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|||||Page|
|---|---|---|---|---|
|Reference and administrative||details ofthe company,|its Trustees and advisers|1-2|
|Trustees'
report||||3-15|
|Independent
auditors'|report|on the financial statements||16-19|
|Statement offinancial|activities|||20|
|Balance sheet||||21 -22|
|Statement ofcash flows||||23|
|Notes to the financial|statements|||24-49|
|REFERENCE AND ADMINISTRATIVE
DETAILS|REFERENCE AND ADMINISTRATIVE
DETAILS|REFERENCE AND ADMINISTRATIVE
DETAILS|REFERENCE AND ADMINISTRATIVE
DETAILS|OF|THE|THE|COMPANY, ITSTRUSTEES AND ADVISERS|COMPANY, ITSTRUSTEES AND ADVISERS|
|---|---|---|---|---|---|---|---|---|
|FOR THE|YEAR ENDED||31 DECEMBER 2021||||||
|Trustees|||Revd Ruth Whitehead,|Chairman|||||
||||Mr lan Harrison,
Trust|Secretary|||||
||||Mrs Janet Raven (appointed|||9|September 2021)||
||||Mr Neil Thorogood
(appointed||||9|September 2021)|
||||Revd Christopher
Baillie (Resigned
11 November 2021)||||||
||||Revd Richard Gray, Treasurer||||||
||||Mrs Jill Stidson (Term|ended||20||May 2021)|
||||Revd Donald Macalister||||||
||||Revd Lythan
Nevard
(Resigned||||24 June 2021)||
||||Mrs Maria Mills (Term|ended||11||November 2021)|
||||Revd Robert Western|(appointed||||1 April 2022)|
||||Revd Sarah Simpson|(appointed||||15May 2022)|
||||Mrs Gwen Jennings
(appointed||||24 Jurie 2022)||
|Company|registered||||||||
|number|||01328728||||||
|Charity registered|||||||||
|number|||275364||||||
|Registered||office|Taunton
United
Reformed||Church||||
||||18 Paul 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||||||
||||EX1 3QS||||||
|Bankers|||Lloyds Bank PLC||||||
||||2 Palace Avenue||||||
||||Paignton||||||
||||Devon||||||
||||CAF Bank Ltd||||||
||||25 Kings
Hill Avenue||||||
||||West Mailing||||||
||||Kent||||||
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||||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|
|||Note|2021
f|2021
f.|2021|2020
E|
|Income from:|||||||
|Donations
and legacies|||32,034|108,825|140,859|253,894|
|Charitable
activities:|||||||
|Funds arising
from closed|Churches|||1,187,392|1,187,392|137,268|
|Other charitable
activities||||1,821|1,821|1,355|
|Investments|||50,443|324,420|374,863|349,385|
|Other income||||14,466|14,466|6,891|
|Total income|||82,477|1,636,924|1,719,401|748,793|
|Expenditure
on:|||||||
|Raising funds|||2,187|14,608|16,795|6,065|
|Charitable
activities|||1,790|3,660,542|3,662,332|559,375|
|Total expenditure|||3,977|3,675,150|3,679,127|565,440|
|Net income/(expenditure)|before net||||||
|gains on investments|||78,500|(2,038,226)|(1,959,726)|183,353|
|Net gains on investments|||295,436|1,492,032|1,787,468|770,104|
|Net income/(expenditure)|||373,936|(546,194)|(172,258)|953,457|
|Transfers
between
funds||21|(7&,500)|78,500|||
|Net movement
in funds|||295,436|(467,694)|(172,258)|953,457|
|Reconciliation
offunds:|||||||
|Total funds brought
forward|||1,928,344|15,314,780|17,243,124|16,289,667|
|Net movement
in funds|||295,436|(467,694)|(172,258)|953,457|
|Total funds carried forward|||2,223,780|14,847,086|17,070,866|17,243,124|
|||||||2021||2020|
|---|---|---|---|---|---|---|---|---|
|||||Note||||F|
|Fixed assets|||||||||
|Tangible assets||||14||2,571,811||2,738,630|
|Investments||||16||13,168,718||11,153,705|
|Investment
property||||15||3,548,444||2,837,081|
|||||||19,288,973||16,729,416|
|Current assets|||||||||
|Debtors||||17|20,517||11,424||
|Cash at bank and||in hand|||977,932||922,126||
||||||998„449||933,550||
|Creditors: amounts||falling due within one|||||||
|year||||18|(784,118)||(238,883)||
|NET CURRENT ASSETSILIABILITIES||||||214,331||694,667|
|Total assets less||current liabilities||||19,503,304||17,424,083|
|Creditors: amounts||falling due after more|||||||
|than one year||||19||(2,432,438)||(180,959)|
|NET ASSETS||||||17,070,866||17,243,124|
|Total net assets||||||17,070,866||17,243,124|
|Charity funds|||||||||
|Restricted
funds:|||||||||
|Restricted
funds||||21|1,033,403||1,033,404||
|Restricted
revaluation|||reserve|21|1,190,377||894,940||
|Total restricted
funds||||21||2,223,780||1,928,344|
|Unrestricted
funds|||||||||
|General funds||||21|10,179,640||12,101,512||
|Unrestricted
revaluation|||reserve|21|4,667,446||3,213,268||
|Total unrestricted|funds|||21||14,847,086||15,314,780|
|Total funds||||||17,070,866||17,243,124|
|||||2021|2020|
|---|---|---|---|---|---|
|Cash flows from operating
activities||||||
|Net cash|used
in operating
activities (see note 23)|||(371,495)|(295,341)|
|Cash flows from investing
activities||||||
|Dividends,
interests
and rents from investments||||374,863|349,385|
|Purchase|of tangible
fixed assets|||(99,558)|(298,692)|
|Proceeds|from sale of investments|||699,523|1,246,291|
|Purchase|of investments|||(547,527)|(891,975)|
|Net cash|provided
by investing
activities|||427,301|405,009|
|Cash flows from financing
activities||||||
|Net cash|provided
by financing
activities|||||
|Change|in cash and cash equivalents|in the year||55,806|109,668|
|Cash and|cash equivalents
at the beginning||ofthe year|922,126|812,458|
|CASH AND CASH EQUIVALENTS AT||THE END OF THE YEAR (SEENOTE 24)||977„932|922,126|
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|||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2021|2021|2021|2020|
||||f.|||
|Donations|- Property||105,825|105,825|240,000|
|Legacies|||3,000|3,000||
|Grants||32,034||32,034|13,894|
|||32,034|108,825|140,859|253,894|
|TOTAL 2020||13,894|240,000|253,894||
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2021f|2021|2020|
|Funds arising|from Closed Churches|1,187,392|1,187,392|137,268|
|Loan interest||721|721|1,355|
|Training
and|conference receipts|1,100|1,100||
|TOTAL 2021||1,189,213|1,189,213|138,623|
|TOTAL 2020||138,623|138,623||
##
|Funds|arisin|g|from closed Churches comprise:|||
|---|---|---|---|---|---|
|||||2021|2020|
|||||F|F|
|Capital|funds|-|Property|1,166,700|120,000|
|Other|funds|||20,692|17,268|
|||||1,187,392|137,268|
##
##
|||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2021|2021|2021|2020|
|||||E||
|Rental income from investment|properties|7,140|48,230|55,370|57,220|
|Income from listed stock exchange||||||
|investments||43,298|276,153|319,451|290,902|
|Bank interest||5|37|42|1,263|
|TOTAL 2021||50,443|324,420|374,863|349,385|
|TOTAL 2020||49,364|300,021|349,385||
##
|Sundry|income|
|---|---|
|TOTAL|2020|
|Unrestricted|Total|Total|
|---|---|---|
|funds|funds|funds|
|2021|2021|2020|
|14,466|14,466|6,891|
|6,891|6,891||
##
||||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|
||||2021|2021|2021|2020|
|||||E|||
|Investment|management|fees|2,187|14,608|16,795|6,065|
|TOTAL 2020||||6,065|6,065||
##
|||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2021
f|2021|2021|2020
E|
|Charitable|activities|1,790|3,660,542|3,662,332|559,375|
|TOTAL 2020||11,686|547,689|559,375||
##
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##
##
||||||Total|Total|
|---|---|---|---|---|---|---|
|||Staff costs|Depreciation|Other costs|funds|funds|
|||2021|2021|2021f|2021|2020
F|
|Direct and|support costs||||||
|excluding|governance|261,212|5,473|3,395,647|3,662,332|559,375|
|TOTAL 2020||235,638|5,673|318,064|559,375||
##
|||Activities|Grant||||
|---|---|---|---|---|---|---|
|||undertaken|funding
of|Support|Total|Total|
|||directly|activities|costs|funds|funds|
|||2021|2021|2021f|2021|2020|
|Charitable|activities|166,247|3,240,929|255,156|3,662,332|559,375|
|TOTAL 2020||159,784|193,690|205,901|559,375||
##
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##
||||||Total|Total|
|---|---|---|---|---|---|---|
|||||Activities|funds|funds|
|||||2021f|2021
E|2020
F|
|Staff costs||||88,155|88,155|98,952|
|Training
and|Conferences|||12,249|12,249|13,915|
|Church Support||||3,137|3137|3,334|
|Pulpit supply|relief|||||90|
|Safeguarding||||20,393|20,393||
|Miscellaneous||direct costs including|youth activities and MMF|||1,732|
|Pioneer special||category minister||4,183|4,183||
|Other special|category ministers|||3,278|3,278|4,749|
|Synod Pastoral||Advisors||36,444|36,444|19,386|
|Property expenses||||(1,592)|(1,592)|17,626|
|||||166,247|166,247|159,784|
|TOTAL 2020||||159,784|159,784||
##
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##
|||||||Total|Total|
|---|---|---|---|---|---|---|---|
||||||Activities|funds|funds|
||||||2021|2021|2020|
||||||F||F|
|Staff costs|||||173,057|173,057|136,686|
|Depreciation|and Impairment||||5,473|5,473|5,673|
|Synod Activities|||||1,614|1,614|6,661|
|Synod office|parking||||7,000|7,000|6,880|
|Staff expenses
and training|||||14,977|14,977|5,402|
|Printing
Stationery||and postage|||5,094|5,094|5,298|
|Utilities/sundries|||||4,237|4,237|3,725|
|Synod office|expenses||||10,273|10,273|9,517|
|Property expenses|||||18,320|18,320|15,778|
|Governance|costs|including|auditors|remuneration|15,111|15,111|10,281|
||||||255,156|255,156|205,901|
|TOTAL 2020|||||205,901|205,901||
##
|||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|---|
||||||||||F|
|Depreciation|oftangible|fixed|assets|- owned|by|the|charity|5,473|5,674|
##
##
|||Grants to|Total|Total|
|---|---|---|---|---|
|||Institutions|funds|funds|
|||2021|2021|2020|
||||F|F|
|Institutional|grants|3,240,929|3,240,929|193,690|
##
##
|||2021|2020|
|---|---|---|---|
||||E|
|Grants to institutions|other than Churches|3,044,695|86,260|
|Enabling
grants||100,049|126,034|
|Mission grants||27 123|(17,693)|
|Property grants:||||
|- Survey grants||4,065|3,197|
|- Facelift grants||48,229|(10,013)|
|- Building grants||14,978|(1,740)|
|- Feasibility grants|||5,885|
|Other grants||1,790|1,760|
|||3,240,929|193,690|
|||3,240,929|193,690|
##
##
##
##
##
##
|Included
within||Institutio|nal
|and Enabling
grants are the|following
amounts
ofF10,000|or more:|
|---|---|---|---|---|---|---|
||||||2021|2020|
|Inter Synod Resource sharing|||||35,000|25,000|
|Retired Ministers||Pension|Fund||3,000,000|15,670|
|Exeter University||Free Church||Chaplaincy||35,000|
|Bridgwater|||||15,818||
|Taunton
workwise||||||15,000|
|Zion Grampton|Cottrell|||||20,000|
|Derriford|||||12,000||
|Flavel projects|||||12,793||
|Flavel ministry||||||65,000|
|Teignmouth|||||31,500||
|Newton
Abbot|||||10,000||
||||||3,117,111|175,670|
##
|Include|d
|within
Mission grants are the following|amounts
off10,000or more:||
|---|---|---|---|---|
||||2021|2020|
|Emmanuel||Swindon|10,170||
|Pilgrim|Plymouth||15,625||
||||25,795||
##
|Included|w|ithin
F|acelift grants are the following
a|mounts
off10,000or more:||
|---|---|---|---|---|---|
|||||2021f|2020|
|Axminster||||||
|Bideford|Lavington||||10,000|
|Glastonbury||||10,000||
|Emmanuel||Hayden|Wick||10,000|
|Korean Church|||||10,000|
|Lynton||||10,000||
|Redland|Park|||10,000||
|||||30,000|30,000|
##
##
||2021|2020|
|---|---|---|
|Barnstaple||11,238|
|||11,238|
##
##
|||||2021|2020|
|---|---|---|---|---|---|
|||||F||
|Wages and|salaries|||247,253|212,177|
|Social security costs||||15,821|13,182|
|Contribution|to defined|contribution|pension schemes|37,888|34,414|
|||||300,962|259,773|
|2021|2020|
|---|---|
|No.|No.|
|14|12|
##
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##
##
|||Long-term|||||
|---|---|---|---|---|---|---|
||Freehold|leasehold||Office|Computer||
||property
f|property|f|equipment|equipment|Total|
|COST|||||||
|At 1 January 2021|2,455,395|412,910||1,980|15,874|2,886,159|
|Additions|99,558|||||99,558|
|Transfers
between classes|150,606|(412,910)||||(262,304)|
|At 31 December 2021|2,705,559|||1,980|15,874|2,723,413|
|DEPRECIATION|||||||
|At 1 January 2021|141,914|&00||1,287|3,528|147,529|
|Charge for the year|1,550|||396|3,527|5,473|
|Transfers
between classes|(600)|(800)||||(1,400)|
|At 31 December 2021|142,864|||1,683|7,055|151,602|
|NET BOOK VALUE|||||||
|At 31 December 2021|2,562,695|||297|8,819|2,571,811|
|At 31 December 2020|2,313,481|412,110||693|12,346|2,738,630|
##
|VALUATION|
|---|
|At 1 January 2021|
|Additions|
|Disposals|
|Surplus
on revaluation|
|Transfers
between classes|
|At 31 December 2021|
##
##
||Listed|||
|---|---|---|---|
||investmentsf|Loans|Total|
|COST OR VALUATION||||
|At 1 January 2021|10,967,463|186,242|11,153,705|
|Additions|317,961|228 845|546 806|
|Disposals||(148,902)|(148,902)|
|Revaluations|1,617,109||1,617,109|
|AT 31 DECEMBER 2021|12,902,533|266,185|13,168,718|
|NET BOOK VALUE||||
|AT 31 DECEMBER 2021|12,902,533|266,185|13,168,718|
|AT 31 DECEMBER 2020|10,967,463|186,242|11,153,705|
##
|||2021|2020|
|---|---|---|---|
||||E|
|DUE WITHIN|ONE YEAR|||
|Other debtors||8,311|4,541|
|Prepayments|and accrued income|12,206|6,883|
|||20,517|11,424|
##
##
||||2021|2020|
|---|---|---|---|---|
|||||E|
|Mission and enabling||grants|14,747|20,341|
|Other committed|grants||760,071|210,542|
|Accruals|||9,300|8,000|
||||784,118|238,883|
##
||||||2021|2020|
|---|---|---|---|---|---|---|
|Mission|and|other|committed|grants|2,432,438|180,959|
##
||||2021|2020|
|---|---|---|---|---|
|||||E|
|FINANCIAL ASSETS|||||
|Financial assets measured|at fair value through|income and expenditure|14,146,650|12,075,831|
##
##
##
|||||||Balance at|
|---|---|---|---|---|---|---|
||Balance at 1|||||31|
||January|||Transfers|Gains/|December|
||2021|Income|Expenditure|in/out|(Losses)|2021|
||||E||||
|UNREST'D|||||||
|FUNDS|||||||
|Fixed asset fund|2,738,630|30,620|(5,473)|(191,966)||2,571,811|
|Loans funds|186,242|721||79,222||266,185|
|Investment|||||||
|property|2,487,080|830,721||(289,716)|138,859|3,166,944|
|Investment|||||||
|stocks and|||||||
|shares|7,800,000|||||7,800,000|
|Taunton
fund|4,088|||||4,088|
|Free reserves|2,098,740|774,862|(3,669,677)|480,960|1,353,173|1,038,058|
||15,314,780|1,636,924|(3,675,150)|78,500|1,492,032|14,847,086|
|RESTRICT'D|||||||
|FUNDS|||||||
|General purpose|||||||
|fund|1,778,593|50,443|(3,977)|(78,500)|277,758|2,024,317|
|Closed church|||||||
|fund|130,849||||17,678|148,527|
|DFES fund|925|||||925|
|Training
fund|||||||
|and grants|7,436|21,749||||29,185|
|Other small|||||||
|restricted|||||||
|grants received|10,541|10,285||||20,826|
||1,928,344|82,477|(3,977)|(78,500)|295,436|2,223,780|
|TOTAL OF|||||||
|FUNDS|17,243,124|1,719,401|(3,679,127)||1,787,468|17,070,866|
##
##
##
|||||||Balance at|
|---|---|---|---|---|---|---|
||Balance at|||||31|
||1 January|||Transfers|Gains/|December|
||2020|Income|Expenditure|in/out|(Losses)|2020|
|||F||E|F|F|
|UNREST'D|||||||
|FUNDS|||||||
|Fixed asset fund|2,445,611||(5,674)|298,693||2,738,630|
|Loans funds|13,113|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|
##
##
##
|ANALYSIS O|F NET ASSETS BETWEEN FUNDS|-CURRENT YEAR|||
|---|---|---|---|---|
|||Restricted|Unrestricted|Total|
|||funds|funds|funds|
|||2021|2021|2021|
|Tangible fixed|assets||2,571,811|2,571,811|
|Fixed asset investments||2,030,087|11,138,631|13,168,718|
|Investment
property||381,500|3,166,944|3,548,444|
|Current assets|||998,449|998,449|
|Creditors due|within one year|(187,807)|(596,311)|(784,118)|
|Creditors due|in more than one year||(2,432,438)|(2,432,438)|
|TOTAL||2,223,780|14,847,086|17,070,866|
##
##
|||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|
##
##
##
||||||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||E|E|
||Net
income/expenditure
for||the|year|(as|per||Statement|of|Financial|||
||Activities)||||||||||(172,258)|953,457|
||ADJUSTMENTS FOR:||||||||||||
||Depreciation
and impairment|charges|||||||||5,473|5,674|
||Non cash donations
and capital||funds||||||||(1,166,700)|(120,002)|
||Losses on investments||||||||||(1,756,847)|(837,010)|
||Dividends,
interests
and rents|from||investments|||||||(374,863)|(349,385)|
||Loss/(gain)
on the sale of fixed||assets||||||||(30,621)|65,551|
||Non cash donations
and capital||funds converted||||to|cash|||336,700||
||Decrease/(increase)
in debtors||||||||||(9,093)|13,378|
||Increase/(decrease)
in creditors||||||||||2,796,714|(27,004)|
||NET CASH USED IN OPERATING|||ACTIVITIES|||||||(371,495)|(295,341)|
|24.|ANALYSIS OF CASH AND CASH|||EQUIVALENTS|||||||||
||||||||||||2021|2020|
||Cash
in hand||||||||||977,932|922,126|
||TOTAL CASH AND CASH EQUIVALENTS||||||||||977,932|922,126|
|25.|ANALYSIS OF CHANGES
IN|NET||FUNDS|||||||||
|||||||||||At 1||At 31|
|||||||||||January||December|
|||||||||||2021|Cash flows|2021|
|||||||||||f||E|
||Cash at bank and
in hand|||||||||922,126|55,806|977,932|
|||||||||||922,126|55,806|977,932|
##
##
##
##
##
|||2021f|2020
E|
|---|---|---|---|
|Capital|funds|394,647|435,491|
|Income|funds|117,729|86,659|
|Invested|funds|522,151|522,151|
|||1,034,527|1,044,301|