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 ACnv￿lEs 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 rela￿n9 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 De￿mber
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

19. 

## **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**<br>**£**<br>As at 1 January 2021:<br>Permanent endowment<br>8,982,843<br>Unapplied total return<br>-<br>**Total:**<br>**8,982,843**<br>Movements in the reporting period:<br>Investment income<br>-<br>Investment return – realised and<br>unrealised  (Note 14 iii)<br>-<br>Less investment managers costs<br>(Note 9)<br>-<br>**Total:**<br>**-**<br>Unapplied total return allocated to<br>income<br>-<br>Preservation of the endowment<br>value<br>628,220<br>**Net movement in the reporting**<br>**period**<br>**628,220**<br>As at 31 December 2021 (Note 17)<br>Permanent endowment<br>9,611,063<br>Unapplied total return<br>-<br>**9,611,063**<br>**6. OTHER RECOGNISED GAINS/LOSSES**<br>Other Gains|**The Hon Robert Boyle’s & Dr Williams’ Trust Funds**<br>**2021**<br>**Unapplied total**<br>**return**<br>**Total**<br>**£**<br>**£**<br>-<br>8,982,843<br>6,662,814<br>6,662,817<br>**6,662,814**<br>**15,645,657**<br>258,066<br>258,066<br>1,555,762<br>1,555,762<br>(46,544)<br>(46,544)<br>**1,767,284**<br>**1,767,284**<br>(274,565)<br>(274,565)<br>(628,220)<br>-<br>**864,499**<br>**1,492,719**<br>-<br>9,611,063<br>7,527,313<br>7,527,313<br>**7,527,313**<br>**17,138,376**<br>**2021**<br>**_2020_**<br>**£**<br>**_£_**<br>-<br>_-_<br>─────<br>_─────_<br>-<br>_-_<br>═════<br>═════|**The Hon Robert Boyle’s & Dr Williams’ Trust Funds**<br>**2021**<br>**Unapplied total**<br>**return**<br>**Total**<br>**£**<br>**£**<br>-<br>8,982,843<br>6,662,814<br>6,662,817<br>**6,662,814**<br>**15,645,657**<br>258,066<br>258,066<br>1,555,762<br>1,555,762<br>(46,544)<br>(46,544)<br>**1,767,284**<br>**1,767,284**<br>(274,565)<br>(274,565)<br>(628,220)<br>-<br>**864,499**<br>**1,492,719**<br>-<br>9,611,063<br>7,527,313<br>7,527,313<br>**7,527,313**<br>**17,138,376**<br>**2021**<br>**_2020_**<br>**£**<br>**_£_**<br>-<br>_-_<br>─────<br>_─────_<br>-<br>_-_<br>═════<br>═════|
|---|---|---|
|||**15,645,657**<br>258,066<br>1,555,762<br>(46,544)|
|||**1,767,284**<br>(274,565)<br>-|
|||**1,492,719**<br>9,611,063<br>7,527,313|
|||**17,138,376**|
|||**_2020_**<br>**_£_**<br>_-_<br>_─────_<br>_-_<br>═════|





20.
THE NEW ENGLAND COMPANY
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 De￿mber 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 De￿mber
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 AsS￿S
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 DI0￿se5
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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