| Contents | Page | ||||||
|---|---|---|---|---|---|---|---|
| Report ofthe Directors Directors at31"December |
2022 | 1-5 6 |
|||||
| Report ofthe Auditor | 7-9 | ||||||
| Statement of Financial 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 |
| 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| General | Designated | 2022 | 2021 | |||||
| Funds | Funds | Total | Total | |||||
| Note | R | |||||||
| Income from: | ||||||||
| Charitable activities - Loan |
interest | 139,836 | 139,836 | 99,468 | ||||
| Investments | 2 | 208,207 | 208,207 | 128,492 | ||||
| Donations and |
legacies | 10,806 | 10806 | 10500 | ||||
| Total income | 358849 | 358,849 | 238,460 | |||||
| Expenditure on: |
||||||||
| Raising funds | ||||||||
| Investment property |
management | costs | 11,637 | 11,637 | 18,580 | |||
| Charitable activities |
||||||||
| Appropriation | to London | Baptist | ||||||
| Association | 55,000 | 55,000 | 70,000 | |||||
| Interest payable on deposits | 184,853 | 184,853 | 19,866 | |||||
| Support and | governance | costs | 3 | 137746 | 137746 | 145377 | ||
| 377599 | 377599 | 235243 | ||||||
| Total expenditure | 389236 | 389236 | 253 823 | |||||
| Net gains on investments | 43,082 | 43,082 | 160,999 | |||||
| Net income/(expenditure) | 12,695 | 12,695 | 145,636 | |||||
| Transfers between funds |
||||||||
| Net movement | in funds | 12,695 | 12,695 | 145,636 | ||||
| Reconciliation | offunds | |||||||
| Fund balances | brought | forward | 9,10 | 1,507,019 | 2,316,401 | 3,823,420 | 3,677,784 | |
| Fund balances | carried | forward | 1,519,714 | 2316401 | 3,836,115 | 3,823420 |
| 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Note | ||||||||
| Fixed assets | ||||||||
| Tangible assets | 1,391 | |||||||
| Investments | 3,064,059 | 3,020,977 | ||||||
| 3,064,059 | 3,022,368 | |||||||
| Current assets | ||||||||
| Debtors | 6 | 3,065,461 | 3,811,394 | |||||
| (including E2,236,907(2021:E2,570,099) |
||||||||
| recoverable after more than one year) |
||||||||
| Short term deposits | - bank | 6,955,980 | 7,075,354 | |||||
| Cash at bank | 6,430,855 | 2686,579 | ||||||
| 16,452,296 | 13,573,327 | |||||||
| Creditors: Amounts |
falling | due | ||||||
| within one year | 7 | 15668 600 | 12760635 | |||||
| Net current assets | 783 696 | 812692 | ||||||
| Net assets | 13 | 3847 755 | 3,835,060 | |||||
| Capital and reserves | ||||||||
| Called up share capital | 11,640 | 11,640 | ||||||
| General Funds: | ||||||||
| Income and expenditure | account | 36,097 | 66,484 | |||||
| Revaluation reserve |
1 483617 | 1,440,535 | ||||||
| 1,519,714 | 1,507,019 | |||||||
| Designated Funds: |
10 | |||||||
| General investment | ||||||||
| and contingencies | reserve | 2,313,186 | 2,313,186 | |||||
| Quinquennial survey |
support | fund | 3215 | 3215 | ||||
| 2,316,401 | 2,316,401 | |||||||
| Total shareholders' | funds | 3,847 755 | 3835060 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | |||||
| Cash provided by/(used in) |
|||||
| operating activities |
3,416,695 | (1,337,219) | |||
| Cash flows from investing activities |
|||||
| Interest received | 137,595 | 62,128 | |||
| Rental income from investment properties |
70,612 | 66,364 | |||
| Proceeds on disposal oftangible fixed assets | |||||
| Payments to acquire tangible fixed assets |
|||||
| Cash provided by investing activities |
208 207 | 128,492 | |||
| Net cash inflow/(outflow) | 3,624,902 | (1,208,727) | |||
| Cash and cash equivalents at 1stJanuary |
9761933 | 'I0,970660 | |||
| Cash and cash equivalents at 31st December |
13,386835 | 9,761,933 | |||
| i) Cash flows from operating activities |
|||||
| Net income | 12,695 | 145,636 | |||
| Adjustments for: |
|||||
| Interest received shown in investing |
activities | (137,595) | (62,128) | ||
| Rental income received | |||||
| shown in investing activities |
(70,612) | (66,364) | |||
| Depreciation | 1,391 | 1,518 | |||
| (Gains)/losses on investments |
(43,082) | (160,999) | |||
| Change in provisions |
|||||
| Decrease/(increase) in debtors |
745,933 | (154,700) | |||
| Increase/(decrease) in creditors |
2,907,965 | (1,040,182) | |||
| Cash provided by/(used in) |
|||||
| operating activities |
3416695 | 1 337219 |
| 2 | INVESTMENT INCOME | 2022 | 2021 | ||||
|---|---|---|---|---|---|---|---|
| Rental income from investment | properties | 70,612 | 66,364 | ||||
| Dividends and interest received: |
|||||||
| Other investments | 11,413 | 10,175 | |||||
| Interest receivable: | |||||||
| Short term deposits | 126 182 | 51 953 | |||||
| 208,207 | 128,492 | ||||||
| 3 | SUPPORT AND GOVERNANCE COSTS | 2022 | 2021 | ||||
| Employment costs |
58,881 | 62,303 | |||||
| Office rental and service | charge | 23,010 | 22,923 | ||||
| Professional fees | 38,159 | 38,495 | |||||
| Other charges | 10,125 | 14,378 | |||||
| Loss on disposal ofcomputer | 8 | office equipment | |||||
| Depreciation ofcomputer |
and | office equipment | (see note 4) | 1,391 | 1,518 | ||
| Auditor's remuneration |
6,180 | 5,760 | |||||
| Other governance costs |
|||||||
| 137746 | 145377 | ||||||
| Employment costs comprise: |
|||||||
| Salaries | 49,082 | 52,422 | |||||
| National insurance |
5,121 | 4,930 | |||||
| Pension contributions | 4678 | 4 951 | |||||
| 58 881 | 62363 |
| TANGIBLE FIXEDASSETS | |||
|---|---|---|---|
| Computer and office equipment |
|||
| Cost orvaluation | |||
| At 1stJanuary 2022 | 10,525 | ||
| Additions | |||
| Disposals | |||
| At 31stDecember 2022 | 10,525 | ||
| Depreciation | |||
| At 1stJanuary 2022 | 9,134 | ||
| Charge for year | 1,391 | ||
| Released on disposal | |||
| At 31stDecember 2022 | 10525 | ||
| Net book value | |||
| At 31stDecember 2022 | |||
| At31stDecember 2021 | 1391 | ||
| INVESTMENTS | |||
| Other | Freehold | Total | |
| investment | investment | ||
| Valuation | |||
| At 1stJanuary 2022 | 213,977 | 2,807,000 | 3,020,977 |
| Revaluation surplus |
(11,918) | 55,000 | 43,082 |
| Additions | |||
| At 31stDecember 2022 | 202 059 | 2662000 | 3064059 |
| Historical cost | |||
| At 31stDecember 2022 | 20 149 | 1 560292 | 1 580441 |
| At 31stDecember 2021 | 20 149 | 1 560292 | 1 580441 |
| 6 | DEBTORS | 2022 | 2021 | ||||
| R | |||||||
| Advances (financial |
assets measured | at amortised | cost) | ||||
| Churches | 2,348,477 | 2,984,085 | |||||
| Manses | 585,295 | 703,413 | |||||
| Denominational | societies | 124278 | 95427 | ||||
| 3,058,050 | 3,782,925 | ||||||
| Prepay ments | 5,140 | 3,617 | |||||
| Accrued income | 2271 | 24,852 | |||||
| 3065461 | 3811394 | ||||||
| 7 | CREDITORS: Amounts | falling due within one year | 2022 | 2021 | |||
| 7day notice deposits | |||||||
| Churches | 14,393,357 | 11,685,921 | |||||
| Denominational | societies | 1 265578 | 1 041 955 | ||||
| 15,658,935 | 12,727,876 | ||||||
| Accruals | 9665 | 32759 | |||||
| 15668 600 | 12760635 |
| SHARE | CAPITAL | |||||
|---|---|---|---|---|---|---|
| Authorised | Allotted, issued 8 fully paid | |||||
| 2022 | 2021 | 2022 | 2021 | |||
| No. | No. | |||||
| Ordinary | shares of810each: | |||||
| Ashares | 411 | 411 | 4,110 | 4,110 | ||
| Bshares | 1 589 | 1 | 589 | 7530 | 7530 | |
| 2 000 | 2 | 000 | 11640 | 11 640 |
| 9 | GENERAL FUNDS | |||||||
| Income and | Revaluation | Total | ||||||
| Expenditure | Reserve | funds | ||||||
| R | ||||||||
| At 1stJanuary 2022 | 66,484 | 1,440,535 | 1,507,019 | |||||
| Net income/(expenditure) | before | investment | gains | (30,387) | (30,387) | |||
| Net gains on investments | 43,082 | 43,082 | ||||||
| Transfer to General Investment | Reserve | |||||||
| At 31stDecember 2022 | 36,097 | 1,483,617 | 1,519,714 | |||||
| At 1stJanuary 2021 | 81,847 | 1,279,536 | 1,361,383 | |||||
| Netincome before investment |
gains | (15,363) | (15,363) | |||||
| (Losses) oninvestments | 160,999 | 160,999 | ||||||
| Transfer from General Reserve | ||||||||
| At 31stDecember 2021 | 66464 | 1440535 | 1507019 | |||||
| 10 | DESIGNATED FUNDS | |||||||
| General investment | Quinquennial | Total | ||||||
| and contingencies | survey | funds | ||||||
| reserve | supportfund f |
|||||||
| At 1stJanuary 2022 | 2,313,186 | 3,215 | 2,316,401 | |||||
| Transfer from income and Expenditure | ||||||||
| At 31stDecember 2022 | 2313186 | 3215 | 2316401 | |||||
| At 1stJanuary 2021 | 2,313,186 | 3,215 | 2,316,401 | |||||
| Transfer to Income and Expenditure | ||||||||
| At31stDecember 2021 | 2313186 | 3215 | 2316401 |
| RECONCILIATION OF |
MOVEMENT IN SH |
AREHOLDERS' | FUNDS | |
|---|---|---|---|---|
| 2022 | 2021 | |||
| At 1stJanuary | 3,835,060 | 3,689,424 | ||
| Net income/(expenditure) | before investment | gains | (30,387) | (15,363) |
| Gains on investments | 43082 | 160999 | ||
| At 31stDecember | 3847755 | 3835060 |
| 12 | COMMITMENTS | COMMITMENTS | COMMITMENTS | 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| f, | |||||||||||
| The company | has the following | commitments | at 31stDecember | 269,000 | 656,500 | ||||||
| 13 | ANALYSIS | OF NET | ASSETS | BETWEEN FUNDS | |||||||
| 2022 | Fixed | Net current | Total | ||||||||
| assets | assets | assets | |||||||||
| Unrestricted | and designated | funds | |||||||||
| Income and | expenditure | 36,097 | 36,097 | ||||||||
| Revaluation | reserve | 1,483,617 | 1,483,617 | ||||||||
| General investment | and contingencies | reserve | 1,580,442 | 732,744 | 2,313,186 | ||||||
| Quinquennial | survey | support | fund | 3215 | 3215 | ||||||
| 3064059 | 772 056 | 3836115 | |||||||||
| Share capital | 11640 | 11640 | |||||||||
| 3064059 | 783696 | 3847755 | |||||||||
| 2021 | Fixed | Net current | Total | ||||||||
| assets | assets | assets | |||||||||
| Unrestricted | and designated | funds | |||||||||
| Income and | expenditure | 66,484 | 66,484 | ||||||||
| Revaluation | reserve | 1,440,535 | 1,440,535 | ||||||||
| General investment | and contingencies | reser | ve | 1,581,833 | 731,353 | 2,313,186 | |||||
| Quinquennial | survey | support | fund | 3215 | 3215 | ||||||
| 3022368 | 801052 | 3823420 | |||||||||
| Share capital | 11640 | 11640 | |||||||||
| 3,022,368 | 812,692 | 3,835,060 |
| 2022 | 2021 | |
|---|---|---|
| Loans advanced | SM84 | ~Ã |
| Deposits held |