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|Contents||Page|
|---|---|---|
|Report ofthe Directors||1-3|
|Directors' Responsibilities||4|
|Report ofthe Independent|Auditor|5-7|
|Statement ofFinancial Activities||8|
|Balance Sheet||9|
|Statement ofCash Flows||10|
|Notes to the Accounts||11-15|
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|||FOR TH|E YE|A|R ENDED 31|DECEMBER|2022|||
|---|---|---|---|---|---|---|---|---|---|
|||||||||2022|202/*|
|||||||Unrestricted|Restricted|Total|Total|
|||||||Fund|Fund|Funds|Funds|
||||||Note|||f|f|
|Income and endowments|from:|||||||||
|Charitable
activities|||||2. 1|77,456||77,456|68,509|
|Investments|||||2.2|36,075|I 926|38,001|41.871|
|||||||113,531|1,926|545|"300|
|Expenditure
on:||||||||||
|Raising funds|||||3.1|6,742||6,742|5,887|
|Charitable
activities|||||3.2|105,058|40|105,098|114,813|
|Total expenditure||||||111,800|0|111840|120 7110|
|Net income
/ (deficit) before net (losses) /|||gains|on investment||1,731|1,886|3,617|(10,320)|
|Net (losses) / gains on investments||||||||||
|Realised gain||||||(2,927)||(2,927)|172,665|
|Unrealised
(losses) / gains on investments||||||(44,959)||(44,959)|8,431|
|||||||(47,886)||(47,886)|181,096|
|Net (expenditure)
/ income||and Net movement||in|Funds|(46,155)|1,886|(44,269)|170,776|
|Reconciliation
offunds:||||||||||
|Funds brought
forward||||||500.490|151,757|652,247|481,471|
|Funds carried
forwar&l|||||10|45~335|153.643|607.978|652.247|
|No operations
&vere acquired||or discontinued|during||thc year.|||||
|*Prioryear nnnlysis:||||||||||
|||||||Unreslri cled|Rcslrirled|202/||
|||||||Fiuid|Fund|Tonilfimds||
|||||||f||f||
|Income and endowments|from:|||||||||
|Charitable
activities||||||68,509||68.509||
|Investments||||||40.028|1,843|41,871||
|Total income and endowments||||||108,537|1,843|110,380||
|Expenditure
on:||||||||||
|Raising
funds||||||5,887||5,887||
|Charitable
activities||||||104,773|10.040|114,813||
|Total expenditure||||||110660|]0040|120700||
|Operating
(deficit)||||||(2,123)|(8,197)|(10,320)||
|Net gains on investments||||||||||
|Realised gains on investments||||||172,665||172,665||
|Unrealised
gains on investments||||||8,431||8,431||
|||||||181,096||181,096||
|Net income /(expeaditure)||and Net movement||in|Funds|178,973|(8,197)|170,776||
|Reconciliation
offunds:||||||||||
|Funds brought
forward
Funds carried forward||||||321,517
500.490|159,954
151757|481,471
~47||
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||||||2022|2021||
|---|---|---|---|---|---|---|---|
||||iVore|f||f||
|Fixed assets||||||||
|Investments|||||1,422,319||172,699|
|Current
assets||||||||
|Debtors (including
than one year)|f857,031 (2021:f846,916)due in more|||892,|145|850,969||
|Investments|||6|159.669||159,078||
|Cash at Bank||||863,604||2,493,697||
|Total Current assets||||1,915,418||3,503,744||
|Creditors: Amounts||falling due within one year|7|(2,271,083)||(2,369,643||
|Net current (liabilities) Iassets|||||~355.665||1,134,101|
|Total assets less current liabilities|||||1,066,654||1,306,800|
|Creditors: Amounts||falling due after one year|||(458,676)||(654,553)|
|Total net assets|||10||6 7
8||652 247|
|The funds ofthe charity:||||||||
|Unrestricted
funds|||||410,927||464,154|
|Revaluation
Reserve||(unrestricted)|||43,408||36,336|
|Total Unrestricted|Fund||||454,335||500,490|
|Restricted
income|funds||10||153,643||151,757|
|Total funds|||||607,978||6
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||||||||2022|202I|
|---|---|---|---|---|---|---|---|---|
|Statement ofcash flaws:|||||||Total Funds|Total Fund1|
|||||||Table|f|f|
|Cash flows from operating
Net cash provided
by (used|activities:
in) operating
activities||||||~3057|~137.78|
|Cash flows from investing|activities:||||||||
|Dividends,
interest
and rent|from investments||||||19,061|36,867|
|Proceeds from sale ofinvestinents
Purchase ofinvestments|||||||561,111
,859,2 83|1,300,000
~679|
|Net cash provided
by (used|in) investing|activities|||||~3,279036|1336188|
|Change in cash and cash equivalents||in the reporting||period|||(I 630093)|I 298407|
|Cash and cash equivalents
at the beginning ofthe reporting|||||period||2,493,697|1,195,290|
|Cash and cash equivalents|at the end|ofthe reporting||period||0|063604|2493697|
|Table A - Reconciliation ofnet income I(expenditure)||||to|net cash flow||||
|from operating
activities:|||||||2022f|2021f|
|Net income I(expenditure)|for the reporting||period (as per||||||
|the statement offinancial
activities)|||||||(44,269)|170,776|
|Gains on investments|||||||47,886|(181,096)|
|Dividends,
interest
and rent|from investments||||||(19,061)|(36,867)|
|(Increase)
in debtors|||||||(41,176)|(126,568)|
|Increase
/ (decrease)
in creditors
Net cash provided
by (used in) operating|||activities||||(294,437)|135,974
~37|
|Table B - Analysis ofcash|and cash equivalents:||||||||
|Cash in hand|||||||817,308|2,447,808|
|Notice deposits (less than 3|months)||||||46,296|45,889|
|Total cash and cash equivalents|||||||863604|4|
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||Llnrestricted
funds —these are f
discretion ofthe directors.|Llnrestricted
funds —these are f
discretion ofthe directors.|Llnrestricted
funds —these are f
discretion ofthe directors.|unds which|can be used|in accordance|with the charit|able
objects a|t the|
|---|---|---|---|---|---|---|---|---|---|
|2|INCOME AND ENDOWMENTS|||||2022|2022|2022|2021|
|||||||Unrestricted|Restricted|Total|Total|
||2.1 Income from charitable|activies||||||||
||Management
charges|||||34,643||34,643|32,743|
||Property
management|||||20,403||20,403|14,268|
||Administration
charges|||||10,959||10,959|11,379|
||Interest from loans to churches and trusts|||||11,451||11,451|10,119|
|||||||77466||774 6|6866|
||22 Income from investments|||||||||
||Iiivestmeni
properties|||||5 212||5,212|38,485|
||Im'estments
listed on recognised|||stock exchange||23,864||23,864||
||Bank and other interest|||||6,999|1.926|8.925|3.386|
|||||||7 .»|.9-|'8 OOI|41.871|
||All im estment
income arose||fiom assets held||in the UK|||||
|3|EXPENDITURE|||||2022|2022|2022|2021|
|||||||Unrestricted|Restricted|Total|Total|
|||||||f|f||f|
||3.1 Raising funds|||||||||
||Investment
management|||||3,976||3,976||
||Investment
property
expenditure|||||2,766||2,766|5,887|
|||||||6742||6,742|5,887|
||3.2 Charitable
activities|||||||||
||Grant payable to AGBC(SE)|||||61,191||61,191|58,378|
||Grant payable to Downe|Baptist Church|||||||10,000|
||Interest payable to churches||and trusts|||34,873||34,873|40,420|
||Office and statione87 costs|||||142||142|16|
||Development
consultancy|costs||||4,656||4,656||
||Trustee management
charge||||||40|40|40|
||Legal and professional
fees||||||||12|
||Goverance costs|||||4, 115||4,115|5,831|
||Bank charges and interest|||||81||81|116|
|||||||105,05$|40|105,098|114,$13|
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|||2022|2022|2022|
|---|---|---|---|---|
|4|INVESTMENTS|Investment|Quoted|f|
|||properties|investments
f||
||Market value at 1stJanuary 2022|172,699||177.699|
||Additions||1,858,617|1,858,617|
||Unrealised
gains /(losses)
Disposals
Market value at 31stDecember 2022|7,072
179771|(52,031)
~54, 387
1»54|(44,959)
(564,038)
42t3 9|
||Historical
cost at 31stDecember 2022|3 '|.2 4580|1430, 4|
|5|DEBTORS|||2022|202/|
|---|---|---|---|---|---|
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||Loans (payable after more than one year)|||||
||Loans to churches|(4)||288,031|259,916|
||Loans to trusts (4)|||569,000|587,000|
|||||85~7031|84~6916|
||Other debtors|||||
||Amounts
due from|churches||20,306|'7 973|
||Amount
due from|trusts||||
||Sundrv debtors|||14,808|1.130|
|||||35,114|4,053|
||Total debtors|||892,145|850,969|
|6|CURRENT ASSET INVESTMENTS|||2022|202/|
||||||f|
||Counties
and Cambridge||Bank 95 days' notice|59,669|59,078|
||Shawbrool
Bank 120 days' notice|||100,000|100,000|
|||||159669|159078|
|7|CREDITORS: amounts|falling due within
one yea8||2022f|202/
f|
||Amounts
due to churches|||1,763,047|1,765,086|
||Amount
due to AGBC(SE)|||182,907|354,505|
||Amounts
due to trusts|||319,502|245,822|
||Other creditors|||5,637|4230|
|||||2271083|2 369 643|
|8|CREDITORS: amounts|falling due after more than one year||2022
f|202/
f|
||Amounts
due to churches|||458676|654553|
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|---|---|---|---|
|RESTRICTED FUNDS|2022|2022|2022|
||f|f||
||Hayes Lane|Downe|Total|
||Legacy|Legacy||
|Balance at 1stJanuary 2022|26,579|125,178|151,757|
|Income
Expenditure|337
52
1|1,589
~20|1,926
~40|
|Balance at 31stDecember 2022|6 896|26747|153 643|
|Figures forprevious yearfor comparison|2021
f|2021
f|2021
f|
||Hayes Lane|Downe|Total|
||Legacy|Legacy||
|Balance at 1stJanuary 2021
Income
Expenditure|26,295
304
~2|133,659
1,539
~30 020|159,954
1,843
~0040|
|Balance at 31stDecember 2021|26.579|125 178|151 7 7|
||ofthe directors ofthe company.||||
|---|---|---|---|---|
|10|NET ASSETS|Vnrestricled|Rcslriclcd|2022|
|||||Total|
||Current year|f|f|f|
||investments|1,422,319||17422,319|
||Net current (liabilities) Iassets
Long term (liabilities)|(509,308)
(458,676)|153,643|(355,665)
~4. 76|
|||45433|15'.643|78|
|||||2021|
||Figures forpreviousycar for comparison|Vnrcslricled
f|Restricted
f|Totalf|
||Investments|172,699||172,699|
||Net current assets|982,344|151,757|1,134,101|
||Long term (liabilities)|~65~.553||~654 55|
|||500 490|1517 7|65
247|
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|The|company's|auditors|made the following|charges:|2022f|2021|
|---|---|---|---|---|---|---|
|Fee|for audit of|accounts|||3,900|3,900|
|Fee|for other services||||80|80|
||||||3 980|3 980|
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|It has been
appointed
trustee,
in some cases|It has been
appointed
trustee,
in some cases|by the Charity|by the Charity|Commissioners,|Commissioners,||of various|of various|charities|charities|listed|in note
14|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|which
have been established
to adt ance the tvork ofthe AGBC(SE) in specilic|||||||geographical|||areas.|The|assets
helrl|
|in this capacity at 31 December 2022|were:|||||||||||f|
|Investments
under
management||||||||||||4,537,866|
|Investment
properties||||||||||||1,854,721|
|Property
used for charitable
purposes||||||||||||1,603,065|
|Other net assets||||||||||||9,439|
|Loans||||||||||||289,669|
|||||||||||||8 294 760|
|The
compan&
also acts as custodian|trustee|of certain|assets||for various|churches||which||have|their|own
local|
|managing
trustees.
The cost/valuation|ofassets held in this capacity (excluding||||||the value||ofany church premises
and||||
|manses for which no reliable cost information||is available)|at|31stDecember||2022 was:|||||||
|Investments
under management||||||||||||426,789|
|Investment
properly||||||||||||624,999|
|Properties
used for charitable
purposes
Other net assets
Loans|||||||||||1,444,773
459,534
~r)
2 634 877||
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