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2023-12-31-accounts

2023

Report and Financial Statements For the year ended 31 December 2023

Patron: His Majesty King Charles III [announced May 2024]

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

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

Charity registered in England and Wales charity number 207736

www.clergysupport.org.uk

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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 8
Financial review 11
Reference and administrative details 13
Statement of Trustees’ responsibilities 14
Financial Statements
Independent auditor’s report to the Trustees 15
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:

His Majesty King Charles III [announced May 2024]

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: hello@clergysupport.org.uk Website: www.clergysupport.org.uk

Clergy Support Trust 2023 Report and Financial Statements

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Trustees’ Report For the year ended 31 December 2023

A message from the Treasurers

During 2023, the Trust’s busiest year on record, a staggering 22% of serving clergy in the Church of England came to us for support with their financial, mental and physical health needs, alongside scores of others from Ireland, Scotland, and Wales.

Every conversation with each applicant is an enormous privilege, and the whole team at Clergy Support Trust – staff and trustees alike – feels blessed to serve those who spend their lives serving others. To a significant extent, the challenges facing clergy were faced in 2023 by others, too. Lingering impacts of the Covid-19 pandemic, and the subsequent cost-of-living crisis, affected Anglican ministers just as they affected the communities those ministers serve. Although we saw a reduction in energy costs (the only grant category to see such a decrease in 2023), some households continued to rely on the Trust’s support with general living expenses, cars and appliances, and costs of family life.

Across our programme, therefore, we continued to support record numbers of people, but we also “upped our game” in terms of advocating for better, longer-term solutions to clergy finance and wellbeing. Alongside our diocesan visits, we began to work more closely with the Church and others; while focusing fully on delivery of our 2022-25 Strategy, we also looked to the future, in the hope that our next strategic period would see partnership solutions, particularly in those areas where the Trust is doing work which, in any secular profession, might well be the employer’s responsibility.

As ever, our charitable services work – the heartbeat of our mission – was underpinned by an exciting programme of events and engagements. The 368th Festival was betterattended than for some years, and included a stimulating sermon from the Bishop of Gloucester, with the fine singing of St Paul’s, Leicester and Llandaff Cathedral Choirs. We launched our Wellbeing Workshops at the Festival Dinner (which moved to a more informal buffet format), and have seen pleasing takeup from a number of dioceses; we hope to grow the services and resources we offer over coming years. We continued to professionalise our work, aiming for the best possible applicant experience, and in particular, put considerable effort into designing a new grant management system, which was launched early in 2024. In all this, the trustees remain deeply grateful to work in partnership with our hard-working, creative, dedicated and efficient staff team. Our thanks go also, as ever, to our generous friends and supporters, and most of all to those applicants who trust us to walk alongside them. It remains an enormous privilege to do so.

However, we believe that societal factors are only one part of the story. It became increasingly clear, during 2023, that the standard-of-living for too many clergy is simply unacceptable, and owes something to the demands of ministry, as well as to the stipend’s inability to keep pace with inflation. As such, we consider there to be specifically ecclesial factors contributing to that 22% statistic. These are supported by the Church’s own research, through the excellent Living Ministry project, which suggested in 2023 that two-thirds of clergy required help with the cost-of-living, and that over a third exhibited signs of clinical depression.

Our highest single area of spend – accounting for almost £2m of Wellbeing Grants - was for holidays, and here too we believe there are specifically ecclesial factors at play. Clergy often work day-in-day-out, with limited regular time off, and with worries about cover as well as the impact on their communities if they are absent too much or for too long. Enabling clergy households to step away from the vicarage, even for a short time, remains a vital part of our work.

Richard Farmbrough Senior Treasurer

The Revd Nancy Goodrich Treasurer

Constance Chinhengo

Treasurer

Clergy Support Trust 2023 Report and Financial Statements

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Trustees’ Report For the year ended 31 December 2023

Trustees’ Report For the year ended 31 December 2023

The Charity in numbers

----- Start of picture text -----
Grants expenditure (£m) Total funds (£m) Charitable spend as %
of total
+30% 0% +1%
2023 2023 2023
6.47
134.7 93.5 92.7 93.1 92.1 93.4
119.7 118.6
4.96 116.0 116.1
3.34
3.13
2.65
Households helped Number of grants 2023 Grant spend by
beneficiary type
+17% +26%
£6.47m
2023 2023
2,711 6,811
2,318
5,418
1,608
3,545
1,318
1,071 2,467
1,608
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
£4.853m
£421k £249k
£48k
2019 2020 2021 2022 2023 9201 2020 2021 2022 2023
Serving clergy Children of Clergy £569k Retired clergy Organisations Divorced or separated spouse £233k Widows/Widowers £98k Ordinands
----- End of picture text -----

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 main focus of the Charity at present is to provide assistance in the form of discretionary grants and support services 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 dependents of such clergy. In addition, we provide limited support to those training for ordained Anglican ministry (ordinands).

The Trustees are pleased to present their Annual Report, together with audited financial statements, for the year ended 31 December 2023.

Grants are made at the full discretion of the Charity to applicants 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.

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:

Increasingly, the Charity also offers non-financial support to the same group of applicants, such as counselling, occupational therapy assessments, cognitive behaviour therapy for insomnia and referrals to our own internal visiting casework service. The majority of services are delivered primarily through partner organisations; more information is included under ‘Achievements, Performance and Future Plans’ below, where we also outline our ambitious Strategy for 2022-25.

‘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 dependents of living or deceased members or former members of the clergy or ordinands.

Public benefit

In carrying out these activities, the Trustees have complied with the duty under section 175 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

a) “children” includes adopted children, step-children and persons treated as the children of a marriage or civil partnership.

The Trustees and Committee advisers (see p.13) are the only volunteers directly involved in the work of the Charity. All Trustees and advisers 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 8 to the financial statements.

b) “civil partners” means the members of a civil partnership within the meaning of Section 1 (1) of the Civil Partnership Act 2004.

c) “clergy” and “members of the clergy” means bishops, priests and deacons of the Anglican Communion.

d) “ordinands” means persons who are preparing for ordination as members of the clergy.

e) the “spouse” of a person means his or her wife, husband, civil partner, widow, widower or surviving civil partner.’

The above figures are taken from the audited results for the Charity for the years ‘Financial review’ section on pages 11-12. In the pages that follow, we give more from 2019 to 2023. Further commentary on the 2023 results can be found in the specific details of what we achieved in 2023, and set out our future plans.

Clergy Support Trust 2023 Report and Financial Statements

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Trustees’ Report For the year ended 31 December 2023

Achievements, performance and future plans

Our principal focus, in 2023, was on continued delivery of the Strategy agreed and published the previous summer, structured around six programme objectives (P1-6) and three supporting objectives (S1-3). The commentary which follows aims to summarise progress, under each objective, during the course of 2023.

Grants & Services (P1 – P3, P5)

Confident that we had delivered well against our 2019-22 Strategy, as narrated in our last Annual Report, we launched (at General Synod in York) a new three-year strategy from July 2022. This includes six programme objectives (P1-6) and three supporting objectives (S1-3):

As referenced earlier in the Treasurers’ introduction, 2023 saw record applications for grants and services. Overall, we processed (from 2022) 26% more grants (a total of over 6,800) to 17% more households (2,700).

Of a total charitable spend of £8m, over a third provided direct wellbeing support to applicants. Our Wellbeing Grants, which include financial assistance for holidays and retreats, as well as support for leisure activities, accounted for 42% of total grants given, of which the single biggest proportion was for holidays. Emergency Grants accounted for a further 25% of total spend; any eligible household can apply for three such grants in any given year, capped at £500 each.

Across those Emergency Grants, as well as our larger Financial Support Grants for households in the most pressing financial circumstances, we saw a rise in applications for essentials of day-to-day living. Some of those, such as school uniforms and household appliances, should arguably be affordable on a basic income – and it is notable that 17% of our grants went to households which, using the Joseph Rowntree Minimum Income Standard, are deemed not to reach that basic level. Others, such as laptops and car repairs, are such fundamentals of modern parochial ministry

that we, along with others, began to question more seriously why the Trust is the provider of such core equipment. These grant categories, therefore, formed a key element of our increasing advocacy, and our series of strategic discussions with the Church which began towards the end of 2023.

While the bulk of our grant-giving was for clergy households within the Church of England (where we supported, in 2023, over a fifth of serving clergy), we saw increases from the Church in Wales, Scottish Episcopal Church, and Church of Ireland as well. Grants given outside the Church of England accounted for over £350,000 of total spend (compared with £5.5m in England).

As well as broadening our applicant base, and being privileged to build new relationships with many households, we aimed to deepen our offer, as well, particularly to those in the most challenging circumstances. Much of this was delivered through our Visiting Caseworker service, launched in 2022; the team supported households with carers’ breaks, benefit and educational tribunals, complex health concerns and disabilities, and income maximization through non-Trust avenues. In 2024, the focus will turn towards the final section of these programme objectives – our ambitions for an online hub, where clergy can access and be signposted to a range of resources, and into which considerable early planning took place during 2023.

Training & Research (P4, P6)

Our new Wellbeing Workshops were launched in May 2023. Working with five outstanding partners, the initiative offers seven training opportunities to dioceses across the UK and Ireland, as well as to some other organisations and groups (for example, senior clergy and the Sees of Provincial Episcopal Visitors), with all training costs borne by the Trust. The courses offered – which we hope to expand over coming years – include Mental Health First Aid, resilience, trauma-informed ministry, and personal development, all with the aim of improving individual and collective wellbeing amongst clergy. Within six months, half-a-dozen dioceses had partaken of these courses, with others booked for early 2024, and with initial feedback being highly positive. We plan, next year, to promote the Workshops more proactively, as well as to engage with theological colleges over this and other opportunities.

We made some progress with our research aspirations in 2023, although this remains an area for greater focus and capacity-building over the second half of the 2022-25

strategic period. Most notably, we co-commissioned, as a further stage in the Living Ministry project, a major study on the wellbeing of disabled clergy, following the wellreceived work on the wellbeing of Global Majority Heritage clergy, published in October 2022.

Engagement & Data (S1)

By the end of 2023, members of the Clergy Support Trust staff team had visited half of the sixty-six dioceses whose clergy we serve. This included the Chief Executive’s “mini tour” of southern Ireland, to be followed in 2024 by a trip to northern Church of Ireland dioceses. Conscious that many clergy will also engage with each other and the wider Church through non-diocesan routes, we prioritized a range of other engagements, too, including with the Retired Clergy Association, the Church of England Employees & Clergy Advocates, the National Estate Churches Network, and the Ordinands Association. For marketing and strategic purposes, we continued to work closely with senior clergy across the UK and Ireland, and were delighted to welcome a good number of them – as well as many applicants and supporters – to the 368th Festival in May 2023. In that work, and more broadly, we continued to utilize our data to greater effect, including through media contributions and by supporting internal Church discussions.

The Festival and Annual Assembly are also the Trust’s principal events for donors and friends, and we were delighted to welcome many to both. The Bishop of Gloucester, who preached at the Festival, spoke movingly of the impact of ministry on individual and wider community, and Bishop Humphrey Southern – Principal of Ripon College Cuddesdon – provided fascinating insights, for the Trust’s Governors at the Assembly, on theological education and formation. Following the Assembly, we were delighted to see increases in annual and one-off giving from a range of supporters, and deeply grateful for this; whilst the Trust’s assets remain significant, the enormous growth in applications means that a new approach to fundraising will be a key conversation during 2024 and ahead.

Infrastructure & Governance (S3)

Having commissioned a governance review in 2022, led by external consultancy Action Planning, we spent some time in 2023 working through its recommendations and executing resultant changes; although the report noted the Trust’s overall excellent governance, we are determined not to be complacent in such a critical area of our operations. Specifically, we conducted a full overhaul of our Governance Guidelines and designed a new structure for Board and committee meetings, scheduled to begin from January 2024. We also commissioned an externally-led review of staff pay, introduced new staff benefits (including a reformed approach to the key area of training and development), and continued to improve our operational systems and policies.

A key piece of infrastructural development, during 2023, was preparation for the launch of our new grants management system in January 2024. Having spoken to a range of suppliers, we then worked with external partners and others to design a bespoke platform suitable for the diverse needs of our applicant base, aiming for an improved user experience as well as a more sophisticated internal platform for data analysis.

Future plans

Supporters who have scrutinised the Annual Report to this point will notice a persistent theme of “advocacy” throughout our summary of 2023. As the number of people helped by the Trust continued to grow, and as our own understanding of their wellbeing and finance deepened, it has become clear to us that – alongside supporting these extraordinary people – we have a responsibility, as an independent and impartial charity, to advocate for those same people, and to use what influence we have to develop a better wellbeing culture across the Church. This developed in greater earnest during 2023, and will, we hope, lead to fruition in 2024 and beyond.

More broadly, though, our understanding of our applicant base means that we now begin to turn our attention – though with plenty of our current Strategy still to deliver – to the next three-year period (2025-28). There, we envisage a broadening programme of resources and services, possibly in partnership with the Churches whose people we serve and with other charities, with a renewed focus on prevention, and on supporting positive wellbeing from early in the ministry journey. Although one element of this is financial, as the Trust has continued deliberately to overspend its income in 2023, a greater motivation is building a culture where all clergy households can truly thrive, better equipped for the ministry to which God has called them, and in which we are so honoured to be a partner.

Clergy Support Trust 2023 Report and Financial Statements

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Trustees’ Report For the year ended 31 December 2023

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 page 13. The Court met seven times in 2023 in order to conduct the principal business of the Charity, including an extended strategy away-day in January 2023.

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. Three 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 several committees with agreed terms of reference which are reviewed annually. The committees met as follows during 2023:

At the end of 2023, the Court – following an externallyled review of its governance arrangements – refreshed its committee and meeting patterns, moving from six to four Court meetings per year, but with five sub-committees, rather than four. These changes will take place from January 2024.

Trustee recruitment and induction

The Trustees keep their membership under review in order to ensure a wide and relevant representation among their number. When recruitment takes place for new Trustees, skill-set and professional experience are key considerations, as well as commitment to and passion for the Charity’s work. The Trustees also consider issues of diversity and inclusion when considering new members, as well as the overall size of the Court (which is fixed by our governing documents).

In 2023, three Trustees left the Court, with an outstanding and much-appreciated twenty years’ service between them. The Revd Canon Dr Jack Dunn retired from the Court having served three full, three-year terms. Stephen Hogg, having served for five years including as an exceptional Risk, Audit and Finance Committee chair, resigned due to other commitments, as did Alderman Robert Hughes-Penney, a greatly-valued trustee and Investment Committee member since 2020. All three were thanked for their service and contributions at the Annual Assembly in November 2023.

Minded of their agreed aim of keeping Court numbers to around a dozen (as discussed in the aftermath of the externally-led Governance Review), but similarly of the expertise and experiences needed across the Court to oversee the work of a complex charity, the Trustees recruited one new Assistant, who was elected at the Annual Assembly in November 2023. Anna McDonald, who joined the new Finance & Operations and Investment Committees, brings a wide background in ethical investment, including from her current role as Director of Global ESG Strategy at PGIM.

The Trustees can 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. In 2023 Bill Seddon and The Revd Christopher Hancock continued as advisers to the Investment Committee. No other committee advisers were appointed during the year, but the Trust continued to benefit from the expertise of its two specialist advisers on health – Dr Christopher Trower – and education – Andrew Trotman.

Trustee attendance

The table below sets out the attendance of Trustees at meetings of the Court and its committees during 2023.

Court of Assistants 1 Court of Assistants 1 Commitees2 3 Commitees2 3 Total
Total Atended Total Atended Total Atended
The Revd Canon Simon Butler4 5 7 7 8 4 15 11
Mr Adam Chamberlain7 7 6 4 4 11 10
Ms Constance Chinhengo4 6 7 7 8 8 15 15
Mr Martin Cooper6 7 2 4 2 11 4
The Revd Canon Dr Jack Dunn4 8 6 5 4 4 10 9
Mr Richard Farmbrough7 7 7 4 4 11 11
The Revd Nancy Goodrich6 7 7 4 4 11 11
Mr Jeremy Hargreaves4 6 7 7 8 8 15 15
Mr Stephen Hogg4 6 7 8 6 6 9 7 15 13
Alderman Robert Hughes-Penney7 8 6 2 4 4 10 6
Mrs Jackie Jordan5 7 6 4 3 11 9
Dr Mayowa Marcus5 7 6 4 4 11 10
Ms Anna McDonald9 1 1 0 0 1 1
The Revd Ruth Newton5 10 7 5 4 2 11 7
Mr Stephen Slack4 5 7 7 8 7 15 14
The Most Revd Patricia Storey5 7 7 4 3 11 10

  1. Substantive Court meetings only, including January 2023 away-day

  2. Risk, Audit & Finance Committee

  3. Excludes working groups

  4. Investment Committee

  5. Excludes Treasurer ex officio membership, unless designated ‘lead ex officio’ for that committee

  6. Left the Court in November 2023

  7. Joined the Court in November 2023

  8. On sabbatical during summer/autumn

  9. Governance Committee

  10. Grants & Partnerships Committee

  11. Catherine Cashmore, Head of External Relations, who leads the Charity’s communications, marketing, fundraising and events work, and in 2023 managed two other members of staff.

Executive management and organisational structure

The day-to-day management of the Charity is delegated to the Chief Executive, The Revd Ben Cahill-Nicholls, who heads a Senior Leadership Team which additionally consists of the following colleagues: 

  - Tonya Goldring, Head of Finance & Operations, who leads the Charity’s support functions including finance, HR, IT, property and office management, and in 2023 managed two other members of staff. [Tonya Goldring resigned in November 2023, but remained in post until February 2024.]

Clergy Support Trust 2023 Report and Financial Statements

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Trustees’ Report For the year ended 31 December 2023

Trustees’ Report For the year ended 31 December 2023

Governance (cont.)

One additional member of staff (not on SLT) reports directly to the Chief Executive (his Executive Assistant), meaning that the total personnel count at the end of 2023 was twenty-two [FTE: 21.7].

Key management personnel

The key management personnel of the Charity at the end of 2023 comprised the Trustees, the Chief Executive, the Director of Charitable Services, and the Heads of External Relations and Finance & Operations. The total employee benefits of the key management personnel of the Charity are disclosed in Note 8 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 performance-related pay scheme in operation, although the trustees commissioned an externally led review of pay during 2023, anticipating potential changes in 2024.

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, having been significantly restructured and revised in 2021. In general, the activities of the Charity are not subject to major risk, beyond those detailed below. 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 income or statutory funding. None of the Charity’s activities are subject to external regulation (other than by the Charity Commission) and the Charity does not engage in any regulated activities for Safeguarding purposes. Although our Visiting Caseworkers do not meet the definition of “regulated activity”, they are DBS-checked as an additional measure given their contact with some vulnerable adults and children.

Subject to this, the three main risks identified by Trustees as potentially impacting the work of the Charity are closely related to those identified in our Annual Reports of recent years:

continues to be the principal risk. The Charity’s approach to mitigating this risk is set out under ‘Investments and investment performance’ on page 15 to 16 below, and is managed via close monitoring at the Risk, Audit & Finance and Investment Committees. During 2023, the full Court continued to have significant discussion around future financial strategy, and implemented a range of reforms to ensure that its ambitious 2022-25 Strategy could be delivered in full, and to continue its desire to spend during a time of great need for our applicants, following several years of not spending our full income.

Fundraising

In accordance with the Charities (Protection and Social Investment) Act 2016, the following statement outlines the approach of the Charity to fundraising in 2023.

At present, and in the light of its significant investment portfolio, the Charity has a “light-touch” approach to fundraising, including through and following its annual Festival Service at St Paul’s Cathedral, and Annual Assembly, where appeals to support the work of the Charity are made. Occasional donations and legacies are also received. The Charity does not contract the services of any professional fundraisers, nor does it have any commercial participator agreements, but is registered by the Fundraising Regulator. During the course of the year we did not receive any complaints about our fundraising practice. We do not engage in persistent or intrusive fundraising practices with any of our supporters. Given the enormous growth in the Trust’s work in recent years, and its deliberate utilisation of assets in meeting that need, it is likely that more strategic fundraising will materialise in the coming years.

Financial Review

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

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. The Charity adopts a longterm 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%.

Total income for the year amounted to £4.64m (2022: £4.71m). Total expenditure amounted to £8.54m (2022: £6.90m). Whilst the number of grants awarded increased by 26% to 6,811 grant expenditure of £6,47m was £1.51m higher than 2022. Further information on our grants expenditure can be found in Note 6 to the financial statements and also under Grant Making on Pages 6 and 7 of the Trustees’ Report.

Support and governance costs, at £632k have decreased from the 2022 figure of £701k . However, staff costs of £1,137k were higher than the previous year (2022: £860k). The overall net deficit before net gain on valuation of properties and deficit on investments was £3.90m (2022: net deficit of £2.19m) and reflected the ongoing policy for a period of operating deficits after many years of annual surpluses. After taking into account the net gains on investments of £3.94m (2022: loss on investments of £16.72m) and revaluation gains on the investment property portfolio of £80k (2022: £201k), total funds at year-end increased by £123k (2022: decrease of £18.71m).

The Charity seeks to mitigate investment risk by having a diversified portfolio managed by four fund managers. One of these, the Charities Property Fund (CPF), managed by Savills Investment Management Limited, focuses only on property investments and consequently performed less well in the year relative to the other portfolios. The portfolios managed by Sarasin (73% UK and overseas equities) and Cazenove (75%) have a balanced multi-asset approach while the Charles Stanley portfolio is at present almost wholly (98%) focused on equities.

The portfolio values and performance of the four fund managers during 2023 are summarised below. Total investment funds at year-end were £106.3m (2022: £105.4m). 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
£m % % %
Cazenove Capital Management1
Sarasin & Partners LLP2		 23.1
28.7		 7.1
9.1		 8.2
11.7		 -1.1
-2.6
Charles Stanley & Co Limited 44.6 8.5 7.90 0.6
Charities Property Fund 9.9 0.1 -1.4 1.5

1 Charity Multi-Asset Fund

2 Alpha CIF for Endowments

Clergy Support Trust 2023 Report and Financial Statements

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Trustees’ Report For the year ended 31 December 2023

Trustees’ Report For the year ended 31 December 2023

Financial Review (cont.)

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

Periods ended December Portfolio Performance Relative Portfolio Performance
Relative
2023 (annualised) Return Benchmark Performance Return Benchmark Performance
3 years 5 years
% % % % %
%
Sarasin & Partners LLP1 2.9 5.8 -2.9 7.5 8.4 -0.9
Charles Stanley & Co Ltd 4.5 8.6 -4.1 7.4 6.6
0.8
Charities Property Fund 3.2 2.1 1.1 2.6 1.3
1.3

1 Alpha CIF for Endowments

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 £2.78 (2022: £2.70m). All properties were externally revalued in 2023 by Gerald Eve LLP.

Funds and reserves policy

The Charity’s total funds as at 31 December 2023 were £116.1m (2022: £116.0m) comprising £114.6 of unrestricted funds (2022: £114.0m) and £1.5m of restricted funds (2022: £2.0m).

Further information on our investments can be found in Note 11 to the financial statements.

The unrestricted funds principally comprise a designated investment fund which as at 31 December 2023 totalled £105.7 (2022: £105.1m). 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 2023 included an undesignated general fund of £2.1 (2022: £2.1m), a designated fund for strategic development and reinvestment of £6.0m (2022 £6.0m) and a designated sum of £0.9m (2022: £0.9m) which represents an amount set aside by Trustees for investment in partnerships and special projects as envisaged in the 2020-23 Strategic Plan.

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 15 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 2023 the Charity held free reserves of £1.4m (2022: £1.4m), equivalent to approximately 2.2 months of expected operating costs, (2022: 2.6 months). The trustees are monitoring the reserves position with a view to returning this to 3 months of operating costs in the future.

Reference and Administrative Details

Honorary Vice-Presidents

Incorporation and registration

Marsha De Cordova MP

The Charity now operating under the working name of Clergy Support Trust, and previously (until March 2020) known as Sons & Friends of the Clergy, 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.

The Reverend Prebendary The Lord Green of Hurstpierpoint

The Baroness Hale of Richmond DBE PC QC FBA The Lord Lisvane KCB DL

The Rt Hon. Lady May MP

Senior Treasurer

The Reverend Canon Simon Butler [to 16th November 2023]

Mr Richard Farmbrough [from 16th November 2023]

Treasurers

Mr Richard Farmbrough [to 16th November 2023] The Reverend Nancy Goodrich

Ms Constance Chinhengo [from 16th November 2023] Chief Executive

Trustees

The Reverend Ben Cahill-Nicholls

The membership of the Court of Assistants during 2023 was as follows:

The Charity was privileged to have Her late Majesty Queen Elizabeth II as its Patron, until her death in September 2022. In May 2024, we were notified of His Majesty King Charles III’s decision to be Patron of the Trust, continuing an unbroken line of the Sovereign’s Patronage since 1678.

The Reverend Canon Simon Butler Mr Adam Chamberlain

Ms Constance Chinhengo Mr Martin Cooper

Registered office

The Reverend Canon Dr Jack Dunn [to 16th November 2023] Mr Richard Farmbrough The Reverend Nancy Goodrich Mr Jeremy Hargreaves

1 Dean Trench Street, Westminster, London SW1P 3HB

Auditors

Mr Stephen Hogg [to 16th November 2023] Alderman Robert Hughes-Penney [to 16th November 2023] Mrs Jackie Jordan

Buzzacott LLP, 130 Wood Street, London EC2V 6DL

Investment advisers/managers

Dr Mayowa Marcus

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

Ms Anna McDonald [from 16th November 2023] The Reverend Ruth Newton Mr Stephen Slack CBE The Most Reverend Patricia Storey

Cazenove Charities, 12 Moorgate, London EC2R 6DA

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

Officers and Chief Executive

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

The officers of the Charity during 2023 were as follows:

Honorary Presidents

Bankers

The Archbishop of Canterbury The Archbishop of York The Bishop of London

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

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

The Bishop of Worcester (as Lord High Almoner) The Lord Mayor of the City of London

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Financial Statements For the year ended 31 December 2023

Trustees’ Report For the year ended 31 December 2023

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 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 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 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 17 September 2024.

Richard Farmbrough Constance Chinhengo Senior Treasurer Treasurer

The Revd Nancy Goodrich

Treasurer

Independent Auditor’s Report to the Trustees

Other information

Opinion

We have audited the financial statements of Clergy Support Trust (the ‘charity’) for the year ended 31 December 2023 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).

The trustees are responsible for the other information. The other information comprises the information included in the annual report and performance review 2023, 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.

In our opinion, the financial statements:

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.

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:

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.

Responsibilities of Trustees

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.

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.

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

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14

Financial Statements For the year ended 31 December 2023

Independent Auditor’s Report to the Trustees (cont.)

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 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: 17 September 2024

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

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16

Financial Statements For the year ended 31 December 2023

Financial Statements For the year ended 31 December 2023

Statement of Financial Activity For the year ended 31 December 2023

Statement of Financial Activity For the year ended 31 December 2022

Notes
Income and endowments from:
Donations and legacies
2
Investments
3
Total income
Expenditure on:
Raising funds
4
Charitable activities
5
Total expenditure
Net (expenditure)/income before
transfers and investment
gains/(losses)

Gain on valuation or property
Net investment gains/(losses)
11
Net income/(expenditure) and
net movement in funds
Total funds brought forward at
1 January 2023
Total funds carried forward at
31 December 2023
15		 Unrestricted
Funds
£
361,373
4,223,693
4,585,066
547,283
7,414,861
7,962,144
(3,377,078)
80,000
3,884,670
587,592
114,061,320
114648912		 Restricted
Funds
£
600
55,732
56,332
12,008
569,058
581,066

(524,734)
-
60,193
(464,541)
1,952,795
1488254		 Total Funds
2023
£
361,973
4,279,425
4,641,398
559,291
7,983,919
8,543,210
(3,901,812)
80,000
3,944,863
123,051
116,014,115
116137166		 Total Funds
2022
£
320,248
4,392,260
4,712,508
540,580
6,362,337
6,902,917
(2,190,409)
201,205
(16,719,164)
(18,708,368)
134,722,483
116014115

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

Notes
Income and endowments from:
Donations and legacies
2
Investments
3
Total income
Expenditure on:
Raising funds
4
Charitable activities
5
Total expenditure
Net (expenditure)/income before
transfers and investment
gains/(losses)

Gain on valuation or property
Net investment (losses)/gains
11
Net (expenditure)/income and
net movement in funds
Total funds brought forward at
1 January 2022
Total funds carried forward at
31 December 2022
15		 Unrestricted
Funds
£
316,363
4,316,025
4,632,388
527,663
6,106,408
6,634,071
(2,001,683)
40,000
(16,569,257)
(18,530,940)
132,592,260
114,061,320		 Restricted
Funds
£
3,885
76,235
80,120
12,917
255,929
268,846

(188,726)
161,205

(149,907)

(177,428)
2,130,223
1,952,795		 Total Funds
2022
£
320,248
4,392,260
4,712,508
540,580
6,362,337
6,902,917
(2,190,409)
201,205
(16,719,164)
(18,708,368)
134,722,483
116,014,115		 Total Funds
2021
£
116,382
4,145,821
4,262,203
314,709
4,257,631
4,572,340
(310,137)
-
16,448,003

16,137,866
118,584,617
134,722,483

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.

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

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18

Financial Statements For the year ended 31 December 2023

For the year ended 31 December 2023

Statement of Cashflows For the year ended 31 December 2023

Balance Sheet For the year ended 31 December 2023

Financial Statements

Notes
Fixed assets
Tangible fxed assets
10
Investment assets
11
Current assets
Debtors
12
Short-term deposits
Cash at bank and in hand

Current liabilities
Creditors: amounts falling due
within one year
13
Net current assets
Total assets less liabilities
Total net assets
Funds
Unrestricted - Designated
15
Unrestricted
- Designated Specifc
15
Unrestricted - General
15
Restricted
15
Total funds		 £
620,132
109,046,632
498,665
—
6,406,710
6,905,375
(434,973)
6,470,402		 2023
£
109,666,764

116,137,166
116,137,166
112,581,437
-
2,067,475
1,488,254
116,137,166		 £
630,257
108,124,515
211,230
6,012,618
1,391,349
7,615,197
(355,854)
7,259,343		 2022
£
108,754,772
116,014,115
116,014,115
111,993,845
-
2,067,475
1,952,795
116,014,115

The financial statements were approved and authorised for issue by the Court of Assistants on 17 September 2024 and signed on their behalf by

The Revd Nancy Goodrich Treasurer

Net cash used in operating activities
(a)
Cash fows from investing activities:
Income, interest and rents from investments
Purchase of furniture and equipment
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
(b)
Reconciliation of net movement in funds
to net cash used in operating activities
(a) Net income/(expenditure)
for the reporting period
Adjustments for:
Depreciation charge
Income, interest and rents from investments

Loss/(proft) on sale of fxed assets
(Gains)/losses on investments
(Gains)/losses on investment properties
Decrease (increase) in debtors
Increase in creditors
Net cash used in operating activities
(b) Analysis of changes in net debt
Cash at bank and in hand		 Total Funds
Total Funds
2023
2022
£
£
195,606
(6,583,820)
4,279,425
3,971,576
(31,205)
(9,915)
6,199,173
11,710,275
(1,866,142)
(3,304,214)
8,581,251
12,367,722
(997,257)
5,783,902
7,403,967
1,620,065
6,406,710
7,403,967
123,051
(18,708,368)
40,565
35,858
(4,279,425)
(4,392,260)
-
-
3,944,863
16,719,164
-
(201,205)
287,434
(66,805)
79,118
29,796
(195,606)
(6,583,820)
Balance at
Change in
31 Dec 2022
net debt
£
£
7,403,967
(997,257)
7,403,967
(997,257)		 Balance at
31 Dec 2023
£
6,406,710
6,406,710

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

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

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20

Financial Statements For the year ended 31 December 2023

Notes to the Financial Statements For the year ended 31 December 2023

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

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.

The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. 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 (see the investment policy and performance of investment markets (see the investment policy and performance and risk management sections of the trustees’ annual report for more information).

(b) Funds structure

(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

(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.

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

(l)

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.

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

(j) Gains and losses on investments

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:

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. The Charity historically operated a pension scheme, the Corporation of the Sons of the Clergy Staff Retirement Benefit Scheme which is now closed and a resolution was passed in February 2020 by the Charity’s Trustees to wind up the scheme.

2 Donations and legacies

Donations
Legacies
Donations
Legacies		 Unrestricted
Funds
£
80,795
280,578
361,373
Unrestricted
Funds
£
94,310
222,053
316,363		 Restricted
Funds
£

350

250

600
Restricted
Funds
£

2,885

1,000

3,885		 Total Funds
2023
£

81,145

280,828

361,973
Total Funds
2022
£

97,195

223,053

320,248

Clergy Support Trust 2023 Report and Financial Statements

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22

Financial Statements For the year ended 31 December 2023

Notes to the Financial Statements (cont.) For the year ended 31 December 2023

3 Investment income

Rental income
Income from investment funds
Bank Interest
Rental income
Income from investment funds
Bank Interest
 Unrestricted
Funds
£
52,717
4,170,270
706
4,223,693
Unrestricted
Funds
£
52,168
4,263,282
575
4,316,025		 Restricted
Funds
£
22,200
32,725
807
55,732
Restricted
Funds
£
32,880
43,015
340
76,235		 Total Funds
2023
£
74,917
4,202,995
1,513
4,279,425
Total Funds
2022
£
85,048
4,306,297
915
4,392,260

5 Expenditure on charitable activities

Grants (see note 6)
Support and governance costs (see note 7)
Staff costs (see note 8)
Grants (see note 6)
Support and governance costs (see note 7)
Staff costs (see note 8)		 Unrestricted
Funds
£
5,903,226
631,776
879,859
7,414,861
Unrestricted
Funds
£
4,702,076
701,895
702,437
6,106,408		 Restricted
Funds
£
569,058
—
—
569,058
Restricted
Funds
£
255,929
-
-
255,929		 Total Funds
2023
£
6,472,284
631,776
879,859
7,983,919
Total Funds
2022
£
4,958,005
701,895
702,437
6,362,337

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.

4 Expenditure on raising funds

Investment management costs
- investment properties
- investment funds
Staff costs (see note 8)
Investment management costs
- investment properties
- investments
Staff costs (see note 8)		 Unrestricted
Funds
£
13,638
275,889
257,756
547,283
Unrestricted
Funds
£
18,243
350,925
158,495
527,663		 Restricted
Funds
£
8,886
3,122
—
12,008
Restricted
Funds
£
8,946
3,971
-
12,917		 Total Funds
2023
£
22,524
279,011
257,756
559,291
Total Funds
2022
£
27,189
354,896
158,495
540,580

6 Grants

During the year, the Charity awarded 6,811 grants to qualifying individuals and organisations (2022: 5,418).

Serving clergy households
Retired clergy households
Divorced or separated spouses
Ordinands (health and book grants)
Widows/Widowers
Children of Clergy
Organisations
Contractors for services		 Number
of grants
5,284
408
232
79
117
682
7
2
6,811		 2023
£
4,853,375
421,057
232,964
48,433
98,172
569,058

170,101
79,125
6,472,284		 Number
of grants
4,428
302
204
76
77
322
9
-
5,418		 2022
£
3,975,031
271,157

194,583

57,450

69,554

251,091
139,139

-

4,958,005

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

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.

Clergy Support Trust 2023 Report and Financial Statements

25

24

Financial Statements For the year ended 31 December 2023

Notes to the Financial Statements (cont.) For the year ended 31 December 2023

6 Grants (cont.)

In addition to the above, 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 (eg diocesan staff and theological college librarians) as follows:

Number of
2023
subscriptions
£
Clergy Support Trust Library
863
61,425
The breakdown of grants expenditure by type of support was as follows:
Number
2023
of grants
£
Financial support
403
1,034,182
Emergencies
3,214
1,592,116
Health
1,073
943,652
Wellbeing
2,097
2,577,511
Servicing clergy debt
14
80,328
Training support (grants)
1 (4,731)
Training support (Clergy Support Trust Library)
—
—
Organisations
7
170,101
Contractors for services
2
79,125
6,811
6,472,284		 Number of
subscriptions
777
Number
of grants
347
2,721
748
1,600
—

2
-

5

-
5,423		 2022
£
nil
2022
£
893,557
1,348,293
612,681
1,953,726
—
-
-
149,748
-
4,958,005

The following organisations received grants from the Charity:

Society of Mary & Martha – £50,000 (2022: £50,000). This charity, also known as Sheldon, supports people in ministry at times of stress, crisis, burnout or breakdown.

Holy Rood House/ Centre for Health and Pastoral Care – £20,000 (2022: £20,000).

St Lukes Healthcare – £nil (2022: £7,649)..

Emmanuel Theological College – £500 (2022: £nil).

Church in Wales Family Support - £3,800 (2022: £nil).

Personal Emergencies Fund - £20,000 (2022: £nil).

Life to the Max - £3,800 (2022: £nil)..

The following contractors provided services to beneficiaries of the Charity:

7
Support and governance
Unrestricted
Funds
£
Support costs:
Festival costs
84,874
Property costs
55,202
Marketing & communication
63,908
Recruitment costs
4,785
Offce equipment maintenance
48,116
Website costs
13,116
Staff training
77,168
Other offce expenses
236,432
Legal and professional
24,395
Governance costs:
Legal and professional
6,380
Auditor’s remuneration
17,400
631,776		 costs
Restricted
Funds
£
—
—
—
—
—
—
—
—
—
—
—
—		 Total Funds
2023
£
84,874
55,202
63,908
4,785
48,116
13,116
77,168
236,432
24,395
6,380
17,400
631,776
8 Staff costs
2023
2022
£
£
Salaries
925,689
710,112
Social security costs
94,667
78,429
Pension costs (see note 17)
92,534 72,391
Pension costs (see note 17)
24,765
—
1,137,655
860,932
These net costs comprise the staff costs referred to in Notes 4 and
5 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:
2023
2022
No.
No.
£70,000 - £80,000
1
1
£90,000 - £100,000
1
1

Support costs:
Festival costs
Property costs
Marketing & communication
Recruitment costs
Offce equipment maintenance
Website costs
Staff training
Other offce expenses
Legal and professional
Governance costs:
Legal and professional
Auditor’s remuneration		 Unrestricted
Funds
£
77,990
266,199
65,926
15,445

38,874
14,824
18,256
128,044
37,906
22,231
16,200
701,895		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 Total Funds
2022
£
77,990
266,199
65,926
15,445
38,874
14,824
18,256
128,044
37,906
22,231
16,200
701,895

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, Head of Finance and Operations, and the Head of External Relations. During the year a Head of Grants & Services was also appointed (by internal promotion). Total employment benefits, including employer pension contributions, of the key management personnel in 2023 were £407,569 (2022: £332,103) in relation to five staff (2022: four). In 2023, two employees had benefits in excess of £60k (2022: two).

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

Generating funds, grants and support
Administration and governance		 2023
17
4
21		 2022
14
2
16

Pension costs

SPCK - £61,425 (2022: £nil).

Sleep Station - £17,700 (2022: £nil).

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 16 residents of the College of St. Barnabas, totalling £66,000 (2022: 17 individual grants totalling £63,100). 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 totalling £6,000 (2022: one resident totalling £6,000). This charity provides retirement accommodation and respite care for those associated with the Church of England.

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.

Pension payments
(10% Personal Pension Plan)
Death in Service premiums & admin costs		 2023
£
92,534
6,053
98,587		 2022
£
72,391
3,137

75,528

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 (2022: none). Travel expenses of £11,241 (2022: £10,006) were reimbursed to 10 Trustees (2022: 8).

Clergy Support Trust 2023 Report and Financial Statements

27

26

Financial Statements For the year ended 31 December 2023

Notes to the Financial Statements (cont.) For the year ended 31 December 2023

9 Auditor’s remuneration 11 Investment assets

The auditor’s remuneration comprised an audit fee of
(2022: £14,500).
Tangible fxed assets
Fixtures,
Freehold ftings and
Property
equipment
£
£
Cost (as restated)
At 1 January 2023
500,775
261,798
Addition
-
31,205
Disposal
- (3,899)
At 31 December 2023
500,775 289,104
Depreciation
At 1 January 2023
- 132,316
Charge for year
-
40,565
Disposal
-
(3,134)
At 31 December 2023
- 169,747
Net book value
At 31 December 2023
500,775
119,357
At 31 December 2022
500,775 129,482		 £15,650
Total
£

762,573

31,205
(3,899)
789,879

132,316

40,565

(3,134)

169,747

620,132
630,257
2023
2022
£
£
Investment properties
- United Kingdom
2,780,000
2,700,000
Investment funds
106,266,632105,424,515
109,046,632108,124,515
2023
2022
£
£
a) Investment properties - United Kingdom
Market value at 1 January
2,700,000
2,498,795
Additions
-
-
Proft/(loss) on sale
-
-
Net gain on revaluation
80,000
201,205
Market value at 31 December
2,780,000
2,700,000
Historical cost at 31 December
239,897
239,897
Investment properties are valued at open Market Value at the
balance sheet date. Investment properties were all valued in 2023
by Gerald Eve LLP. The Trustees of the Charity have adopted a polic
of obtaining an independent valuation for the investment properties
every fve years, and adjusting the most recent valuation by a
 2022
£
2,700,000
105,424,515
108,124,515
2022
£
2,498,795
-
-
201,205
2,700,000
239,897

10 Tangible fixed assets

Investment properties are valued at open Market Value at the balance sheet date. Investment properties were all valued in 2023 by Gerald Eve LLP. 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 2019 the residential component of the property has been reclassified as an investment property (see note 11). 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
Total
2023
2022
£
£
104,729,317130,104,583
1,866,142
3,304,214
(6,199,173)(11,960,316)
3,944,622(16,719,164)
104,340,908104,729,317
1,925,724
695,198
106,266,632105,424,515
93,848,695
93,848,695		 Total
Total
2023
2022
£
£
104,729,317130,104,583
1,866,142
3,304,214
(6,199,173)(11,960,316)
3,944,622(16,719,164)
104,340,908104,729,317
1,925,724
695,198
106,266,632105,424,515
93,848,695
93,848,695
93,848,695

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

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. Holdings are at the bid price. 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. This is a long term investment fund with a diversified strategy investing in equities, bonds, property and alternative assets. As at January 2021 the portfolio was transferred wholly to The Responsible Multi Asset Fund. In the Charles Stanley Discretionary portfolio, investment in equities, unit trusts and fixed interest securities are all traded in quoted public markets. Holdings are valued at the closing mid price. No single investment was more than 5% of the total portfolio. The investment in the Charities Property Fund is valued using the NAV price.

Sarasin Alpha CIF for Endowments
Cazenove Charities Charity Multi
Asset Fund
Charles Stanley Discretionary
Portfolio
Charities Property Fund		 2023
2022
£
£
28,721,492
27,087,733
23,032,581
25,419,377
44,611,896
42,385,638
9,900,663
10,531,767
106,266,632105,424,515		 2022
£
27,087,733
25,419,377
42,385,638
10,531,767

The split of the holdings at 31 December was:

Fixed interest
UK Equities
Global Equities
Property
Alternative Assets
Cash & Near Cash		 Total
Total
2023
2022
£
£
8,968,209
6,031,102
34,453,600
36,968,624
45,208,574
39,015,366
12,989,345
14,317,484
2,721,180
5,595,548
1,925,724
3,496,391
106,266,632105,424,515

At 31 December 2023, 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
2023 2023 2022 2022
£ % £ %
Sarasin Endowments Fund Class A Inc 28,721,492 27 26,463,678 25
SUTL Cazenove Charity Multi-Asset S Inc 23,032,581 22 25,419,377 24
Charities Property Fund 9,900,663 9 10,531,767 10

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 2023 Report and Financial Statements

29

28

Financial Statements For the year ended 31 December 2023

Notes to the Financial Statements (cont.) For the year ended 31 December 2023

12 Debtors

Income tax recoverable
Cash held by investment managers
Prepayments & other debtors

All prepayments relate to unrestricted
funds in both 2023 and 2022.		 Total
2023
£
1,700
269,831
227,134
498,665		 Total
2022
£

6,837

111,119
93,274

211,230

13 Current liabilities

Current liabilities
Total
2023
£
Creditors: amounts falling due within one year
Grant commitments
273,312
Accruals
161,661
434,973		 Total
2022
£

258,617

97,237

355,854
Deferred grants:
Balance brought forward
New grants committed to in year
Grants paid
Balance carried forward		 2023
£
258,617
584,174
(569,479)
273,312		 2022
£

202,825

417,658
(361,866)
258,617

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.

14 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		 2023
£
1,387
1,387
2,774		 2022
£

1,387

2,773

4,160

15 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 4).

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 2023. 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. In addition, the Trustees passed resolutions in December 2020 to designate a sum of £1 million for expenditure on Partnerships and Special Projects over the next 3-5 years and in April 2022 designated a sum of £8m for Strategic Development.

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

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

15 Statement of funds (cont.)

Unrestricted Funds
General
Designated
- General
- Strategic Reinvestment
- Partnerships &
Special Projects
Restricted Funds
COC - General
Total Funds
Unrestricted Funds
General
Designated
- General
- Strategic Reinvestment
- Partnerships &
Special Projects
- Refurbishment fund
Restricted Funds
COC - General
Other Restricted Funds
Total Funds		 Balance at
1 January
2023
£
2,067,475
105,071,327
6,012,618
909,900
114,061,320
1,952,795
116,014,115
Balance at
1 January
2022
£
1,867,475
129,614,885
-
909,900
200,000
132,592,260
2,124,590
5,633

2,130,223
134,722,483		 Income
£
—
4,585,066
—
—
4,585,066
56,332
4,641,398
Income
£
-
4,632,388
-
-
-
4,632,388
80,120
-
80,120
4,712,508		 Expenditure
losses
£
—
(7,962,144)
—
—
(7,962,144)
(581,066)
(8,543,210)
Expenditure
£
-
(4,646,689)
(1,987,382)
-

-
(6,634,071)
(263,213)
(5,633)
(268,846)
(6,902,917)		 Other
recognised
gains and
£
—
3,964,670
—
—
3,964,670
60,193
4,024,863
Other
recognised
gains and
losses
£
-
16,529,257

-
-
-
(16,529,257)
11,298
-
11,298
(16,516,959)		 Transfer
of funds
£
—
—
—
—
—
—
Transfer
of funds
£
200,000
(8,000,000)
8,000,000
-
(200,000)

-
-
-
-
-		 Balance at
31 December
2023
£
2,067,475
105,658,919
6,012,618
909,900
114,648,912
1,488,254
116,137,166
Balance at
31 December
2022
£
2,067,475
105,071,327
6,012,618
909,900

-
114,061,320
1,952,795
-
1,952,795
116,014,115

Clergy Support Trust 2023 Report and Financial Statements

31

30

16 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
 Unrestricted
Funds
£
620,132
1,780,000
106,266,632
5,982,146
114,648,912
Unrestricted
Funds
£
630,257
1,700,000
104,560,173
7,170,890

114,061,320		 Restricted
Funds
£
—
1,000,000
—
488,254

1,488,254
Restricted
Funds
£
-
1,000,000
864,342
88,453
1,952,795		 Total Funds
2023
£
620,132
2,780,000
106,266,632
6,470,402
116,137,166
Total Funds
2022
£
630,257
2,700,000
105,424,515
7,259,343
116,014,115

17 Pensions

The Charity operates a defined contribution pension scheme in compliance with auto-enrolment. Contributions of £92,534 (2022: £72,391) were made in the year.

18 Related party transactions

During the year seven Trustees made donations totalling £650 to the Charity.

19 Financial instruments

Financial instruments
2023 2022
£ £
Financial Assets
Financial assets at amortised cost 6,764,469 7,615,197
Financial instruments at fair value 106,266,632 105,424,515
Financial Liabilities
Financial liabilities at amortised cost 434,973 355,853

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.

20 Capital Commitments

At 31 December 2023 the charity had capital commitments of £nil (2022: £nil).

Clergy Support Trust 2023 Report and Financial Statements

32