PURPOSE OF THE CHARITY
The object of the Society is solely to make awards of non-recurring grants in accordance with the Rules as revised and adopted at the AGM 2017. The main business during the course of the year was the consideration of applications for grants. The Trustees endeavour at all times to ensure that the Society's available funds are used to provide realistic and effective help.
The Trustees met on three occasions during the course of the year, to receive applications and award grants. 37 grants were awarded at an average £486 over all categories. All applications were compared with the platform for grants which was adopted in 2013 and grants were awarded accordingly.
The platform for grants assumes holidays will be taken in the UK, that requests for the purchase of furniture and white goods will be at a budget level, It also assumes a standard level of assistance for those attending Christian camps. Only in exceptional circumstances will grants be made in excess of this platform. While the Trustees recognise their need to balance wisdom with generosity, so applicants need to be good stewards of what they receive.
In 2012 it was decided to offer support to eligible applicants who wanted help in funding dependent children to attend Christian camps for their spiritual benefit or who want to use a gap year immediately before or after attending university for a graduate degree. In 2013 it was agreed that the legacy received from the estate of the late Mrs Hilary Cotter in 2006 would be used to fund these grants. The Trustees were pleased to make 11 grants in this category during 2014. The grants averaged £440.
At the October 2014 meeting of the Trustees it was agreed that, in each financial year, any surplus of income left after grants had been awarded may be added to the Cotter Legacy fund to be used as outlined above. In 2014 the excess income was £1,827 which was added to the balance of the Cotter legacy fund bringing it to a total of £30,277 to be carried forward to 2015
Investments are held in Collective Investments Scheme Units of the Central Board of Finance of the Church of England, the income from which is used for the purpose of the charity. Ethical considerations form an integral part of the management of these funds. No specific investment objectives are set, but results are regularly monitored against market returns and peer group benchmarks. The market value of the charity's investments increased in line with the movement of the stock market.
Reserves - the Trustees aim to hold sufficient cash in the bank to enable the Charity to meet its obligations in a timely manner. Beyond this, all income received is available for distribution.
(NB: SRPC Trustees also advise CPAS on grants to be made to individuals from J F W Deacon's Mabledon Charity. The total of grants advised amount to approximately £10k per annum. They are made to honour the wishes of the Deacon family that some money from the sale of Mabledon should be used to fund times of rest and refreshment for clergy who need such ministry.)
The Venerable Ian Watson Chairman
On behalf of the Trustees