Cc coev POOR VICARS, CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
POOR VICARS, CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustee8 The Archbishop of Canlerbury The Bishop of Ely Bishop of Huntingdon (Stephen Conway resigned 201071231 (Dagmar Winter appointod 211071231 Charity Number 266091 Principal Address Bishop Woodford House Barton Road Ely Cambs CB7 4DX Independent Examiner G.M.D.Day FCA DCI Chaler Allan LLP 7 Quy Court Colliors Lane Slow-cum-Quy CB25 9AU Solicitors Lee Bolton Monier-williams 1 The Sanctuary Weslminsler London SW1 P 3JT
POOR VICARS, CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Contonts Pages Trusloe8' R6port Independent Examiners Report statement of Financkgl Activities Balance Shoet Notes to the financial statements
POOR VICARS, CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustses present the ()arfVs ¢counts for the year ended 31 December 2023. Structure, Govornan¢o and Managpmgnt Tho CharNy 1$ 8n unincorporated, grgnt making charity eslabllshed by Act ol Parllament. Thero are designated trustees., The Archbishop of Canterbury and the Bishop ol Ely. Fdlowing the resignallon of Stephen Conway from th6 Offic6 ol Blshop of Ely, hls po$llion was filled by Dagrnar Winter who 18 designated lo undertake the dutias of ths officè of the Blshop ()f Ely by an Instrument of Delegation. The Iruslees meet annually to con8idgr grant 8pplication8 re]Ved., lo review policies and procedures In Ilne wlth rocognlsed b881 practice lor the Charity and to revlew reports of how prevlous grants have been expended. The Trustee8 revlew all policy guldellnes on an annual bas1$ and make thanges wheneveT nec£esgary. Thg Truste98 are aware ofand have du& ragard forthè guldance produ¢ed by the Chadty Commi88101) reg9rdlng Publ1¢ Benefft. ObJectlve5 and Actlvltlg9 The prln¢lpo1 oblgdv? of the charftyls to provide ffinanci818upport for 10 poor priests In the Dlocese of Canterbury and 10 poor priests in thè DiocÈ$g of Ely as adw8ed and requested by the respective Dlo¢e8an Blshops. Through that to promote and 8$slst wllh the work and purpo86 of the Church of England, for thè advancement ol the christian faith In the Diocese of Canterbury and the Dlocasa of Ely and beyond. The trustees believe that in belng able to allevlale tho 81re38 and personal pressures brought about by reduced income lev61s, they aro assisting the indivldual pilests to focus on their vocation servlng not only those who regulady attend church 8ervr2s and actiwtie8 but the Mrider publio in their parishes. Grant m*klng poli¢y and procedure The Trustees aim to dlstrfbut& all the available income in any year evenly bebNeen the b beneficiaries. Achl8v•m•nts and P¢rforniance The trustees were able to maintain the provl4on for grants to each 8lshop In tho year. Slnco effectlng the change in asset cl888 of the Charitys endowment the Trustees have been able lo increase the real value of th8 asset base. The Iru8tees belleve this wll prowde a strong platftsrm tr) allowlh& tharfty tts conllnuè to be ro$pon8lv# lo demands on118 recources In years to oom&.
POOR VICARS. CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Financlal rovlew The yearwas characlerfsed by ¢onUnuing vol8UIIty rofl8¢tlng global fears of inflation Ov8r the perlod finanolal markets Wote depressed for the ffrst 3 qu8rters of the year, but rose 8trongly in the latter part of the flnal quarter. Concem5 about Ilquldity bs8ened in the mid part of th8 yoarand 88 a r88uIt many compan(08 have reveed prewous cuts lo divldend8 and inveslmentmanagors have man89ed to increase Inume durlng the year. Ihis meantthatth8 total Income reealved in the year Increased. Not all of the Increasewas dlstrfbutsd In the yoar. Thor remainlng surn$ WIU be relnvesled to generats Incom8 in futur8 y&ar8. Any surplu8 fvnds In any one year wlll bo retalned and offered by tru8tee5 SS top up grants in exGeptional clrcum$tanea8 orrotained lorfure inwtrnenl. Ros$Tves Pollcy Thg Charfty Is baslowèd wlth a perm&nent8ndowmonl whlch Is Invested to produc8 an annual now of kncomg. From Ihls tho Tiust&&8 oro 8UthoAsed lo make equal grants to poor vlcar8 In th8 D10¢9ses of both Canterbury and Ely. Thg Tru8t8es aim to dlstribvt8 Ihs ava118ble net Incomè in each year. 1118 cognIsed however that In some years itwlll not be ne¢ossary lo dL8lrfbute entire net 5ncome earned In the year. In such Instance8, any op8ratlng sulUS 11 ba r6talned In soparalo unrostrlcted fund and relnvested lo producè addlUon81 conlributk)n lo Ihe annual $1M0nt Income a¢hvable. at the year end stood al £70,878. The Trustees wlll review th8 levol of reserves on an annual basls. Invastment Pollcy The financlal obl6cllv8 of the CharSly Is to 81 least malntaln tho'r88I value. of its ¢apltal 8S8ets, whllsl gangrallng a stablg and sustslnablo Income turn ID fulfil the Charivs grantmaklng obllgalions. The Charlty $upports b6n8flclaAe$ thin the Churd) of England. The Twstses ara mlndful of the Statempnts and recDTTrm8ndattons Issued by the Church ol England Elhl¢alAdvls0ry Group. Inveslments are placed Into tnulll-assètcDmmon inve8lmentfund$. The Charfty $88ks to PTodu¢e the bestfinanclal return wlthin an accept8ble level of rfsk. The Charity'8 Inv8strn8nt obJe¢tlva Is io grow capitsl al a ral8 hvJherthan Inflalon188 defin8d In the retall prfco Indexl and malnloln 8 stsble, growlng Income 8tream. Th8 Charfty Invasts to r8duc& the potential risk to its capital 8ndowm8ntof tho eff8Ct8 of long term inflallon. Capltal and In¢oMe volatfjllty can be tolerated If it is In I[ wllh eXPtatIons. The Trust 8$8ets ar8 dI[Sed through Inveslmant In multl-as8et, eommon inve8lmEnl funds. The Charity dl$tributa8 Incoma annually. The Charfly to buy or 6611 units In the rMmOn Inveslmentfund cn we8kly basls wlth setUern8ntalter four busin88s days. rim8 hor&on- th8 Chaty'S ¢apital is perman8ntendowment. It the10¢8 adopts a long terrn inve81ment Ilme horizon. Tha Charlty's asset valu8 and Income Is monitored half yearly by th6 Charfty Sacr6tary. The Trust rgvEw th8 investffl8ntperfoimance of the common inveslmentfund agalnst Its peerg 8nd the Inve8bnent ObjecVe on an annual basls. Thi8 Inve$lmentpolicy 8latgrrtanlwas propared ID prod8 a fram8WDrk for th8 manag8monl of th8 PoorVlc8rf8 Charity. Investment a5set8. Itwlll b8 revlèw8d on gn annual ba818 to 8n8uro ctrntlnulng gpproprfatenes8. Plan$ for th¢ Futur Th8 fru$t8es alm to conlnue to offer direct support lo b8neff¢larl83. DeSIC levels of infiatlon havg begun to fall In the Ilnal quart&r of the year. and into 2024. Th1$, alondEide a Y8comm6nd8d ri8e in Stipends of 7% for the year from l April 2024, has h8lped lo easè Trustees con¢em$ about Stin ,ru$s. docrèaslng. Whllo the sdp8nd rem8ins mDdesl, a signiffcant Inefvase In April wlll help h mainlaln ils ¥pendlng power, parN¢ulafty 83 Inflation fa118 back towards Bank of England targets. The trustees will continue to monltor Ihl8 8IbJallon d08ely. The trust8es' goal is to be abl& lo contlnue to provide grant5 to clergy to augment slpend payments where nec¢ess8ry to rolleve $tr6s588 cau88d by financlal issues. Through thls 11 Is hoped that prfgsts wlll be able to better focu$ on Ihelr vocaoonal cornmitrnent lo the arlvancem&nl ol Ilglous lalth through the dI¢t mlnl8terfng lo both congrggatlon and the wider lay community wllhln Ih8lr cure of 8ouI8. Signe on behallof lh8 Trusteg The Bl p ol Hunlingdon 2024
POOR VICARS. CHARITY INDEPENDENT EXAMINER'S REPORTTOTHE TRUSTEES I report to the ch8r5ty tru8tee8 on my examination of the account8 of the charity for th8 year ended 31 Decemb&r 2023, which are Set out on pages 4 to 9. Rosponsibilities and basis of rgPQrt As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charitles Act 2011 IThe Acti I report in rospgd of my examination of the Gharty's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Chariy Commission under section 145151{bl of the Act. Indepèndent examlnèr's Statement I have oi)mpleted my examination. I confimi that no material matters have come lo my attention in connection wilh the examination giving me cause lo be8ve that in any material respect: 1. accounting records were not kept In respeol of the Gharfty as requlred by seolion 130 of the Act.. or 2. the accounts do not accord wtth Ihise records,. or 3. the accounts do not comply with the applicable requirements concerning the fom) and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requlrement that the aecounts give a 'lrue and fair view which is not a mattar considered as part of an indep8ndent examination. I have no conc8rns and have come ¥ross no other mattgr in connection wlh the examination to which atlgnlion should bo drawn in this rgport in order lo onablg a proper undorslanding of the accounts to be reached. Graham Ml¢hael David Day FCA, DChA Chaler Allen LLP Beech House 4a Newmarket Road Cambrid GB5 8DI' io od0bV 2024
POOR VICARS, CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrostrlcted EndowmDnt Fund Fund5 Totsl 2023 Total 2022 Notg Incomlng from Inv081ments 42,129 42,129 39,584 Total Income 42,129 42,129 39,584 Expendlture on Charilablg adivi11oS 40,540 40,540 40,540 Totsl Expendlture 40,540 40,540 40,540 Not In¢om91lexpgndlture) bofore galnslllosses) on Investments 1,589 1,589 {9561 Gainsl{1088e81 on InvestnntS 625 160,301 160,926 1196,8301 Net Incomellexpendlture) 2,214 160,301 162,515 1197,7881 Tran8fer between funds Net movement In fund$ 2,214 160,301 162,515 (197,7861 Fund Balances al 31 Decemter 2022 88,664 1,334,658 1,403,322 1,601,108 Fund Balan¢•s at 31 D&Gembgr 2023 70,878 1,494,959 1,565.837 22 The Chariws incoming roSOUfCgs and net movement in funds relate lo continLTlng acliviles.
POOR VICARS. CHARITY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note INVESTMENTS 1,484,632 1,323,706 CURRENT ASSETS Debtors and pr&paymen18 CCLA deposit fund 10,864 74,417 85,281 9,752 73.940 83.692 CURRENT LIABILITIES Creditor8 due within one year 4,076 4.076 NET CURRENT ASSETS 81,205 79,616 TOTAL ASSETS LESS CURRENT UABILITies 1,565,837 1,403,322 FUNDS Endowment 1.494,959 1,334,658 Unr8Stricted 70,878 88,664 1,565,837 1,403.322 Th& accounts were approvad on.. L 2024 The Bi8ho Trustee f Hunlingdon
POOR VICARS. CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE Y&4R ENOED 31 DECEMBER 2023 ACCOUNTING POLICIES 1.1 Ba818 of prnparatlon The financial stalemanls have b6en prepared under the hlstorlcal cost convention e&pl for Investments, whl¢h are Included at rnarkel value, and in accordAne6 wlth FRS 102 'The Financial Reporting Standard applicable in tha UK and Republic of Ireland" and the Statement of Recommended Pra¢tl¢e ACCOUnng and Reporting by Charities FRS 102120191. 1.2 Golng concern ba818 The Trustses considor th*tho uolng concern ba61s Is approprfate as they conslder thg r08elYe8 levels and expected Inveslrnenl Incomo to be al sufficient lovo18 lo ensure that the Truslaes can meet thelr flnandal obllgauons for the next 12 to 18 months and on that basis the Ch8rlty Is a golng concem, In arriving al thls concluslon the Tw8te88 have considered the polenlSal impact of the currfrnl global p8ndomlttkn as cov119. 1.3 Flnanclal Reportlng Stsndar<l 102- reduced dlsclosure exemptlons The Trustees have taken advantsg8 of the folkmng d58clo8ure exemption In preparfng these flnan¢lal statemgnts, as permKtsd by FRS 102.. - the requlrem6nt of Sg¢1ion 7 Statement of Cash Flows. 1.4 Income All incoming resourcas 8re included in the Slalement of Financial Actlvltl6s ISOFAI whan iho Board l$18g811y entilltrd lo them as Income or Cap81 respe¢llvely, ulllmale receipt18 rea80nably certaln and the amount to be recognis6d ¢an be quantified with reasonable accuracy. 1.5 Resource8 expendod Expendllur6 Is Indudod on the accrua15 basls and has been clas8lfied under headlng8 that aggr&gal8 all C0818 reL418d lothe SOFA category. Grants payabl8 are oharged in the year when the offar Is eonvgyod lo Ihg recipient except in ltr¥)se cases where the offgr is conditional on the reclplenl satfj8fying perfonnance or other discretionary requlrements to the satssfaction of the Trustees, such grants belng recognisgd as gxpendilure when the conditions attaching are fulfilled. Grants offered subject to such conditions have not t¢en mel al the year end are noted as 8 commitfflen( bul not accru as exponditure. 1.6 Investments Inve8tment8 are induded al m¥rk¥t value. 1.7 Taxatlon The Trust is a reglslered Charriy In the United Kingdom and no toxatlon Is payablè on its income. Unr•$triet•d Endowment funds funds Total 2023 Total 2022 Inve8tment Income Dlvidend income Interest re¢&lvable 38,530 3,599 38,530 3.599 38,545 1.039 42.129 42, 29 39,584
POOR VICARS. CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 EXPENDITURE ON CHARrrABLE ACTIVITIES ActSvltlgs Und$rt4k•n Dlrectly Grnnts payable Support Total 2023 Total 2022 Relief of pove 40,000 540 40,540 40,540 40,000 40,540 40.54 SUPPORT COSTS Total 2023 Totsl 2022 Governance costs.. Independent Exarnin8r'8 fee Trustees, expenses S40 540 540 S TRUSTEES During Ihe yeartru8tee8 recelved expenses to18111ng £nll12022.' £nlti. INVESTMENTS Unrestrlcled Endowment Total Invostm8nts Investmonts Market value a8 at 1 January 2023 11,192 1,312,514 1.323,706 Addlllons In year Dlsposals In year Revaluation in year e25 1eo,301 160,928 Markot valuè a8 at 31 DMbtrr 2023 11,817 1,472,815 1,484, Invested In: Central Board of Finance ICCLAI Flxed Interest securf1166 fund Investment fund Global fund 11,817 703.092 769,723 1,472,815 11.817
POOR VICARS, CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 DEBTORS Total 2023 Total 2022 other debtors Acuued Income Prepayrnen18 10,864 9,754 10,864 9,754 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Total 2023 Total 2022 Olhar u8ditors Accruals and deferred Income 3,596 480 4,076 3,5 480 4,076 ANALYSIS OF NET ASSETS BETWEEN FUNDS InveBtments Net current assets Total 2023 Totsl 2022 Endowment fund 1,472,815 22,144 1.494,959 1,334,658 Unrastrfcted lunds 11.817 59,061 70,878 68,664 1.484,632 ,205 1,565,83 1.403,322 O FUNDS Endowm¢ntfund The endowment fund is a permanent endowment fund currently invegled in CCLA it)vestment and global fund units, tha Incom& of which 18 to bts used to provide financial 8UPPOrt for 10 ptx)r vkars In the De•s8 ol Cantorbury and 10 poor vicars In the Diocese of Ety.
POOR VICARS, CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11 Comparatlvgs for thg Statement of Flnanclal Actlvltles UnrostrSctèd Fund Endowment Funds Total 2022 Note Income from: Inve8lmen18 39,584 39,584 Total incom8 39.584 39,584 Expendlture on: Charitable aCvItIeS 40,540 40,540 Total Expenditurg 40.540 40,$40 Net Incomel(expendltuTrl before galnslllosses) on investments 19S61 19681 Gainslllosses) on investment8 (1.7351 1195,095) 11g6,8301 Net Incomel(expendlturnl (2,6911 (195,095} 1197,7861 Transfer between funds Net movoment In fund8 12,6911 {195,095) {197,7861 Fund Balances at 31 Decembor 2021 71,355 1,529,753 1,601,108 Fund BalanGos at 311)ocember 2022 68,664 4.658 1,403.322