Cc coPy' POOR VICARS. CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
POOR VICARS. CHARrrY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees The Archblshop of Canterbury The Bishop of Ely Bishop of Huntingdon Bishop of Dover Ivacantl (vacant) Charity Number 286091 Principal Add8 Eth8ldreda House 206 Lancaster Way Business Park Ely Cambs CB6 3NX ndgpendenl Examiner G.M.D.Day FCA DChA Chater Allan LLP 7 Quy Court Collier8 Lane SlowGUM-QuY CB25 9AU Solicitors Lee Bolion Monier-Willlam8 1 The Sanctuary Weslmin81er London SW1 P 3JT
POOR VICARS. CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Contgnts Pages Trustse8' Report Independent Examine¢s Report statgm¢nt of Financi Activf(ies Balance Sho01 Note810 the financlal statements
POOR VICARS. CHARITY TRUSTEES, REPORT FOR THE YEAR ENDEO 31 DECEMBER 2024 The Trustees present the charitys accounts for the year ended 31 Decemb8r 2024. Structure, Governance and Management The Charity is an unincorporated, gr8nt maklng charity eslabllshed by Act of Parllament. There are two designatsd trustees., The Archblshop of Canterbury and the Bishop of Ely. In the ongolng vacancy of the Office of Bbshop of E5y. thg posion is flled by Rt Revd Dagmar Wlnlgr. Bishop of Hunlingdon, who Is da81gnaled to undertaka tho duties of Ihg offieè of tho B18hop of Ely by an Instrument of Delegation. Under a Diocesan Deed ofAulhority, The Rt Revd Rose Hud80n-Wilkin, Bishop ol Dover undertakes the dulles of the Archblshop of C8nterbury In the trustee body. Following the resIgnaon, In January 2025, of The Most Revd Jusfjn Welby as Arehblshop of Canterbury, the See is also vacant. The trustees meet annualty lo consider grant appllcalions recelved,. lo review pollci88 and procedures Sn line wlh recognised best praCte for the Charity and lo review reports of how previous gr8nts hav9 b¥èn expende(L The Trusteas revlew all polScy guidelln&s on an annual basls and make changes whenever neccessary. The Trustee8 are aware of and have due regard for the guidance produced by the Charlty C¢JmmS$8lon regarding PulAic Bengr Objectlves and Actlvltlas The princip81 objective of the charty 18 lo provide linan¢Tal 3upport for 10 poor prlest$ In thè Dlocèso of Canterbury and 10 poor pr16Sts In the Dlocese of Ely as adirised and requested by the respeclve Diocesan Bishops. Through that lo promote and assist with the work and purpose ol the Church of England, for tho 8dvan¢emenl of tho chrlsllan faith in the D50$e of Canterbury and the Dlocese of Ely and beyond. The trustees believe that in being able to alleviate the stress and personal pressures brought about by reduced income leve16, they are assisllng the individual priests lo focus on th8lr vocatron serwng not onty those who regularly atter church servrEs and activitie8 bui the wder publlc In Ihebr parfjshe* Grant maklng pollcy and procedure Tha Trustse8 alm to d181rltO all the avall8bl& In¢omg In any y08r evenly botweèn the Iwo benefLaTIeS. In the Current year tha Iru8tee8 hav8 been able draw some funds lo incrtrastr tho level of grants p8ld above the annual investment income level. This is an exceptional event and not one th81 wll be r0P90ttsd r8gul8rly. A¢hlov•monts and Pttrforman¢• The trustees were abla to malnlaln th8 provlsion for grants to each BSshop in the year. sin ellecting the change in asset class ol Ihe charivs endowment the Trustees have been able lo increase the real value ol the 885el ba88. Th$ trustsès boligvg Ihls VAII provlda a strong platfom to allow tha charty to continue to be responsive to demands on its recource8 In years to corne.
POOR VICARS. CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal revl•w The yearwa$ ch8ra¢tert3ed by contlnulng volatlltty refledng globalfears conM$ about Inflallon and general trade condliions. Over the Pertod fi'nanclal markets fluctuated SignlcantlY but c105ed the ygai marglnally highgr than the 1 January 2024 18vg1. Th8 iolal Income r8coived In the y8ar Incr8a$ed. The tru$tse$ w9r9 able to Increase level of grani8 dlstrfbuted durfng the year. In tho fvturt, any $uwplu$ funds In any one year will be tetalned and offered by truste68 06 top UP Grants In 8XC8plion81 circumslartce8 or retainad for future Inv88tm8rt R8sarv8s Polley The Chartly b bestowed wllh a pem)anenlendowment whlch 5$ Invested to produ¢0 an annual flow of Incom8. From Ihls th8 Trusteos ara authori5od to makg U$l grant8 lo pwr Gar¥ In th8 Dioceses of both Canl8rbury and Ety. Tho Trustees alm to dlstribute the available net Income In eath yèar. It18 recognised how6v6r that In 80me years It wlll not be necessary to dlstributs entlre net Income eamed In the year. In su¢h Instsn¢es, any operatlny surplus wlll be retalned In a separate unrestdclod fund and relnvegled lo produce addltlonsl contrlbutSon to the annual Inveslm8nt Incom• achlevabb.. at the yaar end thls storM18t £69,088. The Tru8tee$ wlll revlew the level of re$eNe$ on an annual bas15. Invastment Pollcy The financial ewectfve of the Charfty is to at least maintaln Ihe'real valu8° of its capllal a88ets, whll81 generating a stabl& and 8u$lalnablg In¢ome r6tum lo fulfll th8 Chartty's grant maklng obllgallons. The Charfty supports beneflclar18slh1n tha Church of England. The Trustees mlndful ofthe statements and recommendations Issued by the Church tsf England Ethlcal Advisory Group. Investments are plad Into mullE-a$set Common Inve$tmentlunds. The Chadty Geeks to produce the best financlal retum withln an acceplablo level olrf$k. The Charlty$ Inv8$lmenloblectlve 18 to grow capltal at 8 r hlgherthan Inffauon las d8flned In thg retsll prfce Indgx) and malnlaln 8 81ablg. growlrvj Income Stream. Thg Charity invasts to r8duce the potential risk te It5 capltal endowm8nl of the effect5 of long lemi infi4tion. CapitHI and Incom8 vol8lItY Can be tolaratsd K It Is In Ilng wlth expectsfjons. The Tru6t as$ots are dlver$thed through Invg8tm8nt In rnulu. assot, common Invastmentfunds. Th8 Ch8rity di51ribute8 Incom8 annually. The Ch8rty Is able to or 8ell unlts In the common Inve$lmenlfun4 on a we&kly basss wlth s&ttlementafter four buslness days. fme horfzon-th6 Charfty's ca tal Is ponnanent ondowment. It ther8for8 adoptB a long term Inve8tmant11rn6 horlzon. Th9 Ch8rfty'8 a3$8t value and Income13 monltored halfyearty by th& Ghartty Sacrelary. The Trustee8 review the Investment performance of the ccmmon investsnenl fund against Its paers and the inveslrnentobjEcllve Dn an annual bos1¥. Th1$ Investment pollcy stslementwas prepargd to provldg a framework lor Ihg management of the PoorMcaf$ Charfty'6 Investment as$o1s. Itwlll b8 rewewed on an annual bas1$ lo enyuio conlnuing approprfatenesB. Plans for the Future Th8 Tru5tee8 8im to continue to offer direct support to bgngficiaries. Recent recomend8d Increases in th8 18V61 of aver8ge Sllpend$, Combined wllh a recomendatlon for an Increase of 10.7% In thts supend level fof Sprlng 202e, has helped lo ease Trust68s concerns about sUp8nd 'valu95 d8crea8ing. Whlle thg 811pend r8mains mod891 a slgnlflcant Increas8 In Aptll wlll help it m8inlain Sts spgnding power, partlcularly a8 Infi8llon falls back towards Bank of England larg8t8. The Iru8ts0s wlll continue to mi)nitor this situation ¢kely. The trustees, goal is to b8 able lo conttnu8 to prowd8 grants lo clergy to augment 8llpend paym&nl$ where ngccessary to relleve stressos caused by flnandal Issu6$. Through Ihls It 1$ hoped that prfe$l$ wlll be &blg lo battarfocus on th61rv(Kadonal commttm8nt to th8 advanc8m8llt of rèl(qk)u8 fglth through thè dlrect mln16tering to both congregation and Ihewder lay communltywllhin Ihelr curn of souls. Slgne behaifof the Trustees The Bishop Huntingdon 2025 l¥ lt¥Mb
POOR VICARS. CHARITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I report lo the charity Irust¢os on my examination of the accounts of the charty foT the ye8r ended 31 December 2024, which are set out on page8 410 9. Re$ponslbllltlgs and basls of report As the charitys trustees you are responsiblo for the prgparation of tho accounts in accordance with the requirements of the Charities Act 2011 {Th8 Acll I report In respect of my examlnalion of the charity's accouTrts carrfed out under 8ection 145 of th@ Act and In carrying out my gxamination I havg followfjd all the applic8ble Directions glven by the Charly Commission under section 145{51{bl of the ACL Independent èxaminerfs statement I have completed my examination. I confirm that no material matters have come to my attention In connection with the examination ging me cau88 to beliove that in any malorial respect.. accounting CordS were not kept in resp8cI of the charity as required by section 130 of the Act.. or 2. the accounts do not accord with thise rocords., or 3. the 8ccounts do not comply with the applicable requiromenls concerning Ihe fom and content of accounts set out In thè Charities {Accounts and Report8) Regulations 2008 olhgr than any requirement that the accounts give a 'lrue and fair view, which is not a matter considered as part of an independent examination. I have no concems and have come acr088 110 other matter in connection with the examinatkjn lo which attention should be drawn in this report in order to en8ble a proper under8t8nding of Ihg accounts to b8 reached. Graham Michael David Day FCA, DChA Chater Allan LLP Beech House 4a Newmarkot Road Cambrid CBS 8Df' ? 2025
POOR VICARS. CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrostrlctod Endowmont Fund Funds Total 2024 Total 2023 Note Incomlng from Investments 43.373 43,373 42,129 Total Incomg 43,373 43,373 42,129 Expendlturo on Ch8rilabl8 activiti08 45,540 45,540 40,540 Total Expendlture 45.540 45,540 40,540 Net Incomel{expendlturol befor& galn8111088e81 on Investments (2.1671 12,1671 1,589 Galnslllo888sl on inve81ments 357 64.270 64,827 160.926 Not Incomel(expendlturel (1,8101 64,270 62,460 162,515 Transfor bgtween funds Not movgm•nt In funds {1,8101 64,270 62,460 162,515 Fund Balances at 31 December 2023 70.878 1,494,959 1.565,837 1,403.322 Fund Balancfy8 at 31 Do¢gmbgr 2024 69,088 1,559,229 1,628,297 1,565,837 The Charlty's incomlng re80urce8 and nel movement In fund8 relate to contlnulng actlvhle8.
POOR VICARS. CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note INVESTMENTS 1,549,259 1,484,632 CURRENT ASSETS Debtor8 and prepayments CCLA depostt fund 10.828 72,286 83,114 10,864 74,417 85,281 CURRENT LIABILITIES Creditors due within one year 4,078 4,076 NEf CURRENT ASSETS 79,038 81,205 TOTAL ASSETS LESS CURRENT LIABILITIES 1,628.297 1,565,837 FUNDS Endowment 1.559,229 1.494,959 Unrèslrlcted 69,068 70,878 1,628,297 1,565,837 The accounts were approved on.. 29 July 2025 Tho Bisho TruBt88 Hunlingdon
p¢)OR VICARS, CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES 1.1 8asl$ ot prOratIon The financial 8lalements hav9 been prfyp4red undèr thè hlstorical cost convention except for inve81ments, which are included at market value. and in accordance th FRS 12 'Th8 Finan¢lal Reportlng Standard applicable in the UK and Republlc of Ireland 8nd tho Slalem$nl of Recommended Praclice 'Accounting and Reporting by Chartties FRS 102120191. 1.2 Golng concern ba818 The Tru8tse8 consider that the yoing con¢ern bas1$ 1$ approprfAl6 as Ih&y conslderthe reseTves levels and pÈctèd Invoslment Income to be at sufflclent levels to ensure that the Trustees can me91 Ihelr flnancial obligations for the next 12 10 18 rnonlhs and on that basis the Ch8rily18 a golng concem. In arrfving 8t thi8 condusion th& Tru$le&s have consldered the potenlgl impact of the current global pandèmlc known as COVID-19. 1.3 Flnan¢lal Roportlny Standard 102- mdu¢eil dl$¢losur• ox¢mptlons Th& TruytO08 havo taken advantage of Ihg followlng dlsdosur6 &x8mpllon In preparing these financlal stalemenis, as permttted by FRS 102.. - the requlremenl of Section 7 Slal8ment of Cash Flow3. 1.4 Income All incoming re3oU3 are included In the Statement of Fln8nclal Aetlvitses ISOFAI en the Board 18 legally 8n11116d to them as Income or capltal respedlvely, ultlmate recelpt Is reasonably certain and tha amount to bg recognised can be quantlfied with reasonable accura. 1.6 Re80urce6 expended Expenditure is included on the accruals ba813 and has been clasg1118d under headlngs that aggregate all c081s related to th9 SOFA Category. Grants payable are charged in the year when the offer 18 conveyed to thè reclpient except in those cases vthere th6 offer 16 cOndIonal on the redplonl satisfying perfomiance or other dIsCreonary requirgmgnls to thg satisfaction of the Trustees, such grants being recKJgnised as expendrf(ure whon the ¢ondlUong Attaching are lfilled. Grants offered sublecl lo such condits'onB which have not beon m81 al tho year ond are noted as a commitmgnl, bul not a¢cwed as oxpènditur&. 1.6 Investments Investments are Included al market value. 1.7 Taxatlon The Trust 16 a Teglslered chartty In Ihe Unrted Klngdom and no lax&llon18 pay8ble on118 Incomo. Unrestricted Endowm•nt lund8 fund$ Totsl 2024 Total 2023 Inve8tment Incom• Dlvldend income Intere$l recelvBble 39,388 3,985 39,388 3,985 38,530 3.599 ,373 43,373 42, 29
POOR VICARS, CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE Y&4R ENDED 31 DECEMBER 2024 EXPENDITURE ON GHARITABLE ACTIVITIES A¢tlvltT•$ Undertaken Dlrectly Grants payablo Support Costs Total 2024 Total 2023 Relief of povety 45,000 $40 45,540 40,540 45,000 540 45,540 40,540 4 SUPPORT COSTS Total 2024 Total 2023 Gov&mance costs.. Independent Examinerfs fee TnJ$te6$' 8XP8ns?g 540 540 54 540 5 TRUSTEES Durlng the year trustees reeeNed expenses totalllng £nll {2023.' £nlll. 6 INVESTMENTS Unr•8trlct•d Endowment Inv&Btments Investments Total Marketvalue a8 at l January 2024 11.817 1.472.815 1,484,632 Aildlllon8 In year Dl$posal8 In year Revaluallon In year 367 84,270 64,627 Marknt value as at 31 Dgcember 2024 12,174 1,S37,085 1,549,25g Insd In: Central Board of FIn8n {CCLAI Flxed Inlore8t securltles fund Investment fund Global fund 12,174 719,184 817,901 1,537,085 12,174
POOR VICARS. CHARITY NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEPJtBER 2024 DEBTORS Total 2024 Total 2023 Other debtor5 Accrued In¢omg Prepayments 10,828 10,e66 10,828 10,886 CREDITORS: AMOUNTS FALLING DUE VVITHIN ONE YEAR Total 2024 Totsl 2023 Other crod6tor8 Accruals and deferred income 3,5 480 4,076 3,596 480 4,076 ANALYSIS OF NET ASSETS BEfwiEEN FUNDS Investmonts N&t GuOt assets Total 2024 Total 2023 En(k)wmenl fund 1,537.085 22.144 1.559.229 1.494.959 Unrestricted funds 12,174 56,894 69,068 70.878 1.549.2S9 79,038 1.628.297 1,565.837 10 FUNDS Endowment fund The endowment fund Is o p&m)anent gndowmonl fund currently Inveslod In CCLA Investment and global fund unS1s, the Inc£)me of whl¢h18 lo be u8ed lo provide finandal supportfor 10 poor vicars In the Dloe&se of Canl&rbury and 10 poor vicar8 In the DSoc88e of Ely.
POOR VICARS. CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11 Comparatlves for the Statement of Flnanclal Actlvltles Unrestrfcted Fund Endowment Funds Total 2023 Note Incom¢ from: Investments 42,129 42,129 Total Income 42,129 42,129 Expendlture on: Charilablo activili¢s 40.540 40,540 Total Expendlture 40.540 40,540 Net Incomelloxpendlture} bofora galnsl{losses) on Investments 1,589 1,589 Gainslllosses) on Inv8stm8nls 625 160,301 160,926 Net in¢om91{oxpendlturn> 2,214 160,301 162,515 Tran8for betwogn fund Not movgmgnt In fund$ 2,214 180,301 162,515 Fund Balances at 31 DecembeT 2022 68,664 1,334,658 1,403.322 Fund Balances at 31 December 2023 70,878 1,494,959 1,565,837