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2023-12-31-accounts

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 2023.

Responsibilities and basis of report

As the charity trustees of the Trust 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:

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: 18 March 2024

The English Clergy Association Benefit Fund Regislergd Charity Number 258559 Report of Ihg Twslees for the year ended 31 December 2023 Tru$teo6 The persons listed below seNed as Truste8$ during the year 2023. Ex officio., Revlow of the year A high proportion of the Trust's accumulalod reserves is held in the form of nvestmenls (market value £922,550 al year ènd, an overall rise of 0.4Q/ol, so that an income can be secured in perpetuity to fulfil the charity's objects. The Trustees, investment policy is lo se6k an equal balance of income and capital growth, Approximately Ihreewquarters of the Trust's investments are in the di8crelionary managgmenl of GHC Capltal Markets Ltd, while the remainder is held in CBF funds. Dr Peter Smith Ichalrman of the Engllsh Clergy Assoclationl The Rev'd Rlchard Hall (Honorary Amonerl Other Trustees Serving untll The R&v'd Mark 31nn8y 13 June 202T Tho Trust888 were pleased lo bo abl• lo make grants tolalling £30,510 10 49 clergy 12022.. £31,200 10 52 clergy). GeneT811y, income is appli8d lo making grants and lo support costs, bul the question of adding to reserves is kept under feview. The charity also has £66,153 of free reserves which are more than adequate to eover a year's grants and day lo day expenditure. The Tru818e8 have been notified that they hav8 a quarter Inter88t In 8 Portlon of the 8stsle I'lhe Settled Share'l of Ihe late Mr M.W. Wilcox when the present life Snlerosl falls In. Al S April 2019 Ithe latest dale for which complet8 fi9ures have been made ovailabla to the Trusleesl the lotsl capital v8lu8 of the Sallled Share stood 81 £317,089. Futuro developmènt• Thè Tru8lee8 are always grateful to thosè IndSviduals and org8nS8allons who mlghl wlsh lo mako donations lo the Charlty, whether bylggacy or olhBrwis8. When oppoinling nfrw Trustees the charity seeks to $nsurg that the differgnl traditions wllhln the Church ol England are fairly represented. Rlsk A8se8#mènt The major risks to which the charity is exposed. as identified by the Trusteos, have been kept under review and systems have been established lo rniligale those dsks. The Truslegs have prepared a pollcy coverln data control. The R8v'd Canon Derek Earls 13 Juna 202T The R8v'd Canon Slmon Godfrey 10 May 2026 Mr Anthony Jennlngs 13 Jun6 2027 The R&v'd Canon Poler Johnson 13 June 2027 Tho Rgv'd Dr Melonla Marshall 20 Oclob6r 2024 Thè R9v'd Cassa Messervy 17 May 2025 Status The Benefit Fund Is a regSslered charlly op8rallng under a Scheme of arrangement dated 14 Decernber 1994. 11 1$ unincorporated. Publlc B•neflt The Trust is a public benefit 8nlily, whose obl8el8 are to provlde grants lo clergy of the Church of England to enable them lo lake 0 rest from duty. Holiday grants of varylng arnounls are made to eligible appllcanls, havSng regard lo thelr flnancial Circumstances. number of dgpandgnts. ststg of health and olh9r relevant circumstances. Prlnclpal Address of th• Charlty 4 Sl John's Road, Windsor, Berkshire SL4 3QN Bankers CAF Bank Ltd, 25 Kings HS11 Avenue, Kings Hill, Wesl Malling, Kent ME19 4JQ Stockbrokers GHC Capital Markets Limited, 22-30 Horsefair Street, LeiGesler LE15B Slgned behalf of the Tru$lee$ 12.3. 20&

Th• Engllsh Clergy Assoclatlon 8eneftt Fund Rfyglstwed Ch&nYyNumlw258559 statement of Fln8ncialActivili6s for the ye8r to 37 Decembgr 2023 Tho Engllsh Clergy Assoclatlon 8gneflt Fund R£glslèr•fl Ch8pIfyNumb&r258559 8alanc& Sh$8É as 8131 Dgcgmbgr 2023 Not8s Not&s Unrn8trlct•d Fund8 Flxod As8Ot¥ Tangible FIx8d A88&1 Investments Income from Donations and L8ga¢lo6 Inve8trn8nl Incom8 Total Incom• 50 43,167 £43,217 150 38,085 £38,235 922,550 £922,550 918,828 £918,828 Curr•nt A••et• Debtor- Engllsh Cbrgy Assoclotlon Olh8r debtors and prepayrnenls CBF Church ol England Depos1¢ Fund Ca9h al B8nk 460 822 Expgndlturn on Charitable Acllvllle8.' Clorgy Hollday Grants Grants Awarded . Indlvlduals 62.700 4,081 51.200 5,627 30,510 31,200 R8ising Funds,. Inveslmgnl manager fgè$ Support Costs £87,241 £57,649 7.303 2,818 7,650 2,514 Lgs$.' Cumnt Llabllltl•• Crèdllor- Engllsh Clergy Assoclallon Creditors Incl, Independent Exarniner 1,088 £1,088 £66,153 1,038 £1,038 £Se,611 Total •JEpendltur• £40,631 £41.3 N•t Curr•ntAs•ets É2,586 1£3.1291 £988,703 £97S,439 Galn8lllos8e61 on1nve$tmgnl A8Sts £10.678 1£45,3331 Fund• Unro8tdcled Funds £968,703 £97S,439 Net Incom• £13,264 1£4B,482 Total Fund• £980,703 £975,439 Total Funds Brought Forw8rd £975,439 £1,023,901 Approved b th Trustge$, and signed on their behaw.. Total Funds Carrl•d Forward £988,703 £975,439 D8t&'. 12.3.20

The English Clergy Association Benefit Fund (Registered Charity Number 258559)

Notes to the Accounts for the Year Ended 31 December 2023

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:
2023
2022
Gilts and fixed interest stock
0
0
2022
Equities including investment trusts
602,178
614,768
0
Cash at Stockbroker
9,243
16,199
0
CBF Fixed Interest Fund income units
0
0
0
CBF Investment Fund income units
283,832
259,229
CBF Property Fund units
27,297
28,632
0
£922,550
£918,828
0
0
0
7 Transactions with Trustees
The trustees received no remuneration, but travel and subsistence expenses of
£0
£695 were reimbursed to 7 trustees (2022: £566 to 7 Trustees). The Chairman was
reimbursed with £zero and 2 other trustees with £109 for expenses relating to the
administration of the charity (2022: £174). The trustees have no indemnity insurance.		 2022
3
Tangible Fixed Assets
Office equipment:
Cost:
At 1 January
Amounts written out
At 31 December
2023
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.