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2021-12-31-accounts

The Truste es who served
during
the		 year were:
Ex- officio The Master
The Incumbent
of		 the present benefice ofBenson with Ewelme
The Lord ofthe Manor of Ewelme (vacant)
Co - opted Mrs
I Birch Reynardson		 (serving 5years from April 2020)
The Countess of Buckinghamshire (serving 5years from October 2019)
P W Chamberlain (serving 5years from July 2017)
K L Cooper (serving 5 years from April 2020)
P H BGosset (serving 5years from October 2017)
Mrs A Penney (resigned
30th June 2021)
Mrs V M Stattersfield
(serving 5years		 from October 2021)
Principal address: 126 High Street
Oxford
Trust Manager: JA Oliver
Receiver to the Trustees: AJ Robson
Auditor: Wenn Townsend
30StGiles
Oxford
Managing Agents: Sidleys
6 King Edward Street
Oxford
Solicitors: HMG Law LLP
126 High Street
Oxford
Bankers: Barclays Bank pic
Cornmarket
Street
Oxford
Investment advisors: Cazenove
Capital		 Management
(part		 ofthe Schroders Group)
12Moorgate
London

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2021 2020
Note
Fixed assets
Tangible assets 11 3,219,011 3,219,011
Investment
properties		 12 29,315,133 29,226,403
Quoted
investments		 12 10,013,741 8,532,882
42,547,885 40,978,296
Current assets
Debtors 169,750 178,666
Bank deposit accounts 128,414 884,065
Bank current accounts and petty cash 60,311 169,698
358,475 1,232,429
Current
liabilities
Due to Ewelme Exhibition Endowment 5 (864) (5,856)
Other creditors 10 (94,274) (236,802)
(95,138) (242,658)
Net current assets 263,337 989,771
Net assets 42,811,222 41,968,067
Represented
by:
Permanent
endowment		 funds 13 41,074,759 40,232,792
Unrestricted
funds		 14 1,736,463 1,735,275
42,811,222 41,968,067

2021f 2020f
Net cash used in operating activities (note 18) (462,226) (313,055)
Cash flow from investing activities:
Interest and dividends 253,307 246,043
Proceeds from sale of investments 1,604,056 1,353,246
Purchase ofinvestments (2,260,175) (800,726)
Net cash (used in)/provided by investing activities (402,812) 798,563
Change
in cash and cash equivalents		 in the year (865,038) 485,508
Cash and cash equivalents brought forward 1,053,763 568,255
Cash and cash equivalents carried forward 188,725 1,053,763

Upkeep and maintenance ofAlmshouses and the South Aisle and St.John's Chapel ofEwelme Church Aisle and St.John's Chapel ofEwelme Church
2021 2020
Council tax, water rates and insurance 24,889 16,178
Repairs 69,744 56,984
Fuel oil 30,623 24,769
Electricity 13,754 12,726
Cleaning 2,099 1,467
Garden upkeep 36,675 24,556
177,784 136,680

Expenditure on Alm sm en's
Acc		 ou nt
2021 2020f
Attendance on almsmen 17,122 17,288
Chaplain's
salary		 6,000 5,000
Telephone 2,924 4,036
Sundry expenses 582 334
26,628 26,658
Expenses ofproperties
2021 2020
E
Repairs and maintenance 205,136 310,541
Professional charges re repairs and maintenance 23,805 14,527
Receiver's management fees and expenses 92,229 98,120
Insurance 60,931 50,459
Other professional
charges		 57,283 34,011
Bad debts 3,552 30,000
442,936 537,658
Amount
payable to		 the Ewelme Exhibition Endowment
2021 2020
Annual
grant		 payable to the Ewelme Exhibition Endowment 270,000 270,000
Amount
paid		 in year (270,000) (346,000)
Amount
outstanding		 at beginning of year 5,856 86,000
Administrative salary paid (4,992) (4,144)
Total due at 31stDecember 2021 864 5,856
Grants and Donations
2021f 2020
Grants and donations include the following:
The Millstream
Day Centre		 5,000
Other
&E1,000 each		 807
807 5,000

7. Support and g over nan ce
costs
2021 2020
The breakdown ofsupport costs and governance costs is:
Support costs
Trust manager's salary including Social Security 10,911 11,005
Sundry expenses 2,039 2,298
12,950 13,303
Governance costs
Trust manager's salary including Social Security 25,459 25,679
Auditor's fees — audit 11,742 12,042
- non audit 3,600
Master's expenses 500 500
Trustees'
indemnity		 insurance 3,449 2,747
44,750 40,968
Total costs, all allocated to charitable activities 57,700 54,271
8. Staff costs
2021 2020
Salaries and wages 58,680 57,313
Social security costs 812 1,205
59,492 58,518
9. Debtors
2021 2020
F
Rents and maintenance contributions receivable 91,385 102,464
Prepayments and accrued income 77,786 75,623
Other debtors 579 579
169,750 178,666
10. Creditors: due within one year
2021 2020
E
Repairs to property 23,628 3,462
Accruals and deferred income 54,307 60,575
Surveyors' fees and professional charges 14,867 2,125
Other creditors 1,472 170,640
94,274 236,802
11. Tangible fixed assets
2021 2020
Freehold Freehold
property property
F
Value at 1stJanuary 2021 and 31stDecember 2021 3,219,011 3,219,011
Historical cost at 31stDecember 2021 250,183 250,183

Fixed asset investments Fixed asset investments
a) God's House
in Ewelme - Charity		 2021 2020
Quoted investments
Market value at 1st January 2021 8,532,882 8,722,464
Additions
at cost		 2,117,353 962,642
Increase)/(decrease) in market value 947,770 (60,409)
Disposal proceeds (1,604,056) (795,588)
Loss on disposal (34,300) (103,848)
Increase/(decrease) in cash pending investments 54,092 (192,379)
Market value at 31st December 2021 10,013,741 8,532,882
Investment
properties
Market value at 1stJanuary 2021 29,226,403 29,195,940
Additions 88,730 30,463
Disposal proceeds (less costs to sell) (557,658)
Gain on disposal (less costs to sell) 557,658
Market value at 31st December 2021 29,315,133 29,226,403
Total 39,328,874 37,759,285

Permane nt
endowment
funds
Permanent
Endowment
Fund
Balance at 1stJanuary 2021 40,232,792
Increase in market value ofquoted investments 876,267
Loss on disposal ofquoted
investments		 (34,300)
Balance at 31stDecember 2021 41,074,759
Balance at 1stJanuary 2020 39,844,390
Decrease in market value ofquoted investments (65,408)
Loss on disposal ofquoted
investments		 (103,848)
Gain on disposal of investment
property		 557,658
Balance at 31stDecember 2020 40,232,792

2021 2020
Permanent
endowment
Quoted investments E
1,427,376		 E 631,731
Investment
properties		 E26,024,410 E 26,024,410
Fixed assets 2,968,828 2,968,828
Unrestricted
funds
Extraordinary
repair and
General restoration 2021
fundf fundf Total
Balance at 1stJanuary 2021 1,485,275 250,000 1,735,275
Deficit for the year (70,315) (70,315)
Increase
in market value ofquoted
investments 61,202 10,301 71,503
Transfer offunds 10,301 (10,301)
Balance at 31stDecember 2021 1,486,463 250,000 1,736,463
Extraordinary
repair and
General restoration 2020
fund fund Total
Balance at 1stJanuary 2020 1,535,348 250,000 1,785,348
Deficit for the year (55,072) (55,072)
Increase
in market value ofquoted
investments 3,895 1,104 4,999
Transfer offunds 1,104 (1,104)
Balance at 31stDecember 2020 1,485,275 250,000 1,735,275

Endowment Unapplied Total
'for total endowment
investment return
At 1stJanuary 2021:
Gift component ofpermanent endowment 6,107,306 6,107,306
Unapplied total return brought forward 1,680,072 1,680,072
6,107,306 1,680,072 7,787,378
Movements:
Gains on investment values 841,967 841,967
Transfers out (88,730) (88,730)
6,018,576 2,522,039 8,540,615
Unapplied total return income in year 154,017 63,602 217,619
Dividend return allocated to income (154,017) (63,602) (217,619)
Gift component of permanent endowment 6,018,576 6,018,576
Unapplied total return carried forward 2,522,039 2,522,039
Total at 31stDecember 2021 6,018,576 2,522,039 8,540,615

Reconciliation
ofnet moveme		 nt
in fund		 s to net cash flow from operating
activities
2021
E		 2020f
Net movement
in funds		 843,155 338,329
(Deduct)/add
change
in market		 value of investments (947,770) 60,409
Deduct interest income shown in investing activities (253,307) (246,043)
Deduct losses/(gains)
on investments
(increase)/decrease
in debtors
(Decrease)
in creditors		 34,300
(8,916)
(147,520)		 (453,810)
6,260
(18,200)
Net cash used in operating
activities		 (462,226) (313,055)

Reconciliation
of		 funds
Permanent Totals
Endowment Unrestricted 2021
E
At 1stJanuary
2021		 40,232,792 1,735,275 41,968,067
Net movement
in funds		 841,967 1,188 843,155
At 31stDecember 2021 41,074,759 1,736,463 42,811,222
Represented
by:
Debtors 169,750 169,750
Cash at bank and in hand 188,725 188,725
Creditors due within one year (95,138) (95,138)
Net current assets 263,337 263,337
Quoted
investments		 8,540,615 1,473,126 10,013,741
Investment
property		 29,315,133 29,315,133
Tangible fixed assets 3,219,011 3,219,011
41,074,759 1,736,463 42,811,222
Permanent Totals
Endowment Unrestricted 2020
At 1stJanuary 2020 39,844,390 1,785,348 41,629,738
Net movement
in funds		 388,402 (50,073) 357,866
At 31stDecember 2020 40,232,792 1,735,275 41,968,067
Represented
by:
Debtors 178,666 178,666
Cash at bank and
in hand		 1,053,763 1,053,763
Creditors due within one year (242,658) (242,658)
Net current assets 989,771 989,771
Quoted investments 7,787,378 745,504 8,532,882
investment
property		 29,226,403 29,226,403
Tangible fixed assets 3,219,011 3,219,011
40,232,792 1,735.275 41,968,067