First IPC Presbytery of the United Kingdom
Report and Accounts Year ended 31 December 2021
FIRST IPC PRESBYTERY OF THE UNITED KINGDOM
CHARITY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021
| Trustees | Timothy Houghton |
|---|---|
| Rev John B. Schutter | |
| Rev David Thomas | |
| Governing Document | Constitution dated 13 January 2021 |
| Charity Registration Number | 1114788 |
| Principal Address | 53 Drayton Green |
| West Ealing | |
| W13 0JE | |
| Independent Examiner | Miriam Hickson FCA |
| Jacob Cavenagh & Skeet | |
| 5 Robin Hood Lane | |
| Sutton, Surrey | |
| SM1 2SW | |
| Bankers | HSBC UK |
| Natwest | |
| Kingdom Bank |
| Contents | Page |
|---|---|
| Charity Information | 1 |
| Trustees' Annual Report | 2-4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Accounts | 8-13 |
| Detailed Statement of Financial Activities with Comparatives | 14 |
Page 1
FIRST IPC PRESBYTERY OF THE UNITED KINGDOM
TRUSTEES' ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees have pleasure in submitting the Report and Accounts for the year.
Objects of the charity
The charity is a charitable incorporated organisation and is governed by its Constitution. The objects of the charity, as set out in the governing document are:
to advance the Christian religion in accordance with the subordinate standard of faith as defined in the Book of Church Order of the International Presbyterian Church (“BCO”) applicable to the member congregations of the churches in Presbytery in the United Kingdom or elsewhere in the world as the Trustees from time to time think fit and to fulfil such other purposes consistent with the BCO which are exclusively charitable according to the law of England and Wales and are connected with the charitable work of the Trust, inter alia this includes (but is not limited to) the objects:
a) to further the religious and other charitable work of the denomination known as the International Presbyterian Church ("IPC") anywhere in the world;
b) to care for and govern congregations of the Presbytery anywhere in the world in accordance with traditional principles of Presbyterian government as set out in the BCO;
c) to advance Christianity in any part of the world by means of planting new churches under the auspices of the IPC and in accordance with its government;
d) to provide or augment the remuneration of any pastor or elder in the IPC or assist him in meeting the expenses incurred in the performance of his duties or relieve in cases of financial need pastors or elders or retired retired pastors or elders who have served in any congregations under the care and governance of the Presbytery;
e) to advance religious education in accordance with the doctrines and principles of the IPC as set out in the Constitution by means of training and examining prospective pastors or elders or deacons or missionaries for service in the ministry of IPC anywhere in the world or by means of establishing in the United Kingdom or Europe a seminary for that and other purposes ancillary thereto.
Summary of the charity's main activities and achievements
To further the above objects and vision, the charity's main activities and achievements were as follows:
a) convening regular meetings of the Presbytery and its committees
b) examining and ordaining teaching and ruling elders in the various churches of Presbytery;
c) making grants to individuals under care of Presbytery studying at seminary, and church plants under care of the Church Planting Committee
d) providing oversight and support to churches and church plants of Presbytery.
Most the charity's activities are undertaken by volunteers and the charity could not operate effectively without their efforts.
In planning the activities the Trustees have applied the guidance on public benefit issued by the Charity Commission.
Page 2
FIRST IPC PRESBYTERY OF THE UNITED KINGDOM
TRUSTEES' ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
Structure, Governance and Management
Responsibility for setting policy and for determining the parameters within which the charity should operate rests with the trustees who meet regularly to monitor the activities of the charity. Responsibility for the day to day operation of the charity has been delegated to the moderator and clerk, and a range of committees appointed by the Presbytery. New trustees are recruited and appointed the members of the charity by a majority vote.
Financial review
During the year income increased by £109,767, to £224,953, and expenditure increased by £95,078, to £184,918. As a result surplus for the year increased by £14,689, to £40,035 and the charity's net assets increased by the same amount, to £242,536. Net current assets also increased by £40,035, to £242,536.
Reserves policy
The trustees have determined that the charity should aim to hold unrestricted cash sufficient so that the charity could continue to operate should income and / or expenditure vary adversely. At the year end, the charity held unrestricted cash (unrestricted cash in general fund less creditors) of £24,628 (2020: £12,754) and the charity is complying with its reserves policy. The charity can draw on additional contributions from churches who are part of the denomination should the need occur.
Conversion to CIO and going concern
The charity obtained approval to convert to a charitable incorporated organisation (CIO) from a charitable company limited by guarantee (CLG) on 13 January 2021. Legally, the conversion process did not result in the formation of a new entity (the CIO), as it retained the same charity registration number and is recognised by the Charity Commission as an extension of the original charity (CLG) under the relevant legislation. At this point, the name changed from the First IPC Presbytery of England to the First IPC Presbytery of the United Kingdom.
As a consequence, these financial statements present one set of results for the entity throughout the period. There has been no impact on the presentation, classification or valuation of its financial results or position and the charity's activities continued seamlessly during and after the conversion.
After reviewing the CIO's forecasts and projections, the Trustees have a reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable future.
Key risks and uncertainties
The charity is exposed to various risks - be they operational, financial or reputational. The trustees review the charity's activities regularly to identify significant risks and, where possible, they take appropriate measures to mitigate those risks.
Page 3
FIRST IPC PRESBYTERY OF THE UNITED KINGDOM
TRUSTEES' ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
Responsibilities of trustees
The trustees 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).
Charity 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 charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether the applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements; and
- 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 charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approval
This report was approved by the trustees and signed on their behalf by:
REV JOHN B SCHUTTER
Date: 16 May 2022
Page 4
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF
FIRST IPC PRESBYTERY OF THE UNITED KINGDOM ('the Charity')
I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 December 2021 on pages 6 to 14.
Responsibilities and basis of report
As the charity’s trustees of the Charitable Incorporated Organisation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
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:
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accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Miriam Hickson FCA
Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton, Surrey SM1 2SW
Date: 19 May 2022
Page 5
FIRST IPC PRESBYTERY OF THE UNITED KINGDOM
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2021
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 3 Charitable activities 4 Investments 5 Total income and endowments EXPENDITURE ON: Charitable activities 6 Total expenditure Net gains/(losses) on investments Net income/(expenditure) Transfers between funds 12 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 12 |
Unrestricted Funds £ 16,084 8,841 72 24,997 12,593 12,593 - 12,404 - 12,404 13,695 26,099 |
Restricted Funds £ 199,956 - - 199,956 172,325 172,325 - 27,631 - 27,631 188,806 216,437 |
Total Funds 2021 £ 216,040 8,841 72 224,953 184,918 184,918 - 40,035 - 40,035 202,501 242,536 |
Total Funds 2020 £ 114,534 612 40 |
|---|---|---|---|---|
| 115,186 | ||||
| 89,840 | ||||
| 89,840 | ||||
| - | ||||
| 25,346 - |
||||
| 25,346 177,155 |
||||
| 202,501 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing operations.
The notes on pages 8-13 form part of these accounts.
Page 6
FIRST IPC PRESBYTERY OF THE UNITED KINGDOM
BALANCE SHEET
AS AT 31 DECEMBER 2021
| Note CURRENT ASSETS Debtors 8 Cash at bank and in hand 9 CREDITORS: Amounts falling due within one year 10 Net current assets / (liabilities) Total assets less current liabilities TOTAL NET ASSETS FUND BALANCES 12 Unrestricted Funds General funds Designated funds Restricted Funds |
Unrestricted Funds £ 1,471 55,254 56,725 (30,626) 26,099 26,099 26,099 25,555 544 26,098 - 26,099 |
Restricted Funds £ - 216,437 216,437 - 216,437 216,437 216,437 - - - 216,437 216,437 |
Total Funds 2021 £ 1,471 271,691 273,162 (30,626) 242,536 242,536 242,536 25,555 544 26,098 216,437 242,536 |
Total Funds 2020 £ 291 239,163 |
|---|---|---|---|---|
| 239,454 (36,953) |
||||
| 202,501 | ||||
| 202,501 | ||||
| 202,501 | ||||
| 13,046 649 |
||||
| 13,694 188,806 |
||||
| 202,501 |
The financial statements were approved by the Board of Trustees and were signed on its behalf by:
REV JOHN B SCHUTTER
Date: 16 May 2022
Charity number: 1114788
The notes on pages 8-13 form part of these accounts.
Page 7
FIRST IPC PRESBYTERY OF THE UNITED KINGDOM
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1 Statutory Information
The charity is a charitable incorporated organisation registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.
2 Accounting Policies
These financial statements are prepared on a going concern basis, under the historical cost convention, rounded to the nearest £.
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") 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 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) Income
Income, including investment and grant 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. This 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.
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 predominantly includes income from conferences.
c) 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.
The cost of raising funds is not significant and has not been separately disclosed.
Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.
d) Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. 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. Endowment funds are donations that are retained as capital in accordance with the donor's wishes. The nature of the restriction determines whether the endowments represent permanent endowments or expendable endowments.
e) Taxation
The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.
Page 8
FIRST IPC PRESBYTERY OF THE UNITED KINGDOM
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2021
f) Financial instruments 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).
g) Exemption from preparing a cashflow statement
The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.
h) Critical accounting estimates and areas of judgement
ln preparing financial statements certain judgements, estimates and assumptions have to be made that affect the amounts recognised in the financial statements. The trustees consider the following to be significant:
i) The constructive obligation for grants payable is based on an assessment of the likely duration of the supported activity. Again this estimate is re-assessed annually and the obligation is adjusted to reflect current expectations.
3 Donations
| Donations of cash and similar Income tax recoverable 4 Income from charitable activities Catalyst Conference Other 5 Investment income Bank interest 6 Charitable expenditure a Costs incurred directly on specific activities Conference Costs of generating voluntary income Salaries, travel and expenses, including admin assistance IT and software Insurance Grants payable (note 6c) b Costs incurred on support & administration Governance costs Independent examiner's fee Other Subscriptions and professional fees Total expenditure |
2021 £ 200,907 15,133 216,040 2021 £ 8,305 536 8,841 2021 £ 72 72 2021 £ 8,410 536 - 466 529 9,941 173,053 182,994 1,698 1 1,699 225 1,924 184,918 |
2020 £ 108,953 5,581 |
|---|---|---|
| 114,534 | ||
| 2020 £ - 612 |
||
| 612 | ||
| 2020 £ 40 |
||
| 40 | ||
| 2020 £ - 612 - 379 281 |
||
| 1,272 85,630 |
||
| 86,902 | ||
| 1,500 13 |
||
| 1,513 1,425 |
||
| 2,938 | ||
| 89,840 |
The fee payable to the independent examiner for examining the accounts was £1,698 (2020: £1,500).
Page 9
FIRST IPC PRESBYTERY OF THE UNITED KINGDOM
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2021
c Grants payable
| Grants for church planting Grants for education, including ministry training The comparatives for the previous year are as follows: Grants for church planting Grants for education, including ministry training The charity's principal grants to institutions comprised: Trinity Church Chester Highlands International Church Christ Church Derby Trinity Church York Whaddon Road Evangelical Presbyterian Church Cheltenham All Nations Ilford Christ Church Central Leeds Grants to institutions for less than £1,000 each |
Institutions £ 94,070 - 94,070 Institutions £ 18,032 - 18,032 |
Individuals £ - 78,983 78,983 Individuals £ - 67,598 67,598 2021 £ 62,291 5,000 10,000 8,000 7,970 - - 809 94,070 |
2021 £ 94,070 78,983 |
|---|---|---|---|
| 173,053 | |||
| 2020 £ 18,032 67,598 |
|||
| 85,630 | |||
| 2020 £ - - - - - 15,929 1,715 388 |
|||
| 18,032 |
7 Analysis of staff costs, the cost of key management personnel and trustee remuneration
The charity did not employ any staff during the year (2020: nil). Most of the charity's activities are carried out by volunteers.
The charity's key management comprise the trustees and the key staff named on the Charity Information page. No employment benefits were payable to key management during the year (2020: nil).
No trustees received employment benefits or expenses in either the current or preceding year.
8 Debtors
| ors | ||
|---|---|---|
| Falling due within one year: Tax recoverable Total debtors h at Bank and in Hand Cash at bank with immediate access Notice deposits (with a term of three months or less) itors: liabilities falling due within one year Accruals Deferred income (note 11) Grant obligations |
2021 £ 1,471 1,471 1,471 2021 £ 201,628 70,063 271,691 2021 £ 1,638 500 28,488 30,626 |
2020 £ 291 |
| 291 | ||
| 291 | ||
| 2020 £ 239,163 - |
||
| 239,163 | ||
| 2020 £ 1,500 8,213 27,240 |
||
| 36,953 |
9 Cash at Bank and in Hand
10 Creditors: liabilities falling due within one year
Page 10
FIRST IPC PRESBYTERY OF THE UNITED KINGDOM
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2021
11 Deferred income
Deferred income comprises the following:
| Deferred income comprises the following: | ||
|---|---|---|
| 8,214 (7,714) - 500 Within one year Conference income Amount deferred in year The income deferred at the period end is expected to be released to income over the following periods: Amount released to income Balance at the beginning of the reporting period Balance at the end of the reporting period |
2021 £ 8,214 (7,714) - 500 500 500 |
2020 £ - - 8,213 |
| 8,213 | ||
| 8,213 | ||
| 8,213 |
Income was deferred in the prior year due to the cancellation of the annual Catalyst conference as a result of Covid-19. Ticket sales were deferred and applied to the 2021 conference. The remainder is for conference exhibition stalls, which are again planned for the 2022 conference.
12 Funds
During the year the movements in the charity's funds were as follows:
| Designated Funds Catalyst conference fund General Unrestricted Funds Total Unrestricted Funds Restricted Funds Church planting funds Leeds Church Plant fund All Nations Ilford Church Plant fund Chester Church Plant Fund Gloucester Church Plant Fund Church Planting fund Other funds Diaconal fund & other resources Buildings & Ministers' Accommodation Fund Education & training funds AW Pastoral Education fund PL Pastoral Education fund IK Pastoral Education fund AK Pastoral Education fund MK Pastoral Education fund ST Pastoral Education fund ZL Pastoral Education fund Assistant Ministers Training Fund Aggregate of funds |
Opening balance 2021 £ 649 649 13,046 13,695 - - 10,200 3,470 150,940 483 - - - - - - - - 23,713 188,806 202,501 |
Income 2021 £ 8,305 8,305 16,692 24,997 - - 27,091 - 58,110 - 16,734 11,003 10,569 1,222 18,645 24,439 10,656 2,450 19,037 199,956 224,953 |
Expenditure 2021 £ (8,410) (8,410) (4,183) (12,593) - - (62,291) (3,470) (4,580) - - (11,003) (10,569) (1,222) (18,645) (24,439) (10,656) (2,450) (23,000) (172,325) (184,918) |
Transfers in the year 2021 £ - - - - - - 25,000 - (25,000) - - - - - - - - - - - - |
Gains and losses 2021 £ - - - - - - - - - - - - - - - - - - - - - |
Closing balance 2021 £ 544 |
|---|---|---|---|---|---|---|
| 544 25,555 |
||||||
| 26,099 | ||||||
| - - - - 179,470 483 16,734 - - - - - - - 19,750 |
||||||
| 216,437 | ||||||
| 242,536 |
The transfers referred to above were made for the following reasons: a) Grant from Church Planting fund to Chester church plant, subsequently granted out of that fund.
Page 11
FIRST IPC PRESBYTERY OF THE UNITED KINGDOM
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Analysis of net assets by fund
The assets and liabilities of the various funds were as follows:
| Debtors Cash at bank and in hand Creditors falling due within one year In the previous year the movements in the charity's funds w Opening balance 2020 £ Designated Funds Catalyst conference fund 649 649 General Unrestricted Funds 11,141 Total Unrestricted Funds 11,790 Restricted Funds Church planting funds Leeds Church Plant fund - All Nations Ilford Church Plant fund - Chester Church Plant Fund - Gloucester Church Plant Fund - Church Planting fund 136,760 Other funds Diaconal fund & other resources 483 Buildings & Ministers' Accommodation Fund - Education & training funds AW Pastoral Education fund - PL Pastoral Education fund - IK Pastoral Education fund - AK Pastoral Education fund - MK Pastoral Education fund - ST Pastoral Education fund - ZL Pastoral Education fund - Assistant Ministers Training Fund 28,122 165,365 Aggregate of funds 177,155 |
ere as follows: Income 2020 £ - - 6,115 6,115 1,715 5,929 5,200 3,858 29,180 - - 13,752 11,340 6,628 17,620 2,058 - - 11,791 109,071 115,186 |
General Designated funds funds £ £ 1,471 - 54,710 544 (30,626) - 25,555 544 Expenditure Transfers in the year 2020 2020 £ £ - - - - (4,210) - (4,210) - (1,715) - (15,929) 10,000 - 5,000 (388) - - (15,000) - - - - (13,752) - (11,340) - (6,628) - (17,620) - (2,058) - - - - - (16,200) - (85,630) - (89,840) - Unrestricted Funds |
Restricted funds £ - 216,437 - 216,437 Gains and losses 2020 £ - - - - - - - - - - - - - - - - - - - - - |
2021 £ 1,471 271,691 (30,626) |
|---|---|---|---|---|
| 242,536 | ||||
| Closing balance 2020 £ 649 |
||||
| 649 13,046 |
||||
| 13,695 | ||||
| - - - 10,200 3,470 150,940 483 - - - - - - - - 23,713 |
||||
| 188,806 | ||||
| 202,501 |
Page 12
FIRST IPC PRESBYTERY OF THE UNITED KINGDOM
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Analysis of net assets by fund
In the previous year, the assets and liabilities of the various funds were as follows:
| Debtors Cash at bank and in hand Creditors falling due within one year |
General Designated funds funds £ £ 291 - 49,708 649 (36,953) - 13,046 649 Unrestricted Funds |
Restricted funds £ - 188,806 - 188,806 |
2020 £ 291 239,163 (36,953) |
|---|---|---|---|
| 202,501 |
The designated Catalyst conference fund represents the surplus generated by the Catalyst conference in the current and previous years. Funds generated by this conference have been designated for future investment in this conference.
The church planting funds represent funds received for particular church plants (Leeds, Ilford, Gloucester and Chester) and general church planting activities of the IPC. The Buildings and Ministers' Accommodation Fund (BMAF) represent funds received to provide support to IPC churches to purchase buildings.
Pastoral education funds represent funding raised for the education of men under care of presbytery at seminary or Bible college. As funds other than the Church Planting, Diaconal, BMAF and Assistant Ministers' fund are committed at year-end, any surplus available in these funds are recognised as grants payable and reported as amounts owed at year-end in accordance with the SORP.
13 Transactions with related parties
There have been no transactions with related parties during the year.
14 Change in legal form
As noted in the Trustees' Report, the charity converted from a charitable company limited by guarantee to a Charitable Incorporated Organisation (CIO) on 13 January 2021. As the entity remained the same incorporated entity, albeit with a different legal form, there was no impact on the figures presented in these accounts and as there was no merger as anticipated by the SORP, the disclosure requirements relating the charity mergers in the SORP are not applicable.
Page 13
FIRST IPC PRESBYTERY OF THE UNITED KINGDOM
DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES
FOR THE YEAR ENDED 31 DECEMBER 2021
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 3 Charitable activities 4 Investments 5 Total income and endowments EXPENDITURE ON: Charitable activities: 6 Total Expenditure Net income/(expenditure) Transfers between funds 12 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 12 |
General 2021 £ 16,084 536 72 16,692 4,183 4,183 12,509 - 12,509 13,046 25,555 Unrestrict |
Unrestrict | Designated 2021 £ - 8,305 - 8,305 8,410 8,410 (105) - (105) 649 544 ed funds |
Restricted 2021 £ 199,956 - - 199,956 172,325 172,325 27,631 - 27,631 188,806 216,437 |
Total 2021 £ 216,040 8,841 72 224,953 184,918 184,918 40,035 - 40,035 202,501 242,536 |
G | Unrestrict | Designated 2020 £ - - - - - - - - - 649 649 ed funds |
Restricted 2020 £ 109,071 - - 109,071 85,630 85,630 23,441 - 23,441 165,365 188,806 |
Total 2020 £ 114,534 612 40 115,186 89,840 89,840 25,346 - 25,346 177,155 202,501 |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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