The South American Mission Society Registered Charity No. 221328
Registered Company No. 00065048
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SOUTH AMERICAN MISSION SOCIETY (CONTINUED)
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Alastair Lyon
Senior Statutory Auditor
For and on behalf of
Crowe U.K. LLP
Statutory Auditor
Reading
Date: 21 July 2021
11
| Nate | Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
|---|---|---|---|---|---|---|---|---|
| Funds | Funds | 2021 | Funds | Funds | 2020 | |||
| £ | £ | £ | £ | £ | £ | |||
| Income from: | ||||||||
| Donations and legacies | 3 | 163,224 | 41,960 | 205,184 | 140,223 | 44,990 | 185,213 | |
| Gift from parent | 4 | . | 497,096 | 497,096 | - | 503,629 | 503,629 | |
| undertaking | ||||||||
| Investments | 5 | 1,940 | - | 1,940 | 5,437 | - | 5,437 | |
| Other | - | 55,271 | 55,271 | 302 | 61,511 | 61,813 | ||
| Total income | 165,164 | 594,327 | 759,491 | 145,962 | — | 610,130 | 756,092 | |
| Expenditure on: | ||||||||
| Raisingiunds | - | - | . | - | - | - | ||
| Charitable activities | ||||||||
| People in mission | 6 | 43.907 | 573,582 | 617,489 | 59,760 | 619526 | 679,286 | |
| Total expenditure | 6 | 43,907 | 573,582 | 617,489 | 59,760 | 619,526 | 679,286 | |
| Net income/(expenditure) | 121,257 | 20,745 | 142,002 | 86,202 | (9,396) | 76,806 | ||
| Transfers between funds | - | - | ||||||
| Other (losses) on persion | 17 | (56,000) | - | (56,000) | (67,000) | - | (67,000) | |
| scheme deficit | ||||||||
| reduction provision | ||||||||
| Net movement in funds | 65,257 | 20,745 | 86,002 | 19,202 | (9,396) | 9,806 | ||
| Total funds broughtforward | (1,010,043) | 88,200 | (921,843) | (1,029,245) | 97,596 | (931,649) | ||
| Total funds carried forward | (944,786) | 108,945 | (835,841) | (1,010,043) | 88,200 | (921,843) |
| Note | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| £ | £ | |||
| Current assets | ||||
| Debtors | 11 | 85,798 | 78,545 | |
| Cash and short term deposits | 636,464 | 695,1s6 | ||
| 722,262 | 773,731 | |||
| Current Liabilities | ||||
| creditors: anounts falling due wi:hV one year | 12 | (53,820) | (55,191) | |
| Net current assets | 668,442 | 718,540 | ||
| Defined benefit pension scheme liability | 17 | (1,504,283) | (1,640,383) | |
| Net liabilities | (835,841) | - | (921,843) | |
| The funds ofthe charity | ||||
| Unrestricted: Free reserves | 14 | 559,497 | 630,340 | |
| Unrestricted: Pension deficit | 14 | (1,504,283) | (1,640,383) | |
| Unrestricted funds | (944,786) | (1,010,043) | ||
| Restricted funds | 14 | 108,945 | 88,200 | |
| Total charity funds | 14 | (835,841) | (921,843) |
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||||
|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | 2021 | Funds | Funds | 2020 | ||||
| £ | £ | £ | £ | £ | £ | ||||
| Donations | from | churches | and | - | 31,066 | 31,066 | - | 32,637 | 32,637 |
| goups | |||||||||
| Donations | from | indivicuals | 9,238 | 10,894 | 20,132 | 10,520 | 12,353 | 22,873 | |
| Legacies | 153,986 | - | 153,986 | 129,703 | - | 129,703 | |||
| 163,224 | 41,960 | 205,184 | 140,223 | 44,990 | 185,213 |
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||||
|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | 2021 | Funds | Funds | 2020 | ||||
| F | £ | £ | £ | F | £ | ||||
| Gift | from | parent | underta<ing | - | 497,096 | 497,096 | 503,629 | 503,629 | |
| - | 497,096 | 497,096 | - | 503,629 | 503,629 |
| S | INCOME FROM | INVESTMENTS | ||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |||
| Funds | Funds | 2021 | Funds | Funds | 2020 | |||
| £ | £ | £ | F | £ | £ | |||
| Interest | on cash balances | 1,940 | - | 1,940 | 5,43? | - | 5,437 | |
| 1,940 | - | 1,940 | 5,437 | - | 5,437 |
| Direct | Support | Total | Direct | Support | Total | |
|---|---|---|---|---|---|---|
| Costs | Costs | 2021 | Costs | Costs | 2020 | |
| £ | £ | £ | £ | £ | £ | |
| Charitable activities | ||||||
| People in mission | ||||||
| Mission Partners | 573,582 | 21,90] | 595,489 | 619526 | 21,760 | 641,286 |
| Interest cost | 22,000 | - | 22,000 | 38,000 | - | 38,000 |
| Total Expenditure | 595,582 | 21,907 | 617,489 | 657,526 | 21,760 | 679,286 |
| Finance & | Total | Total | |
|---|---|---|---|
| Administration | 2021 | 2020 | |
| £ | £ | £ | |
| Charitable activities | |||
| People in mission | |||
| Mission Partners | 127 | 127 | 142 |
| Pension scheme administration costs | 15,900 | 15,900 | 15,900 |
| Governance (Note 8) | 5,880 | 5,880 | 5,718 |
| Total Support Casts | 21,907 | 21,907 | 21,760 |
| AUDITORS’ REMUNERATION | |||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Audit Fees | 5,664 | 5,502 | |
| Fees for non-audit services | - | — | - |
| 5,664 | 5,502 |
| STAFF EMOLUMENTS | |||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | F | ||
| Salaries and allowances | 428,959 | 447,481 | |
| Social security cost | 3,631 | 2,260 | |
| Employer’s pension contribution | — defined contribution scheme | 3,891 | 3,852 |
| Employer’s pension contribution | — defined benefit multi-employer scheme | 91,304 | 92,630 |
| 527,785 | 546,223 |
| 2021 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Financial assets measured at aniortised cost | |||
| Cash at bank and in hand | 636,464 | 695,186 | |
| Amounts due from group undertakings | 85,479 | 72,521 | |
| Other receivables | 319 | 6,024 | |
| Financial liabilities measured at amortised cost | |||
| Other creditors due within one year (excluding tax and | (36,080) | (35,320) | |
| deferred income) | |||
| DEBTORS | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Taxation recoverable | 202 | 455 | |
| Amounts due from group undertakings | 85,479 | 72,521 | |
| Accrued income | 117 | 5,569 | |
| 85,798 | 78,545 |
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 3,141 | 2,381 |
| Acciuals | 5,664 | 5,502 |
| Taxes and social security costs | 17,740 | 19,871 |
| Other creditors | 27,275 | 27,437 |
| 53,820 | 55191 |
| Net Assets by Fund | -2021 | unrestricted | Restricted | Total |
|---|---|---|---|---|
| £ | £ | £ | ||
| Current assets | 584,333 | 137,929 | 722,262 | |
| Current liabilities less than one year | (24,836) | (28,984) | (53,820) | |
| Defined benefit pension scheme liability | (1,504,283) | - | (1,504,283) | |
| Net Liabilities 2021 | (944,786) | 108,945 | (835,841) | |
| Net Liabilities 2020 | (1,010,043) | 88,200 | (921,843) | |
| Net Assets by Fund | - 2020 | unrestricted | Restricted | Total |
| £ | £ | £ | ||
| Current assets | 655,013 | 118,718 | 773,731 | |
| Current liabilities less than one year | (24,673) | (30,518) | (55,191) | |
| Defined benefit pension scheme liability | (1,640,383) | - | (1,640,383) | |
| Net Liabilities 2020 | (1,010,043) | 88,200 | (921,843) | |
| Net Liabilities 2019 | (1,029,245) | 97,596 | (931,649) |
| At 1 February 2020 | Incoming | Outgoing | Other | At 31 | ||
|---|---|---|---|---|---|---|
| Resources | Resources | gains and | Transfers | January | ||
| losses | 2021 | |||||
| £ | £ | € | £ | £ | ||
| Free reserves | 630,340 | 165,164 | (21,907) | (214,100) | 559,497 | |
| Pension deficit | (1,640,383) | (22,000) | (56,000) | 214,100 | (1,504,283) | |
| unrestricted funds | (1,010,043) | 165,164 | (43,907) | (56,000) | - | (944,786) |
| Mission Personnel funds | 88,200 | 594,327 | (573,582) | - | - | 108,945 |
| (Restricted) | ||||||
| Total | (921,843) | 759,491 | (517,489) | (55,000) | - | 835,741 |
| 2021 | 2020 | |
|---|---|---|
| Pension scheme deficit reduction provision | ||
| £ | £ | |
| Balance sheet liability at 1 February | 1,640.383 | 1,749,483 |
| Deficit contributions naid | (214,100) | (214,100) |
| Interest cost (recognised in SOFA) | 22,0U0 | 38,000 |
| Remaining change to the balance sheet liabIi:y*,recognsed in SOFA), comprisingthe | 56,000 | 67,000 |
| change in agreed deficit recovery plan and the change in discount rate between year-ends | ||
| Balance sheet liabilty at 31 January | 1,504,283 | 1,640,383 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| %pa | %pa | ||||
| Discount | Rate | at | end of year | 0.50 | 1.40 |
| Discount | Rate | at | start of year | 1.40 | 2.30 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Value | at | 31 | January | 2021 | 5,314 | 5,292 |
| 5,314 | 5292 |