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2023-12-31-accounts

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Charity Registration No. 224425

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

Audited Financial Statements

For the year ended 31 December 2023

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THE NEW ENGLAND COMPANY

CONTENTS

Page
Annual report of the Governor and the Court 1 to 5
Statement of Trustees’ Responsibilities 6
Report of the Independent Auditors 7 to 9
Comprehensive Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flows 12
Notes to the Financial Statements
Note 1 Accounting policies 13 to 15
Note 2 Critical accounting estimates and areas of judgement 15
Note 3 Related party transactions and trustees’ remuneration 15
Note 4 Investment income 15 to 17
Note 5 Total return investment 18
Note 6 Other recognised gains/losses 18
Note 7 Grant making activities 19 to 22
Note 8 Analysis of other expenditure 22
Note 9 Investment management costs 23
Note 10 Analysis of other expenditure 23
Note 11 Allocation of supports costs and overheads 24
Note 12 Information regarding employees 24
Note 13 Accountants’ and auditor’s remuneration 24
Note 14 Fixed asset investments 25 to 29
Note 15 Analysis of current assets 30
Note 16 Analysis of current liabilities 30 to 31
Note 17 Analysis of charitable funds 31
Note 18 Guildhall Library records 31
Note 19 Exchange gains and losses 31
Note 20 Future grant commitments 32 to 33
Notes not forming part of the financial statements
Note I Terrier as at 31 December 2023 34
Note II Schedule of property transactions 35

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THE NEW ENGLAND COMPANY

ANNUAL REPORT OF THE GOVERNOR AND THE COURT

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

Registered address

Flinders Cottage The Street Bolney West Sussex RH17 5QW

Members of the Court

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

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

Secretary Mrs N Johnson Missions Committee THS Duke (Chairman) WO Stephenson The Rt Rev Peter Wheatley DMF Scott The Very Rev Christopher Lewis

Finance Committee The Treasurer (Chairman) The Governor R Milliken M Scott Property Committee N Kaye (Chairman) CJ Talbot Lord Rayleigh GC Stephenson WG Lee

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THE NEW ENGLAND COMPANY

ANNUAL REPORT OF THE GOVERNOR AND THE COURT (continued)

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

Authorised signatories

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

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

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

b. This authority shall continue in full force and effect until revoked by resolution of the Court of the New England Company. Accountants and Auditors Kreston Reeves LLP Chartered Accountants Springfield House Springfield Road Horsham West Sussex, RH12 2RG Bankers Bank of Scotland PO Box 1000 BX2 1LB Fund managers Rathbone Investment Management Ltd Port of Liverpool Building Pier Head Liverpool, L3 1NW Land agents Strutt & Parker Coval Hall Rainsford Road Chelmsford Essex, CM1 2QF Solicitors Messrs Gepp & Sons 5 Springfield Lyons Approach Chelmsford, CM2 5LB

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THE NEW ENGLAND COMPANY

ANNUAL REPORT OF THE GOVERNOR AND THE COURT (continued)

The trustees present the annual report and audited financial statements of the New England Company (the charity) for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s Royal Charter dated 27 February 1961 (its trust deed), the Charities Act and the Charities SORP FRS 102.

STRUCTURE, GOVERNANCE AND MANAGEMENT

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

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

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

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

The charity currently has 16 trustees, chosen for the particular skills which they can bring to its governance. It is considered that the members of the Court have, between them, the appropriate experience and skills to fulfil the New England Company’s objectives.

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

Reporting to the Court are three sub-committees:

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

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THE NEW ENGLAND COMPANY

ANNUAL REPORT OF THE GOVERNOR AND THE COURT (continued)

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

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

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

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

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

FINANCIAL STRATEGY

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

ACHIEVEMENTS

During the year under review, the New England Company distributed 23 grants to Canadian dioceses and related bodies totalling £278,386 and 10 grants to West Indian dioceses and related bodies totalling £258,602, a total of £536,988.

The New England Company was able to approve grants totalling £507,969 (2023 - £503,694) for payment during 2024. As a result of foreign exchange movements between the dates grants are approved and paid there is a difference between sterling amounts approved and paid. Forward currency purchases are used to offset these movements. See note 7 for details.

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THE NEW ENGLAND COMPANY

ANNUAL REPORT OF THE GOVERNOR AND THE COURT (continued)

PLANS FOR THE FUTURE

The Court has launched an updated website in 2024.

MANAGEMENT OF RESOURCES

Investment portfolio. The New England Company’s investment policy which is reviewed annually is to secure by responsible investment the maximum total return that can be achieved consistent with at least maintaining the value of the capital in real terms over the longer term. In addition, the New England Company generally follows the ethical investment policy of the Church Commissioners for England.

Management of part of the portfolio has been delegated on a discretionary basis to Rathbone Investment Management Limited (Rathbones), and Rathbones also administers a number of pooled investment vehicles from other managers which have been selected by the Court on the basis of information from Rathbones. Members of the Finance Committee receive and review valuations of the investment portfolio on a quarterly basis. Management of the portfolio by Rathbones was in line with the above policies throughout the year. The total return of the all the investments managed and administered by Rathbones over the year to 31 December 2023 was 9.2% (net total return, 8.8%), compared with the longer-term total return benchmark of US CPI + 4% amounting to 7.5%.

Farms and properties. The New England Company adopts a commercial approach to the management of property assets, considering that the interests of landowners are longer term than those of tenants. Being a charity, the New England Company should not make rebates or reductions in rents that are not commercial. The Property Committee keeps the policy under review. The Court considers that the management of the properties by Strutt & Parker was satisfactory over the year.

RESERVES POLICY

The members of the Court consider the Charter Trust to be expendable endowment, providing income for the charity’s mission and not as free reserves. The Hon Robert Boyle’s and Dr Williams’ trust funds are permanently endowed funds. 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 constitutes the charity’s free reserves. As at 31 December 2023, the free reserves were £1,140,688 (2022: £1,102,497).

Commitments to provide grants, entered into after the year end, are set out in note 20.

PRINCIPAL RISKS AND UNCERTAINTIES

The Court has considered the major risks to which the charity is exposed, together with the systems which have been established to mitigate those risks and consider the systems currently in place to be satisfactory. The risks considered include operational and financial risks. A risk log is in place and is signed off each year to confirm this.

N W Wells Governor Date:

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THE NEW ENGLAND COMPANY

STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

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

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

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

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

So far as each of the Trustees is aware at the time the report is approved:

Signed on behalf of the Trustees

Nicholas Wells 02 Sep 2024 17:20:14 BST (UTC +1)

N W Wells

Governor

Date: 02 September 2024

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

Opinion

We have audited the financial statements of The New England Company (the ‘charity’) for the year ended 31 December 2023 which comprise the Comprehensive Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

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

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

We have been appointed as auditor under section 1443 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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

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

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

Auditor’s responsibilities for the audit of the financial statements

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

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

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

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Spofforth 02 Sep 2024 22:30:50 BST (UTC +1)

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

Date: 02 September 2024

17 September 2023

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THE NEW ENGLAND COMPANY

COMPREHENSIVE STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023

Ref
Page, Note
Income
Investment income
Transfer to income
15,4
18,5
Total income
Expenditure
Charitable activities
22,7
Other
22,8
Total expenditure
Net income and net movement in funds before
gains/(losses) on investments
Net gains/(losses) on investments
25,14 (i),28, 14 (iii)
Net income/(expenditure)
Transfers between funds
31,17
Other recognised gains /(losses)
18,6
Net movement in funds
Reconciliation of funds
Total funds brought forward at 1 January
Total funds carried forward at 31 December
31,7		 2023
Total
Charter Trust
(Expendable
Endowment)
The Hon Robert Boyle’s &
Dr Williams’ Trust Funds
(Permanent Endowment)
Unrestricted
Income Fund
2022
£
£
£
£
£
349,913
-
19,000
-
302,683
(181,066)
28,230
181,066
385,773
-
─────
─────
─────
─────
─────
349,913
19,000
121,617
209,296
385,773
─────
─────
─────
─────
─────
543,770
-
-
543,770
535,568
195,709
19,976
168,187
7,546
132,881
─────
─────
─────
─────
─────
739,479
19,976
168,187
551,316
668,449
─────
─────
─────
─────
─────
(389,566)
(976)
(46,570)
(342,020)
(282,676)
3,118,122
88,964
2,970,657
58,501
(1,257,661)
─────
─────
─────
─────
─────
2,728,556
87,988
2,924,087
(283,519)
(1,540,337)
-
(424,762)
103,052
321,710
-
-
-
-
-
-
─────
─────
─────
─────
─────
2,728,556
(336,774)
3,027,139
38,191
(1,540,337)
19,203,777
2,049,667
16,051,613
1,102,497
20,744,114
───────
──────
───────
──────
───────
21,932,333
1,712,893
19,078,752
1,140,688
19,203,777
═══════
══════
═══════
══════
═══════

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

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THE NEW ENGLAND COMPANY

BALANCE SHEET AS AT 31 DECEMBER 2023

Ref
Page, Note
Total fixed assets
Investments
29,14 (iv)
Current assets
Debtors
30,15 (i)
Cash at bank and in hand
30,15 (ii)
Total current assets
Creditors: amount falling due within one year
30 & 31,16
Net current assets (liabilities)
Total net assets
Total charity funds
31,17		 2023
Total
Charter Trust
(Expendable
Endowment)
The Hon Robert Boyle’s &
Dr Williams’ Trust Funds
(Permanent Endowment)
Unrestricted
Income Fund
2022
£
£
£
£
£
21,723,065
1,588,971
18,990,976
1,143,118
18,966,978
───────
──────
───────
──────
───────
9,821
-
9,821
-
14,646
237,940
134,888
103,052
-
247,252
──────
──────
──────
──────
──────
247,761
134,888
112,873
-
261,898
(38,493)
(10,966)
(25,097)
(2,430)
(25,099)
──────
──────
──────
──────
──────
209,268
123,922
87,776
(2,430)
236,799
───────
──────
──────
──────
───────
───────
──────
───────
──────
───────
21,932,333
1,712,893
19,078,752
1,140,688
19,203,777
═══════
══════
═══════
══════
═══════
───────
──────
───────
──────
───────
21,932,333
1,712,893
19,078,752
1,140,688
19,203,777
═══════
══════
═══════
══════
═══════

Approved by the Members of the Court on …………………….. and signed on their behalf by:

02 September 2024

Nicholas Wells 02 Sep 2024 17:20:14 BST (UTC +1)

N W Wells Governor Luke Bridgeman 28 Aug 2024 20:18:49 BST (UTC +1) The Hon Luke Bridgeman Treasurer

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12 .

THE NEW ENGLAND COMPANY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
£ £
Net cash provided by (used) in operating activities (721,260) (674,631)
Cash flows from investing activities:
Property income 128,110 120,880
Interest and dividends 221,803 264,893
Proceeds from sales of investments and property 1,108,741 695,624
Purchase of investments (800,413) (582,948)
Movement in cash held within investments 53,707 147,777
────── ──────
Net cash provided from investing activities:
Change in cash and cash equivalents in the year (9,312) (28,409)
Cash & cash equivalents brought forward 247,252 275,661
────── ──────
Cash & cash equivalents at the end of the year 237,940 247,252
══════ ══════
Reconciliation of net (expenditure)/income to net cash flow from operating activities:
2023 2022
£ £
Net movement in funds 2,728,556 (1,540,337)
Deduct investment income from investing activities (349,913) (385,773)
Add / Deduct losses / gains on investments and property (3,118,122) 1,257,661
Decrease / (Increase) in debtors 4,825 (1,068)
Increase / (Decrease) in creditors 13,394 (5,114)
────── ──────
Net cash provided by/ (used in) operating activities (721,260) (674,631)
══════ ══════

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THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023

1. ACCOUNTING POLICIES

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

a) Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

b) Going concern

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

c) Fund structure

The charity maintains the following funds:

d) Income recognition

All income is recognised once the charity has legal entitlement to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.

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THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023

1. ACCOUNTING POLICIES (continued)

Investment income

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

e) Expenditure recognition

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

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

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

f) Allocation of support costs and overheads

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

g) Analysis of other expenditure

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

h) Fixed asset investments

The investment properties are stated in the balance sheet at their estimated fair value as at 31 December 2023 (see note 14(i)).

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

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

i) Investment gains and losses

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

j) Financial instruments

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

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THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023

1. ACCOUNTING POLICIES (continued)

2. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

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

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

3. RELATED PARTY TRANSACTIONS AND TRUSTEES’ REMUNERATION

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

The trustees are entitled to reimbursement for travelling and incidental costs incurred whilst carrying out their trusteeship duties. Details of the amounts reimbursed during the year ended 31 December 2023 are disclosed in note 12.

4. INVESTMENT INCOME

2023 2022
£ £
Income from investment properties (page 17) 128,110 120,880
Income from portfolio investments 221,803 264,893
───── ─────
349,913 385,773
═════ ═════

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THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023

4. INVESTMENT INCOME (continued) Income from investment properties

Income
Gross rents
Shooting rights
Grazing rights
Wayleaves and sundry income
Expenditure
Insurance
Repairs and maintenance
Utilities
Property expenses
Net income		 2023
The Hon Robert
Boyle’s and Dr
Williams’ Trust
Funds
Total
Liston Hall
Estate
Total 2022
£
£
£
121,663
121,663
114,549
2,000
2,000
3,000
960
960
1,060
3,487
3,487
2,271
──────
──────
──────
128,110
128,110
120,880
──────
──────
──────
-
-
10,476
12,659
12,659
25,805
10,067
10,067
3,616
85,843
85,843
5,544
──────
──────
──────
108,569
108,569
45,441
──────
──────
──────
19,541
19,541
75,439
══════
══════
══════

VirtualSignature Transaction Ref. BDL4-9QDL-XL8B 02 Sep 2024 22:30:54 BST (UTC +1) D 1/2 P 19/37

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023

4. INVESTMENT INCOME (continued)

£ £
Liston Hall Estate
1 and 2 Weston Hall Roof repairs, external repairs,
Cottages septic tank emptying, demolition
of Pig Building 8,790
Red House Farmhouse Garage door repair, chimney
repairs, roof repairs, drainage 3,869
repairs, replacement shower
pumps
───────
────
12,659
════

VirtualSignature Transaction Ref. BDL4-9QDL-XL8B 02 Sep 2024 22:30:54 BST (UTC +1) D 1/2 P 20/37

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023

5. TOTAL RETURN INVESTMENT

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

Endowment
£
As at 1 January 2023:
Permanent endowment
10,370,338
Unapplied total return
-
Total:
10,370,338
Movements in the reporting
period:
Investment income
-
Investment return – realised and
unrealised (Note 14 i, Note 14 iii)
-
Less investment management
costs (Note 9)
-
Total:
-
Unapplied total return allocated to
income
-
Transfer
Preservation of the endowment
value
705,183
Net movement in the reporting
period
705,183
As at 31 December 2023 (Note 17)
Permanent endowment
11,075,521
Unapplied total return
-
11,075,521
6. OTHER RECOGNISED GAINS/LOSSES
Other Gains		 The Hon Robert Boyle’s & Dr Williams’ Trust Funds
2023
Unapplied total
return
Total
£
£
-
10,370,338
5,681,275
5,681,275
5,681,275
16,051,613
183,902
183,902
2,970,657
2,970,657
(49,406)
(49,406)
3,105,153
3,105,155
(181,066)
(181,066)
103,052
103,052
(705,183)
-
2,321,956
3,027,139
-
11,075,521
8,003,231
8,003,231
8,003,231
19,078,752
2023
2022
£
£
-
-
─────
─────
-
-
═════
═════		 The Hon Robert Boyle’s & Dr Williams’ Trust Funds
2023
Unapplied total
return
Total
£
£
-
10,370,338
5,681,275
5,681,275
5,681,275
16,051,613
183,902
183,902
2,970,657
2,970,657
(49,406)
(49,406)
3,105,153
3,105,155
(181,066)
(181,066)
103,052
103,052
(705,183)
-
2,321,956
3,027,139
-
11,075,521
8,003,231
8,003,231
8,003,231
19,078,752
2023
2022
£
£
-
-
─────
─────
-
-
═════
═════
16,051,613
183,902
2,970,657
(49,406)
3,105,155
(181,066)
103,052
-
3,027,139
11,075,521
8,003,231
19,078,752
2022
£
-
─────
-
═════

VirtualSignature Transaction Ref. BDL4-9QDL-XL8B 02 Sep 2024 22:30:54 BST (UTC +1) D 1/2 P 21/37

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023

7. GRANT MAKING ACTIVITIES

Mission expenditure 2023 2022
C$ £ C$ £
Canadian Dioceses
Algoma
- Support for indigenous ministry at Sagamok and Thunder 31,000 19,138 31,000 20,138
Bay
The Territory of the People Anglican Church (formerly
Cariboo) (Assisted)
- Support for stipend of a full time priest to minister to the
Nlaka’pamux nation 30,000 18,323 30,000 19,488
_Arctic (Assisted) –_Support for training Innuit deacons 28,000 17,102 - -
Athabasca (Assisted)
- Indigenous ministry at St Pauls, Fort Chipewyan 15,000 9,187 - -
- On Eagles Wings project 15,000 9,187 15,000 9,763
British Columbia– Support for indigenous ministry on 20,000 12,264 20,000 13,014
northern Vancouver Island
_Brandon –_Support for indigenous congregations in 30,000 18,398 30,000 18,875
northern Manitoba and Henry Budd College
Caledonia
- Support for clergy IT and phone equipment 19,000 11,604 19,000 12,817
- Support for indigenous youth camp 5,000 3,054 10,000 6,746
Calgary– Support for lay readers, and translation of 20,000 12,217 20,000 13,015
Biblical and liturgical material
Edmonton– Support for Inner City Pastoral Ministry in 30,000 18,319 30,000 19,526
Edmonton
_Huron LAIC –_Support for indigenous ministry 25,000 15,331 25,000 16,136
Indigenous Spiritual Ministry of Mishamikoweesh
- Support for Dr William Winter School of Ministry - - 20,000 13,014
- Support for translation of New Testament 15,000 9,161 10,000 6,507
───── ───── ───── ─────
283,000 173,285 260,000 169,039

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THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023

7. GRANT MAKING ACTIVITIES (Continued)

Mission expenditure (continued) 2023 C$ 2022
C$ £ £
Brought forward 283,000 173,285 260,000 169,039
Moosonee(Assisted)
- Support for expenses of ministry training workshops - - 15,000 9,782
- Support for stipend of Mahmow Program 15,000 9,160 - -
Coordinator
_Nelson RC –_Support for salaries of priests providing 15,000 9,163 - -
indigenous ministry
Qu’Appelle– Ministry in Regina and clergy training 15,000 9,160 17,600 11,455
Rupert’s Land
- Support for sharing circles, indigenous ministry and 25,000 15,273 30,500 19,848
reconciliation
Saskatchewan (Assisted)–Support for James Settee 15,000 9,159 15,000 9,781
College
_Toronto –_Support for salary of lay pastoral social 20,000 12,217 22,000
14,291
worker in Toronto Urban Native Ministry
Yukon (Assisted)– Support for travel and 20,000 12,214 20,500 13,317
accommodation costs in indigenous ministry
Canadian Colleges
_Vancouver School of Theology –_Support for summer 20,000 12,265 20,000 13,018
school
_Henry Budd College for Ministry -_Support for stipend of 13,000 7,940 13,000 8,460
College Elder
Sandy-Saulteaux Spiritual Centre
- Support for learning circle on traditional indigenous - - 14,910 9,703
parenting
- Support for virtual teaching and Powwow to help 14,000 8,550 - -
reconciliation
───── ───── ───── ─────
Total Canadian grants 455,000 278,386 443,510 288,474
───── ───── ───── ─────

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THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023

7. GRANT MAKING ACTIVITIES (Continued)

West Indian Dioceses and College US$ 2023 US$ 2022
£ £
Barbados
- Support for three seminarians at Codrington College 39,885 32,870 39,885 32,711
- Technological training for clergy - - 7,600 6,233
- Support for St George’s Music Academy 27,000 22,252 - -
Belize
- Provision of IT access for children in church schools - - 55,000 45,052
- Support for youth Chaplaincy programme 20,000 16,574 - -
Guyana
- Support for clergy training 20,000 16,596 8,000 6,540
Jamaica and the Cayman Islands
- Support for solar PV system to power Church House in - - 50,000 40,990
Kingston
- Extension to Hillcrest Diocesan Retreat Centre 50,000 41,302 - -
North Eastern Caribbean and Aruba
- Support for two seminarians at Codrington College 12,353 10,177 25,000 20,443
- Clergy training and textbooks for Christian education in - - 44,000 35,980
primary school
- Support for youth ministry programme 40,000 32,954 - -
Trinidad and Tobago
- Deacon preparation program - - 15,000 12,279
- Support for clergy training 40,000 33,009 - -
_Windward Islands –_Fees of two seminarians at 14,225 11,758 39,173 31,978
Codrington College
_Codrington College -_Society for Advancing the Christian 51,346 41,110 5,990 5,142
Faith regarding selection and recruitment
───── ───── ───── ─────
Total West Indian grants 314,809 258,602 289,648 237,348
───── ───── ───── ─────

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THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023

7. GRANT MAKING ACTIVITIES (continued)

Mission expenditure (continued)

Mission expenditure (continued)
2023 2022
£ £
Total Canadian grants 278,386 288,474
Total West Indian grants 258,602 237,348
───── ─────
Total mission grants paid 536,988 525,822
Support costs (note 11) 6,782 9,746
───── ─────
Total cost of mission grants 543,770 535,568
═════ ═════

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

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

8. ANALYSIS OF OTHER EXPENDITURE

2023 2022
£ £
Investment management (note 9) 65,866 64,073
Property running costs (note 4) 108,569 45,441
Other running costs (notes 10 & 11) 21,274 23,367
───── ─────
195,709 132,881
═════ ═════

VirtualSignature Transaction Ref. BDL4-9QDL-XL8B 02 Sep 2024 22:30:54 BST (UTC +1) D 1/2 P 25/37

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

9. INVESTMENT MANAGEMENT COSTS

Investment costs relating
to:-
Investments listed on a
recognised stock exchange
Investment properties		 2023
Total
£
Charter
Trust Fund
£
The Hon
Robert
Boyle’s and
Dr Williams’
Trust Funds
£
Unrestricted
income
£
2022
£
52,066
9,764
35,606
6,696
47,556
13,800
-
13,800
-
16,517
──────
──────
──────
──────
──────
65,866
9,764
49,406
6,696
64,073
══════
══════
══════
══════
══════

The management costs relating to the investments listed on a recognised stock exchange, as charged by Rathbone Investment Management Ltd, are split in proportion to the market value of the investments held in each portfolio as at 31 December 2023.

The management costs relating to the property portfolio are split in proportion to the market value of the investments held in each portfolio as a 31 December 2023.

10. ANALYSIS OF OTHER EXPENDITURE

10. ANALYSIS OF OTHER EXPENDITURE
2023 2022
£ £
Meeting costs 255 106
Secretarial charges 1,815 1,944
Bank charges 158 152
Telephone costs 5 11
Travelling expenses:
Court meetings 25 19
Grant applications - 3,053
──── ────
2,260 5,285
Accountancy 10,884 11,460
Audit fees 6,720 6,360
Software and software support 1,412 262
──── ────
21,274 23,367
════ ════
The governance costs above have been further apportioned between the funds of the charity as follows:
2023 2022
£ £
Charter Trust 48% 10,212 11,216
The Hon Robert Boyle and Dr Williams’ Trust Funds 48% 10,212 11,216
Unrestricted Income Fund 4% 850 935
──── ────
21,274 23,367
════ ════

VirtualSignature Transaction Ref. BDL4-9QDL-XL8B 02 Sep 2024 22:30:54 BST (UTC +1) D 1/2 P 26/37

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

11. ALLOCATION OF SUPPORT COSTS AND OVERHEADS

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

Charitable Basis of apportionment
Total Governance activities
Cost Type £ £ £
Meeting costs 1,021 255 766 Ratio of 25:75
Secretarial charges 7,265 1,815 5,450 Ratio of 25:75
Bank charges 636 158 478 Ratio of 25:75
Telephone costs 19 5 14 Ratio of 25:75
Travelling expenses:
Court meetings 99 25 74 Ratio of 25:75
Grant applications - - - Ratio of 50:50
Audit and accountancy 17,604 17,604 -
Software 1,412 1,412 -
───── ───── ────
28,056 21,274 6,782
═════ ═════ ════

Travelling expenses relating to the Court meetings reimbursed to the secretary during the year amounted to £99 (2022: £76).

12. INFORMATION REGARDING EMPLOYEES

There were no employees in the year or prior year.

The secretary to the charity, Mrs N Johnson, is engaged under a consultancy agreement. The total sum paid in the year was £7,266 (2022: £7,777).

13. ACCOUNTANTS’ AND AUDITOR’S REMUNERATION

The accountants’ remuneration consisted of an accounts fee including VAT of £10,884 (2022: £11,460).

The auditor’s remuneration of £6,720 constitutes audit fees including VAT (2022: £6,360).

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THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

14. FIXED ASSET INVESTMENTS

i) Investment properties

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

The investment properties were informally valued by Strutt & Parker as at 31 December 2023. Strutt & Parker will advise annually on any material movement to the property values, as amended for subsequent disposals.

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

Land forming part of Liston Hall Estate near Sudbury, Suffolk (approximate current acreage is 654 acres)

The Hon
Robert
Boyle’s and
Charter Trust Dr Williams’
Total Fund Trust Funds
£ £ £
Brought forward 4,900,000 - 4,900,000
Revaluation 2,105,000 - 2,105,000
─────── ───── ──────
Valuation at 31 December 7,005,000 - 7,005,000
═══════ ═════ ══════

The freehold properties are all situated in the United Kingdom. As at 31 December 2023 the land forming part of Liston Hall Estate near Sudbury, Suffolk was re-valued at £7,005,000, leading to a revaluation of £2,105,000.

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THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

14. FIXED ASSET INVESTMENTS

ii) Investments listed on a recognised stock exchange

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

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THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

14. FIXED ASSET INVESTMENTS (continued)

e) Material investments

i. Over 5% of the total portfolio as at 31 December 2023 is invested in the following areas:

UK Equities 6.00%
Actively Managed Strategies 17.30%
Global investments 48.90%
North American Investments 15.60%

SPDR Series Trust MSCI ACWI UCITS ETF 20.92% COIF Charity Funds Investment Inc 16.83% Heptagon Fund Kopernik Gbl All-Cap Eqty CD 7.35% Link Fund Solutions Trojan X Inc 16.24%

No material restrictions apply on the realisation of any investment.

iii. As at 31 December 2023, the market values of the investments situated inside and outside the UK were as follows:

UK Non-UK
Total Investments Investments
£ £ £
Charter Trust Fund 1,584,117 392,925 1,191,192
The Hon Robert Boyle’s and Dr Williams’ Trust Funds 11,969,721 1,434,450 10,535,271
Unrestricted Income Fund 1,138,476 656,959 481,517
────── ────── ──────
14,692,314 2,484,334 12,207,980
══════ ══════ ═══════

iv. As at 31 December 2023, the market values of the direct and indirect investments in listed securities were as follows:

Direct Indirect
Total Investments Investments
£ £ £
Charter Trust Fund 1,584,117 580,499 1,003,618
The Hon Robert Boyle’s and Dr Williams’ Trust Funds 11,969,721 2,346,554 9,623,167
Unrestricted Income Fund 1,138,476 818,175 320,301
────── ────── ──────
14,692,314 3,745,228 10,947,086
══════ ══════ ══════

VirtualSignature Transaction Ref. BDL4-9QDL-XL8B 02 Sep 2024 22:30:54 BST (UTC +1) D 1/2 P 30/37

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023

14. FIXED ASSET INVESTMENTS (continued)

iii) Movement in fixed asset investments
a) Investments listed on a recognised stock exchange
Charter Trust Fund
Market value at 1 January
Additions at cost
Disposals at market value
Net (loss)/gain on revaluation
Market value at 31 December
The Hon Robert Boyle’s and Dr Williams’ Trust Funds
Market value at 1 January
Additions at cost
Disposals at market value
Net (loss)/gain on revaluation
Market value at 31 December
Unrestricted income Fund
Market value at 1 January
Additions at cost
Disposals at market value
Net (loss)/gain on revaluation
Market value at 31 December
Total market value at 31 December
Total historical cost at 31 December		 2023
Total
£
Restricted
£
Unrestricted
£
2022
£
1,827,981
-
1,827,981
2,161,457
126,824
-
126,824
35,533
(459,652)
-
(459,652)
(159,078)
88,964
-
88,964
(209,931)
──────
──────
──────
──────
1,584,117
-
1,584,117
1,827,981
══════
══════
══════
══════
11,069,037
11,069,037
-
12,080,306
526,200
526,200
-
389,774
(491,173)
(491,173)
-
(417,249)
865,657
865,657
-
(983,794)
─────
─────
──────
──────
11,969,721
11,969,721
-
11,069,037
══════
══════
══════
══════
1,090,503
-
1,090,503
1,116,095
147,389
-
147,389
157,641
(157,916)
-
(157,916)
(119,297)
58,501
-
58,501
(63,936)
──────
──────
──────
──────
1,138,477
-
1,138,477
1,090,503
══════
══════
══════
══════
14,692,315
11,969,721
2,722,594
13,987,521
8,480,375
6,660,186
1,820,189
10,510,978

VirtualSignature Transaction Ref. BDL4-9QDL-XL8B 02 Sep 2024 22:30:54 BST (UTC +1) D 1/2 P 31/37

THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023

14. FIXED ASSET INVESTMENTS (continued)

iv) Investments at market value comprised:
Investments listed on a recognised stock exchange
UK equities
UK Government and Fixed interest securities
Overseas holdings
Alternatives
Freehold property
Cash held within the investment portfolio		 2023
Total
Charter Trust
The Hon Robert
Boyle’s and Dr
Williams Trust
Unrestricted
Income
2022
£
£
£
£
£
888,231
69,155
639,031
180,045
1,346,409
723,865
157,375
431,873
134,617
476,685
10,160,555
1,306,723
8,197,264
656,568
9,270,327
2,919,664
50,864
2,701,553
167,247
2,894,100
───────
───────
───────
───────
───────
14,692,315
1,584,117
11,969,721
1,138,477
13,987,521
7,005,000
-
7,005,000
-
4,900,000
25,750
4,854
16,255
4,641
79,457
───────
───────
───────
───────
───────
21,723,065
1,588,971
18,990,976
1,143,118
18,966,978
═══════
═══════
═══════
═══════
═══════

b) Investments properties

The investment properties were valued by Strutt & Parker as at 31 December 2023. See note 14 section i) for further details.

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THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

15. ANALYSIS OF CURRENT ASSETS

i) Debtors
2023 2022
£ £
The Hon Robert Boyle’s and Dr Williams’ Trust Funds
Accrued Rental income 8,750 13,578
Rental income debtor 1,071 1,068
──── ────
Total of short term debtors 9,821 14,646
──── ────
Total debtors 9,821 14,646
════ ════
ii) Cash at bank and in hand
2023 2022
£ £
Bank of Scotland 134,888 192,015
Strutt & Parker 103,052 55,237
───── ─────
Total cash 237,940 247,252
═════ ═════
16. ANALYSIS OF CURRENT LIABILITIES
2023 2022
Creditors falling due within one year £ £
Charter Trust Fund
Investment adviser’s fee 2,383 2,755
Auditors’ fee 8,482 7,012
Trade creditors 101 -
──── ────
10,966 9,767
════ ════
The Hon Robert Boyle’s and Dr Williams’ Trust Funds
Investment adviser’s fee 8,514 5,321
Auditors’ fee 8,482 7,012
Trade creditors 101 -
Deferred income 8,000 750
──── ────
25,097 13,083
════ ════

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THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

16. ANALYSIS OF CURRENT LIABILITIES (continued)

2023 2022
Creditors falling due within one year (continued) £ £
Unrestricted Income Fund
Investment adviser’s fee 1,715 1,657
Auditors’ fee 706 592
Trade creditors 9 -
──── ────
2,430 2,249
════ ════
Total current liabilities 38,493 25,099
════ ════

17. ANALYSIS OF CHARITABLE FUNDS

1 January Incoming Resources Investment 31 December
2023 resources Expended gains/(losses) Transfers 2023
£ £ £ £ £ £
Endowment
Funds
Expendable
Charter Trust 2,049,667 19,000 (19,976) 88,964 (424,762) 1,712,893
Fund
Permanent
The Hon Robert
Boyle’s and Dr 16,051,613 121,617 (168,187) 2,970,657 103,052 19,078,752
Williams’ Trust
Funds
─────── ───── ───── ─────── ───── ───────
Total Endowment
Funds 18,101,280 140,617 (188,163) 3,059,621 (321,710) 20,791,645
═══════ ═════ ═════ ═══════ ═════ ═══════
Unrestricted
Income Fund 1,102,497 209,296 (551,316) 58,501 321,710 1,140,688
═══════ ═════ ═════ ═══════ ═════ ═══════
Total funds 19,203,777 349,913 (739,479) 3,118,122 - 21,932,333
═══════ ═════ ═════ ═══════ ═════ ═══════

Further detail relating to the fund structure is provided in the accounting policies note (page 13, note 1 (c)).

18. GUILDHALL LIBRARY RECORDS

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

19. EXCHANGE GAINS

Losses of £22,968 arose during the year (2022: Gains of £23,448) from realised and unrealised foreign currency transactions, included in investment income.

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THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

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 February 2024, the Charity considered the following grants to be made in future years:

Canadian Dioceses C$
Algoma– Support for indigenous ministry projects 2,850
Arctic- Support for training Inuit deacons 28,000
Athabasca (Assisted)-‘On Eagles Wings’ project 15,000
Brandon (Assisted)– Support for indigenous ministry 29,000
_British Columbia -_Support for indigenous ministry and food security project on 20,000
northern Vancouver Island
_Caledonia –_Support for non-stipendiary indigenous clergy and youth camp 24,000
Calgary (Assisted)– Support for Archdeacon and translation of Biblical and 20,000
liturgical material
The Territory of the People Anglican Church (formerly Cariboo) (Assisted) – 30,000
Support for stipend of a full time priest to minister to the Nlaka’pamux nation
Edmonton– Support for indigenous city ministry in Edmonton and at Frog Lake 30,000
Huron LAIC (Formerly Huron)- Support for indigenous ministry 29,000
Indigenous Spiritual Ministry of Mishamikoweesh (Assisted)– Support for 20,000
translation of New Testament
Moosonee (Assisted)- Support for stipend of Mahmow Program Coordinator 20,000
and support of elder
_Nelson (RC) –_Salaries of priests providing indigenous ministry 15,000
New Westminster– Urban indigenous ministry in Vancouver 15,000
Ontario – Introduction of Mohawk language and culture into worship 15,000
Qu’Appelle– Truth and reconciliation gatherings and theological scholarships 20,000
_Rupert’s Land –_Support for sharing circles, indigenous ministry and 25,000
reconciliation
Saskatchewan (Assisted)- Support for James Settee College 15,000
- Support for Indigenous Bishop 15,000
_Toronto –_Support for salary of lay pastoral social worker in Toronto Urban 25,000
Native Ministry
_Yukon (Assisted) –_Support for travel and accommodation costs of indigenous 20,000
ministry

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THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

C$
Canadian Colleges C$
Henry Budd College for Ministry– Support for stipend of College Elder 13,000
_Sandy–Saulteaux Spiritual Centre –_Support for Indigenous graduation 15,000
ceremonies and family wellness training for ministry students
Vancouver School of Theology– Support for summer school 20,000
West Indian Dioceses and College US$
Barbados– Support for updating of website 10,000
Barbados– Support for St George’s Music Academy 9,000
Barbados – Support for IT Equipment 26,000
_Codrington College –_Support for salary of academic lecturer 34,231
Guyana– Support for clergy training 24,000
Jamaica and the Cayman Islands– Support for Southfield castor bean farm 4,000
-
Digitisation of Church House records		 10,000
-
Solar PV System as St Monica’s children’s home		 20,000
-
Support for young people on leaving Diocesan children’s home		 15,000
North Eastern Caribbean and Aruba– Support for two seminarians at 29,000
Codrington College
- Support for accommodation and travel costs of Diocesan synod 37,000
Trinidad and Tobago– Support for ministry to children 30,000
Windward Islands– Contribution towards the fees of a seminarian at Codrington 14,500
- Support for accommodation and travel costs of clergy conference 23,000

ADDITIONAL INFORMATION

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

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THE NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

I) Terrier as at 31 December 2023 Property

I) Terrier as at 31 December 2023
Property
Annual rent Review date
Weston Hall Farm £35,000 29.09.2025
Weston Hall Farmhouse £10,000 29.09.2024
1 Weston Hall Cottages £10,200 Periodic
2 Weston Hall Cottages £10,800 Periodic
Red House Farm * £32,000 29.09.2026
Red House Farmhouse £18,840 06.04.2026
Machinery storage at Red House Farmyard £Nil N/A
Park Farm Cottage £14,160 01.01.2026
Woodland
Cattle Grazing £Nil
Grazing and Stables £Nil
Shooting Rights £2,000 31.01.2026
Land adjacent to Place Farmhouse ** £750
────────
Total £133,750
════════

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

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NEW ENGLAND COMPANY NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023		 NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023		 NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
II) Schedule of historic property transactions
Purchase cost/sale Payment/net
proceeds Expenses receipts
Purchases £ £ £
Transactions from 1 January 1976 to 31 December 1981 200 344 544
December 1986 Liston Hall Estate 426,650 13,652 440,302
July 1987 Liston Hall Estate (approved capital expenditure for property repairs and improvements) 30,000 - 30,000
October 1988 No 2 Ross Close, Saffron Walden 100,000 2,064 102,064
September 1989 Land to the North of Goldhanger (Follyfaunts Farm), Maldon 160,000 3,573 163,573
2003 Alterations to 1 and 2 Weston Hall Cottages 49,992 - 49,992
December 2010 40 Bank Street, Braintree, Essex 930,000 14,323 944,323
2023 Lease surrender payment - 75,000 75,000
──────── ──────── ────────
(1,696,842) (108,956) (1,805,798)
──────── ──────── ────────
Sales
Transactions from 1 January 1976 to 31 December 1982 105,097 4,327 100,770
February 1984 Land at Stanton’s Farm, Black Notley 18,000 1,075 16,925
June 1986 Rettendon Place and Muggeridge Farms 420,000 13,405 406,595
March 1989 Muggeridge Farm Buildings 95,000 2,825 92,175
May 1989 No 1 and No 2 Beckingham Hall Cottages 62,500 2,833 59,667
January 1990 Rettendon Place Farmhouse 350,000 12,529 337,471
March 1991 Land at Battlesbridge 1,500 - 1,500
April 1992 Land at Liston Gardens 20,000 2,362 17,638
June 1992 Compensation re compulsory purchase of land at Rettendon 8,172 - 8,172
July 1992 Land adjoining 4 Liston Gardens 8,000 1,143 6,857
May 1993 Milk quota at Beckingham Hall Farm 62,065 3,731 58,334
March 2002 Lime Tree Avenue 4,000 - 4,000
March 2002 Small plot of land behind Weston Hall Cottages 10,000 - 10,000
June 2004 Land adjoining Liston Lodge 12,000 - 12,000
May 2007 84 Northbrook Street, Newbury 987,993 - 987,993
Nov 2008 Land at Lyston House, release of certain covenants 5,000 - 5,000
Dec 2014 2 Ross Close 273,000 7,329 265,671
Sep 2015 The Pits 185,000 7,398 177,602
Sep 2016 Park Farm Barn 260,000 8,177 251,823
Dec 2017 Beckingham Hall estate 6,575,000 180,613 6,394,387
Aug 2018 40 Bank Street, Braintree, Essex 600,000 16,137 583,863
Oct 2019 Place Farm Barns 277,850 12,210 265,640
──────── ──────── ────────
10,340,177 (276,094) 10,064,083
──────── ──────── ────────
8,643,335 (385,050) 8,258,285