CROWN CHRISTIAN HERITAGE TRUST Page 1
TRUSTEES' ANNUAL REPORT INCLUDING DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The directors (who are also the charity trustees) have pleasure in presenting their report and the financial statements of the company for the year ended 31 March 2021. This report has been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies.
Reference and administrative details
The company is a registered charity no. 1143662. The principal office and registered office of the charity is : Crown Hall, Kidderminster Road, Hampton Lovett, Droitwich, Worcestershire, WR9 0LX.
The directors (who are also the charity trustees) are as follows :-
Mr Z W Gillit Mr D T Morlan (appointed 29 October 2021) Mr J M Tomlinson (deceased 25 January 2021) Mr L M Mullins (appointed 29 October 2021) Mr J R Zenker
Structure, governance and management
The charity is a company limited by guarantee, registration no. 07644381, and it is therefore governed by its Memorandum and Articles of Association.
New trustee directors are appointed from time to time as required, by the vote of the the existing trustees.
Objectives and performance
The objectives of the Charity are to advance the Christian faith, in the provision of retreats and camps for young people, staging conferences on various matters relating to Christian service, and other similar activities.
Achievements and performance
During the year under review, the Charity continued to operate various conferences and other events such as children's camps. The Charity also continued to provide training for Christian service to students in residence at its Crown Hall premises.
Public Benefit
In carrying out its activities in the year under review, the trustees have had regard to the public benefit guidance issued by the Charity Commission, and are satisfied that the activities mentioned above have all been for the public benefit.
Financial review
The results for the year are set out in the Statement of Financial Activities on page 4. The company made a surplus for the year of just over £51,000 (2020: £229,000), of which £49,000 (2020: £347,000) related to unrestricted fund activities. As can be seen from the statement of Cash Flows on page 6, £1,900 (2020: £433,000) was utilised in paying for new capital assets and improvements to the property by the company. The directors consider that the state of affairs of the company is satisfactory.
The company has insufficient monies available for investment purposes to warrant a formal investment policy at the present time.
CROWN CHRISTIAN HERITAGE TRUST Page 2
TRUSTEES' ANNUAL REPORT INCLUDING DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2021 (CONT.)
Financial review (cont.)
The major risks to which the company is exposed, as identified by the directors, are regularly reviewed. Systems are in place to mitigate those risks and further systems are established as necessary.
Reserves policy
The company holds no long term reserves. Its policy is to build up sufficient liquid reserves to cover six months outgoings.
Independent examiner
David Cooke & Co, Chartered Accountants, have indicated their willingness to continue in office. A resolution to re-appoint them will be presented to the members at the Annual General Meeting.
By Order of the Board
Z W Gillit, Director
Date: _____
INDEPENDENT EXAMINER'S REPORT Page 3
TO THE TRUSTEES OF CROWN CHRISTIAN HERITAGE TRUST
I report on the accounts of the Company for the year ended 31 March 2021, which are set out on pages 4 to 10.
Respective responsibilites of trustees and examiner.
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 144 (2) of the chatities Act 2011 (the Act) and that an independent examination is needed.
It is my responsibility to :
examine the accounts(under section 145 of the Act);
to follow the procedure laid down in the General Directions given by the Charity Commissioners (under section 145 (5)(b) of the Act); and
to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent Examiner's Statement, report and opinion
In connection with my examination, I can confirm thst _
1) In accordance with Regulation 31 of the Charities (Accounts and Reports) Regulations 2008, the accounts of this incorporated charity are not required to be audited under Part 16 of the Companies Act 2006;
2) this is a report in respect of an examination carried out under section 145 of the Charities Act 2011 and in accordance with any directions given by the Commission under that section which are applicable; 3) and that no matter has come to my attention in connection with my examination which gives the reasonable cause to believe that in any material respect the requirements
to keep accounting records in accordance with section 386 of the Companies Act 2006; to prepare financial statements which accord with the accounting records and comply with the accounting requirements of section 396 of the Companies Act 2006 and; that the financial statements be prepared in accordance with the methods and principles set out in the Statement of Recommended Practise - Accounting and Reporting by Charities.
have not been met; or to which, in my opinion, attention should be drawn in my report in order to enable a proper understanding of the accounts to be reached.
David Cooke MA (Oxon) FCA FCIE David Cooke and Co Chartered Accountants 5 Briar Close Banbury, Oxon OX16 9DS Date: ___
CROWN CHRISTIAN HERITAGE TRUST Page 4
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
(incorporating the company's income & expenditure account)
| Note Income from: Donations and legacies Wayleave Rent received From charitable activities Students fees Event fees charged Other sales Total income Resources expended Fundraising& Publicity Charitable Activities 2 Total Resources Expended Net Movement of Resources Transfer between Funds Funds brought forward Funds carried forward |
Unrestricted Restricted Unrestricted Restricted Funds Funds Total Funds Funds Total 2021 2021 2021 2020 2020 2020 £ £ £ £ £ £ 25,632 50,773 76,405 30,136 230,024 260,159 145 - 145 145 - 145 12,000 - 12,000 2,000 - 2,000 - - - 25,848 - 25,848 - 7,838 7,838 - 46,021 46,021 - - - 1,356 2,354 3,710 - 37,777 58,611 96,388 59,485 278,399 337,884 950 1,202 2,152 967 1,432 2,399 34,900 8,260 43,160 55,607 50,897 106,504 35,850 9,462 45,312 56,574 52,329 108,903 1,927 49,149 51,076 2,911 226,070 228,981 47,083 (47,083) - 344,037 (344,037) - 49,010 2,066 51,076 346,948 117,967 - 228,981 1,348,837 35,000 1,383,837 1,001,889 152,967 1,154,856 1,397,847 37,066 1,434,913 1,348,837 35,000 1,383,837 |
|---|---|
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
CROWN CHRISTIAN HERITAGE TRUST Page 5
BALANCE SHEET AS AT 31 MARCH 2021
| Note FIXED ASSETS Tangible Assets 4 CURRENT ASSETS Debtors 5 Cash at Bank & in hand CREDITORS: Due within one year 6 Net Current Assets CREDITORS: Due over one year 7 NET ASSETS Financed by: RESERVES Accumulated Income Fund |
Unrestricted Restricted Unrestricted Restricted Funds Funds Total Funds Funds Total 2021 2021 2021 2020 2020 2020 £ £ £ £ £ £ 1,919,117 - 1,919,117 1,926,291 - 1,926,291 595 - 595 2,465 - 2,465 11,670 37,066 48,736 1,281 35,000 36,281 12,265 37,066 49,331 3,746 35,000 38,746 29,550 - 29,550 77,215 - 77,215 (17,285) 37,066 19,781 (73,469) 35,000 (38,469) 1,901,832 37,066 1,938,898 1,852,822 35,000 1,887,822 503,985 - 503,985 503,985 - 503,985 1,397,847 37,066 1,434,913 1,348,837 35,000 1,383,837 1,397,847 37,066 1,434,913 1,348,837 35,000 1,383,837 |
|---|---|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act applicable to companies subject to the small companies regime.
Approved on behalf of the Board:
____ Z W Gillit, Director
Date: ___
CROWN CHRISTIAN HERITAGE TRUST Page 6
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted | Restricted | Unrestricted | Restricted | |||
|---|---|---|---|---|---|---|
| Funds | Funds | Total | Funds | Funds | Total | |
| 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | |
| £ | £ | £ | £ | £ | £ | |
| Cash flows from operating activities | ||||||
| Net income/(expenditure) | 49,010 | 2,066 | 51,076 | 2,911 | 226,070 | 228,981 |
| Adjustments for: | ||||||
| Depreciation and loss on disposal | 9,093 | - | 9,093 | 9,516 | - | 9,516 |
| Dividend, interest and rents | (12,144) | - | (12,144) | (147) | - | (147) |
| (Increase)/decrease in debtors | 1,869 | - | 1,869 | 5,404 | - | 5,404 |
| Increase/(decrease) in creditors | (47,666) | - | (47,666) | 40,257 | - | 40,257 |
| Net cash provided by/ | ||||||
| (used in) operating activities | 162 | 2,066 | 2,228 | 57,941 | 226,070 | 284,011 |
| Cash flows from investing activities: Dividends, interest and rents Purchase of property, plant & equipmen Sale of fixed assets |
12,146 (1,919) - |
- - - |
12,146 (1,919) - |
146 (89,058) - |
- (344,037) - |
146 (433,095) - |
| 10,227 | - | 10,227 | (88,912) | (344,037) | (432,949) | |
| Change in cash & cash equivalents in the year Cash and cash equivalents at the start of the year Cash and cash equivalents at |
10,389 1,281 |
2,066 35,000 |
12,455 36,281 |
(30,971) 32,252 |
(117,967) 152,967 |
(148,938) 185,219 |
| the end of the year | 11,670 | 37,066 | 48,736 | 1,281 | 35,000 | 36,281 |
CROWN CHRISTIAN HERITAGE TRUST Page 7
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting Policies
The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Company's Financial Statements.
(a) Accounting Convention.
The Financial Statements are prepared under the Historical Cost Convention, in
accordance with the Financial Reporting Standard 102 and the related Charities SORP effective from 2015.
(b) Income.
Voluntary income represents cash received during the year, including tax repayments receivable. Donations in kind, where material, are included at valuation.
Fees charged to participants comprises the fees charged to those attending conferences and other events organised by the Company.
(c) Resources Expended
The Company is not VAT registered and is therefore unable to reclaim VAT on expenditure. All amounts of VAT are recorded with the sums to which they are charged. Expenditure is charged to the accounts on the accruals basis.
(d) Depreciation.
All fixed assets are written off on a straight line balance basis over their expected useful lives, at the following annual rates:
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|---|---|
|Office equipment|25%|
|Motor vehicles|20%|
|Furniture, fixtures & fittings|10%|
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It is the Company's policy to maintain it's properties to a high standard. Because of this, the property have an estimated life of more than 50 years and accordingly no provision for depreciation is made. The properties are subject to regular review to consider whether any impairment in their value has occurred
(e) Going concern
At the time of approving the accounts, the director's have a reasonable expectation that the Company has adequate resources to continue in operational existance for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the accounts.
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|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Unrestricted|Restricted|
|Funds|Funds|Total|Funds|Funds|Total|
|2021|2021|2021|2020|2020|2020|
|£|£|£|£|£|£|
|2. Charitable Activities|
|Expenses of running events|
|Venue hire|-|566|566|2,475|16,376|18,851|
|-|-|
|Catering costs|1,007|1,007|8,435|8,435|
|Equipment expenses/hire|-|384|384|-|11,494|11,494|
|-|
|Motor expenses|1,172|1,172|4,521|3,575|8,096|
|Trophies & prizes|-|404|404|-|681|681|
|-|-|
|Sundry event costs|3,220|3,220|5,702|5,702|
|Speakers fees|-|-|-|-|775|775|
|Professional fees|-|-|-|-|101|101|
|1,172|5,581|6,753|6,996|47,139|54,135|
----- End of picture text -----
CROWN CHRISTIAN HERITAGE TRUST Page 8
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
| Support costs Postage & stationery Telephone Insurance Repairs & renewals Light & heat Rent & council tax Bank and financial charges Loan interest Depreciation Loss on disposal Sundry expenses Governance Costs Independent examination Legal & professional fees Annual return fee Total Charitable Activities Fundraising & publicity Total resources expended 3. Net Movement of Resources This is stated after charging:- Depreciation Independent Examiner's Remuneration (Profit)/ Loss on disposal Director's Remuneration |
Unrestricted Restricted Funds Funds Total 2021 2021 2021 £ £ £ 418 2,335 2,753 374 - 374 3,620 - 3,620 8,485 - 8,485 3,470 - 3,470 3,490 - 3,490 105 344 449 1,000 - 1,000 9,093 - 9,093 - - - 1,055 - 1,055 31,110 2,679 33,789 825 - 825 1,780 - 1,780 13 - 13 2,618 - 2,618 34,900 8,260 43,160 950 1,202 2,152 35,850 9,462 45,312 Unrestricted Restricted Funds Funds Total 2021 2021 2021 £ £ £ 9,093 - 9,093 825 - 825 - - - - - - |
Unrestricted Restricted Funds Funds Total 2020 2020 2020 £ £ £ 173 466 639 358 - 358 3,078 333 3,411 313 1,406 1,719 8,237 - 8,237 2,127 438 2,565 57 1,115 1,172 17,491 - 17,491 9,516 - 9,516 - - - 768 - 768 42,118 3,758 45,876 900 - 900 5,580 - 5,580 13 - 13 6,493 - 6,493 55,607 50,897 106,504 967 1,432 2,399 56,574 52,329 108,903 Unrestricted Restricted Funds Funds Total 2020 2020 2020 £ £ £ 9,516 - 9,516 900 - 900 - - - - - - |
|---|---|---|
CROWN CHRISTIAN HERITAGE TRUST Page 9
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 (Cont.)
| 4. Tangible Fixed Assets Cost or Valuation At 31 March 2020 Additions Disposals At 31 March 2021 Depreciation At 31 March 2020 Disposals Charge for the Year At 31 March 2021 Net Book Value 31 March 2021 Net Book Value 31 March 2020 |
Freehold Land&Bldng 1,893,784 1,084 - 1,894,868 - - - - 1,894,868 1,893,784 |
Office Equipment 15,118 - - 15,118 13,691 - 1,070 14,761 357 1,427 |
Motor Vehicles 24,373 - - 24,373 14,156 - 4,874 19,030 5,343 10,217 |
Furniture & Fittings 30,996 835 - 31,831 10,133 - 3,149 13,282 18,549 20,863 |
Total 1,964,271 1,919 - 1,966,190 37,980 - 9,093 47,073 1,919,117 1,926,291 |
|
|---|---|---|---|---|---|---|
Note: Additions to Freehold Land and Buildings In 2020 includes the acquisition of the private residence at 21 Meadow Close, Farmoor, Oxon. OX2 9PA which was purchased in December 2019, at a cost of 423,158
All of the fixed assets are used for direct charitable purposes.
| Cost or Valuation At 31 March 2019 Additions Disposals At 31 March 2020 Depreciation At 31 March 2019 Disposals Charge for the Year At 31 March 2020 Net Book Value 31 March 2020 Net Book Value 31 March 2019 5. Debtors Gift Aid debtors Other debtors and prepayments |
Freehold Land&Bldng 1,466,683 427,101 - 1,893,784 - - - - 1,893,784 1,466,683 Unrestricted Funds 2021 £ - 595 595 |
Office Motor Equipment Vehicles 15,118 18,379 - 5,994 - - 15,118 24,373 12,168 9,282 - - 1,523 4,874 13,691 14,156 1,427 10,217 2,950 9,097 Restricted Funds Total 2021 2021 £ £ - - - 595 - 595 |
Furniture & Fittings 30,996 - - 30,996 7,014 - 3,119 10,133 20,863 23,982 Unrestricted Restricted Funds Funds 2020 2020 £ £ - - 2,465 - 2,465 - |
Total 1,531,176 433,095 - 1,964,271 28,464 - 9,516 37,980 1,926,291 1,502,712 Total 2020 £ - 2,465 2,465 |
|---|---|---|---|---|
CROWN CHRISTIAN HERITAGE TRUST Page 10
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 (Cont.)
| Unrestricted | Restricted | Unrestricted | Restricted | |||
|---|---|---|---|---|---|---|
| Funds | Funds | Total | Funds | Funds | Total | |
| 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | |
| 6. Creditors: Amounts due Within One Y | £ | £ | £ | £ | £ | £ |
| Trade creditors & accruals | 3,702 | - | 3,702 | 1,367 | - | 1,367 |
| Loan - Crown College | 25,848 | - | 25,848 | 25,848 | - | 25,848 |
| Loan - Oxford House | - | - | - | 50,000 | - | 50,000 |
| 29,550 | - | 29,550 | 77,215 | - | 77,215 | |
| 7. Creditors: Amounts due Over One Year. Loan - Crown College 503,985 |
- | 503,985 | 503,985 | - | 503,985 |
The company was loaned the sum of £607,522 in October 2014 by Crown College of the Bible, Tennessee, USA to facilitate the purchase of the company's property. The loan is for a term of 30 years, and the interest is currently being charged at a rate of 3.25%pa. Crown College of the Bible holds a legal charge over the property in respect of the loan.
Due to the Covid-19 pandemic. Crown College of the Bible, Tennessee, USA, deferred the interest due for the current year. This interest will be charged at the end of the loan term.
8. Directors
None of the directors (or any persons connected with them) received any remuneration during the year, nor were any of the Committee reimbursed for travel expenses during the year (2020: nil).
9. Contingent Liabilities
There were no contingent liabilities at 31 March 2021 (2020: nil)
10. Capital commitments
There were no capital commitments at 31 March 2021 (2020: nil)
11. Restricted Funds
Restricted funds mostly comprise the specific projects for which contributions are sought during the year.
| Sunday School Pioneer Camp Victory Winter Retreat Revangelise Church Planting New Charities Oxford Minister's Residence Martin Tomlinson Fund |
B/F - - - - 35,000 - - 35,000 |
Income - 4,021 3,817 - - 48,707 2,066 58,611 |
Expenses (1,060) (4,459) (3,145) (598) - - - (9,262) |
Transfer 1,060 438 (672) 598 - (48,707) - (47,283) |
C/F - - - - 35,000 - 2,066 37,066 |
|
|---|---|---|---|---|---|---|
Note: (a) The money received for the Camp Victory and Winter Retreat activities are restricted to those activities,
except that it is accepted that any surplus each year may be transferred to the General Fund.