GLIcA￿ MAl￿STREAm COMPANTr NO. $467339 ENGLA.%I) AND WALES A COMPANY LITrIITED BY GLAILthTEE AND NOT HAVI)G.4 SIL4RE C.4PITAL REGISTERED CHARITY )0. 1111739 FI￿￿CIAL ST.4TEMENTS FOR THE YEAR ENDED 31¥f MAY 2021 GLICA% MAINSTRF.AM FIN￿NcIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021 CONTENTS Page Company Infom)aiion Annual Report Staiement of TrU￿ceS. ResponsibililKes Independent Examiners RepKJrt Staiement of Financial Activities Balance Sheet Noi¢s io th¢ Financial Sthtem¢n 10-18 ANGLICAN MAINSTREAM FINA.*CIAL STATEMEI%TS FOR THE YEAR E)1 DED MAY 2021 ILMATION Directors and Trustee5 Canon Dr C. M. N. Sugden (Chaimian Rcv. Canon D. P. Banting Mrs S Finch Mrs R. Huni Canon A. P￿Sland Drchik Ka￿ Tan Mr Vi. Jone5 (appointed on 12 June 2021) Executive Seeretsrv Rev. A Synes Com i467339 {England and Wal¢s} Incor￿￿ted 3 M3). ?005 Cbari Number 11739 i5tered Office 21 High Street Eynsharn Wiin Oxon OX29 4HE Banker5 CovorKrdtive Bank PIC PO Box 250 tkirHousC SoUth￿a5 Skelmersdale WN8 6WT Inde Ddent Examiner Mr Clii"e Pvrser i Siathld Road Bishops Iichington Souiham CV47 ?TQ GLICAN MAINSTREAM .LYNL,IL REPORT FOR THE VLAR EN'DED Ji%1 MAY2021 The Direliors and Trustees prcsent their annual rewrt and financial S￿leMentS, for tlie year ended 31" May 2021. The financial stsiemenis ha￿e been prepared in accordarkee ￿"11h ihe accounling poliLiC5 %ei i)ui ii) ii(Ite I to the accounis and comply ￿ ith the Lharil! % memornndum and arti¢1¢s of association. lh¢ Companics Act 2006, the Charities Act 201 l. and Accounting and Repirting bi Charilies- Statement of Recommended Practice applicable to charili¢s p￿parIng their accounis in accordon¢e with the Financial Retxbrting Standard applicable in the UK and R¢publLL of Ireland- Charities SORP IFRS 102)- and th¢ Financigl Rewrting Standard applicable in th¢ UK and Republic of Ireland (FRS 10!). Ob ects of the Chari Prinei l Aetil'ities and Publie Benefii The Charity is constituted as a compan). limited bv guardntee and is. therefoTt. gowemed by a metnorandum and articles of aSsoci￿10n. The Charity's object ond its principal activity is that of 'ihe advan¢ement of religion through th¢ promotion. teaching. maintenance and practice of the scripturnl truths on w'hich the Anglican Church is founded" The ChariN continucs to ¢xplore nem wa%'s of achiei'inq these objectives. bui there have no changes in either Ihe obj¢LlS ol-the Charity.. or the EK)licies in pla¢e to a¢hiei'¢ them. The Trustccs haN¢ rei iem'ed the Charit%. objects and aciii'ities and are of the Vie￿ that the public ben¢fLt l¢st conlinues to k totsll) satisfied. In forniing ihis opinion. the Trust¢es haN'e considered the guidance issued by the Charity Commission wilh regard to publi¢ iKnefit. Theo aDisation of Our Work The Charity is organised so thal the Trustees meet a￿1 ¢onvers¢ tEgularl￿ io manage its affairs. The post of Exe¢uti%'e Secretary is a salaried wsition. and dal. io da!. resFonsibilits' of the Charitl S affairs is delegated to this indii'idual. The p8)m¢ni of k salaTh io the Executii'e Secretsry is in accordance with the Charily"S constitution. Develo ments and Achievements Th¢ TrusT¢¢S consider thai th¢ TKrforTnance of the ChariD has been saiisfaaor). The Chariij. ¢oniinu¢s ti) sei the building blocks for the promoiion of its objects and has liaised iiith oiher charitstrle organisations to this end. During the year. through its websile featuring a dails, feed of news and comrnent. the Charity has continued to proNide a substantial inforniation resource for orth￿l0X Anglicans in England and around the world. focussing particularly on areas ￿'here ihe Church"s hisioric teaching and prdctice c(xn¢s inio confli¢[ wilh ¢ont¢mporary' culiural nomis. The Charits" continues to proi'ide commentaTr and netw'orking activiti. in the context of Church of England and global Anglican debaies and repons on marriage and sexualiry.. religious freedom and Christian mission in ihe modern world. The Charity. ¢ontinues lo reswnd to requests for comment in ihe media on ihese and other issues. li ¢oniinues its close association wilh the worldwide Anglican Communion in developing countries through GAFCON and its UK a￿1]Iate. GAFCON UK Ifornierli FelloH5hip of Confessing Anglicans). and by channelling financial suppon for sel¢¢t¢d Anglican ministries in the dei'eloping ￿orld. Future Develo mettts The Trusiees hope to continue to build up)n thc foundations laid in the initial perids of activity. and as above. bui no particular future developments are planned. ANGLICAN MAINSTREAM A￿￿￿AL REPORT FOR THE YEAR E)DED 31- 2021 Transactions And FinAn¢ixl Posilion Thc slatcmcT]t of financial actii'ities shom's net incoming unrestriaed resources of £3.656 for the year12020: ouigoing £12.620). and ihe iotsl fund balances Carried foThiard st(KMJ ai £9.037 {?0?0- £8.710). Th¢ Trust¢es recognise thai the Covid-19 pand¢mic had a >ignificant impacr on ihe finances of the Charity.. ￿"ith donation income to general funds dowTt significantli from March ?O?O on￿ardS. M¢asur¢s to cut ¢os15 and s¢¢k alternatiN'e avenues of fundraising were implemenied. and appropriaie changes have bqen made to ensure ihat the Objects ¢8n ¢onlinue to be achIe￿ed on a smaller budg¢t. Th¢ Trustccs b¢li¢v¢ that this is reflected in the figurcs for the )'ear ?fv? l. and are no￿ confident in the long ierm susthinabiji￿ of the Charity. Tan 'ble Fixed Assets for Use b ' the Chari Details of movements in fixed assets are set out ift the notes 10 the accounts. None of the assets are belicvcd to be valued ai a materially different sum from refleci¢d in the accounts. erative Relationshi 'ith Other O anisatioLs Anglican Mainstreatn has infornial links with oih¢r chu￿h¢S. charities and organI￿10nS. worldwide. who generdll) share its charitable objeciiies and from lim¢ to titne ￿.orkS ￿'Ith them on partKular projects. Some of these other charities and organisations offer supp)rt for th¢ work of Anglican Mainstream by waj of grant funding. donaiions. or paynents for consuliing work. Reserves Poli li is the policN of the chartlN' to build up suffi¢i¢nt unrestriaed funds. iihich are ihe free reserves of the Charity. io a l¢i'¢l which equates io approximatel!" Ihree months unresiricted expenditure. This will provide sufficierkt funds to coi'er the ongoing promotion of the Charits" s Objec￿ togdher with the *S￿￿1&¢d support and administration costs. Directors and Trustee5 All Direaors of the Companv are also T[￿￿eeS of the Charity.. and there are no other TnJst¢¢s. All of the Trustees on page I serned dunno ihe lear. The Board has ihe pO￿¢r TO aptx)ini additional Trustees as li considers fit to do so. 2nd. as the need arises. appropriate trnining ￿"111 be gii'en io an) new Trustees taking up office. Rei,d Canon Dr Chris Su¥den. who has serned &$ Chair since 1st August 2014. signs the Repon in this capacity. Risk Man emeDt The Trustees have ¢xawnined the major straiegic. business and operniional risks which Charitv faces or mav faLe. and confimi ih81 svstems are in place io enable r¢gular rewrts io be pr(MJuced. so that the necessary steps ¢an be taken io I¢s5en an) such risks. The principal risks fa¢¢d bi the charit% are the sustainability. of income. and the ongoing reslrdint over. and control of, operdiing costs. Both of these risks are under constant review and monitoring. Readers, attention is also drawn io noie 17 to the accounts regarding pension issues. AN Ll AN MAINSTRL4M R THE YEAR EIYDED 31. MAY 2021 This rcwrt has bccn PreF￿[ra in a¢coTdancc with thc sinall wmpnies ffgimc of the Coruparn¢s Act 20(￿. rov tcth&..:. 2.f.2021, and signed on its This report thas appTov¢d b). the B(th of Dlrcctors and Tru#¢¢s m... ... . behalf bv.. CAnon Dr C M N Sug , Chair of Trustees Date GLIC￿￿ .￿Al￿STREAm STATEMENT OF TRLSTEES, RESPONSIBILITIES FOR THE YEAR E)DED JI. MAY 2021 The Trustees are required b% la￿ to prepare financial 5thtements for each financial ye¥ whi¢h give a truc and fair view ot. Ihe stale of affairs of the Charits. and of lis resulis for that p¢riod. In preparing those finan¢ial sthtements. the Trustees are required to: Select suithbl¢ accounting wlicies and then appl). them consi51ently- Observe the m¢thods and principles in the applicable Chariii¢s SORP. Make judgem¢nts and estimates thai are reasonable and prudeni; Stale whether applicable accounting standar(ts have been followed. subjeci io any material departures disclosed and explained in the financial slatcment Prepare the financÈal statements on the going concern basis unless it is inappropri*e io presume thai ihe Compan! will continue in business. The Trustees are r¢sponsible for keeping proper accounting records whi¢h di￿loSe w'ith reasonable accurdcy ai any time the financial EK)Sition of the chariTh'. and to enable them io ensure that the financial statements ¢ompl)' with the Companies Aci ?006. the Chariiies Act ?01 l and (he applicable Chariiies SORP. The) are 4150 reswnsible for safeguarding ihc ass￿$ of the ¢harits and henc¢ for taking reasonabl¢ steps for ihe prevention and detection of fraud and oiher irregularities. The Truslees are resFK)nsible for the mainienance and integrity of the charity and financi81 inforniation included on ihe charity s M'ebsile in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial sthtemcnts. By Order of the Board of Directors and Trnstees Callon Dr C M N Su%den. Chair of Trnst¢es INDEPENDELYT E￿mINER's REPORT TO THE TRUSTEES OF GLICAN .￿￿L￿sTREAVA I repon io ihe charity trust¢es on m J. examination of the account5 of the company. for the ￿ri{￿l ended 31. May 2021. which are sei our on pag¢s 7 to 18. iTrt res onsibilities of the irnsiee4 *nd exgrnintr As Ihc Lhdritl. 5 Ifublees tsl-tlie Loiiipaii% land also its direciors for the purposes of company law) you arc responsible for th¢ preparntion of the accounts in accordance with the requirements of the Companies Aci 2006 {'the 2006 Act'l. Having satisfied myself thai ihe a¢¢ounts of the cotnpan>' are noi required 10 be audited under Part 16 of the 2006 Aci and are ela8ible for independeni examinaiion. I repon in respect of m), examination of Kout ¢hariry's a¢counis as catTied oui under secrion 144 of lh¢ Charities Act ?0 I I (the -201 l Aci-l. In carrying Out my examination I have followed the Directions gtven b). the Charit￿" Commission under section 145{5Xbl of ihe 2011 Aci. Basis of inde dent examiner'5 re M} examination was carried out in accordance ￿'1th the General Directions given by. the Chartty Commissioners. An examination includes a review of the accouniing records kept bN the charity. and a comparison of the accounts pres¢ni¢d wilh those record5. li a150 includes consideraiion of anj unusual iiem5 or disclosures in the accounts. and seeking explanations from l'ou as rnsiee5 concerning an) such matiers. The procedures undenaken do noi provide all the evidence thai would be required in an audit, and con5equenily no opinion 15 given as to whether the accounts preseni a -mie and fair view., and the report ks limiied to thos¢ maners set oul in the 5tai¢m¢nt below. Inde ndent examiner's siaiemeni I have cornpleied rtL)' examin￿10￿. I conftrni that no matters have come io my all¢ntion in connection with the examination giving me cause io believe: I l ) accounting records were not kepi in respea of th¢ Company &$ required by section 386 of the 2006 Aci: or {2) Ihe accounts do noi accord wilh ihose accouniing records.. or {3) the accounts do not compl!, w'ith the accounting requirements of seciion 396 of ihe 2006 Acr other than an}. requiremeni ihat ihe accounts give a-lrue and fair Vie%￿ which 15 noi a rnarttr considered as pan of an independeni examinaiion- or 141 the accounts have noi been prepared in accordance ￿'Ith the methods and principl¢s of rhe S(aiemeni of Recommended Prdctice for accouniing and reporting b). chariiies lapplicable to chariii¢5 preparing their account5 in accordance with the Financial Reportlllg Standard applicable in the UK and Republic of Ireland {FRS 10211. I have no concems and have come acros5 no other matters in connection with the examanatton to whieh attention should be in thks report in order io enable a proper understanding of the accounts to be reached. li 2rJ%l. Dated ANGLICAN MAINSTREAM BALAIY HEET AT31- MAY 2021 COMPANY NUMBER 5167339 021 2020 Fixed A Investments Ikbtors Cash at Bat 3.982 12,IK>3 5.885 12.530 18,415 Failing Duc in Onc Ycar 9,71 Net Curren¢ Assets 9.036 8,709 Tot81 Awts less Current LiknÈlili being Net A&sds 9,037 8.710 Unrcstrictd Funds Rcstrictcd FuThls tksignatrd Funds 7.9.$0 i87 5(K) 4,294 3,916 io 9.037 8.710 The CO￿?<￿T th& for ￿r￿mI ¢txkd 31" May 2021 tlr clwilabk con4w wa5 ¢*iticd to eXem￿"On from requirements to Iw'¢ an a￿￿"1 uTraeT prth'ision of 477 of ￿ Compan￿$ 2(KK>. No nKmbcror ￿nIE¢r5 has'e WsAÈed a w￿StsD8 an for ￿ Cufte￿ t￿nIM1 wxkr ￿110 476 of ￿ Act. tn￿eeS1th.￿ec￿rS xkTh)wl(yJgc tirir JEswmTrJibiies foT enwring tIMt conwTh. keepswunting ffcords lllch Coll￿3. ￿1th Sttuon 386 of the Aa 2{m￿ a￿1 prepan]]g siaiem¢tts H'lu"ch a￿1 fair i'icH' 0[￿ of a(fairs of compam.. as at of fimTKial of its profit or loss for fi￿1￿1 wiod in &CO￿ Thith Icqui￿￿£nts of SeawtL$ 393 aThl 394. aTra oUrrF•"ise cornply ith requitemerts Ad aatcnrrn& ￿ far as a￿lI￿le to tkn Chan"￿#1¢ compam.. Approved by the Bo*rd of Dirertors and Trustees on MkA&..2.o...2021 and sigttd on its behalf by: CanoD Dr C M N Sugdett Thc note5 on pages 10 to 18 forni part of these accowlts. ANGLICth ￿lIF¥sTREAm NOTES TO THE FIIAThCIAL STA TEMENTS FOR THF. YF.AR F.NDED 31. MAY 2021 Accounti Policies (al General Information These finanLial slatcwncnis haie been presented in Pounds Sierling as this is ihe currency of ihe primary economic enl'ironment in ￿h1¢h the Compan)" operates. (b) Basis of preparation The acLoun(s I fLnan¢ial statements) hai'e E*en prepared under the historical cost convention with iiems r¢¢(>gnised al cosi or irdnsaciion ialue unless otherwise stated in the relevant noteslsl to these accounts. The finanetal slalcmcnts have been prepared in accordance wilh ihe Statement of Recommended Prydciice.. Accouniing and Rep)ning Charities preparing ihcir accounts in aLcordatL¢C i%ith the Financial Rewrting Standard applicable iii the UK and Republic of Ireland IFRS 10?F Chariiies SORP (FRS 102). atkd the Financial Re￿rtIng Standard applicAbl¢ in the UK and RepublÉc of I￿1#[￿ IFRS 102)- the Charities Act 2011 and the Companies ALI !IM)6. The charity constitutes a public benefii entit)." as defined FRS 102. The charity has taken advantsge of the ewnption to prepare a c•sh flow stst¢menL as contained in Finan¢ial RetxTrrting Stsndard l. on th¢ gri)unds that it is a snall charity. (c) ActiTr'ities The financial stai¢ments include the results of the charity s operati limited b). guar8ni¢e and a regIste￿d charity. has no shareholders: it is. therefoK inappropriate 10 include a trconciliation of the mov¢ments in shareholders, funds. 13. Share Ci Anglican Mainstream is limited bj guarante¢ ond does noi have a share capital. 14. Anal sis of Net Assets bets'een Funds Tan Fiied Assets IDI'esthients Current Total RvsiriL¢rd FLLJids Unresiricted Funds Designated Funds 587 7.919 587 7.950 500 9.036 9.037 Is. Commitmeuts In Ihe opinion of the Trust¢e& there were rko outstanding commitments at 31° Ma>, 2021. 16. ratin i*ase Commitments The CompanN' has a commitmeni in res￿1 of an operating le￿ for reni of office premises. The compan). paid £2.i84 during th¢ )"¢ar and the lease is subject to a 6 month noiiLe period. 17 AJGLICAI% %IALN'STREAM OTF.S TU THE FI￿L*cIAL STATEMF.hTS Foli THE YEAR ENDF.D 31. MAY 2021 17. Pension Commitments Position until April 2020 Th¢ Church of England Funded Pcnsions SLheJJJe is a defind benefit s¢heme but Anglican Mainstream is uiiable to identifi" its share ol. thc underl) ing assets and liabililies each eMplo￿er in that Scheme pa)s a common contribution rdie. Periodi¢all)'. the scheme is i'alued and adjustments made to the employer s contiybution rdie as deemed necessary. For 4Lhemes such as The Church of England Funded Pensions S¢heffle. p￿VIouS rerK)rting standards (paragraph 9(b) of FRS 17) required the emplo1.cr io accouni for pension cO￿S on the basis of contributions actually pa)'abl¢ to the scheme in the )'ear. Under FRS 10? the recognition of Ftnsion Co￿S as explained aknve is no longer considered appropriatc. FloMeNer. the Trusiees consider thaL in order for the accounts io show a true and fair view. pension costs b¢in¥ reflected as the pajinenis made in the year remains the apprq)riai¢ disclosure. Previous to April 2020. agreemeni had txcn rtached with The Church of Englard Pensions Board such thai anj projecied pensions funding shortfall would be paid over a numiKr of year& iog¢ther wilh the usual an¥Jual contribuiions. Incoming funding) io the Lharity. was sought to coi'er this budgeted additional expense. again on an annual basis. and thus the overnll matching of incom¢ and outgoing resources would be ix)th consistenL and a better indiCa￿r of the careful stewardship of the Charity's resources. Anglican Mainstream s ¢tnplo)'ee ￿lthdre￿ from The Church of England Funded Pensions Scheyne in April ?O?O. It 15 unders1￿￿ thai no furthcr claims will be made upon ihe charity for any projected pensions funding shortfall prior to the dale ihat contrbuiions ceascd king made. 18