##
##
|Trustees|||Mr Christopher
Large|Mr Christopher
Large|(Chair)||||
|---|---|---|---|---|---|---|---|---|
||||Mr Stephen
Puttock||||||
||||Mrs Melanic Churchyard||||||
||||Mr Robert Peake||||(Appointed|16January 2021)|
||||Ms Janice Kalyan||||(Appointed|14January 2022)|
|CEO|||Mrs Melanic Churchyard||||||
|Charity number|||1153327||||||
|Company|number||08635189||||||
|Principal address|||40 Chapel Road||||||
||||Pawlett||||||
||||Bridgwater||||||
||||Somerset||||||
||||TA6 4SH||||||
|Registered||office|40 Chapel Road||||||
||||Pawlett||||||
||||Bridgwater||||||
||||Somerset||||||
||||TA6 4SH||||||
|Auditor|||Caladine
Limited||||||
||||Chantry
House||||||
||||22 Upperton
Road||||||
||||Eastbourne||||||
||||East Sussex||||||
||||BN21 1BF||||||
|Bankers|||NatWest Bank pic||||||
||||96Terminus
Road||||||
||||Eastbourne||||||
||||BN21 3AA||||||
|Solicitors|||Lawson Lewis Blakers||||||
||||11 Hyde Gardens||||||
||||Eastbourne||||||
||||East Sussex||||||
||||BN21 4PP||||||
|Investment||Manager|Rathbone
Investment||Management||||
||||8 Finsbury
Circus||||||
||||London||||||
||||EC2M 7AZ||||||
||||Savills Investment|Management|||||
||||33Margaret Street||||||
||||London||||||
||||W1G OJD||||||
|Property|agents||Ross &Co. Property||Management||Ltd||
||||Pacific House||||||
||||Sovereign
Harbour||Innovation|Park|||
||||Eastbourne,
BN23|6FA|||||
##
||||Page|
|---|---|---|---|
|Trustees'|report||1-4|
|Statement|ofTrustees'|responsibilities||
|Independent
auditor's||report|6-8|
|Statement|offinancial|activities||
|Statement|offinancial|position||
|Statement|ofcash flows||12|
|Notes to the financial statements|||13-26|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|Current financial year|Current financial year|Current financial year||||||||
|---|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Unrestricted||Total|Total|
||||||funds||funds|||
||||||general||designated|||
|||||Notes|2021||2021f|2021
E|2020
K|
|~ln ~mf~rm:||||||||||
|Donations
and|legacies||||6,000|||6,000|500|
|Investment
property|||||173,510|||173,510|146,517|
|Investments|||||195,280|||195,280|169,401|
|Other income|||||4,117|||4,117|41,935|
|Total income|||||378,907|||378,907|358,353|
|Ex endi
re on:||||||||||
|Raising funds|||||49,268|||49,268|59,118|
|Charitable
activities|||||724,690|||724,690|619,509|
|Total expenditure|||||773,958|||773,958|678,627|
|Net gains/(losses)||on investments||13|||813,073|813,073|65,051|
|Net outgoing|resources||before transfers||(395,051)||813,073|418,022|(255,223)|
|Gross transfers|between||funds||(200,318)||200,318|||
|Net movement|in|funds|||(595,369)||1,013,391|418,022|(255,223)|
|Fund balances|at 1 January 2021||||1,259,755||8,794,779|10,054,534|10,309,757|
|Fund balances at||31 December 2021|||664,386||9,808,170|10,472,556|10,054,534|
##
##
##
||||||Unrestricted|Unrestricted|Total|
|---|---|---|---|---|---|---|---|
||||||funds|funds||
||||||general|designated||
||||||2020|2020|2020|
|||||Notes||K|E|
|Income from:||||||||
|Donations
and|legacies||||500||500|
|Investment
property|||||146,517||146,517|
|Investments|||||169,401||169,401|
|Other income|||||3,883|38,052|41,935|
|Total income|||||320,301|38,052|358,353|
|Ex enditure
on:||||||||
|Raising funds|||||59,118||59,118|
|Charitable
activities|||||619,509||619,509|
|Total expenditure|||||678,627||678,627|
|Net gains/(losses)||on investments||13||65,051|65,051|
|Net outgoing|resources||before transfers||(358,326)|103,103|(255,223)|
|Gross transfers|between||funds||1,254,196|(1,254,196)||
|Net movement|in|funds|||895,870|(1,151,093)|(255,223)|
|Fund balances|at 1 January 2020||||363,885|9,945,872|10,309,757|
|Fund balances|at|31 December 2020|||1,259,755|8,794,779|10,054,534|
##
##
||||2021|2020|
|---|---|---|---|---|
|||Notes|K|F|
|Fixed assets|||||
|Investment
properties||15|2,483,500|2,408,500|
|Investments||16|7,211,735|6,268,599|
|Mixed motive|investments|17|112,935|117,680|
||||9,808,170|8,794,779|
|Current assets|||||
|Trade and other receivables||18|3,840|32,674|
|Cash at bank|and in hand||777,817|1,266,268|
||||781,657|1,298,942|
|Current
liabilities||20|(72,271)|(39,187)|
|Net current assets|||709,386|1,259,755|
|Total assets|less current liabilities||10,517,556|10,054,534|
|Non-current|liabilities|21|(45,000)||
|Net assets|||10,472,556|10,054,534|
|Income funds|||||
|Unrestricted|funds - designated|23|9,808,170|8,794,779|
|Unrestricted|funds - general||664,386|1,259,755|
||||10,472,556|10,054,534|
##
##
##
||||||2021||2020||
|---|---|---|---|---|---|---|---|---|
|||||Notes|||f'||
|Cash flows from operating|activities||||||||
|Cash absorbed
by operations||||27||(478,668)||(536,688)|
|Investing
activities|||||||||
|Proceeds on disposal of property,||plant||and|||||
|equipment|||||||217,756||
|Proceeds on disposal of investment|||property||||1,883,991||
|Purchase ofother investments|||||(483,972)||(1,377,472)||
|Proceeds on disposal ofother investments|||||278,909||525,405||
|Investment
income received|||||195,280||169,401||
|Net cash (used in)/generated
from|||||||||
|investing
activities||||||(9,783)||1,419,081|
|Net cash used in financing|activities||||||||
|Net (decrease)/increase
in|cash|and||cash|||||
|equivalents||||||(488,451)||882,393|
|Cash and cash equivalents|at beginning|||ofyear||1,266,268||383,875|
|Cash and cash equivalents|at end||of|year||777,817||1,266,268|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|Unrestricted|Unrestricted|
|---|---|
|funds|funds|
|general|general|
|2021|2020|
|E|E|
|6,000|500|
##
|Unrestricted|Unrestricted|
|---|---|
|funds|funds|
|general|general|
|2021|2020|
|E|E|
|173,510|146,517|
##
|||Unrestricted|Unrestricted|
|---|---|---|---|
|||funds|funds|
|||general|general|
|||2021|2020|
|Income|from listed investments|187,662|129,245|
|Interest|receivable|7,618|40,156|
|||195,280|169,401|
##
##
##
##
|||||Unrestricted|Unrestricted|Unrestricted|Total|
|---|---|---|---|---|---|---|---|
|||||funds|funds|funds||
|||||general|general|designated||
|||||2021|2020|2020|2020|
|||||K||E||
|Net gain on|disposal of|tangible|fixed assets|||38,052|38,052|
|Employment|allowance|received||4,117|3,883||3,883|
|||||4,117|3,883|38,052|41,935|
|||||||Unrestricted|Unrestricted|
|---|---|---|---|---|---|---|---|
|||||||funds|funds|
|||||||general|general|
|||||||2021|2020|
|||||||E|E|
|investment||ro e|ex|enses||||
|Property|overheads||and|management||7,861|23,076|
|Share of|Support costs (see note 10)|||||5,819|5,380|
|Investment||ro ert|ex|enses||13,680|28,456|
|Investment||management||fees||35,588|30,662|
|||||||49,268|59,118|
|Pro ert|overheads||and|mana|ement|||
|Rates||||||2,290|11,278|
|Light and|heat|||||592|376|
|Repairs and maintenance||||||4,358|2,674|
|Legal and||professional||||8,543|14,943|
|Insurance||||||6,521|5,026|
|Sundries||||||773|140|
|||||||7,861|23,076|
##
##
||||2021|2020|
|---|---|---|---|---|
||||E||
|Grant funding
ofactivities (see note 9)|||652,500|513,030|
|Share ofsupport costs (see note 10)|||55,638|62, 112|
|Share ofgovernance||costs (see note 10)|16,552|44,367|
||||724,690|619,509|
|Grants payable|||||
||||2021|2020|
||||E||
|Grants to institutions:|||||
|OffThe Fence|||165,000|82,000|
|Bible Reading
Fellowship|||45,000||
|Essential
Christian|||40,000||
|Emmanuel|Press||35,000||
|MAF UK|||20,000||
|Befriending|||15,000||
|Innovista|||15,000||
|International|Needs||15,000||
|Lifeworks|||15,000||
|Wycliffe Bible Translators|||15,000||
|SASRA|||10,000|15,000|
|Misc. gifts|between f10,000 and f14,999||90,000|132,500|
|Misc. gifts|between E5,000 and E9,999||121,500|182,030|
|Misc. gifts|betweem|E3,000F4,999|34,000|43,500|
|Grants not|exceeding|f2,999|17,000|58,000|
||||652,500|513,030|
##
##
##
|10|Support costs||||||||
|---|---|---|---|---|---|---|---|---|
|||Support|Governance|Total Support||costs|Governance|Total|
|||costs|costs|2021|||costs|2020|
|||f|E|E||F|F|F|
||Staff costs|52,375|5,819|58,194|48,423||5,381|53,804|
||Computer expenses|1,065||1,065||1,201||1,201|
||Rent and rates|3,906||3,906||13,213||13,213|
||Repairs and renewals|767||767||818||818|
||Telephone|1,058||1,058||704||704|
||Printing
and postage|932||932||896||896|
||Travel costs|127||127||229||229|
||Sundries|1,227||1,227||2,008||2,008|
||Audit fees||5,580|5,580|||5,682|5,682|
||Accountancy||2,100|2,100|||6,106|6,106|
||Legal and professional||1,392|1,392|||25,998|25,998|
||Trustee meeting costs||1,661|1,661|||1,200|1,200|
|||61,457|16,552|78,009||67,492|44,367|111,859|
||Anal
sed between||||||||
||Raising funds|5,819||5,819||5,380||5,380|
||Charitable
activities|55,638|16,552|72,190||62,112|44,367|106,479|
|||61,457|16,552|78,009||67,492|44,367|111,859|
##
##
##
|||2021|2020|
|---|---|---|---|
|||Number|Number|
|Administration||||
|Employment|costs|2021|2020|
|Wages and salaries||50,010|46,305|
|Social security|costs|5,683|5,184|
|Other pension|costs|2,501|2,315|
|||58,194|53,804|
##
||||||Unrestricted|Unrestricted|
|---|---|---|---|---|---|---|
||||||funds|funds|
||||||designated|designated|
||||||2021|2020|
||||||E|E|
|Revaluation|of|investments|||721,023|30,749|
|Gain/(loss)|on|sale of investments|||17,050|(58,439)|
|Revaluation|of|investment|properties||75,000|25,000|
|Gain/(loss)|on|sale of investment||properties||67,741|
||||||813,073|65,051|
##
##
|14|Property,
plant and equipment|Property,
plant and equipment||
|---|---|---|---|
||||Fixtures, fittings and|
||||equipment|
||Cost|||
||At 1 January 2021||4,361|
||At 31 December 2021||4,361|
||Depreciation
and impairment|||
||At 1 January 2021||4,361|
||At 31 December 2021||4,361|
||Carrying
amount|||
||At 31 December 2021|||
||At 31 December 2020|||
|15|Investment
property|||
||||2021|
||||F|
||Fair value|||
||At 1 January 2021||2,408,500|
||Net gains or losses through|fair value adjustments|75,000|
||At 31 December 2021||2,483,500|
##
##
##
||Listed|
|---|---|
||investments|
||F|
|Cost or valuation||
|At 1 January 2021|6,268,599|
|Additions|483,972|
|Valuation
changes|721,023|
|Disposals|(261,859)|
|At 31 December 2021|7,211,735|
|Carrying
amount||
|At 31 December 2021|7,211,735|
|INixed motive investments||
|At 1 January 2021|117,681|
|Interest|5,777|
|Repayments|(10,523)|
|At 31 December 2021|112,935|
##
##
|Trade and other receivables|||
|---|---|---|
||2021|2020|
|Amounts
falling due within one year:|E||
|Trade receivables|119|29,216|
|Prepayments
and accrued income|3,721|3,458|
||3,840|32,674|
##
##
##
|||||2021||
|---|---|---|---|---|---|
||Other taxation|and social security||333|309|
||Payments
received on||account||22,125|
||Other payables|||55,000||
||Accruals and|deferred|income|16,938|16,753|
|||||72,271|39,187|
|21|Non-current|liabilities||||
|||||2021|2020|
||||||F|
||Other payables|||45,000||
##
##
##
##
##
||Balance at|Balance at|Transfers|Revaluations,|Balance at|Balance at|Transfers|Revaluations,|Balance at|
|---|---|---|---|---|---|---|---|---|---|
||1 January|2020||gains and1|January|2021||gains and|31 December|
|||||losses||||losses|2021|
|||||||||E||
|Fixed Asset||||||||||
|Investment||||||||||
|Fund|9,945,872||(1,254,196)|103,103|8,794,779||200,318|813,073|9,808,170|
##
|Analysis
|of net assets between funds|of net assets between funds||||||
|---|---|---|---|---|---|---|---|
||Unrestricted||Designated|Total|Unrestricted|Designated|Total|
|||funds|funds||funds|funds||
|||2021|2021|2021|2020|2020|2020|
|||E|||E|F||
|Fund balances are represented||by:||||||
|Investment|properties||2,483,500|2,483,500||2,408,500|2,408,500|
|Investments|||7,211,735|7,211,735||6,268,599|6,268,599|
|Mixed motive||||||||
|investments|||112,935|112,935||117,680|117,680|
|Current assets/(liabilities)||709,386||709,386|1,259,755||1,259,755|
|Long term|liabilities|(45,000)||(45,000)||||
|||664,386|9,808,170|10,472,556|1,259,755|8,794,779|10,054,534|
##
##
##
||2021|2020|
|---|---|---|
||K|E|
|Within one year|480|2,884|
|Between two and five years|480|960|
||960|3,844|
##
||2021|2020|
|---|---|---|
||f.||
|Within one year|148,500|148,500|
|Between two and five years|262,000|410,500|
||410,500|559,000|
##
|||2021|2020|
|---|---|---|---|
|Aggregate|compensation|54,076|49,920|
##
##
|27|Cash generated
from operations|||2021|2020|
|---|---|---|---|---|---|
||||||E|
||Surplus/(deficit)
for the year|||418,022|(255,223)|
||Adjustments
for:|||||
||Investment
income recognised
in statement|offinancial|activities|(195,280)|(169,401)|
||Gain on disposal of property,
plant and equipment||||(38,052)|
||Gain on disposal of investment
property||||(67,741)|
||(Gain)/loss
on disposal of investments|||(17,050)|58,439|
||Fair value gains and losses on investment|properties||(75,000)|(25,000)|
||Fair value gains and losses on investments|||(721,023)|(30,749)|
||Movements
in working
capital:|||||
||Decrease/(increase)
in mixed motive investments|||4,746|4,516|
||Decrease/(increase)
in trade and other receivables|||28,833|(27,655)|
||Increase
in trade and other payables|||78,084|14,178|
||Cash absorbed
by operations|||(478,668)|(536,688)|
|28|Analysis ofchanges
in net funds|||||
||The Trust had no debt during the year.|||||