## ## ## ## |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|||||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||g
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Io| ## |||||||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|