2020-12-31-accounts

	Pages
Referenceandadministrativeinformation	2-3
Chair'sreport	4—6
ReportoftheCouncil	7—14
Independentauditor'sreport	15—18
Consolidatedstatementoffinancialactivities	19
Balancesheets	20
Consolidatedstatementofcashflows	21
Notestothefinancialstatements	22-43

18 June 2021

		2020	2019
	Note	£	£
Incomefrom:
Investmentsandbankdeposits	3	309,755	541,786
Othertradingactivities—ConferenceCentre	17(b)	1,002,252	4,141,213
Charitableactivities
.Rentalincomeandservicecharge		2,845,519	2,945,339
Donationsandlegacies		500
Other
.CoronavirusJobRetentionSchemeGrant		180,293
.Dilapidationreceipts		25,000
.Managementfeesreceivable		6,667	6,667
.Profitondisposaloftangiblefixedassets		555
Totalincome		4,370,541	7,635,005
Expenditureon:
Raisingfunds
.Investmentmanagementfees		96,384	100,185
.ConferenceCentrecosts	17(b)	1,556,261	3,050,112
.Taxation		(11,940)	11,940
Charitableactivities
.GrantsawardedtotheNationalChurchInstitutionsofthe
ChurchofEngland	4	1,752,000	1,752,000
.Corporationoperatingcosts	5	3,045,984	3,287,978
Other
.Interestpayable	8(a)	8,000	16,000
.Lossondisposaloftangiblefixedassets			4,415
Totalexpenditure		6,446,689	8,222,630
Netexpenditurebeforegainsoninvestments		(2,076,148)	(587,625)
Netgainsoninvestments	10	1,563	2,561,081
Net(expenditure)income		(2,074,585)	1,973,456
Otherrecognisedgains(losses)
Actuarialgains(losses)ondefinedbenefitpensionscheme	8(a)	206,000	(18,000)
Netmovementinfunds	6	(1,868,585)	1,955,456
Reconciliationoffunds:
Fundbalancesbroughtforwardat1January	13	25,287,603	23,332,147
Fundbalancescarriedforwardat31December	13	23,419,018	25,287,603

asat31December202	0
		Group		TheCorporation
		2020	2019	2020	2019
	Note
Fixedassets
Tangibleassets	9	3,749,444	4,893,780	3,468,418	4,506,319
Investments	10	21,170,261	21,022,257	21,670,261	21,522,257
Totalfixedassets		24,919,705	25,916,037	25,138,679	26,028,576
Currentassets
Debtors:dueaftermorethanoneyear	11(a)			500,628
Debtors:duewithinoneyear	11(b)	1,062,940	608,402	1,012,315	155,859
Cashatbankandinhand		1,497,047	3,608,729	1,467,488	2,591,001
Totalcurrentassets		2,559,987	4,217,131	2,980,431	2,746,860
Liabilities
Creditors:amountsfallingduewithin
oneyear	12	(3,684,700)	(4,129,578)	(3,231,176)	(3,089,462)
Netcurrent(liabilities)assets		(1,124,713)	87,553	(250,745)	(342,602)
Totalassetslesscurrentliabilities		23,794,992	26,003,590	24,887,934	25,685,974
Provisionsforliabilitiesandcharges	8(a)	(375,974)	(715,987)	(375,974)	(715,987)
Totalnetassets		23,419,018	25,287,603	24,511,960	24,969,987
Thefundsofthecharity
Restrictedincomefunds	13	9,254	9,254	9,254	9,254
Unrestrictedincomefunds	13
.Tangiblefixedassetsfund		3,468,418	4,506,319	3,468,418	4,506,319
.Designatedfunds
..Refurbishmentreserve		6,405,011	6,537,504	6,405,011	6,537,504
..Grant-makingreserve		12,005,251	11,632,897	12,005,251	11,632,897
.Generalfunds
. .Freereserves		3,000,000	3,000,000	3,000,000	3,000,000
. .Pensionreserve		(375,974)	(715,987)	(375,974)	(715,987)
.Non-charitabletradingfunds		(1,092,942)	317,616
Totalcharityfunds	14	23,419,018	25,287,603	24,511,960	24,969,987

		2020	2019
	Note	£	£
Cashflowsfromoperatingactivities
Netcash(usedin)providedbyoperatingactivities	A	(2,131,284)	1,269,739
Cashflowsfrominvestingactivities
Incomefromlistedinvestments		303,924	525,100
Interestreceived		5,831	16,686
Purchaseoftangiblefixedassets		(144,267)	(589,926)
Proceedsfromthesaleoftangiblefixedassets		555
Purchaseoffixedassetinvestments		(3,818,739)	(3,636,980)
Proceedsfromthedisposaloffixedassetinvestments		4,623,443	4,453,496
Netcashprovidedbyinvestingactivities		970,747	768,376
Changeincashandcashequivalents		(1,160,537)	2,038,115
Cashandcashequivalentsat1January	B	4,351,975	2,313,860
Cashandcashequivalentsat31December	B	3,191,438	4,351,975

Notestotheconsolidatedstatementofcashflowsfortheyea	rto	31Dece	mber2020
AReconciliationofnetmovementinfundstonetcash(used	in)	provided	byoperating
activities
		2020	2019
		£	£
Netmovementinfunds(asperconsolidatedstatementoffinancial
activities)	(1,868,585)		1,955,456
Adjustmentsfor:
Depreciationoftangiblefixedassets		1,288,603	1,502,922
Gainsoninvestments		(1,563)	(2,561,081)
(Profit)lossondisposaloftangiblefixedassets		(555)	4,415
Investmentincome		(309,755)	(541,786)
(Increase)decreaseindebtors		(454,538)	1,234,348
(Decrease)increditors		(444,878)	(216,522)
(Decrease)inprovisions		(340,013)	(108,013)
Netcash(usedin)providedbyoperatingactivities	(2,131,284)		1,269,739
BAnalysisofcashandcashequivalents
		2020	2019
		£	£
Cashatbankandinhand		1,497,047	3,608,729
Cashheldbyinvestmentmanagers	1,694,391		743,246
Totalcashandcashequivalents		3,191,438	4,351,975

Theannualratesusedforthispurposeare:
Freeholdbuildings	5.00—10.00
Furnitureandfittings	6.50—15.00
Telephoneandofficeequipment	10.00—33.33
Plantandequipment	5.00—20.00
Freeholdlandisnotdepreciated.

	2020	2019
	£	£
Incomefromlistedinvestments	303,924	525,100
Bankinterestreceivable	5,831	16,686
	309,755	541,786
4 Grantspayable
	2020	2019
	£	£
Grantsawardedintheyear
.Archbishops'Council—NationalSafeguardingTeam	1,752,000	1,752,000

	2020	2019
	£	£
Staffcosts(note7)	886,351	899,152
Houseexpensesandcleaning	364,768	410,759
Rates,insuranceandheating	254,678	292,279
Officeandadministrativeexpenses	59,226	44,362
Repairsandmaintenance	206,115	241,829
Marketing	3,558	1,530
Professionalfees	88,275	16,366
Depreciation—ownedassets	1,174,188	1,370,676
Auditor'sremuneration—TheCorporation	8,800	11,000
Donationsandpresentations	25	25
	3,045,984	3,287,978

	2020	2019
	£	£
Auditor'sremuneration
.Audit	22,000	22,000
.Non-auditservices—taxationandadvisoryservices	8,675	2,200
Depreciation	1,288,603	1,502,922
Hireofequipment	10,312	15,772

	Group		TheCorporation	TheCorporation
	2020	2019	2020	2019
	Number	Number	Number	Number
Maintenanceandsecurity	11	11	11	11
Administration	23	25	6	6
	34	36	17	17

	Group		TheCorporation	TheCorporation
	2020	2019	2020	2019
	£	£	£	£
Wagesandsalaries	1,434,940	1,442,738	753,026	717,612
Socialsecuritycosts	148,136	152,676	82,492	77,525
Otherpensioncosts	190,690	311,420	50,833	104,015
	1,773,766	1,906,834	886,351	899,152

	Group		TheCorporation	TheCorporation
	2020	2019	2020	2019
	Number	Number	Number	Number
£60,000to£69,999	1	1
£70,000to£79,999	3	2	3	2
£80,000to£89,999		1
£90,000to£99,999		1
£100,000to£109,999				1
£110,000to£119,999

	2020	2019
	£	£
Balancesheetliabilityat1January	715,987	824,000
Deficitcontributionpaid	(142,013)	(142,013)
Charged(credited)tothestatementoffinancialactivities
.Interestcost	8,000	16,000
.Changetothebalancesheetliability	(206,000)	18,000
Balancesheetliabilityat31December	375,974	715,987

	31	31	31
	December	December	December
	2020	2019	2018
Discountrate	1.12	1.30	2.10

	Freehold	Furniture	Telephone	Plant
	landand	and	andoffice	and
	buildings	fittings	equipment	equipment	Total
Group	£	£	£	£	£
Cost
At1January2020	5,965,026	7,203,992	1,151,548	7,621,249	21,941,815
Additions	56,459		11,774	76,034	144,267
Disposals			(11,566)		(11,566)
At31December2020	6,021,485	7,203,992	1,151,756	7,697,283	22,074,516
Depreciation
At1January2020	3,535,056	6,232,427	862,545	6,418,007	17,048,035
Disposals			(11,566)		(11,566)
Chargefortheyear	515,963	422,324	91,218	259,098	1,288,603
At31December2020	4,051,019	6,654,751	942,197	6,677,105	18,325,072
Netbookvalues
At31December2020	1,970,466	549,241	209,559	1,020,178	3,749,444
At31December2019	2,429,970	971,565	289,003	1,203,242	4,893,780

	Freehold	Furniture	Telephone	Plant
	landand	and	andoffice	and
	buildings	fittings	equipment	equipment	Total
TheCorporation	£	£	£	£	£
Cost
At1January2020	5,965,023	6,739,337	426,622	7,621,249	20,752,231
Additions	56,459		3,794	76,034	136,287
At31December2020	6,021,482	6,739,337	430,416	7,697,283	20,888,518
Depreciation
At1January2020	3,535,058	5,880,508	412,339	6,418,007	16,245,912
Chargefortheyear	515,963	391,398	7,729	259,098	1,174,188
At31December2020	4,051,021	6,271,906	420,068	6,677,105	17,420,100
Netbookvalues
At31December2020	1,970,461	467,431	10,348	1,020,178	3,468,418
At31December2019	2,429,965	858,829	14,283	1,203,242	4,506,319

10Investments
		Listed		2020	2019
		investments	Cash	Total	Total
Group		£	£	£	£
Costorvaluation
At1January		20,279,011	743,246	21,022,257	19,461,356
Additions		3,818,739	-	3,818,739	3,636,980
Disposalsatopeningbookvalue	(proceeds
£4,623,443;losses£405,862)		(5,029,305)		(5,029,305)	(4,316,976)
Netunrealisedgains		407,425		407,425	2,424,561
Netmovementinyear			951,145	951,145	(183,664)
At31December		19,475,870	1,694,391	21,170,261	21,022,257
	Investment
	insubsidiary	Listed		2020	2019
	undertaking	investments	Cash	Total	Total
TheCorporation	£	£	£	£	£
Costorvaluation
At1January	500,000	20,279,011	743,246	21,522,257	19,961,356
Additions		3,818,739		3,818,739	3,636,980
Disposalsatopeningbook
value(proceeds£4,623,443;
losses£405,862)	—	(5,029,305)		(5,029,305)	(4,316,976)
Netunrealisedgains	—	407,425	—	407,425	2,424,561
Netmovementinyear			951,145	951,145	(183,664)
At31December	500,000	19,475,870	1,694,391	21,670,261	21,522,257

Listedinvestmentsheldat31December2020comprised:
	2020	2019
Group	£	£
UKbonds	774,827	1,080,785
Internationalbonds	1,747,293	1,989,926
UKequities	7,780,730	9,370,821
Internationalequities	7,073,410	6,158,487
Privateequityandalternatives	2,099,610	1,678,992
Totallistedinvestments	19,475,870	20,279,011
Cashwithinvestmentmanagers	1,694,391	743,246
	21,170,261	21,022,257
Historiccostoflistedinvestments(excludingcash)	15,182,272	15,381,593

	2020		2019
		%of		%of
	Value	investment	Value	investment
	£	portfolio	£	portfolio
FindlayParkAmericanFund	1,047,690	5.38	1,175,206	5.80
BlackRockEuropeanDynamicFund	855,750	4.39	511,560	2.52
MerianUKSmallerCompaniesFund	853,211	4.38	795,230	3.92
WilliamBlairUSSmallMidCap	754,867	3.88	633,838	3.13
TMTellworthUKSmallerCompanies	625,924	3.21
WellingtonGlobalHealthCare	623,267	3.20	218,990	1.08
EgertonCapitalInvestmentFund	557,208	2.86	504,622	2.49
FidelityEmergingMarketsFund	525,207	2.70	424,403	2.09
TrojanInvestmentFunds	500,448	2.57	467,408	2.30
PolarCapitalTechnologyTrustPlc	495,575	2.54	379,133	1.87

				Group		TheCorporation
				2020	2019	2020	2019
				£	£	£	£
Amounts	owed	by	subsidiary
undertaking						500,628	—

	Group		TheCorporation	TheCorporation
	2020	2019	2020	2019
	£	£	£	£
Tradedebtors	92,822	447,851	72,020	43,560
Rentaldebtors	823,447	20,137	823,447	20,137
Otherdebtors	15,025	22,023	15,025	18,477
Prepaymentsandaccruedincome	131,646	118,391	101,823	73,685
	1,062,940	608,402	1,012,315	155,859

	Group		TheCorporation	TheCorporation
	2020	2019	2020	2019
	£	£	£	£
Tradeandexpensecreditors	100,463	609,257	81,242	109,716
Taxationandsocialsecuritycosts	39,166	52,159	39,166	52,159
Amountsowedtosubsidiary
undertaking			19,825	25,606
Othercreditors	3,817	16,524	3,817	16,524
Depositsheld	335,288	421,321
GrantspayabletotheNationalChurch
InstitutionsoftheChurchofEngland	1,752,000	1,752,000	1,752,000	1,752,000
Accruals	455,022	258,187	406,983	191,739
VATpayable	302,043	181,029	231,242	102,617
Deferredincome(seebelow)	696,901	839,101	696,901	839,101
	3,684,700	4,129,578	3,231,176	3,089,462
	Group		TheCorporation
	2020	2019	2020	2019
Deferredincome:	£	£	£	£
At1January2020	839,101	738,034	839,101	738,034
Releasedintheyear	(839,101)	(738,034)	(839,101)	(738,034)
Deferredintheyear	696,901	839,101	696,901	839,101
At31December2020	696,901	839,101	696,901	839,101

			Netgainson
		Netincome	revaluation			At31
	At1January	(expenditure)	of	Actuarial		December
Group	2020 £	fortheyear £	investments £	gains £	Transfers £	2020
Restrictedfunds	9,254	—				9,254
Unrestrictedincomefunds
.Tangiblefixedassetsfund	4,506,319	(1,174,188)	-		136,287	3,468,418
.Designatedfunds
. .Refurbishmentreserve	6,537,504			—	(132,493)	6,405,011
..Grant-makingreserve	11,632,897	(1,752,000)			2,124,354	12,005,251
.Generalfunds
. .Freereserves	3,000,000	2,268,598	1,563	—	(2,270,161)	3,000,000
. .Pensionreserve	(715,987)	(8,000)		206,000	142,013	(375,974)
. .Non-charitabletradingfunds	317,616	(1,410,558)		—	—	(1,092,942)
Total	25,287,603	(2,076,148)	1,563	206,000	-	23,419,018
			Netgainson
		Netincome	revaluation			At31
	At1January	(expenditure)	of	Actuarial		December
TheCorporation	2020 £	fortheyear £	investments £	gains £	Transfers £	2020
Restrictedfunds	9,254					9,254
Unrestrictedincomefunds
.Tangiblefixedassetsfund	4,506,319	(1,174,188)			136,287	3,468,418
.Designatedfunds
..Refurbishmentreserve	6,537,504			—	(132,493)	6,405,011
.Grant-makingreserve	11,632,897	(1,752,000)		—	2,124,354	12,005,251
.Generalfunds
..Freereserves	3,000,000	2,268,598	1,563	—	(2,270,161)	3,000,000
..Pensionreserve	(715,987)	(8,000)		206,000	142,013	(375,974)
Total	24,969,987	(665,590)	1,563	206,000	-	24,511,960

	Tangible	Designated			Non-
	fixed	fundsand			charitable
	assets	restricted	Free	Pension	trading	Total
	fund	funds	reserves	reserve	funds	funds
Group	£	£	£	£	£	£
Fundbalancesat31
December2020are
representedby:
Tangiblefixedassets	3,468,418				281,026	3,749,444
Investments	-	18,410,262	2,759,999		—	21,170,261
Netcurrentassets(liabilities)		9,254	240,001	-	(1,373,968)	(1,124,713)
Provisionsforliabilities				(375,974)	—	(375,974)
Totalnetassets	3,468,418	18,419,516	3,000,000	(375,974)	(1,092,942)	23,419,018

	Tangible	Designated
	fixed	fundsand
	assets	restricted	Free	Pension	Total
	fund	funds	reserves	reserve	funds
TheCorporation	£	£	£	£	£
Fundbalancesat31
December2020are
representedby:
Tangiblefixedassets	3,468,418				3,468,418
Investments	-	18,410,262	3,259,999	—	21,670,261
Netcurrentassets(liabilities)		9,254	(259,999)		(250,745)
Provisionsforliabilities				(375,974)	(375,974)
Totalnetassets	3,468,418	18,419,516	3,000,000	(375,974)	24,511,960

	2020	2019
	£	£
Unrealisedgainsincludedabove:
Oninvestments	4,096,108	4,897,418
Reconciliationofmovementsinunrealisedgains
Unrealisedgainsat1January	4,897,418	3,273,114
Less:inrespecttodisposalsintheyear	(1,208,735)	(800,257)
	3,688,683	2,472,857
Netgainsarisingonrevaluation	407,425	2,424,561
Totalunrealisedgainsat31December	4,096,108	4,897,418

operatingleases.Theminimumrentalspayableund	ertheseleasesareasfollows:
	2020	2019
Equipment
Withinoneyear	8,142	8,142
Betweenoneandtwoyears	9,386	15,602
Betweenthreeandfiveyears	—	1,926
	17,528	25,670

	Group		TheCorporation	TheCorporation
	2020	2019	2020	2019
Authorisedandcontractedfor:	£	£	£	£
Capitalexpenditure:Buildings	26,000	42,000	26,000	42,000
Capitalexpenditure:Plantandequipment	129,000	29,000	129,000	29,000
Revenueexpenditure:Cyclicalmaintenance	500,000	8,000	500,000

	Group		TheCorporation	TheCorporation
	2020	2019	2020	2019
Authorisedbut notcontractedfor:	£	£	£	£
Capitalexpenditure:Buildings	785,000	1,000,000	785,000	1,000,000
Capitalexpenditure:Plantandequipment	156,000	279,000	156,000	279,000
Capitalexpenditure:Officeequipment	5,000	53,000	5,000	16,500
Capitalexpenditure:Fixturesandfittings		41,500
Revenueexpenditure:Cyclicalmaintenance	64,000	577,000	64,000	577,000

17Tradingsubsidiary—ChurchHouseConferenceCentr	eLimited
	2020	2019
	£	£
a)Summaryofresultsoftradingsubsidiary
Turnover	1,006,676	4,149,830
Operatingcosts	(2,543,748)	(4,102,886)
Operating(loss)profit	(1,537,072)	46,944
CoronavirusJobRetentionSchemegrants	113,301
Bankinterestreceivable	1,346	4,940
Interestpayable	(628)
Profit(loss)ondisposaloffixedassets	555	(3,614)
(Loss)profitonordinaryactivitiesbeforetaxation	(1,422,498)	48,270
Taxation	11,940	(11,940)
(Loss)profitforthefinancialyear	(1,410,558)	36,330
Paymentsunderdeedofcovenant
Provisionforpaymentunderdeedofcovenant
Underprovisionforpaymentunderdeedofcovenantinprioryear
Movementin(accumulatedlosses)retainedearningsfortheyear	(1,410,558)	36,330
b)Intergrouptransactions
Turnover	1,006,676	4,149,830
Less:salestoTheCorporation	(4,424)	(8,617)
Netturnover	1,002,252	4,141,213
Operatingcosts	2,543,748	4,102,886
Less:salesfromTheCorporation	(12,586)	(21,769)
Less:rentandservicechargepaidtoTheCorporation	(974,901)	(1,031,005)
Netoperatingcosts	1,556,261	3,050,112
c)Netassetsoftradingsubsidiary
Totalassets	389,856	1,883,338
Totalliabilities	(982,798)	(1,065,722)
Net(liabilities)assets	(592,942)	817,616