**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 2025** ## **THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|Rt Rev Cherry E Vann| |---|---| ||Mrs Valerie M Willie| ||Mrs Christine Edwards| ||Mrs Jenny Neale| ||Ven Ian Rees| ||Ven Stella Bailey| ||Canon Brian Pippen| |**Charity number**|1073775| |**Independent examiner**|Catherine A Williams Ltd| ||Old Bank House| ||Beaufort Street| ||Crickhowell| ||Powys| ||NP8 1AD| |**Bankers**|Nat West Bank| ||High Street| ||Newport| ||NP20 1GG| |**Investment advisors**|RBC Brewin Dolphin| ||5 Callaghan Square| ||Cardiff| ||CF10 5BT| ## **THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 2| |Independent examiner's report|3| |Statement of financial activities|4| |Balance sheet|5| |Notes to the financial statements|6 - 12| ## **THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ The trustees present their annual report and financial statements for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the society's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". ## **Objectives and activities** The objectives are to give grants or other assistance to the survivor(s) of a deceased cleric who at the time of his or her death was : 1) In receipt of a stipend or pension from the Church In Wales; and 2) Serving in the Diocese of Monmouth or whose last office before retirement was within that Diocese. "Survivor" means the surviving spouse of a marriage or civil partnership recognised by the Church in Wales or any surviving relative who was financially dependant upon the deceased cleric. The policies adopted in furtherance of these objects 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 trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the society should undertake. ## **Achievements and performance** During the year grants were made to 3 widows and 1 dependent as well as birthday and Christmas gifts to all eligible widows. This year widows were entertained at an afternoon tea. Two bereavement grants were paid in the year. The trustees made grants and gifts to all those widows who met the eligibility criteria. ## **Public 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 society. ## **Financial review** The society has incurred a surplus after including the profits made on investments. The investment portfolio increased in value by £37,825 during the year. Reserves need to be held at a level to cover any known expenditure and possible calls on funds should there be 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 society is exposed, and are satisfied that systems are in place to mitigate exposure to these risks. ## **Structure, governance and management** The society was established by a charitable trust deed on 8 September 1931. The trustees who served during the year and up to the date of signature of the financial statements were: Rt Rev Cherry E Vann Ven Jonathan S Williams (Resigned 31 July 2025) Mrs Valerie M Willie Mrs Christine Edwards Mrs Jenny Neale Ven Ian Rees Ven Stella Bailey - 1 - ## **THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ Canon Brian Pippen 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 / treasurer who deals with the accounting matters and prepares grant payments as authorised by the trustees. Peter Lea retired from this post on 25 June 2025 and Canon Jeremy Harris was appointed to replace him. Related parties are Monmouth Diocesan Board of Finance ("Monmouth DBF") and The Widows, Orphans and Dependants Society of the Church In Wales ("Church In Wales Society"). The trustees' report was approved by the Board of Trustees. Secretary to the trustees Dated: 20 July 2026 - 2 - ## **THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY** I report to the trustees on my examination of the financial statements of The Monmouth Diocesan Clergy Widows & Dependants Society (the society) for the year ended 31 December 2025. ## **Responsibilities and basis of report** As the trustees of the society you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011. I report in respect of my examination of the society’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the society as required by section 130 of the Charities Act 2011. - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. ## **Catherine A Williams Ltd** Old Bank House Beaufort Street Crickhowell Powys NP8 1AD 20 July 2026 - 3 - ## **THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2025**|**2024**| ||**Notes**|**£**|**£**| |**Income from:**|||| |Donations and legacies|**2**|59,126|5,872| |Investments|**3**|27,657|28,467| |**Total income**||86,783|34,339| |**Expenditure on:**|||| |Raising funds|**4**|4,267|4,081| |Charitable activities|**5**|33,956|32,845| |**Total expenditure**||38,223|36,926| |Net gains on investments|**9**|2,423|38,428| |**Net income**||50,983|35,841| |**Other recognised gains and losses:**|||| |Revaluation of tangible fixed assets||39,579|(20,167)| |**Net movement in funds**||90,562|15,674| |**Reconciliation of funds:**|||| |Fund balances at 1 January 2025||788,424|772,750| |**Fund balances at 31 December 2025**||878,986|788,424| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 4 - ## **THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY** ## **BALANCE SHEET** ## _**AS AT 31 DECEMBER 2025**_ |**Notes**
**Fixed assets**
Investments
**11**
**Current assets**
Debtors
**12**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**13**
**Net current assets**
**Total assets less current liabilities**
**The funds of the society**
Unrestricted funds
**14**|**2025**
**£**
16,375
65,226
81,601
(1,702)|**£**
799,087
79,899
878,986
878,986
878,986|**2024**
**£**
35,585
43,190
78,775
(1,613)|**£**
711,262
77,162| |---|---|---|---|---| |||||788,424| |||||788,424| |||||788,424| The financial statements were approved by the trustees on 20 July 2026 Rt Rev Cherry E Vann **Secretary to the trustees** - 5 - **THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **1 Accounting policies** ## **Charity information** The Monmouth Diocesan Clergy Widows & Dependants Society is an unincorporated charity established by a trust deed dated 8 September 1931. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the society's Trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The society 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 to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the society. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation 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 preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. ## **1.4 Incoming resources** Income is recognised when the society is legally entitled to it after any performance 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 the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **1.5 Resources expended** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. 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 attributable 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 activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. - 6 - ## **THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **1 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 less. ## **1.7 Financial instruments** The society has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the society's balance sheet when the society becomes party to the contractual provisions of the instrument. 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 the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes 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 exempt from tax on its charitable activities. - 7 - ## **THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **2 Donations, legacies and grants** |||**2025**|**2024**| |---|---|---|---| |||**£**|**£**| ||Legacies receivable|51,932|-| ||Grants and donations (See below)|7,194|5,872| |||59,126|5,872| ||**Donations and gifts**||| ||Church in Wales|6,680|5,289| ||Parish donations|5|5| ||Individual donations|509|500| ||Gift aid recovered|-|78| |||7,194|5,872| |**3**|**Income from investments**||| |||**Unrestricted**|**Unrestricted**| |||**funds**|**funds**| |||**2025**|**2024**| |||**£**|**£**| ||Income from listed investments|26,787|27,592| ||Interest receivable|870|875| |||27,657|28,467| |**4**|**Raising funds**||| |||**2025**|**2024**| |||**£**|**£**| ||Investment management fees|4,267|4,081| - 8 - **THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **5 Charitable activities** |Grants to individuals
Lunch
Administration costs
Share of governance costs (see note 6)|**2025**
**£**
32,302
640
498
33,440
516
33,956|**2024**
**£**
31,583
259
487| |---|---|---| |||32,329
516| |||32,845| ## **6 Support costs** |**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Independant examiner's fees
-
516
-
516
Analysed between
Charitable activities
-
516|**2025**
**£**
516
516
516|**2024 Basis of**
**allocation**
**£**
516 Governance
516
516| |---|---|---| ## **7 Trustees** None of the trustees (or any persons connected with them) received any remuneration or expenses during the year, or for the preceding year. ## **8 Employees** The average monthly number of employees during the year was: ||**2025**|**2024**| |---|---|---| ||**Number**|**Number**| |Total|-|-| - 9 - ## **THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **9 Gains and losses on investments** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| |Gains/(losses) arising on:|**£**|**£**| |Sale of investments|2,423|38,428| ## **10 Taxation** The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are 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 2025**_ ## **11 Fixed asset investments** |**Cost or valuation**
At 31 December 2024
Additions
Valuation changes
Disposals
At 31 December 2025
**Carrying amount**
At 31 December 2025
At 31 December 2024
**12**
**Debtors**
**Amounts falling due within one year:**
Other debtors
**13**
**Creditors: amounts falling due within one year**
Accruals and deferred income|**Listed**
**investments**
**£**
711,262
50,000
42,002
(4,177)
799,087
799,087
711,262
**2025**
**2024**
**£**
**£**
16,375
35,585
**2025**
**2024**
**£**
**£**
1,702
1,613| |---|---| ## **14 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. ||**At 1 January**|**Incoming**|**Resources**|**Gains and**|**At 31**| |---|---|---|---|---|---| ||**2025**|**resources**|**expended**|**losses**|**December**| ||||||**2025**| ||**£**|**£**|**£**|**£**|**£**| |General funds|759,676|86,783|(38,223)|2,423|810,659| |Revaluation reserve|28,748|-|-|39,579|68,327| - 11 - ## **THE MONMOUTH DIOCESAN CLERGY WIDOWS & DEPENDANTS SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ |**14**|**Unrestricted funds**|||||**(Continued)**| |---|---|---|---|---|---|---| ||**Previous year:**|**At 1 January**|**Incoming**|**Resources**|**Gains and**|**At 31**| |||**2024**|**resources**|**expended**|**losses**|**December**| |||||||**2024**| |||**£**|**£**|**£**|**£**|**£**| ||General funds|723,835|34,339|(36,926)|38,428|759,676| ||Revaluation reserve|48,915|-|-|(20,167)|28,748| - 12 -