## **REGISTERED COMPANY NUMBER: 02777096 (England and Wales) REGISTERED CHARITY NUMBER: 1127720**
## **The Evangelical Fellowship of Congregation Churches Trust Corporation Limited**
## **Financial Statements**
**31st December 2021**
## **EFCC Trust Corporation Limited**
## **Contents of the Financial Statements for the year ended 31st December 2021**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 3|
|**Report of the Independent Auditors**|4 to 7|
|**Statement of Financial Activities**|8|
|**Balance Sheet**|9|
|**Cash Flow Statement**|10|
|**Notes to the Cash Flow Statement**|11|
|**Notes to the Financial Statements**|12 to 22|
|**Detailed Statement of Financial Activities**|23|
## **EFCC Trust Corporation Limited**
## **Report of the Trustees for the year ended 31st December 2021**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2021. The trustees have adopted the provisions of 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 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Activity, business review and public benefit**
The Company was incorporated on 5th January, 1993 and acts as trustee (whether as charity trustee or as custodian trustee) for the Evangelical Fellowship of Congregational Churches (hereinafter called "the Fellowship") and for such other charitable Churches as shown on pages 9 and 10. The Trustees have considered the Commission's guidance on public benefit and are of the opinion that this is fulfilled by the charity's continued support of establishments for the advancement of religion.
The trustees meet four times throughout the year to carry out their duties and further meetings are held as and when required. During 2021 in total 11 meetings were held. Day to day operations are overseen by a smaller sub-committee of Custodian Trustees. Risk Management, Finance and Audit, Charity Investment, Office and Employment and Grants and Loans are, where the Board deem appropriate, overseen by Board appointed and Board led sub-committees.
The trustees are in close contact with the churches in terms of building conditions, insurance cover and other practical/legal advice.
The trustees make grants and loans to churches affiliated to The Evangelical Fellowship of Churches to cover repairs and maintenance of buildings, ministerial stipend support and to assist men training for the ministry and welfare payments to meet individual needs.
Payments are also made to support ministers on low stipends and to retired ministers and their widows to support their housing needs. There are also payments made to churches to contribute to the pension cost of the minister's pension scheme.
There are a number of properties owned by the EFCC Trust Corporation Limited, one of the objectives is to provide (in a limited way) accommodation for retired ministers.
The trustees work closely with the committee of The Evangelical Fellowship of Congregational Churches.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT RESERVE POLICY**
Reserves are retained to enable operations to be funded for a period of up to one year, after taking into account anticipated net income for that period
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number**
02777096 (England and Wales)
## **Registered Charity number**
1127720
## **Registered office**
Latimer Congregational Church Grovehill Road Beverley East Yorkshire HU17 0JD
Page 1
## **EFCC Trust Corporation Limited**
## **Report of the Trustees for the year ended 31st December 2021**
## **Trustees**
Rev. G. Evans (Chairman) Mr. P. J. Williams Rev. W. E. Calder Rev. J. Brown (Vice-Chair) Mr. G. Stephenson Rev. M L Rees Dr D L James (appointed 19.1.2021)
## **Auditors**
Smailes Goldie Chartered Accountants Statutory Auditor Regent's Court Princess Street Hull East Yorkshire HU2 8BA
## **Solicitors**
Wrigleys Solicitors LLP, 19 Cookridge Street, Leeds. LS2 3AG
## **Bankers**
Charities Aid Foundation, West Malling, Kent. ME19 4TA
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees (who are also the directors of EFCC Trust Corporation Limited for the purposes of company law) are responsible for preparing the Report of the Trustees 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 affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.
Page 2
## **EFCC Trust Corporation Limited**
## **Report of the Trustees for the year ended 31st December 2021**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued**
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **AUDITORS**
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 5[th] April 2022 and signed on its behalf by:
....................................................................... Rev. G. Evans (Chairman) - Trustee
Page 3
## **Report of the Independent Auditors to the Members of EFCC Trust Corporation Limited**
## **Opinion**
We have audited the financial statements of EFCC Trust Corporation Limited (the 'charitable company') for the year ended 31st December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
- In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31st December 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 4
## **Report of the Independent Auditors to the Members of EFCC Trust Corporation Limited**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 5
## **Report of the Independent Auditors to the Members of EFCC Trust Corporation Limited**
## **Our responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
-performed analytical procedures to identify any unusual or unexpected relationships;
-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
-investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-agreeing financial statement disclosures to underlying supporting documentation;
-reading the minutes of meetings of those charged with governance;
-enquiring of management as to actual and potential litigation and claims.
Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 6
## **Report of the Independent Auditors to the Members of EFCC Trust Corporation Limited**
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
L D Taylor, Bsc (Hons) ACA (Senior Statutory Auditor) for and on behalf of Smailes Goldie Chartered Accountants Statutory Auditor Regent's Court Princess Street Hull East Yorkshire HU2 8BA
Date: 5[th] April 2022
Page 7
## **EFCC Trust Corporation Limited**
## **Statement of Financial Activities for the year ended 31st December 2021**
|||**Unrestricted**|
**Designated**|**2021**|2020**fund**|
|---|---|---|---|---|---|
||||**funds**|**Total** **funds**|Total funds|
||Notes|
£|£|**£**|£|
|**INCOME AND ENDOWMENTS FROM**||||||
|Donations and legacies|2|**4,379**|**-**|**4,379**|142,246|
|Investment income|3|**125,059**|**629**|**125,688**|116,684|
|**Total**||**129,438**|**629**|**130,067**|258,930|
|**EXPENDITURE ON**||||||
|**Charitable activities**|4|||||
|Charitable||**312,108**|**900**|**313,008**|288,680|
|**Total**||**(182,670)**|**(271)**|**(182,941)**|(29,758)|
|Net gains/(losses) on investments||**625,820**|**4,567**|**630,387**|(182,409)|
|Revaluation of investment properties||**146,000**|**-**|**146,000**|35,000|
|Transfer from Ivybridge Congregational|Church|**-**|**-**|**-**|169,338|
|Gains on sale of properties||**1,075,310**|**-**|**1,075,310**|-|
|**NET INCOME/(EXPENDITURE)**||**1,664,460**|**4,296**|**1,668,756**|(7,829)|
|**Transfers between funds**||**36,640**|**(36,640)**|**-**|-|
|**Net movement in funds**||**1,701,100**|**(32,344)**|**1,668,756**|(7,829)|
|**Total funds brought forward**||**5,833,193**|**40,512**|**5,873,705**|5,881,534|
|**TOTAL FUNDS CARRIED FORWARD**||**7,534,293**|**8,168**|**7,543,461**|5,873,705|
The notes form part of these financial statements
Page 8
## **EFCC Trust Corporation Limited**
## **Balance Sheet 31st December 2021**
|Notes
**FIXED ASSETS**
Tangible assets
9
**Investments**
Investments
10
Investment property
11
**CURRENT ASSETS**
Debtors
12
Cash at bank
**CREDITORS**
Amounts falling due within one year
13
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
15
Unrestricted funds
Designated funds
**TOTAL FUNDS**|**2021**
**£**
**713,861**
**5,206,442**
**1,150,000**
**7,070,303**
**119,393**
**1,642,340**
**1,761,733**
**(1,289,575**)
**472,158**
**7,542,461**
**7,542,461**
**7,534,293**
**8,168**
**7,542,461**|2020
£
713,861
4,176,055
1,004,000
5,893,916
187,316
580,430
767,746
(787,957)
(20,211)
5,873,705
5,873,705
5,833,193
40,512
5,873,705|
|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 5[th] April 2022 and were signed on its behalf by:
............................................. Rev. G. Evans (Chairman) - Trustee
The notes form part of these financial statements
Page 9
## **EFCC Trust Corporation Limited**
## **Cash Flow Statement for the year ended 31st December 2021**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of fixed asset investments
Sale of properties
Interest received
Net cash provided by/(used in) investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|**2021**
**£**
**385,875**
**385,875**
**(400,000)**
**1,075,310**
**725**
**676,035**
**1,061,910**
**580,430**
**1,642,340**|2020
£
247,293
247,293
(269,129)
-
1,428
(267,701)
(20,408)
600,838
580,430|
|---|---|---|
The notes form part of these financial statements
Page 10
## **EFCC Trust Corporation Limited**
## **Notes to the Cash Flow Statement for the year ended 31st December 2021**
## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES**
## 2.
|**2021**
**£**
**Net income/(expenditure) for the reporting period (as per the**
**Statement of Financial Activities)**
**1,668,756**
**Adjustments for:**
Gain on investments
**(1,851,697)**
Interest received
**(725)**
Inter Charity loan written off
**-**
Decrease in debtors
**67,923**
Increase in creditors
**501,618**
**Net cash provided by operations**
**385,875**
**ANALYSIS OF CHANGES IN NET FUNDS**|2020
£
(7,829)
(21,929)
(1,428)
(9,662)
91,903
196,238
247,293|
|---|---|
|**Net cash**
Cash at bank
**Total**|At 1.1.21
£
**580,430**
**580,430**
**580,430**|Cash flow
£
**1,061,910**
**1,061,910**
**1,061,910**|**At 31.12.21**
**£**
**1,642,340**
**1,642,340**
**1,642,340**|
|---|---|---|---|
The notes form part of these financial statements
Page 11
## **EFCC Trust Corporation Limited**
**Notes to the Financial Statements for the year ended 31st December 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
## **Consecrated land and buildings and moveable church furnishings**
Consecrated and beneficed property is excluded from the financial statements by s10(2)(a) and (c) of the Charities Act 2011.
All expenditure incurred during the year on consecrated or beneficed buildings and moveable church furnishings, whether maintenance or improvement, is written off as expenditure in the Statement of Financial Activities.
## **Tangible fixed assets**
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Asset class: Depreciation method and rate
Freehold properties
No depreciation has been charged on freehold properties as the ongoing programme of maintenance is such that any depreciation charge would be immaterial
## **Investment property**
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
Page 12
continued...
## **EFCC Trust Corporation Limited**
## **Notes to the Financial Statements - continued for the year ended 31st December 2021**
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **Investments**
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in net gains/(losses) on investments in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
## **2. DONATIONS AND LEGACIES**
## **3.**
|Gifts
Grants
Grants received, included in the above, are as follows:
Other grants
**INVESTMENT INCOME**
Rents received
Investment income
Deposit account interest|**2021**
**£**
**2,681**
**1,698**
**4,379**
**2021**
**£**
**1,698**
**2021**
**£**
**49,175**
**75,788**
**725**
**125,688**|2020
£
-
142,246
142,246
2020
£
142,246
2020
£
41,249
74,007
1,428
116,684|
|---|---|---|
Grants received, included in the above, are as follows:
Page 13
continued...
## **EFCC Trust Corporation Limited**
## **Notes to the Financial Statements - continued for the year ended 31st December 2021**
## **4. CHARITABLE ACTIVITIES COSTS**
|**Charitable activities**
Costs directly allocated to activities
Ministerial & church support
Grant
Management fee
Administration fees
Contractor fees
Legal fees
**Support costs allocated to activities:**
Administration and finance|**2021**
**£**
**67,763**
**20,178**
**100,000**
**34,351**
**18,718**
**58,887**
**13,111**
**313,008**|2020
£
46,097
18,898
88,500
41,748
-
82,460
10,985
288,688|
|---|---|---|
## **5. SUPPORT COSTS**
Charitable
Finance £ **13,111**
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
The trustees’ remuneration, as authorised under the company's Articles of Association, amounted to £7,870 (2020: £9,131).
## **Trustees' expenses**
Trustee expenses were reimbursed amounting to £2,854 (2020 £15,660), with 3 (2020 - 7) trustees being reimbursed.
Page 14
continued...
## **EFCC Trust Corporation Limited**
## **Notes to the Financial Statements - continued for the year ended 31st December 2021**
|**7.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
142,246
Investment income
115,846
**Total**
258,092
**EXPENDITURE ON**
**Charitable activities**
Charitable
288,288
Net gains/(losses) on investments
23,641
**NET INCOME/(EXPENDITURE)**
(6,555)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
5,839,748
**TOTAL FUNDS CARRIED FORWARD**
5,833,193|Restricted
funds
£
-
838
838
400
(1,712)
(1,274)
41,786
40,512|Total
funds
£
142,246
116,684
258,930
288,688
21,929
(7,829)
5,881,534
5,873,705|
|---|---|---|
## **8. TRUSTS**
Churches, Church Funds and other Trusts for whom the Company acts as Trustee are shown below:
The Evangelical Fellowship of Congregational Churches General Purposes Fund Charities Administered in connection with The Evangelical Fellowship of Congregational Churches Alderholt Congregational Church
The Alexandra Road Chapel (Hemel Hempstead)* Bethel Chapel (Launton) (closed) Binfield Heath Congregational Church Birstall Community Church Braughing Congregational Church (closed) Bulford Chapel Bulkington Congregational Church Calvary Baptist Church, Ogmore Vale Connsbrook Avenue Congregational Church Dagenham Congregational Church Droylsden Congregational Church Eston Congregational Church Evangelical Free Church, Stony Stratford Gendros Congregational Church Galmpton Independent Evangelical Church Great Chesterford Congregational Church Gwersyllt Congregational Church Hadham Cross Congregational Church, Much Hadham Hayes Town Chapel
Page 15
continued...
## **EFCC Trust Corporation Limited**
**Notes to the Financial Statements - continued for the year ended 31st December 2021**
## **8. TRUSTS - continued**
Heathfield Chapel Honiton Congregational Church Keswick Congregational Church Knockbracken Congregational Church Lee Mill Congregational Church Union Congregational Church, Leigh-on-Sea Marden Congregational Church Village Temple Congregational Church, Mynydd Isa New Inn Congregational Church* Oakhanger Congregational Church (Graveyard) Oldbury Congregational Church Ebenezer Evangelical Congregational Church, Pontnewydd Quinta Congregational Chapel Charity Quinta Congregational Church Quinta Sunday School Trust Reeth Congregational Church Ruiton Congregational Church Scarr Chapel Seacroft Congregational Church Stanwell Congregational Church St Briavels Congregational Church St Johns Congregational Church, Thornton Heath Stuckton Congregational Church (closed) Thorpe Edge Congregational Church (closed), Bradford Tillingham Congregational Church (closed) Torcross Congregational Church (closed) Castle Street Evangelical Church, Tredegar West Cliff Congregational Church, Whitby (closed) Wheelock Congregational Church Wiveliscombe Congregational Church Woolwich Congregational Church Yaxham Congregational Church Zion Congregational Church, Hyde
* unaffiliated congregational churches
## **9. TANGIBLE FIXED ASSETS**
|**COST**
At 1st January 2021 and
31st December 2021
**NET BOOK VALUE**
At 31st December 2021
At 31st December 2020|Freehold
property
£
**713,861**
**713,861**
713,861|
|---|---|
Page 16
continued...
## **EFCC Trust Corporation Limited**
## **Notes to the Financial Statements - continued for the year ended 31st December 2021**
## **10. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1st January 2021
Additions
Revaluations
At 31st December 2021
**NET BOOK VALUE**
At 31st December 2021
At 31st December 2020
There were no investment assets outside the UK.
Analysis of investments:
UK Equity and Equity Fund
Global Equities & Equities Funds
Multi Asset Funds
Direct Property & Property Funds
Fixed Interest & Fixed Interest Funds
Other assets
Total cash
Charity UK Bonds
Investments exceeding 5% of market value of portfolio:
Conbrio FN PTN Ltd CFP Castlefield Real Return
Conbrio FD PTN Ltd Castlefield Best Sust Income Gen
M&G Equities Funds for Charities (Charifund) Sterling Income|**2021**
**£**
**3,108,830**
**1,124,823**
**578,769**
**230,696**
**99,906**
**31,724**
**23,576**
**8,118**
**5,206,442**
**2021**
**£**
**508.908**
**826,096**
**463,466**
**1,798,470**||Listed
investments
£
**4,176,055**
**400,000**
**630,387**
**5,206,442**
**5,206,442**
4,176,055
2020
£
2,409,767
916,934
470,555
201,896
121,212
35,697
11,602
8,391
4,176,055
2020
£
445,498
719,130
408,775
1,573,404|
|---|---|---|---|
|||||
|||||
|||||
The investment portfolio includes amounts invested on behalf of other trusts of which EFCC Trust Corporation Limited is the trustee.
Page 17
continued...
## **EFCC Trust Corporation Limited**
**Notes to the Financial Statements - continued for the year ended 31st December 2021**
## **11. INVESTMENT PROPERTY**
|**INVESTMENT PROPERTY**||
|---|---|
|**FAIR VALUE**
At 1st January 2021
Revaluation
At 31st December 2021
**NET BOOK VALUE**
At 31st December 2021
At 31st December 2020|**£**
**1,004,000**
**146,000**|
||**1,150,000**|
||**1,150,000**|
||1,004,000|
The trustees confirm that to the best of their knowledge and having taken appropriate professional advice that the valuations above are consistent with the fair value of the properties at 31 December 2021.
## **12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Quinta Sunday School
Woolwich
Seacroft
Whitby
Tillingham
Torcross
Braughing & Puckeridge
Puckeridge
Other debtors|**2021**
2020
**£**
£
**4,717**
6,646
**-**
5,900
**71,827**
69,608
**13,107**
9,833
**7,074**
4,661
**5,544**
3,838
**781**
733
**-**
57,000
**16,343**
29,097
**119,393**
187,316|
|---|---|
Page 18
continued...
## **EFCC Trust Corporation Limited**
## **Notes to the Financial Statements - continued for the year ended 31st December 2021**
## **13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Heathfield
Accruals
Investments on behalf of EFCC Administered Churches
EFCC General Purposes Fund
EFCC Administered Churches
Quinta
Investments on behalf of Marden
Stranger's Rest Mission
Tillingham Manse
Tillingham
Torcross|**2021**
**£**
**29,163**
**30,000**
**1,289,575**
**271,885**
**14,267**
**75,543**
**80**
**193,886**
**-**
**252,601**
**152,902**
**269,248**|2020
£
23,030
27,240
787,957
271,885
27,767
75,154
155
193,886
168,840
-
-
-|
|---|---|---|
## **14. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Fixed assets
Investments
Current assets
Current liabilities|**Unrestricted**
**funds**
£
**713,861**
**6,356,442**
**1,753,565**
(**1,289,575)**|**Designated**
**funds**
£
**-**
**-**
**8,168**
**-**|**2021**
**Total**
**funds**
**£**
**713,861**
**6,356,442**
**1,761,733**
**(1,289,575)**|2020
Total
funds
£
713,861
5,180,055
767,746
(787,957)
5,873,705|
|---|---|---|---|---|
||**7,534,293**|**8,168**|**7,542,461**||
Page 19
continued...
## **EFCC Trust Corporation Limited**
## **Notes to the Financial Statements - continued**
**for the year ended 31st December 2021**
## **15. MOVEMENT IN FUNDS**
|**Unrestricted Funds**
Income and expenditure
Unrealised gain on
investments
Realised gain on
investments
Revaluation on
investment properties
Impairment of fixed
assets
Transfer from Ivybridge
Congregational Church|**At**
**31.12.20**
**£**
**4,436,941**
**867,961**
**113,492**
**266,000**
**(20,539)**
**169,338**
**5,833,193**|**Income**
**£**
1,204,748
625,820
-
51,000
-
-
**1,881,568**|**Expenditure**
**£**
(312,108)
-
-
-
-
-
**(312,108)**|**Transfer**
**between**
**funds**
**£**
-
36,640
-
-
-
-
**36,640**|**At**
**31.12.21**
**£**
**5,329,581**
**1,530,421**
**113,492**
**317,000**
**(20,539)**
**169,338**
**7,439,293**|
|---|---|---|---|---|---|
|**Designated**
**Funds**
Alan Tovey Fund
Puckeridge Fund|**At**
**31.12.20**
**£**
**29,589**
**10,923**
**40,512**|**Income**
**£**
629
-
**629**|**Expenditure**
**£**
-
(900)
**(900)**|**Unrealised**
**losses on**
**investments**
**£**
6,422
(1,855)
**4,567**|**Transfer**
**between**
**At**
**funds**
**31.12.21**
**£**
(36,640)
**-**
**8,168**
**8,168**|
|---|---|---|---|---|---|
The Alan Tovey Fund represents a donation by Alan Tovey's widow for ministers on low stipends which the trustees have decided to preserve in a designated fund to continue the memory of Alan Tovey who served the charity for many years. The balance on the fund was transferred to unrestricted funds during the year.
The Puckeridge Fund represents a legacy that the deceased wished to be used to fund the upkeep of the graveyard in Puckeridge, although this was not specifically requested in the will and is not, therefore, a restricted fund.
Page 20
continued...
## **EFCC Trust Corporation Limited**
**Notes to the Financial Statements - continued for the year ended 31st December 2021**
## **15. MOVEMENT IN FUNDS - continued**
## **Comparative for movement in funds**
|**Unrestricted Funds**
Income and expenditure
Unrealised gain on
investments
Realised gain on
investments
Revaluation on
investment properties
Impairment of fixed
assets
Transfer from Ivybridge
Congregational Church|**At**
**31.12.19**
**£**
**4,467,137**
**1,048,658**
**113,492**
**231,000**
**(20,539)**
**-**
**5,839,748**|**Income**
**£**
258,092
(180,697)
-
35,000
-
169,338
**281,733**|**Expenditure**
**£**
(288,288)
-
-
-
-
-
**(288,288)**|**Transfer**
**between**
**funds**
**£**
-
-
-
-
-
-
**-**|**At**
**31.12.20**
**£**
**4,436,941**
**867,961**
**113,492**
**266,000**
**(20,539)**
**169,338**
**5,833,193**|
|---|---|---|---|---|---|
## **Designated Funds**
|**Funds**
Alan Tovey Fund
Puckeridge Fund|**At**
**31.12.19**
**£**
**30,254**
**11,532**
**41,786**|**Income**
**£**
637
201
**838**|**Expenditure**
**£**
-
(400)
**(400)**|**Unrealised**
**losses on**
**investments**
**£**
(1,302)
(410)
**(1,712)**|**At**
**31.12.20**
**£**
**29,589**
**10,923**
**40,512**|
|---|---|---|---|---|---|
## **16. RELATED PARTY DISCLOSURES**
During the year the charity had the following outgoing resources to related parties
|EFCC GP Fund|**2021**
**£**
**100,000**|2020
£
85,000|
|---|---|---|
Page 21
continued...
## **EFCC Trust Corporation Limited**
## **Notes to the Financial Statements - continued for the year ended 31st December 2021**
## **16. RELATED PARTY DISCLOSURES - continued**
At the year end there were the following balances due from related parties:
|Woolwich
Quinta Sunday School
Whitby
Tillingham
Torcross
Seacroft
Braughing & Puckeridge
Puckeridge
At the year end there were the following balances due to related parties:
EFCC Charities Administered
EFCC GP Fund
Quinta
Strangers Rest Mission
Marden
Tillingham Manse
Tillingham
Torcross
Healthfield|**2021**
**£**
**-**
**4,717**
**13,107**
**7,074**
**5,544**
**71,827**
**781**
**-**
**103,050**
**2021**
**£**
**347,428**
**14,267**
**80**
**-**
**193,886**
**252,601**
**152,902**
**269,248**
**29,162**
**1,259,575**|2020
£
5,900
6,646
9,833
4,661
3,838
69,608
733
57,000
158,219
2020
£
347,039
27,767
155
168,840
193,886
-
-
-
23,030
760,717|
|---|---|---|
The related party balances relate mainly to intercompany recharges.
Page 22
continued...
## **EFCC Trust Corporation Limited**
## **Detailed Statement of Financial Activities for the year ended 31st December 2021**
|2021
£
**INCOME AND ENDOWMENTS**
**Donations and legacies**
Gifts
**2,681**
Grants
**1,698**
**4,379**
**Investment income**
Rents received
**49,175**
Investment income
**75,788**
Deposit account interest
**725**
**125,688**
**Total incoming resources**
**130,067**
**EXPENDITURE**
**Charitable activities**
Ministerial and church support
**67,763**
Grants
**20,178**
Management fee
**100,000**
Administration fees
**34,351**
Legal fees
**58,887**
Contractor fees
**18,718**
**299,897**
**Support costs**
**Finance**
Auditor and professional fees
**13,111**
Total resources expended
**313,008**
**Net expenditure before gains and losses**
**(182,941)**
**Recognised gains and losses**
Unrealised gains/(losses) on fixed asset
investments
**630,387**
Revaluation of investment properties
**146,000**
Realised gains on sale of properties
**1,075,310**
Transfer from Ivybridge Congregational Church
**-**
**Net income/(expenditure)**
**1,668,756**|2020
£
1
142,246
142,247
41,249
74,007
1,428
116,684
258,931
46,097
18,898
88,500
40,256
82,460
1,492
277,704
10,985
288,689
(29,758)
(182,409)
35,000
-
169,338
(7,829)|
|---|---|
This page does not form part of the statutory financial statements
Page 23