POOR VICARS. CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2026
POOR VICARS, CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 TruBlees The Archb18h¢p of Cgnterbury (Th6 Most Revd & Rl Hon Dame Sarah Mullally appointed 28 Jan 20261 The Blshop of Ely Blshop of Hunlingdon Bishop of Dover Charfty Number 266091 Principal Addres Elholdreda Hou$9 206 Lancaster Way Business Park Ely Cambs CB8 3NX Indapendent Examlner G.M.D.Day FCA DChA Chater Allan LLP 7 Quy Court Colliers Lane StOW-cum-Quy CB25 9AU Soll¢itors Lee Bolton Monler-williams 1 The Sanctuary Weslmlnster London SW1 P 3JT
POOR VICARS. CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Contonts Pages Trustees, Report Indepondenl Examinerfs Report statement of Financial ActNilies Balance Sheet Notes to the financial slatsmenl$
POOR VICARS. CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Thg Trustees presenl the charity'8 accounts for tho year ended 31 December 2025. StrUcre, Governance and Managèmgnt The Charity 1$ an unin¢orporaled, grant maklng charty eslablishgd by Act of PartiarnenL There ar8 deslgnaled trustees., The Archbishop of Canl&rbury and tha Bishop of Ely. In the ongolng vacancy of the Office of 8ishop of Ely, the position is filled by Rt Revd Dagmar Winter, Blshop of Hunllngdon, who is dfjslgnaled to undertake the duties of tha office of the Bi8hop of Ely by an Instrument of Delegation. Under a Diocesan Deed ofAuthorfty, The Rl Revd Ros8 Hudson-wilkln, Bishop tsf Dover undertakes fhe duli@$ of the Ar¢hbSshop of Canterbury in the Iruslee body. Following the iesiunalion. in January 2025, of The Most Revd Justin W&lby as Archbishop of Canlerbury, the See was vacant until the appolnlmeml of The Most Revd & Rt Hon Daine Sarah Mulally. The Irust&o8 meet annually lo ¢onsider grant appliealions received,. lo revlew poll¢l88 and procedures in Ilne with rewgnised best pra¢tice for Ihe Charfty and lo revl&w report8 of how previous grants have been expended. The Truste88 review 911 policy guldelinos on an annual basss and make changes whenev8r necessary. The Trustees are awaTg of and have duo regard for the guldance produced by the Charity Commission regarding Public Benefit. Obloctlves and Actlvlt1•8 Thg principal o14.ecve of the charity is to prode financial support for 10 poor priests in the Diocose of Cantèrbury and 10 poor priests in the Diocese of Ely a.$ advised and requested by the respective Diocesan Bishops. Thiough that lo promotè and asslsl with Ihe work and purpose of the Church of England, for the advancamenl of the Chrlstian faith in the Diocese of Canterbury and the Diocese of Ely and beyond. The trustees believe that in being able to a116viale the stress and personal pre58ures brought aboul by reducgd incoma l&vels, they are assisllng the indiwdual priests lo focus on their vocatson Serving not only those who regulatly attend church 6ervice8 and acts'vilies but the wider public In their paTishes. Grnnt maklng pollcy and procedur• The Trustees alm lo distribute all the available Income in any year gvenly batween the ts¥o benellciar16S. In the current year the trustees have beon ablo draw some funds to Increase the levgl of grants pald above the annual inveslmgnl income level. Thls 18 an exceptional event and not one that will be repealed regularly. Achiovements and Pgrfomianco Th8 truslees were able lo malnlain the proM8ion for grants lo each Bishop in the year. Since effecting Ihe change in asset class of the charflls endowment the Trusleo$ have been ablg to increase the r881 Ydlue of the ass&t base. The trustees bellove this will provid& a strong platform to allow the ohartty lo condnue to be re8ponsive
POOR VICARS. CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Flnanclal revlow 2025 wa8 a positive year for m8ny DI the world's slod¢ mathets, part6cularly the London rn8rket5 7th the FTSE ind8x rfslng by over 20°fi. Unfortunately tho inveslrnent strategy of the Charitys Investment managers was focu$8ed on the prtncipal investsments belng Centd el8ewhere, and 80 the capital returns for tho charlty over the yearwere 8ignifi'¢antly below this level. Despite the lailui8 of the manager5 to malch the rises In the Stock Markets, they did increase thè dividgnd income rgtumad to the Tru8te69 for di8trlbutlon. The Trust5 fell it prudent to maintaln the overall dislrtbution of the charity lor the year at the 2024 level. Reservos Pollcy The Charity 18 bestowod with a permanent endomrent which 18 invested to produc& an annual flow of inwme. From this the Tru8toe8 are authorised to make equal grants to poor vicuts In Ihe Dioee8es of both Cantgrbury and Ely. Th8 Truste08 aim to distribute the avallable net Ineorne in each y88r. 11 1$ recognised hOVer that In som8 years it 11 not be necess&ry to distribute entlre n81 income 8am&d In thè year. In such in81an¢e8, uny operating Surplus wlll be T8tained in a separate unrestrlcted fund and relnvested to produce additlonal conlributlon lo the annual Investment Sncome a¢hlevable,' al the yegr end th18 gtood at £69,068. The Trust89$ wlll rèvi8wthe level of r98erve8 on an annual basi5. Investment Pollcy The financial oblectwg of the Charity Ss ID at leg81 maintsln the'real value, of it8 capltal assets, whi18t gOnerang a Stable and sustainable incom8 return to fuffil the Charfly's grant making obligatiolls. The CharrfLy SUPPOrts beneftclaries within the Church of England. The Trustees are mindful of thè 8talements and T8commendalion8 188ued by the Church of England Ethical Advisory Group. Investments are plad Sntts rnulti-asset cornmon Investment tunds. The Charity 8eeks to producg the best finan¢ial rgtum within an aw8Ptable level of ri8k. Thè Ch8rity's investment object8 is to grow capit81 at a rato higher than in118Uon la8 deflned In the retail price Indexl and maintain 9 Stable, growing Income stream. The Charity invests to reduce thg potontial risk te its capitsl endowment of the effects ol long temi inflation. Capital and income volalilily can ba tobrated ig in line wrth expectslions. The Trust assets are dlv6rsified through Inv83trnent In mull ag88t. wmmon inve8lment funds. Th8 Charity dlstribules Incomè annually. Th9 Charity Is able lo buy Dr 8811 units In the common invostrrent fund on a weekly basi8 with Gettlement afterfour business days. Time horizon- the Ch8ritYs capital18 permanentendovrnent. 11 thereforo adopts a long terrn inveslmgnl lime horizon. Thfy Chadty's a8set value and Inoome Is Monitor half yearfy by tho Charfty S6tt0tsry. The Tru3tees review th¢ investment perfomance ol the CLimmon Investmant fund agaln81 ils peers and the investment obje¢tlv6 on an annual ba81s. This Invèstment polley slalemenl was prepared to provide a fratnework for fhe managemènt of the Poor Vica¢8 Charity's Investment a8sets. Itwtll be revlewed on an annual basls to en8ure contlnulng apprDpriatene8S. Plans for the Future Tho Trusteas aiffl to conlnuo to offer direct support to b&neflciaritrs. Ther& 18 a concern at the 3ignlflrant level ol underperlormance ol the Inve3tment Managers in 2025. Thi6 will bo investigated further in th8 coming yaar. The Irust688' goal Is to bo able to CDntlnue to provlde grants to cler9y lo augrn8nt stlpond payments wh8r8 ngce88ary to relieve str¥588$ caused by financial issue8. Through this il 1$ hoped that priests w511 be able to beller locus on their vocatlonal commiknenl to the advancement of rel*iou8 faSth through tt)e direct ministering lo both cortgregatlon and the wder lay cornmunily within their curs of souls. on behalf olthe Tru8tee8 The Blsh of Hunlingdon 21 AF>iI 2026
POOR VICARS. CHARITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I report to the charity trustees on my examination of the accounts of Ihe charity for the year ended 31 December 2025. which are set out on pages 4 to 9. Re8ponslbilitle8 and ba818 of report As the charify's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {The Acll I report in respect of my examination of the charity'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 8eclion 145{5llbl of the Act. Independent examlnor's 8taloment I have completed my examination. l ¢onfim) that no material matters have come to my attention in connectK)n with the examination giving me Cause to believe that in any material respect.. 1. a¢¢ounling records were not kept in respe¢t of the charity as required by section 130 of the Act.. or 2. the ac¢ount$ do not accord wth thise records,. or 3. the accounts do not comply with the applicable requirements Concerning the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the account5 give a 'true and falr view, whi¢h is not a matter considered as parl of an independent examination. I have no concerns and have come across no other matter in conne¢b'on with the oxamlnalion to which attention should be drawn in this report in order to enable a proper understanding of the 8ccounls to ba reached. Graham Mlchael David Day FCA, DChA Chater Allan LLP Beech House 4a Newmarket Road Cambrid CB5 80 2026
POOR VICARS. CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestri¢tgd Endowment Fund Fund8 Total 2025 Total 2024 Noto Incomlng from Investments 44,019 44,019 43,373 Total Incomo 44,019 44,019 43,373 Expendlturo on Charitable activities 45,600 45,600 45,540 Total Expenditurg 45,600 45,600 45,540 Net Incomellexpèndlturel beforg gaSnslllosso5) on investments {1,581) (1,581} (2,1671 Galnslllosse81 on investh)enls 298 174,4111 174,1131 64,827 Not Incomel(oxpondl¢urol {1,2831 174,411) (75,6941 62,460 Transfer betWOgTr lund8 Net movemgnt In funds (1,283} 174,4111 175,6941 62,460 Fund Balances al 31 December 2024 69,068 1,559,229 1,628,297 1,565,837 Fund Balaneos at 31 December2025 67,785 1,484,818 1,552,603 1,628,297 The Charitls incoming resources and net movem8nl in funds relate to continulng aclivilles.
POOR VICARS. CHARITY BALANCE SHEET AS AT 31 DECEMBER 2025 202S 2024 Note INVESTMENTS 1,475,148 1.549,259 CURRENT ASSETS Debtors and prepaymenlg CCLA deposit fund 11,202 70,391 81,593 10,828 72.286 83,114 CURRENT LIABILITIES Cre<litors due withln one year 4,136 4,076 NET CURRENT ASSETS 77,457 79,038 TOTAL ASSETS LESS CURRENT LIABILITIES 1,552.603 1,628,297 FUNDS Endowment 1,484,818 1,559,229 Unrestricted 67,785 69,068 1,552,603 1,628,297 The accounts wgre approved on.. l K 2026 The Bisho Trustee f Huntingdon
POOR VICARS. CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER2025 ACCOUNTING POLICIES 1.1 Bas1$ of preparaOn Th6 financlal statements have been prepared under the historical cost convenllon except for inv&slm&nls which are included at market valu&, and in accordancB wilh FRS 102 "The FSnanclal Reportlng Standard applicable in the UK and Republlc of Ireland" and the Slal8mgnl of R8comrnonded Practice "Accounting and R8porting by Charities" FRS 102 {2Q191. 1.2 Golng concom ba81ts The Trustee8 consider that th8 going concern b8SIS 19 appropriate ag they con8ider tt)e re8orves leve18 and expected lllvestment in¢ome lo bè at gufficienl levels lo ensure that the Tru81ees can meet their nanclal obligation8 for the next 12 10 18 months and on that basis the Charlty 18 a golng concem, in 8rriving al this condu$ion tho Trustees have consldèred the potgnllal impact of tha currant global pandemic known as COVID-19. 1.3 Flnanclal Rgporting Standard 102- rodu¢od dl$closur& exomption8 The Trustees hava taken advantsge of the following disdosurg exemplSon in preparing thes8 )Inancial ststemenls, as ptrrmittod by FRS 102., - the requiroment of Secb'on 7 Statement of Cash Flows. 1A In¢omg All incoming rgsource8 are included In IhG Stalemgnt of FSnancial Aclivi11os (SOFA) when the Board is legally entitled lo them as incx)me or capit81 respeclivfrly, ultimate recaWIl is roasonably certain and the amount to be recognised can be quanlrfied with rgasonabFe accurBCy. 1.S Rosourcos oxpended Expendiluro18 included on the accwals basis and has been classified under hgadings that aggregalo all costs r&laled to the SOFA calogory. Grants payable are chaTged In the year when the offer is convgyed lo the recAplent except in Ihose cases wher& the offer Is conditional on the reciplanl salisfylng performance or other discietionary requirements to the safjsfaclion of thé Trust60s. suoh grants being recogni58d as oxpendiluie when the condllions attaching are fulfilled. Grants offered subjocl lo such cot7dilions which have not been mel al the year ènd are nolod as a commitment, bul not accrued as expenditure. 1.6 Investmonts In$tentS are Included at markgl valua. 1.7 Taxation The Trust 18 a r¢glstered charity the United Kingdom and no taxallon is payable on its income. Unwtrictsd Endowmgnt fund$ fund$ Total 2025 Total 2024 Inv•8tment incomè Dividend income Inler&$l recgiv8bJg 40,636 3,383 40.636 3,383 39,388 3,985 44,019 44,019 43.373
POOR VICARS. CHARir NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 EXPENDITURE ON CHARITABLE ACTIVITIES Activltlg$ Unrlortaken Dlroctly Grants payabl Support Costs Total 2025 Total 2024 Roligf of povety 45.000 600 45,600 45.540 45.000 600 45,600 45,540 SUPPORT COSTS Total 2025 Total 2024 Govemance co$l9'. Indepgnd&nl Examlnevs fee Trustees, expen888 600 540 600 540 TRUSTEES During fhe year trusta98 received expenses totalllng £nil (2024-. £nill. 6 INVESTMENTS Unrnstri¢ted Endowment Investmgnts Investments Total Mark•t value as at 1 January 2026 12,174 1,537,085 1,549,259 Addillons in year Dlsposal$ In yèar R&valuation in y&ar 298 (14.4111 174,1131 Market value AS at 31 D&camb•r 2026 12,472 1,462,674 1.475, Invosted In: Central Board of Financs (CCLA) Flxed interest sfjcurflles fvnd Investment fund Global fund 12,472 690,433 772,241 1,462,674 2,472
POOR VICARS, CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 DEBTORS Total 2025 Total 2024 Other debtors Accrued income Prepayments 11,202 10,830 11,202 10,830 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Total 2025 Total 2024 Other crediltsrs Accruals and defeed income 3,596 540 4,136 3,596 480 4,076 ANALYSIS OF NET ASSETS BETWEEN FUNDS Inve8tmonts Not currènt assets Total 2025 Total 2024 Endowment fund 1,462.674 22,144 1.484,818 1,559,229 Unreslricled fund8 12,472 55,313 67,785 89,Oe8 1,475,146 77.457 1,552,603 1,628,297 10 FUNDS Endowment fund The endowment fund Is a permanent endowment fund currenlly Invested in CCLA inve81ment and global fund unilg, the Income of which Is lo be used to provide fi'nanclal 8UPPOrt for 10 poor vlcar8 in the Diocese of Canterbury and 10 poor vicars in the Diocese of Ely.
POOR VICARS. CHARrrY NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 DECEMBER 2025 11 Comparativ¢s for tho Statomont of Financial Activities Unrèstrl¢ted Fund Endowment Funds Total 2024 Note In¢ome from: Investments 43,373 43,373 Total Incomo 43,373 43,373 Expendltur8 on: Charltsble activltie$ 45,540 45,540 Total Expendlture 45.540 45,540 Net Incomellexpendlturel before galn81(1088e81 on InvoStm0nts 12,1671 12,167} Gainsl{losses} on investments 357 64,270 64,627 Not Incomelloxpondltur¢l 11,8101 64,270 62,460 Transfer botweon fund8 Not mov•m&nt In funds 11,8101 64,270 62.460 Fund Balancos al 31 December 2023 70,878 1,494,959 1,565.837 Fund Balances at 31 Decembor 2024 69,068 1,559,229 1,628,297