2021-12-31-accounts

Contents								Page
Report of Directors	the Directors at31"December	2021						1-5 6
Report of	the Auditor							7-9
Statement	ofFinancial Activities		(including		Income and	Expenditure	Account)	10
Balance Sheet								11
Statement	ofCash Flows							12
Notes to the Financial Statements								13-20
Churches	and Associations	for which		the
	Company acts as	Custodian		Trustee				21-23

						2021		2020
					General	Designated	2021	2020
				Note	Funds f	Funds f	Total f	Totalf
Income from:
Charitable activities	- Loan		interest		99,468		99,468	111,066
Investments				2	128,492		128,492	139,409
Donations and legacies					10,500		10500	8 199
Total income					238460		238460	258,674
Expenditure on:
Raising funds
Investment property		management		costs	18,580		18,580	21,956
Charitable activities
Appropriation to London			Baptist
Association					70,000		70,000	70,000
Interest payable on deposits					19,866		19,866	42,654
Support and governance			costs	3	145,377		145377	122423
					235243		235243	235077
Total expenditure					253 823		253,823	257033
Net gains/(losses)	on investments			5	160,999		160,999	102,233
Net income/(expenditure)					145,636		145,636	103,874
Transfers between	funds
Net movement in	funds				145,636		145,636	103,874
Reconciliation of	funds
Fund balances brought		forward		9,10	1 361383	2,316,401	3677784	3573,910
Fund balances carried		forward			1 507019	2,316401	3823420	3,677,784

					2021		2020
				Note
Fixed assets
Tangible assets						1,391		2,909
investments						3020,977		2859,978
						3,022,368		2,862,887
Current assets
Debtors				6	3,811,394		3,656,694
(including E2,570,099(2020:Z2,412,066)
recoverable after more than one year)
Short term deposits	-	bank			7,075,354		7,079,977
Cash at bank					2,686,579		3890 683
					13,573,327		14,627,354
Creditors: Amounts	falling		due
within one year				7	12760635		13800,817
Net current assets						812692		826537
Net assets				13		3835,060		3689,424
Capitai and reserves
Called up share capital						11,640		11,640
General Funds:
Income and expenditure			account		66,484		81,847
Revaluation reserve					1,440,535		1,279536
						1,507,019		1,361,383
Designated Funds:				10
General investment
and contingencies	reserve				2,313,186		2,313,186
Quinquennial survey		support		fund	3215		3215
						2,316,401		2316,401
Total shareholders'		funds				3835060		3689424

				2021		2020
		Note
Cash provided by operating	activities	i)		(1,337,219)		(1,985,306)
Cash flows from investing activities
Interest received			62,128		93,525
Rental income from investment	properties		66,364		45,884
Proceeds on disposal oftangible fixed assets
Payments to acquire tangible fixed assets					~875000
Cash provided by investing	activities			128492		735591
Net cash inflow				(1,208,727)		(2,720,897)
Cash and cash equivalents at.	1stJanuary			10970660		13691557
Cash and cash equivalents at 31st December				9761933		10970660
i) Cash flows from operating activities
Net income				145,636		103,874
Adjustments for:
Interest received shown in investing activities				(62,128)		(93,525)
Rental income received
shown in investing activities				(66,364)		(45,884)
Depreciation				1,518		1,710
(Gains)/losses on investments				(160,999)		(102,233)
Change in provisions
(Increase)/decrease in debtors				(154,700)		245,758
Increase in creditors				(1,040,182)		(2,095,006)
Cash provided by operating	activities			1 337219		1 985 306

2	INVESTMENT INCOME				2021	2020
					K	R
	Rental income from investment		properties		66,364	45,884
	Dividends and interest received:
	Other investments				10,175	9,213
	Interest receivable:
	Short term deposits				51 953	84 312
					128492	139409
3	SUPPORT AND GOVERNANCE COSTS				2021	2020
	Employment costs				62,303	38,513
	Office rental and service	charge			22,923	21,256
	Professional fees				38,495	36,496
	Other charges				14,378	15,232
	Loss on disposal ofcomputer		&office equipment.
	Depreciation ofcomputer	and	office equipment	(see note 4)	1,518	1,710
	Auditor's remuneration				5,760	5,400
	Other governance costs					3816
					145377	122423
	Employment costs comprise:
	Salaries				52,422	32,815
	National insurance				4,930	2,416
	Pension contributions				4951	3282
					62303	38513

4	TANGIBLE FIXEDASSETS
	Computer and office equipment
	Cost orvaluation			R
	At 1stJanuary 2021			10,525
	Additions
	Disposals
	At 31stDecember 2021			10525
	Depreciation
	At 1stJanuary 2021			7,616
	Charge for year			1,518
	Released on disposal
	At31stDecember 2021			9 134
	Net book value
	At 31stDecember 2021			1 391
	At31stDecember 2020			2909
	INVESTMENTS
		Other	Freehold	Total
		investment	investment
	Valuation
	At 1stJanuary 2021	188,728	2,671,250	2,859,978
	Revaluation surplus	25,249	135,750	160,999
	Additions
	At 31stDecember 2021	213977	2807 000	3020977
	Historical cost
	At 31stDecember 2021	20 149	1,560,292	1,580,441
	At 31stDecember 2020	20,149	1,560,292	1,580,441

DEBTORS					2021	2020
						F
Advances (financial	assets measured		at amortised	cost)
Churches					2,984,085	3,197,556
Mans es					703,413	307,247
Denominational	societies				95427	111076
					3,782,925	3,615,879
Prepayments					3,617	2,915
Accrued income					24 852	37900
					3811394	3656 694
CREDITORS: Amounts		falling due within one year			2021	2020
7day notice deposits
Churches					11,685,921	12,421,327
Denominational	societies				1 041 955	1 365792
					12,727,876	13,787,119
Accruals					32,759	13,698
Due to London Baptist		Association
					12760635	13800817

SHARE	CAPITAL
		Authorised			Allotted, issued &fully
		2021	2020		2021	2020
		No.	No.
Ordinary	shares of810each:
Ashares		411		411	4,110	4,110
Bshares		1 589	1	589	7530	7530
		2 000	2	000	11 640	11640

9	GENERAL FUNDS
						Income and	Revaluation	Total
						Expenditure	Reserve	fundsf
	At 1stJanuary 2021					81,847	1,279,536	1,361,383
	Net income/(expenditure)	before		investment	gains	(15,363)		(15,363)
	Net gains on investments						160,999	160,999
	Transfer to General Investment			Reserve
	At 31stDecember 2021					66484	1 440 535	1 507019
	At 1stJanuary 2020					80,206	1,177,303	1,257,509
	IVetincome before investment		gains			1,641		1,641
	(Losses) oninvestments						102,233	102,233
	Transfer from General Reserve
	At 31stDecember 2020					81847	1279536	1361383
10	DESIGNATED FUNDS
					General investment		Quinquennial	Total
					and contingencies		survey	funds
						reserve	supportfund
						F
	At 1stJanuary 2021					2,313,186	3,215	2,316,401
	Transfer from Income and Expenditure
	At 31stDecember 2021					2313186	3215	2316401
	At 1stJanuary 2020					2,313,186	3,215	2,316,401
	Transfer to income and Expenditure
	At31stDecember 2020					2313186	3215	2316401

RECONCILIATION OF	MOVEMENT IN SH	AREHOLDERS'	FUNDS
			2021	2020
At 1stJanuary			3,689,424	3,585,550
Net income/(expenditure)	before investment	gains	(15,363)	1,641
Gains on investments			160999	102233
At 31stDecember			3835060	3689424

12	COMMITMENTS	COMMITMENTS	COMMITMENTS							2021	2020
	The company		has the following			commitments		at 31st December		656 500	760396
13	ANALYSIS	OF NET		ASSETS		BETWEEN FUNDS
	2021								Fixed	Net current	Total
									assets	assets	assets
										K
	Unrestricted		and designated			funds
	Income and	expenditure								66,484	66,484
	Revaluation	reserve							1,440,535		1,440,535
	General investment			and contingencies			reserve		1,581,833	731,353	2,313,186
	Quinquennial		survey	support fund						3215	3215
									3022368	801 052	3823420
	Share capital									11640	11640
									3022 368	812692	3835060
	2020								Fixed	Net current	Total
									assets	assets	assets
	Unrestricted		and designated			funds
	Income and	expenditure								81,847	81,847
	Revaluation	reserve							1,279,536		1,279,536
	Generalinvestment			and contingencies			reserve		1,583,351	729,835	2,313,186
	Quinquennial		survey	support	fund					3215	3215
									2862887	814897	3677784
	Share capital									11640	11640
									2862887	826537	3689424