SALISBURY DIOCESAN CLERGY WIDOWS AND DEPENDANTS FUND REPORT OF THE TRUSTEES AND STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 co TENTS Trustees, Report Statement of Financial Activities and Balance Sheet Notes to the Accounts Independent Examinerfs Reporl
SAUSBUR Y DIOCESAN CLERGY WIDOWS AND DEPENDANT$ FUND TRU8TEE8' REPORT FOR THE YEAR ENDED 31 DECEM3ER 2D24 LE()AL STATUS The Fund 18 a r89lstor8d L'h811ty, number 1042416. Its govemlng In81ruMont 1$ • Charity ComMl88lon Scheme dotf¥J 31 Augusl 1994. TRU¥TEE8 Th8 tru¥tÉe$ ore Ihe member$ of thg Dloce8an Clbrgy Widowg and Depondants Commlttee. who aro appolnbd by Thg Blehop's CounclL Tho•& who 8¢rvod durfng th8 year and lo datfj ore., Tho Rovd P¥ter Malttw$ IcrTalrmar>} MT Stuart Lalng Ichalrmanl The Rwd Malcolm Hill Thg Revd QrJane Culliford Th& Rvd Robert Sanday Mrs Mary Foskott CanLI John Woool W14¢ws Offloer- Sarum ID Fèb 2025 From N)r 2025 Idows, Officer- Dor8et Wldow8' 0ffl48r- Shorborn . Wldoxw, Offl¥èr- Wilts WIdo, RopN40Dlsl Irom May 2024 to Oct 2024 Th8 Salisbury DIo¢o81117 Rr)¥rd of Flnn¢o16 ¢uslDdl#n tnJst8e of Iho Charity. CLERK TO THE TRUSTEE8 J San¢Jall.B•ll EmmAu$ House. Tho Av¢nuo, Wilton, SP2 OFG ADVISERS Independent Examinpr Mr8 N A Halls FCA, Fl8tGher & Partnera, Brldga Slreet, Sali9bury spl 2LZ Investrntt Manager., CCLA Investment Managemont Lttl, One Angel Lana, London, ÈC4R 3AiI OBJECTS AND ACTIVITIES Th6 Fund's purpu801s lo rollevg wldowts, widow$TS ¢nd dependgnls of m¢mb6r8 of the cl&¥tsy who r&8ldenl lrt the DIOC of SalbUry or who wer614st nOr1¢¢d or Ilcon$ed In the DIoGEse who are In corvjltlons of n8trd, hardbhlp OT d18tr68& The Irustoos, polltsy is to m8ke b6reavgment grant8 ond &p8ci#l neeris grants durlng ihe yoar ss necessary. A 8m4Jll Christrnas olft w05 puld lo 11 known ihuiblo bonri£larI until 2013, whèn th8 poliw was ¢hangod and the¥9 granly now dlscretiornry, mgd8 on trugfrès, ttcDmmendatson. ACHIEVEMENTS AND PkRFORMANQE During the year th8 Fund 9¥ve grants totalllng £9,00012023- £26,50CI). tsnlactwlth ol the widow¥ and dependarts was m4lntalned by latter. t¢lèphtsne or ptrrsonal vSslL Thè tru&tsg8 have compHed wlth thulr duty to have due r¥gard tp the guldance on pub5io bgnefll publlsb81I by tho Chfjfy Commi$3iDn In exerdsing Ih8tr pDw6rs or duties. Th6 In1&0 b&fievo Ih4t tho chaflty provldos a publie beneflt by provkllng mod•stflnanelal agtslBtance to dgpgndafits of decttasod Glergywho are r8sidont in thg Dloc?se of Sallsbury, FINANCIAL REVIEW Invostrrent Income durlng the. y¢4r %vg¥ £3a,8$512P23 - f2V.443) whi(¢ is the Fund8 prlnclpol $our¢¢ of In¢omg. Grants and gifs poid, inelutrrvd allocated support &1$, ts*141d £10,904 {2023- £27,379). There was & Surp1 for Ihe yeaF of £19.98612023. £2,090> an firolgI019O1Thg $bU&S boforè iny¢$tm¢nt galn8. Th$ valutt of Invsslm&nts ha& rlsen and ov?rall the Fund'& re$ourGeS an)ountgd to £906,51112023- £870,430}. ofwhlch £783,6 12023- £769,277) were &ndowment funds.
SAUSBURY DIOCESAN CLERGY WIDOWS AND DEPENDANTS FUMD TRUSTEES REPORT FOR ThE YEAR ENDED 31 DE¢EMBER 2024 (rtontlftu¢d) RE3ERVE8 PQLICY Th& PL)Il¢y19 lo rrmlrrtaln Sts a5$0ts at th8 PTe5ent1gvel 80 ay to nernte an inLxime In fvtur8 yegrs to Nupport It8 obJertg. IMVESTMEirr poucy Tha Fund's 1hve3trie.nt pollcy Is sel In note 7 to the A0, RISKS REVIEW AG rey¥rd$ risk mat)•g¥mÈnt the truste¥B o)naider thal the FuT)¢f¥ only niNcant Ask fs o Iotal o)Ilap6è In finandal marf(etswhlch thoy hetaken ÈteP3 to mltig8ts ty placlng a proportton of ihe Fund's endonI in a property fund. TRUSTEES, RE$PONSIBILITIES IN RELATION TO THE FINANCIAL 8TATEMENT8 The tru#l¥es are responslble for preparlng tha Trustees, Annual Report'and the fin?ncPal Jtatem&nts th a¢¢onJantre with appllcable l•w and Unlted Klngdom AccxTruntlng StandardB (Unlled lfjngdom Generally Aocepted Practlc&). The law appll¢able td d)arit]E¥ h England and Welè$ requires thp Ch8rity tnthe¥ to propar¥ finandal statem¢nts for oach year whlch glvft a Irué and Yalr vlew ol thg slgtg of affrS of the Charlty and of the incomlnq resourc&s and apIcaon of rnsourc66. uf fhè Charity frir tPot period. In preparfno the Itnancial Btatements, thp Trust¥gs are rfjquir8d to.. sEleot wtt8ble a¢counUng policlws and tIEn apply Ihem w)Si¥tertly' obseNe the method8 and pn"n(ipl8s In the C.harilles SORP; make JSuments and estimatè$ that r&8sonablè ond prudÈnt,' 8tEte wholmr applicablg accounlltsg Btandards havo bs8n followed, subject to ary morial departuros that rnu¥l bo ditsdD¥ed and 6xplalned in financral ststoments; prpare Ihfy flnanclal statements on the goln9 conrn basi$ unless it Is inappropriate to piesumè th4t ths Ch•rtywlll confjnuè In busine. Th$ Tru¥le88 are rospontible for ko8plng proper aCcrJunTh3 rwrd9 that dltsdose WIU) r¢asonable RClxlY at any time iho flnanoial po$ition of thg chan'ty And enable them to pnsure that the flnonclal 8iatenients COMPJY with the CITarflles Act 2011, th& appllcable Ch&ritlo$ <A¢counts and R8port*) R8gu5?tiohs, unrJ thty provlslons of the Clyarlty's 8themes. They are also rèspons5ble for ¥8feguardlng the 4ssets of th? Gharlty and kklng r&a8onalJe slÈpg for the rgvèntton ond déte¢titsn olfraud and oltt4r Irreyularities. Sign¢d behalf of th8 Trust¢88 Mr Stuort ig (c irman) Approved by the Truste•s on
SALISBURY DfocESAN CLERGY MDOWS DEPENOANI8 FUND (Reuistsmd Charffy No. lQ424161 sTATEklr OF FINANCIAL ACIIVITIES FOR TrIE YEAR ENDED 31 DECEMBER 2024 Uryestri& Fund8 Totsl Fund 2023 Funrls Funds Not INC(XIE FROM. DoYJ4tionts and19gKle8 Invo8Lments 25 30,U65 26 29,443 29,488 TOTAL iNCL)ME 3Q,890 EXPENDITURE OPL. Chadtsbie adivitre8 rants pay4E)le TOYAL EXPENDITURE 10.904 10,904 10,904 27,379 10,904 NET INCOMWEXPENDITVRE BEFORE NET GAIN$IILOSSES) ON INVESTMENTS 19,986 19.988 NotpInlI055e$) on Inva8tm¢nis 638 14,599 15,096 44.876 NET MOVEMENT IN FUNDS 20.522 14,559 40.9C4 RECOMGILIATION IN FUNDS. Total fundts broLig1il lofftrd Tot&1 fund¥ CQTried Iowdrd 12, 14 1Ql.152 769.277 IJ70,429 11,13 £ t2167.4 £ 783,838 £ 995,511 823,465 2 87U,429 BALANCE 8HEEf AT 01 DEMBER 2024 Unro8triL#ed End01binefii Fund$ FunrJ8 2024 Total Funds 20 Total Fund8 Nrst FIXED p4sYr8: Investmgnts Llsled Ir¢pstments- CBF Cliure,h of England Funds 23.9T3 783,836 607,810 792,714 783.8 CURRENT ASSETS: at bankond in hand CBF Deposit Furtd Cash held by Saffi&buty rJBF 94,597 4,433 9&,030 76,844 I,Q12 A8.256 Det]tvr Ac¢rued Incomo 99,030 1.Q8 '10D,118 1,088 100,116 79,230 LIABILITIES: cwllt0', amounts laifing dvo Wiln one yeeér < 2,414) 12,4141 { 1,5141 NET CURRENT AS8EY5 OR LIABILITIES TOTAL NET ASSETS OR UA8ILITIES £ 121875 £ 788,83S £ 905,517 £ 870 42S1 THE FLINDS OF THE CHARITY: Enclowmont fvnds Unrestricted lund TOTAL CIIARftY FUNDS 1c, 14, 12,13,14 783.836 783,836 121.674 £ 121,674 £.783.836 £ 905511 789,277 101,152 £ 87n,429 Ihese flrtand l $latemènts were &pprovffcl by t Trni slqned on beh¢)If bjr. .OlJ
SALISBURY DIOCE¥AN CLERGY WIDDWS AND DEPENDANTS FUND NOTE8 TO THE ACCOUNTS FOR THE YEAR ENDED ai DECEMBER 2024 Acothintlng Pollcle$ The a¢tsounlE (finanuial statèrnènts) are pre,pared tsnder th? hlsttirieal cust convthlion wlth It¢mB ro¢ugnlsed &t ¢nst or trwn¥aotlun volup un108B Othe180 in tt10 relevant not&9 to th6se MGcounts. The IEnL4nclal Btal8mants have been prepared in awordano wlth the Statemtrnt of Recommended Practice.. Acaountino Reportlng by Ch8ritifjy pr¢p&ring tholr a¢¢ounis In o¢c¢)rdartce with Ihe Fina[al R&portlng Standard appllG4bl¢ In the UK and Repufjlic of Irèland (FR6 102) effe¢fjve fram 1 J4nuary 2019, the Fin4nci&l Reportlng slandard oppli¢abfe in th& Uniled Kinfjdom and Repub15¢ of Ir¢l?nd IFRS 1W214nd tho Ghorltios Att 2Q11. Th& Ch8rity GonJUttrtO8 4 publTC bfrnsgffl entity as defined by FRS 102. Th8 Irus19ss wnslder that Uierg ara no mat¢rtal un¢?rtalnll¢s ¥bout the Ghariw$ ablllty to c4nthiuts as a golnu oncorn. Th810 4ra no 6ignlfi¢ant aaS of Judgemenl or kèy assumptlort$ Ih4t affect In the a¢counts. With roSP6cI to th& n&xl r&portlng p¥rfod, tho year endad 31 December 2025, Ihg rnt $lynificanl araas of uncèrtalnly that affo¢t th& cojrying value tr)f assets held by the Charity aw thè 5evel ef Inveslmert return and thè parfoM8n¢e of lThvslmont market8. The &Gcwnts du not Indude a cosh flow ¥tat¢mont b¥Aus¢ thè Chartty, a$ 3 small reportjng entlty. l& •xompt from the r¢qulrment to prepare 81Kh a elatement. Unre¥lrl¢ted funds ore avgllablo lor us$ at tha dIsCr10n of thfj Iru8t80s In furthor8n¢¥ of tho generd oblectlves ol the charty and have nol been deslgnated for other purpose8. Endowmènt funds we p8fffnnant Iw$l$ whose Income 1$ Int8nd¢d for th$ benefll ol the thorlty. InrAme Irom endowment funds h unre$lrl¢ted. All income 16 recognlsed once th8 ch#rlty has &ntslltsmant to the Sn¢orn4, there is sufficienl certalnty uf re(xipl and $0 It is probable th8t tho Inccm6 wlll be rec8iv8d, and the amount of Incomo Tgfgivahle can bo mftasurfjd Teliahly, InGame from invsstmonts is InGluded in the year whiGh It is relJbI9. Liabilllles are r6c4)gnlaad as 8xndItUr8 as soon a8 therè Is a boal or wi$tru¢llvè obllg8tton tommlttlng Ihe ttharlty to the eXPertU it 1$ prob?blo Ihat ¢¢ttl¢mèfit wlll bt requlrgd and the amount or tho otllgallon ¢an be measured rollably. All exp?ndiluro 1$ aottounted for on an accr$ basls. )nI¥ payablo are tharggd when the offer is Gonveyed lo Ihe reripient, except in tho$$ cases where the Off is ronrfittonal, in whSch case tho grant would recognl8ed expendlture when the ¢omdltlon$ atlaohlng ara lulfjll¢d. Th expBndlture on th8titatrJle a¥ttvlde$ Inoludgs grants to Indlvidu81s, who ar¢ derw wldDWS or d¥p¥ndants, plus 8UPPQrt C98ts. Support ¢o$t$ have b8&n dlfferèrrtlat8d between governance c08ts &nd cjlher $upport c()$ts. GQV8r.n&n coBt oniwise of all costs Involvli)g tho publio 4ts¢ountabllity pf ¢horiiy ¥rid 51$ rompllanco wlth regulall(In and good pra¢li¢£, Ll¥ied Inve$tn)ents #re slated al maiket value 28 at the balance sheet date. The Stalomenl DI Flnanclal Act5vltl¢3 Indudes the r)et galns and Icisses arlsing rw8Ju¥tion and dlsposgls throuuhout the year. All, gains and Ios8Q8 ar taken to the Stst&m¥nt ol FinanLtal Activtues as they arlso, RoFJlisgd gain6 and lo$s¥B an Inv0$triènts èrt ¢alttulalgd as Ihg différencè batwo•n Sal procgeds and opanlng market value Ipufchase date11 later}. Uwalls¢d galns and1o9£¢3 ar& calculatgd tho dlfference belw88n th8 market V8Ju8 at th8 year End aiid opÈnlng market valu¥ lor purchase tratt If later), Roall$od and unreallgèd gains aro not $¢parat4d In Ihg Stslfymenl of Flnandol ActfvitSe&
8ALI8BURY DIOCESAN CLERGY W41)OWS ANU DFPENDANTS FUND NOTE$ TO THE ACCOUNTS FOR THE YEAR ENDED 31 DE¢EM8ÉR 2024 ash at bank gnd In hond In¢ludes cash on d¢tavaIlable on demand and cash held by Sall8LxJry Dloo88an Board of Flhan¢8. CreditLYS arts re¢Jgnisod whr¢ the ¢hartty ha$ a pr06Ent tjbllgatlon uMIng from a p•st frvonl Ihii wlll probably Yesult In the tranfjfer of funds to ? thlrd porty inc4 the amounl duo lo 8ettle the ¢Jbllgatlon can be me4bur¢d reliabty. Credltor6 aro lloTm£lly reGognl8ed al thair sèttioment amount. Flxed asset Itwe¥lments are a fom of baslc flnanclal Instrument and are 1011Y roco¥n14ed ai thelr ttansM¥tlgn Go8t nd 8ubBequontly In6asured at falr valuo at the Bdlan¢e shèot dale. Inv$stmont galns and losses. whether réa118ed or unr$alised, alp ¢ombined and 8huwn In Iba hbadlno 'Net galnslllos8e8) on Inveslmenis, In th¢ Stotèmenl of flnandal aclivilles. Incomo frtsm donatlon$ Ind l¢y¥¢l¢ 2024 Donation$ 25 25 25 Atl Incom& from dunalioNs in both yearg w&9 unreslrlthd. In¢ome from Dmdénds Intsrest on ¢&sh d6p08 28,611 4,254 26,205 3,288 1 29,443 All incomo from Ihv¢sknenl$ In both yo*8 was unrestrict¢d o¥ts f)f oharitsb10 acti11 INDte 51 Grènls to 1nd1vlduS Bereavement grants 4 12023: 13 want&1 Cllristmas gr#nts O [2023., 31 9,000 10,gQ4 25,78 1,611 9,OIX) £ 1,904 £ 10.9L14 £ 27,379 Support ct)sts are allocated betwèen gtsnt typ&ts bated on the vduo of e8th grant typo award&d in Ihe yoar. All costs ot cFiaiilabk acllvlllo8 In both year8 w¢r6 charged to unro4tdoted funds. Support costs cosis st T?$, p8n$0¥ Diocgsan finan¢i81 management f8• IndopendéTht examiner's fees 2Q8 706 242 737 g(J) 798 900 1,108 £ 796 1,904
3ALI3BURY DIOCESAN CLERGY WIDOWS AND DEPENDANTS FUND NOTES TO THE ACCouNT8 FOR THE YEAR ENDED 31 DECEAIBER 2014 8. Rolalod party trnMa¢llgnx, Iw¥tspTrY' WXPon$os 4nd rnmungratlon attd koy m•h&m&nt per8onnol Th& Lharlty ¢on$idfrr$ its key managomonl p6r80nnel comprls8 th¢ Iru$teés oiid tho clerk. No ttuGt88s r4gc8fvad gny rgmuner9tion durlnll tho yoar12023. £nlll. One tru8t80 r&G8lvÈd rolmburs¢m¢nt oflr4vg1 gxpernsos ol 12Q812Q23- ono trustee £62}. charity had no oth&r relats(I paty tran$acllon$ durfnu the year {2023- £nll), 7. Flxod Inve8tm#nt8 . U$tsd Investrnènts Uiwe.51rthd Endownenl lund8 funds 2024 rr>lal nds Tolpl ILJnd$ Vlérkgt value at 1 J&nuary Npt Snvu$trrnènt gain l {Ip$$l on rovaluatlon 8rt<et v•lue at 31 CJecmbfji' 23,437 769,277 792,714 747,838 £ 23,073 £ 783839 £8Q7,810 792,714 Origin$l ¢cr¥t gt 31 D¥c9mbar 738 £ 218,138 £..220,871 22P.871 Unre1411sed gHins * 31 Dett•mb8r £ 21235 £..PJe¥.703... E 08¢,93A. 571,843 CharitV¥ poll¢y Is to hold &li Its Inveslrnents In the ¢BF ¢huT¢h of Enuland lunds wlth tho 8tm of IDng tm) aopitAI and Incomè growth. A 31 December 2024, tho vrAlue of the Endo4rtnÉ¥nl fund Investments was reprosenled hy 78% In tho Invathent Fund and 22% In thg Property Fund, The Unr¥$trkted fvnd h¢kts 1038.80 CBF Invoslmgnl Fund Incom¢ share8. Tha main rl¥( to the Ch4rlty from fjttantsiil in5trum¥nts Itos In t cornbinatton of unc8rtoln Inv08tmont mark¢ts and volatil&ty In yield. 8. C#h hold by Sallbury Dlowan Board ol Flnanc• Thè Chaty d¢as nut hold 4 bank acoount In hs own nam& Banking fa¢ililes are opprated thmiigh a d&,glgnatsd TNsls AcLount art¢ a soparal8ly d¢signaled CBF D&posil Funct held in the name of Sali$iry Di00n B08rd of Fln4nGg. 9. ¢rndllm: aniouhts falllng duo wlthln ono yr Aeeruals and deferred Incomty 2,414 1.514 10 Movomont Ih fundlng eommltmfrnts for grdntts durfng tho y•ar Grantrommttmènts r8cognisèd #s at 1 January New grant comm7knt& charged lo thè SOFA In year (see Notè 4 Grants pid during Iho year Grarti¥ wmmltments regnI$9d as al 31 Dgcembor Nots g) 25,SOD 26,509 11. AThalplB of clrItabl• fundts aly918 of Funds movemenls ains and Endowment funds Unr¢$lrlGted funds 7fj9,277 101.152 30.89D 870,429 £ 30,890 £ 14,559 536 £ 14,096 7a3,836 121674 905 510 10,90 12 An4lyBl• of ¢h•rllablè funds . pr•vlou# yur Analysis ol Funds movements Endowm4nt fund5 Unrostrleted fund$ 726,433 97,032 29.488 823 4fj5 £ 29.468 £ 42,B44 2,032 £44 876 769,277 101,152 870,429 27,379
8AU8SURY DIOCESAN CLERGY WIDOWS AND DEPENDANTS FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DEGEMBER Z024 13. Analys18 of not•suts balween funds Flxod 4tsts8t Inve$thients Current 8ss6t8 Current liabllilles Total 23,973 100,118 2,414 £ 121,675 Z 783,836 783,836 807,810 100,116 £ U05,511 1& Analy•l$ of not o$sets boiweei) fund8- pravlous year ow Flxed asset Investrnenls Current as8ets Current Ilablllllg5 Total 23.437 79,230 789,277 792,714 79,230 .£ 101153 £ 769,277 15. FInart¢11 InJtrum¢nts Flnanclal as881s mea8urtsd at fair valu8 through prof&t and los$', Inv6slmeiib held 8t falr valu 807,810 £ 807,810 £ 792,714 Income, exponsè, gAlns or losstys. Incliidin9 changets In falr v01ue, r6wgn1¥8d on., Galn8llLo3sesl Dn Flnanclal a$8el$ measurod al lalr ¥alue Intorest on cash deposits Income from Ilsipd investment& 15,096 4,254 28,611 44,476 3,238 26,205 £74,31
SALISBURY DIOCESAN GLERGY WIDOWS AND DEPENDANTS FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE8 FOR THE YEAR ENDEI) 31 DECEMBER 2024 I report to th8 trustees un my £xamlnatlon of Iho ¥cmunts of Iho Samsbury Dl0¢899n Cl¢r9y wi¢ows aNI Dependgnts Fund Ilhe Tru$l) frtr thb ytar ended 31 De¢emt)er 2024, whl¢h af¢ set out tsn pagE$ 3 to 7. RpSPonstbllltl•8 btlE ol report Ag Iho charity tru8teos of the Twst you oro responlblg for the propaT•tlori of the arxounl& In g¢cordanc8 wllh th6 rBqulr?ments of th& Charttlos Act 2011 (lhg Act,). l Teport In rospBct of my oxamlnaliDn of the Trijsvs a¢coiNrts ¢arrl¥d out under se¢llon 1¥ of tho 2011 Ad and in ¢arrylng out my wimlnatlon I follow•d au th& appl1ble Dlrection$ glven by tht Charlty Commi&slon und&r 8Bcdon 145(6llb) ol tho Attt. Ind¢ppndÈnt examlner'ts ¥tatvmont I have Compléted my ex8mlnallon. l ihal mater[81 matt$ h8Va my attenllon in c4)r(n8dl(m wfth th8 xamlnetlun glvlng me o4u8e tu b1¢ that Sh gny morlal w5pe¢t: aG¢ounllng rocoids were not kept ift respoct of the Tru8tas fequlred ljy s?olion 130 of tho Act, vr I th& a15 do not OCGtrrd wlth thtrse r¢¢of<l& or the a¢zounts do not comply wtth the appllerlbl? requlr•ment8 aoncfjmlng the fomi and ¢ontwnt of aceDunts s oul in the ChaTiIi08 tAccount8 Bnd Report&) Regulations 20DY other than any requlremènl Ihgt th& xmunts glvg a Iru• and falr eW whlch Is not A mattar consldered as part of 8n indepgndent examlnatlon. I have no c(Jncèms and hovo ¢¢Jmè ae106s no oth81 m7Lt¥r In Gonngdion wlth th8 8xainlnaOon to whlch attenllcsn should be drawn In th16 report In order to ¢nablg a proper undèrslandlw of the aocounls lo be reachèd. Mrs N A Hdls FCA Flelrhèr & Partners crown Chambers Bvidge Slreet Salrsbury