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2020-12-31-accounts

CHARITY REGISTRATION NUMBER: 1094811

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Clinton's Gift

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Unaudited Financial Statements 31 December 2020

UHY ROSS BROOKE Chartered Accountants 16 Dorcan Business Village Murdock Road, Dorcan Swindon Wiltshire SN3 5HY

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Clinton's Gift

Financial Statements

Year ended 31 December 2020

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a Clinton's Gift

Trustees’ Annual Report

Year ended 31 December 2020

The trustees have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 31 December 2020. The financial statements are unaudited but have been subject to an Independent Examination.

Reference and Administrative Details for the Charity, its Trustees and Advisors

Trust Scheme The current governing document established: 6!" June 2002. Charity Commissioner's Registration: 1094811 Inland Revenue Reference: XR64275 The scheme was amended on 9'" December 2005 to allow provision of indemnity insurance.

Trustees

Ex-Officio Trustees

The scheme provides for four trustees to be appointed by virtue of their office held: Archdeacon of Malmesbury and Acting Archdeacon of Bristol The Venerable C A Froude retired from the board of trustees on18 September 2018. Therefore this trustee appointment is currently vacant. Vicar of Highworth The Reverend G D Sowden Churchwarden Mr P J Sapwell (Chairman from 3" July 2017) Churchwarden Mrs Pam Linfield

Co-opted Trustees The scheme provides for the appointment of three co-opted trustees for a four year period. During the year the co-opted trustees were:

Mr P Morris Appointed 4" February 2014 and re-elected 18th September 2018 Mr J S Bailey Appointed 3% July 2017 (Treasurer from 34 July 2017) Mrs Bobby Bailey Appointed 20 November 2020

The Diocese of Bristol acts as Custodian Trustee for the trust and in this capacity holds title to the trusts investment property.

Secretary to the Trustees Julie Miles

Correspondence

Julie Miles

Accountants

Ross Brooke Ltd, 16 Dorcan Business Village, Murdock Road, Dorcan, Swindon, SN3 SHY

Solicitors

Harris & Harris, Solicitors, 14 Market Place, Wells, Somerset, BA5 2RE, until 27" April 2016. Veale Wasbrough Vizards LLP, Narrow Quay House, Narrow Quay, Bristol BS1 4QA from 27" April 2016.

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Clinton's Gift

Trustees’ Annual Report (continue

Year ended 31 December 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Clinton's Gift Trust is established under a trust scheme dated 6th June 2002. The permanent endowment of the trust has been derived from the sale of land in 2001.

The trustees considered the situation regarding Trustee Indemnity Insurance and were satisfied that they had identified the risks of personal liability to which they as individuals are potentially exposed, and concluded that the purchase of such insurance out of the funds of the charity will be in the best interests of the charity. A draft scheme for the Provision of Indemnity Insurance was drawn up by the Charity Commission for England and Wales and was made available for public inspection. After approval of the draft, the final scheme was again made available for public inspection. The scheme was approved on 9 December 2005.

Under the powers conferred on them by section 280 of the Charities Act 2011, and with legal advice, the Trustees resolved at their meeting of 7** July 2016 to modify the provisions of the Scheme with effect from that date to enable them to manage any Conflict of Interest in the best interests of the Charity and in accordance with charity law.

Meetings

The trustees met in January and November during the year.

Risk management

. A Risk Management Statement has been agreed by the trustees and is reviewed regularly. No unlimited guarantees to fund projects are given, all project commitments are defined in monetary terms and commitments will only be given from funds currently available for distribution. Forecasts to predict and manage future demands on resources are regularly reviewed.

A financial report is made available to the trustees at each of their meetings. The full year accounts are prepared on an accruals basis and are subject to Independent Examination. Proper and appropriate professional advice is taken on all perceived areas of risk or in situations where the trustees feel they need such advice to discharge their duties.

The Diocese of Bristol acts as Custodian Trustee for the investments of the trust.

Procedures are in place for managing Internal Control, Complaints, Reserves Policy, and Conflict of Interest. Conflicts of interest are declared at the start of each meeting by each trustee, and reviewed by the other trustees against the policy.

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Clinton's Gift

Trustees’ Annual Report (continueg)

Year ended 31 December 2020

OBJECTIVES, ACTIVITIES AND PUBLIC BENEFIT

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The objective of the charity is to further the religious and other charitable work in the parish of Highworth by repairing and maintaining the church and, if and in so far as the income cannot be applied towards this object, the trustees may apply it in otherwise furthering the religious and other charitable work of the Church of England in the parish.

Charity classification is within Religious Activities, and the area of benefit and operation of the trust is local. ’ The trustees have complied with their duty arising from Section 4 of the Charities Act 2006 and the Commission's guidance for the Advancement of Religion for the Public Benefit, by providing the Parochial Church Council (PCC) with funding for:

1) The maintenance in good order of a Grade | Listed Building which is open to the public as part of the history and culture of our community and nation.

2) The opportunity for Christian Worship by the community of Highworth through the benefit of St Michael's Church building.

3) A building for Baptisms, Weddings and Funerals for the whole community of Highworth; for community thanksgiving including Remembrance Sunday and Civic Services; and for concerts, school events, and general community events.

4) A building for personal sanctuary and prayer, 7 days a week. 5) Youth and children’s work within the community and the church.

6) Residential accommodation for a Training Curacy within the Parish and for the benefit of the community.

ACHIEVEMENTS AND PERFORMANCE

Due to the specific objective of the Trust, there is in effect only one client, the PCC of St Michael's and All Angels, Highworth, who have the responsibility for maintaining the church building and also for furthering the religious and other charitable work of the Church of England in the parish.

The trustees have continued to support the PCC in carrying out a programme of planned and emergency repair work associated with the church building since the inception of the Trust.

The trustees have approved funding for work arising from the Quinquennial Review and appropriate funds are transferred to the PCC as and when the work is carried out. Funding for work agreed but still to be carried out is ring-fenced within Unrestricted Reserves.

The trustees have supported the major re-ordering of the church. The. re ordering commenced in June 2018 and was largely completed during the year. Further support was requested in November 2020 and the Trustees agreed to provide additional and final funding of £46,000 The church re-ordering was approved by the Consistory Court of the Diocese of Bristol in a Judgement on 12'" September 2016.

The trustees have also been able to continue their funding assistance to the PCC within the second objective of the Trust, providing support towards the costs of St Michael's youth work and the Parish Administrator. The Parish Administrator also acts as a secretary to Clinton’s.

As ownersofthe residential investment property, 14, Brookfield, the trustees utilized the services of a property agent to rent the property commercially until February 2019 after which it remained vacant whilst undergoing substantial refurbishment so as to again be made available to the PCC Curate.

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Clinton's Gift

Trustees’ Annual Report (continuea)

Year ended 31 December 2020

FINANCIAL REVIEW

Trust Funding

Trust income is primarily generated by earnings from the investment of the permanent endowment and accumulated free reserves. Income is also received from the investment property. The trust does not make public collections and no donations have been received during the period.

During 2005 the trustees invested £257,389 of the permanent endowment in property at 14 Brookfield in order to expand the range of the investment portfolio. This property has been leased to the PCC at market rates to provide accommodation for the curate, who has occupied the premises throughout the year.

Investments are reviewed at each trust meeting, based on the current CCLA report.

Grant Making Policies

The Church Building remains in the care of the PCC, who will formally write to the trustees requesting funding support for appropriate projects. A Protocol Agreement is in place between the trustees and the PCC.

Reserves

Unrestricted Reserves at 31st December 2020 were £243,266. Included in this figure are grants of £77,491 which have been agreed by the trustees.

Reserves Policy

In order to ensure that sufficient invested reserves are available to meet existing liabilities of the trust and reasonable future expenditure requirements, the trustees of Clinton’s Gift have reviewed the need for a reserves policy, and agreed that that the following principles should be applied: 1. The policy should be reviewed and quantified at each year end, or more frequently if deemed necessary.

  1. Full provision should be made for all existing commitments already sanctioned but not yet paid. 3. Provision should be made towards future short term running costs of the trust, including bookkeeping, audit, legal, insurance, secretarial support, and any other relevant expenses 4. A general provision should be made towards one year’s unforeseen general maintenance expenditure on the church building.

  2. Provision should be made for all reasonable future building works, including those included in the Quinquennial Report 6. Because the Trust's invested reserves are subject to fluctuations in value, a general contingency provision, as a percentage of existing commitments under items 2 to 6 above, should be made to ensurereflects alltheliabilitiesdecline incanvaluationbe met whenduringcalledthe 2007/8upon. economicA provisionslump.of 30% has been taken which _

  3. Any unallocated reserves should be retained as a contingency towards potential further funding requests from the PCC

Financial Statements

The financial statements have been prepared in compliance with (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. The trustees confirm that the accounts for the period give a true and fair view of the state of affairs of the charity at the end of the year, and of the incoming and outgoing resources of the charity for the year then ended. Suitable accounting policies have been consistently applied, and any judgements and estimates included are both reasonable and prudent.

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Clinton's Gift

Trustees’ Annual Report (continuea)

Year ended 31 December 2020

PLANS FOR FUTURE PERIODS

The trustees will continue to conserve the funds of the charity with an equal emphasis on the immediate future and the longer term, so as to have funds available for present and future needs. They will continue to expend the income arising from the endowed investments in response to requests received from the PCC or to their own perceived needs of the church and the parish. It is anticipated that the church reordering project will make a major call on funds in the near future.

The trustees will continue to review their investments, based on regular reports from the CBF Fund Managers, CCLA, to ensure that they are best placed to produce income, without compromising the need to maintain their value for the longer term.

The trustees’ annual report was approved on 2) o\2).... and signed on behalf of the board of trustees by:

Mr J S Bailey Trustee

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Clinton's Gift

Independent Examiner's Report to the Trustees of Clinton's Gift

Year ended 31 December 2020

| report to the trustees on my examination of the financial statements of Clinton's Gift (‘the charity’) for the year ended 31 December 2020.

Responsibilities and basis of report

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

| report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

| have completed my examination. | 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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or ,

  2. — the financial statements do not accord with those records; or

  3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.

| 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.

HJ Patel FCCA of UHY Ross Brooke

Independent Examiner

16 Dorcan Business Village Murdock Road , Dorcan Swindon Wiltshire SN3 5HY

20 QCT ery

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Clinton's Gift

Statement of Financial Activities

Year ended 31 December 2020

2020 2019
Unrestricted Endowment
funds funds Totalfunds Total funds
Note . £ £ £ £
Income and endowments
Investment income 4 826 81,771 82,597 73,082
Total income 826 81,771 82,597 73,082
Expenditure
Expenditure on raising funds:
Investment management costs 5 2,073 - 2,073 34,380
Expenditure on charitable activities 6,7 42,473 - 42,473 528,450
Total expenditure 44,546 - ' 44,546 562,830
Net income/(expenditure) (43,720) 81,771 38,051 (489,748)
Transfers between funds 81,771 (81,771) - -
Other recognised gains and losses
Gains from revaluation of fixed assets - 50,000 50,000 -
Gains/(losses) on investments - 114,623 114,623 286,140
Net movement infunds 38,051 164,623 202,674 (203,608)
Reconciliation offunds
Total funds brought forward 205,215 2,432,110 2,637,325 2,840,933
Totalfundscarriedforward 243,266 2,596,733 2,839,999 2,637,325

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 9 to 16 form part of these financial statements.

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Clinton's Gift

Statement of Financial Position

31 December 2020

2020 2019
Note £ £ £
Fixed assets
Investments 13 2,596,732 2,432,109
Current assets
Cash at bank and in hand 241,245 205,992
Prepayments and accrued income 30,542 17,340
Creditors: amounts falling due within one year
Accruals and deferred income 28,520 18,116
Net current assets . 243,267 205,216
Total assets less current liabilities 2,839,999 2,637,325
Net assets 2,839,999 2,637,325
Funds ofthe charity
Endowment funds 2,596,733 2,432,110
Unrestricted funds 243,266 205,215
Totalcharityfunds 14 2,839,999 2,637,325

These financial statements were approved by the board of trustees and authorised for issue on .2.2.\0.\L}., and are signed on behalf of the board by:

Mr J S Bailey Trustee

The notes on pages 9 to 16 form part of these financial statements.

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Clinton's Gift

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is St Michael's Church Office, Vicarage Lane, Highworth, Swindon, SN6 7AD, Wiltshire.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key. sources of estimation uncertainty

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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements areof futurecontinuallyevents reviewedthat are believedand are tobasedbe reasonableon experienceunder.theand othercircumstances. factors, including expectations

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

The investment property is professionally valued every 5 years. If, on assessment of the local property market, the trustees estimate this valuation to be either excessive or inadequate then the valuation is adjusted accordingly.

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Clinton's Gift

Notes to the Financial Statements (continuea)

Year ended 31 December 2020

  1. Accounting policies (continued)

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. '

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: ,

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Clinton's Gift

Notes to the Financial Statements (continueq)

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Year ended 31 December 2020

3. Accounting policies (continued)

Resources expended

Expenditure is recognised on an accruals basis asa liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Investment property

The investment property is recorded at cost on acquisition and, if required, restated to market value at the balance sheet date. Any surplus or deficit on revaluation is shown as a charge against Revenue in that year. Revaluations are normally carried out every five years.

Impairment of fixed assets

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A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

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Clinton's Gift

Notes to the Financial Statements (continued

Year ended 31 December 2020

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3. Accounting policies (continued)

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

  1. Investment income
Unrestricted Endowment Total Funds
Funds Funds 2020
£ £ £
Income from investment properties - 13,200 13,200
Bank interest receivable 826 - 826
CBF CofE Investment Fund income - 56,574 56,574
CBF CofE Property Fund income - 11,997 — 11,997
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826 81,771 82,597
Unrestricted Endowment Total Funds
Funds Funds 2019
£ £ £
Income from investment properties - 2,200 2,200
Bank interest receivable 1,226 - 1,226
CBF CofE Investment Fund income - 54,922 54,922
CBF CofE Property Fund income - 14,734 14,734
1,226 71,856 73,082
5. Investment management costs
Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Investment property renovation - - 33,562 33,562
Management & maintenance of
investment property 2,073 2,073 818 818
2,073 2,073 34,380 34,380

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Clinton's Gift

Notes to the Financial Statements (continueg)

Year ended 31 December 2020

6. Expenditure on charitable activities by fund type

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Unrestricted|Total|Funds|Unrestricted|Total|Funds| |Funds|2020|Funds|2019| |£|£|£|£| |Repair and|maintenance|of|the|fabric| |of|St|Michael|and|All|Angels|Church,| |Highworth|6,182|6,182|498,106|498,106| |Furthering|the|religious|and|other| |charitable|work|of|the|Church|of| |England|in|the|parish|of|Highworth|32,836|32,836|26,410|26,410| |Support|costs|3,455|3,455|3,934|3,934| |42,473|42,473|528,450|528,450| |7.|Expenditure|on|charitable|activities|by|activity|type| |Activities| |,|undertaken|Support|Totalfunds’|Total|fund| |directly|costs|2020|.|2019| |£|£|£|£| |Repair|and|maintenance|of|the|fabric| |of|St|Michael|and|All|Angels|Church,| |Highworth|6,182|210|6,392|498,556| |Furthering|the|religious|and|other| |charitable|work|of|the|Church|of| |England|in|the|parish|of|Highworth|32,836|210|33,046|26,860| |Governance|costs|-|3,035|3,035|3,034| |39,018|.|3,455|42,473|528,450| |8.|Analysis|of support|costs| |Church|repair|Other| |and|charitable.| |maintenance|work|Total|2020|Total|2019| |£|£|£|£| |Governance|costs|1,518|1,517|3,035|3,034| |Support|costs|-|Bookkeeping|210|210|420|900| |1,728|-|1,727|3,455|3,934| |9.|Independent|examination|fees| |2020|2019| |£|£| |Fees|payable|to|the|independent|examiner|for:| |Independent|examination|of the|financial|statements|1,500|1,740|

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Clinton's Gift

Notes to the Financial Statements (continuea)

Year ended 31 December 2020

10. Staff costs

The total staff costs and employee benefits forthe reporting period are analysed as follows:
2020 2019
£ £
Nil Nil

The average head count of employees during the year was Nil (2019: Nil).

No employee received employee benefits of more than £60,000 during the year (2019: Nil).

11. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

No charity expenses have been incurred by the trustees.

  1. Grant commitments

At 31 December 2020 grants totalling £77,491 (2019 - £98,202) had been agreed by the trustees but had not been paid or accrued by that date.

  1. Investments
Cash orcash Investment
equivalents properties Total
£ £ £
Cost or valuation
At1January2020
Additions		 - 2,132,109
_		 300,000
-		 2,432,109
a
Other movements 114,623 50,000 164,623
At 31 December 2020 2,246,732 350,000 - 2,596,732
Impairment
At 1 January 2020 and 31 December 2020 -
Carrying amount
At 31 December 2020 , 2,246,732 350,000 2,596,732
At31December2019 2,132,109 300,000 2,432,109

All investments shown above are held at valuation.

Investment properties

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. The investment property was revalued by the Trustees on 31 December 2020 in harmony with the accounting policy. Due to the COVID19 pandemic a professional valuation was not obtained but based on an assessment of current and historic prices of similar properties in the area the trustees have valued the property at £350,000.

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Clinton's Gift

Notes to the Financial Statements (continueg

Year ended 31 December 2020

14. Analysis of charitable funds

Unrestricted funds

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At Gains and At
1 Jan 2020 Income Expenditure Transfers losses 31 Dec 2020
£ £ £ £ £ £
General funds 205,215 826 (44,546) 81,771 - 243,266
At Gains and At
1 Jan 2019 Income Expenditure Transfers losses 31 Dec2019
£ £ £ £ £ £
General funds 694,963 1,226 (562,830) 71,856 - 205,215
Endowment funds
At Gains and At
1 Jan 2020 Income Expenditure Transfers losses 31 Dec 2020
£ £ £ £ £ £
Proceeds from ‘
the sale of
Clinton's Field 2,382,110 81,771 - (81,771). 114,623 2,496,733
Revaluation
reserve 50,000 - - ~_ 50,000 100,000
2,432,110 81,771 — (81,771) 164,623 2,596,733
At Gains and At
1 Jan 2019 Income Expenditure Transfers losses 31 Dec2019
£ £ £ £ £ £
Proceeds from
the sale of
Clinton's Field 2,095,970 71,856 _ (71,856) 286,140 2,382,110
Revaluation
reserve 50,000 - - - - 50,000
2,145,970 71,856 - (71,856) 286,140 2,432,110

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Clinton's Gift

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Notes to the Financial Statements (continuea)

Year ended 31 December 2020

15. Analysis of net assets between funds

Unrestricted Endowment Total Funds
Funds Funds 2020
E £ £
Investments - 2,596,732 2,596,732
Current assets 271,787 - 271,787
Creditors less than 1 year (28,520) - (28,520)
Net assets 243,267 2,596,732 2,839,999
Unrestricted Endowment Total Funds
: Funds Funds 2019
£ £ £
Investments - 2,432,109 2,432,109
Current assets 223,332 - 223,332
Creditors less than 1 year (18,116) - (18,116)
Netassets 205,216 2,432,109 2,637,325

16. Related parties

The objects for which the charity is set up are to provide funding for the repair and maintenance of the fabric of St Michael and all Angels Church, Highworth and, if income is not fully utilised in fulfilling this first objective, any surplus may be applied in otherwise furthering the religious and other charitable work of the Church of England in the parish of Highworth.

Grants paid to St Michael and all Angels Church, Highworth in the year amounted to £39,018 (2019 - £521,853)

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Signature 1

Signed by John Bailey using authentication code R8KjZSx3OHYydHouPA== at IP address 86.142.236.209, on 2021/10/20 13:53:41 Z.

John Bailey's e-mail address is: john.bailey18@btinternet.com.