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 be￿avement 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 se￿etsry 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
Sec￿tary 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 Mon￿K)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 socie￿S 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 appI￿able 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
InVeStn￿nIS
5,872
28,467
6.316
30.063
Total Income
34,339
36.379
Ex￿ndIture 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 aC￿Unting 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
an￿￿nts 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 so￿ety
h8S adequate resources to continue in operational existence for the foreseeab￿ future. Thus thè tft£tees
continua to adopt the going o)nckm ba￿S 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 re￿ipt. Other donations are recognised once the society has been notified
of the donation, unless perfo￿nanCe 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 re￿gnised 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 obl￿atiOn 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 inVo￿ed 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
depr￿latIOn charges are allocated on the po￿On 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 re￿ip1S 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 le￿IVable
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 be￿een
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 s￿ifiC 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-