FRIENDS OF CIRENCESTER PARISH CHURCH REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2020 REGISTERED CHARITY NUMBER 272334 FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2020 TRUSTEES. REPORT OBJECTIVES AND ACTIVITIES The Objects of the Charity are to assist in the care, preservation and adornment of the Parish Church or any other ancient and historic buildings vèsted in the Parochial Church Council (the °PCC"I, togelher with their goods and omaments, and *0 assist the PCC with maintenance and development of the worship and life of the Church. ACHIEVEMENTS AND PERFORMANCE The evaluation of the su￿sS of the Charity lies in its ability to respond to requests forfunding of projects by maximising the return on its investments. The requests cover projects ranging from major conservation work relating to the fabric of Cirencester Parish Church to projects of enhancement, maintenan￿, or repair of the fabric or for other religious purposes in conjunction with the PCC. The Charity has normal powers of investment, as contained in the Trustee Act 2000. There has been no change of investment stralegy during the year. Investments are managed on a discretionary basis by Brewin Dolphin without prior instruction from the Trustees. The performance of investments in the Charity's portfolio is reviewed regularly with the investment adviser and discussed at meetings of the Council. The estimated gross yield on investments held in the portfolio before fees was almost unchanged at 2.680￿ (2019= 2.800A}. The Charity's operalions were impacted by the coronavirus which significantly limited the abilily of churches lo hold serVI￿S or be open for private prayer. Restoration projects were largely placed on hold. but Ihe Charity was able to support the development of streamed servi￿8 for parishioners who could not attend church. During the year, the Charity considered requests from the PCC for funding of projects and, where appropriate, provided funds or undeTwrote the costs of refurbishment work undertaken by the PCC. In 2020, grants totalled £18,327 (2019.. £21,200} of which £4.360 related to the Tower Statues Project. With that background, Ihe Trustees review the investment policy on a regular basis. The Trustees take account of both the cost estimates and proposed timing of expenditure of approved projects where funding has been requested by the PCC to ensure that funds required for approved projects are available on a timely basis. The Tower Statues Project is not a project managed by the Charity but is separately managed. However, selected income and expenditure relating to the project is administered by the Charity on behalf ofthe Project Group. FINANCIAL REVIEW The total of Funds on 1 January 2020 was £882.542. During the financial year. unrestricted income fell by 31°h to £21,068 {2019'. £31,397) due to reductions in both general donations and lower investment income resulting from the pandemic. Restricted income associated with The Tower Slatues Project was £10,739. unre$tri￿ed expenditure was lower at £20,849 (2019.. £30,249). Expenditure on charitable activities amounted lo £14,327 which included support PayW￿ntS to the parish for gas supplies when its income collapsed in the earfy stages of the pandemic. The other notable gpnt was made to support the acquisition of computer equipment which has been used to produce the successful streamed services for the parish. Page 1 FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2020 TRUSTEES, REPORT Despite the volatility of the Stock Market during the year, our investment manager continued to buy and sell invéstment assels in accordance with the mediuTrFlerm oUt1￿k adopted by the Charity. Sales of investment assets yielded prO￿ed$ of £81,635 realising a loss of£15,081. The proceeds were reinvested following the advi￿ of the Charity's investmenl manager. The Charity's results take accounl of unrealised profits and losses on investments held at the end of the year. Whilst the holdings of individual equities incurred losses during the year, these were more than offset by gains in the values of most of the bonds and investment funds. Overall, there was an unrealised gain of £56,193 after the value of investments was marked to market on 31 December 2020. Accordingly, the value of investments held by the Charity rose to £791,506 on 31 December 2020. Cash held on deposit with the Charity's bankers and at its investment manager totalled £100,657 of which £21.850 is attributable to The T¢)wer Statues Project. Total a¢cumulated funds at the balan￿ sheet date amounted to £930,613 (2019.. £882,542) of which £22,044 is held as a restricted fund for the restoration of the statues on the parish church tower (The Tower Statues Project). PLANS FOR THE FUTURE The Friends of Cirencester Parish Church continue with the plan to increase membership to provide additional funding. Legacies will also be encouraged to build up capital for the future. Applications for grants to fund projects are invited from the PCC. STRUCTURE, GOVERNANCE AND MANAGEMENT The Friends of Cirencester Parish Church was founded in 1976 and is registered charity number 272334. The current trust deed was last revised in 2012 and duly registered with the Chaiity Commission. Council The Council is elected to manage the affairs of the Charity and meets on three occasions per year. The Council shall consist of not more than 20 or less than 18 Members, of whom the vicar, one churchwarden and two other members of the PCC together with the Mayor of Cirencesler (or a representative nominaled by the Mayor) shall be ex-officio members, the remainder to indude the Chairman, Vice Chairman and other Members of the Friends who shall be elected at the Annual General Meeting to seNe for tems of three years. All Members of Council are Trustees of the Charity. The Council agrees the stratégy and areas of activity for the Trust. including grant making, investment, reserves and risk management, policies and perfomiance. At the Annual General Meeting, the Members also elect an Honorary Secretary, Honorary Treasurer and Honorary Membership Secretary who may but need not have been elected to th6 Council. Quallfications The Council keeps the skill requirements for the Trustees under review and if a Trustee permanently retires, or additional trustees are required, the Chairman invites prospective appointees to attend as observers until the next Annual General Meeting. The Chairman and Page 2 FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2020 TRUSTEES, REPORT Vice Chaim)an {a qualified solicitor) are responsible for the induction of new trustees which involves awareness of trustees. responsibilities. the governing document. administrativ8 procedures, the financial statements and the history and philosophical approach ofthe Charity. REFERENCE AND ADMINISTRATION The Trustees who seNed as full Members of Council during the year were as follows.. HH Judge M Gledhill, QC (Chairman) Mr R R Mullings (Vice Chairman) Miss A. Anderson . . App￿nted on 21 June 2020 MrR GArcher................................. Reswnedon21 June2020 Mrs P M Chester-master Cllr P Coleman (Mayor of Cirencester) Mr P J Cottey Dr R Dolton Mr J E Franklin Cllr M Harris MrJ Light Mrs C Luck The Reverend Graham Morris Miss Penny Phillips Cllr N Robbins (Churchwardenj . Mrs E Tallon Mrs D Waddell Mr C Woodd . Re&gned on 2 Novomber2020 . APp￿￿ted on 21 June 2Q20 . APp￿￿ted on 2 N0￿M)er2020 In accordan¢e with the trust deed, Irustees must stand for re-election after having served for term of three years unless their appointment is ex-officio. Accordingly, Mr John Franklin, Mrs Deidre Waddell, Cllr Mark Harris and Mrs Elizabeth Tallon offer themselves for re-election at the Annual General Meeting. FUNDS HELD AS CUSTODIAN TRUSTEE During the year, the Charity did not hold any funds as custodian trustee. PUBLIC BENEFIT In planning the Charity's activities for the year, the Trustees kept in mind the Charity Commission's guidance on public benefrt at their meetings. Page 3 FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2020 TRUSTEES, REPORT TRUSTEES, RESPONSIBILITIES IN RELA TION TO THE FINANCIAL STATEMENTS 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 charity's financial statements during the year and of its financial activities at the end of the year. Whén preparing the financial statements, the Trustees should follow best practice and.. Select suitable accounting policies and then apply them consistently,. Observe the methods and principles set out in the applicable Charities SORP., Makè judgements and estimates thal are reasonable and prudent., State whether applicable accounting standards and statements of recommended accounting practice have been followed, subject to any departures disclosed and explained in the fi'nancial statements and., Prepare the financial statements on a going Con￿rn basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financtal position of the charity and enable them to ensure that the financial statements comply with the Chaiities Act 2011 and the provisions of the trust deed. They are also rèsponsible for safeguarding Ihe assets of Ihe charity and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularities. Trustees, Report approved by the Trustees and signed on their behalf by.. 14.4- Li Chairman Date Page 4 FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2020 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRIENDS OF CIRENCESTER PARISH CHURCH I report lo the ch8n.ty trustees ¢)n my exatnination of ￿ol￿tr of the Charity for the year ended 31 De￿nber 2020, which are set out on pages 6 to 12. RESPONSIBILITIES AND BASIS OF REPORT As the Charity's tn]stees you are resp(xJsible for the preparation of the aCcO￿ts in accordatxce the uirements of the Clwities Act 2011 (￿kA£¢). I report in r£spe¢t of my &¥amination of Charitys accowts carried out ￿der Section 145 of the Act and in out my ex£mitThhm I h&ve followed all the applicable Directions ￿Ven by the Chanty Com[￿Ston th￿er sectton 145(5)Ib) of the Act. INDEPENDEIYT EXAMif4ER'S STA TEMENT Ihave completed my examination. I confim] no material matters have come to my attethion u) co]]nethion the ¢Kaminatson giving me Ca￿Se to believe that in any m￿ala[ respect.. a¢coillitiTJg rKord5 were not kept in respect of the Chwity &% rwutroj by section 130 of the W. or the acww)ts do not accord those records" or the accourts do￿1 cixnply with the appb"c4ble requiremu)ts t(￿c￿nIng the f¢)m) and content of a¢cow set out inthe ChaTiti¢s {Accow)ts Reports) Res￿￿0￿% 2008 other any r¢wllrement thal the aCcO￿ts ￿'ve a In* and fair vi•V which 1$ not a matter w)sidered as part of ￿ Indepa￿￿t exami￿0￿. I have no ￿￿cernS 8JJd hav¢ Come across no other matters in mction with the examination to wtiith attffltion sh(￿d be drawn in this report in order to enable aproper ￿derstan￿.￿g of the accounts to be reath&J. Ruth Herbert FCCA Wem Ch&rter&l AcCoUn￿ts CiJYncester Poge 5 FRIENDS OF CIRENCESTER PARISH CHURCH STATEMENT OF FINANCIAL ACTIVITIES FOR THEYEAR ENDED 31 DECEMBER 2020 2020 Restricted FuThJ 2019 Total Fu￿8 u￿re￿￿¢16d FurKI Total I￿ornea￿d eTrJowmènts Trcth.. Donations and18gacEs CharitaNe 10,739 14,785 10.842 nvestments 16,942 16,942 21,151 154 Total Intomè 10,739 32,147 EXr*Th1l￿re0n. RawrvJ fut¥Js 4,529 4,529 5,766 Cl￿rts￿le actmttes 14.327 4.lJ)O 18.327 21,X other 1.993 1,993 Total exF*ndllurè 20.849 4.DJO 30.25) Net rvallsed ga￿811[(68es) on investments Net unreali8& gairtslllo&8e81 on Investmerts 115,0801 115.C601 1,781 10 NetIn￿Me1 lexpendltyrel 41,332 6,739 48,071 Ttgnsfer bÈbNe8nfu￿J8 13 Net Incomlng I loutwkngl 1880wc4s trknèoti f8cogThsed galns and losses 41.332 6,730 48.071 Net mtsvement Infvnd¥ 41.332 48,071 Reconclliat4¢)n of fuThJB Total fund8 boLphl fowdrd at 1 Jar￿jary 867.237 15,305 882.542 787.946 Total fund8 carrled torward at 31 D￿embe1 8.569 22,044 930,613 882,$42 The notes on pages 8 to 12 form part of tFÈse accourts P8ge 6 FRIENDS OF CIRENCE8TER PARISH CHURCH BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Total Fur LJnre5trictsd Furxl RestTroled Fur Total Flxed as8et8 Irp/estmerts 791.9)6 791,>J6 T11.435 CL¥ventA588ts Det)tor5 CaÉh w deFWrt Cash at b8rl( Total current assets 194 78,807 21,85) 100,657 84,336 27 419 119.352 141.396 113,281 Credtots amortlalllrydup wAthin Or￿ year 12 NètÈurr•nt888ets 117.063 22,044 139.107 Tolal 488ets les& liabi11tt88 22,044 930.613 881542 The oftho Charjty.. Unrestncled $08,569 90&&9 867.237 Designated Restricted Z2.044 22,044 15.3(k5 TotAI Charlty 13 go8,￿9 930,613 082,542 AFvov8d co￿1 on 24th April 3J21 *KI on behawty.. Mrchael Gl*JNII Chairman Richard WKtstanley Hon Treasurer The notesen page8 8 to 12 form ofthese Pap7 FRIENDS OF CIRENCESTER PARISH CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOLINTING POLICIES 8&si$ of accountlng The finan¢lal 518tem8nts have been prepared in accordance bvfth A￿oUTh11ng and Repori¢rvJ by Ch8ritle5'. Staternenl of Recommended Pra¢tl¢e applicable to charities preparing their ac¢ounls Trn accor(lan¢e the Financial Fq8porting Standgrd ap￿ICable in the UK and Republic of Irelan(J IFRS 1021 {offects"ve 1 J8nu8ry 20151- ICharrt18s SORP IFRS102}}. Friends of Cirnncester Parfsb Church meets the defiftition of a wblic benefft entity undgr FRS 102. Asset5 and li8bilitie5 are init*ally re¢ognlsed at hlstorlcal cost or trdns8Ct¥Jll value unless otheNwse stated In the relev8nt accounting pollcy notss. The charSty has aplied UFxlgle Bulletin 1 as published on 2 Febwary 2018 and does not Include a cash flow statement on the grounds that it is aWylNJ FRS 102 Sectictn IA. Funds strudure Funds h81d by the charity a￿.. Unreslricted 9eneral funds- lunds wh5(* be u58d In accordafice with the Ch8lFtgble Objects at the dls¢retion of the Trustees. D8sw3n8ted funds- funds allocated bythe tn￿lee$ for sP8¢ific purposes. ReSt￿Cted funds- funds %thkh can only used in accordance %Mth the instrudloTrs of tho donots to the Charity. Income All income Is reo)gnlsed In Ihe Stat8rn8nt of Financial Activllies after the Charfty has enth18￿nE to the sources. 51 Is cert8in that the resources will te recelved and the monetsry value of incoming resources can t￿ measured with suffldent rellabilrty. Expenditure Expenditure is included In the Statement of ￿Tran￿￿1 Arllwt185 orb an accru8ts basis, incluslve of any Value Added Tax. Gr8nts payable are ch8rg8d when the offer is conveyed to the reciplent except In those cases the offer s condSUonal, such grdllt5 be*ng recognised as expendlture when the condi140ll5 attaching ate fulfilled. other costs Support ¢05t5 legèther*ith the iThJependent examSnerfs f88 have b88n allocated to othereosts. Realised galns and10s8es All gain5 and losses a￿ taken to th8 Slaternent of Finan￿￿1 Adiwties as they arise. Reallsed galns and losses on Investrnents are caloulated as Ihe differen￿ beM*en sale proceeds and the opening market value IOT date of purvhsse, if later). Un￿artsed oalns and losse5 are calculated as the difference bth*eTh the market value at the y88r efid gnd the opening market value lordate of purch858, rf181erl. Approvèd by The Coun¢ll on 24th April 2021 and $igrnd on its fRhaW by: Inv8StrnentS 8ie stated al market vslue gs at the balance sheet dgte. The Staternent of ￿nan￿￿1 AcknMtie5 include5 the net cain$ and losse5 grising on revaluation and disposals throughout the year. Page 8 FRIENDS OF CIRENCESTEft PARL8H CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 8taftC05ts Thè Charty bmpb5*0& Durknu tro yoAr, Ctrwrity Tru*ae&￿￿ wt paid orrer*ts•d onyothèr t￿M ampknyrngnt*ith thè Ch¥rity Q019.' £nll, nOrY￿￿ thjy reimt￿%1￿8xporrfesd￿rWjthQ ￿ar12019. £t¥fi. 3 DonotlDn$4MI *g•cl•• 2020 2019 ￿n￿St1￿￿d.' 3.5 Dor￿￿0￿& Dorthto 750 750 10 739 4 kncc4Mfrom Ch•rii#blD actrrfmgs Z020 2019 2020 2019 riv￿. Eqith?8and Irt48¥kngnt4TrJ UritTrwts Interng1- F￿p￿ Irtsra&t S￿￿1￿08 12,SQ¥J 16,547 O Oth•rkncam• 2020 2019 Irlerost 154 7 ¢h•FltableaGII 2020 2019 Gr4nl6frorn Unr8skt6*ed F￿d*.. PallthchJrchporch8tspArdtDwercloanh Parish chwch- ￿kntion 01Stsrtar￿ H*nowt4n P*rkn thurch- conth￿b￿n to lolntw8b*it church. re I￿r￿A HotyTnnty-knthtsrtsfee6 ￿ P19 Quoted lTrveFlments Markètvgluo at 1 ja￿ary thr 771.435 885.137 57,488 163,8891 1.781 ,918 DIGPO6BI$ Net Roèlwd IT￿Strn•￿t{Lo￿gl NqtUrrt*hgèd Invesknent ILoseg51 IGain 181.835) 58.193 ma￿￿tV&*Jeat8l Dec4Th￿r 771.435 H1•tyjrK￿ ¢Wat31 Dacembor (Note continyvdonnextpwl to FRIENDS OF CIRENCESTER PARISH CHURCH NOTE8 TO THE ACCOUNTS FOR THE YEAR ENDED 31 OECEMBER 2020 I Flxed A688t knvestrb*Nts l¢tsnl1n￿1j Sch*Jule c4 Irwestmevrts HokliFW al 31 Dec Market Va *310ec Market Val at31De 2019 2020 14.550 ltsuht Inv FDS UK Gvt ALL MAT BD P2 55,000 HerKleFw Global Investment Preferen￿ & BD I Inc 16,300 INVESTE¢ FUT* Msfwer8 Emerglw Matke15 LC Debt s3,(￿ JU￿er UD1¢Tn￿t Manager8 str8leg￿ BONI 47,974 M & G Investmert Management Corp)rnte BONI 150 a￿arKI INSTL SVC Ml Twentyfouf Dynarn￿ BD Royal Dutch Shell e Ord EUR 0.07 8HP Billtton PLC USD 0.50 D￿e0 Ordinary GBX 28.935 ITV Ord GBP 0.10 Vodafone Group Ord USO 0.2095238 Nalonal GrKI Ord GBP 0.12431289 Avwa Ord GBP 0.25 16,738 33,847 12,218 35,gY2 15,429 32,549 12,755 34,885 20,341 16,121 19, 16.505 10,705 6,353 10,793 6,835 975 e,4(Ki 7,3LNJ 1,833 3,200 1W012¥219 Invexo FurKI Managers IP Income & Growth Z hc 13.870 INVESTEC Man8gers UK Equty Incorne 18,095 Lnk Fund Solution$ Ltd LF LiThJ8ell TraiThrYJ UK Eqty 24,4(Q MAN FD MGMT UK Ltd MAN GLG Undetvalued A*et 14.1(M) Avwa Inwe8tots UK US Equty Inc11 37.125 SchrcNJar Unit TST US EQTY INC m￿M￿er Var(uard Inve8tments UK Ltd US Equty PrnleK 12.000 JP Morg8n Amerfcan Irwe5tmert Trust 27 LCON AG CHFO.04 135 NovartB AG CHF 0.50 14.675 cam19r￿c Gestn LU FP Euiopean L88der 12,400 BlackRo¢k FM Ltd Col￿,1 European Inc D UnR6 7.500 Schr(xler Unrt TST EURP Alpha Income HGD Z INC 24￿7￿21000 8NY MeNon Fund Nevrton Atslan hc 3,321 Fkst State Inv G8L EMG MKTS LDRS A GBP 1,400 Rtt Cap Partner8 Ord £1 4,800 Furthrth LLP Equrty I I￿ Nav 10,313 Nw*ty4)ne FD MGRS Gbb81 Enwronrnent K 51 PKtel Asset MGMT GBL ENVIR OPP8 I DY Pdar Capital F￿d GBL Tech R Stg ACC 2,900 Scotttsh Mortgage In¥e8tment TrLtst Ord 12.300 FD MGMT UK Ltd MAN GLG UK ABS V￿L 16.￿￿ TRITAX BIG BOX REI 474 ISHARES Physlcal M ISHS PFIYS GOLD 11,525 HICL Infrastructure 12,002 10,713 17. 13.398 59,886 17,733 31,312 36.746 24.659 15,8S5 410,29T 16,435 30,LK17 ).280 21,674 58,111 69,240 1,315 9,345 22,174 50,888 57, 1.153 9,671 19,W8 15,Lh)O 28,031 19,655 29,610 20,487 28.336 19,8e5 28,910 24,140 15. 13.867 83,092 41.101 16,791 15,277 25,147 10.703 19.W2 15,W4 28,375 12,834 20,054 791 FRIEND8 OFCIRENCE8TER PARISH CHUR¢H NOTE8 TO THEACCOVNTS FOR THEYEAR ENDED31 OECEMBER2010 2019 81.635 {*,71SI DEduct". MukqtVathat31 D￿2￿19/2016 150 D￿mb zo )19 Deblo InCompi¥xr￿￿￿b 194 12 AD¥ly%lBofCradttryB.' ￿oL￿*s14111ngd￿thl￿ ornywr At31 Dxember At31 2019 Acctua IS Ch￿￿ty Fund l oxpffldod .LW (20, Dvigrot&lfundB 15.X 10. 24 )ThBumtrkied hwth1￿￿wItsb￿tobeBpBnttslry0fft￿ pUWqBrf￿CtwitY tIc*¢￿￿[￿pa￿knOlrtls1Or¢fforr*lWé$ttsQIslJcthTr￿Bwt￿lyrt thJVIWn cNdon1hgto￿rQI thè Portsh ChUr¢hondlh¢k&ube¢qu¢M¢￿?aTryer￿bn. P$9p 12 FRIENDS OF CIRENCESTER PARISH CHURCH DIRECTORY REGISTERED CHARITY NUMBER.. 272334 REGISTERED ADDRESS.. 7 Dollar Street Ciren¢ester GIouc8sletshire GL7 2AS PRESIDENT.. The E8rf Bathurst VICE PRESIDENTS-. The Rt Rev Bishop of Gljucesler The Ven H Rlngrose Mr p aeckerlegge Mr K Ronaldson Major T %MILs CHAIRMAN HH Judge M Gledhlll, Q¢ VICE CHAIRMAN MT R R mull￿0$ HONORARY TREASURER Mr R H Winstsnley HONORARY SECRETARY M*ss A And9rson HONORARY MEMBERSHIP SECRETARY Mrs E Tallon INDEPENDENT EXAMINERS Wenn Townsenil Chsrtered Accountants Gosditch House 5 Gosdilch Street Ciiencesler GL7 2AG SOLICITORS Sewell Mulltllas Logie LLP 7 Do118T Street Cirencester Gloucestetshire GL7 2AS BANKER8 Barclays Bank ChaAlies Aid Found*6on Bank INVESTME￿ KWAGERS B￿n Dolphln S8curilies Ltd 12 Smithfi81d Slreet London EC1A 9BD Pw13