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2021-03-31-accounts

Charity Registration No. 1113562

THE BISHOP RADFORD TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

THE BISHOP RADFORD TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Stephen Green Janian Green Suzannah O'Brien Ruth Dare Charity number 1113562 Principal address Devonshire House 1 Devonshire Street London W1W 5DR Auditor Citroen Wells Chartered Accountants Devonshire House 1 Devonshire Street London W1W 5DR Bankers HSBC Bank Plc 1 Centenary Square Birmingham B1 1HQ Investment advisors Veritas Asset Management (UK) Limited Riverside House 2a Southwark Bridge Road London SE1 9HA Tribe Impact Capital LLP 52 Jermyn Street London SW1Y 6LX

THE BISHOP RADFORD TRUST

CONTENTS

Page
Trustees' report 1 - 8
Independent auditor's report 9 - 11
Statement of financial activities 12
Statement of financial position 13
Statement of cash flows 14
Notes to the financial statements 15 - 22

THE BISHOP RADFORD TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The trustees present their report and financial statements for the year ended 31 March 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: 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) (effective 1 January 2019)".

Objectives and activities

The Trust's object ive s are:

  1. To advance charitable purposes which promote the work of the Christian church in a manner consistent with the doctrines and principles of the Church of England and in furtherance thereof to apply the income in England and Wales and overseas for:

a) Church related projects promoting charitable purposes;

b) The education of priests, future priests and church workers;

c) Otherwise to support Church Ministry.

  1. To promote any other charitable purpose within the law of England and Wales and which the trustees consider consistent with the promotion of the work of the trust.

Public benefit statement

The trustees confirm that they have referred to the guidance contained in the Charity Commission 's general guidance on public benefit when reviewing the trust's aims and objectives and in planning future activities .

Our Vision

The Bishop Radford Trust (BRT) supports Christian ministry through UK registered charities and churches in the UK and Internationally. It works with a range of different charities and has given over £6.5 million to 400+ charities since it was founded in 2006.

Summary of grant making analysis for the year to 31 March 2021:

Donation Strategy

We have three levels of grant giving. This year twenty-two were low level grants. Typically, these are one-off grants at £2,000 or under. There were four mid-level grants which were awarded to organisations that either offered match funding opportunities, or they are of interest as potential high-level partner, or for networking purposes. Seventeen were high level grants most of which are multi-year partnerships where the objective is to give 'funder plus' support which includes regular check ins, strategic and other support.

Investment Principles

These are available on our website.

THE BISHOP RADFORD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

360 Giving data share

360Giving provides support for grant-makers to publish their grants data openly, to understand their data, and to use the data to create online tools that make grant making more effective. The Bishop Radford Trust has published our awarded grants since 2018, this is in keeping with our mission to operate with transparency.

Staff / Contributions:

Suzannah O'Brien - Trust Director and Trustee Danielle – Trust Manager – employed part-time Steve Gladdish – Honorary Financial Advisor

Details of the grants awarded by donation level:

Low level grants:

Aldgates Community Transformation (ACT) - £2,000

Food parcels for residents who are vulnerable, shielding or who have recently lost their jobs. Also used to fund food parcels to welcome new residents who have just left the streets or prison.

Cinnamon Network - project lab awards - £2,000

Grant towards the winning projects from project lab incubator programme at their awards evening.

Epworth Playgroup - £2,000

Contribution towards the Methodist church offering Epworth playgroup for a 5-day week as opposed to a 4- day week, therefore offering full childcare cover which allows parents to work full time.

European Christian Mission Britain (ECMB) - £2,599

Investment to accelerate the development of the European network of church planting by training key church planting influencers from Croatia, Spain, Portugal, Greece and Belgium.

Faithworks Wessex - £2,000

Grant towards meals and food packs for homeless BCARS project. (Bournemouth Christians alongside rough sleepers).

Gateway Church - £2,000

Furniture supply for local families in need.

Greater Manchester Community Chaplaincy – GMCC - £2,000

Training to provide basic training, IT and cooking skills for vulnerable groups including homeless and exoffenders, which is provided through the church.

Highway Hope - £1,000

Funding towards a soup kitchen, which provides community support and a foodbank (based in Manchester).

Imago Dei Prison Ministry - £2,000

Provision of “Free to be” courses in three women’s prisons to address the route causes of offending behaviour, designed to help women’s mental and emotional wellbeing.

Kings Arms Project - £2,000

Supports the homeless community, prison leavers and refugees. This grant covered the costs of PPE for staff helping people in the community in Bedford.

Latin Link UK - £500

Funding towards the process of digitization of the leadership development programme in Santa Cruz in Bolivia.

THE BISHOP RADFORD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Mercy UK - £2,000

Free of charge residential home for women who have suffered all forms of abuse.

Philadelphia Network UK - £2,000

Purchase of a new van to support the foodbank for the next five years. The van will be used daily to distribute approximately 70,000 parcels.

St Aldhelms, Edmonton - £500

Additional support to reach the elderly and isolated via phone and letters during the Covid-19 pandemic.

St Judes Stockbridge - £400

Support for an isolated congregation during the Covid-19 pandemic.

St Mathias Brighton - £2,000

Launching new Trussell Trust foodbank in January to help break the cycle of poverty in the community.

St Peters in the City, Derby - £2,000

Support towards “Inside out project’ helping to support women when they leave prison with mentoring, discipleship, and community support. Helps those who at risk of addiction or risk of reoffending.

St Peters Rockferry - £1,250

Resources training, materials and support for the Rockferry family group.

Swindon Youth for Christ - £2,000

Equipment for their Healthy Minds project, which is designed to empower young people to develop the skills to get through stressful and difficult times.

The Mustard Tree Foundation - £2,250

Chaplaincy outreach costs towards “Rahab” project, which engages women sex workers offering them practical help and support.

The Rock - £1,000

Equip project to support students who have been excluded from mainstream education. This project is to increase employability in this young vulnerable group (NEET – not in education, employment, or training).

Wellfound (Measham Family Big Give appeal) - £1,000

To support 400 members of remote communities with access to fresh clean water, reduce death and water related disease. A pump was purchased with the grant.

Medium level grants:

Beachy Head Chaplaincy - £4,089

Funding to train nine new search and rescue volunteers as part of the Beachy Head chaplaincy team.

Mary's Meals - £5,000

Supporting school meals in Malawi.

Mary's Meals Double the Love - £5,000

Match funding opportunity in December, matched by the UK Government. Providing school meals to children in Liberia.

Purple Shoots - £5,000

Funding towards the expansion self-reliant groups into two areas of Wales and Cheltenham / Gloucester area. These groups support people out of the work force or those with additional needs.

THE BISHOP RADFORD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

High level / partnership grants:

The Friends of the Archbishop of Canterbury's Anglican Communion Fund - £130,000

Money is used for the benefit of the churches and provinces of the Anglican Communion and the international ministry of the Archbishop of Canterbury. Grants are dispersed by the Archbishop of Canterbury’s Anglican Communion Fund, Charity No 1078032.

Bible Reading Fellowship - £70,000

The grant provides core funding for the organisation focused in particular on supporting the Messy Church and Anna Chaplaincy ministries.

Cinnamon International (now NAYBA) - £20,000

Launch of strategic partnership with NAYBA, setting up network Albania. Funding FACC audit in Amsterdam.

Cinnamon Network - £5,000

Grant supporting Incubator Programme Residential Project.

Cinnamon Network – Covid-19 - £5,000

Covid-19 match funding appeal for BAME churches to provide community support and emergency resources towards Covid-19 support as the pandemic disproportionately affected those within the BAME community.

Exeter College Chaplaincy - £38,162

Supporting the salary costs of the Exeter Chaplain for two years.

Five Talents - £19,762

Five Talents helps the poor in developing countries to start or expand a business. They do this by providing business training, savings schemes, and small loans through local microfinance partners. This award was to support savings groups for the work in the Dominican Republic of Congo and Myanmar. Due to the Covid-19 pandemic the project in Myanmar was unable to go ahead and thus this part of the grant was re-allocated to a savings group project in Kenya.

International Health Partners - £30,000

IHP is the largest coordinator of donated medical product in Europe with a strong network of healthcare industry donors. They respond rapidly to humanitarian disasters, support long-term healthcare development projects and equip doctors with supplies for short-term medical missions. This grant helped them develop a logistics tool for CRM management and capacity building.

International Health Partners – Covid-19 - £5,000

Providing quality medicines and supplies needed for Covid-19 related care for Christian partners around the world.

International Needs - £15,000

Grant to support a children’s disability and inclusion project in Uganda working through 60 schools.

International Needs – Covid-19 - £5,000

Covid-19 emergency relief and support for work in Uganda and Egypt.

Kick London - £20,000

To continue partnership support, in particular mental health provision for young people schools’ provision and Kick summer camps. Kick London's purpose is to transform young people's lives with God's love through football and other sports in schools and churches.

THE BISHOP RADFORD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

The Big Give Together Fund (Match Funding) - £15,750

Support towards a Christian champion funder portfolio, jointly providing match funding support to 17 Christian charities in the UK.

Transforming Lives for Good - £10,000

Core funding to support Regional Coordinator role in school for excluded children in Sussex.

SAT-7 Trust – TURK - £15,000

A contribution towards SAT 7 TURK a satellite TV channel supporting Christians in Turkey creating and broadcasting a wide range of Christian television programmes for the Turkish-speaking world.

Sat-7 – Covid-19 - £5,000

Covid-19 response in MENA area, including educational programming and support for educational materials on Facebook and social media.

Wintershall - £25,000

Funding towards the Passion Play typically held in Trafalgar Square each year.

Financial review

The Statement of Financial Activities set out on page 12 of the financial statements shows how the trust 's incoming resources have been expended in the year ended 31 March 2021 .

Total incoming resources amounted to £1,109,736 (2020: £ 1,106,295), which comprise d donations of £ 937,500 (2020: £885,100) and investment income of £172,236 (2020: £ 221,195). The only donor during the year was Stephen Green .

Resources expended amounted to £710,888 (2020: £ 665,286) , with £489,262 (2020: £ 466,760) defrayed in making grants, £178,893 (2020: £ 154,604) on investment management fees and £42,733 (2020: £ 43,922) on governance costs.

The investment portfolio earned net gains of £5,186,967 (2020: net losses of £190,805).

Overall, t he net increase in funds for the year was £5,585,815 (2020: £ 250,204).

The statement of financial position set out on page 13 of the financial statements shows the financial position of the trust at 31 March 2021 .

The market value of the investments was £21,780,590 (2020: £ 16,067,807) .

Current assets of £220,319 (2020: £348,658) is represented by gift aid receivable of £nil (2020: £77,500) and cash at bank of £220,319 (2020: £271,158).

Current liabilities of £78,356 (2020: £79,727) is represented by grants pledged, and paid after the year end, of £17,000 (2020: £20,000), other payables of £2,009 (2020: £nil) and accrued expenditure of £59,347 (2020: £59,727).

The resulting net assets amount to £ 21,922,553 (2020: £16,336,738) which is represented by the accumulated balances on the expendable endowment fund of £21,887,010 (2020: £ 16,301,436) and the unrestricted income fund of £35,543 (2020: £35,302) . The net assets of the trust's expendable endowment fund are held to generate sustainable income in order to support the trust's activities. The net assets of the unrestricted income fund are to be applied towards the trust's grant making activities and to meet the trust's ongoing overheads and administrative expenses.

THE BISHOP RADFORD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

The expendable endowment fund has been established by the trust 's principal donor, Stephen Green, as he is desirous of the trust establishing a permanent fund, generating sufficient investment returns to enable the trust to continue its charitable grant making activities beyond a time when his donations are likely to cease. In the year ended 31 March 2021 , £ 360,000 was transferred from the expendable endowment fund to the unrestricted income fund to help fund the charitable expenditure of the year.

The trust is committed to using its resources in pursuit of its charitable object ive s. It is also committed to maintaining a level of free reserves in the region of £25,000 to £35,000, which is prudent to meet on-going liabilities, sufficient to ensure that all grant commitments can be met and to protect the long-term future of its activities. The trustees consider that the total closing unrestricted funds of £35,543 (2020: £35,302) are adequate for its size of activities at the year end .

Investment policy and performance

The trustees have the power to invest in such assets as they see fit.

The trustees' objectives are to seek long term capital growth from capital not presently required to meet commitments, nor earmarked for future projects, acting prudently and after taking professional advice.

The trustees do this by holding investment portfolios with two investment managers, being Veritas Asset Management (UK) Ltd ('Veritas') and Tribe Impact Capital LLP ('Tribe').

All investments are considered on a quarterly basis with our investment advisors. The principal advisor is Veritas. Steve Gladdish also offers financial advice to the trustees.

Veritas

The Investment Objective of the Veritas portfolio is to achieve real returns, ahead of inflation, on a rolling 5 year view. Performance is measured against the UK consumer price index (CPI) plus a 4% p.a. risk premium.

Over the 12 months to 31 March 2021, the portfolio appreciated by +32.8% and the UK CPI +4% p.a. rose by +4.7%. Over the past 5 years, the portfolio has grown by 90.5%, well ahead of the UK CPI +4% p.a. at 30.9%. The comparable peer group, the Asset Risk Consultants ‘Equity Risk’ Private Client £ Index , appreciated by +30.4% in the 12 months to March 2020 and rose by +51.3% over the past 5 years.

Since inception on 31 December 2007, the portfolio is up +245.4%. The UK CPI +4% p.a. is up +100.0% over that period. The Asset Risk Consultants ‘Equity Risk’ Private Client £ Index grew by +107.8% while the total return on the MSCI World Equity Index was +216.9%.

Tribe

The Investment Objective of the Tribe portfolio is long term growth in keeping with the mission and values of the charity, in line with a Multi Asset comparator over a market cycle while delivering positive impact across the portfolio. Performance is measured against a Medium Risk benchmark consisting of 50% Global Equities (MSCI ACWI), 40% Fixed Income (Barclays Global Agg.) and 10% Cash.

Over the period ended 31 March 2021, the discretionary portfolio returned 16.28% versus 12.88% return delivered by the Medium Risk Benchmark over the same period.

THE BISHOP RADFORD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Risk statement

The trustees have assessed the major risks to which the trust is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

The principal risks faced by the Trust are:

Plans for the future

The trust plans to continue its grant-making activities for the foreseeable future, subject to satisfactory funding arrangements.

Structure, governance and management

The trust was established by a charitable trust deed on 23 January 2006 and is a registered charity with registration number 1113562.

The trustees who served during the year were: Stephen Green Janian Green Suzannah O'Brien Ruth Dare

The power to appoint new or additional trustees is vested in the trustees . In exercising this power, the trustees would use their own network of contacts, including family members, to identify suitable candidates possessing the necessary knowledge and skills to act as trustees. There must be at least two trustees . Each trustee must be appointed for a term of five years, but shall be eligible for re-appointment.

Trustees are expected to identify their training needs and to take measures to ensure that these needs are met.

The trust ’s day to day activities are administered by Suzannah O'Brien, together with Danielle Howes . Its trustees , who meet regularly, are responsible solely for the consideration and authorisation of the charitable donations made by the trust . All trustees give their time freely and no trustee remuneration or expenses were paid in the year .

Fundraising Statement

The trust focusses its fundraising activities towards its principal donor Stephen Green. The trust does not solicit or directly contact members of the public.

The trust has not engaged with third parties to raise funds. No complaints were received in relation to the trust's fundraising activities.

THE BISHOP RADFORD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' r eport was approved by the Board of Trustees.

Suzannah O'Brien

Trustee Dated: 6 January 2022

THE BISHOP RADFORD TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BISHOP RADFORD TRUST

Opinion

We have audited the financial statements of The Bishop Radford Trust (the ‘trust’) for the year ended 31 March 2021 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

THE BISHOP RADFORD TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BISHOP RADFORD TRUST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows:

THE BISHOP RADFORD TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BISHOP RADFORD TRUST

A further description of our responsibilities is available on the Financial Reporting Council’s website at: http s :// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

David Marks FCA (Senior Statutory Auditor) for and on behalf of Citroen Wells

7 January 2022

Chartered Accountants Statutory Auditor

Devonshire House 1 Devonshire Street London W1W 5DR

THE BISHOP RADFORD TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted Endowment
funds
funds
Notes
£
£
Income and endowments from:
Donations and legacies
2
-
937,500
Investments
3
172,236
-
Total income
172,236
937,500
Expenditure on:
Raising funds
Investment management
4
-
178,893
Charitable activities
Church related projects
5
244,652
-
Support of church ministry
5
287,343
-
Total charitable expenditure
531,995
-
Total expenditure
531,995
178,893
Net gains/(losses) on investments
11
-
5,186,967
Net income/(expenditure)
(359,759)
5,945,574
Transfers between funds
360,000
(360,000)
Net movement in funds
241
5,585,574
Reconciliation of funds:
Total funds brought forward
35,302 16,301,436
Total funds carried forward
35,543 21,887,010		 Total
2021
£
937,500
172,236
1,109,736
178,893
244,652
287,343
531,995
710,888
5,186,967
5,585,815
-
5,585,815
16,336,738
21,922,553		 Total
2020
£
885,100
221,195
1,106,295
154,604
278,995
231,687
510,682
665,286
(190,805)
250,204
-
250,204
16,086,534
16,336,738

THE BISHOP RADFORD TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2021

Notes
Fixed assets
Investments
13
Current assets
Trade and other receivables
14
Cash at bank and in hand
Liabilities:
Creditors: amounts falling due within one
year
15
Net current assets
Total net assets
The funds of the charity:
Capital funds
Endowment funds
Income funds
Unrestricted funds		 2021
£
£
21,780,590
-
220,319
220,319
(78,356)
141,963
21,922,553
21,887,010
35,543
21,922,553		 2020
£
£
16,067,807
77,500
271,158
348,658
(79,727)
268,931
16,336,738
16,301,436
35,302
16,336,738

The financial statements were approved by the trustees on 6 January 2022

Suzannah O'Brien Trustee

THE BISHOP RADFORD TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Notes
Cash flows from operating activities
Cash absorbed by operations
18
Investing activities
Net proceeds on disposal of investments
(to pay investment management fees)
Investment income received
Net cash generated from investing
activities
Financing activities
Receipt of expendable endowment
Net cash generated from financing
activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
£
(712,259)
172,031
154,389
326,420
335,000
335,000
(50,839)
271,158
220,319		 2020
£
£
(671,626)
154,604
247,563
402,167
500,000
500,000
230,541
40,617
271,158

THE BISHOP RADFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Charity information

The Bishop Radford Trust is a registered charity in England and Wales. Its principal correspondence address is Devonshire House, 1 Devonshire Street, London, W1W 5DR. The nature of the charity's operations and principal activities are set out in the Trustees' Report.

1.1 Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011 and UK Generally Accepted Accounting Practice. The trust is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the trust . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention, modified to include the revaluation of the investment portfolio at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in existence for the foreseeable future. Thus the trustees' continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

The unrestricted income fund consists of funds to be used for the purposes of the trust's objectives at the discretion of its trustees, and to meet ongoing overheads and administrative expenses.

The trust has an expendable endowment fund, created by donations from the trust 's principal donor, Stephen Green. The income generated by the funds held on this endowment are unrestricted and are, therefore, included as part of the unrestricted income funds for the year.

1.4 Incoming resources

Donations are recognised when the trust is legally entitled to them, the amounts can be measured reliably, and it is probable that income will be received.

Gift aid reclaimable on donations to the trust is included with the amount received.

Dividends are recognised, net of withholding tax, when the trust is legally entitled to them.

1.5 Resources expended

Expenditure on grants is recorded once the trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier.

Other expenditure is included in the financial statements on an accruals basis.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

THE BISHOP RADFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Governance costs include those incurred in the governance of the trust and its assets and are primarily associated with constitutional and statutory requirements.

1.6 Non-current investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net gains/(losses) on investments for the year in the Statement of Financial Activities . Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include deposits held at call with banks.

1.8 Financial instruments

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. F inancial instruments are recognised in the trust 's balance sheet when the trust becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include other receivables and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including other payables, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust ’s contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11 Foreign exchange

Transactions denominated in foreign currencies are recorded at the rate ruling at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. All differences are included in net incoming resources.

THE BISHOP RADFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

2 Income from donations and legacies

Unrestricted Endowment
Total
funds
funds
2021
£
£
£
Donations and gifts
-
937,500
937,500
3
Income from investments
2021
£
Dividends
172,222
Interest receivable
14
172,236		 Total
2020
£
885,100
2020
£
219,085
2,110
221,195

4 Expenditure on raising funds

Unrestricted Endowment Total Total
funds
funds		 2021 2020
£
£		 £ £
Investment management -
178,893		 178,893 154,604

THE BISHOP RADFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

5 Expenditure on charitable activities

Church
related
projects
Support of
church
ministry
£
£
2021
Grant funding of activities (see note 7)
UK
95,000
138,500
International
130,000
125,762
225,000
264,262
Share of governance costs (see note 8)
19,652
23,081
244,652
287,343
2020
Grant funding of activities
75,000
131,260
Share of governance costs
180,000
80,500
255,000
211,760		 Total
£
233,500
255,762
489,262
42,733
531,995
206,260
260,500
466,760

The international grants are in respect of UK registered charities involved in international projects.

Governance costs are apportioned between the grant funding activities on a pro-rata basis.

6 Grants payable

Details of grants payable are included within the trustees' report.

7 Governance costs

Staff costs
Audit fees
Accountancy and taxation services
Administration costs		 2021
£
19,958
7,200
9,918
5,657
42,733		 2020
£
-
7,200
13,860
22,862
43,922

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration, benefits or expenses from the trust during the year.

THE BISHOP RADFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

9 Auditor's remuneration

The analysis of auditor's remuneration is as follows:
Fees payable to the trust's auditor and associates:
Audit of the trust's annual financial statements
Non-audit services
All other non-audit services		 2021
£
7,200
9,918		 2020
£
7,200
13,860

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Pension costs		 2021
Number
1
2021
£
19,418
540
19,958		 2020
Number
-
2020
£
-
-
-

There were no employees who received total employee benefits (excluding employer pension costs) of more than £60,000.

11 Net gains/(losses) on investments (including changes in fair value)

Change in fair value of investments
Gain/(loss) on sale of investments		 2021
£
4,241,952
945,015
5,186,967		 2020
£
(36,785)
(154,020)
(190,805)

THE BISHOP RADFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

12 Property, plant and equipment

At 1 April 2020
Disposals
At 31 March 2021
At 1 April 2020
Eliminated in respect of disposals
At 31 March 2021
Carrying amount
At 31 March 2021
At 31 March 2020
13
Fixed asset investments
Investments at fair value
comprise:
Listed investments
Cash deposits		 Fixtures, fittings and
equipment
£
3,768
(3,768)
-
3,768
(3,768)
-
-
-
2021
2020
£
£
20,689,682
14,744,507
1,090,908
1,323,300
21,780,590
16,067,807

Fixed asset investments revalued

Listed investments are held at their value on the open market at 31 March 2021. The historical cost of listed investments at 31 March 2021 is £13,654,072 (2020: £11,194,664).

Movements in non-current investments

Cost or valuation
At 1 April 2020
Additions
Valuation changes
Disposals
At 31 March 2021		 Total
£
16,067,807
5,911,392
4,241,952
(4,440,561)
21,780,590

THE BISHOP RADFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

14 Trade and other receivables

2021
Amounts falling due within one year:
£
Other receivables
-
15
Current liabilities
2021
£
Grants payable
17,000
Other payables
2,009
Accruals
59,347
78,356
16
Analysis of net assets between funds
Unrestricted
funds
Endowment
funds
£
£
Fund balances at 31 March 2021 are represented by:
Investments
-
21,780,590
Net current assets
34,461
111,420
34,461
21,892,010		 2020
£
77,500
2020
£
20,000
-
59,727
79,727
Total
£
21,780,590
141,963
21,922,553

17 Related party transactions

Transactions with related parties

During the year the trust entered into the following transactions with related parties:

Trustees Donations received
2021
2020
£
£
937,500
885,100
937,500
885,100

THE BISHOP RADFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

18
Cash generated from operations
2021
£
Surplus for the year
5,585,815
Adjustments for:
Investment income recognised in statement of financial activities
(172,236)
Non-cash donations - gift of shares
(250,000)
Expendable endowment donations
(687,500)
(Gain)/loss on disposal of investments
(945,015)
Fair value loss/(gain) on investments
(4,241,952)
Movements in working capital:
(Decrease) in trade and other payables
(1,371)
Cash absorbed by operations
(712,259)		 2020
£
250,204
(221,195)
(247,600)
(637,500)
154,020
36,785
(6,340)
(671,626)