Charity registration number 1073775 THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION Trustees Rt Rev Cherry E Vann Ven Jonathan S Williams Mrs Valerie M Willie Mrs Christine Edwards Mrs Jenny Neale Ven lan Rees Ven Stella Bailey Canon Brian Pippen (Appointed 20 March 20231 (Appointed 5 June 2023) Charity number 1073775 Independent examiner CalherineA Williams Ltd Old Bank House Beaufort Street Crickhowell Powys NP8 1AD Bankers Nat West Bank High Street Newport I:IP20 1G Investment advisors RBC Brewin Dolphin 5 Callaghan Square Cardiff CF10 5BT THE MONMOUTH DIOCESAN CLERGYWIDOWS & DEPENDANTS SOCIETY CONTENTS Page Trustees, report Independent examinerfs report Slatemenl of financial activities Balance sheet Notes to the financial statements 6-11 THE MONMOUTH DIOCESAN CLERGYWIDOWS & DEPENDANTS SOCIETY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Irustees present their annual reporl and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial slalemenls and comply with the society's Trusl Deed, the Charities Acl 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019)" Objectives and activities The objectives are lo give grants or other assistance lo the 5urvivorls) of a deceased cleric who al the time of his or her death was '. 1 } In receipt of a slipend 01 pension from the Church In Wales., and 21 Setving In the Diocese of Monmouth or whose last office before retirement was within that Diocese. "Survivol, means the 5Utviving spouse of a marriage or civil partnership recognised by the Church in Wales or any surviving relative who was rinanGially dependanl upon the deceased cleric. The policies adopted in furtherance of these objects are the making of grants lo individuals and the piovi5i0n of advocacy. advice and information and there Mas been no hange in these during the year. The Iruslees have paid due regard to guidance issued by the Charity Commission in deciding what acliwties the society should undertake. Achievements and performance During the year grants were made to 4 widows and 1 dependent as well as birthday and Christmas gifts to all eligible widows. It was again possible lo entertain the widows to lunch ip 2023 and this was well attended. Two bereavement grants were paid In (he yeai. To mark the ninetieth anniversary of the Sociely Ilowers were sent to each widow. The Iiustee5 made grants and gifts to all those widows who mel the eligibility crrteria. Publi¢ Benefit The society supports those who are widows of. and those who have been dependants of, deceased clergy and are eligible under the rules of the 50ciely. Financial review The society has incurred a surplus after including the profrts made on investments. The investment portfolio increased in value by £3.239 during the year. Reserves need to be held at a level to covei any known expenditure and possible calls on funds should there be an increaqe in thp ni Imbpr of widowq and Ap_np_nrl?nt8 whn have need of hp.lp from the society. The. trLpglepR arFh conlenl with the present level of reserves. The trustees have assessed the major risks to which the Society is exposed, and are satisfied that Systems are in place lo mitigate exposure lo these tisk5. Structure, govemance and management The society was established by a charilable trust deed on 8 Seplember 1931. The trustees who setved during the year and up to the date of signature of the financial statements were." Rl Rev Cherry E Vann Ven Jonathan S Williams Canon John C Woodward rs Valerie M Willie Mrs Christine Edwards (Retired 20 March 2023) THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Mrs Jenny Neale Ven lan Rees Ven Stella Bailey Canon Brian Pippen (Appoinled 20 March 2023) (Appoinled 5 June 2023> Trustees are recruited from within Monmouth Diocese and individuals are sought who have knowledge of the clergy that have served in the Diocese and their families. The society has a secretary I treasurer who deals with the accounting matters and prepares grant payfflents as authorised by the trustees. Related parties ale Monmouth Diocesan Board of Finance {"Monmoulh DBF"} and The Widows, Orphans and Dependants Society of the Church In Wales I'church In Wales Society"). The trustees, rep6rt was roved by the Board of Trustees. Mr Peter E Lea Secretary to the trustees Dated. 24 June 2024 THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY I report lo the trustees on my examination of the financial Statements of The Monrnouth Di0￿san Clergy Widows & Dependants Society (the sociely) for the year ended 31 December 2023. Responsibilities and basis of report As the trustees of the society you are responsible foi the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 {the 2011 Act). I report in respect of my examination of the society's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515){b) of the 2011 Act. Independent examinerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe thal in any material respect". accounting records were not kept in respecl of the society as required by section 130 of the 2011 Act- or the financial statements do nol accord wilh those records.. or the financial 5tatemen15 do not comply wilh the applicable requirements concerning the form and content of accounts set out in Ihe Charities (Accounts and Reports) Regulations 2008 other than any requirement Ihal the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concems and have come across no olhei matters in connection with the examinalion to which attention should be drawn in this report In o,-der to enable a proper understaiiding of the financial slatements lo be reached. Catherine A Williams Ltd Old Bank House Beaufort Street Crickhowell Powys NP8 1AD Dated.. 24 June 2024 THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Unrestricted funds funds 2023 2022 Notes Income and endowments from: Donations, legacies and grants Investments other income 6,316 30,063 5,467 28,681 500 Total income 36,379 34,648 Raising funds 4,003 4,121 Charitable activities 32,110 28,733 Total expenditure 36,113 32,854 Net gainsl(lossesl on investments 10 2,338 10,013 Net incoming resources 2,604 11,807 Other recognised gains and losses Revaluation of langible fixed assets 3,239 {80,7501 Net movement in funds 5,843 {68,9431 Fund balances at 1 January 2023 766,907 835,850 Fund balances at 31 December 2023 772,750 766,907 The statement of financial activities includes all gains and10sses recognised in the year. All income and expendrture derive from continuing activities. THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Investments 12 697.039 695,497 Current assets Debtors Cash at bank and in hand 13 24,573 52,697 2.237 70.741 77,270 72.978 Creditors: amounts falling due within one year 14 {1,559) {1.568) Net current assels 75,711 71,410 Total assets less current liabilities 772,750 766,907 Income funds Geiieral ￿nreSLfIcIed Tufids Revaluation reserve 723,8i5 48.915 721.231 45,676 772,750 766,907 772,750 766.907 The financial statements were ap oved by the Tru ees on 24 June 2024 Rt Rev Cherry E Vann Trustee THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity infomialion The Monmouth Diocesan Clergy Widows & Dependants Society is an unincorporated charity established by a trust deed daled 8 Seplember 1931. 1.1 Accounting convention The financial statemenls have been prepared in accordance wrth the sociely's Trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Praclice applicable to charilies preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016). The socieiy is a Public Benefit Entity as defined by FRS 102. The society has taken advantage of the Provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Flows. The financial statements are prepared in sterfing. which is the functional currency of the society. Monetary amounts in these financial statements are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention, modified to include the revaluation of financial instruments at fair value. The principal accounling policies adopted are sel out below. 1.2 Going concern At the lime of approving Ihe financial slatemenls. the Iruslees have a reasonable expeclation that the society has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in prepanng the financial slalements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objeclives. 1.4 Incoming resources Income is recognised when the society is legally entitled lo il after any perfomiance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the society has been notified of Ihe donation, unless performance cor)ditions require deferial of the amount_ Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the time of the donation. All income is recognised in the Stalemenl of Financial Aclivities once the charity has entitlement to the funds. it is piobable that the income will be ieceived and the amount can be measured reliably. 1.5 Resources expended Expenditure is recognised once there 15 a legal or constructive obligation lo transfer economic benefit to a thifd party. it is probable that a Iransfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditltre is classified by activily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attribulable lo a single aclivily are allocated directly lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single aclivtty are apportioned between those activilies on a basis consistenl with the use of resources. Central staff costs are allocated on the basis of lime spent. and depreciation charges are allocated on the porlion of the asset's use. THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term liquid investments with original maturities of three months or le55. 1.7 Financial instruments The society has eleded lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of its financial inslrumenls. Financial instruments are recognised in the society's balance sheet when the society becornes paty lo the contractual provisions of the inslrumenl. Financial assets and liabilities are offset. with the net amounts presented in the financial stalemenls, when there is a legally enforceable right lo set off the recognised amounts and there is an inlention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assels. which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried at amortised cosl using the effective interest method unless the arrangemenl conslilutes a financing transaction, where the transaction is measured at the present value of the future receipts discounled at a maTkel rate of inleresl. Financial assets classified as receivable within one year are nol amortised. 8asic financial liabilities Basic financial liabililies, including creditors and bank loans are initially ￿cOgnised at transaction price unless the arrangement conslitules a financing transaction. where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 1.8 Taxation The charity is exempl from tax on ils charilable actimties. THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donations, legacies and grants 2023 2022 Grants and donations {See below) 6,316 5,467 Donations and gifts Church in Wales Parish donations Individual donations Gift aid recovered 5,733 4,284 605 500 78 500 78 6,316 5,467 Investments Unrestricted Unrestricted fvnds funds 2023 2022 Income from listed investments Interest receivable 29,640 423 28,494 187 30,063 28,681 Other in¢ome Total Unrestricted funds 2023 2022 Compensation from bank 500 Raising funds 2023 2022 Investment management fees 4,003 4,121 THE MONMOUTH DIOCESAN CLERGYWIDOWS & DEPENDANTS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitsble activities 2023 2022 Grants to individuals Lunch Administration costs Flowers 29,808 765 475 546 27,008 737 436 31.594 28,181 Share of governance costs (see note n 516 552 32.110 28,733 Support Gosts Support Governance 2023 2022 Basis of allocation Independant examinerfs fees 516 516 552 Governance 516 516 552 Analysed be￿een Charitable activities 516 516 552 Trustees None of the tru51ees (or any persons connected with them) received any remuneration or expenses during the year, or for the preceding year. Employees The average monthly number of employees during the year was.. 2023 Number 2022 Number Total THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Net gainslllosses) on investments Unrestricted Unrestricted funds funds 2023 2022 Gainl(loss} on sale of inveslmenls 2,338 10.013 11 Taxation The charity is exempt from tax on income and gains falling within section 505 of ihe Taxes Act 1988 or section 252 of the Taxation of Chargeable Gain5 Act 1992 lo the exlent that these are applied lo its charitable objects. 10- THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Fixed assel investments Listed investments Cost or valuation At 31 Oecember 2022 Additions Investment management fees 695,497 5,577 14,0351 At 31 December 2023 697,039 Carrying amount At 31 December 2023 697,039 At 31 December 2022 695,497 13 Debtors 2023 2022 Amounts falling due within one year: other debtors 24,573 2,237 14 Creditors: amounts falling due within one year 2023 2022 Accruals and deferred incorne 1,559 1,568 11