SALISBURY DIOCESAN FORCES WELFARE FUND REPOIU OF THE TRUSTEES AND STATEMEKf OF AccouKrs FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS Pa Truslees. Report Statement of FinanrAa] Activities and Balance Sheet Not8s to the AcLDunls Independent Examinefs Report
SAUSBURY DIOCESAN FORCES WELFARE FUND TRUSTEES. REPORT FOR ThE YEAR ENDED 31 DECEMBER 2023 LEGAL STATUS The Fund Is B règlstered charity. numb8r 250335. Its gov8ming InstnJm8nt Es 8 Charfty Commlsslon Sethème d8ted gth July 1985 as amended by o Scheme daied 10 Der£mber 1997. Tr Charitls offiual tillè is th8 Church Df England Board for the Welfare of Her Majestys Forces withln the Diocese of Salisbury. However the trustees use 'Sa115bury DIocn Forc98 Welfare Fund. as the Charitys working titte as allowed under the Scherne. TRUSTEES Th8 fijlowing 88ryed as the trustoes during the year arKI to dalo.. Ex ofii¢lo truBlèes Sqn Ldr A Glasby Rav C Shlmman Rov A Cobain Fro 23 Nomlnated trustees Commodora R J8¢kman Ch8trn8n Ven S Robblns Lt Col M Nash Lt Col R Milter Gp Capl M Oldham MajorA Bun W02 H Tokaiqali DrA G¢thn Lt Cd D RavAins LtCdALe Tu NDv23 To Nov23 From Apr23 Co-opted trust Dr L Brown Mr8 J Guyer Fivo trustees are ex-offlcS0. holding appointments vthhin H M For¢e8', three trugtw are ¢tpted, appointod by th8 trustees and having special knowtedge ot Salisbury DI09. th8 ch8im)an k9 appoint1 by Ihg Bishop of Salisbury. Th remaining trustses are nominated by tha S8llsbury Di(w8n Synryj and are appointed for a tomi of four years. Tha Salisbury Dirman Board of FinanrE Is (Jjstodian trLth oflhe Chartty. CLERK TO THE TRUSTEES Lt Col M Bullgr, Sgnlors F8mihous8. Semlay, Shaftesbury SP7 9AX ADVISERS Independent Examiner nvestment Managers.. Mrs N A Hall8 FCA, Retthor & Partners. BJldge StreèL Salisbury SP1 2LZ CCLA Investment Management Lld. On8 Ang&1 Lane. LOn. EC4R 3AB OBJECTS AND AcTIVlEs The Charws purpose bs lo promote the spiriluyl arKI m¢xal wolfar8 of and provKJ8 such gther charllable benefflls as th8 trustees frorn time to tirne decide for His Majest¥ For¢os (both serving veterans) wfchin the Dlocese of Sallsbury and their depeants. The managlng Irustotss normolty meet tvAce a year to conswjer the allocation of grants as fofiows.. lil lo Service Chaplains, Emergency FurKls', {iil to SwvI units in response to aw4ications made through servi hgadquarters and liill such other charilablg grants as the trustees may deLide. The Cl8rk to the trustees receives grant applications as well a5 dealing wth all wrte8pDndenc8. The Fund èmploys no Staff but rglies on Ihg staff of the Salisbury diocesan Offi wriaint8in the accn11ng rÈ(x>rd8 8nd prèpara thè annual financial 5tatsmgnts. The trustees have complied wlh thèir duty tr) have due regard to the guidan on public benefit published by the Charity Commission in exerci3irvJ Ihelr powers or duties.
SAU8BURY DIOCESAN FORCES WELFARE FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 21)23 ACHIEVEMENTS AND PERFORMANCE During the year th8 Fun(J awarded grants lotalling £16,7Z2 S1 batren the Services and Intt[alaS in support of Vttlerans. Thaso grants arg made lo supp(¥t wewaro Inld8Uves at MOD 8slab115hrr]ents and their asstrdated 18mily welfare la¢llib'es, and in Veterans oryanisalions wlthln thè diocese and so nfer & bsnpfit on the personngl their dependants semng. or havlng served, in HIS Majestys Armed Forc&8. The Trustees conUnu8 lo match grBnt making to 8vailab19 Income which has bn reflected In a slighty lower figure ¢Jue to returns, but this is lo ensure th8 longer term health of the Fund. The Truslts6s have also k)oked io work rTh)re closely wlth Service Supptsrt providers such as Ihe WRVS who gel Iitue or m direct fijndiro from the MOD yet provlde tstandIng seNic6 to servicemen and seNi¢e women. The Trustsgs also continue to review8rwJ update both its Governance and Rk8k d0Ments. FINANCIAL REVIEW Investment incomts for the year was £45,37012022- £42.8251. vthilst grants paid lindudlng alk)Gated support costs) were £16.72212022- £18,596}. There was a surplus for the yeor of £28.648 12022- 0rating surplus of £24,299>. The Fund's inveslm8nts have seen an inuea$8 in lh& ¢%pitsl valLEe perforinanlx, wh a nèt gain of £,S14(2022- £170,372 nel lossl. There was an overajl Increw in fvnds for the year of £119,162 12022 - £146,143 d8u¢asel making lotsl reserves al the year end £1,449,100 {21)22 '.£1.329,9381. RESERVES POLICY Thè Trust&es' aim is to preserve th8 invastments and to al1& lurmts as grants to deserving bKls so18ty from incomè continues. Within a finanGial year the allocation is (zpped at tho level of the anticipated incom8 but within the ennstraint of retaining reserve of 5(k75% of the rt)Iling &year average annual income. Where there is a mismatch resulting from the auiumn meeting. the panents of grants may be deferred into thè following year. INVESTMENT POLICY Thè Fund's investment pNJlicy 18 set QLrt in Note 4 to the tnts. Thè invèstm1 poliry ar FX)rtfolio rwmgln under review to ensure IhaL a8 far as possible and vrithin the $traints of ESG Policy. the investmenls prlorktise income over capital growth and deliver an annual increase in inex)ma that as a mlnimum offsets the offects of inflation. RISKS REVIEW Risk is considgred annually. At present the trustees £der that th8 Fund's onty risk bs a total tx)Ilapse in stock markets whith th8y have mttigated by ptacing a propofrftm) Df Ih8 Fund's inv&strnents in a propety ftjnd. DEVELOPMENTS AFTER THE YEAR END Th8 trustses consléer that there are no material uncèrtaintiès about the Charitys ability lo ¢onUnue BS a going concern. In thls assessment Ihe trustees h8V6 a¢krthedged the imp&t of wrrent market unc£rtainlies and whilst this does nol represent an existential threat may tsmporarily reduce the TnJ5t's ablllty to m681 the demand. TRUSTEES, RESPONSIBILinES IN RELATION TO THE FINANCIAL STATEMENTS The tDJstees are responble for propariTrJ the Truste* Annual Rewt aThJ the financial statements In accordanG with applicable law and Unitsd IQng(j Accounling Standar(ls (Unlw lfjngdom Generally Accepted A(xoutrtlng Praclicel. Th8 18w awliGaNg lo tharilies in England and Wales requires lh8 Charity trustees to prepar8 finan¢ial slatgmenls fN oaeh year which give a true and f8lr vlow of th& state of affalrs of the Charity and of th8 In¢omlng rewur¢es and applicalon of resources, of the Charlty for that period. In weparing the finarKial statsmenls. the Trustees are required lo: select ¥ultabl8 ScrUntIr0 policies and then appty them c>)nsistenUy. obsérv& th8 methods and princAples in the Charities SORP; make judgements and estimates that are reasonaNe and prudent.. state whether appli(ztAe accounting 5tsndar(ls have been followed. sublect to arry rnatert departures that Thusl be disck)wJ arwj exFdainod in the financlal statements.. PT8pare the financial stalewnents on the g(Aw concern lS un18SS it is inappropriate to presume Ihatlhe Charity wll wnUnue in busjness.
SAUSBURY DIOCESAN FORCES WELFARE FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS Icontlnu•d) The Trustees are regponsible for keeping proper accwnting records that disclose with reasonable aLUracY at any Ilm¢ th& fin8n¢ial positfj of the charity and en8L)1o Ih8m to tnsyr8 that the financial statements comply vrith the Charltles Act 2011, the opplicoble Chartbes (Accounts and Reptytsl Regulations. and the provisions of the Charitys schemes. They are also responsIe for safeguarding Ihe assets of the charity and taking reasonai4e steps fcw the prevention and deleLlion of fraud and other iegUlaritteS. Thé tru$lÈ8$ are respOnbI8 for th8 maSnt8nan(* and intrity of thè chadty and financial Informallon indudÉd on thè ch8rity'S W8bsité In accordancè vAth gISlatIon in the United lfjngdom governing the pr8paralion aTh diss8min8tlon offln8nclal ststements. Signed on beha of the Trustees Cdra R W Ja¢kman {Chairnwn) Approved by tha Trustees on
SAUSBURY DNXESPJI FORCESWELFARE FUND {Reglstw•d Gharlty No. 2503551 STATEMENYOF FINANCIALACTivmES FOR THE YEAR ENDED 31 DECEMBER 2D23 Total UnrestrFLIBd Funds 2023 Totsl Unre8trkt8d Fund8 Note INCOME FROM.. vo$tments Olvldend5 Inlerost dep08it8 42.135 3.235 42218 607 TOTAL INCOME 45,370 EXPENDITURE ON.. Charltabl8 actlvltl85 Grants paydbl8 16,722 18,596 TOTAL EXPENDrruRE 1e.722 18,5 NET INCOMEIEXPENDITURE BEFORE NET GAiNSIILOSSESI ON INVESTMENTS 28,648 24,229 Nat galnslllos$8$1 on investments NET MOVEMENTIN FUNDS 90,514 1170,3721 1148,1431 119,162 RECONCILIATION OF FUND8 Total funds brought fonNard 1,329,938 1.476,081 Totsl futKl8 carried lorwar 1.449.1Th) £ 1,329,938 BANcE SHEET AT31 DECEMBER 2023 Total Unrestricted Funda Total Unrestrfcted Funds FIXED ASSEts: Listed Invesbmnts 1,366 099 1.275,585 CURRENT Ass8. Cash at bank 8nd in hand CBF 08posrf( Fund Cash hdd by Salk%bury DBF 82.998 67 83,065 55,238 363 55,601 DobtOY8 ACed Incom8 1,110 LIABILITIES.. Cr8dltor$'. amounls falllng du8 With one year 11.1741 11,248} CURRENT SET5 OR UABILtriES TOT NET ASSETS OR UABILtnES 1.449,1DO £ 1.329.938 THE FUNDS OF THE CHARITY: Unrestd¢ied funds 1c 1.449.100 £ 1,329,938 Th8s8 finanal stater1ts wefe approved tylhe Tru8t885 on .¥44..4..... svJn8d on theirb8hdl by. Cdre R W J8cAman Iclwlmanl The notes cffi pages S 10 7 fNm partofllwe 8Ctwnts
SAUSBURY DIOCESAN FORCES WELFARE FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Aceountlng Pollcles Accxiun ConventOn Thg accounts {finandal stBt8mentsl are prepared under the hlsl(Mcal cxJ8t conventkjn vllh itsm8 recognisgd al cost or trBnsaction value unless otherwse slateLf in the relevant notss to these 8wxJnts. Thp fin8n(¥al stslements have been prepared in accordance Ythh the Statgment of Rg¢ommended Prdctice.. AccountlThJ and Reng by Cttarili8S pr8paTing thgir 8¢counls In awdance th the Financial Reportlng Standard applicable in thè UK and Ropubll¢ of Ireland IFRS 1021 effectlve from 1 January 2019, the Finan&1 Raportiro Standard appI1¢ab in thè Unftad Kingdom and Republlc of Ireland IFRS 1021 and the Charilles A( 2011. The Charity COtUteS 8 public b8n8fit enlity as defined by FRS 102. Tho Iruslees considfjr that there are no material unrtaIneS abcyJt the ChariW8 almlity to continue 88 8 golng concèm. There are M significant 8r8as of judgement or key assumptions that affect iterns in the aoxunts. With respect lo the next reporbng period, thè year 8nd8d 31 Dacember 2024. Ihe most significant areas of uncertainty that Affect the Carng value of assets held by th8 Charfty are lh8 level of invesknent rebjm and the perfwmance of Investment markets. The ac)Unts do not in¢lud8 8 sh flow ststenwl because the Chaity. as a small reporbng entity, is exempt from the requirement lo prepar8 such a stateML nd accountl General fvnds are unr85tiict8d furwts are available for use at the dIs(Tr1)n of tho trusts¢s kn fvrtherance of the general 08Ve$ of th8 charfty and which have been desvJnated for (Aher pUrFKjS. It is the charity's policy to trwdl ts investrnents as tf w8r8 an 8ndowmonL as the income derived trom the investments is the only source of inwmÉ. I Incomlng rasourc8s. induding legacaes, are reLwnis8¢J th¢ thanty has gntidemenl to the resources, il is certain that th@ r8sources will be received and the monetsry value of incomlng resources can be measured th Suffidènt r81iabillty. Income from investm8nts 15 iUded In the year In which il is receivable. Liabilities are recowised as resour$ expeTrJed as soon as there is a Wal or nStrUCte obllgalion committing thg tharity to the expendiluie, il is Kthbie Ihat settlement will be rBquired and the amount of thè obligation can be measurod reli8bly. Ail gxpenditure is accwnted loron an a(YnJab basis. Grants payakAe are charged vthen the offer Is conveyed to the reuplerrt. eXpt In Ihosg c58e8 where Ihe ofler Is conditional, in whi¢h 8¢ the grant would be recognised as exJIture when the conditi3 attaCh1j are fuifdied. Charitable activiyes The expenditure on ¢h8dlable 8divities Inolud&s grants made 8nd wjppxt (K6ts. ortco Support costs have been differ8nli8led between governance costs and other support costs. This comprfsas 811 costs involvirLq the public accountability of Ima charity and its compliance wth regulation ènd go(xl trfacticè. Th8 total support C08ts are allocated 8qually between the grant recipients for the year. Invèstm8nts Quol&d And other investments are 5ts1ecl al martgt value as at the balance sheet dale. Th8 Statèment of finandal activities indudes the net gains and losses arislTh3 on revaluatbjn and disposats throughout the year. Reali8ed ins and los AJI gains and losses are lak$n to the statem1 of fd activltles as they aTi8e. R8ali3ed galn8 Iossgs on investments arè calculat8d Ès the Ififference befven salg5 prrK8eds and opgning m8rkgt V8lug Ipurch3se date11 lerl. Unre81S$¥d galns and Ioss8s are cakulated as the drffer9nce bgtwgen th8 tnarkgl valu9 at the year end and opening mad(èt valu& lor purchase date rf later). Realised and unr2alised galns are not separated In the Staternent of Financial Activities. kl Cash al ban Cash al bank and in hand indudes (Ssh de1 avali able on demand aThJ cash held by Salhsbury Dioc88an Board of FinarKe.
SAUSBURY OIOCESAtr4 FORCES WELFARE FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Credllors Crpdllors ar8 rècognlsed where the charfty has a pr8sont obliga1ion rgsulbng from a past event. that VAII probably r8suIt In tha transfer of funds to 8 thlrd paty and th8 amunl due to satue the otrAigation ¢8n be Thasured rellabty. ml Flna Fixed asset investments are a fom) of basÈc financial instsiJrrBnt and are Initially recognis¢d at their Iran3a¢llon cost and subsequently measured 8t fair volue at the Balancg sheèt date. Investment gains and losses, whetr r&21ised or unrealised, 8ra combined and shown in the head[ 'N8t gains1088I on inv¢stments' in the Statèrn8nt of financial aclivlllg8. 8roakdown of costs of ¢h3rltablg aetlvity Id costs 23 02 Grants to organlsations Army NaNy and Royal Marfnes WRVS Senior ChaF4alns' Fund and Chaplain RM 8b8r¢ 1,500 2,509 8.939 319 319 319 319 1,819 2,828 9.258 2.819 9,951 882 2.382 5.382 18,596 1274 16,722 Support costs ore altocal8d 8qually between the grant re¢lents for th& yeat. hèr Total Total su Govemance su costs Support costs comprlse: co costs 2022 CEerk'$ honorarfum DI0se,S managetngnl fe8 Independent ¢xaminefs fees 219 428 454 454 820 1,274 820 820 454 £ FSxed as6et InvestmÈnts. Llst8d investments- Unr85tricled thnds 2022 Market valuB at 1 J8nuary Nel InvestThnt gain I Ilossl on r8valuati Market value at 31 December 1.275,585 90,514 £ 1,366,099 1,445,957 170,372 £ 1275.585 Original c08t at 31 De¢ember E 311,683 £ 311.683 unall$&d galns al 310ecember £ 1.054,416 £ 963.902 The Ch8riVs pdicy is lo hd all the Chartvs investments in Ihe CBF Church of England cOMrn Invastmont funds wlth the aim of long temi ¢apital and income growth. At 31 Dmber 2023. the v8lu& of the Investment8 wa8 represented by 81% In th8 CBF Inve8tm8nl Fund. 3Yo in the CBF Short Duratlon Bond Fund and 16% in the CBF PrDperty Fund. The main dsk lo the Charity from financial inslnJm8nts liès in the combination of uncortain Investment markets and volatility In y?eld. Cash held by Sallsbury Dlocesan Board of Flnancè The Charity does not hold a bank acclnI in ils own name. Bankiro facalitses are opgrated through a designat1 Trusts Eount held In the name of Sallsbury DI0San Board of Finance. Cr•dltors: amounts falling duè wlthln one ar 2023 2D22 Accruals and dèfèrred Inme 1.174 1.174 1.248 1.248
SAUSBURY DIOCESAN FORCES WELFARE FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 . 7. Movement In fundlng commltments for grants durfng the y•8r 2023 Grant ¢ommilments cOgnISed as al 1 January New grant commitsnenls charged to SOFA (see Note 2} Grants pald during the year Grant commllments recognised as al 31 Drnber Ise8 Note 6) 15,448 15,448 £0 17,069 17,069 £0 8. . Rèlat•d party transactlons, trustees. expenses aTrd remuneratlon and key man•gom•nl personnel The d)arlty considars its k8y managèmont personnel compKise the tru51ees and the Clerk, No tr$t&9$ rgc8ivod any remun8ratlon during th& ygar12022- £nil). No ITLislee received reimbursemanl for gxpen$6s durfng th8 year12Q22 - £nill. Mark Buuer roceived an honordrium of £0 {2022 - £2191 for b8lng the Cl* The charfty had no other related party transactions during the year12022- £nlll 9. Flnanclal Instments Notg 2023 Financial assets at fair v81u& through profft and loss: Investments held at fair valua 1,366,099 £ 1,366,099 1275,585 £ 1,275,585 Incom9, &xpgn$e, gains or losses, indLKling changès in f81r valug, recx)gnis8d on.. GainsllLossesl on Financial assets measur8d al fair value Interest on cash deposits Incomg fruffl listed inv8strwnts 90,514 3,235 42,135 £135,884 { 170,3721 607 42,218 127,547
SALISBLIRY DIOCESAN FORCES WELFARE FUND INDEPENDE1 EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEAIBER 2023 I report lo the twslees on my examination of the ac(wnls of the SalbUry Diocesan Forces Wdfaro FuTrJ lthe Trust) for the y88r gnded 31 Decgmber 2023. whlch are set (Krt on paggs 4 10 7. Rèsponslblllllos and basls of report As the charity Iruslees of the Trust you 8r8 msprmsible for Ihe preparation of the accounts in 8CCDrdanc8 with the requlrements of the Charitl8s Act 2011 Ixhe ACVI. I report in respect of My examlnallon of the Trusfs atUnts e8rri6d out urHler sectlon 145 of the 2011 Act and In carrying out My examination I have followed the applicabb Directions giv8n by thg Charity Commlssknn under section 14515}Ibl of the Act. Ind•p•ndont oxamlngrfs statement I hav8 completed my examination. I wnfirm that no malejfjal matters have come lo my attenfjtsn In connoction ¥th the examinall¢)n glving m& c8US& to bo1iov¢ that in any material respect: accounting r8(x)rds wer8 not kept in resperA of the Trust 8$ requlred by section 130 of Ihe ACL or 2. the 8c¢ounts do not accord with th&8e records" or 3. the accounts do not mplY wlth the aFvlicatle requiremants conceming th& fomi and content of a(uunt$ $$1 out In Charilies (Accounts and Reports} Regulations 21J08 othor than any requirement that the accounts givg a tru8 and falr view Ythich 18 not a matter nsidered as part of an indepeThJ8nt 6xamlnation. I have no concems and have coma across no other matters in conTbection th the examination to which attention $l¥)uld be drawn in this report in order to enable a pr(w undeistandlng of tha acLxJunts to be reached. Mrs N A Halls FCA Fletcher & Partners Crown Chambers Bridge Street Salisbury Date.. OCAts