Tho Engllsh Clergy Assoclatlon B•n•fit Fund Rtyst8r8d Ch8rfty Number 258559 Report ofthe Trusteès for th8 year ended 31 Cknembgr 2021 R•vl•w ofth• Th8 Persons li8t8d tdjw 8¢rvgd 08 Trustees durfrg the year 2021. Ex offtio." The level of advlty dutlng thè was for the s￿¥)nd year Imp8etsd by the Co¥id-19 paTrO8mlc, bul th6 w¢¥* of the Trus1888 was awe to be m8lnlahwd through d8ctronic means. Income. g￿ts and costs all increased from the pre¥￿u5 year, Ihe market valug 01 th• inve5tm8nt portId￿ r086 by tS.3%. r8COV8rifig its value at the end of 2019. Th8 TNst888 conlnue to take tho wgw that ￿e8￿te the drop In Inf1)n￿ it k8 I￿sible to sustain the budg8tgd grant bvd. A high proporbon of the Trus¥s arthrnul8t•Y res8rvg8 lrnathet ¥8lu6 £870.866 at ar endl 18 held In thg fonn of InV￿M0nts, so that an Incorne be se￿1 in Pe￿tulty lo fvlfil th8 th8Ity'$ objects. The TNstee5' inv88trn8nt is to seek an equal balanee of incorne and ca￿tal growth. GHC Ca￿trI Markets Lt are the di$LYg1ionary man8g8r8 of Ihe Tru$¥$ oouty portfdio, wh￿h rew88 8pproxJmatoly Ihree-quart8r5 of th8 r88eryes. Grants tolallng £18,425 12020.. £16.4601 wer• m8de to 37 dergy 12020= 401 G8n8rdty, in￿m0 is apF4ied to making grant8 to supwt ¢061s, but tho question of ￿Ing to res8rves ts kept under r8Vi8W. Th& ¢barity also has £53.035 of free r￿¢￿69 ar• used to cover day to day gxpend¢ture. Th8 Truslees hav6 been noiified that Ihey havg 8 quarter Interest Sn a wrtKJn of th8 88tate ltr Setded Sha¥e"l of th• lato Mr IA.W. Wlcox when the pro$8nt Irf• Int8r8st fa118 In. At 5 AprH 20191tt* 18t85t date fcf whith complete figvres have be8n mad8 availa￿e to the Tnjsteesl tho tot81 valu8 of lh6 Setued Shafo 8tood at £317.089. Futur• d•v•lopmonts The Tru8t888 a￿ grèt•fil to thos8 vKhwduafs al￿ organlsauons th) mvjhl wlsh lo make dMations to th8 Ch8Thty. whether by lega¢y or otherwi58. When apwinting Trustees charity seeks to ach￿¥8 a balancE bethen lay and ordained pwplo. aThJ to ensurè Ihat the diff8r8nt trad4Uons wlthin th• Church of England arg falrty f•wes8ntod. RlJk A88o¥¥m•nt Th8 malor dsks to whith thè charity is exposed, as Identified by lh• Trustees, have b88n rovi8wed and systems havt t4en 85tabb5hgd to ate Iho88 risks. Tha Tru8t888 have wepared a dat8 contrd. Dr Peter Sm6th (Chalman ofthe Englhh aergyAssodaOonl The R8¢d Rbthard H41 IHonoraryAmoner) Ottw Tw8t The Revd Mark 8lnney The Revd Canon D8Mk Earfg 14 May 2023 14 M8y2023 Th8 R•v'd SIMn GtsJfr&y 15 M8y2022 MrAntlKw J8nnirys 14 May 2023 The Rev'd Canon P8tsr Jtthrwn 14 May 2023 Tho R8Vd Dr Melanle Marsh (from 20 October2020J 20 Odobor2024 Th8 Rèv'd Cas88 Mes58r¥y Statu• The Benefft Fufid Is a r8gL8terad charlty oper8tSry under a sch￿% of arrangemont tlated 14 Dec8mbef 1994. It 18 unincorporated. PubllG Bonefft Th& Tru8t is a puÈ4ic b8ngfit enlty. whose objects a￿ to p￿de grnnts to dergy of the Church of England to enaW8 them ¢0 tske a rest from Ll*Jty. Hdiday grants of varyng arnowt5 are rnado to applicw)ts, havlng regard lo Iholr a￿￿al e4rcum5tane8s. of d8P8ndents, statg of health and other rol•vant eArcumstancss. 17 M8y2025 Prtn¢1￿1 Addr•u ofth• C￿lIty 4 St John¥ Road. Windsor. B•rkshir8 SL4 3QN Bank•r• CAF Bank Ltd, 25 HW Avenue, Klng8 HHI, W8St Maling. Kent ME19 S￿ned on ofthe Tru8tse8 GHC Capital Martets Llmrted. 2240 H¢)rnel￿r Street, Leleestsr LE1 SB Th• Engll•h Cl•rgyAMo¢latlon 8•nefft Fund Tho EngllBh Cl•rgy AS￿¢1•11•￿ B•n•fft Fund staton￿)tOr FlrtortpalAthth& forlhey8wlo 31 L￿¢0Mber202? 881orKe Sh88t8Sat31 Dtrc8mts¢r2021 Unr•Btrlct•d FundB x•dA•8•ts Tangibk F￿adA￿ts Invesim* Donalcfi$ Ltyac108 13(M) 31027 675 25 915 970 866 £970.816 841697 4t.89Y T*Jtal Snr¢)m• Cwrerrt A•Mt• Detr1￿. ErylSsh ClergyA&so¢thn 0th8rdebtor6 and prep￿nIS CBF Church of EnglaThJ D•pw¢ Fynd CBsh Bt Benk ExwndSturn On Chorit8NeAcbvitie6'. CleryJy FlJid8y Grant8 Gr8ntsAw8rded- lTr1￿[du4S 313 45 7LK) 7779 347 7873 18425 16 460 Ra￿ThJ FuThJ8'. Investment manapr le Supp)rt Costs £53,8OJ e4171S 7268 1918 6452 1585 Less. Curr•nt Ll•blllU•• Creditor. Englsh Clergy Assrthtion Creditors Ind. Ind8p8ThJ8nt Exartl 30 Tat*l oxpondllur• £24477 14•t Curr•ntAo8•t• tSJ.035 tA1085 £4718 £2.113 £1fv23,901 £883,582 Gths1(1tss￿l on In¥eÈbMniA8eots £135.801 152,2681 Fwdl Unrestric18d Fun08 £1,023.￿1 £883.582 £140.319 1£150,1551 Tètsi Fun £1,021901 U83.582 Totsi Fundj 8rcwht FcThYrd £883.582 £1.033,737 Tot•1 Fund• ¢•rrf•d Forw•rd £1.023￿1 £8UJ.5B2 ## **The English Clergy Association Benefit Fund (Registered Charity Number 258559)** ## _Notes to the Accounts for the Year Ended 31 December 2021_ ## **1 Accounting Policies** These accounts have been prepared under the historic cost convention (as modified for the revaluation of investments), the Statement of Recommended Practice (SORP) Accounting and Reporting by Charities (FRS 102) and the Charities Act 2011. The Trust at present owns no tangible fixed assets. Investments are included at closing market value at the balance sheet date. Any gain or loss is taken to the statement of financial activities. Investment income is accounted for in the period in which the charity is entitled to receive it. Grants are included in expenditure in the year in which they are made. Other expenditure is included on an accruals basis. |||||| |---|---|---|---|---| |||_Investments held by the charity at market value:_
_2021_
_2020_
Gilts and fixed interest stock
0
0
_2020_
Equities including investment trusts
607 849
549 163
0
Cash at Stockbroker
36 937
7 367
0
CBF Fixed Interest Fund income units
0
1 154
**0**
CBF Investment Fund income units
293 643
255 624
CBF Property Fund units
32 437
28 389
0
**£970,866**
**£841,697**
0
0
**0**
**7 Transactions with Trustees**
The trustees received no remuneration, but travel and subsistence expenses of
**£0**
£168 were reimbursed to 4 trustees (2020: £143 to 4 Trustees). The Chairman was
reimbursed with £zero and 2 other trustees with £176 for expenses relating to the
administration of the charity (2020: £120). The trustees have no indemnity insurance.||_2020_| |**3**
**Tangible Fixed Assets**
Office equipment:
Cost:
At 1 January
Amounts written out
At 31 December||||| ||_2021_
0
0
**0**|||| |||||| |Accumulated depreciation:
At 1 January
Charged in year
Amounts written out
At 31 December|0
0
0
**0**|||| |||||| |Net book value:
At 31 December|**£0**|||| |||||| |**4**
**Funds**
There are no designated or restricted funds. Income and capital may be applied to
the purposes of the charity without restriction.||||| |||||| |||||| ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF** ## **THE ENGLISH CLERGY ASSOCIATION BENEFIT FUND** I report to the trustees on my examination of the accounts of The English Clergy Association Benefit Fund for the year ended 31 December 2021. ## **Responsibilities and basis of report** As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011(‘the Act’). I report in respect of my examination of the Trustee’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 Commissioner under section 145(5)(b) of the 2011 Act. ## **Independent examiner’s statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - (1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or - (2) the accounts do not accord with those records; or - (3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts 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. **Name of examiner:** Colin Mills FCA **Name of firm:** Critchleys Audit LLP **Relevant professional body:** Institute of Chartered Accountants in England and Wales **Address:** Beaver House, 23-38 Hythe Bridge Street, Oxford, OX1 2EP ## **Date: 31 March 2022**