2020-12-31-accounts - Lichfield Theological College General Purposes Fund (Trust 142)

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

						Vnmstrlcted	Funds Restrkted	Funds	Endownments	Total Funds 2020	Total Funds 2019
						Funds			Funds
Incoming	Resources
Investments
								34,624		35,323	34,523
					2b					3,500	3,869
				Total
								38,024		38,823	38,192
Resources	Expended
Charitable	Activities
										31,690	37,522
				Total
								30,891		31,690	37,522
Net Movements		Before
Revaluations								7,132		7,132	870
Net gam/(losses)		on investment
							1,806	63274		65,079	190,387
Net gain/(losses)		on properly
										28,129
Net Movements		in the	Year
											191,057
Total Funds brought			forward	(1st
Jan)							26,255	1,158,284		1,184,539	993,481
Total Funds carried forward				(31st
Dec)								1,256,819		1,284,880	1,184,539

Balance Sheet
			Total 2020	Total 2019
Fixed Assets
Investment Assets		5(a)	1,148,474	1,083,395
Tangible Assets		5(b)		86,204
			1,234,678	1,169,599
Current Assets
Sundry Debtors
CBFdeposit fund			90,461	47,021
Cash			30,330	34,514
			120,791	81,535
Liabilities due in one year
Creditors			(70,588)	(66,594)
Net Current Assets/(Liabilties)			50,202	14,941
Total Nst Assets			1,284,880	1,184,540
Represented by			2020	2019
Unrestricted Funds
Designated			28,061	26,255
Restricted Funds			1,256,819	1,158,284
	Total		1,284,880	1,184,539

				Unrestricted	Designated	Restricted	End	ownm ant	Total Funds	TotalFunds
				Funds	Funds	Funds		Funds	2020	2019
Investments			2a
Dividends						34,251			35,037	33,702
Bank Interest					13	273			286	822
					799	34,524			35,323	34,523
Other			2b
Rent Receivable						3,500			3,500	3,669
		Total			799	38,024			38,823	38,192
				Unrestricted	Designated	Restricted	Endownment		Total Funds	Total Funds
EXPENDITURE ON:				Funds	Funds	Funds		Funds	2019	2019
Charitable Activities			3b
Grants towards	Supporting	Ordinands				20,062			20,062	19,125
Grants towards	Ministerial	Education				6,688			6,688	6,375
Theological Library Resources					799				1,596	1,563
Other Grants						2,697			2,697	9,829
Support Costs -	Administration									630
		Total				30,891			31,689	37,521

Designated Funds	Restricted Funds	Total
		86,204
28,062	1,120,412	1,148,474
753	120,038	120,791
(754)	(69,834)	(70,588)
28,061	1,256,820	1,284,880

Reserves	Incoming	Resources	Investment	Reserves
at	Resources	Expended	Gains ILosses	at
1Jan				31Dec
26,255	799	(799)	1,806	28,061
263,869	4,803	5,110	20,429	283,991
520,115	21,266	19,410	52,383	574,354
374,299	11,955	6,371)	18,590	398,473
1,158,284	38,024	(30,691)	91,402	1,256,819
1,184,539	38,823	(31,690)	93,208	1,284,880

Section	A	Reference and Administration
Section	B	Structure, governance and Management
Section	C	Objectives and Activities
Section	D	Achievements and Performances
Section	E	Financial Review
Section	F	Optional information
Section	G	Trustee Declaration

Description ofthe charity's trusts	Description ofthe charity's trusts	Description ofthe charity's trusts	Description ofthe charity's trusts	Description ofthe charity's trusts
Type of governing document ( t t d d tit t eg. rust eed, constitution)					)	Following the closure ofthe Theological College, a Charity Commission Scheme dated 15November 1985,which combines ten former charities into four distinct categories, governs the Trustees:
						1. General Purposes: - for assistance in further religious educational
						purposes
						2. Expendable Fund: - where capital and income may be expended for the
						education of persons who are resident in the area ofbenefit who are
						undergoing training to enter the priesthood ofthe Church of England
						3. Capital Fund: - where income only may be applied towards assisting	the
						Continued Ministerial Education in the area of Benefit
						4. Meynall Ingram Fund: - which is a designated fund to be used towards
						the purchase ofbooks etc.to assist with training.
						The Area ofbenefit is defined by the definition ofthe Diocese ofLichfield as at
						present constituted together with those parts ofthe Diocese of Birmingham	and
						Diocese of Derby, which, in 1872,formed part ofthe Diocese of Lichfield. In
						addition since the transfer of Himley Deanery in 1994to the Worcester Diocese,
						this also forms part ofthe Area ofBenefit.
How the charity is constituted (eg. trust, association, company)					)	Charity Commission Scheme —15November 1985
	Trustee selection			methods
(eg. appointed		by,	elected by)			In accordance with the aforementioned Charity Commission Scheme, there are eight ex officio trustees. In addition there must be no less than four nor more
						than eight co-opted trustees. Co opted trustees shall be appointed for a term	of
						five years, based on residence, occupation or employment or otherwise have
						special knowledge ofthe area ofbenefit.
						The Co-opted trustees are due for re-election in July 2022
Public Benefit Statement (Mandatory						information)
						The trustees ofthe Charity are aware ofthe Charity Commission's guidance	on
						public benefit in The Advancement of Religion for the Public Benefit and have
						had regard to it in their administration ofthe Charity. The trustees believe that,
Summary	ofthe main	activities				the main purpose ofthe charity isto offer financial support for those
undertaken for the public benef(t in relation to these objects (include within this section the						undertaking training into the priesthood ofthe Church of England, and also to offer support in encouraging the persons concerned in further religious education meets the Public Benefit criteria.
statutory	declaration	that		trustees
have had	regard to the guidance
issued by	the Charity	Commission
on public	benefit)

		The main purpose ofthe charity isto offer financial support for those
Summary of	the objects ofthe	undertaking training into the priesthood ofthe Church of England, and also	to
charity set out in its governing		offer support in encouraging the persons concerned in further religious
document		education.
		a ~ ~
		The charity aims in any particular year to maximise the income to offer as
		much financial support to the area oftraining is possible without damaging	the
		capital and future ofthe charity.
		During the last twelve months the Trust has managed to award E26,750(2019:
		E25,500)to the training ofOrdinands (including Continual Ministerial
Summary ofthe main achievements ofthe charity during the year		Development), and awarded E2,697(2019:E9,829)to individuals and Deaneries to assist them with developing their educational requirements. In addition a grants ofE1,598(2019:E1,562)was allocated towards Theological Library Resources for the purchase of books and other study material.

					Reserves Policy
Briefstatement			ofthe charity's
policy on reserves					In light ofthe objectives ofthe charity, it is important to have	a relatively
					substantial reserve base to generate increasing levels of income to continue the
					support offered to the areas ofbenefit. However, this means dividing the
					reserves between income and capital. It is not the intention ofthe trustees to
					develop significant income reserves, but expend the income generated within
					any twelve-month period
					In respect ofcapital reserves, this is fluctuated by the capital movements		ofthe
					charitable investments. In recent years the reserves have seen	significant
					increases in capital values on the Global Stock Market sandwiched between
					significant declines. The trustees remain satisfied in these volatile markets to
					have the correct balance on capital investments and reserves,	with increased
					income above expectation.
					It is believed that the reserves level at present is adequate to support the		work
					ofthe charity, and the structured reduction in income reserves	is also beneficial
					to the charity and its aims and objectives.
Further financial			review details (Optional information)
					Financial Review
You may choose to include					In the twelve months to 31December 2020there was a surplus	ofE7,132
additional information, where					(2019:Surplus E670) in day-to-day activities.
relevant about:
~	the charity's		principal sources		Ordinary generated income increased from E38,192 in 2019to	E38,823 in	2020.
	offunds (including			any	Overall Investment income (declaration ofdividends) remained	stable despite
	fundraising);				continued low level ofinterest rates created by the well-publicised global
~	how expenditure			has	economic situation.
	supported	the key		objectives of
~	the charity; investment		policy	and	Investment Policy
	objectives investment	including any ethical policy adopted.			The trustees have continued to review investments in order to dividends and other sources of income without compromising	try and raise capital growth.
					The investments are with CCLA and follow the Ethical investment Policies		ofthe
					National Church. In the year the performance saw a further 5.79%capital
					growth (8.11%Growth in 2019)

Signature(s)
Full name(s)	Diane Holt
Position	Secretary to the Trustees
(eg Secretary, Chair, etc)
Date	16October 2021
(eg. Date ofthe APCM)