## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **FOR**
**THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION**
**THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|2|
|**Independent Examiner's Report**||3||
|**Statement of Financial Activities**||4||
|**Balance Sheet**||5||
|**Notes to the Financial Statements**|6|to|11|
|**Detailed Statement of Financial Activities**|12|to|13|
## **THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION (REGISTERED NUMBER: 07274491)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 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 31 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**
## **Mission statement**
To spread in all directions the truth of survival after death, of spirit communion, of healing by the power of Holy Spirit and to disseminate the teachings received from highly evolved spirit messengers.
## **Public benefit**
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Association's aims and objectives and in planning future activities.
## **Results and review of financial position**
The investment business of The Greater World is managed by Merlin Associates. The market value at the beginning of January 2021 was £2,687,798 and at the 31 December 2021 the market value was £2,897,431 showing an increase of £209,633. This represents purchases of £260,000, withdrawals of £47,727 and an decrease in market value of £2,640.
The income of the charity increased to £327,814 from £42,342 in 2020. However, this includes £17,728 of Job Retention Scheme grants in 2021, and a legacy from a property sale of £122,033 and a further legacy of £172,758 from the closure and sale of a church, which contributed to this much higher income figure in 2021. The charity's main income streams having decreased during the year due to Covid19 closures of the churches and activities. The trustees' action to cut expenses is, of course, an on-going matter; expenditure decreased from £160,459 in 2020 to £145,352 in 2021. Shop income amounted to £2,578 (2020 - £3,087) and cost of goods sold £543 (2020 - £5,789) making a trading profit of £2,035 (2020 trading loss £2,702). Significant stock provisions continue to be made during the year.
The trustees continue to monitor expenditure. The buildings have had monies spent on maintenance due to age of buildings and out of date equipment. These have been carried out and no major expenditure is envisaged in 2022.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
Due to the pandemic - Covid 19 - all churches were closed for the whole of 2020. However, in every area charitable works were carried on and support was given wherever it was needed. The main support given to the Maoni Orphanage in Malawi was carried on. They were able to open their doors for the Christmas Services in December 2021.
## **FINANCIAL REVIEW**
## **Investment policy and objectives**
Merlin Associates are mandated by the Trustees to manage the investment portfolio and the structure of the portfolio is as recommended by them in order to minimise risk to the value of the portfolio.
## **Reserves policy**
The current level of reserves has been built up over the years mainly from legacies received from benefactors and capital gains from the sale of properties in Holland Park. The investments held are used solely for income generation and for carrying out the Mission Statement by the churches and at headquarters. The properties in Chatham, Luton, Leeds and Middlesbrough are used as churches. The Greater World does not accumulate reserves (these have fallen considerably in the recent past and indeed has now stabilised its expenditure to match more closely its ongoing commitments to support the directly managed churches and 20 other churches worldwide).
## **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.
The charity is governed by a Trust Deed as revised in 1997, with further amendments in 2007 and registered with the Charity Commission under charity number 1140411.
The charity was incorporated on 4th June 2010.
Page 1
## **THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION (REGISTERED NUMBER: 07274491)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Recruitment and appointment of new trustees**
People are recommended to the Board of Trustees or they might volunteer; letters are then sent to them which requires them to write to the Board describing their various qualifications which will be of value to The Greater World and their dedication and loyalty to the work of the Association. These are examined by the Board and those who are found to be satisfactory are requested to attend for interview. After which, those who are found acceptable will be given a letter of appointment, they sign a confidentiality document and receive a copy of the Trust Deed. The term of appointment is for three years from the date of the Annual Meeting when they are appointed.
## **Organisation and membership**
The Greater World has approximately 150 members and 20 Affiliated churches. In addition it directly owns churches in Leeds, Chatham, Luton and Middlesbrough.
## **Training**
Due to the closure of all churches and headquarters training could not be carried out during the year. However, those who were on the Foundation Course continued to complete the written papers. This also applies to those on the Ordination Course.
Classes held for training Spiritual Healers were put on hold in the owned churches and these Probationers will complete their training at a later date. The Training period for Spiritual Healers is two years; they then take an examination to test their fitness to practice. The Greater World is a Self-Regulating Body. There are 74 Spiritual Healers - Fully Registered and Probationers.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Company number**
07274491 (England and Wales)
## **Registered Charity number**
1140411
## **Registered office**
3-5 Conway Street London W1T 6BJ
## **Trustees**
Reverend Megan Long (National President) Reverend Caroline Cowan (Vice President) Reverend Margaret Bellamy Reverend Sheridan Wardell Reverend Angela Marshall Reverend Paul Merryweather
## **Independent Examiner**
Jeremy Hyde FCCA FCA LEES Chartered Certified Accountants Hogarth House 136 High Holborn London WC1V 6PX
Approved by order of the board of trustees on 24 June 2022 and signed on its behalf by:
Reverend Megan Long - Trustee
Page 2
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION**
## **Independent examiner's report to the trustees of The Greater World Christian Spiritualist Association ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of FCCA FCA which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Jeremy Hyde FCCA FCA LEES Chartered Certified Accountants Hogarth House 136 High Holborn London WC1V 6PX
28 June 2022
Page 3
## **THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Other trading activities
2
Investment income
3
Other income
**Total**
**EXPENDITURE ON**
Raising funds
4
**Charitable activities**
Spiritual healing
Governance costs
Other
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|2021
Unrestricted
fund
£
304,569
5,509
8
17,728
327,814
52,840
36,113
56,399
-
145,352
(2,656)
179,806
3,951,810
4,131,616|2020
Total
funds
£
16,978
5,680
26
19,658
42,342
58,934
37,218
61,807
2,500
160,459
6,355
(111,762)
4,063,572
3,951,810|
|---|---|---|
The notes form part of these financial statements
Page 4
## **THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION (REGISTERED NUMBER: 07274491)**
## **BALANCE SHEET 31 DECEMBER 2021**
|Notes
**FIXED ASSETS**
Tangible assets
8
Investments
9
**CURRENT ASSETS**
Stocks
10
Debtors
11
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
12
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
13
Unrestricted funds
**TOTAL FUNDS**|2021
Unrestricted
fund
£
1,186,043
2,897,431
4,083,474
10,453
18,092
25,115
53,660
(5,518)
48,142
4,131,616
4,131,616
4,131,616
4,131,616|2020
Total
funds
£
1,186,729
2,687,798
3,874,527
10,671
19,784
50,196
80,651
(3,368)
77,283
3,951,810
3,951,810
3,951,810
3,951,810|
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.
## The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
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 24 June 2022 and were signed on its behalf by:
Reverend Megan Long - Trustee
The notes form part of these financial statements
Page 5
**THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 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**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
|Plant and machinery|- 25% on reducing balance|
|---|---|
|Fixtures and fittings|- 15% on reducing balance|
|Computer equipment|- 25% on cost|
No depreciation has been provided on freehold property on the grounds of materiality as the residual value is not materially different to the cost.
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **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.
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.
## **Pension costs and other post-retirement benefits**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **Investments**
Investments are stated at fair value at the balance sheet date. Investments held in foreign currencies are translated into sterling at rates of exchange ruling at the period end date. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.
Page 6
continued...
## **THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **2. OTHER TRADING ACTIVITIES**
|Fundraising events
Shop income
Membership fees
Courses
**3.**
**INVESTMENT INCOME**
Deposit account interest
**4.**
**RAISING FUNDS**
**Raising donations and legacies**
Support costs
**Other trading activities**
Purchases
Advertising
**Investment management costs**
Portfolio management
Aggregate amounts
**5.**
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets|2021
£
-
2,578
2,931
-
5,509
2021
£
8
2021
£
28,846
2021
£
543
5,740
6,283
2021
£
17,711
52,840
2021
£
686|2020
£
592
3,087
1,917
84
5,680
2020
£
26
2020
£
29,144|
|---|---|---|
|||2020
£
5,789
6,224|
|||12,013|
|||2020
£
17,777|
|||58,934|
|||2020
£
945|
Page 7
continued...
**THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
## **Trustees' expenses**
7 trustees received re-imbursement for travel costs for attending meetings and performing administrative duties which amounted to £360 (2020 - £1,221).
## **7. STAFF COSTS**
The average monthly number of employees during the year was as follows:
||2021|2020|
|---|---|---|
|Administrative|2|2|
No employees received emoluments in excess of £60,000.
## **8.**
## **TANGIBLE FIXED ASSETS**
|**COST**
At 1 January 2021 and
31 December 2021
**DEPRECIATION**
At 1 January 2021
Charge for year
At 31 December 2021
**NET BOOK VALUE**
At 31 December 2021
At 31 December 2020|Freehold
property
£
1,182,932
-
-
-
1,182,932
1,182,932|Plant and
machinery
£
1,232
1,130
25
1,155
77
102|Fixtures
and
fittings
£
20,377
17,092
493
17,585
2,792
3,285|Computer
equipment
£
7,257
6,847
168
7,015
242
410|Totals
£
1,211,798|
|---|---|---|---|---|---|
||||||25,069
686|
||||||25,755|
||||||1,186,043|
||||||1,186,729|
The directors consider that the market value of the company's freehold properties is in excess of the carrying value of the properties although no formal valuations have been carried out at or near the year end.
## **9. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 January 2021
Additions
Disposals
Revaluations
At 31 December 2021
**NET BOOK VALUE**
At 31 December 2021
At 31 December 2020|Listed
investments
£
2,687,798
260,000
(47,727)
(2,640)
2,897,431
2,897,431
2,687,798|
|---|---|
Page 8
continued...
## **THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **9. FIXED ASSET INVESTMENTS - continued**
|**10.**
**11.**
**12.**|**Investments at fair value comprise:**||||||
|---|---|---|---|---|---|---|
|||2021|||2020||
|||£|||£||
||||||||
||Funds:||||||
||Aberdeen Multi-Manager Ethical Portfolio|57|||48||
||Fidelity Cash Fund|2,897,374|||2,687,750||
||||||||
||||||||
|||2,897,431|||2,687,798||
||||||||
||||||||
||Cost or valuation at 31 December 2021 is represented by:
Valuation in 2021
The historic cost of the investments was £2,860,892 (2020 - £2,651,299).
**STOCKS**
Finished goods
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
Prepayments
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
Accruals and deferred income||2021
£
10,453
2021
£
4,582
13,510
18,092
2021
£
603
523
4,392
5,518||Listed
investments
£
2,897,431
2020
£
10,671
2020
£
5,235
14,549
19,784
2020
£
345
-
3,023
3,368||
||||||||
||||||||
Page 9
continued...
## **THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **13. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as
**Unrestricted funds**
General fund
**TOTAL FUNDS**|follows:
Incoming
resources
£
327,814
327,814|At 1.1.21
£
3,951,810
3,951,810
Resources
expended
£
(145,352)
(145,352)||Net
movement
in funds
£
179,806
179,806
Gains and
losses
£
(2,656)
(2,656)|At
31.12.21
£
4,131,616|
|---|---|---|---|---|---|
||||||4,131,616|
||||||Movement
in funds
£
179,806
179,806|
## **Comparatives for movement in funds**
|At 1.1.20
£
**Unrestricted funds**
General fund
4,063,572
**TOTAL FUNDS**
4,063,572
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
42,342
(160,459)
**TOTAL FUNDS**
42,342
(160,459)||Net
movement
in funds
£
(111,762)
(111,762)
Gains and
losses
£
6,355
6,355|At
31.12.20
£
3,951,810|
|---|---|---|---|
||||3,951,810|
||||Movement
in funds
£
(111,762)
(111,762)|
Page 10
continued...
**THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **14. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2021.
Page 11
## **THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Legacies
**Other trading activities**
Fundraising events
Shop income
Membership fees
Courses
**Investment income**
Deposit account interest
**Other income**
COVID-19 grants, etc
**Total incoming resources**
**EXPENDITURE**
**Other trading activities**
Purchases
Advertising
**Investment management costs**
Portfolio management
**Charitable activities**
Mediums
Printing
Travelling
Subscriptions & affiliation fees
**Other**
Donations
**Support costs**
**Management**
Rates and water
Insurance
Light and heat
Carried forward|2021
£
9,778
294,791
304,569
-
2,578
2,931
-
5,509
8
17,728
327,814
543
5,740
6,283
17,711
-
6,636
580
53
7,269
-
12,659
14,801
12,211
39,671|2020
£
15,779
1,199|
|---|---|---|
|||16,978
592
3,087
1,917
84|
|||5,680
26
19,658|
|||42,342
5,789
6,224|
|||12,013
17,777
321
5,848
1,733
172|
|||8,074
2,500
16,729
16,442
9,647
42,818|
This page does not form part of the statutory financial statements
Page 12
## **THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021**
|**Management**
Brought forward
Telephone and internet
Equipment rental
Sundries
Repairs and maintenance
**Governance costs**
Wages
Social security
Pensions
Travelling
Bookkeeping
Legal fees
Independent examiner's fees
Bank charges
Depreciation
Total resources expended
**Net income/(expenditure) before gains and**
**losses**
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset investments
**Net income/(expenditure)**|2021
£
39,671
3,434
4,142
1,251
9,192
57,690
42,298
-
600
360
6,153
1,521
4,766
15
686
56,399
145,352
182,462
(16)
182,446|2020
£
42,818
3,285
4,748
404
7,033
58,288
41,777
329
600
1,221
6,748
5,543
4,564
80
945
61,807
160,459
(118,117)
267
(117,850)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 13