2021-03-31-accounts - The Protestant Truth Society (Inc)

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Contents
			Page
Legal and Administrative Information
Council Members'	Report		2-9
Independent Auditor's Report			10-12
Statement of Financial Activities			13
Balance Sheet			14
Statement ofCash	Flows		15
Notes forming part	ofthe financial statements		16-25
The following pages do not form part ofthe statutory		financial statements
Detailed Statement	of Financial Activities		26-27
Bookshop Trading	and Profit and Loss Account		28

		Notes	Unrestricted	Restricted	Endowment	2021	2020
			funds	funds	funds
				f	f.
income
Donations and legacies			22,462	374		22,836	21,434
Charitable activities:
Bookshop			20,771			20,771	38,792
Magazine			3,126			3,126	4,633
investments			103,726			103,726	114,265
Total income			150,085	374		150,459	179,124
Expenditure
Raising funds		3	54,592			54,592	50,141
Charitable activities		4	145,527	1,163		146,690	167,454
Total expenditure			200,119	1,163		201,282	217,595
Net income/(expenditure)
before net gains/(losses)
on investments			(50,034)	(789)		(50,823)	(38,471)
Net gains/(losses) on
investments		11	25,402			25,402	115,075
Net income/(expenditure)			(24,632)	(789)		(25,421)	76,604
Other recognised gains/(losses)
Net movement in funds			(24,632)	(789)		(25,421)	76,604
Total funds brought	forward		3,200,482	14,204	7,500	3,222,186	3,145,582
Total funds carried forward			3,175,850	13,415	7,500	3,196,765	3,222,186

			Notes	2021	2020
				f	E
Fixed assets
Tangible assets			9	1,348,517	1,361,586
Investments			10	2,222,759	2,215,517
				3,571,276	3,577,103
Current assets
Stock Debtors Investments Cash at bank and	in	hand	12	50,301 7,448 8,670 31,872	51,314 11,253 8,548 39,818
				98,291	110,933
Current liabilities
Creditors: Amounts		falling due
within one year			13	(32,939)	(30,305)
Net current assets				65,352	80,628
Total assets less current liabilities				3,636,628	3,657,731
Creditors: Amounts		falling due
after more than	one year		14	(439,863)	(435,545)
Total net assets				3,196,765	3,222,186
Funds
Unrestricted funds Restricted funds			15 16	3,175,850 13,415	3,200,482 14,204
Endowment funds			17	7,500	7,500
Total funds carried		forward	18	3,196,765	3,222,186

		Notes	2021	2020
			6
Net cash (utilised in) operating activities		21	(130,091)	(134,582)
Cash flows from investing activities
Interest received			100	58
Dividends received Rental income (Purchase) oftangible fixed assets Sale/(purchase) of listed investments			3,910 99,716 (3,937) 18,160	4,443 109,764 (100)
Net cash flows from investing activities			117,949	114,165
Cash flows from financing activities
Bank loans raised			4,318
Net cash flows from financing activities			4,318
Net (decrease) in cash and cash equivalents			(7,824)	(20,417)
Cash and cash equivalents at beginning	ofyear		48,366	68,783
Cash and cash equivalents at end ofyear			40,542	48,366
Reconciliation to cash at bank and in hand
Cash at bank and in hand			31,872	39,818
Cash equivalents			8,670	8,548
Cash and cash equivalents			40,542	48,366

2. Investment	income
				2021	2020
				f	f
Rental income				99,716	109,764
Dividend income Interest receivable				3,910 100	4,443 58
				103,726	114,265
3. Cost ofraising funds
		Direct	Support
		Costs f	costs	2021 f	2020 f
Cost of raising	funds	44,506	10,086	54,592	50,141
4. Charitable	activities
		Activities
		undertaken	Support
		directly	costs	2021	2020
			f	f	f
Bookshop		14,707	72,581	87,288	102,686
Publications		11,149	17,095	28,244	30,975
Wickliffe Preachers Other including advertising		17,879	11,529	29,408	32,504
and conferences		1,750		1,750	1,289
		45,485	101,205	146,690	167,454

The major components	The major components	The major components	ofgovernance	ofgovernance	costs	are:
							2021	2020
							6	6
Legal and professional		fees
Audit fees Non-audit remuneration			paid	to auditors:			3,787	3,694
Accountancy fees							874	854
Other costs							617	892
							5,278	5,440
7. Staff numbers	and		costs
							2021	2020
							6
Wages and salaries Employer's national Pension costs	insurance			costs			76,740 2,235 7,196	75,792 3,185 7,389
							86,171	86,366
The average monthly		number		ofemployees		was:
							2021	2020
							Number	Number
Administration and	bookshop
Wickliffe Preachers	and		Time Travellers		Club

	Land and	Equipment	Total
	buildings	fixtures and
		fittings
		E
Cost or valuation
At 1April 2020 Additions Oisposals	1,425,000	1,050 3,937	1,426,050 3,937
At 31March 2021	1,425,000	4,987	1,429,987
Depreciation
At 1April 2020 Charge for the year	64,044 16,011	420 995	64,464 17,006
On disposals
At 31March 2021	80,055	1,415	81,470
Net book value
At 31March 2021	1,344,945	3,572	1,348,517
At 31March 2020	1,360,956	630	1,361,586

			2021	2020
			E	E
Long-term	leasehold	premises	1,344,945	1,360,956

a) Investment properties
							2021	2020
							f	f
Market value at 1April 2020 Additions, at cost							2,080,000	1,950,000
Disposals, at opening market	value
Net gain on revaluation								130,000
Market value at 31March 2021							2,080,000	2,080,000
The society's investment properties were knowledge ofthe properties and market investment properties at 31March 2021		valued by the Council information available was f1710519(2020				Members at 31March on public websites. The -f1710519).		2021based upo historical cost o
b) Listed investments
							2021	2020
							f	f
Market value at 1April 2020							135,517	150,342
Additions, at cost								100
Disposals, at opening market	value						(12,696)
Net gain/(loss) on revaluation							19,938	(14,925)
Market value at 31March 2021							142,759	135,517
Historical cost at 31March 2021							125,216	145,697
Total fixed asset investments,	at market	value					2,222,759	2,215,517
11.Gains and losses on revaluations		and disposals of investment					assets
							2021	2020
							f	f
Net gain/(loss) on revaluation	of investment		properties		(note 10a)			130,000
Net gain/(loss) on revaluation	of listed investments			(note 10b)			19,938	(14,925)
Net gain on disposal of listed	investments						5,464
							25,402	115,075

			2021	2020
			f	f
Trade debtors			221	204
Prepayments and accrued Other debtors		income	1,887 5,340	2,244 8,805
			7,448	11,253
13. Creditors: amounts		falling due within one year
			2021	2020
			6	6
Trade creditors			1,387	6,198
Accruals and deferred Other creditors	income		27,710 2,423	24,107
Taxation and social security			1,419
			32,939	30,305
14. Creditors: amounts		falling due after more than one year
			2021	2020
			s	6
Bankloans			439,863	435,545

		Balance at	Incoming	Resources	Transfers	Balance at
		1Apr 2020 f	resources	expended f	f	31Mar 2021 f
Revaluation	reserve
(land and buildings)		1,322,957			(15,564)	1,307,393
Fair value reserve
(investments)		359,300	19,938		7,785	387,023
General fund		1,518,225	155,549	(200,119)	7,779	1,481,434
		3,200,482	175,487	(200,119)		3,175,850
16. Restricted funds
		Balance at	Incoming	Resources	Transfers	Balance at
		1Apr 2020 f	resources	expended f		31Mar 2021
Ladies' Union	ofWorkers	13,997	214	(1,163)		13,048
Time Travellers Club		207	160			367
		14,204	374	(1,163)		13,415

	Endowment	Unrestricted	Restricted	2021	2020
	funds	funds	funds
	6	6	f
Fund balances at 31March 2021
are represented by:
Tangible fixed assets Fixed asset investments Net current assets Creditors beyond one year	7,500	1,348,517 2,222,759 44,437 (439,863)	13,415	1,348,517 2,222,759 65,352 (439,863)	1,361,586 2,215,517 80,628 (435,545)
	7,500	3,175,850	13,415	3,196,765	3,222,186

		2021	2020
		6	E
Net income/(expenditure) Adjustment for:		(25,421)	76,604
Investment income Net gains/(losses) on investments		(103,726) (25,402)	(114,265) (115,075)
Deficit on Society's charitable activities Adjustment for:		(154,549)	(152,736)
Depreciation		17,006	16,221
Operating deficit before movement	in working capital	(137,543)	(136,515)
Decrease in stock Decrease in debtors		1,013 3,805	2,162 6,420
Increase/(decrease) in creditors		2,634	(6,649)
Cash (utilised in) charitable operations		(130,091)	(134,582)