## **Stewards Company Limited** Charity Registration No. 234558 Company Registration No. 00058569 ## **Annual Accounts** **For the year ended 31 December 2021** ## **STEWARDS COMPANY LIMITED** ## _**CONTENTS**_ ||Page| |---|---| |Report of the Trustees|1 – 7| |Reference and Administrative Details|8 – 9| |Independent Auditor’s Report|10 – 13| |Statement of Financial Activities|14| |Summary Income and Expenditure Account|15| |Statement of Changes in Equity|15| |Balance Sheet|16| |Statement of Cash Flows|17| |Notes to the Financial Statements|18 – 33| _**______________________________________________________________**_ ## **STEWARDS COMPANY LIMITED** ## **REPORT OF THE TRUSTEES** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ The trustees, who are also directors for the purposes of the Companies Act, present their report for Stewards Company Limited (the "company") for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the company's governing document, the Charities Act 2011, the Companies Act 2006 and 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) (effective 1 January 2015) as amended by Update Bulletins 1 and 2. The challenges brought about by the COVID-19 coronavirus pandemic continued throughout the year and have remained, although the situation in the UK has eased and a gradual return to ‘normality’ has begun. Sadly, this has not applied for many parts of the world and the pandemic continues to be rampant with hundreds of thousands of lives lost and countless more impacted with poor health, financial and social challenges and great personal instability and fear. During this time the trustees and staff have been greatly dependent on God for necessary wisdom to protect and further the ministry of the company and those they seek to serve. The J W Laing Committee continued to hold most of its meetings by zoom to review the affairs of the company and consider how best to assist the many ministries it supports and also other ministries known to it. As reported elsewhere in this Report: - The company’s investments remained strong and the company is financially viable; - Staff were enabled to work to their usual full capacity in their homes until August when they returned to working in the office; - The work of the Board and various committees continued as before by means of remote meetings although the Board was able to meet in person in November, the first time for two years; - - Many ministries were financially supported as in other years; - Research was made into those ministries considered by the trustees to be strategic in nature to enhance the understanding and priorities of the trustees. The trustees and staff of the company still join with many others in the UK and across the world, to pray for all those affected and potentially affected by this pandemic, and for those who are involved in providing essential services and supplies at this time. ## **OBJECTIVES AND ACTIVITIES** The objects for which the company is established are: - the advancement of the Christian religion in any manner which shall be charitable and in particular (but without in any way limiting the generality of the foregoing) by the furtherance of the Gospel of God and education in the Holy Scriptures; and - the relief of the poor. The principal activities of the company are: - to act as administrative trustee of a number of Christian charitable trusts, the main ones being the J W Laing Trust and the J W Laing Biblical Scholarship Trust; and - to act as owner or as custodian trustee of various charitable properties, mainly used as places of Christian worship and situated either in the United Kingdom or overseas (see note 12). A full record of all such trusts is listed in note 20 in the Accounts. All the trusts are administered as far as possible in accordance with the known wishes of the donors or the requirements of the relative trust deeds. A number of the smaller trusts are concerned with church properties where the company acts as property trustee, with the elders of the churches concerned taking the day-to-day decisions on the use and maintenance of the property. Annual contact is maintained with those who occupy these properties to ensure they are kept in good order, are insured and continue to be used for the purposes for which they were intended. For a little while the trustees have been conscious of their lack of expertise in property 1 ## **STEWARDS COMPANY LIMITED** ## **REPORT OF THE TRUSTEES** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ related matters. During the year, with the agreement of the respective church members, steps were taken to transfer ownership or trusteeship of the church properties to certain UK Christian trusts dedicated to the ownership and maintenance of churches. The Chairman, Vice-Chairman and Secretary of the company are authorised by the Board to act in the disbursement of funds where necessary. For the two major trusts, the J W Laing Trust and the J W Laing Biblical Scholarship Trust, the J W Laing Committee (the "Committee") was formed to administer them. Trustees are appointed by the Board to the Committee which meets monthly. The Chairman and Vice-Chairman are ex-officio members of the Committee and can serve for a maximum of two consecutive terms of four years. The other members, other than the Secretary, can serve for a maximum of two terms of five years with a one-year break. The Committee is responsible for approving all expenditure and monitoring the income, investments and administration of the trusts and detailed reports are provided to the Board at every meeting or earlier when necessary. The J W Laing Trust has adopted as its principal objective "to help the church of Jesus Christ to fulfil the great commission". This is the instruction given by Jesus Christ to His disciples as recorded in Matthew's Gospel chapter 28, verses 16-20. As well as supporting individual churches, help is given to a range of evangelistic and mission organisations, movements publishing Bible resources, teaching of Scripture to school children and related enterprises. Further substantial financial support is given to strategic Christian organisations in certain parts of the developing world, literature production, other evangelistic and church development programmes together with the relief of poverty in a variety of countries overseas. The objective of the J W Laing Biblical Scholarship Trust is to encourage the study of the Holy Bible. With this as its main objective, support is given to a variety of organisations furthering this cause including a number of evangelical Christian Bible Colleges; organisations which promote Christian work among university students both in the UK and overseas; an independent Biblical studies library with a Christian foundation. In addition to the J W Laing Trust Committee there are also the following other committees in place: 1. The Executive Committee. 2. The Investment Committee. 3. The Research Committee. 4. The Barnabas Trust Committee. 5. The Audit & Financial Reporting Committee. The last of the above was formed in the year. For each committee there are Terms of Reference & Objectives and these are regularly updated, reviewed and agreed by the Board as necessary. All committee members are appointed by the Board, with all except one of the members being trustees of the company. All committees report initially to the Committee but ultimately to the Board with full reports being provided at each Board meeting. ## **Grant-making Policy** Numerous funding requests are received, many unsolicited, and all are considered. An online application process is in operation and together with the CRM helps inform the trustees more fully as such applications are reviewed and discussed. Grants made by the two major trusts are decided by the Committee which takes into account: - the financial resources of the charities making application; - the efforts made by members of such charities to maximise their own funding, including where appropriate sacrificial giving by themselves and their supporters; - the governance and policies of all applicants and - the Christian aims and objectives of such charities consistent with those of the main grant-making trusts. 2 **STEWARDS COMPANY LIMITED** ## **REPORT OF THE TRUSTEES** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ ## **Public Benefit** The trustees acknowledge the guidance of the Charity Commission in respect of Public Benefit and the Advancement of Religion and have paid due regard to it in the affairs of the company. The wide-ranging and varied financial support provided by all of the trusts administered by the company has resulted in very evident public benefit to numerous charitable organisations and individuals throughout the world (see note 7). Reports and letters of thanks from the recipients detail very clearly and appreciatively how the financial support helps meet religious, spiritual and educational needs as well as relieving poverty of individuals irrespective of background, status and faith. ## **Related Parties** As expressed in the wishes of the settlor of the J W Laing Trust, a proportion of the trust's income is made available to the trustees of the Beatrice Laing Trust and, with mutual agreement, this arrangement concluded in 2021. None of the trustees of Stewards Company Limited is a trustee of that trust. With that one exception, the company has no formal links with any other organisation, although some trustees may have involvement with other charitable bodies to which support by way of grant may be directed. In such instances the trustees concerned absent themselves from the decision-making process where grants are discussed and agreed. ## **ACHIEVEMENTS AND PERFORMANCE** All trustees are always anxious to help fund Christian ministries, both in the UK and overseas, in sympathy with the objects for which the company was established and meeting the company's other criteria. The total charitable grants made in the year amounted to £5,382,135 (2020: £5,787,836) and these were paid to 352 (2020: 374) recipients. Of these grants, £1,997,213 (2020: £2,489,522) were for overseas causes and £3,384,922 (2020: £3,298,314) were for UK causes (note 7). All charities are required to acknowledge all gifts received. Whilst appreciative of the financial benefits received, the charities also record the public and spiritual benefits that result from the financial support even though these cannot be fully known and quantified. - For many years the trustees have monitored the organisations it supports in a variety of ways including: - receiving accounts and reports; - visiting and meeting trustees and senior members of staff; - inviting trustees and senior members of staff to report at the company’s six-monthly Board meetings; and - disseminating all such information to the trustees. Such visits and reports enable the trustees to fulfil their legal duties. In addition, they also assist them in understanding in greater measure the nature and impact of the different charities who are supported. Sometimes these visits and reports may result in further interest and support and sometimes they may cause support to be reduced or withdrawn. In view of the importance and usefulness of monitoring, the whole procedure of visiting and reporting was reviewed in 2018 with all trustees, wherever possible, now fully engaged in the process. In 2021, 29 such monitoring visits were carried out by the trustees and staff, mainly by zoom due to the COVID-19 pandemic, with reports submitted to the Committee and the Board. The refurbishment of 122 Wells Road, Bath, the company's new offices, was completed in early June and was occupied by staff with effect from 16 August 2021. The company’s offices are on all of the first floor of the building and a small office on the ground floor has been let to a Christian charity (note 23). Steps are now underway to find tenants for the offices on the second floor of the building. ## **FINANCIAL REVIEW** For the past financial year there was an operating deficit of £2,491,622 (2020: operating deficit of £3,434,260) which together with the gains on investments of £17,791,200 (2020: gains of £10,011,703) produced net incoming movement in funds for the year of £15,299,578 (2020: net incoming movement of £6,577,443). 3 ## **STEWARDS COMPANY LIMITED** ## **REPORT OF THE TRUSTEES** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ The financial results include the profit of £30,000 arising from the sale of investment property, which is included in gains on investments. The accounts include a year-end provision of £50,225 (2020: £86,234) for all conditional promises of grants that have not yet been paid; this reflects the requirements of SORP FRS102 to provide for liabilities which arise from a valid expectation in third parties that the company will make these grants. Allowing for this the operating results are considered reasonable bearing in mind the level of distributions made, and the trustees confirm that the company's assets are adequate to fulfil its obligations. ## **Reserves Policy** The company holds investment funds for distribution to a wide range of Christian causes. The company seeks to respond flexibly to the ministry opportunities of the charities it supports and is not committed to maintaining the company in perpetuity. In view of this, the company accepts that the value of its reserves, after adjusting for general price inflation and after withdrawals to finance operating and donation requirements, is likely to fall over time. This is as a result of the deficits that arise each year and are detailed in an earlier paragraph. In 2020 the Board considered in detail the likely path of the company's reserves under a variety of longterm scenarios of investment performance and aggregate levels of donations. In the light of these considerations, the Board decided to limit the aggregate level of donations to a fixed amount each year until 2024 when a further review will be undertaken. The aggregate limit will help to preserve the company's ability to support charities in the longer term while still allowing the company to have significant flexibility to respond to the opportunities of individual charities in the near future. This is not expected to result in a reduction in the absolute aggregate level of giving compared to that which applied in recent years. At 31 December 2021 the company’s reserves totalled £168,511,894 (2020: £153,212,315) represented by: Expendable Endowment £165,310,728 Unrestricted Funds £3,201,165 £168,511,893 ## **Investment Policy** The main objective of the investment policy is to produce a good and stable return, exceeding general price inflation by at least 3% per annum over three-to-five-year periods. This will enable the company to maintain support for charities with which it has a longstanding relationship whilst having a relatively low risk of needing to reduce giving in any one year due to low or unstable investment returns. The Investment Committee implements investment policy on behalf of the Board and has agreed terms of reference from the Board setting out its responsibilities and powers. The Investment Committee works closely with its investment adviser, Mercer Ltd, in deciding the structure of its investment portfolio, selecting investment managers and assessing their performance against agreed benchmarks. In implementing the investment policy, the Investment Committee considers a range of factors in deciding the structure of its investment portfolio and selecting investment managers. These factors include: economic outlook, expected total return, prospective volatility, investment strategy, diversification of risk, liquidity and ethical, sustainability and governance issues. The various investment managers and other professional advisers to the company are listed on pages 8 and 9 of the Accounts. ## **Principal Risks and Uncertainties** The risks to which the company is exposed have been reviewed during the year by the Committee and reported to the Board on 12 May and 10 November 2021. The trustees confirm that systems have been established and are in place to mitigate these risks. The Director of Operations carries responsibility as Risk Assessment Manager and steps are under way for others to assist him in the ongoing review of the company's risks. 4 **STEWARDS COMPANY LIMITED** ## **REPORT OF THE TRUSTEES** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ The principal risks are 1. potential declines in investment values and investment income, 2. the loss of key staff and 3. donations not achieving the impact expected. The Investment Committee regularly reviews all investment matters, maintains a diversified portfolio and liaises with Mercer Ltd, thus helping to contain any known investment risks. The trustees are cognisant of the risks arising from the economic impact of the Coronavirus pandemic and increasing inflationary pressures. Investment markets were relatively volatile for much of 2021 in response to these factors. However, the company's investment portfolio performed robustly overall in the midst of this volatility. The Investment Committee is mindful of long-term structural factors and ethical, sustainability and governance issues in determining the disposition of its portfolio. The sharing of duties by staff, the involvement of trustees and securing key data in an accessible form helps to reduce the risks associated with potential loss of key staff. The company's mechanisms for assessment, reporting and monitoring of donations, and visiting supported organisations contains the risk of shortfall of charitable impact. ## **Key Staff Salaries** The trustees consider the Committee and the Director of Operations comprise the key management personnel of the company in charge of directing, controlling, running and operating the company on a dayto-day basis. All trustees give of their time freely and the remuneration information for the Director of Operations is disclosed in note 10 to the accounts. Details of trustees' expenses and related party transactions are given in notes 11 and 23. The Chairman and the Committee formally review the staff salaries annually, the last review being on 15 December 2021. ## **PLANS FOR THE FUTURE** With the continual demands and applications they receive, the trustees are always conscious of the many needs and causes the company can support both in the UK and overseas. In addition, the necessary compliance with Charity Commission regulations, company law and best practice all demands time and attention be given to ensure the company is structured and administered in the most efficient manner. To enable the Committee to adequately reflect and prayerfully consider these matters in greater detail than time affords at the usual monthly Committee meetings, a Strategy Day was held in 2018. Three key questions were asked and considered in detail: - Whom should we help? - How should we help them? - How should we organise ourselves to provide this help? The results of these discussions were reported in detail by the Chairman to the Board at its meeting and discussed in detail. The trustees encouraged the Committee to pursue these matters further which the Committee continues to do and a further Strategy Day is to be arranged. The work of the Research Committee is to assist in identifying new projects and initiatives that may be supported in the future, thus enabling proactive funding. In 2021 the Research Committee explored a number of issues including: the training of exceptional individuals; meeting the needs of children and young people in the UK; and developing a programme of support for areas of the world with high levels of need that typically attract lower levels of funding in relation to the objects of the company. The Research Committee commissioned a substantial consultation with academics and leaders of organisations in order to inform its reflection on possible new lines of inquiry. The Research Director conducted a number of investigations into organisations seeking funding and engaged in other activities in service of the company. 5 ## **STEWARDS COMPANY LIMITED** ## **REPORT OF THE TRUSTEES** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The company (registration number 00058569) is a charitable company limited by guarantee and was set up on 15 August 1898. It is governed by its Articles of Association, the latest version of which were adopted by Special Resolution on 31 October 2012. The company, which is a registered charity (registration number 234558), also has the status of a trust corporation. The company does not have share capital and is limited by guarantee of the members. All trustees are also members of the company, and, under the terms of the company's Articles, all the trustees remain in office. There were 18 trustees throughout the year (within a permitted maximum number of 25). A full list of all the trustees (the "Board") is shown on page 8. The Board meets twice yearly, usually in May and November, when the affairs of the company are discussed, and detailed reports are presented on its various activities. Mr A B Griffiths acts as the Secretary to the company and also as Director of Operations. The day-to-day management of the company is in the hands of the Director of Operations and Miss R C Daws, the Financial Administrator. In addition, the staff include Dr J J Loose, Research Director and Mrs F M Gardner, PA to the Director of Operations. ## **Recruitment and Appointment of Trustees** During the year the Board continued its discussions on the qualities and qualifications it deemed necessary to be found in future trustees to ensure continuity and the right balance of diversity, professional skills, qualifications, experience and geographical representation. Since the year end three individuals have been interviewed as prospective trustees and, following a successful postal election, all three will be formally appointed to the Board at the company’s meeting in May 2022. Trustees are appointed for a period of ten years after which they can offer themselves for re-election. All trustees retire on their 75th birthday. A detailed portfolio of papers is provided for all new trustees with the history and progress of the company, basic guideline documents and relevant Charity Commission publications. After their appointments, all new trustees are invited to attend one of the Committee's meetings and gain an insight into the day to day matters of the company and its trusts. ## **Statement of Trustees’ Responsibilities** Company and charity law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 6 ## **STEWARDS COMPANY LIMITED** ## **REPORT OF THE TRUSTEES** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ ## **Statement of Disclosure to the Auditor** So far as the trustees are aware: - there is no relevant audit information of which the company's auditors are unaware; and - the trustees have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. ## **Auditors** Mazars LLP are eligible for re-appointment as auditors to Stewards Company Limited and a resolution proposing their re-appointment will be submitted to the Annual General Meeting. The trustees have prepared this report in accordance with the provisions applicable to companies subject to the small companies’ regime. The trustees consider it an honour and privilege to be involved in the support of God's work and they believe that the company fulfils a significant support role in the maintenance and growth of Christian life and witness both in the United Kingdom and overseas. By order of the Board on 4[th] May 2022 **G J Davies** Chairman 7 **STEWARDS COMPANY LIMITED** ## _**REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ ## **Trustees** G J Davies Bridgend, Chairman D C Bingham Lisburn,Vice-Chairman ( w.e.f. 12[th] May 2021) K A D Bintley Bishops Stortford,ViceChairman (until 12[th] May 2021) J Aitken Bristol Dr J H Burness Bristol I S Childs Enniskerry Dr J M Fitzhugh Belfast J Gamble Law A B Griffiths Bath H N Iley Brampton M Leto St Albans A I Mayo Caterham A L McIlhinney Chew Magna Mrs J M Michael Maidenhead D N Roberts Carshalton P J Symons Exeter S Tomlinson Lancaster P J Young Maesteg **Secretary & Director of Operations** A B Griffiths **Financial Administrator** Miss R C Daws **Registered Office & Principal Office** 122 Wells Road, Bath, BA2 3AH **Charity Number** 234558 **Company Number** 00058569 **Auditors** Mazars LLP, 90 Victoria Street, Bristol, BS1 6DP **Bankers** NatWest, City of Bath, First Floor, 24-25 Stall Street, Bath BA1 1QF **Investment Adviser** Mercer Ltd, The Paragon, Counterslip, Bristol, BS1 6BX **Investment Managers** Cordea Savills, Lansdowne House, 33 Market Street, London, W1G 0JD CQS Investment Management Ltd, 5[th] Floor, 33 Grosvenor Place, London, SW1X 7HY **Investment Managers** J P Morgan **,** 60 Victoria Embankment, London, EC4Y 0JP Ruffer LLP, 80 Victoria Street, London, SW1E 5JL 8 ## **STEWARDS COMPANY LIMITED** ## _**REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ Mercer Global Investment Europe, 78 Sir John Rogerson’s Quay, Dublin 2, Ireland **Solicitors** Anthony Collins, 134 Edmund Street, Birmingham B3 2ES Loosemores, Alliance House, 18/19 High Street, Cardiff, CF1 2BP Burges Salmon, 1 Glass Wharf, Bristol, BS2 0ZX 9 ## **STEWARDS COMPANY LIMITED** ## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF STEWARDS COMPANY LIMITED** _**______________________________________________________________________**_ ## **Opinion** We have audited the financial statements of Stewards Company Limited (the ‘charity’) for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Statement of Changes in Equity, 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 FRS 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: - give a true and fair view of the state of the charity’s affairs as at 31 December 2021 and of its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **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 charity 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 directors’ 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 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 directors 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 Annual Accounts, 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. 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. 10 ## **STEWARDS COMPANY LIMITED** ## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF STEWARDS COMPANY LIMITED** _**______________________________________________________________________**_ We have nothing to report in this regard. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Trustees’ Report which includes the Directors’ Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Directors’ Report included within the Annual Report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Annual Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specific by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Trustees’ Report and from the requirement to prepare a Strategic Report. ## **Responsibilities of Trustees** As explained more fully in the trustees’ responsibilities statement set out on pages 6 and 7, the trustees (who are also the directors of the charitable company for the purposes of company law) 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. ## **Auditor’s responsibilities for the audit of the financial statements** 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. 11 STEWARDS COMPANY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STEWARDS COMPANY LIMITED The extent to which our procedures are capable of detecting irregUlar￿eS, including fraud is detailed below. I￿egUlaTItle5. including fraud, are instances of non Date: 5 May 2022 13 ## **STEWARDS COMPANY LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ |**Notes**
**Income and Endowments from:**
Investments
4
Charitable activities
5
Other income
6
**Total income**
**Expenditure**
Raising funds
- Investment management costs
Charitable activities
- Advancement of religion
7
**Total expenditure**
Net gains on investments
**Net (expenditure)/income**
Gross transfers between funds
18,19
**Net movement in funds**
Total funds brought forward at 1 January 2021
Total funds carried forward at 31 December 2021|**Unrestricted**
**Funds**
**£**
3,579,701
7,999
61,935
3,649,635
302,859
5,838,398
6,141,257
311,808
(2,179,814)
2,325,422
145,608
3,055,557
3,201,165|**Endowment**
**Funds**
**£**
-
-
-
-
-
-
-
17,479,392
17,479,392
(2,325,422)
15,153,970
150,156,758
165,310,728|**2021**
**Total**
**£**
3,579,701
7,999
61,935
3,649,635
302,859
5,838,398
6,141,257
17,791,200
15,299,578
-
15,299,578
153,212,315
168,511,893|**2020**
**Total**
**£**
3,002,943
15,314
13,931| |---|---|---|---|---| |||||3,032,188| |||||313,332
6,153,116| |||||6,466,448| |||||10,011,703| |||||6,577,443
-| |||||6,577,443
146,634,872| |||||153,212,315| All amounts relate to continuing activities. 14 ## **STEWARDS COMPANY LIMITED** ## **SUMMARY INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ |**Notes**
**Income**
Investment income
4
Rental income
5
Other income
6
**Charitable Expenditure**
Home
Overseas
Support and governance costs
7
**Indirect Expenditure**
Investment management costs
**Operating deficit for the year**
Realised gains on investments
**Surplus/(Deficit) for the year**
**STATEMENT OF CHANGES IN EQUITY**
Total funds brought forward
Surplus/(Deficit) for the year
Unrealised gains/(losses) on investments
**Total funds carried forward**||**2021**
**£**
3,579,701
7,999
61,935
3,649,635
3,384,922
1,997,213
456,263
5,838,398
302,859
6,141,257
(2,491,622)
5,649,145
3,157,523
**£**
153,212,315
3,157,523
12,142,055
168,511,893||**2020**
**£**
3,002,943
15,314
13,931
3,032,188
3,298,314
2,489,522
365,280
6,153,116
313,332
6,466,448
(3,434,260)
14,920,841
11,486,581
**£**
146,634,872
11,486,581
(4,909,138)| |---|---|---|---|---| |||||| |||||| |||||| |||||| |||||| |||||| |||||| |||||153,212,315| 15 ## **STEWARDS COMPANY LIMITED** ## **BALANCE SHEET (company number 58569)** _**AS AT 31 DECEMBER 2021**_ _**______________________________________________________________________**_ |**Notes**
**Fixed Assets**
Tangible assets
12
Investments
13
Investment properties
14
**Current Assets**
Debtors
15
Cash at bank
16
**Creditors**
Amounts falling due within one year
17
**Net Current Assets**
**Total Assets less Current Liabilities**
**Net Assets**
**Funds**
Expendable Endowment Funds
18
Unrestricted Funds
19
**Total Funds**|**2021**
**£**
1,109,909
164,445,615
-
165,555,524
903,723
2,226,992
3,130,715
(174,346)
2,956,369
168,511,893
168,511,893
165,310,728
3,201,165
168,511,893|**2020**
**£**
739,140
148,511,550
255,000| |---|---|---| |||149,505,690| |||1,064,979
2,915,049| |||3,980,028
(273,403)| |||3,706,625| |||153,212,315| |||153,212,315| |||150,156,758
3,055,557| |||153,212,315| The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. Approved and authorised for issue by the Board on 4[th] May 2022 and signed on its behalf by: **G J Davies, Chairman** **A B Griffiths, Secretary** 16 ## **STEWARDS COMPANY LIMITED** ## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ |**Cash flows from operating activities**
Net cash used in operations
**Cash flows from investing activities**
Dividends, interest and rents from investments
Movement in cash held for investment
Sale of investments|**2021**
**£**
**2020**
**£**
(6,052,265)
(6,223,748)
3,587,700
3,018,257
385,395
(167,531)
21,332,826
48,653,751
285,000
450,000
(19,843,933)
(45,097,095)
(382,780)
-| |---|---| |Sale of investment properties|| ||5,364,208
6,857,382| ||(688,057)
633,634
2,915,049
2,281,415| ||2,226,992
2,915,049| ||15,299,579
6,577,443
(17,791,200)
(10,011,703)
-
375
(61,045)
30,268
13,893
-
(3,587,700)
(3,018,257)
12,011
-
161,254
45,283
(99,057)
152,843| ||(6,052,265)
(6,223,748)| 17 **STEWARDS COMPANY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ ## **1. General information** The charity is a charitable company limited by guarantee (registered number 234558 and company number 58569) registered in England. The charity’s registered office is 122 Wells Road, Bath, BA2 3AH. ## **2. Accounting policies** A summary of the more important accounting policies, which have been applied consistently, is set out below:- ## **a) Statement of compliance** The charity’s financial statements have been prepared in compliance 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) (effective 1 January 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. ## **b) Basis of preparation** The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain investments. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £. Comparative information relates to the year ended 31 December 2020. The trustees are confident that the secure level of unrestricted reserves means the charity has a secure future. There are no material uncertainties about the charity’s ability to continue. The accounts have been prepared on a going concern basis. ## **c) Company status** The charity is a company limited by guarantee. The members of the company are the trustees named on page 8. In the event of the charity being wound up the liability in respect of the guarantee is limited to £5 per member of the charity. ## **d) Fund accounting** Expendable endowment funds are those endowment funds where the trust deed has specified that the initial capital could be converted to income. Unrestricted funds are funds where the distribution of income is at the discretion of the trustees. Investment income and gains are allocated to the appropriate fund. Where a trust comprises both an expendable endowment fund and an unrestricted fund it is the policy to transfer sufficient funds from the expendable endowment fund to cover any deficit in the other fund. ## **e) Income** Income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 18 **STEWARDS COMPANY LIMITED** **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ ## **2. Accounting policies (continued)** ## **f) 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. Expenditure is classified by activity. Costs of activities in furtherance of the charity’s objects are grants made by the charity to support Christian charitable projects, both overseas and at home and the support costs relating to this activity. Support costs comprise staff and other costs incurred directly as a result of the charity making grants. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. All resources expended are inclusive of irrecoverable VAT. The company de-registered for VAT at 31 December 2020. Conditional grants are recognised as commitments and are accounted for as expenditure when those conditions are fulfilled. ## **g) Tangible fixed assets and depreciation** Properties vested in the charity as custodian trustee or on similar terms are included in the Balance Sheet at a nominal value of £1, together with the cost of vesting the property and any subsequent expenditure incurred on alterations and improvements if not otherwise charged to revenue. All other assets over £5,000 are capitalised. With regard to the company’s offices at 122 Wells Road, the cost of property, other than land, is depreciated on a straight line basis over 50 years and the cost of plant and machinery is depreciated over 20 years. The assessed cost of land is not depreciated. In the opinion of the trustees it is inappropriate to depreciate the sundry custodian or similar properties vested in the charity as they are held at a nominal value. ## **h) Investment properties** Investment properties are included in the Balance Sheet at their open market value in accordance with FRS102 and are not depreciated. ## **i) Investments** Quoted investments are usually stated at mid-market value. The Statement of Financial Activities includes the net gains and losses on revaluation and disposals throughout the year. Unquoted investments are stated at cost. Cash held for investment purposes is included within fixed asset investments. ## **j) Programme related investments** Programme related investments are included at cost as adjusted for exchange gains and losses. ## **k) 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. 19 **STEWARDS COMPANY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ ## **2. Accounting policies (continued)** ## **l) Debtors** Debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount at which the charity is expected to benefit in a future-period. ## **m) 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. ## **n) 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. ## **o) Taxation** The charity has no liability to corporation tax as it does not engage in any taxable activities. ## **p) Pension costs** The charity operates a qualifying pension scheme and the pension charge in the financial statements represents amounts payable by the charity to the fund for the year in accordance with FRS 102. ## **3. Judgements and key sources of estimation uncertainty** - The preparation of the financial statements requires management to make some judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported for income and expenditure. However, the nature of estimation means that actual outcomes could differ from those estimates. No significant judgements have had to be made by management in preparing these financial statements. ## **4. Investment Income** |Dividends and interest receivable from listed investments
Interest on cash, bank and corporation deposits
**5.**
**Income from charitable activities**
Rental income|Dividends and interest receivable from listed investments
Interest on cash, bank and corporation deposits
**5.**
**Income from charitable activities**
Rental income|**2021**
**£**
3,579,265
436
3,579,701
**£**
7,999|**2020**
**£**
2,998,507
4,436| |---|---|---|---| ||||3,002,943| ||||**£**
15,314| ||||| 20 **STEWARDS COMPANY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ |**6.**
**Other Income**
Other Income
**7.**
**Charitable expenditure**
Home grants
Overseas grants
Support costs (see note 8)
Governance costs (see note 9)
During the year 316 (2020 - 334) grants were awarded
to institutions.
During the year 36 (2020 - 40) grants were awarded to
individuals.
Grants of £100,000 or more were made during the year
Beatrice Laing Trust
Christian Workers Relief Fund
Counties
Gospel Literature Outreach
International Fellowship of Evangelical Students
Retired Missionary Aid Fund
Strategic Resource Group
Tyndale House
UCCF
Other grants made:
34 grants between £25,000 and £99,999
309 grants under £25,000
Total||**2021**
**£**
**2020**
**£**
61,935
13,931
61,935
13,931
**£**
**£**
3,384,922
3,298,314
1,997,213
2,489,522
5,382,135
5,787,836
388,376
304,066
67,887
61,214
5,838,398
6,153,116
**£**
**£**
5,343,685
5,745,636
38,450
42,200
5,382,135
5,787,836
**£**
**£**
the following institutions:
163,801
300,000
371,372
115,000
160,000
240,000
396,998
250,000
260,000
2,257,171
1,353,099
1,771,865
5,382,135|||**2020**
**£**
13,931| |---|---|---|---|---|---| ||||||13,931| ||||||| ||||||| ||||||| ||||||| ||||||| ||||||| ||||||| ||to||||| ||||||| 21 **STEWARDS COMPANY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ ## **8. Support costs** |**8.**
**Support costs**||||| |---|---|---|---|---| |Rent
Property costs
Printing, stationery and telephone
Travel and sundries
General insurance
Overseas property insurance
Consultancy
Legal and professional
Computer and IT implementation
Bank charges
Salaries
Agency staff
Accountancy
Disposal of custodian property
Depreciation
General equipment
Miscellaneous
**9.**
**Governance costs**
Trustees’ meetings
Auditors – audit services
Auditors – non audit services
Salaries
**10. Staff Costs**
Wages and salaries
Social security costs
Social security employer’s allowance
Contribution towards salary costs
Other pension costs|||**2021**
**£**
6,900
30,865
8,570
3,853
1,970
11,497
-
27,846
19,267
2,081
191,824
-
4,608
-
12,011
62,496
4,588
388,376
**£**
11,603
12,000
4,224
40,060
67,887
**£**
193,280
21,754
(4,000)
(2,250)
23,100
231,884|**2020**
**£**
6,500
21,889
5,365
4,954
1,705
8,603
1,836
43,442
14,095
1,748
189,349
768
1,249
375
-
-
2,188| |||||304,066| |||||**£**
4,400
11,700
3,303
41,811| |||||61,214| |||||**£**
191,083
21,577
(4,000)
-
22,500
231,160| The Board of trustees consider that the Committee and the Director of Operations are the key management personnel of the charity. The employee benefits of key management personnel included in staff costs above is a salary of £78,620 (2020 - £79,415) and pension costs of £12,092 (2020 - £14,703). The Director of Operations was reimbursed expenses, mainly for travel, of £154 (2020 - £380). During the year no Trustee received any remuneration or benefits in kind (2020: £nil) in respect of their role as a Trustee. There was an average of 4 employees during the year (2020 - 4), of whom there was one employee (2020 - 1) whose emoluments as defined for taxation purposes amounted to over £60,000 in the year. 22 **STEWARDS COMPANY LIMITED** **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ At the year end no pension contributions were outstanding. ## **11. Trustees’ Reimbursement of Expenses** During the year 16 (2020 - 12) trustees were reimbursed expenses, in accordance with the charity’s Articles of Association, as follows: |Travel to meetings|**2021**
**£**
**2020**
**£**
4,838
4,371| |---|---| General insurance expenditure includes trustee indemnity insurance with cover of £1,000,000. During the year a grant of £1,000 (2020 - £1,000) was awarded to Mr P J Young from the Miss Edwards’ Trust. ## **12. Tangible Assets** |Cost
As at 1 January 2021
Additions
Disposals
Transfers
At 31 December 2021
Depreciation
As at 1 January 2021
Charge for year
As at 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020|**Property**
**£**
**Land**
**£**
**Plant**
**&**
**machinery**
**£**
**Custodian**
**Property**
**£**
**Total**
**£**
736,370
-
-
2,770
739,140
134,783
-
247,997
-
382,780
-
-
-
-
-
(290,000)
290,000
-
-
-| |---|---| ||581,153
290,000
247,997
2,770
1,121,920| ||-
-
-
-
-
5,811
-
6,200
-
12,011| ||5,811
-
6,200
-
12,011| ||575,342
290,000
241,797
2,770
1,109,909| ||736,370
-
-
2,770
739,140| In the opinion of the trustees the market value of the custodian and similar properties is in excess of the amount at which they appear in the financial statements but this value cannot be ascertained with any certainty due to the nature of their use. 23 **STEWARDS COMPANY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ ## **13. Fixed Asset Investments** |Market value at 1 January 2021
Acquisitions at cost
Disposals
Taxes
Investment managers fees
Net gains/(losses) on revaluation
Market value at 31 December 2021
Cash at bank awaiting investment
Historical cost at 31 December 2021|**Quoted**
**Programme**
**related**
**investments**
**As at 31**
**December**
**2021**
**£**
**As at 31**
**December**
**2020**
**£**
145,964,294
1,116,486 147,080,780
140,906,001
19,843,933
-
19,843,933
45,097,095
(21,332,826)
-
(21,332,826)
(48,653,751)
(13,893)
-
(13,893)
-
61,045
-
61,045
(30,268 )
17,756,922
4,279
17,761,201
9,761,703| |---|---| ||162,279,475
1,120,765
163,400,240
147,080,780
1,045,375
-
1,045,375
1,430,770| ||163,324,850
1,120,765
164,445,615
148,511,550| ||155,698,214
1,153,300
156,851,514
151,739,976| Represented by: |||**2021**||**2020**|| |---|---|---|---|---|---| ||**U.K.**|**Overseas**||**U.K.**|**Overseas**| ||**£**|**£**||**£**|**£**| |Government Bonds|8,475,634|5,873,770||3,297,624|6,877,990| |Equities|6,917,908|75,545,149||5,044,114
68,787,027|| |Property|25,264,776|-|22,939,327||-| |Unit Trusts|36,968,318|-|37,452,089||-| |Cash|1,045,375|-||1,430,770|-| |Other|4,354,685|-||2,682,609|-| ||83,026,696|81,418,919|72,846,533
75,665,017||| |The trust had the following investments representing more than 5% of the investment portfolio by value:|||||| |||**2021**||**2020**|| |||**£**|**%**|
**£**|
**%**| |MGI Global Equity Fund||38,025,328|23.1|
31,973,561|
21.7| |Mercer Passive Sustainable Global|Equity|30,374,921|18.5|
29,693,579|
20.0| |CQS Credit Multi Asset Fund||23,345,281|14.2|
22,673,674|
15.3| |Cordea Savills – Charities Property|Fund|24,514,776|14.9|
22,189,327|
15.0| |J P Morgan IIF UK 1 Hedged LP||11,642,672|7.1|
12,038,693|
8.1| |Ruffers UK Govt Bonds||8,475,634|5.2|
3,297,624|
2.2| The programme related investments relate to redeemable loan stock held which it is not intended to redeem in the immediate future. 24 **STEWARDS COMPANY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**______________________________________________________________________**_ ## **14. Investment properties** |Cost
As at 1 January 2021
Additions
Disposal
At 31 December 2021
Depreciation
At 1 January 2021
Charge
Disposals
As at 1 January 2021
Net book value
At 31 December 2021
At 31 December 2020
**Debtors**
Prepayments
Other debtors
**Cash at Bank**
Bank deposits
Bank current account|**2021**
**£**
12,686
891,037|**2021**
**£**
12,686
891,037||**Total**
**£**
255,000
-
(255,000)| |---|---|---|---|---| |||||-| |||||-
-
-| |||||-| |||||-| |||||255,000| |||||**2020**
**£**
12,915
1,052,064| ||903,723|||1,064,979| ||**£**
2,221,411
5,581
2,226,992|||**£**
2,906,841
8,208
2,915,049| |||||| ## **15. Debtors** ## **16. Cash at Bank** 25 **STEWARDS COMPANY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**__________________________________________________________________**_ ## **17. Creditors – amounts falling due within one year** |Investment management charges
Grants payable
Other tax and social security costs
Other creditors
Accruals|**2021**
**£**
90,626
50,225
-
1,580
31,915
174,346|**2020**
**£**
80,643
86,234
88,451
1,580
16,495| |---|---|---| |||273,403| 26 ## **STEWARDS COMPANY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**__________________________________________________________________**_ ## **18. Endowment Funds** |**ndowment Funds**||||||| |---|---|---|---|---|---|---| |Expendable endowments:
The J W Laing Trust
The J W Laing Biblical Scholarship Trust
Estate of Miss M Edwards deceased|**At 1 January**
**2021**
**£**
121,303,067
28,802,450
51,241
150,156,758|**Incoming**
**Endowments**
**£**
-
-
-
-|**Amounts**
**Expended**
**£**
-
-
-
-|**Gains and**
**losses on**
**investments**
**£**
14,098,298
3,381,094
-
17,479,392|**Transfers**
**£**
(1,555,046)
(752,578)
(17,798)
(2,325,422)|**At 31**
**December**
**2021**
**£**
133,846,319
31,430,966
33,443| |||||||165,310,728| The transfers to the Unrestricted Funds of The J W Laing Trust, The J W Laing Biblical Scholarship Trust and the Estate of Miss M Edwards deceased are the net amounts expended of the unrestricted aspect of those funds. ## **Endowments Funds - previous year** |Expendable endowments:
The J W Laing Trust
The J W Laing Biblical Scholarship Trust
Estate of Miss M Edwards deceased
Longlands Road Trust|**At 1 January**
**2020**
**£**
115,677,972
27,877,155
70,715
249,166
143,875,008|**Incoming**
**Endowments**
**£**
-
-
-
-|**Amounts**
**Expended**
**£**
-
-
-
-|**Gains and**
**losses on**
**investments**
**£**
7,752,959
1,880,356
-
9,633,315|**Transfers**
**£**
(2,127,864)
(955,061)
(19,474)
(249,166)
(3,351,565)|**At 31**
**December**
**2020**
**£**
121,303,067
28,802,450
51,241
-| |---|---|---|---|---|---|---| |||||||150,156,758| 27 ## **STEWARDS COMPANY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**__________________________________________________________________**_ ## **19. Unrestricted Funds** |Guarantee Fund
Revenue Account
The J W Laing Trust
The J W Laing Biblical Scholarship Trust
The Barnabas Trust
Estate of Miss M Edwards dec’d|**At 1**
**January**
**2021**
**£**
90
460,704
460,794
-
-
2,594,763
-
3,055,557|**Incoming**
**Resources**
**£**
-
38,810
38,810
2,838,164
709,546
62,911
202
3,649,633|**Amounts**
**Expended**
**£**
-
(127,281)
(127,281)
(4,393,210)
1,462,124)
(140,640)
(18,000)
(6,141,255)|**Gains and**
**losses on**
**investments**
**£**
-
-
-
311,808
-
311,808|**Transfers**
**£**
-
-
1,555,046
752,578
-
17,798|**Transfers**
**£**
-
-
1,555,046
752,578
-
17,798|**At 31**
**December**
**2021**
**£**
90
372,233| |---|---|---|---|---|---|---|---| ||||||||372,323
-
-
2,828,842
-| ||||||2,325,422||3,201,165| The transfers from the Expendable Endowment Funds of The J W Laing Trust, The J W Laing Biblical Scholarship Trust and the Estate of Miss M Edwards deceased are the net amounts expended of those unrestricted funds. 28 ## **STEWARDS COMPANY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**__________________________________________________________________**_ ## **Unrestricted Funds - previous year** |Guarantee Fund
Accumulation Fund
Special Fund
Revenue Account
The J W Laing Trust
The J W Laing Biblical Scholarship Trust
The Barnabas Trust
Estate of Miss M Edwards dec’d
Longlands Road Trust|**At 1**
**January**
**2020**
**£**
85
3,145
38,631
173,616
215,477
-
-
2,538,120
-
6,267
2,759,864|**Incoming**
**Resources**
**£**
5
-
-
10,567
10,572
2,380,507
582,148
56,614
526
1,821
3,032,188|**Amounts**
**Expended**
**£**
-
(375)
-
(114,880)
(115,255)
(4,408,371)
(1,537,209)
(128,359)
(20,000)
(257,254)
(6,466,448)|**Gains and**
**losses on**
**investments**
**£**
250,000
250,000
-
-
128,388
-
-
378,388|**Transfers**
**£**
-
(2,770)
(38,631)
141,401
100,000
2,027,864
955,061
-
19,474
249,166
3,351,565|**At 31**
**December**
**2020**
**£**
90
-
-
460,704| |---|---|---|---|---|---|---| |||||||460,794
-
-
2,594,763
-
-| |||||||3,055,557| 29 **STEWARDS COMPANY LIMITED** **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**__________________________________________________________________**_ ## **20. Funds** Endowment Funds – Expendable endowment funds are those capital funds where the trust deed has specified that the initial capital could be converted to income. Guarantee Fund – The guarantee fund represents a contribution of £5 for each of the present members in accordance with the charity’s Articles of Association. In the financial year in which a person ceases to be a member of the charity their contribution is transferred to the revenue account. Revenue Account – The revenue account represents the assets of the Stewards Company Limited for which a use has, as yet, not been determined. All income is allocated to the revenue account unless otherwise restricted by the donor or specifically designated by the trustees. The J W Laing Trust – This trust is for the benefit of Christian work in the UK and overseas ~~.~~ The object of this trust is defined as “To help the Church of Jesus Christ to fulfil the great commission” (Matthew 28 vv 16-20). The J W Laing Biblical Scholarship Trust – This trust is concerned with matters covering Bible Studies generally and also benefits certain work connected with students and undergraduates which was specifically mentioned by the original donor. The Barnabas Trust – The Barnabas Trust is for charitable purposes. Estate of Miss M Edwards deceased – The income is distributed among full time Christian workers connected with Wales. _**______________________________________________________________**_ **STEWARDS COMPANY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**__________________________________________________________________**_ ## **20. Analysis of Net Assets between Funds** ||**Tangible**
**fixed**
**assets**
**£**
1,107,139
-
-
1,107,139
-
2,770
2,770
-
-
2,770
1,109,909|**Investments**
**(including**
**programme**
**related**
**investments)**
**£**
130,784,409
30,987,746
-
161,772,155
-
-
-
2,673,458
-
2,673,458
164,445,613|**Net**
**current**
**assets**
**£**
1,954,771
443,220
33,443
2,431,434
90
369,463
369,553
155,384
-
524,937
2,956,371|**Total**
**net assets**
**£**
133,846,319
31,430,966
33,443| |---|---|---|---|---| |||||| |**Expendable Endowment funds**||||| |The J W Laing Trust||||| |The J W Laing Biblical Scholarship Trust||||| |Estate of Miss M Edwards deceased||||| |||||165,310,728
90
372,233| |||||| |**Unrestricted Funds**||||| |Guarantee Fund||||| |Revenue Fund||||| |||||372,323
2,828,842
-| |||||| |Barnabas Trust||||| |Estate of Miss M Edwards deceased||||| |||||3,201,166| |Total Funds||||168,511,894| 31 **STEWARDS COMPANY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**__________________________________________________________________**_ ## **Analysis of Net Assets between Funds-previous year** ||**Tangible**
**fixed**
**assets**
**£**
736,370
-
-
736,370
-
2,770
2,770
-
-
2,770
739,140|**Investments**
**(including**
**programme**
**related**
**investments)**
**£**
117,872,952
28,351,228
-
146,224,180
-
-
-
2,542,370
-
2,542,370
148,766,550|**Net**
**current**
**assets**
**£**
2,693,745
451,222
51,241
3,196,208
90
457,934
458,024
52,393
-
510,417
3,706,625|**Total**
**net assets**
**£**
121,303,067
28,802,450
51,241| |---|---|---|---|---| |||||| |**Expendable Endowment funds**||||| |The J W Laing Trust||||| |The J W Laing Biblical Scholarship Trust||||| |Estate of Miss M Edwards deceased||||| |||||150,156,758
90
460,704| |||||| |**Unrestricted Funds**||||| |Guarantee Fund||||| |Revenue Fund||||| |||||460,794
2,594,763
-| |||||| |Barnabas Trust||||| |Estate of Miss M Edwards deceased||||| |||||3,055,557| |Total Funds||||153,212,315| ## **21. Grant Commitments** The company is committed to paying the following grants: |Within 1 year
Within 2 to 5 years|**2021**
**£**
886,527
624,500
1,511,027|**2020**
**£**
588,682
214,477| |---|---|---| |||803,159| ## **22. Related Party Transactions** During the year the company paid grants to charitable institutions that have trustees in common with Stewards Company Limited. In such cases the trustees concerned absented themselves from the decision-making process when grants were discussed. From August 2021 the company has provided the services of an administrator and rented a small office to Western Counties and South Wales Evangelization Trust (charity number 234557), of which Mr G J Davies and Mr P J Symons are also trustees. All transactions and charges are treated at arm’s length. 32 ## **STEWARDS COMPANY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ _**__________________________________________________________________**_ ## **23. Prior year Statement of Financial Activities** |**Notes**
**Income and Endowments from:**
Investments
4
Charitable activities
5
Other income
6
**Total income**
**Expenditure**
Raising funds
- Investment management costs
Charitable activities
- Advancement of religion
7
**Total expenditure**
Net gains on investments
**Net (expenditure)/income**
Gross transfers between funds
18,19
**Net movement in funds**
Total funds brought forward at 1 January 2020
Total funds carried forward at 31 December 2020|**Unrestricted**
**Funds**
**£**
3,002,943
15,314
13,931
3,032,188
313,332
6,153,116
6,466,448
378,388
(3,055,872)
3,351,565
295,693
2,759,864
3,055,557|**Endowment**
**Funds**
**£**
-
-
-
-
-
-
-
9,633,315
9,633,315
(3,351,565)
6,281,750
143,875,008
150,156,758|**2020**
**Total**
**£**
3,002,943
15,314
13,931| |---|---|---|---| ||||3,032,188| ||||313,332
6,153,116| ||||6,466,448| ||||10,011,703| ||||6,577,443
-| ||||6,577,443
146,634,872| ||||153,212,315| 33