PBS Annual Report and Finaneial Statements For the year ended 31 Deeember 2020
Cover. Miss Prudence Dailey, Chairman ol the Prayer Book society12006-20201, and her successor, Mr Bradley Smith (elected September 20201, following the wedding of Miss Ernma Forw8rd. a fellow member of the Prayer Book Society and of the General Synod, to Mr Philip Gregory MBE in October 2020. Photo.. Mrs Erntna Joy Gr8gory
Charlty Reglstratlon No. 1099295 Company Registration No. 04786973 (England and Wales) THE PRAYER BOOK SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE PRAYER BOOK SOCIETY CONTENTS Page statement of trustee5' ie5ponsibilities Trustees, report 7-15 Ind8pend8nt audiioVs r8POrt 16-18 statement of financial activities 19 Balance sheet 20 Notes to the financial statements
THE PRAYER BOOK SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION Trustees The Revd Dr S Edmonds The Revd A Gaunt ThL Re¥d C M J Hancock Mr P J Meitner Mrl R J Milne The Revd Dr D R Newman Mr D A Richardson Mr J D Riding MsFRAR05en Mr B F Smith The Revd Canon RJ Svryer (Appointed 26 S&ptember 20201 (Appointed 26 Septetnber 20201 (Appointed 16 May 20201 (Appointed 26 September 20201 IAppointed 23 February 20211 Charity number 1099295 Company number 04788973 Reglsterefl offl¢e The sdi0 Copyhold Fartn Lady Grove Goring Heath Reading RG8 7RT Auditor Richardsons 30 Upper High Street Thame OxFord5hire OX9 3EZ Banket Lloyds Bank Broad Street Reading Berkshire RG1 28T Solicitors nckworth Sh8rwood LLP 16 8eauTnOnt Street Oxford OX12LZ Investment adviso Chades Stanley & Co Ltd d501 House 10 Mount Ephraim Road Tunbridge Vvells Kent TN1 1EE
THE PRAYER BOOK SOCIETY STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2020 The trustees. who are also the dire¢tor$ of The Prayer Book Society for the purpose of Company law. are responsible for preparing the Trustees, Report and the financial slatem&nts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdotn Generalty Accepted Accounting Practice). Company Law requires the tru8t8es to prep8re financial 8talement8 for each finallal y8ar which give a true and fair view of the Slate of affairs of the charitable company and of the incoming resouiees and application of resources. Including the income and expenditure. of the charitable company forthat year. In preparing these financial ststements, the trustees are required lo.. select $uilable accounting policie$ end then appty them consi$tentty', obsErve the methods and prinaples in the Charities SORP", rnake judgements and 8Stimat88 that are reasonable and prud8nt', 81ale whelher applicable UK Accounting Standards have been folDwed. subject to any material departures disclo8ed and expl8in&d in the financi81 st8temenls.' and prepare the financial statements on the going con¢em basis unless rt is Inappropriate to presume that the charitable company will continue in operation. The trustees a responsible for keeping adequate accounting ¢0[d$ that disclose with reasonable accuracy at any time the financial positi)n of the charrtable ¢ompany and enable them to ensure that the financial Statements comply with the Companies Act 2006. They are a180 re8ponsible for 8afeguarding the as8els of the charitable company and hence foi taking reasonable steps foi the prevention and detection of fiaud and other irregutsiilie8.
THE PRAYER BOOK SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020 The ttu$tees present their report and a¢¢ounts for the year ended 31 December 2020. The accounts have been prepared in accordance wlh the accounting policies set out in note 1 to the accounts and comply with the charitable company's artides of assotialion. thè CompaniÈs Ad 2006 and "Accounting and Reporting by Charities.. Ststemenl of Recommended Practice applicable to charitie8 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021" las amended for accounting peiiods cornrnencing from 1 January 20161 Achievements and perforrnance The year In revlew Very few of us will knok ba¢k on 2020 with parb¢ulaty happy memories. The terrible human sufFering wrought by the Coronavirus p8nd8mic h88 been truly heart-breaking, and none of us has entirety escaped its devastating effects. Al a lime of great fear and confusion, the Prayer Book Society has sought new ways of serving the spiritual needs of its tnembers and 5UPPOrters. and of sharing rnore widety the spiritual treasure of the Book of Common Prayer. Imrnediatety following the announcetnent of the suspension of public worship on March 17, a directory of online servi$ was ¢ompiled listing several hundred Prayer 8ook services streamed from parishes al over the country. The directory proved to be very popular Indeed and the soety received a great deal of positive feedback from members and non-members alike.. many people got in louch lo tell us how hearing the f8miliar word5 of the Player Book had given thern a great sense of peace and comfort during the daik days of the lockdown., others told us they had reconnected with the traditional servlces for the fltst time in many years., some told us they had encounted the Prayer 8ook for the very first time In their lives. Happily. many cathedrals and parish churches continue to stream their services online and the Society's directory is regularty updated. Among the Soclety's printed resources. the Fom? ofspiritual Communion following the 8ook of Common Prayer. a copy of which was posted to every member. was very welkreceiv&d and proved lo be particularly valuabl& at Easter when faithful Anglicans felt most keenty their enforced detschment from the sacramental life of the church. The Society's magazine5, The Prayer Book Today and Faith and Wot5hip, carried a range of artides, both scholady and popular, wrrtten to sustain members. life of prayer and devotion at a time of national and Follong the SUMption of publlc worship. It was most encouraging to hear pOrtS of new Prayer Book services belng introduced in a variety of contexts across the country. as well as of a number of creative 8CP-ba$ed initiatives 188ding lo growth, both num8ric81 and spiritU81, in local church cornmunili8s. In some plae8S, the BCP now has a more prominent place in regular patteins of worship as a iesult of the pandemic. 11 is especialty en¢ouraging lo note that many of these new services and initialivos are being by young and re¢&ntty ordained d&rgy who are confident in the Pr8yer 8ook tradition and want lo see il thrive In the futu. Qur worf¢ with ordinands and training institutions 18 of vital importance, as indeed is our engagement with children and young people. Needless to say, Covid-19 restiictions kd to the canc&llation of almost all national and lor21 PBS gathering8, including the annual r8sidential conferenc8. This was a huge, yet in8vit8ble, disappointtnent, not &st b8cause it would have been Prudence Oailey 5 final conference after fourteen outstanding years as chaiman of the Sooety. Owing to Ihe extension of Covid-19 restridions and COnrn$ about rising infection rates. Liverpool Hope University made the decision to cancel all 2021 bookings., th& next residential conference is therefore planned for 8 to 10 September 2022 when the therne, carried over from 2020, will be'AII Sorts and Conditions. The National Finals of the Cranmer Awards were due to be held In Wor¢esler In February 2020. This wa$ the one national event which was not cancelled as a result of the pandemic.. sadty, extreme flooding in Worcester eant the Fina15 had to be cancelled at very short notice. Rising infection rates in the earty part of 2021 resulted In a third national lockdown, $0 the event. organised with great care end attention lo detail by Mrs Jo Clark, took place online via Zoom. It 18 encouraging to hear that branches ar& now planning regional heats for the autumn of 2021.
THE PRAYER BOOK SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 The So¢iety'$ day ¢onference, In Time of Plague or Sickness, held online in September 2020 was very successful and attracted a large audience, including many non-members and an encouraging number of ordinands and young adult5. In addition to detailed theological and historical refiection, the conference also provided an opportunity for the sharing of positive stories of growth and fresh engagement with the Prayer 8ook emerging from parishes all over the country. Later in the year. on the eve of Advent Sunday. another onlSne semlnar was held. Thy King Cometh.. A Prayer Book Advenf proved lo be an inspiring afternoon of wor8hip. leaching and reflection based on the four Advent Collects. Again, th8 S8min8r attracted participants from all over the worfd and generaled a great deal of positive feedback as well as a flurry of applications for membership. Whilst we very much look forward to the resumption of in-p&r8on events 8nd activities in the year ahead (including the annual commemoration of the martyrdom of Thomas Cranmer and the Peter Toon Memorial Lecture. both held in Oxford). online meetings and seminars will continue to have a place in future national and bran¢h activity. Greater use of social rnedi3 during the year, and especialty during the two bckdowns of 2020, enabled the Society to Sha a positive message on an almost daity basis and also generated a positwe increase in sales of books and other resources fvom the online shop. The Trustees are keen to use the PBS website and social m8dia to maxirnum potential in the future 81ongside more traditional forms of communication. Thank8 to the dedicated efforts of our PR consuttant, Tim Stanley, the Sooety's activities and achievernents featured in both the ecclesiastical and secular press during the year. None of the SOety's activities during the difficult days of 2020 would have been possible withoLrt Ihe dedication, loyalty and comrnitment of its 51aff and volunteers who a5Si51 acr05S the whole spectrurn of PBS actwity Including the Cranmer Awards. PBS publicats"on$, the Annual Conference, advertising and online research. The contributs.on of each and every one is truty valued and appreciated. Looklng to the Th8 Prayer Book Soci8ty hss a numb8r of vary exuting pioj8Cts planned for th8 n8Xt coup18 of years including.. 'Pr8y8rBooks for Piison8rs' lan initiative begun in 2019 but d8l£yed due to Covid-191, 'Prayer 8ooks for Chonsters, lan ambitious new initiative with the aim ol psentIng a special edition of the BCP togetherwith a lea¢hing guide to every junior chorister In the countryl, schola15hips for ordinands. a major rebranding exerose ahead of the fiftieth anniversary of the Society in 2022. new publications and training resources, the funding of a part-time Prayer Book Missioner lil is very much hoped that this proposal. first mooted in 2016, will come to fruition in 20221, and so much more as we work towards our2030 Vision." pIe of all ages fjndino lile irt Ghnst through a growing PrayerBook s8rvic8 Il) 8V8ryb8n8fic8. The Society's Churches and Ministry Cotnmittee ha5 particular re5ponsibilty for the impletnentation of the 2030 Vision and is planning a 'round labl&' discussion wth clergy and laity from parishès and other institutions where there 8re positive signs of growth 81 Prayer Book worship. The aim of the discussion, and the questionnaire which will Prede it, 15 to identify principles which can be applied elsewhere. Long-terms goals will include greater use of the BCP for Sunday 5etvice5 at key tirnes lie. for principal Servi5, and not just earty morning Communions and Evensong) and for the occasional offices. Additionalty, a new cotntnittree is being formed to develop a strategy for engagement wth children, youth and young adulls. Th& nÈw committee will work closety with the Cranmer Awards and Churchès and Minislry committee8.' its remit will include producing good quality catechetical resources and engagement with church choirs and Church of England schools on a national and local level.
THE PRAYER BOOK SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Over the coming months. the tru$tee$ will be working dosety wrth the Church of England's liturgical and communications teams, and Ihere 18 hope of collaboration over resources to mark Her Majesty Ihe Queen's Platinum Jubilee in 2022. A special service of thanksgiving to mark the fffti8th anniversary of the Pr8yer Book Society will be held at Westminster Abbey on Saturday. 8 Odober 2022 when the celebrant and preachei will be the Society's Ecclesiastical Patron. Lord Chartres. In 8ddition to a celebration of Holy Communion. the day wil Indude an anniversary lecture and Choral Evensong. In these difficult day5 of the pandernic, the Prayer Book ha5 Spoken with fresh clarity and aulhority many have di8cov&red it8 spiritual power and beauty. More than any other liturgy. the Prayer Book helps us to root our lives in Jesus Christ and to claim the life He freety off&r8. There 18 Still 8 great deal of work lo be done, and in an ever-changing world (not to rnention an ever-chan9ing church) the work of our Society is now more important than ever. The time is ripe for us to rescue the Prayer Book from the margins and resto it to its rightful place al the heart of the Church of England. Activities for the year Annu81 Conf8r8ntre Travel restiictions in force in the auturnn of 2020 meant that it was not possible for the Society to hold its customary residential ¢onferen¢e. Instead. an online Confence was held on Saturday 5 September. Entitled In lime ofplague orsi¢kness il included PSentatIOnS frDm three speakers. Professor Philip Wiliamson. Professor of Modern British History at the University of Durham. who Spoke on 'The Prayer Book and Pand&mic8 The Revd Dr Matthew Olver, A5SiStant Professor of Liturgics and Pastorsl Theology at Nashotah House Theok)gi¢al Seminary in the USA, who spoke on 'Divine Visitation." The Prayer Book's Theology of Sicknes8 and Plague. Bradley Smith was responsible for the third presentation. He spoke on 'Comfortable Words for Troubled Tim&s". The Use of the Prayer Book during Ihe CDronavirus Pandemi¢'. This session also included guest aparanCe$ by the Revd Arwen Folkes from the Diocese of Chichester. who had led online services frorn the Prayer Book., from the Revd Olivei Coss from Northarnpton. whose young people'5 choir had continued to sing Choral Evensong online,. and from Calwn Robin50n, founder of the website . Whe the Prayer Book daity offices are ad aloud each day. The conference concluded wth Evening Player, led by the Revd Dr Daniel Newrnan frorn the Tudoi Chapel at The Vyne in Sherboine St John, Hampshire. Annual G8n8ral M88ting The AGM was held online on Saturday 26 September. In addition to receiving the Annual Report and Accounts for the year ended 31 December 2019. the AGM approved the adoption of new Articles lo govem the So¢iety. The most significant change arising therefrom was a reduction in the size of the Board of Trustees from fifteen Ichairtnan, seve Ordiary Trustees", seven Region31 Trustee51 to eleven (chaian and ten Trustee5 elected by the AGMI. Prudence Dailey retired from office as Chaim18n. after fourteen years. 8ervice. Bradley Smith was elected as her succes50r. Members attending the AGM were pleased to learn that, 'in recognition of her tnany years of diligent and enthusiastic service as Chairman and of her sustain&d and continuing commitment to the Book of Common Prayerf. the Board had appointed Miss Dailey a Vice President of the Prayer Book Society. Fundraising The Board of Trustee5 record5 its Ihank5 for the continuing support of its 8enefactors Irnernbers who give £500 or more p.a.l. It w88 unfortunately not POS8ible. in the ex(pIlOnaI eircumstsnces of 2020. to follow the CU8tomary practice of inviting them to 8 Pr8y&r Book service and holding 8 reception for them.
THE PRAYER BOOK SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Llnk$ wlth ¢leryy, lay mlnl$¢ers, parl$he$ and TE Report by John Service, the Churches and Clergy Coordinator.. Ordinands Every year. packs containing a red pew edition of the Book of Common Prayer. with a glossary therein of words which have slightty attered their tneaning in rnodern day usage and a copy of 'Using the Book of Common Prayerf by the Revd Paul Thomas, together with other BCP material and an invrtation letter from the Chairman offering free membership of the Society, are given to every new ordinand entering training. Cuiientty 110 ordinands have acc8Pted thi8 offer of free memb8rship. The cost per pack to the Society is just over £20.00. In 2020. 757 BCP packs were presented to new ordinands Èntering training at the 25 Theological Colleges and NOeSidential Courses. There is no central oversight of them in terms of numbers of new students so I have to liaise with each College and Course individualty. Colge$ and Courses are always eXtmety grateful. as are the new ordinands themsefves. for the Society'5 gifts TEls visited l aitn to Vi51t each College and Course every Iwo to Ihree years. Despite the Covid restrictions in 2020 1 visited the following. St Stephen's Hou8e, Oxford, 9 September Eastem Region Ministry Course, Carnbridge, 30 October RSdley Hall. CaTnbridge, 30 October South West Ministry Training Course, Exeter, 12 November Trinity College, Bristol. 17 November st Augustine'5 College. West Malling. Canterbury, 19 Novembei Westcott House, cambrge, 30 October Sl Mellilus South Kensington, London. 23 November Oak Hill, Southgate. London, 24 Novembei Sarutn College, Salisbury, 24 Novetnber CoOrate membe 8ndpotential Coryor8te membe visited I visit as many Corporate Members as possible and despite the Covid ie5trictions in 2020. 1 visited the following.. Christ Church, Bristol. 8 February All Saints, Lockinge Ioxfordl 6 March st Giles in the Fle5 (London), 7 Juty St Giles in the Fle9 (London). 20 July St Anne, Toltington (Manchester) 1 August St Giles in the Fle& ILondonl 4 August st Nicholas. Remenham IOxfDrdl 14 August St Mary Abbots ILondonl 2 September St Giles in the Fle8 (London) 3 September 10
THE PRAYER BOOK SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Re¢rultment olnew cgtporate members The following parishes becatne corporate tnetnbers of the Society during the year". St Peter and Vincula, Folkington (Chichester East) Chri51 Church wrth St Ewen, Al Saints & St George IBiist¢Jl) St Adwena. Advent (Trurol All Saints, Lockinge (Gift) Ioxfordl Holy Trinty. Ardington IGiftl (Oxford) Michael the Archangel. Sh3Meet (Wnchester & PortsfnDUthl St Adeline, Little Sodbury18ristoll St Augustin& of C8nterbury, East Hendred (Gift) (Oxford) St George, Crowhurst Ichichester East) st John of Bevertey, Vvhatlon Isouthwell & Nottinghaml St Lauren¢e'$. Ludlow (Hereford) St Margaret of Antioch (Oxford) St Mary the Virgin, Bamham Ichicheslerwestl st Mary the Virgin, Battle IChirhe51er East) St Mary's Priory Church. Old Malton IYorf¢l St ma8, Stopham IChiche8ter Westl St Mary, Kings Pyon (Hereford) st Michael's. Garton4n-Holdemess Iyorkl St Paul$, Craig y Don, Llandudno (North Wales) Bolton Priory IL8edsl St Marylebone with Holy Trinty, Sl Marylebone (London & Southwarkl st Pete¢5, WaltOn-Qn-the-Hill IGuildfordl Church of the Ascension. TÈlham IChiche8ter E88ti St Mary the Virgin, Headley with St Andrew, Box Hill IGuildfordl st Anne, Tottington IManche5terl Reports Irom btxnches and corporate membws The initiative of branches and corporate members in the eXptional circumstsnces of 2020 is exemplified in the following two reports". Report from Valerie Migh811 of the ChichesterE8St Branch.. In February 2020 the Branch hekl a Sung Prayer Book Communion service at the chureh of Sl George's in Crowhurst lo rnark the eve of the Presentation of Christ in the Temple. The Servi was very well attended and was folowed by a lea In the parish room. Sad. the Branch had lo tancel all other proposed events due to Covid restrictions. but in Octobei they did hold a small quiet day, fOlknng all Covid guideline5, which was led by the Revd. Christopher Channer. who gave three addresses on the nature of God. Hoty Communion was celebrated and the day concluded with Evening Prayer. Report from the Revd Hugh 88arn at St. Anne's Church. Tothngton." The Church has irnpletnented from the ouiset the tn05t vigorous 5yStetn so as to be able to rernain available and accessible. with ¢ontract ¢le8ning ¢8rried out once a week. In addition. a Risk Assessment group met throughout in order lo ephe[gUldan and pioduce Risk Assessments for every conceivable servi, sanitizing, track and tiace, etc.. which were regularfy updated on the Parish website and integrated email chain. The Church Officers worked extremely hard and when possible there were soloists and. again when possible, a reduced Choir. Consequentty. prayers were said daily In Church alongside the provision of pastoral care.
THE PRAYER BOOK SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2020 No services We streamed and due to this meticulous following of guidance. it was possible to undertake the following.. BCP HO Communion in Church every Sunday al 8.00 a.m. as well as multiple services of HO Communion which were celebrated at other tirn88 to get everybody through, and also 8ervic88 for Remembrance took place. including th8 Roll of th8 Fa118n in th8 Evening, with a Highland Piper and Last Post playèj outsid8 the Church. A BCP se[Vi of Hoty Matrirnony was 501emnized in Decernber. In addition. at St Anselm Hal Chap81 in the Universty of Manchester. in consullation with the University and following al guidan and estsblishing a Covid-safe envirOnENt, Evening Prdyer was said throughout the year every Tuesday evening in te[rn-'1ne at 7.00 p.m. Undergraduates frorn variou5 places attended lin gownsl and when It was posslble, the two PBS Choral S¢holars sang some truly beautfful Talze chants at varfous poSnts. Remembrance was also marked and a Christmas rarol servir (PBS Scholars again), th Nacht, tha¢ was much appreciat8d by kn Grnn gendem8n. Flnanclal revlew The Statement of Flnancial Activities shows total incomSng resources of £210,032 12019". £299,079) and total resources expended of £230.31412019.' £282,184), Su111n9 in net outgoing resources of £20.282 12019.. net incorning resourr£s of £16,895). The loss in the value of our investments was £499 12019.. gain of £138,662). Overall there was a net decrease in funds of £20,781 12019.. increase of £155,557). The Board considers the 2020 results to be acceplabk. The deficAt on centralty controlled activities was £34,889 lagalnst a budgeted deficlt of £111.2551, whlch was partSaMy covered by legacy Income of £14.607. The Board felt abl8 to set a d8ficil budgel of É105,835 for 2021. As 8t 31 December 2020 the Society'sunre$tricted ieseNes stwd at£857,68212019.. £889,115>. 111 R88erv88 Pollcy Certain sources of income. notabty legacies and donations are not. by their nature, predictable and so reserves are necessary to allow the charity to continue its work should th8se sources fall significant. Furthe[rn, it 15 the policy of the Society that, geneialty and in most years, fixed overheads are intended to be met out ol ordinary income. Extraordinary income is to be used to accumulate reserves and to fund speual projects as detemiined from time to time expressly ty the Board to further the objects of the Society. It is the Trust8es' int8ntion to review both th8 re8er¥es policy and 18vel8 of unrestricted reserv88 on an annual basis. 1111 Investment Pollcy From tirne to tirne, when the Society has surplus rnonies available, investrnent may be made in accordance with the followlng general guSdellnes. The Trustees COgnISe that the Investment pro$ 11 be In keeping wlth the Objects of the charlty and the Chrfstian witness and values of its members. In detemiining risk, the Trustees acc8Pt the dictum of there b8ing no reward without risk and ar8 furth8r mindfijl that market condth'on5 dictate the prudent level of risk that IS appropriate 81 a gwen Int in time. 11111 Grant Maklng Pollcy The Society from tirne to tsme awards gran¢8 and bur3arie8 for clearly defined and $ified purposes, induding attendarKe at the Annual Conference and tuition fee5 for organist54n-training who are leaming to play for Prayef Book serwces, on the basis that such grants help to prorrK)te the understanding and use of the Book of Common Prayer. Grants are awarded through open applicats"on, and a not $trIcted to wmbers of the Society. 12
THE PRAYER BOOK SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020 Rl3k managam8nt The Directots of the charitsble company, who are also the Charity's Trustees. acknovAedge their SponsIbl11ty for reviewng Ihe risks to which the Charitable Company i8 exposed including financial, operational, and reputation risks 8né forestablishing proCedUS to monitol 8né control these risks. At Ih8 year 8nd, th8 Trustee5 had in hand a reviw of policies. Stru¢tyre, governance and management Th8 Prayer Book Soci8ty is establish8d forth8 8dvanc8rn8nt of th8 Christian religion as set forth in the Book of Common Prayer," and. in Yurtherance of this Object, for the promotion of the worship and doctrine enshrined in the Book of Common Preyer and Its use for services. teaching and trainlng throughout the Church of England and Olher Churches in the Anglican tradrtion. The Society is a Company regISted In England, and a Charfty registered in England and in the Isle of Man. It was frimed in 2003 to tske over the net assets of the unincorporated twst'The Prayer Book Society" IRegister8d Charity numb8r 10017831. The Soci8ty is curr8ndy governed by Artides approved atth8 Annual G8n8r81 IAeeting held on 26 September2020. Honoraryofficors The Prayer Book Society Is prtvileged to have HRH The Prince of Wales as ils Patron and the Rt Revd and Rt Hon Rid)ard Chartres IBSshop of London to 28th February 20171, as Ecclesiastlcal Patron. In addibon, we are gratefvl ¢0 the following Honorary Officers for lending their name and their support to thg Soci8ty'. Presiclent.. Tha Lord Cormack DL, FSA Vicg-PTrsidents.' The Revd Dr R.T. Be¢th Mlss Pruden Dalley (from 26 September20201 The Rt. Hon. Lord Field of Birkenh88d DL PC The Rt. Hon. Lord Hurd ofweshvell CH, CBE, PC Mr Ne51 J. Inkley. Mr C.A Anthony Kilmister OBE Th9 Lord Sudel8y F.SA 13-
THE PRAYER BOOK SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Tru$tee$ Trnsle8s seftving in th8 calend8ry88r2020 The following held office for the period ended 26 September 2020.. Miss Pruden Dailey Ichairtnanl Mr David Richardson (Deputy Chaimian and Honorary Director of Fundraising. Ordinary Trustee) Mr Paul Meitner (Honorary Tre88urer and South East Regional Trustee) Miss Hilary Rudge (to 12 Maich 2020." Ordinary Trustee & Company Secretsry until that dale) Mrs Fi Rosen Ifrom 30 April 2020." Ordinary Trustee & Company Secretary frotn that datel The Revd Dr Stephen Edmonds (Ordinary Twsteel Mr Peter H8rdingham (Midlands Regional Truste&l Mr Nicholas Hurst Iordinary Trusteel Mr lain Milne (Ordinary Twsteel The Revd Dr Daniel Newman (Ordinary Twsteel Mr Jon Riding (Ordinary Trusleel The Revd Canon Cyril Roberts (to 19 February 2020." North East Regional Trustee) Mr John Scrivener (Ordinary Tru51eel Mr Richard VIAlkinson CVO (South West Regional Trustee) Note.. The office of West & Central Regional Trustee had been unfilled since the AGM in 2017. and that of Eastem Regional Trustee had been unfilled Sin the AGM of 2018. The following weie elected to serve foi the period from 28 September 2020.. The st8ndard term of office under the new Article8 is one of four years. In accordance. however, wrth the transitional arrangements required under these Articles, certain of the Trustees will Serve for a period ending at the Annual General Meeting in the year indicated after their natne.. Mr Bradley Smith Ichairmanl Mr David Richardson (Deputy Chairman and Honorary Directoi of Fundraisingl120211 Mr Paul Meitner IHonorary Treasurer) Mrs Fi Rosen (Company se¢tary){2023I The Revd Dr Stephen Edmond8120211 The Revd Adam Gaunt120211 Mrs Kathryn King120221 The Revd Christopher Hancock120231 Mr lain Milne120221 The Revd Dr Daniel Newrnan120231 Mr Jon Riding Staff and volunteerat CopyholdFarn7 The Prayer 8ook Society employs five slaft. based at the So¢iety'$ office at Copyhold Fami. Goring Heath. near Reading. It is grateful for their dedication and enthu818sm'. Adrienne Syrètt (Office Manager)., Belind8 Clarke Ibookkeepety., Geri Brooksbank (general and financial admini8trstionl,' Gemms Thatcher (general sdministrationl John Service (Churches & Clergy Coordinator) The Society relrdS thanks also to a volunte8r, Terry Furfong8r, for regular assi5tanc8 in th8 office. 14
THE PRAYER BOOK SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2020 Commlttees ofthe Bogrd The Board has establisheé the folowSng commlttees". Committee nnual Conference hurches & Minisl ommunicalions ranmer Awards Finance & Fundraising Nominations radin Ghainnan duri 2020 Prudence Daile then David Richardson David Richardson, then Daniel Newman Prudence Dailey, then Bradley Smith Hilary Rudge, then Jon Riding Paul Meitner David Richardson, then lain Milne Paul Meitner so. the Board has the assistance of the Executfve Group Icomprfslng the Chalmian, Deputy Chalm)an, Honorary TasUrer, Company setsry. Churches & Clergy Coordinator and Offi Manager). Brnnches and coqjorate members The So¢th ha$ 34 bran¢hes. 222 indivlduals joined the Society during 2020. The Bran¢he$' Repre$entstive Council IBRCI normal r(Eets lICe a yearto enabk branch representatNes to discuss matters of cornmon interest, and to raise these wth the Board of Ttustees. One of these meetings indudes a joint session with the Board, while the other meeting is attended by a number of represenlats.ve Trustees. The BRC Is chaired by the Revd Lee Potter, and the Secretary is Christopher Norton. Unfortunately, no meeting of Ihe BRC could be held In 2020. The SocEty h85 134 corporate members, induding the 25 new rnembers listed on p8ge 6 above. The Board of Ttustee5 has designated three of ts nurnber (Paul Meitner, lain Milne and Fi R05enl as having particular $nSibIlfy for maintaining links with branches and corporate members. The first issue of a Yea newsletter for corporate members and branches, Copyhold, was ¢istrfbuted in the autumn of 2020 and Ihe second was to follow in April 2021. Auditor In accordance wth the wmpany's artides, a resolution proposing that Rthardsons be reappointed as auditor of the company wll be put at 8 General M88ting. The trustses, report was approved by the Board ofTru$tees 3 August 2021. Mr B F Smith Trustee Dated.. 4 August 2021
THE PRAYER BOOK SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PRAYER BOOK SOCIETY Oplnlon We have audited the financi81 statements of The Prayer Book Society Ithe 'charit8ble company'l for the year ended 31 Decetnbei 2020 which comprise the statement of financial activitie5, the balan Sheet and the notes to the financial ststemenls. induding significant acwunting wli¢ies. The financial reporting framework that has been applied in their preparation Is applicable law and United Kingdom Accounting Stand8rd8, induding FRS 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generalty ACpted Accounting Practicel. In our opinion, the financial statements.. give a true and fair view of the stsle of the charitable company's affairs as at 31 De¢ember 2020 and of its incoming resources and application of resources. for the year then endèd., have been prope prepared in accordance with United Kingdom Generalty Accepted Accounting Practice,. and have been prepared in accordance 1th the requirement5 of the Companies Act 2006. 88Si8 lor opinion We conducted our audit in accordan with Intemalional Standards on Auditing IUK) IISAS (UK)) and applicable law. Our responsibilities under those standards are rther described in the Auditor's respon8ibilili&s for the audit of the financial statements section of our report. We are independent Df the charitable company in 8ccordanc& with the ethical requirements that are relevant to our audit of the financial slalement5 in the UK. including the FRC'S Ethical standard. and we have fUilled our other ethical responsibilities in accordance with these regulmentS. We believe that the 8udit evidence we have obtsined is sufficient and appropriate lo provide a b88is for our opinion. Conclusions relating to going concern In auditing th8 financial statements, we have concluded that th& trustees. use of th8 going conc8m basis of accounting in the preparation of the fin8ncial stst&ments is appropriate. Based on the work we have performed. we have not Idenlifled any materfal uncertaintles latIng to events or conditions that, individually eollectivety, may c8St 8ignificanl doubt on the charitable company's ability to continue as a going concern foi a p&riod of at least twelv? months from when the financial statements are authoiised for issue. Our re8ponsibilities and the respon8ibilities of the trustees with respect to going concern are deseribed in the relevant sections of this report. Other Infomatlon The other infortnation comprises the inforrnation induded in the annual report other than the financial 5talernents and our audito¢s report Ihereon. The trustees are responsible for the other infomalion contained within Ihe annual report. Our opinion on the financial 8tatement8 does not cover the other information and we do not express any form of assurance conclusion theieon. Our responsibilty is to lead the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audrt. or otherwise appears to be materially misstated. If we identify such material Inconsistencies or apparent material misslalements, we are required lo determine whether thi8 gives rise lo a mat&rial misstat8m8nt in the financial statements Ihemselves. If, based on the work we hav8 perforrned, w8 conclud8 that there is s material mi551atement of this other inforrn3tion, we are required lo report that fact. We have nothing to report in this regard. 16-
THE PRAYER BOOK SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PRAYER BOOK SOCIETY Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matter5 in relation to which the Charitie5 IAccount5 and Reportsl Regulations 2008 reouSre us to report to you if. in our oplnlon.. the information given in the financial statetnents is inconsistent in any rnaterial re$ped wth the trustees, r8POrt'. or sufficient accounting r8cords have not been k8Pt', or the financial stalernent5 are not in agieetnenl with the accounting records," 01 we have not received all the Information and explanations we require for our 8udit. Respon$lbllltle$ of trustee$ As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial 5tatementS and for being satisfied that they give a tru& 2nd fair view. and fDr such internal control as thÈ trustees detemiine is necessary lo enable the preparation of financial 8talements th8t are free from material misstatement. whether due to fraud 01 erioi. In preparing the financial statements, the trustees are responsible for assessing the charitsble company s ability to continue as a going ¢on¢ein. disdosing, as applicable. matters related to going concem and using the going ¢oncem basis of a¢¢ounting unless the trustees either intend lo liquidate the ¢harilable company or to cease operations, or h8ve no realistic altemative but to do so. Audltor'$ re$pon$lbllltfie$ for the audlt of the flnan¢lal $tstsments We have been appointed as audrtor under Section 144 of the Charitie5 Ad 2011 and report in accoidance with the Aci and relevant regulations made or having efte¢t Ihereunder. Our DbjectiVe8 are to obtain r8880nable assurance about whether the financial statements as 8 whole ar8 free from material misstatement, whelhei due to traud or error. and to issue an auditovs report that includes our opinion. Reasonable assuon¢e is a high level of Jssuran¢e bul is not a guarantee that an 3udil Conducted in acwrdan¢e wrth ISAS IUKI will always detect a material misslalement when it exists. Misslalemenls can arise from fraud or error and 8re considered material if, individualty or in the aggregate, they could reasonabty b& exp8Cted to influence the economic decisions of users taken on the basi5 of these financial staternents. Irregularities. including fraud. are in81ance8 of non-compli8nce with law8 and regul8tion8. We design procedure8 in line with our responsibilities. oullined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our piotsdures ale Capable of detecting irregularities, including fraud, is detailed below. Enquiry of tnanagernent and those Charged with governance around actual and potential litigation and claims. Enquiry of the charity's staff in tax and complisnce functions to identify any instance8 of non-compliance with laws and iegulations. Reviewing minutes of meetings of those charged with governance. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of rnansgement override of controls, including through testing journal entries and other adjustment5 foi appropriateness. and evaluating the bu5ine55 rationale of Significant tian5actions outside the normal Course of business. A further de5¢ription of our responsibilities 15 available on the Financial Reporting Council's website at.. htWs."Ilww.frc.org.uklauditotsresponsibililies. This description forms parl of our audilorfs report.
THE PRAYER BOOK SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) Tn THF TPI IRTEES OF THE PRAYER BOOK SOCIETY RICl1rdsr3 3 Auust 2021 Chartertd Aeeountants Statutory Audltor 30 Upper High Street Thame Oxfordshire OX9 3EZ Richardsons is eligible foi appointtnent as auditor of the charitgble cotnpany by virtue of its eligibility for appolntment as auditor of a company under of se¢tion 1212 of the Companle$ Act 20N. 18-
THE PRAYER BOOK SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020 Unr8stricted Rastricted funds fund$ 2020 2020 Total Total 2020 2019 Notes neomè and èndowmèn Donations and legaa8s Charitable actiwlies Other trading activities Investments Other income 158,687 1,885 21,744 18,756 936 500 159,187 1,885 21,744 28,280 936 237,227 17,912 13,469 30,471 7,524 Totsl income 202,008 8.024 210,032 299,079 enditure o Raising funds 29,589 2,561 32,150 37,830 Charitable activities 194,233 3,931 198,164 244,354 Totsl rnsour¢•s •xpend•d 223,822 6,492 230,314 282,184 Net g8insl{lossesl on investments 13 19,6191 9,120 1499} 138,662 Net movement in fund$ 131,4331 10,652 120,781} 155,557 Fund balances at 1 January 2020 889,115 369,739 1,258,854 1,103,297 Fund b•lgnces #t 31 December 2020 857,682 380,391 1,238,073 1,258,854 The slalemenl of financaal activities indude8 811 g8ins and losses recognise¢J in the year. All income and exFenditure derive from continuing actiwties. Th8 stalèmenl of financial actiwli8s also complias wf(h thè rèquirements for an incomè and 8xpèndf(ur8 account under the Companies Act 20(. 19_
THE PRAYER BOOK SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Not88 Flxed a888ts Tangible assets Inv8Stm8nts 14 15 2.697 1,100,932 3.289 1,095,5 1,103,629 1,098,879 Current as88t8 Stocks Debtors Cash at l)ank and Sn hand 18 17 8,238 13,228 122,218 10,236 1,923 178,938 143,684 189,097 Cr8ditora= amounts falllng due wlthln ono year 18 19,2401 129,1221 Net current assets 134,444 159,975 Totsl a$$ets less ¢urTrn¢ Ilablll¢l?$ 1,238,073 1,258,854 Income funds Resthcted funds Unrestricted funds 380,391 857.e82 369,739 889.115 1.228.073 1.258.854 The company is entitkd to the exemption from the audit requirement fA)ntained in section 477 of the Companies Act 2006, for the year ended 31 December 2020, although an audit has been carried oul under section 144 of the Charities Act 2011. The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records whlch Comp with section 386 of the Act and for prepariry financial stskments which gNe a true and fair view of the stste of affairs of the company as at the end of the financial y88r and of its incoming r88ourc8s and application of resources, including ils income and expenditure, foi the financkql year in accoidance with the requirernents of sections 394 and 395 ant1 which otheMse compty th the QuIrnents of the Companies Act 2006 lating to finanrial ststements, so far as applicable lo the Company. The members have not qUId the company to obtain an audit of its financial statements under the quintS of the Companies Ad 2006, forthe year in question in accordance with section 476. These financial statements have been prepared in 8ccordan with the provisions applicable to companies sutiiect to the srnall compani8s regime. The finan1 5taternents were approved by the Trustees on 3 August 2021 Mr P J Meitner Trustee Mr B F Smith TrL Company Reglstrntlon No. 04786973 -20-
THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Ac¢ountlng poll¢les Charity infomiation The Prayer Book Society 18 8 private comp8ny Iimrted by guarantee incorporated in England snd Wales. The registered Offi 15 The Studio, Copyhold Farm, Lady Grove, Goring Heath, Reading, RG8 7RT. 1.1 Accountlng conventlon The accounts have been prepared in accordance with the Charitable company's Articles, the Companies Act 2006 and "A¢¢ounting and Reporting by Charities.. Ststement of Recommended Pra¢ti¢e applicable to charities preparing their accounts in accordance with th& Financial Reporbng Standard applicable In the UK and Republic of Ireland IFRS 1021. las arnended for accounting periods comrnencing frotn 1 January 20161. The charitable cotnpany 15 a Public Benelil Entity a5 definEd by FRS 102. Th8 charitable company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in steding. which is the functional currency of the charitsble company. Monetary amounts In these financial ststements are rounded lo the neare$l £. The financial slalements have been prepared under the historical cost mnvention, modified lo include the revaluation of freehold properties 8nd to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At th8 time of approving the financial statements, the trust888 have a reasonable exp&ctalion that the charitable cotnpany has adequate resoUrS lo continue in operational existen for the foieseeable future. Thu5 the trustee5 continue to adopt the going concern basis of accounting in preparing the financial slalements. 1.3 Charitable funds unstrICted funds are available for use at the di$¢retyon of the twstees in furtherance of their charitable objectwes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purpose$ and uses of the $tricted funds are set out in the notes lo the finan¢ial statements. Endowrnent funds ale subject to 5pectfic conditions by donors that Ihe capital rnust be maintained by the ¢haritable ¢ompany. 1.4 Income Incorne is ¢09n1$e hvhen the eharitable Company is legalty entilkd to il after any perf0mlan n(jit10n$ have been mel. the arN)unts Can be MeaSud lIablY. and rt is probable that income wll be received. Cash donations are recogni5ed on reIPt. (Xher donations are recognised ontt the charitsble company ha5 been notified of the donation. unless perfomiance conditions require deferral of the amount. Income lax recoverable in re18tion lo donations received under Gift Aid or deed8 of ¢ovenant 1$ recogni$ed al the time of the donation. Legacies are recognised on receipt or otherwise if the charitable company has been notified of an Impending distribution. the 8mount is known, and re¢eipt 1$ expected. If the amount 1$ not known. the legaw 1$ treated a$ a contingent asset. 21
THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Ac¢ountlng poll¢les 1.S Expenditure Resources 8xp8nd8d are 8nalys8d between th8 Costs of raising funds and charit8bl8 activities, Costs are allocated belween these categoiies on an actual basis where possible. Othei costs ale apportioned using suitsble bases. 1.6 Tanglble flxed assets T8ngible fixed assets are inilialty measured at cost and subsequentty measured at Cost or valuation. net of depreaation and any impairment bsses. Depreciation is recognised 50 as to write off the cost orvaluation of assets le5S their residual value5 over their useful lives on the following ba$es'. Computers 33% per annurn straight line basis The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the ¢arrySng value of the asset. and 1$ recognised Sn net Incomellexpendltul forthe year. 1.7 Fixed 888Ot investments Fixed asset Investments are Initial meaSUd at transa¢tion pri¢e excluding transaction ¢osl$. and are subs&qu8ntty measured al fair valu8 at each reportsng dale. Changes in fair value are recognised in net incomellexpenditurel foi the year. Transaction costs ale expensed as incurred. A 8ubsidiary is an entity controlled by the charitable company. CDntrol is the power to govèrn the financial and operating policies of the entity 80 as to obtain benefits from ils activities. 1.8 lrnpairment of fixed a55ets At each r8porting end date, the charitable company reviews the carrying amounts of its tsngible assets to detettnine whether there is any indication that those a55els have suffered an itnpairrnent b5s. If any such ndication exists, the COVerable amount of the asset Is estSmated Sn order lo determSne the extent of the impairment Ios8 lif any). 1.9 stocks Stocks are stated at the lower of cost and estimated selling piice less costs to cornplete and sell. Cost comprises direct materials and. Vthe applicable, dI¢t labour costs and thDse overheads that have been incurred in bringing thÈ stttks lo their pre8ent location and condition. Items held for distribution 8t no or nomin81 consideration are measured th8 lower of r8placem8nt C08t and cosL Net realisable value is the estimated selling prir* les8 all e8ts"matÈd Costs of completion and costs to be incurred in marketing, selling and distribution. 1.10 Cash and ¢ash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts a shown within borrowings in current li8bilities.
THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Ac¢ountlng poll¢les 1.11 Financial instrument5 The charitable company has elected to appty the provisions of Section 11 'Basic Financial Instruments, and Section 12 '01her Financial In51rurnent5 Issues, of FRS 102 to all of its financial instiutnents. Financial in3truments are recogni8ed in the charitable company's balance 8heet when the charitable Company become5 party to the contractual provisions of the instrument. Financial asset8 and liabilrties are offset. with the net amounts presented in the financial statemenis. when there is s legally enforceable right to Sel off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability 5imultaneousty. Basic financial assets Basic finanual assets, which in¢lude debtors and cash and bank balances. are initialty measured 8t transaction price including transaelion costs and are subsequenuy carried al amortssed cost using the effective interest method unles5 the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the fulurt receipts discounted at a market rale of interest. Finantsal assets classified as receivabl& wthin one year are not amortised. Basie financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unle85 the arrangement constitutes a financing transaction. where the debt instrument is measured ai the psent value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year ar& not arnortssed. Debt instruments are subsequentty ¢arried at amortised cost, using the effective interest rate method. Trade creditors are obligations lo pay for goods or services that have been acquiied in the ordinary course of operations from suppliers. Amounts payable are classified as Current liabilities if payment is due within one year or less. If not, they are presented as nonwcurrent liabilities. Trade creditors are recognised initially al tisnsaction price and subsequently measured at amorbsed cost using the effectwe interest method. Dere¢ognltlon of financlal Ilabllltles FSnancial liabilities are derecognised when the charltable company's contractual obllgatSon$ expire or are discharged or canceled. 1.12 Taxation Th& Prayer Book Society is a registered charity and is therefor& ex8mPt from liability to taxation on its income and capital gains. Critical a¢¢ounling estimale$ and judgements In the application of the Charitable company's a¢¢ounling rxili¢ies. the trustees a requi lo make judgements. e8timales and as8umptions about the carrying amount of assets and liabilities that 8re not readity apparenl from other sources. The eslimstes and sssoci8ted assurnptions are based on historical experience and other factOlS that are considered to be relevant. Actual iesults may differ from these estimates. Th8 estimat88 and Undering assumptions are reviewed on an ongoing basi8. Revisions to accounting eslimstes are recognised in the period in which the estimste is ievised where the revision affects onty that period, Dr in the period of the revision and luture periods where the revision affects both current and fvture periods. -23-
THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Donations *nd legacie8 Unrestricted Restricted fund$ fund$ Total Total 2020 2020 2020 2019 Donations and gifts Legaaes receivable Bengfactors Membership lees Gift aid 102,487 14,607 14,213 102,467 14,607 14,213 500 27.400 105,006 107,067 9,319 614 15,221 500 27,400 158,687 500 159,187 237,227 Forthe year ended 31 Dember 2019 236,613 614 237,227 t>onations and gifts Membership contributions Sundry donations 85,815 16,852 85,815 16,652 86,733 18,273 102,467 102,467 105,OC6 Charitable activities Conference Incom• 2020 Spe¢lal M18uM•nooug events Income 2020 2020 Totsl 2020 Total 2019 Charitable income- Miscellaneous 1,835 1,885 17,912 Other trading activities UnY¢strl¢tsd Unr•StCd funds fundB 2020 2019 Trading actiwty income.. other 21,744 13,469 Trading Activty comprises sales of books and other publications since 1 Juty 2019. Prior to that date these salg$ were recorded in the financial Statgmgnts of PBS Trading Limited. 24_
THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Inve$tment$ Unrestrieted Re$tri¢ted fund8 funds Ttstal Total 2020 2020 2020 2019 Investment Income Interest receivable 18,025 731 7,4 25,515 765 29,713 758 18,756 7.524 26.280 30.471 For the year ended 31 December 2019 21,620 8.851 30.471 Other Income Unre5tricte(I funds Total 2020 2019 Government grants 938 Raising fund Unrestricted Restrictsd fund$ fund5 Total Totsl 2020 2020 2020 2019 Stsging fundraising events Advertising Other fijndraising cost8 765 14.870 6,075 765 14,870 6,075 7,278 18,513 4,235 Fundraising and publicty 21.710 21.710 30,026 Tradin Costs Depreciation and impairment 1,281 1,281 191 nvestment mana ement 6,598 2,561 9,159 7,613 29,589 2,561 32,150 37,830 -25-
THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Ralslng lunds Forthe year endod 31 Decembor 2019 Fundraising and publicity Trading Costs Investment management 30.026 191 5.467 30,026 191 7,613 2,146 35.684 2,146 37,830 Charitable activities Cost of Outroach Conference, publications meetings, events Total 2020 Total 2019 2020 2020 2020 The Prnyer Book Today Faith & Worship Advertising & marketing Working with Ordinand8 Churches & Clergy Co-ordinator Cranmer Awards Conference & events 17,613 11,222 4,404 2,806 11,155 17,606 27,353 22,017 14.028 11.155 19,140 27.353 2,397 618 19,830 12.058 12,370 28.696 30,529 23.914 15.532 1,534 2,397 618 30.369 63.324 3,015 96.708 142.929 Share of support ¢osts Isee note 101 Share of governance costs Is8e not8 101 83,648 83,648 87,380 17,808 17,808 14.065 131,825 63,324 3,015 198.164 244.354 Analy8ls by fund Unrestiicted funds RÈslricted funds 130.291 1,534 63.324 618 2,397 194.233 3,931 218.730 25,824 131,825 63,324 3,015 198,164 244,354 For the year ended 31 December 2019 Uniestricted funds Rèslrided funds 126.883 25,624 76.315 15,532 218.730 25,624 152,507 76,315 15,532 244,354
THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 10 Support costs Support Governance Costs costs 2020 Support Governance C05t5 costs 2019 Fundraising Travel & $ub$islen¢e Meeting costs Sundry costs Administration costs Printing. postsge and ststionery Legal & profession81 costs Office costs Rent Trading purchases 4.098 7,319 1.061 4.438 43.638 4.096 7,319 1.061 4,436 43.fj38 4,535 4,535 11,1331 40.618 40.618 8,500 8,500 8,591 8,591 400 6.957 10,320 13.451 400 6.957 10,320 13.451 6.525 10.175 1.519 6.525 10,175 1.519 Audit fees Other costs AGM costs 9,240 9,240 696 7.872 9,000 2.977 2,088 9,000 2.977 2,088 7,872 83,648 17,808 101.456 87.360 14,065 101.425 Anatysed bÈtween Chaiilable activities 83.648 17,808 101.456 87.360 14.065 101.425 Govemance Costs include p8ymÈnts to the auditors of £9,00012019- £9,000) for audit fees. 11 Tru81ee8 The trustees undertake the day to day operation and Tnanagernent of the charity, with assistance provided, on a full time basis. trom the churches and clergy ¢wrdinalor and from four part time adminislralive members of st8ff. No charg& is made for the s8rvic8s of truste88. No trustee, or persons related to or conn8Cted by busine55 to them, has received any rernuneration frotn the society during the yeai. The total expenses imbursed to seven Iruslees amunted to £4.378. In relation to travel and $Jbsistence 12019.. seven Iruslees aMDUnting to £7,256). 27_
THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 12 Employees Number tsf empltsyees The average tnonthty nurnber of employees during the year was.. 2020 Number 2019 Number Empltsymènt costs 2020 2019 Wages and salaries Soci315ecurity c051s Other pension costs 72,195 1.241 1,054 68,921 1.240 1,389 74,490 71,550 The were no employees whose annual remuneration was £60.000 or rn0. 13 Net gain$llh)s$esl on investments Unrestricted R95tricted funds funds Total Total 2020 2020 2020 2019 RevaluatSon of Investments 19,8191 9,120 14991 138,682 For the year ended 31 December 2019 101,019 37,643 138,662 -28-
THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 14 Tanglble flxed assets CoThputo Cost At 1 January 2020 Additions 10,420 689 At 31 December 2020 11,109 Depreciation and impairment At 1 January 2020 Depreciation charged in the year 7.131 1,281 At 31 December 2020 8,412 Carrylng amount At 31 Decetnber 2020 2.697 At 31 December 2019 3,289 15 Flxed asset Inve$tment$ Unrestrl¢ted Martln Charterls a$h In other portfollo Investments Totsl Cost tsr valuation At 1 January 2020 Addrtions Valuation change$ Management fees Transferto cash at bank Disposals 776,868 66,970 19,6191 283,282 13.767 9,120 25,440 180.7371 10,000 1,095,580 14991 19.1591 25.000 110,0001 19.1591 25.000 57,160 149,1881 17.9721 110,0001 At 31 December 2020 785,031 298.197 17,704 1,100,932 Carrylng amount At 31 December 2020 785,031 298.197 17.704 1,100.932 At 31 December 2019 775,868 283.282 25.440 10.000 1,095.590 2020 2019 Other investments comprise.. Notes Investments In subsidiaries 10,000 -29-
THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 16 Sto¢k$ 2020 2019 Finished goods and goods for resa 8.238 10.236 17 Debtors 2020 2019 Amounts falllng due wRhln one year. Other debtors pPaYMents and accrued income 11,775 1.453 1,923 13,228 1,923 18 Cr•ditors.' amounts falling du• within on• y•ar 2020 2019 Arnounts owed to fellow group undertskings Accruals and deferred Income 20,122 9,000 9,240 9,240 29,122 19 Retlrement benefft schemes The charitable company operates a defined conthbution pension scheme for all qualifying employees. The assets of the schetne are held sepaiatety trom those of the chaiitabk company in an independently admlnlstertd fund. 20 An&0¥ ol net sets between funds Unr88trictsd R8Strlcted 2020 2020 Total 2020 Total 2019 Fund balances at 31 December 2020 are prtsented by". Tanglble assets Investments Current assetsllllabSlllfjesl 2,697 791,317 63,668 2,697 1,100,932 134.444 3,289 1,095,590 159,975 309,615 70.776 857.682 380.391 1,238,073 1.258.854 -30-
THE PRAYER BOOK SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 21 Restricted Funda Martin Tho Organ Matthias Eileen Prayor Petsr Charteri& 8cholarnhipPrayer Book Freernan Books for Toon MÉmorial Fund Fund Fund Bequetst Africa MÉmorial Fund Total Balan brought forward at 1 January 2020 Transfer in Income for th8 year Expenditure for the year GainllLossl on investments 256,989 1.914 6,411 92,432 9,639 369,739 4,302 57 532 2,773 71 289 8,024 14,9471 11,5451 16,4921 9,120 9,120 Balan carried fOard at 31 December 2020 265,464 1,971 5,398 95,205 2,425 9,928 380,391 The Martin Charteris Memorial Fund principally exists to support the CranmerAwards Compth"tion. The Organ Scholarship Fund assists trainee organists, who are learning to awompany Prayer Book services, with their tuition fees and lo give bursaries to trainee organists. The Matthias Prayer Book Fund provides grants to churches to acquir8 copie5 of the Book of Common Prayerwhere the recipient churches a unable to do so on their own aOunt. The Eileen Freeman Bequest is to be spent on actmties undertaken by the Blad(bum Branth ol the SocEty. Prayer Books forAfrica is an appeal fund which enables copies of the Book of Common Prayer to be purth85ed and Shipped to African chuich85. The Peter Toon Memorial Fund financts the Peter Toon Memorial Lecture which aims to promote. defend. expound the Refoimed Anglican Way as expressed in the Forfflulai*s of the Church tsf England- the Book of Common Prayer, the Thirty-Nine Art5 and the Oidinal. 22 Related party transactions There were no disd03ab related paty transactions during the year12019- none). 31
THE PRAYER BOOK SOCIETY
APPENDIX
Note that this is the position as of 31[st] December 2020.
There is a branch of the Society in the following dioceses: Bath & Wells Ely Peterborough Blackburn Exeter Rochester Bristol Gloucester St Albans Canterbury Guildford Salisbury Carlisle Hereford Sheffield Chelmsford Leeds Southwell & Nottingham Chester Leicester Truro Chichester London & Southwark Winchester & Portsmouth Coventry Newcastle York Derby Norwich Durham Oxford
There are also branches in Ireland and North Wales and one for overseas members .