Charity number 1098982 ## **CARLISLE DIOCESE RETIRED CLERGY and DEPENDANTS FUND** ## **TRUSTEE’S ANNUAL REPORT FOR THE YEAR ENDED 31[st] DECEMBER 2021** The Trustee presents the combined Trustee’s report, together with the financial statements, for the year ended 31[st] December 2021. ## **Reference and Administrative Details of the Carlisle Diocese Retired Clergy and Dependants Fund** The Carlisle Diocese Retired Clergy and Dependants Fund is registered with the Charity Commission number 1098982. Its principal office is at Church House, 19-24 Friargate, Penrith CA11 7XR. The trustee throughout the year and at the date of approving this report was the Carlisle Diocesan Board of Finance Limited, a registered charity number 251977. A full list of the directors and trustees of the Carlisle Diocesan Board of Finance Ltd is given in its annual report and financial statements filed with the Charity Commission and Companies House. ## **Structure, Governance and Management** The Carlisle Diocese Retired Clergy and Dependants Fund is governed by its declaration of trust dated 1[st] May 2003. The trustee is constituted as a charitable company limited by membership guarantees. The sole trustee is determined by the trust deed. Full details, including the results of the Retired Clergy and Dependants Fund, are included in the audited financial statements of the trustee. ## **Objectives and Activities** The trustee has considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance for charities on the prevention or relief of poverty. The Retired Clergy and Dependants Fund provides for the relief of poverty by assisting retired clergy, licensed lay workers or deserted spouses of clergy who reside or served in the Diocese of Carlisle and their dependants by the provision of grants and loans. ## **Achievements and Performance** During the year grants totalling £13,875 were paid to assist 8 retired clergy or their dependants. In addition, 385 retired clergy or their dependants were provided with a grant of £70 each at Christmas. The total value of grants paid was £26,945 and was funded from investment income of £33,957 and a contribution from the G & A Bennett Trust of £13,965. ## **Financial Review** At the 31[st] December 2021 the balance on the capital fund of the Retired Clergy and Dependants Fund was £1,477,942, an increase of £161,864 – as a result of increases in the valuation of investments. The accumulated income was £11,646 – funds are held to cover the payment of any grants approved the following year before the receipt of further income. Derek Hurton On behalf of Carlisle Diocesan Board of Finance 25[th] October 2022 Charity number 1098982 |**31 December 2021**|**31 December 2021**||**2021**|**2021**||**2020**|**2020**| |---|---|---|---|---|---|---|---| ||||**1 Jan - 31 Dec**|||**1 Jan - 31 Dec**|| |**Revenue Fund**|||||||| ||||||||| |**Income**|||||||| |Gain from House Sale|||||||| ||||||||| |Legacies||||**2,000**|||**-**| ||||||||| |Contribution fromG &A BennettTrust|||||||| ||Clergy Christmas Grants|||**13,965**|||**17,934**| ||||||||| |Investmentincome|||||||| ||Dividends onCBF PropertyFund shares||**2,636**|||**2,698**|| ||Dividends onCBF Inv Fund shares||**31,276**|||**30,202**|| ||DepositFundInterest||**45**|||**839**|| ||Other Income||**-**|||**-**|| ||||||||| |||||**33,957**|||**33,739**| ||||||||| |**Total Income**||||**49,922**|||**51,673**| ||||||||| |**Less Grants Paid**|||||||| ||Clergy Christmas grants (net of write-backs)||**26,945**|||**31,070**|| ||Othergrants (perschedule)||**13,875**|||**8,350**|| ||Retired ClergyAssocMeetings||||||| ||Expenses||**570**|||**1,522**|| ||||||||| |||||**41,391**|||**40,942**| ||||||||| |**Net Income/(Expenditure)**||||**£8,531**|||**£10,731**| ||||||||| |Balance broughtforward1.1.21||||**3,115**|||**( 7,616)**| ||||||||| |**Income Balance Carried Forward 31.12.21**||||**£11,646**|||**£3,115**| ||||||||| |**Represented by:**|||||||| ||||||||| |CBF DepositFund||||**35,124**|||**21,168**| |CBF InvestmentFund||||**22,776**|||**22,776**| |CashatBank/ Owed toDBF||||**( 46,254)**|||**( 40,829)**| ||||||||| |||||**£11,646**|||**£3,115**| ||||||||| |**Capital Fund**|||||||| ||||||||| |Balance broughtforward1.1.21||||**1,316,078**|||**1,249,503**| ||||||||| |Increasein investmentvalues||||**161,864**|||**66,575**| ||||||||| |**Capital Balance Carried Forward 31.12.21**||||**£1,477,942**|||**£1,316,078**| ||||||||| |**Represented by:**|||||||| ||||||||| |ClergyHouses||||**145,296**|||**145,296**| |CBF PropertyFund (41,317.26 Shares)||||**61,096**|||**53,469**| |CBF InvestmentFund (52,626.11Shares)||||**1,209,629**|||**1,055,392**| |CBF DepositFund||||**36,921**|||**61,921**| |CashatBank/ Owedfrom DBF||||**25,000**|||**-**| ||||||||| |||||**£1,477,942**|||**£1,316,078**|