2021-03-31-accounts

.PLYMOUTH SECULAR CLERGY FUND	.PLYMOUTH SECULAR CLERGY FUND
ANNUAL	REPORT AND FINANCIAL STATEMENTS
for the year	ended 31 March 2021

INDEX
Page	Contents
2-10	Annual Report
11-13	Independent Auditors'	Report
14	Statement ofFinancial	Achvities
15	Balance Sheet
16	Cash Flow Statement
17-26	Notes to the Financial	Statements
27-30	Notes to the Financial	Statements	(not foiming part ofthe Statutory	Financial	Statements)

The charity	The charity	The charity			The charity's	Next year, the charity	Next year, the charity
					achievements:	plans to:
....give financial	support to				As at 31 March 2021,28 priests who have resigned	r....continue to give
those priests who		have			from ecclesiastical office due to age, (2020: 31	financial support to those
resigned Iiom ecclesiastical					priests), were in receipt of allowances from the	priests who have resigned
office due to age.					charity. From 6 April 2020, the gross allowance	fiom ecclesiastical office
					per priest, based on 30 years' service, is KI2,663	due to age.
					'per annum. Certain members of the charity, who
					would othenvise be eligible to receive such
					. allowances by virtue of their age, have continued
					' to serve actively in the Diocese and are not
					therefore in receipt ofsuch allowances. Note 16to
					the financial statements discloses the maximum
					liability of the charity in providing appropriate
					support during the next ten years.
....give assistance		to			In all, the charity gave financial assistance to or for,	....continue to consider
priests'who are sick,				infirm	6 priests, (2020: 5 priests). Some financial	requests for financial	and
or elderly, .(including				those	assistance was given through grants to third	other assistance to pr'iests
who have resigned			from		parties.	who a're sick, infuse	or
ecclesiastical office			due to			elderly and give fina'ncial
illness).					One ofthe priests has ceased active ministiy due to	support to those priests
					ill-health but is aged below 70 and so is	who have resigned from
					ineligible to receive financial support of the type	otic'e due to illness.
					mentioned in the section above. He received grants
					to help with his daily living costs.
, .pa'y healthcare					The charity paid healthcare insurance for 22	....pay'healthcare
iiisiiiance for priests				who	priests, including beneficiaries of,the charity over	'insurance for priests	who
are sick, infirm or		elderly.			70 and priests who are aged below 70 but who	are sick, infir or elderly.
					nevertheless have had to cease active ministry due
					to ill-health.

			Notes	Unrestricted	Restricted	Endowment	2021	2020
				Income	Income	Fund	Total	Total
				Funds	Funds
				Gerieral
INCO1VK AND ENDOiVIVKNTS		FROM:
Gift ofendowment		1.4(i)	(ii), 2
Donations and legacies		1.4(i)	(ii), 2	5,428			5,428	26,769
Investment income		1.4(iii), 4		]59,698		79,304	239,002	284,533
Transfer to income			3		79,304	(7.9,304)
Total Income				165,126	79,304		244,430	311,302
EXPENDITURE ON:
:Investment Managers	fees			51,355			51,355	46,771
Ch'aritable activities				291,23 1	79,304		370,535	366,166
Tolal Ezpendi lure		1;5,5,6		342,586	79,304		421,890	412,937
Net (losses) Igains on investments				2,509,019		934,910	3,443,929	(557,631)
..;Net&in'c'o mre'/(expce'nd
vn'ettmove'in'en't&iri'. funds&;. ::.-".5'."-;v"r='-~-.,"='„'.r:.':;
Reconciliation offunds
Total funds bro'ttght	forward			9,438;420		3,259;275	12,697,695	13,356,96]

As at 31 Marc	h 20	21
			Notes	2021	2020
FIXEDASSETS
Investments			1.7,9	15,907,643	12,639,771
CIIRRFNT ASSETS
Debtors			10	75,487	68,784
Cash at bank				4,398	11,899
				79,885	80,683
CREDITORS
Amounts falling diie within one year			11	23,364	(22,759
Net current	assets			56;521	57,924
FuWOS
Endowment			12	4,194,185	3,259,275
Restricted			14
Unrestricted	-	General		11,769,979	9,438,420

STATEMENT OF CASH FLOWS	STATEMENT OF CASH FLOWS
As at'31 March 2021
					Note	2021	2020
							f
Cash flows from operating	activities:
Net cash (used in) provided	by operating		activities		17	(422,559)	(366,402)
Cash flows from investing	activities;
Dividends and interest from	investments					239,002	284,533
Net DisposaV(Purchase) ofinvestments						176,056	(20,856)
Net cash provided by investing activities						415,058	263,677
Cash flows from financing	'activities:
Receipt ofexpendable endowment
Net cash provided by financing activities
Change in cash and cash equivalents		in	the	year		(7,501)	(7,052)
Cash and cash equivalents	at the beginning			ofthe year		11,899	18,951
Cash and cash equivalents	at the end	of	the
reporting period					18	4,398	11,899

	2021	2020
Legacies	3,000	4,500
Donations	2,306	2,693
Church collections	122	19,576
	P5' 428'"'(%)l,"",'-',"4,'~j:.2'6"769~]

he investme	nt fund and applica	tion oft	otal return to perm	anent endowm	ent funds
					Trust for	Unapplied	Total
					Investment	Total Return	Endowment
At 1April	2020
Gih component ofpermanent		endowment			2,056,435		2,056,435
Unapplied	total return					1,202,840	1,202,840
Total					2,056,435	1,202,840	3,259,275
Movement	in unapplied total return		and endowment	in the year:
Gift ofendowment funds
Investment	return: dividends	and interest				79,3.04	79,304
Investment	return: recognised	and unrecognised				934,910	934,910
gains/(losses)
Total						1,014,214	1,014,2I'4
Unapplie'd	total rehh~ 'allocated to income					79,304)	79,304)
Net movement in the year						934,910	934,910
Closing value ofpermanent		endowment
Gift component ofpermanent		endowment			2,056,435		2,056,435
Unapplied Total	total return				2,137,750 2,137,750 ',',„',"!"„!2;:-'0'56435'i';,.t;;~"..'-". 2:;:137;750,'':,,'.;,;l4,::194,185

		2021	2020.
Income received fiom:
UK quoted investments		200,356	226,741
Overseas. quoted investments		36,357	52,208
UK cash held as part ofthe investment	portfolio	2,289	5,284
		239,002	284,533
Other interest receivable
		jj';j,';~~q.239';002rj	jg!„"''hajj'j2841533)j

Expenditure
				Activities	Grant	Support	2021		2020
				undertaken	funding of	and
				dir'ectly	activities	governance
					(see note)	'costs
Cost ofraising funds
Investment	management	costs				51,355	51,355		46,770
Charitable	activities
Grants to priests who are sick, elderly,					34,707		34,707		27,488
infirm or in	need
Support to	31 priests,	aged	70
and over, who have resi'gned			from	318,081		68	318,149		320,093
ecclesiastical office; (2020:			31 priests)
Pro visio'n of.healthcare		insurance		8,476			8,426		9,750
Governance						9,253	9,253		8,835
				i&j". ". ,'i&~3'2i6',::"507;-.„','"„;	ig ";3'4;707&i;:. .'q::f&~'",',:',-'.!60',"676j~g&,",i		j'".=.'.i",'42P890"	j, "'	&~j~,.-:!':., '',.'412'-936vI

6	Support costs allocation
		Committee		Finance	and				Direct				2021			2020
					legal				support
										costs
	Cost ofgenerating funds
	Investment management costs			51,355									51,355			46,770
	Charitable activities
	Assisting priests who are sick,
	elderly, infirm or in need
	Support for eligible priests who have resigned from ecclesiastical					48				20				68		264
	office
	Governance			9,075						178			9,253			8,835
		;-fri;",'pfj""i'.'!'-'",. «'.i'"':,j~&''5;:„"«. ':,",jj",'$60,"478					I~~g~'".".„-',;ll,~-';~i~j198'".j.';"'~,.;::if':60'676"";:.;~jg';„:;=:,',"".,'55 880;"'i)
	BASIS'FOR SUPPORT'COSTS ALLOCATION
	Central support costs are allocated as follows:
	i. Committee:	allocated according to		the estimated		Trustees'			time spent on operational						activities.
	u. Finance and	Legal: costs	allocated	to activities	are		either		directly		attributable		or	ifnot,		allocated .in
	proportion to the. estiniated		amount	ofadministration			time		spent on each activity.
	in. Direct support costs are other costs			that can be dir'ectly				attributed			to each activity.
	GQYERNANcE cosTs ARE MADE UP QFTHE		FoLLowING:
													2021			2020
	Payments to external au'ditor												9,027			8,3.40
	Committee meeting expenses	insofar as they relate		to the general		management				of
	the charity, including the costs oftravel															136
	,Bank charges													48		112
	Printing, stationery, postage	and sundries											178			247
											.";fi	';-', .:4i"„:.',9,""253",', ~, =",',-"„",',...~i%''i'"-8'78'35-';
7	Net movement in funds
													2021			2020
	Net movement in funds is arrived at after		charging/	(crediting):
	Payments to external auditor
	Audit' fees -cuitent	year											9,027			8,340

Investments		2021	2020
MARKET VALUE
At 1 April 2020		12,639,771	13,272,220
Acquisitions		1,660,003	1,984,124
Disposals		(1,802,792)	(1,941,503)
Movement in cash		(33,268)	(117,439)
Net investment	gain/(loss)	3,443,929	557,631

Net cash transferred	Net cash transferred	from/(to) inve	stme	nts in the year	was X176,056(2020:X20,	856).
Analysed besveen:
UK investn&ents	listed on a r'ecognised			stock exchange	or valued by reference to
such investments						13,335,423	10,718,485
Overseas investments		listed on a recognised stock exchange				2,419,846	1,735,644
UK cash held as	part	ofinvestment	portfolio			152,374 185,642 ",'j+~'1'5'j907j 643™) tl''Zr639 j7'271)
And beAveen:
Permanent Endowments						4,172,227	3,237,317
Other Restricted	and	Unrestricted	Funds			11,735416	9 402 454
						I;,."..',~«&1.5&907,'"643,",,~,',:""-12639;:7j73',,I

apply whi	ch might affect the real	isation ofthese investment assets.
			2021
Unitised/	Structured Multi Asset Funds
The	SRIFund for Charities	(Income)	4,172,227
The	SRIFund for Charities	(Accumulation)	6,431,933
Other UK funds			645;055
'Global funds			256,939
Overseas	direct investments		1/22,462
Investi nent	/v/anng'er 's Fees

10	Debtors: amounts falling	Debtors: amounts falling	Debtors: amounts falling	due within	due within	one year
							2021	2020
	Investrrierit	income					61,475	54,378
	Other debtors and prepayments						3,991	4,418
	Accrued income						10,021	9,988
11	Creditors:	amounts	falling		due within	one year
							2021	2020
	Other. creditors						110	110
	Accruals						23,254	22,649
							~li~~j~!',g~)@23)364~i~'~&~~i".'jt,:„'"'iffy'22-;759, I
12	Permanent	Endowment		fund
							2021	2020
	Balance at 31 March		2020				3,259,275	3,527,721
	Movement	in Funds
	Incoming	resources
	Gain/(loss)	on investment			assets		934,910	(268,446)

a)	Current	ye'ar	Permanent	Restricted	Unrestricted	Total
			Endowment	Funds	Funds
			Furid
Fixed	asset investments		4,172,227		11,735,416	15,907,643
Net current assets			21,958		34,563.	56,521
			4,194,185		11,769,979	15,964,164

b)	Previous year	Permanent	Re'stri'cted	Unrestricted	To'tal
		Endowment	Funds	Funds
		Fund
Fived	asset investments	3,237,319		9,407,452	12,639,771
Net current assets		21,956		35,968	57,924
		3,259,275		9,438,420	12,697695

	In accordance with accounting policy 1.5	(i), the	estimated	estimated	maxiinum	maxiinum	support		payable		during the	during the	next ten years is	next ten years is	next ten years is
	shown below. The payments are calculated	using the		policy	adopted by the Committee					and is based			iipon the priests'
	number ofyears ofecclesiastical ministry;	(asdefined		in the	policy document),			at date of			resignation.			The Committee
	obtains periodic Actuarial Reviews ofthe	charity	to	check	that	future	resoiuces		will be			sufficient	to meet its		fuhire
	commitments. The most recent actuarial	review was completed				as at 31 March 2018.					For further			information see
	the Trustees Report. There is no legal	obligation		to pay specific			amounts		to priests			who have		resigned	&om
	ecclesiastical office.
												2021			2020
	Falling due within one year											410,615		404,944
	Falling due between two and five years											2,137,343		2,071,877
	Falling due after more than five years											3,499,164		3,563,748
										:„',		6,'047;121'.':" , '...."."3',6',040,:569.
	REcoNclL'IATIGN QF MQVEI»IENT IN THE YEAR
	Cotnmitment at 31 March 2020											6,040,569
	Less: falling due within the year ended 31 March 2021											404,944
												,5&635,625
	Adjustment for inflationary increases in	support	levels and revised numbers
	ofpriests potentially resigning from ecclesiastical office in the					nine years
	ending 31 March 2030											(386/76)
	Add: falling due in the year ending 31 March 2031											797,872
	Commitm'crit at,31March 2021									.		6047'121'
17	Reconciliation of net movement in fund's to net cash flow from operating								activities
												2021			2020
	Net movement in.funds (per the.statement of		financial		activities)							3,266,469		(659;265)
	Gift of,endownient
	Losses/(gains) on investments									(3,443,929)					557,63 I
	Dividends, interest and rents froni investments											(239,002)		(284,533)
	Decrease/(Increase) in debtors											(6,703)			18,139
	(Decrease)/Increase in creditors											605			1,626
18	Analysis ofcash and cash equivalent
												2021			2020
	Cash in hand											4,398			11,899