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|||||Page|
|---|---|---|---|---|
|Reference and administrative||details ofthe company,|its Trustees and advisers||
|Trustees'
report||||2- 13|
|Independent
auditors'|report|on the financial statements||14-17|
|Statement offinancial|activities|||18|
|Balance sheet||||19-20|
|Statement ofcash flows||||21|
|Notes to the financial|statements|||22-46|
|REFERENCE AND ADMINISTRATIVE
DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS|REFERENCE AND ADMINISTRATIVE
DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS|REFERENCE AND ADMINISTRATIVE
DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS|REFERENCE AND ADMINISTRATIVE
DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS|REFERENCE AND ADMINISTRATIVE
DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS|REFERENCE AND ADMINISTRATIVE
DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS|REFERENCE AND ADMINISTRATIVE
DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS|
|---|---|---|---|---|---|---|
|FOR THE|YEAR ENDED||31 DECEMBER|2020|||
|Trustees|||Revd Ruth Whitehead,|||Chairman|
||||Mr lan Harrison,||Trust Secretary||
||||Mr David Hayden,||Trust|Officer (Resigned 10September 2020)|
||||Revd Christopher||Baillie||
||||Revd Richard Gray, Treasurer||||
||||Mrs Jill Stidson||||
||||Revd Donald Macalister||||
||||Revd Lythan
Nevard||||
||||Mrs Maria Mills||||
|Company|registered||||||
|number|||01328728||||
|Charity registered|||||||
|number|||275364||||
|Registered||office|18Paul Street||||
||||Taunton||||
||||Somerset||||
||||TA1 3PF||||
|Company|secretary||Mr lan Harrison||||
|Chairman|||Revd Ruth Whitehead||||
|Independent||auditors|Bishop Fleming|LLP|||
||||Chartered
Accountants||||
||||2nd Floor Stratus||House||
||||Emperor Way||||
||||Exeter Business|Park|||
||||Exeter||||
||||EX13QS||||
|Bankers|||Lloyds Bank PLC||||
||||2 Palace Avenue||||
||||Paignton||||
||||Devon||||
||||CAF Bank Ltd||||
||||25 Kings Hill Avenue||||
||||West Mailing||||
||||Kent||||
|Solicitors|||WBW Solicitors||||
||||The Forum||||
||||Barnfield Road||||
||||Exeter||||
||||EX1 1QR||||
||||Star Legal Ltd||||
||||40 High Street||||
||||Thornbury||||
||||BS352AJ||||
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|||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2020|2020|2020|2019|
||Note||||F|
|INCOME FROM:||||||
|Donations
and legacies||13,894|240,000|253,894|596,823|
|Charitable
activities:||||||
|Funds arising
from closed Churches|||137,268|137,268|1,014,553|
|Other charitable
activities|||1,355|1,355|10,527|
|investments||49,364|300,021|349,385|332,067|
|Other income|||6,891|6,891|71,771|
|TOTAL INCOME||63,258|685,535|748,793|2,025,741|
|EXPENDITURE ON:||||||
|Raising funds|||6,065|6,065|1,871|
|Charitable
activities||11,686|547,689|559,375|790,192|
|TOTAL EXPENDITURE||11,686|553,754|565,440|792,063|
|Net gains on investments||24,667|745,437|770,104|1,902,833|
|NET INCOME||76,239|877,218|953,457|3,136,511|
|Transfers
between
funds|21|(51,572)|51,572|||
|NET MOVEMENT
IN FUNDS||24,667|928,790|953,457|3,136,511|
|RECONCILIATION
OF FUNDS:||||||
|Total funds brought
forward||1,903,677|14,385,990|16,289,667|13,153,156|
|Net movement
in funds||24,667|928,790|953,457|3,136,511|
|TOTAL FUNDS CARRIED FORWARD||1,928,344|15,314,780|17,243,124|16,289,667|
##
##
|||||Note||2020f||2019f|
|---|---|---|---|---|---|---|---|---|
|FIXEDASSETS|||||||||
|Tangible assets||||14||2,738,630||2,445,612|
|Investments||||16||11,153,705||9,626,920|
|Investment
property||||15||2,837,081||3,826,721|
|||||||16,729,416||15,899,253|
|CURRENT ASSETS|||||||||
|Debtors||||17|11,424||24,802||
|Cash at bank and|in hand||||922,126||812,458||
||||||933,550||837,260||
|Creditors: amounts||falling due within one|||||||
|year||||18|(238,883)||(302,173)||
|NET CURRENT ASSETSILIABILITIES||||||694,667||535,087|
|TOTAL ASSETS|LESSCURRENT||||||||
|LIABILITIES||||||17,424,083||16,434,340|
|Creditors: amounts||falling due after more|||||||
|than one year||||19||(180,959)||(144,673)|
|NET ASSETS||||||17,243,124||16,289,667|
|TOTAL NET ASSETS||||||17,243,124||16,289,667|
|CHARITY FUNDS|||||||||
|Restricted funds:|||||||||
|Restricted funds|||||1,033,404||1,197,394||
|Restricted
revaluation|||reserve||894,940||706,283||
|Total restricted
funds||||21||1,928,344||1,903,677|
|Unrestricted
funds|||||||||
|General funds|||||12,101,512||11,568,494||
|Unrestricted
revaluation|||reserve||3,213,268||2,817,496||
|Total unrestricted|funds|||21||15,314,780||14,385,990|
|TOTAL FUNDS||||||17,243,124||16,289,667|
##
##
##
||2020f|2019
E|
|---|---|---|
|CASH FLOWS FROM OPERATING ACTIVITIES|||
|Net cash used
in operating
activities (see note 23)|(295,341)|(468,846)|
|CASH FLOWS FROM INVESTING ACTIVITIES|||
|Dividends,
interests
and rents from investments|349,385|332,067|
|Proceeds from the sale of tangible
fixed assets||347,575|
|Purchase oftangible
fixed assets|(298,692)|(235,396)|
|Proceeds from sale of investments|1,246,291|3,261,067|
|Purchase of investments|(891,975)|(2,544,161)|
|NET CASH PROVIDED BYINVESTING ACTIVITIES|405,009|1,161,152|
|CASH FLOWS FROM FINANCING
ACTIVITIES|||
|NET CASH PROVIDED BYFINANCING
ACTIVITIES|||
|CHANGE
IN CASH AND CASH EQUIVALENTS
IN THE YEAR|109,668|692,306|
|Cash and cash equivalents
at the beginning
ofthe year|812,458|120,152|
|CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR (SEENOTE 24)|922,126|812,458|
|The notes on pages 22 to 46 form part ofthese financial statements|||
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||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|
||funds|funds|funds|funds|
||2020|2020|2020|2019|
||E|E||E|
|Donations - Property||240,000|240,000|545,106|
|Legacies||||25,000|
|Grants|13,894||13,894|26,717|
||13,894|240,000|253,894|596,823|
|TOTAL 2019|15,167|581,656|596,823||
##
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##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2020
F|2020f|2019|
|Funds arising from Closed Churches||137,268|137,268|1,014,553|
|Loan interest||1,355|1,355|495|
|Training|and conference receipts|||10,032|
|TOTAL|2020|138,623|138,623|1,025,080|
|TOTAL|2019|1,025,080|1,025,080||
##
|||||2020|2019|
|---|---|---|---|---|---|
|||||E|E|
|Capital|funds|-|Property|120,000|980,024|
|Capital|funds|-|Investments|||
|Other|funds|||17,268|34,529|
|||||137,268|1,014,553|
##
|||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2020|2020|2020|2019|
||||E|E|F|
|Rental income from investment|properties|7,140|50,080|57,220|40,861|
|Income from listed stock exchange||||||
|investments||42,124|248,778|290,902|289,491|
|Bank interest||100|1,163|1,263|1,715|
|TOTAL 2020||49,364|300,021|349,385|332,067|
|TOTAL2019||50,167|281,900|332,067||
##
##
##
||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2020|2020|2019|
|||E||
|Sundry income|6,891|6,891|10,182|
|Gain on disposal of tangible fixed assets|||61,589|
||6,891|6,891|71,771|
|TOTAL 2019|71,771|71,771||
##
##
||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2020|2020|2019|
||||E|E||
|Investment|management|fees|6,065|6,065|1,871|
|TOTAL 2019|||1,871|1,871||
##
|||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2020|2020|2020|2019|
|||||f.|E|
|Charitable|activities|11,686|547,689|559,375|790,192|
|TOTAL 2019||15,941|774,251|790,192||
##
##
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##
||||Depreciation||||
|---|---|---|---|---|---|---|
||||&||Total|Total|
|||Staff costs|Impairment|Other costs|funds|funds|
|||2020|2020|2020|2020|2019|
||||f|E||E|
|Direct and|support costs||||||
|excluding|governance|235,638|5,673|318,064|559,375|790,192|
|TOTAL 2019||227,923|139,178|423,091|790,192||
##
|||Activities|Grant||||
|---|---|---|---|---|---|---|
|||undertaken|funding
of|Support|Total|Total|
|||directly|activities|costs|funds|funds|
|||2020f|2020
E|2020
E|2020f|2019
E|
|Charitable|activities|159,784|193,690|205,901|559,375|790,192|
|TOTAL 2019||204,848|232,900|352,444|790,192||
##
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##
|||||Total|Total|
|---|---|---|---|---|---|
||||Activities|funds|funds|
||||2020|2020|2019|
||||E||F|
|Staff costs|||98,952|98,952|93,073|
|Training
and|Conferences||13,915|13,915|44,226|
|Church Support|||3,334|3,334|2,982|
|Pulpit supply|relief||90|90|90|
|Miscellaneous|direct costs including|youth activities and MMF|1,732|1,732|1,924|
|Pioneer special category minister|||||22|
|Other special|category ministers||4,749|4,749|6,549|
|Bookstall|||||805|
|Synod Pastoral Advisors|||19,386|19,386|26,214|
|Property expenses|||17,626|17,626|28,963|
||||159,784|159,784|204,848|
|TOTAL 2019|||204,848|204,848||
##
##
##
##
|||||||||||Total|Total|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||Activities|funds|funds|
||||||||||2020|2020|2019|
||Staff costs||||||||136,686|136,686|134,851|
||Depreciation|and Impairment|||||||5,673|5,673|139,178|
||Synod Activities||||||||6,661|6,661|11,217|
||Synod office parking||||||||6,880|6,880|4,667|
||Staff expenses||and training||||||5,402|5,402|9,833|
||Printing
Stationery|||and|postage||||5,298|5,298|8,759|
||Utilities/sundries||||||||3,725|3,725|4,199|
||Synod office expenses||||||||9,517|9,517|14,910|
||Property expenses||||||||15,778|15,778|13,812|
||Governance|costs||including||auditors|remuneration||10,281|10,281|11,018|
||||||||||205,901|205,901|352,444|
||TOTAL 2019||||||||352,444|352,444||
|10.|NET INCOME/EXPENDITURE|||||||||||
|||||||||||2020|2019|
||||||||||||E|
||Depreciation|of|tangible||fixed assets||- owned|by the charity||5,674|1,446|
||Impairment|of tangible|||fixed|assets - owned||by the charity|||136,364|
|11.|ANALYSIS|OF|GRANTS|||||||||
||||||||||Grants to|Total|Total|
||||||||||Institutions|funds|funds|
||||||||||2020|2020|2019|
|||||||||||E|E|
||Institutional|grants|||||||193,690|193,690|232,900|
##
##
##
|||2020|2019|
|---|---|---|---|
|Grants to institutions|other than Churches|86„260|29,860|
|Enabling
grants||126,034|12,627|
|Mission grants||(17,693)|2,149|
|Property grants:||||
|- Survey grants||3,197|2,813|
|-Facelift grants||(10,013)|83,977|
|- Building grants||(1,740)|98,034|
|- Feasibility grants||5,885|2,000|
|Other grants||1,760|1,440|
|||193690|232 900|
|||193,690|232,900|
##
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##
|Included
within|Institutional|and Enabling|grants are the following|amounts of610,000or more:|amounts of610,000or more:|
|---|---|---|---|---|---|
|||||2020|2019|
|||||F|E|
|Inter Synod Resource sharing||||25,000|20,000|
|Retired Ministers|Pension
Fund|||15,670||
|Exeter University|Free Church|Chaplaincy||35,000||
|||||75,670|20,000|
##
|Included|within
Mission grants are the followin|g
amounts
off10,000or more:||
|---|---|---|---|
|||2020|2019|
|||f.||
|Redland|Park||15,000|
||||15,000|
##
|Included|within F|acelift grants are the following
a|mounts
ofE10,000or more:||
|---|---|---|---|---|
||||2020|2019|
||||E|E|
|Axminster||||10,000|
|Bideford|||10,000||
|Heavitree|&Pinhoe|||10,000|
|Horfield||||10,000|
|Immanuel|Swindon|||10,000|
|Emmanuel|Hayden|Wick|10,000||
|Korean Church|||10,000||
||||30,000|40,000|
##
##
##
|||2020|2019|
|---|---|---|---|
|||f.|E|
|Axminster|||23,750|
|Bridgwater|Wesffield||24,000|
|Ottery St Mary|||10,240|
|Wells|||14,500|
|Barnstaple||11,238||
|||11,238|72,490|
##
##
|STAFF CO|STS|||||
|---|---|---|---|---|---|
|||||2020|2019|
|Wages and|salaries|||188,042|180,985|
|Social security costs||||13,182|12,833|
|Contribution|to defined|contribution|pension schemes|34,414|34,105|
|||||235,638|227,923|
||||||2020|2019|
|---|---|---|---|---|---|---|
||||||No.|No.|
|Staff|engaged|on|charitable|activities|12||
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##
|||Long-term|||||
|---|---|---|---|---|---|---|
||Freehold|leasehold||Office|Computer||
||property|property|f|equipment
F|equipment|Total|
|COST|||||||
|At 1 January 2020|2,156,703|412,910||1,980|15,874|2,587,467|
|Additions|298,692|||||298,692|
|At 31 December 2020|2,455,395|412,910||1,980|15,874|2,886,159|
|DEPRECIATION|||||||
|At 1 January 2020|140,264|700||891||141,855|
|Charge for the year|1,650|100||396|3,528|5,674|
|At 31 December 2020|141,914|800||1,287|3,528|147,529|
|NET BOOK VALUE|||||||
|At 31 December 2020|2,313,481|412,110||693|12,346|2,738,630|
|At 31 December 2019|2,016,439|412,210||1,089|15,874|2,445,612|
|INVESTMENT PROPERTY|||||||
|||||||Freehold|
|||||||investment|
|||||||property|
|VALUATION|||||||
|At 1 January 2020||||||3,826,721|
|Additions||||||120,002|
|Disposals||||||(1,108,700)|
|Deficit on revaluation||||||(942)|
|At 31 December 2020||||||2,837,081|
##
##
##
##
##
||Listed|||
|---|---|---|---|
||investments|Loans|Total|
||F|||
|COST OR VALUATION||||
|At 1 January 2020|9,613,807|13,113|9,626,920|
|Additions|517,059|376,271|893,330|
|Disposals||(203,142)|(203,142)|
|Revaluations|836,597||836,597|
|AT 31 DECEMBER 2020|10,967,463|186,242|11,153,705|
|NET BOOK VALUE||||
|AT 31 DECEMBER 2020|10,967,463|186,242|11,153,705|
|AT 31 DECEMBER 2019|9,613,807|13,113|9,626,920|
##
|||2020|2019|
|---|---|---|---|
|DUE WITHIN|ONE YEAR|||
|Other debtors||4,541|24,802|
|Prepayments|and accrued income|6,883||
|||11,424|24,802|
##
##
##
||||2020|2019|
|---|---|---|---|---|
||||E||
|Mission and enabling||grants|20,341|42,175|
|Other committed|grants||210,542|249,948|
|Accruals|||8,000|10,050|
||||238,883|302,173|
##
|2020|2019|
|---|---|
|E||
|180,959|144,673|
##
||||2020|2019|
|---|---|---|---|---|
|||||E|
|FINANCIAL ASSETS|||||
|Financial assets measured|at fair value through|income and expenditure|12,075,$31|10,439,378|
##
##
##
|||||||Balance at|
|---|---|---|---|---|---|---|
||Balance at 1|||||31|
||January|||Transfers|Gains/|December|
||2020|Income|Expenditure|in/out|(Losses)|2020|
||E|||f.|||
|UNREST'D|||||||
|FUNDS|||||||
|Fixed asset fund|2,445,611||(5,674)|298,693||2,738,630|
|Loans funds|13113|1,355||171,774||186,242|
|Investment|||||||
|property|3,501,389|120,000||(1,108,700)|(25,609)|2,487,080|
|Investment|||||||
|stocks and|||||||
|shares|7,800,000|||||7,800,000|
|Taunton
fund|4,088|||||4,088|
|Free reserves|621,789|564,180|(548,080)|689,805|771,046|2,098,740|
||14,385,990|685,535|(553,754)|51,572|745,437|15,314,780|
|RESTRICT'D|||||||
|FUNDS|||||||
|General purpose|||||||
|fund|1,767,298|49,364|(3,382)|(51,572)|16,885|1,778,593|
|Closed church|||||||
|fund|123,067||||7,782|130,849|
|DFES fund|1,035||(110)|||925|
|Training
fund|||||||
|and grants|1,736|5,700||||7,436|
|Other small|||||||
|restricted|||||||
|grants received|10,541|8,194|(8,194)|||10,541|
||1,903,677|63,258|(11,686)|(51,572)|24,667|1,928,344|
|TOTAL OF|||||||
|FUNDS|16,289,667|748,793|(565,440)||770,104|17,243,124|
##
|STATEMENT OF|FUNDS - PRIO|R YEAR|||||
|---|---|---|---|---|---|---|
|||||||Balance at|
||Balance at|||||31|
||1 January
2019|Income|Expenditure|Transfers
in/out|Gains/
(Losses)|December
2019|
||F|E|E||F||
|UNREST'D|||||||
|FUNDS|||||||
|Fixed asset fund|2,929,639|61,589|(1,050)|(544,567)||2,445,611|
|Loans funds|47,068|495||(34,450)||13,113|
|Investment|||||||
|property|1,971,307|1,299,071||(183,753)|414,764|3,501,389|
|Investment|||||||
|stocks and|||||||
|shares|6,000,000|||1,800,000||7,800,000|
|Taunton
fund|4,088|||||4,088|
|Free reserves|560,642|599,251|(775,072)|(987,837)|1,224,805|621,789|
||11,512,744|1,960,406|(776,122)|49,393|1,639,569|14,385,990|
|RESTRICT'D|||||||
|FUNDS|||||||
|General purpose
fund|1,521,971|50,167||(49,393)|244,553|1,767,298|
|Closed church|||||||
|fund|104,356||||18,711|123,067|
|DFES fund|1,809||(774)|||1,035|
|Training
fund
and grants|1,736|10,223|(10,223)|||1,736|
|Other small|||||||
|restricted|||||||
|grants received|10,541|4,944|(4,944)|||10,541|
||1,640,413|65,334|(15,941)|(49,393)|263,264|1,903,677|
|TOTAL OF
FUNDS|13,153,157|2,025,740|(792,063)||1,902,833|16,289,667|
##
##
##
|ANALYSI|S OF NET ASSETS BETWEEN FUNDS|-CURRENT PERIOD|||
|---|---|---|---|---|
|||Restricted|Unrestricted|Total|
|||funds|funds|funds|
|||2020|2020|2020|
||||f,|E|
|Tangible fixed assets|||2,738,630|2,738,630|
|Fixed asset investments||1,766,150|9,387,555|11,153,705|
|Investment|property|350,000|2,487,081|2,837,081|
|Current assets|||933,550|933,550|
|Creditors|due within one year|(187,806)|(51,077)|(238,883)|
|Creditors|due in more than one year||(180,959)|(180,959)|
|TOTAL||1,928,344|15,314,780|17,243,124|
##
|||Restricted|Unrestricted|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2019|2019|2019|
||||F||
|Tangible fixed assets|||2,445,612|2,445,612|
|Fixed asset investments||1,602,160|8,024,760|9,626,920|
|Investment|property|325,333|3,501,388|3,826,721|
|Current assets|||837,259|837,259|
|Creditors|due within one year|(23,817)|(278,356)|(302,173)|
|Creditors|due in more than one year||(144,673)|(144,673)|
|TOTAL||1,903,676|14,385,990|16,289,666|
##
##
|23.|ACTIVITIES||||
|---|---|---|---|---|
||||2020|2019|
|||||F|
||Net income for the period (as per Statement|of Financial Activities)|953,457|3,136,511|
||ADJUSTMENTS FOR."||||
||Depreciation
and impairment
charges||5,674|134,760|
||Non cash donations
and capital funds||(120,002)|(1,310,000)|
||(Gains)/losses
on investments||(837,010)|(1,902,833)|
||Dividends,
interests
and rents from investments||(349,385)|(332,067)|
||Loss/(profit)
on the sale offixed assets and|fixed asset investments|65,551|(195,330)|
||Decrease/(increase)
in debtors||13,3?8|(22,722)|
||Increase/(decrease)
in creditors||(27,004)|22,835|
||NET CASH USED IN OPERATING ACTIVITIES||(295,341)|(468,846)|
|24.|ANALYSIS OF CASH AND CASH EQUIVALENTS||||
||||2020|2019|
|||||E|
||Cash
in hand||922,126|812,458|
||TOTAL CASH AND CASH EQUIVALENTS||922,126|812,458|
|25.|ANALYSIS OF NET FUNDS||||
|||||||At 1||At 31|
|---|---|---|---|---|---|---|---|---|
|||||||January||December|
|||||||2020|Cash flows|2020f|
|||||||F|||
|Cash|at|bank|and|in|hand|812,458|109,668|922,126|
|||||||812,458|109,668|922,126|
##
##
##
##
##
##
|||2020|2019|
|---|---|---|---|
||||E|
|Capital|funds|435,491|525,449|
|Income|funds|86,659|122,249|
|Invested|funds|522,151|1,377,401|
|||1,044,301|2,025,099|