Charlty Re8lstratlon No. 2241425 NEW ENGLAND COMPANY For the propa8atlon of the Gospel In New En8land and the parts adjacent In America Audlted FlnancSal Statement5 For the year ended 31 December ZOZI
THE NEW ENGLAND COMPANY CONTENTS Page Annual report of the Governor and the Court Ito5 Statemènt of Trustees, Responsibilities Report of the Independent Auditors 7tolO Comprehensive Statement of Financial Activitles li Balance Sheet 12 Statement of Cash Flows 13 Notes to the Financlal Statements Note I Note 2 Note 3 Note 4 Note 5 Note 6 Note 7 Note 8 Note 9 Note 10 Atcounting polrcies Critical accounting estimates and area5 of judgement Related party transactions and trustees, remuneratlon Investment income Total return investment Other recognised gain5ll0sses Grant making activitie5 Analysis of other expenditure Investment management costs Analysis of other expenditure 14to16 16 16 16to18 19 19 20to23 23 24 24 IFI Note 11 Note 12 Note 13 Note 14 Note IS Note 16 Note 17 Note 18 Note 19 Note 20 Allocation of 5upportS C95ts and overheads Information regarding employees Accountants, and auditorf5 remuneration Fixed asset investments Analysis of current èssets Analysis of current liabilities Analysis of charitable funds Guildhall Library records Exchange gains and losses Future grant commitments 25 25 25 26to30 31 31to32 32 32 32 33to34 Notè5 not forrnin8 part of the financial statement5 Note I Note 11 Terrier as at 31 December 2021 Schedule of property transactSons 35 36
THE NEW ENGLAND COMPANY ANNUAL REPORT OF THE GOVERNOR ANO T RT Reference and administrative details of the charityi Its trvstee5 and advisers Registered address Flinders Cottage The Street 8olnev West Sussex RH17 5QW Members of the Court Date of Election 19 November 2002 10 September 2002 8 lune 2004 6 October 1993 8 June 2010 I Ivly 2014 18 September 2018 2 June 2009 5 February 1974 4 October 1989 17 September 1996 l February 2015 17 September 2019 23 November 1999 l June 2012 15 October 1986 13 November 2018 6 November 2007 Wells, NW IGovernorl Bridgeman, The Hon Luke (Treasurerl 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 Secretary Mrs N Johnson Missions Committee THS Duke Ichairrnanl The Rev Colin Fox WO Stephenson The Rt Rev Peter Wheatley DMF Scott The Very Rev Christopher Lewls W Rathbone Finance Committee The Treasurer Ichairmanl The Governor R Milliken W Rathbone M Scott Property Committee N Kaye (Chairman) U Talbot Lord RayleiBh GC Stephenson WG Lee
THE NEW ENGLAND COMPANY ANNUAL REPORT OF THE GOVERNOR AND THE COURT contlnued Reference and administrative detai15 of the chority, its trustees and advisers l¢ontinyedl Authori5ed signatories Bank of Seotland cheques The Governor The Treasurer R Milliken W RathboneO8E Mrs N Johnson lup to £SCX)I 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.. Pursuant to the power contained in Section 82 of the Charitie5 Act 1993 that any three Member5 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 ol the Court as Charity Trustees of the New England Company arè party for any reason. This authority shall continue in full force and effect until revoked by resolution of the Court of the New England Company. Accountan15 and Auditors Kreston Reeve5 ILP Chartered Accountants Springfield House Springfield Road Hor5ham West Sussex, RH12 2RG Bankers Bank of Scotland PO Box 1000 BX2 ILB Fund mana8ers Rathbone Investment Management Ltd Port of Liverpool Building Pier Head Liverpool. L3 INW Land agents Strutt & Parker Coval Hall Rainsford Road Chelmsford Essex. CMI 2QF Solicitor5 Me55rs Gepp & Son5 58 New London Road Chelmsford, CM2 OPA
THE 14EW ENGLANDCOMPANY NNUAL REPORT OF THE GOVERNOR ANDTHE COURT contlnu The trustees present the annual report and audited financial 5tatemertts of the New England Company (the charityl for the year ended 31 December 2021. The financlal statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply wlth the chaiity's Royal Charter dated 27 February 1961 lits trust deed), the Charities Act and the Charitie5 SORP FRS 102. STRUCTURE, fjOVERNANCE 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. it5 work in North America was restricted to those First Nations peoples living in Canada. It5 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 Indie5 which used to be part of the British Empire and Provides them with granls to fund agreed projects. In both provinces, the majority of the grants are concentrated on the training and sUPPOrt of an indiEenous Ministry. The charitvs Initlal endowment was provided by a collection made in every church in England and Wales, or8ani5ed by Oliver Cromwell Shortly after its founding Act of Parliament was passed. The money was then usèd to acqulre farms ift East Anelia, the rents from which would provide the income to fund the missionary work in perpetuity. The Wofk In the West Indie5 was funded by a legacy of two farms in the 17205. Today. part of its income is still derived from its farms and other properties, the balance beinE generated by its investment poitfolio. The New En8land Company 15 not a fvndraising charitv. The New England Cornpany is managed by a Court chaired by a Governor and the members of the Court are the trustees of the charlty. 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 ènd the Secretary, are given an introduction to the work of the charity and provided with relevant information including 3 copy of the Charter, past minutes of Court meetings and the latest Annual Repori. They are als0 Biven information about charity law and the role tsf a trustee. The charity currently has 18 tru5tee5, chosen for the particular skills whi¢h they can bling to its governance. It Is considered that the members of the Court have, belween them, the appropriate experience and skills to fulfil the New England Compan¢s objectives. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses are di5¢1osed in Note 11 to the accounts. Trustees are required to disc105e all relevant interests and re8k5ter them with the Governor.. in accordance with the charltls policy. they are required to withdraw frorn decision5 where a conflict of interest might arise. Reporting to the Court are three sub-commlttees.. The Missions Cornmittee which makes recommendation5 to the Court as to which applications for 8rants should be supported and in what sums. The Finance Committee which oversees the management of the New England Company's finance5 and in particular monitors the management of its investments, whith are administered by Rathbone Irjvestment Management Ltd. The Property Committee which oversees the management of the farm5 and tsther properties and, irt partlcular. monitors their manaÈement by Strutt and Parker. To assist In the overall coordination of the New England Company's work, the New EnEland Company has a consultancy agreement with Mrs N Johnson, Secretary to Ihe charity.
THE NEW ENGiAND COMPANY ANNUAL REPORT OF THE GOVERNOR AND THE COURT contlnued The Court meets four times a year. At these meetings. the tnjstees agree the broad strategy and areas of adivitv for the chaflty including consideration of 8Tant-makin8, irsve5tment, reserves and risk management. At each meetin8. It concentrates on a particular aspect. These are Grant5 las proposed by the Mi55i9n5 Committee). the Annual Report and Accounts lattended by the Auditorl, the Pfopertie5 (attended by a senior repre5ent3tive from Strutt and Parkerl and the Investments lattended by the Rathbone5 fund manager managing and administering the inve51mentsl. The intention 15 that each year, a membei of the Court visits either Canada or the West Indies. Because of the size of the province5. Canada is split into three sections and the West Indie5 into two. This means that every diocese to which grants are Pfovided receives a visit on a regula¥ basis during which one-to-one discussions can be held with the Bishop and other senior members of the clergy in order to belter determine their priorities and their ambition5, to visil the projects which have been funded by the charity and to establish the personal rapport which can increase the fruitfulnes5 of the relationship between funder and recipient. OBJEcfivES AND ACnvlEs FOR THE PUBLIC BENEFrr The New England Cornpany is a gr3ni.@ivinÈ charity which continues to pursue its alm of furthering the work of the Anglican Church in Canada and in the West Indies. Each yeaT, those dioceses in Canada with populations of indigenou5 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 particula¥ objective. Each application must be accornpanied by a description and a budget of sufflcient detail to enable the Missions Committee to judge whether the request 15 reasonable and within funds available. Each diocese Is also requlred to submit a report on the use made of the grant,. it is the charit¢5 policy that no further grant will be made unless thls has been received and deemed 5atisfactorv. The trustees have considered the Charity Commission's guidance on the operation of public benefit under the Charities Att and consider that the requirements have been met. FINANCIAL STRATEGY The Court aims to maxlmise its grant giving in a manner that is consistent with at least maintaining the value of its tapital in real terms over the longef term. The Court has adopted a medium-term expenditure target of 2.5% of the value of its B55ets, while retaining the discretion to deviate in any year in recognition of the importance of maintaining Its grant givin8 at a ¢onslStent1evel. ACHIEVEMENTS Dvring the year under review, the New England Company distributed 26 grants to Canadlan dloceses and related bodies totalling £299.344 and 8 grants to West Indian dioceses and related bodies totalling £165,525. a total of £464.869. In 2021. the New England Company's ineome came fiom-. farm5 and other property.. £119,94812020.. £112,751) interest and dividend5.' £232,55612020-. £211,126) The New England Company was able to approve grants totallln@ £464.86912020- £454,2341 for payrnent during 2021. As a result of foreign exchange movement5 between the dates grants are approved and paid there is a differen between sterling amounts approved and paid. Forward currency purchases are used to offset these movements. See note 7 for details.
THE NEW ENGLAND COMPANY ANNUAL REPORT OF THE GOVERNOR AND THE COURT contlnued PLANS FOR THE FUTURE Because of Covid-19 travel restrictions, no member of the Court VlSlted Canada or the West Indies durin8 2021. These vislts will resume once practicable MANAGEMENT OF RESOURCES Inve5trnent ortfolio. The New England Companvs investment policy which is reviewed annually 15 to secure bv 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. In addition, the New England Company 8enerally follow5 the ethical investment policy of the Chuf¢h Commissioners foi EnEland. Management of part of the portfolio has been delegated on a discretionary basis to Rathbone Investment Management Limited (Rathbonesl. and Rathbones a150 administer5 a number of pooled invesiment vehicles frorn other managers which have been selecied by the Court on the ba515 of information from Rathbones. Members of the Finan¢e Committee receive and review valuations of the investment portfolio on a quarterly basis. Management of the portfolio by Rathbones was in lifte with the above policie5 throughout the year. The total return of all the investmenis manaEed and administered by Rathbones over the year lo 31 December 2021 was 15.8% (net total return, 15.4%), compared with the longer-term total return benchmark of US CPI + 4Yo amounting to 11.3%. Farms and ro ertie The New England Company adopts a commercial approach to ihe manaeement of property assets, considering that the Interests of landowner5 are longer term than those of tenants. BeinÉ a charlty, the New England Company should not make rebates or reductions in rents that are not commercial. The Propertv Committee keeps the policy under review. The Court considers that ihe management of the properties by Strutt & Parker was saiisfactory over the year. RESERVES POUCY The member5 of the Court consider the Charter Trust to be èxpendable endowment, providing income for the charity's mission and not as free reserves. The Hon Robert Boyle's and Dr Williams, trust funds are permanentlv endowed fun(Ss. The Trustees have adopted a Total Return Basis for these funds and the Trustees will consider annually an appropriate transfer to income to fund expenditure in each year. The Unrestricted Income Fund therefore con5tltutes the charitv's free reseNes. A5 al 31 December 2021, the free reserves were £1.164,95512020= £1,067,657). Commitments to provide grants, entered into after the year end, are set out In note 20. PRINCIPAL RISKS AND UNCERTAIMfiES The Court has considered the malor rlsks to which the charity is exposed, together wlth the systems which have been established to mitigate those risks and consider the system5 currently in place to be sat15factory. The rlsks considered include operalional and financial risks. A risk log is in place and is signed off each Year tb confirm thls.. N W Wells Governor Date.. i Q41
THE NEW ENGLAND COMPANY STATEMENT OF TRUSTEES, RESPONSIBILrriES IN REL4TION TO THE FINANCIAL STATEMENTS The Trustees are responsible for preparinB the Tiustees. Annual Report and financial slatement5 in accordance with applicable law and United Kingdom Accounting standards (United Kingdom Generally Accepted Accounting Practicel. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each rinancial year which give a true and fair view of the slate of affalrs of the charlty and of the incoming resources and applicalion of the re50urce5 of the Charity for that period. In preparing these financial statements the Trustee5 are Tequired to.. select suitable accounting policies and then apply them consistentlv,. observe the method5 and principles in the Charities SORP 2019 IFRS1021,. make judgements and estimates that are reasonable and prudent: state whether applicable UK Accounting Standards have been followed, Subject to any material departures dlsclosed and explained in the financial statements,. prepaie the financial statements on the golng concern basls unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that di5c105e with reasonable accurary at any tirne the financial position of the charity and enable them to ensure that Ihe financial statement5 comply with the Chafltie5 Act 2011, the Charity IAccounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also re5pon5ible for safeguardlng the assets of the Charity and hence for iaking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are iesponsible for the maintenance and integrity of the corporate and financial Information included on the charity's websiie. Legislation in the Unlted Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. So fai as each of the Trustees is aware at the time ihe report Is approved= there is no relevant audit information of which the charity and the auditors are unaware, and the Trustee5 have taken all steps thai ihey ought to have taken to make themselves aware of any relevant audit information aTrd to e5tabli5h that the auditors are aware of their information. S1@ned on behalf ol the Trustees W Wells Governor Date.. i&- 2011
INDEPENDENT AUDITOR'S REPORTTO THETRUSTEESOFTHE NEW ENGLANDCOMPANY Oplnlon We have audited the financial statements of The New England Company Ithe'charlty'l 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 Finonciol Reporting Standord opplicoble In the UK ond Republic of Irelond (United Kingdom Generally Accepted Accouriting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affaSrs as at 31 December 2021, and of its incomin8 resources and application tsf resources. including its income and expenditUTe, for the year then ended,. have been properly prepared in accordan with United Kin8dom Get)erally Accepted Accounting Practice,. and have been prepared bn accordance with the reqttirements of the Charities Act 2011. Basls for oplni<)n We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our iesponsibilitie5 under those standards are further described in the Auditor'5 re5ponsibillties 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 oyr audit of the financial Statèments in the UX. includin8 the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient arsd appropriate to provide a basis for our opinlon. Conclus5on6 relan9 ta going concern In auditing the financial statement5, we have concluded that the tru5tees' use of the going concern basls of accounting in the preparatlon of the financial Statements is appropriate. Based on the work we have performed. we have nol identified any material uncertainties relatlng to events or conditions that, individually or collecttvely, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are authorised for issue. Our re5ponsibillties and the responsibilities of the trltstees with respect to going concern are described in the relevant sections of this report. Other Inforrnatton The other information comprises the information intluded in the trustee5 annual report. other than the financial statements and our auditorfs report thereon. The trystees are responsible fof the other information contained withtn the annual report. Our opinlon on the financial statements doe5 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 incon51Stent 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 rnaterial mi55taiements. we are required to determine whether this Bives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we ¢onclude that there is a material mi5Statement of this other information, we are iequired to report that fact. We have nothinE to report In this reEard.
INDEPENDENT AUDrroR'S REPORTTO THE TRUSTEES OF THE NEW EP4GLAND COMPANY Matters on whlch we are requlred to report by exwlon We have nothing to report in respect of the following matters in relhtion to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, ir¢ our opinion.. the information given in the financial statement5 15 incon515tent in any material respect with the trvstees. report- or the charlty has not kept adequate accounting records- or the financial staternents are not in agreement with the accounting records and returns,. or we have not received all the information and explanation5 we require for our audit. Re$ponsibillti95 of trust••s As explained more fully In the trustees. responsibllities statement set out on page 6, the trustees are responsible for the preparation of the financ(al statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is nece55ary lo enable the preparation of finaneial statements that are free from material mi5Statement, whether due to fraud or error. In prepa¥ing the financial statements, the trustees are responsible for assessing the charitV'5 ability to tontinue as a 80ing concern, disc105in& as applicablÈ, matters related to B04ng concern and usin8 the going concern basis of accounting unless the tru5tee5 either intend io liquidate the charitable company or to Cease operations, or have no realistic alternative but to do so.
INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE NEW ENGLAND COMPANY Auditorfs responsibilities for the audlt of the financial ¥tatsm•nts We have been appointed as auditor under section 1443 of the Charities Act 2011 and report in accordance wlth regulations made under section 154 of that Act. Our objectives are to obtaln reasonable assurance about whether the financial statements a5 a whole are free from material misstatement, whether due to fraud o¥ erior, and to issue an auditols report that include5 our opinion. Reasonable assurance 15 a high level ol assurance, but is not a guarantee that an audSt conducted in accordance with ISA5 IUKI will always detect a material misstatement when it exists. Mi55tatements can arlse from fraud or error and are considered material if, individually or in the aBBregate. they could reasonably be expected to Influence the economic decisions of user5 taken on the basis of these flnancial statements. Irregularities, IncludinE fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to dete¢t mateilal misstatement5 in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detectin8 Irregularities, including fraud is detailed below.. Discussions and enquirles with management to confirm tf there have been any known or suspècted instances of non-compliance wlth laws and regulation and any known or suspected instances of fraud- Identifying and assessing the des18rt effectivenes5 of controls that management have implemented for the preventlon and detection of fraud: Substantive te5tin8 Of manual journal entries during the year. Analytical proceduTe5 were performed to identlfy any unusual or unexpected relatlonshlps or fluciuations that rnay indicate a iisk of material misstatement due to fraud,. Review of meeting minutes of the Court. mission committee and finance commlttee Substantive testing of revenue 5tartinÈ from the summary reports 155ued by investment and investment property managers, Rathbones and Strutt & Parkei Because of the inherent limilat¢ons of an audit, there is a risk that we will not detect all irregularilies, including those leading to a material rnisstatement in Ihe financial statements or non-compllance 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 le55 likely to become aware of instances of non-compliance. As part of an audit in accoTdance with ISAS IUKI, we exercise professional judgment and malntain professional scepticism throughout the audit. We also.. Identify and assess the iisks of material mi5Statement of the fknanclal statements. whether due tts fraud or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that 15 sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud 15 hi8her than for one resulting from error, as fiaud may involve collusion, forgery. intentional omissions, misrepresentations, or the overiide of internal control. Obtain an understanding of internal control relevant to the audit in order to deslgn audit proceduies that are appropriate in the circumstancès, but not for the purpose of expressing an opinlon on the effectiveness of the charitable company's internal control. Evaluate ihe approprlateness of accounting policies used and the reasonableness of accounting estimates and related di5closure5 made by the trustees.
io. INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE NEW ENGLAND COMPANY Conclude on the appropriateness of the trustees. use of the going concern basis of accountin8 and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that rnay cast significant doubt on the charitable compantys ability to continue as a going concern. If we conclude that a materlal uncertainty exists. we are requirecl to draw attention in our auditor's report to the Telated dlsclosures in the financial statements or, if such disclosure5 are inadequate, to modify our opinion. Our conclusions arè basèd on the audit ev*dence obtained up to the date of our auditor'5 repcjrt. However, future events or Conditions may Cause the Charitable company to cease to continue as a goin8 concern. Evaluate the overall presenlatlon, structu¥e and content of the financial statements, includifig the disclosures, and whether the financial statements represent the underlying transactions and events tn a manner that achieves fair presentation lie. give5 a true and fair view). We comrnunicate with those char8èd with governance regardin& among other matters, the planned scope and timing of the audit and 518nificant audit findin85, including any Significant deficiencies in internal control thal we identify during our audit. Us• of our r•port This report Is made solely to the charitvs trustee5, as a body, in accordance with Part 4 of the CharitTes (Accovnts and Reportsl RÈgulations 2008. Our audit work has been undertaken so that we might state lo the charity's trustees those matters we are required to state to them in an auditoi's report and fo¥ no other purpose. To the fullest extent permitted by law, we do not accept or èssume responsibility to anyone other than the charity and the charily'g trustees as a body, for o(tr audit work, for thi5 report, or for the opinions we have formed. Richard Spofforth, Statutory Auditor Kreston Reeves LLP, Chartered Accountants Springfield House Springfield Road Hor5ham, West Sussex RH12 2RG Date: l hZL
ii. THE NEW ENGLAND COMPANY COMPREHENSIVE STATEMENT OF FINANCIAL AcllviTIES YEAR EhlDED 31 DECEMBER 2021 2021 arter Trust e Hon Robert Boyle s & {Expendable Dr Williams. Trust Funds Endowment) IPermanent Endowment) Unrestrlcted Incgme Fund Totsl 2020 Income Inve5trnent"'Incothe Transfer to income 16.4 19,5 352,S04 40,154 286,542 1274,5651 25,808 274,565 323,877 Total IncomÈ 352,504 40,154 11,977 300,373 323,877 Expenditure Charitable èctivities Other 23,7 23.8 471.118 104.082 471,118 7.566 460,963 J22,012 21,496 75,020 Total expendlture 575,200 21,496 75,020 478.684 582.975 Net income and net movement in funds befoTe gains/l105se51 on investments 1222,6961 18.658 163,0431 1178,3111 1259,098J Net gainslllossesl on Investments 29, 14 {iiil 1,908,201 253,721 1,555,762 98,718 1,073,851 Net Incomellexpenditure) 1,685,505 272.379 1,492,719 179,5931 814,753 Transfers between funds Other re¢ognised gains Illossesl Net movement in funds 32. 17 19,6 1176,8911 176,891 1,685,505 95,488 1,492,719 197,2981 814,753 Reconciliation off(Ands Total funds brought forward at l January 19,058.609 2,345.295 15,645,657 1,067,657 18 243,856 Total funds carrfed fop*vard at 31 Dember 20,744.114 2A40.783 17.138.376 1,164.955 19.058.609 All recognised Bains and losse5 have been included in the Consolidated Statement of Flnanclal Activities and the amounts included are derived entirely from the continuing attwitie5 of The New England Company.
13. THE NEW ENGLAND COMPANY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Net cash provlded by lusedl In operatlng actlvftles 1572,7351 {580.238J CoshJlow5from Investlng octlvities.. Property income Interest and dividends Proceeds from sales of investments and property Purchase of investments Movement in ¢ash held within investments 119,948 232.556 786.768 1473,3841 1116,2231 112.751 211.126 676,696 11,045,002) 272,459 Net cush pmvldedfmm inve5tin9 Ilctivltles., Chan8e in Cash and cash equivalents in the year 123,0701 {352.208J Cash & £ash equl¥alents brought forward 298,731 650,939 Cash & cash equivalents at the end of the year 275.661 298,731 Recon(iliatlon of net lexpenditurellin¢ome to net cash flow from operating a¢tivltles: 2021 2020 Net movement in funds Deduct investment income from investing attivities Add / Deduct losse5 1 gains on investments and property Decrease I Iincreasel in debtors Increase / IDecreasel in creditOf5 1,685,505 1352,5041 11.908,2011 788 1.677 814,753 f323,877) {1,073.871J {97J 2,854 Net cash provided byl Iused in) operating activities 1572,7351 1580,2381
14. THE NEW ENGLANDCOMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2021 ACCOUNTING POUCIES The principal accounting policre5 adopted, judgements and key Sources of estimation uncertainty in the preparation of the financial Statements are a5 follows.. al Basls of accountlng The financial statements have been prepared In accordance with Accounting and Reportin8 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 (FR5 1021 (effective I January 20191. the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Chaflties Act 2011. The charity has elerted 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 IFRS 1021, prior to mandatory adoption for accountin8 periods beginning on or after l 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 'tiue and fair, view. Thi5 departure has involved following the Charities SORP IFRS 1021 published on 16 july 2014 rather than the Accounting and Reportin8 by Charitie5.' Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. bl Golng concern The tru5tee5 consider that the charity has gufficlent resource5 to continue in operational existence for the foreseeable future. The Tru5tee5 have a reasonable expectation that the charity is well placed to manage its operations successfully. Accordin8ly, they continue to adopt a golng concern basis in preparing the finantial statements. l Fund structure The charity maintains the following fund5- Unrestrrcted Income Fund: Representing income from the Expendable and Permanent Endowment Funds. The Unrestricted Income Fund is expendable at the discretion of the trustees in the ftfrtherante of the objects of the charity. Expendable Endowment Fund (Charter Trust Fund) Representing capital funds available for conversion to income at the discretion of the trustees. 111 Permanent Endowment Fund (The Hon Robert Boyle's and Dr William's Trust Funds) Representing capital funds which are held permanently on trust for the benefit of the New England Company. On 7 July 1998, the Charity Commi55ion agreed that the Hon Robert Boyle's and Dr Williams. Trust Funds should be amalgamated. The Preserved Endowment represents the valve of the ori8inal gifts that created the Endowment. as adjusted on a tolal return basis, and is the minimum level of the Endowment which is to be used to produce the income for the charity which cannot itself be spent. dl Income re¢ognition All income is recogni5ed once the charity has legal eniitlement to the income after any performance onditions have been met, the amount can be measured reliably, and it 15 probable that the income will be received.
15. THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 De¢ember 2021 ACCOUNTING POUCIES l¢ontlnuedl 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 propertv income are included on an accruals ba515 with income deferred which relates to a future accounting perlod. el Expenditure recognltlon Expenditure is recoEnised where there is a le8al or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under the headin8$ that aggre8ate all costs related to that category. Where Unconditional Erants are offered, this is a¢crued as soon as the recipient is notifled of the grant. as this gives rise to a reasonable expectation that the recipient will receive the grant. Where Erants are conditional felating to performance then the grant 15 only accrued when any unfulfilled conditions are ou15ide the control of the charitv. The future grant commitments. as disclosed note 20, are not legally binding on the trustees slnce the conditions attaching to the grants have not been yet met. Allocation of support costs and overheads The allocation of supports costs, overhead5 and governance costs are analysed in note 11. 81 Analysis of other expenditure Costs of charitable activities include Érants made. as shown in note 7. and an apportionment of support cost5 and overheads as shown in note 11. h) Fixed asset Investments The investment propertie5 are stated in the balance sheet at their estimated falr value as at 31 December 2021 Isee note 141ill. The investments listed on a ieco8nised stock exchange are stated at market value as at balance sheet date. The statement of financial activities intludes the net gains and losses arising on revaluation and disposals throughout the year. 11 Investment galns and losses All gains and losses are taken to the comprehensive statement of financial activlties as they arise. Reali5ed gains and losses on investment5 are Calculated as the difference between sales and proceeds and openin8 market value (purchase date if later). Unrealised gain5 and losses are calculated as the difference between market value at the year end and opening market value lor purchase date if later). Realised and unrealised Eains are not separated in the Statement of Financial Activities. Jl Flnanclal Instruments The charity only has financial assets and financial liabilities of a klnd that qualify as basic instruments. Basic financial instruments are initially recognised at transactlon value and subsequently measured at their settlement value.
16. THE NEW ENGLAND COMPANY NOTES TOTHE FINANCIAL STATEMENTS Year Èndèd 31 Detember 2021 ACCOUNTING POLICIES {¢ontlnued) kl Total return accountlng The Trustees adopted the power to use the Total Return Basi5 for the permanent endowment fund5 of The Hon Robert Boyle's and Dr Wllliams. Trust Funds. The allows the Trustee5 to invesl permanent endowmeTrt5 to maximise Total Return and to make available an approprlate portion of the Total Return to fund expenditure in future years when required. The Tru5tee5 have used the value of the permanent endowment at 31 December 2000 to represent the Preserved Value of the original gifts. (see note 51. CRMCAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT Estimates and judgements are continually evaluated and are based on historical experience and other factors, includ*ng expectations of future events that are believed to be reasonable under the circumstances. The re5ultin8 accounting èstimates 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 asset5 and liabilitie5 Wlthin the next financial year relate to.. Determining the fair value of the investment properties, which are sensitive lo fluctuatlons In the property market.. and The application of the Total Return Basis for the perrnanent endowment funds with the preserved value based on the 31 December 2000 valuation and CPI used for the preservation of the value. RELATED PARTY TRANSAcfioNS AND TRUSTEES, REMUNERATION No trustee, or pe¥son related or connetted by business to them, received any remune¥atSon from the New England Company during the year or prior year. The trustees are entitled to reimbursement for travelling and incidental costs incurred whi15t carrying out their trusteeship dutie5. Oetails of the amounts reimbursed during the year ended 31 December 2021 are disclosed in note 12. INVESTMENT INCOME 2021 2020 Income from investment properties Ipage 171 Income from portfolio investments 119,948 232,556 112.751 211,126 352.504 323.877
17. THE hlEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENT5 Year ended 31 De¢ember 2021 4. INVESTMENT INCOME Icontinuedl Income from investment propertie5 2021 The Hon Robert Boyje's and Dr Williarn Trust Funds Total Liston Hall Estate Total 2020 Income Gross rents Shooting rights Grazing rlghts Wayleaves and sundry sncome 114,076 3,000 1,060 1,812 114,076 3.000 1,060 1,812 106,279 1,060 2,412 119,948 119,948 112,751 Expendlture Insurance Repairs and malntenance 5,030 7.340 6,817 540 5.030 7,340 6,817 540 32,085 6,172 6.059 Property expenses 19,727 19,727 44,316 Net Income 100,221 100.221 68.435
18. THE NEW ENGLANDCOMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 De¢ember Z021 4. INVESTMENT INCOME Icontinuedl The properties are managed by Messrs Strutt & Parker, who account to the charity. In the event of a change of tenant at Wesion Hall Fèrm and Red House Farm. a liability might arlse lo compensate the outgoing tenants for improvements carried out at their own expense. The repair5 and maintenance expenditure incuired tn the year is made up as follows.. Liston Hall Estate l and 2 Weston Hall Cottage5 Electrical repair. new kitchen, Bathroom heating. roof repairs and consumer unit 6,570 Red House Farmhouse EICR 120 Liston estate Tree works 650 7,340
THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2021
5. TOTAL RETURN INVESTMENT
The investment fund and application of total return to permanent endowment funds:
| Endowment £ As at 1 January 2021: Permanent endowment 8,982,843 Unapplied total return - Total: 8,982,843 Movements in the reporting period: Investment income - 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 628,220 Net movement in the reporting period 628,220 As at 31 December 2021 (Note 17) Permanent endowment 9,611,063 Unapplied total return - 9,611,063 6. OTHER RECOGNISED GAINS/LOSSES Other Gains |
The Hon Robert Boyle’s & Dr Williams’ Trust Funds 2021 Unapplied total return Total £ £ - 8,982,843 6,662,814 6,662,817 6,662,814 15,645,657 258,066 258,066 1,555,762 1,555,762 (46,544) (46,544) 1,767,284 1,767,284 (274,565) (274,565) (628,220) - 864,499 1,492,719 - 9,611,063 7,527,313 7,527,313 7,527,313 17,138,376 2021 2020 £ £ - - ───── ───── - - ═════ ═════ |
The Hon Robert Boyle’s & Dr Williams’ Trust Funds 2021 Unapplied total return Total £ £ - 8,982,843 6,662,814 6,662,817 6,662,814 15,645,657 258,066 258,066 1,555,762 1,555,762 (46,544) (46,544) 1,767,284 1,767,284 (274,565) (274,565) (628,220) - 864,499 1,492,719 - 9,611,063 7,527,313 7,527,313 7,527,313 17,138,376 2021 2020 £ £ - - ───── ───── - - ═════ ═════ |
|---|---|---|
| 15,645,657 258,066 1,555,762 (46,544) |
||
| 1,767,284 (274,565) - |
||
| 1,492,719 9,611,063 7,527,313 |
||
| 17,138,376 | ||
| 2020 £ - ───── - ═════ |
20. THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 Dember 2021 7. GRANT MAKING AcfiviTIES Mlsslon expendlture 2021 2020 CanadSan Dloceses Algamo- Support for minlstry on reserves 20.000 18,303 30,000 17,948 Notional Indigenous fvlinistrie5- Support for Oiocesan Indigenous Bishop in northern Manitoba 15,000 9.310 15,000 8.970 The Territory of the People Anglicon Church {fvrmerlH Coriboo) (Assisted}- Support for stipend and expense5 of priest at Lytton and Scw'exmx 20,000 12.013 20.OOQ 11.972 Arrtic IAssistedJ- Support for tralnlng lay indlgenous people in ministry 30.000 18.019 15.000 8,972 Athab(y5ca {A5SiStedJ-Assistance for Gospel jamboree, and discipleship and discernment piocess - On Eagles Wings project 15.000 9,010 15,000 9.010 Is.000 Brit15h Columbiu- Support for Indlgenous ministry on Vancotlver Island 15.000 9,001 15,000 8,979 BrrJndon- Support for indigenov5 congregatlons in northern Manitoba and Henry Budd College 20,000 12.002 20.000 11.964 Caledonia- Support for clergy IT and phone equipment - Support for summer camp 19,000 11,413 17.000 10.175 Colg0ry- Support for lay reader5. and translatlon of Biblical and liturgical materlal Support for Outreach and translation of Bibllcal materlal 20,000 12,003 17,000 10,163 Edmonton- Supptsrt for Inner City Pastoral Ministry in Edrnonton 30.000 18.020 15,000 8,968 Huron LAIC- Support for indigenous ministry, Covid-19 initiatives and techntslo8ltal improvements 24,000 14.414 25,000 14,955 Indigenous SpirAtual Ministry of Mi5hGmikowÈe5h- Support for Dr William Winter School of Ministry - Support for translation of New Testament 20.000 11,956 20.000 12,012 Missinipi (formerly pt7rt of Saskatchewon- Support for Diocesan indigenous Bishop 15,000 9.001 Moosonee IAssistedl- Support for Mahmow Programme of indigenous ministry Support for stipend of Mahmow Program Cooydinator 15,000 15.000 8.972 Nelson RC- Contribution to cost of prlests 5eTvin8 indigenous communities 25,000 15,015 17,000 10,177 Carried forward 318.000 197.554 256,000 153,144
21. THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 310ecember 2021 7. GRANT MAKING AcnviTIES (Continued) Ml$sion expendlture Icontinuedl 2021 2020 Brought foiward 318,CQO 197.554 256,000 153,144 New Westminster- Support for urban indigenous ministry in Vancouver 15,000 9.010 15.000 8.976 Ontorio- Slspport for IT equipment 13,856 8,558 Qu Appelle- Mintstry in ReBina and on reserve5 24.000 14,547 17,600 10.519 Quebec- Support for priest at Kawawachikamach Rupert's Land- Support for ministry to indi8enous people in Winnipe8 16,200 9.722 20,000 11,960 Soskotchewon IAssistedJ-S¢Jpport for james Settee College Support for Diocesan indlgenous bishop 15,000 9.010 15,000 8,968 Toronto- Support for salary of lay pastoral soclal worker in Toronto urban Native Ministrv 20,000 12,013 18,000 10.762 Yukon IAssistedJ- Support for travel and accommodation costs in indigenou5 rninlstry 16,CQO 9,602 15.000 8.967 Canadlan Colleges Vancouver5chtsol of fheology-support for summer school 20,0 12,003 20.000 11.970 Herjry Budd CollegeforMinistry- Support for stipend of College EldeT 15,500 9,010 12,800 7,657 Sondy-St7ulteauxSpiriluol Centre Support for Native Ministries Consortium Summer School Support for architectural design of Covid-19 safe space 15,000 8,979 14.250 8,315 Total Canadlan grants 487,806 299,344 404,400 241,902
22. THE NEWENGLANDCOMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 De¢ember 2021 7. GRANT MAKING AcnviTIES Icontlnuedl West Indlan Dlooses and College uss 2021 2020 Bohamos ond the Turks & Caicos Islands- Support for placing a Oeaton in the Turks & Caicos Islands 30,OOQ 24,836 Borbodos- Development of r¢ew diocesan web51te and new computers Music training fo¥ young people - Support for post Biaduate theology student at Duiham University - Assistance toward5 audio eq¥ipment for virtual ministry 8,2( 6,784 28,800 23,825 25,000 18.179 10,000 7,272 Bellie- Contribution to building of new rectory at Orange Walk Town Contribution to clergy training program 40.000 33.096 55,000 39,870 GuyonLI- Contribution to building of new church at Kamarang 20,000 14,403 20,000 16,548 Jomoicu ortd the Coymon Islond5- Repalr of St John's church at Camp Auchtembeddie Purchase of seven acre site for recreation at Camp Auchtembeddie Pltrehase of motor van for St Monica's Children's Horne Distribution of care packages Support for farm project to make Clifton Boy5, Home self sufficient 10.000 8.275 11,500 9,516 15,000 12,412 18,421 17,285 13.394 12,568 North Etsstern CL7ribbeGn tsndArub Youth gatheTiNg and retreat. fees of semlnars at Codrin8ton College and cler8y trainin8 Support for Media centre, youth counsellin8, Christian education and ministerial development 55,000 45.564 54,890 39,796 TrinidoLI ond Tobogo- Deacon preparation program 12.000 9.939 Windward 151onds- Fèes of two seminarians at Codrington College 27.550 20.043 25.995 21.537 Total West Indlan grants 228,146 165,525 256,495 212,332
23. THE NEW ENGL4ND COMPANY NOTES TOTHE FINANCIAL STATEMENTS Year ended 31 December 2021 7. GRANT MAKING ACrnIrnES Icontinuedl Mlssion expenditure l¢ontinuedl 2021 2020 Totsl Canadian grants 299,344 241,902 Total West Indlan grants 165.525 212,332 Total misslon grants paid Support tosts (note 111 464.869 6,249 454,234 6,729 Total cost of mission grants 471.118 460,963 I the grants made in the year and pritsr year were made to institution5. It was agreed at the meetin8 on 15 January 1997 to support applicati(Ins for up to three years only, not "on- goin grants. Dioceses must send information as to how their project5 are progressin8. 8. ANALYSIS OF OTHER EXPENDITURE 2021 2020 Investment managemerst Inote 91 Property running costs (note 41 Other iunning costs (notes 10 & 111 66.128 19,727 18,227 59,882 44,316 17,814 104,082 122.012
24. THE NEW ENGiANDCOMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021 9. INVESTMENT MANAGEMENT cosrs 2021 Charter Trust Fund Total The Hon Robert Boyle's and Dr WlllSams' Trust Funds Unrestricted income 2020 Investment Costs relating to'.- InvÈ5tments listed on a recognised Stock exchange Investment propertie5 S3,296 12,832 12,747 33,712 12,832 6,837 45,497 14,385 66,128 12,747 46,544 6,837 59.882 The management ¢osts relating to the Snvestments listed on a recogni5ed stock exchange, as charged by Rathbone Investment Management Ltd, are split in PTOPOrtion to the market value of the investments held In each portfolio as at 31 December 2021. The management costs relating to the property portfolio are split in proportion to the market value of the investments held ¥n each portfolio as a 31 December 2021. 10. ANALYSIS OF OTHER EXPENDITURE 2021 2020 Meeting cost5 Secretarial charge5 Bank charges Telephone costs rravelling expenses.. Court meetings Grant applications 71 1,865 118 li 325 1,750 158 li 20 2.085 2.244 Accountancy Avdit fees Software and software support 10,200 5,700 242 9,632 5,700 238 18.227 17,814 The governance costs above have been further apportioned between the funds of the Charity as follows.. 2021 2020 Charter Trust The Hon Robert Boyle and Dr Williams, Trust Funds Unrestricted Intome Fund 8,749 8,749 729 8,551 8.551 712 48% 4% 18,227 17,814
25. THE NEW ENGLANO COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021 11. ALLOCATION OF SUPPORT cosrs AND OVERHEADS The supports costs and overheads have been allocated between governance and charitable activities on the basis shown in the following table.. Charltable Basis of apportionment artivities Total Governance Cost Type Meeting costs Secretarial charges Bank Charges Telephonè costs TravellinE expenses.. Court meetings Grant app5icatlons Audit and ac¢ountancy Software 285 7,459 470 42 71 1,865 118 li 214 Ratio of 25-75 5,594 Ratio of 25'.75 352 Ratio of 25'.75 31 Ratio of 25..75 78 20 58 Ratio of 25'.75 Ratio of S0'.50 15,900 242 15,900 242 24,476 18,227 6,249 Travellin8 expenses relating to the Court meelinES reimbursed to the se¢retary durin8 the year amounted to £7812020: £2981. 12. INFORMATION REGARDING EMPLOYEES There were no employees in the year or prlor year. The Secretary to the Members of the court, Mr5 N JohrTrson, 15 engaged under a consultancy agreement. The total sum paid in the year was £7,00012020: £7,0001. 13. ACCOUNTANTS. AND AUDITOR'S REMUNERATION The accountants, remuneration conslsted of an accounts fee including VAT of £10,20012020: £9,632). The auditor's remuneration of £5,700 constitutes audit fees including VAT12020.' £5,7OJI.
26. THE NEW ENGLANDCOMPANY NOTES TO THE FINANCIAL STATEMEwrs For the year ended 31 December 2021 14. FIXED ASSEY INVESTMENTS Investment propertles At the meeting on 16 September 1997. the Court resolved that ft%ture 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 approprlately experienced persons with suificient regularity, subject only to obtaining advice each year ès to the p055ibility of any materlal 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 interirn 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. Suth permission is given in respect of the inclusion of these guide figures in the accoitnts on condition thal no liability is accepted. 2021 The Hon Robert Boyle's and Charter Trust Dr Wllllams. Fund Trust Funds Total 2020 Land formlng part of Liston Hall Estate near Sudbury, Suffolk lappToximate current acreage 15 654 acresl 4.900,000 4,900,000 4,900,000 Valuatlon at 31 Dember 4.900.000 4,900,000 4 900,000 The freehold properties are all 51tuated in thè United Kingdom.
27. THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021 14. FIXED ASSET INVESTMENTS 11) Inve5tments11sted on a recognlsed stock exchange al The market valLies of the investments have been supplied by Rathbone Investment Management Ltd as at 31 December 2021 and the investments have been re-valued in the financial statements accordingly. bl The book value of the investments represents either.. the acquisbtion cost of the investment. oi for an investment held when the relevant Trust Fund was divided lin accordance with the 1961 Royal Charter and/or the 1961 Trustee Investments Acil its market value at the date of such division. or combination of the above. cl On 4 November 1994 the Charity Commissioners i55ued an order authorising the Court to delegate to Rathbone Investment Management Ltd its power of investment, on the terms of the existing Investment Management Agreement. approved by the Court on 27 January 1993. dl Investment policv In accordance with the Trustee Aet 2000. there is an Investment Management Agreement in place with Rathbones Investment Management Limited. This reflects the Company's Investment Poliry 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 lonBer term. The Investment Policy Statement is reviewed annually by the Finan Committee.
28. THE NEW ENGLAND COMPANY NOTESTOTHE FINANCIALSTATEMENTS For the year ended 31 December 2021 14. FIXED ASSET INVESTMENTS Icontlnuedl el Material investments i. Ovef 5% of the total portfolio as at 31 December 2021 is invested in the followinB areas.. UK Equities Actively Managed Strategles Global investments North American Investments 10.80% 15.80% 47.60% 14.00% ii. Over 5% of the total portfolio as 3t 31 December 2021 is invested in the following individual investments: SPDR Serie5 Trust MSCI ACWI UCITS ETF COIF Charity Funds Investment Inc Heptagon Fund Kopernik Gbl All-cap Eqty CD Link Fund Solutions Trojan X Inc 19.26% 17.15% 6.84% 16.02% No material restrictions apply on the re3li5ation of any investment. iii. As at 31 December 2021. the market values of the inve5trnent5 51tuated inside and outside the UK were as follows: UK Investmènts Non-UK Investments Total Charter Trust Fund 2.161,457 The Hon Robert Boyle's and Di Williams, Trust Fund$ 12.080,306 Unrestricted Income Fund 1,116,095 660.524 1.377,403 617,290 1.500,933 10,702,903 498,805 15,357,858 2,655,217 12,702,641 iv. As at 31 December 2021, the market value5 Of the direct and indirect investments in listed securities were as follow5- Djrect Investments Indlrect Investments Total Charter Trust Fund 2,161.457 The Hon Robert 8oyle's and Dr Williams, Trtsst Funds 12,080,306 Unrestricted Income Fund 1,116,095 916.627 2,194.213 805,303 1,244,830 9,886,093 310,792 15,357.858 3.916.143 11.441,715
29. THE NEW ENGiAND COMPAPJY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2021 14. FIXED ASSET INVESTMENTS (continued) 111) Movement In flxed asset Investments al Investments listed on a ¢¢$Al$ed stock exchange 2021 Restricted Total Unrestricted 2020 Charter Trust Fund Market value at l January Addltions at cost Disposals at market value Net Ilossllgain on revaluatlon 2,008,557 113,739 1214,5601 253.721 2,008,557 113,739 1214,5601 253.721 1,974,817 99,626 (145,490) 79,604 Market value at 31 December 2,161,457 2,161,457 2.008.557 The Hon Robert Boyle's and Dr Mnlllams, Trust Funds Market value at l January Additions at C05t Disposals at market value Net1105sl/gain on ievaluation 10,688,449 247,436 1411,3411 1,555.762 10,688,449 247,436 1411,3411 1.555,762 9,523,432 660,721 1466,280) 970.576 Market value at 310ecember 12,080,306 12.080.306 10.688.449 Unrestrlcted Income Fund Market value at l January Addition5 at tost Disposals at market value Net Ilossllgain on revaluation 1,066,035 112,209 1160.8671 98,718 1.066,035 112,209 1160.8671 98,718 822,639 284,655 164.9301 23.671 Market value at 31 December 1,116,095 1,116,095 1.066,035 Total market value at 31 December Total hlstorkal cost at 31 December 15,357.858 10,490,138 12.080.306 8,430,615 3.277.552 2,059,523 13.763,041 10,670,532
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31. THE NEW ENGLANDCOMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021 15. ANALYSIS OF CURRENT AsSS il Debtors 2021 2020 The Hon Robert Boyle s ond Dr Willioms, Trust Funds Accrued Rental income 13,578 14.366 Total of short term debtors 13.578 14,366 Totsl debtors 13,578 14,366 Cash at bank and in hand 2021 2020 Bank of Scotland Strutt & Parker 178.777 96,884 189,309 109,422 Total cash 275,661 298,731 16. ANALYSIS OF CURRENT UABILITIES 2021 2020 Creditors falling due wlthln one year C17Qrter Twst Fund Investment adviserfs fee Auditors, fee Trade creditors 3.263 5.731 1,401 3,039 7.244 10,395 10,283 The Hon Robert Boyle's ond Dr Williom5' Trust Funds Investment advlser'5 fee Auditors, fee Trade creditors Deferred income 8,805 5,731 1.401 250 7,840 7,244 961 16,187 16.045
32. THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021 16. ANALYSIS OF CURRENT LIABILITIES Icontinuedl 2021 2020 Creditors falling due within one year l¢ontinuedl Unrestricted Income Fund Investment adviser's fee Auditors. fee Trade creditors 1,753 478 1,4fiO 1,605 603 3,631 2,208 Total current liabilitles 30.213 28.536 17, ANALYSIS OF CHARITABLE FUNDS ljanuary 2021 Incomlng Resources Investment resources Expended galnslllossesl Transfers 31 Decwnber 2021 Endowment Funds Expendoble Charter Trust Fund Permanent The Hon Robert Boyle's and Di Williams, Trusi Funds 2,345,295 40,154 121,4961 253,721 1176,8911 2,440,783 15,645.657 11,977 175.0201 1,55S,762 17,138,376 Total Endowment Funds 17,990.952 52.131 196.5161 1.809,483 1176,8911 19,579.159 Unrestricted Income Fund 1,067,657 300,373 1478,6841 98,718 176,891 1,164,955 Total funds 19.058,609 352.504 1575,2001 1.908,201 20.744,114 Further detail relating to the fund 51ructure is provided in the accounting policie5 note Ipa8e 14, note I Icll. 18. GUILDHALL LIBRARY RECORDS In the Court meeting on 14 September 1999, the Court agreed to continue to deposit theTr Oeeds and Docurnents to the Guildhall Library but would not surrender them irrevocably. 19. EXCHANGE GAINS Losses of £4,910 arose durlnB the year12020'. £5.7131 from reallsed and unreallsed foreign currency transaction, included in investment iftcome.
33. THE NEW ENGLANO COMPANY NOTES TO THE FINANCIAL STATEMENTS r the year ended 31 December 2021 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 2022. the Charity considered the following grants to be made in fvture yeais.. Canadlan DI0se5 Algomo- Support for indigenou5 ministry at Sagamok and Thunder Bay Athabusct71Assisted)-'On Eagles Wings, project Bmndon IA55jSted)- Svpport for indigenous con8regat*ons in northern Manitoba and Henry Budd College British Columbiu- Support for indigenovs mlnlstry on northern Vancouver Island 20,000 in 2022 Coledonti7- Support for clergy IT and phone equipment 19,000 in 2022 Support for indigenous Vouth camp 10,000 in 2022 Colgory (Assisted)- Support fo¥ lay readers, and translation of Biblical and 20,000 in 2022 liturgical material The Territory olthe People Anglican Church (fom)erly Coriboo) (A55iStedJ- Support for stipend of a full time priest to minister to the Nlaka'pamLSX nation EdmDnton-Support for city mini5tiy and reconciliation in Edmonlon Humn LAIC (Formerly HuronJ- Support for Indigenous mSnistry Indigenous Spirituol Ministry of Mishamikoweesh (AssistedJ- Support for translation of Nèw Testament Support for Dr William Winter summer school Missinipi (formerly port of Soskotchewan- Support for Diocesan indigenous Bishop Moosonee (As5iStecl)- Support for Stipend of Mahmow Program Coordinator Qu Appelle- Indi8enou5 clergy tralninE, and ministry in Regina and on reserves Rupert s Land- Support for sharing circles. indigenou5 ministry and reconciliation Saskotchewon IAssistedJ- Support for Jame5 Settee College Toronto- Support for salary of lay pastoral social worker in Toronto Urban Native Ministry Yukon {AsslstedJ- Support for leadershlp training, travel and accommodatSon Costs of indigenous ministry 31.000 in 2022 15,000 in 2022 30,000 in 2022- ongoing 30,000 in 2022- on8oln8 30,000 in 2022- ongoing 25,000 in 2022 10.000 in 2022- ongoing 20,000 in 2022- ongoing IS.000 in 2022 15,000 in 2022- ongoing 16,700 in 2022 30,500 in 2022 15,000 in 2022 22,000 in 2022- ongoing 20,500 in 2022
34. THE NEW ENGLAND COMPANY NOTESTO THE FINANCIAL STATEMENTS For the year ended 31 December 2021 Canadian Colleges Henry Budd Collegefor Mir7iStry- Support for stipend of College Elder Sandy-5Gulteuux 5pirituul Centre- Support for learning clrcle on tradltlonal indigenous parenting Vtsncouverschool of Theology- Support foT summer school CS 13,000 in 2022- ongoin8 19,910 in 2022 20.000 in 2022 West Indlan Dloceses and College Borbados- Support for three seminarian5 at Codrin8ton College Technological training for clergy Belize- Provision of IT access for chTrldren in church schools Guyana- Support for clergy training Jomoicu ond the Coymun Islonds- Support for solar PV system to power Church House in KinBston North Eosrern Coribbeon ondArubo- Support for four seminarians at Codrin8ton College Clergy training and textbooks for Christian education in primary school Trinidad ond Tobogo- Support for Deacon preparation Programme Windwt7rd Islt7nds- Contribution towards the lees of a seminarian at Codrin8ton ColleEe and costs of clergy attending a Diocesan synod uss 39,885 in 2022 7,600 in 2022 55,000 in 2022 8,000 in 2022 50.000 in 2022 25,000 in 2022 44.000 in 2022 15,000 in 2022 39,173 in 2022 ADDMONAL INFORMATION The additlonal informatlon on page 35 and 36 has been prepared from the accounting Tecords of the charity. While it does not form part of the Statutory financial statements. it should be read in conjunction with them and the atsditor's report thereon.
35. THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 De¢ember 2021 l) Terrler a5 at 31 December 2021 Property Annual rent Area {acres) Revlew date Weston Hall Farm £35.000 385.00 28.09.2023 Weston Hall Farmhouse I Weston Hall Cottage5 2 Weston Hall Cottages Red House Farm £io.000 £9,600 £10.200 £17,000 39.09.2022 In progress In progrèss 28.09.2023 0.07 261.63 Red House Farmhouse Machinery storage at Red House Farmyard £17,400 £1.250 06.04.2023 Park Farm Cottage £13,248 0.20 01.01.2023 Woodland Cattle Grazing Grazing and Stables Shooting Rights 34.14 £100 £960 £3,000 Land adjacent to Place Farmhouse" Total £118,115 Grazin8 and stables sublet at Red House Farm. Rental income apportioned half and half between The New England Company and Messrs Jackson. The land has been removed from the farm tenancy and is let direct to the owner of pla Farrnhouse.
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