FRIENDS OF CIRENCESTER PARISH CHURCH REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2021 REGISTERED CHARITY NUMBER 272334
FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2021 TRUSTEES, REPORT OBJECTIVES AND ACTIVITIES The Objects of the Charity are to 2SS1St in the care, preservation and adornment of the Parish Church or any other ancient and historic buildings vested in the Parochial Church Council {Ihe 'PCC'}, together with th&ir goods and ornaments, and to assist the PCC with maintenance and development of the worship and life of the Church. ACHIEVEMENTS AND PERFORMANCE The evaluation of the success of the Charity lies in its ability to respond to requests for funding of projects by maximising the retum on its investments. The requests cover projects ranging from major conservation work relating to the fabric of Cirencesler Parish Church lo projects of enhanMent, maintenance, 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 strategy 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 al meetings of the Council. The estimated gross yield on investments held in the portfolio before fees was 1.89 /0 {2020.- 2.680A). During the year, the Charity's operations were dominated by the support given, both in administration of funds raised and control of expenditure for the Tower Statues Project. The Tower Statues Project was managed separately from the Charily. Funds were raised from a combination of donations from individuals and local organisations and a contribution of £10.000 from the Lucie Oppenheimer Trust. Total funds raised for the Tower Statues Project were £27,90012020'. £10,739). In 2021, grants totalled £125,691 (2020.. £18,327} of which £50,461 were from unrestricted funds and £75,230 were from restricted funds. The maiorfocus ofgrant supportwas provided for the preparation and conservation of the Tower Statue niches followed by the sculpting of the moulds for, and subsequent casting of, the two statues, The total amounts of grants provided to the Tower Statues Project was £35,266 (2020., £360) from unre8lricled funds and £75,230 from restricted funds. The Charity has also provided funding support totalling £26,861 from its general reserves to make up the current shortfall in funding The Charity also considered requests from the PCC for funding of projects and, where appropriate, provided funds or underwrote the costs of refurbishment work undertaken by the PCC. The total value of these grants was £15,19512020'. £13,967}. With that background, the 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. FINANCIAL REVIEW The total of Funds on 1 January 2020 was £930,613. During the financial year, unrestricted income was almost unchanged at £20,592 (2020.. £21,068) as donations were broadly unchanged and investment inGome did not recoverto pre- pandemic levels. Restricted income associated with The Tower Statues Project was £27,900. Page 1
FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2021 TRUSTEES, REPORT Unrestricted expenditure was higher at £57,511 (2020.. £20,849). The main reason for the jump in expenditure was the grants made lo pay architects, fees in connection with the Tower Statues Project., 80D/o of the architect's fees were apportioned lo be settled from unrestricted funds with the balance from restricted funds. Grants were also made for the cross cabinet and repairs to the lead gutter bays above the organ, both at the Parish Church. Our investment manager did not purchase or sell any investment assets during Ihe year. The Charity's results take account of unrealised profits and losses on investments held al 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 £116,907 after the value of investments was marked to market on 31 December 2021. Accordingly, the value of investments held by the Charity rose to £908,413 on 31 December 2021. Cash held on deposit with the Charity's bankers and at its investment manager tolalled £55.638. Total accumulated funds at the balance sheet date amounted lo £963,271 (2020.. £930,613). PLANS FOR THE FUTURE The Friends of cirenster 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 15 registered charily number 272334. The current trust deed was last revised in 2012 and duly registered with the Charity 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 togather with the Mayor of Cirencester lor a representative nominated by the Mayor) shall be ex-officio members, the remainder to include the Chairman, VI Chaimian and other Members of the Friends who Shall be elected at the Annual General Meeting to serve for terms of three years. All Members of Council are Trustees of the Charity. The Council agrees the strategy and areas of activity for the Trust, including grant making, investment. reseNes and risk management, policies and performance. Al 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 the Council. Qualifications The Council keeps the skill requirements for the Trustees under review and if 2 Trustee permanently retires, or additional trustees are required, the Chairman invites prospective appointees 10 attend as observers until the next Annual General Meeting. The Chairman (a Circuit Judge) and Vice Chairman la solicitor) are responsible for the induction of new trustees Page 2
FRIENDS OF CIRENGESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2021 TRUSTEES. REPORT which involves awareness of trustees, responsibilities, the governing document, administrative procedures, the financial statemenls and the history and philosophical approach of the Charity. REFERENCE AND ADMINISTRATION The Trustees who served as full Members of Council during the year were as follows.. HH Judge M Gledhill, QC (Chairman) Mr R R Mullings Ivice Chairman) Miss A. Anderson Cllr C Bloomer (Mayor of Cirencester appointed June 2021} Mr P J Coltey Mr J E Franklin Cllr M Harris MrJ Light Mrs C Luck The Reverend Graham Morris Miss P Phillips Cllr N Robbins (Churchwarden) Mrs E Tallon Mrs D Waddell Mr C Woodd In accordance with the trust deed, trustees must stand for re-election after having served for a temi of three years unless their appointment is ex-officio. Accordingly, Mr R Mullings and Mr J Light 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 activ(ties for the year, the Trustees kept in mind the Charity Commission's guidance on public benefit at their meetings. Page 3
FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2021 TRUSTEES, REPORT TRUSTEES, RESPONSIBILITIES IN RELATION 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. When preparing the financial statements, the Trustees should follow best practice and.. Select 8Ultable accounting policies and then apply them consistently., Observe the methods and principles set out in the applicable Charities SORP.. Makejudgements and estimates that are reasonable and prudent., Slate whether applicable accounting standards and statements of recommended accounting praGtice have been followed, subject lo any departures disclosed and explained in the financial statements and., Prepare the financial statements on a going Goncem 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 lime the fin8n¢ial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011 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 irregularilies. Trustees, Report approved by the Trustees and signed on their behalf by.. an Date Page 4
FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2021 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRIENDS OF CIRENCESTER PARISH CHURCH I report to the Charity trustees on my examination of the a¢¢ounts of the Charity for the year ended 31 December 20? l. which are set out on pages 6 to 12. RESPONSIBILITIES AND BASIS OF REPORT A5 the Charity's trustees you are responsible for the preparation of the accounts in accordance with the requErements of the Charitse5 Act 2011 (theAcV). I report in resp¢¢t of my exaTnination of the Charitys accounts carried out under Section 145 of the Act and in carrying out My examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confirm that no material matters have come to my attention in connection with the exalation giving me cause to believe that in any Tnaterial respect.. accounting records w¢r¢ not kept in respect of the Charity as requir¢d by section IJO of the Act. or the accounts do not accord with those records,. OT the accounts do not comply with the applicable requirements concernin(r the forni and cont¢nt of accounts set out in the Charitie5 {Accounts and Reports) Regulations 2008 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. I have no concerns and have come across no other matters in CQTU]ection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be rhed. Ruth Herbert FCCA k./£ /1416elf Wettn Townsend Chartered Accountants Cirencester Date.. 5 March 2022 Puge i
FRIENDS OF CIRENCESTER PARISH CHURCH STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 2021 Restricted Fund 2020 Total Funds Unresiri¢ted Fund Total Note Income and èndowments from: Donations and legacies 4,301 27,900 32,201 14,785 Investments Other 16.281 16,281 10 16.942 80 Total in¢ome 20,592 27,900 48,492 31.807 Expenditure on.. Raising fund5 5,708 5.708 4,529 Charitsble activities 49,636 76.055 125,691 18.327 Othei 1,342 1,342 1,993 Total expenditure 66,686 76,055 132,74t 24.849 Nel oalised gains IIIos8e81 on investments Net unreali5ed gains Illossesl on inv&stm8nls 10 115,0811 56,193 118,907 116907 Net In¢ome I lexp8nditurel 80,813 148,1551 32,658 48.071 Transfer belwEen funds 13 126.8611 26,861 Net incorning I loutgolngl resources befor8 other recogni$ed 9ains and losses 53,952 121,2941 32,658 48,071 Net mov8m8nt In funds 53,952 21,294 32,658 48,071 Reconcillation of fund5 Total funds bought forward al 1 January 908.569 22,044 930.613 882.542 Totsl funds carried forward ai 31 December 962,521 750 963,271 930,613 The notes on pag88 8 10 12 form part of these acuJunl8 Pag8 6
FRIENDS OF CIRENCESTER PARISH CHURCH BALANCE SHEET AS AT 31 DECEMBER 2021 2021 Reslricled Fund 2020 Total Funds Unrestricted Fund Ttstal Note Fixed assets Investments 908.413 908,413 791,506 Current Assets Debtor5 580 750 1.330 35.255 20,383 56,968 760 Cash on dèposit Cash at bank Totsl Gurrent assèts 35,255 20.383 56.218 100.657 39.979 141,396 750 Creditors.. amounts falling due wlhin one year 2.110 2.289 Net current assets 54,108 750 54.858 139.107 Totsl assets lèss liabilrties 962.521 750 963,271 930,613 The funds of the Chartty.. untricted Dasignated Raslricted 962,521 962,521 908.569 750 750 22.044 Total Charlty funds 962,521 750 963,271 930,613 Approved by The Council on 5 March 2022 and signed on it5 behalf by.. Mi¢hgel GLodhill Chairman RiGhard winstanY The note5 on pages 8 to 12 form part of these a¢tounls P$g0 7
FRIENDS OF CIRENCESTER PARISH CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIES Ba$1¥ of accounting The financial statements have been prepared In accordance with Accounting and Reporting by Charitie5.' Statement ol Recommended Practice applicable to ¢haiities preparing their accounts in accord8n¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffedivè 1 J2nu2ry 20151- (Charitie5 SORP IFRS10211. Friends of Cirence5ter Parish Church rneels the definitlon of a public benefrt entity undei FRS 102. Assets and liabilities are initially recognised at historical Cost or transaction valu8 unless Otherwise stated in the relevant accounting policy notes. The Charity has applied Update Bulletin 18s published on 2 February 2018 and does not include a cash flow st8tement on the grounds that it is applying FRS 102 Section 1A. Funds structurg Funds held by the charity are.. Unrestricted general fund$- funds which can be used in ac¢ord8nce whh the Charitable Objects al the discietion of the Trustee5. Designated funds- funds allocated by the trustees for specific purposes. Restri¢tÈd fund8- fund8 which Gan onty be used in a(xordan with the in$tructlon$ of the donors to the Charity. Income All income 15 recognlsed in the Statement of FinanThal Activities after the Charty has entitlement to the resources, It is certain that the resources will bè ceiVed and the monetary value of incoming resources can be measured wth sufficlent reliabil&y. Expenditur8 Expenc1itu is included in the St8tement of Financial Activi119s on an accruals basis. indusNe of any Value Added Tax. Grants payable are charged when the offer is conveyed to the recipient except in those cases vthere the offer Is conditional, sueh grants being recognised as expenditure when the condition5 attaching are lulfilled. Other costs Support costs together with the independent exarninerfs fee have been allocated to other costs. Reallsed gains and lossès All gains and losses are taken to the Ststerllent ol Finanaal Activthes as Ih6y arise. Realised gains and losses on inv88tments a calculated as the difference between sale proceeds and the opening market value lor date of purchase, if latgrl. Unrealised gains and losses are calculated as the drffferenc8 between the market value at the year end and the opening market value lor dale of purchase, rf lalerl. Fixed asset Investments Investments are 8t8t8d at market value as 8t the balance sheet date, The Statem8llt of Financial Activilies in¢ludes the net gains and losses arising on revaluation and di5P05als throughout the year. Pag& 8
FRIENDS OF CIRENCESTER PARISH CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 2 Staff Cvsts The Chanty ha$ no ernPtoyeeB. Durin9 the year, the ¢harllw Twstees Wè not paid or rec@ived any other bBngfits from em0yrn9Trl wlth the Chanty 12020.. £ni51. nprWeretheYrbvd expenses durfng the year12020.' £nill. 3 Donations and l@9aclÈs 2021 2020 Unrnstricted.. Subscripts'on$ Donations kgacies 3.601 700 4.301 3.446 600 4,048 Restrithd". Dwatitsns 10,739 1D739 27.900 4 Incorne frpm Charftableactivib•S 2021 2020 5 Investmentincom• 2021 2020 DDHdends- Equities and 1DvegiN1and Unil Trugl$ Interesi- Flx& Intere81 s#Jrllles 11.783 4.498 12,500 4.442 Other in¢omo 2021 2020 Intsroslreceed 80 7 Charttable actlt[•s 2021 ?020 GraDt5 Unre&trlcied Funds. Patish chur¢h-ArchS18Ct's feBs rè TowerNIth8 Parfshchufch- ¢onir¥tor5' fees reTowr NIcS Parish chuKh- Cross ¢abinetand lighbng Partah church- re1[$ lo lead roDf Parish church- Conlribthion tojoinl We511e ParE5h churGh-Archttects fees re NOrthSle HolyTrinity-Archilect'$ f88¥ re Porch Parish- 988 supply invoices lockduvm Partsh- 50% conthbulionto new tomputerlorstreamina servlcey P3n8h church-sllverclipfor wocesslonai cros HI01 iuwef plalform 31,145 8,965 1.000 771 1.039 7.414 2.683 1.060 360 14.327 49 536 Grantsfrorn Re8iri¢ied Fund5.' Parish ¢hvrch- Archits¢l'S fees reTowerNic Paymeniiosculptor reTnsTower Sialues PrLiÈ Bronz*Ag¢Art Foundry- S¢ulpwS Tran5PDrt of sculpturos Consultantsfe85 825 19,400 $0,124 5,418 288 4.000 4,000
FRIENDS OF CIRENCESTER PARISH CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 other costs 2021 2D20 Post, print and stalionery Promotion and developm1 46 152 48 90 895 80 Annu81 General M£èting &xp8nse8 Examining Accouniants, fre BBnk charg$s 420 726 102 716 80 1.993 1,342 9 Flxed Asset Inv68tments Y8ar ended 31 D8c8mb8r 2021 Year ended 31 Dember 2020 Quotsd Inv8Stments Market Valu& 811 January Addillon5 Oisposals N&1 R&alised Investment (Losses) l Ga5ns Nel Unrealised Investment IL05se51 l Gain5 791.506 771.435 60.593 181.6351 116.907 56,193 Matket Value al 31 ernber 908,413 791,506 H151orical Cost at 31 December 521,996 521779 (Not& wnllnu8don nextpag81 Psge 10
FRIENDS OF CIRENCESTER PARISH CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEIIIBER 2021 9 Flxed Asset Investments leontlnuedl Schedule of Investments Holding 8t 31 Dec Market Value at31 De 2021 Market Value at 31 Dec 2020 14,550 Insight Inv FOS UK Gvt ALL MAT BD P2 55,000 Hende150n Global Investment Preference & BD I Inc 16,300 NINETY-ONE Fund Managers Emerging Market5 LC Debt 53.000 Jupiter Unil Trust Managers Strategic Bond 47.974 M & G Investment Management Corporate Bond 150 Maiuand INSTL SVC Ml Twentylour Dynamic BD 850 Roy81 Dutch Shell B Old EUR 0.07 BHP Billiton PLC USD 0.50 Diageo Oidinsry GBX 28.935 8.400 ITV Ord GBP 0.10 1,833 National Grid Ord GBP 0.12431289 16,600 Invesco Fund Managers IP Incom& & Growth Z Inc 13.870 NINETY-ONE Fund Managers UK Equity Income 18.095 Link Fund Solutions Ltd LF Lindsell Training UK Eqty 24,400 MAN FD MGMT UK Ltd MAN GLG Undervalued Asset 37,125 Schri)der Unit TST US EQTY INC Maximiser 255 Vanguard Investm8nts UK Ltd US Equity Ind8X 12,000 JP Morgan Ameiitsn Inve5tmgnt Trust 27 ALCON AG CHFO.04 135 Novartis AG CHF 0.50 14.675 Carmignac Gestn LU FP Europ8an Leader 24.627 BNY Mellon Fund Newton Asian Inc 3,321 First Stats Inv GBL EMG MKtS LDRS A GBP 15,633 32,918 10,766 34,985 19,e13 16.229 14,452 7,329 15,388 7,290 19,760 47,944 18,290 33,459 34.965 26,288 72.810 93.240 1,718 8,769 25.301 29,447 20,949 16.738 33,847 12,218 35,902 20.893 16.505 10.705 8.353 10.793 6.835 15,855 40.297 16.435 30,007 30,280 21.674 58.111 69,240 1,315 9,345 22.174 28,336 19.665 330 375 1.400 Rlt Cap Partnèrs Ord £1 38,710 28,910 4,800 10.313 .49.89 980 Fundsmith LLP Equity I Inc Nav NINETY-ONE FD MGRS Global Environment K Pictet Asset MGMT G8L ENVIR OPPS I DY Polar Capital Fund GBL Tech R Stg ACC 2,900 Swttish Mortgage Investment Trust Ord 12,300 MAN FD MGMT UK Ltd MAN GLG UKABS VAL 16,900 TRITAX BIG BOX REI 474 ISHARES Physical M ISHS PHYS GOLD 11,525 HICL Infrastructure 29,190 17,518 16,375 69,786 37,454 16,851 41.777 12.473 20,537 24,140 15,600 13,867 83,D92 35.206 15.904 28,375 12.834 20,054 908.413 791.506 Ps9e 11
FRIENDS OF CIRENCESTER PARISH GHURCH NOTES TO THÉ ACCOUNTS FOR THE YEAR ENDED 31 DECEMBFR 2021 10 Galnslllossoslon disposal of flxed a8$ètSnvestmen 2020 Inveslmenl& sold or redeemEd durin9 Ih$yÈar Deduct. M8rk&lVAlue a131 DÈcember202012018 81.625 Re81i$edGainl (Lossl 15.080 1t AnatyGJs of current ttSGets At31 DÈcemkr 2021 At31 DeceMr 2020 Debtots Unt8sttt¢ted 580 580 Resiitie¢l Inwmelax iety)werab 750 750 12 Analysls of Croditors.. arnounts falllng due within one year A131 Oecember 2021 A131 December 202Q LInSti{Cd Accruals 2,289 2,289 13 Charlty FuRI8 ealae at l JaThuwy IKofflI resowces ResourcK Ga¥Es & expend8d 6se$ 8aiancoat bBtween lund$ 31 DBcembèr Note Unre%lricted funds Desrtated lunds R8styEct81 fund 908.569 20.592 158,8861 116,W7 126.8fj11 962,521 22.044 27.900 (76.055} 26.8e1 750 è30.613 48.492 963,271 a)The unrestncted tunds 8re aVaIL4b 10 be spenlforanyof thepuiposes ollhe ChaTIty. blTherewere no de51gnatsd funds during Ihpys$r cl The restrirted fvnd reprgs8nted Amountslknalwe donatsd tothe Cholty lorih&sok wrposeofTh&Towèr SLues ProiÈttt which MPASed prep3tallon of destqns lorplacemeThI taeS ol StJohn the Bapb5ia the Wiryin Mary and Child on the tiw[Of P8ri5h Chutch and their subsequent casting and eredion. Pap 72
FRIENDS OF CIRENCESTER PAR15H CHURCH DIRECTORY REGISTERED CHARITY NUMBER". 272334 REGISTERED ADDRESS.. 7 Dollar Stoet Cirenceslef Glou¢esler8hire GL7 2AS PRESIDENT.. The Ead 8alhurst VICE PRESIDENTS.. The Rl Rev Rachel Trewftrk, BE5hop of GIOU$ter The Ven H Ringrose Mr K Ronaldson Major T Wills CWRMAN HH Judge M Gledhill. QC VICE CHAIRMAN Mr R R Mullings HONORARY TREASURER Mr R H Winstanley (resigned 31 Deoembèr 20211 Ms R Herbert lfrorn 1 January 20221 clowenn Townsend HONORARY SECREfARY Mis5 A Anderson HONORARY hAEM8ERSHIP SECRFTARY INDEPENDENT EXAMINERS Wenn Townsend Chartered Accountants G05dilch House 5 Gosditch Street Cl[enster GL7 24G SOLICITORS Sewell Mullings Logie LLP 7 Dollar Street cirenGesier GL7 2AS BANKERS Barclays Bank plc Chari118s Foundation B8nk INVESTMENT MANAGERS Brewin Dolphin Securities Ltd 12 Smilhfiekl Street London EC1A 9BD DATA PROTECTION STATEThfiENT The Friends of CirenTrster Parish Churth IRegi$16red Chaiity No 2723341 adheres lo the Data Proleclion Act 2018 and GDPR Yourinformalion wll be checked wlh you regularly lo Ènsure Ihal il 15 kept up lodate. We will continue to contact you frorn litne to lime ty ernail or post with new5 of our activities and invitations lo levant evants. Yov contact u$ any lime by telephone, èmail or post. Your details will be kept Ssfe snd seButs and only used by Officer8 Adfflinistralion Staff of the Charity. Your details will never be pa55ed to anyone èlse including third partie5 lexcepl as required by Lawl thOut first seeking your perm15810n. Contact.. Aileen Anderson (Hon S8crelaryl. Phone 01285 657110. Email aileenandetson37@sky.com Pagg 13