2021-12-31-accounts

THE CHURCH OF THE LONDONERS

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2021

CHARITY REGISTRATION NUMBER: 1093426

THE CHURCH OF THE LONDONERS

CONTENTS

	Page
Reference and administrative information	1
Trustees’ Report	2 to 5
Independent Auditors’ Report	6 to 8
Statement of Financial Activities	9
Balance Sheet	10
Cash Flow Statement	11
Notes to the Financial Statements	12 to 19

THE CHURCH OF THE LONDONERS

REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31[ST] DECEMBER 2021

Trustees:	T P Murray
	D C O Szubert
	F Fung
	K R Woolnough
Trust Officer:	S Alexander
Administrative Office:	Bower House
	Orange Tree Hill
	Romford
	RM4 1PB
Charity Number:	1093426
Auditors:	Griffin Stone Moscrop & Co
	Chartered Accountants and Registered Auditors
	21-27 Lamb’s Conduit Street
	London
	WC1N 3GS
Bankers:	Barclays Bank plc
	Putney Branch
Solicitors:	Jackamans Solicitors
	Oak House
	7 Northgate Street
	Ipswich
	IP1 3BX

Page: 1

THE CHURCH OF THE LONDONERS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2021

The trustees present their report along with the financial statements of the charity for the year ended 31[st] December 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s trust deed, the Charities Act 2011 and 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 (FRS102) (effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Church of the Londoners is constituted under a Trust Deed dated 31[st] July 2002 as amended on 7th December 2019. The Church was registered as a Charity with the Charity Commission on 31[st] July 2002. Trustees are appointed by resolution passed at a meeting of the Trustees of which at least 14 days notice has been given to the Trustees. There shall be no fewer than two trustees and not exceeding seven trustees at any time.

The trustees who served during the year and up to the date of signature of the financial statements were:

T P Murray D C O Szubert F Fung K R Woolnough

The trustees meet twice-yearly to discuss and make decisions regarding the broad strategy and areas of activities for the trust. The week to week management is handled by the weekly meetings of the elders of the church, four of whom are trustees, and one is the trust officer.

The induction process for any newly appointed trustee comprises an initial meeting with the trustees followed by a series of short meetings with the Trust Officer concerning how the church fund is managed, including the procedures for handling donations made to the church. The welcome pack includes a copy of the governing trust deed, a copy of the trustees’ minutes, a copy of the last three years’ annual reports and accounts, and a copy of the Charity Commission’s guidance The Essential trustee: What You Need to Know.

Dr D C Szubert and Mr T P Murray, the trustees of the Church of the Londoners are also trustees of Rhema Trust, a charity registered in England and Wales with the Charity Commission. All transactions with Rhema Trust have been disclosed in the notes to the financial statements.

RISK MANAGEMENT

The trustees have examined the major financial risks that the charity faces and confirm that suitable measures have been taken to control these risks.

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THE CHURCH OF THE LONDONERS

REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31[ST] DECEMBER 2021

OBJECTIVES AND ACTIVITIES

The objectives of the charity are to support and advance the Christian faith by means of the function of the Church as a pillar and base of the truth of the faith revealed in the Bible, by the preaching of the gospel, by the spiritual nourishment of the new believers, by the perfecting of all believers to be living, functioning members in the Body of Christ, by holding meetings for prayer, for remembrance of the Lord and for prophesying unto mutual encouragement, exhortation and building up, by seeking to raise up and support full time workers, by supporting works to spread the gospel both locally and abroad and by regular and frequent fellowship with other churches throughout the earth for the practical keeping of the oneness of the Body of Christ universally.

The public benefits of the charity’s activities are:

• 1) To provide meetings for Christian worship of an inclusive (i.e. non-denominational, non-sectarian, etc.) and mutually participatory nature for all those who wish to participate in such worship.

• 2) To make available to the public Bible truth through the distribution of tracts and other Christian literature, through the speaking of such truth in Christian meetings, and through personal testimony and witness.

• 3) To provide pastoral care through home and small group meetings, and on an individual basis as necessary.

Public benefit statement

In producing their assessment of the benefit to the public provided by the charity, the trustees confirm that they have complied with the duty set out in the Charities Act 2011 to pay due regard to the Charity Commission’s guidance on public benefit and in particular, the specific guidance on charities for the advancement of religion.

ACHIEVEMENTS AND PERFORMANCE

The Charity continued its support of full-time Christian workers, radio broadcasts by Amana Trust on Premier Radio and the support of university graduates to attend the two years full time training program by the Full-time Training in London (FTTL).

Throughout the year the largest disbursements of funds were the support of full-time Christian workers and trainees (Fellowship unto the Gospel) 65% (2020 - 58%).

During the Covid-19 Pandemic, the Charity has followed the national restrictions issued by the government and moved all the meetings for Christian worship and the home and group meetings for pastoral care online. The serving ones have been working from home since March 2020.

With the lifting of national restrictions on 19 July 2021, the Charity initially resumed the in-person worship meetings in mid-September 2021. Due to the increased transmission rate in December 2021, the Charity paused the in-person worship meetings in mid-December 2021 for six weeks and resumed at the end of January 2022.

Our net income has not been severely affected. With all the European and International Conferences and Trainings being held online, the church continue to have the regular and frequent fellowship with other churches in Europe and throughout the earth for the practical keeping of the oneness of the Body of Christ universally.

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THE CHURCH OF THE LONDONERS

REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31[ST] DECEMBER 2021

FINANCIAL REVIEW

The Trust relies primarily on donations and legacies from individuals for its income, which totalled £850,921 (2020 - £592,700) in the year. In addition income has been generated from charitable activities of £163,568 (2020 - £159,513) as well as investment income and other income bringing total income to £1,037,436 (2020 - £775,778).

This allowed an expenditure of £551,773 (2020 - £669,257) on charitable activities, including the governance of the trust.

With the additional donations, it enabled the charity to purchase the first meeting hall in Lee on 2 July 2021 at a cost of £721,469. The meeting hall is ready for use immediately for Hall 4 and Hall 5 saints in South East London with extension plans to add meeting rooms for children and young people, as well as a kitchenette and a fellowship lounge that could be used as a creche during meetings. The details have been disclosed in the notes to the financial statements.

RESERVES POLICY

The Charity has an investment property, whose market value at 31st December 2021 was estimated at £280,000. Unrestricted funds at 2021 are £1,407,774 (2020 - £966,865) and restricted funds are £95,241 (2020 - £50,487). Unrestricted free reserves, excluding the value of the charity’s investment property, stand at £1,127,774 (2020 - £686,865) at 31st December 2021.

It is the policy of the charity to maintain free reserves at a level which equates to approximately 10% of the estimated annual expenditure. This provides sufficient funds to cover management and administration and to respond to emergency needs which arise from time to time. Free Reserves were maintained at this level throughout the year.

FUTURE DEVELOPMENT

The Charity is currently applying for the planning permission to extend the meeting rooms at Lee meeting hall for children and young people, as well as a kitchenette and a fellowship lounge that could be used as a creche during meetings.

It remains the aspiration of the trustees to maintain a building fund with the goal of purchasing more meeting facilities that would be available for the church’s use 24/7, some of which would be strategically located for the work of the gospel among college-age young people.

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THE CHURCH OF THE LONDONERS

REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31[ST] DECEMBER 2021

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Laws applicable to charities in England and Wales require the trustees to prepare financial statements for each financial year that give a true and fair view of the incoming resources and application of the resources of the charity during the year and of its state of affairs at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP 2015 (FRS 102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards and statements of recommended practice have been followed; and

• prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the Settlement and which enable them to ascertain its financial position and to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the Trust Deed. They are also responsible for safeguarding the assets of the Settlement and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees and signed on their behalf by:

…………………………………………… D C O Szubert - Trustee

……………………………. Date: 27 October 2022

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

THE CHURCH OF THE LONDONERS

Opinion

We have audited the financial statements of The Church of the Londoners (the ‘charity’) for the year ended 31 December 2021 which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 31 December 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 Charities Act 2011.

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 the financial statements section of our report. We are independent of the charity 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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

THE CHURCH OF THE LONDONERS

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 course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• the charity has not kept adequate accounting records; or

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

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

THE CHURCH OF THE LONDONERS

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 specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud are detailed below:

• Carrying out substantive checking to supporting documentation, on a sample basis, of individual transactions within income and expenditure to give comfort that the statement of comprehensive income does not contain irregular items;

• Verifying that material balances within the balance sheet are supported by third party evidence to confirm existence and valuation at the balance sheet date; and

• Enquiry of management and those charged with governance around fraud, actual and potential litigation and Claims.

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Griffin Stone Moscrop & Co Chartered Accountants Statutory Auditors 21-27 Lamb's Conduit Street London WC1N 3GS

Date: 27 October 2022

Griffin Stone Moscrop & Co are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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THE CHURCH OF THE LONDONERS

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021

	Notes	Unrestricted	Restricted	Total Funds	Total Funds
		Funds	Funds	2021	2020
		£	£	£	£
Income:
Donations and legacies	2	845,999	4,922	850,921	592,700
Income from charitable activities	3	100,529	63,039	163,568	159,513
Other income		7,293	-	7,293	7,201
Investment income	4	15,654	-	15,654	16,364
		______	______	______	______
Total income		969,475	67,961	1,037,436	775,778
		______	______	______	______
Expenditure
Expenditure on charitable activities	5	521,351	23,207	544,558	669,257
Others	7	7,215	-	7,215	-
		______	______	______	______
Total expenditure		528,566	23,207	551,773	669,257
		______	______	______	______
Net income before revaluation of		440,909	44,754	485,663	106,521
investments
Unrealised gain on revaluation of
Investment property		-	-	-	20,000
		_____	_____	_____	_____
Net income and movement in funds		440,909	44,754	485,663	126,521
Reconciliation of funds
Total funds brought forward		966,865	50,487	1,017,352	890,831
		______	______	______	______
Total funds carried forward		1,407,774	95,241	1,503,015	1,017,352
		=====	=====	=====	=====

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The attached notes on pages 12 to 19 form part of these financial statements.

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THE CHURCH OF THE LONDONERS

BALANCE SHEET AT 31[ST] DECEMBER 2021

	Notes		2021		2020
		£	£	£	£
TANGIBLE FIXED ASSETS
Freehold Property	7		714,254		-
Investments	8		280,000		280,000
			______		_____
			994,254		280,000
CURRENT ASSETS
Debtors	9	50,158		51,588
Cash at bank		471,654		698,623
		_____		_____
		521,812		750,211
LIABILITIES
Creditors falling due within one year	10	13,051		12,859
		_____		_____
TOTAL ASSETS LESS CURRENT	LIABILITIES		508,761		737,352
			_____		_____
			1,503,015		11,017,352
			_____		_____
THE FUNDS OF THE CHARITY:
Unrestricted income funds			1,407,774		966,865
Restricted income funds	11		95,241		50,487
			_____		_
			1,503,015 _____		1,017,352 _____

These financial statements were approved by the Trustees and signed on their behalf by:

…………………………………………… Trustee – D C O Szubert

Date: 27 October 2022

The attached notes on pages 12 to 19 form part of these financial statements.

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THE CHURCH OF THE LONDONERS

CASH FLOW STATEMENT AT 31[ST] DECEMBER 2021

Notes		2021	2020
		£	£
Cash provided for (used in)
operating activities	14	478,846	70,651
Cash flows from investing activities
Interest Income		54	751
Rental Income		15,600	15,613
Purchase of Freehold Property		(721,469)	-
		_	_
Cash provided by (used in) investing		(705,815)	16,364
activities		_	_
Increase/(decrease) in cash and cash		(226,969)	87,015
Equivalents in the year		_	_
Cash and cash equivalents at the beginning of
the year		698,623	611,608
		_	_
Total cash and cash equivalents at the end
of the year		471,654	698,623
		_	_

The attached notes on pages 12 to 19 form part of these financial statements.

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THE CHURCH OF THE LONDONERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2021

1. ACCOUNTING POLICIES

a) Basis of preparation

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) (effective 1 January 2019) – (Charities SORP (FRS 102)), and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The accounts are prepared in sterling which is the functional currency of the charity.

The financial statements have been prepared to give a “true and fair” view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a “true and fair view”. This departure has involved following the Charities SORP (FRS 102) (effective 1 January 2019) rather than the Accounting and Reporting by Charities Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The trustees consider that there is no material uncertainty about the charity’s ability to continue as going concern.

Church of the Londoners meets the definition of a public benefit entity under FRS 102.

b) Income

All income is recognised once the charity has entitlement to the income; it is probable that the income will be received and the amount can be measured reliably.

Donations and gifts are recognised in full in the statement of financial activities as soon as they are received, except that a debtor has been included in respect of tax recoverable on donations under Gift Aid.

The donations and contributions to charitable activities are recognised as they are received. These include the European YP Conference, International Blending Conference in London, Winter School of Truth, European Gospel Work, Young People and Children Work and any other Lord’s work.

Legacy gifts are recognised on a case by case basis following the granting of probate when the executor for the estate has communicated in writing both the amount and the settlement date. In the event that the gift is in the form of an asset other than cash, recognition is subject to the value of the gift being valued by an independent qualified third party and the title to the asset has been transferred to the charity.

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THE CHURCH OF THE LONDONERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2021

c) Interest receivable

Interest is included in the financial statements on a receipts basis; the difference between receipts and accruals basis is considered immaterial.

d) Rent receivable

Rent is included in the financial statements on a receipt basis; the difference between receipts and receipts in advance is considered immaterial.

e) Fund Accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity and are used at the discretion of the trustees.

Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.

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

f) Expenditure and liabilities

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure on charitable activities includes the support of full time workers for fellowship unto the furtherance of the gospel, conferences and blending, Winter School of Truth, UK YP and children conferences, contributions to the Radio Broadcast of the Life Study of the Bible at Premier Radio, hiring of facilities and halls for church services throughout London, contributions to the purchase and refurbishment of Glasgow meeting hall, support for the outreach of the gospel throughout London, governance costs and support costs as shown in note 5.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure is incurred.

g) Allocations of Support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs and governance costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit.

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THE CHURCH OF THE LONDONERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2021

h) Tangible Fixed Assets and Depreciation

• Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of those assets, less their residual value, over their expected useful lives as follow:

Freehold Properties – 2% straight line

i) Investments

The investment property is stated at their market value.

j) Debtors

Debtors include tax recoverable under gift aid donations.

k) Cash at bank

Cash at bank includes cash balances in the bank accounts and the PayPal account.

l) Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2. INCOME FROM DONATIONS AND LEGACIES

	Unrestricted	Restricted	2021	2020
	Funds	Funds
	£	£	£	£
General offerings	499,475	4,922	504,397	531,598
Tax recoverable	70,491	-	70,491	61,102
Donations - Lee Meeting Hall	276,033	-	276,033	-
	_____	_____	_____	_____
	845,999	4,922	850,921	592,700
	_____	_____	_____	_____

In 2020, of the total income from donations and legacies, £590,115 was to unrestricted funds and £2,585 was to restricted funds.

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THE CHURCH OF THE LONDONERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2021

3. INCOME FROM CHARITABLE ACTIVITIES

	Unrestricted	Restricted	2021	2020
	Funds	Funds
	£	£	£	£
European YP conference	10,449	15	10,464	15,332
International conference	7,231	-	7,231	7,316
Winter School of Truth	805	-	805	1,755
Fellowship to Gospel	47,248	-	47,248	30,524
European Gospel Work	-	120	120	150
Young People and Children	150	-	150	119
Bower House Building Project	-	9,589	9,589	14,759
Radio	-	-	-	80
Chinese speaking conference	-	-	-	-
University Conference	4,205	-	4,205	-
National College Training	-	-	-	39
Madrid Meeting Hall	-	2,420	2,420	42,988
Honduras Hurricane Relief	-	350	350	1,750
Armenia	-	1,216	1,216	10,309
Norwich Meeting Hall	-	-	-	1,450
Berlin Meeting Hall	-	-	-	2,540
Milan Meeting Hall	-	-	-	103
Atlanta Meeting Hall	-	20,545	20,545	-
Malaga Meeting Hall	-	23,207	23,207	-
Philippines Typhoon	-	5,090	5,090	-
London Video Training	27,453	-	27,453	27,503
Churches in the Netherlands	-	-	-	-
Other Lord’s work	2,988	487	3,475	2,796
	_____	_____	_____	_____
	100,529	63,039	163,568	159,513
	_____	_____	_____	_____

In 2020, of the total income from charitable activities, £85,095 was to unrestricted funds and £74,418 was to restricted funds.

4. INVESTMENT INCOME

	Unrestricted	Restricted	2021	2020
	Funds	Funds
	£	£	£	£
Bank interest received	54	-	54	751
Rental income received	15,600	-	15,600	15,613
	_____	_____	_____	_____
	15,654	-	15,654	16,364
	_____	_____	_____	_____

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THE CHURCH OF THE LONDONERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2021

5. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITES

	Unrestricted	Restricted	2021	2020
	Funds	Funds
	£	£	£	£
Fellowship to Gospel	352,372	-	352,372	390,767
Conference and Blending	12,438	-	12,438	7,801
International Conference	2,104	-	2,104	1,049
University Conference	-	-	-	(633)
National College Training	-	-	-	-
Winter School of Truth	13,185	-	13,185	3,400
UK YP Conference	(380)	-	(380)	1,492
Bower House Building Project	-	-	-	30,770
Video and online Conferencing	8,269	-	8,269	-
Malaga Meeting Hall	6,793	23,207	30,000	-
Lee Property expenses	1,644	-	1,644	-
Radio	7,200	-	7,200	7,200
Meeting supplies	435	-	435	-
Facilities Hire	12,429	-	12,429	14,756
Charitable Support	6,237	-	6,237	8,584
Property expenses	3,836	-	3,836	2,118
Other Lord’s work		-		4,522
Other charitable costs	33,145	-	33,145	20,362
Outreach of the gospel	6,371	-	6,371	5,700
European YP Conference	16,067	-	16,067	14,201
Norwich Meeting Hall	-	-	-	50,000
Madrid Meeting Hall	-	-	-	50,000
Berlin Meeting Hall	-	-	-	17,671
Video Trainings	26,133	-	26,133	25,723
Books for Halls	276	-	276	-
Support costs	9,317	-	9,317	10,414
Auditors’ remuneration	3,480	-	3,480	3,360
	_____	_____	_____	_____
	521,351	23,207	544,558	669,257
	_____	_____	_____	_____

In 2020, of the total expenditure to charitable activities, £568,303 was to unrestricted funds and £100,954 was to restricted funds.

Fellowship to Gospel includes £333,430 (2020 - £363,910) of payments made for the support of full time Christian workers. Of this amount £24,830 (2020 - £68,075) has been paid to Amana Trust to support some of the workers which it employs directly.

Included in Fellowship to Gospel were staff costs of £135,071 (2020 - £111,632). See Note 6 for details of staff costs.

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THE CHURCH OF THE LONDONERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2021

6. STAFF COSTS

	Unrestricted	Restricted	2021	2020
	Funds	Funds
	£	£	£	£
Salaries	125,206	-	125,206	104,520
Social Security costs	6,063	-	6,063	3,571
Pension costs	3,802	-	3,802	3,541
	_____	_____	_____	_____
	135,071	-	135,071	111,632
	_____	_____	_____	_____

The average number of employees during the year was as follow:

	2021	2020
	Numbers	Numbers
Office staff	1	1
Campus worker	5	5
	____	____
	6	6
	____	____

There are no employees who received remunerations of more than £60,000.

7. TANGIBLE FIXED ASSETS

7. TANGIBLE FIXED ASSETS
	FREEHOLD PROPERTY
Cost	£
At 1 January 2021	-
Addition – Lee Meeting Hall	721,469
	______
At 31 December 2021	721,469
	______
Depreciation
At 1 January 2021	-
Charge for the year	7,215
	______
At 31 December 2021	7,215
	______
Net Book Value
At 31 December 2021	714,254
	______
At 31 December 2020	-
	______

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THE CHURCH OF THE LONDONERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2021

8. INVESTMENT PROPERTY

The charity holds a leasehold property initially donated from an estate. In accordance with the requirements of the SORP, this investment property is being carried at market value, with the value estimated by trustees being arrived at having reference to recent sold prices in the immediate area.

The trustees have considered the value at 31 December 2021 and consider this is not materially different to the value being carried in the financial statements.

			£
	At 1 January 2021	280,000
	Revaluation		-
		______
	At 31 December 2021	280,000
		______
9.	DEBTORS
			2021	2020
			£	£
	Tax recoverable on claim under Gift Aid	50,158		51,588
		_____		_____
10.	CREDITORS WITHIN ONE YEAR
			2021	2020
			£	£
	Accruals	13,051		12,859
			_____	_____
		13,051		12,859
			_____	_____
11.	RESTRICTED FUNDS
		Lord’s move	Offerings to	Total
		To Europe	Specific Needs
		£	£	£
	Balance at 1 January 2021	10,670	39,817	50,487
	Income received	4,230	63,731	67,961
	Expenditure made (Note 5)	-	(23,207)	(23,207)
		______	______	______
	Balance at 31 December 2021	14,900	80,341	95,241
		______	______	______

The Lord’s move to Europe is to support the spreading of the gospel work in Europe. The Offerings to Specific Needs represents a number of individual appeals made to meet needs that have arisen during the period under review .

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THE CHURCH OF THE LONDONERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2021

12. TRANSACTIONS WITH TRUSTEES AND KEY MANAGEMENT

The trustees do not receive any remuneration. The reimbursements for the expenditure made on behalf of the charity to four trustees amounted to £Nil (2020 – four trustees £68,688). Included in the 2020 reimbursements were foreign currency transfers of £50,000 for Madrid meeting hall and £17,671 for Berlin meeting hall.

The key management personnel of the church comprise the elders of the church, four of whom are trustees and one is a trust officer. The total remuneration paid to key management personnel amounted to £34,800 (2020 - £34,800).

The total amount of donations received from trustees without conditions amounted to £10,650 (2020 - £16,775).

13. RELATED PARTY TRANSACTION

Dr D C Szubert and Mr T P Murray, the trustees of the Church of the Londoners are also trustees of Rhema Trust, a charity registered in England and Wales with the Charity Commission.

14.	RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM	RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM	RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM
	OPERATING ACTIVITIES
		2021	2020
		£	£
	Net movement in funds	485,663	106,521
	Depreciation charges	7,215	-
	Deduct interest income shown in investing
	activities	(54)	(751)
	Deduct rental income in investing activities	(15,600)	(15,613)
	Decrease/(Increase) in Debtors	1,430	(13,396)
	Increase/(Decrease) in Creditors	192	(6,110)
		_____	_____
	Net cash provided by operating activities	478,846	70,651
		_____	_____
15.	FINANCIAL INSTRUMENTS
		2021	2020
		£	£
	Financial assets
	Financial assets measured at amortised cost	471,654	698,623
		______	______
		471,654	698,623
		______	______
	Financial liabilities
	Financial liabilities measured at amortised
	cost	13,501	12,859
		______	______

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