||||Page|
|---|---|---|---|
|Report ofthe Trustees|||I to 6|
|Report ofthe Independent||Auditors|7to9|
|Statement ofFinancial|Activities||10|
|Balance Sheet|||11to 12|
|Statement ofCash Flows|||13|
|Notes to the Financial|Statements||14to27|
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||||Unrestricted|Unrestricted|Funds||31.12.22|31.12.21|
|---|---|---|---|---|---|---|---|---|
||||General Purposes||Designated|Restricted|Total|Total|
||||Funds||Funds|Funds|Funds|Funds|
||||f.|||f||f|
|||Notes|||||||
|IiVCOME AiVD ENDOWMENTSi|||||||||
|Income from Investments||2a|639,005||475,819|21,971|1,136,795|874,016|
|Income from charitable|activities||||||||
|Donations
and Legacies||2a|5,865|||14,597|20,462|132,857|
|Other Income||2a|83,733||3,246||86,979|250,184|
|Total operating
income|||728,603||479,065|36,568|Iv'144436|1,257,057|
|Income on sale ofproperties||2a|9,225,000||800,000||10,025,000|6,076,500|
|Lease Premiums
Received||2a||||||31,942|
|Profit/(Loss)
on sale ofproperties||2a||||||197.500|
|Total Income and Endowments||2a|9,953,603||Iv279,065|36,568|11369436|7,562999|
|EXPENDITURE|||||||||
|Expenditure
on Charitable|Activities|2b|2,116,102||222,911|5,351|2344364|1,878,388|
|Total operating
expenditure||2b|2,116,102||222,911|5,351|2444 it64|1,878,388|
|Payment to Inter-Synod|||||||||
|Resource Sharing|||35,000||||35,000|35,000|
|Contribution
to the Ministers'|||||||||
|Pension Fund||||||||5,000,000|
|Discounting
adjustment
for Long|||||||||
|Term Creditor|||83,598||||83498||
|Purchase ofMenses|||||1,235,000||1435,000|583,000|
|Total Expenditure|||2334,700||1,457,911|5351|3,697862|7,496,388|
|Net Expenditure
on||2b|(1387,499)||256,154|31,217|(1,100,128)|(621v331)|
|Operating
Account|||||||||
|Net Income/(Expenditure)|||,»ssa|~il 8JI46||s|7~71374|66411I|
|Transfers
between Funds|||||||||
|Other Recognised Gains/(Losses)|||||||||
|Net (Losses)/Gains
on Investments||7|(2,516,984)||(1,451,844)|(80,759)|(4,049487)|2,908,991|
|Net movement
in funds|||5v101,919||(1,630,690)|(49WZ)|3421,687|2,975,602|
|Total funds bmught
forward
Total funds carried forward|||13,596,080||12,657,783
».ON,|1,121,816
»,»|27,375,679
24,400,077
3ll. p 866»,» .6||
##
|A Com
an
Lim
Balance Sheet
~30|ited h
2022|Gua|rantee|rantee|||||
|---|---|---|---|---|---|---|---|---|
||||Unrestricted||Fuads||31.12.22|31.12.21|
||||General Purposes||Designated|Restricted|Total|Total|
||||Funds||Funds|Funds|Funds|Funds|
||||6||||g||
|||Notes|||||||
|FIXEDASSETS|||||||||
|Tangible assets||9||227,342|74,721||302,063|304,223|
|Investments
Social Investments||10
ll|16,332,108
95816||9,621,731|424,724|26,378,563
952116|25,428,282
102,370|
||||16,655,266||9,696,452|424,724|26,776,442|25,834,875|
|CURRENT ASSETS|||||||||
|Debtors: amounts|falling|due|||||||
|within one year||12||76,171|||76,171|35,750|
|Cash at bank and in hand|||4,622 313||1,785,772|647,550|7,055,635|6,953,153|
||||4,698,484||1,785,772|647,550|7,131,806|6,988,903|
|CREDITORS|||||||||
|Amounts
faging due within
one year
13|||Il.lit . 4"I||~3.311||~64I66 7|(2,661,492)|
|NET CURRENT|ASSETS||3|512938|1,330,641|647 550|5,491,129|4327411|
|1(LIABILITIES)|||||||||
|TOTAL ASSETSLESS|||||||||
|CURRENT LIABILITIES|||20,168,204||11,027,093|1,072,274|32,267,571|30,162,286|
|CREDITORS|||||||||
|Amounts
falling due outside|||(1,370,205)||||(1470405)|(2,786,607)|
|one year|||||||||
|NET ASSETS||14|Il|9.999|31.1127093|1,0 2274|30097366|27,375,679|
|FUNDS|||||||||
|General Purposes|||||||18,797&999|13,596,080|
|Designated|||||||11,027,093|12,657,783|
|Restricted|||||||1,073274|I 121,216|
|TOTAL FUNDS||14|||||30,897466|27,375,679|
##
##
|||||||Notes|2022|2121|
|---|---|---|---|---|---|---|---|---|
|||||||||5|
|Cash flow from operating
activities:|||||||||
|Net cash provided/used
in operating
activities|||||||4,100,630|2,390,079|
|Cash flows from investing
activities:|||||||||
|Dividends
and interest from investments|||||||996,930|749,378|
|Purchase|offixed assets||||||(1,995)|(4,306)|
|Proceeds|from the sale offixed assets||||||230|285,500|
|Purchase|ofinvestments||||||(5,885,491)|(682,855)|
|Issue of|Programme
Related Loans|||||||(51,520)|
|Repayment ofProgramme
Related Loans|||||||6,554|13,200|
|Proceeds|from the sale ofinvestments||||||885,624|690,000|
|Net cash provided
by/used
in iavesting||activities|||||(3,998,148)|999,397|
|Change|in cash and cash equivalents
in|the reporting||period|||102,482|3,389,476|
|Cash and cash equivaleats
at the beginning ofthe|||reporting||period|B|6,953,153|3,563,677|
|Cash and cash equivaleats
at tbe ead ofthe reporting||||period||B|7,055,635|6,953,153|
||Notes to the statement ofcash flows||||||||
|A|Reconciliation
ofaet income/expenditure||to|net cash|||||
||flow from operating
activities||||||||
||Net income/expenditure
for the reportiag||period (as||per||3,521,687|2,975,602|
||the statement offinancial activities)||||||||
||Adjustmeats
for:||||||||
||Depreciation
charges||||||3,759|4,043|
||(Gains)/losses
on investments||||||4,049,587|(2,908,991)|
||Dividends
and interest from investments||||||(996,930)|(749,378)|
||Loss/(profit)
on the sale offixed|assets|||||165|(197,033)|
||Decrease/(increase)
in debtors
Increase/(decrease)
in creditors||||||(40,421)
~2,437317|16,909
3,248,927|
||Net cash provided
by operating|activities|||||4,100,630|2,390,079|
||Analysis ofcash aad cash equivalents||||||||
||Cash at bank and in hand||||||7,055,635|6,953,153|
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##
|a) Analysis ofTotal Income|a) Analysis ofTotal Income|||||||
|---|---|---|---|---|---|---|---|
||||Unrestricted|Funds||31.12.22|31.12.21|
||||General Purposes|Designated|Restricted|Total|Total|
||||Funds|Funds|Funds|Funds|Funds|
|||||f|f||f|
|Income from generated|funds|||||||
|Rents Received|||20,475|119,390||139,865|124,638|
|Investment
income-listed|investments||590,037|345,283|14,622|949,942|744,971|
|Interest|||28,493|11,146|7,349|46ggg|4,407|
||||639,005|475,819|21,971|1,136,795|874,016|
|Income from charitable|activities|||||||
|Donations
and Legacies||||||||
|Donations|||3,000||668|3,668|55,598|
|Denominational
Grant|||2,500|||2,500||
|Monies from closed churches|||365|||365|77,103|
|Quinquennial
contribution||received|||13,929|13,929|156|
||||5 865||14597|RM62|1328|
|Other income||||||||
|Training
course contributions|||135|||135|125|
|Discounting ofLong Term||Creditor|||||213,393|
|Grants awarded
no longer required|||83,598|3,246|||36666|
||||83,733|3246||86979|250 184|
|Total operating
income|||728,603|479,065|36,568|1,244336|1,257,057|
|Income on sale ofproperties||||||||
|-ofclosed churches|||9,225,000|||9425,000|5,326,500|
|-Lease Premiums
Received|||||||31,942|
|-ofsurplus
menses||||800000||800,000|750,000|
||||9,225,000|800,000||10,025,000|6,108,442|
|Profit/(Loss)
on sale offixed asset:||||||||
|-other property|||||||197.500|
||||||||197,500|
|Total income|||9,953,603|1,279,065|36,568|11,269436|7,562,999|
##
##
##
|b) Analysis ofTotal Expenditure|b) Analysis ofTotal Expenditure||||||||
|---|---|---|---|---|---|---|---|---|
|||||Unrestricted|Funds||31.12.22|31.12.21|
||||General|Purposes|Designated|Restricted|Total|Total|
||||Funds||Funds|Funds|Funds|Funds|
||||||I||||
|Expenditure
on Charitable|Activities||||||||
|Ministry
dr Mission:-|||||||||
|Mission Ofiicer||||50,163|||50,163|52,305|
|Ecumenical
Officer||||1,206|||1,206|266|
|Grants (note 4)||||203,158||4371|207,529|373,058|
|Shared indirect costs (note 3)||||24,661||80|24,741|36,603|
|||||279,188||4,451|283,639|462,232|
|Training:-|||||||||
|Training ofMinisters k Lay|||||||||
|preachers (note 4)||||29,054|||29,054|12,290|
|Students (note 4)||||750|||750|500|
|Training &Development
Officer
Children's k Youth Development||Ofiicer||56,528
52,&97|||56,528
52,897|51,913
50,395|
|Safeguarding
Officer||||25,767|||25,767|22,589|
|Other training costs||||7,900|||7P00|1,375|
|Shared indirect costs (note 3)||||15,853|||15,853|57,197|
|||||188.749|||188,749|196259|
|Property:-|||||||||
|Church
building
grants (note 4)||||1,170,412|||1,170,412|586,446|
|Manse Repairs (note 4)|||||136,101||136,101|118,590|
|Manse Expenses|||||11,667||11,667|14,541|
|Quinquennial
Costs
Expenses on Salek Purchase|ofPmperty|||201,364|2,520
15,402|900|3,420
216,766|5,556
248,008|
|Other properly costs||||24,025|||24,025|44,753|
|Staffcosts||||90,234|||90,234|89,031|
|Shared indirect costs(note 3)||||133.872|||133,872|62,397|
|||||1,619,907|165,690||1,786,497|1,169,322|
##
##
||||||Unrestricted|Funds||31.12.22|31.12.21|
|---|---|---|---|---|---|---|---|---|---|
|||||General Purposes||Designated|Restricted|Total|Total|
||||||Funds|Funds|Fundsf|Funds|Funds|
|Goveraance:-||||||||||
|Synod|Together Meetings||||1,546|||1446|48|
|Synod|Committees||||1,185|||1,185|281|
|Honoraria
Synod||Clerk and Treasurer|||1,000|||1,000|1,000|
|Synod|Officers' expenses||||2,266|||2,266|149|
|Legal|Costs||||5,358|53,366||58,724|14,978|
|Audit|Fees||||10,660|||10,660|9,580|
|Investment
management|||costs||4,482|3,855||8,337|7,207|
|Shared indirect costs (note 3)|||||1,761|||1,761|17,332|
||||||28,258|57,221||85,479|50575|
|Total|expenditure|oa charitable||activiti|2,116,102|222,911|~351|2,344,364|1,$78,388|
|8|p
61|p|' 5||~1387,499|256,154|13»|~678II,128|(621,3311|
##
##
##
||||Unrestricted|Funds||31.12.22|31.12.21|
|---|---|---|---|---|---|---|---|
||||General Purposes|Designated|Restricted|Total|Total|
||||Funds|Funds|Funds|Funds|Funds|
|||||||8||
|Premises Costs:-||||||||
|Synod rent &Hire|ofRooms||18369|||18,269|18,000|
|Repairs and Maintenance|||564|||564||
|Synod Electricity|||1,500|||1400|1,500|
|Insurance|||972|||972|943|
|Cleaning|||110|||110|133|
||||21,415|||21,415|20,576|
|Office Costs:-||||||||
|Synod Employment|Costs||122,700|||122,700|120,800|
|Car &Travel Expenses|||3,070|||3,070|2,880|
|Miscellaneous|||3,619|||3,619|2.194|
|Depreciation|||3,679|||3,759|4,043|
|Loss on Disposal ofFixed Assets|||165|||165|467|
|Telephone|||5,263|||5363|5,184|
|Stationery
and Publications|||1,832|||1,832|1,681|
|Postage|||922|||922|671|
|Photocopier-Lease|and Meter||786|||786|641|
|Equipment
and Consumable||Costs|8,007|||Sr007|10,001|
|ITand Website|||4,304|||4404|4,190|
|Catering|||385|||385|201|
||||154,732||80|154r812|152,953|
|Total Indirect Costs|||176,147||80|176,227|173,529|
||||Total|Ministry &|Training|Property|Governance|
|||||Mission||||
|Total Indirect Costs|||176,147|24,661|15,853|133,872|1,761|
|%ofDirect Costs|||100%|14%|9%|76%|1%|
##
||||||Institutions|Institutions|Individuals|Individuals|
|---|---|---|---|---|---|---|---|---|
||||||Number|Amount|Number|Amount|
||Ministry
and Mission:||||||||
||Other mission projects||||6|28,319|||
||Ecumenical
situations||||3|2,860|||
||Local Church Missions||||14|161,979|||
||Youth &Children's||Work||I|10,000|||
||Welfare Grants||||||9|4371|
||||||24|203 158|9|4,371|
||Training:||||||||
||Ministers &lay|preachers|||||13|29,054|
||Students||||||3|750|
||||||||16|29,804|
||Property:||||||||
||Local Churches||||22|1,170,412|||
||Manses||||23|136,101|||
||||||45|1,306,513|||
||Total Grants Charged||||69|1,509,671|25|34,175|
|5|EMPLOYMENT EMOLUMENTS||||||||
|||||||31.12.22||31.12.21|
|||||||f.|||
||Wages &salaries|||||245,743||247,157|
||Employers
national|insurance||||30,500||28,573|
||Pension costs|||||88498||81,607|
|||||||356,741||357,337|
||The average number|of|employees|during the year was as follows:|||||
||Ministry &Mission||||||||
||Training||||||||
||Property||||||||
||Administration||||||||
##
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##
##
|||||||||||31.1222|||31.12.21|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||8||||
|Realised gains/(losses)
on investments
sold
Less: Gains/(losses)
previously
recognised
in Synod accounts||||||||||(609332)
~»3»J|||65,132|
|Net gains/(losses)||in|year||on|investments||sold||(3,941,776)|||26,712|
|Unrealised
gains/(losses)|||||on|investments|for the year|||(107,811)|||2,882,278|
|Net gains/(losses)||on|Investments
for the||||Year|||(4,049,587)|||2,908,990|
|MOVKMKNT|IN FUNDS|||||||||||||
|||||||||Balance|Income|Expenditure|Transfers|Gains/(losses)|Balaace|
|Fund:-||||||||01.01.22|||between Funds|&n Investments|31.12.22|
||||||||||||||8|
|General Purposes||||||Unrestricted||13,108,731|9,953,603|(2,234,700)||(2,442,698)|18384,936|
|||||||Endowment||487,349||||(74,286)|413,063|
|||||||Designated||12,331,691|1,279,065|(1,457,911)||(1,451,844)|10,701,001|
|Alfriston
Mission||Project||||Designated||170,538|||||170038|
|Synod Mission Fund||||||Designated||24,444|||||24,444|
|Fund held for Uniting||||||Designated||131,110|||||131,110|
|Church Building||||||Restricted||166|14,207|(900)|||13,473|
|||||||Endowment||10,600||||(2,586)|8,014|
|Welfare||||||Restricted||35,463|1,694|(4,371)||(4,493)|28,293|
|||||||Endowment||2,839||||(693)|2,146|
|Retired Ministers'||||||Restricted||311,578|5,665|||(533)|316,710|
|Housing||||||Endowment||177,000|||||177,000|
|Milton Hall||||||Restricted||114,832|8,957|(80)||(6,619)|117,090|
|||||||Endowment||256,391||||(46,251)|210,140|
|Woolwich||||||Restricted||212,947|6,045|||(19,584)|199,408|
|||||||||27.375.679|11,269,236|(3697.962)||(4,049.587)|30,897,366|
##
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##
|||||Fixtures,||||
|---|---|---|---|---|---|---|---|
||||Property|Equipment|||Totals|
|COST|||||||8|
|At I January 2022|||299,496|27,667|||327,163|
|Additions
in year||||1,995|||1,995|
|Disposals
in year||||(1,503)|||(1,503)|
|At 31December 2022|||299,496|28, 159|||327,655|
|4,622,313||||||||
|DEPRECIATION||||||||
|At 1 January 2022||||22,940|||22,940|
|Charge for period||||3,759|||3,759|
|Eliminated
for disposals||||(1,107)|||(1,107)|
|At 31 December 2022||||25,592|||25,592|
|NET BOOK VALUE||||||||
|At 31December 2022|||299,496|2,567|||302,063|
|At 31December 2021|||299,496|4,727|||304,223|
|FIXEDASSET LISTED INVESTMENTS||||||||
|||UNRESTRICTED FUNDS||RESTRICTED FUNDS||||
|||Fixed Interest|UK|Fixed Interest|UK||TOTALS|
|||Securities|Equities Fund|Securities|Equities|Fund||
||||6||g|||
|As at I January 2022||3,762,338|20,515,368|134,967|370,515||24,783,188|
|Purchases||7,362,813|21,688,535|102,316|315,310||29,468,974|
|Sales||(5,800,511)|(21,740,382)|(134,967)|(370,514)||(28,046,374)|
|Net gains/(losses)
fair value||(99,414|(15,493)|(275)||7,371|107,811)|
|||5,225,226|20,448,028|102,041|322,682||26,0979977|
|Cash held for Investment||280,586|||||280,586|
|Fair Value at 31 December|2022|S&505~812|20.448.028|102.041|322~682||263/8.563|
|Cost at 31 December 2022||5,309,727|20,257,866|102,316|315,310||25,985,219|
##
##
##
##
|12 DEBTORS||||||||
|---|---|---|---|---|---|---|---|
||||||31.12.22||31.12.21|
||||||f|||
|Sundry debtors|||||76,171||34,893|
|13 CREDITORS: AMOUNTS FALLING||DUE WITHIN|ONK YEAR|||||
||||||31.12.22||31.12.21|
|Other creditors|||||334354||67,854|
|Grants not drawn|||||1306323|||
||||||1,640,677||2,660,635|
|14 CREDITORS: AMOUNTS FALLING||DUK OUTSIDE|ONE YEAR|||||
||||||31.1222||31.12.20|
||||||f||f.|
|Contribution
to Ministers'|Pension Fund||||1470v205||2,786,607|
||||||||2786607|
|15 DISPOSITION OF FUNDS ASAT 31||December 2022||||||
|Fund:—||Tangible|Investments|Social|Debtors/|Cash k||
|||Fixed Assets||Investments|Creditom|Deposits|TOTALS|
|||||f|f|||
|General Purposes|Unrestricted|227,342|15,919,045|95,816|(2,479,580)|4,622,313|18,384,936|
||Endowment||413,063||||413,063|
|Manse|Designated|74,721|9,193,570||(26,970)|1,459,680|10,701,001|
|Alfriston
Mission Project|Designated|||||170,538|170,538|
|Synod Mission Fund|Designated||428,161||(428,161)|24,444|24,444|
|Fund held for Uniting||||||||
|Churches|Designated|||||131,110|131,110|
|Church Budding|Restricted|||||13,473|13,473|
||Endowment||8,014||||8,014|
|Welfare|Restncted||25,996|||2,297|28,293|
||Endowment||2,146||||2,146|
|Retired Ministers'|Restricted||1,652|||315,058|316,710|
|Housing|Endowment|||||177,000|177,000|
|Milton Hall|Restricted||44,660|||72,430|117,090|
||Endowment||210,140||||210,140|
|Woolwich|Restricted|302,063|13?116
26.378.563|95,816|(2,934.7111|67392
7. SS,635|199408
3,897366|
##
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||||2021|||
|---|---|---|---|---|---|
|||Unrestricted|Funds|||
|||General Purposes|Designated|Restricted|Total|
|||Funds|Funds|Funds|Funds|
|INCOME AND ENDOWMENTS:||||||
|Income from Investments||456,493|404,570|12,953|$74,016|
|Income from charitable|activities|||||
|Donations
and Legacies||80,608|51,599|650|132,857|
|Other Income||250,184|||250,184|
|Total operating
income||787,285|456,169|13,603|1,257,057|
|Income on sale ofproperties||5,326,500|750,000||6,076,500|
|Lease Premiums
Received||31,942|||31,942|
|Profit/(Loss)
on sale ofproperties||||197,500|197,500|
|||6,145,727|1,206,169|211,103|7,562,999|
|Total Income and Endowments||||||
|EXPENDITURE||||||
|Expenditure
on Charitable|Activities|762,258|1,105,647|10,483|1,878,388|
|Total operating
expenditure||762,258|1,105,647|10,483|1,878388|
|Paymentto
Inter-Synod||||||
|Resource Sharing||35,000|||35,000|
|Contribution
to the Ministers'||||||
|Pension Fund||5,000,000|||5,000,000|
|Purchase ofMenses|||583,000||583,000|
|Total Expenditure||5,797358|1,688,647|10,483|7,496,388|
|Net Expenditure
on||||||
|Operating
Account||25,027|(649,478)|3,120|(621331)|
|Net Income/(Expenditure)||348,469|~482,478i|200,620|66,611|
|Transfers
between
Funds||1,070,189|(1,070,189)|||
|Other Recognised Gains/(Losses)||||||
|Net (Losses)/Gains
on Investments||1,738,574|1,124,225|46,192|2,908,991|
|Net movement
in funds||3,157,232|(482,47$)|246,$12|2,975,602|
|Total funds brought
forward||10,438,848|13,086,225|875,004|24,400,077|
|Total funds carried forward||13,596,080|12,603,747|1,121,816|27,375,679|