**Charity Registration No. 1113562**
## **THE BISHOP RADFORD TRUST**
**ANNUAL REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2022**
## **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
## **Trustees**
## **THE BISHOP RADFORD TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 9|
|Independent auditor's report|10 - 12|
|Statement of financial activities|13|
|Statement of financial position|14|
|Statement of cash flows|15|
|Notes to the financial statements|16 - 23|
## **THE BISHOP RADFORD TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
The trustees present their report and financial statements for the year ended 31 March 2022.
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 objectives 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.
2. 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 £7 million to 450+ charities since it was founded in 2006.
Summary of grant making analysis for the year to 31 March 2022:
- £505,538 granted
- 58 grants awarded
- 52% of the funds awarded were for Christian ministry in the UK
- 48% of the funds awarded were for Christian ministry overseas
- Approx. 5% of our grants achieved match funding
## _**Donation Strategy**_
We have three levels of grant giving. This year there were forty one 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. Thirteen 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.
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## **THE BISHOP RADFORD TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## _**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 Howes – Trust Manager – employed part-time Steve Gladdish – Honorary Financial Advisor_
## Details of the grants awarded by donation level:
## **High Level 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 - £50,000**
The grant provides core funding for the organisation focused on supporting the Messy Church and Anna Chaplaincy ministries.
## **Exeter College Chaplaincy - £38,949**
Supporting the salary costs of the Exeter Chaplain for the second of two years.
## **International Health Partners (IHP) - £25,000 (strategy work)**
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 Needs - £20,000**
Grant to support a children’s disability and inclusion project in Uganda working through 60 schools.
## **International Needs - £5,000 – Ukraine appeal**
Church planters supporting refugees crossing the border, an example of Christian families and supporters opening up their homes to Ukrainian families.
## **Cinnamon International (now NAYBA) - £20,000**
Launch of strategic partnership with NAYBA, setting up networks in Albania. Funding FACC audit in Amsterdam.
## **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.
## **Purple Shoots - £20,000**
To help us to grow and spread our self-reliant groups, reaching more people and working with more organisations and churches.
## **The Big Give Together Fund (Match Funding) - £26,000**
Support towards a Christian champion funder portfolio, jointly providing match funding support to 17 Christian charities in the UK.
## **Five Talents - £19,805**
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.
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## **THE BISHOP RADFORD TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **Five Talents - £15,000**
Collaborative appeal working with a group of funders.
## **Truth be Told (TLG) – £14,228**
Intergenerational ministry, this includes churches running the project in care homes to include residents (TBTCare), they are piloting the project for use in church toddler groups to include older adults from the congregation and the community too (TBTChurch), as well as exploring other streams and commercially viable opportunities.
## **Mid Level grants:**
## **Cinnamon Network - £13,000**
UK partner grant supporting Incubator Programme Residential Project.
## **Mary's Meals - £10,000**
Match funding opportunity in December, matched by the UK Government. Providing school meals to children in Liberia.
## **Middle East Media / MEM - £5,000**
Christian charity using creative media to share God’s love with the people of the Middle East. This grant was to support the purchase of new equipment to produce new content.
## **EGCC - European Great Commission Collaboration - £5,000**
Towards TEN (Transform Europe Network) supporting new leaders to lead new ministries in the Middle East and the Balkans.
## **Low level grants:**
## **MANNA Ministries - £3,000**
Trauma healing work with internally displaced people in Cabo Delgado, northern Mozambique in partnership with the Anglican Diocese of Nampula, Mozambique.
## **Sorted Magazine - £3,000**
Otherwise known as the Breakout Trust, facilitate evangelistic projects, books and distribute the Christmas DVD together with other resources produced by the charity. We supported the Sorted Magazine publication.
## **Kidz Klub Leeds - £2,000**
Salary costs for a school worker for 6 hours per week to extend Christian work through school partners and reach more children in need.
## **Fields of Life - £2,000**
Christian Education Training and Outreach project that will impact up to 20,000 children and young people across 60 schools and 40 churches in Uganda, East Africa.
## **Anglican International Development - £2,000**
Microfinance in Yei South Sudan. 150 women will benefit. These provide for, on average, 7 dependants so approximately 1,200 people will benefit initially from the economic progress brought about by a successful, thriving small business. As the project will be implemented in partnership with local churches, it will be overseen by local representatives of the Episcopal Church of South Sudan (eg. the Diocesan Secretary of Yei), in collaboration with AID's East Africa Manager Tabitha Muthui.
## **Friends of the Holy Land - £2,000**
A school for disabled children outside Bethlehem.
## **Via Ninos UK - £2,000**
Resources for a school for vulnerable children in Ecuador.
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## **THE BISHOP RADFORD TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **Hull Youth for Christ - £2,000**
The grant contributes to the start-up costs of a garden maintenance social enterprise. The enterprise will offer paid work placements to young people in the community who have failed to find employment.
## **Sixty-One - £2,000**
Sixty-One is a partnership of Bristol based charities, churches, businesses and individuals who have come together to work co-operatively to help ex-prisoners lead meaningful lives that are free from crime. As a charity in its own right, it also runs its own projects through employed staff.
## **Oxclose Church - £2,000**
To support staff in professional bus training, and Youth Mentoring Training and Qualification, the content which can then be passed on to support volunteers.
## **St Cuthmans Whitehawk - £2,000**
To support costs associated with the running of their core Youth Ministry activities, the Youth Cafe and Youth Club.
## **St Andrews Fulham Fields - £2,000**
Youth Ministry collaboration between 13 churches in Hammersmith, Fulham and Kensington and Chelsea.
## **Emerge Advocacy - £2,000**
Funding for Emerge at Frimley Park Hospital in Surrey. This project was established with Covid-19 Response funding, and we are now needing to secure new funding to ensure the work can continue.
## **Off the Fence - £2,000**
The charity tackles homelessness in Brighton and Hove. This includes an outreach to people who are street homeless, a drop-in advice service, and supported accommodation. The charity also runs a befriending service for women and a school’s project.
## **Audacious Foundation - £2,000**
Funding towards a new 12-month weekly breakfast program running alongside existing services for the homeless beginning September 2021.
## **Boaz Trust - £2,000**
Funding for food provision for homeless and asylum seekers supported accommodation in the Greater Manchester area.
## **20 Schemes Retrain - £2,000**
Programme to provide employment training
## **Universal Church of Jesus Christ - £2,000**
Funding to run a “Job Club” to provide intensive support services to 26 NEET (Not in Employment Education or Training) young people aged 18 – 21 years old from the Birmingham and Sandwell post codes, to help them try to find work over a period of between six to nine months.
## **Feed the Minds - £2,000**
Christian organisation aiming to drive awareness and education about FGM in Nigeria.
## **The Journey Church, Northern Ireland - £2,000**
Running costs for a kids soft play centre set up by The Journey Church
## **Life Radio UK - £2,000**
DAB carriage fee to broaden reach of Christian radio.
## **House of Prayer Ministry - £2,000**
Support community care leader work to reach black communities affected by Covid-19 through feed the mind coaching and counselling. The grant helped fund the cost of the centre from which they run all of the activities.
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## **THE BISHOP RADFORD TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **Chichester Drop in Centre - £2,000**
Life Group programme extension to serve 60 young people (11-17yrs). Currently serves 40.
## **The Message Trust - £2,000**
Bus which connects the community with 3 local churches, leaving ongoing training and connections after 6-week courses.
## **Faithworks Wessex - £2,000**
This grant will be used towards the cost of the meals and food packs for our homelessness project, BCARS.
## **Bramber Bakehouse - £2,000**
Grant to help extend a 8-week programme for women who are victims of human trafficking.
## **Mission Without Borders (MWB) - £1,430**
Afterschool programme for 40 children in Bulgaria
## **West Huntspill Parochial Church Council – £1,000**
IT facilities, training and support to assist the elderly in the parish who since Covid-19 have needed computer facilities to book train and bus passes and also to book Covid-19 vaccines. For an IT and information hub in the church vestry.
## **Soldier's and Airmen's Scripture Reader's Association (ASRs) - £1,000**
To recruit, train and then deploy up to four additional ASRs with a programme of ongoing recruitment in the following years, in order to provide Scripture Reader on Active service, that includes housing, training, travelling, technology and literature etc.
## **Encounter Christianity - £1,000**
Provide specialist teachers to deliver RE lessons in schools and colleges, train non-specialist teachers to deliver Christian Religious Education, promote Christian RE in schools and colleges, make resources available for these purposes.
## **Bogner Regis Baptist Church - £1,000**
To help fund the Wellbeing Project at The Shore Community Church. This project is to help engage and support the wider community in peoples’ emotional, mental, and spiritual wellbeing. The funding will go towards the running of a café that will is at the heart of the church and will become the physical hub of the project.
## **St Swithuns (Love Church) - £1,000**
A project called Love Church, being the development of a digital church creative space following on from Covid-19 restrictions.
## **St Petrocs - £1,000**
St Petroc Cafe/Day Centre will provide support for the isolated and elderly affected by Covid-19. It will offer activities and events for residents of Bodmin, particularly for those isolated and on low incomes. This project will reduce deprivation and support the most disadvantaged through wellbeing support.
## **All Saints, Brightlingsea - £1,000**
Youth outreach project to reach a younger audience, making them more spiritualy aware and providing activities.
## **Eastbourne NetworX - £1,000**
Providing food vouchers to families in need for winter months when food donations from supermarkets have dried up.
## **Ursuline Links - £1,000**
Support for the '#DoGoodFeelGood' Project for young people to overcome mental health issues through volunteering.
## **Windsor Hill Wood – £1,000**
Forest school for 30 vulnerable adults to tackle mental health through providing outdoor skills in the context of providing Christian hospitality.
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## **THE BISHOP RADFORD TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **Ignite church - £1,000**
Equipment for youth church hub to make church more relevant.
## **Destined to Reign - £1,000**
Increase youth provision at church for extra 4 hours per week.
## **New Life Shetland - £500**
Costs towards training and travel for a new minister on the island.
## **Lighthouse Central - £500**
Promotion of the Christian faith in children and young people by initiating and supporting free of charge nonresidential Christian holiday clubs.
## **Financial review**
The Statement of Financial Activities set out on page 13 of the financial statements shows how the trust's incoming resources have been expended in the year ended 31 March 2022.
Total incoming resources amounted to £1,346,930 (2021: £1,109,736), which comprised donations of £1,136,230 (2021: £937,500) and investment income of £210,700 (2021: £172,236). The only donor during the year was Stephen Green.
Resources expended amounted to £747,550 (2021: £710,888), with £505,538 (2021: £489,262) defrayed in making grants, £205,606 (2021: £178,893) on investment management fees and £36,406 (2021: £42,733) on governance costs.
The investment portfolio earned net gains of £2,670,064 (2021: net gains of £5,186,967).
Overall, the net increase in funds for the year was £3,269,444 (2021: £5,585,815).
The statement of financial position set out on page 14 of the financial statements shows the financial position of the trust at 31 March 2022.
The market value of the investments was £25,118,414 (2021: £21,780,590).
Current assets of £139,797 (2021: £220,319) is represented by gift aid receivable of £62,500 (2021: £nil), other debtors of £4,862 (2021: £nil) and cash at bank of £72,435 (2021: £220,319).
Current liabilities of £66,214 (2021: £78,356) is represented by grants pledged, and paid after the year end, of £5,000 (2021: £17,000), other payables of £91 (2021: £2,009) and accrued expenditure of £61,123 (2021: £59,347).
The resulting net assets amount to £25,191,997 (2021: £21,922,553) which is represented by the accumulated balances on the expendable endowment fund of £25,156,698 (2021: £21,887,010) and the unrestricted income fund of £35,299 (2021: £35,543). 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 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 2022, £331,000 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 objectives. 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 £35,299 (2021: £35,543) are adequate for its size of activities at the year end.
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## **THE BISHOP RADFORD TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **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 2022, the portfolio appreciated by +13.6% and the UK CPI +4% p.a. rose by +11%. Over the past 5 years, the portfolio has grown by 79.5%, well ahead of the UK CPI +4% p.a. at 35.9%. The comparable peer group, the _Asset Risk Consultants_ ‘Equity Risk’ Private Client £ Index _,_ appreciated by +4.8% in the 12 months to March 2020 and rose by +33.3% over the past 5 years.
Since inception on 31 December 2007, the portfolio is up +292.2%. The UK CPI +4% p.a. is up +116.0% over that period. The _Asset Risk Consultants_ ‘Equity Risk’ Private Client £ Index grew by +117.8% while the total return on the MSCI World Equity Index was +256.3%.
## 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 to 20 January 2022 was measured against a Medium Risk benchmark consisting of 50% Global Equities (MSCI ACWI), 40% Fixed Income (Lyxor Core UK.) and 10% Cash. As at 20 January 2022, the portfolio moved to a higher risk portfolio and was therefore measured against a high risk benchmark of 75% Global Equities, 20% Fixed Income, and 5% Cash.
Over the period ended 31 March 2022, the discretionary portfolio returned 5.81% versus 3.5% return delivered by the ARC balanced benchmark, and 4.6% return delivered by the ARC steady growth benchmark over the same period.
## **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:
- the performance of its investments. The Trust mitigates this risk by retaining the services of expert investment managers to run the investment portfolio; and
- reliance on the donations of Stephen Green to help fund the Trust’s grant making activities. His donations are presently in the form of an expendable endowment. The long term objective is for the endowment fund to be self-sustaining by generating a level of return (from the investment portfolio) which is capable of funding the trust’s grant making activities, beyond a time when his donations are likely to cease.
## **Plans for the future**
The trust plans to continue its grant-making activities for the foreseeable future, subject to satisfactory funding arrangements.
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## **THE BISHOP RADFORD TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **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.
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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.
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## **THE BISHOP RADFORD TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **Disclosure of information to auditor**
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information
The trustees' report was approved by the Board of Trustees.
## **Suzannah O'Brien**
Trustee Dated: 30 January 2023
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## **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 2022 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 the significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
- give a true and fair view of the state of the charity’s affairs as at 31 March 2022 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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.
## **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:
- the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
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## **THE BISHOP RADFORD TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BISHOP RADFORD TRUST**
## **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:
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the trust and determined that the most significant are those that relate to the reporting framework being the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the trust's governing document, the Charities Act 2011, and the relevant direct and indirect tax compliance regulation in the United Kingdom.
- We understood how the trust is complying with those frameworks by making enquiries of management and seeking representations from those charged with governance. We corroborated our understanding by reviewing supporting documentation including trustee meeting minutes.
- We assessed the susceptibility of the trust's financial statements to material misstatement, including how fraud might occur by considering the risk of management override of internal control and by designating income recognition and expenditure on charitable activities as fraud risks. We performed journal entry testing by specific risk criteria, with a focus on journals indicating large or unusual transactions based on our understanding of the trust. We tested specific transactions, reconciling to underlying investment records which were obtained externally from verified investment management entities, and donations to supporting documents from the donor. We tested specific grants made to grant applications ensuring the grant was in accordance with the trust's charitable objectives.
- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance, review of legal and professional expenses and review of trustee meeting minutes.
- The trust is a regulated entity under the supervision of the Charities Commission. As such, the Senior Statutory Auditor considered the experience and expertise of the engagement team to ensure that the team had the appropriate competence and capabilities.
- 11 -
## **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: https:// 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**
30 January 2023
**Chartered Accountants Statutory Auditor**
Devonshire House 1 Devonshire Street London W1W 5DR
- 12 -
## **THE BISHOP RADFORD TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**Unrestricted Endowment**
**funds**
**funds**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**2**
-
1,136,230
Investments
**3**
210,700
-
**Total income**
210,700
1,136,230
**Expenditure on:**
Raising funds
Investment management
**4**
-
205,606
Charitable activities
Church related projects
**5**
192,967
-
Support of church ministry
**5**
348,977
-
**Total charitable expenditure**
541,944
-
**Total expenditure**
541,944
205,606
Net gains on investments
**11**
-
2,670,064
**Net income/(expenditure)**
(331,244)
3,600,688
Transfers between funds
331,000
(331,000)
**Net movement in funds**
(244)
3,269,688
**Reconciliation of funds:**
Total funds brought forward
35,543
21,887,010
**Total funds carried forward**
35,299
25,156,698|**Total**
**2022**
**£**
1,136,230
210,700
1,346,930
205,606
192,967
348,977
541,944
747,550
2,670,064
3,269,444
-
3,269,444
21,922,553
25,191,997|**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|
- 13 -
## **THE BISHOP RADFORD TRUST**
## **STATEMENT OF FINANCIAL POSITION**
## _**AS AT 31 MARCH 2022**_
||||**2022**|**2022**||**2021**|
|---|---|---|---|---|---|---|
||**Notes**|**£**||**£**|**£**|**£**|
|**Fixed assets**|||||||
|Investments|**12**|||25,118,414||21,780,590|
|**Current assets**|||||||
|Trade and other receivables|**13**|67,362|||-||
|Cash at bank and in hand||72,435|||220,319||
|||139,797|||220,319||
|**Liabilities:**|||||||
|Creditors: amounts falling due within one|**14**||||||
|year||(66,214)|||(78,356)||
|Net current assets||||73,583||141,963|
|**Total net assets**||||25,191,997||21,922,553|
|**The funds of the charity:**|||||||
|**Capital funds**|||||||
|Endowment funds||||25,156,698||21,887,010|
|**Income funds**|||||||
|Unrestricted funds||||35,299||35,543|
|||||25,191,997||21,922,553|
The financial statements were approved by the trustees on 30 January 2023
Suzannah O'Brien
**Trustee**
- 14 -
## **THE BISHOP RADFORD TRUST**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 MARCH 2022**_
||||**2022**|||**2021**||
|---|---|---|---|---|---|---|---|
||**Notes**|**£**||**£**|**£**||**£**|
|**Cash flows from operating activities**||||||||
|Cash absorbed by operations|**17**|||(763,554)|||(712,259)|
|**Investing activities**||||||||
|Net proceeds on disposal of investments||||||||
|(to pay investment management fees)||202,072|||172,031|||
|Investment income received||213,598|||154,389|||
|**Net cash generated from investing**||||||||
|**activities**||||415,670|||326,420|
|**Financing activities**||||||||
|Receipt of expendable endowment||200,000|||335,000|||
|**Net cash generated from financing**||||||||
|**activities**||||200,000|||335,000|
|**Net decrease in cash and cash equivalents**||||(147,884)|||(50,839)|
|Cash and cash equivalents at beginning of year||||220,319|||271,158|
|**Cash and cash equivalents at end of year**||||72,435|||220,319|
- 15 -
## **THE BISHOP RADFORD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **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 amounts 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.
- 16 -
## **THE BISHOP RADFORD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **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. Financial 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.
- 17 -
## **THE BISHOP RADFORD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **2 Income from donations and legacies**
||**Unrestricted **|**Endowment**|**Total**|**Total**|
|---|---|---|---|---|
||**funds**|**funds**|**2022**|**2021**|
||**£**|**£**|**£**|**£**|
|Donations and gifts|-|1,136,230|1,136,230|937,500|
|**3**
**Income from investments**
Dividends
Interest receivable|**2022**
**£**
210,402
298
210,700|**2021**
**£**
172,222
14|
|---|---|---|
|||172,236|
- **4 Expenditure on raising funds**
||**Unrestricted **|**Endowment**|**Total**|**Total**|
|---|---|---|---|---|
||**funds**|**funds**|**2022**|**2021**|
||**£**|**£**|**£**|**£**|
|Investment management|-|205,606|205,606|178,893|
- 18 -
## **THE BISHOP RADFORD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **5 Expenditure on charitable activities**
|**Church**
**related**
**projects**
**Support of**
**church**
**ministry**
**£**
**£**
**2022**
Grant funding of activities (see note 6)
UK
50,000
211,733
International
130,000
113,805
180,000
325,538
Share of governance costs (see note 8)
12,967
23,439
192,967
348,977
**2021**
Grant funding of activities
225,000
264,262
Share of governance costs
19,652
23,081
244,652
287,343|**Total**
**£**
261,733
243,805|
|---|---|
||505,538
36,406|
||541,944|
||489,262
42,733|
||531,995|
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 Trustees**
During the year the trust reimbursed expenditure of £563 (2021: £nil), incurred on behalf of the trust, to a trustee.
Notwithstanding the above, none of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
- 19 -
## **THE BISHOP RADFORD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**8**
**Governance costs**
**2022**
**2021**
**£**
**£**
Staff costs
15,064
19,958
Audit fees
7,920
7,200
Accountancy and taxation services
8,040
9,918
Administration costs
5,382
5,657
36,406
42,733
**9**
**Auditor's remuneration**
The analysis of auditor's remuneration is as follows:
**Fees payable to the trust's auditor and associates:**
**2022**
**2021**
**£**
**£**
Audit of the trust's annual financial statements
7,920
7,200
**Non-audit services**
All other non-audit services
8,040
9,918
**10**
**Employees**
The average monthly number of employees during the year was:
**2022**
**2021**
**Number**
**Number**
1
1
**Employment costs**
**2022**
**2021**
**£**
**£**
Wages and salaries
14,348
19,418
Pension costs
716
540
15,064
19,958|**2022**
**£**
15,064
7,920
8,040
5,382
36,406|**2021**
**£**
19,958
7,200
9,918
5,657|
|---|---|---|
|||42,733|
|||**2021**
**£**
7,200|
||||
||**2022**
**£**
7,920||
||8,040|9,918|
||||
|||**2021**
**£**
19,418
540|
|||19,958|
There were no employees who received total employee benefits (excluding employer pension costs) of more than £60,000.
- 20 -
## **THE BISHOP RADFORD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **11 Net gains on investments (including changes in fair value)**
|Change in fair value of investments
Gain on sale of investments
**12**
**Fixed asset investments**
**Investments at fair value**
**comprise:**
Listed investments
Cash deposits|**2022**
**£**
1,948,644
721,420
2,670,064
**2022**
**£**
22,412,795
2,705,619
25,118,414|**2021**
**£**
4,241,952
945,015|
|---|---|---|
|||5,186,967|
|||**2021**
**£**
20,689,682
1,090,908|
|||21,780,590|
## **Fixed asset investments revalued**
Listed investments are held at their value on the open market at 31 March 2022. The historical cost of listed investments at 31 March 2022 is £14,589,504 (2021: £13,654,072).
## **Movements in non-current investments**
|**Cost or valuation**
At 1 April 2021
Additions
Valuation changes
Disposals
At 31 March 2022
**13**
**Trade and other receivables**
**2022**
**Amounts falling due within one year:**
**£**
Other receivables
67,362|**Total**
**£**
21,780,590
7,027,933
1,948,644
(5,638,753)|
|---|---|
||25,118,414|
||**2021**
**£**
-|
- 21 -
## **THE BISHOP RADFORD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**14**
**Current liabilities**
Grants payable
Other payables
Accruals|**2022**
**£**
5,000
91
61,123
66,214|**2021**
**£**
17,000
2,009
59,347|
|---|---|---|
|||78,356|
|**15**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Endowment**
**funds**
**£**
**£**
Fund balances at 31 March 2022 are represented by:
Investments
-
25,118,414
Net current assets
35,299
38,284
35,299
25,156,698|**Total**
**£**
25,118,414
73,583|
|---|---|
||25,191,997|
## **16 Related party transactions**
## **Transactions with related parties**
During the year the trust entered into the following transactions with related parties:
|Trustees|**Donations received**
**2022**
**2021**
**£**
**£**
1,136,230
937,500
1,136,230
937,500|**Donations received**
**2022**
**2021**
**£**
**£**
1,136,230
937,500
1,136,230
937,500|
|---|---|---|
|||937,500|
- 22 -
## **THE BISHOP RADFORD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**17**|**Cash generated from operations**|**2022**|**2021**|
|---|---|---|---|
|||**£**|**£**|
||Surplus for the year|3,269,444|5,585,815|
||Adjustments for:|||
||Investment income recognised in statement of financial activities|(210,700)|(172,236)|
||Non-cash donations - gift of shares|(122,730)|(250,000)|
||Expendable endowment donations|(1,012,500)|(687,500)|
||Gain on disposal of investments|(721,420)|(945,015)|
||Fair value (gain) on investments|(1,948,644)|(4,241,952)|
||Movements in working capital:|||
||(Increase) in trade and other receivables|(4,862)|-|
||(Decrease) in trade and other payables|(12,142)|(1,371)|
||**Cash absorbed by operations**|(763,554)|(712,259)|
- 23 -