivable<br>Legacies<br>Hookses:<br>Other donations and gifts<br>Legacies<br>Langham International including LSC property:<br>Other donations and gifts<br>General Income:<br>Other donations and gifts<br>Income tax receivable<br>Legacies|**Unrestricted**<br>**2021**<br>**General**<br>**Designated**<br>**Restricted**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>-<br>630,101<br>630,101<br>-<br>-<br>5,873<br>5,873<br>137,167<br>137,167<br>-<br>-<br>706,424<br>706,424<br>-<br>-<br>2,766<br>2,766<br>137,167<br>137,167<br>-<br>-<br>408,631<br>408,631<br>-<br>-<br>8,453<br>8,453<br>137,167<br>137,167<br>-<br>-<br>1,610<br>1,610<br>41,150<br>41,150<br>-<br>24,164<br>310,088<br>334,251<br>761,614<br>-<br>-<br>761,614<br>112,003<br>-<br>-<br>112,003<br>2,000<br>-<br>-<br>2,000|
||875,616<br>24,164<br>2,526,597<br>3,426,377|





## **THE LANGHAM PARTNERSHIP (UK & IRELAND)** (22) **(Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **3 DONATIONS** 

|**3**<br>**DONATIONS**||
|---|---|
|Literature:<br>Other donations and gifts<br>Income tax receivable<br>Scholarship and education:<br>Other donations and gifts<br>Legacies<br>Income tax receivable<br>Preaching and teaching:<br>Other donations and gifts<br>Income tax receivable<br>Hookses:<br>Other donations and gifts<br>Langham International:<br>Other donations and gifts<br>General Income:<br>Other donations and gifts<br>Income tax receivable<br>Legacies|**Unrestricted**<br>**2020**<br>**General**<br>**Designated**<br>**Restricted**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>54,216<br>759,990<br>814,206<br>-<br>-<br>3,381<br>3,381<br>-<br>47,940<br>520,120<br>568,061<br>-<br>39,017<br>39,017<br>-<br>-<br>2,066<br>2,066<br>-<br>54,216<br>467,957<br>522,173<br>-<br>-<br>5,543<br>5,543<br>-<br>-<br>20,549<br>20,549<br>-<br>92,383<br>96,018<br>188,402<br>660,567<br>-<br>-<br>660,567<br>85,945<br>-<br>-<br>85,945<br>49,736<br>-<br>-<br>49,736|
||796,248<br>248,755<br>1,914,641<br>2,959,645|





## **THE LANGHAM PARTNERSHIP (UK & IRELAND)** (23) **(Limited by Guarantee)** 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **4   INVESTMENT INCOME** 

|**UK Investments**<br>Listed investments<br>**UK Investments**<br>Listed investments|**Unrestricted**<br>**2021**<br>**General**<br>**Designated**<br>**Restricted**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>11,649<br>-<br>-<br>11,649|
|---|---|
||11,649<br>-<br>-<br>11,649|
||**Unrestricted**<br>**2020**<br>**General**<br>**Designated**<br>**Restricted**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>**£**<br>15,343<br>-<br>-<br>15,343|
||15,343<br>-<br>-<br>15,343|



## **5    INCOME FROM CHARITABLE ACTIVITIES** 

|Literature - Additional book programme<br>Literature - Other income<br>Other Programme Income<br>Literature - Additional book programme<br>Literature–Other Income<br>Other Programme Income<br>**GRANT INCOME**<br>Covid Discretionary Grant<br>Coronavirus Job Retention Scheme<br>Covid Support Grant - Hookses|**Unrestricted**<br>**2021**<br>**General**<br>**Designated**<br>**Restricted**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>-<br>-<br>298,375<br>298,375<br>91,821<br>1,251<br>9,693<br>102,764<br>649<br>5,662<br>5,378<br>11,689|
|---|---|
||92,470<br>6,913<br>313,445<br>412,828|
||**Unrestricted**<br>**2020**<br>**General**<br>**Designated**<br>**Restricted**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>-<br>277,345<br>277,345<br>104,787<br>-<br>10,247<br>115,035<br>970<br>6,386<br>4,138<br>11,539|
||105,757<br>6,386<br>291,775<br>403,919|
||**Unrestricted**<br>**2021**<br>**General**<br>**Designated**<br>**Restricted**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>1,000<br>-<br>-            1,000<br>1,207<br>-<br>-<br>1,207<br>-<br>-<br>3,000<br>3,000|
||2,207<br>-<br>3,000<br>5,207|



## **6    GRANT INCOME** 

Grant income in the 2019-20 finance year was £13,000 and also related to government support for the impact of Covid-19 



||General support<br>costs|LSC salary and cost<br>allocation|Wages & Salaries|costs||Programme indirect|Literature Trading|Programme|Other direct|Grants (note 8)|||||**7**<br>**TOTAL EXPENDITURE**|||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|184,921|45,931|-|138,990||-||-|-||-|**£**|**funds**|**raising**|**Cost of**||||||
|1,632,879<br>662,782<br>499,908<br>341,370<br>21,402<br>-<br>3,343,262|121,125<br>76,008<br>311,264<br>260,841<br>-<br>-<br>815,168|71,058<br>5,953<br>25,276   (102,287)<br>-<br>-<br>-|341,914<br>101,386<br>111,508<br>180,315<br>-<br>-<br>874,113|<br> <br> <br> <br>|-<br>-<br>-<br>-<br>-                                 -||294,686<br>-<br>-<br>-<br>-<br>-<br>294,686|318,396<br>5,924<br>31,713<br>513<br>21,402<br>-<br>377,949||485,700<br>473,511<br>20,147<br>1,987<br>-<br>-<br>981,345|**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**|**Literature**<br>**& education**<br>**& teaching**<br>**LPI**<br>**Hookses**<br>**Governance**<br>**2021**|**Scholarship**<br>**Preaching**<br>**Other &**<br>**Total Funds**|||FOR THE YEAR ENDED 30THJUNE 2021|NOTES TO THE FINANCIAL STATEMENTS|**(Limited by Guarantee)**|**THE LANGHAM PARTNERSHIP (UK & IRELAND)                                                                                      (**24)|





||General support<br>costs|LSC salary and cost<br>allocation|Wages & Salaries|Programme indirect<br>costs|Literature Trading|Programme|Other direct|Grants (note 8)|||||**TOTAL EXPENDITURE**|||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|198,986|56,762|-|142,224|-|-|-||-|**£**|**funds**|**raising**|**Cost of**||||||
|1,517,071<br>605,692<br>714,133<br>284,980<br>20,291|119,419<br>81,937<br>467,208<br>152,376<br>-|19,771<br>1,636<br>7,143<br>(28,549)<br>-|345,267<br>78,762<br>110,444<br>155,777<br>-|-<br>-<br>-<br>446<br>-|258,618<br>-<br>-<br>-<br>-|334,408<br>30,664<br>2,002<br>1,311<br>20,291||439,588<br>412,693<br>127,336<br>3,619<br>-|**£**<br>**£**<br>**£**<br>**£**<br>**£**|**Literature**<br>**& education**<br>**& teaching**<br>**LPI**<br>**Hookses**|**Scholarship**<br>**Preaching**|||FOR THE YEAR ENDED 30THJUNE 2021|NOTES TO THE FINANCIAL STATEMENTS|**(Limited by Guarantee)**|**THE LANGHAM PARTNERSHIP (UK & IRELAND)**|
|-|-|-|-|-|-|-||-|**£**|**Governance**|**Other &**|||||||
|3,341,153|877,702|1|832,474|446|258,618|388,676||983,236|**£**|**2020**|**Total Funds**|||||||





(26) 

## **THE LANGHAM PARTNERSHIP (UK & IRELAND)** 

## **(Limited by Guarantee)** 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **8 GRANTS PAYABLE** 

|**RANTS PAYABLE**||
|---|---|
|**Scholarships**<br>**Preaching**<br>**Literature**<br>**Langham International**<br>**Total**<br>Grants paid in the year can be analysed :<br>Individuals<br>Institutions|**2021**<br>**2020**<br>**Total**<br>**Total**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>473,511<br>412,693<br>20,147<br>127,336<br>485,700<br>439,588<br>1,987<br>3,619|
||**981,345**<br>**983,236**|
||**No**<br>**£**<br>3360<br>524,050<br>713<br>457,295|



Scholarship grants mainly comprise the support of Langham scholars to complete their PhD. 

Preaching grants comprise grants made to support preaching seminars and clubs in majority world countries. 

Literature grants comprise both grants to publishers and editors for creative projects, as well as book grants for the libraries of theological colleges in majority world countries. 



(27) 

## **THE LANGHAM PARTNERSHIP (UK & IRELAND) (Limited by Guarantee)** 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **9 STAFF COSTS AND RELATED PARTY TRANSACTIONS** 

|Wages and salaries<br>Social security costs<br>Pension costs<br>Other Benefits<br>Average monthly number of staff:<br>Office and programme staff|**2021**<br>**2020**<br>**£**<br>**£**<br>744,328<br>704,817<br>57,564<br>62,440<br>64,573<br>54,873<br>2,292<br>-|
|---|---|
||868,756<br>822,130|
||**No**<br>**No**<br>36<br>34|



No employees were paid over £60,000 during the period (2020: none). 

Key management personnel include the Trustees, Chief Executive and senior staff reporting directly to the Chief Executive. The total employee benefits of the charity's key management personnel were £210,132  (2020: £193,428). Excluding Trustees, the charity’s key management personnel consisted of f ive staff members in 2020-21 which included the Langham International Director who joined the organisation in April 2021 and is based in the UK. 

There were four key management personnel in 2019-20. 

No remuneration was paid to any trustee in the year. During the year four trustees were reimbursed expenses for travel and meetings totalling £386 (2020: four trustees: £1,159). 

## **10 NET INCOME/(EXPENDITURE)** 

|This is stated after charging:|**2021**|**2020**||
|---|---|---|---|
||**£**|**£**||
|Auditors' remuneration:||||
|- for audit services: current year|14,150|11,125||
|- for audit services: prior year under (over) accrual|(350)|1,537|1|
|- for non-audit services|250|-||
|Depreciation|11,187<br>|11,578||





(28) 

**THE LANGHAM PARTNERSHIP (UK & IRELAND) (Limited by Guarantee)** 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **11 OPERATING LEASES** 

The charitable company’s total f uture minimum lease payments under non-cancellable operating leases is as follows in each of the following periods. 

|**Land and Buildings**<br>Less than one year<br>Within 1-2 years|**2021**<br>**2020**<br>**£**<br>**£**<br>4,206<br>23,500<br>-<br>3,917|
|---|---|
||4,206<br>27,417|





(29) 

## **THE LANGHAM PARTNERSHIP (UK & IRELAND) (Limited by Guarantee)** 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **12  TANGIBLE FIXED ASSETS** 

|**Cost and valuation**<br>At 1st July 2020<br>Additions<br>Disposal<br>At 30th June 2021<br>**Depreciation**<br>At 1st July 2020<br>Disposal<br>Charge for the year<br>At 30th June 2021<br>**Net book value**<br>At 30th June 2021<br>At 30th June 2020|**Freehold**<br>**land and**<br>**buildings**<br>**Assets under**<br>**construction**<br>**Furniture,**<br>**fittings and**<br>**equipment**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>503,169<br>-<br>429,032<br>125,616<br>1,057,817<br>-<br>935,773<br>16,921<br>952,694<br>-<br>-<br>(786)<br>(786)|
|---|---|
||503,169<br>1,364,805<br>141,752<br>2,009,726|
||-<br>-<br>105,317<br>105,317<br>-<br>-<br>(786)<br>(786)<br>11,187<br>11,187|
||-<br>-<br>115,718<br>115,718|
||503,169<br>1,364,805<br>26,033<br>1,894,007|
||503,169<br>429,032<br>20,299<br>952,500|



The Langham Partnership purchased a building and associated land in Carlisle in March 2020 to house the Langham Service Centre which previously used rented premises.  The site was cleared with a purpose-built warehouse and office complex beginning development from January 2021. The new warehouse and office is expected to be completed and brought into use on 27[th] August 2021.  The asset under construction comprises the value of the  land and developed building as at 30[th] June 2021. 



(30) 

## **THE LANGHAM PARTNERSHIP (UK & IRELAND) (Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021 

|**13**<br>**FIXED ASSET INVESTMENTS**<br>**UK investments**<br>At 1stJuly 2020<br>Net investment (losses)/gains<br>Market value at 30thJune 2021<br>Historic cost as at 30thJune 2021|**Listed**<br>**investments**<br>**2021**<br>**Cash**<br>**deposits**<br>**2021**<br>**Total**<br>**2021**<br>**Total**<br>**2020**<br>**£**<br>**£**<br>**£**<br>**£**<br>388,818<br>1,000<br>389,818<br>403,162<br>12,744<br>-<br>12,744<br>(13,344)|
|---|---|
||401,562<br>1,000<br>402,562<br>389,818|
||225,177<br>1,000<br>226,177<br>226,177|



The investments are held in Blackrock Charities Equity Fund and Blackrock Charities Bond Fund, M&G Charifund income units; M&G Common Investment Fund; Schroders Charity Equity Fund income units; Schroders Charity Fixed Interest income units; Central Board of Finance (of The Church of England) COIF Charities Investment Fund accumulation units. None of these holdings is considered to be material in the context of the portfolio. 

The investments are pooled for the General Fund. 

|**14**<br>**STOCK**<br>Stock of books<br>**15**<br>**DEBTORS**<br>Trade debtors<br>Other debtors and Prepayments|**2021**<br>**2020**<br>**£**<br>**£**<br>108,995<br>179,096|
|---|---|
||**2021**<br>**2020**<br>**£**<br>**£**<br>15,762<br>22,705<br>156,726<br>54,210|
||172,488<br>76,915|



## **16 CREDITORS** : Amounts falling due within one year 

|Other creditors<br>Accruals<br>Income in Advance|**2021**<br>**2020**<br>**£**<br>**£**<br>368,718<br>84,688<br>49,120<br>52,978<br>40,766<br>-|
|---|---|
||458,604<br>137,666|





(31) 

**THE LANGHAM PARTNERSHIP (UK & IRELAND) (Limited by Guarantee)** 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **17 CREDITORS** : Amounts falling due after one year 

|**CREDITORS**: Amounts falling due after one year||
|---|---|
|Loan|**2021**<br>**2020**<br>**£**<br>**£**<br>50,000<br>50,000|
||50,000<br>50,000|



The loan is held with a long term supporter of the charity, is interest free, unsecured and is for a duration of 3 years to 31/03/2023. 

**18 PROVISIONS** : Amounts falling due within one year 

|**PROVISIONS**: Amounts falling due within one year||
|---|---|
|Provision|**2021**<br>**2020**<br>**£**<br>**£**<br>28,467<br>-|
||28,467<br>-|



The provision relates to a historic utility liability on the new LSC warehouse site and the lease-end dilapidations expense on the former LSC warehouse site. 



(32) 

## **THE LANGHAM PARTNERSHIP (UK & IRELAND) (Limited by Guarantee)** 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **19 UNRESTRICTED FUNDS** 

|_General fund_<br>LPUKI<br>Programmes<br>_Designated funds:_<br>Programmes<br>Reserves Policy Fund<br>LPI<br>LSC Property Development|**Balance at**<br>**1.7.20**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>890,121<br>(258,206)<br>(512,683)<br>105,757<br>91,821<br>-<br>(197,578)|**Investment/**<br>**Balance at**<br>**Gains**<br>**30.06.21**<br>**£**<br>**£**<br>12,744<br>131,976<br>-<br>-|
|---|---|---|
||105,757<br>981,942<br>(258,206)<br>(710,261)|12,744<br>131,976|
||121,433<br>6,828<br>(530,035)<br>256,316<br>253,612<br>-<br>-<br>24,000<br>93,043<br>-<br>-<br>85,000<br>666,959<br>24,248<br>(24,774)<br>300,000|-<br>(145,458)<br>-<br>277,612<br>-<br>178,043<br>-<br>966,433|
||1,135,047<br>31,077<br>(554,809)<br>665,316|-<br>1,276,630|



|_General fund_<br>LPUKI<br>LPI<br>_Designated funds:_<br>Programmes<br>Reserves Policy Fund<br>LPI<br>LSC Property Development|**Balance at**<br>**1.7.19**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**£**<br>**£**<br>**£**<br>**£**<br>106,337<br>814,590<br>(253,210)<br>(654,375)<br>-<br>105,757<br>-<br>-)|**Investment**<br>**/**<br>**Balance at**<br>**Gains**<br>**30.06.20**<br>**£**<br>**£**<br>(13,343)<br>-<br>-<br>105,757|
|---|---|---|
||106,337<br>920,348<br>(253,210)<br>(654,375)|(13,343)<br>105,757|
||313,185<br>162,006<br>(734,457)<br>380,699<br>300,000<br>-<br>-<br>(46,388)<br>-<br>22,979<br>-<br>70,064<br>348,776<br>70,158<br>(24,252)<br>272,277|-<br>121,433<br>-<br>253,612<br>-<br>93,043<br>-<br>666,959|
||961,961<br>255,143<br>(758,709)<br>676,652|-<br>1,135,047|



Where funds are received on an unrestricted basis, LPUKI seeks to transfer these to support programme activity and therefore we see a transfer of £512,683 from the LPUKI General Fund. This comprises several aspects: 

In 2020-21, £300,000 has been transferred to the LSC property project.  This will be used to fund the asset through depreciation and maintenance over its useful life.  The asset will be brought into use on 27[th] August 2021. 

£103,683 has been transferred to programmes to support activity 

£85,000 has been transferred to Langham International to support international costs 

£24,000 has been transferred to the Reserves Policy Fund to replenish this to the required £277,000 level as based on the current reserve policy. 



(33) 

**THE LANGHAM PARTNERSHIP (UK & IRELAND) (Limited by Guarantee)** 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **19 UNRESTRICTED FUNDS (continued)** 

In 2020-21 £197,578 has been transferred from the programmes general fund to support as follows: 

£142,426 general programme activity (transferred to programmes designated fund) £35,000 of expenditure on majority world publisher development £20,152 of expenditure on literature distribution costs 

## **20 RESTRICTED FUNDS** 

|John Stott Memorial Fund<br>Scholarship Fund<br>LSC Property Development<br>Hookses Fund<br>LPI<br>LPI<br>–<br>International<br>Ministry<br>Director<br>Preaching Seminars Fund<br>Literature Fund<br>_Grant programmes:_<br>PD East Asia Fund<br>PD General Fund<br>Windows on the Text<br>John Stott Memorial Fund<br>Scholarship Fund<br>Langham Service Centre<br>Hookses Fund<br>LPI<br>LPI<br>–<br>International<br>Ministry<br>Director<br>Preaching Seminars Fund<br>Literature Fund<br>_Grant programmes:_<br>PD East Asia Fund<br>PD General Fund<br>Windows on the Text|**Balance at**<br>**Investment**<br>**Balance at**<br>**1.7.20**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**Gains**<br>**30.06.21**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>2,546<br>-<br>(1,119)<br>-<br>-<br>1,427<br>124,368<br>846,284<br>(662,682)<br>9,945<br>-<br>317,915<br>-<br>40,400<br>(38,301)<br>-<br>-<br>2,099<br>552,617<br>45,767<br>(21,402)<br>-<br>-<br>576,981<br>11,138<br>269,839<br>(261,866)<br>-<br>-<br>19,110<br>2,893<br>5,292<br>(2,113)<br>-<br>-<br>6,072<br>86,293<br>554,252<br>(391,896)<br>-<br>-<br>248,649<br>105,131<br>913,921<br>(957,285)<br>(34,452)<br>-<br>27,314<br>-<br>8,885<br>(43,336)<br>34,452<br>-<br>-<br>-<br>104,307<br>(133,057)<br>35,000<br>-<br>6,250<br>69,750<br>54,098<br>(17,189)<br>-<br>-<br>106,659|
|---|---|
||954,736<br>2,843,042<br>(2,530,246)<br>(44,945)<br>-<br>1,312,477|
||**Balance at**<br>**Investment**<br>**Balance at**<br>**1.7.19**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**Gains**<br>**30.06.20**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>16,953<br>-<br>(6,236)<br>(8,170)<br>-<br>2,546<br>76,768<br>561,203<br>(521,723)<br>8,170<br>-<br>124,368<br>22,277<br>1,018<br>(1,018)<br>(22,277)<br>-<br>-<br>542,334<br>30,574<br>(20,291)<br>-<br>-<br>552,617<br>160,738<br>96,018<br>(245,618)<br>-<br>-<br>11,138<br>4,488<br>3,140<br>(4,734)<br>-<br>-<br>2,893<br>81,779<br>473,500<br>(468,986)<br>-<br>-<br>86,293<br>120,435<br>918,349<br>(883,780)<br>(49,873)<br>-<br>105,131<br>9,728<br>13,338<br>(40,109)<br>17,042<br>-<br>-<br>24,982<br>42,403<br>(100,217)<br>32,831<br>-<br>-<br>29,349<br>76,872<br>(36,471)<br>-<br>-<br>69,750|
||1,089,831<br>2,216,416<br>(2,329,234)<br>(22,277)<br>-<br>954,736|





**THE LANGHAM PARTNERSHIP (UK & IRELAND)** (34) **(Limited by Guarantee)** 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **20 RESTRICTED FUNDS (continued)** 

In 2020-21,  LPUKI transferred £9,945 to the Scholars Team to support additional expenses incurred as a result of the Covid-19 pandemic. 

£34,452 has been transferred from funds donated for literature to support expenditure on publisher development in East Asia.  Similarly, £35,000 was transferred from the programmes general fund to support expenditure on general publisher development. 

The John Stott Memorial Fu nd was established in accordance with John Stott’s wish that a fund be established in his memory for the two charities that he founded; Langham Partnership, and the London Institute for Contemporary Christianity (LICC).  The fund is expected to be fully utilised in the 2021-22 financial year. 

The Scholarship Fund provides grants to strengthen theological leadership in the Developing World. PhD scholars research biblical, theological and related subjects, largely in the UK, with relevance to their home countries. 

The Langham Service Centre (LSC) serves as a hub for the Literature, Preaching, and Scholars programmes. As detailed in the Report of the Directors, a new warehouse and office complex has been developed.  The designated and restricted funds for this will be used to support the cost of this project as it is depreciated and maintained over its useful life.  The property will be brought into use on 27[th] August 2021. 

The Hookses Fund arose from a gift of a freehold property to the charity for its use and ministry. 

The LPI Fund comprises restricted funds to support the central functions of Langham (eg IT, staffing and finance). 

The LPI International Ministry Director comprises funds received in respect of the IMD and used to support a wide range of international initiatives 

The Literature Fund comprises funds received specifically for the literature programme and the various projects within that. 

The Preaching Seminars Fund is to facilitate the improvement of biblical preaching through seminars and consultations held in different parts of the world.  This has increased significantly during 2020-21 due to Covid restrictions meaning a reduction in expenditure as many seminars have been held online rather than in person. 

The Grant Programme funds represent donations given towards specific programmes run by Langham Literature and are used to fund the costs of running each programme. Literature restricted funds projects utilise significant general Literature staff and management time, and also consume general resources in the delivery of restricted funds projects. 



## **THE LANGHAM PARTNERSHIP (UK & IRELAND)** (35) **(Limited by Guarantee)** 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021 

## **21 ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

|**Unrestricted funds**<br>General Funds<br>Designated Funds<br>**Restricted Funds**<br>**Unrestricted funds**<br>General Funds<br>Designated Funds<br>**Restricted Funds**|**Tangible**<br>**Fixed**<br>**Assets**<br>**Investments**<br>**Net Current**<br>**Assets**<br>**Non Current**<br>**Assets**<br>**Total 2021**<br>**£**<br>**£**<br>**£**<br>**£**<br>26,034<br>402,562<br>(246,619)<br>(50,000)<br>131,976<br>1,364,805<br>-<br>(88,175)<br>-<br>1,276,630<br>503,169<br>-<br>809,307<br>-<br>1,312,476|
|---|---|
||1,894,007<br>402,562<br>474,513<br>(50,000)<br>2,721,083|
||**Tangible**<br>**Fixed**<br>**Assets**<br>**Investments**<br>**Net Current**<br>**Assets**<br>**Non Current**<br>**Assets**<br>**Total 2020**<br>**£**<br>**£**<br>**£**<br>**£**<br>20,300<br>389,818<br>(254,360)<br>(50,000)<br>105,758<br>429,032<br>-<br>706,015<br>-<br>1,135,047<br>0<br>503,169<br>-<br>451,567<br>-<br>954,736|
||952,501<br>0<br>389,818<br>0<br>903,222<br>0<br>(50,000)<br>0<br>2,195,541|





**THE LANGHAM PARTNERSHIP (UK & IRELAND)** (36) **(Limited by Guarantee)** 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[th] JUNE 2021 

## **22 CONSTITUTION OF THE CHARITABLE COMPANY** 

The charitable company is limited by guarantee, and each director is under covenant to contribute a sum not exceeding ten pounds sterling in certain circumstances as set out in clause 7 of the Memorandum of Association. 

## **23 RELATED PARTY TRANSACTIONS** 

During the year there were no related party transactions (2020 : None). 

## **24 POST BALANCE SHEET EVENTS** 

There are no adjusting or non-adjusting post balance sheet events in the financial statements. 

## **25    CAPITAL COMMITMENTS** 

Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows: 

|Furniture, fittings and equipment<br>Asset under construction<br>**Total**|**2021**<br>**2020**<br>**£**<br>**£**<br>29,195<br>-<br>419,842<br>-|
|---|---|
||**449,037 **<br>**-**|