PLYMOUTH SECULAR CLERGY FUND Charity Number 213232 ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31 March 2024
PLI'NlOU'fH SECULARCLERGI, FUND ANNIUAL REPORT AND FINANCIAL STATEMENTS for the >'ear ended 31 March 2Q24 Page Contents 2-10 AnnuRI Report Independent Auditors. Report 14 Siatemeiil of Fitiancial Activities Balance Sheet 16 Cash Flow Sialetnent 17-20 Noies io the Financial siaiemenis 27-30 Notes to the Financial Stalettienls (noi formitts of th¢ Siaiulory Fin2n¢ial Slalements)
PLYMOUTH SECULAR CLERGY FUND
ANNUAL REPORT
tor the vear ended 31 March 2024
The Committee of Tn15tees present5 Its report and aiidited fitiaiicial statein¢nt5 for ihe yearended 31 March 2024.
Reference and administrative details of the charity? its trustees and advisers
Trustees (Committee Trlembersl
Reverend J BRrber
Rei'erend J Kosiuch
Canoii P Morgan
Reverejid P Cobb
Caiioii M O'keeffe
Rei'erend R Candy
ReveTend J Sieivart
Rei'erend P Keys
Auditor5
PKF Francis Clark
Torqiiay
Ini'e5tnLent f¥ianagers
Ne¥4ilotJ Itjveslmentmanageinenl Limited
160 Queen Victoria Street
Loiidon EC4V 4LA
IAiiihoiisedofrtdie£iilnledby il
riiianci(71 CoNdiici AiiihoFlly)
Secretary
Reverelld J Kosttich
Trea5urtr
Lanon V Morgan
Ruffer LLP
8U Victoria Streei
London
SWIE5JL
Holding Trustees
Monsignor R DrapeT VG
ReveTeiid B Hallell IEUP 21 SepleinbeT 2023)
ReveTend P Kilgarriff (RIP 2 JLily 2023)
rip7aNciul Condi(ct Aziihuriiy)
Solieitors
Tozers, Exeter
Prirt¢ilJAI Bgnket%
National We5trnin5teiBank plc
Plymouth
orficial Address
St Boniface House
Ashbiirton
NeiTrloii Abbot TQI 3 7JL
Structure
Pl}Inioiith Seciilar Cleryy Fuiid ivis est%blighed by a nieelin8 of the elersi of the tioingn Catl)olic r)io¢ese (Sf
Plyniouili 011 19 Deceii)ber 1861. B). trust deed dated 13 Deceniber 1888. las aniended bs, resolutioii of Ilie meiiibcrs
1)11 22 Jiinr 1993, 19 Jul). 1994, 16 Jul) 1996 and 7 Noveiiibcr 20131, li is a charilablt In15t' (cliai ily r¢gi51ialioii
iiiimber 2132321. All priests ordaitied for or iiicardiiiatcd iiilo the Diocese aiid ivorkin¥ as siich ai Ihe discretion of,
or iviili the approval of Ihe Bishoi), Jre eligible for nieii)bersliip olihe cliarity.. subjccl to acceplaiice by the Coii)niiltee
aiid conipliLliice ii'iili tlie other qualifications staled in ilie Tule5 of Ilie charitj.. as lIlIti1¢d in 1993, 1994, 1996, 2013
,Iiid 2021. Piiesis ivho are nienibets ofihe ¢hc1rils' receive a cop) of Ilie Rules of tlie Fiiiid aiid tlie AIiiiiial Tn15tees'
Rcpoil aiid fiiiaiiiial St&i¢illClllS. Tlic), air ciicoui-ag¢d loaltcnd Ilic Aiiniicil Gcii¢r
PLYMOUTH SECULAR CLERGY FUND ANNUAL REPORT fnr thp ye.?r e.nded I l marc.h 2024 c.onliniied Aims and Objectives The princrpal objects of the charity are'to siipport the Diocesan Priests by.. the payment of ETants to Diocesan Priests in need. the payment of Alloivances io Diocesan PTiesis, (including fornier Members). Ivho have resigned fnim ecclesiastical Olce. the provision of assistance, of ivlialever kiiid, to relieve Diocesan Priests ivho are sick, infirni or elderly. Public Benefit This Annual Report SS iVTitlen in accordance ivith the requirements oltli¢ Cliarities Act 2011 and having had regard to tlie advice aiid giiidance given by Ilie Charity Commission. Pl>mouth Seciilar Clergy Fiind has been established to support priests of the Roman Catholic Diocese of Plymouth and iviihin this Anniial Report, the Triistees seck lo denionslrate that Ilie aiins of thc fiind fall iviihin such descriptioiis of charitable piirposes. Furthermore, it also seeks to demonsirale that in lis iork of siipporting Diocesan prlesis, IT 55 pN)vldlng publlc benefiis ihai are clear and relaie io the aiTns of rhe Fund. Diocesan priests carry out the public diity of conducting rnarriage and funeral services. They conduct baptism, commiinion and eonfJrn)ation gervieeg and enable the pllblie eelebr#tion of niaSS on virtually every day irt every parish of the Diocese,. there is no Te51riclion on acces5 to any of the celebrations. The priests offer the healing of vtoples, ionsLieiices Ilirougli Ilie orfeTill¥ L)r Ihe satyrarnenl of R¥¥onLili¢ilivn Icvnfessionl. They Provide pasioidl care, visiiing. in Iheir honies OT II05Plta15. those ivlio are sick or dying and comforting Ih05e iyho have 5ufYered bereavenient or ivhose lives are oihenvise troubled. At 50nie poiiil during iheir years ol ecclesiastical ministrj., some priests ivill act as h05pilal, prison or school Priest5 IviilI Catholic schools in their P¢?rislies ivill also ofien serve on goveming bodies c1nd thereby assisi in the provision ol-ediication. Not Ic11 pupils or member5 of 51atral tlie 5clioo15 are Catholic,. the 5choo15 are 50ciall)' divcrse and incliisive and ofteii are in areas of social deprivation. As deii?onslraled above, the priesis devoie their lives to ilie seTVi¢¢ of God and their felloi%' ni¢n and i%'omert. The), choose consciously to dedicate their lives to others and to live a simple life, foregoing IlieiT oiyn economic ii'ell- being. Vlyiiioiith Secular Llergy F-llnd ainis to support tliem al Iin)es ivhen the priesis are Iliejiiselves In need or are sick. infinii OT eldeTly. Iii practical leniis, ils niain area of siipport b} far is lo those priests ivlio have resigiitd from ecclesiastical offjce Oll Ilie groiinds of age. nieaning (liat Iliej Imas, no longer rely on a patisli io provide ihem ivith soDieivhere to lil'¢ and siibsisl¢nce. Tlie Fuiid provides finAncial and other pporl lo enable Ihoni to livo out their old age iviili dignity. aiid iiidependeiice. Mie benefiis to the piiblic are Ihn)Iigh ihe financial and oiher relief of those priesis coiiceriied, Iihe ¢l)aiiiable piiipose being 'ilie preN'eiilioii or reliel of poi'erty l and Ilie cliarilable piiryose 'Ihe advancement of religion" by enabling piiesis lo follow Iheir vocaiion. The nexi seetion on AcliievenieDls and Perforniaiice deiiion51rates lioii th¢ charity lias iiiel ils objeclkve to 5UPPOrt the priesig of Ilie Rtsiiiaii Calholic Diocese of Pl)'nioiiih during tlie )'ear iiiider revieiv.
PLYMOUTH SECULAR CLERGY FUND ANNUAL REPORT for the year ended 31 March 2024 continued Achievements and Performance In 202312024.. The charity plxnned to.. The ch4?rity's aehievem¢rtt$'. No.Kt ye4r, the cliArit>' pIAns to: .give financial siipport lo As al 31 MaTch 2024, 29 priests ivho have resigned I .coiitit)iie to 8iN'e Ih05e prie515 ivlio liave from ecclesiastical office due to age, 12023= 27 ', financial support to those rp<iBnp¢l fmni ep¢lpsiJslifg1 prip<It vPre in TetPipl of *llnivgn¢ps frnm the prip.gl£ ivhn hAve Te%i2ned office due to age. charity. From 6 April 2023, tlie gross alloiyance I from e¢clesic1slical office per priebl, bas¢d 10 y¢ais' seivire, is £15,005 dtie to age. peT annuni. Certain niejnbers of Ilie charity, Ivho Ivould othenvise be eligible to receive such I alloivances by virtue of tlieir age. liave continiied io serve actively in ihe Diocese and are not I thcr¢forc in rcccipl of siicli alloNYaiicc3. hlo¢¢ 16 to the financial slalemenls discloses the Inaxiinum I ¢oiminilmei)t of the charity in providing i appropriate support during the nexi ten vears. .give assistance to priests ivho are siLk, Inlirn) I In all, the chariti, gave fiiiancial assistanceto or for IU priests, {2U2-1'. Y priests). Sonie linanctal assistance ivas given throiigh grants to Ihird partie5. .continue to ctsnsider requests lor finaiicial aiid oilierassislance lo priests Ivho are sick, infinii or red active niinislry due lo Oiie of Ilie priests has cea. elderly and bijve finan¢ial ill-healih bul is aged beloiv 75 and so is"" supportiothosepricsls iiitlig?ible io receive finaiicial support of Ilie type Ivho have Tesigned froin iiienlloiied iii Ilie section above. He received granis office due to illness. ilii) liave re5iUtJed fTOIII eccleriastical office diie lo The charily paid liealthcare iiisurancc for 20 .pa)' healihcaie priesis, inclii(lii)g beiieficiaries of Ihe cliariij over iiisurance for priests ii,ho 7$ artd priests ivho qre a8ed belolv 75 bill iwlio are siek. ijifirni orelderly I newertlieles5 liave had lo cease active niinistry due insiiraiice for priests ilho are stek. infjm) or elderly.
PLYMOUTH SECULAR CLERGY FUND ANNUAL REPORT fnr the. yeai. e.nde.d I l marc.h ?.0?.4 e.onliniied Corporate Governance Goi'erngnce gijd de¢ision-mAking The goveming body of the charity. is the Committee, {i¥ho are triistees under charity laiv). Committee members are appointed by the ordinary members of ihe Charity al the Annual General Meeting. Except very limited circiimslances, las defined in the Rules of the Fund). only those ordinary metnbers ivho a Not also berteficiaries of Ihe charity are eligible to hold office as Treasurer. Secretar). or one of the other seven Conimitlee MenibeT5. The Tr¢J5uf¢F S¢Lr¢iary ar¢ ¢l¢Li¢d allnu(tIIy OTdin(trily tnlty hvld urri¢¢ fvT ttivre Ill7 fuur Luilclu11V¢)U1. The iivo other longest seThing Con)niiltee nien)bers retire by rolalion. Proeediires exist lo replace the Treasurer. Secieiary and Coniniillee mtnibers ivho vacate their 01CC during the )'ear. The Bishop is ineligible to hold ali). nffirp. in the. ehxriiy Thp. hii%inp%g nf the rh2rity i< mAn28ed hy ihp Cnmmillep. nf nine Memhers. Treasiirer and the Se¢reiary}, i¥hich notnially meets four limes each )'ear. The Committee has control of tlie monies and oiherpropertj of Ihe charity. The charity lias hold&ng Inislees, Ivhose funclioji js re51ricled lo liolding 115 prop¢rty. The holding trustees have no poiver io niake managenient decisions and musr act on the laivflll inslrllclions of the Conirniltee. Statement of trustees, responsibilities The Trustees are responsible for preparing the annual report and the financial statements in ACeOTdance iviih applicabl¢ laiy alld United Kingdoin Accounting Standards (United Kin¥dom G¢neTally A¢cepi¢d Accounting Practice). The laiv applicable lo charities in EnglL?nd and Kvales reqiiires the trustees to prepare fiiiaiicial 51aleinents for each financial yeaT ivhich give a Iiue and fair vieiv of the Slclte of affairs of the ¢hari¢y aiid of the incoming resoiirces and applicition of TèSOiire¢s of thè ¢harily for that pÈ¥iod. Irt pr¢ptsrirtg these fjnanctql sl.Trtements the tnislees are r¢quiTed lo.. select suitable accoun¢iDR policies and then apply then) ¢onsistenily.' observe the niethods and principles in the Churilies, SORP. Inake jiidgenieiils aiid e51imale5 Iliat are rea5011able and pnident: Stale iyheiher applicable accounliiig 5tandaTd5 have been folloived, subject to any nialerial departures disclosed and explained iii the finaiicial staternenls; piepare rhe financial 51aiemenis on ihe going COnf¢Ttt ba515 un1¢55 it is initppivpri(It¥ IU PT¥bUtn¢ Ilid( Ilie harity ivill coiiliiiu¢ in business. The. tnisiee5 8re TesFknngible for keeping pri)PPT #¢roiinlinu TernrAs Ihxt AiÉrli)
are also responsible for safeguardiiig the assets of the chaTlty alld hence for tlc king reasonable steps for the prei'enlion aiid dele¢iioJi of fraLid aiid other irregiilariiies. Summar), of the rules for the i)a)ment of 4llowanc¢$ to priests aged 75 or er M'ljo have re5igne(I fro eccle3i415tlCi)l offLCey grilllts aiicl proi'i3ion of other a5315tance 'he niles of Pl)'nioiith Seciilar CleT¥y F'und define iliose prie515 elikjible 10 receive benefits from the Fund as being leii)bers laiid in some ses. fonmer Nleittbeisl. of the Fiiiid. The Riiles also lav doivii Ilie matiiier in iihicli a priest qualifies or iiia). be disqiialified Iroiii menibersliip. All meillbers or loni)er iiieii)bets aTe eligible 10 receii'e an 110%fvl£ lice froit) the Fiiiid on resignation froni ecclesiastical office diie 10 age, i%liieh nicTry be paid iii accordance iviili Ilit Polic}. Docuiiienl that sels oiil Ilie Coiniiiittee's ciirreiil polic). Ill reu7ard to siich pa)'ii)enls linder the niles of ihe Fund. Iii Ilie ei'eiii Ihi21 the Pi)li¢)' Dociinieni is eiiher revoked or aniended so as to den}, sucli pa)'Inents, {or niaieTiall)' affect Ilieir valiie), lo a significant niimbcr of iiieii)bers or foniier niciiibcrs, there shall be repaid lo Ihe Diocese the ¢Utreiii valiie ofcl11 coniribiilioiis niade by 111e Diocese, (01 b) oilier orgajiisatioiis emplo)'iiig or fornierl). cii)plo}'ing Iii Spect of tliose meiiibers or foniier 1l)embers. The Coiiiniitlee gliall 2djiiil8o ilioso ii'lio are iii need of grants ciiid lias discrelion to sei Ilie Tl£ ie or drnoiiiil ofsiich grants. Every men)ber ivho is sick, infini) or elderl), shall,
PLYMOUTH SECULARCLERGY FUND ANNUAL REPORT fnr the yexr ended 31 March 2024 enntinued Corporate Govemance continLied Risk5 and internxl control The principal risks faced by the Triist are mainlv.. a) Ihe performance of inveslnients., and b) the operational risk aSSOClclted ivith the Trust's capacity to make effective gran15 In the fiilure. PgrformtTnce ofinivsliNentS The Inistees consider Ilie variability of inveslmenl returns lo constitute the chariti s Inajor financial risk. This is mitigated b). havillg tivo investnieiil maiiageis i%'hts both mAinilc in separate diversified inveslineiil portfolios. During the year Ilie net gains on iiive51inents iveie £586.526. Ivhich represents .3.60/0 gain on the opening maikel value of £16,052,432. This is an increase froii) the previous )'eai's losses of £373.997 ivhich rcpresciiled a 2.3Q/o loss on the op¢iiing niark¢t valu¢ of £16,499,543. Th¢ invcslmcrtt poJtfoli03 Al30 prodiiccd inconi¢ of £269,035. Th¢ tnistee5 consider that the iise of a total retufll approach help5 slabilise the Tesources available for making grants. OJ)eruiiofrial pisk asso¢ioled iviih ilie Triisl's cupacilv lo ppiake effecliTregiapiiS ifvi ihefiiriiie The operational risk a5S(Kiaied ivith Ihe Trust's Capacit). lo niake effectivc grall15 Ill the fuliire ismanaged by periodic actuarial revieiv. The last review. wliich i¥a5 undertaken as at 31 March 2022, illdicaled that the charity'5 funds were still ill siirpliis. in ternis of Tneetin¥ il< fiiiiire ri)mmiTmpnlq, Iviihniit niAkiiiE Any alInnce fiJr tuture c()nlribulioiis to the Fund or for any free iiicoine that may be received from legacies or donations. PressEire on tlie Fund cotnes iiiainly Iroiii a coinbiiiatioii of loiveT-than-¢xpe¢ted inveslnient returns, and higher Ilian exptcltd in¢Feases lo Ihc alloivance paid to clergy who liave reached the age of 75 and have re5igiied from ecclesiastical offkce. Resep+'e$ Thc cliarity'5 priiiiary objeclivc IS to providc alloivanccs lo all pric3t3 iyho rc3ign fTOn) ¢¢¢l¢$iaslical offiec nt or over the age of 75 and ivho are eligible to Teceive siich payiiienis linder the temis of the cliarity's rule5. The total amounts poteiilially pa}'able during the next 10 years to ciirrent recipients and all ollier priests eligible to resign froni ecclesiastical office due to their age is £5.442 niillioll. ianging from £0.312 niillioti in the year endin% 31 March 2025 10 £0.766 Iiiillioii iJ Ilie )'ear ending 31 March 20.84. Further details may be foiilld ii) note 16 to the financial 5tatenienlS. Tlie ¢h£lTiI}' also relies on ils ijivestijiejil ijicoine aiid any capital gains lo siipplemeni the resources frotn which it can pay Yrants ai the level of recent years and to cover adininistralion expetlses. Plynioiith Diocc5an Triist hils hiilierlo sUPPOrted the cljarity's object of providingi alloiiances to priests over 75 ivho have restgned froni ecclesiastical office bj donaiing fiinds ivhich are giveti as perniaiieiil endoiTrii)eiilS. Peridic acliiarial revjeivs are ¢Oiiiniissiorted to engLire Iliat the cliarily reniains adeqiialely fiii)ded irt order 10 8enerale siifficieiit incoi)ie to meet its futiire coiiirnitnienls to support priests aged 75 aiid over ivho have resigiied fron) eccle5iaslical office and ils oiher coiiiiniiiiieiiis, Iviihoui an}, furtlier contribution5 being leqlllFtd fvr Ihose eiisiiiig rnenibers of the charil),. Neiv tiieinbers of the charity ivoiild require additional conlribiiiions, depending on Ilieir ab?e at conimeiiceiiieiil of contributions. Inl'estmtnts Specifi¢ ilii'e51Rpieiipoii'gr.¥ ofihe Coiiippiillec Tlie specific iiive51inent poiTr'er5 of tlie Con)niitle¢ arc laid doivn iji the Rule5 of th¢ Plyn)ouih StciiloT Clergy Fund. In siininiclry, the C.on)niillee lias Ilie 5aiiie full and unreslricled poivets ofinvesling and i'ary'ing ini'esliiienls iii all respects as if it iiere ab501utely and beneficiall} etitiiled Iliereto, proi'ided that befoTe exercising any such poiv¢rs, it obiaiiis aiid ctsiisiders proper advice on i¥hether the investinenl 15 saiisfaciory, hai'iiig regard lo the objects of Plymouth Seciilar Clergy Fund. The Coininiiiee has appointed Ilie Fiiiaiice Coinniillee of Pl)'Inouth Diocan Triisi, {regislered chartt). 2132271, 10 agreed tlial siich advi50T>' panel slioijld negotiate and recoiiiiiitiid apth)iiilnieiil of inveslinenl manageTS and Iiioiiiior Iheii- 5ub5¢qu¢nl performaiice in the cojile.xl of overall policy esiablislicd b>. the Coniiiiiitcc.
PLYMOUTH SECULAR CLERGY FUND ANNUAL REPORT tor the year ended 31 March 2024 continiied Corporate Governance continued Iniestrnenls continued The Committee have adopted a foniial Invesimenl Poliry thai sets out. in deiail. the ies]x)nsibililies and roles of the Coiiiniilltt aiid oil)ers illvolvtd iii tl)e iijanagttiititt ofilie Fiiiid, ils aitiis, altitude lo risk, eiliical investment policy, assei allocation strategy, peTfonMance benchtnaiks hnd iiiveslmenl TesiTiclions. The aims of the charity are long lemi. and its funds need lo be invested for the long temi. The real value of the underlying iiivcslrnenl iieed5 to be relaintd despite the Tegular iviihdraiva15 tok piovide an income. The inconie dislribiilio# itself tteeds lo rise in ¢rder lo cover the costs of the charity. Thercforc, Ihc 8cncral aim ofthc invc31nicnt3 To provide a real absolutc retuni eqiiivalent lo inflation overa 5-year rolling period (calculated in accordance Iviih RPII pliis 4.OQ/o per annuni by reference lo the average unli price over the previous 5 years and thereby.. To flind a di5tribut20n {Ivhich may be met from income (or from eapilal in the case of notl-pemianent eDAnivDieDI fiindsl) th1 rises aiiniiall>' by 1 les5t inflslion. lo alltsw the thgrily tn rAry nllt il% Pilrpnseg consisteiiily year Oll year ivith due and proper coiisideratiot) for future needs. To maintain and if p055ible. enhance the real v&lue of tlie underlying investtnefits after such distributions. To do all the above ivithin the confines of the fiduciary responsibilities of the cliarity at]d the ethical giiidelines and taking into account the need to reduce volatility so far a5 reasonably possible. Tlic Coiniiiitlw i5 bouiid by tIIc Ic5ti-ict10115 placcd oji it b). tlic Cliai-itjC5 Act5, Ilic Tru5tc¢ Act 2000. th¢ TTUSI Deed, the Riiles of the Lhariiy and Orders of the ChaTity Cominission. The Inveliment Managers niusl coniply iviili these restrictions and lTrniilalions and the fiirtlier reslrictions specified by tlie charity in ils Investment Policy. Jnve51FFienl illapSer5 RufTer LLP has be¢ii appoinied as inve5tin¢iit manager, to Thana¥e half th¢ cliarity's main portfolio on day-to-day basis and to niake and implement speciftc iiiveslnient decisions. Hitherto Ne10]7 Inveslmeiit Manager Liniiled iyas appointed siniilarly, to n)anage the olher halt ol the ¢l)arity's main wrilolio aiid Ils Vemijtieiil Endoivineiil portfolio, ii'ith investnients lield as Ilie cliarity's nojiiinee. Neion no longer offers discretionary managenienl service or custody service, and hence the Cliarilj's holdings in the Neivton SRI Fund for Charities are noiv registered directly in tlie charity's iiaiii¢. Ben¢hin.?rk's liave been set in order to iiieasure invesliiieiil perfoniiance. Qu8rt¢rly r¢vieiv$ are perfornied on ihe actions and ie5ulis of Ilie tnanageTS and on Conipliance iyiih ilieir ternis of appoinlinent. ,Ilaiki iei'ipii ufciiiio(lJ'oi.rciiglplvn[S- Neii'loii lia5 Ceased to offer a custody seTh'ice aiid the charitl 5 holdiiigs in tlie Neivtoll SIU Fund for Charities are registered directly in the ¢harity'S Danie. .41uin ieinis of¢iisiodyorrungeiiienlS- Riillèi. l.l.P Riiffcr lias arraiiged tlie services of Ilie Custodian for Plymoiiili Seciilar Clerg) Pund. All seciirities iiill be placed Triih the Cuslodi<1ll and either registered iii the naine of its iioiniiiee coiiipan). or, iii the case of iiiveslnieiil outside Ihc Urtilcd I<irtgdoil), held b). Ilie CLiStodIan'S appvinted agents. All casli iVIll bc dcposilcd %Yiili Ihc C113todian andlor aiioilier bank- or bank-5 selected b). Riiffer as ageiil for Plynioiith Seciilar Clers) Fund. Ivhere Ilie cash is held bj. placed b} the Ciislodian andlor baiik iii pooled accoiiiils. IoL7etlier ivitli assets of other RutTer clients. Securities aii(Vor cash Inay b¢ lield bj a ¢l¢aring Iiouse or inteniiediale broke¥ iii Ilie noniial ¢ourse of biisiness.
PLYMOUTH SECULAR CLERGY FUND ANNUAL REPORT for the year cndcd 31 March 2024 continued Corporate Governance Continued Investments eontinued EihicalPolicy The Loiiimitlee's polic}. has been developed acknoi¥ledgiiig the dit-li¢lllty' ot eiisiiring thai all guidelines ivill be Ivatertight, given that ive are iiivesting in complex and global economies. The Investment Manager shall iise ils reasonable endeavoiirs to ensure that the portfolio is not directly invested in th05¢ conipanies whose tuniover in unethical activities exceeds 2 /0 the group Iiirnover Coppipanies ifviih iip7eihical operalion5 are ihose ihai." IMIEs1 in h05piI(7lslclinic5 Ihui have ttborlion or eiiihunasla QS CI INajor Yole.. Eyploii ih¥ l(Iboiii'forLe in siich a ii'ay Ihai Is Illljllslifiable iii ilie lighi ofloc171 CEfciiipis1É7nces,' I. ploii Fill1£>bIg goiips. SpeeifieÉ711)J iKvolv'emektl ihe ploditiOl ofiobacco or in ihe provisioii of ¥ciiiibliiigfucililies ivoiildpiecli¢(le iniEsipkieni in ihe ¢ofrpiMIiiy.' Ilnve opgruiions ip7aiea.¥ of0ppressiveiegin5, itrheye ihese oper(71ions conip'ibiiie 10 ihe opp*esslveKaiiiie ofihese regIles,. Huve ihe ipianiifaLliire or sole of arm.g/we£TpO.W as L7 cole aclivity. Specifically, imvulvenienl in ihe A Ye iMvolvedinpoYnogYuphy oi. Db5cenity," Diie Ye£ap'dshallols0 beE1ve lo enviroiinientol conceF'IAS. (The '] riistees acknoivledgc Ilial Ihc Iiivesliiieiit Managi¢T ivill rely oli an appropr2ate screening service in order to satisf) ils obligations linder this part al present. 11 is iioted that screening Inay be difficiilt to achieve doii'n to levels of 2/D of iiirnover. Al present Eiliical Iiive511nei)i Kesearch Iiifotlli£l1ion Servlce IF.TRISI onl), screens for companies for military iumover and wmography ivmover doivn to 30/0 and tobacco lumover doivn to 5Q/ol. Relationships Wlth other charities The principal object olthe charity is lo siipport the PTie5ts of the Ronian Catholic Diocese of Plymouth. To this end aiid (75 alrccid) iiiciitioii¢d ¢aTlicr iii thi5 Rcport. Plymouih Diocesaii Triist, Ihc rc8lStcrcd charity of thc Diocc3c of Pl)'niouth, has previoiisly niade doiialions to Plymouth Secular Clergy Fnd, to enable it to SUp)rt priests of the Diocese aged 75 and over ivho haN'e resigned Ironi ecclesiastical oflice. Compliance with Ihe Charity's Governing Dociiment and Current Statiitory Requirements The financial $11< ieit)eiits have been pirpared in accordance ii'ith the Charity's Trust Deed {as aniended iii 1993, 1994. 1996 and 20131, applicable laiv aiid Ihe reqiiireinents of the Siatenienl of Recoiiiniended Piaciice.. Accouniiiig and Reporting by Charities IFRS 1021 effective from Jalliiary 2019. In 50 far as ihe Tiiistees are aivare.. there is iio relevaiil aiidil infoTmation of i%.hich the Cli3rity s aiidilors are iiiiaivare. ld the Trustees have lakeii all tlie steps that they oiight lo have taken in order to niake themselves aivare of an}, rclcyaiil audit iiifoniialioii aiid lo cslab113h that thr Charity'$ #iiJ)iors orc oivtire (If th&1 infornialioij.
PLYMOUTH SECULAR CLERGY FUND
ANNUAL RE,PORT
tnr the yeai. ended I I March 2n24 cnntiniied
Review of ihe Financial
Position
TulolliKuiiiIi Re>vyLe•kn 2024tJzwt
The income of the charitj for the year under
revieiv has been applied lo paj. lie<h itisiirance
for and support priests aged 70 and over iyho
have Te5igned frorn ecclesiastical office, Iiiake
chariiable graftls to sick. elderly or infitni
prie5t5 and lo adniini51er th¢ cliaTity.
Chw(h CdIE(l
£15.238
LEycIEs£37,729
C119.035
gains on investments ivas a surplus of
£397,529.. { 2023.. Deficit o f £526,174).
Incliided in the net movemtnl in fiiiids are
gains on investments during the year of
£586.526 {2023.. 105s of £373,997). Also
incliided are legacies of £35,000,. {2023..
LJU,VUUl. l oial Kesources Lxpended lor the
year ivere £512,000'12023.. £524,388).
tydty4¥M•ryGriftisio
1910
t17)20
rixed a33et investments
The assets of the charity coniprise cash and J7veStmentS in stocks and shares and a pooled fulld, Ivhich are held to fiind the
<liprt nf priests ihn gre au7ed 75 and over ivho liave resiLJi)ed frnn] ecclesiastical office and In pmvidp fin.?nri21 A<£i
PLYMOUTH SECULAR CLERGY FUND io ANNUAL REPORT for the year ended 31 March 2024 continued Outlook for the Future The charity has considered ils operating pos11ion goinbF fornvard and in oiiropinion the charity r¢iiiains a going concern. At Ilie lime of finalising the aecouiils for MLirch 2024, the are available cash balaiices of £48,010.90 being more tha sufficient tts nieet the Cutteiit liabilities of the Lharil} as they fall due. lil addition, Ihe charil). has uiireslricted reserve5 of£ll.9m. We have also considered oiir chaTilabl¢ coniniilnient5 for the next ten yeats, io sllprt priests over the age of 75 ivho h3ve te¢iTed froni Ec¢le$i2$1ical offiee. AS at 31 MaT¢h ?024 this ¢oniniilmenl tolalled £4.439111, Iviih ilie Comniiltee eiisiirinu IlTrat future resources ivill be suffjcient to nieel these Iiiliire cotnmiimenls. by obtaining Acliiarial Reviei¥s of the charity, Iviili the mosi receiit revieiv beijig completed as at 31 Marcli 2022. Thi5 T¢vieiv concludvd ihai the ¥harily ha5 a lundiiig surylus of £9.526in (2330/0 The It]vestJiieiil Coniniiltee lon khall of Ilie Truslecs) Ivill contiiiiie to ivork iviih the investment n)anagers in nioniioring Ihe iiivesln)eni portfolios to ensiire thai they deliver the expected rfo7anCe. Signed o elialf of the Comniittee Secreta 21 January 2025
PLYMOUTH SECULAR CLERGY FUND STATFMF.NT OF FINANCIAL ACTIVITIES for the. yeic i- ende.d I l marc.h 2024 Independent au(litor'5 report to the trustees of Pl}'niouth Seculfir Clergy Fund Opinion Ve have audited ihe financial statements of Plymouth Secular C.leigy Fund (the 'charily'} for the year ended 31 March 2024, Ivhich comprise the Sialement of Fitiancial Activilie%, the Balance Sheet, the Staleinent of Cash Floivs and notes to the financial slateinetils, including a summary of significant accounting policies. The fTrnancial reporting fianieivL)rk ¢IIAt has bccn appli¢d in tli¢ii- pparatIO17 is Unilcd Kiiigdoin Accouiiliiig Si7dards, Comprising Charities SORP- rns 102 'The Financial Reporting Standard applicable in the UK and Repiiblic of Irelaiid. and applicable lai%. (United Kingdom Generally Accepted Accoiinling Praclicel. give % irue and fair vielv of ¢he slate of the ¢harity's affairs as at 31 March 2024 and of its ineojning re5011rce5 and applicatioji of resources, incliidiiig ils ijicoiiie and expenditure, for the )'ear then ended. have been properly prepared iii accordance ivith Uiiited Kingdom Gellerally Accepted Accounting Practi¢e' and have been prepared in a¢cordan¢¢ ivith the requirements of the Charities Act 2011. Basis for opinion Wc conductcd our aiidit in accordanie iyiih IrtlemaiIOrtal Standards tsrt Auditing {UKI IISAs IUK}l and applicablr l)w. Our responsibilitie5 under those standards are further described in the Auditor's responsibililies for ihe aiidit of ihe rinancial slatemciits sectioji ofoiir report. Ive are ttidcpendenl of the charity in accordance ivith the ethical reqiiiremellts that ale ielevanl 10 our aiidit of the financial staleinei)tS Ill the UK. including the FRC.'s Fihical Staiidard, and ive have fiiifilled our other ethical responsibilities in accordaiice ivith Ilies¢ requiremeiits. Il'e believe that the ciudit evidence ive have obtained 15 sufficient and appTopriat¢ to PTovide a basis for oiir opinioii. Conclu510115 relating to going concern In aiidiiing the linancial slatenienls, i%'e have ¢on¢luded that ihe trustees use ol'the going concem basis of accoiinting in ihe preparation of the financial slatenienls is appropriate. Based oli ihe Iork ive have perfonned, Ive liave not identified ans, niaterial uncertaiiilics relalillg to ei'enls or conditions thai, individually or colleciivel>', niay casi sigiiilicant doiibt oil ihe charity's abilitj. to continue as a going concem for a peri()d af at le&%t tivelve months fiom ivhen the original financial statenients ivere authorised lor issiie. Our respotisibiliiies and the res]x)nsibiliiies of the lyustees iviih respect lo going COllc¢m are described in tlie relevant sections of this report. Other infornJ#tio The ITusiees are responsible for the other infoTmaiion. The otheT infomiciiion comprises the infomiation incliided in the siaieinents doe5 not Cover Ilie 0llieT infoniialion clnd, except lo the extent othenvise expliciily slated in oiir report, we do not express any fortn of assiirance coiicliisloll thereoii. In conneciioji iviih our aiidii of ilie financial siaienicnis, oiir responsibility is ro read the oiher infonnaiion and, In dolng obtaiiied in Ilie 2L iidit or othenvise appears ti) be niatcrially iiiisslated. If li'e ideiilify. 511ch Inaterial inconsistencies or slalements or a nialerial Jiiiss13tenieiil of Ilie oiher infomiatioii. If, based on the ivork lie hai'e perfomied. Ive conclude Iliai Ih¢re is a m¢iltri(Il mi551(Iltiii¢nt uf Ihis vihtr infurnidliiin, (11¢ T¢qiiir¢d lu reporl Iliai faLI. e li#ve ntsthinb to report in thi5 Tesr#rd.
PLYMOUTH SECULAR CLERGY FUND 12 STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024 14?tter5 on JTrhif h ive al'e reqiiired io report bv exceptio In Ilie I1ht of our kiioivled%e ai)d underslaiidink7 of Ilie charity and ils environment obtained ill the course of the audit, Ive liave not identified niaterial niisstatemenls in the Trustees, Annual Report. Ive have nothing to report in respect of the folloiving Jnatters ivhere the Lharilies Act 2011 requires lis to report lo you IF. in our opinion-. adeqiiale accoiinting records have not been kept. or the financial statenienls are not in agreernetlt iviih the accounting records and retiims- or certain disclosures of iriisiees, remuneration specified by laiv are not made., or Ive hÉLve not received all the inlorrnation and explanations we require for our audit. RÈ.sponsibilitie_s (bftru8teo$ As explaiiied inore fully in the triistee. responsibilities siatement (set out on page S}, the trustees are responsible for the preparation of the fjiiancial statejiieiils and for beijig satlsfied Ihat they give a Irue and fair vteiv, and for siich internal control a5 the tru5tecs deiemiine is ne¢e$5ary to enable the preparation of financial statemellts that are free fTom material Jiiisstatement, Ivlietlier due to fraud or error. Iii preparing the financial 5taieinertts, the tnistees are responsible forassessing the charity's ability to contirhue as agoing ¢on¢ern, digclosinB, as applieable, mailers related to going coiicerll and using the going conceTn b35is of accounting unless the tnislees either intend to liquidate tlie charity or 10 cease opeiaiions. or Iiave no realislic alternative but lo do so. Au(litor'5 responsibilities for the auilit of the financtal statenients Our objeciives are lo obtain reasonable assurajice aboiil ivheilier the fiiiaiicial 51atetnenlS as a whole are free frojn material Inisstateiiieiit, ii'heilicr due to fraud or error, aiid ¢0 issue an auditor's report that includes oiir opiiiion. Reasonable assiirance is a high level of assurance bvl is not a guaraiitee Iliat ali alidil condiicied in accordance iviih ISAS IUKI ivill alivays deieci a rnaierial Inissiaienieni ivhen li exlsis. MIssic11einenis cali arlse Troiii Traiid or eOr and aTe Collsidered Jiialerial if, iiidividually or in the aggTegaie, they ¢oiild reasonabl). be expected to influence the economic decisions of users tak'en oil the basis of Iliese fiiiancial slalement5. Irregularities, Including fTaud, are instances olnon-complian¢e ivilh laivs anil regvlaiions. Ive de5igii procedures In Ilne ii'ith oiii responsibiliiies, outlined above, to delect n)alerial iiiisslatements in respect of irregiilic rilies, including fraud. The extent to iyliich OilT proceduTes are capable of deieciing irregiilarilies, including frJiid is detailed belo%v'. As part ot.ovr aiidit plaiillijig, Ive obtained an under51andin¥ ol the legal and reguliltory Irameivork that j5 applicable lo the Cliarily and the sector in iyhich il oper£iies 10 ideniif}' Ihe k'ey laivs and regiilatioiis affccling the Charity. The kes, regulaiioiis %e ideiilified ii'ere Cli&rit)' legislalioii, Tlie GeneTal Data Protection Regiilalioii IGDPRI and CliaTLt>' ConiniiJSiOJi reqiiiTenieiit5. Ive alJO collJider¢d IhoJe ltsws and Tegiilalion£ ihal have q direct imp.?ct on the prepaTation of the financial slE?tenieiils, priniarily the Cliarities Act aiid the Charities SORP. Ve discussed iyiili niaiiagement lioiv tlie conipliance ivith ihese laivs and regiil%lions isjiionitored and discussed policies and piocediires in place. Ive also ideniified ihe itidividiials ii,ho have reswiisibilily for eiiSLiring that Ilie C.liarity coiiiplies iNith laiv5 and Tegiilatlolls and deals iviili reporting aiiy issues if Ihcy arise. As part of oiir plaiiiiing PlOLe(ILires. 'e assessed ilie risk of 2ny non-conipliance iviih laivs and regulations on Ilie Charity's ability lo continue its activities and Ilie risk. of Inalerial misslalenient lo Ilie accounts. Based 011 ihls IindersiiTriidltig ive deslgncd our audit procedure5 10 ideiiiify iion-coillplianLe iviih bu¢h Idl55 11 regulaiiojis. Ovr procediires iiivolved tlie folloiving.. Fnquiries of ii?aii#geniertt those ¢h2r8ed ivith goveriiqnce resardin8 their knoil'ledge of aii>' ni)ii- Compliaiice ivith laivs aiid regLilations b>. the charity Iliai coiild affect the finc1n¢ial slateiiients. As part of allegalii)iis or suspicions of frgLud, of Iiliicli theie iyeie noiie. Rcvieii'ed filings iyiili the CliaT&ty Coiiiniission and enquired ivith ni£inageiiienl ivhether there iYeTe any Seiioiis Incideni Reports Iiiade diiriiig the s'ear of iihich there ivere iioiie. kei'ieived legal and profe5sioiial c0515 to identifs, any possible nonconipliance or legal costs iii respect or Revieived Board Ininutes..
PLYMOUTH SECULAR CLERGY FUND 13 STATEMENT OF FINANCIAI. ACTIVITIES for the year ended 31 March 2024 Audited the risk of tnanagement override of controls, including through teslingjournal entries and oiher adj1151nieiils for approprialeiiess, and evaluating the business rationale of significant transaciions ouiside the nonnal course of business of ivhich there Nvere llORe. Revieiv¢d estimates and jiidgemenls made in (he accounis for any ittdicalion of bias and challenged aggumpiions used by man#genient in making the estiniates. Becaiise of the inherent limitalions of an audit, there is a risk that ive ivill not delect all irregularities, iiicliiding 11105e leadin% to a material nii55talernent in the financial statements. This risk increases the fiirtlier removed non-compliance Ivitli laivs and reb7iilatioJis is froni the events and Iransaclions reflected in the financial statements as ive are less likely lo become ai%'are of in51aiic¢s of non-cojiipliaiice. The risk of llot detectin8 a Jiiaterial niisstalemcnt due to fraiid is liiBh¢r than the risk of not dctecting one resulting from error. as fraud may involi'e deliberaie concealment, collusioii, oiiiission or misrepreseniailon. A further description of our iespollsibililies 15 aN'ailable oil the Finaiicial Reporting Coullcil's iyebsite at.. i¥¥%..fr¢.0rg.uk/alidit0rsresponS1biIitie8. This description forms part of our auditor's report. Us¢ of our report This repon is made solely lo the chaTity triistees, a5 a body, iii accordance with Section 144 of th¢ ChartIeS Aci 2011 and regulation5 niade under section 154 of that Act. Our ivork has been undertaken so that we miglil stale to tlie trustee5 those matters we are reouired io stale to ttustee5 in an auditor5, report and for no oiher piirpose. To the fullesi exteni perniilted by laiv, Ive do not accept or assunie responsibility io anyone other than ihe charity and its tnislees as a body, for our aiidit ivork, foT this Teport, or for the opinions we have fornied. (Sellior Statutory Auditor) Francis Clclrk LLP, Sialiilory Auditor Sigma House Oali VieNY C105C Edginsivell Park Torqua), Devon TQ2 7FF Date.. 30 January 2025 Fraiicis ClaTk LLP is eligible for appoit)tment as auditor of the charity b). virtue of its eligibility for appointment as audiloT of a company iiiider section 1212 of the C.ompcinies Act 2000.
PLYMOUTH SECULAR CLERGY FUND 15 BALANCE SHF.ET As at 31 March 2024 Notes 2024 2023 FixF.i) AS%P-.IS Investments 1.7. 9 16397,595 16,052,432 CuKKF.NI'Assi.'Is Debiors Cash al bank 10 123,813 107,440 231,253 110,425 63,626 174,051 Cxp.i)I i(Ji< Aniounts falling due iviihin one year {64,094) 159258) Net eurrent OSS¢t$ 167,1511 114.793 16564,754 16.167,225 Endowment Restricted UnTeslTICltd- Total fullds 12 14 4,572,077 4.278,834 iieneral l A.992.ti77 15 16J64.754 11,888J91 16,167,225 Approved by the Committee on 21 January 2025 and Signed on ils behalf by.. {Sccr¢t ry) R¢vciriid J K05tu (Treasurer) Can Morgan Tlie notes on pages 17 to 26 fomi part of these financial slatenienls.
PLYMOUTH SECULAR CLERGY FUND 14 STATEMENT OF FINANCIAL ACTIVITIES for the }'ear ended 31 March 2024 Noies Unre5tric*d Restrd 2024 ToiAI 2023 ToiAI unds Cjener Tr-und5 INCOIllE AND ENDOlv1ENTs FROIll: Doiiatioiis and Icgacies It)veslmenl incort)¢ TTansfer lo iticonie 53,967 166,726 53,967 269,035 42 J81 329,830 102.309 102,-11)9 1102,3Q9} 102,309 TotftlJiico 220,693 323,002 372211 EIPFNDITURE OIY: Investnienl klaiiagers fees Choritnblc TrctiYitic$ 92,939 292,622 24,lJO 117,069 394,931 132,144 392211 102,309 1.5, 5,6 385,561 I02J09 24.130 512,01 524J88 Net gAin$lllo$$¢s) on inve5tment$ 269,153 269,153 317,373 317,373 886.$26 {37J,9971 586,526 (373,9971 Net Incomel(eipenditu) and Det movement in fund$ 104286 293343 397,529 (526,174) ReiuiiiiliiLliun vrruncl Total funds broliglil foThvard 11,888.391 4,278.834 16,167,225 16,693,399 Total fuiids itd foiiY•i"d 11,992,677 4,372,077 16,564,754 16,167225 Thcrc %Ycrc oih¢r gains or IoJses for Ihc ycor. The resiilt5 derive from contiiiuiiig activities. The t]ote5 on pages 17 to 26 forni part of these financial statements.
PLYMOUTH SECULAR CLERGY FUND 16 STATF.MF.NT OF CASH FLOWS As al I l Mareh ?.0?4 Nott 2024 2023 Cash flows frorn operating acliTr'itits: Triet cash (used Inl provlile(I b). vp¥r#iln¥ aitiviil¥s (466.5841 (465.7701 Cish lloivs from tniesting ActI1t1es. Dividends and inieresi fron) inveslnients Net DisposaVIPiirchase) of iiive51m¢nls 'pt rAqh prn%'iApil hy investing 4e117tIe. 269,035 241J63 SIOJ98 329,830 73,024 4023.54 Cha Thge in cash and c#$h ¢quiv#l•ht$ in the >'eAr 43*14 {62,9161 Cash cash efjuililents at the beginijing of the }'e4?r 63ffj26 126J42 Cgsh and ¢Ash equI91e1jt5 At the en(1 of the reporting period 18 107,440 63,626 The noies on pages 17 10 26 forni part ofihese finc111cial slaleiiieiits.
PLI')I IOUTH SECULAR CLERGI, FiTrID 17 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 Aceountillg policie5 AcK'uitiiilii¥ CuiiF'epiiluii The priticipal avcounling policies adopted, judgeinent5 and key source5 of estimation uncertainty in ihe preparRlitin nf Ikp fin2iir.iAI %lAipmpnls Are 88 fnllowg.. Basis of pparation The financial slalemenls h&ve been prepared linder the historical cost convention except lo the extent that fair values have been applied iyhere indicated beloiv. T]ie financial stateiiients have beeii prepared in accordance iviih Accoiiiiling and Reportiiig by Charities.. Statement of Recommended Practice applicable to charities preparing iheir accounts in ceordort¢¢ %vith th¢ Fin)nctol Rcporting Standard applicablc in thc UK and ncpiiblic of Irclaiid IFRS 102) Icffr¢tiv¢ l Jaiiuary 20191, FRS 102 and the Charities Act 2011. Pl}'moiiih Secular ClerR}' Fund Ineets the defiiiition of a public bellefit entity under FRS 102. Assets aiid liabilitres are initially recognised al historical cost or Irangaction value unless oihetwise slated in the relevant noles io these accounts. Golngcoiicerii T]ie triislees consider that there are no material uncertainties aboiil the Tiusi's ability 10 continue as a going concern. Viih respect to the ne.¥1 reporting period 2U14-2J, the Inost sigiiificant areas ol uncertajiity that aftect Ilie carr)'in8 value of asse¢s held by the Trusi aTe the level of investtnent return and the performance of inveslrnent ThaTkets. The that>. hA% tr)n%idered il.% nperating pn%ilir)n fnr the fnlltiiving l?. rnnnth% and iii niir npiiiinii thp. ehArit>' reniainq agoing coiicern. Al the lin)e of finalising the accoiinis for Marcli 2024, there are available casli balances of £48,010.90 being more than sufficient lo nieet the ¢urrenl liabilities of the Charity as they fall due. In addition, Ilie chariry has utiresiricied reserves in excess of £11.9ni. In arriving ai our con¢lusior* ihai ihe charity rem2 ins a g7uing con¢eTn Ive liaN'e also constdercd our cliarilable comiiiilnietii to siipport priests overtlie age of 75 ivlio have retired froiii Ecclesiastical office, Iviih the Con1miitee eiisLiiing thai futllTe resourLes ivill be siirricienl to nieet the eommilrnents for the next 12 months. 1.3 Fiipiddccoiiiiliiig The charity's fiinds are broken into three dislincl areas.. The capitcll of the fiind Iniist reiiiaiii inlacl and onlj. the iiiconie Jiiay be applted for the purpos¢s of the fiind. li is maiiaged on a 1011£ I reiiini ba515. Tlie Trustees. al tl)eirdiscretioii. may allocate any partof tlie unapplied total rtluni to ihe restricted piirposc of the-rrusl, naiiiely, lo supwri priests ivlio liave reaclied tlje age of 75 diid reiir¥d fn>ni ¢i¢l¢slilI¢il vifiLe. Resli-icle<lliliU(ts- Rnth the incniiie eApil21 inii<l Ii%ed in Armrdxnep ii'iili ihp re<lriplinii< pl2reA Ihp flind< Uiiiestiicledl.iiiTds Boili tlie incoiiie and the capiial Ina}. be iised for the geiieial piitP05es of tlie chaTiI}-. Designated fiinds comprise iinTe511icted fiiiids that hai'e beeii put aside for a purpose, either at tlie discretioii of the Coiiiniillee or ai Ilie request of Ilie doiior, Iivliich request is not legall). bindiiig on the Coiiiniiltee). Gtiieral fiinds COIIIPl'15e iiiire51ricled futids that have noi been d¢sigJialed for a piirpose.
PL],10uTTr[ SECIILAR CLERGI, FllIND
18
NOTES TO THE FINIAN'CIAL STA TENNTs
for the year ended 31 March 2024
Ipicoiiierecogiiitioii
All in¢onie is recognised once the charity lias entitlement to the income. it is probable that the illcotne ivill be received
Voliinl£ir)' inoofrpie, incltiding legucies
Vnlunlary inconie ts recognised as soon as it is capable of bein# measured in financial terms. Legacies are
Feco8t115ed a5 50011 eniiilemenl has ken esiablished and Ihey are capablt of beiiig niec1sured in fiiiancial lemis:
(the charity considcrs that the act of 8raJiling probatc defin¢s the poirti ofenlitlernentl.
Graiils receii'cible
Grants receivables arerecognised in the Statenien¢of Financial Activities ivhen all conditions forTeceipt have
been complied ivitli.
InivsliAeBI 1CollIe
Investtnent inconie includes all dividejids aiid inieresl paid diiring Ihe )'ear, adjiisied ai the )'ear-end fvT
inconie due 011 those iiiveslnients that ivere 'ex-dividend" and for iiilerest accrued. Iii iiormal circumsiances
no adj1151tneni is made for a¢¢nied income in¢liided iviihin the price of seciirities thot ivere acquired or
disposed of diiring the year. I'he iiivestilleiit lllconie geiier)ied by the Pemianenl Endolvinenl fTOIM Plymollih
Dioce5ttn Trust is resiricled income to be applied in the pa)'Ineiit of 5UPPOrt 10 priests aged 75 or over ivho
have resiglled from ecclesias1iL
PL1.lOUTH SECIILAR CLERGY FUND 19 NOTES TO THE FINANCIAL STATEMENTS for the )'ear ended 31 March 2024 Accounting policies continued The charity only has fjnancial assets and finan¢ial liabiliries of a kind that qualify as basic financial i115trunienls. These Comprise other debtors other creditors aiid listed invesimenls. Basic financial instruments ar¢ Eiiitially rp.e.n8ni£p.d 21 IrAn%2r.linn VAliiP anA <iih<pqiiently megsiired 91 theiT *Ptilpmp.ni v%liJe. liti'esliiieiils {ikicliidiiiggoiiis 4iidlosses oil invesliiieiiis) Investments are tjiilially recognised at their transaction valiie and subseqiieiiily measiired al their fair value as at the balance sheet date using the quoted bid price wheTe available or aliernaiively the mid-niarket price. All T¢ali$¢d unrcali3cd g&in3 and 1035C3 011 IIIYC3tni¢n13 arc includca iii Ihc Siai¢ni¢nl of Finan¢ial A¢ltvilics. 1.8 0¥'erseas thirreiicies oVeeaS currencies are irnnslaled at Ihe rates of exchange rilling on 31 March 2024. Transactions during the year aTe translated ai the rates ruling on the date of the iransciclions. Donitions LegAcies Endoivments 2024 2023 Legacies Donaiions Chilh collcclions 35,000 2,729 30,000 2,038 $3,967 42?81 Incliided iii the above it)conie is £53,96712023= £42,381 I relating to iinreslricted ijicome.
PLI'hlOUTH SECULARCLERGI, TrUND 20 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 Totgl return lulion lo qdopt the lolal relum approgch lo investmettlr wis niade by the TnisieeÉ in Ociober 2014 to take effect fron) l October 2014. The Inisiees calculated the value of the grdnls of peniian¢iit¢ndoivnient received since 1995. Ivheji the fiiiid ivas established, up iintil l October 2014. This sel the baseline value of the gi(1 component of the endo11]CtII Iu Ivhich any siib5eqiient glifts of endoiyment are added. The difference betiieen the totsl of endoivrnent fiind5 a5 at l October 2014 aiid the value of the gift coinponeiil represented theopeniiig balance of unapplied total relum. The poiverof total retum perniils tlie tnislees to iiivest perjnaneiiily endoived funds to m&Nimise lotsl reli and lo apply tn iippropri<ll¢ puniun ufih¢ iinapplivd wi(Il r¢iurn iu in¥()Tn¢ ¥iiih y¢dr. Uiitil Ilir wivri is Ii(IiJsf¢i a i)oitioi of iinapplied total rettim to incoine, the iinapplied lolal retum remain5 iiivesied as part of the pemianenl endoiymeiil. The tx)ii'eT allnivs the tniqlees tn decide in eAch yeRT liniv niiich tsf the unapplied iotal rettim is transfeed to incotne fiinds and so available for expenditiire. Having Considered their obligations under (lie duty of even-handedness. the trnslees inade a transfer of £102,309 uijapplied iolal reliim lo restricted iiiconie flind5. In makin¥ this decision the tr115tCCs have tak accountof Ilie investnient climate. Ihe reium on invesimenl for the }'ear and tlie illcoiiie need50f the chaTiIJ. The investment fund and application of lolal r¢lum lo permanent endoivment funds.. Trust for ni'tslmcllt [InPplied OIRI Il¢lurn Tot1 FnilonI At l April 2112J Gift component of pernianenl end01lent Unopplicd toi#l T¢lum TotAI 2.056.435 2,056,435 399 4,278,834 2,222,399 2,222,399 2,056,435 r*lo%'ement in unllpplie(I totAI return Aijd endoii'ment the year: Gift of endoiTrtneiil fiiiids Investment reiurti.. dividends and interest Inve51inent manager fees Investment retuni.. recognised alld unrecogiiised gc111)51{losses) 'I'otal 102,309 124,1301 21JJ,24J 102,309 124,130) 11)3,243 371,422 371,422 Unapplied lolal retiim allocated io income Net mo%'enieiJt in tlje vear 1102,309) 269,113 1102,3091 269,113 Closing of perrnAnent elid0'Ment Gift cornpoii¢nt of peniiaiienl endoivnien¢ Unapplied lolal return 2,056,435 2,056,435 2,491.512 2.491,512 Total at 31 l#reh 2024 2,056,435 2,491,512 4,547,947
PLI'P+lOIITFI SECULAR CLERGI, FUND 21 NOTES TO THE FINANCIAL STATEMENTS for ihe year ¢tLd¢d 31 March 2024 Investment income IiEJcluding bAnk interest reteivable) 2024 2023 Incotne received from.. UK quoted inveslrnenls Overseas qiioled investments UK cash held a5 part of the investrnent portfolio 227.143 39,557 2,335 269,035 277,127 48.297 4,406 329030 269,035 329J30 Incliided in the above incorne is £102,30912023= £10.%.0501 received in Telation to the endoivment liitid, £Nil 12023.. £Nill relating to income held for reslricted purposes, ond £166,726 12023.. £224,780) iyhich is unreslri¢led. Expenditure ActiTrÈtie5 undertaken directli. Grattt run(ling of Support 2024 2023 goTrernHnce costs (see note) Cvsl vf raisin¥ fuiids Ini'eslnienl mallauemenl COSIS Prolessiojial fees 117,069 6,206 117.069 6.206 132,144 19,077 ChAritgble activities Giaiils lo pi iesls who air sick, elderly, infinn or in need 51.897 19 45275 SiipJx)rt 10 29 priests. aged 70 aiid oveT, iyho have resigned frotm cccle$iaslical offi¢¢,- (2023.- 28 prirsts} 317,766 203 317.909 310,017 Provision of healthcare insiirance 7,820 7,820 7,353 Govemance 11,020 134,517 11,020 512,000 10,522 S24?88 325,586 51,897 Note: The grants ivere UK grants pajable to or for 10 individual meiiibers of the clergy'12023.. 9 clergy). In 2024 the expendiiure on charitable actil11eS ivcls £394.93112023.. £.392,2441 of ivhicli £102,30912023.. £105,050) Iva5 cApciidiliii¢ fiDIii irstl-ltcd fuiid5 aiid £292,622 (2023.- £287,194) Iva5 cxpciidiliiir fLfJlll IllISITI£lCd fuiid5. All the Costs of raising funds relate lo unreslricled fiinds.
PL1.loVTN SECULARCLERGI, frUND 22 N'OTES TO THE FINANCIAL STATEMENTS for Ilie year ended 31 March 2024 Support costs gllo¢ation Comniittee Fin4?nce anil l¢gAI Direct 5UPPOrt C05t5 2024 2023 Cost of gener#tin% funds Iiive51iiienl nianagenienl Costs Professional fees 117,069 6.206 117,069 6.206 132,144 19,077 ChRrliable acilYlile5 Assisting priests i¥ho are sick, eldeTly. infimi or in need 19 19 Support for eligible priests who have resi¥nEd frotn e¢¢l¢siasti¢al office 116 74 13 203 131 Governance 135 270 10,772 134,121 11,020 134,517 126 161,882 BASIS FOR SUPP()RTCOSTS AI.I.I)CA"fioN C¢rttral gupport costs Are allocated as folloivs.. Coniniitlee= alloLc11e(l acLuTdin¥ lo lh¢ esiirtiated Trustees, liiiie 5Ptnt Oll OP¢Tational activities. Fin<ln¢e and Legal.. costs allocated io activities are eitlier directly aiiribiiiable or if iiot, allocated irt proportioii lo the esliinaled ainount ofadittinisiralion liiJie spent oil each activil).. Dire¢1 siipport ¢051$ 8re other costs that can be directly altribiittd to each activity. OOVLtU4ANCEC03T3 ARE. MAI)F. UP OF TIIF. FOLLONIING= 2024 2023 Payments to external auditor Con)niiiicc mccting c.xpcJiscs insolar as Iliey relate to ihe geneTal m2L nagenienl of the charity, incliiding Ilie costs ofitavel Baiik cliars?es Piinling, stationery, postage and siiiidries 10,698 9,954 66 20 482 10522 74 113 11,020 Net Niovement in fund$ 2024 2023 Net mov¢nient in futids is arrived at after cliargiiigl {crediling)' Pa)'nieiils to extetnal aiiditoi Aiidil fees ciirreiii j'ffar
PL}.10vTH SECULARCLF.RGI' FUND 23 NIOTES TO THE FINANCIAL STA TEMENTS for the )'ear ended 31 March 2024 Trustees. ÈmolumÈnt$ and rÈimburseil expenses ¢haTity' bul are enliiled to reinibiirsement of the expenses incurred during their dillies a5 Inislee5. DuTinx the year, Ir8i'el eNpenses lolalliiig £269 ivas reinibursed 10 four Truslees1202J.. £59 to one Trustee) and £110 12023.. £72} Ivas ijicurred ot) Cojnmillee nieeting expenses. 9 Ini'e5tment5 2024 2023 M,IRKF..T VAI.IJF., At l April 2023 16,052,432 16,499,4$3 Acquisitions Disposals Movejiienl in e&%h Nel ini'eslineiil gainllloss) Ai31 hlanli2024 3,428,908 4,603.706 (3.598,1761 {4.$96,7021 {72,09$1 180,0281 586,526 (373,9971 10?97,595 10,052,432 . Net casli transferred In)m/{lol investnietils in the year ivas £241,363 {2023: £73,Q241. Analysedbehv'een.. UK invesiments listed on a recognised stock exchange or valued by reference io suLh inve5tilltiit5 Overseas *nvesimenis listed on a recognised stock exchange UK cash held a8 part of inve%tment ]x)rtfrJlio 13344,277 2,411,002 142,316 16J97595 13,487,476 2,350,54S 214,411 16,052,432, Pemianenl Endoivtneiits Oiher Resiricied and Utiresirlaed Funds 4,580,112 11,017,483 16J97,595 4,262,739 11,789,693 16,052,432 Histori¢ cost At 31 March 2024 12,185,095 12,025,629 Incliided in Ihe itti'esimenl sain above of £586.52612023.. logs of £373,9Q71, ig a 8ain of f2Q3,243 (2023. loss of £120.8281 Telaling lo Pemianeiil Elldoivinent Iiiiids. The reniainiiig loss of £293,283 {2023'. loss of £253,169) all late lo ilie uiires(rieied fuijd. All investinenls are carried ot Ilieir fair valiie. Inveslnienl iii equiiies and fi¥ed interest securities are all traded iii quoted piiblic Inarkels. Holdings iii iiiiit trusts are at bid price. The basis olfair valiie for qlloted inve5tinenlS is eqiiii'aleiil io ihe 11111 rkel value, using ilie bid price. Assei sales and purcliases ore re¢ogiiised al the dale oltrade
PLI'f*lOIITH SECIII,AR ¢.LERGI' FIIND 24 NOTES TO THE FINANCIAL STA TEMENTS for th¢ year ended 31 March 2024 Inve5tment5 eontinved inveslnients listed beloiv, Bll investniejil asse15 are dire¢1 invesinienls in listed securities. No maierial restrictions appl> ivhich might atyecl the realisation of these investniejil a5sels. 2024 Unitisedl Striietured h'lulti Asset Funds: The SRI Fund for Charities (Ineoinel The SRI Fiind for Charities (Accuniulatioii) Oiher UK funds Global fut)ds 4,$80,112 7,050,694 312.163 307,888 Overseas direet investments 718205 l.ees Kutter LLV'S fees are calciilaled on Ilie Inarket Value ofthe ponfolio at Ilie end ofea¢h quarier and are charged 10 thr StRtement of Financial Aclivilies. Ivhere Ruffer has iiivesled Ilie portfolio in its in-hoLise investment ptoducls Iivhich have an it]temal nianagenitiil charue}, these products are excluded from Ilie qarterlY management charge so thai no double cliarge o¢¢urs. The Neiyton SRI Fund for Chariiies fees are calculated froni the tnarket value ofihe portfolio at the eiid of ¢a¢li quarter and charged lo the Statenienl of bit)ancial Activities. 10 Debtors: amounts fAlling due M'iihin one )'eir 2024 2023 Inveslnient income Legacies Other debtors and prepaynients Accriied inciiine 61.470 -55,000 3.951 3.392 123,813 74,214 4,098 32,113 110.425 Cre(litors: amounts Iling Ilue ii'ithtn one }'eAr 2024 2023 Oilier creditor5 ACCrilS (14) 64,108 64.094 18 J60 40,898 59258 12 Perm911ent Endowrnent fuiid 2024 2023 Balance al 31 MaTch 2023 4,278034 4,428,548 liicoii)iii¥i re50ur¢es G211{10sSI 021 investnienl assets 317J73 1120,828) Iiiveslnieiil nianagers fees (24,1301 (28,886) Balance at 31 Trlarch 2024 4,572,077 4.278034
PL1,10VTH SECULARC.I.ERGI' FUND 25 NOTES TO THE FINAN'CIAL STATEMENTS for the year elided 31 MarLh 2024 This is a pemianenl endoii'rnenl from Plyinoiiih Diocesan Trust, established in 1995 to help fiind the 5llPPOrt of priest5 iTrho have reached the age of 75 and resigned froii) ec¢lesiasii¢al office. 11 is a coiidilion of the tndoivrnellt that this Capital musl b¢ paid lo Plyiiiouih DioG¢saii Tru51 if Ilic MciiibcI5 of Plynioiiili Sccular Cl¢rgy fund ever Tesolve that it sliall cease to provide such suppon. An analj'sis of the net asseis of the P¢nnatient Endoiviiienl Fuiid is shoivn in note 15. 13 Contingent liability As explained in note 12, if the Charity stops Providing 5llPPOrt in the fiiliire. the permanent endowment must be repaTd lo (he Plynioiilh Uiocesan ITUSI. AI J l Marcli 2U24 the value ofthe pemianeiil endolvinenl ivas £4,J47.947 (2023.. £4,278,834). 14 Re5ti"icted Fuiids 2024 2023 Balance al 31 March 2023 ,Il0VenI J'iindF Inconiijig resoiirces Resources expended Balance at 31 Tr1arch 2024 102 J119 102 105,050 105050 These funds deal ivith the income generated by the endoivment from Plymouth Diocesan Trust. described in note 12 and Ilie expenses associated iji generating it. The net surpliises are to be applied for supporting priests aged 75 and over ivho have resigned fioim ecclesiastical office. 15 Analjsis ol net a$set5 betii.een funds al Cvrrenl year Restricted Fiinds Uttresiricied Fuiid5 Total Endoivnient Fiind Fixed assei investn)entS Net ciirrent assets 4,580,112 (8,045} 4,572,077 11,817,483 175,204 11,992,677 16,397,595 167.159 16,564,754 Sufficiciit resources are held in appropriate forms lo enable each fund to be applied in accordance ivith any resiriclions. bl Previoiis year Peni)aiient F.Iidoii'n)enl Fund Restricled Fiinds Unrestricted TotRI 4,262,739 16,095 4,278.834 11,789,693 98,698 11,888,391 16,052,432 114,793 16,167,225 Net Cuent assets
PL),10UTH SECIILARCLERGI, FUND 26 NOTES TO THE FINANCIAL STATEMEhlTS for Ilie ytfir elided 31 MaTch 2024 16 Chirilable eommitments FLD[lG FOR PR]ESTS AGED 75 OROVER 11?10 IIIIVI RESIGNF.D FROII l L.CCLESIAS'ficAL OFficE In accordance ivith accounting policy 1.5 {1}, the estimated maximum support payable during the next ten year5 is shoi¥n beloiv. 'l-he payinciils are calcLilated usinuj the policy adopted bj. the Comjiiiiiee and 15 based upon ihe priests. number of s'ears of ecclesiastical Iniiii51ry. (as defined in the policv doclimentl, at date of resIlIatIOn. The Committee obtains periodic Acliiarial Revieivs of the cliarity to check that fiiliire iesoiirces ivill be suffjciejil to rneei lis future commitment5. The Inost Teceiit acliiarial T¢vieiv ivas conipleled as ai 31 fvlarch 2022. For fiirther information see th¢ Tiustees Report. 'I-liere is no legal obliLJatioii to pay specific ainoiinls10 priesis ivho liave resigiied from ecclesiiTrsli¢al 0[ce. 2024 2023 Falling due iyiihin one )'¢ar Falling due betiveen IIYO five Jears Falling diie after niore than five >'ears 311,848 ,766,022 3,364,000 364,899 ,901,163 3,404,417 5,441.870 5,670,480 RECONCILIATION OF MOVENfFNT tN TIIF. YF.AR Conimilnient ol ? l [arch 2023 Less.. falling due iviihin the yeiir ended 31 March 2024 S,67tb.411(b 364 899 5.30.%,580 Adjustment for inflalionary increases iii siipport levels and Tevised niinibers of piiesis poieniially Tesigning from ecclesiastical office iii tlie nine year5 ending 31 March 2033 Add.. falliiig due iii tlie year ending 31 March 2034 {629.480) 76S,770 Commitment at 31 March 2024 17 Re¢oD¢ili#lion of net niovenient in funds to net cash floiTr from operating activities 2024 2023 Net nioi'ement in fuii(Is (per the statement of fininciil i¢ti%itits} Gift of end01li7etIT L055¢51{gciin5) on jnv¢51ni¢nts Dividends, interest and rents froin inveslineiils Decrecisellliicrec1sel in debiors IDecrea5e)Ilncrease in credilois 397.$29 (526,1741 {486,4261 {269,0351 {13,388) 4.836 373.997 {329,8301 {19,3081 Net Ca5b used in opersting Ittivities (466,584) (465,7701 18 An.Ilisls of cash iiiil ¢#sh cqui%'4leiit 2024 2023 107,440 107,440 63,626 63,626 Tot*1 elsh And tash equivfilenls
PL),10UTH SECULAR CLERGY FIIND 27 NOTES TO THE FINANCIAL STATEMENTS for the year ¢nded 31 March 2024 THE FOLI.OWING PAGES DO NOT FORM PART OF THE STATUTORY FINANCIAL STATEMENTS
PLI'P*lOUTH SECULARCLERGY FIIND 28 NIOTESTO THE FINANCIAL STATEMENTS for Ilie year ended 31 March 2024 19 Ch4?ritable gran15 Numkror pnems 8ssisied In 2024 2024 2023 Financial siipport 10 51397 51097 45267 20 Support of prie5t5 aged 70 Di'er who hai'e resigned froEll eceltsiastieal offjce 2024 2023 Reverend D Annear Monsignor J Branson IRIPI Reverend M Budge ReveTend D Burrows IRIPI Caiion G Carrick Reverend PO Chrysial Reverend A J Cockram Revereiid M Cole (RIP) Reverend D Collin Reverend P C.onlon Reverend P Costello Reverend SH Delsink Moiisignor H Doyle (Rtpi Rev¢r¢nd C Gedde5 Monsignor G Flay (RIP) l<everend P Kelly Reverend IV Kiely IRIPI Reverend M Kirkpatrick Rev¢r¢Dd P KilgL2rriff (RTPI Reverend D Loiigland Monsignor B Nannery Caiioii K Noakes Reverend TA O'Donovan Reverend R Schofield Revered J Sineihiirsi {RlP) Reverend B Sieven5 Monsi¥iioI A Toflolo Reverend JS Ivaikins r¥nniTr P Ivebb Reverend IVG Nvilberforce 10 J03 9,552 4,919 13.045 Is,oos 308 1S,OOi 13.645 iJ,64J 571 13,645 13.645 14,031 13,645 1.835 15,005 IsJ)os 15J96 15,005 6J92 7,116 12,004 Is,oos 15,IJU3 1,147 8,002 13,(A4 10.916 13.645 7,277 13,645 15,00.S 11,004 15 J96 2.000 10234 10,006 14,031 1,820 10,006 8.043 14,031 6.823 14,1131 13,644 309086 15 J96 1% J9CTr 317,766 Paid lo 29 priesis12023.. 28 priesisl 16 Apnl 20111. ol'the tKAic)' In rLyrd Iii pas'meni of AlloanCEs iindei Ihe Riiles ofihe Swiei}'. Ihe pasThcni 101 11..YirdCt froni Pl)1). on Pa}-meni ofAll¢)iian¢es lo Pri5 oth)ed bs the Coniiiliiiee7 12 1.ebtua4' 20131
PL1.l0UTH SECULARCLERGI. FUND 29 NOTESTOTHE FINANC.IAL STATEMENTS for the year ended 31 March 2024 21 Itkvestments- Other Restricted Unrestricted Trusts continued umber Shgreholding riiarkei Perceiitage 'alue of total net at 31J.24 955ets Shares UK Govenlment Index Linked Treasury, 0.12J lo Index-Linked Stock 2068 Treclsllry, 0.375 % Index-Linked Stock 2Q62 Treasury 0.125 % Index-Linked Siock 2065 Treasury 0.125 lo Jndex-Llnked Siock 2073 IJI,002 19.059 22.900 157,232 23.907 23.115 101.384 0.96/0 0.150/0 0.02 /0 305,638 1.86O/• Noii-steiliiig Iiidex Liiiktd Riiffer SICAV fixed Income Z GBP Cap 1.276,459 1.694,627 1,694,627 10.33Q/o 10.330/0 credit Iljiquid Slr4?tegie5 Ruffer Illiquid Multi Strategies Fund 2015 Riiffer Multi Strategies Fund Ltd 70.323 393,048 44,230 267.934 312,163 0.270/0 1.890/0 IiiltL-A55et Fiiijds The Neivtoji SR[ rund for Charities (GBP Aeciiillulalion) Oiher 3,325,485 7 050 694 7,050,094 43.00% Gold oiidPrcci0115 NJel¢i15 iShclTes Physical Silver NI•1011¢ Gold¢orp IVS Ruffer Gold l Acc 9,411 2,768 USD 176,949 78.570 148,167 403,686 1.08/0 0.480/0 0.900/0 2.46Q/o Foreigir Forn'llrd Eiclioiige FII'D.. EUR V5. GBP 2510412024 FIVD.. USD Vs. GBP 2510412024 -125,700 .128.500 EUR USD 342 12,172) 11,830) O.OOQ/o -0.01 /0 -O.OIO/o Glob(Il Fiiiids Wisdoii) Tree Copper ETC 145,787 145 7x7 a.8/0 fi.RQO/. 42.296 RutTer Ptoteciion Sirkiegies Iiiieniaiional Z GBP 307,888 107.ARR I.RRO/o Efjuities Uiiiied Kiiigdoiii Adniir>l fTmiip 1.6$5t 21,553 207 1.4$5 47,n17 77.426 10,385 57,X44 n.2W/ 0.4Tr/0 Rufyer SIC.AV UK Mid &. Smaller Conipanies Z GBP c.ap Rio Tinlo Llt)ilever 192,692 1.18/0 Uli Gvi,l. {SliuriDtsie(l) UK (Gvvi On 0.125°/0 3 If0112024 500,193.0000 54i.610 -$4S,616 3.33°kn 3.3.30/0
PL1,ou'l.N SECULARC.'LERGI' FUND 30 NOTES TO THE FINANCIAL STATEMENTS for thc year elldcd 31 Marcl) 2024 21 Ini'estment5- Other Restricted aiid ilnre5tritted Trusts totttintsed Nunibtr Shai"tholJing Iai-kct PtrttJ]tage of total nct 35setS Sh•rt$ at 31.3.24 Equities tontithut Nurlli Aiii¥riL' Ciiigroup An?Jiun Cigna jp(0rgan Chase East Il'csl Stor Bulk Corricrs 578 200 185 293 236 1.332 28,949 28,555 53.235 4().4114 14.778 O.l¥Q/y usi) usi) usi) 0.32g£ 0.28D/o 0.09/0 0.15ts1. USD 95,11)O 197,192 1.200/ Ceiilrol & Soiilh Aineric ArnbGI" AI)R 11,488 USD 0.14% 22,522 0.140/0 Eiirope 2,503 3,860 213 1,686 3,198 4.346 Q27 23,31)3 120,055 24,580 24,795 12,867 37,545 TenJris At)R R>'aiiair I loldiiigs ADS Valloiirec Allj (tn)tip Vii'endi Smiirfit Kapp I'S Iliiffer l.'uropean l Acc Groupc Bruxelles l.anibert SA I.:UR ]-. UK I.:UR F.IJR 0.73Q/o 0.15Yo 0.15Y. 0.080/0 0.23% o ?ofj/. O.IKJO/o 0.180/0 ELIR 9.393 483 253 28,933 305,g85 Asio e.ycliitliiig Japoii isharcs sLI Chiiia A UCI'I'% ETE.. 21,868 4,0011 349 232 1,snn 194 71.331 2C).091 20,005 24.997 ?4,9ni 25.279 1)2,606 0.44YD 0.16Y. 0.120/0 0.15% Sii'ire l)acific'A' AlibLiba Cirt)iip AT)R Taiii-ryc I Seiiiicon(liiclor ADR isharis Cori fvISCI Efvl ASIA UCII"S E'tF 0.15/ 10.C)56,962 66.820/0 142.316 GBI) Capital accauni 142.316 0.87 10 3,418,213,658 £11,817,483 22 In%'eslnients- Perrnanent Eniloiiments Niinihpr %hArpholiling oftolal ¢1 as5¢ts Sliares at 31.3.24 lulii-As5et Fiinds I he Neii-lon Slll l.und for C'hariiics IGIII) InLoniel 4.074,108 4.580,112 27.93Yb