ey Charity registration number 1073775 (England and Wales) THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE MONMOUTH DIOCESAN CLERGYWIDOWS & DEPENDANTS SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION Trustees Rt Rev Chery E Vann Ven Jonathan S Wiliams Mts Valerie M Willie Mrs Christine Edwarrls Mrs Jenny Neale Ven lan Rees Ven Stella Bailey Canon Brian Pippen Charity number 1073775 Independent Èxamlner Catherine A Williams Ltd Old Bank House Beaufort Street Crickhowell NP8 1AD Bankers Nat West Bank High Street Newport NP20 1GG Investment advlsors RBC Brevrin Dolphin 5 Callaghan Square Cardiff CF10 5BT
THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY CONTENTS Page Trustees, report Independent examiners report Statement of financial activities Balance sheet Notes to thè finantial statements 6-12
THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial ststements for the year ended 31 DeGember 2024. The financial ststements have been k¥epared in acCOrdar with the accounting policies set out in note 1 to the financial stalements and comply with the sodetys Trust Deed, the Charities Act 2011 and 'AcGounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accorrIan wilh the Financial Reporting Standard applicable in UK and Republic of Ireland {FRS 102} (effective 1 January 2019)". ObjeGtives and activities The objeclives are to give grants or other assistsnce to the suNvor(s) of a deceased cleric who at the time of his or her death was . 1) In receipt of a stipend or pension from Ihe Church In Wales., and 2) Serving in the Diocese of Monmouth or whose last office before retirement was within that Diocese. 'Survivort means the SUNiving spouse of a marriage or civil partnership recognis8d by the Church in Wales or any surviving lative who was financialty dependant upon the deceased cleric. The policies adopted in furtherance of these objeets are the making of grants to individuals and the provision of advocacy, advice and information and there has been no change in these during the year. The trustee5 have paid due iegard to guidan issued by the Charity Commission in d8ciding what adivities the society should undertake. Achlevements and performance During the year 9rants were made to 3 widows and 1 dependent a5 well as trfrthday and Christmas gffts to all eligible widows. This year widows were entertained at an aflemoon tea. Two beavement grants were paid in the year. The trustees made grants and gifts to all those wdows who met the èligibilty rJiteria. Public Benefit The society supports Ihose who are widows of. and those Vh have been dependants of, deceasèd dar and are ellgible under the rules of th8 soci8ty. Flnanclal revlew The sociely has incurred a surplus after including the profits made on Invostménts. The investment portfolio increased in valuè by £14.223 during the year. Reserves need to be held at a level to cover any known expenditure and possible calls on funds should there ba an Increase In the number of widows and dependants who have need of help from the society. The trustees are content with the present level of reserves. The trustees have assessed the major risks to which the so¢iety is exposed, and are satisfied that systems are in place to mitigate exposure to these risks. structure. gov9rnan and management The soci8ty was established by a ¢haiitaNe trust deed on 8 September 1931. The trustees who served during Ihe year ancl to the dale of signature of the fflnancial statements were: 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
THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 C8non Brian Pippen Trustees are recruited from wtthin Monmouth Diocese and individuals are sought who have knovAedge of the clergy that have served in the Diocese and their families. The society hes a seetsry l treasurer who deals *Aith the accounting matters arKI prepares grant payments as authoris8d by the trustees. Related parknes are Monmouih Diocesan Board of Finance ('Monmouth DBP) The Widows. Orphans and Dependants Society of the Church In Wales ('Church In Wales Society.). The trustees, report Y&S- by the Board of Trustees. MT Peter E Lga Sectary to the tnjstees Dated: 23 June 2025
THE MONMOUTH DIOCESAN CLERGYWIDOWS & DEPENDANTS SOCIETY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY I report to the trustses on my examination of the financial staiements of The MonK)Uth Diocesan Ckngy WidoYrJ & Dependants Society (the society) for the year ended 31 December 2024. Responslbilitlos and basis of r•port As the trustèes of the society you are responsible for the preparation of the financial statement5 in awordance with the requirements of the CharitiesAd 2011. report In respect of my examination of the socieS financial statements carried out under section 145 of the Charities Act 2011. In carrying oul my examination I have followed the Directions given by the Charty Commission under sectlon 145{5){b) of the Charities Act 2011. Independent examinerfs statement I have completed my examination. I that no matters have ccffie to my attention in connection with the examination giving me eause to believe that in any material respect: accounting records were not kept in respect of Ihe society as required by secti(x) 130 of the Chartthes Act 2011. the financial statements do not accord with those rec(ds.. or the finanGial statements do not comply with the appIable requirements concerning Ihe fomi and content of financial statements set out in the Charities {Accounts and Reports) Regulations 2008 olher than any quirement that the financial statements give a Irue and fair view. which is not a matter considered as part of an independent examinatlon. I have no concems and have come arJoss no other mallers in connection with the examination to which attention should be drawn in this report in order to enabk a proper understanding of the financial statements to bé r8ached. Catherine A Wllllams Ltd Old Bank House Beaufort Street Crickhowell Powys NP8 1AD Date: ..V.?/2o.%s-. .
THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Unrestrlcted lunds funds 2024 2023 Notes Income from: Donations and legaciès InVeStnnIS 5,872 28,467 6.316 30.063 Total Income 34,339 36.379 ExndIture on: Raising funds Charitable activities 4,081 32,845 4.003 32,110 Total oxpendlture 36,926 36,113 Net gain51llosses) on investments 38,428 2.338 Nèt incomè 35.841 2.604 other recognised galns and1055es: Revaluation of tsngible fixe(l assets (20,167) 3,239 Net movement in fvnds 15.674 5,843 Reconclllatlon of funds: Fund balances al 1 January 2024 772.750 766,907 Fund balances at 31 December 2024 788.424 772,750 The statement of financial activilies indudes all gains and losses recognised in the year. All income ar)d expenditure derive from oxintinuing activitl8S.
THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Motes Flxed assets Investments 11 711.262 697.039 Currenl assets Debtors Cash al bank and in hand 12 35.585 43,1 24,573 52.697 78,775 77.270 Credttors: amounts falling due wlthin one year 13 (1,613) (1,559} Net current assets 77.162 75.711 Total assets less current liabilitks 788,424 772,750 Tha funds of the society Unrestricted funds 14 788,424 772.750 788,424 772,750 Tha financial statements were approved by the trustees 23 JurE 2025 Rt Rev Cherry E Vann Sec ry to the trustees
THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity Informatlon The Monmouth Diocesan Clergy WKlows & Dependants Society is an unincorporated charity established by a trust deed dated 8 September 1931. 1.1 Accountlng convenllon The financial ststements have been prepared in accordanGe with the societys Trust deed, the Charilies Act 2011 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applic8ble in the UK and Republic of Ireland (FRS 102). (as amended for aCUnting periods comrnencing from l January 2016). The society is a Public Benefit Entity as defined by FRS 102. The society has tsken advantage of the provlslons in Ihe SORP for charitles applying FRS 102 Updaté Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling. which is the fvnctional currency of the society. Monetary annts in these financial statements are rounded to the nèarest £. The financial statements have been prepared under the historical cost convention. modtfied to include the revaluation of financial iristruments at fair value. The principal accounting polKies adopted ar8 set out bdow. 1.2 Going concern At the time of approving the finan(ial statements. the Iruslees have a asonable expedation that the soety h8S adequate resources to continue in operational existence for the foreseeab future. Thus thè tft£tees continua to adopt the going o)nckm baS of ac(x)unh'ng in preparing the finan¢ial statements. 1.3 Charilable funds Unrestricted funds are avallable for use at the discretion of the trust66s in furtherance of their charilable obie¢tives. 1.4 Incoming r•sourGts Inwme is recognised when Ihe souety is legally enliued to it after any perfomiance Conditions have been met. the amounls Gan be measured reliably. and it is probable that income will be received. Cash donations are recognised on reipt. Other donations are recognised once the society has been notified of the donation, unless perfonanCe conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gfft Nid or de8ds of covenant is recognised at the time of the donation. All income is regnised in the Statement of Financial Activities once the charity has entidement to the fijnds, It Is prr)bable that the income wlll be received and the anv)unl can be m8asur8d reliably. 1.5 R•sourGe$ expended Expenditure is recognised once there is a Wl or constructive oblatiOn lo transfer economic benefft to a third party, it is probable that 8 transfer of economic benefits will be required In setuement. and the amount of the obligation can be measured reliably. Expendiiure is classlfled by activity. The costs of each adivty are made up of the totsl of direct costs and shared costs, including support costs inVoed in undertaking each activity. Direct costs attributsble to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support Costs which are not attributable to a single actiwty are apportioned behveen those activilies on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spenL and deprlatIOn charges are allocated on the poOn of the asseys use.
THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting poli¢le$ (Conllnuod) 1.6 Cash and ush equivalents Cash and cash equivalents include cash in hand. deposits hekl at call wilh banks. other short4enn liquid investments wtlh original maturities of three mnths or less. 1.7 Financial instruments The society has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Sectlon 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in socievs balance sheet when the society becomes party to the contractual provisions of the inslrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise Ihe asset and sewe the liability simultaneously. Basic financial assets Basic financial assets, vthich indude deblors and cash and bank b8laTr, are Initially measured at transaction price including transaction costs and are subsequently Garr at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the Iransaction is measured at the present value of the future receipts discwnted at a market rate of interest. Financial assels classrfied as receivable within one year are not amortised. Basic financlal liabilities Basic financial liabilities. induding creditors and bank loans are inibally recognised at transaction price unless the arrangement constitutes a financing transaction. vthere the debt instrumenl is measured al the present value of the future reip1S discounted at a market rate of interesL Financial liabilities classified as payable within one year are not amortised. 1.8 Taxation The charity is exempt from tax on its charitable aciivities.
THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Donation$, legacies and grants 2024 2023 Grants and donations (See below) 5.872 6.316 Donatlon$ and gifts Church in Wales Parish donab.ons Individual donalions Gift aid recovered 5.289 5,733 500 78 500 78 5,872 6.316 Income from investments Unrestrlcted Unreslrided funds funds 2024 2023 Income from listed inveslmenis Interest leIVable 27.592 875 29,640 423 28,467 30,063 Raising funds 2024 2023 Investment management fees 4.081 4,003
THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activities 2024 2023 Grants to individuals Lunch Administration costs Flowers 31.583 259 487 29.808 765 475 546 32.329 31.594 Share of governan (vsts (see note 6) 516 516 32,845 32,110 Support costs Support Govemancè Costs costs 2024 2023 Basis of allocation Indepèndant éxaminerfs fe8S 516 516 516 Governance 516 516 516 Analysed beeen Charitable activities 516 516 516 Trustees None of the truslees (or any persons connècted with them} received any remunetation or expenses during the year, or for the preceding year. Employees The average monthly number of employee$ during the year was: 2024 Number 2023 Number Total
THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Galns and losses on invostments Unrestrlcted Unrestricted funds funds 2024 2023 Gainsl(loss8s) arising on= Sale of investm8nts 38.428 2,338 10 Taxatlon The charity is exernpt from tax on income and gains falling thIn section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these afe applied to its charitable objects. 10-
THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Fixed asset Investments Ll$ted inv95tments Cost orvaluation At 31 December 2023 Additions Valuation changes 697,039 18,261 <4,038> At 31 December 2024 711.262 Carrying amount At 31 December 2024 711,262 At 31 December 2023 697.039 12 Debtors 2024 2023 Amounts falling due within one year. Other debtors 35.585 24.573 13 Creditors: amounts falling due within one year 2024 2023 Accruals and deferted inGome 1,613 1,559 14 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpeniJ8d balances of don8tions and grants whith are not subject to specific condbtions by donors arKI grantors as to how they may be used. These include designated fvnds which have en set aside out of unreslrided funds by the trustees for sifiC purposes. At 1 January 2024 In¢•ming resources Resources exponded Gains and losses At31 Docember 2024 General funds Revaluation reserve 723,835 48.915 34.339 (36.926) 38,428 {20.167} 759,676 28,748 11
THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Unrestrlcted funds (Continued) Previous year: At 1 January 2023 In¢oming resources Resources expended Gains and lossos At31 December 2023 Gen&ral funds Revaluation reserve 721.231 45,676 36.379 {36,113) 2.338 3.239 723,835 48.915 12-