£22,961 from the Chancel Designated Fund is held in this account as well as £107 in the Church Enhancement Designated Fund.  The CBF Church of England Investment Fund was set up in 1958 and its aim is to provide a long-term total return comprising growth in capital and distributions. We reinvest all the distributions received. In 2021 the gross income yield for the CBF Church of England Investment Fund was 2.71% and the overall growth in capital value was 16.13%. The financial performance of this fund has remained good, and our investment has been protected. It should be noted that the value of the investment may fluctuate up or down in the short term. The total funds held in all our bank accounts at the 31stDecember 2021 was £56,562 compared with £59,220 at the 31stDecember 2020, a decrease of £2,658 in total funds. Other Assets Grazing Land (6.434 acres) in Hartford is held by the Churchwardens and generates an annual grazing income. The grazing licence was renewed in 2021 through our land agents Brown & Co and we received an income of £368.  During the year the PCC received an unsolicited offer to purchase the Grazing Land which led to a full discussion about what the church should do with the land. The offer was considerably more than the indicative value of £4,400 shown in recent accounts. Advice has been sought from Brown & Co, our Land Agents about the various options open to us and following this the PCC has decided to put the land on the market for sale.  Under the Incumbents and Churchwardens (Trusts) Measure 1964 the Grazing Land is vested to the Diocesan Authority. Ely Diocese as the legal custodian of the Grazing Land must give consent to the sale of the land. The Charities Act states that a Qualified Surveyors Report is required before the legal custodian, (in this instance the Ely Diocesan Board of Finance) can consider an application. We have obtained this valuation and submitted a request for consent to sell the grazing land which should be granted. Whilst the Diocesan Authority is the legal custodian the land belongs to the Church and any rental income or sale proceeds belong to the church and not the diocese. The proceeds of the sale of the Grazing Land will enable us to invest the money which will provide a far greater return than the current Rental Income. Silver belonging to All Saints Church Hartford is on loan to the Fitzwilliam Museum in Cambridge and was valued in March 2019 at £8,500. This valuation was agreed with the Registration and Loans Department to enable them to apply for a Government Indemnity Insurance on our behalf. The next valuation and renewal date is in 2022.   GOING FORWARD Managing our Finances The PCC have adopted four principles for managing our finances: •	To balance income and expenditure and when possible, generate a small annual         surplus  •	To maintain funds in the current account at a level sufficient to manage normal day        to day activities •	To have available funds equivalent of six months of annual expenditure •	To hold reserves including any Designated Fund(s) in the CBF Church of England         Investment Fund
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ALL SAINTS CHURCH HARTFORD RECEIPTS AND EXPENDITURE ACCOUNTS FOR THE YEAR ENDED 31st DECEMBER 2020
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