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2020-12-31-accounts

Charity Registration No. 224425

For the propagation of the Gospel in New England and the parts adjacent in America

Audited Financial Statements

For the year ended 31 December 2020

THE NEW ENGLAND COMPANY

CONTENTS

Page
Annual report of the Governor and the Court 1 to 5
Statement of Trustees’ responsibilities 6
Report of the independent auditors 7 to 10
Comprehensive Statement of Financial Activities 11
Balance Sheet 12
Statement of Cash Flows 13
Notes to the Financial Statements
Note 1 Accounting policies 14 to 16
Note 2 Critical accounting estimates and areas of judgement 16
Note 3 Related party transactions and trustees’ remuneration 16
Note 4 Investment income 16 to 18
Note 5 Total return investment 19
Note 6 Other recognised gains/losses 19
Note 7 Grant making activities 20 to 23
Note 8 Analysis of other expenditure 22
Note 9 Investment management costs 24
Note 10 Analysis of other expenditure 24
Note 11 Allocation of supports costs and overheads 25
Note 12 Information regarding employees 25
Note 13 Accountants’ and auditor’s remuneration 25
Note 14 Fixed asset investments 26 to 30
Note 15 Analysis of current assets 31
Note 16 Analysis of current liabilities 31 to 32
Note 17 Analysis of charitable funds 32
Note 18 Guildhall Library records 32
Note 19 Exchange gains and losses 32
Note 20 Future grant commitments 33 to 34
Notes not forming part of the financial statements
Note I Terrier as at 31 December 2020 35
Note II Schedule of property transactions 36

THE NEW ENGLAND COMPANY

ANNUAL REPORT OF THE GOVERNOR AND THE COURT

Reference and administrative details of the charity, its trustees and advisers

Registered address Flinders Cottage The Street Bolney West Sussex RH17 5QW

Members of the Court

Wells, NW (Governor) Bridgeman, The Hon Luke (Treasurer) Fox, The Rev Colin, TD Duke, THS Kaye, N Lee, WG Lewis, The Very Revd Christopher A Milliken, R Rathbone, W OBE Rayleigh, The Lord Scott, DMF Scott, M Smith, The Rev Alice Stephenson, GC Stephenson, WO Talbot, CJ Talbot, R Wheatley, The Rt Rev Peter

Date of Election 19 November 2002 10 September 2002 8 June 2004 6 October 1993 8 June 2010 1 July 2014 18 September 2018 2 June 2009 5 February 1974 4 October 1989 17 September 1996 1 February 2015 17 September 2019 23 November 1999 1 June 2012 15 October 1986 13 November 2018 6 November 2007

Secretary Mrs N Johnson Missions Committee THS Duke (Chairman) The Rev Colin Fox WO Stephenson The Rt Rev Peter Wheatley DMF Scott The Very Rev Christopher Lewis W Rathbone Finance Committee The Treasurer (Chairman) The Governor R Milliken W Rathbone M Scott Property Committee N Kaye (Chairman) CJ Talbot Lord Rayleigh GC Stephenson WG Lee

THE NEW ENGLAND COMPANY

ANNUAL REPORT OF THE GOVERNOR AND THE COURT (continued)

Reference and administrative details of the charity, its trustees and advisers (continued)

Authorised signatories

Bank of Scotland cheques The Governor The Treasurer R Milliken W Rathbone OBE Mrs N Johnson (up to £500)

All bank transfer instructions and cheques in excess of £1,000 must be signed by the Treasurer and countersigned by one other authorised signatory.

Deeds On 20 February 2001, the Court resolved the following under the Charities Act 1993:

a. Pursuant to the power contained in Section 82 of the Charities Act 1993 that any three Members of the Court be authorised to execute in the names and on behalf of all Members of the Court for the time being assurances or other deeds giving effect to transactions by the New England Company to which the Members of the Court as Charity Trustees of the New England Company are party for any reason. b. This authority shall continue in full force and effect until revoked by resolution of the Court of the New England Company. Accountants and Auditors Kreston Reeves LLP Chartered Accountants Springfield House Springfield Road Horsham West Sussex, RH12 2RG Bankers Bank of Scotland PO Box 1000 BX2 1LB Fund managers Rathbone Investment Management Ltd Port of Liverpool Building Pier Head Liverpool, L3 1NW Land agents Strutt & Parker Coval Hall Rainsford Road Chelmsford Essex, CM1 2QF Solicitors Messrs Gepp & Sons 58 New London Road Chelmsford, CM2 0PA

THE NEW ENGLAND COMPANY

ANNUAL REPORT OF THE GOVERNOR AND THE COURT (continued)

The trustees present the annual report and audited financial statements of the New England Company (the charity) for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s Royal Charter dated 27 February 1961 (its trust deed), the Charities Act and the Charities SORP FRS 102.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The New England Company was founded by Act of Parliament on 27 July 1649 in order to propagate the gospel in New England and the parts adjacent in America. Its work was later extended to the West Indies in 1720. After the American War of Independence, its work in North America was restricted to those First Nations peoples living in Canada. Its mission remains to further the work of the church amongst the First Nations of Canada and of the Anglican church in the West Indies.

The charity no longer directly funds missionaries; rather, it works closely with those dioceses in Canada with First Nations populations and those dioceses covering the parts of the West Indies which used to be part of the British Empire and provides them with grants to fund agreed projects. In both provinces, the majority of the grants are concentrated on the training and support of an indigenous Ministry.

The charity’s initial endowment was provided by a collection made in every church in England and Wales, organised by Oliver Cromwell shortly after its founding Act of Parliament was passed. The money was then used to acquire farms in East Anglia, the rents from which would provide the income to fund the missionary work in perpetuity. The work in the West Indies was funded by a legacy of two farms in the 1720s. Today, part of its income is still derived from its farms and other properties, the balance being generated by its investment portfolio. The New England Company is not a fundraising charity.

The New England Company is managed by a Court chaired by a Governor and the members of the Court are the trustees of the charity. The power to appoint members of the Court is vested in the current members of the Court. New members, who are required to be practising Christians, are generally recommended by an existing member. On appointment, new members have meetings with the Governor and the Secretary, are given an introduction to the work of the charity and provided with relevant information including a copy of the Charter, past minutes of Court meetings and the latest Annual Report. They are also given information about charity law and the role of a trustee.

The charity currently has 18 trustees, chosen for the particular skills which they can bring to its governance. It is considered that the members of the Court have, between them, the appropriate experience and skills to fulfil the New England Company’s objectives.

All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses are disclosed in Note 11 to the accounts. Trustees are required to disclose all relevant interests and register them with the Governor; in accordance with the charity’s policy, they are required to withdraw from decisions where a conflict of interest might arise.

Reporting to the Court are three sub-committees:

To assist in the overall coordination of the New England Company’s work, the New England Company has a consultancy agreement with Mrs N Johnson, Secretary to the charity.

THE NEW ENGLAND COMPANY

ANNUAL REPORT OF THE GOVERNOR AND THE COURT (continued)

The Court meets four times a year. At these meetings, the trustees agree the broad strategy and areas of activity for the charity including consideration of grant-making, investment, reserves and risk management. At each meeting, it concentrates on a particular aspect. These are Grants (as proposed by the Missions Committee), the Annual Report and Accounts (attended by the Auditor), the Properties (attended by a senior representative from Strutt and Parker) and the Investments (attended by the Rathbones fund manager managing and administering the investments).

The intention is that each year, a member of the Court visits either Canada or the West Indies. Because of the size of the provinces, Canada is split into three sections and the West Indies into two. This means that every diocese to which grants are provided receives a visit on a regular basis during which one-to-one discussions can be held with the Bishop and other senior members of the clergy in order to better determine their priorities and their ambitions, to visit the projects which have been funded by the charity and to establish the personal rapport which can increase the fruitfulness of the relationship between funder and recipient.

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

The New England Company is a grant-giving charity which continues to pursue its aim of furthering the work of the Anglican Church in Canada and in the West Indies. Each year, those dioceses in Canada with populations of indigenous peoples and the dioceses of the West Indies are invited to submit an application for a grant to fund a particular project which will help them achieve a particular objective. Each application must be accompanied by a description and a budget of sufficient detail to enable the Missions Committee to judge whether the request is reasonable and within funds available. Each diocese is also required to submit a report on the use made of the grant; it is the charity’s policy that no further grant will be made unless this has been received and deemed satisfactory.

It is the current policy that approximately 55% of the available total for distribution in each year should be paid to Canada and 45% to the West Indies.

The trustees have considered the Charity Commission’s guidance on the operation of public benefit under the Charities Act and consider that the requirements have been met.

FINANCIAL STRATEGY

The Court aims to maximise its grant giving in a manner that is consistent with at least maintaining the value of its capital in real terms over the longer term. The Court has adopted a medium-term expenditure target of 2.5% of the value of its assets, while retaining the discretion to deviate in any year in recognition of the importance of maintaining its grant giving at a consistent level.

ACHIEVEMENTS

During the year under review, the New England Company distributed 24 grants to Canadian dioceses and related bodies totalling £241,902 and 11 grants to West Indian dioceses and related bodies totalling £212,332, a total of £454,234

In 2020, the New England Company's income, net of related costs came from:

The New England Company was able to approve grants totalling £454,234 (2019 - £458,779) for payment during 2021. As a result of foreign exchange movements between the dates grants are approved and paid there is a difference between sterling amounts approved and paid. Forward currency purchases are used to offset these movements. See note 7 for details.

THE NEW ENGLAND COMPANY AMPIUAi RE OFTHEG TH OURT corrtln PLANS FOR THE FIfftIRE Because ol Covid-19 travel restrSctions, no membw of the Court visr(ed Canada orthe West Indles durin8 2020. These visits will resume c￿Ce practitab MANAGEMEPIT OF RESOURCES In ment ortfoli . The New England Compani15 invesbnent poI￿V which is reviewed annually 15 to secure by responsible investment the maximum total return that can be achtevetl con5t5ttni with at least maintaining tht value of the capital in real terms t)ver the longer term. In additKJn. the New England Company generally follows the ethical investment policy of the Church Commissioners for England. Management of part of the portfollo has betn delegated on a dlscretlonary basis to Rathljone Investment Mana8ement Umited IRathboDesl. and Ratht￿eS also administers a number ol pooled investment vehicles from other managers which have been selected by the Court on the basis of information from Rathbones. Members of the Finance Comrnittte receive aftd review valuations ol the Investment portfollo on a quarterty ba51S. Mana8efflent of the portfolio by Rathbones was in Ilne with the above policies thrtsu8ho￿ thè year. Thè total return of the investments rnana8ed and administered by RathbJnes over the year to 31 December 2020 was 10.1% (net total return. 9.Thl, cornpared with the lon8er-term total return benchmafk of VS CPI + 4% amounting to 5.4%. Farms a The New En¥and Company adopts a ¢ommerclal approath to the management of propertv assets. Considering that the interests of landowners are longer term than those of ténants. Being a charrty. the New En8land C¢mpany shovld not make rebaies or reductions In rents that are not ¢ommercKIl. The Properry Commlttee kèèps the poliLy vnder revlew. The Covrt considers ihat th m•naiem•nt of the propertles by Strutt & Parkèr was ￿tIsfa￿Ory over the yew. RESERVES POUCY The members of the Court tonsidef the Charter Trust io be expendable endowment, Pfo¥idin8 income lor the charity's mission and not as frèe reservts. The Hon Roben Boyle's and Or Williarn5' trust lunds are permanent endowed funds. The Trustees have adopted a T￿al Return Bas￿ lor these funds and the Trustees will consider annually an approprlate transfer to intome to fund expendkure In exh year. The Unrestrlcted Intome Fund therefore conmftutes the charws free resewv&. As at 31 Oecember 2020. the free reseryes wtre £786.72312019.. £919.3271. Commfjtments to pmwde grants, entered Into after the year end. are set out in note 20. PRINCIPAL RISK5 AIID UNCERTAIPITIES The Court has considered the major ri5k5 to whkh the Char￿ is exposed. tO8dher with the sV5tems which have been established to mitl8ate those risks and consider the systems currentty in place to be satTrsfactory. The risks consknlered include operational and financ￿1 ri5k& A risk ￿ is in ￿aCe and is swed off each year to tonfifm thls. N W W•lls Governor Date: 15 June 2021

THE NEW ENGLAND COMPANY STATEMENT OF TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees are responsible for preparing the Trustees, Annual Report and financial Statements in accordance with applicable law and United K>ngdom Accounting standards Iunited Kingdom Generally Accepted Account&ng Practicel. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true ènd fair view ol the state of affbirs Df the charity and of the incoming resources and application of the resources of the Charity for that period. In preparing these financial statements the Trustee5 are required to.. 5elert suitable accounting policie5 and then apply them cgnsistently,. observe the merhods and prlnclples In the Charities SORP 2019 IFRS1021.' rnake judgernent5 and estimate5 that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any rnaterial departures disclosed and exp13ined in the financial statements,. prepare the financial statements on the £oinK concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trnstees are responsible for keeping proper accounting ￿e0rd$ that disclose with reasonable accuracy at any time the financial position of the charrty and enable them to ensure that the financial 5taternents comply with the Charities Act 2011. the Charity IAccounts and Reports) Regulations 20D8 and the provisions of the trust deed. Thev aye also responsible for safeguarding the assets of the charity and hence fortaking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the tharity's website, Legislation in the United Kin8dorn governing the preparation and dissemination of financial 5tatement5 may differ from legislation in other jurisdictions. So far as each of the Trustees is aware at the time the report Is approved.. there is no relevant audit inforfflation ol which the charity and the auditors are unaware, and the Trsjstees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of their information. Signed Dn kiehalf of the Trustees N W Wells Governor Oate:

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE NEW ENGLAND COMPANY

Opinion

We have audited the financial statements of The New England Company (the ‘charity’) for the year ended 31 December 2020 which comprise the Comprehensive Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in 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

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of 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 conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve 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 other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE NEW ENGLAND COMPANY

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

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 for assessing the charity’s ability to 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 charitable company or to cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE NEW ENGLAND COMPANY

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 1443 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 from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our 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:

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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE NEW ENGLAND COMPANY

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters 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.

Richard Spofforth, Statutory Auditor Kreston Reeves LLP, Chartered Accountants Springfield House Springfield Road Horsham, West Sussex RH12 2RG

Date: 12 July 2021

THE NEW ENGLAND COMPANY

COMPREHENSIVE STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2020

Ref
Page, Note
Income
Investment income
Transfer to income
16,4
19,5
Total income
Expenditure
Charitable activities
23,7
Other
23,8
Total expenditure
Net income and net movement in funds before
gains/(losses) on investments
Net gains/(losses) on investments
26,14 (i),29, 14 (iii)
Net income/(expenditure)
Transfers between funds
32,17
Other recognised gains /(losses)
19,6
Net movement in funds
Reconciliation of funds
Total funds brought forward at 1 January
Total funds carried forward at 31 December		 2020
Total
Charter Trust
(Expendable
Endowment)
The Hon Robert Boyle’s &
Dr Williams’ Trust Funds
(Permanent Endowment)
Unrestricted
Income Fund
2019
£
£
£
£
£
323,877
-
42,639
-
259,243
(259,243)
21,995
259,243
371,500
-
─────
─────
─────
─────
─────
323,877
42,639
-
281,238
371,500
─────
─────
─────
─────
─────
460,963
-
-
460,963
445,741
122,012
19,567
95,895
6,550
101,108
─────
─────
─────
─────
─────
582,975
19,567
95,895
467,513
546,849
─────
─────
─────
─────
─────
(259,098)
23,072
(95,895)
(186,275)
(175,349)
1,073,851
79,604
970,576
23,671
2,242,651
─────
─────
─────
─────
─────
814,753
102,676
874,681
(162,604)
2,067,302
-
(310,934)
-
310,934
-
-
-
-
-
43,903
─────
─────
─────
─────
─────
814,753
(208,258)
874,681
148,330
2,111,205
18,243,856
2,553,553
14,770,976
919,327
16,132,651
───────
──────
───────
──────
───────
19,058,609
2,345,295
15,645,657
1,067,657
18,243,856
═══════
══════
═══════
══════
═══════

All recognised gains and losses have been included in the Consolidated Statement of Financial Activities and the amounts included are derived entirely from the continuing activities of The New England Company.

YHE NEW ENGLAND COMPANY 12. BAiANCE SHEET AS AT ai DECEMBER 2020 2020 arter rust eHonRo ertBo (Expendable Dr Williams, Trust Fynds Endowmentl (Permanent Endowmentl Ref Puge. Note Unrestylrted Income Fund Total 2019 7gts1 fixed assets Investments 30. 14 Ilvl 18,774,048 2,025,699 15,678,484 1.069,865 17,604,333 Current assets Debtors Cash at bank and in hand 31, 15 lil 3L 15 lill 14,366 298,731 14,366 131,1481 116.7821 329,879 14.269 650,939 Total current assets 313,097 329.879 665,208 Ciedltors- amount fallin8 due Mthln one year Net Current assets Iliabilitiesl 31&32.16 128,5361 110,2831 116,0451 12.2081 12,2081 125,685) 284,S61 319.596 132.8271 639,523 Total net assets 19,058.609 2.345,295 15.645,657 1,067,657 18,243,856 Total ¢harlty funds 32, 17 19,058,609 2.345.295 15.645,657 1.067,657 18,243,856 Approved by the Member5 of the Court on ...,...................... and signed on their behalf by.. N W Wells Governor The Hon Luke Brid8Èman Treasurer

13 .

THE NEW ENGLAND COMPANY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

2020 2019
£ £
Net cash provided by (used) in operating activities (580,238) (547,218)
Cash flows from investing activities:
Property income 112,751 116,215
Interest and dividends 211,126 255,285
Proceeds from sales of investments and property 676,696 623,876
Purchase of investments (1,045,002) (599,696)
Movement in cash held within investments 272,459 -
────── ──────
Net cash provided from investing activities:
Change in cash and cash equivalents in the year (352,208) (151,538)
Cash & cash equivalents brought forward 650,939 802,477
────── ──────
Cash & cash equivalents at the end of the year 298,731 650,939
══════ ══════
Reconciliation of net (expenditure)/income to net cash flow from operating activities:
2020 2019
£ £
Net movement in funds 814,753 2,111,205
Deduct investment income from investing activities (323,877) (371,500)
Add / Deduct losses / gains on investments and property (1,073,871) (2,286,554)
(Increase) / Decrease in debtors (97) (43)
Increase / (Decrease) in creditors 2,854 (326)
────── ──────
Net cash provided by/ (used in) operating activities (580,238) (547,218)
══════ ══════

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of accounting

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) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity has elected to apply all amendments to FRS 102, as set out in the Financial Reporting Council's triennial review published in December 2017, and included in Update Bulletin 2 to the Charities SORP (FRS 102), prior to mandatory adoption for accounting periods beginning on or after 1 January 2019.The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

b) Going concern

The trustees consider that the charity has sufficient resources to continue in operational existence for the foreseeable future. The Trustees have a reasonable expectation that the charity is well placed to manage its operations successfully. Accordingly, they continue to adopt a going concern basis in preparing the financial statements.

c) Fund structure

The charity maintains the following funds:

d) Income recognition

All income is recognised once the charity has legal entitlement 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.

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020

1. ACCOUNTING POLICIES (continued)

Investment income

Dividend income and interest from investments listed on a recognised stock exchange are recognised in the financial statements on the payment of a dividend or interest. Bank interest and property income are included on an accruals basis with income deferred which relates to a future accounting period.

e) Expenditure recognition

Expenditure is recognised where there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all costs related to that category.

Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grant. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside the control of the charity.

The future grant commitments, as disclosed in note 20, are not legally binding on the trustees since the conditions attaching to the grants have not been yet met.

f) Allocation of support costs and overheads

The allocation of supports costs, overheads and governance costs are analysed in note 11.

g) Analysis of other expenditure

Costs of charitable activities include grants made, as shown in note 7, and an apportionment of support costs and overheads as shown in note 11.

h) Fixed asset investments

The investment properties are stated in the balance sheet at their estimated fair value as at 31 December 2020 (see note 14(i)).

The investments listed on a recognised stock exchange are stated at market value as at balance sheet date.

The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

i) Investment gains and losses

All gains and losses are taken to the comprehensive statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales and proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.

j) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020

1. ACCOUNTING POLICIES (continued)

2. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to:

3. RELATED PARTY TRANSACTIONS AND TRUSTEES’ REMUNERATION

No trustee, or person related or connected by business to them, received any remuneration from the New England Company during the year or prior year.

The trustees are entitled to reimbursement for travelling and incidental costs incurred whilst carrying out their trusteeship duties. Details of the amounts reimbursed during the year ended 31 December 2020 are disclosed in note 12.

4. INVESTMENT INCOME

2020 2019
£ £
Income from investment properties (page 17) 112,751 116,215
Income from portfolio investments 211,126 254,895
Interest on cash deposits - 390
───── ─────
323,877 371,500
═════ ═════

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020

4. INVESTMENT INCOME (continued) Income from investment properties

Income
Gross rents
Shooting rights
Grazing rights
Wayleaves and sundry income
Expenditure
Insurance
Repairs and maintenance
Utilities
Property expenses
Net income		 2020
The Hon
Robert Boyle’s
and Dr
Williams’ Trust
Funds
Total
Liston Hall
Estate
Total 2019
£
£
£
106,279
106,279
103,866
3,000
3,000
3,000
1,060
1,060
1,060
2,412
2,412
8,289
──────
──────
──────
112,751
112,751
116,215
──────
──────
──────
-
-
4,320
32,085
32,085
9,623
6,172
6,172
2,549
6,059
6,059
5,124
──────
──────
──────
44,316
44,316
21,616
──────
──────
──────
68,435
68,435
94,599
══════
══════
══════

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020

4. INVESTMENT INCOME (continued)

£ £
Liston Hall Estate
1 and 2 Weston Hall Heating system and boiler service,
Cottages property and garden clearance, Roof 7,768
repairs, porch redecoration and fencing
Red House Farmhouse Boiler service & repair, EPC works
carried out, garage and roof repairs 6,417
Liston estate Tree works 17,900
───────
32,085
────
32,085
════

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020

5. TOTAL RETURN INVESTMENT

The investment fund and application of total return to permanent endowment funds:

Endowment
£
As at 1 January 2019:
Permanent endowment
8,878,604
Unapplied total return
-
Total:
8,878,604
Movements in the reporting period:
Investment return
-
Investment return – realised and
unrealised (Note 14 iii)
-
Less investment managers costs
(Note 9)
-
Total:
-
Unapplied total return allocated to
income
-
Preservation of the endowment
value
104,239
Net movement in the reporting
period
104,239
As at 31 December 2020 (Note 17)
Permanent endowment
8,982,843
Unapplied total return
-
8,982,843
6. OTHER RECOGNISED GAINS/LOSSES
Sale of Place Farm Barns		 The Hon Robert Boyle’s & Dr Williams’ Trust Funds
2020
Unapplied total
return
Total
£
£
-
8,878,604
5,892,372
5,892,372
5,892,372
14,770,976
205,739
205,739
970,575
970,575
(43,028)
(43,028)
1,133,286
1,133,286
(259,243)
(259,243)
(104,239)
-
769,804
874,043
-
8,982,843
6,662,176
6,662,176
6,662,176
15,645,019
2020
2019
£
£
-
43,903
─────
─────
-
43,903
═════
═════		 The Hon Robert Boyle’s & Dr Williams’ Trust Funds
2020
Unapplied total
return
Total
£
£
-
8,878,604
5,892,372
5,892,372
5,892,372
14,770,976
205,739
205,739
970,575
970,575
(43,028)
(43,028)
1,133,286
1,133,286
(259,243)
(259,243)
(104,239)
-
769,804
874,043
-
8,982,843
6,662,176
6,662,176
6,662,176
15,645,019
2020
2019
£
£
-
43,903
─────
─────
-
43,903
═════
═════
14,770,976
205,739
970,575
(43,028)
1,133,286
(259,243)
-
874,043
8,982,843
6,662,176
15,645,019
2019
£
43,903
─────
43,903
═════

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020

7. GRANT MAKING ACTIVITIES

Mission expenditure 2020 2019
C$ £ C$ £
Canadian Dioceses
_Algoma –_Support for ministry on reserves 30,000 17,948 32,000 19,158
National Indigenous Ministries– Funding for aboriginal 15,000 8,970 25,000 15,037
bishop
_-_Trip expenses - - 5,694 3,435
The Territory of the People Anglican Church (formerly 20,000 11,972 20,000 12,032
Cariboo) (Assisted)– Support for stipend and expenses of
priest at Lytton and Scw’exmx
_Arctic (Assisted) –_Support for Arthur Turner Training 15,000 8,972 15,000 8,980
School and youth ministry
Athabasca (Assisted) – Support for native ministry in - - 15,000 8,981
northern Alberta
- On Eagles Wings project 15,000 8,973 15,000 8,982
British Columbia– Support for indigenous ministry on 15,000 8,979 15,000 8,982
Vancouver Island
_Brandon –_Support for indigenous congregations in 20,000 11,964 20,000 11,974
northern Manitoba
Caledonia– Support for clergy conference and lay reader - - 15,000 9,024
training event
_-_Support for summer camp 17,000 10,175 - -
Calgary– Support for ministry on reserves - - 15,000 9,024
_-_Support for outreach and translation of Biblical material 17,000 10,163 - -
Edmonton– Support for Inner City Pastoral Ministry in 15,000 8,968 15,000 9,023
Edmonton
_Huron LAIC –_Support for indigenous ministry 25,000 14,955 35,000 21,045
Indigenous Spiritual Ministry of Mishamikoweesh – 20,000 11,956 20,000 12,027
Support for Dr William Winter School of Ministry
Moosonee(Assisted) – Support for Mahmow Programme - - 15,000 9,023
of indigenous ministry
_-_Support for stipend of Mahmow Program Coordinator 15,000 8,972 - -
Nelson RC– Support towards salary of indigenous ministry - - 15,000 9,023
worker
_-_Support for priest in ministering to indigenous people 17,000 10,177 - -
_Ontario –_Support for youth ministry and promotion of - - 15,000 9,020
truth and reconciliation
────── ────── ────── ──────
Carried forward 256,000 153,144 307,694 184,770

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020

7. GRANT MAKING ACTIVITIES (Continued)

Mission expenditure (continued) 2020 C$ 2019
C$ £ £
Brought forward 256,000 153,144 307,694 184,770
_New Westminster -_Support for training of indigenous - - 13,000 7,818
priest
- Support for urban indigenous ministry in Vancouver 15,000 8,976 - -
Qu’Appelle– Ministry in Regina and on reserves 17,600 10,519 16,000 9,622
_Quebec -_Support for priest at Kawawachikamach - - 20,000 12,031
Rupert’s Land– Support for ministry on reserves and 20,000 11,960 15,000 9,022
to indigenous people in Winnipeg
Saskatchewan (Assisted)–Support for James Settee - - 15,000 9,023
College
- Support for Diocesan indigenous bishop 15,000 8,968 15,000 9,024
Saskatoon- Support for indigenous ministry in the city - - 13,000 7,819
of Saskatoon
_Toronto –_Support for salary of lay pastoral social 18,000 10,762 15,000 9,021
worker in Toronto Urban Native Ministry
Yukon (Assisted)– Assistance for Ministry of Presence 15,000 8,967 15,000 9,020
Program
Canadian Colleges
_Vancouver School of Theology –_Support for summer 20,000 11,970 20,000 11,972
school
_Henry Budd College for Ministry –_Support for core - - 12,500 7,482
funding
_-_Support for stipend of College Elder 12,800 7,657 - -
Sandy-Saulteaux Spiritual Centre
- Support for degree program - - 15,000 8,978
_-_Support for Native Ministries Consortium Summer
School 15,000 8,979 - -
───── ───── ───── ─────
Total Canadian grants 404,400 241,902 492,194 295,602
───── ───── ───── ─────

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020

7. GRANT MAKING ACTIVITIES (Continued)

West Indian Dioceses and College US$ 2020 US$ 2019
£ £
_Bahamas and the Turks & Caicos Islands-_Support for 30,000 24,836 - -
placing a Deacon in the Turks & Caicos Islands
Barbados– Development of new diocesan website and 8,200 6,784 - -
new computers
_-_Music training for young people 28,800 23,825 - -
Belize - Contribution to building of new rectory at 40,000 33,096 30,000 24,125
Orange Walk Town
Codrington College- Contribution to salary of - - 6,400 5,155
Development Officer
Guyana- Contribution to building of new church at 20,000 16,548 20,000 16,078
Kamarang
Jamaica and the Cayman Islands
- Support for St Andrew Settlement outreach - - 8,400 6,723
programme in Kingston
- Assistance for the Montego Bay Cancer Support Group, - - 18,500 14,806
an Improvement in Literacy and Numeracy Programme
and the Diocesan Futsal Programme
_-_Repair of St John’s church at Camp Auchtembeddie 10,000 8,275 - -
_-_Purchase of seven acre site for recreation at Camp
Auchtembeddie 11,500 9,516 - -
_-_Purchase of motor van for St Monica’s Children’s Home 15,000 12,412 - -
North Eastern Caribbean and Aruba– support for - - 65,000 52,491
theological education, lay readers and youth ministry
_-_Youth gathering and retreat, fees of seminars at
Codrington College and clergy training 55,000 45,564 - -
_Trinidad and Tobago –_Deacon preparation program 12,000 9,939 - -
Windward Islands- Fees of two seminarians at 25,995 21,537 25,995 20,931
Codrington College
───── ───── ───── ─────
Total West Indian grants 256,495 212,332 174,295 140,309
───── ───── ───── ─────

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020

7. GRANT MAKING ACTIVITIES (continued)

Mission expenditure (continued)

Mission expenditure (continued)
2020 2019
£ £
Total Canadian grants (C$404,400) 241,902 295,602
Total West Indian grants (US$256,495) 212,332 140,309
───── ─────
Total mission grants paid 454,234 435,911
Support costs (note 11) 6,729 9,830
───── ─────
Total cost of mission grants 460,963 445,741
═════ ═════

All the grants made in the year and prior year were made to institutions.

It was agreed at the meeting on 15 January 1997 to support applications for up to three years only, not “ongoing” grants. Dioceses must send information as to how their projects are progressing.

8. ANALYSIS OF OTHER EXPENDITURE

2020 2019
£ £
Investment management (note 9) 59,882 59,572
Property running costs (note 4) 44,316 21,616
Other running costs (notes 10 & 11) 17,814 19,920
───── ─────
122,012 101,108
═════ ═════

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

9. INVESTMENT MANAGEMENT COSTS

Investment costs relating
to:-
Investments listed on a
recognised stock exchange
Investment properties		 2020
Total
£
Charter
Trust Fund
£
The Hon
Robert
Boyle’s and
Dr Williams’
Trust Funds
£
Unrestricted
income
£
2019
£
45,497
11,016
28,643
5,838
45,141
14,385
-
14,385
-
14,431
──────
──────
──────
──────
──────
59,882
11,016
43,028
5,838
59,572
══════
══════
══════
══════
══════

The management costs relating to the investments listed on a recognised stock exchange, as charged by Rathbone Investment Management Ltd, are split in proportion to the market value of the investments held in each portfolio as at 31 December 2020.

The management costs relating to the property portfolio are split in proportion to the market value of the investments held in each portfolio as a 31 December 2020.

10. ANALYSIS OF OTHER EXPENDITURE

10. ANALYSIS OF OTHER EXPENDITURE
2020 2019
£ £
Meeting costs 325 544
Secretarial charges 1,750 1,750
Bank charges 158 148
Telephone costs 11 11
Travelling expenses:
Court meetings: - 166
Grant applications - 1,976
──── ────
2,244 4,595
Accountancy 9,632 9,387
Audit fees 5,700 5,700
Software and software support 238 238
──── ────
17,814 19,920
════ ════
The governance costs above have been further apportioned between the funds of the charity as follows:
2020 2019
£ £
Charter Trust 48% 8,551 9,562
The Hon Robert Boyle and Dr Williams’ Trust Funds 48% 8,551 9,562
Unrestricted Income Fund 4% 712 796
──── ────
17,814 19,920
════ ════

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

11. ALLOCATION OF SUPPORT COSTS AND OVERHEADS

The supports costs and overheads have been allocated between governance and charitable activities on the basis shown in the following table:

Charitable Basis of apportionment
Total Governance activities
Cost Type £ £ £
Meeting costs 1,300 325 975 Ratio of 25:75
Secretarial charges 7,000 1,750 5,250 Ratio of 25:75
Bank charges 631 158 473 Ratio of 25:75
Telephone costs 42 11 31 Ratio of 25:75
Travelling expenses:
Court meetings - - - Ratio of 25:75
Grant applications - - - Ratio of 50:50
Audit and accountancy 15,332 15,332 -
Software 238 238 -
───── ───── ────
24,543 17,814 6,729
═════ ═════ ════

Travelling expenses relating to the Court meetings reimbursed to the secretary during the year amounted to £298 (2019: £665). Subsistence costs incurred relating to 7 trustees during the year amounted to £782.

Travel expenses of £0 were reimbursed to THS Duke in the year (2019: £3,952).

12. INFORMATION REGARDING EMPLOYEES

There were no employees in the year or prior year.

The Secretary to the Members of the court, Mrs N Johnson, is engaged under a consultancy agreement. The total sum paid in the year was £7,000 (2019: £7,000).

13. ACCOUNTANTS’ AND AUDITOR’S REMUNERATION

The accountants’ remuneration consisted of an accounts fee including VAT of £9,632 (2019: £9,387).

The auditor’s remuneration of £5,700 constitutes audit fees including VAT (2019: £5,700).

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

14. FIXED ASSET INVESTMENTS

i) Investment properties

At the meeting on 16 September 1997, the Court resolved that future accounts should include informal valuations. In addition, under the SORP, for investment assets other than shares, a “reasonable approach” may be used to obtain valuations from appropriately experienced persons with sufficient regularity, subject only to obtaining advice each year as to the possibility of any material movements between individual valuations.

The investment properties were informally valued by Strutt & Parker as at 31 December 2019 as amended for subsequent disposals. In the interim period Strutt & Parker will advise annually on any material movement to the property values. The Trustees do not believe there to have been any significant movement in fair value since this date.

Strutt & Parker’s report and valuation is prepared on the understanding that no liability can be accepted to third parties for the whole or any part of its contents and that no part may be published without the written consent of Strutt & Parker. Such permission is given in respect of the inclusion of these guide figures in the accounts on condition that no liability is accepted.

Land forming part of Liston Hall Estate near
Sudbury, Suffolk
(approximate current acreage is 654 acres)
Valuation at 31 December		 2020
Total
£
Charter Trust
Fund
£
The Hon
Robert
Boyle’s and
Dr Williams’
Trust Funds
£
2019
£
4,900,000
-
4,900,000
4,900,000
───────
─────
──────
───────
4,900,000
-
4,900,000
4,900,000
═══════
═════
══════
═══════

The freehold properties are all situated in the United Kingdom.

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

14. FIXED ASSET INVESTMENTS

ii) Investments listed on a recognised stock exchange

In accordance with the Trustee Act 2000, there is an Investment Management Agreement in place with Rathbones Investment Management Limited. This reflects the Company's Investment Policy Statement and aims to secure by responsible investment the maximum total return that can be achieved consistent with at least maintaining the value of the capital in real terms over the longer term. The Investment Policy Statement is reviewed annually by the Finance Committee.

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

14. FIXED ASSET INVESTMENTS (continued)

e) Material investments

i. Over 5% of the total portfolio as at 31 December 2020 is invested in the following areas:

UK Equities 29.53% Actively Managed Strategies 16.09% Global investments 28.24% North American Investments 14.49%

SPDR Series Trust MSCI ACWI UCITS ETF 18.07% COIF Charity Funds Investment Inc 16.97% Heptagon Fund Kopernik Gbl All-Cap Eqty CD 6.44% Link Fund Solutions Trojan X Inc 16.09%

No material restrictions apply on the realisation of any investment.

iii. As at 31 December 2020, the market values of the investments situated inside and outside the UK were as follows:

UK Non-UK
Total Investments Investments
£ £ £
Charter Trust Fund 2,008,557 748,139 1,260,418
The Hon Robert Boyle’s and Dr Williams’ Trust Funds 10,688,449 1,281,458 9,406,991
Unrestricted Income Fund 1,066,035 612,776 453,259
────── ────── ──────
13,763,041 2,642,373 11,120,668
══════ ══════ ═══════

iv. As at 31 December 2020, the market values of the direct and indirect investments in listed securities were as follows:

Direct Indirect
Total Investments Investments
£ £ £
Charter Trust Fund 2,008,557 890,986 1,117,571
The Hon Robert Boyle’s and Dr Williams’ Trust Funds 10,688,449 2,081,300 8,607,149
Unrestricted Income Fund 1,066,035 813,429 252,606
────── ────── ──────
13,763,041 3,785,715 9,977,326
══════ ══════ ══════

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020

14. FIXED ASSET INVESTMENTS (continued)

iii) Movement in fixed asset investments
a) Investments listed on a recognised stock exchange
Charter Trust Fund
Market value at 1 January
Additions at cost
Disposals at market value
Net (loss)/gain on revaluation
Market value at 31 December
The Hon Robert Boyle’s and Dr Williams’ Trust Funds
Market value at 1 January
Additions at cost
Disposals at market value
Net (loss)/gain on revaluation
Market value at 31 December
Unrestricted income Fund
Market value at 1 January
Additions at cost
Disposals at market value
Net (loss)/gain on revaluation
Market value at 31 December
Total market value at 31 December
Total historical cost at 31 December		 2020
Total
£
Restricted
£
Unrestricted
£
2019
£
1,974,817
-
1,974,817
1,728,588
99,626
-
99,626
53,465
(145,490)
-
(145,490)
(65,819)
79,604
-
79,604
258,583
──────
──────
──────
──────
2,008,557
-
2,008,557
1,974,817
══════
══════
══════
══════
9,523,432
9,523,432
-
8,165,914
660,721
660,721
-
231,150
(466,280)
(466,280)
-
(151,475)
970,576
970,576
-
1,277,843
─────
──────
──────
──────
10,688,449
10,688,449
-
9,523,432
══════
══════
══════
══════
822,639
-
822,639
763,328
284,655
-
284,655
15,081
(64,930)
-
(64,930)
(58,199)
23,671
-
23,671
102,429
──────
──────
──────
──────
1,066,035
-
1,066,035
822,639
══════
══════
══════
══════
13,763,041
10,688,449
3,074,592
12,320,888
10,670,532
8,548,451
2,122,081
10,175,700

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020

14. FIXED ASSET INVESTMENTS (continued)

iv) Investments at market value comprised:
Investments listed on a recognised stock exchange
UK equities
UK Government and Fixed interest securities
Overseas holdings
Alternatives
Freehold property
Cash held within the investment portfolio		 2020
Total
Charter Trust
The Hon Robert
Boyle’s and Dr
Williams Trust
Unrestricted
Income
2019
£
£
£
£
£
3,998,222
386,534
3,369,890
241,798
3,846,536
446,496
125,887
235,607
85,002
599,656
6,829,675
1,437,402
4,745,724
646,549
5,590,393
2,488,648
58,734
2,337,228
92,686
2,284,303
───────
───────
───────
───────
───────
13,763,041
2,008,557
10,688,449
1,066,035
12,320,888
4,900,000
-
4,900,000
-
4,900,000
111,007
17,142
90,035
3,830
383,445
───────
───────
───────
───────
───────
18,774,048
2,025,699
15,678,484
1,069,865
17,604,333
═══════
═══════
═══════
═══════
═══════

b) Investments properties

The investment properties were valued by Strutt & Parker as at 31 December 2019. See note 14 section i) for further details.

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

15. ANALYSIS OF CURRENT ASSETS

i) Debtors
2020 2019
£ £
The Hon Robert Boyle’s and Dr Williams’ Trust Funds
Accrued Rental income 14,366 13,265
Rental debtor - 1,004
──── ─────
Total of short term debtors 14,366 14,269
──── ─────
Total debtors 14,366 14,269
════ ════
ii)
Cash at bank and in hand
2020 2019
£ £
Bank of Scotland 189,309 495,283
Strutt & Parker 109,422 155,656
───── ─────
Total cash 298,731 650,939
═════ ═════
YSIS OF CURRENT LIABILITIES
2020 2019
Creditors falling due within one year £ £
Charter Trust Fund
Investment adviser’s fee 3,039 2,974
Auditors’ fee 7,244 6,234
──── ────
10,283 9,208
════ ════
The Hon Robert Boyle’s and Dr Williams’ Trust Funds
Investment adviser’s fee 7,840 7,190
Auditors’ fee 7,244 6,235
Trade creditors - 1,150
Deferred income 961 -
──── ────
16,045 14,575
════ ════

16. ANALYSIS OF CURRENT LIABILITIES

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

16. ANALYSIS OF CURRENT LIABILITIES (continued)

2020 2019
Creditors falling due within one year (continued) £ £
Unrestricted Income Fund
Investment adviser’s fee 1,605 1,382
Auditors’ fee 603 520
──── ────
2,208 1,902
════ ════
Total current liabilities 28,536 25,685
════ ════

17. ANALYSIS OF CHARITABLE FUNDS

1 January Incoming Resources Investment 31
2020 resources Expended gains/(losses) Transfers December
£ £ £ £ £ 2020
£
Endowment
Funds
Expendable
Charter Trust 2,553,553 42,639 (19,567) 79,604 (310,934) 2,345,295
Fund
Permanent
The Hon Robert
Boyle’s and Dr 14,770,976 - (95,895) 970,576 - 15,645,657
Williams’ Trust
Funds
─────── ───── ───── ─────── ───── ───────
Total Endowment
Funds 17,324,529 42,639 (115,462) 1,050,180 (310,934) 17,990,952
═══════ ═════ ═════ ═══════ ═════ ═══════
Unrestricted 919,327 281,238 (467,513) 23,671 310,934 1,067,657
Income Fund
═══════ ═════ ═════ ═══════ ═════ ═══════
Total funds 18,243,856 323,877 (582,975) 1,073,851 - 19,058,609
═══════ ═════ ═════ ═══════ ═════ ═══════

Further detail relating to the fund structure is provided in the accounting policies note (page 14, note 1 (c)).

18. GUILDHALL LIBRARY RECORDS

In the Court meeting on 14 September 1999, the Court agreed to continue to deposit their Deeds and Documents to the Guildhall Library but would not surrender them irrevocably.

19. EXCHANGE GAINS

Losses of £nil. arose during the year (2019: £nil) from realised and unrealised foreign currency transaction.

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

20. FUTURE GRANT COMMITMENTS

There were no capital commitments at the year end.

The future grant commitments are not legally binding on the trustees since the conditions attaching to the grants have not yet been met.

In March 2021, the Charity considered the following grants to be made in future years:

C$

Canadian Dioceses

Algoma – Support for indigenous ministry at Sagamok and Thunder Bay Arctic (Assisted) – Support for training lay indigenous people in ministry Athabasca (Assisted) -‘On Eagles Wings’ project

30,500 in 2021 30,000 in 2021 15,000 in 2021 15,000 in 2021 20,000 in 2021-ongoing 15,000 in 2021 19,000 in 2021 - ongoing 20,000 in 2021-ongoing

The Territory of the People Anglican Church (formerly Cariboo) (Assisted) – Support for stipend and expenses of priest at Lytton and Scw’exmx Edmonton –Support for Inner City Pastoral Ministry in Edmonton Huron LAIC (Formerly Huron) - Support for indigenous ministry, Covid-19 initiatives and technological improvements

20,000 in 2021 - ongoing 30,000 in 2021 - ongoing 24,000 in 2021

Indigenous Spiritual Ministry of Mishamikoweesh (Assisted) – Support for translation of New Testament

20,000 in 2021-ongoing

Missinipi (formerly pat of Saskatchewan - Support for Diocesan indigenous Bishop

15,000 in 2021 15,000 in 2021 15,000 in 2021-ongoing

Moosonee (Assisted) - Support for stipend of Mahmow Program Coordinator 15,000 in 2021 National Indigenous Ministries - Support for Diocesan indigenous Bishop in northern Manitoba Nelson RC – Contribution to cost of priests serving indigenous communities 25,000 in 2021 New Westminster – Support for urban indigenous ministry in Vancouver 15,000 in 2021 Ontario - Support for IT equipment 13,856 in 2021 Qu’Appelle – Indigenous clergy training, and ministry in Regina and on reserves 24,000 in 2021 Rupert’s Land – Support for ministry to indigenous people in Winnipeg 16,200 in 2021 Saskatchewan (Assisted) - Support for James Settee College 15,000 in 2021 Toronto – Support for salary of lay pastoral social worker in Toronto Urban Native Ministry Yukon (Assisted) – Support for travel and accommodation costs in indigenous 16,000 in 2021 ministry

25,000 in 2021 15,000 in 2021 13,856 in 2021 24,000 in 2021 16,200 in 2021 15,000 in 2021 20,000 in 2021-ongoing

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

Canadian Colleges

Henry Budd College for Ministry – Support for stipend of College Elder Sandy–Saulteaux Spiritual Centre – Support for architectural design of Covid-19 safe space

Vancouver School of Theology – Support for summer school

C$

15,500 in 2021-Ongoing 14,250 in 2021

20,000 in 2021

West Indian Dioceses and College

Barbados – Support for post graduate theology student at Durham University - Assistance towards audio equipment for virtual ministry Belize – Contribution to clergy training program Guyana - Contribution to building of new church at Kamarang Jamaica and the Cayman Islands – Distribution of care packages

The Bahamas and The Turks & Caicos Islands

North Eastern Caribbean and Aruba – Support for media centre, youth

counselling, Christian education and ministerial development Trinidad and Tobago Windward Islands

US$

25,000 10,000 in 2021 55,000 in 2021 20,000 in 2021 18,421 in 2021 17,285 in 2021 Nil in 2021 £54,890 in 2021

Nil in 2021 Nil in 2021

ADDITIONAL INFORMATION

The additional information on page 35 and 36 has been prepared from the accounting records of the charity. While it does not form part of the statutory financial statements, it should be read in conjunction with them and the auditor’s report thereon.

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

I) Terrier as at 31 December 2020 Property

I) Terrier as at 31 December 2020
Property
Annual rent Area Review date
(acres)
Weston Hall Farm £35,000 385.00 28.09.2021
Weston Hall Farmhouse £10,000 39.09.2022
1 Weston Hall Cottages £9,600 0.09 03.04.2021
2 Weston Hall Cottages £10,200 0.07 01.07.2021
Red House Farm * £17,000 261.63 28.09.2021
Red House Farmhouse £16,200 06.04.2023
Machinery storage at Red House Farmyard £1,250
Park Farm Cottage £13,248 0.20 01.01.2023
Woodland 34.14
Cattle Grazing £100
Grazing and Stables £960
Shooting Rights £3,000
Land adjacent to Place Farmhouse ** £400
────────
Total £116,958
════════

** The land has been removed from the farm tenancy and is let direct to the owner of Place Farmhouse.

NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

II) Schedule of historic property transactions

Purchase cost/sale Payment/net
proceeds Expenses receipts
Purchases £ £ £
Transactions from 1 January 1976 to 31 December 1981 200 344 544
December 1986 Liston Hall Estate 426,650 13,652 440,302
July 1987 Liston Hall Estate (approved capital expenditure for property repairs and improvements) 30,000 - 30,000
October 1988 No 2 Ross Close, Saffron Walden 100,000 2,064 102,064
September 1989 Land to the North of Goldhanger (Follyfaunts Farm), Maldon 160,000 3,573 163,573
2003 Alterations to 1 and 2 Weston Hall Cottages 49,992 - 49,992
December 2010 40 Bank Street, Braintree, Essex 930,000 14,323 944,323
──────── ──────── ────────
(1,696,842) (33,956) (1,730,798)
──────── ──────── ────────
Sales
Transactions from 1 January 1976 to 31 December 1981 93,097 3,454 89,643
October 1982 Building site adjacent to No 4 Rettendon Place Cottages 12,000 873 11,127
February 1984 Land at Stanton’s Farm, Black Notley 18,000 1,075 16,925
June 1986 Rettendon Place and Muggeridge Farms 420,000 13,405 406,595
March 1989 Muggeridge Farm Buildings 95,000 2,825 92,175
May 1989 No 1 and No 2 Beckingham Hall Cottages 62,500 2,833 59,667
January 1990 Rettendon Place Farmhouse 350,000 12,529 337,471
March 1991 Land at Battlesbridge 1,500 - 1,500
April 1992 Land at Liston Gardens 20,000 2,362 17,638
June 1992 Compensation re compulsory purchase of land at Rettendon 8,172 - 8,172
July 1992 Land adjoining 4 Liston Gardens 8,000 1,143 6,857
May 1993 Milk quota at Beckingham Hall Farm 62,065 3,731 58,334
March 2002 Lime Tree Avenue 4,000 - 4,000
March 2002 Small plot of land behind Weston Hall Cottages 10,000 - 10,000
June 2004 Land adjoining Liston Lodge 12,000 - 12,000
May 2007 84 Northbrook Street, Newbury 987,993 - 987,993
Nov 2008 Land at Lyston House, release of certain covenants 5,000 - 5,000
Dec 2014 2 Ross Close 273,000 7,329 265,671
Sep 2015 The Pits 185,000 7,398 177,602
Sep 2016 Park Farm Barn 260,000 8,177 251,823
Dec 2017 Beckingham Hall estate 6,575,000 180,613 6,394,387
Aug 2018 40 Bank Street, Braintree, Essex 600,000 16,137 583,863
Oct 2019 Place Farm Barns 277,850 12,210 265,640
──────── ──────── ────────
10,340,177 (276,094) 10,064,083
──────── ──────── ────────
8,643,335 (310,050) 8,333,285