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<il Nlcctiil￿of Ilie cl)aTilj and lo iakc
ali actiN'e iiileresl iii iiialtcrs of Ilie charit>', since they foni) the pool frotn %vhi¢h fiiiiire Trus¢ees of the charity iyill
be appointed and ullin1￿lIe1), iiill be beneficiaries of it.

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 O￿lce.
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 i￿ork 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 Ill￿7 fuur Luil￿clu11V¢)￿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 0￿1CC 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)<p iviih rea￿nAh1p. 2rr.IirAey HI any
lime the fuiancial p05jtion of the charity and enable thejii to eiisiire that the financial siaienleiiis coniplj. Ivitli the
C.harilies A¢¢ 2011, Ilie C.h%ril)' (Accounts aiid Reports) Regulations 2008 and Ilie provisions of tlie Trust Deed.
The> 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 alIn￿￿nce 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 Dioc￿an 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) th￿1 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 illap￿Ser5
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 Ne1￿0]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. Nei￿on 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.rcii￿glplvn[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 Fill￿*1£>bIg g*oiips. SpeeifieÉ711)J iKvolv'emektl ihe plodi￿tiO￿l ofiobacco or in ihe provisioii of
¥ciiiibliiigfucililies ivoiildpiecli¢(le iniEsipkieni in ihe ¢ofrpiMIiiy.'
Ilnve opgruiions ip7aiea.¥ of0ppressiveiegin￿5, itrheye ihese oper(71ions conip'ibiiie 10 ihe opp*esslveKaiiiie
ofihese regI￿les,.
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 F￿nd, 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 2024tJz*wt
The income of the charitj for the year under
revieiv has been applied lo paj. lie&lth 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
<lip￿rt nf priests i￿hn gre au7ed 75 and over ivho liave resiLJi)ed frnn] ecclesiastical office and In pmvidp fin.?nri21 A<£i<l.?nr.e
to other priests ivlio are elderly, sick or infinn. The invesiments have been included in the financial statements ai their last
traded pri¢e or bid valiie on 31 Marcli 2024, Iinle55 Otli¢ni'is¢ 51aied. In the year ended 31 March 2013, slrucliiral cliallg¢s
Ih'ere made lo the iiivesliiieiil portfolios to protect thein from volalilit). in peyformaiice, particiilarly froni 5ignifi¢ic nl t￿lP11a1
losses, by 11sing tivo different invesliiient nIc1nage￿ iviih different invesiinenl philosopliies. Those investiiieiils held by
NFC1￿0￿ Inveslnieiil Managers Lijiiited. (the pernianent endoiviiient fkind and approximatel). half of the iiiire51ricled
investn)enisI. liave beeii invested into Its SRI Fund for Charities. no ltsngei PTovides a discretionary manageiiient
scryicc and hcncc thc charii>' has bccome a dirtct itti'estor In the N'ciylort SRI fiind for Charilics. Riiffcr LLP coiiliiiuc3 to
Iiianage the reniaindet ofinvestnienls. In il)e year, Ihe valiie of the chciiil) s portfolio increased bj £345,163 10 £16,397,595
Ilrom £16,052,432). -1 lie conibiiied portfolio acliieved gaiiis for the year of 2.15¥/0 after fees.12023.. losses of 2.3 /01 (See
note 9 for fiirther infomiatioii on investments and inveSliiient tnanagenieni feesl.
'ith T¢gaTd 10 the penD#iienl endowment flind the Tru5t¢¢s liave pas5¢d a ￿$0]ution under S104AI21 of the Cliarilies Act
2Q I I lo oper£2le a total return approach to it)v¢stiiients in accordance ivith ilie Cliarity ConiniissjOII's Regulations. Tlie
Trusiees confirni ihai..
itl identif}'iiig the valkie of the portion of the pernianeni endoiviment that TepTesenled iinapplied total r¢turn. Ihe Irusiees
riT51 ideiilified Ilie i'alLie of the ijiitial foiiiiding gift at inceplioji and at)y siibsequent gifts of permanent endoiTrnienl lip
heii deterii)ining the amount of iinapplied total Tetiirn to transfer lo inconie the tiiisiees have considered ¢he anioiinl of
inco1￿£ rcqiiired to niainlain the Cu￿ent Icvel of cliaritable activity. aiid Ilie likel} nEeds of fuliiTe beiieficiaries.. and
in reaching tlieir decision i2S to ihe uiiapplied loial reliini li) transfer lo iticonie, the Inistees hal'e relied oil Ilie perfoniiaiiLe
prosi)ect for fiiliire cai)ital groiNth.

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 sllp￿rt 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 ￿rfo￿7anCe.
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- p￿paratIO17 is Unilcd Kiiigdoin Accouiiliiig Si￿7￿dards, 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 I￿ork 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 I1￿ht 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 e￿Or 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¢ Char￿tIeS 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
Restr￿￿d
2024
ToiAI
2023
ToiAI
unds
Cjener
Tr-und5
INCOIllE AND ENDOlv￿1ENTs 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 ActI￿1t1es.
Dividends and inieresi fron) inveslnients
Net DisposaVIPiirchase) of iiive51m¢nls
'pt rAqh prn%'iApil hy investing 4e11￿7tIe.
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 equI￿91e1jt5 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 p￿paration
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 tha￿t>. 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¢sli￿lI¢￿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 TEN￿NTs
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 1￿CollIe
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<il offic¢.
E.YpeiidEliire recoKIIEliori
Liabililies are re¢ogt)ised as expenditure ￿ soon as there is a legal or constwclive obligation coinmitting the charity to that
expeiiditiire, il 15 probable that se¢tl¢meni Ivill b¢ reqllired, and the aniounl of Ilie obligatioii ¢aii be tnct.
All expemditure is accoiinied for on an accrual's basis, incliisive of irrecovcrable VAT. and has been cl￿$1t1ed undeT
headings Iliat ciggregale all costs related to that calegor>'. Il'here costs caiinol be direcily allribuled to lieading& they have
beeii allocated to activilit5 on a basis ¢onsisleni iiiili Iise of resoiirces. Cciitral oN'eThead cosis cire allocated to optratioi)
and ftiiidrai5ing funcltons bascd on thcir 11sc of ccnlral sllPPOrt 5rrvirc3.
Payments to support clergy ivho are aged 75 and over and ivho have resigjied froni ecclesiastical oifice are
chaT¥ed agiiinsl tncoiiie as iiicurred. There 15 no legal obligation to pav specific aniounls to priests ivho have
iesigTne(I from ecclesiilstical office, but il is coiisidered that Iliete is a conslniciive obligation iviili a re51111ing
chLgrilL?ble comiiiilment. Thi5 cliaritable coininilin¢nt is not accrued for in the accoiiiils as lo do so i%'oiild reqiiire
aiii)Iial aciiiaiial V1c Iiialions aiid the cost of tliis is c0115idered to OLill￿t1¥h an}, benefit. An estimate of tlie
niaxiJiiEini coiniiiiliiitiil in respect of siich P<iynienis 111 the ien years frojii 31 Marcli 2024 is glven In ilOT¢ 10.
Other Eraii15 to clergy in need are Iioniiall>' charged to the Siateii)ent of Fini￿ llLial Aciiviiies ivlien paid. Hoivei'er.
ii,here il is clear that a c01151rLiclive oblig7alion has been created b), the pa)'Inent l)ai'in¥ beeii aiiihorised atid
oininuni¢aied 10 tlioge affected in a sufficiotitlj. specific nianiier to T￿lSe # Vffjilid e.Kpeelaiioii on the pgrt of Ihp
Siip]x)rt costs, i%,lii¢li iiicliide da). to daj. nianagetnenl, adiiiiiii51niioii, a¢coiiniing and fitiaiicial cost5 are allucaled
across tlie caieBories of cliariiable expeiidl1u￿, aiid Ilie costs of raisinbF fiinds. Tlie bic 519 of (he Cost allocation has
been explaiiied iii Jiole 6 10 the financial 51alemenlS.
lllvesltnent niaiiabjenienl ¢OSiS.
-4_2 fiiflf nf rIt￿ri1￿h1ft ￿n*￿I￿NI1￿￿.- iiitliide grnni% Ii) prie%ls in Jieed. support of priests iyho are a¥cd 70 and oler and iyho
have resigned Ironi ecclesiastical office, the provision of hec11ili¢aie insiirance aiid an apportiot)iiicnl of 5UPtM)ri costs
.4.3 Goi'eriidiic¥c051s.' are the c05t5 a550¢iaied ivilh Ilie geiieral ruiiiiing ot-tlie chariti. as opposed lo Ihose cosis associated
iiiih fiiiidraisiiig or cliarilable clCliNilies. Iiiiliided ii'iiliin this categor), are cos15 associited iviih ihe siraieg.ic as opposed
10 da}'.10-daJ niaiiagemeni of the charil) s activities.

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
oVe￿eaS 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
Chil￿h 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 transfe￿ed 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
[In￿Pplied
OIRI Il¢lurn
Tot￿1
Fnilo￿￿￿nI
At l April 2112J
Gift component of pernianenl end01￿lent
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 acti￿l11eS ivcls £394.93112023.. £.392,2441 of ivhicli £102,30912023.. £105,050)
Iva5 cApciidiliii¢ fiDIii irstl-l￿tcd fuiid5 aiid £292,622 (2023.- £287,194) Iva5 cxpciidiliiir fLfJlll IllI￿SITI£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 q￿arterlY 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
ACCri￿lS
(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
G21￿1{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
,Il0Ven￿￿I 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 Cu￿ent assets

PL),￿10UTH SECIILARCLERGI, FUND
26
NOTES TO THE FINANCIAL STATEMEhlTS
for Ilie ytfir elided 31 MaTch 2024
16
Chirilable eommitments
FL￿D[l￿G 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 resI￿lIatIOn. 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 end01￿li7etIT
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 Allo￿anCEs iindei Ihe Riiles ofihe Swiei}'. Ihe pasThcni 101
11..YirdCt froni Pl)1￿). on Pa}-meni ofAll¢)iian¢es lo Pri￿5 oth)￿ed bs the Coniiiliiiee￿7 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