## 

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





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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)|<br>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|





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## 

## 

## 

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



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## 

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## 

||2020|2019|
|---|---|---|
||£|£|
|Incomefromlistedinvestments|303,924|525,100|
|Bankinterestreceivable|5,831|16,686|
||309,755|541,786|
|4<br>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<br>£|fortheyear<br>£|investments<br>£|gains<br>£|Transfers<br>£|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<br>£|fortheyear<br>£|investments<br>£|gains<br>£|Transfers<br>£|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|<br>trading|<br>Total|
||fund|funds|reserves|reserve|<br>funds|<br>funds|
|Group|£|£|£|£|<br>£|£|
|Fundbalancesat31|||||||
|December2020are|||||||
|representedby:|||||||
|Tangiblefixedassets|3,468,418||||281,026|<br>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)|<br>—|<br>(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|





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|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|