COMPANY REGISTRATION NUMBER: 0113222 CHARITY REGISTRATION NUMBER: 0249957
THE ENGLISH CHURCHMAN TRUST LIMITED
UNAUDITED FINANCIAL STATEMENTS 31 DECEMBER 2020
NEVILLE WESTON & COMPANY
Chartered Certified Accountants
3 High Street St Lawrence Ramsgate Kent CT11 0QL
THE ENGLISH CHURCHMAN TRUST LIMITED
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| CONTENTS | PAGE |
|---|---|
| Trustees' Annual Report (Incorporating the Directors’ Report) | 1 |
| Independent Examiner's Report to the Trustees | 3 |
| Statement of Financial Activities (Including Income and Expenditure | |
| Account) | 4 |
| Statement of Financial Position | 5 |
| Notes to the Financial Statements | 6 – 15 |
| The following pages do not form part of the financial statements | |
| Detailed Statement of Financial Activities | 17 |
| Notes to the Detailed Statement of Financial Activities | 18 |
THE ENGLISH CHURCHMAN TRUST LIMITED
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees, who are also the Directors for the purposes of Company law, present their report and the unaudited financial statements of the Charity for the year ended 31 December 2020.
Reference and Administrative Details
Registered Charity Name The English Churchman Trust Limited
Charity Registration Number 0249957
Company Registration Number 0113222
Registered Office 15 Grange Court Cambridge CB3 9BD The Trustees The Rt Rev Dr D N Samuel Dr D A Scales Company Secretary Dr D A Scales Independent Examiner C J N Weston FCCA 3 High Street St Lawrence Ramsgate Kent CT11 0QL
Structure, Governance and Management
The governing documents of the Trust are the Memorandum and Articles of Association, dated December 12[th] , 1910 as amended. The Trust is a Company limited by shares.
Fit persons are appointed as members of the Trust, when a vacancy occurs, in accordance with the requirements of Articles 6 to 17 and 21 to 25 of the Articles of Association.
Objects and Activities
The objects for which the Company is established are (Article 3) to promote the Protestant and Evangelical doctrines of the Church of England as set forth in the Thirty-nine Articles and the Homilies thereof, in particular by the publication of the English Churchman and St. James's Chronicle newspaper.
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
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THE ENGLISH CHURCHMAN TRUST LIMITED
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020
Achievements and Performance
The Trust has continued to publish the English Churchman and St. James's Chronicle as a distinctive and uncompromising Protestant and Evangelical Family Newspaper, as required by the Memorandum of Association.
Financial Review
The Trust has recorded a deficit of £6,436 of incoming resources over resources expended.
Reserves Policy
In the Trustees' view, the reserves should provide the Charity with adequate financial stability and the means for it to meet its charitable objectives for the foreseeable future. The Trustees propose to maintain the Charity's reserves at a level which is at least equivalent to three months operational expenditure.
Independent Examiner
A resolution to re-appoint C J N Weston, FCCA as Independent Examiner for the ensuing year will be proposed at the Annual General Meeting.
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The Trustees' annual report was approved on 2[nd] June 2021 and signed on behalf of the board of Trustees by:
……………………………………… Dr D A Scales Trustee
……………………………..…………… The Rt Rev Dr D N Samuel Trustee
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THE ENGLISH CHURCHMAN TRUST LIMITED
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ENGLISH CHURCHMAN TRUST LIMITED FOR THE YEAR ENDED 31 DECEMBER 2020
I report to the Trustees on my examination of the financial statements of The English Churchman Trust Limited ('the Charity') for the year ended 31 December 2020.
Responsibilities and Basis of Report
As the Trustees of the Company (and also its Directors for the purposes of Company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
3 High Street C J N Weston FCCA St Lawrence Independent Examiner Ramsgate Kent Neville Weston & Company CT11 0QL Chartered Certified Accountants
Neville Weston & Company Chartered Certified Accountants
2[nd] June 2021
- 3 -
THE ENGLISH CHURCHMAN TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020
| 2020 | 2019 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| Funds Total Funds | Total Funds | |||
| Note | £ | £ | £ | |
| Income and Endowments | ||||
| Donations and legacies | 5 | 7,487 | 7,487 | 31,122 |
| Other trading activities | 6 | 7,703 | 7,703 | 8,231 |
| Investment income | 7 | 25,046 | 25,046 | 27,699 |
| ------------------------------- | ------------------------------- | ------------------------------- | ||
| Total Income | 40,236 | 40,236 | 67,052 | |
| =============================== | =============================== | =============================== | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 8 | 342 | 342 | 1,260 |
| Expenditure on charitable activities | 9,10 | 46,330 | 46,330 | 43,321 |
| ------------------------------- | ------------------------------- | ------------------------------- | ||
| Total Expenditure | 46,672 | 46,672 | 44,581 | |
| =============================== | =============================== | =============================== | ||
| Net (losses)/gains on investments | 11 | (21,476) | (21,476) | 49,997 |
| ------------------------------- | ------------------------------- | ------------------------------- | ||
| Net (Expenditure)/Income and Net Movement in Funds | (27,912) | (27,912) | 72,468 | |
| =============================== | =============================== | =============================== | ||
| Reconciliation of Funds | ||||
| Total funds brought forward | 726,996 | 726,996 | 654,528 | |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| Total Funds Carried Forward | 699,084 | 699,084 | 726,996 | |
| ===================================== | ===================================== | ===================================== |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 15 form part of these financial statements. - 4 -
THE ENGLISH CHURCHMAN TRUST LIMITED
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020
| 2020 | 2019 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| FIXED ASSETS | ||||
| Intangible assets | 17 | 1 | 1 | |
| Tangible fixed assets | 18 | 1,023 | 1,364 | |
| Investments | 19 | 698,052 | 722,028 | |
| ------------------------------------- | ------------------------------------- | |||
| 699,076 | 723,393 | |||
| CURRENT ASSETS | ||||
| Debtors | 20 | 442 | 959 | |
| Cash at bank and in hand | 3,094 | 6,037 | ||
| -------------------------- | -------------------------- | |||
| 3,536 | 6,996 | |||
| CREDITORS: amounts falling due within one | ||||
| year | 21 | 3,528 | 3,393 | |
| -------------------------- | -------------------------- | |||
| NET CURRENT ASSETS | 8 | 3,603 | ||
| ------------------------------------- | ------------------------------------- | |||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 699,084 | 726,996 | ||
| ------------------------------------- | ------------------------------------- | |||
| NET ASSETS | 699,084 | 726,996 | ||
| ===================================== | ===================================== | |||
| FUNDS OF THE CHARITY | ||||
| Unrestricted funds | 699,084 | 726,996 | ||
| ------------------------------------- | ------------------------------------- | |||
| TOTAL CHARITY FUNDS | 22 | 699,084 ===================================== |
726,996 ===================================== |
For the year ending 31 December 2020 the Charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the Company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of Trustees and authorised for issue on 2[nd] June 2021, and are signed on behalf of the board by:
…………………………………………. ………………………………………….. Dr D A Scales The Rt Rev Dr D N Samuel Trustee Trustee
The notes on pages 6 to 15 form part of these financial statements.
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THE ENGLISH CHURCHMAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. GENERAL INFORMATION
The Charity is a private limited Company, registered in England and Wales and a registered Charity in England and Wales. The address of the registered office is 15 Grange Court, Cambridge, CB3 9BD.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern
There are no material uncertainties about the Charity's ability to continue.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund Accounting
Unrestricted funds are available for use at the discretion of the Trustees to further any of the Charity's purposes.
Designated funds are unrestricted funds earmarked by the Trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes: restricted income funds or endowment funds.
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THE ENGLISH CHURCHMAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
3. ACCOUNTING POLICIES (continued)
Incoming Resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the Charity; it is probable that the economic benefits associated with the transaction will flow to the Charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources Expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a Charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the Charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the Charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
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THE ENGLISH CHURCHMAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
3. ACCOUNTING POLICIES (continued)
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
- Fixtures and fittings 25% reducing balance - Equipment 25% reducing balance
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment Property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
- 8 -
THE ENGLISH CHURCHMAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
3. ACCOUNTING POLICIES (continued)
Impairment of Fixed Assets (continued)
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Charity are assigned to those units.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
4. LIMITED BY SHARES
The Charity is a private Company limited by shares
5. DONATIONS AND LEGACIES
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| DONATIONS | ||||
| Donations | 2,487 | 2,487 | 3,785 | 3,785 |
| LEGACIES | ||||
| Legacies | 5,000 | 5,000 | 27,337 | 27,337 |
| -------------------------- | -------------------------- | ------------------------------- | ------------------------------- | |
| 7,487 | 7,487 | 31,122 | 31,122 | |
| ========================== | ========================== | =============================== | =============================== |
- 9 -
THE ENGLISH CHURCHMAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
6. OTHER TRADING ACTIVITIES
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Subscriptions | 6,616 | 6,616 | 6,660 | 6,660 |
| Sales : Trade | – | – | 37 | 37 |
| Advertisements | 1,087 | 1,087 | 1,534 | 1,534 |
| -------------------------- | -------------------------- | -------------------------- | -------------------------- | |
| 7,703 ========================== |
7,703 ========================== |
8,231 ========================== |
8,231 ========================== |
7. INVESTMENT INCOME
| INVESTMENT INCOME | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Rental Income | 16,200 | 16,200 | 16,200 | 16,200 |
| Income from Listed Investments | 1,996 | 1,996 | 5,417 | 5,417 |
| Finance Board Deposit Account - | ||||
| Income Received | 6,850 | 6,850 | 6,082 | 6,082 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |
| 25,046 =============================== |
25,046 =============================== |
27,699 =============================== |
27,699 =============================== |
8. INVESTMENT MANAGEMENT COSTS
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Insurance | 342 | 342 | 330 | 330 |
| Repairs and Maintenance | – | – | 930 | 930 |
| ---------------- | ---------------- | -------------------------- | -------------------------- | |
| 342 ================ |
342 ================ |
1,260 ========================== |
1,260 ========================== |
9. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Publication of 'The English | ||||
| Churchman and St James's Chronicle | 44,731 | 44,731 | 41,769 | 41,769 |
| Support Costs | 1,599 | 1,599 | 1,552 | 1,552 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |
| 46,330 | 46,330 | 43,321 | 43,321 | |
| =============================== | =============================== | =============================== | =============================== |
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THE ENGLISH CHURCHMAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
10. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
| Activities | Activities | |||||
|---|---|---|---|---|---|---|
| Undertaken | Support | Total Funds | Total Funds | |||
| Directly | Costs | 2020 | 2019 | |||
| £ | £ | £ | £ | |||
| Publication of 'The English | ||||||
| Churchman and St James's Chronicle | 44,731 | – | 44,731 | 41,769 | ||
| Governance Costs | – | 1,599 | 1,599 | 1,552 | ||
| ------------------------------- | -------------------------- | ------------------------------- | ------------------------------- | |||
| 44,731 | 1,599 | 46,330 | 43,321 | |||
| =============================== | ========================== | =============================== | =============================== | |||
| 11. | NET (LOSSES)/GAINS ON INVESTMENTS | |||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |||
| Funds | 2020 | Funds | 2019 | |||
| £ | £ | £ | £ | |||
| Gains/(Losses) on Investment | ||||||
| Property | 5,000 | 5,000 | 10,000 | 10,000 | ||
| Gains/(Losses) on Listed Investments | (26,476) | (26,476) | 39,997 | 39,997 | ||
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |||
| (21,476) | (21,476) | 49,997 | 49,997 | |||
| =============================== | =============================== | =============================== | =============================== | |||
| 12. | NET (EXPENDITURE)/INCOME | |||||
| Net (expenditure)/income is stated after charging/(crediting): | ||||||
| 2020 | 2019 | |||||
| £ | £ | |||||
| Depreciation of Tangible Fixed Assets | 341 | 456 | ||||
| ================ | ================ | |||||
| 13. | INDEPENDENT EXAMINATION FEES | |||||
| 2020 | 2019 | |||||
| £ | £ | |||||
| Fees Payable to the Independent Examiner for: | ||||||
| Independent Examination of the Financial Statements | 1,600 | 1,550 | ||||
| ========================== | ========================== | |||||
| 14. | STAFF COSTS | |||||
| The total staff costs and employee benefits for | the reporting period are analysed as | follows: | ||||
| 2020 | 2019 | |||||
| £ | £ | |||||
| Wages and Salaries | 7,200 | 7,200 | ||||
| ========================== | ========================== | |||||
| The average head count of employees | during | the year was 1 (2019: 1). The average number of | ||||
| full-time equivalent employees during the year | is analysed as follows: | |||||
| 2020 | 2019 | |||||
| No. | No. | |||||
| Number of Administrative Staff | 1 | 1 | ||||
| ================ | ================ |
No employee received employee benefits of more than £60,000 during the year (2019: Nil).
- 11 -
THE ENGLISH CHURCHMAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
15. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or other benefits from employment with the Charity or a related entity were received by the Trustees.
No Trustee expenses have been incurred.
16. SHARE CAPITAL
| SHARE CAPITAL | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Authorised: | ||
| 10 Ordinary Shares of £250 each | 2,500 | 2,500 |
| Allotted, Issued and Fully Paid: | ||
| 10 Ordinary Shares of £250 each | 2,500 | 2,500 |
17. INTANGIBLE ASSETS
| INTANGIBLE ASSETS | |
|---|---|
| Goodwill | |
| £ | |
| Cost | |
| At 1 January 2020 and 31 December 2020 | 1 |
| ================ | |
| Amortisation | |
| At 1 January 2020 and 31 December 2020 | – |
| ================ | |
| Carrying amount | |
| At 31 December 2020 | 1 |
| ================ | |
| At 31 December 2019 | 1 |
| ================ |
18. TANGIBLE FIXED ASSETS
| Fixtures and | |||
|---|---|---|---|
| Fittings | Equipment | Total | |
| £ | £ | £ | |
| Cost | |||
| At 1 January 2020 and 31 December 2020 | 7,780 | 810 | 8,590 |
| ========================== | ================ | ========================== | |
| Depreciation | |||
| At 1 January 2020 | 7,023 | 203 | 7,226 |
| Charge for the year | 189 | 152 | 341 |
| -------------------------- | ---------------- | -------------------------- | |
| At 31 December 2020 | 7,212 | 355 | 7,567 |
| ========================== | ================ | ========================== | |
| Carrying amount | |||
| At 31 December 2020 | 568 | 455 | 1,023 |
| ========================== | ================ | ========================== | |
| At 31 December 2019 | 757 | 607 | 1,364 |
| ========================== | ================ | ========================== |
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THE ENGLISH CHURCHMAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
19. INVESTMENTS
| INVESTMENTS | |||
|---|---|---|---|
| Listed | Investment | ||
| Investments | Properties | Total | |
| £ | £ | £ | |
| Cost or Valuation | |||
| At 1 January 2020 | 297,028 | 425,000 | 722,028 |
| Additions | – | – | – |
| Disposals | (2,500) | – | (2,500) |
| Fair value movements | (26,476) | 5,000 | (21,476) |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | |
| At 31 December 2020 | 268,052 | 430,000 | 698,052 |
| ===================================== | ===================================== | ===================================== | |
| Impairment | |||
| At 1 January 2020 and 31 December 2020 | – | ||
| ===================================== | |||
| Carrying amount | |||
| At 31 December 2020 | 268,052 | 430,000 | 698,052 |
| ===================================== | ===================================== | ===================================== | |
| At 31 December 2019 | 297,028 | 425,000 | 722,028 |
| ===================================== | ===================================== | ===================================== |
All investments shown above are held at valuation.
Investment Properties
The property was revalued on 31 December 2020 by the Trustees, having regard to the values of adjacent properties at their last change of ownership.
Financial Assets held at Fair Value
All fixed asset investments are included at market value.
20. DEBTORS
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Other debtors | 442 | 959 | |
| ================ | ================ | ||
| 21. | CREDITORS: amounts falling due within one year | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Accruals and deferred income | 3,528 | 3,393 | |
| ========================== | ========================== |
- 13 -
THE ENGLISH CHURCHMAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
22. ANALYSIS OF CHARITABLE FUNDS
Unrestricted Funds
| Unrestricted Funds | |||||
|---|---|---|---|---|---|
| At 31 | |||||
| At 1 January | Gains and | December | |||
| 2020 | Income | Expenditure | Losses | 2020 | |
| £ | £ | £ | £ | £ | |
| General funds | 296,119 | 40,236 | (46,672) | – | 289,683 |
| Property Revaluation | |||||
| Reserve | 293,020 | – | – | 5,000 | 298,020 |
| Investments Revaluation | |||||
| Reserve | 135,357 | – | – | (26,476) | 108,881 |
| Share Capital | 2,500 | – | – | – | 2,500 |
| ------------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------------- | |
| 726,996 | 40,236 | (46,672) | (21,476) | 699,084 | |
| ===================================== | =============================== | =============================== | =============================== | ===================================== | |
| At | |||||
| At 1 January | Gains and | 31 December | |||
| 2019 | Income | Expenditure | Losses | 2019 | |
| £ | £ | £ | £ | £ | |
| General funds | 273,648 | 67,052 | (44,581) | – | 296,119 |
| Property Revaluation | |||||
| Reserve | 283,020 | – | – | 10,000 | 293,020 |
| Investments Revaluation | |||||
| Reserve | 95,360 | – | – | 39,997 | 135,357 |
| Share Capital | 2,500 | – | – | – | 2,500 |
| ------------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------------- | |
| 654,528 ===================================== |
67,052 =============================== |
(44,581) =============================== |
49,997 =============================== |
726,996 ===================================== |
23. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2020 | |
| £ | £ | |
| Intangible assets | 1 | 1 |
| Tangible fixed assets | 1,023 | 1,023 |
| Investments | 698,052 | 698,052 |
| Current assets | 3,536 | 3,536 |
| Creditors less than 1 year | (3,528) | (3,528) |
| ------------------------------------- | ------------------------------------- | |
| Net Assets | 699,084 | 699,084 |
| ===================================== | ===================================== | |
| Unrestricted | Total Funds | |
| Funds | 2019 | |
| £ | £ | |
| Intangible assets | 1 | 1 |
| Tangible fixed assets | 1,364 | 1,364 |
| Investments | 722,028 | 722,028 |
| Current assets | 6,996 | 6,996 |
| Creditors less than 1 year | (3,393) | (3,393) |
| ------------------------------------- | ------------------------------------- | |
| Net Assets | 726,996 | 726,996 |
| ===================================== | ===================================== |
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THE ENGLISH CHURCHMAN TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
24. FINANCIAL INSTRUMENTS
The carrying amount for each category of financial instrument is as follows:
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Financial Assets Measured at Fair Value through Income and Expenditure | ||
| Financial assets measured at fair value through income and | ||
| expenditure | 268,052 | 297,030 |
| ===================================== | ===================================== |
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THE ENGLISH CHURCHMAN TRUST LIMITED
MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2020
The following pages do not form part of the financial statements.
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THE ENGLISH CHURCHMAN TRUST LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| 31 DECEMBER 2020 | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Income and Endowments | ||
| Donations and Legacies | ||
| Donations | 2,487 | 3,785 |
| Legacies | 5,000 | 27,337 |
| -------------------------- | ------------------------------- | |
| 7,487 | 31,122 | |
| -------------------------- | ------------------------------- | |
| Other Trading Activities | ||
| Subscriptions | 6,616 | 6,660 |
| Sales : Trade | – | 37 |
| Advertisements | 1,087 | 1,534 |
| -------------------------- | -------------------------- | |
| 7,703 | 8,231 | |
| -------------------------- | -------------------------- | |
| Investment Income | ||
| Rental income | 16,200 | 16,200 |
| Income from listed investments | 1,996 | 5,417 |
| Finance Board Deposit Account - income received | 6,850 | 6,082 |
| ------------------------------- | ------------------------------- | |
| 25,046 | 27,699 | |
| ------------------------------- | ------------------------------- | |
| Total Income | 40,236 | 67,052 |
| =============================== | =============================== | |
| Expenditure | ||
| Investment Management Costs | ||
| Insurance | 342 | 330 |
| Repairs and Maintenance | – | 930 |
| ------------------------------- | ------------------------------- | |
| 342 | 1,260 | |
| ------------------------------- | ------------------------------- | |
| Expenditure on Charitable Activities | ||
| Publication of ‘The English Churchman and St James’s Chronicle’ | ||
| Wages and salaries | 7,200 | 7,200 |
| Insurance | 75 | 87 |
| Legal and professional fees | 1,612 | 1,565 |
| Telephone | 80 | 234 |
| Depreciation | 341 | 456 |
| Publication and printing costs | 22,904 | 22,411 |
| Advertising | 1,238 | – |
| Travelling expenses | 69 | 77 |
| Printing, stationery and office expenses | 12,811 | 11,291 |
| ------------------------------- | ------------------------------- | |
| 46,330 | 43,321 | |
| ------------------------------- | ------------------------------- | |
| Total Expenditure | 46,672 | 44,581 |
| =============================== | =============================== | |
| Net (Losses)/Gains on Investments | ||
| Gains/(losses) on investment property | 5,000 | 10,000 |
| Gains/(losses) on listed investments | (26,476) | 39,997 |
| ------------------------------- | ------------------------------- | |
| (21,476) | 49,997 | |
| ------------------------------- | ------------------------------- | |
| Net (Expenditure)/Income | 27,912 | 72,468 |
| =============================== | =============================== |
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THE ENGLISH CHURCHMAN TRUST LIMITED
SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2020
| Market Value |
Cost | ||
|---|---|---|---|
| At 31.12.2020 | |||
| £ |
£ | ||
| Aviva | 768 25p Ordinary Shares | 2,498 |
2,067 |
| 7,904 25p Ordinary | |||
| Barclays Bank | Shares |
11,593 | 4,085 |
| Royal Dutch Shell | 1,551 B Shares |
19,533 | 1,529 |
| L & G UK Equity Income | |||
| Fund (R) | 9829.551 Units |
4,613 | 423 |
| 12,054 25p Ordinary | |||
| Lloyds Banking Group | Shares |
4,638 | 26,379 |
| Glaxo Smith Kline | 763 25p Ordinary Shares | 10,238 | 121 |
| Central Board of Finance of the | |||
| Church of England Investment | |||
| Fund | 2,924 Shares |
59,903 | 19,522 |
| Central Board of Finance of the | |||
| Church of England Equity Fund | 82,013 Shares |
155,036 | 105,047 |
| ------------ |
------------ | ||
| £ 268,052 |
£ 159,173 | ||
| ======= |
======= |
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