The Reverend Dr George Richards Charity for Poor Clergymen
established 1837
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For the benefit of clergy of the Church of England who are deserving of assistance and have through age or infirmity become incapable of performing their clerical duties or are in need of assistance in the performance thereof in the payment of pensions of such amount as the trustees think fit.
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if and so far as income of the Charity is not required for application in any year in manner aforesaid the same may be applied in grants of money for the relief of persons qualified as aforesaid and their widows and dependants.
The Trustees have complied with their duty in Section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charity Commission.
List of Trustees
The Archdeacon of London, The Ven Luke Miller The Archdeacon of Middlesex, The Ven Stephan Welch The Archdeacon of St Albans, The Ven Jonathan Smith
The Archdeacon of Colchester, The Ven Ruth Patten The Archdeacon of West Ham, The Ven Elwin Cockett (Chairman)
The Master of Charterhouse, Ms Ann Kenrick OBE The Vicar of St Martin-in-the-Fields, The Revd Canon Dr Samuel
Wells
All named Trustees are appointed ex officio as in the Trust Deed Secretary: Dr P D Simmons Bankers: CAF Bank Ltd 96 Thomas More House
Bankers: CAF Bank Ltd 25 Kings Hill Avenue, West Malling, Kent ME194JQ
Kings Hill
Barbican London E2Y 8BU
Independent Examiner: Mr M S Mackay
Registered with the Charity Commission: number 246965
ANNUAL REPORT
On 31 December 2021 the investments/assets of the original Charity were valued at £653,418 compared with £639,793 at the corresponding year end in 2020 and £669,214 in 2019. The income however increased to £24,353 from £22,900 in 2020. The ongoing world situation in 2022 with inflation, war in Ukraine and potentially further Covid spread, will continue to impact the financial health of the Charity’s funds. However, 2021 was the first year of the merger of the Tancred ‘pensioners’ charity, as forecast in the 2020 Annual Report, bringing further investments of £735,105 with income from that paying annual grants to 10 needy clergy.
These funds are managed by Investec.
The Central Board of Finance of the Church of England and M & G Charifund respectively manage the investments of the original Charity; income from M & G Charifund increased this year as did the CBF Investment Fund but the CBF Property Fund’s income decreased again. Low general interest rate levels continued to produce little income from our deposit accounts. The Trustees are grateful to the managers of the Charity’s funds for their investment performance in challenging economic conditions. We continue to keep our investment policy under regular review.
The Charity features in most Diocesan Year Books or on their websites and entries are in the Directory of Grant Making Trusts and on the Turn2us website. A reminder note of the availability of the Charity’s assistance is planned to all current Church of England clergy who had had to take early retirement because of ill health.
Administrative costs and time are necessarily expended in responding to all enquiries, some of which fall outside the objects of the Charity.
Numbers of grant payments are inevitably variable year on year. This year they numbered three ranging in value from £200 to £2,000. Many value the emotional support we are able to give at the same time as granting financial support.
Beneficiaries are required to declare, on the official application form provided, their income from all sources in order that their particular need can be assessed. Encouragement is given to appropriate applicants to seek relevant statutory support or occasionally review of their clergy pension. We also work closely with the Welfare Benefits Adviser at the Church of England
Pensions Board Housing Division as well as the other clergy charities as needed. We aim to be flexible in our grant giving and more grants are now given between our two formal meetings.
Each year the list of recipients of Christmas gifts is carefully reviewed and this year we gave to 31 increasing the gift to £300, acknowledging their hardship, as well as recognising the need to disburse our funds. We do recognise the need for the grantees to feel remembered at a time when many are feeling very lonely or unwanted. Grants went out with a signed Christmas card from the Secretary of the Trustees.
During the year the Trustees reviewed their governance as recommended by the Charity Commission.
The Trustees were grateful to Mr M S Mackay for agreeing to act as Independent Examiner once again.
Dr Paul Simmons indicated his intention to resign as Secretary in 2022 and planning has commenced to fill the vacancy.
The Reverend Dr George Richards Charity
Receipts and Payments Account for the year ending 31 December 2021
| 2021 Receipts 2020 Dividends and interest: 14,159 Charifund units 12,820 7,356 CBF Investment Fund 7,104 2,838 CBF Property Fund 2,904 12 CBF Deposit Fund 69 5 CAF Gold account 14 28,344 Investec funds income - for ex Tancred grants 784 Hoares bank interest - 53,498 22,911 Balance Sheet at 31 December 2021 Capital Funds Balance at 1 January 2021 281,816 Increase in value of investments 38,215 Balance at 31 December 2021 320,031 Expendable Funds Balance at 1 January 2021 357,977 Increase in value of investments 42,801 Excess of income over expenditure for year 9,151 Funds transferred from Tancred's 735,105 charity Balance at 31 December 2021 1,145,034 Total Funds 1,465,065 |
2021 Payments 23,940 Grants ex Tancr 6,563 Grants 9,300 Christmas Gifts Lunches 3,500 Honorarium-Se Operating Expe Travel & Expen 584 Travel & Expen Trustee insuran 200 Gift - Ind Exam 250 Bank charges 9,151 Excess of incom over expendi 53,488 Investment sch Investment sch including Inves CBF deposit acc CAFbank curren CAFbank depos Half cello at cos |
|---|---|
Approved by the Trustees at their meeting on 27 June 2022
Elwin Cockett Paul Simmons Chairman Secretary
The Reverend Dr George Richards Charity
| Schedule of Investments at market value at 31 December 2021 Capital Price (p) Shares M & G Equities Investment Fund 1,556.20 19,135.00 CBF Investment Fund 2,341.81 CBF Property Fund 147.87 15,049.68 Investec funds transferred from Tancred's charity at yearend value Market value at 31 December 2020 Change in value in 2021 |
Value 297,778 0 22,253 |
|---|---|
| 320,031 | |
| 281,816 | |
| 38,215 |
Independant Examiner's Report to the Trustees of the Dr George Richards Charity
As trustees of the Charity you have a duty to keep proper accounting records and to prepare accounts therefro examination of the trustees' accounts for the year ended 31 December 2020 was carried out in accordance wi directions of current charity regulations, including a review of the accounting records and a comparison of the those records.
In connection with my examination no matter has come to my attention which gives me reasonable cause to b requirements have not been met.
M S Mackay
M.S.Mackay FCCA ###
2020
| red | 0 |
|---|---|
| 5,735 | |
| s |
3,600 |
| - | |
| cretary |
2,000 |
| enses: | |
| ses - Trustees | - |
| ses - Secretar | 507 |
| nce |
112 |
| iner |
200 |
| 60 | |
| me |
10,697 |
| ture | |
| 22,911 | |
| hedule | 320,031 |
| 320,031 | |
| hedule | 1,068,492 |
| tec funds | |
| count | 12,500 |
| nt account | 9,593 |
| sit account | 48,449 |
| st |
6,000 |
| 1,145,034 | |
| 1,465,065 |
Expendable
| Shares - 12,378.00 29,430.15 |
Value 0 289,869 43,518 735,105 |
|---|---|
| 1,068,492 | |
| 290,586 | |
| 777,906 |
om. My ith the general accounts with
believe that these
The Reverend Dr George Richards Charity
Receipts and Payments Account for the year ending 31 December 2021
| 2021 Receipts 2020 Dividends and interest: 14,159 Charifund units 12,820 7,356 CBF Investment Fund 7,104 2,838 CBF Property Fund 2,904 12 CBF Deposit Fund 69 5 CAF Gold account 14 28,344 Investec funds income - for ex Tancred grants 784 Hoares bank interest - 53,498 22,911 Balance Sheet at 31 December 2021 Capital Funds Balance at 1 January 2021 281,816 Increase in value of investments 38,215 Balance at 31 December 2021 320,031 Expendable Funds Balance at 1 January 2021 357,977 Increase in value of investments 42,801 Excess of income over expenditure for year 9,151 Funds transferred from Tancred's 735,105 charity Balance at 31 December 2021 1,145,034 Total Funds 1,465,065 |
2021 Payments 23,940 Grants ex Tancr 6,563 Grants 9,300 Christmas Gifts Lunches 3,500 Honorarium-Se Operating Expe Travel & Expen 584 Travel & Expen Trustee insuran 200 Gift - Ind Exam 250 Bank charges 9,151 Excess of incom over expendi 53,488 Investment sch Investment sch including Inves CBF deposit acc CAFbank curren CAFbank depos Half cello at cos |
|---|---|
Approved by the Trustees at their meeting on 27 June 2022
Elwin Cockett Paul Simmons Chairman Secretary
The Reverend Dr George Richards Charity
| Schedule of Investments at market value at 31 December 2021 Capital Price (p) Shares M & G Equities Investment Fund 1,556.20 19,135.00 CBF Investment Fund 2,341.81 CBF Property Fund 147.87 15,049.68 Investec funds transferred from Tancred's charity at yearend value Market value at 31 December 2020 Change in value in 2021 |
Value 297,778 0 22,253 |
|---|---|
| 320,031 | |
| 281,816 | |
| 38,215 |
Independant Examiner's Report to the Trustees of the Dr George Richards Charity
As trustees of the Charity you have a duty to keep proper accounting records and to prepare accounts therefro examination of the trustees' accounts for the year ended 31 December 2020 was carried out in accordance wi directions of current charity regulations, including a review of the accounting records and a comparison of the those records.
In connection with my examination no matter has come to my attention which gives me reasonable cause to b requirements have not been met.
M S Mackay
M.S.Mackay FCCA ###
2020
| red | 0 |
|---|---|
| 5,735 | |
| s |
3,600 |
| - | |
| cretary |
2,000 |
| enses: | |
| ses - Trustees | - |
| ses - Secretar | 507 |
| nce |
112 |
| iner |
200 |
| 60 | |
| me |
10,697 |
| ture | |
| 22,911 | |
| hedule | 320,031 |
| 320,031 | |
| hedule | 1,068,492 |
| tec funds | |
| count | 12,500 |
| nt account | 9,593 |
| sit account | 48,449 |
| st |
6,000 |
| 1,145,034 | |
| 1,465,065 |
Expendable
| Shares - 12,378.00 29,430.15 |
Value 0 289,869 43,518 735,105 |
|---|---|
| 1,068,492 | |
| 290,586 | |
| 777,906 |
om. My ith the general accounts with
believe that these