FRIENDS OF CIRENCESTER PARISH CHURCH REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 REGISTERED CHARITY NUMBER 272334
FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2024 TRUSTEES, REPORT OBJECTIVES AND ACTIVITIES Thè Objects of the Charity are to assist in the care, preservation and 8domment 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 development ofthe worship and life of the Church. ACHIEVEMENTS AND PERFORMANCE Katrina Blundell, sister of our long-time member and friend, Rory Young has very kindly given 2 of Rory's unfinished works to the Parish Church. The first is a three-quarters life size, free standing, statue of St John Baptist. The second is a plaque depicting the Virgin and Child. Both are to be completed by the sculptor James Shèpherd. Rory was a friend and colleague of James, and so adrnired James, talent and skills that he was pleased to pass on his studio and business to him. The plan is for the statue to be displayed on a moveable plinth (in order for il to be moved around the GhurGh as appropriate) and the plaque fixed into the wall of the Lady Chapel. We hope thal the statue may be complete by the AGM and Patronal Festival in June. Members of the Friends were invited lo a Reception in the church in October, when James gave an interesting talk about his friendship and work with Rory and how he plans to complete the works. The Friends are delighted to have been able to help the new Guidebook Project. The project was made possible by the vision and enthusiasm of Colin Mccorquodale and the financial support of The Mccorquodale Family Trust. The Guidebook was designed, and many of the photographs taken, by Ziggurat Design of Oaksey. Many other people played their part and we all owe every one of them our gratitude. During the year, the Friends have been pleased to support the Parish in several other ways, including the refurbishmenl of the Church Hall kitchen at Watermoor. Perhaps the most significant support has been the grant of £20,000 given towards the repaving and refurbishment of the path wnning from the Market Place to the churchyard. This has been over 3 years in the planning, under the leadership of John Tiffney and Meg Blumsom. Without their hard work, and that of everyone else involved, this project would never have been more than a pipe dream. The Friends are very pleased to have been able play their part. FINANCIAL REVIEW The total of Funds on 1 January 2025 was £1,034,122 (2024 £933,451). The free reserves (total unrestricted funds excluding investments) amount to £94,705 (2023 £97,933). During the financial year, unrestricted income was £24,588 (2023: £29,426). Restricted income associated with the new church brochure was £6,000. Unrestrided expenditure was higher at £27,757 (2023.. £5,021). 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£103,89912023.' gain £57,907) after the value of investments was marked to market on 31 December2024. Accordingly, the value of investments held by the Charity increased to £938,417 on 31 December 2024. Cash held on deposit with the Charity's bankers and at its investment manager lotalled £92,155. Page 1
FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2024 TRUSTEES, REPORT Total accumulated funds at the balance sheet date amounted to £1,034,122 {2023'. £933,451). PLANS FOR THE FUTURE The Friends of CirenGester Parish Church continue with the plan to increase membership lo 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 th8 Charity Commission. Council The Council is èlected lo manage the affairs of the Charity and meets on three occasions per year. The Council shall consist of nol more than 20 or less than 18 Members, of whom the Vicar, one ¢hurGhwarden and two other members of the PCC together with the Mayor of Cirencester (or a representative nominated by the Mayor) sha51 be ex-officio members, the remainder to include the Chairman, Vice Chairman and other Members of the Frrends who shall be elected attheAnnual General Meeting to serve fortemis of three years. All Members of Council are Trustees of the Charity. Thè Council agrees the strategy and areas of activity for the Trust, including grant making, investment, reseNes and risk management, policies and performance. At the Annual General Meeting, the Members also elect an Honorary Secretary, Honorary Treasurer and Honorary Membership Secretary who may but need nol have been elected to the Council. Qualificatlons The Council keeps the skill requirements for the Trustees under review and if a Trustee permanently retires, or additional trustees are required, the Chaimian invites prospective appointees to attend as observers until the next Annual General Meeting. The Chairman (a Circuit Judge) and the fomier Vice Chairman (a retired solicitor) are responsible for the induction of new trustees which involves awareness of trustees, responsibilities, the gov6ming document, administrative procedures, the financial statemènts 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.. Elected 2023 2023 2023 2022 2024 HH Judge M Gledhill, KC (Chaimian) Mr R R Mullings Miss A. Anderson Ms C Bloomer (Wardell) Mrs S Burt Page 2
FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2024 TRUSTEES. REPORT Cllr P Coleman Mr P J Cottey Mr J E Franklin MrJ Hobbs Mr H Kennard Mr P Kerton The Reverend Graham Morris Miss P Phillips Cllr N Robbins {Churchwarden) Mrs P Skinner Mrs D Waddell Mr C Woodd Ex-officio Ex-officio 2024 2023 2022 Ex-officio Ex-officio 2023 Ex-officio 2024 2024 2023 In accordanc8 Wlth the trusl deed, trustees must stand for re•election after having served for term of three years unless their appointment is ex-officio. Accordingly, Ms C Bloomer and Mr H Kennard 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 kepi in mind the Charity Commission's guidance on public benefit at their meetings. TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS Law applicable to charities in England and Wales requires the Truste85 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 ils financial activities at the end of the year. When preparing the financial statement5, the Trustees should follow best practice and.. Select suitable accounting policies and then apply them consistently; ObseNe the methods and principles set out in the applicable Charities SORP., Make judgemenls and estimates that are reasonable and prudent., State whether applicable accounting standards and statemerrts of recommended accounting practice have been followed, subject to any departurès disclosed and explained in the financial statements and-, Prepare the financial statements on a going concern basis unle5S it is inappropriate to presume Ihat the charity will continue in operation. Page 3
FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2024 TRUSTEES, REPORT The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at anytime the financial position ofthe charity and enable them to ensure that the finanGial statements Gomply with the Charities Act 2011 and the provisions of the trust deed. They are a150 responsible for safeguarding the assets of the charity and hence for taking reasonable steps ft)r the prevention and detection of fraud and other irregularities. Trustees, Report approved by the Trustees and signed on their behalf by.. 5 April 2025 udge M Gledhill KC Chairman Page4
FRIENDS OF CIRENCESTER PARISH CHURCH YEAR ENDED 31 DECEMBER 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRIENDS OF CIRENCESTER PARISH CHURCH I report to the Charity tru$te¢s on my exam&natioD of the accounts of the Charity for th¢ year ended 31 December 2024, whi¢h are set oiit on pages 6 to 12. RFSPONSIBILITIF,S AND BASIS OF REPORT As the Charity's trn5tees you are responsible for (lie preparatlon of the accounts in a¢cord3nce with the r¢quirem¥nts olth¢ Charities Aet 2011 ('th¢A¢t'). I report in respect tsf Iny exhtnittation of the Charitys a¢¢ounts cal¢d out under Section 145 of the A¢t and in arrying out my eXninatiO]7 I have followed all th¢ appllcabl¢ Directions given by the Charity Commission under section 145(5)Ib} of tlie Act. INDEPENDENT EXAMINER'S vfA TEMENT J have completed my examination. J confinn that mat¢rial matters have Come to my attention in connection with the examination giving tlle cause to believe that in material respe¢t'. Accountiiig records were not kept in respect of th¢ Charity a5 required by Section 130 of the A¢t: or the accounts do not accord witli t11o5c records- or the aCCOUEils do iiot ¢oinply witli the applicable Tequirements L(m¢eming the fonn and content of accounts set out in the Charities {AGcounts and Reports) Regulationb 2008 other than any requiremellt that th¢ c¢ounts givE a'(rne and fair view whi¢h is not a matter ¢on5idered as part of an indepeodenÈ examination. I have no Concen and have come across no other matters in Goiirection with the examination to which attention 51iould be draMryJ in this i'eport iii order to ell&blt i proper uiiderstanding of the accounts to be reached. Benjamin Hayes Bsc FCA W¢ni? Townsend Cbai'iered Accoutttants Oxford Date.. 16 May 2025 Poge 5
FRIENDS OF CIRENCESTER PARISH CHURCH STATEIIENT OF FINANCIALACTIVITIE8 FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Unrestricted ReslrlGt8d Fund Fund 2023 Unrestrftted Ren¢td Fund Fund Totsi Totsl Fund8 Note In¢omfr &Trd •ndrwinents Irom.. Don8bon$and18ga¢l88 chanble advllles Invoslments 0th8r g.B48 8.305 9,924 18.229 20.740 20,740 21,081 40 21.081 40 TOtsI In¢om• 39 E¥pondtturg on: Ralslng funds 1.197 951 951 Charbibl8 alya$ 23.000 7,075 30.075 5.50D 5.500 3,SBO 4,070 4,070 Totil•xp#ndithr• 021 Ne1rnknd gaSn81Uo9395) on Investments Net unreal1G50&lns1Ik>SI on In¥qstrnents 10 1.018 1.018 103890 Nqt Incomel{vxpendltwv) 100.671 a212 4A24 88.736 Tratr bTrIUn¢8 13 1,076 8.074 13,0741 Not Incomlngl louigolngl rDr¢befOre cllbBr rocogTrWgalnB and los• IQO.671 lou7¢ 5,988 750 86,736 N6tmov•m•nt lth lundi 710 736 Reconclllitron of fund TOtalnd& bought fwrd at 1 Jonu8ry 832.451 1.OOD 9,451 848.465 250 ,716 Totslfund•t4Ytr1•d lowyd at 31 D•¢•mb8r 1033 122 1000 1034 122 93 Th& nots$ on pJt$8to 12 lom part oflh8$8 8niS
FRIENDS OF CIRENCESTER PARISH CHURCH BAL4NCE SHEET AS AT 31 DECEMBER 2024 2024 Restrth Fund 2023 Total Fund¥ Unfyslrthd Fund Total Flxwl a$80ts Investments 838,417 938,417 834.518 Debtors Cash on dpposit Cosh Èt baftk Totsl Current assets 6.137 5,853 250 S,387 5,853 6,337 S,333 750 11 97.543 1,0 98,543 101,586 Creditors.. arnounts falllng due within one year 12 N¢t ¢urrollt a$$ 94,705 1,0 95.705 9B.933 Total aB80ts 1888 IIAbIllo$ 1 033122 1000 1034122 • lund$ of th? Charlty.. Unftstricted Designated Restrictad 1,033.122 1,033,122 932,451 1,000 1,000 Total Charlty funds 13 1 033122 1 ODO 1034122 933 461 Approved by The Councll on 5 Aprfl 2025 and 8lJned on its behaw by.. MlcJ)a&l Gkdhlll Ch¥im1011 Thè nots8 on pages 8 to 12 forrn pArt of &ttDunts
FRIENDS OF CIRENCESTER PARISH CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES Bas18 of accountlng The charity ctsnstrtule$ a public ben8fi1 entity 88 dgfin9d by FRS 102. Tho fin8neial 5tatèmants have begn prepared In accordance with Accounting and Reporting by Charitie8.' Stalernenl of Recornrnended Practice applicable lo chaith08 preparing their accounts in accord4n¢e th tho FinancF81 R8porting Standard applicable in the UK and Republic of Ireland is8ued ill October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and UK General Accepted A¢untIng Pracilce The finanelal statèments 8re prèpared on 8 golng con¢em b8sls under the hisloTic81 Cost converrtion. Assets and liabilities are initially Tecognised at historical cost or transaction value unless otherwise stated In the relevant accounting poli notes. The charity has applied Update Bulletin 2 and does not indude a cash Ilow slalemenl on Ihe grounds th81 is applying FRS 102 Sectlon 1A. FundB Structure Fund$ held by the charfty are.. Unrestricted general fiJnds- funds whlch can be usad in accordanc& th thè Charft8bl8 Objects al the discretion of the Trustees. Designated funds- funds allo¢8t&d by the Irustees for specrfic purposes. Restricted fund8- fund$ which can onty be used in accordance with the instructlons of the donors lo the Charity. lrteomg All Income Is recognlsed In tho StaleTnenl of Financial Actlvlties after the Charlty has entitlemènt lo the resources, tt is certaln that the resources will be reiVed and the monetary value of Incomlng resources can be measured th suffldenl relfjabiltty. Exp•ndlturo Expeftdilure 13 Induded in the Statement of Fln8n¢lal Aclwilie8 on an accruals basis. Indussve of any Value Added Ta Grants payable are charged when th8 offer 18 conveyed lo the recipient except in those cases where the offer is condltlonal. such grants being recognised as expendlture when the Conditions attaching ale fumlled. other costs Support costs together wh th8 indgpgndent exarninerfs fee have been allocated to other ¢osts. Realld galn¥ and IosBe8 All gains and losses are taken to the Statement of Fln8ncSal A¢tivtti98 as they arise. Realised galns 8nd losses on Investmants aro ¢alcuMed as the difference beeen sale prOedS and the opening market value l¢y dale of pui¢*ase, rf lalerl. Unrealised gains and losses are calculated as thè dlffèrence been the market value al the year end and the openlng markèt value lor datè of purchase, if lalerl. Flx•d a8set Inv•stment8 Investments are 81aled al market value as at the balance sheet dale. The Statement of Financial ACtleS Includes the net gains and losses arislng on revaluation and disposals throughout the year. Page 8
FRIENDS OF CIRENCESTER PARISH CHURCH NOTES TO THE ACCOUNTS FOR THE Y&4R ENDED 31 DECEMBER 2024 staff Costs Th¢ Charity has no •rnploy8es. During tho ar. the Charity Trustees were rK)t paid or r8c8W any othgr benefits from nployMnt th th6 Charfty {2023.. £nill, norwerè th8y r•imbursad 6Jq)anses the yeaT12023.. £nill. 3 Donatlons and l•ga¢t•s 2024 2023 Unrestricted.. Subscriptions Dtynatlon5 ond kga¢l6s 2,664 2,504 Restrfct8d.' Donalons 4 Inoomo from Charltable actlvlti 2024 2023 Income from Chmrftsble acbvitios 5 Invostm•nt Incomg 2024 2023 oldendS and Interest 20.740 21,061 O Other Income 2024 2023 Interost re¢elved 40 7 ¢harltabl• actlvltl•s 2(Y24 2023 Grnts from Unro$tdGted Fund5'. Church hall kitchen Church path project 3,000 20,OOD 23.OOD Grants from Re8trict8d Funds.. Ngw church brochur8 Thurib 7,075 5.500 Pag9 9
FRIENDS OF CIRENCESTER PARISH CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 8 Othgr c08ts 2024 2023 Post. prfnt and $t#tlonery Pfomotjon 8nd developrnenl Publldty Annual General Meellng e¥pee5 Book keeplr9 charges Examlnlng Accounlanl8' fee Bank charoes 115 350 731 1.736 908 1,198 1.587 820 $ Flxod AB8et Inv8Stm8nts Yearended 31 December 2024 Year ended 31 DerRtnber 2023 Quoted Inv88lmonts Mart8t Value at 1 January Addlllon DlspoEal$ Net Realised Imieslmenl ILos8esl l Galns Net Unr88llsed 5nvestment (Losses) l Galn$ 834,518 776,611 11,0161 1,016 103,899 57,907 Malket value gt 31 December 938417 834,518 Hlstorical Cost al 31 Dec4mber 534,583 (Not6 conWnued¢)n rtextpap) Page 10
FRIENDS OF CIRENCESTER PARISH CHURCH MOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 9 Flxgd As8et Investments leontlnuèdl Seh•dulg of Investments Holding at 31 Dec Marketvalue al 31 Dec 2024 Market Value al 31 Dec 2023 11,296 Insight Inv FDS UK Gvt ALL MAT BD P2 50.752 Janus Henderson Global Investment Preferencè & BD I Inc 16,300 NINETY-ONE Fund Managers Emerging Markgts LC Dobt 34,876 Jupiter Unil Trust Managers Strategic Bond 47,974 M & G Investment Man8gern8nl Corporate Bond 150 MaiU8nd INSTL SVC MI TwontyfouT Dynarnsc BD 600 Royal Dvlch Shell B Ord EUR 0.07 330 BHP Billiton PLC USD O.SO 375 Diago1) Ordinary GBX 28.935 6,400 ITV Ord GBP 0.10 1.833 Naoonal Grid Ord GBP 0.12431289 16.600 Invosco Fund Managers IP Income & Growth Z Inc 13.870 NINETY-ONE Fund Managers UK Equity Income 18,095 Llnk Fund Solutions Ltd LF Llndsell Training UK Eqty 24.400 MAN FD MGMT UK Ltd MAN GLG Undervalued Asset 37,125 Schroder Unit TST US EQTY INC Maxlml$8r 255 Vanguard Investrnenl¥ UK Ltd US Equlty Indgx 12,000 JP Morgan American InvgStment Trust 27 ALCON AG CHFO.04 27 Sandoz Group 135 Novartis AG CHFO.50 14,675 C8rmignac Gestn LU FP European Leader 24,627 BW Mellon Fund Nevrton Asian Inc 3,321 First State Inv GBL EMG MKTS LDRS A GBP Woodsida Entrrgy GR ord Ril Cap Partnèrs Ord £1 Fundsmith LLP Equity I Inc Nav NINEfY-ONE FD MGRS Global Environment K Pictet Asset MGMT GBL ENVIR OPPS I DY Polar Capital Fund GBL Tech R Stg ACC 2,900 Scottish Mortgage Investrn$nl Trust Ord 12,3CM) MAN FD MGMT UK Ltd MAN GLG UKABS VAL 16,900 TRrrAX BIG 80X REI 474 ISHARES Physical M ISHS PHYS GOLD 11,525 HICL Infrastructure 11,244 26.127 9.615 27.668 16,906 14,200 14,856 6.442 9,516 4,710 17,414 48,580 19.418 31,436 40,968 29,752 94.689 135,600 1,829 884 10,547 26.519 29,477 21,482 717 27,804 30.867 15,816 18,674 92,532 27.695 21,156 22.426 19,178 13,693 11.879 25.866 10,016 28,84e 16,873 13,637 15,426 8.576 10.368 4,039 19,705 45,899 17,628 30.370 37,893 25,122 74,719 101.160 1.600 716 11,297 23,gQ4 27.878 21,258 978 25,844 27,838 14,869 15,298 66,150 21,860 18.S71 27,767 14,850 15,720 1,4(JJ 4,800 10,313 49.89 938.417 834 518 P8ge 11
FRIENDSOF CIREt4CESTER PARISH CHURCH NOTE8 TOTHE A¢COVNTS FOR THE YEJA ENDEDJ1 DECEMBER 2024 10 Dfflxod thM•tknv4hwnts 2024 2023 D•thKt.. klarkotVak¥B131 OqcthThbw RlE0GNIILoM) 11 otGurr•ntasB•t• 31 Dècombor 2024 At31 2023 ¢ashatbJr&dopo 250 7a0 250 750 Cu5hatbBnk&dep05R 31 D8mb Al31 D•umb 20Z3 2024 A¢uua15 13 ChÈlltyFund TWS larK•&t 2024 1kn0strkK9dfyI$ D8gnat•dfNd ReSl¢tedmd 32rtJ1 24.U8e (27.7671 104.915 1,033,122 Imo l.0(N) Resklthdfund 075 1034 122 2023 UnTqStrtedIdS D96Wt¢d 045.465 25.426 (Sm11 S7,907 3M74 932A51 25D 4.424 13.6741 blTherevMr• nDd8unatidlUffldsdth¢wW. t¢w¢6ènkd&ml¥thlyTg donated io thB Charftyfoithe80kn pUOf8 T0rsLql Prole¢i worofthè PArf&h Qhur¢h#nd Durfnothe yèurondgd 31 De(•Mr22fj.f2fj.80d wa9 iignsl¥Ned Immin¢ M¢t¢T$tts 1fUrvts. FUthprreued w43 reCeIvedthWeY@seThJBrf3fj DeLr202& 2023. llTro1tho•reLonof thst8M•s. and £nlll2Q23.. e 3.874, 2022.. e5,750IW4$tr8D6fgff¢dbocklQ lh• unr¢Slthd dl £7,0750f knprothL4ry u t(.£6.0uQ %¥$Tp(1¥¢4 iOw#lthltrc41L ¢It900¥e PA Ihonp&1dlMKd$tha ¢fA TItIbI m•moryolRoryYowg. 14 ft¢liMdpartytYffi8actsonB Pw12
FRIENDS OF CIRENCESTER PARISH CHURCH DIRECTORY AS AT APRIL 2025 REGISTERED CHARITY NUMBER.. 272334 REGISTERED ADDRESS.. 7 Dollar Slre&l Cirencesler Glouceslershlr GL7 2AS PRESIDENT.. The Earf Bathurst VICE PRESIDENTS.. The Rl Rev BÉshop of Gloucèster Mr P Beckerlegge Mr K Ronaldson Mr R Mullings CHAIRMAN HH Judge M Gledhill. KC VICE CHAIRMAN Vacant HONORARY TREASURER Mr J Hobb8 HONORARY SECRETARY M188 A Anderson HONORARY MEMBERSHIP SECRETARY Mrs S Burt INDEPENDENT EXAMINERS MT Benjamin Hayes Wenn Townsend Chartered Acc4Juntants 30 St Giles Oxford OX13LE SOLICITORS Sewell Mullings Logie LLP 7 Dollar Street Cirencesler Glou¢eslershir8 GL7 2AS BANKERS Bardays Bank plc INVESTMENT MANAGERS Brewn Dolphin Securities Ltd 12 Smllhfield Street London EC1A 9BD P 13