The Queen Victoria Clergy Fund COUNCIL’S REPORT For the year ended 30 June 2022 THE COUNCIL OFFICERS AND ADVISERS COUNCIL Canon Peter Bruinvels, _**Chairman**_ Anthony Allwood, **(** _**Deputy Chairman**_ from 8 February 2022) John Brydon (appointed 8 February 2022) Rosemary Lyon Canon Robert Perry (appointed 8 February 2022) Mary Talbot (appointed 8 February 2022) David Mills, _**Deputy Chairman**_ (retired 8 February 2022) David Ashton (retired 8 February 2022) Canon David Froude (retired 8 February 2022) Canon Dr Adanna Lazz-Onyenobi (retired 8 February 2022) William Seddon (retired 8 February 2022) ## SECRETARY Stephanie Maurel REGISTERED OFFICE AND PRINCIPAL OFFICE Church House Great Smith Street London SW1P 3AZ REGISTERED CHARITY NUMBER 213258 ## MANAGERS The Corporation of the Church House Church House Great Smith Street London SW1P 3AZ ## BANKERS Barclays Bank plc Abbey Branch 2 Victoria Street London SW1H 0ND ## INVESTMENT MANAGERS Sarasin & Partners LLP Juxon House 100 St Paul’s Churchyard London EC4M 8BU AUDITORS Lovewell Blake First Floor Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA _Page 1_ The Queen Victoria Clergy Fund COUNCIL’S REPORT (continued) For the year ended 30 June 2022 The Council presents its annual report and audited financial statements for the year ended 30 June 2022. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. ## **CONSTITUTION AND OBJECTS** The Queen Victoria Clergy Fund was constituted by Royal Charter on 7 December 1897 and supplemental charters of 5 September 1924, 29 June 1942 and 19 July 2005. The registered Charity number is 213258 and its principal office is Church House, Great Smith Street, London SW1P 3AZ. The objects of the Fund are the relief of need, hardship and distress among the clergy of the Church of England and their families and dependants, in particular (but not exclusively) by the payment of grants to the diocesan organisations with similar objects, and generally to advance religion by advancing the charitable work of the Church of England through providing material support to its clergy. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Fund’s objectives and in planning future activities and setting the grant making policy for the year. ## **GOVERNANCE** The membership of the Fund consists of forty-two members, one lay member being nominated to serve for five years by each diocese of the Church of England following each election of members to General Synod. At the Annual General Meeting held in February 2022, the members elected a Council of six members from amongst their number, to serve for a term of five years. The Council wishes to record its appreciation and gratitude to the outgoing Council members who retired at the end of their terms – extended by a period of one year as a consequence of the COVID pandemic - in February 2022. At their meetings the Council agrees the broad strategy and areas of activity for the fund, including consideration of grant making, investment and risk management policies and performance. All trustees give of their time freely and no trustee remuneration is paid. Details of trustee expenses and related party transactions are disclosed in note 16 to the accounts. ## **Trustee induction and training** New Council members are inducted into the workings of the Fund, including Council policy and procedures, at an initial meeting with the Secretary, and also receive a copy of the Charity Commission guidance on the roles and responsibilities of Trustees. Members are forwarded updates from the Charity Commission and details of appropriate training courses. ## **Professional advisors** The Council previously resolved to review the appointment of each of its professional advisors formally during each quinquennium. As reported previously, the planned review of the investment manager was completed in August 2021 and the views expressed and recommendations made, reported to the Council. at their next meeting. The Council considers that all three advisors continue to fulfil their individual terms of reference and remains satisfied that no change is necessary at this time. _Page 2_ The Queen Victoria Clergy Fund COUNCIL’S REPORT (continued) For the year ended 30 June 2022 ## **GRANT MAKING POLICY** The grant making policy aims to achieve its objects for public benefit by the relief of need, hardship and distress among the clergy of the Church of England. The Fund makes an annual block grant to each diocese (the apportionment between dioceses being decided each year by the Council of the Fund) to be allocated by the diocese in accordance with the objects of the Fund. The formula for making the annual distribution to dioceses, reviewed each year by the Council, takes into account the number of incumbencies in each diocese and the number of parishes in areas designated by the Government as experiencing multiple deprivation. ## **REVIEW OF THE YEAR** The charity exists for the relief of hardship among the clergy, enabling them to carry out their duties in the advancement of religion. Beneficiaries are given discretion to use the funds provided by the charity for any purpose that fulfils our charitable objects. Examples of how the charity’s funding was used during the year under review include contributions towards emergency housing repair costs, funding of medical assessments and associated treatments, assistance with counselling costs and support for respite care. The Fund generated a total deficit in the year of £417,803 after accounting for unrealised losses on investments of £375,404. By comparison, in the year to 30 June 2021 the Fund generated a surplus of £498,231 after accounting for unrealised gains on investments of £516,926. In the year to 30 June 2022, the capital value of the Fund’s portfolio decreased by £411,187 (2021: increased by £505,053). It is pleasing to report that the income target set for 2022 was met. During the year, the fund distributed £165,000 (2021: £150,000) to the dioceses in furtherance of the charity’s aims. To achieve this level of distribution, and reflecting the decision reached by the Council during 2013 to adopt a total return approach, undistributed income from the previous year’s activities was supplemented by £39,000 (2021: £14,100) from the sale of investments. It is anticipated that investments of around £44,500 will be sold to meet the income shortfall in the 2021/22 financial year and to maintain the increased level of distribution. In considering the amount of capital transferred to income, the Council balances the current needs of beneficiaries with the likely needs of future beneficiaries. ## **FUTURE PLANS** The Council intends to continue and, if possible, increase its annual grants to dioceses to enable them to give further support to clergy in need. The Council has resolved to maintain total grant distributions in 2022/23, including the additional £15,000 awarded for 2020/21 reflecting the impact of the COVID pandemic, of £165,000. ## **INVESTMENT POLICY** Following a review of the Investment Policy, the Council agreed to change the composite benchmark with effect from 1 July 2021 to 7.5% ICE BofAML Sterling Corporate Bond Index; 7.5% ICE BofAML Gilts All Stocks Index; 10% MSCI AC World (ex UK) (local currency) £ Index; 40% MSCI AC World (ex UK) (Net Total Return) Index; 5% MSCI All Balanced Property Funds Index (1 Quarter lagged); 20% MSCI UK IMI (Net Return) Index; 10% SONIA +2%. The long-term investment objective remains to achieve a total return of inflation (UK CPI) + 4% coupled with a medium-risk approach with the aim of generating sufficient levels of income and capital growth to enable the real value of grants and the real capital value of the Fund’s assets to be at least maintained. It was also agreed that funds should continue to be invested in line with the Statement of Ethical Investment Policy issued by the Church of England Ethical Investment Advisory Group. _Page 3_ The Queen Victoria Clergy Fund COUNCIL’S REPORT (continued) For the year ended 30 June 2022 ## **INVESTMENT PERFORMANCE** Over the twelve months to 30 June 2022, the Fund's return, net of fees, was -5.0%. This compares to the ARC Steady Growth Peer Group return of -5.7% and composite benchmark return of -3.1% over the same period. The Fund’s returns over 3 and 5 years are +5.3% p.a. and +5.5% p.a. respectively. This is ahead of the peer group returns of +2.9% p.a. and +3.7% p.a. respectively, but slightly behind the composite benchmark returns, which do not include fees, of +5.5% and +5.8% p.a.. While the Fund has made a ‘real’ return in excess of inflation over three and five years, with UK inflation running at its highest level in 40 years and few assets outside a selection of commodities generating positive returns in the first half of 2022, the Fund’s five year performance has fallen behind its long term UK CPI +4% target, which has risen +7.3% p.a. Over ten years the Fund’s performance remains ahead of its long-term target having generated total returns of +7.8% p.a. against UK CPI +4% of +6.4% p.a. Against a backdrop of above-average returns generated by the Fund in the calendar years of 2019, 2020 and 2021 of +19.7%, +9.7% and +10.3% respectively, the first half of 2022 has proven to be a much more challenging environment. While 2021 closed out a third successive year of double-digit returns for global equity markets, with performance again dominated by large US technology companies, momentum quickly changed in Q1 2022 as expectations of rising interest rates to counter high inflation led to a steep decline in bond and equity markets. A large portion of the overall Fund’s relative underperformance over the twelve month period can be attributed to the lack of oil and gas exposure within the Fund’s equities. Energy prices rose sharply due to supply constraints as a result of the Russian invasion of Ukraine. The Fund’s equities over twelve months generated a return of - 5.1%, against the equity index return of -2.1% which, with its strategic allocation to UK equities of 20% of the portfolio, is difficult to outperform when ‘old industry’ stocks, and those within ethically excluded sectors such as tobacco, alcohol, and defence are rising. Combined, these sectors represent nearly a quarter of the UK index. Elsewhere in the portfolio, fixed income fared worse than equities, falling -13.8% against the index return of - 14.0%. We have maintained a tactical underweight in fixed income against the composite benchmark, helping to minimise the negative impact to the portfolio. Elsewhere, commercial property has continued to bounce back from the pandemic, generating a robust total return over twelve months of +21.5%. Alternative investments also contributed positively, producing a total return of +12.0% over twelve months, demonstrating the value of diversifying outside of conventional asset classes. We continue to expand our opportunity set within this asset class to help provide ballast to the portfolio in uncertain times for equity and bond markets. Investment performance continues to be monitored and reviewed regularly and the Council meets with the investment managers at least once a year. As at 9 September 2022 the investments were valued at £4,709,545. ## **RESERVES AND DISTRIBUTION POLICY** The majority of distributions should be met by a reliable and sustainable stream of investment income that grows at least in-line with inflation but is supplemented, as appropriate, by capital from the sale of investments. Given that grants are paid in arrears, from investment income generated in the previous year and held mainly in liquid investments, the Council has no liquidity reason to maintain cash reserves over and above income received. At 30 June 2022 total funds of the Council amounted to £4.72m (2021: £5.14m). Of this, £4.59m (2021: £5.00m) is represented by the value of long-term investments. The underlying yield of the Fund’s portfolio was 2.9% as at 30 June 2022 (2021: 2.9%). _Page 4_ The Queen Victoria Clergy Fund COUNCIL'S REPORT (continu¢d) For the year ended 30 June 2022 RISK MANAGEMEN7 Thc Council h15 ideniifi¢d Ihtsi th¢ major risk5 01.th¢ QVCF ar¢ io b¢ unabl¢ to mginthln and grow th¢ inflation adju$ikd valu¢ of digiribuiions llnd Ihc c•pil41 valu¢ of Ihc Fund ovLr the long Icmi. Thesc risk5, which r¢l*e to: volalility of se¢urity math- 8cncral cconomi¢ condiiionts; invcsimeni mana8¢mcni pcrforman¢¢'. mawkoi sertiimenl., and atLiiude risk Are mitigated by m#inwining a divctsifKd pollfijlio: regularly rcvicwing inv¢simcni p¢rr￿ce. and wulor dialu¥y¢ wlih inyostmcnl udvi8¢rs. Sto¢k market voiyiiliiy and cortiinuing gli)bJl eionomic unc¢rt#inty ioniinuc lo rnakc the managcmcnt of i Fund'% Invesmicn15 50m¢whai Challenging. Th¢ ¢harity is a lon8-tcrTh investor And ihc m￿1¢￿$. ott prof¢¥¥ioMI advice. remain of thc opittion thai a mixcd portfolio of ¢quili¢s. bonds. cash InvrMmcNl¥ remaln5 oppn)pri4* ￿ lis riik profilc. Thc Cuuncil, thrO￿￿h thc prucus uftotbtinuous r¢vi¢w and rcgular di•lobtue wirh 115 inv¢simeni manaBcr& is contcni ihm i Iijwl rctum llrvrollch is lh¢ most approFYilllc ￿ mitl8Rtc risks aywJ¢iai¢d wi(h inyrsimeni perfofflwtL¢C •nd poimiidl impaci in rcloiiuth Iv Ihe Invesitnciil. *nd di$(rib￿liOn, of th¢ l-uiid's &%ets. Th¢ iothl relurn sirnT¢gy ¥hould ¢n¥bl¢ th¢ Fund 10 irtLfc*¥¢ il¥ disiribuiiolls oyor Ilic long i¢mi bui mlly LngendLY & hi8her l¢vel of ihon and mcdiu￿¢¢m1 volaulity. It is un1icipllt¥￿ by rhe Council ih•i ther¢ m•y bc circuMy￿￿¢¢1 irt which the CRpiral ul¢rnentof our diJtribJtion miy b¢ r¢du¢¢d. TRUF. AND FAIR OVERRIDE The fLn&nclal siatements hRv¢ bc¢n prq)tted io ¥lv¢ 8"InJe ¥nd f¥ir" view hve d¢prtL¥I from the ChAViii (A¢counis •nd R¢￿￿5} RL¥ululions 2008 ottly tv Ihc exieni requircd io provid¢ * "irue and fair vi¢w" Thiy d¢parnir¢ involvcd followin8 th¢ A¢¢ountlnu und ReportittÉ by ChJriil¥s'. Sw¢emenl Ot. Rc¢omm¢nthd PrKfi¢¢ 4pplicabl¢ in tho UK and R¢public of Ireland itsued in O¢iob¢r 2n19 roih¢r ihin Ihc Acrouniinll a￿1 Reporting by Charitici: s￿¢￿￿¢n[of Rrfommmded Prncth"cc from l April 2005 which lin¢¢ b¢en wlimrnwn. Si¥n¢d un b¢half ofihe Council on ? Vebruary 21123. CwA Pe￿r Rrninvclj Chairman Page 5 The Queen Victoria Clergy Fund COUNCIL'S RESPONSIBILITIES IN THE PRLPARATION OF FNANCIAL STATEMENTS The C4utt¢il is r¢sponsibl¢ for pr¢poring ihc fin4n¢iul in a¢¢ordAn¢¢ with applicublc liw and Uttited KinbTrdom A¢couniin&v Sthndllrds (Unii¢d Kingthm C¥¢n¢rnlly Aic¢p¢cd Accounlin¥ PracllE¢I. The law appliubl¢ 10 ¢hariii¢s in l.n¥landJTKI WJl¢% r¢quir¢s lh¢ Louncil 10 pr¢pa￿ fin4n¢i41 for each fin4n¢ial yeor which 8iv¢ a uw¢ and fair vi¢w k)fth¢ stai¢ ofaffairs of the chariry of thc incoming resources and applicaiion ufre$ou￿¢s of th¢ ¢harity lor ilial p¢iiud. In prepdrinu diese financial siatemcnts. Ihc C"uun¢il is rcqul￿d iu.. seleei aLcuuniiab ￿11¢1¢$ und Ill¢￿ W￿[Y Iliem u)nsi8iently: obs¢rv¢ ihc mcihryJ5 4nd pri￿1￿1￿? in th¢ Chuiiie4 SORP 2019 IFRS1021: make judgements 4bAd ¢S¢ima*s Ihat 4r¢ arml w￿1¢￿1. sthic whdh¢r aFf•li¢abl¢ a¢¢ouMini ￿ndardS have IKcn followed. %ubj¢d ￿ any makrial d¢parnires diselosed and cxplain¢d in th¢ firW￿l*l ststh'm￿Ls.' pro4r¢ th¢ stui¢mLllts on lh¢ ioinbt LY)nc¢rn basi$ unk.*s ii 1$ inwopii#i¢ 10 pr¢%ume ihai the ¢huity will Unrestricted
Funds
£
Endowment
Funds
£
INCOME AND EXPENDITURE
**Income from**:
Income on investments
Interest on deposit
Total income
119,267
16

119,283
13,772
-

13,772
**Expenditure on:**
Charitable activities
Total expenditure
11
175,897

175,897
441

441
Net (expenditure) / income
before transfers and gains /
(losses)
Transfers between funds
Net (expenditure) after transfers
and before gains / (losses)
(56,614)
13,331

(43,283)
13,331
(13,331)

-
**Other gains and (losses)**
Realised gains on the disposal of
investments
Unrealised (losses) / gains on
market value of investments
884
(336,542)
-
(38,862)
**Net movements in funds**
(378,941)
(38,862)
Total funds brought forward 1
July 2021
4,617,681
522,047
**Total funds carried forward 30**
**June 2022**
_8/9_
4,238,740
483,185|**Total**
**2022**
**£**
Total
2021
£
**133,039**
**16**

**133,055**
139,936
32

139,968
**176,338**

**176,338**
159,557

159,557
**(43,283)**
**-**

**(43,283)**
(19,589)
-

(19,589)
**884**
**(375,404)**

894
516,926
**(417,803)**
498,231
**5,139,728**

4,641,497
**4,721,925**
5,139,728| |---|---| All incoming resources and expended resources derive from continuing activities. An analysis by fund of the comparative figures for 2021 is shown in note 10. _Page 11_ The Queen Victoria Clergy Fund NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2022 ## 1 GENERAL INFORMATION - The Charity is a registered charity in England and Wales and is incorporated by Royal Charter. - The address of the registered office is Church House, Great Smith Street, London SW1P 3AZ. ## 2 ACCOUNTING POLICIES ## BASIS OF ACCOUNTING 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 to give a ‘true and fair view’ and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011. ## GOING CONCERN The financial statements have been prepared on a going concern basis, as the Council believes that no material uncertainties exist. The Council have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. ## INVESTMENT INCOME The Fund recognises income in the period in which it was earned consistent with the accruals basis. ## EXPENDITURE Expenditure together with any irrecoverable VAT is included on an accruals basis. Grants payable are accounted for in the year when the offer is conveyed to the recipient. Expenditure on charitable activities includes grants made and support costs. ## INVESTMENTS Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Fund does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. _Page 12_ The Queen Victoria Clergy Fund NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 30 June 2022 ## 2 ACCOUNTING POLICIES (continued) ## REALISED GAINS AND LOSSES All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between market value at the year end and opening market value (purchase date if later). ## FUNDS There are no specific restrictions on the use of the Unrestricted Fund apart from the furtherance of the Charity's aims. The endowments within the terms of the originating legacies are shown in note 9. Under the terms of the legacies any surplus income arising from these investments after specific donations is to be transferred to the General Fund to further the Charity’s aims. ## FINANCIAL INSTRUMENTS A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. 3 |INVESTMENTS
Market value at 1 July 2021
Additions
Disposals
Unrealised (loss) / gain in the year
Market value 30 June 2022
Historical cost as at 30 June 2022
Investments at market value comprised:
Global equities
UK equities
Fixed interest securities
Property
Liquid assets
Alternative assets
|**2022**
**£**
**5,002,557**
**2,333**
**(38,116)**
**(375,404)**

**4,591,370**
**2,729,108**
**1,981,520**
**925,951**
**339,283**
**667,837**
**284,776**
**392,003**

**4,591,370**|2021
£
4,497,504
1,333
(13,206)
516,926

5,002,557
2,747,713
2,643,059
994,931
501,704
452,225
153,484
257,154
5,002,557| |---|---|---| _Page 13_ The Queen Victoria Clergy Fund NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 30 June 2022 ## 3 INVESTMENTS (continued) All investments are listed UK securities, held in the Fund’s investment portfolio managed and administered by Sarasin & Partners LLP. The primary objective of the investments held is to generate sufficient levels of annual income and capital growth to enable adequate levels of grant distributions to be maintained whilst achieving overall growth of the portfolio’s capital value. |4
REALISED GAIN ON SALE OF INVESTMENTS
Sale proceeds from sale of investments
Less: original cost
Profit on original cost
Less: unrealised gain previously recognised
Realised gain on sale of investments
5
CASH AT BANK AND ON DEPOSIT
Barclays Bank Current account
Barclays Bank Base Rate Reward account
Sarasin & Partners Sterling Investment account
6
DEBTORS
Accrued investment income and bank interest|
|**2022**
**£**
**39,000**
**(20,938)**

**18,062**
**(17,178)**

**884**
**2022**
**£**
**3,030**
**97,380**
**711**

**101,121**
**2022**
**£**
**33,906**

**33,906**|2021
£
14,100
(8,088)

6,012
(5,118)

894
2021
£
1,030
105,891
-

106,921
2021
£
34,152

34,152| |---|---|---|---| ||||| ||||| ||||| ||||| ||||| _Page 14_ The Queen Victoria Clergy Fund NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 30 June 2022 |7
CREDITORS: Amounts falling due within one year
Grants payable
Accruals

8
UNRESTRICTED FUNDS
Balance brought forward 1 July 2021
(Deficit) for the year
Realised gain on sale of investments
Unrealised (loss) / gain in market value for the year
Balance carried forward 30 June 2022|
|**2022**
**£**
**441**
**4,031**

**4,472**
**2022**
**£**
**4,617,681**
**(43,283)**
**884**
**(336,542)**

**4,238,740**
|2021
£
463
3,439

3,902
2021
£
4,172,963
(19,589)
894
463,413

4,617,681| |---|---|---|---| ||||| Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects. |9
ENDOWMENT FUNDS
Priors Hardwick Trust
RA Clement Trust
Incumbents’ Sustentation Fund
Endowment Capital Trust
Miss RLJ Stallard Bequest
Tithe Redemption Trust
AD Yorke Legacy|30 June
2021
£
4,832
48,899
134,827
2,799
110,998
24,767
194,925

522,047|Market
(loss)
£
(360)
(3,640)
(10,037)
(208)
(8,263)
(1,844)
(14,510)

(38,862)|**30 June**
**2022**
**£**
**4,472**
**45,259**
**124,790**
**2,591**
**102,735**
**22,923**
**180,415**

**483,185**| |---|---|---|---| The endowments represent legacies given. Under the terms of the various endowments, unexpended income arising from the investments, after specific donations, is to be transferred to the Unrestricted Funds to further the aims of the Charity. For the year ended 30 June 2022 the transfer amounted to £13,331 (2021: £14,023). _Page 15_ The Queen Victoria Clergy Fund NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 30 June 2022 ## 10 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021 |Unrestricted
Funds
£
Endowment
Funds
£
**Income from**:
Income on investments
Interest on deposit
Total income
125,450
32

125,482
14,486
-

14,486
**Expenditure on:**
Charitable activities
Total expenditure
159,094

159,094
463

463
Net (expenditure) / income before transfers and gains
Transfers between funds
Net (expenditure)/ income after transfers and before
gains
(33,612)
14,023

(19,589)
14,023
(14,023)

-
**Other gains and losses**
Realised gains on the disposal of investments
Unrealised gains on market value of investments
894
463,413
-
53,513
**Net movements in funds**
444,718
53,513
Total funds brought forward
4,172,963
468,534
**Total funds carried forward**
4,617,681
522,047|**Total**
**£**
**139,936**
**32**

**139,968**
**159,557**

**159,557**
(19,589)
-

(19,589)
894
516,926
**498,231**
**4,641,497**

**5,139,728**| |---|---| _Page 16_ The Queen Victoria Clergy Fund NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 30 June 2022 |11
EXPENDITURE ON CHARITABLE ACTIVITIES
**Direct Costs**
Grants payable
**Support costs**
Management fee
Audit fees
Legal and professional fees
Other expenses
12
GRANTS PAYABLE
The amount payable in the year comprises:
Support to clergy -
42 grants (2021: 42) to dioceses (see below)
5 grants (2021: 5) to Incumbents Sustentation Funds|**Total**
**2022**
**£**
**165,441**
**8,000**
**3,342**
**(1,048)**
**603**

**176,338**
**2022**
**£**
**165,000**
**441**

**165,441**|Total
2021
£
150,463
8,000
3,458
(2,374)
10
159,557
2021
£
150,000
463
150,463| |---|---|---| _Page 17_ ## The Queen Victoria Clergy Fund NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 30 June 2022 |13
SUMMARY OF BLOCK GRANTS TO DIOCESES
Bath and Wells
Birmingham
Blackburn
Bristol
Canterbury
Carlisle
Chelmsford
Chester
Chichester
Coventry
Derby
Durham
Ely
Europe
Exeter
Gloucester
Guildford
Hereford
Leicester
Lichfield
Lincoln
Liverpool
London
Manchester
Newcastle
Norwich
Oxford
Peterborough
Portsmouth
Rochester
St Albans
St Edmundsbury & Ipswich
Salisbury
Sheffield
Sodor and Man
Southwark
Southwell
Truro
West Yorkshire & The Dales
Winchester
Worcester
York
Total
|**2022**
**£**
2021
£
**3,504**
**5,891**
**5,939**
**2,431**
3,144
5,291
5,355
2,225
**2,950**
**2,284**
**5,876**
**5,241**
2,693
2,081
5,289
4,693
**5,519**
4,935
**2,571**
**2,968**
**5,286**
**2,677**
**2,200**
2,306
2,677
4,855
2,435
2,000
**3,328**
**1,779**
**2,532**
**1,600**
**2,211**
3,080
1,612
2,257
1,371
1,983
**6,035**
**4,412**
**6,095**
**8,104**
**8,824**
5,645
3,952
5,743
7,224
8,001
**3,444**
**3,671**
**5,190**
**2,681**
**2,502**
3,177
3,289
4,676
2,484
2,467
**3,377**
**3,502**
**2,065**
**2,497**
3,064
3,209
1,887
2,274
**5,182**
**251**
**4,688**
**3,565**
**1,941**
4,758
226
4,209
3,177
1,774
**9,132**
**2,786**
**1,834**
**6,435**

**165,000**
8,339
2,515
1,677
5,951

150,000| |---|---| _Page 18_ The Queen Victoria Clergy Fund NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 30 June 2022 |14
AUDITORS REMUNERATION
Fees payable for the audit of the financial statements
15
ANALYSIS OF NET ASSETS BETWEEN
FUNDS
Unrestricted
Funds
Investments
Current assets
Current liabilities
Net assets at 30 June 2022
4,108,185
135,027
(4,472)

4,238,740
Unrestricted
Funds
Investments
Current assets
Current liabilities
Net assets at 30 June 2021
4,480,510
141,073
(3,902)

4,617,681|**2022**
**£**
3,342
Endowment
Funds
483,185
-
-

483,185
Endowment
Funds
522,047
-
-

522,047||2021
£
3,458
**Total**
**Funds**
**4,591,370**
**135,027**
**(4,472)**

**4,721,925**
**Total**
**Funds**
**5,002,557**
**141,073**
**(3,902)**

**5,139,728**| |---|---|---|---| ||||| ## 16 COUNCIL’S REMUNERATION, EXPENSES AND RELATED PARTY TRANSACTIONS The council members all give their time and expertise freely without any form of remuneration or other benefit in cash or kind (2021: £nil). During the year ended 30 June 2022 £nil expenses were reimbursed to members of the Council (2021: £nil expenses were reimbursed to members of the Council). During the year a grant was paid to Guildford diocese of £2,532 (2021: £2,257) - Council member Canon Peter Bruinvels is a trustee of Guildford Diocesan Board of Finance. Grants were also paid during the year to St Edmundsbury and Ipswich diocese of £2,065 (2021: £1,887) - Council member Anthony Allwood is a trustee of St Edmundsbury and Ipswich Diocesan Board of Finance and the Bristol diocese of £2,431 (2021: £2,225) – Council member Canon David Froude is a trustee. There were no other related party transactions. 17 STAFF The Charity does not have any employees (2021: Nil). _Page 19_ The Queen Victoria Clergy Fund NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 30 June 2022 ## 18 TAXATION The Queen Victoria Clergy Fund is a registered charity, and as such its income and gains falling within Section 505 of the Income and Corporation Taxes Act 1988 or Section 256 of Taxation of Chargeable Gains Act 1992 are exempt from corporation tax to the extent that they are applied to its charitable activities. ## 19 FINANCIAL INSTRUMENTS The carrying amounts for each category of financial instrument is as follows: ||**2022**|2021| |---|---|---| ||**£**|£| |**Financial assets measured at fair value**||| |**through income and expenditure**||| |Fixed asset listed investments (note 3)|**4,591,370**|5,002,557| _Page 20_