Registered Charity Number Company Number 1097842 4758640 COUNCIL FOR WORLD MISSION {UK) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 COUNCIL FOR WORLD MISSION IUK) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Reference and admlnistrative details Name Council for World Mission IUKI Registered Charity Number 1097842 Company Number 4758640 Prlnclpal Office 11 Sl Georges Circus London SE18EH Reglstered Offlce Bwa Secretarial Limited 10 Queen Street Place, London EC4R 1 BE Goveming Instrument Council for World Mission was registered as a charity in succession to its unincorporated predecessor on 5 June 2003 and 85 a company limited by guarantee on 9 May 2003. The governing document is the Articles of Association as amended by special resolutions dated 25 July 2003, June 13, 2012 (which added IUKI. lo ils namel and August 24, 2012. Trustees and Directors Meetings of the Trustees held during 2020 were on the following dates.. 12 Febwa 2020 8 June 2020 Rev Mukon(Jeleli Edward Ramlslondi Mrs Rose Althea Wedderburn Rev Thomas jeff￿ Williams Mrs Jennifer Jo Flett Rev Hetnen Halder M$ Janet Ka Chun The last board of Trustees above all retired on 30 June 2020 and a new board of Six Trustees below were elected officially appointed on 18 June 2020. One of these six resigned in November 2020. 2 0¢to￿r 2020 25 November 2020 Mrs Rose Allhea Wedderburn Rev Giron Samel L an Rev Kudzani Ndebe Mrs Lindse Brown Ms Sarah Phua Yiran Rev Dr Cliff Bird ned 5 November 2020 The current five Trustees as al 31 December 2020 were as follows.. Rose Althea Wedderburn (Chairl - Caribbean Region Rev Giron Samely Lyttan - South Asia Region Rev Kudzani Ndebele- Africa Region Lindsey Brown - Europe Region Sarah Phua Yiran - East Asia Region They are also directors of the company during 2021 and did not receive any remuneration for their services as TrLSStees. The Trustees were given induction training on their appointment and ongoing training 15 provided as and when the need arises. COUNCIL FOR WORLD MISSION (UK) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Senior Management Personnel The Charity's Trustees delegate day-to4ay management oflhe Charity to ils chief executive offiTrr (Gener81 Secretary), Rev Dr Collin Cowan ' and other senior management". Mr Lance Stewart- Mission Secretary, Finance & Administration (resigned with effect from 31 July 20201 Rev Wayne Hawkins- Deputy General Secretary, Programme. lemploymenl contract expired on 30 June 20201 Rev Dr Peter Cruchley - Mission Secretary, Mission Development Mr Sudipla Singh - Mission Secretsry, Research & Capacity Development (employment contract expired on 23 October 20201 Ms Fiskani Joy Nyirenda - Mission Secretary. Communications Rev Sindiso Jele- Mission Secretary, Africa region Ms Ka￿n Francis - Mission Secretary, Caribbean region lemploymenl contocl expired on 31 October 20201 Rev Julie Sim - Mission Secretary, East & South Asia regions Rev Michael Jagess8r- Mission Secretary, Europe region lappoinled on 17 February 20201 Rev Nikometo Sopepa- Mission Secretary, Pacific region Yhe individuals noted above are considered to be Key Management Personnel of CWM UK. Auditors MHA Maclntyre Hudson 6th Floor, 2 London Wall Place, London, EC2Y SAU Bankers Royal Bank of Scotland Victoria, London SW1 E 6RA HSBC The Peak, 333 Vauxh811 Bridge Road, Victoria London SW1V 1 EJ lTrve$tment Advisers Cambridge Associates Limited 80 Victoria Street, Cardinal Place, London SW1 E SJL Fund Managers AQR Capital Management Aviva Investors CCLA Investment Management Limited First Slate Investments IUKI Limited Franklin Templelon Investments Fundsmilh LLP Killearn Partners LLP Northern Trust Asset Managers Ownership Capital B.V. 10. Payden & Rygel Investment Management 11. Royal London Asset Management 12 Robecco Instilulional Asset Management B.V. 13. Russell Investments 14. Savills Investment Management 15. Somersel Capital Management 16. TCI Fund Management 17. Tybourne Capital Management IHKI Limited Solicitors Bates Wells & Brailhwaile LLP 10 Queen Street Place, London EC4R 18E Sole Membership Council for World Mission Ltd ICWM Lldl is the sole Member of Council for World Mission IUKI IclThthd UKI and it has the same charitable objectives. COUNCIL FOR WORLD MISSION (UK) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The memberchurches of CWM Ltd are". Africa Region Church of Jesus Christ in MadagascaT IFJKMI Churches of Christ in Malawi ICCMI United Church of Zambia (UCZI United Congregational Church of Southern Africa (UCCSAI Uniting Presbyterian Church in Soulhem Africa IUPCSA} Carlbbean Reglon Guyana Congregational Union IGCUI United Church in Jamaica and the Cayman Islands IUCJCII East Asla Region Gereja Presbyterian Malaysia IGPMI Hong Kong Council of the Church of Christ in China (HKCCCCI Presbyterian Church of Korea IPCKI Presbyterian Church of Myanmar IPCMI Presbyterian Church in Taiwan IPCTI Presbyterian Church in Singapore IPCSI Europe Region Congregational Federatson ICFI Presbyterian Church of Wales IPC Protestant Church in the Netherlands IPCNI Union of We15h Independents IUWII United Reformed Church IURCI Pacific Region Congregational Christian Church in American Samoa ICCCAS} Congregational Christian Church in Samoa ICCCSI Congregational Union of New Zealand ICUNZI Ekalesia Kelisiano Tuvalu IEKTI Etarelia Poroletani Maohi IEPM) (Tahilil Kiribati Uniting Church IKUCI Nauru Congregational Church {NCCI Presbyterian Church of Aotearoa New Zealand IPCANZI United Church in Paptja New Guinea IUCPNGI United Church in Solomon Islands {UCSII South Asla Region Church of Bangladesh ICOBI Church of North India ICNII Church of South Ind18 ICSII Presbyterian Church of India IPCII The member churches meet in a full Assembly every four years and work closely together throughout the intervening years in supporting each other to deliver the range of mission-focused activities oulined in the c￿ strategic plan within their respective church communities. The Charity's Trustees work in close association with CWM Ltd, four of the Trustees listed above are also Directors of CWM Ltd which Is a charitable organisalion limited by guarantee, registered in Singapore under registration number 201206146Z with its office address at 114 Lavender Stfeel, #12-01 CT Hub 2. Singapore 338729. CWM Ltd is regulated by the Singapore Commissioner of Charities and is the Sole Member of CWM UK. CWM UK is the sole member and hence has 1 OOOA of the members, voting rights of the London Missionary Society Corporation (company regislraliori number 000639341 and Commonwealth Missionary Society Corporation (company registration number 000544721. These companies are limited by guarantee and registered in England & Wales, and hence are wholly controlled by CWM UK. Both companies were dormant and have not traded for many years. COUNCIL FOR WORLD MISSION (UK) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Audit, Finance and Investment Committees The charity is served by qualified and eXperien￿d members of lal an Audit Committee Ibl a Finan Committee and Icl an Investment Committee. The Board appoints the members to the three committees. which meet regularfy and exist to assist the Trustees in d15charging their oversight and governance responsibilities. Audlt Committee The purpose of the Audit Committee is lo support the Board of Tiuslees lo ensure the charty is managed efficiently and that the organisation makes full and effective use of ils resources in furtherance of its charitable objectives, and lo advise the management team on the adequacy of risk management and financial governance processes. The Committee gives particular attention lo the annual audit findings, internal controls and legal compliance issues and il highlights material items of concern and monitors the follow-up on recommendations arising from audits, reviews, and risk assessments. Finance Committee The purpose of the Finance Committee is to assist the Trustees lo oversee the charity's financial risk management strategy, accounting policies, treasury, and budgeting matters and to provide guidance in respect of all major fi'nancial matters including the ongoing monitoring of the organisalions financial performance. Investment Commlttee The Investment Committee is responsible for assisting the Trustees in providing the oversight and on90ing review of the organisalion's investment portfolio an(J monitoring of the fund managers, performance. COUNCIL FOR WORLD MISSION (UK} TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Objectives of the Charitable Company CVVM UK is a charity registered in England and Wales which acts lo fulfil the commitment of a partnership of 32 protestant churches worldwide known as Council for Wortd Mission ICWMI. The object of the Charity for public benefit is to spread the knowledge of Christ throughout the world. that is to say, lo further the work of Christian mission throughout the world" To this end, the charitable Company has the power to". carry on, strengthen and extend the missionary work of CWM and its membefs," help churches to proclaim the Gospel by sharing resources, faith, and understanding in this work and witness., c(Foperate in missionary seNices with other churches and with those ecumenical enterprises in which the churches share." and be involved In any activities which further its objective. The member churches share in world mission, both local and global, by sharing people, ideas, and other resources, recognising that every church ha5 gifts to offer and all have need to receive. The objects of the Charity are further clarified by ils vision and mission statements as follows.. Vision. 'Fullness of life through Christ for all creation" Mission." "Called lo partnership in Christ to mutually challenge, encourage and equip churches lo share in God's mission." Historlcal Background The charitable Company traces ils origin lo CWM which grew out of the London Missionary Society Ifounded 17951, the Commonwealth (Colonial) Missionary Society (founded 18321, and the (English) Presbyterian Board of Missions (founded 18471. The propety and assets of the first-named Societies were held by the London Missionary Society Corporation and Colonial Missionary Society Corporation which remain 8S dormant companies controlled by the Charity. Wth the birth ofCWM, a new ideology and understanding ofdoing God's mission was emboced, which saw a movement from the donor-recipienl model of mission, embedded in the colonial approach, lo a joint ownership and mutual sharing of resources of people, ideas and money,. grounded in the biblical principle of giving and receiving. Accordingly, the Charity was set up as a Worldwide community of Christian denominations working as equal partners with 8 common commitment lo the Gospel of the Lord Jesus Christ. There are currenly thity-two {321 member Churches. The Charity's philosophy is based UFX)n the principle that the local church has the primary responsibility for carrying forward God's mission A5 a global body, the Charitable Company exists to facililale resource-sharing for mission by the partnership. Amongst other things, it facilitates the exchange of Partners-in-mission Imissionariesl between churches,. shares ideas and best pr8Ctices for mission strategies of member churches., strengthens leadership of churches through theological and mission training., and builds up communication networks between and among the members, regions and global offices Particular emphasis is placed upon helping men, women and young people lo make their full contribution to church life, and upon helping member churches, In each of its six regions, to act in a united way, looking al issues they have in common. The impact of engaging with these activities is wide-ranging, across the world. COUNCIL FOR WORLD MISSION (UK) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Membership is founded upon constituent bodies, or member churches, being the churches lor associations of churches) that participate in ils work. Each member church musl declare by resolution ils willingness to.. Share in the world mission of Jesus Christ., Share ils Ljnderslanding and experience of the Gospel with other members and to learn from them,. Send and receive people as partners-ln-mission,. and Make an appropriate contn"bulion lo the charity, based on its financial capacity or means lo do 50. Most of the current 32 member churches Ilisled above) have backgrounds in the Refomied tradition. Many are united churches, combining several church Iradilions. Member churches are all independent and autonomous organisations that do not have any foimal links to CWM in their conslitulional documents. The financial records of the membei churches are therefore not subject lo consolidation within the group 2ccoiJnts. However, through the submission of their annual accounts, the members musl demonslrale their ability lo receive, monitor. and use the shared resources distributed through the worldwide partnetship for the staled and agreed objectives. Governance and Role of CWM UK CWM UK discharges the responsibilities of the Charity in accordance with its Objects, through CVVM Ltd, which operates from the global office in Singapore with subsidiary offices in London and South Africa and representative offices in the Caribbean and the Pacific. The Trustees usually meet th￿e limes a year to translate the Charity's vision into achievable aims, designating those activities lo the responsible parties and deciding upon the desired timeframe Before each meeting, the Trustees join in the meeting of the Board of Directors of CVVM Ltd where they participate in the discussion of all matters on CVVM Ltd's agenda including bul not limited lo programme planning and delivery, financial management. governance, and overall accountability. In this way, the Trustees are privy lo the operations of CWM Ltd which has the responsibility of Carrying OLJt the charitable objects of the Charity, with the Charity providing fvnding for all the activities of CWM Ltd. Pollcies, Activities, and Achigvements The Charity, through CWM Ltd, encourages member churches to be actively involved in mission partnership with others, particularly lo empower women and young people for mi$5ion, and encouraging the principle that no church 15 too small lo be a giver and no church is too large lo be a receiver. The charity's aim is to accompany the member churches in pursuit of their mission in the various contexts where they fvnclion. Staff are engaged in the affairs of CVVM Ltd, the subsidiaries and regional cenlres to implement these priorities, standing in solidarity with the member churches as they explore ways to contribute to personal development and community transformation. Each member church is involved in setting its strategic mission plan, appropriate lo its local context, and charitable resources are shared upon the basis of a specific strategic plan for each church. The situation in each of the countries, in which the member churches are based, is very different, and so the mission plans are specific lo each local context. To assist churches in formulating, monitoring, and evaluating their plans, the Charity, through CWM Ltd. provides specific expertise and also facilrtales regional gatherings of its members to conslructivety challenge and encourage each member church lo share and develop their ideas, using input from both nearby and distant Contexts. The Charity, through CWM Ltd, encourages and supports ils members lo take seriously the matter of solidarity and ecumenical engagements al all levels. Hence, several solidarity engagements and partnerships wrth ecumenical organisations continued in 2020 under the leadership of the General Secretary of CWM Ltd who is also the General Secretary of the Charity. COUNCIL FOR WORLD MISSION (UKI TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Global mission in local contexts Forthe period 2016-2019 CWM embarked on its Mission Strategy, with the nine191 themes identified, reftecling pressing global issues that are affecting God's creation. These themes a￿ Children & Young People, Economic Justice, Climate Change, Evangelism, Human Trafficking, Inclusive communities, Militarisalion & Conflicts, Worship & Discipleship and Interface Relation & Ecumenism. The Charity. through CWM Ltd, provided a biblical basis, theological underpinning, and missiological implication5 of these issues for the mission of the church in conlexl,. developed programme lo heighten awareness and enable engagement", and accompanied member churches lo give concrete expressions lo these themes. This strategy came lo an end in 2019. The strategy framework lo inform the mission of the Charity for the 2020- 2029 was completed and approved in February 2020. The strategic plan for the first implementation phase, with supporting staffing structure, was developed in 2020. In addf(ion, during 2020, CVVM conducted a series of webinars, aimed at supporting its member churches and enabling the public lo deal with the impact of Covid-19', provided financial and personnel support to member churches and ecumenical partners lo respond lo the challenges posed by the pandemic in their ￿SpeCtive conlexls," engaged the process of recruiting a Gene￿1 Secretary," and revised its policies and internal processes in preparation for the new strategy framework and leadership Iransilion. The overall monitoring and oversight of the implementation of the programme, activities and their impact, is done by the Trustee and Board al regular meetings The major programme activities and achievements during 2020, are described below. 5.1,1 Mission Support Programme Enabling members to develop missional congregations is the ¢enttal focus of this Programme. The Mission Development team, working with regional staff and in conjunction with the other programme teams, leads this through the following programmes and activities.. Mission Support Programme IMSPI," A New FACE, Hearing God's Cry,. and theological consultations. Due lo the Covid-19 pandemic, A New FACE, Hearing God's Cry and theological consullalion programmes and activities were not conducted. 5.1.1.1 Mission Support Programme IMSP) The MSP, which began in 1998, provides support for member churches in developing and implementing 3 to 5-year strategic mission programmes in their contexts. CWM staff have been working closely with member churches In the formulation of their MSP proposals, through which they will be able to access CWM funding for the MSP grants. In 2020, ￿0{2) MSP proposals were received from member churches and a lolal of £396,164 were granted by CWM in support of these initiatives. £265,111 was approved for GCU and £131,053 was approved for CCCAS. The monitoring of MSP projects is ongoing with the submission of regular project progress reports from member churches. 5.1.2 Capacity Development Programme ICDP} In 2020, despite the pandemic. member churches continued to access CWM'S CDP resources through the three components of the Capacity Development Fund."111 Academic Accompaniment and Special Academic Accompaniment Programme,121 Member Church Initiative for Capacity Development," and 131 Management Initiative for Capacity Development as part of their overall plan lo develop and build capacity within the churches. However, the number of grants applied for has decreased from the previous year. 5.1.2.1 Academlc Accompaniment Programrne IAAPI The AAP facilitates advanced leaming throughout CWM'S member churches by offering opportunities for further education, as part of the strategy lo support members in slrenglhening their capacity for missional engagement. Such opportunities provide for the building-up and upgrading of theological faculty., development of strategic leadership., and the acquisikn'on of specific skills for emerging issues in mission. In 2020, five151 member churches IPCM. UCCSA, UCJCI, UPCSA. UCZI were supported, thereby enabling nine 19) individuals lo undertake advanced studies in keeping with their churches. long-lerm capacity development plan. COUNCIL FOR WORLD MISSION IUK) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 5.1.2.1 Academic Accompaniment Programrne IAAPI {¢ontinued) All the students are studying within their own countries andlor regions which is intended lo provide a cultural context and grounding for their studies. The focus of study and research for the two PhD students a Practical Theology, specifically focusing on marriage enrichment program for Chin Christian Community in Myanmar,. and Systematic Theology, focusing on the chureh-st2le relations in light of historical and contemporary political perspective Both PhD students are part of the faculty development of the member churches, academic inslitulions. In addition, the Masters Programmes covers advanced study on international communications development and theology,. and the remaining five Bachelors Programmes, inclucse media & cultural studies and theology. Graduates from the AAP are expected lo return and serve their churches in areas oftheir specialisation. in keeping with the memorandum of understanding. Such areas of specialisalion includes theological education, pastoral leadership and church planting. 5.1.2.2 Speclal Academlc Accompaniment Programme ISAAP) The SAAP offers Masters and Doctorate level study programmes to strengthen academia and lo promote excellence in theological education and mission praxis. This programme helps lo facilitate different short and long-term study programmes and researches relevant lo emerging issues lo the mission of the church. In 2020, three131 SAAP grants were given lo individuals from CCM, who are in their final year in the Bachelor of Divinity Programme. CCM envisages them lo be equipped with biblical and theological knowledge in order to serve as future leaders of the church. 5.1.2.3 Member Church Inrtiatives IMCI) This is a grant aimed at resourcing member ehurches lo encourage and facilitate short-lerm skills training and capacity development for engagement in mission. Each member ¢hurch was able lo access up lo S$30,000 from this programme. Nine {gi member churches, from 8cr0s5 the six ￿gIonS of CWM. applied for this grant in 2020. The member-churches utilised the MCI grants lo promote capacity development of human resources through education and training that are responsive lo the times., and to develop missional congregations within their own contexts, in accordanee with their long-term capacity development plans and programmes. CF conducted programmes lo better equip ils members lo engage in effective mission in the UK today. KUC ¢ondu¢led a workshop to respond to the need for a theological education that promotes eco-juslice cenlred curriculum relevant to the urgent concerns in the Kiribati conlexl. UCZ invested in upgrading and furthering the studies of its staff and members, whom the church will deploy to enrich its mission after the completion of their study PTogrammes. The COB, CSI and GCU inikn'ated different trainings and workshops for ils leaders and members on current and concerning issues. COB conducted programmes to empower the marginali5ed youth and adolescents on issues of dowry and sexual harassment, as well as promote education and sustainable livelihood. CSI conducted trainings lo better equip and sensitise the pastors, missionaries and youths on the conslitulional benefits and responsibilities for the religious minorib'es in India. GCU trained leaders on how to respond to the issues orl toxic masculinity, domestic violence against women and children and the elderly. The HKCCCC, UCCSA and UCJCI ulilised their grants lo promote missional churches. HKCCCC carried out spiritual and social care on ils campuses., and exercises the principle of Partnership in Mission with local Churches and schools by working together to provide life-affirming ministry for students and parents. UCCSA conducted workshops lo promote the importance of understanding the essence and nature of unity within the UCCSA as one church in 5 countries, which are vital lo developing a common generational understanding of how identity permeates the discourse of relationships in the church. UCJCI recognised the dynamic nature of the performing arts ministry and the need lo be responsive lo change, employed creative and innovative means for people lo engage in worship in multigenerational communities in the wake of Covid-19 pandemic. COUNCIL FOR WORLD MISSION (UK TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 5.1.3 Leadership Fomiation Programme {LEAF) As part of CWN'S strategy lo Influen￿ a new generation of leaders for the advancement of God's Iransfomalive mission, the Leadership Formation Programme ILEAFI was formulated. The LEAF programme for 2020 was intended lo incorporate the Face-to-Face, Training-in-mission programmes and a Young Women Enabling Transformation inilialive. The Face-to-Fa¢e programme provides an opportunity for young people lo engage in contextual mission studies and experiences in a different context lo their own. The increasing threat brought about by Covid-19 pandemic stsrting in the early part of 2020 resulted in a series of physical distancing measures and travel restrictions. As a result, management decided lo cancel ￿0(2} Face lo Face events that were scheduled lo lake place in 2020 in India and in Palestine. In 2020, 8 Young Women Enabling Transformation workshop was Scheduled lo be held in Jamaica. This forum was lo provide safe and secure spaces for young women to articulate their struggles and acqLjl￿ skills for social analysis and critique of the structures of patriarchy, and to consider just allematwe pattems of living in church and society. This workshop was also cancelled in view of the pandemic. 5.1.3.1 Training in Mission ITIMI Programme Through TIM CWM has been investing in equipping young people from its member churches for informed, value-inspired, and effective leadership since 1981 It aims lo facilitate leadership development of participants through a process of aclion-reflecb'on, combining the methodology of theory and practi￿., and engaginglembracing the cultural diversity of the participants. Participants spend time reading the bible contextually, learning about different cultures and peoples and getting involved in practical communty work, lo sharpen their skills and knowledge base on different aspects of mission., and lo enable them to take on leadership roles and responsibilities. This programme has produced outstanding leaders for both the Church and the wider society over the years. In January 2020, programme partners and CVVN staff came together to conduct a meeting to plan and to discuss the implemenlalion of the Diploma in Mission Studies cutriculum in the different locations. However, the Training in Mission 2020 Programme (Diploma in Mission), which was scheduled lo be held from in 4 different locations, was cancelled due lo the Covid-19 pandemic. 5.1.4 Cutting Edge Misslon Inltlatlves To discern emerging mission issues and develop appropriate responses, the Cutting-Edge Mission Initiatives ICEMII provides a platform lo engage with "mission from the margins" and creates space for emerging missiological thinking and practice. Activities under CEMI include A More Able Church, New International Financial & Economic Architecture INIFEA} and investment in people through a partnership with Ecumenical Loan Fund IECLOFI Inlernalional. 5.1.4.1 NIFEA INew International Financtal and Economic Architecture) This was first initiated by the World Communion of Reformed Churches IWCRCI, who invited CWM along with other ecumenical bodies lo share in the journey of imagining this new architecture. CWM participated in framing a strategy for engagement with corporate structures such as the World Bank and the International Monetary Fund IIMFI as well as the education of member churches on the meaning and implications for such a move. CWM has worked with its partners in the NIFEA project to offer a series of online consultations throughout 2020 which have addressed Covid-19, Debt and Reparation and also included an Inter-faith consultation on an Eeonomy of Life which resulted in calls lo the G20 forjust action on debt and Covid-19 inequalilie5. CWM also initiated 8 research project to develop a campaign strategy for the Zacchaeus Tax ca115 which will complete in 5umrner 2021. 2020 was a planning year for CWM Theological Education for an Economy of Life ITEELI Online Programme with Iwo prospective Instilulions, namely Union Theological Seminary, Philippines IUTSI and Pacific Theological College, Fiji. The CWM TEEL working group was formed lo address matters around accreditation and possible online programme. Following four meetings In September 2020, October 2020. November 2020 and January 2021 respe¢lively, drafts of the CWM TEEL curriculum for UTS, Master of Theology programme were developed. The study programme of UTS-CMd Master of Theology is designed with 30 academic credits and to be completed in a minimum of 15 months 2021 will see the finalising of the memorandum of understanding between cinffiA and UTS for the implementation of UTS-CWM Master of Theology online programme. COUNCIL FOR WORLD MISSION (UK) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 5.1.4.2 Legacies of Slavery The Transatlantic Slave Trade has shaped the experiences and reframed the identities ol millions of people in the wodd today, through the endemic trauma and persislenl racial injustice, which found manifestations in political, social, cultur81. economic and religious life. CWM believes that the legacies of this trade cannot be simply ignored or treated as a thing of the past. Against this background, CWM launched the Legacies of Slavery project with four aims in mind." 111 lo assess its own story and complicity with the systems of enslavement and empire",121 to better underst2nd the urgency of achieving racial justice and the issues which inlersecl with it,'131 to find ways to advocate reparation with ils member churches., and 141 to discover anti- Imperial models of Christian m1$5ion in today's world. In 2020, the Legacies of Slavery project continued lo focu5 on three main areas. Firstly, is the development of a Legacies Strategy to govern CWM'S reparalory commitments. This includes recommendations for L¢lilising the minimum £10 million financial reparation, approved by the Board." as well as the ongoing programmatic work of CWM. Secondly, CVVM has established three research projects lo deepen our awareness ofthe legacies we carry and how churches can amend their practice. Two of these projects, being researched in the UK, have focused on Children and Racism, one of which is based in the Oxford Centre for Religion and Culture and 15 investigating the CWM archives, tracing the racist portrayal of black people in children's mission materials. The other research project is based in Birkbeck College, London and is reviewing contemporary Christian education materials for its Irealmenl of racism These projects will be brought together to assist churches in Europe in considering ways lo develop better anli-racisl work with children and youth. The final research project is based in the University of the Wesl Indies, who are working with Jamaican artists lo critique the legacies of slavery in Christian mission. On account of Covid-19 realities, this work is being extended into 2021. Thirdly, a series of online consullalions have been held lo further add￿ss, and produce materials, lo advocate CWM'S legacies work, especially in the areas of critiquing Whiteness. 5.1.5 Discprnment And Radical Engagement {DAREI DARE is an initiative of CWM to enable the Church lo be informed and grow in ils prophetic witness. Through this programme, CWThA aims lo facili121e listening 2nd discernment spaces where the gift of God's spirit guides prophetic responses lo, and engagement with life-denying issues of our time. The DARE programme is implemented through an annual global consultation of academics, social activists and church leaders, aimed al developing educational resources and to shape theological thought and missional praxis,. and the engagement of partners in mission to develop conlexl-reading material, aimed at supporting Churches in their ongoing education and mission engagement. Due to the Covid-19 pandemic, the planned DARE 2020 physical global gathering was replaced by a series ofonline eDARE 2020 webinars cenlered around the Covid-19 pandemic. The webinars explored the SLJbject". 'Daring God-lalk.. Vwhal is normal?, eDARE 2020 is a first of Ils kind for CVVN Clfvm hosted nine191 back- lo-back webinars, held over three days in three different time zones,. 33 panellisls comprised of theologians, artists and aclivisls from 16 countries. participated. The online platform has made il possible for CWM lo still host gatherings that engages a wide cross-section of voices and offers us another way of working that can achieve multiple goals. A timely publication has resulted from the online event.. Doing Theology in the New Normal ISCM, 20211. The book includes twenty-nine1291 contributions of essays and poetry. 2020 also saw the ongoing output of significant biblical and theological resouices from DARE events. These resources have been shared with theological institutions across the regions of CWM". Vulnerability and Resistance.. Body and Liberating Theologies and Mission and Context, are the final in the five-volume series of Theology in the Age of Empire. Faith, Class, and Labour Intersectional Approaches in a Global Context, is part of the Inlersectionalty and Theology Series that is home ft)r theologies that weave the strands of gender, race, and class. Theologies on the Move." Religion, Migration, and Pilgrimage in the Wortd of Neoliberal Capital (Decolonizing Theol(uy). Is the first book of the Theologies on the Move series. Jon8h.. An Earth Bible Commentary. analyses the Book of Jonah through the lens of climate change. From the ends of the World.. Prayers in Defiance of Empire, Is a compilation of worship resources written by over a hundred people involved in worship al the locations of poverty, violence, oppression, and environmental devastation. 10 COUNCIL FOR WORLD MISSION (UK) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 5.1.$ Discernment And Radical Engagement (DARE) leontinuedl Resistance to Empire and Militarization. Réclaiming the Sacredness of Lives, Lands and Seas is part of CWM'S continued prophetic engagement in the present political and social landscapes. A series of eleven 1111 volumes Reimagining Church as Event.. Perspectives from the Margins from 8 collective of Indian theologians who env15ion Church as an Event that happens in particular contexts in the life of the communities al the margins and maps onlo the theme rising to life, creating life-flourishing communities that live out the foretaste of the reign of God 5.1.6 Partners-In-Mission {PIMI Programme The sharing of people across member churches and the ecumenieal community is fundamental to the Charity's way of working. A mission from everywhere lo everywhere is made possible by the number of individuals who have offered themselves to serve in the mission field and to support those churches, willing to send and receive them. The relevance of this programme is best attested to by those who participated therein, p8rticulady, the receiving churches and the partners themselves. Thi5 dynamic interchange of personnel represents the human fa￿ of the Charity in a variety of contexts across the world. The Charity is inspired by those who have responded to the call lo serve and is heartened by the quality of the work on the mission fi'eld., the extent lo which learning and growth are taking place among the partners in mission., and the significant ways in which the ministry and mission of churches are being enriched and expanded. Twelve 1121 PIMS Ilwo on short-lerm assignmenlsl were in service as al 31 December 2020. Of those in seNice, four141 each are serving in East Asia and Caribbean, two121 in Europe, one111 each in Africa and Pacific. The PIMS came from Africa131, Pacific131, East Asia131, Europe111, Caribbean111, and South Asia Engagement with Member Churches An important facet of the work of CWM is in accompanying member churches in Iheirjourney towards building missional congregations. This is done largely through engagement by Mission Secretaries In the form of strategic visits, participation in CVVM'S programmes, and tapping on CVVN'S resources - ideas, people, and funding. The General Secretary, Deputy General Secretary and Finance Secretary also engage with member churches, on such strategic issues, where their presence and input serve lo augment ancl enrich the work of Mission Secretaries. CVW Mission Secretaries organise consultations with member churches on programmes, financial management, and reporting,. and participate in different programmes of member churches, invited or initiated. During the first quarter of 2020, most of the six161 Regions held their Pre-Assemblies which provided space for member churches lo share their perspectives on the Assembly theme, share and listen lo stories from their contexts and participated in an orientation and training exercise in preparation for the Quadrennial Assembly, that was arranged to be held in Johannesburg, South Africa in June 2020. However, in view of Covid-19 pandemic, the Board subsequently decided to postpone the Assembly until 2021. Wrth the pandemic still prevailing, the Board decided lo cancel this 4-yearly Assembly event. Actlvltle$ In the Offi¢0 of thg General SocTgtary 5.3.1 Member Church Relations Member church relations is the means through which official visits, strategic conversations and engagement with mission thinking and praxis, and ongoing information sharing, with the churches, leadership, enriches mutual accompaniment and solidarity. In light of Covid-19, visits to member churches and other strategic face lo face engagements did not lake place as of February 2020. However, opportunities were grasped for online presence for workshops, mutual sharing and speaking engagements. The General Secretary and Mission Secretaries utilised the online platform on a regular basis to engage with member churches in all six regions and covering all 32 member churches, aimed al strengthening the partnership and furthering God's mission in the world. Several meaningful conversations occurred during the year, providing the Secretariat with opportunities to share in the shaping of strategic missional direction of member churches. The General Secretary and Mission Secretaries responded lo several speaking engagement opportunities, which included sermons, keynote addresses. greetings, and presentations on the work of CVVM, at Churches, General Assemblies and Synods. In this regard, CWM'S presence was not diminished in any significant way, nohvilhstanding the absen￿ of physical gatherings and despite the disruptions caused by Covid-19. COUNCIL FOR WORLD MISSION (UK) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 5.3.2 2020- 2029 Strategic Planning Process In 2018, the Board of Directors commissioned a special Strategy Planning Group to develop a strategic framework to inform and guide the work of CVVM for the period 2020-2029. The final report was presented lo the Board, and approved, in February 2020. The strategic framework outlines the key areas around which CVW should be thinking and planning for this decade. In 2020, CWM management and staff worked on the specific programmes and plans to give concreleness lo the framework. 5.3.3 Ecumenlcal Partnershlp and Solidarty Engagements Partnership within the world church is one of CWM'S major lenels. CWM engages in partnership and participation with international ecumenical mission organisalions by sharing people, ideas, and resources. Many of CWM'S programmes include ecumenic81 participation as a matter of principle and ils member churches and stsff also lake part in programme5 of other ecumenical organisations. Through such participation, CWM seeks to engage with and support our ecumenic81 partners in contributing to the development of missional thought and action in the wider church. CWM also benefits from the insights and expertise of the ecumenical community, some of which have a much widei scope of engagement than CWM. In 2020, some of such partnerships, the majority of which are ongoing, include the New International Financial & Economic Architecture. the Ecumenical Loan Fund, partnership with the World Communion of Reformed Churches on justice and related mi5sional issues. CVW jointly with WCC, Lutheran Wortd Federation and WCRC, organi5ed and launched the Zacchaeus Tax campaign in 2019, which is intended for completion in summer 2021. During 2020, the campaign continued and gained momentum. CWM also continued ils work on Theological Education on the Economy of Life with the support of a team of academics drawn from the ecumenical community, aimed at developing a curriculum on the Economy of Life lo be offered lo theological institutions 2nd member churches to build awareness on issues of finance and economy. The curriculum was finali5ed in 2020 and plans are afoot to launch a Master's programme on the Economy of Life, through the Union Theological Seminary in the Philippines, by summer of 2021. In response lo the Covid-19 pandemic, CWM established a Covid-19 Solidarity Fund of SGD1,300,000 to support member churches and partners in their response to the difficulties and disruptions experienced by their constituencies. This fund served to $upport member churches to respond to the internal ch811enges caused by the pandemic as well as lo enable churches and partners lo develop special projects in response to perceived needs in the wider community. In this regard SGD800,000 was dedicated to an outright 'Gift of Grace, to member churches, through which each of the 32 churches could acTrss SGD25,000,' and SGD500,000 was dedicated to 'Covid-19 Mission Initiatives, for which member churches and partners could apply for up lo SGD25.000 each in support of a proposal. The reports that we have re￿iVed so far all testify to the positive impact that such a fund is making on communities all around the world. 5.3A Communlcatlon In 2020. the role of communication proved lo be indispensable lo the continued operations of the Charity given the limited means of engagement of our programmatic strategy due lo the COVID-19 pandemic. During the year in review, the communicab'ons team helped lo create digital spaces for the Charity's work lo continue online. In addition lo enabling programmatic work, the team helped to facilitate the firsl-ever election of the new Board of Directors to be held electronically in the history of the organisalion. The team leveraged on the ncreased prominence of digital spaces and fully utilised CWM'S website, improved its presence on social media platforms and worked in partnership with Mission Secretaries on several productions for enhanced online programme delivery. The team further focussed on strengthening inlemal communication amongst the staff after physical office spaces were closed in keeping with physical distancing measures initiated by respective governments. The communications team created a microsile attached lo the CWM main web511e for churches across the world lo share experiences and learnings, in support of one another. INSIGHT magazine, the bi-monthly publication which the team launched in 2018, continues to gain both readership and content contributors who engage in a wide spectrum of issues of concern and interest. Beyond the communications team, CWM has been active in communicating through Mission Secretaries on various programmes,. through frequent correspondences tse￿een the Office of the General Secretary and member churches,. and in partnership with ecumenical colleagues and programme participants who help to share our story. 12 COUNCIL FOR WORLD MISSION (UK) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Grants Grants are the instrument through which the activities described above have been carried out through CWM Ltd. Details of the grants given during the period are sel out in note 2.4.1 of the accounts, and information about designated funds is given in note 11.1 of the accounts. Annual budgets and grant commitments are planned lo ensure that the Charity's spending is in line with its policy and that there is full and proper accountability for the project expenditure. Financial Review Financial Performance Overrfiew The financial results for the year reflect that total income increased marginally by 30/0 from £3.5m 2019 to £3.6m in 2020. The primary Sour￿ of income is from interest and dividends eamed on the investment portfolio. Dividend and interest income increased marginally from £3.4m in 2019 to £3.5m in 2020, by £132K. This was largely due to higher dividends earned from new ethical fund investments in 2020, in particular CCLA-COIF Ethical Fund vis-a-vis dividends forgone for corresponding redeemed funds. The Charity's total expenditure redueed significantly by 410/0 to £5.7m in 2020 trom £9.7m in the previous year. Expenditure on charitable activities accounts for 780/.12019". 870/0) of the Charity's total, with expenditure on raising funds making up the 22,/0 difference. The cost of generating funds reflects the fees paid lo the investment manageis and were mostly based on a percentage of the value of the portfolio. Expenditure on charitable activities decreasec% substsntially by 470A in 2020, from £8.5m in 2Q19 to £4.5m. Grant funding represents more than 90¥0 of the total expenditure on charitable aclivilies. The significant decrease in charitable activities expenditure resulted from reduced grant funding fmm £8.1.m in 2019 10 £4.1 m in 2020. The rampant spread of Covid-19 virus in 2020, has reslricled all physical programmes, events and meetings starting from March 2020. Project and scholarship grants applied for were fewer than before as activities were curbed during lockdowns in various countries. Working from home arrangement also reduced costs of offices maintenance. The operating deficit for the year was £2.1 m12019'. £6.2ml. The Charity's Investments yielded nel valuation gains of £11.gm12019'. £15.2m losses), which therefore produced a net positive contribution of £9.8m12019.' £9.Om lossl lo the Charity's reserves for the current rinancial year. Unrestricted Funds The Charity's main source of income is investment income, which represents more than 970/0 of total unreslricled fund income during the year. Other SoUr￿S of income include contributions from member churches and individuals as well as legacy income. The stability of the income and capital base of the investment portfolio is paramount in creating a financially sound and sustainable operating model, allowing CINM lo continue lo sustain the ongoing expenditure required lo deliver its mission and purpose. The Charity has a strong capital base and this makes ils immediate activities less vulnerable lo large variations in total relums from the investments. Total unrestricted funds as at the end of 2020 stsnds at £169.5m, an increase from £159 2m in 2019. The invested fund largely originated from a gift from the sale of a Hong Kong hospital site in 1994. The investment committee monitors the performance of these funds quarterly. In 2020, the investment portfolio delivered a nominal return of 9.40kn (before adjustment for inflation} and a real annual return of 8.6,￿ (after adjusting for UK CPI inflation of 0.60AI. 13 COUNCIL FOR WORLD MISSION (UK) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEIIIBER 2020 Restricted Funds The Charity has been given custody of a large number of legacies and gifts for specific worldwide mission purposes and these are treated as restricted or endowment funds in the financial slalemenls. These funds are summarised in Note 10 lo the financial statements. Ongoing distribution and consolidation is taking place lo release these funds for the purposes for which they were given, by following the Charity Commission, guidelines. In 2020, CWM continued lo use the power, granted by the Charity Commission in an order of 2007, to deplete the unapplied total return linteresl, dividends and realised capital gain) of the Retired Missionary Fund in paying pensions to retired missionaries who had seNed before the inception of a pension scheme or were in service before July 1977. The book value in December 1992 of the assets which subsequently composed the Fund is deemed to be the permanent capital held on trust for inveslmenl1£684,0101. All subsequent increases in the value of the permanent capital. whether arising from interest or dividends or realised capital gain on disposal are held as unapplied total return until formally transferred in trust for application. Upon review of and recommendation by the Finance Committee, regarding expected future payments vis-è-vis relums on Investment on this Fund, the Trustees were satisfied that there will be suffi'cient unapplied returns to service fvture payments. Investment and Reserve Policies and Fundraising The Charity does not undertake any public fundraising activities., and, as such, il is not bound by any fund- raising standards or voluntary scheme for regulating fund-raising. Its principal source of income is from its investments. The current fund balance stood at £177.8m as at 31 Deeember 2020, comprising £169.5m of unrestricted funds., £0.8m of reslricled funds., and £7.5m of endowment funds. Investment Policy The Charity seeks to generate income and capital growth from its investments lo finance ils missionary activities, mindful of the need and desire to invest ethically and with regard to socially responsible criteri8. The Charity adopts a total return policy approach in managing the portfolio. The Charity seeks to generate income and capital growth from its investments to finance ils mission aclivilies, mindful of the need and desire to invest ethically and with regard lo socially responsible criteria The long-term target remains lo achieve a 50h real return on the investment portfolio but, recognising actual performance in the re￿nt past, operational budgets in recent years have assumed a conservative 3'/g real return in an average year. The Charity's Ethical Investment Policy that was approved by the Board in May 2019, on the advice of the Investment and Finance Committees, broadened the scope and lightened the criteria of ils previous policy. The core of this policy is as follows.. 111 As a Christian organi5ation, CWM believes in acting in a socially responsible manner with respect lo its investment portfolio. This means that, wherever feasible, CWM selects managers who employ ethical screens to exclude investments in industries dealing with alcohol, toba¢co, weapons, adult entertainment, and gambling, and examines companies for their impact on climate change and the environment and any exploitation of labour. 121 The threshold for determining whether a company falls within the prohibrf(ed categories in paragraph 1 above will be that CWM will not invest in a company that derives 5Vo or more of ils lumover from alcohol products, or 30A or more of its tumover from any of the other lour prohibited industries. {31 c￿ will also seek lo pursue ils ethical commitments by engaging with those companies in which it holds investments. 141 CWM will be open to investing a share of ils capital in investments that are designed lo bring a social more than a financial return. Any such investments will be segregated from investments where financial return is the principal purpose. 14 COUNCIL FOR WORLD MISSION (UK) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Investment Policy lcontinuedl The main investment portfolio, managed by the Investment Committee and coordinated by Cambridge Associates Ltd ICAI, is centered around four major investment themes that are deemed suitable for CWM.. the growth engine Ideveloped market and emerging market equiliesl, diversifiers, inflation-sensitive Icommodilies, property, inflalion-linked bonds) and deflation hedging Igovernmenl l)ondsl. The monitoring of target allocations of the portfolio was performed quarterly and adjuslmenls lo the allocation were made, on the advice of CA, where necessary. Reviews of the fund managers, performance were undertaken by the Investment Committee quarterly, measured against target returns as well as agreed market benchmarks such as the FTSE indexes and the MSCI World Index. The actual Performan￿ of the investment portfolio in 2020 was strong, performing slightly above benchmarks in 2020. The Investment portfolio Imanaged investments onlyl under tt)e supervision of the Investment Committee had a value of £151.9m al the start of 2020 which had increased to £168.6m as at 31 December 2020. Including investment properties and social investments, the Charity recorded total investment capital gain of £11.9m, together with total investment income Inel of fees) of £2.3m, thus giving the resullanl lolal net investment gain of £14.2m for the year under review12019'. £17.4m nel gainl. In reviewing both CW'S Ethical Investment Policy and longer-term performan￿ of the portfolio, the Board accepted the Investment and Finance Committees, advice lo undertake a major reshaping of the investment portfolio with effect in 2019. which continued into 2020. Reserves Policy The unrestricted funds of CWM UK are predominantly made up of its invested capital base from which the mission activities of the Group 8re funded. CVVM intends to use this invested capitsl base to secure the long- term future of CINM'S activities around the world. Ils Reserves Policy is, therefore, lo maintain, when measured on average over a period of years in real terms, al least the base level of the unrestricted reserves in perpetuity. This would Imply reserves largel at the end of 2020 of around £164m, using the UK Consumer Price Index as a measure of inflation. The unrestricted funds balance al the close of the financial year was £169.5m. Risk Review The Board of Trustees has a formal risk management Process through which il assesse5 the risks facing the Charity and implements appropriate risk m2n8gement slralegies, through CWM Ltd. The process involves the idenlificalion of the types of risks", assessment of those risks with regard to their potential impact and probability of occurrence., and proposed risk treatment and actions taken lo dale and those lo be taken lo mitigate the idenb'fi'ed risks. Two principal risks identified are 111 IT security,. and 121 Investment Returns. Measures are in place lo ensure that all IT systems are protected and ￿gUlar and closer monitoring of investments is carried out by the Investment Committee lo ensure that the long-term investment returns are achieved and sustained. The investment strategy is constantly under review., the Investment Committee meets regularly to ensure that the strategy is still relevant and appropriate to generate the income required to sustsin CVVM'S ongoing activities and operations. The Audrt Committee monitors the risks faced by CWM in ils meetings with updates from management vis-a-vis the risk registers of both Clfvm UK and Ltd Internal audits carried out by BDO in Singapore on different aspects of CWM Ltd's operation$ are done annually and findings reported to Trustees of CWM UK and Board of CWM Ltd. The internal audit review was not conducted in 2020 with the agreement of the Audit Committee, in view of the Covid-19 pandemic that ha5 disrupted most programme plans and placed strain on operations in 2020. The committee has agreed to defer the internal audit review to 2022. A policy review exercise was carried out by CWM Ltd on all its policies in 2020 to ensure that they are still relevant and up-to-dale. The revised policies were tabled for approval by the CWM 808rd in Mareh 2021 for implementation. 15 COUNCIL FOR WORLD MISSION (UK) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 10. Recent Developments continued working in accordance with the 2016 - 2019 strategic plan in 2020, being the Iransilional year, of concluding one strategy framework and commencing another. In the meantime, the management team developed the detailed programmes and action plans lo achieve the strategic outcomes of the first implementation phase of the newly completed 2020 - 2029 strategy framework that was approved by the CWM Board in February 2020. The work plans in respect of this strategy framework will gradually roll out from 2021 2029. The 2020 - 2029 strategic framework reflects the map of the missional joumey to be pursued by CVW in thi5 decade. 11 was informed by input from CWM'S diverse communities as well as the reading of the signs of the time. A theology statement - Rising lo Life. Breaking out from Babylon, a faith stance on commitment to mission - Missio Confessionis, a financial mission fr8mework - Theological and Missiological Commitments lo Life-Flourishing Economy and Finance for All and the Legacies of Slavery proiect report and recommendations are provided as accompanying resources. This new framework will further develop andlor reshape the partnership in mission model that has guided CWM since 1977, in recognition that global Christian witness Is changing, and the voices of persons in risky and vulnerable places need to be heard. The search prO￿sS engaged to recruit the next General Secretary IGSI of CVVN is successfully completed, with the Members, approving the Board's recommendation al a special Members meeting, held on 31 March 2021. It is expected that the appointment will be negotiated and the candidate assumes the position by mid- 2021. The outbreak of COVID-19 pandemic, which begun in the early months of 2020 and spread across the globe, severely affected peoples and economies of many countries. CWM'$ 2020 Quadrennial Assembly, which was originally planned lo be held in South Africa, was postponed in March 2020 by the Board, lo June 2021, taking into account the impact of the pandemic on travel and social gatherings in order lo minimise the spread of the virus. As the impact of Covid-19 on physical gatherings for bigger number of participants is likely to persist for the most part of 2021 and probably even beyond, the Board in November 2020 agreed to approve managernenl's proposal to cancel this assembly event. The next Quadrennial Assembly meeting will happen in 2024. Nonetheless, most of the six161 CWM Regions had held their physical region pre- assembly meetings in the first quarter of 2020, which were scheduled as preparatory meeting for the Assembly. Despite the absence of 8 General Assembly in 2020, in line with CWM conslitulions and with guidance from the Company Secretary, CWM effectively conducted and completed the nomination and election of the new Board of Directors for CWM Ltd, the Trustee Body for CWM IUKI and the Board of Directors for CWM, Africa NPC via electronic platforms. AII c￿ governance-related meetings - Committees, Board and Trustee Body meetings as well as the Annual General Meeting - were held electronically, since March 2020. Similarly, all global programmes, events and training workshops that were scheduled for March 2020 2nd beyond, were cancelled. CWM programme5 team, however, managed to host several of these events online via CWM webinars. The Board has considered the risks associated with Covid-19 {lo the best of its ability given the changing cireumslancesl., and il is of the view that Covid-19 is unlikely to have any significant or material negative impact on ils ability lo continue lo fvnction as a going concem or on the accounting policies outlined below. The level of reserves and size of the Charity's investment portfolio provides the financial cushion lo manage any short-term disruptions and allows the organisalion to plan ils normal activities and lo anlicipale positive engagement with the mission into the foreseeable future. 11. Public Benefit statement The Trustees confi'rmed that they have complied with the duty to have due regard to the Charity Commission's general guidance on public benefit, "Charities and Public Benefit.. The public benefit requiremen15 have been met by the activities described in Section 4 which include, but are not limited lo the development of capacrties and capabilities lo achieve the fullness of life for all creation. 16 COUNCIL FOR WORLD MISSION (UK TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 12. Auditors The auditors, MHA Maclntyre Hudson (UK member of Baker Tilly Internationall have indicated their willingne55 to continue in office. 13. Statement as to Disclosure of Infomiation to Auditors Insofar as each of the Trustees of the Charity, al the dale of the approval of this report, are aware, there is no relevant audit information (information needed by the Company's auditor in connection with preparing the audit report) of which the Charity's 2udiloi is unaware. Each Trustee has taken all of the steps helshe should have taken as a Trustee in order to make himselflherself aware of any relevant audit information and lo establish that the Charity's auditor is aware of that informab'on. 14. statement of Trustees, Responsibilities The Trustees are responsible for preparing the TTustees' Report and the financial statements in accordance with applicable law and regulations. Company Law requires the Trustees lo prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Slandardsl and applicable law. Under company law, the Trustees must not approve the frnan¢ial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Charity and of ils net incomingloutgoing resources for that period. In p￿parIng these financial stalemenls, the Trustees are required to.. Select suitable accounting poli¢ies and then apply them consislenlly", Observe the methods and principles in the Charities Statement of Recommended Practices {SORPI', Make judgments and eslimales that are reasonable and prudent., Slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial slalements., and Prepare the financial statements on a going concern basis unless it is inappropriate lo presume that the Charity will continue to operate. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy al any lime, the financial position of the Charity and enable them to ensure that the financial statements comply with the Companie5 Act 2006 and the provisions of the Charity's conslitulion. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and cleleclion of fraud and other irregularities. This report has been prepared under the special provisions of the Companies Act 2006 available lo small companies. Approved by the Trustees on JUN 1011 and signed as aulhorised for issue on their behalf by. Rose Althea Wedderburn Trustee Lin ey Brown Trustee Council for World Misslon {UKI Company Number: 4758640 England & Wales Charlty Number: 1097842 COUNCIL FOR WORLD MISSION {UK) INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Opinion We have audited the financial statements of Council for World Mission IUKI Ilhe 'charitable company'l for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flow and notes to the financial slatemenls, 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements". give a true and fair view of the stale of the charitable company's affairs as a1310ecember 2020, and of ils 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 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are ftjrther described in the Auditor's Responsibilities for the audit of the financial statements section of our report. We are independent ofthe charitsble company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fvlfilled our other ethical responsibilities in accordan￿ with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Con¢luslon$ 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. Our evaluation of the Trustees, a5se5srnent of the entity's ability lo continue to adopt the going concern basis of awounting included critical reviews of budgets and forecasts provided. 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 doubl on the Company's ability lo continue as a going concern for a period of 21 least twelve months from when the fi'nancial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with ￿SpeCt lo going concern are described in the relevant sections of this report. Other infomiation The Trustees are resptsnsible for the other infomiation. The other information comprtses the infomialion included in the annual report, other than the financial slalemenls and our auditor's report thereon. Our opinion on the financial stglemenls does not cover the other information and, except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. 18 COUNCIL FOR WORLD MISSION (UK) INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 In eonnection with our audit of the financial slatemenls, our responsibility is lo 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 misslaled. If we identify such material inconsistencies or app8renl material misslalemenls, we are required lo determine whether there is a malenal misstatement in the financial slalemenls or a malenal misslalemenl ofthe other information. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required to report that faet. We have nothing to report in this regard. Oplnlons 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, report lincorporaling the Directors, report) for the financial year for which the financial slalemenls are prepared is consistent with the financial statements., and the Directors, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstalemenls in the Directors, reFX)rt. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report lo 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 retums., or certain disclosures of Directors, 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 lo prepare the financial statements in accordan￿ with the small companies, regime and take advantage of the small companies, exemptions in preparing the Directors, report and from the requirement to prepare a strategic report. Responslbllltles of Trustees As explained more fully in the Trustees, responsibilities statement included in the Trustees. Annual Report, the Trustees Iwho are also the Directors of the charitable company for the purposes of company lawl a responsible for the preparation of the financial slalemenls and for being satisfied that they give a true an fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misslalemenl, whether due lo fraud or errol. In preparing the financial slalemenls, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the Trustees either intend lo liquidate the charitable company or lo ￿ase operations, or have no realistic allemalive but lo do $0. 19 COUNCIL FOR WORLD MISSION (UK) INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Audltor's responsSbllltSes for the audit of the financial statements Our objectives are lo obtain reasonable assuran￿ about whether the financial slalements as a whole are free from material misstalemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslatemenl when il exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influen￿ the economic decisions of users taken on the basis of these financial statements. Itregularities, including fraud, are instances of non-compliance with laws and ￿gUlations. We design procedures in line with our responsibilities, outlined above, to delect material mi5St21ements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.. Obtaining an understanding of the legal and regulatory frameworks that the entity operates in. focusing on those laws and regulations that had a direct effect on the financial statements,. Enquiry of management lo identify any instances of known or suspected instances of fraud., Enquiry of management and those charged with governance around actual and potential litigation and claims", Enquiry of management about any instances of non-compliance with laws and regulations., Reviewing the control systems in place and testing the effectiveness of the controls., Perfomiing audit work over the risk of management override of controls, Including testing of journal entries and other adjuslmenls for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Reviewing minutes of meetings of those charged with governance., Reviewing financial statement disclosures 8nd testing to supporting documentation to assess compliance with applicable laws and regulations. Enquiries made of the group auditors of the parent charity. Because of the inherent limitations of an audit, there 15 a risk thatwe will not delecl all irregularities, including those leading lo a material misstalemenl 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 lo become 8W8re of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financi21 statements is located on the Financial Reporting Council's website al. https'.Ilww.frc.org.uklOur-WorklAudiVAudit-8nd-assurancelStand8rds- and-guidancelstandards-and-guidan￿-fOr-audl1orSIAud1tors-resP0nsibilitieS-ftsr-aud1tIDescrlptlon-0f- audilors-respon5ibilities-for-audit.aspx. This description forms part of our auditor's report. Use of this report This report is made solely lo 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 slate lo the charitable company's members those matters we are required lo stale lo them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not aC￿pt or as5urne responsibility to anyone other than the charitable company and the charitable company's members as a body, for Our audit work, ft)r this report, or for the opinions we have formed. Sudhir Singh FCA (Senior Statutory Auditor) For and behalfof MHA Maclntyre Hudson Chartered Accountants and Stslutory Aijdilors 6th Floor, 2 London Wall Place London, EC2Y SAU 13 bLI Date.. 20 COUNCIL FOR WORLD MISSION (UK) STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020 Unrestricted Restricted Endowment Total 2020 Total 2019 Funds Funds Funds Funds Funds Note Income and endowments from: Donation and legacies Investment income 96,721 3,469,850 3.566,571 96,721 6.296 3.532,812 6,296 3,629,533 114,285 3,400.852 56,666 56.666 Total Incorng 3,515,137 Expenditure on: Raising Fund5 Charitsble activities 1,211,736 4,378,769 5,590,505 25,928 13,118 2,881 68,227 1,240,545 4.460,114 71,108 5.700,659 1.258,ChSO 8,475,806 Total Expenditure 39,046 9,733,866 Operatlng Surplusl{Deflclt) {2.023,9341 17,620 {64,8121 {2,071.1261 16,218,729) Net gainslllossesl on investments Net IncomellExpenditurel Net Movement In Funds 12,326,608 125.8551 1419,2441 11.881,509 15.241,955 18,2351 1484,0561 9.810,383 9,023,226 18,2351 1484,0561 9,810,383 9,023,226 10,302,674 10.302,674 Reconciliation of funds.. Total Funds At 1 January 2020 Totsl Funds At 31 De¢¢mber 2020 1S9,235,718 169,538,392 768.154 7.973,632 167.977,504 158,954,278 759,919 7,489,576 177.787,887 167,977,504 All income and expenditure were derived from continuing activities. The statement of financial activities includes all gains or losses recognised in the year. The annexed notes form part of these financial statements. 21 COUNCIL FOR WORLD MISSION (UK) BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Note Fixed assets Tangible fixed assets Investments 2,642,896 174.835,473 177,478,369 2,711.752 158,382.919 161,094,671 Current assets Investments Debtors Cash al bank and in hand 2,432.712 1.033.087 1.567,311 5,033,110 6,449,451 890,018 4,444.539 11,784,008 Liabilities CTeditors'. Amounts falling due within one year 14.723.592) 14.901,1751 Net ¢urrent assets 309.518 6,882,833 Total assets less current liabilities Totsl net assets 177,787,887 177.787.887 167,977,504 187,977,504 The funds of the charity: Endowed funds Restricted funds Unrestricted funds Designated funds General fund 10 10 7,489,576 759,919 7,973,632 768,154 19,850,402 149,687,990 169,538.392 177,787,887 18,600,497 140,635,221 159.235.718 167,977,504 11 Total unrestricted funds Total charity funds 12 Included in total funds above are cumulative unrealised gains on listed investments, current investments and investment propertie5 of £32,642,26412019." £23,303,756) The financial statements have been piep8red in accordance with sects'ons 415A of the Companies Act 2006. These financial slalements are prepared in accordance with the speci81 provisions of Part 15 of the Companies Act 2006 relating to small companies. The financial statements were approved and aulhorised for issue by the Trustees on and signed on their behalf by.. 0 8 JUN 20ZI Ro$e Althea Wedderburn Trustee Lind$ Truste rown Company Number.. 4758640 The annexed notes form part of these financial slalements. 22 COUNCIL FOR WORLD MISSION (UK) STATEMENT OF CASH FLOW FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 2020 2019 Cash flows from operating activities Note Nel Cash ftow from operating activities 17 {5.857.558 {6,933,9531 Cash flow from investing activities Investment income- Dividends and Interest Investment income- Rent 3,427,229 105.461 3,248,612 115,819 12,257,404) 11,000.000) 17,500,000) 5.000.000 6,500,000 134.241.6331 187,273,987) 29,689.273 97,273,531 Purchase of tangible fixed assets Purchase of current asset investments Proceeds from sale of current investments Payments to acquire managed investments Proceeds from sale of managed investments Nel cash flow from investing activities 2.980,330 10,106,571 Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the period 12,877,228) 4,444,539 3,172,618 1,271,921 Cash and cash equivalents al the end of the period 1,567,311 4,444,539 23 COUNCIL FOR WORLD MISSION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 PRINCIPAL ACCOUNTING POLICIES Accounting convention Council for WoAd Mission (UK) is a company limited by guarantee and is registered with the Charity Commission {Chanty Registered Number 10978421 and Registrar of Companies (Company Registration Number 47586401 in England and Wales. In the event of the Charity being wound up, the liability in respect of the guarantee is limited lo £1 per member of the Charity. The address of the registered office is given in the Charity informats'on on page 1 of these financial stalemenls. The nature of the Charity's operations and principal acb'vities are lo spread the knowledge of the Christ throughout the world, that is, further the work of Christian mission throughout the world. The Charity constitutes a public benefit entity as defined by FRS 102 The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities." Stslement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006, the Charities Act 2011 and UK Generally AC￿pIed Practice as it applies from 1 January 2019. The Charity has applied all amendments to FRS 102, as set out in the Financial Reporting Council's triennial review published in December 2017, and included in Update Bulletin 2 to the Charities SORP IFRS 1021. The financial statements are prepared on a going concern basis under the historical cost convention, modified to inelude certain items at fair value. The financial statements are presented in sterling which is the functional currency because that is the currency of the primary economic environment in which the charity operates and rounded to the nearest pound. CWM UK is the sole member and hence has 1000A of the members, voting rights of London Missionary Society Corporation (company registration number 000639341 and Commonwealth Missionary Society Corporation lcompany registration number 000544721. These companies are limited by guarantee and registered in England & Wales, and hence are wholly controlled by CWM UK. Both companies were dormant throughout the current and p￿VIouS financial year. The companie5 have nil net assets and have not traded for many years,. he￿￿ they are not consolidated in CWM UK accounts as they are not considered to be material to CWM UK'S financial statements. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied lo all years presented unless otherwise slated. bl Going Concem Having reviewed the charity's financial position (considering the likely impact of Covid-19 on the charity and ils current liquidity level, performance of the investment portfolio and investment reserves held) and future (including a revised budget for the year ahead) plans for the charity, the Trustees have a reasonable expectation that the charity has adequate resources to continue ils activities for the foreseeable future. Accordingly, they continue lo adopt a going concern basis in preparing the financial slatemenls. 24 COUNCIL FOR WORLD MISSION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 PRINCIPAL ACCOUNTING POLICIES Icontinued) Recognltlon of Income Income is reeognised in the year in which the charity is legally entitled lo receipt, the receipt 15 probable, and the amount can be measured reliably Donations represent amounts receivable in the accounting year. Receipt of a legacy is recognised when il is probable that it will be re￿1Ve(l. Receipt is normally probable when there has been grant of probate,. the executors have established that there are sufficient assets in the eslale, after sellling any liabilities, lo pay the legacy,. and any conditions attached lo the legacy are either within the control of the charity or have been mel Investment income is recognised in the period when the Charity has earned unconditional entillemenl to monies. Donations and grants received for specific purposes are treated as reslricled funds. Donated services (gifts in kindl are recorded al the market value that CWM UK would normally pay for such services and gifts, when the risks or rewards of the service or item are transferred lo CWM UK. Donated Services are recognised in the accounts when they are of material value lo the eharity. dl Property income Propety income represents rent receivable in respect of properties owned during the year and is accounted for during the period lo which il relates. It is then allocated lo the appropriate fund. Expenditurg Expenditure on raising funds comprises investment management costs and expenditure in relation lo the generation of donations and legacy income. Charitable activities include grants payable in furtherance of the charitable objects and related support costs. Expenditure is recognised in the year in which it is incurred under the accrual basis. Grants and allocations payable to CWM Ltd are included in the SOFA when approved by the Trustees and agreed with the recipient organisation. The value of such grants unpaid at the year-end is accrued. Grants, where the beneficiary has not been informed or has lo meet certain conditions before the grant is released, are not accrued however funds may be designated to the value of any conditional commitment. CWM UK is not registered for Value Added Tax and any irrecover8ble VAT is charged to the appropriate heading. Govemance costs are the expenses incurred by the Charity in meeting their stalulory and conslitulional requirements and include Trustees, expenses and external audit fees. Allocation of costs Costs are allocated within charitable activities according lo the nature of the cost. Wherever possible cost5 are allribuled directly lo specific activities. Certain shared costs including support costs are apportioned to activities using a variety of bases including estimated lime spent and the number of employees. Tangible fixed assets and depreciatlon Fixed assets for use by the charity are capitalised at cost, where acquired, or market value as determined by the Trustees where donated. They are staled in the financial slalements al cost or original value less depreciation. Individual fixed assets costing £500 or more are capitalised at cost and depreciated over their estimated useful lives, Depreciation is calculated to write off the cost of tangible fixed assets al the following annual rates.. Freehold buildings Leasehold propety Fixtures and fittings Computer Equipment 50 years- straight line basis over the life of the lease between 3 and 5 years. 3 years Freehold land held as part of a freehold property is depreciated over 50 years alongside the propety where the cost has not been separated. 25 COUNCIL FOR WORLD MISSION {UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 PRINCIPAL ACCOUNTING POLICIES {continuedl h) Unlisted investments All unlisted investments afe programme related investments I social investments and are included in the financial statements at cost less impairment subject lo being converted into the presenlalional currency al the balance sheet date where the investments are held in another currency Current asset investments Current asset investments represent those investments held in cash or low risk investments equivalent to cash lo enable the company to meet its commitments in respect of grants approved not yel paid. Debtors and creditor5 Debtors and creditors with no slated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising trom impairment are recognised in expenditure. kl Funds accountlng Funds held by the company are.. Unrnstricted gener81 funds - these are funds which can be used in accordance with the charitable objects al the discretion of the Trustees. The element of unrestricted funds represented by unrealised gains on investments is separately di5elosed as a revaluation reserve being the difference tse￿een the current market value of these investments and historic Cost. Designated funds- these are funds sel aside by the Trustees out of unreslricled funds for specific future purposes or projects. Restricted funds- these are funds that can only be used for particular restn'cted purposes within the objects ofthe Charity. Restrictions arise when specified by the donor or when funds have been raised for a particular restricted purpose within the objects of the Charity. Restricted funds in respect of the Retired Missionary fund is detsiled in Note 10.4, where pem)anent capital is held in Irusl. Pemanenl Endowment funds - these are a type of restricted fund where the c2pitsI musl be held permanently by the Charity. Income arising from such endowed funds is applied in accordance with the terms of the fund. Further explanation of certain funds is included in the notes to the accounts. Valuation of investments Listed investments are a form of financial instrument and a￿ initially recognised al their transaction cost and SLJbsequently measured at fair vslue Imid-market value) al the Balance Sheet date. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Net Gainslllos5esl on inveslmenls, in the Statement of Financial Aclivilies. Investment properties are measured at fair value al the Balance Sheet dale Investment properties are recorded at the Trustees, estimate of market value al the year-end by reference to changes In house price indices, sale prices recently achieved In the same location, and periodic professional valuations. Changes in fair value are recognised in 'Net Gainslllossesl on inve51rnents' in the Slalement of Financial Activities. 26 COUNCIL FOR WORLD MISSION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 PRINCIPAL ACCOUNTING POLICIES Icontinuedl Pensions CWM makes discretionary payments to retired missionaries who served prior to the inception of a pension scheme orwhere service prior to July 1977 was not otherwise pensionable. These payments are funded from an endowment fund entitled CWM Fund for Retired Missionaries. The Charity operates a defined contribution plan for the benefit of ils employees. Contributions are expensed as they become payable. The liability and expenses are allocated as part of expenditure on charitable activities to the unreslricled funds. Foreign currencles Assets, liabilities, and results of overseas investments are translated al the rale ruling at the Balance Sheet dale. Exchange differences arising are taken to the SOFA. Transacb"ons in foreign currencies are translated at the rate ruling on date of the transaction. FlnaTrcial instruments The Charity only holds basic Financial Instruments. The financial assets and financial li8bilrtie5 of the Charity and their measurement basis are as follows.. Financial Assets Other debtors, accrued income and the inlercompany 108n are basic finaneial Instruments and are debt instruments measured al amortised cost as detailed in note 7. Prepayments are not financial Inslrumenls. Investments - Managed investments and investment properties are classified as basic financial instruments and held al their fair value as detailed in note 5.1 and 5.3 respective￿. Unlisted investments {social inveslmentsl as detailed in note 5.2 are basic financial Instruments and are measured al cost less impairment. Current asset investments are measured al amortised cost as detailed in note 6. Cash at bank- is classified as a basic financial instrument and is measured at face value. Flnanclal Liabilities - Grants payable, other creditors, accruals and balances owing lo CVW Ltd are classified as basic financial instruments and are measured al amortised cost as detailed in note 8. Taxation and social security are not included in financial instruments disclosure. p) Criti¢al accounting judgernents and key sources of estimation uncertalnty The key sources of eslimalion uncertainly that have a significant effect on the amounts recognised in the financial slalemenls are described in the accounting policies and are 5ummarised below.. Valuation of investment properties - The Charity's land and buildings are staled at their eslimaled fair value based on professional valuations or management estimates as disclosed in note 5.3. Depreciation of freehold propety includes depreciation of land as this is not considered lo be material. q) Operating leases Rentsls payable and receivable under operating leases are charged lo the Stslement of Financial Activities on a straighl-line basis over the period of the lease. 27 COUNCIL FOR WORLD MISSION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 2.1 DONATIONS AND LEGACIES 2020 2019 Donations Legacies 96.703 18 81,820 32,465 114,285 96.721 2.2 INVESTMENT INCOME 2020 2019 Rental income Dividends from listed investments Income from social investments Income from bank interest Other operational income 105,461 3,419,878 122 5.136 2.215 3,532,812 115,819 3,223,113 36,421 20,108 5,391 3,400,852 2.3 EXPENDITURE ON RAISING FUNDS 2020 2019 Investment manager fees 1,240,545 1,258.060 Included in investment managers. fees is £111,485 paid to CWM'S investment advisors 12019.. £138,798). 2.4 EXPENDITURE ON CHARITABLE ACTIVITIES 2020 2019 Activities Undertaken Directly Grant Funding of Activities (Note 2.4.11 Support Costs (Note 2 4.21 68.227 4,058,230 333.657 4,460,114 74,912 8,075,896 324,998 8,475,806 2.4.1 GRANTS FUNDING OF ACTIVITIES During the year the Charity made grants to the following programmes. A description of some of these programmes are given in note 11.1 to the financial ststements.. 2020 2019 CWM Ltd - Mission Support Programme 2 Ltd- Mission Support Programme 3 CVVM Ltd - Mission Support Programme 4 CWM Ltd - Capacity Development Funds CWM Ltd - Legacies of Slavery Progfamme CVVM Ltd - Covid-19 Solidarity Fund CWN Ltd- Unrestricted funds grants CWM Ltd - Restricted funds grants 265,111 131.053 31,994 333,254 2,437,362 184,987 43,480 474,605 3,130,863 13.118 4,058.230 5,069,970 18,329 8,075,896 28 COUNCIL FOR WORLD MISSION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 2A.2 SUPPORT COSTS 2020 2019 Finan￿, offi'ce adminislralion & maintenance costs Governance costs Meeting costs Auditors, remuneration Under provision of pr￿or year audit fees 298,045 298.165 62 27,600 7,9SO 333,6S7 711 26,122 324,998 STAFF COSTS Analysis of staff costs included in support costs: 2020 2019 Staff costs comprise.. Salaries and wages Social security costs Pension costs 72,910 7,635 8,446 88,991 71,411 4,341 7,527 83,279 The average number of employees analysed by function was.. 2020 Number 2019 Number Support, finance and administration of the Charity No employee earned over £60,000 during the year12019". nill. The key management personnel of the Charity comprised management staff from the CWM Ltd Secretariat in Singapore and the Trustees. No Trustee received any remuneration during the year12019'. nill. Expenses related to Trustee meetings were mel by CWM Ltd. Cost of lime spent by the CVVM Ltd Secretarial in overseeing and supporting CWM UK is borne by CWM Ltd and was not apportioned lo the accounts of UK as it was considered immaterial. 2.6 NET {INCOMEIIEXPENDITURE 2020 2019 This is stated after charging Depreciation AuditOfS' remuneration - external audit services Auditors, remuneration- under provision for prior year external audit services Losses on foreign currency exchange Operating leases 68.856 27,600 7,950 115,221 9.163 25,942 26,122 126,906 23,826 TAXATION The Charity is exempt from corporation tax on its charitable aclivilie5. The Charity is conSide￿d to have passed the lesls set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefoie il meets the definition of a charitable company for UK corporation tax purposes. As such. surpluses and gains are exempt from Corporation Tax provided they are applied for charitable purposes, 29 COUNCIL FOR WORLD MISSION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 TANGIBLE FIXED ASSETS Freehold Land & Building Leasehold Land & Building Fixtures & Fittings Total Cost Al 1 January 2020 and al 31 December2020 2,426,679 315,596 69,717 2.811.992 Depreciation At 1 January 2020 Charge for year Al 31 December 2020 35.436 46.545 81,981 58,790 6,370 63,100 8,014 16,001 24.015 100,240 68,856 169,096 Net book value 31 December 2020 2,344,698 252,496 45,702 2,642,896 Net book value 31 December 2019 2,391,243 258.806 61,703 2.711,752 Where the propety was purchased and the land and buildings not separately identified, there is no accurate way of measuring the cost of the land and building separately, ltterefore the separate value of land and building has not been split out. FIXED ASSET INVESTMENTS 2020 2019 Summary Managed investments (note 5.11 Social investments Inole S 21 Investment properties Inole 5.31 168.560,607 3,444.366 2,830,500 174,835.473 151,903,556 3,559,563 2,919,800 158,382,919 5.1 MANAGED INVESTMENTS 2020 2019 Market value as al 1 January Additions al cost Disposals 151,903,556 34,241,633 129.689,273) 1S6,455,916 12,104,691 168,560,607 146,627,648 87,273,987 197,273,531) 136,628,104 15.275,452 151,903,556 Gains on investments Market value as at 31 December Managed investments are held with 14 investment managers In a mixture of funds as detailed below. The historical cost of quoted investments was £137,154,083 12019.. £129,943,501). Decisions in lalion lo investments are made after advice from the Charity's investment advisers, Cambridge Associates. 2020 2019 Investments at the market value Comprise. Quoted equity shares Bonds in governmenlslcorporations Global funds Propety Trust Total 8.629,587 26.190,351 128,602.844 5,137.825 168,560,607 9,092,556 24,424,006 113,113,210 5,273,784 151,903,556 COUNCIL FOR WORLD MISSION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 5.2 SOCIAL INVESTPJIENTS 2020 2019 As al 1 January Dividends re-invested 3.559,563 24 3,559.587 {115.2211 3,444,366 3,650,147 36,322 3,686,469 1126,9061 3,559,S63 Unrealised loss in exchange As al 31 December Included iri social investments is an investment of £3,434,05412019'. £3,549,274) in the share capital of Oikocredil, a worldwide co-operative society. Oikocredil was entered into in 2000 as a programme- related investment. The value of this investment at 31 December 2020 represented the historical cost of share capital purchased lincluding reinvested dividends less any material impairmentl. Share capital is held In US dollars and Euro and translated into sterling al year end. There is also investment of £10,31212019 £10,289) in the Shared Interest Society 5.3 INVESTMENT PROPERTIES 2020 2019 A5 at 1 January Addition Revaluation As al 31 December 2,919.800 2,775,000 72,295 72,505 2,919,800 189,3001 2.830,500 Investment properties were valued durtng the year by a RICS Registered independent valuer. Al year end, the value of the investment properties were updated by referencing to changes in UK house price Indices and sale prices recently achieved in the same location. The historic cost was £1,568,233 12019.. £1.568,2331 CURRENT ASSET INVESTMENTS 2020 2019 Royal London Short Term Money Market Fund Y Royal London Cash Plus Fund Y Epworth Affirmative Deposit Fund for Charities 708.590 722.201 1,001.921 2.432.712 709,580 5,739,871 6,449,451 2020 2019 As at 1 January Addition Dividends re-invested Disposal 6,449,451 1.000.000 1,921 15,000.0001 2.451,372 {18,660} 2,432,712 5,428,546 7,500,000 16,500,000} 6,428,546 20,905 6,449,451 Net fair value Ilossllgain on current investments As al 31 December The historic cost of current asset investments was £2,482,51712019". £6,462,517) 31 COUNCIL FOR WORLD MISSION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 DEBTORS 2020 2019 Intercompany balan Other debtors Prepayments Accrued income 162,812 246,082 6,169 618,024 1,033,087 168,546 94,314 4,560 622,598 890.018 CREDITORS Amounts falling due within one year 2020 2019 Other taxation and social security Balances owing lo CWM Ltd Grants payable Other creditors Accruals 12,583 4,452,005 165,853 19,246 73.905 4,723.592 12.493 4,606,345 167,951 26,299 88,087 4,901,175 RELATED PARTY TRANSACTIONS Of the six Trustees for the CWM UK, four are Trustees for CVVM Ltd, and tsvo are independent Trustees. Trustees may also sil on governing boards or make up the senior management of member churches that receive grants from CWM Ltd and they will declare an interest and abstain from voting and decision-making when applications and matters relating lo related member churches are being discussed at Trustees meetings and meetings of the CWM Ltd Board. The grants payable to CWM Ltd are also shown in the note 2.4.1 and the amount outstanding as al year-end reporting dale are shown in note 8 above. CWM UK is the sole member and hence wholly controls the London Missionary Society Corporation (company registration number 000639341 and Commonwealth Missionary Society Corporation (company registration number 000544721. These companies are limited by guarantee and registered in England & Wales. They were both dormant throughout the current and previou5 financial year. The companies had nil nel assets as at 31 December 2019, and thefe have been no transactions with CWM UK for a number of years. The fegislered office for both entities is 10 Queen Sireel Place, London, England, EC4R 1 BE. 10. ENDOWMENT AND RESTRICTED FUNDS Balance Gross Costs of Expenditure Balan¢e 1 January Incoming Generating and Investment 31 December 2020 Resources Income Allocations Losses 2020 Pemianent Endowment Funds Capital Only (Notes 10.1 and 10.4) 7,973,632 6.296 12,881) 168,2271 1419.2441 7,489,576 Restrieted Funds Permanent Endowment Funds- Income Only (Note 10.21 Income Only (Note 10.31 265,095 53,009 124,2551 {13,1181 280,731 503,059 768,154 3,657 5S,666 11,6731 125,9281 128,8091 125,8551 113,1181 {25,8551 {81,3451 1445,0991 479.188 759,919 TOTAL 8,741.786 62,962 8.249,495 32 COUNCIL FOR WORLD MISSION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 10. ENDOWMENT AND RESTRICTED FUNDS {continuedl PRIOR YEAR Balan Gross Costs of Expenditure Balance 1 January Incoming Generating and Investment 31 Docember 2019 Resources Income Allocations Gain5 2019 Pomianent Endowment Funds Capital Only (Notes 10.1 and 10.41 6,953.502 4,225 11941 167,7971 1,083,896 7,973,632 Restrlcted Funds Permanent Endowment Funds- Income Only (Note 10.21 Income Only (Note 10.31 251,901 441,826 693,727 33,042 2,275 35,317 11.5191 11041 11,623} {18,3291 17,1151 125,4441 265,095 503,059 768,154 66,177 66,177 TOTAL 7,647,229 39,542 11,8171 193,2411 1,150,073 ,741,786 Income l investment gains include investment income together with realised and unrealised gains and losses on investment assets held directly by the funds, or on pooled assets allocated to the funds. The Pemianent Endowment comprised of tho following at the beginnlng of the year {8ee Note 10.1 and 10.2 and 10.41.. The Harold Granger Fund, which was sel up lo provide for the education of missionaries, Children. Following the introduction of a new Charity Commission Scheme of 1995, the income not required for this purpose in any one year may be used for other defined CWM programme purposes and therefore remain as restricted funds., The CVVM Missionaries Support Fund which was for the maintenance and support of missionaries, and The CWM Retired Missionaries Fund which is used for paying pensions and other costs lo support retired missionaries. Miss ML Barrett Fund was set up for its income lo be applied for the support of the Company's work in Kavutalam, Hachalli or Halavi Pastorales of the Church of South India. In the altemalive. the income may be applied to some other objects within the general purpose of the Company. Sir James Tyler Fund can be used for general purposes on condition that fund is first used lo maintain the grave vault of Sir James Tyler's family al Highgale Cemetery. The Restricted Funds comprised of the following at the beginning of the year (see Note 10.31. Ivy Phyllis Read Scholarship fund was for specialised training for a member of an overseas member church. Robert Cochrane fvnd was for Scott Christian College, Nagercoil, Tamil Nadu. Widows and Orphans fund was available for the widows and orphans of missionaries who happen lo die in while in service The Candidates Training fund was for the initial training of missionaries. The Beckingham fund was created lo support a village inslilulion, the Beckingham Institute in North Nottinghamshire. CWM UK only acts as a Trustee, invests the fund and disburses the income lo the village inslilution. COUNCIL FOR WORLD MISSION (UKI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 10.1 PERMANENT ENDOWMENT FUNDS- CAPITAL ONLY Balance 1 January 2020 Income Balance Investment 31 December Losses 2020 Raising funds Expenditure Miss M L Barrell- pref. Kavulalam, elc, South India 159,954 18,4141 151,540 Harold Granger- Education of Missionaries children etc. 3.898,190 1210,5751 3,687,615 CWM Missionaries Support Fund 2,869,406 1147,4741 17,6441 2,721,932 Sir James Tyler- conditional 99,691 92.047 Funds with balan￿5 less than £10,000 Sub-total 19,166 7,046.407 16321 1374,7391 18,534 6,671,668 Retired missionarie$ (note 10.41 Total 927,225 7,973,632 6,296 12,8811 6.296 12,8811 168,2271 168.2271 144,5051 1419.2441 817.908 7,489,576 PRIOR YEAR Balance 1 January 2019 Income Balance Investment 31 December Gains 2019 Raising funds Expenditure Miss M L Baffett- pref. Kavulalam, elc, South India 138.419 21,535 159,954 Harold Granger- Education of Missionaries children elc. 3,359,010 539.180 3,898,190 CWM Missionaries Support Fund 2,490,299 379,107 2,869,406 Sir James Tyler- conditional 80,125 19,566 99,691 Funds with balances less than £10.000 17,548 6,085,401 1,618 961,006 19.166 7,046,407 Sub-lotsl Retired missionaries (note 10.4} Total 868. 101 6,953.502 4,225 4,225 11941 11941 167,7971 122,890 167,7971 1,083,896 927,225 7,973,632 COUNCIL FOR WORLD MISSION (UK} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 10.2 PERMANENT ENDOWMENT FUNDS- INCOME ONLY {RESTRICTED FUNDS) Balance 1 January 2020 8al#n¢e 31 December 2020 Raising funds Income Expenditure Miss M L Barrett- pref. Kavulalam, elc, Sth India 3,748 1,190 1545} 4.393 Harold Granger- Education of Missionaries children etc. 199,762 29,788 113,6291 16811 215,240 CWM Missionaries Support Fund 12.439 20,862 19,5451 {12,4371 11.319 Sir James Tyler- conditional 49,043 1,081 14951 49.629 Funds with balances less than £10,000 103 265,095 88 1411 53,009 {24,2551 1S0 280,731 113,1181 Balance 1 January 2019 Balance 310ecember 2019 Raising funds PRIOR YEAR Income Expenditure Miss M L Barrett- pref. Kavutalam, etc. Sth India 3,042 740 1341 3,748 Harold Granger- Education of Missionaries children etc. 189,303 18,538 {8521 {7,2271 199.762 CIMA Missionaries Support Fund 11,105 13,035 15991 {11,1021 12.439 Sir James Tyler- conditional 48,401 673 1311 49,043 Funds with balances less than £10,000 50 251,901 131 11,5191 103 265.095 33,042 118,3291 35 COUNCIL FOR WORLD MISSION {UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 10.3 RESTRICTED FUNDS Balance 1 January 2020 Balance Investment 31 December Losses 2020 Raising funds Expenditure Income Ivy Phyllis Read- Scholarship fund Robert Cochrane-work in India Widows and orphans Candidate training Funds with balances less than £10,000 28,573 208 1951 11,4681 27,218 118,839 311,327 24,879 864 2,263 181 13951 {1,0361 1831 16,1081 116,0011 11,2781 113,21)0 296.553 23,644 19,441 503,059 141 3,657 1641 11,673} 11,0001 125,8551 18,573 479,188 PRIOR YEAR Balance 1 January 2019 Balance Raising Expenditure Investment 31 December funds Gains 2019 Income Ivy Phyllis Read- Scholarship fund Robert Cochrane-work in India Widows and orphans Candidate training Funds with balances less than £10,000 24,691 129 {61 3,759 28.573 102,693 276,144 21.496 538 1,408 113 1251 {651 121 15,633 40,955 3,272 118,839 311,327 24.879 {7,1151 16,802 441,826 87 2,275 161 11041 2,558 66,177 19,441 503,059 17,115} 10.4 CWM FUND FOR RETIRED MISSIONARIES CWM has continued lo use the power, granted by the Charity Commission in an order of 2007, 10 deplete the unapplied lolal relum linleresl, dividends and realised capital gainl of this fund in paying pension5 to retired missionaries who had served prior lo the inception of a pension scheme or where Service prior lo July 1977 was not otherwise pensionable. The book value in December 1992 of the assets which subsequently composed the Fund is deemed lo be the permanent capital held on trust for investmenl1£684,0101. All subsequent increases in the value of the permanent capital, whether arising from interest or dividends or realised capital gain on disposal are held as unapplied lolal relum until formally transferred to the trust for application For 2020, the amount approved for application was al £68,227 for 20 retired missionaries. After this application, the balance of total unapplied retums stood at £133,898 as at 31 Dec 2020. The Finance Committee ha5 reviewed this balance vis-a-vis future returns and expected payments and was satisfied that there will be sufficient unapplied returns lo service future payments. This was subsequently endorsed by the Trustees in their meeting in February 2019. This process will be reviewed again in 2021. CWM Fund for Retired Missionaries {Total Return) Value of unapplied total return at 1 January 2020 Total return for the year Value applied during 2020 Value unapplied total relum al 31 De￿mber 2020 Pemianent capital Total fund 243,215 141.0901 168.2271 133,898 684.010 817,908 36 COUNCIL FOR WORLD MISSION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 10.4 CWM FUND FOR RETIRED MISSIONARIES Icontlnuedl Prior Year Value of unapplied to181 fetum 8t 1 January 2019 Totsl return for the year Value applied during 2019 Value unapplied total relum 8131 December 2019 Permanent capital Total 184,091 126,921 167,7971 243,215 684,010 927,225 11. UNRESTRICTED FUNDS Balance at 1 January 2020 Balance at Investment 31 tle¢ember Gain 2020 Income Expenditure Transfer5 General Fund Designated Fund Total unrestricted 140.635.221 3,566,571 14,676,156) 12,164,254> 12.326,608 18,600,497 1914,3491 2.164,254 159.235.718 3.566.571 15,590,$051 0 12,326,608 149,687.990 19,8SO,402 169,538,392 11.1 DESIGNATED FUNDS Ba12nce at 1 January 2020 New Designationl Transfers 8alance at 31 December 2020 Ulilised Mission Support Programme 2 Mission Support Programme 3 Legacies of Slavery Programme Covid-19 Solidarity Fund 344,821 2,255,676 16,000,000 1265,1111 1131,0531 143,5801 1474,6051 {914,3491 79,710 2,124.623 17.364.420 281,649 19.850.402 1,408,000 756,254 2,164.254 18,600,497 Mission Support Programme 2 IMSP21 CWM assists member churches to develop their priorities for mission, based on three lo five-year strategic plans and allo¢8les fesources lo assist them with implementation of their mission plans. The MSP2 programme was implemented in 2002 and is not time constrained. Mission Support Programme 3 {MSP3}. MSP3 is the successor programme lo MSP2. 11 was established in 2006, after the majority of member churches have utilised their MSP2 gmnls. MSP3 is also not time constrained. Legacies of Slavery Programme. £16,000,000 was designated lo be invested for the period from 2020 to 2029, as part of the Charity's commitment to fund the programmes 8nd other projects pertaining lo reparation for the legacies of slavery. Each year, a transfer from the gener81 fund lo this fund will be made based on the investment relums generated. Covid-19 Solidarity Fund. In June 2020, the Board agreed to designate £756,254 for Covid-19 Solidary Fund. Thi5 fund will be used to support member churches and the community that are adversely affected by the impact of the on-going Covid-19 pandemic. 37 COUNCIL FOR WORLD MISSION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Endowment and Restricted Funds Unrestricted Funds Designated Funds Total Funds Fund balances at 31 December 2020 arg represented by: Tangible fixed assets Investments Current assets Current liabilities Total Net Assets 2,642,896 146,735,576 5,033,110 14.723,5921 149,687,990 2,642,896 174,83S,473 5,033,110 14,723,592 177,787,887 19,850,402 8,249.495 19,850,402 8,249,495 Prior Year Endowment and RestTi¢ted Funds Unrestrlcted Funds Designated Funds Total Funds Fund balances at 31 December 2019 are reprgsentgd by: Tan9ible fixed assets Investments Current assets Current liabilities Total Net Assets 2,711,752 131,040,635 11,784,008 14,901, 1741 140.635,221 2,711,752 158,382,918 11,784,008 14,901.174) 167.977.504 18,600,497 8,741.786 18,600,497 8,741,786 13. PENSION SCHEMES Unfunded scheme Discretionary pensions amounting to £68,227 in 2020 {2019.' £67,797) were paid from the Retired Missionaries Fund lo missionaries previously employed by CW UK and not part of the defined benefit scheme described in Note 10.4. The Retired Missionaries Fund is expected lo have sufficient funds lo meet any commitments made lo these individuals. 14. ULTIMATE PARENT ENTITY The Charity's ultimate parent entity is CWM Ltd. with business address at 114 Lavender Street, #12-01 CT Hub 2, Singapore 338729, Singapore. CWM Ltd 15 a registered charity IUEN 201206146ZI limited by guarantee in Singapore. CWM Ltd carries out all of the direct charitable activities previously undertaken by UK, supporting the worldwide partnership of churches to carry out God's mission locally. CWM Ltd is the sole member of CWM UK and has 100'/0 control over CWM UK. Consolidated accounts can be obtained from Accounting and CorFX)rate Regulatory Authority or ACRA Iwww.acra.gov.sgl. 38 COUNCIL FOR WORLD MISSION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 15. PRIOR PERIOD STATEMENT OF FINANCIAL ACTIVITIES Unrestrlcted Funds Restrlctgd Endowment Funds Funds Totsl 2019 Funds Note Incom8 and endowments from: Donation and legacies Investment income 114,285 3,361,310 3.476.S95 114.285 3.400.852 3,515,137 35,317 3S,317 4,225 4,225 Expenditure on: Raising funds Charitable activtlies 1,256,243 8,382,565 9.638,808 1,623 25,444 27,067 194 67,797 67,991 1.258,060 8,475,806 9,733,866 Operatlng SurplusllDeflcltl Net gains on investments Net Income 16.163.213) 14.091,882 7,928,669 7,928,669 8,260 66,177 74,427 74,427 163,7681 16.218,7291 1,083,896 15,241,9SS 1,020,130 9.023.226 1,020,130 9,023,226 Net Movement In Funds Reconciliation of funds.. Totsl Funds At 1 January 2019 Total Funds At 31 December 2019 151,307.049 159,235,718 693.727 768,154 6,953,502 158.954,278 7,973,632 167,977,504 All income and expenditure were derived from continuing aclivilies. The slalement of financial activib'es includes all gains or losses recognised in the yeaT. 16. LEASING Comm￿MENTs CVW UK had the following future minimum lease payments under nOn-Can￿lIable operating leases for the Equipment as follows. Equipment 2020 2019 Less than one year Between one and five years 8,963 13.691 3,298 4,692 7,990 39 COUNCIL FOR WORLD MISSION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 17. CASH FLOWS FROM OPERATING ACTIVITIES Note 2020 2019 Profit before lax Wrile-off of tangible fixed assets Depreciation (Gainslllosses on managed investments (Gainslllosses on propety investments (Gainslllosses on current assets investments IGainslllosses on foreign exchange Investment income- Dividends and Interest Investment income - Rent Investment Income- Non-cash dividends reinvested {In¢reaselldecrease iri debtors Increaselldecreasel in creditorslprovisions 9,810,383 9,023,226 68,856 25,942 5.1 {12,104,6911 115,275,452) 89,300 172,5051 18.660 {20,9051 115,221 126,906 (3.427.229) 13,248,6121 (105,4611 1115,8191 11,9451 136,3221 1143.069 464,469 1177,583) 2,195,118 Net cash from operating acb'vilies 15,8S7,5581 16,933,953} 18. COMPANY INFORMATION The Charity is a private limited company (registered number 47586401. which is incorporated and domiciled in the UK and is a public benefit entity. The address of the registered office is 10 Queen Street Place, London EC4R 1BE. 40