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