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2020-12-31-accounts

2020

Report and Financial Statements For the year ended 31 December 2020

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Our report is printed on FSC® certified paper from well-managed forests and other controlled sources. It is produced using vegetable-based inks.

Contents

Trustees’ Report
A message from the Treasurers 2
The Charity in numbers 4
Objectives, activities and public beneft 5
Achievements, performance and future plans 6
Governance 9
Financial review 12
Reference and administrative details 14
Statement of Trustees’ responsibilities 15
Financial Statements
Independent auditor’s report to the Trustees 16
Statement of fnancial activities 18
Balance sheet 20
Statement of cashfows 21
Notes to the fnancial statements 22

Charity registered in England & Wales Charity number 207736

Patron: Her Majesty The Queen

Honorary Presidents: The Archbishop of Canterbury The Archbishop of York The Bishop of London The Bishop of Worcester (as Lord High Almoner) The Lord Mayor of the City of London

1 Dean Trench Street Westminster London SW1P 3HB

Tel: 020 7799 3696

Email: help@clergysupport.org.uk Website: www.clergysupport.org.uk

Clergy Support Trust 2020 Report and Financial Statements

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Trustees’ Report For the year ended 31 December 2020

A message from the Treasurers

2020 has been a year like no other, and Clergy Support Trust is not alone in the ways it has been affected.

The COVID-19 pandemic has meant substantial change and challenge for all of us, and for society at large. In tackling that, clergy and their families have truly been at the front-line, often working harder than ever in, with and for their communities, through an unprecedented, unpredictable and frequently unpleasant period.

It has been a privilege to lead a charity which supports and serves those who, through their life-changing and life-affirming ministry, support and serve so many others.

We are pleased to say that the Charity has weathered the storm well, and commend this Report to our Governors, beneficiaries and supporters.

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The Charity has continued to deliver its 2019-22 strategic plan, while being innovative and creative in response to the current climate and our understanding of our beneficiaries, not least by deciding to increase the number of Emergency Grants available from two per year, per applicant, to three. Similarly, with so many ordinations postponed, we were pleased to be able to support ordinands with title posts identified. We are very glad that our ‘brand recognition’, following our name change in 2019, has continued to improve, and that we made more grants in 2020 than in any previous year (2,467; 1,608 in 2019). The number of beneficiaries supported increased as well; we were privileged to help 1,318 households (1,071 in 2019).

Throughout this period, our staff have – like so many others across the world – been working remotely, and we have been impressed with the energy and commitment they have demonstrated. As well as continuing to execute an ambitious and ever-growing grants programme, they have worked to develop new relationships through which we can offer an increasing range of support services to clergy and their families. A highlight of 2020 in this area was the launch of a partnership with Sleepstation, providing cognitive behavioural therapy to counter insomnia, for which the take-up has been significant.

In response to the increased demand we have been experiencing for some years, the team has grown with the addition of two new Grants Officers. We also welcomed, in October 2020, a new Chief Executive. Ben Cahill-Nicholls joined the Charity in succession to Jeremy Moodey, who achieved a huge amount in his three-and-a-half years with us, not least leading our successful rebrand. Like Jeremy, Ben is training for self-supporting ministry in the Church of England; once ordained in 2021, he will continue to work with the Charity alongside a parish curacy. We are confident that he will continue Jeremy’s unremitting focus on our beneficiaries, and ensure we serve them ever better.

Readers of this Report will be unsurprised to note the fluctuations in investment income which, like so many charities, we experienced in 2020. We are pleased to state that, thanks to the efforts of our Investment Committee and our four fund managers, we remain in a very healthy position, well-equipped to meet the further demands which 2021 will doubtless bring. Details of investments and investment performance can be found on pages 15 to 16. After the regretful cancellation of the 2020 Festival – again due to the pandemic – we were adamant that the 2021 service would go ahead in one form or another, and we were delighted to host the first Online Festival in the Charity’s history on 11 May 2021. By creating a virtual event, truly inclusive of the Charity’s geographic diversity, we aimed to include many elements of the Festival which we have all grown to know and love, while ensuring the safety of the Charity’s supporters, beneficiaries, staff, Governors and Trustees as they joined us from their own homes.

No organisation, whatever its financial and programmatic strength or rich heritage, can ever be fully sure of its future. We are confident, though, that Clergy Support Trust has dealt very well with the remarkable challenges presented by 2020. That would not have happened without the commitment of our fellow Trustees and Governors, staff, Festival Stewards, and other supporters, to whom we are extremely grateful. The Charity will continue to do whatever it can in support of those outstanding people who have themselves done so much, for so many, during the last year.

The Revd Canon Simon Butler The Revd Canon Roxanne Hunte Senior Treasurer Treasurer

Richard Farmbrough Treasurer

Clergy Support Trust 2020 Report and Financial Statements

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Trustees’ Report For the year ended 31 December 2020

The Charity in numbers

----- Start of picture text -----
Grants expenditure (£m) Total funds (£m) Number of beneficiaries
(excluding organisations)
-15% -1% +23%
2020 2020 2020
3.13 114.8 119.7 118.6 1,318
105.1
2.66 2.65 103.3
2.46 2.43 2.58 91.4 992 1,033 1,052 1,071
905
Charitable spend as % 2020 Grants spend
of total spend (%) by beneficiary type (£k)
Serving clergy
£1,985k
Retired clergy
-1% £2.65m
£244k
Divorced & separated
2020 2020
spouses
£131k
91.5 91.6 91.5 91.6 93.5 92.7 Ordinands
£122k
Widow(er)s
£80k
Organisations
£90k
1. Within each beneficiary group included in this chart, family members (including partners,
spouses and children) can also benefit from the Trust’s support.
2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020
2015 2016 2017 2018 2019 2020
----- End of picture text -----

  1. ‘Serving clergy’ includes those with Permission to officiate (PTO).

The above figures are taken from the audited results for the Charity for the years from 2015 to 2020. Further commentary on the 2020 results can be found

in the ‘Financial review’ section on pages 15 to 16. In the pages that follow, we give details of what we achieved in 2020, and set out our future plans.

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Trustees’ Report For the year ended 31 December 2020

Objectives, activities and public benefit

Clergy Support Trust (“the Charity”) is a charity set up by Royal Charter dated 1 July 1678 (subsequently revised) and registered in England & Wales (number 207736). The Charity is governed by a board of Trustees (“the Trustees”), known under the Royal Charter as the Court of Assistants.

The Trustees are pleased to present their Annual Report, together with audited financial statements, for the year ended 31 December 2020.

Objects and principal activities of the Charity

The Charity was originally established in 1655 by sons of clergymen, to raise funds for destitute Anglican clergy who had lost their livings under Oliver Cromwell. The current objects of the Charity were established in 2012 through Charity Commission Schemes and an Order in Council as part of the amalgamation, effective 1 January 2013, of the Corporation of the Sons of the Clergy and the Friends of the Clergy Corporation, which itself was incorporated by Act of Parliament in 1849. The objects were further amended by an Order in Council effective 15 November 2017 and now read as follows:

‘The Charity shall apply the clear yearly income and at its discretion the whole or part of the property of the Charity for the public benefit in providing assistance to beneficiaries, whether directly or indirectly, in such manner as and by such means as the Court of Assistants from time to time in their absolute discretion think fit for the relief or prevention of poverty or hardship or for the relief of illness, and the promotion of health, whether physical or mental. “Beneficiaries” means members of the clergy, ordinands and the spouses, former spouses, children and dependants of living or deceased members or former members of the clergy or ordinands.

The main focus of the Charity at present is to provide assistance in the form of discretionary cash grants to serving and retired clergy in the Church of England, the Church in Wales, the Scottish Episcopal Church and the Church of Ireland, together with the dependants of such clergy. In addition, we provide support to those training for ordained Anglican ministry (ordinands).

Grants are made at the full discretion of the Charity to beneficiaries in the furtherance of the objects. Applicants for financial support grants are asked to complete an application form giving details of their household’s financial circumstances and the Charity takes this information into account when considering applications and awarding grants. Applications for health-related grants are usually assessed by the Charity’s medical adviser, a retired General Practitioner.

Increasingly, the Charity also offers non-financial support to the same group of beneficiaries, such as counselling for debt relief, access to an online theological library, and cognitive behaviour therapy for insomnia. Such services are delivered primarily through partner organisations; more information is included under ‘Achievements, Performance and Future Plans’ below.

Public benefit

In carrying out these activities the Trustees have complied with the duty under section 17(5) of the Charities Act 2011 to have regard to the Charity Commission’s guidance on public benefit, and they are satisfied that the Charity fulfils its fundamental objects and so provides public benefit.

Volunteers

The Trustees are the only volunteers directly involved in the work of the Charity. All Trustees give their time voluntarily and receive no personal benefit from the Charity. Further information on the Trustees is included in the Governance section below. Details of Trustees’ expenses reclaimed from the Charity are set out in Note 9 to the financial statements.

Clergy Support Trust 2020 Report and Financial Statements

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Trustees’ Report For the year ended 31 December 2020

Achievements, performance and future plans

Progress against strategic aims

In March 2019, we launched a new four-year strategy centred around the following key objectives:

  1. To increase awareness of our work among beneficiaries and other stakeholders, and increase the number of people who come to us for help.

  2. To at least double the number of beneficiaries we support each year from the 2018 level of 547*.

  3. To develop a greater understanding and measurement of our charitable impact , and to communicate this to all stakeholders.

  4. To improve our internal governance , most particularly by having an updated Royal Charter and by renewing the board (Court of Assistants) and making it more diverse.

  5. To focus more on strategic partnerships – clearly defining areas for potential new partners to help us deliver our charitable goals.

  6. To begin the process of diversifying income beyond investment income through targeted legacy and other fundraising campaigns.

*figure excludes Ordinands

Despite the challenges presented by COVID-19, to both the Charity and its beneficiaries, we are delighted to report that good progress has been made against these critical aims. The narrative here contains details of that progress, as well as a summary of future plans.

Grant-making (Objectives 1 and 2)

2020 saw us continue to provide cash grants to Anglican clergy, and their families, as our principal charitable activity. Having introduced new grants criteria in 2019, we were delighted to support increased numbers of beneficiaries this year, and to approve a record number of grants: 2,467 grants to 1,318 individual households (2019: 1,608 grants to 1,071 households), meaning that the target in Objective 2 has already been met and exceeded. Inevitably, the COVID-19 pandemic meant some areas of activity were more significant than others, and this is considered further in the narrative below.

It should be noted that comparisons with 2019 statistics cannot tell a complete story, for two reasons. Firstly, the impact of the pandemic on clergy and their families cannot be fully analysed and understood while we are still living under restrictions. Secondly, the criteria are still fairly new (introduced only in July 2019) and, as such, another full year’s data will provide for greater comparison. These caveats notwithstanding, the numbers

below do show important and pleasing progress against our strategic aims.

Wellbeing grants - £761k (2019: £549k) Despite Government restrictions on movement within and outside the UK and Ireland, holiday grants continued to prove popular (£497k) and we anticipate further growth in this category as restrictions ease through 2021, and as clergy and their families need to rest and recuperate after the last year’s challenges. We have also seen an increase in fitness and leisure grants; again, given the positive impact of such activities on mental health, we anticipate further growth in 2021.

Financial support grants - £699k (2019: £1,976k), plus £49k of debt relief Financial support grants are made to serving or retired clergy households where the stipend, pension or other household income are insufficient and where there is an identifiable financial need. We means-test such applications using the Joseph Rowntree Foundation’s Minimum Income Standard, a benchmarking methodology which takes into account net household income, composition and housing costs. For serving Anglican clergy, we add a percentage uplift to this benchmark, to take into account the specific costs associated with ministry.

The apparent significant decrease in this area is somewhat due to previous grants criteria (2019), where the majority of grants provided were categorised as ‘financial support grants’. In 2020, under new criteria, we saw this balanced out with significant growth in other grant categories. This shift also represents a change in our way of working, aiming to provide support at lower levels in more situations, and thus help more people. Our aim is to provide help which results in positive impact at the time it is needed, whether preventative in nature or support at crisis point. We have purposely moved away from the ‘once a year’ application process, as this does not meet genuine needs which may occur throughout a particular year. Further analysis of the impact of COVID-19 on this grant category will be undertaken once suitable distance from the pandemic has been achieved.

Emergency grants - £571k (2019: £194k) Emergency grants are available for eligible applicants for a range of unexpected costs that may place a burden on household budgets. Grants are up to a maximum of £500 and households may apply for up to two grants in any twelvemonth period; in March 2020, in response to the pandemic, the decision was taken to increase this temporarily to three grants. The simpler application process and quick turnaround times for emergency grants have proven extremely popular amongst beneficiaries in times of need, leading to this category accounting for almost half of all grants awarded in 2020. Technology grants have, perhaps unsurprisingly given the increase in online worship and home-schooling, proven particularly popular (£136k).

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Health - £395k (2019: 208k) Talking therapies were the largest single area of Health spend in 2020 (£94k) and, as considered below, applicants continue to feed back that provision of specialist support in this area, through a partner organisation, should be an area of focus for 2021.

As well as these core area of grants for individuals and families, we supported a further 250 people through four organisational grants . These differ from our strategic partnerships, which are considered below: the latter are effectively sub-contracted service providers offering specialist support to beneficiaries who approach us, whereas organisational grants are donations to other charities which prioritise, and make a difference to, clergy wellbeing. The largest of these, in 2020, was £52,110 to the College of St Barnabas.

Our marketing and communications efforts are key to meeting our first strategic aim, and have continued to strengthen during 2020. Without the annual Festival – traditionally a lynch-pin of our external relations agenda – we have been creative in ensuring that our ‘brand recognition’ continues to grow, evidence of which is not least in the increased number of people supported this year, and the increased engagement with our social media channels. The 2021 Festival, held online as restrictions continued, offered vibrant new video content for our future marketing and was viewed by a large number of people, including new audiences.

Impact (Objective 3)

Measuring impact is critical for any charity, and the Trust has continued to make important strides in this field. In January 2021, we sent a comprehensive impact survey to 1,115 beneficiaries who we had supported in 2020. We were delighted to have a 47% response rate. Of those who responded, 39% were first-time beneficiaries, with 61% having received support from the Trust before. Analysis of results reveals that the Trust’s support enabled:

This year, our survey asked beneficiaries which other services they would like the Trust to consider offering. This provided 144 answers which will enable the team to build future programmes in direct response to beneficiary suggestion, proving the survey’s value for planning as well as impact assessment. Key areas mentioned were mental health, financial planning and advice, and services for retired people. Many free-text answers noted the lifechanging impact the Trust can have.

Governance (Objective 4)

We continued to strengthen the Court of Assistants in 2020, and to improve its diversity. We were sorry to say goodbye to The Venerable David Lowman, lately Archdeacon of Chelmsford, and to The Right Revd Tim Thornton, Bishop at Lambeth, who were thanked at the Annual Assembly for their service to the Charity. At the same Assembly, we were delighted to be joined by three new Trustees whose personal and professional backgrounds increased our perspective and diversity: Constance Chinhengo, a senior manager at the Financial Ombudsman Service; Stephen Slack CBE, formerly Chief Legal Adviser to the Archbishops’ Council and General Synod; and Robert Hughes-Penney, an investment director and Alderman of the City of London.

Having completed a full Governance Review in 2017, and an external Board Effectiveness Review in 2019, the Court this year focused on further enactment of its recommendations at committee level. The Charity’s own assessment of its governance, as identified in the external review, is largely positive and we are pleased to have taken steps, in response to that review, to increase diversity on the Board. Further work in 2021 will include reviewing the Treasurer roles and our committee structure.

The major revision of our 1678 Royal Charter, much of which was no longer fit for purpose as a modern charity constitution, came to its conclusion in February 2020 when Her Majesty The Queen approved its replacement by means of an Order in Council. The registered name of the Charity (The Governors of the Charity for Relief of the Poor Widows and Children of Clergymen), its charitable objects and unincorporated status remain unchanged, but in most other respects the revised Royal Charter closely mirrors the model articles for a charitable company as recommended by the Charity Commission.

Partnerships (Objective 5)

We know from beneficiary feedback, and from the growth we continue to see in our core activity, that financial support is needed by many serving and retired clergy, and their families. It is a privilege to offer this. However, we are increasingly and evermore aware that clergy and

Clergy Support Trust 2020 Report and Financial Statements

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Trustees’ Report For the year ended 31 December 2020

Achievements, performance and future plans (cont.)

their dependants face many challenges which cannot be met with financial support alone. As such, we continue to embark on an important programme of strategic partnerships through which we can offer a wider range of support services to our beneficiaries. Through our impact surveys and other means, we ensure that these services are designed in response to real, identified need.

Since September 2018, we have run a free digital Library resource in partnership with SPCK Publishing, to whom we pay a fee dependent on the number of eligible beneficiaries who sign up. The resource, which makes available over 1,000 books from the SPCK and IVP back catalogues, proved very popular with theological education institutions; by the end of 2019 we had extended the resource to curates-intraining as well as ordinands. We are delighted that some 1,820 people used this service in 2020, almost double the 2019 figure of 924.

During the pandemic, we launched a new partnership with Sleepstation, initially for serving clergy and their spouses/ partners only, which provides cognitive behavioural therapy to combat insomnia. We have seen pleasing take-up of this service (90 registrations and 34 CBT licences allocated), which was therefore extended to all beneficiary groups (including ordinands) in 2021. We have continued our partnerships with CMCU, StepChange Debt Charity and The OT Practice; although operating in more specialist areas, these have provided extremely valuable support to a further eighteen beneficiaries during 2020.

In responding to our impact surveys, clergy and their families tell us that mental health is a key area of concern – one surely exacerbated by the isolation, stress and overwork of the pandemic. As such, we have ambitious and exciting plans to deliver new counselling, coaching and mental health support services through strategic partnerships in 2021, in addition to our current offer. We will continue to work hard in developing specialist support for our beneficiaries, and in direct response to their feedback, ensuring that Clergy Support Trust truly is the ‘go-to’ destination for those in all kinds of need.

Diversifying income (Objective 6)

The COVID-19 pandemic ensured the full focus of the Court and staff on continuing to serve our beneficiaries, and on continuing to be an effective, efficient organisation despite the challenges of remote working. Conscious of the very dramatic impact of the pandemic on many charities, fundraising did not seem the priority focus given the Trust’s significant investment portfolio. For these reasons, progress against the sixth strategic aim has been limited in 2020, although we were pleased and honoured to receive a number of generous donations and legacies.

However, we are equally conscious that our significant

funds are only because of the efforts of previous generations and, as such, we will approach fundraising with renewed energy as we move out of the unique challenges of 2020. The recruitment, in 2021, of a new Head of External Relations will ensure considerable progress in this important area.

The Charity did not, in the past year, contract the services of any professional fundraisers, although meetings were held with specialist consultants as we progress our plans for a dedicated legacy programme. During the course of the year we did not receive any complaints about our fundraising practice.

Plans for the future

As restrictions gradually ease and the world looks to its post-pandemic future, the Charity remains committed to its historic core mission, and similarly remains focused on further achievement against the strategic aims outlined above. We have begun work on our next strategy, which will run to 2025 and continue the exciting direction of travel embarked upon since our rebrand and introduction of new grants criteria in 2019.

Grant-giving will always be at the heart of Clergy Support Trust’s work. As noted above, however, the pandemic – not least through the responses to our impact survey, and the many conversations we are privileged to have with beneficiaries – has reinforced that not all challenges met by clergy and their families can be eased with financial support. We are conscious that, as our name suggests, the Charity exists to support clergy and their families in various ways and, as such, we will continue to work hard on expanding our non-financial support. Next year, we expect to report on significant new initiatives, delivered primarily through partnerships in line with Objective 5 above. We are conscious, too, of ways in which some challenges could be prevented by earlier intervention and, as such, we plan to develop new ways in which we can help clergy and their families to plan, for example in finance, and in which we can support those at the start of their ministry. As part of this, understanding our own unique data-set and the implications of that for research and thought leadership – while maintaining the confidentiality which is so important to us and those we serve – will be central.

In more operational terms, the Charity will continue to develop its external relations work, ensuring that we reach more people, and will consider its working cultures and practices in the ‘post-COVID’ world, having experienced the benefits and challenges of full-time home-working. As noted above, we will seek to advance our fundraising plans in the coming year, building on the success of the first online Festival, on 11 May 2021.

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Trustees’ Report For the year ended 31 December 2020

Governance

Court of Assistants

The overall management of the Charity is vested in the Court of Assistants (“the Court”), which consists of the Trustees of the Charity. The Trustees who served during the year and up to the date of this report are listed under ‘Reference and Administrative Details’ on pages 17 to 18. The Court met seven times in 2020 in order to conduct the principal business of the Charity, including a joint ‘away-day’ with staff in January 2020.

The members of the Court are elected each year by the Governors of Clergy Support Trust at the Annual Assembly, previously known as the Annual General Court, in accordance with the Royal Charter. The officers of the Charity, known as the Treasurers, are also elected by the Governors at the Annual Assembly.

The Court delegates some of its responsibilities to four committees with agreed terms of reference which are reviewed annually. The committees met as follows during 2020:

Trustee recruitment and induction

The Trustees keep their membership under review in order to ensure a wide and relevant representation among their number. New members are normally recruited based on their skill-set and professional experience, in order to bring to the Court people who not only have expertise that is needed, but who are also sympathetic to and passionate about the work of the Charity. The Trustees also consider issues of diversity and inclusion when considering new members, including the Charity’s geographic reach. All new Trustees are provided with an induction which includes meetings with one or more of the officers of the Charity and the Chief Executive, and the provision of relevant background documentation.

The Trustees also appoint a number of committee advisers with expertise in particular areas of the Charity’s operation; these advisers attend relevant meetings but are not Trustees. During 2020, there were two such advisers to the Investment Committee – Bill Seddon and Kerry Hugh-Jones – and one to the Grants and Partnerships Committee – Dr Mayo Jolaoso. There are also two specialist advisers who provide additional resource and expertise to the Court and staff on matters relating to health – Dr Christopher Trower – and to education – Andrew Trotman.

Trustee attendance

The table overleaf sets out the attendance of Trustees at meetings of the Court and its committees during 2020.

Clergy Support Trust 2020 Report and Financial Statements

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Trustees’ Report For the year ended 31 December 2020

Governance (cont.)

Court of Assistants 1 Commitees2 3 Commitees2 3 Total
Total Atended Total Atended Total Atended
The Revd Canon Simon Butler4 6 7 7 6 10 6 17 12
Mr Adam Chamberlain6 7 6 4 3 11 9
Ms Constance Chinhengo9 1 1 0 0 1 1
Mr Martin Cooper7 7 4 4 4 11 8
The Revd Dr Jack Dunn4 7 6 6 5 13 11
Mr Richard Farmbrough4 7 7 6 6 13 13
The Revd Nancy Goodrich5 7 7 4 4 11 11
Mr Jeremy Hargreaves4 7 7 6 10 9 17 15
Mr Stephen Hogg7 7 7 4 4 11 11
Alderman Robert Hughes-Penney9 1 1 0 0 1 1
The Revd Canon Roxanne Hunte7 7 6 4 4 11 10
Mrs Jackie Jordan5 7 6 4 4 11 10
The Revd Canon Wendy Kennedy5 7 7 4 4 11 11
The Venerable David Lowman5 8 6 5 4 4 10 9
Mr Jonathan Prichard4 7 10 7 4 10 3 17 7
Mr Stephen Slack9 1 1 0 0 1 1
The Right Revd Tim Thornton5 8 6 0 4 0 10 0
Mr Patrick Walker6 7 7 6 8 8 15 14

  1. Substantive Court meetings only, including January 2020 offsite

  2. Excludes working groups

  3. Excludes Treasurer ex officio membership, unless designated ‘lead ex officio’ for that committee 4. Governance Committee

Grants & Partnerships Committee Investment Committee

Risk, Audit & Finance Committee

Retired from the Court in November 2020

  1. Elected to the Court in November 2020

  2. Members of the Court were gratified to hear positive news of Mr Jonathan Prichard’s health after he took time out during the year for a course of treatment.

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Executive management and organisational structure

The day-to-day management of the Charity is delegated to the Chief Executive, Ben Cahill-Nicholls, whose Senior Leadership Team additionally consists of the following two directors:

For most of 2020, the Chief Executive was Jeremy Moodey, who announced his intention to retire in January 2020. Following an extensive search and appointment process, led by the Trustees and a well-regarded external consultancy firm, Ben Cahill-Nicholls was appointed as Jeremy’s successor in July 2020, and joined the Charity in October. Like Jeremy, Ben is a candidate for selfsupporting ordained ministry in the Church of England, hoping to be made Deacon in 2021. He was previously Deputy Director of the Serco Institute and Foundation, and held senior management positions in the state and independent education sectors.

Key management personnel

The key management personnel of the Charity in 2020 comprised the Members of the Court of Assistants, the Chief Executive, and the Directors of Charitable Services and Central Services. The total employee benefits of the key management personnel of the Charity are disclosed in Note 9 to the financial statements. Remuneration and benefits for executive management are set by Trustees on the basis of peer sector benchmarking and annual cost of living adjustments. There is currently no performancerelated pay scheme in operation.

income or statutory funding. None of the Charity’s activities is subject to external regulation (other than by the Charity Commission) and the Charity does not engage in any regulated activities for Safeguarding purposes.

Subject to the above, the three main risks identified by Trustees as potentially impacting the work of the Charity during 2020 are closely related to those identified in our 2019 Annual Report:

Principal risks and uncertainties

Trustees and management regularly review the major risks to which the Charity is exposed and consider how these might be mitigated. A detailed Risk Register is kept constantly under review by Trustees and management. In general, the activities of the Charity are not subject to major risk. Income is derived from a diverse portfolio of investments and charitable expenditure is largely discretionary, so could be scaled back if income fell below expected levels. There is no over-reliance on donated

Clergy Support Trust 2020 Report and Financial Statements

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Trustees’ Report For the year ended 31 December 2020

Financial Review

Unless otherwise stated, figures are expressed in m (millions) or k (thousands).

Total income for the year amounted to £3.67m (2019: £4.27m). The decrease year-on-year reflected the impact of the COVID-19 pandemic on our investment income, which fell by nearly 20%. Total expenditure amounted to £3.73m (2019: £4.34m). Whilst the number of grants awarded increased by 859, representing an increase of 53%, grant expenditure of £2.65m was £476.6k lower than 2019. Further information on our grant expenditure can be found in Note 7 to the financial statements and also under Grant Making on Page 6 of the Trustees’ Report.

Support and governance costs of £281k were down on the 2019 figure of £446k because the latter included £113k of office refurbishment costs. Considerable savings were also made as a result of the staff working from home, cancellation of the annual Festival and the holding of online meetings for most of 2020. Staff costs of £542k were higher than the previous year (2019: £500k) as a result of two part-time staff being replaced by two full-time staff. The overall net deficit before net loss on investments was £60k (2019: net deficit of £71k) and reflected a planned policy of Trustees to begin a period of operating deficits after many years of annual surpluses. After taking the net loss on investments into account, total funds at year-end decreased by £1.1m (2019: increase of £16.4m).

Investments and investment performance

The main source of income for the Charity continues to be its investment portfolio. The Charity’s Statement of Investment Policy is reviewed annually by Trustees, and the Investment Committee reviews the performance of the Charity’s investment managers on a regular basis, together with asset allocation and overall strategy. The Charity adopts a long-term approach to investment, seeking to achieve the best possible total return within an acceptable level of risk. The Charity’s investment objective over the medium-term is to achieve a total return which outperforms the rate of inflation (as measured by CPI) by at least 4.0%.

The Charity seeks to mitigate investment risk by having a diversified portfolio managed by four fund managers. The Charities Property Fund (CPF), managed by Savills Investment Management Limited, focuses only on property investments. The portfolios managed by Sarasin (72% UK and overseas equities) and Cazenove (70% UK and overseas equities) have a balanced multi-asset approach while the Charles Stanley portfolio is at present almost wholly (98%) focused on equities. In 2020, UK shares were down 9.8%, but global shares by contrast rose 12.7% in sterling terms. All three of our non-property managers had a reasonable exposure to non-UK markets, so achieved better returns than the UK market, even though Charles Stanley was still down by 2.5%. The Charities Property Fund (CPF) was one of only five property specific funds to post a positive return. All managers outperformed their one-year target, as shown in the relative performance column below, and two were strongly positive overall.

The portfolio values and performance of the four fund managers during 2020 are summarised below. Total investment funds at year-end were £113.7m (2019: £114.9m). Cazenove’s performance benchmark is its longterm (ten-year) target of inflation plus 4%, so not directly comparable to the other benchmarks, which are annual targets. Sarasin’s benchmark is a composite of relevant indices. Charles Stanley’s benchmark is the FTSE All Share index, while the CPF’s benchmark is the AREF/MSCI All Balanced Property Funds Index.

Manager Value of Portfolio Performance Relative
Portfolio Return Benchmark Performance
£ % % %
Cazenove Capital Management1 21,072,629 +7.2 +4.3 +2.9
Sarasin & Partners LLP2 23,928,862 +9.9 +6.8 +3.1
Charles Stanley & Co Limited 58,384,401 -2.5 -9.8 +7.3
Charities Property Fund 10,347,278 +1.3 -1.0 +2.3
1 Charity Multi-Asset Fund
2 Alpha CIF for Endowments

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The annualised three-year and five-year returns for the Charity’s investment managers are shown for information below.

Periods ended December Portfolio Performance Relative Portfolio Performance
Relative
2020 (annualised) Return Benchmark Performance Return Benchmark Performance
3 years 5 years
% % % % %
%
Cazenove Capital Management1 4.9 5.4 -0.5 n/a n/a
n/a
Sarasin & Partners LLP2 8.1 6.3 +1.8 9.3 9.3
0.0
Charles Stanley & Co Ltd 3.0 -0.9 +3.9 9.0 5.1
+3.9
Charities Property Fund 3.5 2.3 +1.2 5.3 3.9
+1.4

1 Charity Multi-Asset Fund 2 Alpha CIF for Endowments

Over the last five years, the overall portfolio has achieved its target return of inflation + 4% per annum, with all its managers above or in line with their own benchmarks. It is also ahead of the ARC Steady Growth Charity Index which measures the results of other Charities.

The Charity also owns three investment properties, together with some agricultural land in Northamptonshire, which had an independently assessed market value at the year-end of £2.5m (2019: £2.4m).

Further information on our investments can be found in Note 12 to the financial statements.

Funds and reserves policy

The Charity’s total funds as at 31 December 2020 were £118.6m (2019: £119.7m) comprising £116.5m of unrestricted funds (2019: £117.6m) and £2.1m of restricted funds (2019: £2.1m).

The unrestricted funds principally comprise a designated investment fund which as at 31 December 2020 totalled £113.2m (2019: £114.5m). The designated investment fund represents the Charity’s unrestricted investment assets held for the long-term to generate income for the Charity’s current and future activities in support of its beneficiaries. Other unrestricted funds at 31 December 2020 included an undesignated general fund of £2.2m (2019: £2.1m) and a designated sum of £0.9m (2019: £1.0m) which represents an amount set aside by Trustees for investment in partnerships and special projects as envisaged in the 2019-2022 Strategic Plan. The designated specific fund of £0.2m represents an amount set aside for the external refurbishment of the office building.

The restricted funds principally comprise the Clergy Orphan Corporation fund, which is restricted to providing financial assistance to children of clergy of the Church of England and of the Church in Wales.

Further details of the designated, restricted and endowment funds held by the Charity can be found in Note 16 to the financial statements.

The Charity’s revised policy on reserves, agreed by Trustees in May 2020, is to hold free reserves (defined as unrestricted net current assets less provisions and excluding any designated funds) sufficient to cover at least three months of forecast operating costs for the current year. As at 31 December 2020 the Charity held free reserves of £1.5m (2019: £1.4m), equivalent to approximately 3.6 months (2019: 4.1 months) of expected operating costs in 2021.

Clergy Support Trust 2020 Report and Financial Statements

13

Trustees’ Report For the year ended 31 December 2020

Reference and Administrative Details

Incorporation and registration

The Charity now operating under the working name of Clergy Support Trust, and known as Sons & Friends of the Clergy until March 2019, was originally founded in 1655 by a group of sons of clergymen. It was later incorporated by Royal Charter in 1678 under the name of the Governors of the Charity for Releefe of the Poore Widdowes and Children of Clergymen.

The Royal Charter was amended in 1971, in 2012 (as part of the amalgamation, effective 1 January 2013, of the Corporation of the Sons of the Clergy and the Friends of the Clergy Corporation), in November 2017 (to amend the Charity’s objects to include the promotion of health) and again in February 2020 (a complete revision of the Royal Charter to bring it into line with Charity Commission guidance). Clergy Support Trust is registered with the Charity Commission for England and Wales with the number 207736.

Trustees

The following were the members of the Court of Assistants throughout 2020 (except as stated below):

The Reverend Canon Simon Butler Mr Adam Chamberlain Ms Constance Chinhengo (from 12 November 2020) Mr Martin Cooper The Reverend Dr Jack Dunn Mr Richard Farmbrough The Reverend Nancy Goodrich Mr Jeremy Hargreaves Mr Stephen Hogg Alderman Robert Hughes-Penney (from 12 November 2020) The Reverend Canon Roxanne Hunte Mrs Jackie Jordan The Reverend Canon Wendy Kennedy The Venerable David Lowman (until 12 November 2020) Mr Jonathan Prichard Mr Stephen Slack CBE (from 12 November 2020) The Right Reverend Tim Thornton (until 12 November 2020) Mr Patrick Walker

Officers and Chief Executive

The officers of the Charity during 2019 were as follows: Honorary Presidents The Archbishop of Canterbury The Archbishop of York The Bishop of London The Bishop of Worcester (as Lord High Almoner) The Lord Mayor of the City of London Senior Treasurer The Reverend Canon Simon Butler Treasurers Mr Richard Farmbrough (from 12 November 2020) The Reverend Canon Roxanne Hunte The Venerable David Lowman (until 12 November 2020) Chief Executive Mr Ben Cahill-Nicholls (from 26 October 2020) Mr Jeremy Moodey (until 26 October 2020)

Registered office

1 Dean Trench Street, Westminster, London SW1P 3HB

Auditors

Buzzacott LLP 130 Wood Street, London EC2V 6DL

Investment advisers/managers

Sarasin & Partners LLP Juxon House, 100 St. Paul’s Churchyard, London EC4M 8BU

Cazenove Charities 12 Moorgate, London EC2R 6DA

Charles Stanley & Co. Limited 55 Bishopsgate, London EC2N 3AS

The Charities Property Fund 33 Margaret Street, London W1G 0JD

Bankers

Messrs C Hoare & Co 37 Fleet Street, London EC4P 4DQ

National Westminster Bank Plc PO Box 3038, 57 Victoria Street, London SW1H 0HN

14

Financial Statements For the year ended 31 December 2020

Statement of Trustees’ Responsibilities

The Court of Assistants is responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Court of Assistants to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the Charity for that period.

In preparing these financial statements, the Court of Assistants is required to:

The Court of Assistants is responsible for adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable it to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the Royal Charter and Act of Parliament under which the Charity is incorporated. It is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Signed on behalf of the Court of Assistants on 8 June 2021.

The Revd Canon Simon Butler Senior Treasurer Treasurer

The Revd Canon Roxanne Hunte

Mr Richard Farmbrough Treasurer

Clergy Support Trust 2020 Report and Financial Statements

15

Financial Statements For the year ended 31 December 2020

Independent Auditor’s Report to the Trustees

Opinion

We have audited the financial statements of Clergy Support Trust (“the Charity”) for the year ended 31 December 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, and the related notes to the financial statements, including the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report and performance review 2020, and the annual report and financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to

16

liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and noncompliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s Trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP

130 Wood Street, London EC2V 6DL

Date: 23 June 2021

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Clergy Support Trust 2020 Report and Financial Statements

17

Financial Statements For the year ended 31 December 2020

Statement of Financial Activity For the year ended 31 December 2020

Notes
Income and endowments from:
Donations and legacies
2
Investments
3
Sale of furniture
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net expenditure before
transfers and investment
(losses)/gains
Net investment (losses)/gains
12
Net (expenditure)/income and
net movement in funds
Total funds brought forward at
1 January 2020
Total funds carried forward at
31 December 2020
16		 Unrestricted
Funds
£
299,147
3,308,037
-
3,607,184
258,190
3,380,089
3,638,279
(31,095)
(1,085,417)
(1,116,512)
117,626,716

116,510,204		 Restricted
Funds
£
12,329
51,816
-
64,145
12,929
79,946
92,875
(28,730)
49,577

20,847
2,053,566

2,074,413		 Total Funds
2020
£

311,476
3,359,853

-
3,671,329
271,119

3,460,035
3,731,154

(59,825)
(1,035,840)
(1,095,665)
119,680,282

118,584,617		 Total Funds
2019
£
127,136
4,132,072
13,694
4,272,902
282,978
4,061,209
4,344,187

(71,285)

16,444,959

16,373,674
103,306,608
119,680,282

All of the Charity’s activities during the above two financial periods derived from continuing operations.

The notes set out on pages 22 to 32 form part of these financial statements.

18

Financial Statements For the year ended 31 December 2020

Statement of Financial Activity For the year ended 31 December 2019

Notes
Income and endowments from:
Donations and legacies
2
Investments
3
Sale of freehold property
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net (expenditure)/income before
transfers and investment gains
Transfer between funds
Net investment gains
12
Net income/(expenditure) and
net movement in funds
Total funds brought forward at
1 January 2019
Total funds carried forward at
31 December 2019
16		 Unrestricted
Funds
£
101,638
4,070,885
13,694
4,186,217
271,239
4,053,149
4,324,388
(138,171)
241,990
16,295,697
16,399,516
101,227,200

117,626,716		 Restricted
Funds
£
25,498
59,510
-
85,008
10,696
8,060
18,756
66,252
-
109,944
176,196
1,877,370

2,053,566		 Endowment
Funds
£
-
1,677

-
1,677
1,043
-
1,043
634

(241,990)
39,318
(202,038)
202,038

-		 Total Funds
2019
£
127,136
4,132,072
13,694
4,272,902
282,978
4,061,209
4,344,187
(71,285)
-
16,444,959
16,373,674
103,306,608

119,680,282

All of the Charity’s activities during the above two financial periods derived from continuing operations.

The notes set out on pages 22 to 32 form part of these financial statements.

Clergy Support Trust 2020 Report and Financial Statements

19

Financial Statements For the year ended 31 December 2020

Balance Sheet For the year ended 31 December 2020

Notes
Fixed assets
Tangible fxed assets
11
Investment assets
12
Current assets
Debtors
13
Short-term deposits
Cash at bank and in hand

Current liabilities
Creditors: amounts falling due
within one year
14
Net current assets
Total assets less liabilities
Provision for winding up
pension scheme
18
Total net assets
Funds
Unrestricted - Designated
16
Unrestricted - Refurbishment fund
Unrestricted - General
16
Restricted
16
Total funds		 £
668,506
116,231,965
154,623
1,174,509
626,805
16		 2020
£
116,900,471
1,955,937
(271,791)
1,684,146
118,584,617
-
118,584,617
114,142,408
200,000
2,167,796
2,074,413
118,584,617		 £
697,999
117,286,909
152,240
1,174,330
582,150		 2019
£
117,984,908
1,908,720
(208,346)
1,700,374
119,685,282
(5,000)
119,680,282
115,517,925
-
2,108,791
2,053,566
119,680,282

The financial statements were approved and authorised for issue by the Court of Assistants on 8 June 2021 and signed on their behalf by

The Revd Canon Simon Butler The Revd Canon Roxanne Hunte Senior Treasurer Treasurer

20

Financial Statements For the year ended 31 December 2020

Statement of Cashflows For the year ended 31 December 2020

Total Funds Total Funds
2020 2019
£ £
Net cash used in operating activities(a) (3,332,942) (4,110,496)
Cash fows from investing activities:
Income, interest and rents from investments 3,359,854 4,132,072
Purchase of furniture and equipment (1,181) (211,659)
Proceeds from sale of investments 5,034,173 9,575,980
Purchase of investments (5,078,012) (9,527,656)
Net cash provided by investing activities 3,314,834 3,968,737
Change in cash and cash equivalents (18,108) (141,759)
Cash and cash equivalents brought forward 1,932,273 2,074,032
Cash and cash equivalents carried forward (b) 1,914,165 1,932,273
Reconciliation of net movement in funds
to net cash used in operating activities
(a) Net (expenditure)/income
for the reporting period (1,095,665) 16,373,674
Adjustments for:
Depreciation charge 30,674 19,523
Income, interest and rents from investments (3,359,854) (4,132,072)
(Gains)/losses on investments 1,035,840 (16,444,959)
Decrease in debtors (2,383) 66,563
Increase in creditors 58,446 6,775
Net cash used in operating activities ( 3,332,942) (4,110,496)
(b) Analysis of changes in net debt
Balance at Change in Balance at
31 Dec 2019 net debt 31 Dec 2020
£ £ £
Cash at bank and in hand 582,150 44,655 626,805
Short term deposits 1,174,330 179 1,174,509
Cash balances held with investment managers 175,793 (62,942) 112,851
1,932,273 (18,108) 1,914,165

The notes set out on pages 22 to 32 form part of these financial statements.

Clergy Support Trust 2020 Report and Financial Statements

21

Financial Statements For the year ended 31 December 2020

Notes to the Financial Statements For the year ended 31 December 2020

Clergy Support Trust (“the Charity”) is a corporation governed by Royal Charter and a charity registered in England & Wales with the registered address of 1 Dean Trench Street, Westminster, London SW1P 3HB. Its principal charitable activity is the provision of financial grants and other support to Anglican clergy households in times of hardship or crisis.

1 Accounting policies

(a) Basis of preparation and assessment of going concern

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Charities Act 2011, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The financial statements are presented in pounds sterling which is the Charity’s functional currency. Unless otherwise stated, amounts are rounded to the nearest £1.

The Charity constitutes a public benefit entity as defined by FRS 102.

Given the Charity’s high level of reserves and the significant balances held in listed investments, the Trustees do not consider the outbreak of the COVID-19 pandemic in early 2020 and the subsequent introduction of containment measures to have created any material uncertainty or risk to the Charity’s ability to continue in operation. They have therefore prepared these accounts on a going concern basis. The most significant area of uncertainty that affects the future carrying value of the assets held by the Charity is the level of investment return and the performance of investment markets, particularly in the light of the current COVID-19 pandemic. See the investment policy and performance and risk management sections of the Trustees’ annual report for more information.

(b)

Funds structure

Details of the various funds held and of the terms on which each of those funds is held are set out in Note 16 to the financial statements.

(c)

Income recognition

Income is recognised in the Statement of Financial Activities when entitlement is both reliably measurable and there is probable receipt. Where income derived from endowment funds is unrestricted this is included within unrestricted funds. Income comprises donations, legacies, income from listed investments and rental income from the Charity’s investment properties.

Legacies are recognised following the granting of probate when the administrator or executor for the estate has communicated in writing both the amount and settlement date. In the event that the legacy is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the legacy being reliably measurable with a degree of reasonable certainty.

Interest on funds held on deposit is included when receivable and notification has been received from the bank. Income from investment funds is recognised once notification has been received from the investment advisors. Dividends are recognised once the

dividend has been declared and notification has been received of the dividend due. Income derived from the letting of the Charity’s investment properties is recognised in the period to which the tenancy relates.

(d)

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis and includes irrecoverable VAT. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

Grants are considered as gifts from the Charity and are made at the full discretion of the Trustees to beneficiaries in the furtherance of the charitable objects of the Charity. In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant award. Deferred grants are grants that have been awarded but are not payable until some future date. Most school fees grants and certain other grants are paid by instalments and some other grants are awarded for payment at a future date.

(e)

Governance costs

Governance costs comprise all costs associated with the strategic as opposed to day-to-day management of the Charity’s activities together with the public accountability of the Charity and its compliance with regulations and good practice.

(f) Expenditure on raising funds

Expenditure on raising funds consists of investment management costs and an allocation of staff costs based on staff time. Investment funds management costs are allocated on the basis of percentage holdings of investments in each of the Charity’s funds. Investment property costs are those relating to the individual properties held in each of the Charity’s funds.

(g)

Expenditure on charitable activities

Expenditure on charitable activities consists of grants made, an allocation of staff costs based on staff time and all support and governance costs. These costs have been allocated wholly to charitable activities as a significant proportion of the Charity’s investments are managed externally and the amount spent on fundraising is insignificant.

(h) Tangible fixed assets and depreciation

Freehold properties are included at cost. No depreciation is provided on such properties as the Charity is an unincorporated charity, and the estimated residual values are considered to be in excess of cost. Regular maintenance is carried out on these properties to mitigate against any indicator of impairment.

All assets costing over £1,000 are capitalised and stated at historical cost. Depreciation is charged on a straight line basis on fixtures and fittings and equipment over their estimated useful life from the year of acquisition of ten, five and three years, respectively.

(i)

Fixed asset investments

Fixed asset investments that are a form of basic financial instrument are initially recognised at their transaction value and subsequently measured at their fair value as at the reporting date using the closing quoted market price.

22

Fixed asset investment properties are measured at fair value at each reporting date.

(j) Gains and losses on investments

All gains and losses on investments are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and transaction value. Unrealised gains and losses for the year are calculated as the difference between the fair value at the year end and the opening carrying value, or the transaction value if acquired in the financial year. Realised and unrealised gains and losses on investments are combined in the Statement of Financial Activities.

(k) Pensions

In accordance with auto-enrolment, the Charity contributes a percentage of salary into a Group Pension Plan, which comprises a series of personal pension plans arranged for the Charity’s eligible employees. The employer contribution levels exceed the minimum levels required under auto-enrolment.

(l) Financial assets and liabilities

The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. With the exception of the fixed asset investments referred to in (i) above, the Charity’s basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

The main form of financial risk faced by the Charity is that of volatility in investment markets due to wider economic conditions.

(m) Key judgements and estimates

The preparation of the financial statements requires the Trustees to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosures of contingent liabilities at the date of the financial statements. If in the future such estimates and assumptions, which are based on the Trustees’ best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change. The Trustees consider the following to be the main sources of estimation uncertainty:

2 Donations and legacies

Donations
Legacies
Donations
Legacies		 Unrestricted
Funds
£
67,076
232,071
299,147
Unrestricted
Funds
£
73,501
28,137
101,638		 Restricted
Funds
£

7,618

4,711

12,329
Restricted
Funds
£

6,749

18,749

25,498		 Endowment
Funds
£

-

-

-
Endowment
Funds
£

-

-

-		 Total Funds
2020

£

74,694

236,782

311,476
Total Funds
2019

£

80,250

46,886

127,136

Clergy Support Trust 2020 Report and Financial Statements

23

Financial Statements For the year ended 31 December 2020

Notes to the Financial Statements (cont.) For the year ended 31 December 2020

3 Investment income

Rental income
Income from investment funds
Bank Interest
Rental income
Income from investment funds
Bank Interest
 Unrestricted
Funds
£
53,808
3,251,675
2,554
3,308,037
Unrestricted
Funds
£
53,804
4,008,931
8,150
4,070,885		 Restricted
Funds
£
11,700
39,932
184
51,816
Restricted
Funds
£
20,078
39,030
402
59,510		 Endowment
Funds
£
-
-
-
-
Endowment
Funds
£
-
1,672
5
1,677		 Total Funds
2020
£

65,508
3,291,607

2,738
3,359,853
Total Funds
2019
£

73,882
4,049,633
8,557
4,132,072

4 Income from charitable activities

Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2020
£ £ £ £
- - - -
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2019
£ £ £ £
Sale of furniture 13,694 - - 13,694

5 Expenditure on raising funds

Investment management costs
- investment properties
- investment funds
Staff costs (see note 9)
Investment management costs
- investment properties
- investments
Staff costs (see note 9)		 Unrestricted
Funds
£
10,140
232,324
15,726
258,190
Unrestricted
Funds
£
13,719
243,016
14,504
271,239		 Restricted
Funds
£
8,291
4,638
-
12,929
Restricted
Funds
£
6,215
4,481
-
10,696		 Endowment
Funds
£
-
-

-
-
Endowment
Funds
£
-
1,043

-
1,043		 Total Funds
2020
£
18,431
236,962
15,726
271,119
Total Funds
2019
£

19,934
248,540

14,504
282,978

Investment management costs are allocated to the funds on the basis of percentage holdings of investments held in each fund. Investment property costs comprise management fees and property maintenance costs relating to properties held in each fund. Staff costs are allocated on the basis of estimated staff time.

24

6 Expenditure on charitable activities

Grants – direct (see note 7(a))
Partnerships and special projects (see note 7(b))
Clergy Support Trust Library (see note 7(c))
Support and governance costs (see note 8)
Staff costs (see note 9)
Grants - direct (see note 7(a))
Partnerships and special projects (see note 7(b))
Clergy Support Trust Library (see note 7(c))
Support and governance costs (see note 8)
Staff costs (see note 9)		 Unrestricted
Funds
£
2,400,551
90,100
81,900
281,126
526,412
3,380,089
Unrestricted
Funds
£
2,961,714
100,000
59,378
445,958
486,099
4,053,149		 Restricted
Funds
£
79,910
-
-
36
-
79,946
Restricted
Funds
£
8,000
-
-
60
-
8,060		 Endowment
Funds
£
-
-
-
-

-
-
Endowment
Funds
£
-

-

-
-

-
-		 Total Funds
2020
£
2,480,461

90,100

81,900

281,162
526,412
3,460,035
Total Funds
2019
£
2,969,714

100,000

59,378

446,018
486,099
4,061,209

All support and governance costs have been allocated to charitable activities as the amount spent on cost of generating funds is insignificant. Staff costs are allocated on the basis on estimated staff time.

7 Grants

During the year, the Charity awarded 2,467 grants to qualifying individuals and organisations (2019: 1,608).

(a) Direct grants
Serving clergy households
Retired clergy households
Divorced or separated spouses
Ordinands (health and book grants)
Widows/Widowers
(b) Partnerships and special projects
Organisations		 Number
of grants
2,052
165
110
76
60
2,463
4		 2020
£
1,985,397
243,977
131,377
39,716
79,994
2,480,461
90,100		 Number
of grants
1,095
146
99
209
56
1,605
3		 2019
£
2,118,169
367,328
280,700
56,707
146,810
2,969,714
100,000

Serving clergy includes retired clergy who are still in active ministry with a bishop’s Permission to Officiate (PTO).

In addition to the above, and gradually replacing the book grants for ordinands which are being phased out, the Charity partnered with SPCK Publishing to provide free subscriptions for its Clergy Support Trust Library e-book resource to ordinands, Anglican curates-in-training and others (e.g. diocesan staff and theological college librarians) as follows:

Clergy Support Trust 2020 Report and Financial Statements

25

Financial Statements For the year ended 31 December 2020

Notes to the Financial Statements (cont.) For the year ended 31 December 2020

7 Grants (cont.)

Number of
2020
subscriptions
£
(c) Clergy Support Trust Library
1,820
81,900
The breakdown of grants expenditure by type of support was as follows:
Number
2020
of grants
£
Financial support
319
747,632
Emergencies
1,188
571,387
Health
348
394,811
Wellbeing
583
760,881
Training support (grants)
25
5,750
Training support (Clergy Support Trust Library)
-
81,900
Organisations
4 90,100
2,467
2,652,461		 Number of
subscriptions
924
Number
of grants
541
392
120
363
189
-
3
1,608		 2019
£
59,378
2019
£
1,975,637
193,776
208,142
548,689
43,470
59,378
100,000
3,129,092

The following four (2019: three) organisations received grants from the Charity:

Society of Mary & Martha - £50,000 (2019: £50,000). This charity, also known as Sheldon, supports people in ministry at times of stress, crisis, burnout or breakdown.

Holy Rood House - £19,700 (2019: £15,000). This charity provides professional therapeutic support and relaxation for Anglican clergy, their partners (current or former) and families.

Broken Rites - £2,000 (2019: £nil). This is an international group offering mutual support and information to separated and divorced partners of clergy, ministers and Church Army officers.

Sleepstation - £18,400 (2019: £nil). This is a clinically validated sleep improvement programme designed to combat insomnia. In line with the Charity’s increasing focus on partnerships and projects, the expenditure recognised by the Charity for the Sleepstation programme represents the amount paid under an agreement that is based upon the recipient’s delivery of the programme, rather than the payment of a standard grant.

Personal Emergencies Fund - £nil (2019: £35,000). The Personal Emergencies Fund of the Anglican Communion was set up in 1979 by Archbishop Donald Coggan to meet the critical medical needs of clergy and church workers and their families around the Anglican Communion.

In addition, grants were made to the following two care homes in respect of residents who were beneficiaries:

College of St Barnabas - individual grants were awarded to twelve residents of the College of St. Barnabas, totaling £52,110 (2019: seven individual grants totaling £36,365). The College is a retirement community for Anglican clergy and their spouses, as well as clergy widows, with a significant number of residents whose means are insufficient to meet the costs incurred for their care.

Terrys Cross – an individual grant was awarded to one resident of Terrys Cross Trust totaling £6,000 (2019: one resident totaling £6,000). This charity provides retirement accommodation and respite care for those associated with the Church of England.

26

8 Support and governance costs

Unrestricted
Funds
£
Support costs:
Festival costs
1,549
Property costs
90,218
Marketing & communication
31,976
Recruitment costs
24,252
Offce equipment maintenance
43,254
Website costs
5,610
Staff training
10,473
Other offce expenses
49,907
Legal and professional
3,809
Governance costs:
Legal and professional
3,578
Auditor’s remuneration
16,500
281,126		 Restricted
Funds
£
-
-
-
-
-
-
-
36
-
-
-
36		 Total Funds
2020
£
1,549
90,218
31,976
24,252
43,254
5,610
10,473
49,943
3,809
3,578
16,500
281,162

9 Staff costs

Staff costs
Salaries
Social security costs
Pension costs (see note 18)		 2020
£
455,508
42,383
44,247		 2019
£

423,301

39,305
37,997

500,603
542,138

These net costs comprise the staff costs referred to in Notes 5 and 6 and have been allocated on the basis on estimated staff time.

During the year under review, the following staff earned total emoluments, excluding employer’s pension costs, in excess of £60,000:

2020 2019
No. No.
£60,000 - £70,000 2 2
£80,000 - £90,000 1 -
£90,000 - £100,000 - 1

Support costs:
Festival costs
Property costs
Offce refurbishment
Marketing & communication
Grants review & consultancy
Recruitment costs
Offce equipment maintenance
Staff training
Other offce expenses
Website costs
Legal and professional
Governance costs:
Legal and professional
Auditor’s remuneration		 Unrestricted
Funds
£
27,470
52,291
113,242
23,478
6,148
13,448

48,088
14,700
57,273
41,064
19,224
16,032
13,500
445,958		 Restricted
Funds
£
-
-
-
-

-
-
-
-
60
-
-
-
-
60		 Total Funds
2019
£
27,470
52,291
113,242
23,478
6,148
13,448
48,088
14,700
57,333
41,064
19,224
16,032
13,500
446,018

The annual Festival is the most significant event in the Charity’s year, providing the opportunity to celebrate both the support that the Charity is able to give its beneficiaries today and the nearly four-hundred-year tradition on which the Charity is founded. Through the Festival Service and Dinner, the Charity increases the awareness of its activities and benefits from the generous donations received, including those from Stewards, the Livery Companies and the collection at the Service. In 2020, due to the pandemic, the annual Festival did not take place.

The Charity’s key management personnel during the year comprised the members of the Court of Assistants, the Chief Executive, the Director of Charitable Services and the Director of Central Services. Total employment benefits, including employer pension contributions, of the key management personnel in 2020 were £284,839 (2019: £266,162). Three employees had benefits in excess of £60k (2019: three).

The average number of employees, analysed by function, was:

Generating funds, grants and support
Administration and governance		 2020
8
1
9		 2019

9

1

10

Pension costs

Pension costs
Pension payments
(10% Personal Pension Plan)
Death in Service premiums & admin costs		 2020
£
42,549

1,698
44,247		 2019
£

36,107

1,890


37,997

Members of the Court of Assistants did not receive any remuneration or benefits in kind in respect of their services during the year under review (2019: nil). Travel expenses of £2,159 (2019: £8,081) were reimbursed to 7 Trustees (2019: 13).

Clergy Support Trust 2020 Report and Financial Statements

27

Financial Statements For the year ended 31 December 2020

Notes to the Financial Statements (cont.) For the year ended 31 December 2020

10 Auditor’s remuneration

12 Investment assets

The auditor’s remuneration comprised an The auditor’s remuneration comprised an audit fee of £12,500 (2019: 2020
2019
£11,600). This is exclusive of irrecoverable VAT. £
£
Investment properties
- United Kingdom
2,498,795
2,435,000
Tangible fxed assets Investment funds
113,733,170114,851,909
Freehold Fixtures,
ftings and		 116,231,965117,286,909
Property
equipment
Total
£ £ £
Cost 2020
2019
At 1 January 2020
Addition		 500,775
-
276,242

1,181
777,017

1,181		 £
£
a) Investment properties - United Kingdom
Market value at 1 January
2,435,000
2,435,000
At 31 December 2020 500,775
277,423
778,198		 Additions
63,795
-
Depreciation Market value at 31 December
2,498,795
2,435,000
At 1 January 2020
Charge for year		 -
-
79,018

30,674
79,018

30,674		 Historical cost at 31 December
239,897
176,102
At 31 December 2020 -
109,692		 109,692 Investment properties are valued at open Market Value at the
Net book value balance sheet date. Investment properties have been valued
At 31 December 2020 500,775
167,731
668,506		 by Berrys Chartered Surveyors, Edward James Surveyors and
Tuckerman Chartered Surveyors, in accordance with the Royal
At 31 December 2019 500,775
197,224
697,999		 Institution of Chartered Surveyors’ “Valuation – the Global
”

11 Tangible fixed assets

Investment properties are valued at open Market Value at the balance sheet date. Investment properties have been valued by Berrys Chartered Surveyors, Edward James Surveyors and Tuckerman Chartered Surveyors, in accordance with the Royal Institution of Chartered Surveyors’ “Valuation – the Global Standards 2017”. The Trustees of the Charity have adopted a policy of obtaining an independent valuation for the investment properties every five years, and adjusting the most recent valuation by a suitable property price index annually to account for any material differences arising in the intervening years.

The Charity’s property at 1 Dean Trench Street in Westminster is a ‘mixed use’ property comprising the Charity’s office and a threebedroom residential flat which is rented out. The property was previously classified as a freehold property under tangible fixed assets and shown at cost. Since 2018 the residential component of the property has been reclassified as an investment property (see note 12). The land and operational component of the building remain classified as a freehold property under tangible fixed assets.

b) Investment funds
Market value at 1 January

Additions
Disposals
Net gain/(loss) on revaluation
Market value at 31 December

Cash balances held with
investment managers

Historical cost at 31 December		 Total
2020
£
114,676,116
5,014,217
(5,034,173)
(1,035,840)
113,620,320
112,850
113,733,170
93,848,695		 Total
2019
£
98,279,481
9,527,656
(9,575,980)
16,444,959
114,676,116
175,793
114,851,909
93,486,840

28

The investments at the end of the year were held in realisable funds consisting of the following:

Sarasin Alpha CIF for Endowments
Cazenove Charities Charity Multi
Asset Fund
Charles Stanley Discretionary
Portfolio
Charities Property Fund		 2020
2019
£
£
23,928,862
22,494,060
21,072,629
20,494,808
58,384,401
61,241,951
10,347,27810,621,090
113,733,170114,851,909		 2019
£
22,494,060
20,494,808
61,241,951
10,621,090

The split of the holdings at 31 December was:

Fixed interest
UK Equities
Global Equities
Property
Alternative Assets
Cash & Near Cash		 Total
Total
2020
2019
£
£
5,579,130
3,867,038
50,653,40552,191,617
38,325,658
36,816,027
13,502,347
14,199,577
3,846,126
5,770,370
1,826,504
2,007,280
113,733,170114,851,909		 Total
2019
£
3,867,038
52,191,617
36,816,027
14,199,577
5,770,370
2,007,280

The Sarasin portfolio is invested in the Alpha CIF for Endowments. This fund is diversified across the world’s principal stock, bond and currency markets, together with investments in alternative assets such as property, commodities and hedge funds. The basis of fair value for quoted investments is equivalent to the market value, using the bid price.

The Cazenove portfolio is invested in the Charities Multi-Asset Fund (CMAF). The fund aims to preserve the real value of capital over the long term while allowing for sustainable expenditure of up to 4% per annum (a distribution of 1% per quarter). CMAF adopts a total return approach and utilises a range of asset classes, incorporating (on a strategic basis) UK and global equities, bonds and absolute return funds, as well a tactical focus on infrastructure and commodities. Units are valued using the bid price. As of January 2021, the Cazenove portfolio was transferred wholly to the Responsible Multi-Asset Fund which has a responsible investment policy.

In the Charles Stanley discretionary portfolio, investments in equities, unit trusts and fixed interest securities are all traded in quoted public markets. Holdings are valued at the closing midprice. No single underlying investment was more than 5% of the total portfolio.

The investments in the Charities Property Fund are valued using the net asset value price.

At 31 December, listed investments included the following individual holdings deemed material when compared with the overall investment portfolio (including cash held by investment managers):

Value of Percentage Value of Percentage
holding of portfolio holding of portfolio
2020 2020 2019 2019
£ % £ %
Sarasin Endowments Fund Class A Inc 23,647,700 21 22,252,601 19
SUTL Cazenove Charity Multi-Asset S Inc 21,072,629 19 20,494,796 18
Charities Property Fund 10,347,278 9 10,621,090 9

The significance of financial instruments to the ongoing financial sustainability of the Charity is considered in the financial review section of the Trustees’ Annual Report. The main risk to the Charity from financial instruments in the future lies in the combination of uncertain investment markets and volatility in yield, which is mitigated through the Charity’s Investment Policy.

Clergy Support Trust 2020 Report and Financial Statements

29

Financial Statements For the year ended 31 December 2020

Notes to the Financial Statements (cont.) For the year ended 31 December 2020

13 Debtors

Income tax recoverable
Cash held by investment managers
Prepayments & other debtors		 Total
2020
£
7,179
133,359
14,085
154,623		 Total
2019
£

6,152

126,470
19,618

152,240

All prepayments relate to unrestricted funds in both 2020 and 2019.

14 Current liabilities

Current liabilities
Total
2020
£
Creditors: amounts falling due within one year
Grant commitments
208,115
Accruals
63,676
271,791
2020
£
Deferred grants:
Balance brought forward
102,409
New grants committed to in year
418,613
Grants paid
(312,907)
Balance carried forward
208,115		 Total
2019
£

102,409
105,937

208,346
2019
£

122,875

379,288
(399,754)
102,409

16 Statement of funds

The following were the Charity’s funds during the year under review.

Unrestricted funds

General fund

The unrestricted general funds are applied by the Trustees in accordance with the objects of the Charity (see the Objectives, Activities and Public Benefit section of the Trustees’ Report on page 5).

Designated investment funds

The designated investment funds represent the carrying value of the Charity’s investments that are not held in restricted or endowment funds as at 31 December 2020. The investment fund has been ring-fenced to demonstrate that the assets are being held for the long-term to generate income to support the Charity’s future activities in support of its beneficiaries.

Additionally, the Trustees passed a resolution in December 2019 to designate a sum of £1 million for expenditure on Partnerships and Special Projects over the next 3-5 years. In addition, £0.2m was designated specifically for the external refurbishment of 1 Dean Trench Street in 2021.

Restricted funds

Clergy Orphan Corporation

The Clergy Orphan Corporation (COC) is restricted as its beneficiaries are limited to children of clergy of the Church of England and of the Church in Wales. The fund includes the investment assets held to generate the income required to fund the Charity’s core activities insofar as they relate to beneficiaries covered by the above restriction.

Other restricted funds

Deferred grants are grants that have been awarded but which are not payable until some future date. Most school fees grants and a number of other grants are paid by instalments and certain other grants are awarded for payment at a future date.

These funds represent donations that are restricted by their terms as to their use.

15 Operating lease commitments

As at 31 December, the Charity had total commitments under noncancellable operating leases as set out below:

Amounts due:
Within one year
Within 2 - 5 years		 2020
£
1,387
5,547
6,934		 2019
£

2,013

6,933

8,946

30

Unrestricted Funds
General
Designated
- General
- Partnerships &
Special Projects
- Refurbishment fund
Restricted Funds
COC - General
Other Restricted Funds
Total Funds
Unrestricted Funds
General
Designated
- General
- Partnerships &
Special Projects
- Refurbishment fund
Restricted Funds
COC - General
Other Restricted Funds
Endowment Funds
Palmer Estate Fund
Total Funds		 Balance at
1 January
2020
£
2,108,791
114,517,925
1,000,000
-
117,626,716
2,050,118
3,448
2,053,566
119,680,282
Balance at
1 January
2019
£
1,931,308
98,980,892
-
315,000
101,227,200
1,873,922
3,448

1,877,370
202,038
103,306,608		 Income
Expenditure
£
£
3,607,184
(3,548,179)
-
-
-
(90,100)
-
-
3,607,184
(3,638,279)
61,960
(92,875)
2,185 -
64,145
(92,875)
3,671,329
(3,731,154)
Income
Expenditure
£
£
4,186,217
(4,194,380)
-
-
-
-
-
(130,008)
4,186,217
(4,324,388)
85,008
(18,756)
- -
85,008
(18,756)
1,677
(1,043)
4,272,902
(4,344,187)		 Other
recognised
gains and
losses
£
-
(1,085,417)
-
-
(1,085,417)
49,577
-
49,577
(1,035,840)
Other
recognised
gains and
losses
£
-
16,295,697
-
-
16,295,697
109,944
-
109,944
39,318
16,444,959		 Transfer
of funds
£
-
(200,000)
-
200,000
-
-
-
-
-
Transfer
of funds
£
185,646
(758,664)
1,000,000
(184,992)
241,990
-
-
-
(241,990)
-		 Balance at
31 December
2020
£
2,167,796
113,232,508
909,900
200,000
116,510,204
2,068,780
5,633
2,074,413
118,584,617
Balance at
31 December
2019
£
2,108,791
114,517,925
1,000,000
-
117,626,716
2,050,118
3,448
2,053,566
-
119,680,282

Clergy Support Trust 2020 Report and Financial Statements

31

Financial Statements For the year ended 31 December 2020

Notes to the Financial Statements (cont.) For the year ended 31 December 2020

17 Analysis of net assets between funds

Tangible fxed assets
Investment properties
Investment funds

Net current assets

Tangible fxed assets
Investment properties
Investment funds

Net current assets
Provisions
 Unrestricted
Funds
£
668,506
1,660,000
112,731,434
1,450,264
116,510,204
Unrestricted
Funds
£
697,999
1,660,000
113,900,427
1,373,290
(5,000)
117,626,716		 Restricted
Funds
£
-
838,795
1,001,736
233,882
2,074,413
Restricted
Funds
£
-
775,000
951,482
327,084
-
2,053,566		 Endowment
Funds
£
-
-
-
-
-
Endowment
Funds
£
-
-
-
-
-
-		 Total Funds
2020
£
668,506
2,498,795
113,733,170
1,684,146
118,584,617
Total Funds
2019
£
697,999
2,435,000
114,851,909
1,700,374
(5,000)
119,680,282

18 Pensions

The Charity operates a defined contribution pension scheme in compliance with auto-enrolment. Contributions of £42,549 (2019: £36,107) were made in the year.

19 Related party transactions

During the year four Trustees made donations to the Charity totalling £450 (2019: seven Trustees, £1,195).

20 Financial instruments

Financial instruments
2020 2019
£ £
Financial Assets
Financial assets at amortised cost 1,944,602 1,897,058
Financial instruments at fair value 113,733,170 114,851,909
Financial Liabilities
Financial liabilities at amortised cost 271,791 213,346

Financial assets measured at amortised cost comprise cash at bank and in hand, short-term cash deposits, trade debtors, other debtors and accrued income. Financial instruments at fair value comprise investment funds managed by external investment managers, valued at fair value at the balance sheet date. Further information is included in Note 12. Financial liabilities measured at amortised cost comprise accruals and other commitments.

32

Cover photographs © Keith Blundy

Get in touch. Give us a call or email. Tel: 020 7799 3696 help@clergysupport.org.uk

www.clergysupport.org.uk

Patron: Her Majesty The Queen Honorary Presidents: The Archbishop of Canterbury The Archbishop of York The Bishops of London and Worcester The Lord Mayor of the City of London Charity registered in England and Wales charity number 207736

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