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2021-12-31-accounts

COMPANY REGISTRATION NUMBER: 0113222 CHARITY REGISTRATION NUMBER: 0249957

THE ENGLISH CHURCHMAN TRUST LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

NEVILLE WESTON & COMPANY

Chartered Certified Accountants 3 High Street St Lawrence Ramsgate Kent CT11 0QL

THE ENGLISH CHURCHMAN TRUST LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

CONTENTS PAGE
Trustees' Annual Report (Incorporating the Directors’ Report) 1 – 2
Independent Examiner's Report to the Trustees 3
Statement of Financial Activities (Including Income and Expenditure
Account) 4
Statement of Financial Position 5
Notes to the Financial Statements 6 – 15
The following pages do not form part of the financial statements
Detailed Statement of Financial Activities 17
Notes to the Detailed Statement of Financial Activities 18
Schedule of Investments 19

THE ENGLISH CHURCHMAN TRUST LIMITED

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees, who are also the Directors for the purposes of Company law, present their report and the unaudited financial statements of the Charity for the year ended 31 December 2021.

Reference and Administrative Details

Registered Charity Name The English Churchman Trust Limited Charity Registration Number 0249957 Company Registration Number 0113222 Principal Office and Registered 15 Grange Court Office Cambridge CB3 9BD The Trustees The Rt Rev Dr D N Samuel Dr D A Scales Company Secretary Dr D A Scales Independent Examiner C J N Weston FCCA 3 High Street St Lawrence Ramsgate Kent CT11 0QL

Structure, Governance and Management

The governing documents of the Trust are the Memorandum and Articles of Association, dated December 12[th] , 1910 as amended. The Trust is a Company limited by shares.

Fit persons are appointed as members of the Trust, when a vacancy occurs, in accordance with the requirements of Articles 6 to 17 and 21 to 25 of the Articles of Association.

Objectives and Activities

The objects for which the Company is established are (Article 3) to promote the Protestant and Evangelical doctrines of the Church of England as set forth in the Thirty-nine Articles and the Homilies thereof, in particular by the publication of the English Churchman and St. James's Chronicle newspaper.

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

Achievements and Performance

The Trust has continued to publish the English Churchman and St. James's Chronicle as a distinctive and uncompromising Protestant and Evangelical Family Newspaper, as required by the Memorandum of Association.

- 1 -

THE ENGLISH CHURCHMAN TRUST LIMITED

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021

Financial Review

The Trust has recorded a deficit of £29,577 of incoming resources over resources expended.

Reserves policy

In the Trustees' view, the reserves should provide the Charity with adequate financial stability and the means for it to meet its charitable objectives for the foreseeable future. The Trustees propose to maintain the Charity's reserves at a level which is at least equivalent to three months operational expenditure.

Reserves Policy

In the Trustees' view, the reserves should provide the Charity with adequate financial stability and the means for it to meet its charitable objectives for the foreseeable future. The Trustees propose to maintain the Charity's reserves at a level which is at least equivalent to three months operational expenditure.

Independent Examiner

A resolution to re-appoint C J N Weston, FCCA as Independent Examiner for the ensuing year will be proposed at the Annual General Meeting.

Small Company Provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The Trustees' annual report was approved on 2022 and signed on behalf of the board of Trustees by:

………………………………….

Dr D A Scales Trustee

……………………………………. The Rt Rev Dr D N Samuel Trustee

- 2 -

THE ENGLISH CHURCHMAN TRUST LIMITED

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ENGLISH CHURCHMAN TRUST LIMITED FOR THE YEAR ENDED 31 DECEMBER 2021

I report to the Trustees on my examination of the financial statements of The English Churchman Trust Limited ('the Charity') for the year ended 31 December 2021.

Responsibilities and Basis of Report

As the Trustees of the Company (and also its Directors for the purposes of Company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or

  4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

3 High Street St Lawrence Ramsgate Kent CT11 0QL

C J N Weston FCCA Independent Examiner

Neville Weston & Company Chartered Certified Accountants

2022

- 3 -

THE ENGLISH CHURCHMAN TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
Unrestricted
Funds Total Funds Total Funds
Note £ £ £
Income and Endowments
Donations and Legacies 5 15,545 15,545 7,487
Other Trading Activities 6 8,735 8,735 7,703
Investment Income 7 25,398 25,398 25,046
------------------------------- ------------------------------- -------------------------------
Total Income 49,678 49,678 40,236
=============================== =============================== ===============================
Expenditure
Expenditure on Raising Funds:
Investment Management Costs 8 1,108 1,108 342
Expenditure on Charitable Activities 9,10 78,147 78,147 46,330
------------------------------- ------------------------------- -------------------------------
Total Expenditure 79,255 79,255 46,672
=============================== =============================== ===============================
Net Gains/(Losses) on Investments 11 66,748 66,748 (21,476)
------------------------------- ------------------------------- -------------------------------
Net Income/(Expenditure) and Net Movement in Funds 37,171 37,171 (27,912)
=============================== =============================== ===============================
Reconciliation of Funds
Total Funds Brought Forward 699,084 699,084 726,996
------------------------------------- ------------------------------------- -------------------------------------
Total Funds Carried Forward 736,255 736,255 699,084
===================================== ===================================== =====================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 6 to 15 form part of these financial statements. - 4 -

THE ENGLISH CHURCHMAN TRUST LIMITED

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2021

2021 2020
Note £ £ £
FIXED ASSETS
Intangible Assets 17 1 1
Tangible Fixed Assets 18 2,266 1,023
Investments 19 732,636 698,052
------------------------------------- -------------------------------------
734,903 699,076
CURRENT ASSETS
Debtors 20 855 442
Cash at Bank and in Hand 4,185 3,094
-------------------------- --------------------------
5,040 3,536
CREDITORS: amounts falling due within one
year 21 3,688 3,528
-------------------------- --------------------------
NET CURRENT ASSETS 1,352 8
------------------------------------- -------------------------------------
TOTAL ASSETS LESS CURRENT LIABILITIES 736,255 699,084
------------------------------------- -------------------------------------
NET ASSETS 736,255 699,084
===================================== =====================================
FUNDS OF THE CHARITY
Unrestricted Funds 736,255 699,084
------------------------------------- -------------------------------------
TOTAL CHARITY FUNDS 23 736,255
=====================================		 699,084
=====================================

For the year ending 31 December 2021 the Charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of Trustees and authorised for issue on 2022, and are signed on behalf of the board by:

…………………………………… ……………………………………….. Dr D A Scales The Rt Rev Dr D N Samuel Trustee Trustee

The notes on pages 6 to 15 form part of these financial statements.

- 5 -

THE ENGLISH CHURCHMAN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. GENERAL INFORMATION

The Charity is a private limited Company, registered in England and Wales and a registered Charity in England and Wales. The address of the registered office is 15 Grange Court, Cambridge, CB3 9BD.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going Concern

There are no material uncertainties about the Charity's ability to continue.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund Accounting

Unrestricted funds are available for use at the discretion of the Trustees to further any of the Charity's purposes.

Designated funds are unrestricted funds earmarked by the Trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes: restricted income funds or endowment funds.

- 6 -

THE ENGLISH CHURCHMAN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

3. ACCOUNTING POLICIES (continued)

Incoming Resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the Charity; it is probable that the economic benefits associated with the transaction will flow to the Charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources Expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

- 7 -

THE ENGLISH CHURCHMAN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

3. ACCOUNTING POLICIES (continued)

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Investment Property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

- 8 -

THE ENGLISH CHURCHMAN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

3. ACCOUNTING POLICIES (continued)

Impairment of Fixed Assets (continued)

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Charity are assigned to those units.

Financial Instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. LIMITED BY SHARES

The Charity is a private Company limited by shares

- 9 -

THE ENGLISH CHURCHMAN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

5. DONATIONS AND LEGACIES

Unrestricted Total Funds Unrestricted Total Funds
Funds 2021 Funds 2020
£ £ £ £
DONATIONS
Donations 1,108 1,108 2,487 2,487
LEGACIES
Legacies 14,437 14,437 5,000 5,000
------------------------------- ------------------------------- -------------------------- --------------------------
15,545 15,545 7,487 7,487
=============================== =============================== ========================== ==========================
OTHER TRADING ACTIVITIES
Unrestricted Total Funds Unrestricted Total Funds
Funds 2021 Funds 2020
£ £ £ £
Subscriptions 7,399 7,399 6,616 6,616
Advertisements 1,336 1,336 1,087 1,087
-------------------------- -------------------------- -------------------------- --------------------------
8,735 8,735 7,703 7,703
========================== ========================== ========================== ==========================
INVESTMENT INCOME
Unrestricted Total Funds Unrestricted Total Funds
Funds 2021 Funds 2020
£ £ £ £
Rental Income 16,200 16,200 16,200 16,200
Income from Listed Investments 2,744 2,744 1,996 1,996
Finance Board Funds - Income
Received 6,454 6,454 6,850 6,850
------------------------------- ------------------------------- ------------------------------- -------------------------------
25,398 25,398 25,046 25,046
=============================== =============================== =============================== ===============================
INVESTMENT MANAGEMENT COSTS
Unrestricted Total Funds Unrestricted Total Funds
Funds 2021 Funds 2020
£ £ £ £
Insurance 370 370 342 342
Repairs and Maintenance 108 108 – –
Property Management Fees 630 630 – –
-------------------------- -------------------------- ---------------- ----------------
1,108 1,108 342 342
========================== ========================== ================ ================

6. OTHER TRADING ACTIVITIES

7. INVESTMENT INCOME

8. INVESTMENT MANAGEMENT COSTS

- 10 -

THE ENGLISH CHURCHMAN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

9. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE

Unrestricted Total Funds Unrestricted Total Funds
Funds 2021 Funds 2020
£ £ £ £
Publication of “The English
Churchman and St James's Chronicle” 76,387 76,387 44,730 44,730
Support Costs 1,760 1,760 1,600 1,600
------------------------------- ------------------------------- ------------------------------- -------------------------------
78,147
===============================		 78,147
===============================		 46,330
===============================		 46,330
===============================

10. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE

Activities
Undertaken Support Total Funds Total Funds
Directly Costs 2021 2020
£ £ £ £
Publication of “The English
Churchman and St James's Chronicle” 76,387 – 76,387 44,730
Governance Costs – 1,760 1,760 1,600
------------------------------- -------------------------- ------------------------------- -------------------------------
76,387 1,760 78,147 46,330
=============================== ========================== =============================== ===============================
NET GAINS/(LOSSES) ON INVESTMENTS
Unrestricted Total Funds Unrestricted Total Funds
Funds 2021 Funds 2020
£ £ £ £
Gains/(Losses) on Investment
Property 20,000 20,000 5,000 5,000
Gains/(Losses) on Listed Investments 46,748 46,748 (26,476) (26,476)
------------------------------- ------------------------------- ------------------------------- -------------------------------
66,748
===============================		 66,748
===============================		 (21,476)
===============================		 (21,476)
===============================

11. NET GAINS/(LOSSES) ON INVESTMENTS

12. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Net income/(expenditure) is stated after charging/(crediting):
2021 2020
£ £
Depreciation of Tangible Fixed Assets 756 341
================ ================
13. INDEPENDENT EXAMINATION FEES
2021 2020
£ £
Fees Payable to the Independent Examiner for:
Independent Examination of the Financial Statements 1,760 1,600
========================== ==========================

- 11 -

THE ENGLISH CHURCHMAN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

14. STAFF COSTS

The total staff costs and employee benefits for the reporting period are analysed as follows:

2021 2020
£ £
Wages and Salaries 38,700 7,200
Employer Contributions to Pension Plans 335 –
------------------------------- --------------------------
39,035
===============================		 7,200
==========================

The average head count of employees during the year was 2 (2020: 1). The average number of full-time equivalent employees during the year is analysed as follows:

2021 2020
No. No.
Number of Administrative Staff 2 1
================ ================

No employee received employee benefits of more than £60,000 during the year (2020: Nil).

15. TRUSTEE REMUNERATION AND EXPENSES

No remuneration or other benefits from employment with the Charity or a related entity were received by the Trustees

No Trustee expenses have been incurred

16. SHARE CAPITAL

SHARE CAPITAL
2021 2020
£ £
Authorised:
10 Ordinary Shares of £250 each 2,500 2,500
Allotted, Issued and Fully Paid:
10 Ordinary Shares of £250 each 2,500 2,500

17. INTANGIBLE ASSETS

INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021 1
================
Amortisation
At 1 January 2021 and 31 December 2021 –
================
Carrying amount
At 31 December 2021 1
================
At 31 December 2020 1
================

- 12 -

THE ENGLISH CHURCHMAN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

18. TANGIBLE FIXED ASSETS

18. TANGIBLE FIXED ASSETS
Fixtures and
Fittings Equipment Total
£ £ £
Cost
At 1 January 2021 7,780 810 8,590
Additions – 1,999 1,999
-------------------------- -------------------------- -------------------------------
At 31 December 2021 7,780 2,809 10,589
========================== ========================== ===============================
Depreciation
At 1 January 2021 7,212 355 7,567
Charge for the year 142 614 756
-------------------------- -------------------------- -------------------------------
At 31 December 2021 7,354 969 8,323
========================== ========================== ===============================
Carrying amount
At 31 December 2021 426 1,840 2,266
========================== ========================== ===============================
At 31 December 2020 568 455 1,023
========================== ========================== ===============================
19. INVESTMENTS
Listed Investment
Investments Properties Total
£ £ £
Cost or Valuation
At 1 January 2021 268,052 430,000 698,052
Additions 15,336 – 15,336
Disposals (47,500) – (47,500)
Fair value movements 46,748 20,000 66,748
------------------------------------- ------------------------------------- -------------------------------------
At 31 December 2021 282,636 450,000 732,636
===================================== ===================================== =====================================
Impairment
At 1 January 2021 and 31 December 2021 –
=====================================
Carrying amount
At 31 December 2021 282,636 450,000 732,636
===================================== ===================================== =====================================
At 31 December 2020 268,052 430,000 698,052
===================================== ===================================== =====================================

All investments shown above are held at valuation.

Investment Properties

The property was revalued on 31 December 2021 by the Trustees, having regard to the values of adjacent properties at their last change of ownership.

Financial Assets Held at Fair Value

All fixed asset investments are included at market value

- 13 -

THE ENGLISH CHURCHMAN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

20. DEBTORS

2021 2020
£ £
Other Debtors 855 442
================ ================
CREDITORS: amounts falling due within one year
2021 2020
£ £
Accruals and Deferred Income 3,688
==========================		 3,528
==========================

21. CREDITORS: amounts falling due within one year

22. PENSIONS AND OTHER POST RETIREMENT BENEFITS

Defined Contribution Plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £335 (2020: £Nil).

23. ANALYSIS OF CHARITABLE FUNDS

Unrestricted Funds

Unrestricted Funds
At
At 1 January Gains and 31 December
2021 Income Expenditure Losses 2021
£ £ £ £ £
General Funds 289,683 49,678 (79,255) 13,304 273,410
Property Revaluation
Reserve 298,020 – – 20,000 318,020
Investments Revaluation
Reserve 108,881 – – 33,444 142,325
Share Capital 2,500 – – – 2,500
------------------------------------- ------------------------------- ------------------------------- ------------------------------- -------------------------------------
699,084 49,678 (79,255) 66,748 736,255
===================================== =============================== =============================== =============================== =====================================
At
At 1 January Gains and 31 December
2020 Income Expenditure Losses 2020
£ £ £ £ £
General Funds 296,119 40,236 (46,672) – 289,683
Property Revaluation
Reserve 293,020 – – 5,000 298,020
Investments Revaluation
Reserve 135,357 – – (26,476) 108,881
Share Capital 2,500 – – – 2,500
------------------------------------- ------------------------------- ------------------------------- ------------------------------- -------------------------------------
726,996 40,236 (46,672) (21,476) 699,084
===================================== =============================== =============================== =============================== =====================================

- 14 -

THE ENGLISH CHURCHMAN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Total Funds
Funds 2021
£ £
Intangible Assets 1 1
Tangible Fixed Assets 2,266 2,266
Investments 732,636 732,636
Current Assets 5,040 5,040
Creditors Less than 1 Year (3,688) (3,688)
------------------------------------- -------------------------------------
Net Assets 736,255 736,255
===================================== =====================================
Unrestricted Total Funds
Funds 2020
£ £
Intangible Assets 1 1
Tangible Fixed Assets 1,023 1,023
Investments 698,052 698,052
Current Assets 3,536 3,536
Creditors Less than 1 Year (3,528) (3,528)
------------------------------------- -------------------------------------
Net Assets 699,084 699,084
===================================== =====================================

25. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instrument is as follows:

2021 2020
£ £
Financial Assets Measured at Fair Value through Income and Expenditure
Financial assets measured at fair value through income and
expenditure 282,636 268,052
===================================== =====================================

- 15 -

THE ENGLISH CHURCHMAN TRUST LIMITED

MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2021

The following pages do not form part of the financial statements.

- 16 -

THE ENGLISH CHURCHMAN TRUST LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
£ £
Income and Endowments
Donations and Legacies
Donations 1,108 2,487
Legacies 14,437 5,000
------------------------------- --------------------------
15,545 7,487
------------------------------- --------------------------
Other Trading Activities
Subscriptions 7,399 6,616
Advertisements 1,336 1,087
-------------------------- --------------------------
8,735 7,703
-------------------------- --------------------------
Investment Income
Rental Income 16,200 16,200
Income from Listed Investments 2,744 1,996
Finance Board Funds - Income Received 6,454 6,850
------------------------------- -------------------------------
25,398 25,046
------------------------------- -------------------------------
Total Income 49,678 40,236
=============================== ===============================

- 17 -

THE ENGLISH CHURCHMAN TRUST LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
£ £
Expenditure
Investment Management Costs
Insurance 370 342
Repairs and Maintenance 108 –
Property Management Fees 630 –
------------------------------- -------------------------------
1,108 342
------------------------------- -------------------------------
Expenditure on Charitable Activities
Wages and Salaries 38,700 7,200
Pension Costs 335 –
Insurance 82 75
Legal and Professional Fees 163 13
Telephone 78 80
Depreciation 756 341
Publication and Printing Costs 25,619 22,904
Advertising – 1,238
Travelling Expenses 192 69
Printing, Stationery and Office Expenses 10,462 12,810
------------------------------- -------------------------------
76,387 44,730
------------------------------- -------------------------------
Governance Costs
Governance Costs - Accountancy Fees 1,760 1,600
-------------------------- --------------------------
-
Expenditure on Charitable Activities 78,147 46,330
=============================== ===============================
Net Gains/(Losses) on Investments
Gains/(Losses) on Investment Property 20,000 5,000
Gains/(Losses) on Listed Investments 46,748 (26,476)
------------------------------- -------------------------------
66,748 (21,476)
------------------------------- -------------------------------
Net Income/(Expenditure) 37,171 (27,912)
=============================== ===============================

- 18 -

THE ENGLISH CHURCHMAN TRUST LIMITED

SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2021

Market Value
 Cost
At 31.12.2021
£
 £
Aviva 768 25p Ordinary Shares 3,152
 2,067
7,904 25p Ordinary
Barclays Bank Shares
 14,780 4,085
Royal Dutch Shell 1,551 B Shares
 25,154 1,529
L & G UK Equity Income
Fund (R) 9829.551Units
 4,990 423
13,431 25p Ordinary
Lloyds Banking Group Shares
 6,420 27,082
Glaxo Smith Kline 763 25p Ordinary Shares 12,258 121
Central Board of Finance of the
Church of England Investment
Fund 1,434 Shares
 33,577 20,127
Central Board of Finance of the
Church of England Equity Fund 82,013 Shares 182,305
 105,047
------------
------------
£ 282,636
 £ 160,481
=======
 =======

- 19 -