|||Page|
|---|---|---|
|Report ofthe Trustees||t to xll|
|Independent
Examiner's|Report||
|Statement ofFinancial|Activities||
|Balance Sheet|||
|Notes to the Financial|Statements|4 to i3|
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|for the year ended 31Dece|for the year ended 31Dece|for the year ended 31Dece|for the year ended 31Dece|mber 2020|(continued)|||||
|---|---|---|---|---|---|---|---|---|---|
|Grants authorised
during||||the year||||||
|||23March 2020||||4 November||2019||
|Endowments||||||e~d||||
|Diocese|ofExeterfor Pipe-Up project||||5,000|SLeonard, Streatham|||3,600|
|Fees||||||SMary, Henley-upon-Thames|||5,000|
|Christ Church Cathedral|||School||6,000|All Saints, Northampton|||6,000|
|Salisbury|Cathedral
School|||(3 grants)|18,000|S Saviour, Pimlico|||3,500|
|Wells Cathedral
School|||(2 grants)||12,000|S John the Evangelist,|New Hinksey||3,630|
|Manchester||Cathedral|||6,000|Hexham
Abbey|||2,700|
|M~usi||||||S James the Great, Dursley|||3,000|
|SMichael||&All Angels,|Abbey Wood||619|S John, Glastonbury|||2,000|
|||||||The Philip Lank Trust for||||
||By written
resolution|||||S Wulfram,
Grantham|||4,050|
|||||||Fees||||
|Cathedral||Choirs Emergency||Fund|250,000|King's Ely School|||5,000|
|||||||goer||||
|||||||Dover Community
Youth Choir|||1,000|
|||||||SMichael &All Angels,||Tenbury Wells|3,000|
|||||||The Charles Wood Festival, NI|||1,000|
|||Totals|||g297,619|Total|||g43t480|
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|||||||2019|
|---|---|---|---|---|---|---|
||||||9e||
|UK Gilts, bonds|and|other fixed-interest|||21.7|17.5|
|UK Equities|||||22,0|27.4|
|European
equities|||||2.1|2.6|
|North American|equities||||9.0|5.9|
|Japanese
equities|||||0.0|3.3|
|Global investments|||||16.5|16.6|
|Absolute
Return|funds||||5.8|59|
|Property
(including||Common|Investment|Funds)|14.6|14.9|
|Other investments|||||3.5|5.1|
|Cash (with brokers)|||||4,8|0.8|
|Total|||||100.0|100.0|
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|for the Year Ended 31|December|2020|||||||
|---|---|---|---|---|---|---|---|---|
||||||||2020|2019|
||||Unrestricted|Restricted||Endowment|Total|Total|
||||funds||fund|fund|funds|funds|
|||Notes|||||||
|INCOMING RESOURCES|||||||||
|FROM|||||||||
|Other income||2|153||7|5,831|5,991||
|Investment
income||3|5,042||210|144,099|149,351|180,974|
|Transfer ofresources|||118,413|||~118,413)|||
|Total|||123,608||217|31,517|155,342|180,974|
|RESOURCES EXPENDED ON|||||||||
|Raising funds|||||||||
|Investment
management|costs|4|1,037||95|25,686|26,818|35,280|
||||1,037||95|25,686|26,818|35,280|
|Charitable
activities|||||||||
|Governance
costs|||19,776||||19,776|22,397|
|Grant funding
activities|||363,584||||363,584|176,779|
|Total|||384,397||95|25,686|410,178|234,456|
|Net resources expended|||||||||
|before gains/losses|||(260,789)||122|5,831|(254,836)|(53,482)|
|Net gains/(losses)
on|||||||||
|investments|||(40,440)||3,693|(75,447)|~112,194)|639,973|
|NET|||||||||
|INCOME/(EXPEND~)|||(301,229)||3,815|(69,616)|(367,030)|586,491|
|RECONCILIATION|OF'||||||||
|FUNDS|||||||||
|Total funds brought forward|||480,728||48,623|5,158,015|5,687,366|5,100,875|
|TOTAL FUNDS CARRIED
FORWARD|||179,499,||52,438|5,088,399|5,320,336|5,687,366|
|Balance Sheet
31December 2020|||||||
|---|---|---|---|---|---|---|
||||||2020|2019|
|||Unrestricted|Restricted|Endowment|Total|Total|
|||funds|fund|fund|funds|funds|
||Notes|f.|f.||||
|FIXEDASSETS|||||||
|Investments|11|152,955|51,079|4,828,497|5,032,531|5,632,047|
|CURRENT ASSETS|||||||
|Debtors|12|1,511||19,147|20,658|30,557|
|Cash at bank||63,337|1,426|247,616|312,379|106,624|
|||64,848|1,426|266,763|333,037|137,181|
|CREDITORS|||||||
|Amounts
falling due within one|||||||
|year|13|(38,304)|(67)|(6,861)|(45,232)|(81,862)|
|NET CURRENT ASSETS||26,544|1,359|259,902|287,805|55,319|
|TOTAL ASSETSLESS|||||||
|CURRENT LIABILITIES||179,499|52,438|5,088,399|5,320,336|5,687,366|
|NET ASSETS||179,499|52,438|5,088,399|5,320,336|5,687,366|
|FUNDS|14||||||
|Unrestricted
funds|||||179,499|480,728|
|Restricted funds|||||52,438|48,623|
|Endowment
funds|||||5,088,399|5,158,015|
|TOTAL FUNDS|||||5,320,336|5,687,366|
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|OTHER I|NCOME||||||
|---|---|---|---|---|---|---|
||||||2020|2019|
|Investment|Manager's|compensation|||32||
|Investments|management||commission|refunded|5,959||
||||||5,991||
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||INVESTMENT INC|OME|||||
|---|---|---|---|---|---|---|
||||||2020|2019|
|||||||f|
||Investment
income||||149,273|180,536|
||CAF interest||||18|36|
||Investment
Manager's|deposit|interest||60|402|
||||||149,351|180,974|
|4.|INVESTMENT MANAGEMENT|||COSTS|||
||||||2020|2019|
||Total investment
management
Less; fees on purchases/sales||charges
(see note 11)||33,527
~6,7tRi|35,949
~669)|
||Management
charge||||26,818|35,280|
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|||||Grant||||
|---|---|---|---|---|---|---|---|
|||||funding|Support|||
|||||of|costs|||
|||||activities||||
|||||(See note 6)|(Ste note 7)|2020|2019
f|
||Governance
snd|finance costs|||19,776|19,776|22,397|
||Grant funding
activities|||341,099|22,485|363,584|176,779|
|||||341,099|42461|383,360|199,176|
||2019accounts|||153,546|45,630|199,176||
|6.|GRANTS PAYABLE|||||||
|||||||2020|2019|
||Grants authorised
to institutions|||||341,099|149,080|
||Grants authorised
to individuals||||||10,500|
||Total grants
authorised|||||341,099|159,580|
||Reconciliation|ofgrant funding||activities to grants authorised||||
||Grants authorised|||||341,099|159,580|
||Deduct: Grant|authorised|in 2018not taken up||||(4,000)|
||Deduct. Grant|authorised|in 2018 refunded||||(2,034)|
||Grant funding|activities p|er note|5||341 1199|153,546|
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|SUPPORT C|OST|S||||||
|---|---|---|---|---|---|---|---|
||||Management|Finance|Overheads|Grant funding|Totals|
|||||||activities||
|Investment
management||||||||
|costs|||26,818||||26,818|
|Governance
costs||||60|19,716||19,776|
|Grant funding|activities|||||22,485|22,485|
||||26,818|60|19,716|22,485|69,079|
|2019totals|||35,280|89|22,317|23 233|80,910|
||||||Grant|||
||||Basis of|Governance|funding|||
||||apportionment|costs
f|activities
f|2020
f|2019|
|Clerk's salary|||%ofactual|6,397|12,793|19,190|18,850|
|Trustees'
expenses|||Actual|157||157|2,112|
|Postage, stationery||and||||||
|travelling|||%of actual|575|1,150|1,725|2, 142|
|Sundry expenses|||Actual|782|1,436|2,218|1,708|
|Norris &Miles|||%ofactual|1,005|1,228|2,233|6,391|
|Accountancy|fees||Actual|7,200||7,200|6,323|
|Independent|examiner's|||||||
|fees|||Actual|3,600||3,600||
|Provision of|office|space||||||
|and storage|||Actual||3,800|3,800|3,730|
|Bank charges|||Actual|60||60|80|
|Publicity
(including||||||||
|website)|||Actual||2,078|2,078|1,294|
|||||19,776|22,483|42,261|45,630|
|2019totals||||22,397|23,233|45,630||
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|COMPARATIVES F|OR THE STATEMENT|OF FINANCIAL|ACTIVITIE|S||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowment|Total|
|||funds|fund|fund|funds|
|||f.||||
|INCOMING RESOURCES FROM||||||
|Investment
income||12,180|1,297|167,497|180,974|
|Transfer ofresources||134,904||~134,904)||
|Total||147,084|1,297|32,593|180,974|
|RESOURCES EXPENDED ON||||||
|Raising funds||||||
|Investment
management|costs|2,627|60|32,593|35,280|
|||2,627|60|32,593|35,280|
|Charitable
activities||||||
|Governance
costs||22,397|||22,397|
|Grant funding
activities||171,529|5,250||176,779|
|Total||196,553|5,310|32,593|234,456|
|Net gains on investments||71,076|7,226|561,671|639,973|
|NET INCOME||21,607|3,213|561,671|586,491|
|RECONCILIATION|OF FUNDS|||||
|Total funds brought|forward|459,121|45,410|4,596,344|5,100,875|
|TOTAL FUNDS CARRIED FORWARD||480,728|48,623|5,158,015|5,687,366|
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||||||Unrestricted|Unrestricted|Unrestricted|Unrestricted||Restricted|Restricted|Endowment|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Listed investments||||||funds|||||fund|fund|Tota12020|Tota12019|
|||||||||||||f|||
|Market value as at|||||||||||||||
|31December 2019|||||476,594||||||47,386|5,073,067|5,597,047|4,970,265|
|Additionss||||||||||||1,025,933|1,025,933|1,355,408|
|Disp os ala*
Net gains/(losses) 4"|||||(283,199)
(40,440)||||||(1,230,056)
3,693~75,447)||(1,513,255)
(112,194)|(1,368,599)
639,973|
|Market value as at|||||||||||||||
|31December 2020|||||152,955||||||51,079|4,793,497|4,997,531|5,597,047|
|Historical cost as at|||||||||||||||
|31December 2020|||||131,093||||||44,970|3,863,558|4,039,621|4,305,838|
|Investments
at market||value comprised:|||||||||||2020
f|2019|
|Equities|||||||||||||3,856,384|4,637,695|
|Fixed interest securides|||||||||||||1,141,147|959,352|
|Listed investments|||||||||||||4,997,531|5,597,047|
|Briuen ms at valuation||at||trust|scheme|inception|||||||35,000|35,000|
|Fixui asset investments|||||||||||||5,032,531|5,632,047|
|Included
in equities are|||overseas invested|||||funds||and|unit trusts:||579,326|647,172|
|2The additions
and disposals ofinvestments|||||||||during||the year||Total 2020|Total 2019|
|are stated after including||||stockbroker's||||costs:-|||||||
|Contract fees (including||||commission|||chgs)||||||6,696|660|
|Levy fees|||||||||||||13|9|
||||||||||||||67t)9|669|
|||||||||||Unrestricted||Restricted|Endowment||
|2"Net gains/(losses)||2020|||||||||funds|fund|fund|Total 2020|
|Realised gains/(losses)
Unrealised
gains/(losses)|||(net)
(net)||||||||(50,829)
10,389|3,693|(63,349)
~)2,198)|(114,178)
1,984|
||||||||||~49449)|||3693|)75447)~t)2,)94)||
|||||||||||Unrestricted||Restricted|Endowment||
|saNet gains/(losses)|2019||||||||||funds|fund|fund|Total 2019|
||||||||||||||f.||
|Realised gains/(losses)|||(net)||||||||6,553|627|43,016|50,196|
|Unrealised
gains/(losses)||||(net)|||||||64,523|6,559|518,655|589,777|
||||||||||||71,076|7,226|561,671|639,973|
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||||||||2020|2019|
|---|---|---|---|---|---|---|---|---|
|Expendable
fund:|||||||||
|Funds held at brokers|||||||487|1,889|
|Gift Aid|||||||137|137|
|Amounts
owed by Pickering Designated|||fund to Expendable|||fund|145||
|Amounts
owed by Pickering Restricted|||fund to Expendable||fund||63||
|Pre payments
Investment
management|fees||||||550|974
7,205|
||||||||1,382|10,205|
|Birch Designated
fund.|||||||||
|Investment
management|fees||||||129||
|Pickering Restricttxt
fund:|||||||||
|Investment
management|fees|||||||49|
|Amounts
owed by Expendable||fund to|Pickering Restricted|||fund||165|
|||||||||214|
|Endowment
fund,|||||||||
|Amounts
owed by Expendable||fund to|Endowment|fund|||13,316|20,138|
|Investment
management|fees||||||5,831||
||||||||19,147|20,138|
||||||||20,658|30,557|
|CREDITORS: AMOUNTS||FALLING DUE WITHIN ONE YEAR|||||||
||||||||2020|2019|
|Expendable
fund:|||||||||
|Accruals for grants|||||||7,000|19,700|
|Trade crexhtors|||||||335|6,706|
|Other accruals|||||||17,448|21,276|
|Amounts
owed to Pickering Restricted|||fund by Expendable|||fund||165|
|Amounts
owed to Endowment||fund by|Expendable|fund|||13,316|20,138|
||||||||38,099|67,985|
|Pickering Designated
fund:|||||||||
|Other accruals|||||||30|60|
|Amounts
owed to Expendable||fund by|Pickering Designated|||fund|144||
||||||||174|60|
|Birch Designated
fund;|||||||||
|Other accruals|||||||31|203|
|Pickering Restricted.|||||||||
|Other accruals|||||||4|30|
|Amounts
owed to Expendable||fund by|Pickering Restricted|||fund|63||
||||||||67|30|
|Endowment
fund.|||||||||
|Other accruals|||||||6,861|13,584|
||||||||45,232|kt862|
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|MOVEMENT IN|FU|NDS|||||
|---|---|---|---|---|---|---|
||||Expendable|Birch|Pickering|Total|
|||||Designated|Designated
f|Unrestricted|
|Opening
balance|||324,081|110,262|46,385|480,728|
|Incoming resources|||4,375|611|209|5,195|
|Resources expended|||(383,829)|(448)|(120)|(384,397)|
|Gains/(losses)|||(51,662)|7,627|3,595|(40,440)|
|Transfers
between|funds||||||
|Unrestricted|||10,000|(10,000)|||
|Endowment|||118,413|||118,413|
|Closing balance|||21,378|108,052|50,069|179,499|
|Net assets|||||||
|Fixed assets|||||||
|Listed investments||||103,218|49,737|152,955|
|Current
asssets|||||||
|Debtors|||1,382|129||1,511|
|Cash at bank|||58,095|4,736|506|63,337|
|Creditors-amounts||due within one year|59,477
(38,099)|4,865
(31)|506
64,848
)174)~38,364)||
|Net current (liabilities)/assets|||21,378|4,834|332|26,544|
|Total assets less|current liabilities-||||||
|net assets|||21,378|108,052|50,069|179,499|
||||Total|Pickering|Endowment|Total|
||||Unrestricted|Restrict)xl||Funds|
|||||||f|
|Opening
balance|||480,728|48,623|5,158,015|5,687,366|
|Incoming resources|||5,195|217|149,930|155,342|
|Resources expended|||(384,397)|(95)|(25,686)|(4 ).0,178)|
|Gains/(losses)
Transfers
between
Endowment|funds||(40,440)
118,413|3,693|(75,447)
~))8.4)3)|(112,194)|
|Closing balance|||179,499|52,438|5,088,399|5,320,336|
|Net assets|||||||
|Fixed assets|||||||
|Listed investments|||152,955|51,079|4,793,497|4,997,531|
|Holograph
ms|composition
sketch of||||||
|Britten String Quartet No. 2, Opus 36|||||35,000|35,000|
|Current
assets|||||||
|Debtors|||1,511||19,147|20,658|
|Cash at bank|||63,337|1,426|247,616|312,379|
|Creditors-amounts||due within one year|64,848
1,426
266,763
333,037
)38 31)4)~67)~6861)~43 232)||||
|Net current assets|||26,544|1,359|259,902|287,805|
|Total assets less|current liabilities||||||
|net assets|||179,499|52,438|5,088,399|5,320,336|
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