2021-08-31-accounts - The Leaders Of Worship And Preachers Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Trustees	John Griffiths
	David Latter
	Charlie Styles	(resigned 23 March 2021)
	David Tuckett
	Harvey Kwiyani	(appointed 01 September 2021)
Secretary	Ian Buchanan
Charity number	1107967
Company number	5247784
Registered office	Unit 14 Orbital 25 Business Park
	Dwight Road
	Watford
	Hertfordshire
	WD18 9DA
Independent examiner	Gary Howard FCA
	Howard Wilson Chartered Accountants
	36 Crown Rise
	Watford
	Hertfordshire
	WD25 ONE
Solicitors	Stone King LLP
	Boundary House
	91 Charterhouse Street
	London
	EC1M6HR
Investment advisors	Cou^ts & Co.
	440 Strand
	London
	WC2R 0QS

Key performance indicators	2021	2020	2019	Change	Change
				2020 to	2019 to
				2021	2020
				%	%
Voluntary donations received	191,394	207,321	211,737	-7.7	-2.1
Expenditure (running costs and overheads)	334,856	300,885	291,587	+11.3	+3.2
Vocational grants made	21,282	21,446	20,500	-0.01	+4.6
Hardship grants made	1,000	3,800	5,700	-73.7	-33.3
Grants made to charities from LPMA funds	6,150	-	5,000	+100.0	-100.0
Pension rectification costs from LPMA funds	-	70,000	-	-100.0	+100.0
Legacies received by LWPT	61,166	224,883	177,104	-72.8	+27.0
Legacies received by LPMA	65,410	144,805	123,848	-54.8	+16.9

Current financial year
		Unrestricted	Restricted	Total	Total
		funds	funds
		2021	2021	2021	2020
	Notes
Income and endowments from:
Donations and legacies	3	252,434	65,536	317,970	577,009
Charitable activities	4	14,933	-	14,933	14,280
Other trading activities	5	19,501	-	19,501	12,135
Investments	6	36,362	645	37,007	27,715
Other income	7	3,000	-	3,000	3,000
Total income		326,230	66,181	392,411	634,139
Expenditure on:
Raising funds		25,828		25,828	15,148
Charitable activities		354,746	8,542	363,288	396,836
Total expenditure		380,574	8,542	389,116	411,984
Net gains/(losses) on investments	12	16,610		16,610	(4,272)
Net income / (expenditure) for the year		(37,734)	57,639	19,905	217,883
Other recognised gains and losses
Actuarial gain/(loss) on defined benefit pension
schemes		8,976		8,976	(75,122)
Net movement in funds		(28,758)57,63928,881142,761
Fund balances at 1 September 2020		613,330	239,541	852,871710,110
Fund balances at 31 August 2021		584,572	297,180	881,752	852,871
The statement of financial activities includes all	gains and losses recognised in the year.

Prior financial year
		Unrestricted	Restricted	Total
		funds	funds
		2020	2020	2020
	Notes
Income and endowments from:
Donations and legacies	3	431,981	145,028	577,009
Charitable activities	4	14,280	-	14,280
Other trading activities	5	12,135	-	12,135
Investments	6	26,919	796	27,715
Other income	7	3,000		3,000
Total income		488,315	145,824	634,139
Expenditure on:
Raising funds		15,148		15,148
Charitable activities		322,466	74,370	396,836
Total expenditure		337,614	74,370	411,984
Net gains/(losses) on investments	12	(4,272)		(4,272)
Net income / (expenditure) for the year		146,429	71,454	217,883
Other recognised gains and losses
Actuarial gain/(loss) on defined benefit pension schemes		(75,122)		(75,122)
Net movement in funds		71,30771,454		142,761
Fund balances at 1 September 2020		542,023168,087		710,110
Fund balances at 31 August 2021		613,330239,541		852,871

		20212020	20212020
	Notes
Fixed assets
Investment properties13200,000225,000
Investments14393,001347,158
		593,001572,158
Current assets
Debtors	16	43,780	29,485
Cash at bank and in hand		590,315	632,510
		634,095	661,995
Creditors: amounts falling due within
one year	17	(18,344)	(29,282)
Net current assets		615,751	632,713
Total assets less current liabilities		1,208,752	1,204,871
Provisions for liabilities		(327,000)	(352,000)
Net assets		881,752	852,871
Income funds
Restricted funds20297,180239,541
Unrestricted funds
General unrestricted funds		851,675	929,654
Revaluation reserve		59,897	35,676
Pension reserve		(327,000)	(352,000)
		,572 584	613,330
		,752 881	852,871

	Donations and legacies
		Unrestricted	Restricted	Total	Unrestricted Restricted		Total
		fundsfunds			fundsfunds
		2021	2021	2021	2020	2020	2020
	Donations and gifts	191,268	126	191,394	207,098	223	207,321
	Legacies receivable	61,166	65,410	126,576	224,883	144,805	369,688
		252,434	65,536	317,970	431,981	145,028	577,009
4	Charitable activities
						2021	2020
	Ancillary trading income					14,933	14,280
	For the year ended 31 August 2020
							2020
	Ancillary trading income						14,280
	Analysis by fund
	Unrestricted funds						14,280
5	Other trading activities
						UnrestrictedUnrestricted
						fundsfunds
						20212020
	Merchandising income					19,50112,135

	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	funds	funds		funds	funds
	2021	2021	2021	2020	2020	2020
Rental income	30,860	-	30,860	19,423	-	19,423
Dividends and fixed
interest	5,412	625	6,037	6,745	613	7,358
Interest receivable	90	20	110	751	183	934
	36,362	645	37,007	26,919	796	27,715

Unrestricted	Unrestricted
funds	funds
2021	2020
3,000	3,000

Raising funds
	Unrestricted	Unrestricted
	fundsfunds
	2021	2020
Fundraisina and publicity
Advertising	4,617	10
Other fundraising costs	15,901	9,605
Fundraising and publicity	20,518	9,615
Trading costs
Other trading activities	4,092	4,455
Investment management	1,218	1,078
	25,828	15,148

	2021	2020
Staff costs	153,099	135,366
Other staff costs	2,250	4,249
Grants and financial assistance	28,561	25,246
Premises costs	20,229	20,135
Repairs and maintenance costs	1,816	4,591
Office costs	8,519	8,287
Computer costs	13,625	21,190
Printing resources	56,876	44,459
Travel and subsistence costs	615	3,884
General expenses	858	930
Legal and professional costs	70,250	51,514
Pension scheme rectification costs	-	70,000
Bank charges and other finance costs	4,752	4,687
Governance costs	1,838	2,298
	363,288	396,836
Analysis by fund
Unrestricted funds	354,746
Restricted funds	8,542
	363,288
Unrestricted funds		322,466
Restricted funds		74,370
		396,836

	20212020
	NumberNumber
Administrative66
Employment costs	2020 2021
Wages and salaries	122,164 135,430
Social security costs	6,701 8,316
Other pension costs	6,501 9,353
	135,366 153,099

12	Net gains/(losses) on investments
		Unrestricted	Unrestricted
		fundsfunds
		2021	2020
	Revaluation of investments	36,402	362
	Gain/(loss) on sale of investments	5,208	(4,634)
	Revaluation of investment properties	(25,000)
		16,610	(4,272)
13	Investment property
			2021
	Fair value
	At 1 September 2020		225,000
	Net gains or losses through fair value adjustments		(25,000)
	At 31 August 2021		200,000

13	Investment property		(Continued)
		2021	2020
	Long leasehold	200,000	225,000
14	Fixed asset investments
			Listed
			investments
	Cost or valuation
	At 1 September 2020		347,158
	Additions		5,208
	Valuation changes		36,402
	Net movement in cash		4,233
	At 31 August 2021		393,001
	Carrying amount
	At 31 August 2021		393,001
	At 31 August 2020		347,158
		2021	2020
	Investments at fair value comprise:
	Equity shares	169,369	153,083
	Investment trusts and unit trusts	194,674	164,545
	Cash on deposit	28,958	29,530
		393,001	347,158
15	Financial instruments	2021	2020
	Carrying amount of financial assets
	Instruments measured at fair value through profit or loss	393,001	347,158

16	Debtors
			2021	2020
	Amounts falling due within one year:
	Trade debtors		3,132	2,435
	Other debtors		38,482	26,375
	Prepayments and accrued income		2,166	675
			43,780	29,485
17	Creditors: amounts falling due within one year
			2021	2020
	Other taxation and social security		3,035	3,201
	Trade creditors		4,287	11,911
	Other creditors		659	659
	Accruals and deferred income		10,363	13,511
			18,344	29,282
17	Provisions for liabilities		2021	2020
		Notes
	Retirement benefit obligations	19	327,000	352,000
			327,000	352,000

	2021	2020
	'000	'000
Defined benefit obligation	(655)	(666)
Fair value of scheme assets	443	429

Retirement benefit schemes		(Continued)
Net defined benefit liability Unrecognised surplus	(212)	(237)
Net defined benefit liability after allowance for surplus restriction	(212)	(237)
Analysis of Statement of Financial Activities charge
	2021	2020
	'000	'000
Current service cost
Net interest expense on net defined benefit liability
Pension Scheme expenses (excluding investment related expenses)
Past service cost
Curtailments
Settlements
Interest expense on effect of (asset ceiling) / onerous liability
Total pension expense / (credit) recognised in Statement of Financial
Activities	4	4
Principal actuarial assumptions at the balance sheet date:
	2021	2020
Discount rate	1.73%	1.57%
RPI inflation rate	3.34%	2.95%
Pension increases in payment - RPI max 5%	3.18%	2.87%
Pension increases in deferment - 5% fixed	5.00%	5.00%
Commutation (% of pension)
Post-retirement mortality	S3PA	S2PA
	CMI 2020	CMI 2019

Retirement benefit schemes		(Continued)
Reconciliation of defined benefit obligation over the year	2021	2020
	'000	'000
Defined benefit obligation at the start of the year	666	666
Current service cost
Contributions by the members
Interest expenses on defined benefit obligation	11	11
Remeasurement - effect of experience adjustments (gain) / loss	2	10
Remeasurement - effect of changes in assumptions (gain) / loss	(11)	(1)
Benefits paid	(13)	(20)
Past service cost
Disposals and acquisitions
Curtailments
Settlements
Defined benefit obligation at the end of the year	655	666
Changes in the fair value of scheme assets are as follows:	2021	2020
	'000	'000
Fair value of scheme assets as at the start of the year	429	424
Interest income on scheme assets	7	7
Remeasurement - return on scheme assets excluding interest income
(gain) / loss	4	4
Contributions by the Employer	16	14
Contributions by the Members
Benefits paid	(13)	(20)
Pension Scheme expenses (excluding investment-related expenses)
Disposals and acquisitions
Settlements
Defined benefit obligation at the end of the year	443	429
Return on scheme assets	21	21

Retirement benefit schemes		(Continued)
Remeasurements recognised in Other Comprehensive Income (OCI)	2021	2020
	'000	'000
Remeasurement - effect of experience adjustments (gain) / loss	4	4
Remeasurement - effect of changes in assumptions (gain) / loss Remeasurement - return on plan assets excluding interest income (gain) /	(2)	(10)
loss	11
Limit on asset that can be recognised (change in unrecoverable surplus)
Total remeasurement gain / (loss) recognised in OCI	13	(5)
Reconciliation of funded position	2021	2020
	'000	'000
Net defined benefit liability at start of year	237	242
Expense recognised in Statement of Financial Activities	4	4
(Gain) / loss recognised in OCI Contributions by the Employer	(16) (13)	(14) 5
Net defined benefit liability at end of year	212	237
Closure rectification costs	115	115
Total defined benefit liability at end of year	327	352

				asodj CO		Balan31 Au 8 iS 5 w	Balan31 Au 8 iS 5 w	SB^" o ^- o o	297 O CO	ned ic its
								CM
				s and gratz co ^_t CD 73 o trus U^a. ;O a. o 3	i >0 ent c1	Balan.Septi ™ S <D X u C c ^11 Ol	S CM ^ o "8	CM o CM ttl w	co •- CM ^- CM 431,1 10 CO co" ^— • CO oo" •M- m cm" •	239, ,541 CO co" 00 ods cm"	reac h iers "3 CD Aid1 o Is ior CD 0 73 CO =
				ne "S CO 73o natioc	fun CA •n	w 9- IX * 1 i C] ^ 10 71	C*J	^^- ^f" CO O • ^^	Cd Ml"" CO (OZ	eth odis _i 80 0.	ital
XD H (/)				: fold ing 3 03C X CDQ. CD 73 73 jQ alai	o 0Ei CD	T- CO <u lampter 8 c "S fe Incesi o 3 CI "M o)	S ^ w	T~ co" - m T~ cn ^-_ 1^ O ^- in" CO ^- • CM	68,o i^- co ^- m" oos	the X3O jed CO O CD t_	c COI CD CO risc 0 cn nt lx:0 Q.s
											0
				CD
REAC LU (^ 0)	(C ONTIZD UJQ			d fun ds comD. isi cn						ventob CO2L c 0	cted toh CD CO3 CD Q
U- o (0I <zo a.	INA O IAL UJ UJ i— (0	UJ **^ ^" o3 1-		ofth o CD ar ity _3o CD 73 E CO trie				Genral Pu COo9- u. co CD C 73		neral 0. CD COOa. co LX 73C CO ^*— c co 73 en	^pr es >ents CO /n cu i cyf 0 x: CO E stri
O
ERS	HE Fl	AREI	fun ds	e fun ds						lAGe	Fund re
X _l UJ LU Q<	Oz TES HO	s E a: UJ S	a CM ResEi	The c oo				n cd ^ O ^ c S < IX j		Therule ^ .5 ^8	The O c

\—O TO		CMO CMO	Ul	m" o_oo	m OO	cm" t^ ^~ cn	cm"oo ©	cm" ©
				CM CM		m CO	(35	in ©
0 'C ^^ •o	l-^^ "O CA	CM CMo	ul		^~ T—" ^~ T— O	CM CM oo" cn	i	CM © ©" ©
Inr ei strii	IX 73 CA	CM CMO	Ul	CM m" CM oo o	cn 8"s 00	M-"o 00 CM CM	cn_ cm" in oo o"	co ©" © M O
_j
i-o		CM O CM		CModo oo	cn cn on"o 1 -0	CD T— in" in	on_ CM 1--" © ^—. oo	© © T— CM ©
(A o 73	IX3 CA	CM O CM T"	Ul		^* o	CM oo co"o O	•	CM © T— ©o
"55c	3^ CA	CM © T-	Ul	CM 00,ooo	cn 81, oo O]	cn 29, CO oo	to CM o_oo"	© 84, © CM

Operating lease commitments	Operating lease commitments	Operating lease commitments
At the reporting end date the charitable company had outstanding commitments for future minimum lease
payments under non-cancellable operating leases, which fall due as follows:
	2021	2020
Within one year	17,550	17,550
Between two and five years	1,462	19,012
	19,012	36,562