Charity number: 1170596
THE RELAY TRUST
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
LUBBOCK FINE LLP
Chartered Accountants
Paternoster House
65 St Paul's Churchyard
London EC4M 8AB

THE RELAY TRUST
CONTENTS
Page
Reforencg and Administrativo Dotails of the Charity, its Trusteos and Advisgrs
Trustees. Report
Independent Auditors. Report on the Financial Statements
7-10
ststement of Flnanclal Actlvltles
11
Balance Sheet
12
Statement of Cash Flows
13
Notes to the Financial Statements
14-24

THE RELAY TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2021
Trustees
Neil Smith
Rogeria Mulrine
Charty registered
number
1170596
Principal office
One St Aldates
04.02
Oxford
Oxfordshire
OX1 1DE
Independent audltors
Lubbock Fine LLP
Chartered Accountants & Statutory Auditors
Paternoster House
65 Sl Paul's Churchyard
London
EC4M 8AB
Bankers
Sanlander
Bridle Road
Boolle
Merseyside
L30 4GB
Page 1

THE RELAY TRUST
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their report together with the financial statements of The Relay Trust (the Charity) for the
year from 1 April 2020 10 31 March 2021. The Trustees confirm that the financial statements of the Charity
comply with the current statutory requirements, the requirements of the charity's governing document and the
provisions of the Ststement of Recommended Practi￿ ISORPI, applicable lo charities preparing their accounts
in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021
leffective 1 January 20191.
STRUCTURE. GOVERNANCE AND MANAGEMENT
The Relay Trust is govemed by a Trust Deed dated 19 March 2016.
The Deed names the initial Trustees and sets out the means by which further Trustees will be appointed
Iclause 71. This sets out that the power of appointing new Iruslees is vested in the Selllor, and in the case of his
death, in such person as is nominated in his will or by the remaining Trustees.
Oryanisational structure
The Trustees are responsible for making operational, funding and strategic decisions in line with charity
objectives.
The staff responsible for carrying out the day-lo-day activities of the Trust are supervised and supported by the
Trustees.
The training of Trustees is determined by the governance needs of the Trust lo meet its charitable objectives. On
initial appointment, new Trustees are given access lo the governing document, financial information, meeting
materials and essential trustee guidance from the Charity Commission.
Public Benefit
In setting the objectives and planning the activities of The Relay Trust, the Trustees have given careful
consideration to the Charity Commission's general guidance on public benefit.
Pay setting
Trustees are not remunerated for their work. Trustee expenses are reimbursed in line with the Trust's policies.
Key management remuneration is reviewed regularly and reflects market rates.
TRUSTEES
The Trustees who served during the year were..
Neil Smith
Rogeria Mulrine
OBJECTWES AND ACTIVITIES
A revised Statement of Purpose was developed to guide the selection and monitoring of all projects..
'The purpose of the Relay Trust is to facilitate leadership training for the Christian church through the provision
of educational systems, training conlenl, professional advice, and financial support.
The goal of this training will be lo enable leaders to leach Christians how to live as disciples of Jesus through the
daily challenges of life- birth, sickness, marriage, family, work, Community, ageing and death.
The core skill in which these leaders will be trained is to explain discipleship through reading the Bible narratives,
discerning their central meaning, and communicating this lo those in their care.
Page 2

THE RELAY TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2021
The Relay Trust will focus training al the 'grass-roots' level, delivered within the community, using language and
concepts appropriate lo the conlexl.
The geographic focus of the Relay Trust will be the regions covered by the 200 poorest Dioceses within the
Anglican Church. The denominational focus of the Charity will be the Provinces of the Anglican Communion.
The Charity will aim lo focus 700/0 of expenditure on these areas and this denomination over the medium term.
To deliver on this Statement of Purpose the organisalion was re-structured around four divisions.. Systems,
Content, Relay 200, and Administration.
Systems, led by Alex Klausen, develops hardware and So￿are solutions I"The Well.) which will enable the
delivery of training courses directly lo mobile phones in geographies where the internel is unavailable, expensive,
or slow. 'The Well" combines a portable WiFi device that links an internet*nabled regional ￿ntre with the
students, location through visiting facilitstors. Course work is downloaded, and students, work is uploaded
through the regional cenlre. The student's participation and progress are then managed by a course supervisor
organised by the Content division.
The hardware for the device continues to be developed by Hope Tech Global, based in China. Travel reslriclions
and supply chain disruptions resulting from the COVID-19 pandemic disrupted progress, particularly in regard in
field testing in Africa.
The software for the device continued lo be developed by Lars Gunnarsson in Swilzerland and a group of
consullanls based in the United Slates and supervised by the Kolo Group.
Content, led by Mette Klausen, develops the specific courses that facilitate leadership training courses. This
process involved sourcing appropriate material, modifying the conlenl lo an e-learning formal, and translating
courses into relevant languages.
During the year three types of courses were developed and distributed..
In response to the COVID-19 pandemic. seven simple health messages were produced and distributed
through WhalsApp and Facebook. Targeting the African audience, these were written in English and
translated into French, Kriol, Mende, Hausa, Swahili, and Amharic. This process enabled the Trust to
develop capabilities in course production and on-line distribution.
These messages were then supported by four group courses, lo assist church groups lo discuss the effects
of the pandemic and understand their response in a Christian conlexl. Discussion groups, based on the use
of WhalsApp, were formed in Sierra Leone, Ghana, Nigeria, Cameroon, and Uganda. This proTrss enabled
the Trust lo develop capabilities in the remote management of learning groups.
As the first step in the rollout of The Well, small groups were established in Sierra Leone lo deliver
leadership training. These groups were co-ordinated by a facilitator employed in Sierra Leone. Teaching
material was distributed by WhatsApp and on-line. This process tested the teaching model that will undedie
the use of The Well.
This course distribution enabled the Trust to further define the training system under development, now
described as DECIBEL-"Digilally enhanced, community based, learning..
Relay 200, led by Charles Raven, identifies, and supports t)olh operational and capitsl projects that support the
delivery of leadership training by the partner churches.
The objectivity of this process was enhanced by the development of the RIDE index (Relay Index of Diocesan
Exigencyl. This index is based on the Oxford Poverty and Human Development Initiative IOPHII
Multidimensional Povety Index IMPII, a measure of acute multidimensional poverty which aims lo go beyond
simple monetsry poverty measures by capturing acute deprivations in health, education and living standards.
The MPI can be disaggregated from the national lo the regional level. The MPI by region is then cross
referenced with the Diocesan boundaries of the Anglican Church through geomapping.Through this process the
RIDE index identifies the Dioceses in the poorest regions. An MPI of 0.270 and above has been chosen as the
criteria for selection of the Dioceses the Trust will focus on.
Page 3

THE RELAY TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2021
ACHIEVEMENTS AND PERFORMANCE
The charity's grant making policy is to provide funds lo institutions focussed on supporting operational and
capital projects that support the delivery of the leadership training by the partner churches in 6 key areas
globally.
The Relay 200 support for the year ended 31 March 2021 has been summarised below..
West Africa
Financial support was provided to the Di0￿seS of Freetown, Bo, and Guinea to ensure their viability whilst
longer term income-generaling projects were planned and implemented. In Freetown, additional financial
support enabled the continued construction of the Centenary Project" a mulli-story office building in
Freetown. Rent from this building will enable lo fund salaries and pensions of Diocesan staff.
Financial support was provided to the Diocese of Freetown to continue construction of the Mount Zion
Cenlre, a multipurpose ministry training centre on the outskirts of Freetown. This centre will be the base from
which the DECIBEL training projects are implemented on behalf of churches in the whole region of West
Africa.
In the Diocese of Bo, the construction of a rectory in Moyamba facilitated the development of the church in
this area.
In Monrovia in Liberia, the Trust provided support for the establishing of the new Province of the Anglican
Church I'The Continuing Province of Wesl Africa'l. This Province incorporates Gambia, Guinea, Sierra
Leone, Liberia, and Cameroon. The new Province was separated from the more subslanlial church in Ghana
and lacked the resources lo establish a functioning office.
In Lomé in Togo, the Trust initiated support for"La Phare" Bible college, providing bursaries for the students.
Democratic Republic of Congo
The Trust funded the implementation of an internet link be￿een Kinshasa and Kindu.
The Trust funded a bursary for a leader from the Diocese of Kindu to participate in a 12-month program in
the Community of Sl Anselm in London, an initiative of the Archbishop of Canterbury.
In conjunction with Openwell, a consultancy was launched in the Diocese of Kindu to understand the needs
of the Diocesan schools system and make recommendations for long-lerm support and development.
Financial support was provided lo the Archbishop of Congo, lo enable him lo employ an assistant and meet
the unfunded expenses of his national role.
Sudan and South Sudan
A key finding from the development of the RIDE Index was the challenges facing the Anglican church in
Sudan and South Sudan.
Initial contacts We￿ developed in the region through Andy Wheeler, a consultant lo the Archbishop of the
Episcopal Church of Sudan.
Ethiopia
The Trust has a long-term relationship with Mesfin Birhanu, the co-ordinator for theological education for the
Full Gospel Church of Ethiopia. The Trust provided Mr Birhanu with financial support and assisted with his
ongoing academic studies.
The Trust continued lo finance of the Guji and Borana Training Centre, a major regional college for the Full
Gospel Church. Completion is anticipated in 2021-2022.
The Trust initiated discussions with the Anglican Diocese of Gambela, to facilitsle a survey of the Diocese to
develop leadership training.
Page 4

THE RELAY TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2021
Mozambique
The Trust developed a Memorandum of Understanding with the Bishop of Niassa, northern Mozambique.
This MOU will guide the development of training and the construction of facilities In the Dioceses of Niassa,
Tete and Zambesia.
Europe
The Trust supports several institutions in EuropelUK which in turn provide support for training in Africa, or
which strengthen the Trust's capacity to translate material into languages other than English (French and
Portuguese).
The Belgian Bible Institute (Brussels) develops curricula in French and supports training in Togo. The Trust
provides a limited number of bursaries.
Oak Hill College in London trains church leaders for work in the UK and beyond. It has a focus on 'diaspora'
churches in the UK and training BAME students.
The Europe Collaboration SUPF)Orts new churches in European cities. Through the EC the Trust supports
churches in Paris and Strasbourg, who in turn support the Trust with translation and curriculum
development.
Youlhscape based in Lulon UK conducts research and operates programs to link young people with the
Anglican church in the UK. The Trust utilises their research and methodologies to inform the development of
programs in Africa.
Criteria used to measure success
The Trustees meet annually to assess the progess of the Trust against ils objectives. Trustees agree goals and
objectives for the following ￿e1ve months.
Administration
In July 2020 the Trust rented office accommodation al One Sl Aldates, Oxford. This office enables the
cenlralising of records and provides a single workplace for the Directors of Systems, Content and Relay 200 and
their support staff.
Melle and Alex Klausen moved to Oxford from Denmark and Charfes Raven from Leeds. All three were fomierly
consullanls but are now UK employees.
FINANCIAL REVIEW
During the year, income tolalled £2,937,452, consisting of £2,937,449 of donations and gift aid and £3 of bank
Interest. As at 31 March 2021 the Charity had £734,619 of unrestricted reserves and £181,772 of free reserves,
calculated as net assets less funds tied up in Intangible assets. The Charity does not have a reserves policy as
sufficient funding is received from Trustees and related parties to cover expenditure for each year.
Primary funding source
The charity's primary funding source Is that of donations received from Trustees during the current and prior
year.
Fundraising
The charity does not carry out significant fundraising activities and no funds were received from the public during
the current or prior year.
KEY RISKS
The Trustees are committed to a regular review of the major slralegic, business and operational risks which the
Charity faces with a view lo ensuring that appropriate systems and procedures are in place to minimise these
risks.
Page 5

THE RELAY TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2021
FUTURE PLANS
It is anticipated that the current operations of the Trust will be incorporated into a newly set up charitable
company limited by gaurantee during 2022, in order to facilitste the anticipated growth of the charity's operations.
As part of this process, an expanded Board of Trustees will be established. As a result of this, these accounts
have been prepared on a basis other than going concern. See Note 1.2 for further details.
TRUSTEES. RESPONSIBILITY STATEMENT
The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordan￿ with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice).
The law applicable lo charities in England & Wales requires the Trustees lo prepare financial statements for
each financial year which give a true and fair view of the slate of affairs of the charity and of its incoming
resources and application of resources, including ils income and expenditure, for that period. In preparing these
financial statements, the Trustees are required to..
select suitable accounting policies and then apply them con51Stently',
observe the methods and principles of the Charities SORP IFRS 1021.,
make judgments and aecounting estimates that are reasonable and prudent",
slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material
departures disclosed and explained in the financial stalemenls.,
prepare the financial statements on the going con￿rn basis unless it is inappropriate lo presume that the
charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain
the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity
and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity
(Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for
safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
DISCLOSURE OF INFORMATION TO AUDITORS
Each of the persons who are Trustees at the lime when this Trustees. report is approved confirmed Ihal..
so far as that Trustee is aware, there is no relevant audit information of whch the Charity's auditors are
unaware and",
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any
relevant audit information and to establish that the charity's auditors are aware of that information.
This report was approved by the Trustees and signed on their behalf.
SMIL
Neil Smith
Trustee
Dale..
04 March 2022
Page 6

THE RELAY TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE RELAY TRUST
FOR THE YEAR ENDED 31 MARCH 2021
OPINION
We have audited the financial slalements of The Relay Trust (the 'charity'l for the year ended 31 March 2021
which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the
related notes, including a summary of significant accounting policies. The financial reporting framework that has
been applied in their preparation is applicable law and United Kingdom Accounting Standards, including
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland, (United Kingdom Generally Accepted Accounting Praclicel.
In our opinion the financial statements.
give a true and fair view of the stale of the charity's affairs as al 31 March 2021 and of its incoming
resources and application of resources for the year then ended.,
have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting
Practice," and
have been prepared in accordance with the requirements of the Charities Act 2011.
8ASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit
of the financial statements section of our report. We are independent of the charity in accordance with the ethical
quirements that are relevant to our audit of the financial statements in the United Kingdom, including the
Financial Reporting Council's Ethical Standard, and the provisions available for small entities, in the
circumstances sel out in note 1.1 to the financial ststemenls, and we have fulfi'lled our other ethical
sponsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained is
sufficient and appropriate lo provide a basis for our opinion.
EMPHASIS OF MATTER
We draw attention lo Note 1.2 to the financial stslements which explains that the Trustees intend lo transfer the
trade, assets and liabilities of the charity to a newly set up charitable company limited by guarantee and therefore
do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial
statements. Accordingly the financial statements have been prepared on a basis other than going concern as
described in Note 1.2.
Our opinion is not modified in respect of this matter.
OTHER INFORMATION
The other information comprises the information included in the Annual Report other than the financial
statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained
within the Annual Report. Our opinion on the financial statements does not cover the other information and,
except lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion
Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other
information is materially inconsislenl with the financial stslemenls or our knowledge obtained in the course of the
audit, or otherwise appears lo be materially misststed. If we identify such material inconsistencies or apparent
material misslalements, we are required lo determine whether this gives rise lo a material misstatement in the
financial statements themselves. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact.
We have nothing lo report in this regard.
Page 7

THE RELAY TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE RELAY TRUST (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters where the Charities (Accounts and Reportsl
Regulations 2008 requires us to report to you if, in our opinion..
the information given in the Trustees, Report is inconsistent in any material respect with the financial
stslements., or
sufficient accounting records have not been kept,. or
the financial statements are not in agreement with the accounting records and relums., tsr
we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the Trustees, Responsibilities Statement, the Trustees are responsible for the
prepaotion of the financial statements which give a true and fair view, and for such internal control as the
Trustees determine is necessary lo enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability lo continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the Trustees either intend lo liquidate the charity or lo cease opeotions, or have no
alislic alternative but to do so.
AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with
the Act and relevant regulations made or having effect thereunder.
Our objectives are lo obtain reasonable assuonce about whether the financial statements as a whole are free
from Material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAS IUKI will a￿ayS detect a material misslalement when il exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected lo influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, lo delecl material misstatements in respect of irregularities,
including fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, we considered the following..
The nature of the sector and the impact of Covid 19 on financial and operating performance and policies,.
Enquiries of management, including obtaining and reviewing supporting documentation, concerning the
charity's policies and procedures relating to..
identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of non-compliance.,
detecting and responding lo the risks of fraud and whether they have knowledge of any actual,
suspected or alleged fraud., and
the inlemal controls established to mitigate risks related lo fraud or non-compliance of laws and
regulations., and
Discussions among the engagement team regarding how and where fraud might occur in the financial
statements and any F)olenlial indicators of fraud. The engagement team includes audit partners and staff
who have extensive experience of working with charities in similar sectors and this experience was relevant
to the discussion about where fraud risks might arise.
Page 8

THE RELAY TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE RELAY TRUST (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
We also obtsined an understanding of the legal and regulatory framework that the charity operates in, focusing
on provisions of those laws and regulations that had direct effe¢l on the determination of material amounts an
disclosures in the financial statements. The key laws and regulations we considered in this context included the
UK Charities Act, Charities SORP 2019 and FRS 102.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the
financial statements bul compliance with which may be fundamental lo the charity's ability to operate or to avoid
a material penalty.
As a result of these procedures, we considered the particular areas that were susceptible to misstalemenl due to
Irregularities including fraud were In respect of unre¢orded grant commilmenls. validity of grant expenditure an
preparing the accounts on a basis other than going concern Whe￿ this is not appropriate. In common with all
audit5 under ISAS IUKI, we are also required to perform specifi'c procedures lo respond to the risk of
management override. Our procedures to respond lo risks identified included the following".
Reviewing the financial statement disclosures and lesling to
supporting documentation to assess
compliance with provisions of relevant laws and regulations described as having a direct effect on the
financial slalemenls.,
Enquiring of management concerning actual and potential liligalion and claims.,
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks
of material misstatement due to fraud",
Reviewing recognition of income to supporting documentab'on to verify appropriate recognition and
classification",
In addressing the risk of fraud through management override of controls,. assessing whether the judgements
made in making accounting eslimales are indicative of a potential bias., and evaluating the rationale of any
significant transactions that are unusual or outside the normal course of the charity's operations.,
Reviewing grant documentation on a sample basis and evidence supporting stage of completion in respect
of grant milestones lo verify ¢ompleleness of grant commitments.,
Vouching, on a sample basis, grant documentation including agreements and p￿re$S reports to cheek
validity of grant expenditure.
reviewing the Trustees assessment of going concem, including future plans and post year end information
regarding status of newly set up charity as well as disclosures on the basis of preparation of the accounts.
Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including
those leading to a material misslatemenl in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial slalements, as we will be less likely lo become aware of instan￿$ of non-complian￿.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentstion.
A further description of our responsibilities for the audit of the financial ststemenls is located on the Financial
Reporting Council's website al.. www.frc.or
.uklaudilorsres
onsibilities. This description forms part of our
Auditors, Report.
OTHER MATTERS
We draw your attention to the fact that the comparative information in respect of the year ended 31 March 2020
has not been audited.
Page 9

THE RELAY TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE RELAY TRUST (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
USE OF OUR REPORT
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities
(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the
charity's trustees those mallers we are required lo slate lo them in an Auditors. Report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity
and its trustees, as a body, for our audit work, for this report, or for the opinions we have fomied.
David Chandra (Senior Statutory Auditor)
for and on behalf of
Lubbock Fine LLP
Chartered Accountants & Statutory Auditors
Palernosler House
65 St Paul's Churchyard
London
EC4M 8AB
Dale.. 04 March 2022
Lubbock Fine LLP are eligible lo act as auditors in terms of section 1212 of the Companies Act 2006.
Page 10

THE RELAY TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2021
As reststed
Total
funds
2020
Unrestricted
funds
2021
Total
funds
2021
Note
Income from:
Donations and gift aid
Investment Income
2,937,449
2,937,449
67S,1 $9
Total Income
2,937,452
2,937,452
676,173
Expenditure on:
Charitable activities
1,633,220
1,633,220
1,338,270
Total expenditure
1,633,220
1,633,220
1,338,270
Net movement in funds
1,304,232
1,304,232
1662,0971
Reconclllatlon of funds:
Total funds brought forward
Nel movement in funds
1569,6131
1,304,232
1569,6131
1,304,232
92,484
1662,0971
Total funds carrled forward
734,619
734,619
1569,6131
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on p2ges 14 to 24 form part of these financial st21emenls.
Page11

THE RELAY TRUST
BALANCE SHEET
AS AT 31 MARCH 2021
As reststed
2020
2021
Note
Fixed assets
Intangible assets
Current assets
224,767
Intsngible assets
Debtors
Cash at bank and In hand
552,847
1,521,379
56,638
110,617
1,272
2, 130,864
111,889
Creditors.. amounts falling due within one
year
(1,396,245)
1906,2691
Net current assets I liabilites
734,619
1794,3801
Total net assets
734,619
1569,6131
Charity funds
Unrestricted funds
734,619
1569,6131
Total funds
734,619
1569,6131
The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by..
Neil Smith
Trustee
Dale.. 04 March 2022
The notes on pages 14 to 24 fomi part of these financial stalemenls.
Page 12

THE RELAY TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
As reststed
2020
2021
Note
Cash flows from operating activities
Nel cash provided by operating activities
13
383,442
21 $,447
Cash flows from investing activities
Interest income
App development costs
1328,0791
1224,7641
Net cash used in investing activities
1328,0761
1224,7601
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
55,366
18,3131
9,585
1,272
Cash and cash equivalents at the end of the year
14
56,638
1,272
The notes on pages 14 to 24 fomi part of these financial statements
Page 13

THE RELAY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP IFRS 1021
Accounting and Reporting by Charities." Statement of Recommended Practice applicable to charities
p￿parIng their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of I￿land IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011.
The Relay Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities
are initially recognised at historical cost or transaction value unless otherwise stsled in the relevant
accounting policy.
The audit has been undertaken in accordance with the requirements of the FRC'S Ethical Standard,
including the provisions available for the audit of small entities. The charity uses the auditor, Lubbock
Fine LLP Chartered Accounlanls, lo assist with the preparation of the financial statements from
cashbook and other source documents.
1.2 Going concern
The Trustees intend lo transfer the trade, assets and liabilities of the charity to a newly set up
charitable company limited by guarantee (company registration number.. 137805001 in 2022. As
required by UK accounting standards, the Trustees have prepared the financial statements on the
basis that the Charity is no longer a going concern. Other than the reclassification of intangible assets
from fixed assets lo current assets, no other material adjustments arose as a result of ceasing to
apply the going concern basis.
1.3 Fund accounting
General funds are unrestricted funds which are available for use al the discretion of the Trustees in
furtheran￿ of the general objectives of the charity and which have not been designated for other
purposes.
Investment income, gains and losses are allocated to the appropriate fund.
1.4 Income
All income is recognised once the charity has entitlement to the income, il is probable that the income
will be received and the amount of income re￿1vable can be measured reliably.
Donation income is generally recognised when re￿iVed or al point of pledge.
1.5 Interest receivable
Interest on funds held on deposit is included when re￿1vable and the amount can be measured
reliably by the charity,. this is normally upon notification of the interest paid or payable by the Bank.
Page 14

THE RELAY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Accounting policies ICONTINUEDI
1.6 Expenditure
Expenditure Is recognised once there is a legal or constructive obligation to make payment to a third
party, Il is probable that settlement will be required and the amount of the obligation can be measured
reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs are
allocated to the applic8ble expenditure headings and activities of the charity.
Expenditure on eharilable activities is incurred on directly undertaking the activities which further the
eharity's objectives, as well as any associated SUPFlOrt costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer
is conditional, such grants being recognised as expenditure when the conditions attaching are
fulfilled. Grants offered subject lo conditions which have not been mel at the year end are noted as a
eommitmenl, but not accrued as expenditure.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity
and include governance costs.
1.7 Foreign currencies
Monetary assets and liabilities denominated in f()reign currencies 8re translated into sterling al rates
of exchange tuling al the reporting date.
Transaelions in foreign currencies are tr8nslaled into sterling 8t the rate ruling on the date of the
transaction.
Exchange gains and losses ao reeognised in the Statement of Finanei81 Acb'vities.
1.8 Intanglble assets and amortlsatlon
Intangible assets are initially recognised al cost. After rec￿nition, under the cost model, intangible
assets are measured at cost less any accumulated amortisation and any accumulated impairment
losses.
All intangible assets are considered to have a finite useful life, which musl be reviewed at each
reporting date. If a reliable estimate of the useful life cannot be made, il is presumed lo be no More
than ten years.
Amortisalion is provided on intangible assets at rates calculated lo write off the cost of each asset on
a straight-line basis over its expected useful life.
1.9 Debtors
Trade and other debtors are recognised at the selllemenl amount after any trade discount offered.
Prepayments are valued at the amount prepaid nel of any trade discounts due.
1.10 Cash at bank and In hand
Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity
of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 15

THE RELAY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Accounting policies ICONTINUEDI
1.11 Liabilities and provisions
Liabilities are recognised when there Is an obligab.on at the Balance Sheet dale as a result of a past
event. it Is probable that a transfer of economic benefit will be required in settlement, and the amount
of the settlement can be estimated reliably.
Liabilities are recognised al the amount that the charity anticipates il wll pay to settle the debt or the
amount il has received as advanced payments for the goods or services it must provide.
Provisions are measured al the best estimate of the amounts reqLJired to settle the obligation.
1.12 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basie financial
instruments. Basic financial instruments are initially recognised al transaction value and subsequenlly
measLJred al their settlement value with the exception of bank loans which a￿ subsequently
measLJred at amortised cost using the effective interest method.
1.13 Taxation
The Relay Trust is a registered charity and based on the aelivilies undertaken is not liable for UK
eorporalion tax.
The charity was not VAT registered during the year 8nd therefore all expenses a￿ inclusive of any
VAT which cannot be recovered.
Income from donations and gift aid
Unrestrleted
funds
2021
Total
funds
2021
Total
funds
2020
Donations and gift aid
2,937,449
2,937,449
676,169
Total 2020
676,169
676,169
Page 16

THE RELAY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
INVESTMENT INCOME
Unrestricted
funds
2021
Total
funds
2021
Total
funds
2020
Investment income
Total 2020
ANALYSIS OF EXPENDITURE BY ACTIVITIES
Activities
undertaken
directly
2021
Grant
funding of
activities
2021
As restated
Total
funds
2020
Support
costs
2021
Total
funds
2021
Charitable activity costs
2,835
1,592,127
38,258
1,633,220
1,338,270
Total 2020 las restated)
14,474
1,276,887
46,909
1,338,270
Page 17

THE RELAY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)
ANALYSIS OF DIRECT COSTS
Total
funds
2021
Total
funds
2020
Wages and Salaries
staff travel expenses
Other staff expenses
2,835
13,293
1,181
2,835
14,474
ANALYSIS OF SUPPORT COSTS
Total
funds
2021
Total
funds
2020
Wages and Salaries
Bank charges
Audit Feesllndependent examiner fees Igovernancel
Legal and professional fees
Administrative fees
FO￿ign exchange gain
15,903
3,703
13,680
5,196
43,051
143,2751
29,698
2,237
4,920
894
9,160
38,258
46,909
Support costs a￿ allocated to the grant making activity of the charity.
Page 18

THE RELAY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
ANALYSIS OF GRANTS
As reststed
Total
funds
2020
Grants to
Grants to
Institutions Individuals
2021
2021
Total
funds
2021
Grants spllt by locatlon
Alexandria
Congo
UK & Europe
East Africa
West Africa
South Africa
106,570
105,574
254,985
106,570
110,746
254,985
44,364
5,172
318,745
181,808
731,970
1,001,125
118,701
1,001,125
118,701
Total 2021
1,586,955
5,172
1,592,127
1,276,887
Total 2020 las restated)
1,276,887
1,276,887
The charity has made the following material grants to institutions during the year..
As restated
2020
2021
Guji and Borena Full Gospel Church Bible College
Englise Anglicsn du Congo
Europe Collaboration
Youthscape
Bishops Training Institute IGAFCONI
Mount Zion Training and Retreat Cenler
Anglican Diocese de Guinea
Anglican Di0￿Se of Freetown
Anglican Di0￿Se of Bo
Anglican Diocese of Niassa
91,687
71,896
250,160
44,363
42.000
250,000
145,197
466,461
52.326
155,385
31,072
680,899
29,140
231,239
37,661
118,701
1,511,383
1, 186.804
The grants were made lo institutions in respect of both operational and capital projects that support the
delivery of leadership training by partner churches.
Page 19

THE RELAY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
STAFF COSTS
As restated
2020
2021
Wages and sa18ries
18,738
29,698
The average number of persons employed by the charity during the year was as follows..
As restated
2020
No.
2021
No.
Average number of employees
No employee re￿iVed remuneration amounting to more than £60,000 in either year.
During the current and prior year none of the Trustees, who are also considered to be the charity's key
management personnel, received remuneration, benefits in kind or reimbursed expenses.
Total remuneration paid to key management personnel was £107,638 12020 £124,758). This amount
exceeds the wage costs noted above as salary and contractor costs tolalling £328,07912020 - £203,983)
have been capilalised as intangible assets during the current and prior year.
INTANGIBLE ASSETS
App under
develop
ment
At 1 April 2020 las restaledl
Additions
Transfer to current assets
224,768
328,079
1552,8471
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020 las reslatedl
224,768
The additions in the year ￿late lo the development of an online learning application which was not
operational by 31 March 2021 and therefore has not been amortised.
Details of the transfer of Intangible assets to current assets are included in Note 1.2.
Page 20

THE RELAY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
DEBTORS
2021
2020
Due within one year
Other debtors
Prepayments and accrued income
345,966
1,175,413
110,617
1,521,379
110,617
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
As reststed
2020
2021
other taxation and social security
Accruals and deferred income
Grants payable
3,454
17,379
1,375,412
3,360
902,909
1,396,245
906,269
10. PRIOR YEAR ADJUSTMENTS
The following prior year adjustments have been made lo the comparative figures in these financial
statements..
al An amount of £203,983 previously included as staff costs have been capilalised as an intangible asset
as these costs related lo the development of the App. This has resulted in a decrease in expenditure,
decrease in defi'cit and an increase in intangible asset additions by £203,983.
bl An amount of £200,000 previously excluded from prior year figures has been included as a grant
payable as al 31 March 2020. This has resulted in an increase in expenditure, increase in deficit and an
increase in creditors by £200,000.
The overall impact of the above prior year adjustments has been to increase intangible assets by
£203,983, increase creditors by £200,000, decrease the deficit by £3,983 and increase unreslricled
reserves by £3,983.
Page 21

THE RELAY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
11. STATEMENT OF FUNDS
STATEMENT OF FUNDS- CURRENT YEAR
As re$tsted
Balance at 1
April 2020
Balance at
31 March
2021
Income Expenditure
Unrestrlcted funds
1569,6131
2,937,452
11,633,220)
734,619
General Funds
STATEMENT OF FUNDS - PRIOR YEAR
As restated
Balance at
31 March
2020
Balance at
1 April 2019
As restated
Income Expenditure
Unrestricted funds
General Funds
92,484
676,173 11,338,270)
1569,6131
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BEnNEEN FUNDS - CURRENT YEAR
Unrestrieted
funds
2021
Total
funds
2021
Current assets
2,130,864
2,130,864
11,396,245) 11,396,245)
Creditors due within one year
Total
734,619
734,619
Page 22

THE RELAY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS ICONTINUEDI
ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR
As restated
Unrestricted
funds
2020
Total
funds
2020
Intangible fixed assets
Current assets
Creditors due within one year
224,767
111,889
1906,2691
224,767
111,889
1906,2691
Total
1569,6131 1569,6131
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING
13. ACTIVITIES
As restated
2020
2021
Nel incomelexpenditure for the year las per Slalement of Financial
Acliviliesl
1,304,232
1662,0971
Adjustments for:
Interest income
Increase in debtors
131
11,410,763)
489,976
141
125,9171
904,465
Increase in creditors
Net eash provided by operating activities
383,442
21 S,447
14. ANALYSIS OF CASH AND CASH EQUIVALENTS
2021
2020
Cash in hand
56,638
1,272
Total cash and cash equivalent$
56,838
1,272
Page 23

THE RELAY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
15. ANALYSIS OF CHANGES IN NET DEBT
At 1 April
2020 Cash flows
At 31 March
2021
Cash at bank and in hand
1,272
55,366
SS,638
1,272
55,366
56,638
16. OPERATING LEASE COMMITMENTS
At 31 March 2021 the charity had commitments to make future minimum lease payments under non-
cancellable operating leases as follows..
2021
2020
Not later than 1 year
8,040
Operating lease rental payments lolalling £23,23312020 - £nill have been recognised in the Slalement of
Financial Aclivilies.
17. RELATED PARTY TRANSACTIONS
During the year, unrestricted donations tolalling £2,594,698 12020 £565,429) were received from
Trustees and other related parties.
Page 24