SALISBLIRY DIOCESAN CLERGY WIDOWS AND DEPENDANTS FUND REPORT OF THE TRUSTEES AND STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31 DÈCEMBER 2023 NTENrs Pa Trusts￿, Rèport Stal8rn< of Flnanclal Actjvltles and Balance Sheet Notss to the Accounts Independent Examlnerf8 Roport SALISBURY DIOCE8AN CLEROYWIDOWS AND DEPENDANTS FUND TRUSTEES, REPORT FOR THE YENR ENDED 31 DECEIA8ÉR 2023 LEGAL STATU8 Th& Fund18 a reglstered chortly, number 1042416. 118 gpvemin9 Instrurnonl Its a Charlty Cornmlsslon Soheme dstgd 31 Au9U8t 1994. TRUSTEES Tha Iw$te88 gra th6 member8 of the Dlooesan Cltrrgy WldDWS and Dependantg Commlttee, who gre appolnlèd by The Bishop's Cuuncll, Those who served durlng lh9 y¥¥r and to dat6 are., The Revd Petsr Matthows (Chalrman) The R￿d Malcolm kllll Th6 Rovd Dr Jan6 Culllford The RÈ¥d Jane Palmar Thg Revd Robe>rt Sanday Mary Fo$kott Canon John V>lood WId¢￿' Oftker- Sarum WId￿, Qffi¢¢r- LiorsÉTrl Wklow, ¢)rnw. Shorbome wilts Wirt¢ws' 01ft¢8r- Wllls WIdo￿ RèpfSaèMttfEvo lo Aug 2023 from May 2024 The Skllsbury Dlcwri Board ef Finaneo Is cu6trJdlan tru&tse of thd Charfty. CLERK TO THE TRUSTEES L Narbury (to Oct 23), J Sandall-Ball (trom Oet 23) Ernrnau8 House, The Avgnuv, Wllton. SP2 OFG ADVISERS Indep¥nrJent Ex8mlner MrB N A Ho11s FCA, Flétchor & Partners, Bildrjg Street, Salisbury SP12LZ Inve8tm8nt Managgr: CCLA Invostmont M8naggment Ltd. One Angol Lane, London, ECdR 3AB OBJECTS AND ACTIVITIES The Fund'& purpo80 1$ to felleve widows, widowers and depandanls of mwmb¥r8 of tha clergy who are r&sldont In the DIoGg58 of Sollsbury orwho wer8 last bBneficed or Ilcèn$od in trto Dioo9se who are in oondhlon& of nèod, hardshlp or dl8tress, The trustees. poll6y l& to maka ba￿avement grants and SP¢Vlal noDrJ8 grants durlng the year as ne¢e8s0ry. A small ch￿lma5 9tft wa8 pald lo all kntswn elKdlble beneficialles unlil 2013, wlieh Ihe polky was chang&d And th￿fy gr4niE aro now discretionary, madè on Iru81ees.' recommftndatlon. ACHIv￿MENTs AND PERFORMANCE Durlng Iha y&or th6 Fund oave 9rant& totalllng £25,500 (2022- £15,500). Contact with each of the wldows and dgpendants was mdntslned by lèttor. tel?phone or personal vlslt, Thh trustees havo complled with Ihelr duly tu have duo ragard to the 9uldancg publlG bgngfft publlshed by Ihe Charity Commlsaion In exercising tholr powers or dull8s, Thg trustègs believe thot the tharity pmvldes a pubHtt benefft by provlding modo¥t financial a6818lonce to dOp￿d￿nIS of de¢eosed ¢lprgy.who are resident in Ihe Dloco&o of Salfisbtsry. FINANCIAL REVIEW Investmenl Inct)m9 durlng the yoar was £29,443 (2022 - £27,017) whlch 18 Ihe Fun(Y8 prlntlpal souroe of Income, Grants and glfts pai¢1 tutslled Pa5,50Q {2022 - £15,5(JO). Thore was a surplua for tho ygar of £2,090 (2022 - £9,888) inwmlnglouloolng rasw￿￿ before Inv681ment oalns. Th& valuè Df Inv6$1ments ho¥ rlsen Hnd ovorall the Fund's r*sour¢¢& amounlad lo £¥10,430 (2022. £823,465), of whlch £769,?77 {2022- £726A33) wore ondowment funds. 6AUSBURY DIOGESAN CLERGY winOw8 AND DEPENDANTS FUND TRU8TEE8 REFORT FOR THE YEAR ENDED 31 DECEMBER 2023 {contlnu8d) RESERVES PDLICY Tho Ti'usl'G Poll￿ Is to mdntain11s ass¢t8 atthp present18vel 80 BS to 9gn$rato an Inwme In future years to support Its obj8ttt8, INVESThIEMT POUCY The Fund's vnve¥imant pollty18 Bgt out In note 710 th¥ AcL¥>unts, RISKS REVIEW Al re9ards rlsk mwAgom•nt thg tru8tg88 cx4)￿der that tho Fufid'$ only slgnlfjcanl rlsk Is a iotsl in Ytnattelal markets which they hav• lakon steps lo mlllg418 by pia¢lrJg a pruportion. of the Fund's endowmollt In a ¥xop&ty fun TRUSTEES1 RK8PON3IHILITIES IN RELATION 10 THE FINANCIAL STATEMENYS rbo tr4JStees arg r6ÉpoMOlb19 for FJrep8rfw.tho Tru¥fu&s' Arn¥?1 Rw)9rt and finandal Ila(gllTants ITr 8¢rord¥n¢e WWI W￿11¢&blO law and Unitèd KthQdDm A0¢0uftllng StandardN (Unttéd Kinkdtsm G&n9r8[￿ Accoun￿rn9 Practi¢$). The law applkBble to oh•rllles In En9lJnd rf Walè8 requlres the Charfty trusto&s to p￿v￿ra flnsrrfJt81 $ts10mDnts for gach yaar whith ulv8 0 true and fv.ir vlow of 8t¥lu irf affairs tsf tha Chaylty Hn.d of thp in¢ominu resour>¢s knd applic•tion of resourops, of thg ¢hqrity for that pèrid. In prepartrig th¥ financial 51atem&nts. th¥ Tru&tEEs are raquired to.. 8dgQt$uitsbl8 ?(x%wn￿ttg polldv&avd lfy¢A Opp￿￿11￿M dtythlstwntty. obs¢rv¢ thts molhod$ Ind 5Yin(4pldts In thv Charities SORP: m8kn ludgwmentb UhtJ06ttmaks t￿t#1¢ r¥M$orabte 8rt4 prudent., stale Kthethar ￿p￿ICabl¢ awfjuritlng *andJrdÈ have been foll¢)we¢J, subject to any matotlol departures Ihat Must b¢ dlsalosed ar)d explained In th¢ fknarT¢ial $tat¢menl9; prèpare th6 financial statomhts on th& goinu ronr*rn bas18 unlfftts It Is Inapprowl8le to P￿Sume that thè CtLirlty will cots14nu• kn bu81ne$4. Tlv> I"nJ8tep8 arè rè&pDn*lblo lor ke8p.fng prc. per aceounthg t&￿t dl¥olosè wllh reason4blv ocovracy at any Ilmo thè fin4n¢ial pD$lliun of Ihe eharlty enabla fhèm lo ènsure that tho ftn8n¢ial 8taf6menl8 cofflply wlth the ¢harttte$ Asl 2011, the Èppiicable Ch•¥itie$ (Acrnunts dnd Ibports} R¢gulglions, and ihe provlslons of the ¢harlW schemes. They are al£D tsspon8lblo for sa1ÈguArdlng Ihe assets of Ihè charity rand Éakln9 rea4on8ble 8tsps for the prev¢lltton and det¢¢tlon ot troud ahd oth8rlrre0u￿rll18S. Slgn9d on behalf of the Tru6teg8 Ylio Rgvd Peter Matthow$ (Ghalrmanj Approvod by the Tru¥t&os on SAUSBURY DIOCE3N4 ¢LER13Y WIgQWS AN) DEPÈNDANT8 FUND IRèglgtor¢d Char]ly No. 104241B) 8TATEMENT OF ArtANCJAL ACTivrriE& FOR THE YEAR ENDED 31 DECEMBER 202$ UnroAtrl¢led Sndowmtynl Funds Fund$ T4tal rotal nd¥ Not8 IKCOME FROM. DrJn8lliMs &hd Ibuty¢l*s In¥4¥tffionts TOTAL INCQME 25 29,443 2& 29,448 EXPENfiiTURE ON., Ch4Flt4bl$ ortlvlll• rants pay8ble TOTAL EXPENDITURE 1Y.154 NET INCOMEIEXPENDITVRE BEFORE NET GAJN8IILI)SSESI ON INVESNENTS 2,Q89 2,089 ,8&8 N￿gaInS1{k)SlF)Sj on Inve$tmRnt8 41844 (893Dg1 NET MOVEMEKf IM FUND8 RECtsN¢ILIATION114 FUND8: Total fvndg brou9ht lorwarLJ Total ￿rrIed 12, 14 11. 13 912.885 2 £ 76927Y £ BAIANCE SHEET AT31 DECEM8ER 2023 UnreÉtritl*d Total Fu)ds Nt)lo FIXED ￿SEY9. Inv&skn8n Llsw Vivastm￿ts - CBF Churth (Jl Enyl&nd Funth 44&7 761,277 792,714 741,8YB 769 27.T .79 CURRENT AS3ET8.. C#sl) at bankandln. hEnd BF Dqpostt FLind Ciah held bJF Samsbury DBF 7¢, 78,2b6 DoblD AuttNed Income 97J 79 LIABILITIES: crwl1lo￿, amvurrt¥ f4115ng du￿ wlthkF QA0 y8ar 11,514-1 (1fi76) NEI CURREKf ASSET8 OR LlhJlLrriE5 TQTAL MÈT PSSETS aR LNBILrriots £ 1PllfQ £ 769.277 £ 87042 £ 823,465 THE FUNDS OF THE CHARITY.. En¢¢wmont Unresldoted funds 10.11, 12,f3, 14 7£9277 769,277 1(11,IS2 277 £ 870 429 726,433 97,032 101,162 101,152 E 7 TOTAL CHARITY FUNDS Tthè*è finanu18J stai*nent8 wer¢ appruvèd by the Trusle88 on siqnwd on"their behalf by.. Tl)& Rwd Pèter M&tthÈws (Chalmttnj TILI note8 on page$ 4 10 7 fom7 Part of thesB &ccounl8 8AL13BURY DIOCESAN CLERGY WIDOWS AND DEPENDANTS FUND N.OTES TO THE ACCOUNTS FOR THE YEAR ENDED 310ECEMBER 2023 A¢countlnu Pollclol The account* (financlel 8tat6m8ntsl 8re prepered undèr Ihb hl&tor5cal cost convenllon wlth Ilom& reGogni¥ed at cost or transaellon value unless otherwlsp stated In Ihe r&l•vanl notgs to th85è awjunls. The fin&ndal statemènEs have been preparad Sn 8ctyordanfja with lh6 Stat8m8nl of A8￿Mme17d￿j Prautice: AorDuntlnll and Rfjportlng by Charftlg8 préparfng thelr accounts in aocordanc@ wllh th6 Flnafirlal Reporting Slandard applicaknle in tl)o UK and RBpublltt of Ire18nd {FRS 102) effectlve from 1 January 2019, tlio Flnanclal Reporttng Standard sppli¢able In Iho Un5ted Klngdom and Republic of Iroland (FRS 1021 and th9 ChHrllies Act 2011. Th8 Ch8rfty ¢onstituto8 e publ1¢ ban8fft 4nlity as d6flnp4d by FRS 102. Thp trustees Cohskler that thDr8 &re no matbrlal iincerlaintles about tho Charitgs abillty to ¢ontinue it & golng ncem. Th61B are ho signiflcant a￿a$ of Judgemont or koy assumptlong that aff0Ct Items in the accounts. Wlth respect lo Ihe npxl reporllng period, the year èn¢Jed 31 Dècember 21124, the Mts￿ $*3nlfiGant are&s of uncertalnty that aff6d tho carwng value of assets hgld by tho Charlty ar6 th8 loval of Invèglment return 8nd the perform8rtrA of invè6tmont markot•. b) The Occtsunts do nol Include a ca8h ff ow ¥t&tement because Iho ChArfty. ds ¢ small rep￿rtIng entlty, 16 exompt from Ihe qulr6m8nt to prep8r6 SLich A ststament. Unre8triGtad funds are availablo for u8è at Ihe dlscretlon of Ihe INslees In fiJrther8nGe of lh¢ gen¢ro1 oblgctlves of th ¢harty and liavo not E)een deslgngterl for othèr PU￿$55. Endowment funds are pormanent trusts whose intome b intelld￿ for Ihe bonefit of thr* ¢harlty. InGome from ¢ndowment funds 18 unresfficted. All illCOm•1s reo)gnl$8d oncg th& cl)art¢y ha8 entitlerrtenl to the inwrne, thèr¢ Ib sufFic16nl (Èrtalnly of roc8lpt and 80 It Is probabfe Ihat the Income wlll be rottofved, and tho aFn¢)unt of Inwmo rpGelvable can be moasured rellaW. Income Irom Inveth@nts18 included in thp ye81 in which it 18 recelwble. Ex ndllur Li&bllitles are recognlsed 2s Exppndlture 4s soty) aB Ihere18 a lÈgal or construdlvty obllgallon commltiitw the tharlty to the expondlure, it Its probable that setilgmont will be required &nd the am(iunt of tho obllyatlon ¢¢n be measured rgllabty. All oxpondrturR Is accounted for on at) accrnlob ￿￿18. Grant6 payable er• ¢hargèd when the offer is cQt)veyed to Ihe re¢lplent, except in th(he na8es whero Ihe offer Is ondillonal, In which oastt the grnnt woukl bs r&wnl8ed qs ¢w)?nditurè whén th8 condlti¢Jns attachlng Sre fultmled. Charita Tho expandlture tsrt charltabl& scu￿tIeS ifjLiudgs grant8 to Indlvldua18, who are ¢leryy widow6 or dfjpondania, plus supwrt CDSt8. Support ¢os18 havo been différentiatsd between povemoiice costs 8nd other support costs, Govprrtanop. costs compt15e of all costs Involving th? publitt acrounlablltty of thé charlty and Its c￿mplIan￿ ￿th r8gulatlon and 9ood nve8tm Usted Investments 8re at market valua a8 at tho balfin￿ ¥h6et datè. Tho Sla16menl ol Flnan¢i81 Actlvtrtleb includes Ihe net ualns and ks8e$ arlsing on r8vatuatlDn and di8pog815 throughLlUt the yeaf. All galns and losses are laken to tha 8tat*m¢nl of Flnand81 A¢tlvltles as thoy ar&£e. R681tsed g¥lnÈ dnd los$es on Inv¢atments are calBul£ted as thè differonc¢ belweell $al¢s proceeds and openlng market value Ipurohggk date If lat&r}. unr801ls1￿ gains snd10ss?s ar& calculated as tho difference between the morkei value at the year end and oponing mark&t value (or purchase dats If lator). R£allsed and unresllsgd galn8 are not S￿arated In thg Statemanl of Findnclal Activilles. SAUSBURY DIOCESAN CLERGY W]DOWS AND DEPÈNDANTS FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Cash ai bank and In hand Includes Èash on deposll available on demand and ¢a8h held by $8llibury DIDCB8en Boaffl of Flnanca. dltOT8 cred110￿ aré rècognlsed wh¥r9 thg ohRthy has a pr&$ent oblkJatlon re¥ulling IrDm a past avent thil wlll probably result Ln tho transtsr of funds to a third party and the amunl lo sAItEe the ob]Ig*ion Can b¢ measured ￿lIally, Credllors aro rttsrmally reeounlsdd al thelrsettlomont amount, clal str FIx8d 0¥$01 investmenls a form of ba8lc ffnèn¢lal InslNmenl and 8rn Inltlalty re¢ognlsed it thplr tran¥ath)n CfJ&l nd sUbSeq￿nt[Y measutsd al falr ¥alu¢ at th9 8olanoè 9heet dale. Inv¢slment gAlns and k>s$e$, whether re&ll8ed or unre&ll¥ed, are L¥Jmbln6d and shown In tho lièadln9 'NeÉ galn$lllos$98) on Investm@nW In Ihe Ststwngnt of Ilnanclal eolivlllo$. Income from danalloN• and legacl68 Donall¢Jns 25 AU Incor(ia from donatlDn$ kn both years was unreslrlctod, Inoomè from Invtrtstmonts Dlvidends Inte￿$t on ¢a$h dep¢9118 28,205 3,238 26,112 905 £ 27D18 All Inr+omè frrm In¥eglments In bolh year8 was unre8trtdwl. Co¥ts of ¢harllablè o¢tlvlt10$ Su 2022 (Noto 5) Grants to individualy BBreavement gratits 13 12Q22: a grants] Christmas grants 3 P022: NIL] 24.000 1,500 1,768 111 25,768 1.041 17,154 £ 25500 £ q879 £ 27.379 £ 17,164 SuprKJrt c,(Ists ar6 all￿stad botwe8n grant types based on the value of 8a¢h giant typè awarded in tho ye.gr. JI eo81$ of cherlt8ble activilies in bjth years wgra tharged to unrestrlcied fund8. oth& Support oosls costs 02 023 Tru&teo$' expgnsos Dioc&san financial management fees Ind6perwJ8nt examinerfs fees .52 242 136 678 842 737 9DO 952 £ 900 927 £ SALISBURY DIOCESAN CLERGY WIDOW3 AND DEPENDANTS FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2Q23 6. Rglalod party tron84don8, truatse6' oxpqn¥9¥ antl romunttatlon and koy managgmgnt prgonnel Thp ch?rlty ¢tJn61ders Its key manqg¢menL personnel wmpris8 thè tru61989 and th¥ clerk. No truste@$ rectived any remuneraflon dufino the year IZ022- £nil). Ono Injstse o¢eived r8imburs¢mont of travel eXp￿S05 of £52 (2Q22- on6 tru8te& £1361. Tho cliahty had no uther relslad party transa¢tlons durlnu the year (2022- £niD. 7, FlxBd a¥¥ot Irw0$tM￿I$ . Ll¥tod Invasimonts UnRstricted Endtywmgni funds lund8 TotAI funds 2022 funds Market valu6 Bt 1 Jenuary Net inveslmenl galn l {lo¥s} on ravalu￿On M8rket valu9 at 31 Deoembftr 21,405 726.433 747,838 847.146 747 £ 23437 £769277 £792714 . 2 738 L 218 13ts £ 220 871 Orlglnal CAl¥tat 31 Da¢8mber UnreallBgd galn& Nl 31 Deoembfrr £.. 20 699 £ 551 144 £ 571843 526,967 Tho CharlV6 wllw 1$ to holdall SIS inv8Stmwts In Ihe CBF Churèh of England fund6 wllli tho aim of long tem Gapllal and inoomo growth, A 31 Deuembèr 2023, the valuo of the Endowment fund Invgslments wes rèpr988nted by 78'h ift lh6 Inva&tment Fund and 22% In tht Propety Fund. Tlie Unre$trf¢twi fund hold? 1036.80 CBF Invesbnent Fund Income shares. The moln iisk to thé Charltyfrom ffnanclal in$trurr18nts Ile8 In Ihe ¢Jfjstrent$ Current assa15 Current IlabllStles Total 23,437 79,23Q 769,27T 792,714 79,230 £ dol 153 £ 769 14. Analysis of net assets botweon fund&. pravlous y•ar Fiind Flxed esg8t Invo8tment Currenl a$8ots Currenl Ilabilitlos Tokl 21.405 77,203 726,433 747,838 77,203 97.032 £ 726 433 £ 823.465 15, Flnanclal In$lrument8 Note 2Q2 Flnancla1 assèts measured at falr vatue through profil alld108S', Inve8lments held at falr valuo 792 714 £ 792,714 T47 888 £ 747 838 Inoom&, expense, galn8 or1088gs, Indudlng ¢hange8 In falrvalue, recognl$ed on: Galn41(Losses) on Flnancial A88e18 measur•d Ut Talr value Inlerast rjn oa5h dÈpo8lt$ Incomè from listed Inve8tm6nt6 44.876 (99,3081 905 26,112 2,290 2& SALISBURY DIOCESAN CLERGY WIDOWS Ahlcp DEPENDANTS FUND INDEPENDENT EXAMINER'S REPOA T TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 I ￿p￿rt to th@ tru$tse$ on my examlnallon of the 8ccosJnts of the Sallsbury Dltycesan Glorgy Widow¥ and Dgpend&nt6 Fund (the Trusll for thg ygar endecl 31 D80gmbgr 2023, whltth arè sèl out on pag&s 3 to 7, Rfr$ponsibllltlè$ and bails of raport As tho ch8rf1y Injstees of the Trust you are resporialbl8 for the preparatlon of the accounts In acwrdanc8 wtth the requlromanls of Ihe Charlt16s Acl 2011 {Ihe Aoy). I report In ros￿¢t ot my gx8miftetlon of th8 Tru$t'$ accounts ¢Mrrl8d out under seutlon 145 of Ihe 2011 Act and In carrylng oirt My examlnalion I have followed all tho appIIGablo Dlreetlons glvon by the Charity Commisslon under sotttlon 14515){bl of Iho ACL Ind•wndonl oxamIne￿3 Statsmant I have ￿mPle￿d my 8xHminailon. I t￿rrfIrrn that no in8ten&l matters havo corno to my atteErfon In LXJnn8¢tlon wlth the examlnatson gtvlng me ¢au8& to beliov& Ihal in oty matert81 re8p8cL' 8ccountfng raotsrd* We￿ Irot kept In re8pecl Df tho Tru8t as r6qulred by $¢¢tion 180 of the Act,, Dr the accounls do not a¢*ord wllh tho8e rewrds; or th& accounts do iiot comply wlth the 8ppIFcable requlr8mnls conc8mlng Ihe form and cunlenl of occounts s¥t out In the Charitie8 (Accounts and Reports) Regulatlong 2008 other Ihan any ￿qUir9Ment Ihal the at)counts glve 4 Ywe Ind fair v16w whlch18 not a malt¢r con8idgr8d a8 part of an Ind8p6ndgnt 9xaminallon. I have no co￿rn8 and have como aaras¥ no oth¥r mattors In connocmon wlth the examFnatloh to which attèntion 8hould be drawn kn th[$ rgport in order to 4n&blH 4 proper und&rFtsndlng of thp aocoiints trj be reached. Mrs N A Hally FCA Flolcher & Partners Crown Chembws Brldga Street Sallsbury Dgle: