Shelford Gospel Trust
Report and Accounts
year ended 31 December 2021
SHELFORD GOSPEL TRUST FOR THE YEAR ENDED 31 DECEMBER 2021
COMPANY INFORMATION
Directors/Trustees
Rosemary Bridge Robert White Christopher Ash Nicholas Bewes Joanna Pearce
Company Secretary
Rosemary Bridge
Governing Document Memorandum and Articles of Association Company Registration Number 6474770 Charity Registration Number 1123608 Registered Office 43 Sedley Taylor Road, Cambridge, CB2 8PN Independent Examiner Archie McDowall, BA CA Stewardship 1 Lamb's Passage, London EC1Y 8AB Financial Institutions Barclays Bank PLC 28 Chesterton Road, Cambridge CB4 3AZ
Stewardship Services (UKET) Limited 1 Lamb's Passage, London EC1Y 8AB
Kingdom Bank Ltd
Media House, Pedge Rd, Beeston, Nottingham NG9
CONTENTS
| CONTENTS | |
|---|---|
| Page | |
| Company Information | 1 |
| Report of the Directors | 2-5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Accounts | 9-14 |
| Detailed Statement of Financial Activities with Comparatives | 15 |
Page 1
SHELFORD GOSPEL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2021
The Directors have pleasure in submitting the Report and Accounts for Shelford Gospel Trust ("the Trust") for the year.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
Objects of the charity
The primary objects of the Trust are:
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to advance the Christian faith, in accordance with a statement of beliefs set out below.
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to relieve sickness and financial hardship and to promote and preserve good health by the provision of goods or services of any kind, including through the provision of counselling and support.
in Little Shelford, Cambridgeshire and in such other parts of the UK or the world as the Trustees may from time to time think fit.
The Trustees have regard to the Charity Commission’s guidance on public benefit and take this into account when considering possible new projects. The main activities undertaken to date have been the provision of staff housing for All Saints Church, Little Shelford and, new during 2021, Christ Church South Cambs, Sawston plus a building for Christ Church Trumpington. All three churches provide wide ranging ministries in their local areas.
Statement of beliefs
We believe in the fundamental truths of Christianity as revealed in Holy Scripture including:
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a) There is one God in three persons, the Father, the Son and the Holy Spirit.
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b) God is sovereign in creation, revelation, redemption and final judgment.
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c) The Bible, as originally given, is the inspired and infallible Word of God. It is the supreme authority in all matters of belief and behaviour.
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d) Since the fall, the whole of humankind is sinful and guilty, so that everyone is subject to God's wrath and condemnation.
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e) The Lord Jesus Christ, God's incarnate Son, is fully God; he was born of a virgin; his humanity is real and sinless; he died on the cross, was raised bodily from death and is now reigning over heaven and earth.
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f) Sinful human beings are redeemed from the guilt, penalty and power of sin only through the sacrificial death once and for all time of their representative and substitute, Jesus Christ, the only mediator between them and God.
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g) Those who believe in Christ are pardoned all their sins and accepted in God's sight only because of the righteousness of Christ credited to them; this justification is God's act of undeserved mercy, received solely by trust in him and not by their own efforts.
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h) The Holy Spirit alone makes the work of Christ effective to individual sinners, enabling them to turn to God from their sin and to trust in Jesus Christ.
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i) The Holy Spirit lives in all those he has regenerated. He makes them increasingly Christ like in character and behaviour and gives them power for their witness in the world.
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j) The only holy universal church is the Body of Christ, to which all true believers belong.
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k) The Lord Jesus Christ will return in person to judge everyone, to execute God's just condemnation on those who have not repented and to receive the redeemed to eternal glory.
Page 2
Government
The Trust is a company limited by guarantee governed by its Memorandum and Articles of Association. It was incorporated in England and Wales on 16 January 2008 and registered with the Charities Commission on 12 April 2008.
The number of Trustees shall be not less than three. The Trustees are those persons named in the company information section of the report. At annual general meetings one-third of the Trustees retire by rotation. The Trustees may by ordinary resolution appoint a person who is willing to act to be a Trustee either to fill a vacancy or as an additional Trustee, subject to certain conditions, including his willingness to subscribe to the Statement of Beliefs above.
Continuing Trustees are responsible for the induction of any new Trustee, which involves awareness of a Trustee’s responsibilities, the governing document, administrative procedures, the history and philosophical approach of the Trust.
The business of the Trust will be managed and administered by the Trustees who may exercise all the powers of the Charity. None of the Trustees receive remuneration or other benefit from their work with the charity.
Individual requests for assistance will be considered by the Trustees on application and subject to their discretion. Normally they would require formal applications saying how the funds would be used and what would be achieved. The Trustees will seek feedback on the actual use of grants given and the achievements made. The explanations and feedback received are sufficient for monitoring the quality of the grants made.
The Memorandum and Articles of Association give the Trustees discretion over whether funds are held in cash or investments. During the year, the Trust held cash in two separate bank accounts, Barclays Bank Plc and Stewardship.
Review of activities
During 2021, the Trust received charitable donations and rent from its charitable activities, being the provision of residential accommodation to support the gospel ministry of the churches in Little Shelford and Sawston plus a property in Alpha Terrace for Christ Church Trumpington, Cambridge.
Since May 2012, the Trust has owned a residential property in Hauxton Road, Little Shelford, Cambridge and has entered into tenancy agreements to enable staff members at All Saints Little Shelford and nonstipendiary clergy to live in the village, which supports the gospel ministry of the church in Little Shelford in accordance with the Trust’s primary object.
In November 2016, the Trust acquired a chapel building and adjacent community hall in Alpha Terrace, Trumpington, Cambridge, in order to support the long-term Christian witness and work of Christ Church Trumpington. The Trust has entered into a 16 year lease agreement with Christ Church Trumpington. The provision of this building for Christ Church Trumpington will support and facilitate gospel ministry in South Cambridge in accordance with the Trust’s primary object.
On 12 November 2021, the Trust completed the legal transfer of a gift of a residential property in Sawston, Cambridgeshire and subsequently entered into a tenancy agreement to enable the minister of Christ Church South Cambs to live in the village, which supports the gospel ministry of the church in Sawston in accordance with the Trust’s primary object (See note 2 and 7).
Page 3
Review of activities (continued)
In June 2021, the Trust launched an appeal for the purchase and refurbishment of a large house ideally located opposite All Saints, Little Shelford (26 Church Street). As well as housing an assistant minister with a family this property would provide a one-bedroom flat for a church worker. See subsequent events note 15 for further details.
Financial review
Income for the year amounted to £498,978 (2020: £38,815), of which £107,700 related to the 2021 appeal (2020: nil).
There was no expenditure on generating funds but there were administration costs during the year of £2,913 (2020: £1,241) and expenditure on charitable activities of £4,264 (2020: £2,786).
Future plans
The Trustees intend to have fund raising activities in order to provide the Trust with financial resources to facilitate grants that can further the objects of the Trust. Examples of possible projects are:
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Paying for housing of Christian workers involved in new gospel initiatives in the Cambridge area, where properties are very expensive.
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Strategic projects - with the large and increasingly visible expansion of housing stock in Cambridge and the surrounding sub-region there are strategic possibilities to support gospel work in these new communities.
In the immediate future, the resources will be focused on the refurbishment of the newly acquired house in Little Shelford (see subsequent events note 15). Supporters have offered loans to help finance the refurbishment to enable the project to proceed. The Trustees will review whether a supplementary appeal will be made once planning permission has been obtained and quotations received.
Reserves policy
The Trustees have resolved to retain sufficient funds for property maintenance, refurbishment obligations and to build reserves for future projects.
Going concern
Whilst the consequences of the coronavirus pandemic have adversely impacted the UK ecomony, and the charitable sector in particular, it has not had an impact on the Trust during 2021. Regular donations remained at a similar level and the tenants of its properties continued to be able to meet their rental payments.
The Trustees take reasonable steps to review and consider any factors that may affect the ability of the Trust to continue as a going concern. The Trustee's forecasts and projections, taking account of reasonable possible changes in income, show that the Trust is able to generate sufficient liquidity. The Trust enjoys an income stream from its individual donors and rental income.
In addition to the base case scenario, the Trustees reviewed a second scenario as part of its going concern assessment. The later assumed higher refurbishment cost for the newly acquired property; together with a delay in the refurbishment. This scenario was considered to illustrate the funding resources and headroom available to cover the risk relating to the new property, in making the assessment for the next two calendar years and the medium term.
After assessing the forecasts and liquidity of the Trust for the next two calendar years, the Trustees have a reasonable expectation that the Trust has adequate resources to continue for the foreseeable future. The Trust therefore continues to adopt the going concern basis in preparing the financial statements.
Page 4
Risk statement
The Trustees annually review the risks that the Trust faces and set in place processes where possible to reduce these.
Directors' responsibilities
Company law requires us as Directors to prepare financial statements for each financial year which give a true and fair view of the state of the charitable company 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:
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1 Select suitable accounting policies and apply them consistently
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2 Observe the methods and principles in the Charities SORP;
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3 Make judgements and estimates that are reasonable and prudent
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4 State whether the applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the accounts.
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5 Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the company and enable us 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 to prevent fraud or any other irregularities.
Approval
This report, which has been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies, was approved by the Directors on 23 July 2022 and signed on their behalf by:
Rosemary Bridge 23/07/2022
Page 5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHELFORD GOSPEL TRUST ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021 on pages 7 to 14 following, which have been prepared on the basis of the accounting policies set out on pages 9 and 10.
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 member of the Institute of Chartered Accountants of Scotland, 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:
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1 accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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2 the accounts do not accord with those records; or
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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
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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.
Archie McDowall, BA CA 25 July 2022 Institute of Chartered Accountants of Scotland
For and on behalf of: Stewardship 1 Lamb's Passage London EC1Y 8AB
Page 6
SHELFORD GOSPEL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 SUMMARY INCOME AND EXPENDITURE ACCOUNT
| Note INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 3 Investment income Total income and endowments EXPENDITURE ON Charitable activities 4 Other 5 Total expenditure Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted Restricted Total Total Funds Funds Funds Funds 2021 2020 £ £ £ £ 362,150 107,700 469,850 12,425 28,966 - 28,966 26,075 161 - 161 315 391,277 107,700 498,977 38,815 4,308 - 4,308 2,786 3,902 - 3,902 1,241 8,210 - 8,210 4,027 383,067 107,700 490,767 34,788 - - - - 383,067 107,700 490,767 34,788 1,540,974 - 1,540,974 1,506,186 1,924,041 107,700 2,031,741 1,540,974 |
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Movements on reserves and all recognised gains and losses are shown above.
All income and expenditure derive from continuing operations.
The statement of financial activities also complies with the requirements for an income and expenditure account required by the Companies Act 2006.
The notes on pages 9 to 14 form part of these accounts.
Page 7
SHELFORD GOSPEL TRUST BALANCE SHEET AS AT 31 DECEMBER 2021
| Note FIXED ASSETS Tangible assets 7 CURRENT ASSETS Debtors 8 Cash at bank 9 CURRENT LIABILITIES Liabilities falling due within one year 10 Net Current Assets TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUND BALANCES Unrestricted funds 11 Designated funds Restricted Funds 11 |
Unrestricted Restricted Total Total Funds Funds Funds Funds 2021 2020 £ £ £ £ 1,748,331 - 1,748,331 1,394,471 17,251 - 17,251 4,192 169,306 107,700 277,006 145,757 186,557 107,700 294,257 149,949 10,846 - 10,846 3,446 175,711 107,700 283,411 146,503 1,924,042 107,700 2,031,742 1,540,974 1,924,042 107,700 2,031,742 1,540,974 1,924,041 - 1,924,041 1,540,974 - - - - 107,700 107,700 - 1,924,041 107,700 2,031,741 1,540,974 |
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For the year ended 31 December 2021, the company was entitled to the exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
Responsibilities of directors/trustees:
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a. The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with Section 476 of the Companies Act - however, in accordance with Section 145 of the Charities Act 2011 the accounts have been examined by an independent examiner whose report forms part of this document.
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b. The directors/trustees acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Directors and signed on their behalf on the 23 July 2022 by:
Joanna Pearce 23/07/2022 Company number: 6474770 Charity number: 1123608
The notes on pages 9 to 14 form part of these accounts.
Page 8
SHELFORD GOSPEL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
The Trust is a public benefit entity. The accounts have been prepared under the historic cost convention, 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) issued on 16 July 2014; and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). The financial statements are prepared in sterling and rounded to the nearest £1.
The following are the accounting policies which have been applied in dealing with material items:-
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 Trustee's forecasts and projections, taking account of reasonable possible changes in income, show that the Trust is able to generate sufficient liquidity. The Trust enjoys an income stream from its individual donors and rental income, that have not been impacted by the coronavirus. In addition to the base case scenario, the Trustees reviewed a second scenario as part of its going concern assessment. The later assumed higher refurbishment cost for the newly acquired property; together with a delay in the refurbishment. This scenario was considered to illustrate the funding resources and headroom available to cover the risk relating to the new property, in making the assessment for the next two calendar years and the medium term.
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 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. Income received in circumstances where a claim for repayment of tax has been or will be made to HM Revenue & Customs is grossed up for the tax recoverable. Any amount of tax reclaimed from HM Revenue & Customs but not yet received is shown within the charity's debtors. Gifts in kind are included in income at their estimated value to the Trust and recognised as income when they are distributed to projects.
Investment income represents income generated by the charity's assets and is taken into account when receivable.
c) Expenditure
Expenditure, including irrecoverable VAT, when incurred by the charity, regardless of when payment is made. Grants payable are taken into account at the earlier of when they are paid or become constructive obligations. Expenditure is classified under the following activity headings:
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Cost of raising funds comprise the costs incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities
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Expenditure on charitable activities includes the revenue costs associated with the repairs and maintenance of the Trust’s properties or grants to individuals or churches.
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Other expenditure represents those items not falling into any other heading
c) Funds
Unrestricted funds are donations and other income received or generated for the objects of the charity without specified purpose and are available for purposes as directed by the trustees. Restricted funds are amounts received where the donor has specified the purpose for which it should be used.
Donations received in response to an appeal will be treated as restricted funds. Loan receipts raised for a project will be treated as (unrestricted) designated funds. Once the money in both funds is applied to the acquisition of a tangible asset, most likely a property, then the property will immediately be regarded as an unrestricted general fund asset. The Trustees are of the option that the terms of the appeal gifts are met once the specified assets is acquired, allowing the Trust to use the property on an unrestricted basis for any charitable purpose.
Page 9
SHELFORD GOSPEL TRUST NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies (continued)
c) Funds (continued)
Loan finance raised for a specific property will also be categorised as unrestricted general fund liabilities.
Where appeal donations are received after the purchase of an appeal asset, expenditure directly associated with the purchase of the property, will be allocated to the restricted fund. Otherwise all other expenditure related to the property will be borne by the general fund.
d) Key judgements
i Key estimate: Charitable donations
The Trustees make estimates and assumptions regarding the future. Actual results may differ from these estimates. The cash flow projections include assumptions about continued donations, the key one being that regular giving and rental income will not change significantly from historical levels.
- ii Key judgement: classification of tangible fixed assets
When a tangible fixed asset is funded through an appeal or by way of a grant or donation, the accounting treatment of the asset acquired will depend on the circumstances of each case. In the Trustee’s judgement, the terms of the gift are met once the specified asset is acquired, so allowing the charity to use the asset acquired on an unrestricted basis for any charitable purpose. Accordingly the properties purchased, including funding from specific appeals are classified as general fund assets.
- iii Key judgement: Residual value of property
The Trustees believe that the properties held for charitable purposes have a high residual value which removes the need for depreciation to be charged.
e) Fixed assets and depreciation
Fixed assets acquired for use by the charity are capitalised and depreciated over their estimated useful life unless they cost less than £30 when they are written off on purchase.
Depreciation periods are as follows:
Freehold land Not depreciated Freehold buildings Not depreciated see Key judgements d iii) above Fixtures, fittings and equipment Between 2 and 5 years
f) Debtors
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
g) Cash at bank
Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
h) Creditors and provisions
Creditors and provisions are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.
i) Financial instruments
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of loans which are subsequently measured at amortised cost using the effective interest method.
j) Taxation
The company is a registered charity and is exempt from taxation under the Income & Corporation Taxes Acts.
Page 10
SHELFORD GOSPEL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
| 2 | Donations and legacies | Unrestricted | Restricted | Total | Total |
|---|---|---|---|---|---|
| Funds | Funds | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Donations from individuals | 360,200 | 87,200 | 447,400 | 10,420 | |
| Tax recoverable | 1,950 | 20,500 | 22,450 | 2,005 | |
| 362,150 | 107,700 | 469,850 | 12,425 | ||
| 3 | Income from charitable activities Unrestricted Funds £ Rental property income 28,966 Included in unrestriced funds donations from individuals is £350,000 relating of a residential property in Sawston,Cambridgeshire. |
Restricted Funds £ - to the market |
Total Total 2021 2020 £ £ 28,966 26,075 value, in June 2021, of a gift |
||
| 28,966 | - | 28,966 | 26,075 | ||
| 4 | Expenditure on charitable activities Direct cost incurred on rental property Depreciation |
Unrestricted Funds £ 3,476 832 |
Restricted Funds £ - - |
Total 2021 £ 3,476 832 |
Total 2020 £ 2,655 131 |
| 4,308 | - | 4,308 | 2,786 | ||
| 5 | Support and administration expenditure Governance costs Independent examination Insurance |
£ 2,935 840 127 |
£ - - - |
£ 2935 840 127 |
£ 26 1,090 125 |
| 3,902 | - | 3,902 | 1,241 | ||
| Combined charitable activity cost | 8,210 | - | 8,210 | 4,027 |
6 Staff & Trustees
The Trust has not employed a member of staff. The administrative duties and accounting have been undertaken by the Trustees. No remuneration was paid to any trustee during the year nor to any person connected to them.
The total amount of donations funded by Trustees and connected parties was £434,775 (2020: £9,520).
No other transactions have taken place with related parties during the year.
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SHELFORD GOSPEL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
7 Tangible fixed assets
| Cost At 1 January 2021 Additions Disposals At 31 December 2021 Accumulated Depreciation At 1 January 2021 Charge for the year Disposals At 31 December 2021 Net book value At 31 December 2021 At 1 January 2021 |
Land Fixtures, Total & buildings fittings equipment £ £ £ 1,393,643 4,344 1,397,987 354,397 295 354,692 - (265) (265) 1,748,040 4,374 1,752,414 - 3,516 3,516 - 832 832 - (265) (265) - 4,083 4,083 1,748,040 291 1,748,331 1,393,643 828 1,394,471 |
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The freehold land and buildings relates to:
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a) a residential property in Little Shelford, and b) a chapel and community hall in Trumpington.
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c) a residential property in Sawston, gifted during the year with a June 2021 market valuation of £350,000 (see note2).
The Charities SORP acknowledges that some assets may have a high residual value which will remove the need for depreciation to be charged. The Trustees are of the opinion that South Cambridge has a buoyant property market and that the residential property in Little Shelford will have increased in value since acquired and that the residual values will be above the purchase prices for both properties. We anticipate that no depreciation will be charged in future.
| 8 Debtors Tax recoverable Other debtors Prepayments 9 Cash at bank Bank operating accounts Bank deposits 10 Creditors: liabilities falling due within one year Accruals Rent received in advance |
2021 2020 £ £ 581 498 - 3,075 16,670 619 17,251 4,192 2021 2020 £ £ 176,080 64,993 100,926 80,764 277,006 145,757 2021 2020 £ £ 7,929 1,113 2,917 2,333 10,846 3,446 |
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SHELFORD GOSPEL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
11 Movement of funds
The restricted funds represent amounts received for purchase of properties and the movements in the year are as follows:
| 2021 Unrestricted funds Restricted funds 2020 Unrestricted funds Restricted funds Analysis of net assets between funds The assets and liabilities represented by the various Fund balances at 31 December 2021 Restricted funds Unrestricted funds Fund balances at 31 December 2020 Restricted funds Unrestricted funds |
Opening Incoming Outgoing Closing balance resources resources balance £ £ £ £ 1,540,974 391,277 (8,210) 1,924,041 - 107,700 - 107,700 1,540,974 498,977 (8,210) 2,031,741 1,506,186 38,815 (4,027) 1,540,974 - - - 1,506,186 38,815 (4,027) 1,540,974 funds are as follows: Fixed Bank & cash Other net Total assets balances assets £ £ £ £ - 107,700 - 107,700 1,748,331 169,306 6,405 1,924,042 1,748,331 277,006 6,405 2,031,742 £ £ £ £ - - - - 1,394,471 145,757 746 1,540,974 1,394,471 145,757 746 1,540,974 |
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12 Analysis of net assets between funds
13 Commitments
The Trust did not have any commitments at the year end (2020: nil).
14 Members
Each member of the company commits to contribute if the charity is wound up an amount of £10.
15 Subsequent events
On 12 January 2022, the Trust completed the purchase of 26 Church Street, Little Shelford, Cambridge, a large house ideally located opposite All Saints, Little Shelford. As well as housing an assistant minister with a family, this property would provide a one-bedroom flat for a church worker. The purchase was funded by a combination of a charitable gift by the estate of Miss Marjorie Powell deceased, existing cash reserves, appeal donations of £107,700 and a mortgage of £425,000 from Kingdom Bank. The property is in need of extensive refurbishment, following planning permission and competitive tendering. The Trust plans to fund the refurbishment from the proceeds of the sale of the smaller property in Hauxton Road, Little Shelford and by accepting and formallising offers of interest free loans it received during the 2021 Appeal.
The Kingdom Bank loan, with a 30 year term, was drawn down on 11 January 2022. The interest rate is variable, subject to certain criteria, and at inception was 3.45% per annum. The interest rate is variable and will be applied for the first 5 years. The repayments for the first year will be interest only.
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SHELFORD GOSPEL TRUST
Detailed Statement of Financial Activities with Comparatives FOR THE YEAR ENDED 31 DECEMBER 2021
| Note INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 3 Investment income Total income and endowments EXPENDITURE ON Charitable activities 4 Other 5 Total expenditure Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Total Total Funds Funds 2021 2020 2021 2020 2021 2020 2021 2020 £ £ £ £ £ £ £ £ 362,150 12,425 - - 107,700 - 469,850 12,425 28,966 26,075 - - - - 28,966 26,075 161 315 - - - - 161 315 391,277 38,815 - - 107,700 - 498,977 38,815 4,308 2,786 - - - - 4,308 2,786 3,902 1,241 - - - - 3,902 1,241 8,210 4,027 - - - - 8,210 4,027 383,067 34,788 - - 107,700 - 490,767 34,788 - - - - - - - - 383,067 34,788 - - 107,700 - 490,767 34,788 1,540,974 1,506,186 - - - - 1,540,974 1,506,186 1,924,041 1,540,974 - - 107,700 - 2,031,741 1,540,974 Unrestricted Funds Unrestricted Funds - Designated Restricted Funds |
|---|---|
Movements on reserves and all recognised gains and losses are shown above.
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