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2021-04-05-accounts

Reference and Administrative Details
Chairman's
Review
Trustees'
Report
Independent
Auditor's
Report		 16
Statement of FinancialActivities 20
Balance Sheet 21
Statement ofCashflows 22
Notes to the Financial Statements 23

OR THE YEAR END ED 5APRI L 2021
Restated
Unrestricted Designated Restricted Total Total
Funds Funds Funds Funds Funds
2021 2021 2021 2021 2020
Notes E E E f E
Income from:
Donations
and legacies		 426,503 426,503 1,423,120
Charitable
activities		 2,000,000 2 000000
Investments 669,108 669,108 807,262
Otherincome 5,000 5,000
Tota I income 1,100,611 2,000,000 3,100,611 2,230,382
Expenditure
on:
Raising funds
Charitable
activities		 6
7		 143,512
1,564,433		 2,123,420 2,000,000 143,512
5,687,853		 138,402
2,218,147
Total expenditure 1,707,945 2,123,420 2,000,000 5,831,365 2,356,549
Net (expenditure)
gains/(losses)
on		 before
investments		 (607,334) (2,123,420) (2,730,754) (126,167)
Net gains/(losses) on investments 7,509,837 7,509,837 (3,409,465)
Net 6,902,503 (2,123,420) 4,779,083 (3,535,632)
income/(expenditure)
Transfers between funds (2,316,503) 2,316,503
Net movement
in		 funds 4,586,000 193,083 4,779,083 (3,535,632)
Reconciliation
of		 funds:
Funds
brought
forward—
restated		 18,19 29,947,998 2,625,343 32,573,341 36,108,973
Funds carried forward 18,19 34,533,998 2,818,426 37,352,424 32,573,341

ALANCE SH
EAR ENDED		 EET
5APRIL		 2021
Restated
Notes 2021 2020
E E
Fixed assets
Investments 13 30,764,248 28,731,630
Social investments 14 5,167,071 5,020,080
Tangible fixed assets 15
35,931,319 33,751,710
Current assets
Debtors 16 323,505 1,020,923
Cash at bank and in hand 1,193,282 2,494,446
1,516,787 3,515,369
Creditors: amounts falling due within one year 17 (95,682) (4,693,738)
Net current assets /(liabilities) 1,421,105 (1,178,369)
Net assets 37,352,424 32,573,341
Funds
Unrestricted funds 18,19 34,533,998 29,947,998
Designated funds 18,19 2,818,426 2,625,343
Restricted funds 18,19
37,352.424 32,573,431

OR THE YEAR ENDED 5AP RIL 2021
Restated
Notes 2021 2020
f E
Cash flows from operating activities
Net cash used in operating activities 20 (2,858,308) (1,847,128)
Cash flows from investing activities
Investment
income		 669,108 807,262
Proceeds from the sale of investments 17,387,093 5,374,200
Purchase of investments (10,009,115) (5,982,015)
Movement
in cash held
in		 the portfolios (1,856,092) 699,320
Concessionary
loans made		 (100,000) (242,280)
Concessionary
loans repaid		 77,750 123,401
Net cash provided
by investing
activities		 6,168,744 779,888
Cash flows from financing activities
Repayment
ofloans		 (4,611,600)
Net cash used in financing activities (4,611,600)
Change
in cash and cash equivalents		 in the year 21 (1,301,164) (1,067,240)
Cash and cash equivalents at the beginning ofthe year 21 2,494,446 3,561,686
Cash and cash equivalents at the end ofthe year 21 1,193,282 2,494,446

1 Accounting policies (continued) policies (continued) policies (continued)
(b) Prior year adjustment (continued)
6Apr 2019 6 Apr 2019 6Apr 2019
Unrestricted Designated Total
E E E
Reserves as previously stated 34,077,928 1,990,635 36,068,563
Accrued investment income 40,410 40,410
Reserves as restated at 6April 2019 34,118,338 1,990,635 36,108,973
5 Apr 2020 5 Apr 2020 5 Apr 2020
Unrestricted Designated Total
f E E
Reserves as previously stated 29,906,827 2,625,343 32,532,170
Accrued investment income 41,171 41,171
Reserves as restated at 6 April 2020 29,947,998 2,625,343 32,573,341

2 Donations Unrestricted Unrestricted
2021 2020
E f
Donated investments 170,000 250,001
Peter Vardy Holdings Limited 256,503 968,913
Peter Vardy Limited 204,206
426,503 1,423,120
3 Charitable income Restricted Restricted
2021 2020
E f
DCMS grant 2,000,000
4 Investment income Unrestricted Unrestricted
2021 2020
E f
Income from listed investments 648,002 719,617
Income from bank deposits 21,106 87,645
669,108 807,262

5 Other income Other income Unrestricted Unrestricted
2021 2020
E f
Insurance proceeds 5,000
6 Cost of raising funds Unrestricted Designated Restricted Total Unrestricted
2021 2021 2021 2021 2020
f E f
Investment managers' fees 143,512 143,512 138,402
7 Charitable activities Unrestricted Designated Restricted Total Unrestricted
2021 2021 2021 2021 2020
E E E E E
Grants to:
Institutions (note 8) 1,394,502 2,105,526 1,900,000 5,400,028 1,773,449
Individuals 86,000 15,340 101,340 75,000
Total grants 1,480,502 2,120,866 1,900,000 5,501,368 1,848,449
Support costs 83,931 2,554 100,000 186,485 369,698
1,564,433 2,123,420 2,000,000 5,687,853 2,218,147
8 Grants to institutions Unrestricted Designated Restricted Tota I Unrestricted
2021 2021 2021 2021 2020
f E E f E
Auchterarder
Church		 80,000 80,000
A Way Out 30,000 30,000 30,000
Betel UK 175,000 175,000
Caring for Life 100,000 100,000 100,000
Changing
Lives		 250,000 250,000
Charlie House 51,000
Children
in Need		 28,918
Christmas
gifts drop		 43,943
Cranmer
Hall		 33,333 33,333
Durham
Cathedral		 200,000
Emmanuel
Church		 50,000
Evangelical
Alliance		 112,000 112,000
Foundation
of Light		 210,000 210,000 100,000
Glenwood
Church		 80,000 80,000
Good Shepherd 196,315 196,315
Handcrafted
Projects		 33,840 33,840
Hope Next Generation 25,000
Junction 42 35,000 35,000
L'Arche
UK		 30,000 30,000 30,000
Maggie's 107,803 107,803
Mercy Ships 100,000
Northpoint
Care		 30,000 30,000
Oasis Community
House		 109,551 109,551
Operation
Mobilisation		 25,000
Outward
Bound Trust		 50,000 50,000
Peter Vardy Foundation 1,880,000 1,880,000
Premier Christian
Media		 50,000 50,000
Re: Hope Next Generation 84,000 84,000
Safe Families for Children 300,940 300,940
Sage Gateshead 260,000 260,000
Second Sight 25,000 25,000
Sowing Seeds Ministries 40,000 40,000
Spartans
Community		 25,000 25,000 25,000
St Luke's Church 50,000 50,000
Thana Trust 85,000 85,000
The Message Trust 271,093 271,093
The Moses Project 25,000 25,000 25,000
United Christian
Broadcasters		 50,000 50,000
Urban Saints
Other awards (f25,000		 447,854 86,526 56,773 591,153 35,000
904,588
1,394,503 2,105,526 1,900,000 5,400,028 1,773,449

NOTES TO THE FINANCIAL STATEMENTS (continued) TO THE FINANCIAL STATEMENTS (continued) TO THE FINANCIAL STATEMENTS (continued) TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2021
9 Analysis ofgrants 2021 2021 2020 2020
No. E No. E
DCMS 16 1,900,000
Relief 1 10,000 3 1,483
Education 5 47,333 4 12,915
Religion 45 802,606 52 673,551
Welfare 68 2,741,429 144 1,145,100
Arts 4 15,400
135 5,501,368 207 1,848,449
10 Support costs Unrestricted Designated Restricted Total Unrestricted
2021 2021 2021 2021 2020
f E E f f
Impairment
ofproperty		 300,000
Salaries (note 11) 76,144 76,144
FOREX loss 20,141 20,141
Travel fk accommodation 3,087 75 3,162 25,864
Insurance 4,732 4,732 4,552
Heat and light 1,015 1,015 990
Office costs 1,602 39 358 1,999 1,282
Computer
costs		 (18) 623 605 493
Property costs 7,475 7,475 933
Bank charges 1,121 15 1,136 400
Accountancy
Professional fees		 8,326
29,250		 2,500 4,800
18,000		 13,126
49,750		 8,475
10,284
Marketing 750
Auditor's
remuneration
for non-audit services 8,475
Governance
costs		 7,200 7,200 7,200
83,931 2,554 100,000 186,485 369,698

EAR ENDED 5APRIL 2021
13 Investments Total Tota I
2021 2020
E E
At 6 April 28,731,630 31,982,599
Gifted shares 170,000 250,001
Equa lisations
Purchases at cost		 (592)
9,884,374		 5,982,015
Disposa
I proceeds		 (17,387,093) (5,374,200)
Movement
in cash held in the portfolios		 1,856,092 (699,320)
Gains/(losses)
on revaluation		 7,509,837 (3,409,465)
At 5 April 30,764,248 28,731,630
Historic cost at 5April 25,441,379 29,552,940
14 Social investments Charitable Charitable Total
loansf property
E		 investments
E
Cost
At 6April 2020 660,546 4,359,534 5,020,080
Additions 100,000 124,741 224,741
Repayments (77,750) (77,750)
At 5April 2021 682,796 4,484,275 5,167,071
Charitable
loans comprise:		 2021 2020
E E
Northpoint
Fostering
CIC
North East Autism Society		 100,000
97,917		 122,916
Re: Hope Church Glasgow 247,500 277,500
Jason Mayhall,
Pastor
The Message Trust		 ofthe Bethany Christian Centre 237,379 241,379
18,751
682,796 660,546

NOTES TO THE FINANCIAL STATEMENTS (continued) TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5APRIL 2021
15 Tangible fixed assets Fixtures and Computer
fittings
E		 equipment
f		 Total
f
Cost
At 6April 2020 10,419 5,792 16,211
Disposals (10,419) (5,792) (16,211)
At 5 April 2021
Depreciation
At 6 April 2020		 10,419 5,792 16,211
On disposals (10,419) (5,792) (16,211)
At 5April 2021
Net book value
At 5 April 2021
At 5 April 2020
16 Debtors Restated
2021 2020
E E
Donations
receivable		 256,503 968,913
Prepayments
and accrued income		 67,002 52,010
323,505 1,020,923
17 Creditors 2021 2020
E E
Otherloans 4,611,600
Trade creditors 43,578 39
Grant creditors 15,000 50,158
Accruals and deferred income 37,104 31,941
95,652 4,693,738

18 Movement in funds
Restated
At 6April Gains/ At 5 April
2020
E		 Income
f		 Expenditure
f		 Transfers
E		 (losses)
f		 2021
E
2020/21
Unrestricted 29,947,998 1,100,611 (1,707,945) (2,316,503) 7,509,837 34,533,998
Designated
Matched
Funding (30,000) 2,000,000 1,970,000
Peter
Vardy
Foundation 2,582,036 (2,010,881) 256,503 827,658
Jigsaw
Foundation 43,307 (82,539) 60,000 20,768
2,625,343 (2,123,420) 2,316,503 2,818,426
Restricted
DCMS 2,000,000 (2,000,000)
Total 32,573,341 3,100,611 (5,831,365) 7,509,837 37,352,424
Restated
At 6April Gains/ At 5April
2019/20 2019
E		 Income
E		 Expenditure
E		 Transfers
f		 (losses)
E		 2020
E
Unrestricted 34,118,338 2,230,382 (1,678,139) (1,313,118) (3,409,465) 29,947,998
Designated
Peter
Vardy
Foundation 1,927,055 (518,137) 1,173,118 2,582,036
Jigsaw
Foundation 63,580 (160,273) 140,000 43,307
1,990,635 (678,410) 1,313,118 2,625,343
Total 36,108,973 2,230,382 (2,356,549) (3,409,465) 32,573,341

The DCMS fund is a community
match fundin
other charitable
organisations.		 The DCMS fund is a community
match fundin
other charitable
organisations.		 g
project funded
by D		 CMS to give gr ant awards to
Analysis ofnet assets between funds Unrestricted
E		 Designated
f		 Tota I
f
2020/21
Investments 30,764,248 30,764,248
Social investments 5,167,071 5,167,071
Net current assets/(liabilities) (1,397,321) 2,818,426 1,421,105
34,533,998 2,818,426 37,352,424
2019/20
Investments 28,731,630 28,731,630
Social investments 5,020,080 5,020,080
Net current assets/ (liabilities) (3,803,712) 2,625,343 (1,178,369)
29,947,998 2,625,343 32,573,341

20 Reconciliation
ofne		 t move ments
in fund		 s to cash flows from op erating
activitie		 s
Restated
2021 2020
E E
Net income/(expenditure) 4,779,083 (3,535,632)
Impairment
charges		 300,000
Equalisations 592
Donated shares (170,000) (250,001)
(Gains)/losses (7,509,837) 3,409,465
Investment
income		 (669,108) (807,262)
Decrease/(increase) in debtors 697,418 (980,513)
Increase
in creditors		 13,544 16,815
Net cash (used in)/provided by operating activities (2,858,308) (1,847,128)
21 Analysis ofnet debt At 6 April At 5 April
2020 Cashflow 2021
f f E
Cash at bank and
in		 hand 2,494,446 (1,301,164) 1,193,282
Loans due within 1year (4,611,600) 4,611,600
Net debt (2,117,154) 3,310,436 1,193,282

At 5 April 202 1,the Charity has commitments
in re		 spect of multi-year
grants appr		 oved:
2021 2020
E E
Due within one year 204,750 269,820
Due between one and five years 56,250 100,000
261,000 369,820

Organisation Common Trustees Value of donation
Peter Vardy Foundation Sir Peter Vardy and Peter D DVardy E1,880,000
Junction 42 Foundation Richard A R Vardy E 50,483