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2021-03-31-accounts

DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

Charity number: 220466

EVANGELICAL LUTHERAN CHURCH OF ENGLAND

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND CONTENTS FOR THE YEAR ENDED 31 MARCH 2021

Page
Charity Information 1
Trustees' Report 2-6
Independent auditor's report 7-9
Statement of financial activities 10
Balance sheet 11
Cash flow statement 12
Notes to the financial statements 13-25

DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND CHARITY INFORMATION

Trustees Reverend G Samiec Chairman
Reverend J Ehlers Vice Chairman
Mrs D Rosser Secretary
Dr C Lumley Treasurer
Reverend J Kriger
Mrs M Cowie
Mr R Thoelke
Key management personnel Reverend G Samiec Chairman
Reverend J Ehlers Vice Chairman
Mrs D Rosser Secretary
Dr C Lumley ELCE Treasurer and Principal,
Westfield House
Dr J Humann Preceptor, Westfield House
Charity number 220466
Registered office 28 Huntingdon Road
Cambridge
CB3 0HH
Congregations Luther Tyndale, Kentish Town
St Andrew's, Ruislip
St Timothy's, Sunderland (reverted to Mission status in November
2020)
Christ Church, Petts Wood
St Paul's, Borehamwood
St Peter's, Plymouth
St David, Cardiff
Resurrection, Cambridge
Redeemer, Harlow
St Columba, East Kilbride
Good Shepherd, Coventry
Our Saviour, Fareham
Ascension, Brandon, Suffolk
Auditors Chater Allan LLP
Beech House, 4a Newmarket Road
Cambridge
Cambridgeshire
CB5 8DT
Bankers CAF Bank HSBC Bank plc
25 Kings Hill Avenue 63-64 St Andrews Street
Kings Hill Cambridge
West Malling CB2 3BZ
ME19 4JQ
Cater Allen Private Bank Cambridge & Counties Bank
9 Nelson Street Charnwood Court
Bradford 5b New Walk
BD1 5AN Leicester
LE1 6TE
Solicitors Streeter Marshall Anthony Collins
12 Purley Parade 134 Edmund St
High Street Birmingham
Purley B3 2ES
Surrey
CR8 2AB

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DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

The trustees present their report and the audited financial statements for the period ended 31 March 2021.

Legal status

The Evangelical Lutheran Church of England is an unincorporated association and a registered charity. The governing document is a written constitution.

In September 2019, the following resolution was passed by the General Synod of the Church meeting in conference: “Be it resolved that the ELCE become a Charitable Incorporated Organisation of member CIOs from the following: - individual congregations of the ELCE; and other CIOs which operate as auxiliaries of the Church (for example and not limited to education and social care).

Be it further resolved that all the Governing Documents pertaining to the Church, and to the charities, and to the relationships within the ELCE CIO be presented at the next Synod for adoption.”

Work is ongoing to prepare new governing documents so that applications for CIO status can be made by ELCE, its member congregations and other auxiliary bodies.

Objectives and structure

The Church exists to spread the gospel of Christ. At the beginning of the financial year there were 13 congregations throughout the United Kingdom, undertaking to spread the gospel. One congregation, St Timothy, Sunderland, made the decision to change their status from a congregation to a mission as of 1 November 2020. At that time, they transferred the beneficial ownership of their two properties (church and parsonage), together with their debts, to Evangelical Lutheran Church of England Trust Ltd. We acknowledge that Holy Trinity, Tottenham, although it has a separate charity registration (1179023), remains a member of the ELCE Church Body. Nine congregations have their own pastors (full-time or half-time) and three congregations have the support of locum pastors from adjacent congregations. Seven congregations support missions. The Church continues to provide theological training through Westfield House and runs an internet radio station, Lutheran Radio UK (LRUK).

Each congregation has local independence with regard to the running of the Church and each congregation is represented at General Synod where policy decisions and protocols of the whole Church are discussed and agreed which each congregation then follows.

Trustees

The trustees are members of the Executive Council, which is elected by the General Synod of the Church.

The members of the Executive Council during the year were:

Reverend G Samiec Chairman Reverend J Ehlers Vice Chairman Mrs D Rosser Secretary Dr C Lumley Treasurer Mrs M Cowie Mr R Thoelke Reverend J Kriger

Trustees' responsibilities

As trustees of the charity, the Executive Council is responsible for the preparation of financial statements which give a true and fair view of the state of affairs of the charity and its incoming resources and application of resources for the year. In preparing these financial statements, the trustees are required to:

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DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Risk management

The trustees examine on a regular basis the major risks that the charity faces and have developed systems to monitor and control these risks and to mitigate their impact in the future.

The trustees consider the principal risks and uncertainties facing the charity and their plans and strategies for managing these risks to be:

Fundraising

The Evangelical Lutheran Church of England engaged in fundraising primarily in the form of receiving free-will offerings/donations, some of which were gift-aided, from those attending our worship services. On occasion we have publicly invited ELCE members to consider the option of making a bequest to the ELCE in their wills. We did not contract the service of any professional fundraisers as defined by section 58 of the Charities Act 1992. While we publicly invite an offering at every service and Lutheran Radio UK and Westfield House invite donations, we do not engage in persistent fundraising or intrusive fundraising practices with any of our donors, including vulnerable people. We do not use the Means of Grace to fundraise. Our fundraising practices are ethical and in the spirit of the Biblical principles of stewardship. No complaints were received about our fundraising practices during the year under consideration.

Public benefit

The trustees have considered and referred to the Charity Commission's guidance on public benefit, when reviewing the charity's aims and objectives and in planning future activities.

The spiritual goals of the Church are beyond empirical assessment but the Church continues to undertake the mission of the Church and support the congregations in the same goal. Nevertheless when asked to comment on the achievements and performance of the Church according to the Charity Commission’s criterion of public benefit, specifically with regard to the advancement of religion, the ELCE notes the following:

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DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Public benefit (continued)

Governance

The Executive Council meets at least 6 times per year to review the objectives, structure and management of the Church. Trustees monitor the performance of funds, Church operating cost centres, and congregations much of which is managed not by the trustees but by designated persons or committees who are operating under congregational constitutions and by-laws or church policies.

Trustees are inducted and trained through receipt of historical material and discussions with the Chairman and Secretary.

The key management personnel of the charity as listed on page 1 are in charge of directing, controlling, running and operating the charity on a day to day basis. All members of the Executive Council give of their time freely and no trustee received any remuneration in the year. Details of trustees’ expenses and related party transactions are disclosed in Note 21 to the financial statements.

The pay of senior staff is reviewed annually and normally increased in accordance with average earnings. Salary scales are aligned to the Annual Survey of Hours and Earnings (Table 1.1a).

Voluntary Help and Donations in Kind

All the congregations rely on the voluntary help of many people, including their treasurers, without whose generosity the congregations could not function.

Land and Buildings

The Church, including the congregations and the theological college, operates from buildings that are held in trust for the Church by the Evangelical Lutheran Church of England Trust Limited ('the Trust').

The Trustees have been advised that the Trust is the custodian of these properties and ELCE (Church) is the beneficial owner. Accordingly the property and associated income and expenditure have been moved from the Trust financial statements to the ELCE (Church) financial statements, with the exception of the two Sunderland properties for which the members of St Timothy Lutheran Church and the Church transferred the beneficial ownership to the Trust, as of 1 November 2020. As of that date, the former manse is valued at £180,000. The church building in its condition and established use as of 1 November 2020 is valued at £240,000.

ELCE from time to time benefits from funds provided by the Trust to the Church for central running costs and special projects. The terminology of 'loan' has been used for these transactions as, historically, the intention was that the money would be put back into the Trust. The Trustees of the Trust have now confirmed they are not seeking repayment of these amounts, and therefore the amounts previously recorded as loans were in fact grants to ELCE, which has the same objects as the Trust.

The Trust also, from time to time, provides concessional loans to member congregations of the ELCE. The majority of these loans bear interest and are repayable by instalments. No new loans were received in the period under review.

Market value of land and buildings

The Council considers that the market value of land and buildings, all of which are in use for charitable purposes, is considerably higher than book value. It is estimated, without carrying out a professional valuation, that the market value could be in the region of between £15 to £25 million. However, the Council does not consider it of value to obtain a professional valuation. As a guide, the buildings alone are insured for approximately £20 million.

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DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Financial Review

The Church had net deficit of £68,264 in the year (2020: net surplus of £123,792). At the end of the period net assets totalled £7,345,466 (2020: net assets £7,413,729).

Restricted Funds

Total restricted funds now stand at £346,458 (2020: £335,308). The movements on these is set out in Note 17.

General Funds

The General Fund has increased by £118,643 to £394,154. Designated funds have decreased by £198,056 to £6,604,854 during the year.

At the January 2020 meeting, the Trustees agreed that funds should be set aside to cover the legal costs of the restructure. In the first instance a total of £30,000 has been allocated to this fund, comprising £10,000 designated from ELCE Church and a £20,000 Restricted donation from ELCE Trust Ltd.

Congregations

The Executive Council has been advised that the member congregations are not subsidiaries of the Evangelical Lutheran Church of England, but are autonomous bodies. Work is ongoing to prepare new governing documents so that applications for CIO status can be made by ELCE, its member congregations and other auxiliary bodies. Until then the activities and assets and liabilities of the member congregations and other auxiliary bodies are included in these financial statements, with the exception of Holy Trinity which prepares and submits its own accounts to the Charity Commission for England and Wales.

The non property and non bank assets of the congregations are not included in the balance sheet as they are inalienable and the cost of attempting a valuation would be burdensome. All assets are held for the charitable purposes of the Church.

The congregations had an overall surplus of £5,858 in the period (2020: surplus £64,081).

Reserves

The Trustees intend to hold sufficient free reserves to cover 6 months of net operating costs, estimated at £25,000 per month. The unrestricted general fund stands at £394.154 and restricted funds at £346,458. Tangible fixed assets now total £6,502,628.

Connected Charity

The Evangelical Lutheran Church of England Trust Limited is connected to the Evangelical Lutheran Church of England due to the fact that both charities have as their object the spread of the gospel and the Executive Council members are Trustees of the Evangelical Lutheran Church of England and Directors of the Trust. The charitable company has agreed to meet the liabilities of the Evangelical Lutheran Church of England in the event that the Church is unable to meet them itself.

Plans for Future Periods

The Trustees are committed to ensuring that the new structure is finalised and implemented so that the charity can continue to focus on its objective of spreading the Gospel, whilst complying with all UK legal and charity requirements.

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DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Pension Arrangements for Pastors

As part of the restructure activities, the Trustees conducted a review of the current Employer’s Pension arrangements – a ‘defined contribution’ scheme with The Pensions Trust – for pastors, which showed that the provisions, fees etc are suitable compared to other employers’ pension schemes. However, the review of individual pastor’s pension arrangements by an independent financial advisor established that for most of the current pastors there will be a shortfall between the projected income from their pensions and their income requirements. The main reason for this is that, as Ministers of Religion, ELCE pastors have been required to live in tied housing and their salaries have been adjusted downwards to take this into account (similar to other Christian denominations in the UK). The Trustees are therefore considering ways to assist pastors to move from tied housing in retirement and have reviewed the provisions made by other denominations for their ministers. Three provisions are made by other denominations: increased employer contributions to pension funds; provision of retirement housing at affordable rents; equity sharing schemes to assist with house purchase. At the ELCE Extraordinary Synod held in May 2021 it was agreed that the terms of the Retirement Reserve Fund should be amended and additional payments be made into this fund. It was further agreed that the net rental income from one of the ELCE properties, Okemore Gardens, would be paid into the Retirement Reserve Fund beginning with the net rental income for 2020-21. In addition to increasing the Retirement Reserve Fund, the Trustees are considering the possibility of providing affordable rental housing for retired ELCE Pastors via ELCE Trust Ltd, which has as one of its objects, “To support Pastors, agents, preachers, teachers, colporteurs and such other persons as the Trust may think necessary or desirable for advancing the work of the Trust or of any Church, Congregation, Mission, Society, Association, Fund, Committee or other body or cause connected with the Evangelical Lutheran Church of England including in particular, but without prejudice to the generality of the foregoing, the lending upon mortgage or otherwise and with or without interest of any moneys of the Trust to any pastor retiring by reason of age or ill-health or to the widow or dependants of any pastor for the purpose of providing accommodation for any such retiring pastor, widow or dependant, and the investing of any moneys of the Trust in the purchase of property or some interest therein providing accommodation for such retiring pastor, widow or dependant.”

At the ELCE Extraordinary Synod held in May 2021 it was agreed that the terms of the Retirement Reserve Fund should be amended and additional payments be made into this fund to facilite increased employer contributions to pastors' pension funds. It was also agreed that this Fund will be closed to new employees, and alternative arrangements will be put in place.

Site Re-developments

Two congregations are investigating the possibility of redeveloping their sites.

Auditors

Chater Allan LLP have expressed their willingness to be reappointed as auditors.

Approved by the Trustees on 22nd January 2022 and signed on their behalf by:

Trustee

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DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF EVANGELICAL LUTHERAN CHURCH OF ENGLAND FOR THE YEAR ENDED 31 MARCH 2021

Opinion

We have audited the financial statements of Evangelical Lutheran Church of England for the year ended 31 March 2021 which comprise Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, 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 Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern�

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees' annual report , other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF EVANGELICAL LUTHERAN CHURCH OF ENGLAND FOR THE YEAR ENDED 31 MARCH 2021

Other information (continued)

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 to report in this regard.

Matters on which we are to required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to 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 to 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 to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF EVANGELICAL LUTHERAN CHURCH OF ENGLAND FOR THE YEAR ENDED 31 MARCH 2021

Auditor’s 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 regulations made under section 154 of that act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-andguidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditorsresponsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of 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) regualtions 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Chater Allan LLP Chartered Accountants & Statutory Auditors Beech House 4a Newmarket Road Cambridge CB5 8DT

31 January 2022

Date: ….................................

Chater Allan LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND STATEMENT OF FINANCIAL ACTIVITIES (incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2021

Note
Income from:
Donations and legacies
2
Charitable activities
3
Other activities
4
Investments
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
7
Net (expenditure)/Income before transfers
Transfers between funds
17
Net movement in funds
Reconciliation of movement in funds:
Total funds brought forward
Total funds carried forward
Net Income/(expenditure) before investment
gains/losses
Net realised and unrealised gains/(losses)
on investments		 14 months
Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2021
2021
2021
2020
£
£
£
£
264,957
14,066
279,023
301,646
317,413
27,916
345,329
552,416
270,019
-
270,019
396,213
75
-
75
62
852,464
41,982
894,446
1,250,337
1,214,034
30,832
1,244,866
1,126,545
1,214,034
30,832
1,244,866
1,126,545
(361,570)
11,150
(350,420)
123,792
282,156
-
282,156
-
(79,414)
11,150
(68,264)
123,792
-
-
-
-
(79,414)
11,150
(68,264)
123,792
7,078,422
335,308
7,413,730
7,289,938
6,999,008
346,458
7,345,466
7,413,730

All activities relate to continuing operations.

The notes on pages 13 to 25 form part of these financial statements.

10

DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
15
within one year
Net current assets
Creditors: amounts falling due
16
after more than one year
Net assets
Charity funds
Restricted funds
17
Unrestricted funds
Designated funds
17
General Fund
17		 Total
Total
2021
2020
£
£
6,502,629
6,641,831
6,502,629
6,641,831
189,737
181,966
985,351
909,621
1,175,088
1,091,587
175,209
140,514
999,879
951,073
157,042
179,174
7,345,466
7,413,730
346,458
335,308
6,604,854
6,802,911
394,154
275,511
7,345,466
7,413,730

The financial statements were approved by the Trustees on 22nd January 2022 and signed on their behalf by:

…………………………………………………… Dr C Lumley Trustee

The notes on pages 13 to 25 form part of these financial statements.

11

DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

Total
2021
£
Cash flows from operating activities:
Net cash provided by operating activities
76,854
Cash flows from investing activities:
Interest from investments
75
Purchase of property, plant and equipment
-
Net cash provided by investing activities
75
Cash flows from financing activities
Interest paid
(1,199)
75,730
909,621
985,351
Cash at bank and in hand
985,351
985,351
Reconciliation of net income/(expenditure) to net cash flow from operating activities
Net (expenditure)/income for the reporting period
(68,264)
Adjustments for:
Depreciation charges
1,358
Gift of operating asset
420,000
(Gains)/losses on investments
(282,156)
Interest from investments
(75)
Interest paid shown in financing activities
1,199
(Increase)/decrease in debtors
(7,771)
Incease/(decrease) in creditors
12,563
Net cash provided by operating activities
76,854
Summary of the cash and cash equivalents at the end
of the reporting period
Cash and cash equivalents at the end of the reporting
period
Cash and cash equivalents at the beginning of the
reporting period
Change in cash and cash equivalents in the reporting
period		 Total
2020
£
21,326
62
(2,429)
(2,367)
(999)
17,960
891,661
909,621
909,621
909,621
123,792
1,411
-
(62)
999
(155,983)
51,169
21,326

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DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and UK Generally Accepted Accounting Practice.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Evangelical Lutheran Church of England meets the definition of a public benefit entity under FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the entity.

1.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.3 Income

Donations and legacies are accounted for once the charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. Where material assets are donated to the charity for its use, these are capitalised at the estimated fair value at the date of the gift and included under income. Assets given for distribution by the charity are received as income when distributed and stated in the accounts at the trustees’ estimated market value at the time of receipt.

The various congregations hold fundraising events throughout the year and costs associated with these events are netted off. Consequently, the figure in the accounts is shown net of these costs. In the opinion of the Trustees, the gross income and expenditure are not materially understated.

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DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1.3 Income (continued)

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

The charity benefits from many voluntary hours and unclaimed out-of-pocket expenses. It would be impossible to place a value on all these gifts in kind for which the charity is extremely grateful.

All the congregations rely on the voluntary help of many people, including their treasurers, without whose generosity the congregations could not function. To place a monetary value on the time donated by volunteers would be an onerous task for the Trustees and therefore has not been attempted.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

The majority of costs are directly attributable to specific activities. Staff costs are allocated on the basis of time spent by staff on each activity. Other costs, including support costs are charged directly to the activity when incurred.

1.5 Going concern

The Trustees have carefully considered the cashflow forecasts for future periods using all available information. They have taken steps to ensure that the funding available from the Evangelical Lutheran Church of England Trust Limited to the charity is adequate to meet the estimated cashflow requirements. The Trustees have a reasonable expectation that the charity has adequate arrangements in place to continue in operation for the foreseeable future. For this reason they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6 Tangible fixed assets and depreciation

All fixed assets acquired for the Charity's own use are capitalised at purchase price or cost of production, or at estimated value at the time of gift where received by way of gift. No depreciation is provided on freehold land. Where the charity adopts a policy of maintaining properties to a standard that prolongs their lives and enhances their residual value, the trustees consider any depreciation arising to be insignificant and the properties are not depreciated. Where impairments occur, these are provided for. Otherwise depreciation is provided at rates to write off the excess of cost over residual value amount, over estimated useful lives as follows:

Fixtures & fittings 10 years Office equipment 4 years

14

DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1.7 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short term 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.

1.10 Pensions

The charity makes contributions to defined contribution schemes, which are accounted for as they are paid.

1 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date 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 at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

15

DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. INCOME FROM DONATIONS AND LEGACIES

General Donations
From ELCE Trust for Restructure Fund
Legacies
Rental income receivable
Offerings
Grants		 14 months
Unrestricted Restricted
Total
Total
funds
funds
funds
funds
2021
2021
2021
2020
£
£
£
£
6,963
-
6,963
5,232
-
-
-
20,000
-
-
-
-
18,811
14,066
32,877
24,041
208,530
-
208,530
252,373
30,653
-
30,653
-
264,957
14,066
279,023
301,646

3. INCOME FROM CHARITABLE ACTIVITIES

Westfield House income
Congregation Led Group income
Car Loan Fund
Sabbactical Leave Fund
Student Aid Fund
Youth Fund
Pearce/Home Missions
Overseas Mission
Books Project
Retreat Launde Abbey
Lutheran Radio UK
Publications
Westfield House Endowment
Glen Zweck Scholarship Fund
HR/HS		 14 months
Unrestricted Restricted
Total
Total
funds
funds
funds
funds
2021
2021
2021
2020
£
£
£
£
246,998
-
246,998
425,830
63,387
-
63,387
73,238
-
-
-
4,999
468
-
468
360
400
-
400
393
429
-
429
1,833
2,231
-
2,231
2,891
1,277
-
1,277
1,241
-
-
-
38
-
-
-
2,375
-
22,735
22,735
34,279
13
1,228
1,241
-
-
3,039
3,039
4,456
914
914
483
2,210
-
2,210
-
317,413
27,916
345,329
552,416

16

DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

4. OTHER ACTIVITIES
Congregational income
Other charity income
5. INVESTMENT INCOME
Investment income
6. COST OF CHARITABLE ACTIVITIES
Central Administration
Salaries and national insurance
Advisory and consultancy fees
Light and heat
Maintenance and cleaning
Legal Fees
Westfield 2020/2019 corrections
Telephone
Postage
Stationery, printing, duplicating and IT
Travel
Rates
Insurance
Bank charges
Audit fee - current year
Audit fee - prior year
Subscriptions
Property expenses
Sundries
Donation to ELCE Trust
Congregational expenditure
Pastors' salaries and costs
Establishment costs
Insurance and repairs
Other costs
Church Led Group costs
Westfield House		 14 months
Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2021
2021
2021
2020
£
£
£
£
269,695
-
269,695
395,705
324
-
324
508
270,019
-
270,019
396,213
75
-
75
62
75
-
75
62
-
-
-
17,097
9,297
-
9,297
8,030
415
-
415
812
360
-
360
429
2,356
-
2,356
3,009
(114)
-
(114)
(4,349)
586
-
586
786
80
-
80
272
2,995
-
2,995
3,010
-
-
-
845
456
-
456
449
260
-
260
415
(9,515)
-
(9,515)
532
6,000
-
6,000
7,200
2,340
2,340
-
614
-
614
-
8,714
-
8,714
-
134
-
134
1,129
332,946
-
332,946
-
357,924
-
357,924
39,666
251,807
251,807
310,808
135,836
135,836
134,653
86,509
86,509
80,654
3,568
3,568
50,304
58,035
58,035
83,181
535,755
-
535,755
659,600
311,902
311,902
378,016

17

DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

6. COST OF CHARITABLE ACTIVITIES (continued)
Fund Expenditure
Furlough fund
Youth fund
Barnes conference
Board for overseas mission
Books Project
ELCE Retreat Launde Abbey
Training and recruitment
LRUK
Publications
Westfield House Endowment
Westfield House Special projects
Restructure fund
Glen Zweck Scholarship Fund
ELCE expenditure
ELCE committees and Chairman expenses
International Lutheran conferences
Portals of Prayer expenditure
Churches Together
Pension costs
Retreat expenses
Miscellaneous expenses
Depreciation
Interest payable
Total Expenditure		 14 months
Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2021
2021
2021
2020
£
£
£
£
-
-
-
401
270
-
270
1,704
-
-
-
425
1,199
-
1,199
660
-
-
-
42
-
190
190
-
-
-
2,364
-
19,191
19,191
40,906
288
1,150
1,438
-
-
12
12
-
1,568
-
1,568
-
-
10,281
10,281
-
8
8
1,050
3,325
30,832
34,157
47,552
2,571
2,571
4,898
-
-
(6,902)
-
-
68
-
-
530
-
-
566
-
-
141
2,571
-
2,571
(699)
1,358
1,358
1,411
1,199
1,199
999
2,557
-
2,557
2,410
1,214,034
30,832
1,244,866
1,126,545

7. NET REALISED AND UNREALISED GAINS/(LOSSES) ON INVESTMENTS

The market value of the two St Timothy properties obtained at the time of their transfer to the Trust (£420,000) represented an increase on the 'book value' of £282,156.

St Timothy Church
18 Tunstell Park		 Book value
Valuation
Gain/(loss)
25,546
240,000
214,454
112,298
180,000
67,702
137,844
420,000
282,156

18

DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. ANALYSIS OF TOTAL EXPENDITURE

8. ANALYSIS OF TOTAL EXPENDITURE
Staff costs
Other
Depreciation
£
£
£
2021
2021
Charitable Activities
448,395
795,113
1,358
448,395
795,113
1,358
9. NET INCOME/ EXPENDITURE
The excess of income over expenditure is stated after charging:
Depreciation of tangible fixed assets: owned by the company
Auditors remuneration: audit
Auditors remuneration: non-audit
Auditors remuneration: audit in relation to the prior year
10. STAFF COSTS
Wages and salaries
National insurance
Pension costs
The average monthly number of employees during the year was as follows:
Work with congregations
Theological training
Central office		 Staff costs
Other
Depreciation
£
£
£
2021
2021
448,395
795,113
1,358		 2021
£
2021
1,244,866
1,244,866
2021
£
1,358
6,000
4,000
2,340
2021
£
388,085
37,729
22,581
448,395
2021
No.
13
4
-
17		 14 months
2020
£
2020
£
1,126,545
448,395
795,113
1,358		 1,126,545
2020
£
1,411
7,200
-
-
2020
£
488,273
50,429
24,770
563,472
2020
No.
16
4
1
21

No employee received remuneration amounting to more than £60,000 in either year.

Key Management Personnel

The total wages & salaries, social security costs and pension costs of the key management personnel of the charity as listed on page 1 were £144,440 (2020: £240,534).

11. PENSION COSTS

The charity contributes to defined contribution pension schemes. The assets of the schemes are held separately from those of the charity in independently administered funds. The pension cost charge represents contributions payable by the charity to these funds and amounted to £22,581 (2020: £24,770).

19

DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

12. TRUSTEES' REMUNERATION

During the period, expenses amounting to £9,530 were reimbursed to 7 trustees (2020: £2,017 to 7 trustees). No remuneration was paid to any trustees during the year in their capacity as trustees. Note 13 sets out details of car loans made to trustees. During the year, donations amounting to £37,738 were received from trustees.

During the year the charity took out Trustees' Indemnity Insurance at a cost of £202.

Remuneration is paid to the following trustees who are employees of the charity in their positions as ordained ministers of member congregations and as Principal of Westfield House.

Rev G Samiec
Rev J Ehlers
Dr C E Lumley
Rev J Kriger		 Wages and
salaries
£
32,180
32,180
27,349
29,164
120,873		 Social
security
Pension
costs
£
£
3,229
2,256
3,229
2,256
2,561
-
2,812
1,636
11,831
6,148

During the period Rev G Samiec, Rev J Ehlers and Rev J Kriger were provided with accommodation.

The key management personnel of the charity are considered to be related parties and their total employee benefits are set out in note 10.

13. TANGIBLE FIXED ASSETS

Freehold
property
£
Cost
As at 1 April 2020
6,614,213
Additions
-
Revaluation
282,156
Disposals
(420,000)
As at 31 March 2021
6,476,369
Depreciation
As at 1 April 2020
-
Charge for the year
-
As at 31 March 2021
-
Net book value
As at 31 March 2021
6,476,369
As at 31 March 2020
6,614,213
EBTORS
Trade debtors
Car loans - concessionary loans
ELCE Trust Limited
Other debtors
Prepayments and Accrued Income		 Library
books
£
192,932
-
-
-
192,932
170,084
-
170,084
22,848
22,848		 Fixtures
and fittings
£
42,998
-
-
-		 Computer
equipment
Total
£
£
15,838
6,865,980
-
-
-
282,156
-
(420,000)
15,838
6,728,136
13,690
224,149
608
1,358
14,298
225,507
1,540
6,502,629
2,148
6,641,831
2021
2020
£
£
31,505
80,787
28,903
27,891
88,789
42,136
20,763
8,945
19,777
22,207
189,737
181,966
42,998
40,375
750
41,125
1,873
2,623

14. DEBTORS

Included in car loans are amounts totalling £9,200 owed by one trustee in office at the period end (2020 - one trustee owed £1,750). All of the loans detailed are repayable by instalments within the next four years and no interest is charged with the exception of one car loan.

20

DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

REDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
Other taxation and social security
Accruals and deferred income
Deferred income:
As at 1 April 2020
Deferred income recognised in the year
Resources deferred during the year
As at 31 March 2021
Deferred income represents tuition income received in advance		 2021
2020
£
£
14,426
14,387
920
5,082
-
8,733
79,936
49,801
95,282
78,003
17,500
-
(17,500)
-
7,510
17,500
7,510
17,500

Congregation amounts owed to Evangelical Lutheran Church of England Trust Limited

Holy Trinity, Tottenham
Ascension
St Peters
Redeemer building project
Our Saviour
Less: due after one year
Total creditors falling due within one year		 2021
2020
£
£
137,410
136,760
-
1,000
38,220
39,650
56,546
56,921
4,793
7,354
236,969
241,685
(157,042)
(179,174)
79,927
62,511
175,209
140,514

The majority of the loans bear interest and are repayable by instalment.

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Monies owed to Evangelical Lutheran Church of England Trust Limited
Ascension
Holy Trinity, Tottenham
Our Saviour
Redeemer building project
St Peters		 2021
2020
£
£
-
-
62,400
79,560
1,633
4,273
56,046
56,671
36,963
38,670
157,042
179,174

21

DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

17. STATEMENT OF FUNDS
Note
Designated Funds:
Car fund
i
Furlough fund
ii
Sabbatical leave fund
iii
Student aid fund
iv
Youth fund
v
Rev Dr E Geo Pearce memorial fund
vi
Board for overseas mission
vii
Pastoral support fund
viii
Worship committee fund
ix
Barnes conference
x
Westfield House special projects
xi
Westfield House General Fund
xii
Property fund
xiii
Restructure Fund
xiv
Publishing Fund
xv
HR/H&S Fund - Designated
xvi
General Funds:
General Funds:
Total Unrestricted Funds
Restricted Funds:
Retirement reserve fund
xvii
LRUK
xviii
Westfield House Endowment
xiv
xx
xxi
ELCE Retreat
xxii
Publishing Fund Restricted
xxiii
Total Funds
Glen Zweck
Restructure Fund		 Brought
Transfers
Carried
forward
Income
Expenditure
in/(out)
forward
£
£
£
£
£
12,108
7,170
(9,600)
1,419
11,097
5,031
-
-
-
5,031
8,263
468
-
-
8,731
4,937
400
-
-
5,337
5,013
429
(270)
-
5,172
22,294
2,231
-
-
24,525
2,264
1,277
(1,199)
-
2,342
373
-
-
-
373
158
-
-
-
158
13,874
-
-
-
13,874
1,568
-
(1,568)
-
-
102,814
246,998
(311,902)
-
37,910
6,614,213
-
-
(137,844)
6,476,369
10,000
-
-
-
10,000
-
13
(288)
2,000
1,725
-
2,210
-
-
2,210
6,802,911
261,196
(324,827) (134,425)
6,604,854
275,511
873,424
(889,207)
134,425
394,153
7,078,422
1,134,620
(1,214,034)
-
6,999,007
75,018
14,066
-
-
89,084
60,000
22,735
(19,191)
-
63,544
105,728
3,039
(12)
(1,048)
107,707
72,187
914
(8)
1,048
74,141
20,000
-
(10,281)
-
9,719
2,375
-
(190)
-
2,185
-
1,228
(1,150)
-
78
335,308
41,982
(30,832)
-
346,458
7,413,730
1,176,602
(1,244,866)
-
7,345,465

Designated Funds:

iii This fund is used at the Council's discretion to pay for Pastors' costs related to the taking of a sabbatical.

22

DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

17. STATEMENT OF FUNDS (CONTINUED)

Restricted Funds:

xvii This fund was set up to assist pastors to meet one of their major problems on retirement, namely that of finding suitable accommodation. The Executive Council may give lump sums to any pastor on their retirement.

xviii This fund was set up for donations given specifically towards the costs of the Lutheran Radio UK.

23

DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due after more than one year		 Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2021
2021
2021
2020
£
£
£
£
26,261
6,476,369
6,502,630
6,641,831
7,304,999
(6,129,911)
1,175,088
1,091,587
(175,209)
-
(175,209)
(140,514)
(157,042)
-
(157,042)
(179,174)
6,999,009
346,458
7,345,466
7,413,730

19. OPERATING LEASE COMMITMENTS

At 31 March 2021 the total of the charity's future minimum lease payments under non-cancellable operating leases was:

Equipment
Less than one year
Between one and five years
Operating lease charges for the period:
Hire of plant & machinery		 Total
Total
2021
2020
£
£
1,257
4,055
4,838
3,526
6,095
7,581
1,257
3,687
1,257
3,687

20. CONTINGENT LIABILTY

The Church has agreed to meet the liabilities of the Evangelical Lutheran Church of England Trust Limited in the event that the company is unable to meet them itself.

21. TRANSACTIONS WITH CONNECTED CHARITY

The Charity is connected to the Evangelical Lutheran Church of England Trust Limited, which acts as custodian for properties owned by the Church, which is the beneficial owner. Both the Church and the Trust have as their objectives the spread of the Gospel. The Executive Council of the Church are the Trustees of the Church and also the Directors of the charitable company, acting on behalf of the member congregations of the charitable company who are represented by the pastoral and lay delegates who attend the annual meeting of the charitable company held in conjunction with the annual synod of the Evangelical Lutheran Church of England Trust Limited. As at 31 March 2021 member congregations of the Church owed the charitable company £424,836 (2020: £241,685).

The Trustees have been advised that the Trust is the custodian of these properties and ELCE (Church) is the beneficial owner. Accordingly the property and associated income and expenditure have been moved from the Trust financial statements to the ELCE (Church) financial statements, with the exception of the two Sunderland properties for which the members of St Timothy Lutheran Church and the Church transferred the beneficial ownership to the Trust, as of 1 November 2020. As of that date, the former manse is valued at £180,000. The church building in its condition and established use as of 1 November 2020 is valued at £240,000. This has resulted in a donation of £332.946.

During the year the Trust donated £nil to ELCE Church (2020: £20,000) for the restricted fund established to cover costs related to the restructure of ELCE. At 31st March 2021, the Evangelical Lutheran Church of England Trust owed ELCE Church £91,451 (2020: £42,136).

24

DocuSign Envelope ID: 000817D6-D8AF-4FBF-ACC5-764B04B2C51E

EVANGELICAL LUTHERAN CHURCH OF ENGLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

22. CONTROLLING PARTY

The Charity is controlled by its members, who make up the Synod of the Evangelical Lutheran Church of England.

23. STATUS OF CONGEGATIONS

Following further advice from the Charity Commission, the Executive Council have been advised that member congregations are not subsidiaries of the Evangelical Lutheran Church of England, but are autonomous bodies in membership of the Evangelical Lutheran Church of England. A Church wide consultation in response to this advice is underway and in the interim, as in previous years, these accounts have been prepared on a line by line consolidation basis, as if the congregations and Westfield House are subsidiaries of the Church.

24. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Income from:
Donations and legacies
Charitable activities
Other activities
Investments
Total income
Expenditure on:
Charitable activities
Total expenditure
Net expenditure before investment gains/losses
Net expenditure before transfers
Transfers between funds
Net movement in funds
Fund balances brought forward as previously stated
Prior year adjustment
Fund balances brought forward as restated
Total funds carried forward		 14 months
Unrestricted
Restricted
Total
funds
funds
funds
2020
2020
2020
£
£
£
281,646
20,000
301,646
510,823
41,593
552,416
396,213
396,213
62
62
1,188,744
61,593
1,250,337
1,084,589
41,956
1,126,545
1,084,589
41,956
1,126,545
104,155
19,637
123,792
104,155
19,637
123,792
(47,772)
47,772
-
56,383
67,409
123,792
(268,620)
267,899
(721)
7,290,659
7,290,659
7,022,039
267,899
7,289,938
7,078,422
335,308
7,413,730

All activities relate to continuing operations.

25