|.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)|
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|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.|||
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||||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|
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||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~]||
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|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|||
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|||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|
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|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|
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|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||
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|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)|
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|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|
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||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|