## ## ||||Page| |---|---|---|---| |Report ofthe Trustees|||I to 6| |Report ofthe Independent||Auditors|7to 8| |Statement ofFinancial|Activities||| |Balance Sheet|||10to 11| |Statement ofCash Flows|||12| |Notes to the Financial|Statements||13to 26| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||Unrestricted|Funds||31.12.20|31.12.19| |---|---|---|---|---|---|---|---| ||||General Purposes|Designated|Restricted|Total|Total| ||||Funds|Funds|Funds|Funds|Funds| ||||f|f|f||| |INCOME AND ENDOWMENTS i||Notes|||||| |income from Investments||2a|264,160|262,664|10,933|537,757|827.441| |Income from charitable|activities||||||| |Donations
and Legacies||2a|128,496|12,500|791|141,787|31.644| |Other Income||2a||45||45|3,358| |Total operating
income|||392,656|275,209|11,724|679,589|862,443| |Income on sale ofproperties||2a|116,000|3,332,000||3,448,000|2,160,000| |Protit/(Loss)
on sale ofproperties||2a|101,000|||101,000|| |Total Income and Endowments||2a|609,656|3607209|11,724|4,228,589|3 022 443| |KXPKNDITLtRK|||||||| |Expenditure
on Charitable|Activities|2b|563,110|1,279,237|42,515|I,SS4,S62|2,636,558| |Total operating
expenditure||2b|563,110|1,279,237|42,515|1,8$4,862|2,636,558| |Payment
to Inter-Synod|||||||| |Resource Sharing|||25,000|||25,000|25,000| |Purchase ofMenses||||670,000||670,000|2,400,000| |Total Expenditure|||588,110|1,949,237|42/15|2,579,862|5,061,558| |Net Expenditure
on||2b|(170,454)|(1,004,028)|(30,791)|(1,205,273)|(1,774,115)| |0 pe rating .Account|||||||| |Net Income/(Expenditure)|||21,546|1,657,972|(30,791)|1,648,727|(2,039,115)| |Transfers
behveen
Funds||8|999,998|(999,99$)|||| |Other Recognised
Gains/(Losses)|||||||| |Net (Losses)/Gains
on Investments||7|(966,156)|(639,427)|(27,416)|(1,632,999)|2,365,793| |Net movement
in funds|||55,388|18,547|(58,207)|IS,728|326,678| |Total funds brought
forward|||10,383,460|I3,067,67$|933,211|24,384,349|24,057,671| |Total funds carried forward|||||||| ## ||||Unrestricted|Funds|||31.12.20|31.12.19| |---|---|---|---|---|---|---|---|---| ||||General Purposes|Designated||Restricted|Total|Total| ||||Funds|Funds||Funds|Funds|Funds| |||||||f||f| |||Notes||||||| |FIXEDASSETS||||||||| |Tangible assets||9|229,421|74,721||88,285|392,427|565,322| |Investments||10|10,832,999|11,234,|146|459,291|22&526&436|24.072.920| |Social Investments||ll|64,050||||64,050|16,900| ||||11,126,470|11,308,867||547,576|22,982,913|24.655,142| |CURRENT ASSETS||||||||| |Debtors: amounts|falling|dne||||||| |within one year||12|51,802||857||52,659|I 1.650| |Cash at bank and|in hand||709,643|2,523,|180|330.854|56,»|1,280.384| ||||761,445|2.524,037||330,854|3,616,336|1.292,034| |CREDITORS||||||||| |Amounts
falling due within||||||||| |one year||13|))449,067)|)7466791||)3.4-6)|~219917!l,|(156-827)| |NET CURRENT|ASSETS||(687.622)|1,777,358||327,428|1,417,164|(270,793)| |I(LIABILITIES)||||||||| |TOTAL ASSETSLESS||||||||| |CURRENT LIABILITIES|||10,438,848|13.086,225||875,004|24,400,077|24.384,349| |NET ASSETS||14|10,438,848|13,086)225||875,0114|24,400,077|24.384,349| |FUNDS||||||||| |General Purposes|||||||10,438,848|10,383,460| |Designated|||||||13,086,225|13,067,678| |Restricted|||||||875,004|933.211| |TOTAL FUNDS||14|||||24,400,077|24,384,349| ## |fhe Linite
Re armed Church
Southern S n d|fhe Linite
Re armed Church
Southern S n d|fhe Linite
Re armed Church
Southern S n d|Trust Li|Trust Li|Red|||| |---|---|---|---|---|---|---|---|---| |A Com|an
Lim'ted b Guarantee|||||||| |Statement ofCa h Fl||||||||| |Year Ended 31 Decem
er 2 2||||||||| |||||||Notes|2020|2019| ||||||||f.|| |Cash flow from operating
activities:||||||||| |Net cash provided/used
in operating
activities|||||||1,698,234|(1,468,571)| |Cash flows from investing
activities:||||||||| |Dividends
and interest from investments|||||||449,692|670,757| |Purchase|offixed assets||||||(6,968)|(1,090)| |Proceeds|from the sale offixed assets||||||276,000|250| |Purchase|ofinvestments||||||(I7,340,851)|(20,400,172)| |Issue ofProgramme
Related Loans|||||||(50,000)|(17,000)| |Repayment ofProgramme
Related Loans|||||||2,850|100| |Proceeds|from the sale ofinvestments||||||17,254,336|20,449,991| |Net cash|provided
by/used
in investing|activities|||||585,059|702,836| |Change|in cash and cash equivalents
in|the reporting||period|||2,283,293|(765,735)| |Cash and cash equivalents
at the beginning ofthe|||reporting||period|B|1480484|2,046,119| |Cash and cash equivalents
at the end ofthe reporting||||period||B|3,563,677|1,280,384| ||Notes to the statement ofcash tlows|||||||| ||Reconciliation
ofnet income/expenditure||to|net cash||||| ||flow from operating
activities|||||||| ||Net income/expenditure
for the reporting||period (as per||||15,728|326,678| ||the statement offinancial activities)|||||||| ||Adjustments
for:|||||||| ||Depreciation
charges||||||4,403|3,594| ||(Gains)/losses
on investments||||||1,632,999|(7,365,793)| ||Dividends
and interest from investments||||||(449,692)|(670,757)| ||Loss/(profit)
on the sale offixed|assets|||||(100,540)|9| ||Decrease/(increase)
in debtors||||||(41,009)|90,846| ||Increase/(decrease)
in creditors||||||636345|I i46,852| ||Net cash provided
by operating|activities|||||I 698)34|(1,468,571)| ||Analysis ofcash and cash equivalents|||||||| ||Cash at bank and in hand||||||3,563,677|I 280384| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |a) Analysis ofTotal Income|a) Analysis ofTotal Income|||||||| |---|---|---|---|---|---|---|---|---| ||||Unrestricted|Funds|||31.12.20|31 12.19| ||||General Purposes|Designated||Restricted|Total|Total| ||||Funds||Funds|Funds|Funds|Funds| ||||f||f.||f|f.| |Income from generated|funds|||||||| |Rents Received|||16,651||69,398|2,016|8$,065|137,292| |Investment
income-listed|investments||246,362||191,134|6,821|444,317|680,453| |Interest|||1.147||2 132|2,096|5,375|9,696| ||||264,160||262 664|10,933|537,757|827,441| |Income from charitable|activities|||||||| |Donations
and Legacies||||||||| |Donations|||160||12,500|635|13,295|16,828| |Monies from closed|churches||128,336||||128,336|2,310| |Quinquennial
contribution||received||||156|156|12,506| ||||128,496||12 500|791|141,7S7|31644| |Other mcome||||||||| |Grant for mission work||||||||2,000| |Grants awarded
no longer||required|||45|||| |Insurance
Claim||||||||I 358| ||||||45||45|3,358| |Total operating
income|||392,656||275,209|11,724|679,589|862.443| |Income on sale ofproperties||||||||| |-ofclosed churches|||116,000||||116,000|1,430,000| |-ofsurplus
menses||||3|332000||3,332,000|730,000| ||||116000|3|332 000||3,448,000|2 160000| |Profit/(Loss)
on sale offixed||asset||||||| |-other property|||101,000||||101,000|| ||||101 000||||101,000|| |Total income|||609,656|3,607,209||11,724|4,22S,5$9|3 022 443| ## ## |b) Analysis ofTotal Expenditure|b) Analysis ofTotal Expenditure|b) Analysis ofTotal Expenditure|||||||| |---|---|---|---|---|---|---|---|---|---| ||||||Unrestricted|Funds||31.12.20|31.12.19| |||||General|Purposes|Designated|Restricted|Total|Total| |||||Funds||Funds|Funds|Funds|Funds| ||||||f|||8|| |Expenditure
on Charitable||Activities|||||||| |Ministry
th Mission:-|||||||||| |Mission Deicer|||||52,499|||52,499|54,138| |Ecumenical
Oflicer|||||620|||620|2,056| |Grants (note 4)|||||29,999|220,839|11,787|262,625|176,011| |Shared indirect costs|(note 3)||||36 851||205|37,056|21,273| ||||||119969|220 839|II 992|352,800|253 478| |Training:-|||||||||| |Training ofMinisters|dt Lay||||||||| |preachers(note
4)|||||2,135|||2,135|14,878| |Students(note
4)|||||||||571| |Development
OAicer|for education||||||||| |k. Ieammg|||||51,364|||51,364|52,388| |Children's
st Youth Development|||Officer||50,023|||50,023|50,562| |Safeguarding
Officer|||||21,394|||2iF94|1.552| |Other training
costs|||||2,399|||2,399|4 534| |Shared indirect costs|(note 3)||||57 908
185223|||57,908
totlt|I I 440| |Property:-|||||||||| |Church
building
grants (note 4)|||||20,000|779,163||799,163|1,265,734| |Manse Repairs (note|4)|||||191,164||191,164|336,107| |Manse Expenses||||||16,022||16,022|16,894| |Quinquennial
Costs||||||3,825|30,258|34,083|67,556| |Expenses on Salek Purchase||ofProperty|||18,160|56,691||74,851|143,775| |Other property
costs|||||13,000|7,400|265|20,665|144,290| |Staffcosts|||||87,725|||87,725|67,645| |Shared mdirect costs|(note 3)||||63,173|||63,173|154,440| ||||||202 058|1.054265|30523|1,2$6,$46|2 196441| ## ## |b) Analysis ofTotal Expenditure|b) Analysis ofTotal Expenditure|b) Analysis ofTotal Expenditure|b) Analysis ofTotal Expenditure|b) Analysis ofTotal Expenditure||||||| |---|---|---|---|---|---|---|---|---|---|---| |||||||Unrestricted|Funds||31.12.20|31.12.19| ||||||General Purposes||Designated|Restricted|Total|Total| |||||||Funds|Funds|Funds|Funds|Funds| |||||||f.||||f.| |Governance:-||||||||||| |Synod Meetings||||||||||2,238| |Provincial
Committees||||||675|||675|3,354| |Honoraria
Synod|Clerk|and|Treasurer|||1,000|||1,000|1,000| |Synod Clerk's expenses||||||70|||70|(1,278)| |Synod Treasurer's|expenses|||||301|||301|66| |Legal Costs||||||24,029|||24,029|22,838| |Audit Fees||||||9,180|||9,180|9,572| |Invesut)ent
management||costs||||3,057|4,133||7,190|9,110| |Shared indirect costs (note|||3)|||17548|||17,548|3 813| |||||||55 860|4 133||59993|50 713| |01
I
0)«I||||9)|I II|»
I» .4 4)|9, 3
I,9,9 8)|6,5 5
~38791)|,1184,86
~48»0|3,63,
~),774,| ## ## ## |||||Unrestricted|Funds||31.12.20|31.12.19| |---|---|---|---|---|---|---|---|---| |||||General Purposes|Designated|Restricted|Total|Total| |||||Funds|Funds|Funds|Funds|Funds| |||||||5||| |Premises Costs:-||||||||| |Synod rent dt|Hire|ofRooms||I8,447|||18,447|20,906| |Redecoration|Costs|||||||158| |Synod Electricity||||605|||605|1,212| |Insurance||||940|||940|928| |Cleaning||||1,203|||1,203|95| |||||21,195|||21,195|23,299| |Office Costs:-||||||||| |Synod Employment||Costs||119,681|||119,681|122,481| |Car dk Travel|Expenses|||3,333|||3,333|3,597| |Miscellaneous||||1,015|||1,015|5,611| |Depreciation||||4,198||205|4,403|3,594| |Loss on Disposal ofFixed Assets||||460|||460|9| |Telephone||||4,544|||4,544|4,179| |Stationery
and|Publications|||1,750|||1,750|2,323| |Postage||||550|||550|1,230| |Photocopier-Lease||and Meter||726|||726|1,009| |Equipment
and Consumable|||Costs|13,857|||13,857|I6,808| |IT and Website||||4,010|||4,010|3,825| |Advertising||||||||2,487| |Catering||||161|||161|515| |||||154,285||205|154,490|167.668| |Total Indirect|Costs|||175,480||205|175,685|190,967| |||||Total|Ministry k|Training|Property|Governance| ||||||Mission|||| |Total Indirect|Costs|||175,480|36,851|57,908|63,173|17,548| |sg ofDirect Costs||||100'/o|21a/o|330/|36'/0|10'/0| ## ## ||||||||institutions|institutions|tndividuals|tndividuals| |---|---|---|---|---|---|---|---|---|---|---| ||||||||Number|Amount|Number|Amount| ||Ministry
and|Mission:||||||||| ||Other mission projects||||||3|11,448||| ||Ecumenical
situations||||||4|5,980||| ||Local Church Missions||||||i7|193,485||| ||Youth tk|Children's||Work|||6|50,600||| ||Welfare Grants||||||||3|1112| ||||||||30|261,5]3|3|1,112| ||Tralnlng:|||||||||| ||Ministers|Ift lay preachers|||||||11|2,135| ||Students|||||||||| ||||||||||11|2,135| ||Property:|||||||||| ||Local Churches||||||38|799,163||| ||Menses||||||25|191,164||| ||||||||63|990,327||| ||Total Grants|Charged|||||93|1,251,840|14|3,247| |5|EMPLOYMENT||EMOLUMENTS|||||||| |||||||||31.12.20||31.12.19| ||Wages Its salaries|||||||268,882||252,549| ||Employers
national||insurance|||||25,961||24,632| ||Pension costs|||||||66,154||65,585| |||||||||36II997||342,766| ||The average number of|||employees|during|the year was as follows:||||| ||Ministry
tk Mission|||||||||| ||Training|||||||||| ||Property|||||||||| ||Adtninistration|||||||||| ## ## |The following
honorarium,|The following
honorarium,|The following
honorarium,|The following
honorarium,|which
is included|which
is included|which
is included|in Trustees Expenses, was paid to a trustee|in Trustees Expenses, was paid to a trustee|in Trustees Expenses, was paid to a trustee|during||the year,|the year,|in||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |accordance with the|govermng
document||||and||approved
by tbe Charity Commission:-|||||||||| ||||||||||31.12.20|||||||31.12.19| |Mr 1Demson (Synod Treasurer)|||||||||1,000|||||||1,000| ||||||||||1,000|||||||1,000| |During
the year one trustee (2019:tive) were reimbursed
out ofpocket expenses mainly
total lmg 8361 (2019:f1,118).Two trustees (2019:three) were also paid a total of8995||||||||||for telephone
costs snd travelling
(2019.82,972)relating
to their||||||| |positions
as stipendiary|||ministers,
comprising||||training
grants|and reimbursement
ofministerial|||expenses.|||||| |G.AINS/(LOSSES)|ON||INVESTMENTS|||||||||||||| ||||||||||31.12.20|||||||3I.12.19| ||||||||||f|||||||f| |Realised gams/(losses)||on investments
sold|||||||(1,714,272)|||||||4,690,680| |Less: Gains/(losses)|previously
recognised|||||in|Synod accounts|||||||||(3,213,609)| |Net gains((losses)
in|year||on|investments|sold||||(2,576,324)|||||||1,477,071| |Unrealised
gains/(losses)|||on|investments|for the year||||943,325|||||||888,722| |Net gains/(losses)
on|Investments
for the||||Year||||(1,632,999)|||||||| |MOVEMENT
IN FUNDS||||||||||||||||| ||||||||Balance|Income|Expenditure|Transfers||||Gains/(losses)||Balance| |Fund:-|||||||01.01.20|||between||Funds||in Investments||31.12.20| ||||||||8||f|||||||8| |General Purposes||||Unrestricted|||9,937,465|609,656|(588,110)||999,998|||(956,399)||10,002,610| |||||Endowment|||445,995||||||||(9,757)|436,238| |Manse||||Designated|||8,741,586|3,607,209|(949,235)|||||(639,427)||10,760,133| |Alfnston
Mission Project||||Designated|||170,538|||||||||170,538| |Synod Mission Fund||||Designated|||4,024,444||(1,000,002)|(999,998)||||||2,024,444| |Fund held for Uniting||||Designated|||131,1 I0|||||||||131,110| |Church Building||||Restricted|||29,987|365|(30,258)|||||||94| |||||Endowment|||10,614||||||||658|11,272| |Welfare||||Restricted|||33,694|1,120|(1,112)||||||(2,176)|31,526| |||||Endowment|||2,843||||||||176|3,019| |Retired Mimsters'||||Restricted|||119,107|3.269|(265)||||||136|122,247| |Housing||||Endowment|||177,000|||||||||177,000| |Milton Hall||||Restricted|||113,106|4,272|(10,880)||||||(4,956)|101,542| |||||Endowment|||249,285||||||||(6,597)|242,688| |Woolwich||||Restricted|||197,575|2.698|||||||(14.657)|185,616| ||||||||24 384 349|4228 589|(2579862)|||||( I 632999)||24,400.077| ## ## ## ## ||||||Fixtures,||| |---|---|---|---|---|---|---|---| |||||Freehold|Fittings
dr||| |||||Property|Equipment
I||Totals| |COST|||||||| |At I January 2020||||562,496|21,609||584,105| |Additions
in year|||||6,968||6,968| |Disposals
in year||||(175,000)|(3,371)||(178,371)| |At 31 December|2020|||387,496|25,206||412,702| |DEPRECIATION|||||||| |At I January 2020|||||18,783||18,783| |Charge for period|||||4,403||4,403| |Eliminated
for disposal s|||||(2,911)||(2,911)| |At 31 December|2020||||20,275||20,275| |NET BOOK VALUE|||||||| |At 31 December|2020|||387,496|4,931||392,427| |At 31 December|2019|||562,496|2,826||565,322| |FIXEDASSETLISTEDINVESTMENTS|||||||| ||||UNRESTRICTED FUNDS||RESTRICTED FUNDS||| ||||Fixed Interest|UK|Fixed Interest|UK|TOTALS| ||||Securities|Equities Fund|Securities|Equities Fund|| ||||5||6||8| |As at I January 2020|||3,401,642|I8,496,781|135,151|351,555|22,385,129| |Purchases|||743,470|17,515,499||297,435|18,556,404| |Sales|||(845,861)|(18,633,244)||(351,555)|(19,830,660)| |Net gains/(losses)|fair value||151,044|765,576||18,322|943425| ||||3,450,295|18,144,612|143,534|315,757|22,054,198| |Cash held for Investment|||472238||||472 38| |Fair Value at 31 December||2020|3,922,533|18,144s612|143~534|315757|224261436| |Cost at 31 December 2020|||3,673,970|17,735,772|130080|297435|21,837,257| ## ## ## ## |11 SOCIAL INV||ESTM|EN|TS||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||||||||||||31.12.20|||31 12.19| |Loans to Local||Churches|||||||||173,302|||126,152| |Loan to World|Church||Partner||||||||200,000|||200,000| |Less Provision||made for||non-recoverability||||||||||(309.252)| |Less Amounts|Written||Off||||||||(309,252)|||| ||||||||||||64,050|||16,900| |Loans made to|local churches||||and ministers|are normally|repayable|between|three and five years and interest is|||||| |charged at 5%per annum||||on|the outstandmg|balance.||||||||| |12 DEBTORS||||||||||||||| ||||||||||||31.12.20|||31.12 19| |Sundry debtors|||||||||||52,659|||11,650| |13CREDITORS:||AMOIiNTS|||FALLING DLIEWITHIN||ONE TEAR|||||||| ||||||||||||31.12.20|||31.12.19| |Other creditors|||||||||||124,540|||166.208| |Grants not drawn|||||||||||2,074,632|||1.396,619| ||||||||||||2,199,172|||| |14 DISPOSITION||OFFllNDS|||ASAT 31December 2020|||||||||| |Fund:-||||||Tangible|Investments|||Social|Debtors/|Cash|dt|| ||||||Fixed Assets
f|||||Investments|Creditors|Deposirs
f||TOTALS| |General Purposes|||||Unrestncted|229,421||10,396,761||64,050|(1,397,265)|709,643||10,002,610| ||||||Endowment|||436,238||||||436,238| |Manse|||||Designated|74,721||8,524,799|||(36,475)|2,197,088||10,760,133| |Alfnston
Mission Pro)ect|||||Designated|||||||170,538||170,538| |Synod Mission Fund|||||Designated|||2,709,347|||(709,347)|24,444||2,024,444| |I.und held tor Umttng||||||||||||||| |Churches|||||Designated|||||||131,110||131,110| |Church Building|||||Resuicted||||||(2,472)||2,566|94| ||||||Endowment|||11,272||||||11,272| |Welfare|||||Restricted|||27,008|||(35)|4,553||31,526| ||||||Endowment|||3,019||||||3,019| |Retired Mmisters'|||||Restricted|||2,322||||119,925||122,247| |Housing|||||Endowment|88,000||||||89,000||177,000| |Milton
Hall|||||Restricted|285||43,700|||(919)|58,476||10(,542| ||||||Endowment|||242,688||||||242,688| |Woolwich|||||Restricted|||129.282||||56,334||185.616| |||||||392.427||22,526436||64,050|l2,146,513)|3363677||24400.077| ## ## ## ## ## ## ## ## ## ## |||||2019||| |---|---|---|---|---|---|---| ||||Unrestricted|Funds||| |||General|Purposes|Designated|Restricted|Total| |||Funds||Funds|Funds|Funds| ||||6|f|6|8| |INCOME AND ENDOWMENTS:||||||| |Income from Investments|||426,038|384,644|16.759|827,441| |Income from charitable|activities|||||| |Donations
and Legacies|||15,050|3,37$|13,216|31,644| |Other Income|||2.000|1,358||3,358| |Total operating
income|||443,088|389,380|29,975|862,443| |Income on sale ofproperties|||1,430,000|730,000||2,160,000| |Total Income and Endowments|||1,873,088|1,119,3$0|~29975|3,022,443| |EXPENDITURE||||||| |Expenditure
on Charitable|Activities||2,159,486|395,562|81.510|2,636,558| |Total operating
expenditure|||2,159,486|395,562|81,510|2,636,558| |Payment
to Inter-Synod
Resource Sharing
Purchase ofMenses
Total Expenditure
Operating
Account|||25.000
2,1$4,486|2,400,000
2,795,562|25)000
2,400,000
0,:8|| |Net Income/(Expenditure)||||||| |Transfers
between
Funds||(4,000,000)||4,000,000||| |Other Recognised Gains/(Losses)||||||| |Net (Losses)/Gains
on Investments|||1,515,041|798,757|51,995|2,365,793| |Net movement
in funds||(2,796,357)||3,122,575|460|326,678| |Total funds brought
forward||13,179,817||9,945,103|932,751|24,057,671| |Total funds carried forward||10,3$3,460||13,067,678|933,211|24,384,349|