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2020-12-31-accounts

Table ofContents Table ofContents Table ofContents
Chair ofCouncil Introduction
Mission Director's
Introduction
Directors and Trustees' Report 5-24
Our Objectives and Values
Executive Report 6-16
Who has left?
Recruitments
Organisational
Changes
Permanent
Chaplaincies
New Work
Resort Ministry 10-12
2020 —a year offaithfulness and frustration
In Summary
Communications 12-13
Social Media
Property 13-14
The properties
we own
Notable Transactions
Future Plans 14-15
COVID-194+2 Interim Strategy
Plus 2
Partn erships 15-16
Volunteers
Treasurer's
Report		 17-19
Governance
and Council		 20-23
How we are Structured 24
Independent
Auditors		 Report 25-27
Statement ofFinancial Activities 28
Balance Sheet 29
Statement ofCash Flows
Notes to the Accounts 31-41

How we are structured are structured
Patron Vacant
Vice-Patrons The Archbishopof
Canterbury		 The Archbishop ofArmagh
TheArchbishopof
York
President Vacant
Council Members The Revd
LJ Biggs		 The Revd F0Olokose
(Ap pointed 11September 2020) The Revd M 8 Sanders
Mr JCarter The Rt Revd H WScrive n
The Revd M N Dale (Resigned 12September 2020)
Ms E Dumain Mrs E D Skudder
(Co-opted 22November 2019, Mrs 5VThomas
Appointed11 September2020) (Resigned 11September2020)
The Very Revd Dr 5J Hance Mrs A CTyndall (Vice-Chair)
Mr RA Hoyle Mr C5Weller (Hon Treasurer)
The Rt Revd R CJackson (Chair) Mr D M White
The RevdK D Mentzel The Revd Canon Dr G I Wilton
(Appointed11September2020) The Very Revd T Wright
Key Management The Council Membersand Mission Director —The Revd RW Bromley
Personne I
Company The Revd R W Bromley
Secretary
Solicitors Moore Barlow LLP
Concord House
165 Church Street East
WOKING
GU216HJ
Registered Jacob Cave nagh grSkeet
Auditors 5 Robin Hood Lane
SUTTON SM12SW
Principal Bankers Barclays Bank pic
100 Fenchurch Street
LONDON
ECSMSJD
Investment CCLA Investment
IVianagement		 Ltd Ruffer LLP
Advisers Senator House 80 Victoria Street
85 Queen Victoria Street LONDON
LONDON
EC4V 4ET		 SW1E 5JL
Forand on behalf ofthe Council
Unit 11, Ensign Business Centre
Westwood Way
Westwood Business Park
COVENTRY
CV4 BJA

Unrestricted Restricted Endowment Endowment Total Funds Total Funds
Funds Funds Funds 2020 2019
Note f E E E
Income from:
Donations
and legacies		 2 (a) 228,322 206,972 435,294 409,899
Investment
income		 2 (b) 54,097 1,817 55,914 64,803
Charitable
activities		 2 (c) 2,681 2,681 13,121
Other trading
activities		 2 (d) 3,693 3,693 3,043
Other income 2 (e) 66 66 613
Total 288,859 208,789 497,648 491,479
Expenditure
on:
Charitable
activities
New Mission work 3 (a) 45,376 26,030 71,406 105,277
Ongoing
Mission work		 3 (b) 2S8,701 167,819 426,520 405,929
Raising funds 3 (c) 55,698 2,957 58,655 72,085
Property Project 3 (d) 14,462 14,462 15,509
Social Media Project 3 (e) 10,145 10,145 11,328
Total 384,382 196,806 581,188 610,128
Net gains/(losses)
on investments		 2(f) 196,836 59,163 255,999 282,447
Net income/(expenditure) 101,313 11,983 59,163 172,459 163,798
Transfers between
funds		 12 (43,033) 43,033
Net movement
in funds		 58,280 55,016 59,163 172,459 163,798
Balances brought
forward 1stJanuary 2020		 1,973,754 219,962 744,665 2,938,381 2,774,583
Balances carried forward
31stDecember 2020 2,032,034 274,978 803,828 3,110,840 2,938,381
Analysis ofnet assets by fund
Fixed assets 2,046,199 803,048 2,849,247 2,661,218
Current assets 7,445 274,978 780 283,203 303,157
Liabilities (21,610) (21,610) (25,994)
2,032,034 274,978 803,828 3,110,840 2,938,381
Analysis ofnet assets byfund 2019
Fixed assets 1,917,333 743,885 2,661,218
Current assets 82,415 219,962 780 303,157
Current
liabi/ities		 (25,994) (25,994)
1,973,754 219,962 744, 665 2,938,381
2020 2019
Note
Fixed assets
Tangible fixed assets 6 152,721 159,694
Investments 7 2,696,526 2,501,524
2,849,247 2,661,218
Current assets
Debtors 8 89,011 91,487
Cash held with investment Managers 7 144,424 150,587
Cash at bank and in hand 49,768 61,083
283,203 303,157
Creditors: falling due within one year 21,610 25,994
Net current assets 261,593 277,163
Total assets less current liabilities 3,110,840 2,938,381
Creditors: falling due after more than one year 9
Net assets 10 3,110,840 2,938,381
Income funds
Unrestricted
funds
General free reserves 1,005,432 903,160
Designated 11 1,026,602 1,070,594
2,032,034 1,973,754
Restricted
funds		 12 274,978 219,962
Capital funds
Endowments 13 803,828 744,665
Total Charity funds 3,110,840 2,938,381
2020 2019
Cash flows from operating
activities:
Net cash provided
by (used in) operating		 activities Note (a) (130,018) (181,628)
Returns on investments
and servicing of		 finance
Investment
income		 SS,914 64,803
Investment
Manager costs		 (4,879) (10,204)
51,035 54,599
Capital expenditure
and income
Payments
to acquire tangible
fixed assets		 (1,138)
Released from disposal offixed assets 508
Payments
to aquire investments		 (1,519,604) (1,056,259)
Receipts from sale of investments 1,580,601 1,115,559
61,505 58,162
Increase/(Decrease)
in cash
Note (b)		 (17,478) (68,867)
(a) Reconciliation
ofincome/(expenditure)		 to net cash flow from operating activities
Net income/(expenditure)
for the period		 (as per the statement 172,459 163,798
offinancial
activities)
Adjustments
for:
Depreciation
charges		 6,465 7,016
Investment
income		 (55,914) (64,803)
(Gains)/losses
on Investments		 (255,999) (282,447)
Investment
Manager costs		 4,879 10,204
(Increase)/Decrease
in debtors		 2,476 28,153
Increase/(Decrease)
in creditors		 (4,384) (43,549)
Net cash provided
by (used in) operating		 activities (130,018) (181,628)
(b) Analysis of changes
in net debt
At 31st Cash At 31st
December flows December
2019 2020
6
Cash at bank and in hand 61,083 (11,315) 49,768
Cash held with Investment
Managers		 150,587 (6,163) 144,424
Total 211,670 (17,478) 194,192

inc ome 2020
Unrestricted Restricted Endowment Total
(a) Donations
and legacies		 E E
Subscriptions
and donations		 139,980 202,152 342,132
Donations
from churches		 2,828 4,550 7,378
Donations
from chaplaincies		 27,068 270 27,338
Resort mission collections 5,381 5,381
Legacies receivable 50,500 50,500
Receipts from donations ofstamp collections 2,565 2,565
228,322 206,972 435,294
(b) Investment
income
UK sourced 50,822 1,817 52,639
Overseas sourced 3,27S 3,275
54,097 1,817 55,914
(c) Charitable
activities
Chaplains'
conference		 2,681 2,681
(d) Other trading
activities
Greeting card sales 3,693 3,693
(e) Other income
Sundry income 66 66
TOTAL INCOME 288,859 208,789 497,648
(f) Net gains/(losses)
on investments		 196,836 59,163 255,999
2019
(a) Donations
and legacies		 unrestricted
E		 Restricted
E		 Endowment
E		 Totalf
Subscriptions
and donations		 116,928 177,391 294,319
Donations
from churches		 11,235 7,139 18,374
Donations
from chaplaincies		 24,083 24,083
Resort mission collections 21,838 21,838
Legacies receivable 49,057 49,057
Receipts from donations ofstamp collections 2,228 2,228
225,369 184,530 409,899
(b) Investment
income
UK sourced 58,279 2,062 60,341
Overseas sourced 4,462 4,462
62,741 2,062 64,803
(c) Charitable
activities
Chaplains'
conference		 13,121 13,121
(d) Other trading activities
Greeting
card sales		 3,043 3,043
(e) Other income
Sundry income 613 613
TOTAL INCOME 304,887 186,592 491,479
(f) Net gains/(losses)
on investments		 164,223 118,224 282,447

3 Expenditure Expenditure 2020 2019
Charitable
activities		 Unrestricted
f		 Restricted
f		 Total
f		 Unrestricted
f		 Restricted
f		 Totalf
(a) New Mission work
Brussels Outreach Worker 5,604 5,604 11,356 11,356
Algiers 31 31
Cairo 13 103 103
North Africa 341 341
Tunis 36 36
Izmir 10,195 10,195 9,938 9,938
Bordeaux 7,218 7,218 14,737 14,737
Ostend / Kortrijk 3,000 3,000
Rotterdam 13333 13333 13,333 13,333
Schiphol Airport 7,829 7,829 10,279 10,279
Resort - Corfu 200 200 4,579 4,579
Staff and support costs (see below) 16,796 10,182 26,978 22,953 14,627 37,580
45,376 26,030 71,406 68,881 36,396 105,277
Charitable
activities
(b) Ongoing
Mission work
Permanent
chaplaincies		 7,853 131,788 139,641 27,764 114,903 142,667
Resort missions 24,189 11,171 35,360 30,660 1,432 32,092
Staff and support costs (see below) 226,659 24,860 251,519 209,310 21,860 231,170
258,701 167,819 426,520 267,734 138,195 405,929
(c) Raising funds
Fundraising
costs		 1,874 439 2.313 2,529 476 3,005
Fundraising
trading		 costs 3,778 3,778 2,570 2,570
Investment
management		 costs 4,879 4,879 10,204 10,204
Staff and support costs (see below) 45,167 2,518 47,685 54,072 2,234 56,306
55,698 2,957 58,655 69,375 2,710 72,085
(d) Property
Portfolio project		 14,462 14,462 15,509 15,509
(e) Social Media project 10,145 10,145 11,328 11,328
TOTAL EXPENDITURE 384,382 196,806 581,188 432,827 177,301 610,128
Staff and support costs
Salaries 169,023 20,838 189,861 161,887 20,214 182,101
National
insurance		 11,412 1,517 12,929 11,071 1,508 12,579
Pension contributions 32,501 3,746 36,247 18,136 2,410 20,546
Other staff costs 5,882 778 6,660 5,703 776 6,479
Total staf costs 218,818 26,879 245,697 196,797 24,908 221,705
Premises 17,727 2,178 19,905 19,843 2,511 22,354
Travel 4,669 262 4,931 19,043 1,709 20,752
Communications 24,424 2,599 27,023 25,755 3,311 29,066
Governance
-Audit Costs		 6,056 744 6,800 5,954 754 6,708
Other support costs 41,535 4,898 46,433 45,780 5,528 51,308
313,229 37,560 350,789 313,172 38,721 351,893
Apportioned
to actvities as		 follows:
New Mission work 16,796 10,182 26,978 22,953 14,627 37,580
Ongoing
Mission work		 226,659 24,860 251,519 209,310 21.,860 231,170
Raising funds 45,167 2,518 47,685 54,072 2,234 56,306
Property
Portfolio project		 14,462 14,462 15,509 15,509
Social Media project 10,145 10,145 11,328 11,328
313,229 37,560 350,789 313,172 38,721 351,893

4 Net Income/(Expenditure) Net Income/(Expenditure)
This is stated after charging: 2020 2019f
Auditors'
remuneration		 for audit services 6,800 6,600
Auditors'
remuneration		 for other services 1,771 1,795
Depreciation 6,465 7,016
Operating
lease rentals		 - land and buildings 10,000 10,000
Operating
lease rentals		 - other equipment 3,092 2,961
5 Staff Costs and Council Members' Expenses
2020 2019
No. No.
The average number of employees
during the year was:

expenses off694 (2019:f3,39
Fixed Assets		 3)were reimbursed to 10(2019:12 )Council Memb ers
in the year.
Heritage Leasehold Freehold
Cost assets
E		 Property
f		 Property
E		 Equipment Total
At 01January 2020 192,475 85,084 59,844 337,403
Additions
Disposals (15,811) (15,811)
At 31December 2020 192,475 85,084 44,033 321,592
Depreciation
At 01January 2020 97,262 26,508 53,939 177,709
Charge for the year 3,850 641 1,974 6,465
On disposals (15,303) (15,303)
At 31December 2020 101,112 27,149 40,610 168,871
Net book value
At 31December 2020 91,363 57,935 3,423 152,721
At 31December 2019 95,213 58,576 5,905 159,694

No tes to the A ccou nts for the year ended 31December 2020 (continued)
7 Investments
2020 2019
Quoted investments E f
Brought forward 2,501,524 2,278,377
Additions 1,519,604 1,056,259
Disposals (1,580,601) (1,115,559)
Net realised gains 68,299 13,075
2,508,826 2,232,152
Net unrealised gains 187,700 269,372
Quoted investments at fair value carried forward 2,696,526 2,501,524
Cash held by Investment Manager 23,881
Cash held at CCLA 144,424 126,706
2,840,950 2,652,111
8 Debtors
2020
f		 2019
f
Income tax recoverable 20,443 9,961
Other debtors 1,093 201
Prepayments and accrued income 67,475 81,325
89,011 91,487
9 Creditors
2020 2019
f
Provisions for trade creditors 21,610 25,994
Accruals for expenditure payable falling due within one year
Accruals for expenditure payable falling due after one year
21,610 25,994

The balances carried forward
on the various fund		 s are held as follows:
Current
2020 Tangible assets less 2020
fixed assets Investments liabilities Total
E E f
Unrestricted General free reserve funds 1,019,597 (14,165) 1,005,432
Designated funds 152,721 873,881 1,026,602
Restricted funds 274,978 274,978
Endowments 803,048 780 803,828
152,721 2,696,526 261,593 3,110,840
2019 Current
Tangible assets less 2019
fixed assets
f		 Investments liabilities
f		 Totalf
Unrestricted General free reserve funds 846,739 56,421 903,160
Designated funds 159,694 910,900 1,070,594
Restricted funds 219,962 219,962
Endowments 743,885 780 744,665
159,694 2,501,524 277,163 2,938,381

2020 Net Balance Balance
Income Expenditure Income/ Transfers brought carried
(Expenditure) forward forward
E E E E
Fixed asset reserve (6,973) 159,694 152,721
Operational reserve (7,660) 9,291 1,631
Chaplaincies reserve 150,000 150,000
Mission Partnerships reserve (29,359) 51,609 22,250
Loans reserve 200,000 200,000
Investment diminution reserve 200,000 200,000
Property
reserve		 300,000 300,000
(43,992) 1,070,594 1,026,602
2019 Net Balance Balance
Income Expenditure Income/ Transfers brought carried
E (Expenditure)
E		 E forward
f		 forward
f
Fixed asset reserve (5,878) 165,572 159,694
Operational reserve (8,358) 17,649 9,291
Chaplaincies reserve 150,000 150,000
Mission Partnershi ps reserve (47,161) 98,770 51,609
Loans reserve 200,000 200,000
Investment diminution reserve 79,722 120,278 200,000
Property reserve 300,000 300,000
18,325 1,052,269 1,070,594

Restricted
Funds
2020 Mission Mission
Partnerships Partnerships St Bernard's St Peter' s Chaplaincy Total Funds
Europe N. Africa Wengen Zermatt Work 2020
f f f f
Total Income 13,120 12,294 3,745 25,815 153,815 208,789
Total Expenditure 16,7SO 9,884 12.772 4,430 152,970 196,806
Net income/(expenditure) (3,630) 2,410 (9,027) 21,38S 845 11,983
Transfers from General Fund 5,986 9,835 2,742 3,289 21,181 43,033
Net movement
in funds		 2,356 12,24S (6,285) 24,674 22,026 55,016
Balances brought forward
1stJanuary 2020 16,434 254002 31,846 11,224 135,456 219,962
Balances carried forward
31st December 2020 18790 37 247 25 561 35 898 157 482 274 978
2019 Mission Mission
Partnerships Partnerships StBernard's St Peter' s Chaplaincy Total Funds
Europe N. Africa Wengen Zermatt Irirork 2019
f f f f f
Total income 4,039 10,396 22,245 5,706 144,206 186,592
Total Expenditure 23,949 13,039 2,726 4,046 133,541 177,301
Net income/(expenditure) (19,910) (2,643) 19,519 1,660 10,665 9,291
Transfers from General Fund 13,192 12,564 2,614 2,726 18,639 49,735
Net movementin
funds		 (6,718) 9,921 22,133 4,386 29,304 59,026
Balances brought forward
1stJanuary 2019 23,152 15,081 9,713 6,838 106,152 160,936
Balances carried forward
31stDecember 2019 16434 25002 31846 11224 135456 219962

Endowments
2020 2019
Income
Total Income
Expenditure
Total Expenditure
Net gains/(losses) on investments S9,163 118,224
Net income/(expenditure) 59,163 118,224
Net movement
in funds		 59,163 118,224
Balances brought forward 1stJanuary 2020 744,665 626,441
Balances carried forward 31stDecember 2020 803,828 744,665

2020 2019
6 6
Within one year 12,394 12,394
Between 1 and 5years 23,390 34,374
After more than 5years
35,784 46,768
The operating lease charges for the year were: 2020
f		 2019
Hire of Equipment 3,092 2,961
Rental 10,000 10,000
13,092 12,961

2020 2020 2020 2019 2019 2019
CBF COIF Total CBF COIF Total
Funds Funds Funds Fundsf Funds Fundsf
Holy Trinity, Cannes 10,982 10,982 10,936 10,936
St.Michael's, Paris 220,205 Z20,205 207,110 207,110
10,982 220,205 231,187 10,936 207,110 218,046