#
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|Trustees||John Samuel (Chair)|John Samuel (Chair)|||
|---|---|---|---|---|---|
|||John Taylor||||
|||Paul Chambers||||
|||Ivan Baird||||
|||David Shafik||||
|||Lisa Coleridge||||
|||Ali Azzopardi||||
|||Gareth Batten||||
|||Tim Totton||||
|||Siobhan Temple||||
|||Stephen
Pryor||(Appointed|20 May 2021)|
|||Chuck Bateman||(Appointed|25 March|
|||||2021)||
|Charity number||1134492||||
|Company|number|07118491||||
|Registered|office|Duke Street||||
|||Richmond||||
|||Surrey||||
|||TW9 1DH||||
|Auditor||Jacob Cavenagh|8 Skeet|||
|||5 Robin Hood Lane||||
|||Sutton||||
|||Surrey||||
|||SM12SW||||
|Bankers||Barclays Bank pic||||
##
|||Page|
|---|---|---|
|Trustees'
report||1-5|
|Independent
auditor"s|report|6-8|
|Statement offinancial|activities||
|Balance sheet||10|
|Statement
ofcash flows|||
|Notes to the financial|statements|12-24|
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|||||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|---|---|---|
|||||funds|funds||funds|funds||
||||Notes|2021
6|2021
6|2021f|2020
6|2020|2020
6|
|Ittgggt61~om:||||||||||
|Donations
and|legacies|||515,988|413,300|929,288|526,149|578,831|1,104,980|
|Charitable
activities||||54,910||54,910|31,371||31,371|
|Investments||||30,990|66|31,056|36,845|436|37,281|
|Other income||||172||172|2,639||2,639|
|Total income||||602,060|413,366|1,015,426|597,004|579,267|1,176,271|
|E&~en i~lure|0|||||||||
|i'i
iir
i
Nil|iii|||||||||
|Ongoing|||6|545,097|105,004|650,101|527,655|78,825|606,480|
|Loss on property||||||||||
|refurbishment||||451,469||451,469||||
|Total charitable||expenditure||996,566|105,004|1,101,570|527,655|78,825|606,480|
|Net gains/(losses)|||on|||||||
|investments|||10|(400,000)||(400,000)||||
|Net (expenditure)l||||||||||
|income before||||||||||
|transfers||||(794,506)|308,362|(486,144)|69,349|500,442|569,791|
|Gross transfers||||||||||
|between
funds|||19|566,882|(566,882)||30,852|(30,852)||
|Net (expenditure)/income||||||||||
|for the year/||||||||||
|Net movement|in||funds|(227,624)|(258,520)|(486,144)|100,201|469,590|569,791|
|Reconciliation|of||funds|||||||
|Fund balances|at|1||||||||
|January 2021||||6,562,029|557,173|7,119,202|6,461,828|87,583|6,549,411|
|Fund balances|at||31|||||||
|December 2021||||6,334,405|298,653|6,633,058|6,562,029|557,173|7,119,202|
##
##
|||||2021|2020|
|---|---|---|---|---|---|
||||Notes|6|6|
|Fixed assets||||||
|Tangible assets
Investment
properties|||13
14|4,639,227
1,750,000|4,540,995
2,150,000|
|Current assets||||6,389,227|6,690,995|
|Debtors
Cash at bank and in|hand||15|65,799
966,303|168,563
1,055,740|
|Creditors: amounts|falling due within|||1,032,102|1,224,303|
|one year|||16|(156,040)|(108,485)|
|Net current assets||||876,062|1,115,818|
|Total assets less current liabilities||||7,265,289|7,806,813|
|Creditors: amounts|falling due after|||||
|more than one year|||18|(632,231)|(687,611)|
|Net assets||||6,633,058|7,119,202|
|Income funds||||||
|Restricted funds
Unrestricted
funds|||19|298,653
6,334,405|557,173
6,562,029|
|||||6,633,058|7,119,202|
|The financial statements||were approved|by the Trustees|on .........................
20 3btrte.Z022||
##
##
|||||||2021||2020||
|---|---|---|---|---|---|---|---|---|---|
||||||Notes|6||||
|Cash flows from operating||activities||||||||
|Cash generated
from operations|||||24||466,899||569,226|
|Investing|activities|||||||||
|Purchase|oftangible
fixed assets|||||(532,823)||(29,884)||
|Proceeds|on disposal oftangible|||fixed||||||
|assets||||||2,115||||
|Interest and rent from properties||||||31,056||37,281||
|Net cash|(used in)/generated||from|||||||
|investing|activities||||||(499,652)||7,397|
|Financing|activities|||||||||
|Repayment|of bank loans|||||(56,684)||(83,976)||
|Net cash|used In financing|activities|||||(56,684)||(83,976)|
|Net (decrease)/increase
in||cash||and|cash|||||
|equivalents|||||||(89,437)||492,647|
|Cash and|cash equivalents|at beginning|||ofyear||1,055,740||563,093|
|Cash and|cash equivalents|at|end of||year||966,303||1,055,740|
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||2021|2020|
|---|---|---|
||6|E|
|Book &CD income|413|198|
|Hire of premises|50,397|22,327|
|Events|1,700|1,646|
|Rent|2,400|7,200|
||54,910|31,371|
##
|||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|---|
|||funds|funds||funds|funds||
|||2021|2021|2021|2020|2020|2020|
||||6|6|8|6|f|
|Rental|income|30,977||30,977|36,724||36,724|
|Interest|receivable|13|66|79|121|436|557|
|||30,990|66|31,056|36,845|436|37,281|
##
##
||Unrestricted|Missionary|Auditorium|Other|Total|Total|
|---|---|---|---|---|---|---|
|||supportf|f
restrictedf||2021|2020
f|
|Employee costs|235,126||||235,126|217,568|
|Other staff related costs|28,534||||28,534|50,054|
|Direct costs|22,992|||474|23,466|13,559|
||286,652|||474|287,126|281,181|
|Grant funding
of|||||||
|activities (see note 9)|3,185|96,509|||99,694|75,237|
|Share of support costs|||||||
|(see note 7)|249,698|30|7,991||257,719|244,635|
|Share ofgovernance|||||||
|costs (see note 7)|5,562||||5,562|5,427|
||545,097|96,539|7,991|474|650,101|606,480|
|Analysis
by fund|||||||
|Unrestricted
funds|545,097||||545,097||
|Restricted
funds||96,539|7,991|474|105,004||
||545,097|96,539|7,991|474|650,101||
|Support costs|||||||
||||Support|Governance|2021|2020|
||||costs|costs|||
|||||f|||
|Depreciation|||113331||113,331|123,837|
|Admin costs|||89,379||89,379|58,098|
|Premises costs|||55,009||55,009|62,700|
|Audit fees||||5,562|5,562|5,427|
||||257,719|5,562|263,281|250,062|
|Analysed
between|||||||
|Charitable
activities|||257,719|5,562|263,281|250,062|
##
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|||||||Unrestricted|Missionary|Other|Total|Total|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||support|restricted|2021|2020|
||||||||6|6|6|5|
||Grants to institutions:||||||||||
||Predica Fiel||||||9,100||9,100|8,125|
||Overseas
Missionary|||Fellowship|||18,652||18,652|14,695|
||London City|Mission|||||6,887||6,887|6,535|
||Insight||||||6,000||6,000|6,000|
||UFM||||||21,272||21,272|16,320|
||Pacific Trust||||||9,768||9,768|9,797|
||Proclamation|Institute||Zambia|||8,000||8,000|6,000|
||Slovakia Bretheren||Church||||8,000||8,000|6,000|
||Other||||||5,830||5,830|840|
||||||||93,509||93,509|74,312|
||Grants to individuals|||||3,185|3,000||6,185|925|
|||||||3,185|96,509||99,694|75,237|
|10|Net gains/(losses)||on investments||||||||
||||||||||Unrestricted|Total|
||||||||||funds||
||||||||||2021f|2020
F|
||Revaluation|ofinvestment|||properties||||(400,000)||
##
##
|The average
monthly
number ofemployees
during t|he year was:||
|---|---|---|
||2021|2020|
||Number|Number|
|Employment
costs|2021|2020|
||6|8|
|Wages and salaries|198,867|183,546|
|Social security costs|16,398|14,460|
|Other pension costs|19,861|19,562|
||235,126|217,568|
##
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|Tangible fixed assets|Tangible fixed assets|Tangible fixed assets||||
|---|---|---|---|---|---|
||||Freehold|Fixtures,|Total|
||||buildings|fittings &||
|||||equipment||
|Cost||||||
|At 1 January|2021||5,456,527|102,262|5,558,789|
|Additions|||635,347|29,800|665,147|
|Disposals|||(615,209)|(2,420)|(617,629)|
|At 31 December 2021|||5,476,665|129,642|5,606,307|
|Depreciation|and impairment|||||
|At 1 January|2021||950,143|67,651|1,017,794|
|Depreciation|charged|in the year|95,586|18,958|114,544|
|Eliminated
in|respect ofdisposals||(163,740)|(1,518)|(165,258)|
|At 31 December 2021|||881,989|85,091|967,080|
|Carrying
amount||||||
|At 31 December 2021|||4,594,676|44,551|4,639,227|
|At 31 December 2020|||4,506,384|34,611|4,540,995|
||Land and bu|ildings
with a c|arrying
value ofE3,199,573are pledged as se|curity for bank borrowings.|
|---|---|---|---|---|
|14|Investment|property|||
|||||2021|
|||||6|
||Fair value||||
||At 1 January|2021||2,150,000|
||Net gains or|losses through|fair value adjustments|(400,000)|
||At 31 December 2021|||1,750,000|
##
|15|Debtors||||||||
|---|---|---|---|---|---|---|---|---|
||||||||2021|2020|
||Amounts
falling due|within|one|year:|||6|6|
||Other debtors||||||53,620|52,269|
||Prepayments
and accrued income||||||12,179|116,294|
||||||||65,799|168,563|
|16|Creditors: amounts|falling due within one year|||||||
||||||||2021|2020|
||||||Notes|||6|
||Loans and overdrafts||||17||57,368|58,672|
||Other taxation and social security||||||4,690|4,631|
||Other creditors||||||16,490|16,082|
||Accruals and deferred|income|||||77,492|29,100|
|||||||156,040||108,485|
|17|Loans and overdrafts||||||||
||||||||2021|2020|
||||||||8|6|
||Bank loans|||||689,599||746,283|
||Payable
within one year||||||57,368|58,672|
||Payable after one year|||||632,231||687,611|
||Amounts
included
above which fall|||due after five years:|||||
||Payable by instalments|||||391,403||451,258|
||The long-term
loans are secured
by a first legal charge
Quadrant
Road. Repayment
is over 20 years and interest||||over the freehold
property
is charged at 2.8%above||on Duke Street and
Barclays Base Rate.||
##
|Credi|tors: amounts
falling due after|more than one year|||
|---|---|---|---|---|
||||2021|2020|
|||Notes|E|6|
|Bank|loans|17|632,231|687,611|
##
##
|||||Movement|Movement|in funds|||
|---|---|---|---|---|---|---|---|---|
||||Balance at 1|Income|Expenditure||Transfers|Balance at 31|
||||January|||||December|
||||2021|||||2021|
||||6||||6|6|
|Missionary|support|||28,548|(96,539)||67,991||
|Fellowship
Predica Fiel (formerly||known as|2,367|||||2,367|
|Equipo Impacto)|||1,034|2,045||||3,079|
|Auditorium|Fund||553,772|382,773||(7,991)|(635,347)|293,207|
|Manna House||||||(424)|424||
|Christmas||||||(50)|50||
|Other restricted funds|||557,173|384,818|(8,465)||(634,873)|298,653|
||||557,173|413,366|(105,004)||(566,882)|298,653|
|||||||Movement|Movement|in funds|||
|---|---|---|---|---|---|---|---|---|---|---|
||||||Balance at 1|Income|Expenditure||Transfers|Balance at 31|
||||||January|||||December|
||||||2020|||||2020|
|||||||8||6|6|6|
|Missionary||support||||2,264|(71,969)||69,705||
|Fellowship|||||2,367|||||2,367|
|Ministry|Support||Fund|||||(500)|500||
|Predica|Fiel (formerly|||known as|||||||
|Equipo|impacto)|||||2,902||(1,868)||1,034|
|Auditortium||Fund|||85,216|574,038||(3,282)|(102,200)|553,772|
|Manna
House
Christmas||||||63||(352)
(854)|352
791||
|Other restricted|||funds||87,583|577,003||(6,856)|(100,557)|557,173|
||||||87,583|579,267|(78,825)||(30,852)|557,173|
##
##
|20|Analysis ofnet assets|Analysis ofnet assets|Analysis ofnet assets|Analysis ofnet assets|between funds|between funds||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Restricted||Total|Unrestricted|Restricted|Total|
||||||funds|funds|||funds|funds||
||||||2021||2021|2021|2020|2020|2020|
||||||6||6|6|f|f|f|
||Fund balances at 31|||||||||||
||December|2021 are||||||||||
||represented|by:||||||||||
||Tangible assets||||4,639,227|||4,639,227|4,540,995||4,540,995|
||Investment|properties|||1,750,000|||1,750,000|2,150,000||2,150,000|
||Current assets/|||||||||||
||(liabilities)||||577,409|298,653||876,062|558,645|557,173|1,115,818|
||Long term|liabilities|||(632,231)|||(632,231)|(687,611)||(687,611)|
||||||6,334,405|298,653||6,633,058|6,562,029|557,173|7,119,202|
|21|Related party transactions|||||||||||
||Remuneration||of|key management
personnel||||||||
||The remuneration|||of key|management|personnel|is as|follows.||||
|||||||||||2021|2020|
|||||||||||6|6|
||Aggregate|compensation||||||||116,416|97,460|
##
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##
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##
||2021|2020|
|---|---|---|
||6|6|
|Within one year|5,658|6,096|
|Between two and five years|14,679|15,416|
|In over five years||4,921|
||20,337|26,433|
##
||The
auditorium
project
is continuing.
contractors 5987,972.|At|31 December|2021 the church|were|committed|to pay the|
|---|---|---|---|---|---|---|---|
|24|Cash generated
from operations|||||2021|2020|
|||||||6|6|
||(Deficit)/surpus
for the year|||||(486,144)|569,791|
||Adjustments
for:|||||||
||Investment
income recognised
in statement||offinancial activities|||(31,056)|(37,281)|
||Gain on disposal oftangible fixed assets|||||(1,213)||
||Fair value gains and losses on investment||properties|||400,000||
||Depreciation
and impairment
oftangible|fixed assets||||566,013|123,837|
||Movements
in working capital:|||||||
||Decrease/(increase)
in debtors|||||28,480|(87,947)|
||(Decrease)/increase
in creditors|||||(9,181)|826|
||Cash generated
from operations|||||466,899|569,226|
##
##
|25|Analysis ofchanges|in net funds||||
|---|---|---|---|---|---|
||||At 1January|Cash flows|At 31December|
||||2021||2021|
|||||6|8|
||Cash at bank and in hand||1,055,740|(89,437)|966,303|
||Loans falling due within|one year|(58,672)|1,304|(57,368)|
||Loans falling due after|more than one year|(687,611)|55,380|(632,231)|
||||309,457|(32,753)|276,704|