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2020-12-31-accounts

Wolborough Ecclesiastical Charity Annual Report Year Ended 31 December 2020

Wolborough Ecclesiastical Charity

Annual Report

Year Ended 31 December 2020

Contents Page
Reference and Administration Details 1
Trustees’ Report 2
Independent Examiner’s Report 4
Receipts and Payments Account 5
Statement of Assets and Liabilities 6
Non-Monetary Assets held for investment purposes 7 - 8
Notes and Accounting Policies 9

Wolborough Ecclesiastical Charity

Reference and Administration Details

Year Ended 31 December 2020

Charity Name and Number

The Wolborough Ecclesiastical Charity registered charity number 1077386.

Trustees

The Trustees who served during the year and up to the date of approval of these accounts were as follows:

Mrs S Llewellyn (Chairman) Mr P Hewson Mr J Howell Mr P Cooke Mrs M A Batten Mrs S Regan Mr D Jenkins (Appointed 28 January 2021)

Principal Address

Church House Queen Street Newton Abbot Devon TQ12 2QP

Bankers

Lloyds Bank plc 41 Courtenay Street Newton Abbot Devon

Solicitors

WBW LLP Church House Queen Street Newton Abbot Devon

Advisers / Stockbroker

Brewin Dolphin Ltd Vantage Point Woodwater Park Pynes Hill Exeter Devon EX2 5FD

Independent Examiner

S Austen FCCA Francis Clark LLP Chartered Accountants Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

1

Wolborough Ecclesiastical Charity

Trustees’ Report

Year Ended 31 December 2020

Trustees Report

The trustees present their report for the year to 31 December 2020.

Structure, Governance and Management

The Wolborough Ecclesiastical Charity is a registered charity, registered under the number 1077386, and was established under a scheme of the Charity Commissioners dated 21 April 1998 following the amalgamation of the Parish Lands Ecclesiastical Charity (known as the Feoffees of Wolborough) with the Cyril Hedgeland Trust.

The Charity will consider requests from Newton Abbot Benefice in the pursuit of its charitable objects.

Two of the Charity’s Trustees are ex-officio members of the Newton Abbot PCC and two Trustees are members of Ogwell PCC. Two Trustees are governors of a school within the parish.

Trustees are appointed at a special meeting under Section 14 of their governing document and are appointed for life by the existing Trustees.

No remuneration or other benefits are paid or are payable to any charity trustee.

Objectives and activities

The object of the charity is to further the religious and other charitable work of the Church of England in the ecclesiastical parish of St Mary, Wolborough by:

When planning our activities for the year, the trustees have considered the Commission’s guidance on public benefit at our meetings and, in particular, the specific guidance on charities for the advancement of religion.

If and in so far as the income of the charity cannot be applied towards the aforesaid objectives, the trustees may apply it in otherwise furthering the religious and other charitable work of the Church of England in the parishes of Newton Abbot, Ogwell and St Lukes.

Grant Making Policy

The charity’s policy is to make grants as follows:

Support Newton Abbot PCC and finance one off capital items to further the religious and other charitable work of the Church of England in the ecclesiastical parishes of Newton Abbot, Ogwell and St Lukes.

They also consider appeals for grant aid towards capital projects affecting Schools and other organisations (within its charitable objects) in the Parish.

2

Wolborough Ecclesiastical Charity

Trustees’ Report

Year Ended 31 December 2020

Achievements and Performance

During the year the charity made grants totalling £57,786 to the following:

Future Plans

The Trustees anticipate expenditure over the next 12 months including or work on St Mary’s Wolborough and the balance of the agreed sum in respect of work to St Pauls and All Saints Church. In addition, the charity agreed to support further work at St Pauls for a new project. The annual grant to Newton PCC is also expected to continue.

Financial Review, Investment Policy and Reserves Policy

Income for the year amounted to £65,907 which was split between rent and investment income. Investments sold were £262,587.

Grants paid amounted to £57,786. Other costs totalled £26,982. Investment purchases were £257,666. This resulted in a decrease in cash and bank balances from £138,172 to £124,232. The market value of investments was £2,550,244 (2019: £2,436,788).

The Trustees have set an investment policy to maintain a balanced portfolio providing for a combination of income and capital growth within a medium risk framework. During the year Brewin Dolphin continued to manage the portfolio on a discretionary basis and continued to record separately the reinvestment in the stock market of surplus investment income. The investments provided returns in line with expectations.

A special resolution was passed in 2020 to allow meetings to be held virtually or by telephone conference. An advisor from Brewin Dolphin attended the AGM last year and gave advice on the income being down due to COVID-19. The advisor and Paul Hewson have kept a close eye on the investments during this period.

The Charity has an established policy of maintaining reserve funds for future major repairs and improvements to St Mary’s and St Paul’s churches in Newton Abbot.

Signed on behalf of the Trustees on 27 October 2021 by:

Mrs S Llewellyn Chairman

3

Wolborough Ecclesiastical Charity

Independent Examiner’s Report to The Trustees of Wolborough Ecclesiastical Charity

I report to the trustees on my examination the accounts of Wolborough Ecclesiastical Charity for the year ended 31 December 2020 which are set out on pages 5 to 9.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act).

I report in respect of my examination of the Trustees’ accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in, any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

S AUSTEN FCCA Francis Clark LLP Chartered Accountants Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF

28 October 2021

4

Wolborough Ecclesiastical Charity

Receipts and Payments Account

Year Ended 31 December 2020

Permanent Permanent Year to Year to
Endowment Unrestricted 31/12/2020 31/12/2019
Notes Fund Fund Total Total
Receipts £ £ £ £
Investment Income receipts
Dividends and interest - 58,227 58,227 71,803
Rents - 7,680 7,680 7,680
––––––––– ––––––––– ––––––––– –––––––––
- 65,907 65,907 79,483
Investment sales (net of commission) 262,587 - 262,587 136,628
––––––––– ––––––––– ––––––––– –––––––––
Total Receipts 262,587 65,907 328,494 216,111
––––––––– ––––––––– ––––––––– –––––––––
Payments
Grants paid 2 - 57,786 57,786 79,908
Clerk’s salary and incidental expenses - 5,172 5,172 5,676
Independent Examination - 1,710 1,710 1,710
Stockbrokers fees 14,818 263 15,081 15,688
Insurance, repairs and legal fees
to rental property - 5,019 5,019 800
––––––––– ––––––––– ––––––––– –––––––––
14,818 69,950 84,768 103,782
Investment purchases (net of commission) 257,666 - 257,666 146,363
––––––––– ––––––––– ––––––––– –––––––––
Total Payments 272,484 69,950 342,434 250,145
––––––––– ––––––––– ––––––––– –––––––––
Excess of payments over receipts/
Net Receipts for the year before transfers (9,897)
(4,043)		 (13,940) (34,034)
Transfer between funds - - - -
––––––––– ––––––––– ––––––––– ––––––––
Excess of payments over receipts/
Net Receipts for the year (9,897)
(4,043)		 (13,940) (34,034)
Cash and bank balances at 31 December 2019 54,443
83,729		 138,172 172,206
––––––––– ––––––––– ––––––––– –––––––––
Bank balances at 31 December 2020 44,546
79,686		 124,232 138,172
═══════ ═══════ ═══════ ═══════

5

Wolborough Ecclesiastical Charity

Statement of Assets and Liabilities at 31 December 2020

Year Ended 31 December 2020

Year Ended 31 December 2020
31 December 2020 31 December 2019
Monetary Assets £ £
Lloyds TSB Current Account 40,036 44,650
COIF deposit fund account 29,067 29,066
Stockbrokers investment account 44,546 54,443
Stockbrokers surplus income account 5,077 5,665
Stockbrokers cumulative income fund 4,915 4,348
Woollcombe Beer Watts’ client account 591 -
––––––––– –––––––––
124,232 138,172
═══════ ═══════
Split between:
Permanent Endowment Fund 79,686 83,729
General Purpose Fund 44,546 54,443
––––––––– –––––––––
124,232 138,172
═══════ ═══════
Debtors
Dividends not banked 2,913 2,693
Rent 300 300
––––––––– –––––––––
3,213 2,993
═══════ ═══════
Creditors amounts falling due within one year:
Independent examiners fees 1,600 1,600
Grant payable - St Pauls and All Saints Church 10,500 -
––––––––– –––––––––
12,100 1,600
═══════ ═══════

6

Wolborough Ecclesiastical Charity

Non-Monetary Assets held for investment purposes

Year Ended 31 December 2020

Held for investment purposes

Stocks and Shares held in the Permanent Endowment Fund

Number Number
Shares Market Shares Market
at Value at Value
31/12/2019 31/12/2019 31/12/2020 31/12/2020
£ £
Aberforth SMLR Cos Ord GBP0.01 2,600 40,040 2,600 32,448
Admiral Group Ord GBP0.001 730 16,856 730 21,214
Alcon AG CHF0.04 0 0 650 31,658
Applied Materials COM USD0.01 0 0 600 37,869
Ashtead Group Ord GBPO.10 1,880 45,383 1,880 64,634
Asia Dragon Trust Ord GBPO.20 7,950 32,834 7,950 41,976
Biotech Growth TR Ord GBP0.25 2,945 27,683 2,945 46,416
Blackrock Throgmor ORD GBP0.05 3,400 23,392 3,400 26,010
CCLA Investment MA Property INC 5595.12 6,616 0 0
Croda INTL ORD GBP 0.10357143 753 38,554 753 49,668
Diageo ORD GBX28.101/108 1,200 38,406 1,550 44,609
Fidelity European Value ORD 25p 40,750 105,950 40,750 116,545
FIL Inv SVCS UK FID MB Income Gross Y INC 64,130.59 65,028 64,130.59 67,978
First State Inv Stewart Inv Asia Pacific Leaders B 14,270 34,170 14,270 42,069
Galliford Try Ord GBP0.50 2,080 17,878 0 0
Glaxosmithkline ORD BP0.25 3,290 58,529 3,290 44,152
Henderson Investment EURP SMLR COS I 0 0 640 23,302
HICL Infrastructure ordinary GBP 0.001 30,422 51,900 30,422 52,934
HSBC Holdings ORD USD0.50 (UK REG) 5,666 33,537 5,666 21,466
Impala Phoenix 5.25% SNR 18/12/25 50,000 56,640 50,000 57,510
Ishares V Plc S&P 500 GBP Hegded UCITS ET 0 0 1,560 132,522
Ishares II lc USD Tips UCITS ETF GBP DIS 0 0 11,350 61,540
JLEN Environ Ord NPV 32,400 39,528 32,400 36,936
J P Morgan American IT ordinary 0.05p shares 33,500 161,805 33,500 193,295
J P Morgan Asian IT ORD GBP 0.25 20,000 78,800 20,000 97,300
JP Morgan Eurp SM ORD GBP 0.05 4,635 17,706 0 0
Legal & General GP Ord FBPO.025 9,440 28,603 9,440 25,129
Lloyds Banking GP Ord GBP0.10 37,365 23,353 37,365 13,616
M&G Plc Ord GBPO.05 2,650 6,286 2,650 5,246
Mercantile Investment ORD GBP 0.25 16,400 42,968 16,400 40,590

7

Wolborough Ecclesiastical Charity

Non-Monetary Assets held for investment purposes

Year Ended 31 December 2020

Muzinich Funds GBL Tactical Cred G GBP DIS
National Grid Ordinary GBP0. 12431289
National Grid Gas Plc IDX/LKD SNR 14/12/2022 GBP
NatWest Group Plc Ordinary GBP
Next Ord GBP0.10
Novartis AG CHFO.50 (REGD)
Polar Capital Fund GBL Tech GBP I
Prudential GBP0.05
Reckitt Benckiser Ordinary GBP0.10
Rio Tinto ORD GBP0.10
Royal Bank of Scotland GBP0.25
Royal Dutch Shell 'B' Ordinary EUR0.07
Schroders VTG SHS GBP 1
Smiths Group Ordinary Shares GBP0.375
SSGA SPDR ETFS E I BLOOMB.BARC US TIPS
USD(GBP)
Taylor Wimpey ORD GBP0.01
Templtn Emg Mkt in ORD GBP 0.25
TR Property INV TR ORD GBP 0.25
Tritaz Big Box Rei Ord GBP0.01
Twentyfour AM Corporate Bond I GBP DIS
UK (Govt of) 4.125% IND/LKD SNR 22/07/30
UK (Govt of) 2.5% Index-Linked 17/07/24 GBP
Vanguard Funds Plc S&P 500 UCITS ETF Inc GBP
Vodafone Group Ord USD0.2095238
Weir Group Ordinary Shares GBP0.125
WPP Plc Ord GBP0.10
Xtrackers (IE) Plc Russell 2000 UCITS ETF 1C
Xtrackers MSCI Japan UCITS ETF 1C
Stocks and Shares held in the Cumulative income
Fund
UK (Govt of) 1.875% I/L STK 22.11.22
UK (Govt of) 4.125% I/L GILT 07/2030 GBP		 Number
Shares
at
31/12/2019
700
2,035
20,000
0
520
210
1,250
2,650
355
750
2,430
2,455
1,350
1,860
2,530
9,750
7,250
18,000
22,015
498
13,500
21,355
3,350
17,370
0
1,982
640
1,920		 Number
Market
Shares
Value
at
31/12/2019
31/12/2020
£
72,842
700
19,217
2,035
39,421
20,000
0
2,430
36,494
0
15,043
210
52,425
1,250
38,399
2,650
21,758
355
33,773
750
5,839
0
54,980
2,455
45,009
1,350
31,378
1,860
56,482
2,530
18,857
9,750
60,900
7,250
87,660
21,804
32,758
0
51,179
498
50,726
13,500
77,133
21,355
155,260
3,350
25,492
17,370
0
0
21,138
1,982
112,989
0
92,246
1,920		 Market
Value
31/12/2020
£
74,067
17,603
37,229
4,074
0
14,537
80,475
35,696
23,224
41,025
0
30,918
45,050
27,984
0
16,166
68,875
74,340
0
53,381
51,324
76,166
173,626
21,007
0
15,856
0
103,632
550,597 2,401,843
531,716		 2,514,887
13,500 34,945
9,300		 35,357
13,500 34,945
9,300		 35,357

Value of 25 Fairfield Terrace, Newton Abbot

120,000.00

8

Wolborough Ecclesiastical Charity

Notes and Accounting Policies

Year Ended 31 December 2020

1 Accounting Policies

The accounts are prepared on a receipts and payments basis.

2 Grants Paid
2020 2019
£ £
Newton Abbot PCC 46,750 65,111
Ogwell PCC 2,414 10,890
St Pauls and All Saints Church 8,622 -
––––—— ––––——
57,786 79,908
══════ ══════

3 Trustees Remuneration

No remuneration is paid to the trustees.

9