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2021-09-30-accounts

CONTENTS Page
Trustees'
Report		 2-7
Statement
of Trustees'		 Responsibilities
Independent
Auditors'		 Report 9-12
Statement
of Financial		 Activities 13
Balance Sheet 14
Notes to the Financial Statements 15-25

The Trustees
dunng		 the ye ar were: ar were:
Mr. G V. Doswell (retired 30th September 2021) Chairman and Chartered insurer
The Right Reverend R.W. Springett Bishop of Tewkesbury
Mr. I.J.Templeton (appointed as chair from 1st Chartered Insurance Practitioner
October 2021)
The Venerable
Phil		 Andrew Archdeacon
of Cheltenham
Rev Canon
H Sammon		 (retired 17th January 2021) Clerk in I-loly Orders
Rev Liz Palin (appointed 26th March 2021) Clerk in Holy Orders
Michael G Angell (appointed 23rd July 2021) Chartered Insurer
Stuart Hutton (appointed 1st October 2021) Investment Manager

Capital
Unrestricted endowment
income funds Tota I Total
Notes funds permanent 2021 2020
Income:
investment incomer
Net property
income		 2 68,992 68,992 68,490
Income from listed investments 3 396,128 396,128 306,783
Interest on bank deposits 10 39 49 444
Total income 465,130 39 465 169 375717
Expenditure
Costs ofraising funds:
Investment managers
fees		 77 45,689 45,766 40,471
Property maintenance
fees		 360 360 39,292
Expenditure on charitable activities:
Grants 5 314,182 314,182 200,314
Stipend 6 44,929 44,929 42,978
Other costs 8 33,740 33,740 39,475
Total expenditure 392,928 46,049 438,977 362,530
Net gains on investments
Unrealised and reahsed
gains on investments		 (1,512) 1,464,140 1,462,628 1,049,056
Net income 70,690 1,418,130 1,488,820 1,062,243
Reconciliation
offunds:
Total funds brought
forward		 287,560 13,518,197 13,805,757 12,743,514
Total funds carried forward 358,250 14,936,327 15,294,577 13,805,757

Capital
Unrestricted endowment Total Total
income funds 2021 2020
Notes funds permanent
FIXEDASSETS
INVESTMENTS
Property
Listed securities		 9
10		 108,488 2,355,000
12,585,723		 2,355,000
12,694,211		 5,255,000
8,402,896
108,488 14,940,723 15,049,211 13,657,896
CURRENT ASSETS
Debtors
Cash at bank		 11
12		 96,899
490,951		 10,103 96,899
501,054		 190,897
462,418
587,850 10,103 597,953 653,315
CURRENT LIABILITIES: Amounts
falling due
in one year or
Creditors		 less 13 ~264,613 ~14,499 ~279,112 444,354
NET CURRENT ASSETS/(LIABILITIES) 323,237 (4,396) 318,841 208,461
TOTAL ASSETSLESS
CURRENT LIABILITIES		 431,725 14,936,327 15,368,052 13,866,357
CREDITORS: amounts
falling due in
more than one year		 14 ~73,475 ~734T5 ~6II.60tl,
TOTAL NETASSETS 358,250 14,936,327 15,294,577 13,805,757
THE FUNDS OF THE CHARITY:
CAPITAL ENDOWMENT
FUNDS
UNRESTRICTED INCOME FUNDS		 15
16		 358,250 14,936,327
-		 14,936,327
358,250		 13,518,197
287,560
TOTAL CHARITY FUNDS 358,250 14,936,327 15,294,577 13,805,757
The financial
statements		 on pages 13 to 25 wereapproved by the Trusteeson1 Apr' 022 and were signed
on
their behalf by:
MR I.J.TEMPLETON Trustee
THE RIGHT REVEREND R W SPRINGETT Trustee

2 NET PROPERTY INCOME NET PROPERTY INCOME NET PROPERTY INCOME NET PROPERTY INCOME NET PROPERTY INCOME NET PROPERTY INCOME Unrestricted Unrestricted
income income
funds funds
2021 2020
E E
Rents and wayleaves:
Rents recewed 69,856 69,410
Sundry receipts, wayleave etc. 43
69,899 69,410
Less property rental management costs 907 920
68,992 68,490
3 INCOME FROM LISTED INVESTMENTS Unrestricted Unrestricted
income income
funds funds
2021 2020
6 E
Dividends and fixed interest received from investment portfolio 396,128 306,783
COSTS OF RAISING FUNDS Capital Capital
endowment endowment
funds- funds-
permanent permanent
2021 2020
6 6
Investment portfolio fees paid to Investec Wealth and Management
for Portfolio Management 45,689 40,471
Property maintenance fees paid to various companies in
connection with preserving the value ofthe land - charged to the
Capital Endowment Fund 360 39,292
Unrestricted Unrestncted
income income
funds funds
2021 2020
6 6
Investment portfolio fees paid to investec
Wealth and Management for Portfolio 77

RELIGIOUS AND CHARITABL E GRANTS GIVEN - GRANT FUND E GRANTS GIVEN - GRANT FUND ING OF ACTIVITIE S
The total number
of institutional		 grants paid was 20 (2020:42)
The total number
of individual		 grants paid was 115(2020. 123)
Unrestricted Unrestricted
income income
funds funds
2021 2020
E' E
Grants
in aid to clergy, widows		 and others 36,082 33,656
Amberley
Shop on the Common		 5,000
Bishop ofTewkesbury
Discretionary		 Fund 2,000
Caleb's
Mountain		 9,750
Cheltenham
CAP Debt Centre		 15,000 5,000
Cheltenham
Street Pastors		 19,500
Cirencester
with Watermoor		 10,300
Evenlode Vale 14,000
Faal Safeguarding 2,000
Family Space
—Cheltenham		 25,000
GDBF —Holy Land Pilgramage 33,400
GDBF - Everyday
Faith Event		 7,756
Gloucester Diocese Intern Scheme (4,834)
Gloucester Diocese Wellbeing Counselling
Service		 24,000 20,000
Gloucester Diocese Anglican Peace Initiative 2,800
Gloucester St George 5,500
Gloucester Street Pastors 500
Highnam
and Leadon Vale		 9,000 9,000
Innervation
Trust		 4,800
Ising Pop 17,500
Listening
Post		 18,000
Matson - Long Table 8,000
Marah Trust 9,000
Meon and Marston
Mead		 1,500
Midwyedean
Churches		 18,000
Northleach
Black Cat Cafe		 (22,500)
South Cerney PCC 200

GRANT FUNDING OF ACTIVITIES (Continued) GRANT FUNDING OF ACTIVITIES (Continued) GRANT FUNDING OF ACTIVITIES (Continued) GRANT FUNDING OF ACTIVITIES (Continued) GRANT FUNDING OF ACTIVITIES (Continued)
Unrestricted Unrestricted
income income
funds funds
2021
8		 2020f
St Catherine's
Church		 7,800 8,700
St Philips and St James 20,000
Stroudwater
Benefice		 (3,000)
Tetbury Parish Church (St Mary' s) 2,000
The Rock Cheltenham 30,000 15,000
UCCF Gloucestershire 18,000
University
of Gloucestershire		 Chaplaincy 3,500
Viney
Hill CAC		 24,000 12,000
Wayfarers
Monastery		 12,000
Total grants given 302,432 186,478
Support costs (Note 7) 11,750 13,836
314182 200314
2021 2020
Reconciliation
ofgrants payable:
Commitments
at 1st October		 2020 292,179 397,506
Grants charged
in the SOFA
Grants
paid during
the year		 in the year 302,432
~319786)		 186,478
~(291,805
Commitments
at 30th September 2021		 274,825 292,179
Commitments
at 30th September 2021
Due( 1 year (note 13)
Due) 1 year (note 14)		 201,350
73,475		 231,579
60,600
274,825 292,179
2021 2020
Grants can be further analysed between activities as follows; 8 E
Grants
in aid to clergy, widows		 and others 36,082 33,656
Youth work 64,300 69,922
Street pastors 19,500 500
Community
work		 74,500 2,200
Children
and family work		 69,050 40,200
Other 15,000 20,000
Clergy support 24,000 20,000
302,432 186,478

Unrestricted Unrestricted
income income
funds funds
STIPEND 2021f 2020
E
Stipend in respect of Priest in charge of Hempsted 44,929 42,978
7 ALLOCATED SUPPORT COSTS Unrestricted Unrestricted
income income
funds funds
2021 2020
E F
Clerk's fees and disbursements 11,750 13,836
OTHER COSTS OTHER COSTS Unrestricted Unrestricted
income income
funds funds
2021 2020
E k
~sn
Professional fees 3,528 2,580
Clerk's fees and disbursements 7,681 9,044
Sundries 1,834 906
Repairs to properties 3,258 6,888
16,301 19,418
Governance costs
Audit fees 4,200 4,205
Governance review 2,070 2,700
Clerk's fees and disbursements 11,169 13,152
17,439 20,057
Total other costs 33,740 39,475

INVESTMENT PROPERTY INVESTMENT PROPERTY 2021 2020
All in the United
Kingdom:
Freehold
Property:
Bristol Road 2,000,000 1,600,000
Land East of Hempsted Lane 3,370,000
Land West of Hempsted Lane and paddocks 128,500 128,500
206 Bristol Road 220,000 150,000
Church
Hall and allotments		 at St Swithuns Road 6,500 6,500
2,355,000 5,255,000

206 Bnstol Road was professionally professionally valued
by		 Naylor Powell
during		 March March 2009. 2009. Following Following
consultation with
Naylor		 Powell during the year the trustees
consider		 the market value of the
property to be 6220,000
Naylor Powell are external to the charity.
LISTED SECURITIES Capital endowment fund
Capital endowment		 fund
2021 2020
Market Market
(Investec Wealth
&		 Value Cost Value Cost
Investment
Portfolio		 and COIF
accumulation units)
Fixed interest 690,356 694,297 1,004,256 956,772
Securities 11,320,186 8,919,883 7,387,238 5,556,887
Cash and deposits 575,181 575,181 11,402 11,402
TOTAL SECURITIES 12,585,723 10,189,361 8,402,896 6,525,061
Income fund Income fund
2021 2020
f f
Fixed interest 50,540 51,415
Securities 26,944 27,581
Cash and deposits 31,004 31,004
108,488 110,000

LISTED SECURITIES (continued) LISTED SECURITIES (continued)
Total secunties are analysed: 2021 2020
Securities in the UK 11,252,993 6,605,581
Securities outside the UK 1,441,218 1,797,315
12,694,211 8,402,896
In 2021 individua
value were:		 l
securities		 with a market
value
repre		 senting
m		 ore than 5% of the total market
Vanguard
Funds		 638508 252 609
Investments
are		 held pnmarily to provide an investment return.
2021
F		 2020f
Movements
in market value:
Market value at 1 October 2020 8,402,896 9,420,160
Net profit/(loss)
on disposal
Other cash movements		 and revaluation 992,628
3,298 687		 (950,944)
~666,326
Market value at 30 September 2021 12,694,211 8,402,896
DEBTORS 2021
F		 2020f
Rent receivable 15,725 15,726
Due to the income fund from the capital fund 140,195
Prepayments
and accrued income		 81,174 34,976
96,899 190,897

13 CREDITORS amounts falling due in less 2021 2020
than one year
Clerk's fees 24,600 24,032
Audit fees 4,200 4,200
Other accruals 48,962 44,848
Due to the income fund from the capital fund 140,195
Grants payable 201,350 231,579
279,112 444,854
Breakdown
of creditors		 in 2021 Unrestricted Capital
income endowment
funds fund Total
E E E
Clerk's fees 24,600 24,600
Audit fees 4,200 4,200
Other accruals 34,463 14,499 48,962
Due to the income fund from the capital fund
Grants payable 201,350 201,350
264,613 14,499 279,112
Breakdown
of creditors		 in 2020
Unrestricted Capital
income endowment
funds fund Total
E E E
Clerk's fees 24,032 24,032
Audit fees 4,200 4,200
Other accruals 34,882 9,966 44,848
Due to the income fund from the capital fund 140,195 140,195
Grants payable 231,579 231,579
294,693 150,161 444,854
14 CREDITORS: amounts falling due in more
than one year 2021 2020
E E
Grants payable 73,475 60,600

15 CAPITAL ENDOWMENT
FUND		 CAPITAL ENDOWMENT
FUND		 2021 2020
6 6
At 1st October 2020 13,518,197 12,548,904
Income:
Unrealised
gains on investment		 properties 470,000 2,000,000
Realised and unrealised
(loss)/gains		 on securities 994,179 (950,944)
Expenditure.
Investment
manager's
fees
Property
maintenance
fees		 (45,689)
~5551		 (40,471)
(39,292)
At 30th September 2021 14,936,327 13,518,197
16 UNRESTRICTED INCOME FUNDS
2021 2020
6 6
At 1st October 2020 287,560 194,610
Incoming
resources		 465,130 375,717
Resources expended
Realised and unreahsed
(loss)/gains		 on securities (392,928)
~11,512		 (282,767)
At 30th September 2021 358,250 287,560
17 CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES
2021 2020
F F
Carrying
amount of financial assets
Financial
assets
that are debt		 instruments measured at
amortised
cost		 96,899 190,897
Financial
assets that are equity		 instruments measured at
fair value through
the statement		 offinancial activities 15,049,211 13,657,896
Carrying
amount offinancial		 liabilities
Financial
liabilities
measured
at		 amortised cost 352,587 505,454

At the
reporting
end
date,
the
Charity
had
contract
minimum
lease payments:		 ed
with
tenants
for		 the
following
2021 2020
F F
Expiring:
Within one year 62,200 62,200
In more than one year and less than five years 248,800 248,800
In more than five years 1,787,125 1,849,325
2,098,125 2,160,325