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2023-03-31-accounts

Charity registration number 1113562

THE BISHOP RADFORD TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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 - 10
Independent auditor's report 11 - 13
Statement of financial activities 14
Statement of financial position 15
Statement of cash flows 16
Notes to the financial statements 17 - 23

THE BISHOP RADFORD TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their report and financial statements for the year ended 31 March 2023.

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.

  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 £7.5 million to 520+ charities since it was founded in 2006.

Summary of grant making analysis for the year to 31 March 2023:

Donation Strategy

We have four levels of grant giving. This year there were sixty-three foundation grants. Typically, these are oneoff grants at £2,000 or under. There were five collaborative grants which were awarded to organisations that either offered match funding opportunities or funder collaborations. Three were strategic grants and ten were partnership 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.

360 Giving data share

360Giving provides support for grant-makers to publish their grant 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.

THE BISHOP RADFORD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Staff / Contributions:

Suzannah O'Brien - Trust Director and Trustee Danielle Howes – Trust Manager – employed part-time

Details of the grants awarded:

Strategic Grants:

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

Funds are 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.

EGCC - European Great Commission Collaboration - £15,000

A grant awarded to Exponential Europe, supporting church planting in the EU.

Cinnamon Network - £13,000

UK partner grant supporting the Incubator Programme Residential Project.

Partnership Grants:

Bible Reading Fellowship - £25,000

The grant provides core funding towards supporting the Anna Chaplaincy ministries.

International Needs - £20,000

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

Middle East Media / MEM - £20,000

Christian charity which uses 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.

Kick - £20,000

The grant continues partnership support, in particular, with the mental health provision for young people and the 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.

Five Talents - £19,765

Business training, savings schemes, and small loans through local microfinance partners. This award was to support savings groups for work in the Dominican Republic of Congo and Kenya.

Truth be Told (TBT) - £14,228

Intergenerational ministry 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 (TBTChurch), as well as exploring other streams and commercially viable opportunities.

Purple Shoots - £20,000

To help grow and spread our self-reliant groups, reaching more people and working with more organisations and churches.

Grace Enterprises - £20,000

Providing Godly employment for those with barriers to work in Nottingham through Radiant Cleaners and Jubilee Events.

Wintershall - £25,000

Delivery of the Passion Play in Trafalgar Square.

NAYBA - £20,000

Launch of a strategic partnership with NAYBA, setting up a network in Albania. Funding FACC (Faith Action Audits) in Europe.

THE BISHOP RADFORD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Collaborative Grants:

Bible Reading Fellowship - £25,000

A collaborative funding opportunity focused on supporting the Messy Church ministries with a group of other grant makers.

Five Talents - £15,000

Collaborative appeal working with a group of funders.

The Big Give Together Fund (Match Funding) - £21,000

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

Warm Welcome (Good Faith Foundation) - £20,000

Mary's Meals - £20,000

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

Foundation Grants:

Youthscape - £1,300

Orbit is a short web-based weekday devotional which will be broadcast directly into the online spaces that youth are already using.

Just Love - £1,000

Just Love Student Training Programme.

Sports Reach – £2,000

Sports and bible teaching in partnership with local churches and schools.

Tramway Christian Fellowship - £2,000

Funding towards support for food banks.

St Swithuns Lincoln - £2,000

Love your Neighbour provision in Lincoln.

Yeldall Christian Centres - £2,000

Funding towards the Good Samaritan fund that enables those that cannot afford or get funding for residential rehabilitation to access our intense package of treatment in a safe, supportive environment.

ACT (Aldgates Community Transformation Initiatives) - £2,000

The Poplars residential centre in Herefordshire in June. Towards covering costs including travel, venue hire, food equipment etc.

Church Urban fund - £2,000

Promote the Growing Good Toolkit, a six-session course for churches.

CRIBS, Bexley London - £2,000

Delivery of the CAP Money Kids Course in primary schools across the London Borough of Bexley and surrounding areas.

Gateway Church, Kendall - £1,050

Community engagement/development - football holiday club, post covid memory making trip for families in UDA.

Trinity Church London - £1,000

A donation towards TCCL's Farse ministry.

THE BISHOP RADFORD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

ReSource - £2,000

Project to offer one-to-one prayerful support, outside existing formal structures, to leaders of little, local ordinary churches through ReSource's Alongside scheme.

St Stephens with Eastburn - £195

Equipment cost for set up for youth work.

Rumney Gospel Chapel – £1,000

Activities for the weekly Friday night youth club.

PartnerAid UK – £2,500

Farming project in Maban County, South Sudan, being run by Intec Farming Services.

Christian Books Worldwide – £2,000

Equipping pastors across the world, many of whom work in extremely difficult circumstances, to access the resources they need to teach the Bible faithfully.

Oriel Ministries – £2,000

Towards ongoing costs of the Pulse Bus project. The Pulse Bus work in rural and isolated areas of Cornwall and Devon sharing the Gospel and bringing Hope to all the young people they meet.

The DATIC Trust – £2,000

Community meeting space offering activities including English classes, and sewing classes run by Christian Volunteers.

Bridge Church Chepstow – £1,500

Early intervention and mentoring programme, liaising with schools and mentors, holding 6 meetings per year.

This is Growth LTD – £2,470

Towards night shelter and night manager.

Prison Fellowship - £1,000

Angel Tree Programme, to provide age-appropriate Christian storybooks to the children of people in prison at Christmas time.

Azalea - £2,000

Encompass Project: a frontline service supporting women who are surviving sex trafficking through expressing the unconditional love of God and empowering all to walk free from sex trafficking.

Community Money Advice LTD – £1,500

To re-write and re-print CMA Level 3 money advice and pension service (MAPS) Training. This will enable this training to remain fit for purpose and will enable the accredited level 3 training to be provided both online and face-to-face.

Beloved - £2,000

One-to-one support for women and outreach into the massage parlours around Bristol. They hope to release and support women out of the sex industry in Bristol.

Workplace Chaplaincy Scotland - £1,000

To support the work of both paid and volunteer Chaplains in 4 geographic areas - Falkirk, Scottish Borders, Fife, and Perth. Enabling the strengthening of local relationships.

Mission Without Borders - £1,000

Offering Christian material and emotional support to 25 vulnerable, elderly people in Moldova.

Three Spires Family Support Trust - £2,000

Support for Bridge programme which includes an art group, creative and music group, and positive voices which have been developed to help support parents who are struggling with mental health, hardship and/or crisis.

THE BISHOP RADFORD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Links International - £2,000

Girls Empowerment Project in Malawi.

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, it also runs its own projects through employed staff.

Spitalfields Crypt Trust - £1,500

Choice’s life-long recovery group.

South Liverpool Christians Against Poverty Debt Services - £1,000

Running costs for the debt centre, to help people out of poverty and set them up free from debt.

Restore York (LTD) - £2,000

Proton Foundation - £2,000

Tutela Africa - £1,490

A learning recovery programme for 10 children in family-based care to recover from the effects of the COVID-19 pandemic in Mozambique. Providing home tutoring sessions to nine primary school children and one secondary school child.

The Hope Trust Oxford - £1,000

Training needs for clergy and youth workers through Innovista.

Parish Nurse Ministries - £2,000

To develop the Parish Nurses Ministry programme in the UK.

Mission Initiative Newcastle (MINE Youth) - £2,000

MINE Youth - Our youth and children's work. Grant to be used to support core costs around our sports and music-based Christian school's work.

Stockton Parish Church - £1,000

To support the ongoing overhead costs for The Agape Project.

Wakefield Cathedral - £2,000

To expand and develop community outreach and education with a special emphasis on mission and discipleship to the surrounding community who may not ordinarily come into the cathedral for worship.

Cambridge Youth for Christ - £2,000

No. 40 Project - contribution towards the set-up costs of a new bespoke youth drop-in café in the heart of Cambridge whose aim is to promote positive well-being, build relationships and share the love of Jesus.

All Saints Church, Porthcawl - £2,000

Margam Calling project – a coffee shop offering hospitality in the church.

Kingdom Impact Grants - £2,000

The project is to support the cultivation of 5 acres of land for a specific pastor in Tanzania.

Christians Together Calderdale - £2,000

Running costs towards winter night shelter, which has eight beds and runs from October to March. The costs include staff pay, volunteer and staff training, food, utilities, and sundry goods for the use of residents.

The Souster Youth Trust - £1,000

Support for the Christian youth groups that help young people to explore faith further.

THE BISHOP RADFORD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Anglican International Development - £3,000

Microfinance Projects in South Sudan and Kenya.

Urban Devotion Birmingham - £2,000

The funding will enable us to run a Prayer Spaces project at Christmas and Easter using a local Church building as a base. We will also develop a mobile prayer space to use with ten year 6 classes in the final term of primary school to support them as they make the significant transition from primary to secondary school.

The Parish Trust - £2,000

Kids Alive International - £1,000

Production of a comic strip book to use to prepare child victims of sexual abuse in our care in Guatemala.

St Matthews Church, Worthing - £1,500

The provision of a youth drop-in.

Redeemer Church Thanet - £1,000

Redeemer Church Thanet is a new church planted in Cliffsend, Kent, reaching out to an un-churched community with the good news of Jesus and found in his unchangeable word. Thanet is deprived of faithful churches, and it is hoped, God willing, that a future plant will come out of RCT. This fund will go a long way to supporting operating costs.

The Institute for Children, Youth and Mission (CYM) - £1,000

To purchase laptop equipment for our support staff team.

Bradford Cathedral - £1,000

The Living Timeline - a new interactive way for Bradford school children to experience the Cathedral.

St Peters Lugwardine - £2,000

A contribution towards a mission worker as part of a project which spans three parishes who will engage with schools, and community groups, working across generations with a focus on the growth of the congregation.

Spencer Contact - £2,000

Christian furniture re-use charity operating in Northampton.

Via Niños UK - £2,000

Resources for a school for vulnerable children in Ecuador.

Hope Housing - £2,000

Funding towards a new CRM system.

The Noah Initiative - £2,000

Education program for young men through the church, who have lost their fathers, in Kenya.

L’Arche - £2,000

Work towards the spiritual element of the support program for residents.

The Omega New Grace Church - £1,932

Ecclesiastical Parish of St Catherine’s Wakefield - £1,800

Time to Connect – Utilizing the community café, we will provide a safe, warm space offering free hot/cold drinks, free WIFI, quiz sessions, board/card games, children's play area etc. Visitors will also have access to a worker who can support them with employment issues, job search, and debt/budgeting advice and they will have access to an Energy Champion who can give advice/info on energy efficiency and money saving.

THE BISHOP RADFORD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Child of Hope - £1,920

The project Access to Income for Rural Mothers will enable isolated rural mothers in Arachek village in Karamoja to develop micro-businesses and generate much-needed income by providing support, training, and finance to promote self-reliance and independence.

Coffee Tots Match Funding Appeal - £250

Online match funding appeal for a children's / family centre.

IHP – Ukraine Appeal - £1,000

Ukraine relief works through IHP.

Financial review

The Statement of Financial Activities set out on page 14 of the financial statements shows how the trust's incoming resources have been expended in the year ended 31 March 2023.

Total incoming resources amounted to £926,090 (2022: £1,346,930), which comprised donations of £654,493 (2022: £1,136,230) and investment income of £271,597 (2022: £210,700). The only donor during the year was Stephen Green.

Resources expended amounted to £821,388 (2022: £747,550), with £561,422 (2022: £505,538) defrayed in making grants, £220,506 (2022: £205,606) on investment management fees and £39,460 (2022: £36,406) on governance costs.

The investment portfolio had net losses of £484,097 (2022: net gains of £2,670,064).

Overall, the net decrease in funds for the year was £379,395 (2022: increase in funds of £3,269,444).

The statement of financial position set out on page 15 of the financial statements shows the financial position of the trust at 31 March 2023.

The market value of the investments was £24,668,979 (2022: £25,118,414).

Current assets of £209,281 (2022: £139,797) is represented by other debtors of £2,137 (2022: £4,862) and cash at bank of £207,144 (2022: £72,435). In the prior year there was additionally gift aid receivable of £62,500. All gift aid receivable was received by the year end in the current year.

Current liabilities of £65,658 (2022: £66,214) is represented by accrued expenditure of £65,494 (2022: £61,123) and other payables £164 (2022: £91). In the prior year the current liabilities also included pledged grants that were paid after the year end of £5,000. There were no similar items in the current year.

The resulting net assets amount to £24,812,602 (2022: £25,191,997) which is represented by the accumulated balances on the expendable endowment fund of £24,777,588 (2022: £25,156,698) and the unrestricted income fund of £35,014 (2022: £35,299). 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 2023, £329,000 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 £35,014 (2022: £35,299) are adequate for its size of activities at the year end.

THE BISHOP RADFORD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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 Bishop Radford 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 31st March 2023, the portfolio fell by -1.3% and the UK CPI +4% p.a. rose by +14.1%. Over the past 5 years, the portfolio has grown by +68.5%, well ahead of the UK CPI +4% p.a. at +44.4%. The comparable peer group, the Asset Risk Consultants ‘Equity Risk’ Private Client £ Index , depreciated by -4.6% in the 12 months to March 2023 and rose by +24.9% over the past 5 years.

Since inception on 31st December 2007, the portfolio is up +286.9%. The UK CPI +4% p.a. is up +137.2% 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 +251.1%.

Tribe

Equities:

Over the course of 2022 we remained defensively positioned as both equities and Fixed Income struggled in a high inflation and high interest rate environment. We rotated into more defensive equities and rotated into alternatives where we saw better risk reward opportunities. At the start of 2023, we added to emerging markets which we felt should benefit from the re-opening of the Chinese economy post-covid as well as defensive stocks focussed on consumer staples.

Whilst we have seen a rally in equity markets in 2023, this has been very narrow and driven by 5-10 mega-cap technology names linked to developments in Artificial Intelligence (AI). Meanwhile, the US economy remains resilient with new jobs in particular remaining high. In this environment the Fed may have to continue hiking rates to bring inflation down meaningfully, which would be negative for risky assets, and we feel that markets may be too optimistic in hoping for interest rate cuts in the back end of 2023.

Fixed Income:

As bond yields rose, we began adding to fixed income at the end of 2022 as we started to see much more attractive risk-returns and the potential for yield as well as capital appreciation within the asset class. Additionally, as recessionary concerns have grown, we have added to the UBS Sustainable development bank position as a potential hedge in the event of a ‘risk off’ scenario which will see investors look for high quality assets.

In the current environment, we feel it is prudent to increase our fixed income exposure which is currently paying an attractive yield and less susceptible to the possible slowdown in economic growth caused by higher rates. Furthermore, from an impact perspective, we believe fixed Income assets are highly additional as often the capital that is raised is deployed directly into funding renewable or sustainable projects directly as opposed to a secondary market. The Wellington Impact bond fund for example had over 60% of their assets in new issuance securities.

Alternatives:

We define alternative investments as those having lower correlation to global equity and credit markets. At the start of 2022, we had a slight overweight to alternatives as we came into the year expecting a challenging market environment for equities. Before the end of 2022, we took profit on some of our alternatives, and reinvested those proceeds into fixed income.

THE BISHOP RADFORD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Cash:

Whilst cash rates have indeed increased, one needs to compare the outlook for cash against all other asset classes. Right now, we believe that fixed income is now offering positive excess returns over cash rates, this is reflected in our strategic asset allocations for 2023. Additionally, history has shown that over the long term most asset classes will outperform cash.

Looking ahead:

We remain cautiously optimistic in terms of outlook and maintain our preference for high quality fixed income. At the core of our investment philosophy, we believe that companies that are focusing on addressing the key challenges of today have a structural growth advantage over their peers over the long term. Many key structural themes are intact or even strengthened by the current environment, for example, de-carbonization, food, and energy security.

We remain confident that our asset allocation offers sufficient robustness around diversification and inflation protection for the macroeconomic environment ahead. This is reflected in our strategic asset allocations throughout this year.

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.

THE BISHOP RADFORD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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:

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.

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: 18 January 2024

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 2023 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:

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 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:

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

18 January 2024

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 2023

Unrestricted Endowment
funds
funds
Notes
£
£
Income and endowments from:
Donations and legacies
2
-
654,493
Investments
3
271,597
-
Total income
271,597
654,493
Expenditure on:
Raising funds
Investment management
4
-
220,506
Charitable activities
Church related projects
5
220,309
-
Support of church ministry
5
380,573
-
Total charitable expenditure
600,882
-
Total expenditure
600,882
220,506
Net gains on investments
11
-
(484,097)
Net (expenditure)/ income
(329,285)
(50,110)
Transfers between funds
329,000
(329,000)
Net movement in funds
(285)
(379,110)
Reconciliation of funds:
Total funds brought forward
35,299
25,156,698
Total funds carried forward
35,014
24,777,588		 Total
2023
£
654,493
271,597
926,090
220,506
220,309
380,573
600,882
821,388
(484,097)
(379,395)
-
(379,395)
25,191,997
24,812,602		 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

THE BISHOP RADFORD TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2023

2023 2023 2022 2022
Notes £ £ £ £
Fixed assets
Investments 12 24,668,979 25,118,414
Current assets
Other receivables 13 2,137 67,362
Cash at bank and in hand 207,144 72,435
209,281 139,797
Liabilities:
Creditors: amounts falling due within one 14
year (65,658) (66,214)
Net current assets 143,623 73,583
Total net assets 24,812,602 25,191,997
The funds of the charity:
Capital funds
Endowment funds 24,777,588 25,156,698
Income funds
Unrestricted funds 35,014 35,299
24,812,602 25,191,997

The financial statements were approved by the trustees on .........................

.............................. Suzannah O'Brien Trustee

THE BISHOP RADFORD TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £ £ £ £
Cash flows from operating activities
Cash absorbed by operations 17 (819,219) (763,554)
Investing activities
Net proceeds on disposal of investments
(to pay investment management fees) 217,755 202,072
Investment income received 404,923 213,598
Net cash generated from investing
activities 622,678 415,670
Financing activities
Receipt of expendable endowment 331,250 200,000
Net cash generated from financing
activities 331,250 200,000
Net increase/(decrease) in cash and cash
equivalents 134,709 (147,884)
Cash and cash equivalents at beginning of year 72,435 220,319
Cash and cash equivalents at end of year 207,144 72,435

THE BISHOP RADFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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.

THE BISHOP RADFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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.

THE BISHOP RADFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

2 Income from donations and legacies

**Unrestricted ** Endowment Total Total
funds funds 2023 2022
£ £ £ £
Donations and gifts - 654,493 654,493 1,136,230
3
Income from investments
Dividends
Interest receivable		 2023
£
252,820
18,777
271,597		 2022
£
210,402
298
210,700

4 Expenditure on raising funds

Unrestricted Endowment
Total
funds
funds
2023
£
£
£
Investment management
-
220,506
220,506
Expenditure on charitable activities
Church
related
projects
Support of
church
ministry
£
£
2023
Grant funding of activities (see note 6)
UK
75,000
281,372
International
131,000
74,050
206,000
355,422
Share of governance costs (see note 8)
14,309
25,151
220,309
380,573		 Total
2023
£
220,506		 Total
2022
£
205,606
Total
£
356,372
205,050
561,422
39,460
600,882

5 Expenditure on charitable activities

THE BISHOP RADFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Expenditure on charitable activities
2022
Grant funding of activities
Share of governance costs		 180,000
12,967
192,967		 (Continued)
325,538
505,538
23,439
36,406
348,977
541,944		 (Continued)
325,538
505,538
23,439
36,406
348,977
541,944
541,944

5 Expenditure on charitable activities

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 £1,250 (2022: £563), 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.

8 Governance costs

Staff costs
Audit fees
Accountancy and taxation services
Administration costs		 2023
£
17,650
7,920
9,060
4,830
39,460		 2022
£
15,064
7,920
8,040
5,382
36,406

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		 2023
£
7,920
9,060		 2022
£
7,920
8,040

THE BISHOP RADFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

10 Employees

The average monthly number of employees during the year was:

Support and administrative
Employment costs
Wages and salaries
Pension costs		 2023
Number
1
2023
£
16,921
729
17,650		 2022
Number
1
2022
£
14,348
716
15,064

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

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

Change in fair value of investments
(Loss)/ gain on sale of investments
Fixed asset investments
Investments at fair value
comprise:
Listed investments
Cash deposits		 2023
£
(240,291)
(243,806)
(484,097)
2023
£
23,928,862
740,117
24,668,979		 2022
£
1,948,644
721,420
2,670,064
2022
£
22,412,795
2,705,619
25,118,414

12 Fixed asset investments

Fixed asset investments revalued

Listed investments are held at their value on the open market at 31 March 2023. The historical cost of listed investments at 31 March 2023 is £16,921,830 (2022: £14,589,504).

THE BISHOP RADFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

12 Fixed asset investments (Continued)
Movements in non-current investments
Total
£
Cost or valuation
At 1 April 2022 25,118,414
Additions 3,093,403
Valuation changes (240,289)
Disposals (3,301,878)
At 31 March 2023 24,669,650
13 Other receivables
2023 2022
Amounts falling due within one year: £ £
Other receivables 2,137 67,362
14 Current liabilities
2023 2022
£ £
Grants payable - 5,000
Other payables 164 91
Accruals 65,494 61,123
65,658 66,214
15 Analysis of net assets between funds
Unrestricted Endowment Total
funds funds
£ £ £
Fund balances at 31 March 2023 are represented by:
Investments - 24,668,979 24,668,979
Net current assets 35,014 108,609 143,623
35,014 24,777,588 24,812,602

THE BISHOP RADFORD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

16 Related party transactions

Transactions with related parties

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

Trustees
17
Cash generated from operations
(Deficit)/surpus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Non-cash donations - gift of shares
Expendable endowment donations
Loss/(gain) on disposal of investments
Fair value (gain) on investments
Movements in working capital:
Decrease/(increase) in trade and other receivables
Increase/(decrease) in trade and other payables
Cash absorbed by operations		 Donations received
2023
2022
£
£
654,493
1,136,230
654,493
1,136,230
2023
2022
£
£
(383,526)
3,269,444
(268,554)
(210,700)
(385,743)
(122,730)
(268,750)
(1,012,500)
243,807
(721,420)
240,291
(1,948,644)
2,712
(4,862)
544
(12,142)
(819,219)
(763,554)

18 Analysis of changes in net funds

The trust had no debt during the year.