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2020-12-31-accounts

ANNUAL REPORT & FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 Registered charity No: 221040

CONTENTS

Trustees Trustees 1
6
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Financial Statements 12
The following pages are for information only and do not form part of the audited financial statements
Income and expenditure account 21

TRUSTEES

For the year ended 31 December 2020

The Trustees present their report and financial statements for the year ended 31 December 2020.

Reference and Administrative Information

Charity Name Sain
Charity Registration Number 221040
Trustees - appointed for life The Venerable H J Osborne
The Revd Canon A M Weaver
The Very Revd D R M Monteith
The Revd Canon Q D Warbrick
The Revd Canon Dr J W Woodward
Trustees - Co-opted (appointed for four years) The Revd Canon R F Pailing
The Revd Canon A A Gorham
Clerk to the Trustees Mrs L A Davis
Registered office No.1 Colmore Square
Birmingham
B4 6AA
Bankers Lloyds Bank Plc
Colmore Row
Birmingham
B3 3SD
Auditors Cooper Parry Group Limited
Park View
One Central Boulevard
Blythe Valley Park
Solihull
B90 8BG
Solicitors Shakespeare Martineau LLP
No.1 Colmore Square
Birmingham
B4 6AA
Investment managers EFG Harris Allday
33 Great Charles Street
Birmingham
B3 3JN
Property managers Cushman & Wakefield
No.1 Colmore Square
Birmingham
B4 6AA

Page 1

TRUSTEES

For the year ended 31 December 2020

Structure, Governance and Management

The constitution and patronage

der 1964, as varied or effected by the Scheme of the Charity Commissioners sealed on 2 November 2006.

Before the Act in 1893, the then Rector of St Martin settled the advowson of St Martin and of three other parishes, namely St George, St Thomas and All Saints, upon five Trustees, the settlement requiring that the Trustees should always be ordained clergy of the Church of England. The Trustees are appointed for life. The five Trustees may co-opt up to two further Trustees by virtue of clause 5 of a Scheme of the Charity Commission dated 2006. Co-opted Trustees are appointed for 4 years. On various dates the patronage of additional churches has been transferred to the Trustees. The patronage of the following parishes is at present held by the Trustees:

St Martin, St George, St Paul and St Mark, Bishop Latimer, St John and St Peter, and St Matthew (Perry Beeches): St Germain (Edgbaston) and St John (Perry Barr) (jointly with Bishop of Birmingham): and St Luke Trustees). By established tradition the Trustees also support the parish of Christchurch Summerfield (the patron of which is the Rector of St Martin).

Section 2 of the Act vests the Five Ways Lands (formerly a portion of the Glebe Lands belonging to the rectory Trustees and Section 4 gives them powers of sale, leasing, mortgaging and other necessary powers. Section 6 of the Act (as amended) provides for the use of income for the benefit of incumbents of parishes within the diocese of Birmingham.

The Scheme at 2 November 2006 inserts an appendix to the 1964 Order which enables the Trustees to apply any remaining income of the charity in furtherance of the religious or charitable work of the Church of England in the Diocese of Birmingham.

Recruitment and appointment of Trustees

The Trustees of the charity who served during the year and up to the date of this report are set out below:

Appointed for life:

The Venerable H J Osborne The Revd Canon A M Weaver The Very Revd D R M Monteith The Revd Canon Q D Warbrick The Revd Canon Dr J W Woodward

Co-opted (appointed for four years):

The Revd Canon R F Pailing The Revd Canon A A Gorham

Trustee induction and training

New Trustees are made aware of their responsibilities and are helped to familiarise themselves with the latest published accounts and appropriate Charity Commission publications.

Page 2

TRUSTEES

For the year ended 31 December 2020

Risk management

The Trustees have reviewed the major strategic and operational risks to which the charity is exposed and are satisfied that management reporting systems are in place to minimise the effects of any such risks as may exist. The investment managers are EFG Harris Allday, the property managing agents are Cushman & Wakefield, both of whom provide regular reports from which the Trustees take appropriate action. The Trustees review the performance of the investments and of the investment adviser on a regular basis.

Organisational structure

The Trustees meet twice a year, with the Annual General Meeting held in May. A sub-committee of the Trustees meet as necessary to, for example, interview candidates for vacancies of benefices. The day to day management of the Trust is conducted by the clerk who liaises with the chairman as necessary.

Objectives and Activities

The overall objective of the charity is to support the Clergy of the Church of England within the Diocese of Birmingham and specifically within the Ancient Parish of St Martin and the other parishes of which the Trustees are patrons, or share the patronage.

The objectives are achieved by the making of grants, subject to conditions imposed by the Trustees (such as specifically for the maintenance of curates), and the making of gifts or loans for or towards activities within the Parishes lying within the beneficial area and the maintenance of the accommodation of the incumbents.

The Trustees activities. In particular, the Trustees have considered how planned activities will contribute to the aims and objectives set.

Review of Activities

The Trustees continue to provide support for the nine parishes of which they are Patrons and the parish of Christchurch Summerfield. This support is in the form of a contribution to the Birmingham Diocesan Board of Finance towards payment of stipends, pensions, national insurance and council tax, and payments to the Clergy for assistance with heating, gardening and secretarial expenses and individual projects in the parishes. The Trustees also provide support to the Birmingham Diocesan Board of Finance by agreeing payments of £30,000 for each of the three years 2019-2021 to the fund supporting Curates in Training.

Financial Review

The principal funding of the charity is from the collection of rents received from the properties held. Rental income for the year was £664,156 (2019: £435,193). Investment income from its share portfolio yielded £133,718 (2019: £178,391) in the year.

Spending on charitable activities increased from £612,723 to £628,740. Note 3 to the financial statements provides details of the Stipend payments made during the year together with payments made for ministerial support.

Investment management costs comprise legal fees (in connection with the management of the charity and the prope gents. These fees have increased from £52,434 to £120,653 this year.

Support costs and governance costs are detailed at notes 4 and 6 to the financial statements respectively.

Page 3

TRUSTEES

For the year ended 31 December 2020

Investment policy

There are no restrictions on the Trustees Trustees seek to maintain a consistent investment strategy based on their view of the medium term economic situation, their desire to secure the advice of their investment managers who produce regular reports for consideration by the Trustees.

The

Ethical Investments

The Trustees affirm their freedom of power to invest. However, they do have regard to the Church of England particular circumstances. The statement is drawn to the attention of the investment managers in exercising behalf, a discretion about which they consult from time to time.

Grant making policy

The sum of £296,044 (2019: £265,048) was paid out to cover payments of stipend to incumbents in support of their ministry, and the sum of £325,588 (2019: £339,512) was paid out for ministerial support.

The Act formerly restricted the Trustees grant making to making payments to or for the benefit of incumbents Trustees will also consider applications for financial assistance from those incumbents who seek administrative and other help in funding their pursuit of alternative purposes when income permits and for example payments are now made to assist with music in churches and employment of staff by some parishes to expand activities.

Reserves policy

It is the policy of the Trustees to maintain unrestricted funds which are the general funds of the Charity at a level which provides sufficient funds to cover management, administration and support costs and to meet their continuing obligations for at least two years.

Free reserves are defined as those unrestricted funds that are not invested in fixed assets (i.e. those reserves which are liquid and readily available to the Trustees).

The general funds of the charity equal the free reserves as none of these funds are tied up in non-liquid assets. Note 11 to the financial statements provides an analysis of the general fund. At the year-end general funds amounted to £2,800,754 of which £2,738,662 is represented by investments and bank deposits, the remaining funds of £62,092 relate to other current assets and current liabilities.

As much of the Trustees against the time when income may be reduced.

Page 4

TRUSTEES

For the year ended 31 December 2020

Statement of Trustees

The Trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Auditors

Cooper Parry Group Limited have expressed their willingness to continue to act a resolution for their re-appointment will be made at the Annual General Meeting.

20 May 2021 Approved by the Board of Trustees on _______ and signed on its behalf by:

Trustee

Page 5

INDEPENDENT AUDITOR S REPORT TO THE TRUSTEES OF

Opinion

We have audited the financial statements of ended 31st December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and e Financial Reporting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the F accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information n and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 6

INDEPENDENT AUDITOR S REPORT TO THE TRUSTEES OF

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

5, the Trustees are

responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible f continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Our assessment focussed on key laws and regulations the Charity has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Charities Act 2011, Charities (Accounts and Reports) Regulations 2008, Charities (Protection and Social Investment) Act 2016, taxation legislation, data protection, anti-bribery and employment legislation.

We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:

Page 7

OF

Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our

Use of our report

(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters which we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

COOPER PARRY GROUP LIMITED Statutory Auditor

One Central Boulevard, Blythe Valley Business Park Solihull, West Midlands, B90 8BG Statutory Auditor

Date: 21 October 2021

Cooper Parry Group Limited is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.

Page 8

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 December 2020

Note
Income and endowments from:
Investments
2
Total income and endowments
Expenditure on:
Investment management costs
5
Charitable activities
3
Total expenditure
Net (losses) / gains on investments
8
Net gain on investment properties
7
Net movement in funds
Reconciliation of funds
Fund balances at 1 January 2020
Fund balances at 31 December 2020
 2020
2020
2020
Endowment Unrestricted
Total
Funds
General
Funds
Funds
£
£
£
-
797,874
797,874
__
_
_
-
797,874
797,874
_
_
_
-
120,653
120,653
-
628,740
628,740

_
_
-
749,393
749,393

_
____
(126,718)
(101,712)
(228,430)
-
-
-
(126,718)
(53,231)
(179,949)
13,180,328
2,853,985 16,034,313
13,053,610
2,800,754 15,854,364		 2019
Total
Funds
£
613,584
_
613,584
_
52,434
612,723
_
665,157
_
584,539
2,355,000
2,887,966
13,146,347
16,034,313

All incoming resources and resources expended are derived from continuing activities. There are no other gains and losses other than those recognised above and accordingly no separate statement of total recognised gains and losses has been prepared.

Page 9

BALANCE SHEET

at 31 December 2020

2020 2019
£ £
Fixed Assets Note Fixed Assets Note
Investment properties 7 11,365,000 11,365,000
Investments 8 4,253,838 4,272,590
___ ___
15,618,838 15,637,590
Current Assets
Debtors 9 310,032 137,650
Cash at bank 125,409 212,599
Cash held by investment manager 48,025 265,519
483,466 615,768
Creditors:amounts falling due within
one year 10 (247,940) (219,045)
Net current assets 235,526 396,723
Net assets 15,854,364 16,034,313
Reserves
Unrestricted general fund 11/12 2,800,754 2,853,985
Endowment fund 11/12 13,053,610 13,180,328
Total Charity funds 15,854,364 16,034,313
The notes on pages 12 to 20 form part of the financial statements. The notes on pages 12 to 20 form part of the financial statements.
Approved by the Board of Trustees on _______ and signed on its behalf by: Approved by the Board of Trustees on _______ and signed on its behalf by:
20 May 2021

Trustee:

Trustee:

Page 10

STATEMENT OF CASH FLOWS

For the year ended 31 December 2020

Note
2020
£
Cash flows from operating activities
Net cash used in operating activities
15
(892,881)
___
Cash flows from investing activities
Dividends, interest and rents from investments
797,874
Proceeds from sale of investments
1,138,094
Purchase of investments
(1,347,771)
Net cash provided by investing activities
588,197
Change in cash and cash equivalents in the reporting period
(304,684)
Cash and cash equivalents at the beginning of the period
478,118
Cash and cash equivalents at the end of the period
173,434
Analysis of cash and cash equivalents
Cash in hand
125,409
Cash held by investment manager
48,025
Total cash and cash equivalents
173,434
Analysis of changes in net debt
At 1-Jan-
20
Cashflows
£
£
Cash at bank and in hand
478,118
(304,684)		 2019
£
(666,711)
___
613,584
1,415,495
(1,174,977)
854,102
187,391
290,727
478,118
212,599
265,519
478,118
At 31-Dec-
20
£
173,434

Page 11

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2020

1 Principal accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements.

Basis of preparation and general information

is a (Birmingham) Act 1983 in England. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

Going concern

At the balance sheet date the charity had a significant investment holding. At the time of signing these financial statements, the Trustees have considered the effect of the Covid-19 pandemic on the long-term investment holding and hence on the going concern position. The Trustees consider that this does not present a major risk and that the charity will continue in operation for a period of at least 12 months from the date of signing these accounts, due to the close monitoring of its investments and already low risk approach to investment holding.

On that basis, the Trustees have prepared these financial statements on a going concern basis.

Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Endowment funds represent those assets which must be held permanently by the charity, principally property and investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income.

Page 12

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2020

Incoming resources

All incoming resources are included in the Statement of Financial Activities when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Investment income is earned through holding assets such as shares and properties. It includes dividends, interest and rent. Income is included when the amount can be measured reliably.

All income and expenditure is stated gross unless otherwise indicated.

Income arising on the endowment fund can be used in accordance with the objects of the Charity and is included in unrestricted income.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity comprise both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Investments

Investments are initially recognised at their transaction value and subsequently measured at their market value at the year end using the closing quoted market price. Any surplus or deficit on revaluation or sale being included in the Statement of Financial Activities.

VAT

The charity is partially exempt for VAT. Value added tax which is not recoverable by the charity is written off as irrecoverable VAT within support costs.

Investment properties

Investment properties are included in the balance sheet at the Trustees taking account of professional advice. They are regularly revalued and the resultant surpluses or deficits are taken to the Statement of Financial Activity as an investment gain or loss. In accordance with FRS 102, no depreciation is provided on investment properties.

Page 13

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2020

2 Income from investments

Rents receivable
Block B
Block C
City Tavern
Guildhall
Norwich
Trentham Lakes
Unit B, Cranmore Park
Investment income
Dividends
UK equities
Interest
UK fixed interest securities
Total income from investments		 2020
£
116,734
70,108
2,316
78,500
176,875
219,623
_
664,156
2020
£
115,976
17,742
_
133,718
797,874		 2019
£
116,734
69,858
2,566
78,500
-
167,535
_
435,193
2019
£
158,068
20,323
_
178,391
613,584

Investment income was wholly attributable to unrestricted funds in the current and previous period.

Page 14

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2020

3 Grants payable in furtherance of charitable objectives

Contributions to payments of incumbents stipends, pensions,
council tax and national insurance
St George
St Paul
St John and St Peter, Ladywood
Christ Church
St Matthew
St John, Perry Barr
St Luke
St Martin
St Germain
Payment of ministerial support
Secretarial, heating, and gardening
St Martin
St Luke
Christ Church
St Paul
St Matthew
St George
St John and St Peter, Ladywood
St John, Perry Barr
St Germain
Bishop Latimer
Birmingham Diocese - Curates in Training
Birmingham Diocese
Grants for Sabbatical Placements
General Grant to Birmingham Diocese
Swanwick grant
GAP Youth Project
Total grants payable
Support costs (note 4)
Governance costs (note 6)
Total expenditure on charitable activities		 2020
£
40,373
16,668
40,373
-
37,138
40,373
40,373
40,373
40,373
296,044
9,100
79,912
18,975
23,776
28,617
14,583
21,200
35,000
15,916
38,289
5,720
30,000
4,500
-
-
-
325,588
621,632
458
6,650
_
628,740		 2019
£
38,240
-
38,240
6,376
38,240
38,240
38,240
38,240
29,232
265,048
7,800
84,360
18,604
16,274
22,508
15,184
20,500
28,000
9,124
53,909
10,149
30,000
10,000
5,100
8,000
339,512
604,560
636
7,527
_
612,723

Expenditure on charitable activities was wholly attributable to unrestricted funds in the current and previous period.

Page 15

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2020

4 Support costs

2020 2019
£ £
Travelling and other expenses 458 636

Trustees received no remuneration and four (2019: five) Trustees were reimbursed £458 (2019: £636) for their expenses in the year.

5. Investment management costs

General legal charges
Cushman & Wakefield management fees
Professional fees
6.
Governance costs
AGM costs
 2020
£
81,004
29,977
9,672
__

120,653
2020
£
6,650
-
_____

6,650		 2019
£
26,378
23,356
2,700
_
52,434
2019
£
6,170
1,357
_
7,527

Page 16

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2020

7.
Investment properties
Value at 1 January 2020
Revaluation in the year
Value at 31 December 2020		 2020
£
11,365,000
-
11,365,000		 2019
£
9,010,000
2,355,000
11,365,000

The closing value of properties is represented by:

The closing value of properties is represented by:
2020 2019
Freehold investment property £ £
Unit B Cranmore Park 3,000,000 3,000,000
Block B- Broad Street 2,430,000 2,430,000
Block C_-_187 Broad Street 1,545,000 1,545,000
6/7 Guildhall Hill 1,090,000 1,090,000
Trentham Lakes 3,300,000 3,300,000
11,365,000 11,365,000

The investment properties are held at the open market value at the balance sheet date. In ascertaining the open market value the Trustees have taken professional advice obtained from their property managing agents Cushman and Wakefield. The last valuation was undertaken on 31 December 2019.

The properties were valued by an external valuer, Mr J Crawford MRICS of Cushman and Wakefield. The valuation has been made in accordance with the appropriate section of the current Practice Statement and Guidance Notes contained within the Appraisal and Valuation Manual issued by the aluers, acting as independent valuers, qualified for the purpose of valuation.

The value of the properties has been assessed in accordance with the relevant parts of the current RICS Appraisal and Valuation manual. The properties are stated at Practice Statement 3.2.

The Trustees consider there has been no material variation in the value of the property portfolio during the year.

Page 17

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2020

8. Investments

2020
2020
2020
Permanent
General
Endowment
Investments
Total
£
£
£
Market value at 1 January 2020
1,745,433
2,527,157 4,272,590
Additions at cost
502,413
845,358 1,347,771
Disposal proceeds
(454,466)
(683,627) (1,138,093)
Unrealised (loss)/gain
(76,078)
(53,084)
(129,162)
Realised (loss)/gain
(50,640)
(48,628)
(99,268)
_
_ _
Market value at 31 December 2020
1,666,662
2,587,176 4,253,838
Historical Cost:
Permanent Endowment
1,509,661
General Investments
2,356,800
__
3,866,461
All investments are listed securities.
9.
Debtors
2020
£
Rent
310,032
10.
Creditors
2020
£
Accruals
106,860
Deferred income
114,551
VAT
26,529
_
247,940		 2020
2020
2020
Permanent
General
Endowment
Investments
Total
£
£
£
Market value at 1 January 2020
1,745,433
2,527,157 4,272,590
Additions at cost
502,413
845,358 1,347,771
Disposal proceeds
(454,466)
(683,627) (1,138,093)
Unrealised (loss)/gain
(76,078)
(53,084)
(129,162)
Realised (loss)/gain
(50,640)
(48,628)
(99,268)
_
_ _
Market value at 31 December 2020
1,666,662
2,587,176 4,253,838
Historical Cost:
Permanent Endowment
1,509,661
General Investments
2,356,800
__
3,866,461
All investments are listed securities.
9.
Debtors
2020
£
Rent
310,032
10.
Creditors
2020
£
Accruals
106,860
Deferred income
114,551
VAT
26,529
_
247,940		 2020
2020
2020
Permanent
General
Endowment
Investments
Total
£
£
£
Market value at 1 January 2020
1,745,433
2,527,157 4,272,590
Additions at cost
502,413
845,358 1,347,771
Disposal proceeds
(454,466)
(683,627) (1,138,093)
Unrealised (loss)/gain
(76,078)
(53,084)
(129,162)
Realised (loss)/gain
(50,640)
(48,628)
(99,268)
_
_ _
Market value at 31 December 2020
1,666,662
2,587,176 4,253,838
Historical Cost:
Permanent Endowment
1,509,661
General Investments
2,356,800
__
3,866,461
All investments are listed securities.
9.
Debtors
2020
£
Rent
310,032
10.
Creditors
2020
£
Accruals
106,860
Deferred income
114,551
VAT
26,529
_
247,940		 2019
Total
£
3,928,569
1,174,977
(1,415,495)
440,643
143,896
_
4,272,590
1,485,855
2,130,944
_
3,596,799
2019
£
137,650
2019
£
80,954
126,226
11,865
_
219,045
2020
£
106,860
114,551
26,529
_
247,940

Deferred income relates to rental amounts invoiced in the current year (and included within debtors) which relate to the period 25 December 2020 to 24 March 2021 and which will be recognised in the s financial statements.

Page 18

NOTES TO THE FINANCIAL STATEMENTS

for year ended 31 December 2020

11. Statement of funds

Balance at Income Expenditure Gains / Balance at
2019 (losses) 2020
£ £ £ £ £
Unrestricted Funds
General fund 2,853,985 797,874 (749,393) (101,712) 2,800,754
Endowment Funds
Endowment fund 13,180,328 - - (126,718) 13,053,610
___ ___ ___ ___ ___
Total of funds 16,034,313 797,874 (749,393) (228,430) 15,854,364

The unrestricted general fund comprises those funds which the Trustees are free to use in accordance with the charitable objects.

The endowment fund represents those assets which must be held permanently by the Charity, principally property and investments. Income arising on the endowment fund can be used in accordance with the objects of the Charity and is included in unrestricted income.

Any capital gains or losses arising on the investment form part of the fund. Investment management charges and legal advice relating to the fund are charged against the general fund.

Statement of funds prior year

Balance at Income Expenditure Gains / Balance at
2018 (losses) 2019
£ £ £ £ £
Unrestricted Funds
General fund 2,567,043 613,584 (665,157) 338,515 2,853,985
Endowment Funds
Endowment fund 10,579,304 - - 2,601,024 13,180,328
___ ___ ___ ___ ___
Total of funds 13,146,347 613,584 (665,157) 2,939,539 16,034,313

12. Analysis of funds

Analysis of funds
General Endowment
Fund Fund Total
£ £ £
Investment properties - 11,365,000 11,365,000
Investments 2,587,176 1,666,662 4,253,838
Debtors 310,032 - 310,032
Bank balances and investment manager cash balances 151,486 21,948 173,434
Creditors (247,940) - (247,940)
___ __ __
2,800,754 13,053,610 15,854,364

Page 19

NOTES TO THE FINANCIAL STATEMENTS

for year ended 31 December 2020

12. Analysis of funds (continued) prior year

General Endowment
Fund Fund Total
£ £ £
Investment properties - 11,365,000 11,365,000
Investments 2,527,157 1,745,433 4,272,590
Debtors 137,650 - 137,650
Bank balances and investment manager cash balances 408,223 69,895 478,118
Creditors (219,045) - (219,045)
___ __ __
2,853,985 13,180,328 16,034,313

13. Taxation

As a sections 485 and 486 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen within the charity.

14. Related party transactions

During the year payments of £81,004 (2019: £26,378) were made to Shakespeare Martineau LLP for legal services provided to the charity. Mrs L A Davis, current clerk to the Trustees, is a partner in Shakespeare Martineau LLP.

15. Reconciliation of net income to net cash flow from operating activities

2020 2019
£ £
Net (expenditure) / income for the reporting period (179,949) 2,887,966
Losses / (gains) on investments 228,430 (2,939,539)
Dividends, interest and rents from investments (797,874) (613,584)
Increase in debtors (172,382) (20,366)
Increase in creditors 28,894 18,812
__ __
Net cash used in operating activities (892,881) (666,711)

Page 20

NOTES TO THE FINANCIAL STATEMENTS

for year ended 31 December 2020 INCOME AND EXPENDITURE ACCOUNT

INCOME
Rents receivable
Net income from investments Dividends
Stock interest
EXPENSES
Contributions to payments of stipends, council tax
and national insurance:
St George
St Paul
St John & St Peter Ladywood
Christ Church
St Matthew
St John, Perry Bar
St Luke
St Martin
St Germain
Birmingham Diocese
Curates in Training
Severance and wages
Swanwick grant
GAP Youth Project
Ministerial support
Shakespeare Martineau LLP fees
Auditor
Cushman & Wakefield management fees
Travelling and other expenses
AGM expenses
Professional fees
SURPLUS / (DEFICIT) FOR YEAR		 2020
£
£
664,156
115,976
17,742
_
797,874
40,373
16,668
40,373
-
37,138
40,373
40,373
40,373
40,373
296,044
30,000
-
-
-
295,588
(621,632)
81,004
6,650
29,977
458
-
9,672
(127,761)
_
48,481		 2019
£
£
435,193
158,068
20,323
_
613,584
38,240
-
38,240
6,376
38,240
38,240
38,240
38,240
29,232
265,048
30,000
10,000
8,983
8,000
282,089
(604,560)
26,378
8,170
23,356
636
1,357
2,700
(60,597)
__
(51,573)

This page is for the information of the Trustees only and does not form part of the statutory accounts.

Page 21

INCOME AND EXPENDITURE ACCOUNT

For year ended 31 December 2020

2020
£
RENTS RECEIVABLE
Block B
116,734
Block C
70,108
Guildhall
78,500
City Tavern
2,316
Trentham Lakes
176,875
Unit B, Cranmore Park
219,623
664,156		 2019
£
116,734
69,858
78,500
2,566
-
167,535
435,193

This page is for the information of the Trustees only and does not form part of the statutory accounts.

Page 22