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|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|
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|||||||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|
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|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|
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|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|
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|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|
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|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|
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|---|---|---|---|---|---|---|---|---|
|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|
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|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|
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|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|
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