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2022-08-31-accounts

05554986

Grace Church Dulwich (A company limited by guarantee)

Report and Financial Statements For the year ending 31 August 2022

Charity number 1111740 Company number 05554986

Grace Church Dulwich (A company limited by guarantee)

Financial Statements for the year ending 31 August 2022

Contents Page
Report of the Trustees 2
Report of the Independent Examiner 6
Statement of Financial Activities 7
Balance Sheet 8
Notes forming part of the financial statements 9

1

Grace Church Dulwich

Report of the Trustees for the year ending 31 August 2022

Reference and Administrative Information

Charity name: Grace Church Dulwich Charity registration number: 1111740 Company registration number: 05554986 Registered Office 135 Sydenham Park Road Sydenham London SE26 4LP

Directors of the Company and Trustees for the purpose of charity law Rev. S Dowdy Chairman / Senior Minister Mr B Jones Churchwarden Mr M Evans Churchwarden – (appointed 7 February 2023) Mr A Neden Treasurer Mrs M Burke (appointed 7 February 2023) Mrs L Nelson (resigned 7 February 2023) Mr W Nettleford (appointed 2 February 2021) Mrs H Simmons (appointed 2 February 2021)

Secretary Mrs V Widdows

Independent Examiner

Ajay Rajani FCIE, Stewardship, 1 Lambs Passage London EC1Y 8AB

Bankers

NatWest Bank, St Paul’s Branch, Juxon House, 98 St Paul’s Churchyard, London EC4M 8BU

Structure, Governance and Management

Governing document

The organisation is a charitable company limited by guarantee, incorporated on 6 September 2005 and registered as a charity as from that date. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1 each.

Recruitment and Appointment of the Church Council, Directors of the company and Trustees for the purposes of charity law

Under the company’s Memorandum and Articles of Association the greater of (i) two or (ii) one third of the members of the Church Council (aside from the Senior Minister and Wardens who serve ex-officio) shall retire at each Annual General Meeting in rotation. Appointments (other than the initial appointment of the first members of the Church Council) or reappointments shall be by election at the Annual General Meeting, with the approval of the Senior Minister and for a fixed period of three years.

2

Grace Church Dulwich

Report of the Trustees for the year ending 31 August 2022

The Directors of the company are also charity trustees for the purposes of charity law. Trustees are appointed for a fixed term of three years (aside from the Senior Minister and Wardens who serve ex-officio). The appointment or re-appointment of any Trustee is by the remaining Trustees and requires the prior written approval of the Council of Reference and the Church Council.

Objectives and Activities

The objects of the charity are the advancement of the Christian Faith.

We are an Anglican Evangelical church. People of all ages and stages and backgrounds meet at Grace Church, committed to learning from the Bible as we seek actively to love and serve Jesus Christ. Visitors are always welcome, particularly all those investigating the claims of Jesus or looking for a church family to make their own.

Our mission statement

Our overall purpose is to make disciples of Jesus Christ.

We believe that Jesus’ Great Commission of Matthew 28:16-20 is the mission of the church: to go into the world and make disciples by declaring the gospel of Jesus Christ in the power of the Spirit, and gathering these disciples into churches that they might worship and obey Jesus Christ both now and in eternity- to the glory of God the Father.

Achievements and Performance

The principal activities of the charity are:

These activities are undertaken in and around the Dulwich area of South-East London.

In planning these activities, the Trustees have had regard to the guidance on public benefit issued by the Charity Commission. All of these activities have welcomed newcomers from the local community throughout the year.

For the year the principal mission partners were Holy Redeemer Streatham; through Crosslinks, a Minister and his family working in Naples, Italy, an individual working with Calvary Church Castlebar, Eire and Christ Church Soweto, South Africa; and, through Grace Baptist Mission, the principal (and his family) of Proclamation Institute Zambia.

Financial Review

The charity is dependent for funding solely on donations from members of the Company and other individual donors.

In the year to 31 August 2022, the charity recorded a surplus of £25,624 (2020: £41,157) on unrestricted funds from its usual activities, with an additional £87,000 being added to reserves by virtue of donations made in order to facilitate the acquisition of a residential property to support the ministry long term. In addition in 2022 the charity reported a gain of £2,338 on the

3

Grace Church Dulwich

Report of the Trustees for the year ending 31 August 2022

sale of its social investment (in 2021 the charity reported a gain of £55,000 on revaluing that social investment). Hence 2022’s total surplus on unrestricted funds was £114,962 (2021£96,157). The surpluses in 2022 and 2021 have continued restoring the historic reserves. Supporters continued to give generously, in anticipation of increased ministry costs in 2021/22.

In 2022 a house was acquired in order to house one of the members of staff and his family for the better performance of his duties. The charity used historic reserves, the additional donations referred to above and a loan from Kingdom Bank Limited to fund the purchase.

In 2021 the Senior Minister of the charity spent a proportion of his time in respect of St Botolph’s Aldersgate and a proportion in respect of the charity. During the financial year ended 31 August 2021 the agreed split was 15%/85% until 11 July 2021 at which point he stepped down from St Botolphs to dedicate all of his time to Grace Church Dulwich. The costs associated with the Senior Minister were shared in approximately the same proportion between St Botolph’s and the charity. Apart from the historic involvement of the senior minister in both ministries there were no other connections or formal relationships between the charity and St Botolph’s.

These financial statements record only the financial transactions – they do not, and it would not be possible to, record all the voluntary work done and resources provided by many to support the charity and its objectives.

Reserves

Apart from the residential property acquired during the year, the charity does not own any other building or other significant fixed assets nor is it currently contemplating any longer-term financial projects such as would require the establishment of substantial reserves. Consequently, the Trustees consider that whilst this remains the case, taking into account the asset which would be sellable if absolutely necessary, a prudent readily realisable reserve would be to have unrestricted net current assets of somewhere between £100,000 to £150,000, enough to cover approximately annual interest and rental obligations and three months of expected other expenditure. The charity ended the year with unrestricted net current assets of just under £127,000, which is within the range set by the policy for holding reserves.

Responsibilities of Trustees

The directors are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and

4

Grace Church Dulwich

Report of the Trustees for the year ending 31 August 2022

expenditure, for the financial year. In preparing these financial statements, the trustees are required to:

  1. select suitable accounting policies and apply them consistently;

  2. observe the methods and principles in the Charities SORP;

  3. make judgements and estimates that are reasonable and prudent;

  4. state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Stewardship Services were appointed as reporting accountants and one of their employees serves as the company's independent examiner.

This report, which has been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies, was approved by the trustees on 7 March 2023 and signed on their behalf by:

ANDREW NEDEN

Mr A Neden FCA (Trustee)

5

Grace Church Dulwich

Independent Examiner's Report to the Trustees of Grace Church Dulwich

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2022 on pages 7 to 18 following which have been prepared on the basis of the accounting policies set out on page 9.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a Fellow of the Association of Charity Independent Examiners, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

AJAY RAJANI

Ajay Rajani FCIE Fellow of the Association of Charity Independent Examiners

Stewardship 1 Lambs Passage London EC1Y 8AB

8 March 2023

6

Grace Church Dulwich

Statement of Financial Activities (including Income & Expenditure Account) for the year ending 31 August 2022

Total Unrestricted Restricted Restricted Total
Funds Funds Funds Funds
2022 2021 2021 2021
Notes £ £ £ £
Income and
endowments from:
Donations 391,348 266,321 50 266,371
2
Interest receivable 183 75 - 75
Charitable activities 3 5,716
 1,354
 - 1,354
Total income and 397,247 267,750 50 267,800
endowments
Expenditure on
charitable activities:
Grant payments 4 27,533 28,500 1,095 29,595
Activities relating 5 250,302 193,442 - 193,442
directly to the church
Interest payable 2,000
Governance costs 6 4,788
 4,651
 - 4,651
Total expenditure 284,623
 226,593
 1,095 227,688
Net gains on
investments 2,338
 55,000
 - 55,000
Net incoming / 114,962 96,157 (1,045) 95,112
(outgoing) resources
Total funds brought 304,222 208,065 1,045 209,110
forward
Total funds carried 419,184 304,222 - 304,222
forward

The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities. All of the charity’s income during the year to 31 August 2022 was unrestricted.

7

Grace Church Dulwich

Balance Sheet as at 31 August 2022

2022
Notes
£
Fixed assets
Residential property
10

Social investments
11
Current assets
Stock
12
521
Debtors
13
68,978
Cash at bank and in hand
84,719

154,218
Creditors: amounts falling due within
one year
14
(27,528)

Net current assets
Creditors: amounts falling due after
one year
14

Net assets

Unrestricted funds
Fair value reserve arising on
revaluation of social investment
11
Balance of unrestricted funds


Restricted funds
Total
15
 2022
£
892,735
-


126,690
(600,241)

419,184

-
419,184
419,184
-

419,184
 2021
£

521
53,011
135,289

188,821
(9,600)









 2021
£
125,000
179,222

304,222

55,000
249,222
304,222
-

304,222

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006 however, in accordance with Section 145 of the Charities Act 2011, the accounts have been examined by an independent examiner and their report has been included in these financial statements. The directors (who are the charitable company's trustees for the purposes of charity law) acknowledge their responsibilities for:

The financial statements were approved by the Trustees on 7 March 2023 and were signed on its behalf by:

ANDREW NEDEN

Mr A Neden FCA (Trustee) Company Number: 05554986, Charity Number: 1111740

8

Grace Church Dulwich

Notes forming part of the Financial Statements for the year ending 31 August 2022

1 Accounting Policies

The charity is a charitable company limited by guarantee and is incorporated in the United Kingdom. The company's registered number and registered office address can be found in the Directors’ Report.

These financial statements are prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain assets, which are measured at fair value through the Statement of Financial Activities.

These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102"), with the Companies Act 2006 and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The principles adopted in the preparation of the financial statements are set out below.

a. Going concern

The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b. Fund accounting

Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.

c. Income and endowments

Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations includes recoverable gift aid, which is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.

9

Grace Church Dulwich

Notes forming part of the Financial Statements for the year ending 31 August 2022

The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from events organised by the charity.

d. Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services to beneficiaries. It comprises expenditure on activities undertaken directly and by grant funding to other institutions and individuals. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and includes the fees of the independent examiner.

e. Tangible fixed assets

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £2,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Computer software and hardware 2 years
Fixtures and fittings 5 years

Residential property used by the charity is held at historic cost. The residual value of the property at the end of its expected useful life is considered to be very high and, as it would not be material, no depreciation is being charged on this asset.

Social investments are investments where the primary motive is to further the charity's objects, not to generate an investment return. Social investments comprise an investment in a residential property used by another church to provide accommodation to its senior minister. The property was under offer in January 2022 and this made it possible to reliably assess the fair value of the charity’s interest in the property in the previous year’s accounts. The sale of the property was completed during the year.

10

Grace Church Dulwich

Notes forming part of the Financial Statements for the year ending 31 August 2022

Stock is valued at the lower of cost and net realisable value.

The company is a registered charity; it has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).

The company has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.

The directors do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.

11

Grace Church Dulwich

Notes forming part of the Financial Statements for the year ending 31 August 2022

2 Income from donations

2022 2021
£ £
Monetary donations upon which 309,650 231,625
income tax was reclaimable (and
including this tax)
Other monetary donations 81,698 34,746
391,348 266,371

During the year the charity received donations totalling £29,775 (2021: £9,352) from related parties (which includes the trustees, any other members of key management and anyone closely connected to them).

3 Income from charitable activities

Bookstall sales
Contributions to the cost of events		 2022
£
-
5,716
5,716		 2021
£
-
1,354
1,354

12

Grace Church Dulwich

Notes forming part of the Financial Statements for the year ending 31 August 2022

4 Grant payments

Grants to organisations to support
UK and overseas mission:
Holy Redeemer Streatham
Crosslinks (re a family working
in Naples)
Crosslinks (re a church worker in
Eire)
Grace Baptist Mission (re
Proclamation Institute Zambia)
Crosslinks central support
London City Mission – Webber
Street day centre
Crosslinks (re Christ Central
Soweto)
Southwark diocese support
Lakeview camp
Grants to individuals to support UK
and overseas mission:
Roger Carswell talks		 2022
£
6,000
5,750
6,000
4,000
313
-
4,000
1,200
270
-
______
27,533
 2021
£
5,000
5,750
6,000
4,000
-
1,095
4,000
2,000
-
1,750
______
29,595

5 Activities relating directly to the church

ctivities relating directly to the church
Staff salary and directly related
costs
Staff accommodation costs
Venue related costs
Other ministry costs
Other costs
Cost of items sold on the bookstall		 2022
£
107,169
99,037
29,629
11,238
3,166
63

250,302
 2021
£
92,598
69,605
18,536
8,842
3,861
-
193,442

13

Grace Church Dulwich

Notes forming part of the Financial Statements for the year ending 31 August 2022

6 Governance costs

overnance costs
2022 2021
£ £
Legal, accountancy and corporate 4,788 4,651
fees and insurance
Net Incoming Resources for the Period
This is stated after charging: Year ending 31 Year ending 31
August 2022 August 2021
£ £
Depreciation 0 0
Independent examiner’s fee 2,000 1,500

In addition to the above fee for examining the accounts, the company paid Stewardship £780 (2021: £688) for payroll bureau services.

taff costs and trustee remuneration
taff costs were as follows:
Year ending 31 Year ending 31
August 2022 August 2021
£ £
Salaries and wages 86,180 78,424
Social security costs 2,582 -
Employers pension contributions 18,564 14,174
Other (157)
 -
Total 107,169
 92,598

Excluding the Senior Minister (who is not employed directly by the charity) the average monthly number of employees during the year was 4 (2021: 3); this equates to 2.5 (2021: 1.9) full time equivalent staff. Most of the charity's activities are carried out by volunteers.

The company’s key management comprise its directors. Total employment benefits payable to key management for the year were as follows:

Wages and Employer
salaries pension Total
contributions
To Rev. S Dowdy, who is a trustee:
In the year ended 31 August 2022 27,342 9,883 37,225
In the year ended 31 August 2021 29,546 6,843 36,389

In addition the charity incurred expenditure totalling £41,279 (2021: £33,134) in respect of the customary provision of accommodation to the Senior Minister so that he could better perform his duties. There is an increase because Rev. S Dowdy is now employed for 100% of his time by Grace Church Dulwich. Up until 11 July 2021 these payments represented the charity’s 85% share of the employment costs, which until that time were paid by St Botolph’s Aldersgate who benefited from the remaining 15% of his time.

14

Grace Church Dulwich

Notes forming part of the Financial Statements for the year ending 31 August 2022

Rev. S Dowdy serves as the charity’s Senior Minister and received the above payments for serving in that capacity, not for serving as a trustee; these payments are permitted by the charity’s governing document.

No other trustees received employment benefits in either the current or preceding year. No staff received salaries at a rate of more than £60,000 per annum.

Except for the reimbursement of expenses incurred when acting as agent for the charity, or incurred when undertaking employment and clergy duties, no expenses were paid to (or for) the trustees.

9 Related party transactions

During the year:

ngible Fixed Assets
Residential Fixtures Computer Total
property and fittings software &
hardware
£ £ £ £
Cost
At 1 September 2021 - 11,850 2,711 14,561
Additions 892,735 - -
 892,735
At 31 August 2022 892,735 11,850 2,711
 907,296
Accumulated depreciation
At 1 September 2021 - 11,850 2,711 14,561
Charge for the year - - -
 -
At 31 August 2022 - 11,850 2,711
 14,561
Net book value at 31 August 2022 892,735 - - 892,735
Net book value at 31 August 2021 - - - -

15

Grace Church Dulwich

Notes forming part of the Financial Statements for the year ending 31 August 2022

11 Social investments
Residential property
2022 2021
£ £
Valuation/Cost brought forward 125,000 70,000
Gain on valuation at fair value - 55,000
Disposal (125,000) -
Valuation carried forward - 125,000
The social investment referred to above comprised a 15.38% interest in a residential property
at 20 Barriedale, London, which was acquired in 2012. The investment was made to help fund
the provision of accommodation to the senior minister of Grace Church Brockley; it was sold
in January 2022.
12
Stock
2022
£
Books for resale
521

13
Debtors
2022
£
Income tax recoverable
61,930
Other debtors
5,642
Prepayments
1,406
68,978
14
Creditors: Amounts Falling Due within One Year and After one year
2022
Amounts falling due within one year
£
Repayments on loan from Kingdom Bank
11,191
Trade creditors
-
Taxation and social security costs
-
Accruals
16,337
27,528
Amounts falling due after one year
£
Repayments on loan from Kingdom Bank
600,241		 2021
£
521

2021
£
46,325
-
6,686
53,011
2021
£
-
-
9,600

9,600

£
-

16

Grace Church Dulwich

Notes forming part of the Financial Statements for the year ending 31 August 2022

The loan from Kingdom Bank is secured against the property in Pymer’s Mead, currently at a rate of 4.05%. It is repayable by monthly instalments over a term of 30 years from August 2022. Of the amount owed, £11,191 falls due for repayment within one year, £40,887 falls due between one and five years, and the balance of £559,354 falls due over the remaining 25 year term of the loan.

15 Movements in funds

ovements in funds
At 1 Incoming Outgoing At 31
September Resources Resources August 2022
2021
£ £ £ £
Total funds – all
304,222		 399,585 284,623 419,184
unrestricted
n the previous year the movements on the charity’s funds were as follows
At 1 Incoming Outgoing At 31
September Resources Resources August 2021
2020
£ £ £ £
Restricted funds:
Christmas appeal
1,045		 50 1,095 -
Unrestricted funds
208,065		 322,750 226,593 304,222
Total funds
209,110		 322,800 227,688 304,222

In the previous year the movements on the charity’s funds were as follows

As at 31 August 2022 and 31 August 2021 all of the company’s assets and liabilities were in respect of unrestricted funds.

Purpose of Restricted Funds

Christmas Appeal As a result of appeals over Christmas 2020, donations were received for London City Mission for the work of the centre in Webber Street working with the homeless. A similar appeal was made over Christmas 2021, but donors were encouraged to give directly and electronically to this appeal.

16 Operating lease commitments

The company has entered into operating leases on certain properties. Commitments for future minimum rental payments are shown below:

inimum rental payments are shown below:
2022 2021
£ £
Payments falling due:
Within one year 72,800 98,364
Between one and five years 27,000 51,750

17

Grace Church Dulwich

Notes forming part of the Financial Statements for the year ending 31 August 2022

17 Pension contributions

The Senior Minister is employed by another charitable enterprise and the company makes payments to this charitable enterprise for a share of his services. These payments include contributions to the Church of England Funded Pensions Scheme, which is a multi-employer defined benefits pension scheme. The company may have a constructive obligation to make contributions towards any funding deficit reported by this scheme however the company is unable to determine the extent of this obligation (if any) and the pension scheme has been treated as if it were a defined contribution scheme. The following pension contributions have been charged to the Statement of Financial Activities:

inancial Activities:
2022 2021
£ £
Church of England Funded Pensions Scheme for Senior 9,883 6,842
Minister
Defined contribution scheme for other employees 8,681
 7,332
18,564
 14,174

18