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# 



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|Trustees|MrChristopher Large(Chair)||
|---|---|---|
||MrStephen Puttock||
||Mrs Melanie Churchyard|(Appointed9October 2020)|
||Mr RobertPeake|(Appointed 16 January 2021)|
|cEo|Mrs Melanie Churchyard||
|Charitynumber|1153327||
|Companynumber|08635189||
|Principaladdress|40 ChapelRoad||
||Pawlett||
||Bridgwater||
||Somerset||
||T464SH||
|Registeredoffice|40 ChapelRoad||
||Pawlett||
||Bridgwater||
||Somerset||
||TA64SH||
|Auditor|CaladineLimited||
||ChantryHouse||
||22UppertonRoad||
||Eastbourne||
||East Sussex||
||BN211BF||
|Bankens|NatWest Bank plc||
||96TerminusRoad||
||Eastbourne||
||BN213AA||
|Solicitors|Lawson Lewis Blakers||
||11Hyde Gardens||
||Eastbourne||
||East Sussex||
||BN214PP||
|lnvestmentManager|RathboneInvestment Management||
||8 Finsbury Circus||
||London||
||EC2M7M||
||Savills lnvestment Management||
||33 Margaret Street||
||London||
||W1GOJD||
|Property agents|Ross&Co. Property ManagementLtd||
||PacificHouse||
||Sovereign Harbour lnnovationPark||
||Eastbourne,BN236FA||





## 

||Page|
|---|---|
|Trustees'report|1-5|
|Independent auditor's report|6-8|
|Statementoffinancial activities|9-10|
|Statementoffinancial position|11|
|Statement of cash flows|12|
|Notestothefinancialstatements|13-27|





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|Currentfinancialyear|||||||
|---|---|---|---|---|---|---|
|||Unrestricted Unrestricted|||Total|Total|
|||funds|<br>funds||||
|||generaldesignated<br>2020<br>2020|||2020|2019|
||Notes|eg|||€|e|
|lncomefrom:|||||||
|Donations and legacies|3|500|||500|23,750|
|lnvestment property income|4|146,517|||146,517|228,534|
|lnvestments|5|169,401|||169,401|174,788|
|Other income|6|3,883|38,052||41,935|6,056|
|Totalincome||320,30138,052|||358,353433,128||
|Exoenditure on:|||||||
|Raisingfunds|7|59,117|||59,117|85,9s9|
|Charitable activities|8|619,510|||619,510|422,681|
|Total resources expended||678,627|||678,627508,640||
|Netgains/(losses) on investments|13||65,051||65,051390,414||
|Net(outgoing)/incomingresources before<br>transfens||(358,326)103,103|||(2ss,223)314,902||
|Gross transfers between funds||1,254,196|(1,254,196)||||
|Netmovement infunds||895,870|(1,151,093)||(255,223)314,902||
|Fund balancesat 1January2020||363,885|9,945,872|10,309,757||9,994,855|
|Fund balances at31 December2O2O||1,259,755|8,794,779|10,054,534||10,309,757|
|||||:|||





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|Priorfinancialyear|||||
|---|---|---|---|---|
|||UnrestrictedUnrestricted||Total|
|||funds|funds||
|||generaldesignated<br>2019<br>2019||2019|
||Notes|€€||E|
|lncomefrom:|||||
|Donations and legacies|3|23,750||23,750|
|lnvestment property income|4|228,534||228,534|
|lnvestments|5|174,788||174,788|
|Other income|6|6,056||6,0s6|
|Total income||433,128||433,128|
|Exoenditure on:|||||
|Raisingfunds|7|85,959||85,959|
|Charitable activities|8|422,681||422,681|
|Total resources expended||508,640||508,640|
|Netgains/(losses) on investments|l3||390,414390,414||
|Net(outgoin g)/incomingresources beforetransfers||(75,512)|390,414314,902||
|Gross transfers between funds||(125,437)|125,437||
|Netmovement infunds||(200,949)515,851314,902|||
|Fundbalancesat1January 2019||564,8349,430,021||9,994,855|
|Fund balancesat 31December2019||_j'.'*:t*y:1,'1''|||





## 

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||||2020||2019|
|---|---|---|---|---|---|
||Notes|I|f|€|I|
|Fixed assets||||||
|Property, plant and equipment|14||||179,704|
|lnvestment properties|15||2,408,500||4,199,750|
|lnvestments|16||6,268,599||5,444,222|
|Mixed motive investments|17||117,680||122,196|
||||8,794,779||9,945,872|
|Current assets||||||
|Trade and other receivables|18|32,674||5,019||
|Cash at bank and inhand|1,266,268|||383,875||
||1,298,942|||388,894||
|Currentliabilities|20|(3e,187)||(25,00e)||
|Netcurrent assets|||1,259,755||363,885|
|Totalassetslesscurrent liabilities|||10,054,534||lfI{I|
|lncomefunds||||||
|Unrestricted funds-designated|22||8,794,779||9,945,872|
|Unrestricted funds-general|||1,259,755||363,885|
||||10,054,534||10,309,757|
|The<br>statements were approvedby theTrusteeson||/'l"l}t||||





## 

## 

|||2020|||2019|
|---|---|---|---|---|---|
||Notes|f|€|t|g|
|Cashflows from operating activities||||||
|Cash absorbed by operations|26||(536,688)||(102,479)|
|lnvesting activities||||||
|Proceedsondisposal of property, plant||||||
|and equipment||217,756||||
|Proceeds on disposal of investment||||||
|property||1,883,991||510,385||
|Purchaseofother investments||(1,377,472)||(1,875,440)||
|Proceedsondisposalofother investments||525,405||1,080,291||
|lnvestment income received||169,401||174,788||
|Netcash generatedfrom/(usedin)||||||
|investing activities|||1,419,081||(109,976)|
|Netcash used infinancing activities||||||
|Netincrease/(decrease) in cash and cash||||||
|equivalents|||882,393||(212,4s5)|
|Cash and cash equivalents at beginningofyear|||383,875||596,330|
|Gashand cashequivalentsat end ofyear|||1,266,268||_'*f1|





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||UnrestrictedUnrestricted|UnrestrictedUnrestricted|
|---|---|---|
||funds|funds|
||general<br>2020|general<br>2019|
||ff||
|Donations and gifts|500|23,750|
||:||



## 

||UnrestrictedUnrestricted|UnrestrictedUnrestricted|
|---|---|---|
||funds<br>general<br>2020<br>€c|funds<br> general<br>2019|
|Rentalincome|146,517|':'*:|



## 

||UnrestrictedUnrestricted|UnrestrictedUnrestricted|
|---|---|---|
||funds|funds|
||general<br>2020|general<br>2019|
||€f||
|lncome from listed investments|129,245|147,662|
|lnterest receivable|40,156|27,126|
||169,401|174,788|





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## 

||Unrestricted Unrestricted|Unrestricted Unrestricted|TotalUnrestricted|TotalUnrestricted|
|---|---|---|---|---|
||funds|funds||funds|
||generaldesignated<br>2020<br>2020<br>f,€||2020<br>€t|general<br>2019|
|Netgain on disposaloftangible fixed assets||38,052|38,052||
|Other income||||3,056|
|Employment allowance received|3,883||3,883|3,000|
||3,883|38,052|41,935|6,056|
|||:|||



## 

||UnrestrictedUnrestricted|UnrestrictedUnrestricted|
|---|---|---|
||funds|funds|
||general<br>2020|general<br>2019|
||fE||
|lnvestment orooertvexDenses|||
|Property overheads and management|23,075|34,436|
|Share of Support costs (see note10)|5,380|19,050|
|Investment property exoenses|28,455|53,486|
|Investment management fees|30,662|32,473|
||y!:|ifI|
|Prooerty overheads and management|||
|Rates|2,290|11,278|
|Light and heat|592|376|
|Repairs and maintenance|4,358|2,674|
|Legal and professional|8,543|14,943|
|lnsurance|6,521|5,026|
|Sundries|773|140|
||,:y:|34,436|





## 

## 

## 

||2020|2019|
|---|---|---|
||€|e|
|Grant fundingofactivities (see note9)|513,030|316,875|
|Share of support costs (see note10)|62,212|89,574|
|Shareofgovernancecosts (see note10)|44,268|16,232|
||619,510|422,681|
|Grants payable|||
||2020<br>€|2019f|
|Grants toinstitutions:|||
|Amano School-Zambia||12,000|
|Azalea|10,000||
|Bible Educational Service||10,500|
|BritishYouthfor Christ|10,000||
|CCFON|10,000|3,000|
|CRY|10,000||
|EvangelicalAlliance|10,000||
|lgreja Baptist Church||23,750|
|lmago Dei Prison Ministry|10,000|9,000|
|KingsCommunity Church|10,000||
|LAMA Ministries||15,000|
|Life Bridging Works||12,000|
|Lifewords|10,000|16,000|
|Middle EastMedia|12,500||
|OfftheFence|82,000|19,500|
|Orphaids||6,000|
|SAT7UK|10,000||
|SoldiersandAirmen's ScriptureReadingAssociation|15,000|2,500|
|Sporting Marvels||5,000|
|Stand byMe|10,000||
|Youthscape|10,000||
|Misc. gifts between e5,000ande9,999|153,030|102,775|
|Misc. gifts between €3,000andf4,999|76,500|15,000|
|Misc. giftsnotexceedingf2,999|54,000|34,850|
|Other||30,000|
||513,030|316,875|



## 



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|Support costs|||||||
|---|---|---|---|---|---|---|
||SupportGovernance<br>costs<br>costs<br>[[||Total<br>2020<br>E|SupportGovernance<br>costs<br>costs<br>€e||Total<br>2019<br>e|
|Staffcosts|48,423|5,381|53,804|66,839|4,540|71,379|
|Depreciation||||2,530||2,530|
|Computer expenses|1,201||1,201|1,340||1,340|
|Rentandrates|13,213||13,213|29,146||29,146|
|Repairs and renewals|818||818|720||720|
|Telephone|704||704|598||598|
|Printing and postage|896||896|1,869||1,869|
|Travel costs|329||329|1,466||1,466|
|Sundries|2,008||2,008|4,116||4,116|
|Audit fees||5,682|5,682||5,220|5,220|
|Accountancy||6,106|6,106||3,787|3,787|
|Legalandprofessional||25,998|25,998||||
|Trustee meeting costs||1,101|1,101||2,685|2,685|
||67,592|44,268|111,860|108,624<br>:|:'"|124,856|
|Analysed between|||||||
|Raisingfunds|5,380||5,380|19,050||19,050|
|Charitable activities|62,212|44,26;|106,480|89,574|16,232|105,806|
||67,592|44,268|111,860|108,624|16,232|yt*|



## 



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||2020|2019|
|---|---|---|
||Number|Number|
|Administration||3|
|Employmentcosts|2020|2019|
||f|c|
|Wages and salaries|47,055|63,892|
|Socialsecuritycosts|4,665|5,185|
|Other pension costs|2,084|2,302|
||53,804|71,379|



## 

||UnrestrictedUnrestricted|UnrestrictedUnrestricted|
|---|---|---|
||funds|funds|
||designateddesignated<br>2020<br>2019||
||EE||
|Revaluation of investments|30,749|431,934|
|Gain/(loss)onsale of investments|(58,439)|53,095|
|Revaluation of investment properties|25,000|(102,500)|
|Gain/(loss) on sale of investment properties|67,741|7,885|
||65,051|390,414|





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|Property, plant andequipment||||
|---|---|---|---|
||Freehold|Fixtures,|Total|
||landand fittingsand<br>buildingsequipment<br>€E||E|
|Cost||||
|At1January 2020|189,824|4,361|194,185|
|Disposals|(18e,824)||(189,824)|
|At31December2O2O||4,361|4,361|
|Depreciation andimpairment||||
|At1January 2020|10,120|4,361|14,481|
|Eliminated in respectofdisposals|(10,120)||(10,12o)|
|At31December2O2O||4,361|4,361|
|Carryingamount||||
|At31December2020||||
|At31December2019|179,704||179,704|
|lnvestment property||||
||||2020|
||||€|
|Fairvalue||||
|At1January 2020|||4,199,750|
|Disposals|||(1,816,250)|
|Netgains orlossesthrough fair value adjustments|||25,000|
|At31December2020|||2,408,500|



## 



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## 

||Listed|
|---|---|
||investments|
||€|
|Cost orvaluation||
|At1January 2020|5,444,222|
|Additions|1,377,472|
|Valuation changes|30,749|
|Disposals|(583,844)|
|At31December2O20|6,268,599|
|Carryingamount||
|At31December202O|6,268,599|



## 

## 

||€|
|---|---|
|At1January 2020|122,196|
|lnterest|6,007|
|Repayments|(10,523)|
|At31December2O2O|117,680|



## 

|Tradeandotherreceivables|||
|---|---|---|
||2020|2019|
|Amounts fallingduewithinone year:|E|f|
|Trade receivables|29,216|5,019|
|Prepayments and accrued income|3,458||
||32,674|5,019|





## 

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## 

|Current liabilities|||
|---|---|---|
||2020|2019|
||€|f|
|Other taxation and social security|309|58|
|Payments received on account|22,125||
|Other payables||4,747|
|Accruals and deferred income|16,753|20,204|
||39,187|_i*i|



## 

## 

## 

||Balanceat|TransfersRevaluations,Balanceat|TransfersRevaluations,|TransfersRevaluations,|Balanceat|
|---|---|---|---|---|---|
||1January2019|gainsandlJanuary2020<br>losses||gainsand31 December<br>losses<br>2020||
||€|€€E|€€€|||
|FixedAsset||||||
|lnvestment||||||
|Fund|9,430,021<br>:|125,437390,4149,945,872(1,254,196)||103,1038,794,779||





## 

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|Analysis ofnet assets|betweenfunds|betweenfunds|||||
|---|---|---|---|---|---|---|
||UnrestrictedDesignated<br>funds<br>funds||TotalUnrestricted<br>funds||Designated<br>funds|Total|
||2020<br>€t|<br>2020|2020<br>€e|2019|2019<br>I|2019<br>e|
|Fund balances are representedby:|||||||
|Property, plantand|||||||
|equipment|||||179,704|179,704|
|lnvestment properties||2,408,500|2,408,500||4,199,750|4,199,750|
|lnvestments||6,268,599|6,268,599||5,444,222|5,444,222|
|Mixed motive|||||||
|investments||117,680|117,680||122,196122,196||
|Current assets/|||||||
|(liabilities)|1,259,755||1,259,755|363,885||363,885|
||1,259,755|8,794,779|10,054,534|363,885|9,945,872|10,309,757|





## 

## 

## 

||2020<br>€|2019I|
|---|---|---|
|Withinoneyear|2,884|600|
|Between twoandfive years|960|1,400|
||3,844|-iI|



## 

||2020|2019|
|---|---|---|
||e|f,|
|\Mthinoneyear|148,500|89,575|
|Between twoandfive years|410,500|177,000|
||i1'*|266,575|



## 

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|||2020|2019|
|---|---|---|---|
|||I|e|
|Aggregate compensation||49,920|45,397|
||:|||





## 

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|26|Gashgeneratedfrom operations|2020|2019|
|---|---|---|---|
|||f|e|
||(Deficit)/surplus for the year|(255,223)|314,902|
||Adjustmentsfor:|||
||lnvestment income recognisedinstatementoffinancialactivities|(16e,401)|(174,788)|
||Gainondisposal ofproperty,plant and equipment|(38,052)||
||Gainondisposalofinvestment property|(67,741)|(7,885)|
||Loss/(gain) on disposal of investments|58,439|(53,095)|
||Fairvalue gains and losses on investment properties|(25,000)|102,500|
||Fairvalue gains and losses on investments|(30,74e)|(431,934)|
||Depreciation and impairment of property, plant and equipment||2,530|
||Movementsinworkingcapital:|||
||(lncrease)/decreaseinmixed motive investments|4,516|156,796|
||(lncrease)/decreaseintrade and other receivables|(27,655)|33,410|
||lncrease/(decrease)intrade and other payables|14,178|(44,915)|
||Cash absorbed byoperations|(536,688)|(102,479)|
|27|Analysis ofchanges innetfunds|||
||The Trust hadnodebt during the year|||