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2021-12-31-accounts

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Company Number: 02114948 Charity Number: 297013

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST CONTENTS Year ended 31 December 2021

Page Contents
2 Reference and Administrative details
3 Chairperson’s Message
4 Trustees Annual Report
11 Independent Auditor’s Report
14 Statement of Financial Activities
15 Balance Sheet
16 Statement of cash flows
17 Notes to the Financial Statements

1

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS Year ended 31 December 2021

Council of Management (Trustees) Reverend Pamela Ward - Chairperson
Mr Alastair Forsyth – Vice Chairperson
Miss Margaret Atkinson
Mrs Susan Austin
Reverend David Coote
Dr Christopher Evans
Mr John Holmes
Reverend David Grosch-Miller
Reverend Margaret Tait
Reverend Richard Turnbull
Independent Auditors Wright Vigar Ltd
Chartered Accountants and Statutory Auditors
15 Newland
Lincoln
LN1 1XG
Bankers CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Investment Advisers Investec Wealth & Investment Management Limited
4thfloor, 3 Wellington Place,
Leeds
LS1 4AP
CCLA Investment Management Limited
Senator House
85 Queen Victoria Street
London
EC4V 4ET
Registered Office 15 Newland
Lincoln
LN1 1XG
Company Registration Number 02114948
Charity Registration Number 297013

2

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST CHAIRPERSON’S MESSAGE Year ended 31 December 2021

It is pleasing to report that in 2021 the Trust saw signs of a gradual move to what we might call normality after the previous year was dominated by the Covid 19 pandemic. Zoom meetings have cautiously been replaced with face-toface gatherings, both for the Trust, and more importantly for the Churches and the congregations that apply to us for grant assistance.

Congregations have gradually returned to using their church buildings for their intended purpose. Some have found that during the pandemic the fabric has continued to deteriorate, so that they need assistance with maintenance and repair. Others are at last able to progress the development plans that they had put on hold, or that had been delayed by the pandemic.

In 2021 the Trust awarded £790k in grants which is an increase of 37.2% on the previous year's total of 576k. This is partly because we changed our grants policy to offer Churches an increased percentage of their project costs. We supported more than fifty churches this year compared to forty in the previous year, and the amount of money actually paid out in grants during the year increased by 10.5% to £592k. Considering the continued difficult circumstances this must be considered a strong year’s performance and we strive to continue this excellent work in the year ahead.

Thanks are due once again to my fellow Trustees who volunteer their valuable time and skills in reviewing, assessing, and examining the applications we receive. It is by their continued efforts, and those of our valuable administrator, that the Trust can perform so well and efficiently. We look forward to next year being as successful if not even better.

The Reverend Pamela Ward Chairperson

20 September 2022

3

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST TRUSTEES ANNUAL REPORT Year ended 31 December 2021

Introduction

The trustees of The Congregational & General Charitable Trust have pleasure in presenting their Annual Report together with the Financial Statements and Auditors Report of the charitable company for the year ended 31 December 2021. The Annual Report serves the purpose of both a Trustees Report and Directors Report under company law.

OBJECTIVES AND ACTIVITIES

Constitution

The Company is a charitable company limited by guarantee, incorporated on 24 March 1987. The Company was established under a Memorandum of Association which established the objects and powers of the Company and is governed under its Articles of Association.

The directors of the Charitable company (“the Charity”) are its trustees for the purpose of charity law, and constitute the Council of Management in accordance with the Articles of Association.

The details of the trustees who served during the year are included in the Reference and Administrative details on page 2.

Objects of the charity

The charitable company’s principal object is to promote the Christian religion and in particular the United Reformed Church and Congregational denominations and other churches (whether wholly independent or associated with or united with another church or group of churches) which are of the Protestant tradition.

They also have an objective to contribute to the funds of any charitable institutions, associations, funds or objects to carry out any charitable purpose.

Its principal activity continues to be that of helping sustain places of worship and Christian projects by the making of grants. The charitable company also contributes to the funds of other charitable institutions.

The Charity carries out these objectives by making grants to the churches mentioned above to assist their congregations to maintain their places of worship and enable the support of the local communities many of which use the churches associated properties and buildings for various community projects.

Grants agreed go towards supporting the upkeep of the church properties, many of which can be either Grade 1 or 2 listed properties and are expensive to maintain. Assistance with damaged roofs, dry rot and water ingress are regular requests that have been supported. Other areas of support include assistance with disability access, disability toilets, window repairs and lighting and heating issues.

Many of the churches have connected buildings housing community centres which go to support various community groups and small charitable organisations. These can include dementia groups, youth clubs, food banks and breakfast clubs for example. It is also important that these properties are maintained to ensure that these groups can continue to support their local communities.

In setting our objectives and planning the company’s activities, the members of the Council of Management have given consideration to the Charity Commission’s general guidance on public benefit including the guidance “Public Benefit: running a Charity (PB2)” when future activities are being planned and the Grant Policy is reviewed; in the overall furtherance of the Charity’s activities, the public benefit delivery is inherent within this.

4

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST TRUSTEES ANNUAL REPORT Year ended 31 December 2021

OBJECTIVES AND ACTIVITIES (Continued)

Grant making policy

All applications for grants and donations are considered at quarterly meetings of the members of the Council of Management. An established Grant policy is in place and is regularly reviewed to ensure that it is adequate for the Charity to maximise its support of the churches and to achieve its objectives.

The Trust invites applications for grants from Churches by advertising in specialist publications, word of mouth, website promotion and stands at appropriate events. Applicants who have received a grant may not apply again for two years.

There are certain areas that the Trust does not look to support being running costs, solar panels, Organ restoration, and projects costing over £1 million. For full details of exclusions please see the Trust’s website.

The awarded grants are normally drawn down within a two-year agreed time limit or by which time the applicants have raised the total funds that are needed for the project.

The Trust’s grant making policy was established to achieve its objects for the public benefit in promoting the Christian religion [see above Objectives for full details] and in doing so enable the Churches to improve the lives of their congregations and their communities.

This is achieved by maintaining the properties used for their worship and to improve and/or develop attached or adjoining buildings that are used to support both the Church and the local communities. Details of how to apply for grants, together with the relevant process, is available on the Trust’s website together with information about the Trust and examples of some of those that have been supported.

ACHIEVEMENTS AND PERFORMANCE

Review of the Year

Moving on from a 2020 dominated by the Covid 19 pandemic, the year 2021 has proved to be a year of gradual but welcomed movement towards what we know as normality. Although we do have a way to go with this particularly with recovering from the late impact of the Omicron Covid strain.

The Trust’s main objective is to support Churches and their communities through our grant giving. In many cases we are one of several grant-making bodies contributing towards specific projects and over the last five years we have made available over £2.5m for nearly 300 church projects whether this to maintain the Church building or to improve the connected community development projects.

Our grants are very important in safeguarding the future of the churches we have supported. Many of the Trust’s grants go to making church buildings watertight, windproof and structurally sound. Our grants also go towards funding the installation of modern facilities, such as toilets, kitchens, and heating to enable the church buildings to be used for a wide range of community activities and as places of worship for congregations.

In 2021 The Trust through its quarterly trustee meetings awarded £790k in agreed grant applications to be drawn down within a two-year period once the project has been completed and the Church is able to comply with the Trust criteria. This is an impressive increase of 37.2% on the previous year and has been assisted by the changes made in the grant policy actioned in 2020.

More importantly we have advanced £592k this year to 52 churches who have been able to complete their challenging projects with our assistance. Grant amounts have ranged from £3k up to a maximum of £25k in some instances. This is an increase of 10.5% on the previous year and is pleasing to see considering the issues we have all had to cope with in 2020 and also in 2021.

5

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST TRUSTEES ANNUAL REPORT Year ended 31 December 2021

ACHIEVEMENTS AND PERFORMANCE (Continued)

Review of the Year (continued)

The volunteer Trustees and administrator are to be thanked for their continued hard work at managing and processing the application. We are already working to maintain the level of application numbers being seen and hopefully the level of grants then to be awarded.

The table below shows just a few of the grants provided this year indicating where funds have been used.

St Thomas Kidgrove £4,100 Replacement of Disability Ramp
All Saints Church Castle Carey £15,000 Roof, guttering and lead repairs
Malmesbury URC £1,000 Upgrade Electrical & lighting systems
St Botolph £15,000 Assistance with Toilet improvements & Asbestos
removals
Castle Hill URC £15,000 Roof & Glazing Repairs
All Saints Church Laughton £13,300 Kitchen & Toilet repairs
St Andrews Ewerby £6,100 Roof Repairs
Ballenon Reformed
Presbyterian		 £2,700 Building Repairs

Financial Review

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum of Articles of Association, and Accounting and Reporting by Charities: 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) (effective 1 January 2019).

Investment Policy

The charitable company and its trustees seek to invest its funds in fixed interest, equity, and property funds some of which are designed for charities and managed by professional fund managers.

The Charity looks to achieve the best returns available from its investments whilst seeking to maintain a spread of investment types with the intention of reducing the level of exposure to market rates.

In looking to achieve the above the trustees have utilised the services of professional fund managers Investec and CCLA both of which are established and professional fund managers to which the trustees look for guidance and support when managing the charitable company’s investments.

The professional advisors provide monthly and quarterly performance reports and annual meetings are held to review performance, risk, markets, and other economic factors. Additional meetings can be arranged if market uncertainties prevail.

Performance has been satisfactory considering the uncertainties in the investment marketplace and provides the Charity with the comfort of knowing it can continue to support the future applications it receives that are able to fulfil its criteria.

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THE CONGREGATIONAL & GENERAL CHARITABLE TRUST TRUSTEES ANNUAL REPORT Year ended 31 December 2021

ACHIEVEMENTS AND PERFORMANCE (Continued)

With Investec the Trust has a Medium Risk Balanced Investment Strategy with an established net performance benchmark agreed which is reviewed annually. There is an overall benchmark set and separate benchmarks in respect of overall exposure within the various assets held in the portfolio.

The funds that are invested with CCLA are within the Ethical Investment Fund. The aims being to provide a long-term total return comprising growth in capital and distributions. This is an established fund suitable for the charity’s longterm funds aiming to achieve a good level of distributions, long-term protection from inflation together with a wide range of ethical restrictions.

The Trust aims to achieve a return in the region of + 4% pa on the funds invested and consider the performance this year to be good.

Reserves policy

The charitable company’s reserves consist mainly of investments held with its investment managers, Investec and CCLA. Each year the charity aims at least to distribute its net investment income in the financial year in which it is received or in the two following years.

The charitable company looks to ensure it always has sufficient liquid funds to meet the payment of grants when they fall due. Grants are normally drawn within a two-year period otherwise they will lapse. With the levels of cash at bank, within the investments and the agreed future investment income stream this has always been sufficient to cover grants due and the operating overheads.

Total charitable company reserves as at 31 December 2021 were £18,414,737 (2020: £16,694,227) which comprised free reserves of -£674,152 (2020: -£310,291) with no current restrictions or designations inherent or applied. The remaining reserves, totalling £19,088,889 (2020: £17,004,518) are tied up in investments but these also have no current restrictions or designations inherent or applied.

Risk management

The Council of Management actively review the major risks which the charitable company faces. They believe the controls and systems in place can adequately deal with risks which the charity is likely to face in the near future. The Council of Management has a risk management strategy which comprises:

The primary market risks in the charitable company’s investment portfolio is the fair value sensitivity of fixed-income securities to changes in interest rates, and risks associated with investments in listed equity shares. Risk appetite is set by The Council of Management and then managed through the investment portfolio managers.

Further information on the Charity’s investment policy can be found above. The Charity’s transactions are all in pounds sterling and therefore there is no exposure to a movement in exchange rates. However, some of the Charity’s investments have underlying overseas assets and are therefore subject to fluctuations in value resulting from movements in exchange rates.

Future developments

As a grant making charity all developments are focused upon maximising the number of churches and communities that benefit from the Charity’s efforts. The profile of the Charity continues to be an area where efforts are being made in order to reach out to the Churches needing help. The Trust will again advertise in the appropriate publications as in the previous year and look to expand this further where possible. Attendance at various forums is also being researched and attendance at these will be considered by the Trustees. New marketing material is now available, and development of the website is continuing.

7

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST TRUSTEES ANNUAL REPORT Year ended 31 December 2021

ACHIEVEMENTS AND PERFORMANCE (Continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisation Structure

The trustees consider the Board of Trustees as the key management personnel of the charitable company who are all members of The Council of Management shown on page 2. The charitable company is currently run by ten trustees who meet on a quarterly basis to consider the grant applications received. The trustees have individual responsibility for various aspects of the running of the charitable company including reviewing and presenting grant applications, the production of financial information, the organisation of the charitable company’s banking arrangements and development and management of the Charity’s web site.

There is also the support of a paid administrator to assist with the day to day management of the Charity assisting the trustees with the clerical aspects of running the Charity particularly with managing the grant applications received and also ensuring the charitable company complies with the appropriate regulations.

The trustees are proactively seeking to add to the Council of Management with new trustees who have the required skills, commitment and time to support the ongoing work the Charity does.

Recruitment and appointment of members of Council

The Members of The Council Management who served during the year and up to the date the accounts were signed were:

Reverend Pamela Ward - Chairperson Appointed 03/10/2013
Mr Alastair Forsyth - Vice Chairperson Appointed 05/06/2018
Miss Margaret Atkinson Appointed 30/09/2009
Mrs Susan Austin Appointed 26/06/2019
Reverend David Coote Appointed 13/06/2017
Dr Christopher Evans Resigned 08/12/2021
Mr John Holmes Appointed 08/03/2016
Reverend David Grosch-Miller Appointed 01/10/2019
Reverend Margaret Tait Appointed 05/10/2017
Reverend Richard Turnbull Appointed 26/09/2018

Rotation of Members of the Council

Under the requirements of the Memorandum and Articles of Association, membership of the charitable company is subject to certain restrictions. These are that a member shall be a member of a United Reformed Church, Congregational Church or other church of the Protestant tradition provided not more than three or 25% of the total, whichever is the lesser (who are not members of the aforementioned Churches) may be individuals who shall agree in writing to accept the objects of the charitable company.

At the Annual General Meeting in every year, one third of the members of the Council of Management for the time being, or, if their number is not three or a multiple of three, then the number nearest one third, shall retire from office. Those members of Council retiring through this rotation are eligible for re-election at the AGM.

The members of the Council of Management retiring by rotation this year are Reverend David Coote, Reverend David Grosch-Miller and Mrs Susan Austin and being eligible, offer themselves for re-election.

The Members of the Council of Management have the power to appoint additional members as it considers fit to do so. Due to the nature of the company’s charitable status and its source of income, the Council of Management seek to ensure that the objectives of the charitable company are achievable through the diversity of skills of the trustees composition.

8

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST TRUSTEES ANNUAL REPORT Year ended 31 December 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (Continued)

Members of the Council of Management Induction and Training

New members of the Council of Management will undergo an induction meeting with the Chairperson of the charitable company, which includes a brief of the following:

Members of the Council of Management Induction and Training (Continued)

New members of the Council of Management are also provided with the appropriate Charity Commission publications, including the Commission’s guide “The Essential Trustee” and “Charity Finances: Trustee Essentials”, and these are distributed to all new members of the Council of Management along with the Memorandum and Articles and the latest financial statements.

New members of the Council of Management are also required to complete a questionnaire which assesses their fitness for purpose as a member of the Council of Management and sign the Charities Commission usual declaration of suitability to be a trustee.

Trustees Expenses Policy

The trustees are unpaid volunteers and are reimbursed for the expenses incurred in respect of travel to and from the quarterly meetings and any administration costs that may be incurred.

9

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST TRUSTEES ANNUAL REPORT Year ended 31 December 2021

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The charity trustees (who are also directors of The Congregational & General Charitable Trust for the purposes of company law) are responsible for preparing a trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure to our Auditor

In so far as each of the trustees are aware of at the time of approving our trustees’ annual report:

In accordance with section 485 of the Companies Act 2006, Wright Vigar Limited will be deemed to be reappointed as auditors at the Annual General Meeting.

The Trustees Report was approved and authorised for issue by the Council of Management on 20 September 2022.

The Reverend Pamela Ward Chairperson

10

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST INDEPENDENT AUDITOR’S REPORT ON THE FINANCIAL STATEMENTS TO THE BOARD OF TRUSTEES OF THE CONGREGATIONAL & GENERAL CHARITABLE TRUST

Opinion

We have audited the financial statements of The Congregational & General Charitable Trust (the ‘charitable company’) for the year ended 31 December 2021 which comprise the statement of financial activities, balance sheet, cash flow statement and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

11

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST INDEPENDENT AUDITOR’S REPORT ON THE FINANCIAL STATEMENTS TO THE BOARD OF TRUSTEES OF THE CONGREGATIONAL & GENERAL CHARITABLE TRUST

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 10, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

12

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST INDEPENDENT AUDITOR’S REPORT ON THE FINANCIAL STATEMENTS TO THE BOARD OF TRUSTEES OF THE CONGREGATIONAL & GENERAL CHARITABLE TRUST

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and perform our work to ensure that the entity is complying with its legal and regulatory framework.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Colcomb FCCA (Senior Statutory Auditor)

For and on behalf of Wright Vigar Limited Chartered Accountants and Statutory Auditor 15 Newland Lincoln Lincolnshire LN1 1XG

20 September 2022

13

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2021

Incoming resources
Notes
Income and endowments from:
Investment income
3
Total income
Expenditure on:
Raising funds
Charitable activities
6
7
Total expenditure
Net gains/(losses) on investments
9
Net income/(expenditure)
Fund balances brought forward at 1 Jan 2021
Fund balances carried forward 31 Dec 2021		 Unrestricted
Funds
£
473,620
473,620
49,160
706,010
755,170
2,002,060
1,720,510
16,694,227
18,414,737		 Total
2021
£
473,620
473,620
49,160
706,010
755,170
2,002,060
1,720,510
16,694,227
18,414,737		 Total
2020
£
472,323
472,323
43,061
535,942
579,003
370,044
263,364
16,430,863
16,694,227

All transactions are derived from continuing activities.

The notes on pages 17 to 21 form part of these financial statements.

14

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2021 COMPANY NUMBER 02114948

Notes
Fixed assets
Investments
9
Current assets
Debtors
Cash at bank and in hand
10
Liabilities
Creditors; amounts falling due
within one year
11
Net current assets/(liabilities)
Total net assets
The funds of the Charity:
Unrestricted funds
Total Charity funds		 2021
£
£
19,088,889
26,119
194,191
19,088,889
220,310
894,462
(674,152)
18,414,737
18,414,737
18,414,737		 2020
£
£
17,004,518
22,763
462,263
17,004,518
485,026
795,317
(310,291)
16,694,227
16,694,227
16,694,227		 2020
£
£
17,004,518
22,763
462,263
17,004,518
485,026
795,317
(310,291)
16,694,227
16,694,227
16,694,227
17,004,518
(310,291)
16,694,227
16,694,227
16,694,227

These financial statements have been prepared in accordance with the special provisions of the Companies Act 2006 relating to charitable small companies.

The financial statements were approved by the Council of Management on 20 September 2022 and signed on their behalf.

The notes on pages 17 to 21 form part of these financial statements.

The Reverend Pamela Ward Chairperson

John F Holmes Trustee

15

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST STATEMENT OF CASH FLOWS Year ended 31 December 2021

Total
2021
£
Cash flows from operating activities:
Net cash used by operating activities
1
(659,381)
(659,381)
Net cash flows provided by investing activities
671,685
Change in net cash and cash equivalents in the
reporting period
12,304
Cash and cash equivalents brought forward
633,265
Cash and cash equivalents carried forward
2
645,569
1. Reconciliation of income/(expenditure) to net cash flow from operating activities:
Net Income/(Expenditure) for the period
1,720,510
Adjustments for:
(Gains)/loss on investments
(2,002,060)
(Increase)/decrease in debtors
(3,356)
Increase/(decrease in creditors)
99,145
Dividends and interest from investing activities
(473,620)
(659,381)
2021
2. Cash and Cash Equivalents
£
Cash at bank or in hand
194,191
Cash in investment portfolios
451,378
645,569		 Total
2020
£
(473,454)
(473,454)
292,376
(181,170)
814,435
633,265
263,364
(370,044)
3,295
102,254
(472,323)
(473,454)
2020
£
462,263
171,002
633,265

16

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2021

1. STATUTORY INFORMATION

The Congregational & General Charitable Trust is a Charitable Company, registered in England and Wales. The charitable company’s registered number and registered office can be found on the Reference and Administrative details page.

2. ACCOUNTING POLICIES

The principle accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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) (effective 1 January 2019) – (Charities SORP FRS 102), and the Companies Act 2006.

The Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Going concern

The current economic conditions present increased risks for all charities. In response to such uncertain conditions, the Trustees have carefully considered these risks and the extent to which they might affect the preparation of the financial statements on a going concern basis. In particular, the Trustees have considered in detail the charitable company's forecast performance and the valuation of its investments. The charitable company’s principal assets are the investments held by Investec and CCLA, and the income generated from these investments is significantly higher than the charitable company’s expenses. On this basis, the Trustees have a reasonable expectation that the charitable company will maintain adequate solvency to continue in operational existence for the foreseeable future. Accordingly, the Trustees have adopted the going concern basis in preparing these financial statements.

Charitable status

The Charity is a company limited by guarantee. The members of the company include the Trustees named on page 2. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company.

Income recognition

Investment income includes interest receivable and dividends. Realised and unrealised investment gains and losses are included within net gains and losses on investments in the Statement of Financial Activities. Due to the uncertainty on the valuation, income from investments is recognised upon receipt.

All income is recognised once the Charity has entitlement to income, it is probable that income will be received, and the amount of income receivable can be measured reliably.

17

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2021

2. ACCOUNTING POLICIES (continued)

Resources expended

Liabilities are recognised as expenditure as soon as there is legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required, and the amount of obligation can be measured reliably.

Expenditure is recognised on an accruals basis as a liability is incurred, inclusive of VAT, which cannot be recovered.

Expenditure on raising funds comprises wholly of investment management fees charged to the Charity.

Charitable activities comprise mainly of grants given to individuals or organisations in accordance with the grant making policy.

Grants payable are payments made to third parties. Single or multi-year grants are accounted for when the Trustees have agreed to pay the grant without condition.

Support costs have been allocated between governance costs and other support costs. Governance activities comprise organisational administration and compliance with constitutional and statutory requirements. Costs include direct costs of external audit, legal fees and other professional advice including legal fees relating to certain smaller trusts.

The allocation of support costs is analysed in note 8.

Investments

Investments are a form of basic financial instruments and are initially shown in the financial statements at market value. Movements in the market values of investments are shown as unrealised gains and losses in the Statement of Financial Activities.

Profits and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated between sales proceeds and their opening carrying values or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

3. Analysis of income

Unrestricted
Funds
£
Income and endowments from:
Investment income (including dividends)
Bank interest
473,592
28
473,620		 Total
2021
£
473,592
28
473,620		 Total
2020
£
471,852
471
472,323

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THE CONGREGATIONAL & GENERAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2021

4. Net incoming resources for the year stated after charging;

Auditor’s remuneration:
Audit services
Other services		 2021
£
4,800
96
4,896		 2020
£
4,350
90
4,440

Auditor’s remuneration for audit services comprises fees payable for the audit of the charitable company’s accounts. Other services are fees payable for accountancy, company secretarial and other services.

5. Analysis of staff costs, Trustee remuneration and expenses and the cost of Key Management Personnel

The Charity has no employees. The Key Management Personnel of the charitable company are the Council of Management (Trustees) listed on page 2. The members of the Council of Management did not receive any remuneration during the financial year in accordance with the provisions of the Charity’s Governing document. However, during 2021, expenses with a total of £705 (2020: £525) were reimbursed to 10 trustees (2020: 10) which were in respect of travel and subsistence expenditure costs incurred.

6. Analysis of expenditure on raising funds

Investment management costs

Investment management costs
Portfolio management		 2021
£
49,160
49,160		 2020
£
43,061
43,061

7. Analysis of expenditure on charitable activities

The Charity undertakes its charitable activities through grant making and awarded grants to a number of Christian projects and charitable institutions during the financial period wholly in accordance with its charitable objects. All charitable expenditure was fulfilled by unrestricted reserves.

Charitable Support Total Total
Grants costs 2021 2020
£ £ £ £
Funded from unrestricted funds:
Charitable grants fulfilling charitable activities 690,940 15,070 706,010 535,942

19

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2021

7. Analysis of expenditure on charitable activities (continued)

8.

Charitable grants expended in the year included the following amounts:
Grants awarded
Grants lapsed
Support costs
Administration expenses of the Company are as follows:
Other legal and professional fees and expenses
Council of Management (trustees) expenses		 2021
£
14,365
705
15,070		 Charitable
Grants
£
789,940
(99,000)
690,940

2020
£
12,217
525
12,742

These costs are all directly attributable to the charitable activities of the company.

The Trustees have considered it appropriate to allocate all support costs in their apportionment considerations to the singular charitable activity of the Charity.

9. Investments

Other financial investments:
Listed Equity shares/pooled investment portfolio funds
Cash in portfolios
Total investments		 2021
£
18,637,511
18,637,511
451,378
19,088,889		 2020
£
16,833,516
16,833,516
171,002
17,004,518

Movements in investments (excluding cash) during the year were as follow:

As at 31 December 2020
Additions
Disposals
Change in market value (Unrealised gains)
Profit on disposal (Realised gains)
At 31 December 2021		 £
16,833,516
392,209
(590,274)
1,940,975
61,085
18,637,511

20

THE CONGREGATIONAL & GENERAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2021

9. Investments (continued)

The net gains/(losses) on investments which has been recognised on the statement of financial activities comprises of the following transactions:

Change in market value
Gains/losses on disposal of investments
10.
Debtors
Accrued investment income
11.
Creditors; amounts falling due within one year
Grants payable
Professional fees
Other creditors		 2021
£
26,119		 2021
£
1,940,975
61,085
2,002,060


2020
£

22,763

22,763
2020
£
790,500
4,380
437
795,317		 2021
£
1,940,975
61,085
2,002,060


2020
£

22,763

22,763
2020
£
790,500
4,380
437
795,317



26,119 22,763
2021
£
889,300
512
4,650		 2020
£
790,500
4,380
437
894,462 795,317

12. Funds

All Charity funds are unrestricted in the current and prior year.

13. Related party transactions

Trustees or people connected with the trustees may also be trustees of a church in receipt of a grant from the Trust. Any grant applications involving a Trustee will be dealt with by the remaining unconnected Trustees. The Trustee involved declaring their conflict of interest and taking no part in the application procedure or decision making process.

No grants to related parties were made in the current year.

14. Corporation tax

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

21