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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||||||||||
|---|---|---|---|---|---|---|---|---|
|Page|
|Trustees’|annual|report|1|
|Independent|examiner's|report to|the trustees|6|
|Statement|of|financial|activities|7|
|Statement|of financial|position|8|
|Notes|to|the|financial|statements|9|
|The|following|pages|do|not form|part|of the|financial|statements|
|Detailed|statement|of|financial|activities|18|
|Notes|to|the|detailed|statement|of financial|activities|19|
**----- End of picture text -----**
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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
)
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.
2. 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.
5. 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 _
7. 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
## —
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
3. 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: ,
;
- e income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- e legacy income is recognised when receipt is probable and entitlement is established.
- ° income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
- e income from contracts for the supply of services is recognised with the delivery of the . contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
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## Clinton's Gift
## Notes to the Financial Statements (continueq)
.
## 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:
- e expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
- ° expenditure on charitable activities includes all costs incurred by a charity.in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to. the governance of the charity apportioned to charitable activities.
- ° other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. .
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
.
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
_
## 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.
4. 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|
|.|||||||||
|||||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|
**----- End of picture text -----**
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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.
12. 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.
13. 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
.
. 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
.
,
.
||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
)
## 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)
~16-—
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