CHARrrY REGISTRATION NUMBER: 287022
Church of England Clergy Stipend Trust
Unaudited Financial Ststements
31 March 2025
Thomps¢n Jon•s Buslngss Solutlons Llmltgd
2 H￿P 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 H￿royd
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￿￿$s0r5. The Trust is registered with the Charity Commisslonets under No. 287022.
The Trustees meet at least 8nnually, usually in November. al which they consider grant making.
rep)rts from Dioceses regarding prevbus grants. investments and perforniancg, capital and Income
ac￿nI balances, income review, budggis, cash fiow, reserves and risk rnanagemenl polirAes.
TNst8es arv apwinled by the unanimous agreement of exlsling Trustses. On appointment. the new
Trustee is provided with a Copy ol the Trust Deed and the most recant rgport and ac(x)unts. CoFies of
previous TnJstees' meeting mlnutes are available to the new Trustee.
ObJo¢tlve8 and activities
Objects
The Trust Fund is held at the discretion of the Truslegs, without dlsilnclion betweèn capital and
in￿me, for the fofiowing purposes, namely the augmèntation of the stipends of parsons, vicars,
r8les and ministers officiating in the churches and chapels of the Churth of England, for the relief of
povety arnong such parsons and the advancement of religion generally in accordan￿ ￿th the fatth
and doctring of the Church of EnglarKS.
Grantwmaking poli¢y
In pursuit of the o¥ects of the Trust. the Truste8s make grants, vkg the d￿cesar¢ bL%hops. to dioceses
which, on the basls of assessment of resources and needs Ibased on inforrnation from th8
Ar¢hblshops' GoLtncil) are demonstrably deserving of fvrther financial asslstsnce. Such cases are
rnBinly focussed in areas of severe urban deprNation and as a consequence 8 large proportion of the
Trustees, grants are concentrated in th8 Province of York. The Trustees have instltuted procedures to
satisfy thems8lv$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).
S￿etarIa1 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¢l￿tinued)
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 t￿ard of
4k
JCG Trower
Trustee
The V8n. L J Miller
Tr￿te?
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..
a￿untIng records were not k8Pt in respect of the Charlty 8$ required by secticjn 130 of the
the finan￿al 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 a￿Unts 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
4ft￿t￿nt incm
77,618
77,618
87,111
Totsl incorrn
77.618
7T,618
87,111
Expenditure
Eypendityre on r8Sslro funds:
In￿str￿ent rr£nag8n￿nI c(6ts
Ewgnditure on charitable actiMb8s
16.645
131,477
16,645
131,477
15,853
126,258
Tolal exp￿diture
148.122
148,122
142,111
Net gairyj (1￿5) ￿ in￿n￿nts
Net Incthrn and ngt n￿m￿nt 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
Crod*t¢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 Prir￿1pal 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 p￿pared on the historical cost basis. as modified by the
revaluation of certain financial assets and Ilablll￿eS 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 finar￿1￿ 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 0am18￿ed 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 ex￿nded
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 all￿ated to eX￿ndItsIr9 calogorles refiedlng the use of the resource. Direct costs
atthbutsble lo a single acllvlty are allocated dlrgctty lo that actlvlty. Shared costs are apFKbrtIc￿8d
be￿een 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 (Cont￿tsed)
Year ended 31 March 2025
Accounting policies (¢Ofvllnt*tlJ
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( InK*strnerts tru
knconE frcffl 0￿erseaS 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
I25K￿0
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
B￿k char*s
AcC(Y￿￿CY 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 stateTh￿ts
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
AddIti￿S
Disp)sals
Fair vakne [rn￿rr￿ts
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 2￿5
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 Expendi￿re
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
328￿57
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
cr￿4t￿$ kn than 1 y￿r
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¢x*san Boards of Finance for augmentation of stipends.
Year ended Total lo date
3110312025
Bath and Wells
BIr￿nghaM
Blackburn
Bradford
Brlstol
Cantertwjry
Carli￿8
Che1ft￿c￿￿
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.
ScKJth￿I ￿on￿aM
St Abans
St EdrTxmd8lxJry 8nd
Truro
Wakefi*J
Wlnches
Worcester
York
vocela￿￿5 grants
11.7(X)
69.350
192.0(K)
5.C¢JO
4.150
34e,300
8.497
44a522
6.000
14-