CHARrrY REGISTRATION NUMBER: 287022 Church of England Clergy Stipend Trust Unaudited Financial Ststements 31 March 2025 Thomps¢n Jon•s Buslngss Solutlons Llmltgd 2 HP Brldg•. Bury Lancashlre BL9 7HR
Church of England Cleryy Stipend Trust Financlal Statements Y•ar ondod 31 March 2025 Pag• TnBtges' annual report Independent examinerf8 rei)ort to the trustee8 statement of finonoal athtlies Ststsm8nt of financial posbtion Notes to the Iln8nci81 atalements
Church of England Clergy Stipend Trust Trustee5' Annual Report Year ended 31 March 2025 The Iru51ees presenl thelr report and the unauditPAI financial ststements of the crtarity for the year ended 31 March 2025. Reforgncg and admlnlstrative d•talls Rggl8tered charlty name Church of Engfand Clergy Stipend Trust Charfty r¢g18tration numb•r 287022 inclpal offl¢e 271 South Lambelh Road London SW8 1UH Tho trusts•$ JCG Trower Th8 Ven. L J Miller The Rev. DNC Houlding R Hroyd NPG Salisbury Company se¢rotary D Madden Independent examlner Simon Gretton Watson A.C.A. Thompson JDnes Business Solutions Limited 2 Heap Brklg8, Bury Lancashire BL9 7HR Investmant manager9 Rathbone Investment Management Limited Port of Liverpool Building Pier Haad Liverpool L31NW CBF Church of England S8nalor HtyJ5e 85 Que6n Victoria Street London EC4V 4 Sollcltors Trow8rs & Hamlins LLP 3 Bunhill Row Lon(Jon ECIY8YZ Bankgrs HSBC Bank plc 24 St Ann's Square Manchester M2 7HD
Church of England Clergy Stipend Trust Trustees. Annual Report (conUnu•dJ Year ended 31 March 2025 Structure. govemance and management Background and legal structure The Trust was inspired by lh8 late Sir William Trower as a small contribution to the post war problem of inadequate stipends for the parochial d8rgy of the Church ol England. It was constituted by a trust doed dated 8 May 1952. the original trustees b8ing Messrs H E Seir, G G Parkinson and W G Trower. Sir James Rait Brown and the Venerable Archdeacon G F Townley, the last two mentioned havlng been nominated by the Archbishop of Canterbury and the Archbishop of York respectively,. the Archbishops continue to enjoy this power of nomination in the repL4c8ment of thos8 0rig.nal tnjstees and their su$s0r5. The Trust is registered with the Charity Commisslonets under No. 287022. The Trustees meet at least 8nnually, usually in November. al which they consider grant making. rep)rts from Dioceses regarding prevbus grants. investments and perforniancg, capital and Income acnI balances, income review, budggis, cash fiow, reserves and risk rnanagemenl polirAes. TNst8es arv apwinled by the unanimous agreement of exlsling Trustses. On appointment. the new Trustee is provided with a Copy ol the Trust Deed and the most recant rgport and ac(x)unts. CoFies of previous TnJstees' meeting mlnutes are available to the new Trustee. ObJo¢tlve8 and activities Objects The Trust Fund is held at the discretion of the Truslegs, without dlsilnclion betweèn capital and inme, for the fofiowing purposes, namely the augmèntation of the stipends of parsons, vicars, r8les and ministers officiating in the churches and chapels of the Churth of England, for the relief of povety arnong such parsons and the advancement of religion generally in accordan th the fatth and doctring of the Church of EnglarKS. Grantwmaking poli¢y In pursuit of the o¥ects of the Trust. the Truste8s make grants, vkg the dcesar¢ bL%hops. to dioceses which, on the basls of assessment of resources and needs Ibased on inforrnation from th8 Ar¢hblshops' GoLtncil) are demonstrably deserving of fvrther financial asslstsnce. Such cases are rnBinly focussed in areas of severe urban deprNation and as a consequence 8 large proportion of the Trustees, grants are concentrated in th8 Province of York. The Trustees have instltuted procedures to satisfy thems8lv$s that the grants have been expended in accordance wlth the Trust's objectives. Achievem•nts and p•rfomian¢e TOW incomlng resources for th8 year amounted to £77,61812024.' £87,111). SetarIa1 expenses together with investment managernenl fees and other experKliture lexcludng grants) increased by £1.011 12024: incre8sed £1841. For the year end 31 March 2025, totsl net outgoing resources were £70,504 12024- £55,000) after taking into acixjunl distributions by the Trustees of £125.00012024.' £120.0001 in pursu8nce of their objèctives among beneficiarie5 in the 14 Dioceses of the Provincés of Canterbury and York, as shown in the Staternenl ol Financial Activitss on page 6. The net mov8menl in funds taking account of the profits and losses on investments on C8Pital Account was an overall deficit of £128,192 12024.. surplus £273,057). The net assets of the trust at 31 March 2025 wgre £3,447,962 {2024: £3,576,154).
Church of England Clergy Stipend Trust Trustses. Annual Report I¢ltinued) Year ended 31 March 2025 PublSc benefft In carying out their activitie5 the TTUStggs have complied with th8 duty under section 17151 of lh8 Charities Act 2011 to have regard to the Charity Commission's guidance on public benefrt. In particular, in dgciding on the award of granls. the Trustees consider inler-alia infomwtion available to the AT¢hbishops' Council on diocesan resources. clgr9y numbers ar¥J areas of deprivation. This process 8nablès the Trustees to make grants to dioceses in support of the Trust's charitable objectives and the Trustees are satisfièd that in aw8Tding their grants. the Charity is fulfilllng its fundament objects and so providin9 public knefil. Flnan¢lal revlew Res•r4es As shown in the Ststement of Fin8nci81 Position on page 7, the vast majority of the Trust's funds are represented by its fixed assets. malnty investments. The Trust relies completely upon ieturn generaled from these invesknenls lo fund its charitable expen(Jitu. It is the Trustees policy to control its inve5trnents and charitable expenditure $0 as lo provide a stable base for tha charity's continuing act{tieS while al the same timè ènsuring excessive funds ara nfA accumulated. Investment policy The Tnjsfs Investments are managed on a discretionary basis by the Investment Managers listed on page 1. A formal r8view is carried out on an annual basr3. whilst the TnJ$t8es recewe regular valuations and details of any transactions. The primary objective of the investment policy is to athiave a total return of both capital and income that will allow th9 Trustees to maintain and grow over time Ih&ir support of the Trust's beneficiaries. Th8 Trustees are looking lo distribut8 approximately 3.5°/o of the value of the fund as al 5 April 2D13 adjusted for inflation. The distribution policy will be T8viewod annually In view of current market Conditio and inflation. The Trustees as far as practical adhere lo th8 alhical investrnenl Oicy developed by the Church of England's Ethical Investment Advlsory Group. Rlsk r•view The Trustees have reviewed major risk5 to which tho charity Is exposed. The Trustoes considgr variability of income from our investment portfolio along with the security of our investments to conslmute the charfl*s major rosks and are Sa$fled that systems are in place to mitigate the CharW3 exposuTe thereto.
Church of England Clorgy Stipend Trust Trustees. Annual Report(• Year ended 31 March 2025 The trustees. annu81 report wag approved on Iru8tges by.. arKI signed on b8haW of the tard of 4k JCG Trower Trustee The V8n. L J Miller Trte? e Rgv. DNC Houlding Truste8 olroyd TNst8e NPG Sal Tnjslee
Church of England Clergy Stipend Trust Independent Examinerfs Report to the Trustees of Church of England Clergy Stipond Trust Year ended 31 March 2025 I report lo the trusteés on my examination of the financial slaternents of Church of England Clgrgy Stipend Ttust Ilhe Charity'l for the yèar ended 31 March 2025. ReBponslWlltles and basls of rèport As the tnsstees of the Charity you ar8 rèsponsible for the preparation of the financlal statsments in acwrdance with the requirements of the Charities Act 2011 ltthe Act'i. I report In rèspect of my examination of the Charity's financral ststements carri9d ¢)ut under section 145 of the 2011 Act and in carrying out my examinab'on I have followed all the applicable Directions given by the Charity Comfflission under section 14515llb) of the Act. Independent oxamin•rfs statern•nt I havg completed my examination. I confirm that no material matters have come to my attention in conn8dion wth the examination givlng m8 cause to believe th81 in any material respect.. auntIng records were not k8Pt in respect of the Charlty 8$ required by secticjn 130 of the the finanal ststements do not acccid with th08e records.. or the financial statements do not comply vAth the appllcable requirem&nts conceming Ihe fomi and Gontent of aUnts set out in the Chariti8s (Accounts and Reports) Regulations 2008 othet than any requir8ment that the accounts glve a Irue and fair. view which is not matter consldered 8s part of an independènt examination. I have no concerns and have ¢tyne across no other matters in conneciion with the examination to which attention should be drawn in this rewjrt in orijer to enable a proper understsnding of the 8ccounts to be r8a¢hed. Simon Gretton Watson ACA. Ind8p8ndent Examlner Thompson Jones Business Solullons Limited 2 Heap Bridge Bury Lancashire BL9 7HR
Church of England Clergy Stipend Trust stalement of Financial Activities Year ended 31 March 2025 Nol• 2025 Unrestrlctgd nds 2024 Total fvnds Total Inconw and endowments 4fttnt incm 77,618 77,618 87,111 Totsl incorrn 77.618 7T,618 87,111 Expenditure Eypendityre on r8Sslro funds: Instrent rr£nag8nnI c(6ts Ewgnditure on charitable actiMb8s 16.645 131,477 16,645 131,477 15,853 126,258 Tolal expditure 148.122 148,122 142,111 Net gairyj (15) innnts Net Incthrn and ngt nmnt in fun io {57,688} {57.6881 328.057 128 192 273,057 Reconciliation of funds Total funds brought foMerd Tolal funds carried forward 3.576,154 3,576,1 3.303,097 3.447,962 3.447,962 3,576,154 The statement of financial activities indudes all gains and lossos recognised in the year. Al income and exp8nditure derive from contlnuing activities. The notes on pa9os 8 to 14 fonn part of thg$e flnanclal statement8.
Church of England Clergy Stipend Trust Stalement of Flnancial Posltion 31 March 2025 Fixed assats 13 3,402.744 3.594,981 Current assets Cash al bank and in hand 53.579 8.154 Crodt¢rs: anwunts faNing dup within onp year 14 8,361 26,981 Net current a$sets 45.218 18.827 Total assets less ¢urr•nt Ilablllties Net ass•t$ 3.447,962 3.576.154 Fund5 ofth• chartty 15 3.447.2 3,576.154 Total charity fund 3,447,962 1576.154 These financial stalgmenls were approved by the b and are signed on behalf of the slees and authorised for issug on rd JCG Trower TnJstè& The Ven. L J Miller Trustee The Rev. DNC Houlding Truste8 R Holroyd Trustee NPG Salisbury Trustsa Th• not•s on pag•s 8 to 14 fomi part of tho90 Ilrtanclal stat•ments.
Church of England Clergy Stipend Trust Notes to the Financlal Statements Year ended 31 March 2025 GèneTrl Information The Ch8rty Is 8 pubfic benefit entity 8nd 8 registered charity in Engl8nd and Wales and is unincorporated. The address of the Prir1pal office 18 271 Soulh Lambeth Road. London. SW8 1UH. ststem¢nt of ¢omplianc• T$& flnancial statements have been prepared in compliance wlth FRS 102, 'The Flnancfjal Reporting Standard applicable in the UK and the ReputAic of Ireland,, the Sl8tement of Recommended Practice applicable to chaTilie5 preparing their 8Gcounls in ac¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {Ch8TiNes SORP IFRS 1021) and the Charities Act 2011. Accountlng pollcle8 Bas1$ of pr•paratlon The ffnancAal statements have been ppared on the historical cost basis. as modified by the revaluation of certain financial assets and IlabllleS and Investrnenl propertl8s measured al falr value fhrough income or eynditure. The finaftclal ststeffl8nts are prepared in sterling. whth is the functional currency of the entity. Golng concern There arè no material un¢ertaintl8S 8bout the ¢h81ity's abilty to contlnue. Dlscloyure exemptions The gnlity satisfies the criteria of being a qualifying entity as dèfined in FRS 102. As such. advantago has baen tsken of the following disclosure exemptions available under paragraph 1.12 ofFRS 102.. lal No cash flow slalement has been presenled for the company. Ibl Disclosures in respect ol finar1 instruments have not b8en presented. Judgements and key sources of estlmatlon uncertalnty The preparation of the financial stalemer)ts requires management to make judgernents. estimates and a8sumpllons that affect the amounts reported. These esllmales and ludg9ments are continually reviewed and are based on experience and other factors, including expeclations of future events that are believ8d to be reasonable under the clrcumstan¢%s.
Church of England Clergy Stipend Trust Notes to the Flnanclal Ststements Year gnded 31 March 2025 Accountlng policies {continued) Fund accountlng Unrestrfcted funds are available lor use at the discretion of th8 trustees to further any of the charitys purposes. Designated fuThls are unrestrlcled funds 0am18ed by the trustees for particular tsjture project or ¢ornmitment Restricted funds are subjected to restrictions on Ihew expenditure dedared by the donor or through the terms of an appeal, and fall into ono of sub-classes.. restricted income fvnds or endowment funds. Incoming r•sourc•s l Kicome is included in tho statement of financial acliyilies when enlitlernent has passed lo the charity, it is probable that the economic benefits assoGialed with the transaction wll llow lo the charity and the amount can be reliabty measured. Resources exnded Expenditure is recognised on an accrua15 basis as a liaknlity is incurred. Expenditure indudes any VAT which cannol be ftjlly recovérad, and is classified under headings of the slalemenl of financial activities to whKh it relates. Expenditurg on tharitsble activities indudes all costs incurred by a charity in urKlertaking actiirities that furthèr its cha[itab aims for the benefft of its beneficiaries. incbjding those support costs and costs ralating lo the goY8man(* of thè tharfty apportioned lo charitable activitses. All costs are allated to eXndItsIr9 calogorles refiedlng the use of the resource. Direct costs atthbutsble lo a single acllvlty are allocated dlrgctty lo that actlvlty. Shared costs are apFKbrtIc8d beeen the aclivities they contribute to on a reasonable. lusufiable and consistent basls. Investmgnt$ Listed investments are mgasured at fair value with changes in fair value teing recoJnised li profil or loss.
Church of England Clergy Stipend Trust Notes to the Financial Statements (Conttsed) Year ended 31 March 2025 Accounting policies (¢OfvllnttlJ Flnanelal in¥truments A finanual asset or a financlal liabillty is recc4Jnised ot)ly when the enllty bacomes 8 paty to the contractual provisions of the inslrumenl. Basic financial instruments are initially re¢ognised al the amount receivable or payable including any ielaled transaction costs. unfess the arrangement constitutes a ttnanclng transaction, where il is recognise(l al the present value of the future payments discounted at a rnarkel rale of interest for a similar debt instrument. Current assets and current liabilitifjs are subsgquet)lJy measured at the cash or othèr con5Kl8ralion expected to be paid or received and not disuxjnled. Where investments in shares or prelerence shares are publicty traded or their fair value can othenNise b8 measured reliably, the investment is subsequently measured al fair value with changes in falr value fecognised in income and expeimlilure. All other such investments are subs8quantty measured at wst les5 impairment. InveslmeTrt Income Unrestrlcted Total Funds Unrestrkt8d Ti)tal Funds Funds Fund$ 2024 onE from LK equities UK fiyEd Interest securili&8 InconE frorn IJ( InKstrnerts tru knconE frcffl 0erseaS invastrwnts Ircm Bank derK)sil interest receivatle 18,770 2.666 21,386 34.218 578 18,7TO 2.666 21,386 34,218 578 28,516 2,600 21.555 33,817 623 28,516 1600 21,555 33,817 623 n.618 77.618 87.111 87.111 Investm•nt managomgnt Costs Unrestricted Totsl Funds Unrestrlcted Total Funds Fund$ 2025 Funds Portfolio manageFnent 16,645 16,645 15,853 15,853 io-
Church of England Clergy Stipend Trust Note$ to the Flnancial Statements (contlnu Yéar ended 31 March 2025 Expenditurè on charitable actlvities by fund type Unrgstrlrtgd Total Funds Unrg8trictgd Total Funds FUNIS FLThIs GMI funding Kiti&% &JppYxtCLxsts 125,(KJO 6,477 125.CK() 6,4n 120,C 6,2S8 120.0 6,259 131,477 131,477 121258 126,258 Expgndllurn on ¢h8rftable actlvltles by fund typg Grant funding of activitiès Support tosts Total Funds Totsl Funds 2025 21Y24 Grant funding activltles Governance costs I25K0 3,706 2,771 6A77 128.706 2,771 131.477 123,690 2.568 126.258 125,000 Analysls of suppt)rt costs Se¢rgtarlal Totsl 2025 Total 2024 Secretsrial wvi¢os Bk char*s AcC(YCY fees 2.084 67 1,555 2,183 67 1,440 67 1,555 3,7116 3.fj90 Analysis of grants Grant8 to Instttutlons Grwts to Dictesan Boards of Finarte 125.1XiO 120.(K Tctsl grants 125,rAIo 120,(KMI 10. Nel gains on Investments Unrestrktod Totsl Funds Unrestrkted Totsl Funds Funds 2025 Funds 2024 insllk)s8es) on ¢Jth& in%esfmgnl assets 57.688 328.057 328.Ckf7
Church of England Clergy Stipend Trust Notes to the Flnancial Statements (continued) Year ended 31 March 2025 11. Indtpèndent èxamlnatlon f••¥ 2025 2024 Fees pay*) to Ihe itjlewdent for.. IrKleFEndènt e>arrination of the firrancial stateThts 2,771 12. Truste• r•munerallon and oxpensos No remuneration or other benefrts from employment wlth the chartty or a related enllty were receiv6d by the tfuslees12024'. £Nill. 13. Investments Cost (Y valuafion At 1 Aprrf 2024 AddItiS Disp)sals Fair vakne [rnrrts At 31 March 2025 3,594,981 788,217 1922.766) 157,6881 3.402,744 bnpairment Al 1 April 2024 and 31 Mwch 2025 Carrying 8rrnunt At 31 March 25 At 31 M¥ch 2024 3.402,744 3.gJ4,981 All Investments shown above are held at valuation. Flnanclal assets h•ld at fair val All financial assets held al fair value arg valued by the ¢ompanls investrnenl managers at market value, usino the appropriate middle price for each asset held at 31 March, 2025. l& Credltors 2025 Current Account-FL8BC Accruas 8nd dèfarred incorre 18,784 8,197 26,981 8,361 &361 r.(>
Church of England Cleryy Stipend Trust Notes to the Financial Statements (contlnued) Year ended 31 March 2025 15. Analy91$ of Charitable funds At 1st Aprfl 2024 ins and losse5 At 31st March 2025 In¢ome Expendire General funds 3576,154 77,618 1148,1221 157,6881 3,447,962 At Gairfjand losses Al 31st March 2024 1st Aprfl 2023 Income Expenditure General funds 3,303J)97 87,111 1142.1111 32857 3576,154 16. Analysi$ of net assets botW8on funds Unrestrict8d Total FWKIS Funds 2025 Tangibb ass8ts Current assets CrwJNcKs less than 1 year Net a&5ets 3,402.744 53.579 18.3611 3,447,962 3,402,744 53.579 8,361 3,447,962 Unrestrthd Total FuThts Funds Tangib fiy2d assets Current assds cr4t$ kn than 1 yr assets 3,594,981 8.154 26.981 3,576 154 3,594,981 8,154 26.981) 3,576,154 13
Church of England Clergy Stipend Trust Notes to the Flnancial Statements (contlnu8d) Year ended 31 March 2025 17. Grants madg out of In Grants made lo the following Di¢xsan Boards of Finance for augmentation of stipends. Year ended Total lo date 3110312025 Bath and Wells BIrnghaM Blackburn Bradford Brlstol Cantertwjry Carli8 Che1ftc 3,700 369,0(Xl 1.4(rf) 169,4 14.2S) 51,050 64,11M) 166.450 10.69) eA.7(x) 414,3 15.OIX) 8,OC(I Dutham 10,0 47.150 5,1(M) 7.000 2fM,100 80.9(K) 265.550 61,9(M) 381.450 (ucest8r Herelord Leed5 14.000 Lichfiekj LlberFooI Lcnth) M8nch8stsr N8vKasde Nor%%ich 15,(XJO 326.275 274,800 ,850 5,650 PBpreSentsl boty of the Church in Wabes Salisb(Jry ShBfRld 11.0(M) 310,8(K) 2,400 2,SOO 190. ScKJthI onaM St Abans St EdrTxmd8lxJry 8nd Truro Wakefi*J Wlnches Worcester York vocela5 grants 11.7(X) 69.350 192.0(K) 5.C¢JO 4.150 34e,300 8.497 44a522 6.000 14-