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. StrUc￿re, 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.ec￿ve of the charity is to pro￿de 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$8ed on the prtncipal investsments belng Cent￿d el8ewhere, and 80 the capital returns for tho charlty over the yearwere 8ignifi'¢antly below this level. Despite the lailui8 of the manager5 to malch the rises In the Stock Markets, they did increase thè dividgnd income rgtumad to the Tru8te69 for di8trlbutlon. The Trust￿5 fell it prudent to maintaln the overall dislrtbution of the charity lor the year at the 2024 level. Reservos Pollcy The Charity 18 bestowod with a permanent endomrent which 18 invested to produc& an annual flow of inwme. From this the Tru8toe8 are authorised to make equal grants to poor vicuts In Ihe Dioee8es of both Cantgrbury and Ely. Th8 Truste08 aim to distribute the avallable net Ineorne in each y88r. 11 1$ recognised hO￿Ver 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 gOnera￿ng 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 pla￿d 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 object￿8 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