FRIENDS OF CIRENCESTER PARISH CHURCH REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2023 REGISTERED CHARITY NUMBER 272334
FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 TRUSTEES, REPORT OBJECTIVES AND ACTIVITIES The Objects of the Charity are to assist in the care, preservation and adornmeAI of the Parish Church or any other ancient and historic buildings vested in the Parochial Church Council (the 'pcc'}, together with their goods and ornaments, and to assist the PCC with maintenan and developmenl of the worship and life of the Church. ACHIEVEMENTS AND PERFORMANCE The work of the Friends, primarily supporting the PCC in the maintenance of the Pari$h Church and other historic buildings in its care, has continued throughout the year. As always, l am truly grateful to all Ihe officers and members of the Council for their hard work and commitment over the year. The highlight of the year was, of course, the Friends weekend in June. The AGM was a great success. Evensong was magnificent. It was a real pleasure to welcome home our preacher and old friend The Revd. Mark Birch. The day was crowned by a most pleasanl reception in Deirdre's splendid garden. This year's AGM falls on Sunday 23 June. l am delighted that the new Dean of Gloucester, tt)e Very Revd. AndW Zihni, has agreed lo preach. It will be th6 Dean's debut at the Parish Church. We much look fOard to hearing him and meeting him al the Reception, which is again by kind invitation of Deirdre in Coxwell Street. A reception was held in the Parish Church in September 2023 to showcase the Friends and the important work they do. It was well attended and a great success. A number of new members came forward. In my last report I was overly optimistic about the progress of re-surfacing the passageway between the Market Place and the churchyard. What should have been a slraightforward project has been beset with difficulties, not least being the tensions arising from there being a number of'stakeholders" l understand that the beginning of the end is in sight. I hope 10 have more news by the AGM. There has been little call for support from the PCC during the year. However, we await news about the state of the north wesl nave aisle clerestory wall. Likewise, with the Vicar'5 plans for additional lavatories and a kilchen area. Both can be labelled woth in progress. A small grant has been made lowards improvements in the Parish Hall- which is next to Holy Trlnity, bul serves all 3 of our churches. The Charity has nomial powers of investment, as contained in the Trustee Acl 2000. There has b@en no change of investment strategy during the year. Investments are managed on a discretionary basis by Brewin Dolphin without prior instruction from the Truslees. The performance of investments in the Charity's portfolio is reviewed regularfy with the investment adviser and discussed at meetings of the Council. In 2023, grants totalled £5,500 {2022: £22,400} of which £nil were from UnstrICted funds and £5,500 were from restri¢ted funds. The focus of grant support was provided for a silver thutible in the memory of Rory Young. Page 1
FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 TRUSTEES. REPORT In 2021, £28,861 was transferred from the unrestricted funds to cover the shortfall in the Statues fund. However, during the year ended 31 December 2022, further income was received for the Statues and £5,750 wag transferred back to the unrestricted funds. During the year ended 31 December 2023. further income was received for the Statues and £3,674 was transferred back to the unrestricted fund. FINANCIAL REVIEW The total of Funds on 1 January 2024 was £933,45112023 £846,715). The free reserv8s (lotal unrestricted funds excluding invostmentsl amount to £97,93312022 £69,856). During the financial year. unreslricted income was £29,426 {2022.' £35,062}. Restricted income associated with The Tower Statues Project was £4,424 and the Silver thurible £5,5¢JO. Unrestricted expenditure was lower at £5,021 {2022'. £30,154). The Charity's results take account of unrealised profits and losses on investments held at the end of the year. Overall, there was an unrealised gain of £57,907 (2022'.10ss £(127,552}) after Ihe value of investments was marked lo market on 31 December 2023. Accordingly, Ihe value of investment8 held by the Charity increased to £834,518 on 31 December 2023. Cash held on deposit with the Charity's bankers and al its investment manager totalled £95,249. Total accumulated funds at the balance Sheet date amounted to £933.451 (2022.. £848,715). PLANS FOR THE FUTURE The Friends of Cirencesler Parish Church continue with the plan lo increase membership to provlde additional funding. Legacies will also be encouraged to build up capital for the future. Applications for grants to fund projects a invited from the PCC. STRUCTURE, GOVERNANCE AND MANAGEMENT The Friends of Cirencesler 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 Charity Commission. Councll 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 other members of th8 PCC together with the Mayor of Cirence5ter (or a reprosentalive nominated by th6 Mayor} shall be ex-officio members, the remainder to Include the Chaimian, Vice Chairman 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 th8 Charity. The Council agrees the strategy and areas of activity for the Trust, including grant making, investment, reserves and risk management, policies and perfomance. Page 2
FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 TRUSTEES, REPORT 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 the Council. Quallflcatlons The Council keeps tho skill requirements for the Trustees under r6vi6w and rf a Trustee permanently retires. or additional trustees are required, the Chairman invites prospective appointees 10 8ttend as observers until the next Annual General Meeting. The Chairman la Circuit Judge) and the former Vi¢e Chairman la relired solicitor) are responsibl8 for the induction of new trustees which involves awareness of trustees, responsibilities, the governing document, administrative procedures, the financial statements and the history and philosophical approach of the Charity. REFERENCE AND ADMINISTRATION The Trustees who served as full Member8 of Council during the year were as follows.. Elected 2023 2023 2023 2022 Ex-officio Ex-officio 2021 2021 2023 2022 Ex-officio 2022 Ex-officio 2023 Ex-officio 2021 2023 HH Judge M G16dhill, KC (Chairman) Mr R R Mulling$ Miss A. Anderson Ms C Bloomer Cllr P Coleman Mr P J Cottey Mr J E Franklin Cllr M Harris Mr J Hobbs Mr H Kennard Mf P Kerton Mr J Light The Reverend Graham Morris Miss P Phillips Cllr N Robbins {Churchwarden) Mrs D Waddell Mr C Woodd In accordance with the trust deed, trustees musl stand for re-election after having served for a term of three years unless their appointment 1$ ex-officio. Accordlngly, Mr J E Franklin, Cllr M Harris and Mrs D Waddell 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 Chartty's activities for the yegr, the Twstees kept in mind the Charity Commisslon's guidance on publiG benefit at their meetings. Page 3
FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 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 firiancial year which give a true and fair vi6w of the charity's financial statements during the year and of its financial activit165 al the end of the year. When preparlng the flnanclal statements, the Trustees Should follow best practice and.. Se16Ct suitable accounllng policies and then apply them con818tenlly', Observe the methods and principles set OLrt in the applicable Chadlles SORP,. Make judgements and eslimatés that are reasonable and prudent: State whèther applicable accountlng standards and stat6ments of recommènded accounting practice have been followed. subject to 8ny departures disclo$ed and explained in the financial statements and., Prepare the financial 8lalements on a going Goncern b?$1$ unless It IB inapproprlatè to presume that the charity will continu8 in operatlon. The Trustees are responsible for keeping proper accounting rècords whlch disclose wilh reasonable accuracy at any lime the fInancal posltion of the Gharity and enable them to ensur6 thal the financial statements cornply with Ihe Charities Act 2011 and the provlsion$ of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking refjsonable step3 for the prevention and detection of fraud and other Irregularitl88. Trusteos, Report approved by the Trustees and slgned on their behalf by- 7 June 2024 HH Judge M Glodhill KC Chaimian Page 4
FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 INDEPENDENT EXAMINER'S REPORT TOTHE TRUSTEES OF FRIENDS OF CIRENCESTER PARISH CHURCH I wort to ihe Chanty tsvst¢es on my ¢xamioation of the accounts ofth¢ Charity for the yegrcnd¢d 31 December 2023. which are sei out ott pages 6 10 12. RESPONSIBILITIES AND BASIS OF REPORT As th¢ Charity's trust¢¢s you are responsible forthe prepBration of the accounts in accord3nce the requir&nen(s of the chL¢le5 Act 2011 Ilh¢A¢t). I rept in weet of my examination of the Charity's accounts carrsed out undw Sertion 145 of the Act and in cwing outmy examinattott L have followed all the applicable Directions given by th¢ Charity Commission und section 14515Hbl of the Act. INDEPENDENf EXAMlTr4ER'S STATEMENT I hav¢ completfd my ¢xaTnination. I confirm thatllo material matieTS have tome to thy attetttiort iti tonneelion with the examittation wv2ng me cau8e to believe that ill any material r¢5P¢Ct'. accounting rEcords were not kept in respBCt of the Charity as required by seetion 130 of the Aci: or the accounts do not acwrd with th(¢ records: or the accounts do ttoi comply wsth th¢ appIlbler¢qUlrtments ¢on¢erning the form and Cltent of accounts set out itt the Charities (Accwnis and Reports) Regulaiions 2008 other than any rquir¢mmtthgtth¢ accounts give a.tTh and fair vi¢MOwhi¢h is not a m8tt¢r con5id¢T¢d &5 part of an indepe]KleDt exatninatii)n. I have no eoncems and have come across no maltus in (x)nnection wth the ¢xamination to whith attention stu)uld bBdrawn in this report irt order lo enable a proper understanding of th¢ accounts to be reathed. Btrnjtmirt Hayes Bsc FCA Wetjn Townsend Chtrj A¢counts Oxford 7 June 2024 Puge 5
FRIENDS OF CIRENCESTER PARISH CHURCH STAYEMENTOF FINANCIAL ACMMTIES FOR THE YEAR E140ED 3t DÉCEMBER 2023 2023 RE¥irktsd Fd 2022 UnFeilrfeied RestActod Fund Unregtrf¢ Fund To&1 Toi Fun¢¥ Incomeand drInFntsfr0Th- DOnthrTr3a legarAe8 Chathgble athO8¥ Invèth¢nia (Mher 9,124 I8,9 ie.5 21.792 21,081 40 21,081 40 18,520 18.520 29 Exp•ndttur•oTr: Raww funds 961 4,588 chOAlabcoB 5.SOQ 5.500 22,4 22.400 Oih8r 4.OTO 1,070 3,1SF 1168 70ts1 exwndttu Net wlwoa1ngii92é> on Inv88tyWIL% trallgI8lI)lI on inVmntS 10 tl•i In¢om•ll•yndknrnl 82Jia 4,414 18,736 1121,808} 4260 1116.6161 TrMfvrèetsYeenfund8 13 3,e74 (3,6741 $,760 16.710) Net Incr>mlnylloulgolnJl rgBovrc48 below olhor Ind 736 1118.0sei (Sllol {116.$56} Netrtwement In fund• y¥ SQO funds Whl towdrdyl 1 Jpnuory 846.488 210 840.716 2.521 750 063,271 Ttsiolfvth fDrArd at31 Docembor i)J 210 846 715 nde¥on pauèy Oto 12frm pan of1tr88 *xtyJnts
FRIENDS OF CIRENCESTER PARISH CHURCH BALANCE SHEET AS AT 31 DECEMBER 2023 2023 Ra$lrlded Fund 2022 Total Funds Uni8¥lrfct8d Fund Total Notè Flxed a888t8 Inv88tm•nts 834.5Y8 834,518 776,611 CLtrren¢ A$8ets Debtors Cash on deposll Cash al bank Total tnt ass&ts 6,087 5,333 250 6.337 5.333 89.916 101.587 8,337 ,787 750 1,ODO 100,587 72,643 Credllors.. amgunts falxng dug thIn one year 12 654 538 Net ¢uff¢nt a•&•ts 97,933 f,000 98.933 70,105 Total a8BOts le88 Ilabllllle 932 481 933 451 Tho fundB oftho Charity". Unrestricl8d De$That8d 932,451 932,451 846,465 1.000 250 Yotal Charlty fund* 933 451 Apwo¥ed by The Coundl on 7 Jum 2024 and signed on Its bohawby.. Mlchael Glgdhlll Chaiiman Tr¢ notsts tn pag86 8 to 12 fomi part of Ihes& aKoMnts PayT
FRIENDS OF CIRENCESTER PARISH CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Ba818 of accountlnu Th8 charity conslrtule8 8 publ1¢ benefit enhty a3 defined ty FRS 102. The financi81 statemenls have been prepared in accordance wSlh AcefjuntSng and Reportlng by Charllles-. Statement of Recommèndèd Practice applicable lo ch8ri1188 preparing Iheir aoUnt$ in 8ccordance wth the Financial Reporting Standard appllcable In the UK and Republlc of Ireland Issued in October 2019, Ihe Flnanclal R&porting Standard appllcable in tha Unlttsd Kingdom and Republic ol Ire18nd IFRS 1021. the Charitie8 Act 20118nd UK G8n8ralty Accepted AccontIng Practlce The finAnclal statements 8rè prep8rgd on a going ncern ba81$ undef the hl8torical cost convention. Assets and Ilabllltles are Inltlally recognlsed at hlstorlcal cost or transactlon valuè unless otherwlse stated sn the ralèvant accounllng policy notes. The charlty has applied Update Bulletln l as puNlshed on 2 February 2016 and doa$ not tnclude a Ixsh flow stalemeTrl on the ground5 that It Is applying FRS 102 Sectlon 1A. Funds 8trueture Funds hekl by the chadty are= Unrèstrlctèd general funds- funds which can be used In accor¢Jance wllh the Chèritabla Objects al the cllscrellon of the Trustees. Designated funds- funds allocatsd by the tru$l8es lor sp8cKl¢ purposes. Rtr5tiicted fvnd8- furKl$ whlch can only be used In accordance Irth tho instructk)n5 of the donors to the Charfty. Income All incorne Is recognlse(l in ihe Staternent of Flnan¢ial Adlvilles after the Chattty has entitlemgnl to th8 resources. it Is certain that the re$our¢e$ wlll be recelved and the monetary value of Incomlng resource5 can be rneasured suffii¢5ent rellabllty. Expendltur• xpenditure Is Incthjdèd In Ihe Statement of FInancl ActMtle8 on an accruals basls. In¢lu$N¥ of any Valu& Added Tax. Granls p8yable a charged when the offer18 conveyed to the rfrupionl except In those cases whore the offer l¥ conditional, suth grants belng recognlsed as expendilure when th¢ Cond03 attachlng are fulfilled. Other c08t8 Support Costs togelh&r ¥th the Independent examinerfs fee hava bèèn allocated lo other costs. Reall$ed saln$ and 108$eD All galns and losses ar& takgn lo Ihe Statement of Flnanclal Actwill85 as they arfse. R6alis8d gains and 10s5¢5 on investments are caFculatod as the dlfferenc8 b81w8en 8819 proceeds and the opening rnarkel value lor d8te of purchase, il latorl. Vnr88118ed galns and losses a r4lcuLalgd as the dlfference between the market valuè at Ihg year end and the openino m8iktst v8lu8 lor ¢Jale of purchas&, if lat6rl. Flxed a8¥et Inlments Investments are 51ated al market value as at the balance sheèt date. Th8 Statement of Financial A1$8 inthdes the not g&ln8 8nd108ses arf$ing on revaluatlon and dlspogals throughout the year. 8gg8
FRIENDS OF CIRENCESTER PARISH CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 2 staff Co¥ts Durlng the year, the Chgrity Ttustees wotB rw)t or any other beno15ts frcth Charfty 12022 £1, noi r¢th&yOweXpens thayaar12022.' £nlll. J DonRtloThsand léga¢l•& 2023 2022 Uryeslll¢ted.. Subscrlpkns DonoOn5 qnd lepaci85 2,504 3.702 4 In¢om&frorn Chrftsblè 3023 2022 Income ftom Itive•kn•ntlncome 2022 D]d8Th and Intsrest 21,QB1 18.520 Olhor In¢omo W23 2022 In$t 4D 7 Charittibltr *¢tfvlU•• 202J 2W22 Grants from unreStrled FU•.. Wuk OD ?ilvermwnting clip Surveyof path arou1 ¢hLrch Qrencester Churth sound system tarCrog8 Gaianol 1.1fj0 300 20.0 GtsntG trom Resirictad Futsl&' Thuthje
FRIENDS OF CIRENCESTER PARISH CHURCH NOTES TO THE ACCOUNTS FOR ThE YEAR ENDED 31 DECEMBER 2023 8 Othor eoats 2023 2022 Po81, prfnt and slèiionery Promollon and de¥2pment PublIty Annu31 General MeelkvJ expense& Book k6eplng charges ¥amlning Accourtlanls. fèe Bank ¢hBrg88 350 1,198 1,587 820 1,512 792 4.070 ¥ Flxod A8681 Inv••fynonts Year ended 31 t>ecember 223 Year ended 31 neMber 2022 Quotsd lttva¥tm&nt Marketvalue 011 Jpnuary Additions DIspoBals N81 ReallBed Invgslrnent ILoB$8BII G8ln6 Net UDte8llsed InveslmèN ILosse$l l GalrY6 776,611 )8,413 15.0891 838 1127.5511 57,907 Markeivalue al 3108cember H1¥tori1 CL1 a131 Dec8mb2r 634.583 $33.2fO Page IO
FRIENDS OF CIRENCESTER PARISH CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 9 Flx¢d As8et Investments Icontlnuodl S¢hgdule of Investments Holding al 31 Dec Market Value at 31 Dec 2023 Market Value 8131 Dec 2022 14,550 Insight Inv FDS UK Gvt ALL MAT BD P2 55.000 Janu8 Henderson Globsl Inve8lm8nt Pr*ren¢e & BD I In 16,300 NINEf¢-ONE Fund Managets Em$rgln9 Mark¢ts LC Debt 34,878 Jupiter Unit Trust MaTrageTS Stratsgic Bond 47,974 M & G Inv&$tment Manaoement Corporate Bond 150 Maitland INSTL SVC Ml Twentyfour Dynamlc BD 600 Royal Dutch Shell B Ord EUR 0.07 330 BHP Billilon PLC USD 0.50 375 Dk4geo Ordlnary GBX 28.935 6.400 rrv Ord GBP 0.10 1.833 N8I'onal Grid Ord GBP 0.12431289 16,600 Invesco Fund Managers IP Incom& & Growth Z Inc 13,870 NINETY-ONE Fund Mona9818 UK Equity Incom? 18,095 Unk Fund Solution5 Ltd LF Lind8ell Training UK Eqty 24.400 MAN FD MGMT UK Ltd MAN GLG Undervalued A8¥el 37,125 Schroder Unil TST US EQTY INC Maximiser 255 Vanguard Invttstments UK Ltd US Equity Indax 12,0(M) JP Morgan American Investrnent Trust 27 ALCON AG CHFO.04 27 Sandoz Group 135 Novartis AG CHF 0.50 14.675 Carrnignac Ge8tn LU FP European Leadèr 24,827 BNY Mellon Fund Ngwton Asian In¢ 3,321 First Slate Inv GBL EMG MKTS LDRS A GBP 59 Woodslde Energy GR ord 1,40D Rlt Cap P8Flnerg Ord £1 4,800 Fundstnrth LLP Equity I Inc Nav 10,313 NINETY-ONE FD MGRS Global EnMn)nm9nt K 49.89 PIGtet Asset MGMT GBL ENVIR OPPS I DY Pol81 Capi181 Fund GBL T&ch R Slg ACC 2,900 Scotbsh Mortgage Investment Trusi Ort¥ 12,300 MAN FO mGr UKLtd MAN GLG UKABS VAL 16,800 TRITAX BIG BOX REI 474 ISHARES Physlcal M ISHS PHYS GOLO 12,525 HICL Infrastructure 11,879 25,866 10,018 28,846 16,873 13,637 15.426 8,57e 10.368 4.039 19.705 45,899 17,628 30.370 37,893 2S,122 74,719 101,160 12.180 25,839 10.207 28.763 16,501 13,38S 13,869 8,755 13,697 18,871 17,451 31,009 35,185 23,025 85,185 82,920 1.595 718 11.297 23.904 27.678 21,258 978 25,844 27,838 14,889 15,296 66,150 21,860 18.871 27,767 14,850 15,720 10,288 22,079 28,319 20,328 1,139 27,860 25,709 15,720 14,193 47,795 21.129 16,962 24,522 14.201 19.431 776 610
FRIENDS OF¢IAEN¢E8TER PAR18H CHVRCH NOTES TO THE ACCOU14TS FOR THEYEAR ENDED 31 DECEM8ER 2923 2022 ct.. 9131 DKemoer202W22 11 o1cuTh•nt•sI At31 D¢(¥mbW 087 6,OB7 Cothai bor&8d¢to& IrK¢me iof¢¢ovort4è cosh 250 7$0 760 12 An•lyslBoICrodltorn.' omourtts At31 Oecombqr 2023 2022 1J Ch•rfty Funl ao 31 57.907 &074 932.461 Rgstrwedlunu rund 4,42 e74} 2022 9e2.J21 5.750 84W5 0oW8d fur Rosltlthdfund 1470Q) BITh9 tlyAlor0rIhBlW&eYO1IhP¢hty. whlth WTthwdpreparoWonOTdew5formpMtI stoiuv5cISlJoMlh9&PIW IVd oni tty¥vofthg Dumg Ih8ywBrthd31 Dbcembef 2l.E20,8EI Ir4nthtr•dtrom th8wnstrwrundbtOthpi*th1W. Fh1r14 knc¥mwaG ygarend8d31 0ÈceMr2D23.lh0¢r¢t1Qr1IhIEt•s, £1614 (2022.. £ kntran8tobllcto Iwd. al£5,¥vI> ma0[£ mÈmwofRffyY<w. remodp3tytsng8S th¥tr¥irI2022". tr1). 12
FRIENDS OF CIRENCESTER PARISH CHURCH DIRECTORY AS AT APRIL 2024 REGISTERED CHARITY NUMBER.. 272334 REGISTERED ADDRESS.. 7 Dollar Street cIrenSter Glouce51eT$hlre GL7 2AS PRESIDENT.. The Earl Bathurst VICE PRESIDENTS.. The Rt Rev &ishop of Gloucesler Mr P 8e¢kerlegge Mr K Ronaldson Mf R Mullings CHAIRMAN HH Judge M GhlE1. KC VICE CHAIRMAN Vacant TREASURER MISS Ruth H8f09rt HONORARY SECRETARY Mi$$ A Anderson HONORARY MEMBERSHIP SECRETARY s S Crawley INDEPENDENT EXAMINERS IAr Benjamin H8yeg Wènn Townsend Chartersd Accountants 30 Sl Glles Oxfofd OXI 3LE SOLICITORS Sewell Mulllngs Logla LLP 7 Dollar Street Cirèncoster Glou¢8$twshlre GL7 2AS BANKERS Barclays Bank pie INVESTMENT MANAGERS BWIn Dolphin Se¢urltl88 Ltd 12 Smthfield Street London EC1A 9BD Pag6 13