## The Reverend Dr George Richards Charity for Poor Clergymen
established 1837
1. 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.
2. 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