Annual Report and Financial Statements of The Reverend Doctor George Richards, Charity for Poor Clergymen Charity Number 246965 For the year ended 31 December 2023 Prepared under the Receipts and Payments Accounting Basis
THE REVEREND DR GEORGE RICHARDS. CHARITY Annual Report for year ended 31 December 2023 On 31 December 2023 the investments/assets of the Charity were valued at £1,358,588 compared with £1,324,121 at the corresponding year end in 2022, a small but welcome increase of 2.6 per cent compared with a fall of nearly 10 per cent the previous year. However, income Showed a small fall1£47,655 in 2023 compared with £48,491 in 2022) and remained significantly lower than in 2021 (£53,498). The continuing war in Ukraine, conflict in the Middle East and the worldwide economic situation in general, continue to impact the financial health of the Charit¢s funds. The Charity's investments are divided between the Central Board of Finance of the Church of England, M & G Charifund and Investec. Income from Charifund units showed a small increase compared with 2022, while that from the CBF Investment Fund and the C8F Property Fund remained stable. Investec manage the funds transferred from the Tancred charity, and income from these investments showed a further fall to £19,251 from £21,819 in 2022 and from £28,344 in 2021. We continue to keep our investment policy under regular review. The Charity feature5 in most Diocesan Year Books or on their websites and entries are in the Directory of Grant Making Trusts and on the Turn2us website. We plan to launch our own website in order to raise further the profile of the Charity. 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 inevitably vary from year to year. In 2023 they numbered only two. Many recipients 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 as flexible as we can be in our grant giving within the objectives of the Charity and more grants are now agreed by email between our two formal meetings each year in order that the assistance can be as timely as possible. Such decisions are always ratified at the next formal meeting of Trustees. If the financial position allows, the charity makes 'Christmas gifts, to a number of former grant recipients. Each year the list of recipients is carefully reviewed and in 2023,34 gifts, each of £300, were made, the same level as in the previous two years. These gifts are intended to acknowledge hardship during the 'c05t of living crisis,, as well as recognising the need to disburse our funds. We also recognise the need for the grantees, many of whom took early retirement because of mental health issues, to feel remembered at a time when many can feel very lonely or unwanted. Grants are accompanied by a signed Christmas card from the Secretary of the Trustees.
In addition to the ad hoc grant payments, the charity is now responsible for making regular quarterly payments to needy Tancred'pensioners, one died during ihe year, bringing the number to eight. The Trustees reviewed the level of these payments at the end of the year and that concluded that the performance of the designated funds neld for this purpose did not allow a general increase in the payments for 2024. Instead, the beneficiaries received Christmas gifts at the same level1£300) as those from the original Charity, bringing the total number of recipients to 42. List of trustees for 2023 (All ex offi'cio} The Archdeacon of West Ham, The Ven Elwin Cockett The Master of Charterhouse, Mr Peter Aiers The Archdeacon of Middlesex, The Ven Richard Frank The Archdeacon of St Albans, The Ven Dr Jane Mainwaring The Archdeacon of London, The Ven Luke Miller The Archdeacon of Colchester, The Ven Ruth Patten The Vicar of St Martin-in-the-Fields, The Revd Canon Dr Sam Wells Signed.. £uke ffilicler The Ven Luke Miller, Acting Chair of Trustees
INDEPENDENT EXAMINER'S REPORT TO THE REVEREND DOCTOR GEORGE RICHARDS, CHARITY FOR POOR CLERGYMEN FOR THE YEAR ENDED 31 DECEMBER 2023 I report to the trustees on my examination of the accounts of The Reverend Doctor George Richards, Charity for Poor Clergymen for the year ended 31 December 2023. Responsibilities and basis of report As charity trustees of The Reverend Doctor George Richards, Charity for Poor Clergymen, you are responsible for the preparation of the accounts in accordance with the Charities Act 20111'the Act,). I report in respect of my examination of The Reverend Doctor George Richards, Charity for Poor Clergymen's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 14515}Ib} of the Act. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in any material respect: the accounting records were not kept in accordance with section 130 of the Act,. or the accounts did not accord with those records; or the accounts di(J not comply with the applicable accounting requirements concerning the form and contents of accounts set out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Carl Page FCCA Ensors Accountants LLP Member of the Institute of Chartered Accountants in England and Wales IICAEWI Blyth House Rendham Road Saxmundham Suffolk IP17 IWA
The Reverend Dr George Richards Charity 2023 2022 Receipts and Payments account For the year ended 31 December 2023 RECEIPTS Dividends and interest Charifund units CBF Investment Fund CBF Property Fund CBF Deposit Fund CAF Cash account CAF Gold account 16.361 7,648 2,896 478 44 977 15.882 7,606 2,896 83 20 185 Investec funds income for ex Tancred grants 19,251 21,819 Total recelpts 47.655 48,491 PAYMENTS Grants ex Tancred Grants Christmas gifts Honorarium - Secretary 20,160 3,594 12,300 2,500 22,050 5,054 12.600 2.625 Operating expenses Travel & expenses- Trustees Travel & expenses - Secretary Trustee insurance Gift- independent examiner Bank charges 68 118 112 768 797 112 400 110 100 Total payments 38,952 44,516 Excess of recelpts over payments 8,703 3,975 Balance brought fonvard at 1 Jan 2023 62,017 58,042 Balance carried forward at 31 December 2023 70,720 62.017
The Reverend Dr George Richards Charity Balance Sheet at 31 December 2023 Capital Funds Balance at 1 January 2023 300,835 Investment schedule 293,023 Increase in value of investments (7,812) Balance at 31 December 2023 293,023 293,023 Expendable Funds Balance at 1 January 2023 1,023,284 Investment schedule 976,345 Increase in value of investments 33,578 CBF deposit account 12,500 Excess of income over expenditure for year 8,703 CAFbank current 2ccount 12,799 CAFbank deposit account 57,921 Half cello at cost 6,000 Balance at 31 December 2023 1,065,566 1,065,565 Total Funds 1,358,588 1,358,588 Approved by the Trustees at their meeting on 15 July 2024 £uke Jliller Chairman Jenny Allen Secretary Schedule of Investments at market value at 31 December 2023 Capitsl Price {p) Shares Expendable Shares Value Value M & G Equities Investment Fund 1,434.99 19,135.00 274,585 CBF Investment Fund 2,260.53 12,378.00 279,808 CBF Property Fund 122.51 15,049.68 18,437 29,430.15 36,055 Investec funds (ex Tancred's charity) 660,482 293,023 976,345 Market value at 31 December 2022 300,835 942,767 Change in value in 2023 17,812) 33,578