| Reference and Administrative | Reference and Administrative | Details | |
|---|---|---|---|
| Chairman's Review |
|||
| Trustees' Report |
|||
| Independent Auditor's |
Report | 14 | |
| Statement of Financial | Activities | 18 | |
| Balance Sheet | 19 | ||
| Statement ofCashflows | 20 | ||
| Notes to the Financial Statements | 21 |
| Restated | |||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Designated | Total | Total | ||||
| Funds | Funds | Funds | Funds | ||||
| 2022 | 2022 | 2022 | 2021 | ||||
| Notes | E | E | f | E | |||
| Income from: | |||||||
| Donations and |
legacies | 552,391 | 552,391 | 426,503 | |||
| Charitable activities |
2,000,000 | ||||||
| Investments | 683,667 | 683,667 | 669,108 | ||||
| Other income | 5,000 | ||||||
| Total income | 1,236,058 | 1,236,058 | 3,100,611 | ||||
| Expenditure on: |
|||||||
| Raising funds | 6 | 117,051 | 117,051 | 143,512 | |||
| Charitable activities |
7 | 2,323,113 | 487,696 | 2,810,809 | 5,856,770 | ||
| Total expenditure | 2,440,164 | 487,696 | 2,927,860 | 6,000,282 | |||
| Net (expenditure) | before | gains | |||||
| on investments | (1,204,106) | (487,696) | (1,691,802) | (2,899,671) | |||
| Net gains on investments | 13 | 486,973 | 486,973 | 7,509,837 | |||
| Net (expenditure)/income | (717,133) | (487,696) | (1,204,829) | 4,610,166 | |||
| Transfers between | funds | (315,000) | 315,000 | ||||
| Net movement | in funds | (1,032,133) | (172,696) | (1,204,829) | 4,610,166 | ||
| Reconciliation | offunds: | ||||||
| Funds brought |
forward- | ||||||
| restated | 18,19 | 34,200,081 | 2,818,426 | 37,018,507 | 32,408,341 | ||
| Funds carried | forward | 18,19 | 33,167,948 | 2,645,730 | 35,813,678 | 37,018,507 |
| EAR ENDED | 5APR | IL | 2022 | |||
|---|---|---|---|---|---|---|
| Notes | Restated | |||||
| 2022 | 2021 | |||||
| E | E | |||||
| Fixed assets | ||||||
| Investments | 13 | 30,434,678 | 30,764,248 | |||
| Social investments | 14 | 5,039,241 | 5,167,071 | |||
| 35,473,919 | 35,931,319 | |||||
| Current assets | ||||||
| Debtors | 15 | 401,518 | 323,505 | |||
| Cash at bank and | in | hand | 118,630 | 1,193,282 | ||
| 520,148 | 1,516,787 | |||||
| Creditors: amounts | falling due within one year | 16 | (143,139) | (340,015) | ||
| Net current | assets | 377,009 | 1,176,775 | |||
| Total assets | less current liabilities | 35,850,928 | 37,108,091 | |||
| Creditors: amounts | falling due in more than one year | 17 | (37,250) | (89,584) | ||
| Net assets | 35,813,678 | 37,018,507 | ||||
| Funds | ||||||
| Unrestricted | funds | 18,19 | 33,167,948 | 34,200,081 | ||
| Designated | funds | 18,19 | 2,645,730 | 2,818,426 | ||
| 35,813,678 | 37,018,507 |
| Notes | Restated | |||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| E | E | |||||
| Cash flows from operating | activities | |||||
| Net cash used in operating | activities | 20 | (2,903,732) | (2,858,308) | ||
| Cash flows from investing | activities | |||||
| Investment income |
683,667 | 669,108 | ||||
| Proceeds from the sale ofinvestments | 1,845,724 | 17,387,093 | ||||
| Purchase ofinvestments | (4,590,712) | (10,009,115) | ||||
| Movement in cash held in |
the portfolios | 3,750,601 | (1,856,092) | |||
| Concessionary loans made |
(100,000) | |||||
| Concessionary loans written off |
80,000 | |||||
| Concessionary loans repaid |
59,800 | 77,750 | ||||
| Net cash provided by investing activities |
1,829,080 | 6,168,744 | ||||
| Cash flows from financing | activities | |||||
| Repayment of loans |
(4,611,600) | |||||
| Net cash used in financing | activities | (4,611,600) | ||||
| Change in cash and cash equivalents |
in the | year | 21 | (1,074,652) | (1,301,164) | |
| Cash and cash equivalents | at the beginning | ofthe year | 21 | 1,193,282 | 2,494,446 | |
| Cash and cash equivalents | at the end | ofthe year | 21 | 118,630 | 1,193,282 |
| rior year adjustment |
(continued) | |||
|---|---|---|---|---|
| 6Apr 2020 | 6Apr 2020 | 6 Apr 2020 | ||
| Unrestricted E |
Designated E |
Total f |
||
| Reserves as previously | stated | 29,947,998 | 2,625,343 | 32,573,341 |
| Grant expenditure | (165,000) | (165,000) | ||
| Reserves as restated at 6April 2020 | 29,782,998 | 2,625,343 | 32,408,341 | |
| 5Apr 2021 | 5Apr 2021 | 5 Apr 2021 | ||
| Unrestricted | Designated | Tota I | ||
| E | f | E | ||
| Reserves as previously | stated | 34,533,998 | 2,818,426 | 37,352,424 |
| Grant expenditure | (333,917) | (333,917) | ||
| Reserves as restated at 6 April 2021 | 34,200,081 | 2,818,426 | 37,018,507 |
| 2 | Donations | Unrestricted | Unrestricted | |||
|---|---|---|---|---|---|---|
| 2022 f |
2021f | |||||
| Donated investments |
201,040 | 170,000 | ||||
| Peter Vardy | Holdings | Limited | 301,793 | 256,503 | ||
| Peter Vardy | 26,081 | |||||
| Vardy Property Aberdeen | Limited | 16,957 | ||||
| Gift Aid | 6,520 | |||||
| 552,391 | 426,503 | |||||
| 3 | Charitable | income | Restricted | Restricted | ||
| 2022 | 2021 | |||||
| f | f | |||||
| DCMS grant | 2,000,000 | |||||
| 4 | Investment | income | Unrestricted | Unrestricted | ||
| 2022 | 2021 | |||||
| f | f | |||||
| Income from listed investments | 615,467 | 648,002 | ||||
| Income from bank deposits | 68,200 | 21,106 | ||||
| 683,667 | 669,108 |
| 5 | Other income | Other income | Unrestricted | Unrestricted | |||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| E | E | ||||||
| Insurance | proceeds | 5,000 | |||||
| 6 | Cost ofraising funds | Unrestricted | Designated | Total | Unrestricted | ||
| 2022 | 2022 | 2022 | 2021 | ||||
| E | f | E | |||||
| Investment | manager's | fees | 117,051 | 117,051 | 143,512 | ||
| 7 | Charitable | activities | Unrestricted | Designated | Total | Unrestricted | |
| 2022 | 2022 | 2022 | 2021 | ||||
| f | E | E | E | ||||
| Grants to: | |||||||
| Institutions | (note 8) | 2,132,504 | 486,345 | 2,618,849 | 5,568,945 | ||
| Individuals | 35,640 | 1,250 | 36,890 | 101,340 | |||
| Total grants | 2,168,144 | 487,595 | 2,655,739 | 5,670,285 | |||
| Support costs (note 10) | 154,969 | 101 | 155,070 | 186,485 | |||
| 2,323,113 | 487,696 | 2,810,809 | 5,856,770 |
| 8 | Grants to institutions | Unrestricted | Designated | Total | Unrestricted |
|---|---|---|---|---|---|
| 2022 | 2022 | 2022 | 2021 | ||
| E | f | E | f | ||
| Alpha Global | 50,000 | 50,000 | |||
| Auchterarder Church |
80,000 | ||||
| A Way Out | 35,000 | 35,000 | 30,000 | ||
| Betel UK | 175,000 | ||||
| Biblica Europe | 100,000 | 100,000 | |||
| Changing Lives |
250,000 | ||||
| Cranmer Hall |
100,000 | ||||
| Eastern University Campolo |
33,047 | 33,047 | |||
| Empty Kitchen Full Hearts |
25,000 | 25,000 | |||
| Evangelical Alliance |
124,000 | ||||
| Fields of Life | 36,695 | 36,695 | |||
| Foundation of Light |
210,000 | ||||
| Glenwood Church |
80,000 | ||||
| Good Shepherd | 285,950 | 285,950 | 196,315 | ||
| Handcrafted Projects |
33,840 | ||||
| Junction 42 | 30,000 | ||||
| Kids Operating Room |
125,000 | 125,000 | |||
| L'Arche UK |
30,000 | 30,000 | 30,000 | ||
| Light UK | 100,000 | ||||
| Maggie's | 107,803 | ||||
| Mercy Ships | 900,000 | 900,000 | |||
| Northpoint Care |
30,000 | ||||
| Oasis Community House |
109,551 | ||||
| Outward Bound Trust |
50,000 | ||||
| Peter Vardy Foundation | 1,880,000 | ||||
| Philo Trust | 40,000 | ||||
| Premier Christian Media |
50,000 | ||||
| Re: Hope Next Generation | 92,400 | 92,400 | 84,000 | ||
| Revelation Trust |
30,000 | 30,000 | |||
| Safe Families for Children | 300,940 | ||||
| Sage Gateshead | 300,000 | 300,000 | 260,000 | ||
| Second Sight | 25,000 | ||||
| Sowing Seeds Ministries | 121,250 | ||||
| Spartans Community | 25,000 | ||||
| Thana Trust | 36,000 | 36,000 | 85,000 | ||
| The Cinnamon Network |
50,000 | 50,000 | |||
| The Message Trust | 271,093 | ||||
| The Moses Project | 25,000 | 25,000 | 25,000 | ||
| Try Praying | 25,000 | 25,000 | |||
| United Christian Broadcasters |
50,000 | ||||
| Other awards &f25,000 |
412,507 | 27,250 | 439,757 | 615,153 | |
| 2,132,504 | 486,345 | 2,618,849 | 5,568,945 |
| OTE EAR |
S TO THE FINANCIAL STAT ENDED 5APRIL 2022 |
S TO THE FINANCIAL STAT ENDED 5APRIL 2022 |
EMENTS (c | ontinued) | |||
|---|---|---|---|---|---|---|---|
| 9 | Analysis ofgrants | 2022 | 2022 | 2021 | 2021 | ||
| No. | E | No. | E | ||||
| DCMS | 1 | 300,000 | 16 | 1,900,000 | |||
| Relief | 1 | 10,000 | |||||
| Education | 17 | 24,890 | 5 | 114,000 | |||
| Religion | 35 | 528,235 | 47 | 904,856 | |||
| Welfare | 61 | 1,792,614 | 68 | 2,741,429 | |||
| Arts | 1 | 10,000 | |||||
| 115 | 2,655,739 | 137 | 5,670,285 | ||||
| 10 | Support costs | Unrestricted | Designated | Total | Unrestricted | ||
| 2022 | 2022 | 2022 | 2021 | ||||
| E | E | E | f | ||||
| Salaries (note 11) | 1,280 | 1,280 | 76,144 | ||||
| FQREX gain | (1,073) | (1,073) | 20,141 | ||||
| Travel (k accommodation | 2,134 | 2,134 | 3,162 | ||||
| insurance | 6,790 | 6,790 | 4,732 | ||||
| Heat and light | 1,151 | 1,151 | 1,015 | ||||
| Office costs | 1,916 | 1,916 | 1,999 | ||||
| Computer costs | 173 | 173 | 605 | ||||
| Property costs | 16,287 | 16,287 | 7,475 | ||||
| Bank charges | 822 | 101 | 923 | 1,136 | |||
| Accountancy | 7,920 | 7,920 | 13,126 | ||||
| Professional | fees | 12,662 | 12,662 | 49,750 | |||
| Marketing | 450 | 450 | |||||
| Rent | 16,957 | 16,957 | |||||
| Write offofirrecoverable | loans | 80,000 | 80,000 | ||||
| Governance | costs | 7,500 | 7,500 | 7,200 | |||
| 154,969 | 101 | 155,070 | 186,485 |
| EAR | ENDED 5APRIL 2 | 022 | ||||
|---|---|---|---|---|---|---|
| 13 | Investments | Total | Total | |||
| 2022 | 2021 | |||||
| E | E | |||||
| At 6April | 30,764,248 | 28,731,630 | ||||
| Gifted shares | 201,040 | 170,000 | ||||
| Purchases at cost | 4,578,742 | 9,883,782 | ||||
| Disposal proceeds | (1,845,724) | (17,387,093) | ||||
| Movement in cash held in the portfolios |
(3,750,601) | 1,856,092 | ||||
| Gains/(losses) on revaluation |
486,973 | 7,509,837 | ||||
| At 5April | 30,434,678 | 30,764,248 | ||||
| Historic cost at | 5 April | 25,142,220 | 25,441,379 | |||
| 14 | Social investments | Charitable | Charitable | Total | ||
| loans | property | investments | ||||
| E | E | E | ||||
| Cost | ||||||
| At 6April 2021 | 682,796 | 4,484,275 | 5,167,071 | |||
| Additions | 11,970 | 11,970 | ||||
| Written off | (80,000) | (80,000) | ||||
| Repayments | (59,800) | (59,800) | ||||
| At 5 April 2022 | 542,996 | 4,496,245 | 5,039,241 | |||
| Charitable loans comprise: |
2022 f |
2021 E |
||||
| Northpoint Fostering |
CIC | 20,000 | 100,000 | |||
| North East Autism Society | 72,917 | 97,917 | ||||
| Re: Hope Church Glasgow | 217,500 | 247,500 | ||||
| Jason Mayhall, | Pastor | ofthe Bethany Christian | Centre | 232,579 | 237,379 | |
| 542,996 | 682,796 |
| EAR | ENDED 5AP | RI | L 2022 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 15 | Debtors | 2022 f |
2021 f |
|||||||||
| Donations | receivable | 308,314 | 256,503 | |||||||||
| Prepayments | and accrued | income | 93,204 | 67,002 | ||||||||
| 401,518 | 323,505 | |||||||||||
| 16 | Creditors: | amounts | falling | due | within one year | 2022 f |
2021 f |
|||||
| Trade creditors | 1,300 | 43,578 | ||||||||||
| Grant creditors | 102,834 | 244,333 | ||||||||||
| Accruals and | deferred income |
39,005 | 37,104 | |||||||||
| 143,139 | 325,015 | |||||||||||
| 17 | Creditors: | amounts | falling | due | in | more | than one year | 2022 f |
2021 f |
|||
| Grant creditors | 37,250 | 89,584 | ||||||||||
| 18 | Movement | in funds | ||||||||||
| Restated | ||||||||||||
| At | 6 April | Gains/ | At 5 April | |||||||||
| 2021 f |
Income f |
Expenditure f |
Transfers f |
(losses) f |
2022 f |
|||||||
| 2021/22 | ||||||||||||
| Unrestricted | 34,200,081 | 1,236,058 | (2,440,164) | (315,000) | 486,973 | 33,167,948 | ||||||
| Designated | ||||||||||||
| Matched | ||||||||||||
| Funding | 1,970,000 | (300,000) | 1,670,000 | |||||||||
| Peter Vardy |
||||||||||||
| Foundation | 827,658 | (157,696) | 305,000 | 974,962 | ||||||||
| Jigsaw | ||||||||||||
| Foundation | 20,768 | (30,000) | 10,000 | 768 | ||||||||
| 2,818,426 | (487,696) | 315,000 | 2,645,730 | |||||||||
| Total | 37,018,507 | 1,236,058 | (2,927,860) | 486,973 | 35,813,678 |
| 18 | Movement | in | funds (continued) | funds (continued) | ||||
|---|---|---|---|---|---|---|---|---|
| Restated | Restated | |||||||
| At 6April | Restated | Gains/ | At 5 April | |||||
| 2020 f |
Income f |
Expenditure f |
Transfersf | (losses) f |
2021 f |
|||
| 2020/21 | ||||||||
| Unrestricted | 29,782,998 | 1,100,611 | {1,876,862) | (2,316,503) | 7,509,837 | 34,200,081 | ||
| 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 | 32,408,341 | 3,100,611 | (6,000,282) | 7,509,837 | 37,018,507 |
| 19 | Analysis ofnet assets between | Analysis ofnet assets between | Analysis ofnet assets between | funds | funds | Unrestricted f |
Designated E |
Total E |
|---|---|---|---|---|---|---|---|---|
| 2021/22 | ||||||||
| Investments | 30,434,678 | 30434 678 | ||||||
| Social investments | 5,039,241 | 5,039,241 | ||||||
| Net current assets/(liabilities) | (2,268,721) | 2,645,730 | 377,009 | |||||
| Non-current liabilities |
(37,250) | (37,250) | ||||||
| 33,167,948 | 2,645,730 | 35,813,678 | ||||||
| 2020/21 | ||||||||
| Investments | 30,764,248 | 30,764,248 | ||||||
| Social investments | 5,167,071 | 5,167,071 | ||||||
| Net current assets/ (liabilities) |
(1,608,321) | 2,818,426 | 1,210,105 | |||||
| Non-current liabilities |
(122,917) | (122,917) | ||||||
| 34,200,081 | 2,818,426 | 37,018,507 | ||||||
| 20 | Reconciliation ofnet |
moveme'nts | in funds to cashflows from operating activities | |||||
| 2022 | 2021 | |||||||
| f | E | |||||||
| Net (expenditure)/income | (1,204,829) | 4,610,166 | ||||||
| Equalisations | 592 | |||||||
| Donated shares | (201,040) | (170,000) | ||||||
| (Gains) on investments | (486,973) | (7,509,837) | ||||||
| Investment income |
(683,667) | (669,108) | ||||||
| (Increase)/Decrease | in debtors | (78,013) | 697,418 | |||||
| (Decrease)/increase | in creditors | (249,210) | 182,461 | |||||
| Net cash (used in) operating | activities | (2,903,732) | (2,858,308) | |||||
| 21 | Analysis ofnet funds | At 6 April | At 5April | |||||
| 2021 | Cashflow | 2022 | ||||||
| E | f | E | ||||||
| Cash at bank and in hand | 1,193,282 | (1,074,652) | 118,630 | |||||
| Loans due within 1year | ||||||||
| Net funds | 1,193,282 | (1,074,652) | 118,630 |