THE PROTESTANT ALLIANCE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Charity Registration Number 237987
THE PROTESTANT ALLIANCE (Charity Registration Number 237987)
CONTENTS
| CONTENTS | |
|---|---|
| REPORTS | Page |
| Report of the Trustees | 1 - 3 |
| Report of the Independent Examiner | 4 |
| FINANCIAL STATEMENTS | |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 -13 |
THE PROTESTANT ALLIANCE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their annual report and financial statements of the charity for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16 July 2014.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The Council Members confirm that they have complied with their duties under section 17(5) of the Charities Act 2011 to refer to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities.
The objects of the Protestant Alliance are:
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To bring the saving faith of the Lord Jesus Christ to Roman Catholics, AngloCatholics and to all those not knowing the Scriptures or the power of God.
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To maintain against all encroachment the Scriptural Doctrines of the Reformation and the principles of religious liberty. Where possible to relieve poverty and advance religion among persecuted Protestants.
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To seek to preserve the purity of the Gospel as recorded in the Holy Scriptures.
REVIEW OF ACHIEVEMENTS AND PERFORMANCE DELIVERING PUBLIC BENEFIT
The benefits of the work of Protestant Alliance are the dissemination and distribution of information about the Scriptural Doctrines of the Reformation and the relief of poverty and advancement of religion among persecuted Protestants. These are achieved by:
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Producing a periodical entitled “The Reformer”.
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A preaching and lecturing ministry by Mr Charles Scott-Pearson and Mr Marco Reale.
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Bearing witness at Protestant Martyr Commemoration meetings, principally in areas of England which were badly affected by the Marian persecution of Protestants from 1553 to 1558.
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Attending County and Agricultural shows.
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Supporting the Protestant cause in Lithuania by helping with the provision of good Biblical literature.
It is the firm and unshakeable position of the Protestant Alliance that the preaching of the Christian Gospel is beneficial not only to those who hear and respond positively to it, but also to society as a whole. History shows that when Biblical principles have been the bedrock of society there has been a general peace and tranquillity. As Biblical principles have receded in British society we have seen a dramatic increase in crime and disorder, particularly violent crime. The public benefit of Biblical preaching to society is immeasurable.
The Council confirm that they have complied with their duties under section 17(5) of the Charities Act 2011 to refer to the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning future activities.
The Trustees are grateful for the assistance of volunteers in administration at nil cost to the charity.
FINANCIAL REVIEW
FINANCIAL REPORT FOR THE YEAR
Details of the financial position of the Protestant Alliance for the year ended 31 March 2021 are shown on pages 5 to 13. The funds have been applied to the objects of the
charity in accordance with the Statement of Financial Activities on page 5.
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THE PROTESTANT ALLIANCE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED) FINANCIAL REVIEW (CONTINUED)
Total income received for the year was £63,622 (2020: £75,738) of which £1,946 (2020: £2,694) was restricted. Total expenditure was £104,393 (2020: £128,576) of which £- (2020: £1,867) was from restricted funds. The deficit on General Unrestricted Fund was £42,717 (2020: £53,665). The surplus on Restricted Funds was £1,946 (2020: £827). The overall deficit was £40,771 (2020: £52,838).
The Protestant Alliance has been operating on a deficit on the General Fund for some years which has resulted in its reserves being progressively diminished. With the need to reduce ongoing operating costs in mind, the Trustees decided on 10 April 2021 to engage in a redundancy scheme, and Mr Marco Reale was made redundant at an approximate cost to the charity of £18,500. In August 2021 the freehold investment property was sold, which greatly improved liquidity. Present levels of voluntary income excluding legacies are inadequate to sustain current levels of expenditure. Nevertheless the Council is grateful to supporters for their continued sacrificial giving. Funds are raised almost entirely through the freewill giving of supporters. Funds are not raised in any way from the general public. The Trustees are encouraged by the promise of legacies, uncertain in amount and timing, which will help future finances.
There are no restrictions on the Trustees’ power to invest although their policy is to invest in low-risk investments, and having regard to social, environmental and ethical considerations.
The COVID-19 pandemic and the consequent lockdowns imposed worldwide have meant that meetings to promote the work of the Protestant Alliance, worship services on Lord’s days and county and agricultural shows have been cancelled. This has had a direct effect on the income of the charity during the year.
GRANT-MAKING POLICY
It is the policy of the Council to make grants from time to time in accordance with the charity’s objectives. Grants of £- (2020: £1,438) were made for the Protestant cause in Lithuania.
RESERVES POLICY
It is the policy of the Council to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately three months unrestricted expenditure.
FINANCIAL POSITION AT THE YEAR END
The Unrestricted General Fund carried forward was £318,385 (2020: £361,102). Restricted Funds carried forward were £16,429 (2020: £14,483).
PLANS FOR THE FUTURE
The Council and staff will continue to publish and distribute “The Reformer”, arrange events, preach, and witness to bring the saving faith of the Lord Jesus Christ to others in the light of Holy Scripture.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust is a registered charity, number 237987, and is governed by a constitution dated 3 October 1992. The Trustees are the members of the Council of Management who are
elected by members at the Annual General Meeting. They are appointed for one year. Names of prospective Council Members are considered by the Council and proposed at the Annual General Meeting. The Chairman, Deputy Chairman and Clerk are appointed by the Council every year.
TRUSTEES AND MEMBERS OF COUNCIL
C Banks (Chairman) D E Fayers C J David H W Philpott (Clerk/Minutes Secretary) F Raynsford (Deputy Chairman) J M Saunders (Retired October 2020) A P Toms M Aldridge A J Williams
M Mullins (From November 2020)
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THE PROTESTANT ALLIANCE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED) STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)
LIFE MEMBERS OF THE COUNCIL T F Cook G Glassbrook PRINCIPAL OFFICE 7 Jubilee Cottages Station Road Marston Moretaine Bedford MK43 0PN OFFICE HOLDERS C W Scott-Pearson (General Secretary) M A Reale (Admin Secretary to 30 April 2021) K W Burden (Hon Treasurer) INDEPENDENT EXAMINER M D Smith FCA 47 The Willows Little Harrowden Wellingborough Northants NN9 5BJ BANKERS Barclays Bank plc 3 Station Road Flitwick Bedford MK45 1JS
TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The charity Trustees are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the Trustees on 15 January 2022 and signed on their behalf by:
C BANKS Chairman
THE PROTESTANT ALLIANCE
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE PROTESTANT ALLIANCE
I report to the Trustees on my examination of the accounts of The Protestant Alliance (‘the Trust’) for the year ended 31 March 2021, which are set out on pages 5 to 13.
RESPONSIBILITIES AND BASIS OF REPORT
As the Charity’s Trustees you are responsible for the preparation of the accounts of the Trust in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the Act.
INDEPENDENT EXAMINER’S STATEMENT
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
M D Smith FCA 47 The Willows Little Harrowden Wellingborough Northants NN9 5BJ
15 January 2022
THE PROTESTANT ALLIANCE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Funds | Income | Funds | |||
| Funds | |||||
| Notes | Funds | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| INCOMING RESOURCES | |||||
| Donations and legacies | 2 | 61,540 | 1,940 63,480 | ||
| 74,033 | |||||
| Sale of books and pamphlets | 4 | 31 | - | 31 | 974 |
| Investments | 3 | 105 | 6 | 111 | 731 |
| _ | _____ | _ | ______ | ||
| TOTAL INCOMING RESOURCES | 61,676 | 1,946 | 63,622 | 75,738 | |
| _ | _____ | _ | ______ | ||
| RESOURCES EXPENDED | |||||
| Cost of books and pamphlets for sale | 4 | 18 | - | 18 | 904 |
| Charitable activities | 5 | 104,375 | - | 104,375 | 127,672 |
| _ | _____ | _ | _ | ||
| TOTAL RESOURCES EXPENDED | 104,393 | - | 104,393 | 128,576 | |
| _ | _____ | _ | _ | ||
| Net income / (expenditure) for the | year | (42,717) | 1,946 | (40,771) | (52,838) |
| Transfers between funds | - | - | - | - | |
| _ | _____ | ______ | _ | ||
| NET MOVEMENT IN FUNDS | (42,717) | 1,946 | (40,771) | (52,838) | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 361,102 | 14,483 | 375,585 | 428,423 | |
| TOTAL FUNDS CARRIED FORWARD | £318,385£16,429 £334,814 | ||||
| £375,585 |
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THE PROTESTANT ALLIANCE
BALANCE SHEET AT 31 MARCH 2021
| Unrestrict ed Fu nds £ 39,218 240,392 279,610 605 1,117 6 41,411 43,139 (4,364) 38,775 318,385 318,385 |
Restrict ed Income Funds £ - - - - 116 16,571 (258) 16,429 - 16,429 16,429 16,429 |
|||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Total | Total | |||
| Funds | Funds | |||
| Note s |
£ | £ | ||
| FIXED ASSETS | ||||
| Tangible Fixed Assets 8 |
39,218 | 45,093 | ||
| Fixed Asset Investments 9 |
240,39 2 |
240,39 2 |
||
| Total Fixed Assets | 279,61 0 |
285,48 5 |
||
| CURRENT ASSETS | ||||
| Stocks 10 |
605 | 529 | ||
| Debtors 11 |
1,233 | 1,513 | ||
| Charities Deposit Funds | 16,577 | 69,882 | ||
| Cash at Bank and in Hand | 41,153 | 22,759 | ||
| Total Current Assets | 59,568 | 94,683 | ||
| CREDITORS: Amounts falling due |
||||
| within one year 12 |
(4,364) | (4,583) | ||
| NET CURRENT ASSETS | 55,204 | 90,100 | ||
| TOTAL ASSETS LESS CURRENT |
334,81 4 |
375,58 5 |
||
| LIABILITIES | ||||
| FUNDS OF THE CHARITY | ||||
| Restricted Funds 14 |
16,429 | 14,483 | ||
| Unrestricted Funds | 318,38 5 |
361,10 2 |
||
| TOTAL CHARITY FUNDS | 318,385 | 16,429 | 334,81 4 |
375,58 5 |
|---|---|---|---|---|
These financial statements were approved by the Trustees on 15 January 2022 and signed on their behalf by
C BANKS Chairman
6
THE PROTESTANT ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1 ACCOUNTING POLICIES
(a) Basis of preparation and assessment of going concern
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared on a going concern basis although the Trustees are aware that present levels of voluntary income excluding legacies are inadequate to sustain the current levels of expenditure. The Trustees’ judgement is that the charity remains a going concern.
Assets and liabilities are initially recognised at historical cost or transaction value unless it is otherwise stated in the relevant accounting policy notes.
(b) Funds structure
The charity has both unrestricted and restricted income funds.
Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor. Further details of each fund are disclosed in note 14.
(c) Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations are recognised when the charity has been notified in writing of both the amount and settlement date.
Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
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(d) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenditure including support costs and governance costs is shown in note 6 under applicable headings.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
(e) Allocation of support and governance costs
Support costs in relation to charitable activities have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice including costs related to independent examination.
THE PROTESTANT ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
1 ACCOUNTING POLICIES (CONTINUED)
(f) Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at an average rate of exchange for the year. Exchange differences are taken into account in arriving at the net surplus or deficit.
(g) Tangible fixed assets and depreciation
All assets costing more than £500 are capitalised and valued at historical cost.
Depreciation is charged on:
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plant and equipment (office studio) at 10% per annum on reducing balance
-
plant and equipment (other) at 25% per annum on reducing balance
-
motor vehicles at 25% on reducing balance.
(h) Fixed asset investments
Investment property is valued at fair value at the balance sheet date, which is the estimated market value when compared to similar properties in the locality.
(i) Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their carrying value. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
(j) Stocks
Stocks, comprising books and literature, are valued at fair value, the lower of cost and net realisable value.
(k) Pensions
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The charity has operated a defined contribution “money purchase” scheme during the year. The charity contribution is restricted to the contributions disclosed in note 7. The costs of the defined contribution scheme are included within support costs in note 6. All paid staff are enrolled in the National Employment Superannuation Trust (NEST).
THE PROTESTANT ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| 2 | DONATIONS AND LEGACIES | ||||
| Donations, gifts, and subscriptions | 51,443 | 1,940 | 53,383 | 45,445 | |
| (including Gift Aid tax recoverable) | |||||
| Oferings at meetings | 6,380 | - | 6,380 | 18,588 | |
| Legacies | 3,717 | - | 3,717 | 10,000 | |
| _ | _____ | _ | ______ | ||
| £61,540 | £1,940 | £63,480 | £74,033 | ||
| _ | _____ | _ | ______ | ||
| 3 | INVESTMENT INCOME | ||||
| Interest on cash deposits | £105 | £6 | £111 | £731 |
4 BOOKS AND PAMPHLETS
The charity derived income of £31 (2020: £974) from sales of books and pamphlets with a corresponding cost of £18 (2020: £904), resulting in a trading profit of £13 (2020: £70).
| 5 | ANALYSIS OF EXPENDITURE ON CHARITABLE | ANALYSIS OF EXPENDITURE ON CHARITABLE | ACTIVITIES | ACTIVITIES | ||
|---|---|---|---|---|---|---|
| Grants made | - | - | - | 1,438 | ||
| Governance costs | 6 | - | - | - | - |
| Support costs 6 104,375 ______ £104,375 |
- 104,375 126,234 _ _ ____ £- £104,375 £127,672 |
|---|---|
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THE PROTESTANT ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
6 SUPPORT COSTS
Support costs in relation to charitable activities are given below: -
| 2021 | 2021 | 2020 | 2020 | ||
|---|---|---|---|---|---|
| £ | |||||
| £ | |||||
| GENERAL SUPPORT | |||||
| Stationery, Printing and Postage, including “The Reformer” | 3,570 | ||||
| 8,562 | |||||
| IT costs | 391 | ||||
| 1,117 | |||||
| Consumable equipment | 1,151 | ||||
| 1,935 | |||||
| Travel, motor and accommodation | 3,302 | ||||
| 14,431 | |||||
| Staf costs (Note 7) | 81,992 | ||||
| 83,495 | |||||
| Books and reports | 147 |
449 | |||
| Premises and ofce costs | 6,801 | ||||
| 6,742 | |||||
| Depreciation and losses on disposals | 7,544 | ||||
| 9,166 | |||||
| Loss/(gain) on exchange rate | (523) | ||||
| 337 | |||||
| ______ | |||||
| _ | |||||
| 104,375 | |||||
| 126,234 | |||||
| GOVERNANCE | |||||
| Independent examination | - |
- | |||
| _ | __ | ||||
| TOTAL |
£104,375 | ||||
| £126,234 |
|||||
| 7 | STAFF COSTS | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Gross Salaries | 73,284 | 73,284 | |||
| Employer’s National Insurance | 5,044 | 6,106 | |||
| Employer’s Pension Contributions (Note 15) | 3,664 | ||||
| 4,105 | |||||
| £81,992 | £83,495 |
No employee received emoluments in excess of £60,000 during the year. The average monthly head count was 2 staff (2020: 2) and the average number of fulltime equivalent employees (including part-time staff) during the year was 2 (2020: 2).
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Employee benefits in the form of cars are provided to the General Secretary and to the Administrative Secretary for travel to preaching and lecture engagements and county shows. Private use is allowed but at the individual’s own expense.
THE PROTESTANT ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
8 TANGIBLE FIXED ASSETS
| Cost or Valuation At 1 April 2020 18,085 Additions - Disposals - At 31 March 2021 18,085 Depreciation At 1 April 2020 Charge for the year Disposals - At 31 March 2021 21,178 10,456 Net Book Value At 31 March 2021 At 31 March 2020 |
Freehold Plant and Motor Total Property Equipment Vehicles £ £ £ £ 69,806 - 51,721 1,669 - 1,669 (623) - (623 ) 70.852 - 52,767 24,713 - 16,800 7,913 7,348 - 4,805 2,543 (427) - (427) 31,634 - £39,218 £- £31,589 £7,629 £45,093 £- £34,921 £10,172 |
|---|---|
9 FIXED ASSET INVESTMENTS
2021
2020
Freehold Property £240,392
£240,392
A freehold house in Manor Road, Marston Moretaine, held as an investment property, has been stated in the balance sheet at acquisition cost plus renovation expenditure, which was deemed to be fair value.
10 STOCK
Books and Literature £605 £529
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THE PROTESTANT ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
| 2021 2020 £ £ 11 DEBTORS Other Debtors and Prepayments - Income Tax Recoverable 1,232 £1,232 12 LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR Social Security and other Taxes 3,955 Accruals 409 £4,364 |
303 1,210 £1,513 3,989 594 £4,583 |
|---|---|
13 UNRESTRICTED FUNDS
Unrestricted Funds included a Designated Fund of £- (2020: £53) to make provision for the future financial needs of the General Secretary. The Council agreed in November 2020 that this Designated Fund was no longer required.
14 RESTRICTED FUNDS
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At 1 April Incoming Outgoing At 31 March 2020 Resources Resources Transfers 2021 £ £ £ £ £ Lithuanian General Fund 11,805 1,901 - - 13,706 Protestant Memorial Fund 2,317 3 - - 2,320 Harding Memorial Fund 361 42 - - 403 £14,483 £1,946 £ - £ - £16,429
The Lithuanian General Fund was established to provide resources for work within Lithuania in accordance with the objects of the charity.
The Protestant Memorial Fund was originally established as the Oxford Memorial Fund to renovate a Martyrs Memorial in Oxford.
The Thomas Harding memorial at Chesham needs to be renovated and the Harding Memorial Fund for this purpose is being deployed in support of a third-party initiative.
THE PROTESTANT ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
15 PENSION SCHEME
The charity operated a defined contribution scheme during the year. The assets of the scheme are held separately from those of the charity in independently administered funds. The employer’s pension contributions paid during the year amounted to £3,664 (2020: £4,105). The charity had no material outstanding obligations at the year end.
16 TRANSACTIONS WITH TRUSTEES
No trustee received remuneration or reimbursement of expenses during the year (2020: nil).
17 CONTINGENT ASSETS
The charity has been notified that it is the beneficiary under wills of people who have died recently. However at the present time it is not practicable to quantify the amounts which might ultimately eventuate to the charity.
18 EVENTS AFTER THE END OF THE REPORTING PERIOD
In April 2021 the Trustees of the charity decided to engage in a redundancy scheme, as a consequence of which Mr Marco Reale was made redundant. Mr Reale left the charity’s employment on 30 April 2021. The redundancy cost to the charity totalled approximately £18,500.
In August 2021 the charity sold the freehold investment property at Manor Road, Marston Moretaine for approximately £260,000, a sum in excess of book value (see Note 9).
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