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REGISTERED COMPANY NUMBER: 02777096 REGISTERED CHARITY NUMBER: 1127720
EFCC Trust Corporation Limited
Financial Statements
31st December 2022
WOOT $D-0209427-1-6
EFCC Trust Corporation Limited
Contents of the Financial Statements for the year ended 31st December 2022
| Page | |||
|---|---|---|---|
| Reportofthe Trustees | 1 | to | 3 |
| Reportofthe Independent Auditors | 4 | to | 6 |
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Cash Flow Statement | 9 | ||
| Notes to the Cash Flow Statement | 10 | ||
| NotestotheFinancialStatements | 11 | to | 20 |
EFCC Trust Corporation Limited
Report of the Trustees for the year ended 31st December 2022
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 2022. 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 14 and 15. 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 2022 in total 4 meetings were heid. 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 Trust Corporation has continued to support the EFCC’s Mission Statement to 'grow healthy churches' with a particular emphasis on strategic grants to enable church revitalisation projects and on championing healthy church governance within our fellowship and trusteeship churches. Typically grants made will support the installation of a minister into a church for 2-3 years. Such churches that may not have had a paid minister, so vital to spiritual leadership, ministry and growth, for many years. During 2022 significant Ministry Support Grants were made to churches in the West Midlands and West Yorkshire. To support fit for purpose modern governance structures and working in partnership with our solicitors Wrigleys LL.P, the EFCC Trust Board has invested in the develop bespoke Congregational Church Charitable Company Limited by Guarantee (CLG) Articles of Association for the use of EFCC churches who are looking update their governance away from traditional charitable land trusts. Alongside this work, we have continued to invest in a dedicated role to support trusteeship churches - our Trusteeship Coordinator. The Trust Corporation has also concentrated on the EFCC's own policies and procedure culminating in the adopt of a new Safeguarding Policy (in early 2023) and the creation of a paid Designated Safeguarding Lead role, supported by a dedicated Safeguarding Director and the EFCC's Operations Manager.
Alongside our major strategies, the trustees have continued to make grants and loans to churches affiliated to The Evangelical Fellowship of Churches to cover repairs, maintenance of buildings and to meet other miscellaneous needs. Payments are also made to support ministers on low stipends and to retired ministers and their widows to support their housing needs. The Trust Corporation has for many years encouraged churches to provide good pension provision for their ministers through our pension matching scheme. This will typically double the level of contributions made into an individual's pension pot. There are a number of properties owned by the EFCC Trust Corporation Limited, some of which are used as accommodation for retired ministers.
Vital to the Trust Corporation's ability to provide financially for our Fellowship Charity (Charity no. 262802) and the grants made to churches has been the Board's stewarding of investments and resources to generate income. This continues to be an important part of the EFCC Trust Board's work.
The trustees work closely with the Committee of The Evangelical Fellowship of Congregational Churches and during 2022 have looked to deepen that relationship with Joint Meetings that help both bodies to consider spiritual and practical governance issues in a joined up and more effective way.
Page 1
EFCC Trust Corporation Limited
Report of the Trustees for the year ended 31st December 2022
FINANCIAL REVIEW
Financial position
The charity has net outgoing resources for the year of £775,580 (2021: net incoming resources of £1,668, 756) including unrealised losses on investments of £617,106 (2021:unrealised gains of £1,851,697).
Reserves 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. The amount of reserves held are £6,766,881 comprising £6,759,713 unrestricted funds and £7,168 designated funds. The trustees consider the reserves amount sufficient to achieve their objectives.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
Due to the special nature of the role and the skills and expertise required, appointments to the EFCC Trust Board are by invitation. As a standing item, potential appointments are considered by the Board three times per year at their regular meeting in Spring, Summer and Autumn. Following the implementation of new recruitment procedures under the EFCC's Safeguarding Policy, work is currently being undertaken around developing a Role Description, Induction Pack, Personal Statements and an interview process.
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 O0JD
Trustees
Rev. G. Evans (Chairman) Mr, P. J. Williams Rev. W. E. Calder (resigned 27.2.2023) Rev. J. Brown (Vice-Chair) Mr. G. Stephenson Rev. M L Rees (resigned 14.5.2022) Dr D L James Rev J M Devenish (appointed 14.5.2022)
Auditors
Smailes Goldie Chartered Accountants Statutory Auditor Regent's Court Princess Street Hull East Yorkshire HU2 8BA
Page 2
EFCC Trust Corporation Limited
Report of the Trustees for the year ended 31st December 2022
REFERENCE AND ADMINISTRATIVE DETAILS
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
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select suitable accounting policies and then apply them consistently;
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- observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent;
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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.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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- 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 28th March 2023 and signed on its behalf by:
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raEvans
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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 2022 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:
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give a true and fair view of the state of the charitable company's affairs as at 31st December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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- 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
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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
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- 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:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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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 intemal 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 concem, 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.
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 intemal 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:
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performed analytical procedures to identify any unusual or unexpected relationships;
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- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims:
Page 5
Report of the Independent Auditors to the Members of EFCC Trust Corporation Limited
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.
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.
LD 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
28th March 2023
Page 6
EFCC Trust Corporation Limited
Statement of Financial Activities
for the year ended 31st December 2022
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted fund |
Designated funds |
Restricted funds |
Total funds |
Total funds |
|||
| Notes | £ | £ | £ | E | £ | ||
| INCOMEAND | |||||||
| ENDOWMENTS FROM | |||||||
| Donations and legacies | 2 | 3,169 | - | - | 3,169 | 4,378 | |
| Investment income | 3 | 163,223 | : | - | 163,223 | 125,688 | |
| Total | 166,392 | - | - | 166,392 | 130,066 | ||
| EXPENDITURE ON | |||||||
| Charitable activities | 4 | ||||||
| Charitable | 323,866 | 1,000 | - | 324,866 | 313,007 | ||
| Netgains/(losses)on investments | (707,106) | - | - | (707,106) | 1,851,697 | ||
| Revaluation ofinvestment properties | 90,000 | 90,000 | |||||
| NET INCOME/(EXPENDITURE) | (774,580) | (1,000) | ” | (775,580) | 1,668,756 | ||
| RECONCILIATION OF | |||||||
| FUNDS | |||||||
| Total funds brought forward | 7,534,293 | 8,168 | - | 7,542,461 | 5,873,705 | ||
| TOTAL FUNDS CARRIED | |||||||
| FORWARD | 6,759,713 | 7,168 | - | 6,766,881 | 7,542,461 |
The notes form part of these financial statements
Page 7
EFCC Trust Corporation Limited
Balance Sheet
31st December 2022
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||||||||||
|---|---|---|---|---|---|---|---|---|
|2022|2021|
|Notes|£|£|
|FIXED|ASSETS|
|Tangible|assets|9|713,861|713,861|
|Investments|
|Investments|10|4,499,336|5,206,442|
|Investment|property|11|1,240,000|1,150,000|
|6,453,197|7,070,303|
|CURRENT|ASSETS|
|Debtors|12|128,476|119,393|
|Cash|at|bank|1,399,126|1,642,340|
|1,527,602|1,761,733|
|CREDITORS|
|Amounts|falling|due|within|one|year|13|(1,213,918)|(1,289,575)|
|NET CURRENT ASSETS|313,684|472,158|
|TOTAL ASSETS|LESS|CURRENT|
|LIABILITIES|6,766,881|7,542,461|
|NET ASSETS|6,766,881|7,542,461|
|FUNDS|15|
|Unrestricted|funds:|
|General|fund|6,759,713|7,534,293|
|Designated|7,168|8,168|
|6,766,881|7,542,461|
|TOTAL FUNDS|6,766,881|7,542,461|
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TOTAL FUNDS
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 28th March 2023 and were signed on its behalf by: ’
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eer
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Rev. G. Evans (Chairman) - Trustee
The notes form part of these financial statements
Page 8
EFCC Trust Corporation Limited
Cash Flow Statement for the year ended 31st December 2022
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|||||||||
|---|---|---|---|---|---|---|---|
|2022|2021|
|Notes|£|£|
|Cash|flows from|operating|activities|
|Cash|generated|from|operations|1|(248,575)|385,875|
|Net cash|(used|in)/provided|by|operating|activities|(248,575)|385,875|
|Cash|flows from|investing|activities|
|Purchase|of fixed|asset|investments|-|(400,000)|
|Sale|of investment|property|-|1,075,310|
|Interest received|5,361|725|
|Net cash|provided|by|investing|activities|5,361|676,035|
|Change|in|cash|and|cash|equivalents|
|in|the|reporting|period|(243,214)|1,061,910|
|Cash and|cash|equivalents|at|the|
|beginning|of the|reporting|period|1,642,340|580,430|
|Cash|and|cash|equivalents|at the|end|
|of the|reporting|period|1,399,126|1,642,340|
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The notes form part of these financial statements
Page 9
EFCC Trust Corporation Limited
Notes to the Cash Flow Statement
for the year ended 34st December 2022
Le RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||||
|---|---|---|---|---|
| 2022 | 2021 | |||
| £ | £ | |||
| Net (expenditure)/income for the reporting period (as per the | ||||
| Statement ofFinancial Activities) | (775,580) | 1,668,756 | ||
| Adjustments for: | ||||
| Losses/(gain)oninvestments | 617,106 | (1,851,697) | ||
| Interestreceived | (5,361) | (725) | ||
| (Increase)/decrease in debtors (Decrease)y/increase in creditors |
(9,083) (75,657) |
67,923 501,618 |
||
| Netcash(used in)/provided byoperations | (248,575) | 385,875 | ||
| Z: | ANALYSIS OF CHANGES IN NET FUNDS | |||
| At 1.1.22 | Cash flow | At 31.12.22 | ||
| £ | £ | £ | ||
| Net cash | ||||
| Cash at bank | 1,642,340 | (243,214) | 1,399,126 | |
| 1,642,340 | (243,214) | _1,399,126 | ||
| Total | 1,642,340 | (243,214) | _1,399,126 |
The notes form part of these financial statements
Page 10
EFCC Trust Corporation Limited
Notes to the Financial Statements for the year ended 31st December 2022
- 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
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:
| Assetclass: | Depreciation method and rate |
|---|---|
| Freehold properties | Nodepreciation has been charged onfreehold |
| properties as the ongoing programme of | |
| maintenance is such thatany depreciation charge | |
| wouldbeimmaterial |
Consecrated land and buildings and moveable church furnishings Consecrated and beneficed property is excluded from the financial statements by $10(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.
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.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Page 11
continued...
EFCC Trust Corporation Limited
Notes to the Financial Statements - continued for the year ended 31st December 2022
1. ACCOUNTING POLICIES - continued
Fund accounting
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 | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Gifts | 3,169 | 2,680 | |
| Grants | : | 4,698 | |
| 3,169 | 4,378 | ||
| Grants received, included in the above, are as follows: | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Othergrants | - | 1,698 | |
| 3. | INVESTMENT INCOME | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Rents received Investmentincome |
64,463 93,399 |
49,175 75,788 |
|
| Deposit account interest | 5,361 | 725 | |
| 163,223 | 125,688 |
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EFCC Trust Corporation Limited
Notes to the Financial Statements - continued for the year ended 31st December 2022
- CHARITABLE ACTIVITIES COSTS
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Charitable activities | |||
| Costs directly allocated to activities | |||
| Ministerial & church support Grant Management fee Administration fees Contractorfees Legalfees |
99,379 37,583 119,000 16,828 30,022 12,229 |
67,763 20,178 100,000 24,772 28,297 58,887 |
|
| Support costs allocated to activities: | |||
| Administration andfinance | 12,021 | 13,111 | |
| 327,062 | _313,008 | ||
| 5. | SUPPORT COSTS | ||
| Finance | |||
| Charitable | £ 12,021 |
||
| 6. | TRUSTEES' REMUNERATION AND BENEFITS | ||
| The trustees remuneration, as authorised under the company's Articles of Association, £10,338(2021:£7,870). |
amounted to |
Trustees’ expenses
Trustee expenses were reimbursed amounting to £4,004 (2021 £2,854), with 5 (2021 - 3) trustees being reimbursed.
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EFCC Trust Corporation Limited
Notes to the Financial Statements - continued for the year ended 31st December 2022
| 1: | COMPARATIVES FORTHE STATEMENT | OF FINANCIAL | ACTIVITIES | ||
|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | Total | ||
| fund | funds | funds | funds | ||
| £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 4,378 | - | - | 4,378 | |
| Investment income | 125,059 | 629 | - | 125,688 | |
| Total | 129,437 | 629 | - | 130,066 | |
| EXPENDITURE ON | |||||
| Charitable activities | |||||
| Charitable | 312,107 | 900 | - | 313,007 | |
| Net gains on investments | 1,847,130 | 4,567 | - | 1,851,697 | |
| NET INCOME | 1,664,460 | 4,296 | - | 1,668,756 | |
| Transfers between funds | 36,640 | (36,640) | - | - | |
| Net movement in funds | 1,701,100 | (32,344) | - | 1,668,756 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 5,833,193 | 40,512 | - | 5,873,705 | |
| TOTALFUNDSCARRIEDFORWARD | 7,534,293 | 8,168 | - | 7,542,461 |
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EFCC Trust Corporation Limited
Notes to the Financial Statements - continued for the year ended 31st December 2022
- 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 (Heme! 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 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 Church Quinta Sunday School! Trust Reeth Congregational Church Ruiton Congregational Church Scarr Chapel Seacroft Congregational Church (closed) 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
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continued...
EFCC Trust Corporation Limited
Notes to the Financial Statements - continued for the year ended 31st December 2022
| 9. | TANGIBLE FIXED ASSETS | ||
|---|---|---|---|
| Freehold | |||
| property | |||
| £ | |||
| COST | |||
| At 1st January 2022 and | |||
| 31st December 2022 | 713,861 | ||
| NET BOOKVALUE | |||
| At 31st December 2022 | 713,861 | ||
| At 31st December 2021 | 713,861 | ||
| 10. | FIXEDASSET INVESTMENTS | ||
| Listed | |||
| investments | |||
| E | |||
| MARKETVALUE | |||
| At 1stJanuary 2022 | 5,206,442 | ||
| Revaluations | (707,106) | ||
| At 31st December 2022 | 4,499,336 | ||
| NET BOOKVALUE | |||
| At 31st December 2022 | 4,499,336 | ||
| At 31st December 2021 | 5,206,442 | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Analysis of investments: | |||
| UK Equityand Equity Fund | 1,951,125 | 3,108,830 | |
| Global Equities & Equities Funds | 991,250 | 1,124,823 | |
| Multi Asset Funds | 612,451 | 578,769 | |
| Direct Property & Property Funds | 81,184 | 230,696 | |
| Fixed Interest& Fixed Interest Funds | 281,946 | 99,906 | |
| Other assets | 568,759 | 31,724 | |
| Total cash | 6,308 | 23,576 | |
| Charity UK Bonds | 6,313 | 8,118 | |
| 4,499,336 | 5,206,442 | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Investments exceeding 5% of market value of portfolio: | |||
| Conbrio FN PTN Ltd CFP Castlefield Real Retum | 452,173 | 508,908 | |
| Conbrio FD PTN Ltd Castlefield Best Sust Income Gen | 612,451 | 826,096 | |
| M&G Equities Funds for Charities (Charifund) Sterling Income | 437,648 | 463,466 | |
| 1,502,272 | 1,798,470 |
The investment portfolio includes amounts invested on behalf of other trusts of which EFCC Trust Corporation Limited is the trustee.
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EFCC Trust Corporation Limited
Notes to the Financial Statements - continued for the year ended 31st December 2022
11. INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| £ | |
| FAIRVALUE | |
| At 1stJanuary 2022 | 1,150,000 |
| Revaluation | 90,000 |
| At 31st December 2022 | 1,240,000 |
| NET BOOKVALUE | |
| At 31stDecember2022 | 1,240,000 |
| At31stDecember2021 | 1,150,000 |
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 2022.
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Quinta Sunday School | 4,788 | 4,717 |
| Quinta Chapel | 897 | - |
| Seacroft Whitby Tillingham Torcross |
78,076 13,107 9,448 5,711 |
71,827 13,107 7,074 5,544 |
| Braughing & Puckeridge | - | 781 |
| Other debtors | 16,449 | 16,343 |
| 128,476 | 119,393 |
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EFCC Trust Corporation Limited
Notes to the Financial Statements - continued for the year ended 31st December 2022
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Investmentson behalf ofEFCCAdministered Churches | 271,885 | 271,885 |
| EFCC General Purposes Fund | 14,267 | 14,267 |
| EFCCAdministered Churches | 3,745 | 75,543 |
| Braughing & Puckeridge | 37 | - |
| Quinta Chapel | - | 80 |
| Quinta Sunday School | 45 | - |
| Investments on behalf ofMarden | 193,886 | 193,886 |
| Tillingham Manse Tillingham Torcross Heathfield Accruals |
252,601 152,902 269,248 23,502 31,800 |
252,601 152,902 269,248 29,163 30,000 |
| —— 1,213,918 |
__ 1,289,575 |
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Unrestricted fund |
Designated funds |
Restricted funds |
Total funds |
Total funds |
||
| £ | £ | £ | £ | £ | ||
| Fixed assets | 713,861 | - | - | 713,861 | 713,861 | |
| Investments | 5,739,336 | - | - | 5,739,336 | 6,356,442 | |
| Current assets | 1,520,434 | 7,168 | . | 1,527,602 | 1,761,733 | |
| Current liabilities | (1,213,918) | - | - | (1,213,918) | (1,289,575) | |
| 6,759,713 | 7,168 | - | 6,766,881 | 7,542,461 |
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EFCC Trust Corporation Limited
Notes to the Financial Statements - continued for the year ended 31st December 2022
15. MOVEMENT IN FUNDS
| Unrestricted Funds | Unrestricted Funds | Gains/ | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| losses & | Transfer | ||||||||||
| At | other | between | At | ||||||||
| 31.12.21. | Income | Expenditure | movements | funds | 31.12.22 | ||||||
| £ | £ | £ | £ | £ | £ | ||||||
| General funds | 7,534,293 | _166,392 | (323,866) | _(617,106) | - | 6,759,713 | |||||
| 7,534,293 | _166,392 | (323,866) | (617,106) | - | 6,759,713 | ||||||
| Designated | |||||||||||
| Funds | Unrealised | Transfer | |||||||||
| At | losses on | between | At | ||||||||
| 31.12.21 | Income | Expenditure | investments | funds | 31.12.22 | ||||||
| £ | £ | £ | £ | £ | £ | ||||||
| Puckeridge | |||||||||||
| Fund | 8,168 | - | (1,000) | - | - | 7,168 | |||||
| 8,168 | : | (1,000) | : | - | 7,168 |
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.
Comparative for movement in funds
| Unrestricted Funds | Unrestricted Funds | Gains/ | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Losses & | Transfer | |||||||||
| At | other | between | At | |||||||
| 31.12.20 | Income | Expenditure | movements | funds | 31.12.21 | |||||
| £ | E | £ | £ | £ | £ | |||||
| General funds | 5,833,193 | 1,204,748 | (312,108) | 771,820 | 36,640 | 7,534,293 | ||||
| 5,833,193 | 1,204,748 | (312,108) | 771,820__ | __36,640 | 7,534,293 | |||||
| Designated | ||||||||||
| Funds | At | Unrealised losseson |
Transfer between |
At | ||||||
| 31.12.20 | Income | Expenditure | investments | funds | 31.12.21 | |||||
| £ | £ | £ | £ | £ | £ | |||||
| AlanTovey | 29,589 | 629 | - | 6,422 | (36,640) | - | ||||
| Fund | ||||||||||
| Puckeridge | ||||||||||
| Fund | 10,923 | - | (900) | (41,855) | 8,168 | |||||
| 40,512 | 629 | (900) | 4,567 | 8,168 |
Page 19
EFCC Trust Corporation Limited
Notes to the Financial Statements - continued for the year ended 31st December 2022
- MOVEMENT IN FUNDS- continued
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.
- RELATED PARTY DISCLOSURES
During the year the charity had the following outgoing resources to related parties
----- Start of picture text -----
|||||
|---|---|---|---|
|2022|2021|
|£|£|
|EFCC GP|Fund|119,000|100,000|
----- End of picture text -----
At the year end there were the following balances due from related parties:
----- Start of picture text -----
||||||
|---|---|---|---|---|
|2022|2021|
|£|£|
|Quinta|Sunday|School|4,788|4,717|
|Quinta|CC|897|-|
|Whitby|13,107|13,107|
|Tillingham|9,448|7,074|
|Torcross|5,711|5,544|
|Seacroft|78,075|71,827|
|Braughing|&|Puckeridge|:|781|
|112,026|103,050|
----- End of picture text -----
At the year end there were the following balances due to related parties:
----- Start of picture text -----
||||||
|---|---|---|---|---|
|2022|2021|
|£|34|
|EFCC|Charities|Administered|275,630|347,428|
|EFCC GP|Fund|14,267|14,267|
|Braughing|&|Puckeridge|37|~|
|Quinta|Sunday|School|45|-|
|Quinta CC|-|81|
|Marden|193,886|193,886|
|Tillingham|Manse|252,601|252,601|
|Tillingham|152,902|152,902|
|Torcross|269,248|269,248|
|Healthfield|23,503|29,162|
|1,182,119|1,259,575|
----- End of picture text -----
The related party balances relate mainly to intercompany recharges.
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