| Page | |
|---|---|
| Table of Contents | |
| Legal and Administration | |
| Trustees Annual Report |
|
| Independent Auditors Report |
|
| Statement of Financial Activities |
10 |
| Balance Sheet | |
| Statement ofCash Flows | 12 |
| Investment Portfolio Valuation |
13 |
| Accounting Policies and Notes to Accounts |
16 |
| 2020 | 2019 | |||||
|---|---|---|---|---|---|---|
| 6 | ||||||
| income | ||||||
| Income from Investments | 109,797 | 136,269 | ||||
| Total Income | 109,797 | 136,269 | ||||
| Expenditure | ||||||
| Costs of raising funds | ||||||
| Investment management |
costs | 29,054 | 30.080 | |||
| Other expenditure | 4,140 | 4,170 | ||||
| Total Expenditure | 33,194 | 34,250 | ||||
| Net Income/(Expenditure) | before Gains and Losses | |||||
| on Investments | 76,603 | 102,019 | ||||
| Net Gain/(loss)on investments |
Note | I | 71,167 | 607,835 | ||
| Net Movement in Funds |
147,770 | 709,854 | ||||
| Reconciliation ofFunds. ' |
||||||
| Funds Brought Forward | 4,856,728 | 4,146,874 | ||||
| Total Funds Carried | Forward | 5,004,498 | 4,856,728 |
| Balance Sheet | as at | De | cember 20 | 20 | |||
|---|---|---|---|---|---|---|---|
| 2020 | 2019 | ||||||
| 6 | |||||||
| Investments | |||||||
| Market value I January |
4,803,273 | 4,390,641 | |||||
| Additions during the year |
1,256,369 | 683,374 | |||||
| Disposals during the year |
(1,158,181) | (878,577) | |||||
| R,ealised gains on disposal |
(66,864) | 102,266 | |||||
| Unrealised (loss)/gsins |
on revaluation | 138,031 | 505,569 | ||||
| Other movements | (608) | ||||||
| Market Value 31 December | 4,972,020 | 4,803,273 | |||||
| Current Assets | |||||||
| Investec Deposit and Income Account | 27,947 | 44,633 | |||||
| Bank ofScotland Flexible Current | Account | 20,644 | 20,645 | ||||
| 48,591 | 65,278 | ||||||
| Liabilities | |||||||
| Creditors | (11,973) | (11,823) | |||||
| St Paul's Cathedral | (4, | 140) | |||||
| (16,113) | (11,823) | ||||||
| Net Current (Liabilities)/Assets |
32,478 | 53,455 | |||||
| Total Net Assets | 5,004,498 | 4,856,728 | |||||
| Funds ofthe Charity | |||||||
| Restricted Funds |
|||||||
| Capital Fund |
|||||||
| Opening value |
4,599,757 | 3,991,922 | |||||
| Realised gains on disposal ofinvestments |
(66,864) | 102,266 | |||||
| Unrealised (loss)/gains |
on revaluation | ofinvestments | 138,031 | 505,569 | |||
| Closing Value | 4,670,924 | 4,599,757 | |||||
| Income Fund | |||||||
| Opening value |
256,971 | 154,952 | |||||
| Income less expenditure | 76,603 | 102,019 | |||||
| Closing Value | 333,574 | 256,971 | |||||
| Total Charity Funds |
5,004,498 | 4,856,728 | |||||
| The financial statements |
on pages | 10to 18were approved | by the Truste | s on 14June 2021 | and signed on their behalf | ||
| by: | |||||||
| Jam ambro, Chairman |
Anthony | 13ird, | Trustee |
| Reconciliation of ctivities |
net inc | ome to | net | cash | flows from | operat |
|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||
| 6 | 6 | |||||
| Cash flows from operating | activities | |||||
| Net expenditure for the reporting period |
147,770 | 709,854 | ||||
| (as per the statement ofgnancial activities) |
||||||
| Adjustments for: |
||||||
| Dividends, interest and rents |
from investments | (109,797) | (136,269) | |||
| Loss/(Gains) on investments |
PI, 167) | (607,835) | ||||
| Other movements in investments |
608 | |||||
| Increase / (Decrease) in creditors | 4,290 | (399,560) | ||||
| Net cash used in operating | activities | (28,296) | (433,810) | |||
| Cash flows (rom Investing | activities | |||||
| Dividends, interest and rents |
(rom investments | 109,797 | 136,269 | |||
| Proceeds from sale of investments | 1,158,181 | 878,577 | ||||
| Less: Purchase of Investments |
(1,256,369) | (683,374) | ||||
| Net cash used in Investing | activities | 11,609 | 331,472 | |||
| Change In cash and cash equivalents |
in the reporting | period | (16,687) | (102,338) | ||
| Cash and cash equivalents at |
the start ofthe reporting | period | 65,278 | 167,616 | ||
| Cash and cash equivalents | at the end ofthe reporting | period | 48,591 | 65,278 |
| Investmen | t Portfolio as at 3 I D |
ecem | ber 202 | 0 | |
|---|---|---|---|---|---|
| 2020 Holding | Stock Description | 2020f | 2019E | ||
| Fixed Interest and Bonds | |||||
| 66,000 | A2D Funding Pic 4.7590Gtd Snr 18/10/22 GBP |
70,782 | 70,897 | ||
| 74,000 | Barclays Bank Pic5.75' Sub 14/09/26 GBP1000 | 92,286 | |||
| 60,000 | Intermed Cap Grp 59v Gtd Snr 24/03/2023 |
GBP | 64,802 | 63,315 | |
| 13,200 | Ishares li Pic USD Tips Ucits Etf GBP Dls |
71,577 | |||
| 60,000 | Natl Australia Bk5.125/0 Snr Mtn 09/12/21 |
GBP | 62,999 | 64,725 | |
| 73,000 | Scot Power UK Pic6.75YoSnr 29/05/23 GBP1000 | 87,039 | |||
| UK(Govt of) 2.5SSIdx/Lkd 17/07/24 | 92,045 | ||||
| UK(Govt of) Idx/Lkd Snr 16/04/2020 |
G8P | 106,036 | |||
| Total Fixed Interest and Bonds | 449,485 | 397,018 | |||
| Equities | |||||
| 63,800 | Aberdeen Std Fd Mg ASI UK Smlr Cos Instl |
GBP D | 76,751 | ||
| 9,700 | Assocd Brit Foods Ord GBP0.0568 n | 219,657 | 251,958 | ||
| 1,420 23,350 |
Astrazeneca Ord USD0.25 Baillie Gifford American W3 Dis ' |
104,029 414,696 |
102,307 | ||
| 5,100 | Baillie Gifford Japanese W3 Dis | 90,882 | |||
| 1(865 | BHP Group Pic Ord USDO.SO | 35,927 | 33,169 | ||
| 37,500 | Blackrock Fm Ltd European Dynamic |
Fd inc | 94,088 | 70,294 | |
| 11,000 | Blackrock Throgmor Ord GBP0.05 |
84,150 | 75,240 | ||
| 7,300 24,128 |
8P Ord U 5 DO.25 Brown Advisory Fds US Sustainable |
Gth Si | GBP' | 18)602 300,870 |
80,193 |
| 1,150 | Ceres Power Hldgs Ord GBP0.10 | 15,111 | |||
| 2,200 | Compass Group Ord GBP0.1105 |
30,041 | 41,586 | ||
| 715 | CRH Ord EURO.32 | 21,879 | 21,747 | ||
| 2,800 | Diageo Ord GBP0.28 101/108 | 80,759 | 89,607 | ||
| 1,735 2,400 |
Experlan Ord USD0.10 Findlay Park Fds American USD Dis |
'" | 48,233 277,049 |
44,303 248,566 |
|
| 57,500 | Franklin Tempi/Im UK Mid Cap S6BP Acc |
80,811 | 93,984 | ||
| 3,700 | Glaxosmithkllne Ord GBP0.25 |
49,658 | 75,421 | ||
| 2,430 | Halma Ord GBP0.10 | 59,596 | 61,882 | ||
| 950 | Hargreaves Lansdow Ord GBP0.004 |
14,483 | |||
| 101,650 | Henderson Investme European Selected 0pps G Gb |
116,288 | 106,021 | ||
| 62,000 | Hermes Fd Mangers F H Gbl Emng |
Mtks J | GBP Acc | 113,869 | 94,395 |
| 10,210 | HSBC Holdings Pic Ord USDO.SO(Uk |
Reg) | 38,678 | 97,050 | |
| 2,100 | Informa Pic Ord GBP0.001 | 11,514 | |||
| 530 | Intertek Group Ord GBP0.01 | 29,972 | 23,108 | ||
| 5,330 | ITM Power Ord GBPO.OS | 27,396 | |||
| 6,800 | Legal &General Gp Ord GBP0.025 |
18,098 | |||
| 60,000 | Lloyds Banking Gp Ord GBP0.1 | 21,909 | 37,521 | ||
| Sub-totol conled forward | 2,494,996 | 1,648,352 | |||
| 13 |
| nvestment | Portfolio as at 3 I Dece | mb | er 202 | 0 (continued) | |
|---|---|---|---|---|---|
| 2020 Holding | Stock Description | 2020 E | 2019E | ||
| Sub-totol brought forward | 2,494,996 | 1,648,352 | |||
| 220 | London Stock Exch Ord GBP0.06918604 | 19,826 | |||
| 12,400 | Londonmetric Prop Ord GBP0.10 |
28,446 | |||
| 55,000 | Merian Invest Mgmt Merlan UK Mid Cap Ul GBP |
104,225 | 94,435 | ||
| 1,955 | Mondi Pic Ord EURO.20 | 33,621 | 24,553 | ||
| 4,335 | National Grid Ord GBP0.12431289 |
37,502 | 40,996 | ||
| 3,845 | Polar Cap Tech Tst GBP0.25 | 88,435 | 61,020 | ||
| 800 | Polar Capital Fund Global Technology |
GBP | I | 51,504 | 56,200 |
| 3,680 | Prudential GBP0.05 |
49,634 | 66,296 | ||
| 3,060 | Relx Pic GBP0.1444 | 54,858 | 58,301 | ||
| 1,850 | Rio Tinto Ord GBP0.10 | 101,269 | 65,290 | ||
| 5,000 | Royal Dutch Shell '8'Ord EURO,07 |
62,975 | 111,988 | ||
| 4,905 | Sage Group 6BP0.01051948 | 28,591 | 36,724 | ||
| 230 | Schroder inv Mg E ISFAsian Total Rtn |
CGBP | 103,416 | 82,703 | |
| 1,460 | Smith & Nephew Ord USD0.20 |
22,050 | 26,747 | ||
| 2,100 | Smiths Group Ord GBP0.375 | 31,589 | 35,406 | ||
| 13,000 | Tesco Ord GBP0.05 | 30,102 | |||
| 1,500 5,600 |
Unilever Pic Ord GBP0.031111 Vanguard Funds Pic S&P500 Ucits Etf USD |
Dis ' | 65,978 290,241 |
80,054 171,481 |
|
| 20,000 | Vodafone Group Ord USD0.2095238 | 24,190 | 29,362 | ||
| 1,075 | Vontobel Asst Mgmt MTX Sust Asian | Leaders Ex | 136,858 | 72,982 | |
| Aberdeen Std Fd Mg ASI Europe Ex UK Inc |
Eqty | 62,179 | |||
| Aberforth Smlr Cos Ord GBP0.01 |
30,780 | ||||
| Aviva Ord GBP0.25 | 31,418 | ||||
| Carnival Pic Ord USD1.66 |
29,310 | ||||
| Ishares FTSE250 FTSE250 Uclts Etf | 98,711 | ||||
| JPMorgan Am UK Ltd US Equity Income C |
Inc Nav | 162,932 | |||
| Land Securities Gp Ord GBP0.106666666 | 46,397 | ||||
| Link Fund Sol Ltd LF Llndsell Train UK | Eqty | 23,953 | |||
| M&G Pic Ord GBP0.05 | 9,792 | ||||
| Man Fd Mgmt UK Ltd Man GLG Jpn Core Alpha Prof |
66,384 | ||||
| Polar Capital Fund North Amer 5 GBP Dis |
Nav | 230,890 | |||
| Schroder Unit TstTokyo LAcc |
84,088 | ||||
| Standard Chart Pic Ord USD0.50 |
37,406 | ||||
| STD Life Aberdeen Ord GBP0.1396825396 |
21,546 | ||||
| Whitbread Ord GBP0.76797385 |
27,668 | ||||
| Wood Group (John) Ord GBP0.0428571 | 10,923 | ||||
| Total Equities | 3g860 306 | 3737~267 |
| nvestment | Portfolio | Portfolio | as at 3 | I | December 20 | 20 (continued) | |
|---|---|---|---|---|---|---|---|
| 2020 Holding | Stock Description | 2020 6 | 20196 | ||||
| Property | |||||||
| 82,000 | CCLA Investment | Ma Property | inc | 91,828 | 96,957 | ||
| 110,000 | Charities Prop Fd |
Property | Fund income | 136,582 | 140,206 | ||
| 104,443 | Ma fair Capital | In Prop inc | Trust for Charitie | 85,278 | 91,314 | ||
| Total Property | 313,688 | 328,477 | |||||
| Other | |||||||
| 37,750 | Hicl infrastructu. | Ord GBP0.0001 | 65,534 | 47,312 | |||
| 80,000 | INT Public Partner Ord GBP0.0001 | 136,080 | 133,600 | ||||
| 115,234 | The Renewables | inf Ord Npv | 146,927 | 159,599 | |||
| Total Other | 348,541 | 340,511 | |||||
| Total | 4972r020 | 4r803r273 |
| 2020 (E) | 2019(6) | ||||
|---|---|---|---|---|---|
| Description | |||||
| Audio visual room |
87,000 | 87,000 | |||
| Black and gold marble | 88,299 | 88,299 | |||
| Cathedral repolntlng |
10,000 | 10,000 | |||
| Cathedral Fabric |
250,000 | 250,000 | |||
| Christmas crib |
10,000 | 10,000 | |||
| Church Boor tiles replacement | 62,333 | 62,333 | |||
| Crypt Cafe | 126,173 | 126,173 | |||
| Crypt developments | 310,620 | 310,620 | |||
| Crypt electrical work | 134,000 | 134,000 | |||
| Crypt Refectory | 302,801 | 302,801 | |||
| Crypt Shop | 368,667 | 368,667 | |||
| Diocesan treasury in the crypt |
60,000 | 60,000 | |||
| Dome catwalks | 65,200 | 65,200 | |||
| Dust extraction system |
21,473 | 21,473 | |||
| Emergency lighting |
4,986 | 4,986 | |||
| Equal Access Project | 400,000 | 400,000 | |||
| External fabric - Lord Mayor's Appeal |
1994 | 1,000,000 | 1,000,000 | ||
| Grand organ | 417,328 | 417,328 | |||
| 14eatlng and ventilation | report | 4,186 | 4,186 | ||
| Interpretation Project |
250,000 | 250,000 | |||
| Lagging replacement | 165,682 | 165,682 | |||
| Latchway safety equipment |
52,736 | 52,736 | |||
| Library improvements | 1,294 | 1,294 | |||
| Library roof | 72,000 | 72,000 | |||
| Model aisle | 200,000 | 200,000 | |||
| North portico statues | removal | 10,075 | 10,075 | ||
| OBEorgan blower and |
toilet | 25,000 | 25,000 | ||
| Quarter dome pathways |
2,788 | 2,788 | |||
| Refectory | 10,427 | 10,427 | |||
| Signage | 10,744 | 10,744 | |||
| Sound ampgiicacion system |
117,032 | 117,032 | |||
| South Churchyard | 283,000 | 283,000 | |||
| South portico restoration | 124,000 | 124,MO | |||
| ScDunstan's Chapel |
15,000 | 15,000 | |||
| Staging | 20,000 | 20,000 | |||
| Statues reinforcement | on | north and | south pediments | 894 | 894 |
| Structural measurements |
8,402 | 8,402 | |||
| Surveyor's and structural |
engineer's | reports | 25,000 | 25,000 | |
| Treasury and Wren's great model |
44,527 | 44,527 | |||
| Vicars choral restroom | 7,667 | 7,667 | |||
| 5,169,334 | 5&169,334 |