2022-08-31-accounts - The Leaders Of Worship And Preachers Trust

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Trustees	John Griffiths
	David Latter
	David Tuckett
	Harvey Kwiyani	(appointed 23 March 2022)
	Jane Lloyd	(appointed 23 March 2022)
Secretary	Ian Buchanan
Charity number	1107967
Company number	5247784
Registered office	Unit14 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	Courts & Co.
	440 Strand
	London
	WC2R OQS

Key performance indicators	2022	2021	2020	Change	Change
				2021 to	2020 to
				2022	2021
				%	%
Voluntary donations received	165,744	191,394	207,321	-13.40	-7.70
Expenditure (running costs and overheads)	334,006	334,856	300,885	-0.01	+11.30
Vocational grants made	24,050	21,282	21,446	+13.00	-0.01
Hardship grants made	9,350	1,000	3,800	+835.00	-73.70
Grants made to charities from LPMA funds	650	6,150	-	-89.40	+100.00
Pension rectification costs from LPMA funds	-	-	70,000	-100.00	-100.00
Legacies received by LWPT	463,841	61,166	224,883	+658.30	-72.80
Legacies received by LPMA	60,581	65,410	144,805	-0.07	-54.80

Current financial year
		Unrestricted	Restricted			Total		Total
		funds	funds
		2022	2022			2022		2021
	Notes
Income and endowments from:
Donations and legacies	3	629,359	60,807			690,166	317,970
Charitable activities	4	23,533		-		23,533		14,933
Other trading activities	5	19,475		-		19,475		19,501
Investments	6	13,104		772		13,876		37,007
Other income	7							3,000
		-		-		-
Total income		685,471	61,579			747,050	392,411
Expenditure on:
Raising funds	8	38,136		-		38,136		25,828
Charitable activities	9	359,781	8,695			368,476	363,288
Total expenditure		397,917	8,695			406,612	389,116
Net gains/(losses) on investments	12	(27,576)		-		(27,576)		16,610
Net income / (expenditure) for the year		259,97852,884				312,862		19,905
Other recognised gains and losses
Actuarial gain on defined benefit pension schemes		46,867				46,867		8,976
Net movement in funds		,845 306	52	,884		,729 359		,881 CO CM CM CD
Fund balances at 1 September 2021		,572 584	297	,180		,752 881	CO	,871
Fund balances at 31 August 2022		,417 891	350	,064	1	,481 ,241	,752 881

Prior financial year
		Unrestricted	Restricted	Total
		funds	funds
		2021	2021	2021
	Notes
Income and endowments from:
Donations and legacies	3	252,434	65,536	317,970
Charitable activities	4	14,933	-	14,933
Other trading activities	5	19,501	-	19,501
Investments	6	36,362	645	37,007
Other income	7	3,000	-	3,000
Total income		326,230	66,181	392,411
Expenditure on:
Raising funds	8	25,828	-	25,828
Charitable activities	9	354,746	8,542	363,288
Total expenditure		380,574	8,542	389,116
Net gains/(losses) on investments	12	16,610	-	16,610
Net income / (expenditure) for the year		(37,734)57,63919,905
Other recognised gains and losses
Actuarial gain on defined benefit pension schemes		8,976		8,976
Net movement in funds		(28,758)57,639		28,881
Fund balances at 1 September 2021		613,330239,541		852,871
Fund balances at 31 August 2022		584,572297,180		881,752

		20222021	20222021	20222021	20222021
Notes
Fixed assets
Investment properties13-200,000
Investments14301,133393,001
			301,133593,001
Current assets
Debtors16	12,246			43	,780
Cash at bank and in hand	1,152,994			590	,315
	1,165,240			634	,095
Creditors: amounts falling due within
one year17	(38,726)			(18	,344)
Net current assets		1	,126,	514	615,751
Total assets less current liabilities		1	,427,	647	1,208,752
Provisions for liabilities			(186,	166)	(327,000)
Net assets		1	,241,	481	881,752
Income funds
Restricted funds20350,064297,180
Unrestricted funds
General unrestricted funds	,583 1,077,			851	,675
Revaluation reserve				59	,897
Pension reserve	,166) (186,			(327	,000)
			,417 891		584,572
		1	,481 ,241		881,752

	20222021	20222021
	Notes
Cash flows from operating activities
Cash generated from/(absorbed by)24
operations284,511(74,970)
Investing activities
Proceeds on disposal of investment
property	200,000	-
Purchase of other investments	(250,284)	(194,477)
Proceeds on disposal of other investments	314,576	190,245
Investment income received	13,876	37,007
Net cash generated from investing
activities278,16832,775
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents562,679(42,195)
Cash and cash equivalents at beginning of year590,315632,510
Cash and cash equivalents at end of year1,152,994590,315

	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	funds	funds		funds	funds
	2022	2022	2022	2021	2021	2021
Donations and gifts	165,518	226	165,744	191,268	126	191,394
Legacies receivable	463,841	60,581	524,422	61,166	65,410	126,576
	629,359	60,807	690,166	252,434	65,536	317,970
Charitable activities
					20222021

Charitable activities(Continued)	Charitable activities(Continued)	Charitable activities(Continued)	Charitable activities(Continued)	Charitable activities(Continued)	Charitable activities(Continued)	Charitable activities(Continued)
For the year ended 31 August 2021
						2021
Ancillary trading income14,933
Analysis by fund
Unrestricted funds14,933
Other trading activities
					Unrestricted	Unrestricted
					funds	funds
					2022	2021
Merchandising income					19,475	19,501
Investments
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	funds	funds		funds	funds
	2022	2022	2022	2021	2021	2021
Rental income	6,329		6,329	30,860	_	30,860
Dividends and fixed
interest	5,047	645	5,692	5,412	625	6,037
Interest receivable	1,728	127	1,855	90	20	110
	13,104	772	13,876	36,362	645	37,007

	Other income
		Total	Unrestricted
			funds
		2022	2021
	Other income	-	3,000
8	Raising funds
		Unrestricted	Unrestricted
		fundsfunds
		2022	2021
	Fundraisina and publicity
	Advertising	3,817	4,617
	Other fundraising costs	28,715	15,901
	Fundraising and publicity	32,532	20,518
	Trading costs
	Other trading activities	4,309	4,092
	Investment management	1,295	1,218
		38,136	25,828

	2022	2021
Staff costs	162,540	153,099
Other staff costs	7,046	2,250
Grants and financial assistance	34,050	28,561
Premises costs	20,046	20,229
Repairs and maintenance costs	4,925	1,816
Office costs	8,726	8,519
Computer costs	13,679	13,625
Printing resources	62,184	56,876
Travel and subsistence costs	2,924	615
General expenses	2,720	858
Legal and professional costs	43,027	70,250
Bank charges and other finance costs	4,100	4,752
Governance costs	2,509	1,838
	368,476	363,288
Analysis by fund
Unrestricted funds	359,781
Restricted funds	8,695
	368,476
Unrestricted funds		354,746
Restricted funds		8,542
		363,288

	Number of employees
	The average monthly number of employees during the year was:
		2022	2021
		Number	Number
	Administrative	6	6
	Employment costs	2022	2021
	Wages and salaries	141,391	135,430
	Social security costs	9,173	8,316
	Other pension costs	11,976	9,353
		162,540	153,099
	There were no employees whose annual remuneration was 60,000 or more.
12	Net gains/(losses) on investments

		Unrestricted Unrestricted
		funds funds
		2021 2022
	Revaluation of investments	36,402 (14,112)
	Gain/(loss) on sale of investments	5,208 (13,464)
	Revaluation of investment properties	(25,000) -
		(27,576)16,610
13	Investment property
		2022
	Fair value
	At 1 September 2021200,000
	Disposals(200,000)
	At 31August 2022
	The investment property is Flats 20 to 24 Southcroft, Psalter Lane,Sheffield. The property was held on a
	999 year lease expiring July 2988 at an annual rent of a peppercorn. The property was disposed of during
	the year.
		20222021
	Long leasehold-200,000

	Listed	Government	Cash in	Total
	investments	Bonds	portfolio
Cost or valuation
At 1 September 2021	364,043		28,958	393,001
Additions	165,061	85,223		250,284
Valuation changes	(7,812)	(6,300)		(14,112)
Net movement in cash			(8,452)	(8,452)
Disposals	(319,588)			(319,588)
At 31August 2022	201,704	78,923	20,506	301,133
Carrying amount
At 31August 2022	201,704	78,923	20,506	301,133
At 31August 2021	364,043	-	28,958	393,001
			2022	2021
Investments at fair value comprise:
Government bonds			78,923
Equity shares			166,375	169,369
Investment trusts and unit trusts			35,329	194,674
Cash on deposit			20,506	28,958
			301,133	393,001
15Financial instruments			2022	2021
Carrying amount of financial assets
Instruments measured at fair value through	t or loss profi		201,704	364,043
16Debtors
			2022	2021
Amounts falling due within one year:
Trade debtors			6,2853,132
Other debtors			3,52738,482
Prepayments and accrued income			2,4342,166
			12,246	43,780

17	Creditors: amounts falling due within one year
			2022	2021
	Other taxation and social security			3,035
	Trade creditors		24,355	4,287
	Other creditors		659	659
	Accruals and deferred income		13,712	10,363
			38,726	18,344
18	Provisions for liabilities		2022	2021
	Retirement benefit obligations19		186,166	327,000
	Movements on retirement benefit obligations:
	At 1 September 2021327,000
	Contributions paid in year(93,967)
	Actuarial (gains)/losses in year(46,867)
	At 31 August 202	186,166

Retirement benefit schemes		(Continued)
The following FRS102 calculations have been carried out by an independent qualified actuary		and relate to
LWPT's share of the Methodist Local Preachers Mutual Aid Association Pension Scheme.
	2022	2021
	'000	'000
Defined benefit obligation	458	655
Fair value of scheme assets	310	443
Net defined benefit liability	(148)	(212)
Unrecognised surplus
Net defined benefit liability after allowance for surplus restriction	(148)	(212)
Analysis of Statement of Financial Activities charge
	2022	2021
	'000	'000
Net interest expense on net defined benefit liability	3	4
Total pension expense / (credit) recognised in Statement of Financial
Activities	3	4
Principal actuarial assumptions at the balance sheet date:
	2022	2021
Discount rate	3.97%	1.73%
RPI inflation rate	3.35%	3.34%
Pension increases in payment - RPI max 5%	3.19%	3.18%
Pension increases in deferment - 5% fixed	0	0
Commutation (% of pension)	0	0
Post-retirement mortality	S3PA	S3PA
	CMI 2021	CMI 2020
Reconciliation of defined benefit obligation over the year	2022	2021
Defined benefit obligation at the start of the year	655	666
Interest expenses on defined benefit obligation	11	11
Remeasurement - effect of experience adjustments (gain) / loss	(197)	2
Remeasurement - effect of changes in assumptions (gain) / loss	4	(11)
Benefits paid	(15)	(13)
Settlements
Defined benefit obligation at the end of the year	458	655


Retirement benefit schemes		(Continued)
Changes in the fair value of scheme assets are as follows:	2022	2021
Fair value of scheme assets as at the start of the year	443	429
Interest income on scheme assets	8	7
Remeasurement - return on scheme assets excluding interest income
(gain) / loss	(142)	4
Contributions by the Employer	16	16
Benefits paid	(15)	(13)
Defined benefit obligation at the end of the year	310	443
Remeasurements recognised in Other Comprehensive Income (OCI)	2022	2021
	•000	'000
Remeasurement - effect of experience adjustments (gain) / loss	(142)	4
Remeasurement - effect of changes in assumptions (gain) / loss	197	(2)
Remeasurement - return on plan assets excluding interest income (gain) /
loss	(4)	11
Total remeasurement gain / (loss) recognised in OCI	51	13
Reconciliation of funded position	2022	2021
	'000	'000
Net defined benefit liability at start of year	212	237
Expense recognised in Statement of Financial Activities	3	4
(Gain) / loss recognised in OCI	51	(13)
Contributions by the Employer	(16)	(16)
Net defined benefit liability at end of year	148	212
Closure rectification costs	38	115
Total defined benefit liability at end of year	186	327

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22 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:
	2022			2021
Within one year	1,462			17,550
Between two and five years				1,462
	1,462			19,012
23Related party transactions
There were no disclosable related party transactions during the year.
24Cash generated from operations20222021
Surplus for the year312,86219,905
Adjustments for:
Investment income recognised in statement of financial activities	(13	,876)		(37,007)
Loss/(gain) on disposal of investments	13	,464		(5,208)
Fair value gains and losses on investment properties			-	25,000
Fair value gains and losses on investments	14		,112	(36,402)
Difference between pension charge and cash contributions	46		,867	8,976
Movements in working capital:
Decrease/(increase) in debtors	31		,534	(14,296)
lncrease/(decrease) in creditors	20		,382	(10,938)
Decrease in provisions	(140		,834)	(25,000)
Cash generated from/(absorbed by) operations	284		,511	(74,970)
25Analysis of changes in net funds
The charitable company had no debt during the year.