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|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|
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|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|||
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|||||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|
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||||||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||||
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|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||
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|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|
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|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|
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|||||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|
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|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|
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|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|||||||
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|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|
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|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|
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|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|
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|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|