Charity number: 215834
MENEVIA AND WREXHAM INFIRM SECULAR CLERGY FUND UNAUDITED TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
rp 33 Partners Protecting your future.
em MENEVIA AND WREXHAM INFIRM SECULAR CLERGY FUND a CONTENTS
| a | a |
|---|---|
| Page | |
| Reference and administrative details ofthe Charity, its Trustees and advisers | 4 |
| Trustees’ report | 2-4 |
| Independentexaminer's report | 5 |
| Statementoffinancial activities | 6 |
| Balance sheet | 7 |
| Notestothefinancialstatements | 8-15 |
MENEVIA AND WREXHAM INFIRM SECULAR CLERGY FUND
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED5 APRIL 2025
| Trustees | Cannon Terence Anthony Carr, Chairman |
|---|---|
| Father John Thomas | |
| Reverend Father John Browne | |
| Charity registered | |
| number | 215834 |
| Principal office | The Presbytery |
| Maude Street | |
| Connahs Quay | |
| Flintshire | |
| CH5 4EQ | |
| Secretary | FatherJoseph Stewart, Treasurer, Correspondent and Assistant Secretary |
| Accountants | WR Partners |
| Chartered Accountants | |
| Belmont House | |
| Shrewsbury Business Park | |
| Shrewsbury | |
| Shropshire | |
| SY2 6LG | |
| Bankers | HSBC |
| Trelawney Square | |
| Flint | |
| Flintshire | |
| CH6 5AH | |
| Solicitors | Allington Hughes |
| 10 Grosvenor Road | |
| Wrexham | |
| LL111SD |
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MENEVIA AND WREXHAM INFIRM SECULAR CLERGY FUND
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TRUSTEES' REPORT
FOR THE YEAR ENDED5 APRIL 2025
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The Trustees present their annual report together with the financial statements of the Menevia and Wrexham Infirm Secular Clergy Fund for the period from 6 April 2024 to 5 April 2025.
Objectives and activities
a. Policies and objectives
The fund delivers public benefit through the relief of poverty of those receiving grants.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’.
b. Grant-making policies
Benefit grants may be made to or for the benefit of any member who on account of age or infirmity is unable to attend the duties of his office. The level of grants is decided by the Annual General Meeting but their application to original cases is at the discretion of the Council. Application for sick grants can be made after one month of sickness and within three months of incapacity commencing. Sickness grants are intended to help applicants with expenses incurred as a result of their sickness or to make up income lost as a result of sickness, so that applicants can maintain a reasonable standard of living.
Achievements and performance
a. Review of activities
During the year, the Fund made 16 grants totalling £27,000 (2024: 15 grants totaling £22,500). One cheque for £1,500 from the previous year remains unpresented and has been written off, resulting in total grant expenditure of £25,500.
b. Investment policy and performance
The value of the Fund's investments increased over the year from £980,104 to £1,001,561 investment income amounted to £27,142. The Fund's investment strategy with its financial advisors Quilter & Co Ltd is to adopt a low risk approach and invest 70% in equities and 30% in gilts, a policy which is kept under annual review. The Trustees are of the opinion that the policy objectives have been met during the year in regard to both income and capital growth.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
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MENEVIA AND WREXHAM INFIRM SECULAR CLERGY FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
b. Reserves policy
The Trustees try to maintain healthy reserves in order to preserve their investment portfolio. As above, grants awarded distribute the investment income whilst maintaining the investment portfolio.
Net expenditure for the year before investment gains/(losses) amounted to £7,889. Of the closing funds totalling £1,114,714, £154,180 represented accumulative unrealised gains in the market value of investments carried forward.
After accounting for investments, free reserves at the year end amounted to £113,153 (2024: £113,430).
c. Principal risks and uncertainties
The Trustees try to minimise risk by considering the annual level of grant making to be never disproportionate to income of the Fund, therefore guaranteeing that the size of the investment is maintained.
Structure, governance and management
a. Constitution
Menevia and Wrexham Infirm Secular Clergy Fund is a registered charity, number 215834, and is constituted under a Trust deed.
The principal objects of the charity are firstly the financial support of those of the clergy of the Dioceses of Menevia and Wrexham who being subjects of those Dioceses and members of the Fund shall be incapable through infirmity in old age or sickness of performing duties of their office, and secondly the spiritual aid of the members and benefactors living and dead. The beneficial area covered by the Trust is the Roman Catholic Dioceses of Menevia and Wrexham.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Organisational structure and decision-making policies
The business of the Fund is transacted by a Council which consists of the President, the Treasurer, the Secretary and two non-officer Councillors elected at the Annual General Meeting. The Council meet sufficiently often to have practical control over the affairs of the Fund.
d. Principal activities
The Fund receives investment income from its portfolio and distributes grants to qualified applicants as the Trustees determine in their meetings.
Plans for future periods
The Trustees have assessed the potential impact on the future operations of the charity, taking into account its underlying financial resources and strength. The Trustees consider the charity to be well positioned to manage the current situation and secure operations into the future.
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a MENEVIA AND WREXHAM INFIRM SECULAR CLERGY FUND _———————
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TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED5 APRIL 2025
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en
Statement of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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e select suitable accounting policies and then apply them consistently; e observe the methods and principles of the Charities SORP (FRS 102);
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e make judgments and accounting estimates that are reasonable and prudent, ° state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Cannon Terence Anthony Carr (Chair of Trustees)
Dates 44-06 -VO Ly
en
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MENEVIA AND WREXHAM INFIRM SECULAR CLERGY FUND
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2025
Independent Examiner's Report to the Trustees of Menevia and Wrexham Infirm Secular Clergy Fund (‘the Charity’)
| report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2025.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
| report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that | might state to the Charity's Trustees those matters | am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, | do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. | = Signed: gud WwlEo Dated: 4 . ne 7 Z
SJ Tweedie BSc FCA DChA
WR Partners Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG
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MENEVIA AND WREXHAM INFIRM SECULAR CLERGY FUND
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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
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| Unrestricted funds |
Total funds |
Total funds |
||
|---|---|---|---|---|
| 2025 | 2025 | 2024 | ||
| Note | £ | £ | £ | |
| Income from: | ||||
| Donations and legacies | 3 | 1,720 | 1,720 | 1,520 |
| Investments | 4 | 27,142 | 27,142 | 27,052 |
| Total income | 28,862 | 28,862 | 28,572 | |
| Expenditure on: | ||||
| Charitable activities | 6 | 36,751 | 36,751 | 32,481 |
| Total expenditure | 36,751 | 36,751 | 32,481 | |
| Netexpenditure before netgains on investments | (7,889) | (7,889) | (3,909) | |
| Netgains on investments | 29,069 | 29,069 | 99,164 | |
| Net movement in funds | 21,180 | 21,180 | 95,255 | |
| Reconciliation offunds: | ||||
| Total funds brought forward | 1,093,534 | 1,093,534 | 998,279 | |
| Netmovement in funds | 21,180 | 21,180 | 95,255 | |
| Totalfundscarriedforward | 1,114,714 | 1,114,714 | 1,093,534 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 15 form part of these financial statements.
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MENEVIA AND WREXHAM INFIRM SECULAR CLERGY FUND
BALANCE SHEET AS AT 5 APRIL 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Investments | 10 | 1,001,561 | 980,104 | ||
| 1,001,561 | 980,104 | ||||
| Current assets | |||||
| Debtors | 11 | 3,270 | 4,103 | ||
| Cash at bank and in hand | 114,145 | 113,269 | |||
| 117,415 | 117,372 | ||||
| Creditors: amounts falling due within one | |||||
| year | 42 | (4,262) | (3,942) | ||
| Net current assets | 113,153 | 113,430 | |||
| Total assets less current liabilities | 1,114,714 | 1,093,534 | |||
| Total net assets | 1,114,714 | 1,093,534 | |||
| Charity funds | |||||
| Restricted funds | 13 | - | - | ||
| Unrestricted funds | 13 | 1,114,714 | 1,093,534 | ||
| Totalfunds | 1,114,714 | 1,093,534 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Cannon Terence Anthony Carr (Chair of Trustees)
Dates ff -O€-L0OLs_
The notes on pages 8 to 15 form part of these financial statements.
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MENEVIA AND WREXHAM INFIRM SECULAR CLERGY FUND
TT LE EE ES SE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
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1. General information
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The principal objects of the charity are firstly the financial support of those of the clergy of the Dioceses of Menevia and Wrexham who being subjects of those Dioceses and members of the Fund shall be incapable through infirmity in old age or sickness of performing duties of their office, and secondly the spiritual aid of the members and benefactors living and dead. The beneficial area covered by the Trust is the Roman Catholic Dioceses of Menevia and Wrexham.
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Accounting policies
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2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Menevia and Wrexham Infirm Secular Clergy Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
- 2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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MENEVIA AND WREXHAM INFIRM SECULAR CLERGY FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025
- Accounting policies (continued)
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
- 2.4 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
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MENEVIA AND WREXHAM INFIRM SECULAR CLERGY FUND
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em a
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
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2. Accounting policies (continued)
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2.8 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
- Income from donations and legacies
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Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Similar incoming resources 1,720 1,720 1,520
Total 2024 1,520 1,520
Investment income
Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Income listed investments 26,831 26,831 26,905
Investment income -treasury stock 311 311 147
27,142 27,142 27,052
Total 2024 27,052 27,052
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- Investment income
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MENEVIA AND WREXHAM INFIRM SECULAR CLERGY FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025
5. Analysis of grants
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Grants to Total Total
Individuals funds funds
2025 2025 2024
£ £ £
Grants 25,500 25,500 22,500
Total 2024 22,500 22,500
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During the year 14 grants of £1,500 and 2 grants of £3,000 (2024:15 grants totalling £22,500) were made to individuals.
6. Analysis of expenditure on charitable activities
Summary by fund type
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Unrestricted
funds Total Total
2025 2025 2024
£ £ £
Grant making 36,751 36,751 32,481
Total 2024 32,481 32,481
Analysis of expenditure expenditure by activities
Grant
funding of Support Total Total
activities costs funds funds
2025 2025 2025 2024
£ £ £ £
Grant making 25,500 11,251 36,751 32,481
Total 2024 22,500 9,981 32,481
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7. Analysis of expenditure expenditure by activities
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MENEVIA AND WREXHAM INFIRM SECULAR CLERGY FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
re
- Analysis of expenditure by activities (continued)
Analysis of support costs
| Activities 2025 |
Total funds 2025 |
Total funds 2024 |
|
|---|---|---|---|
| £ | £ | £ | |
| Administration | 245 | 245 | - |
| Meetings | 1,145 | 1,145 | 971 |
| Travel expenses | 77 | 77 | 168 |
| Bank charges | 70 | 70 | 70 |
| Investment management fees | 7,314 | 7,314 | 6,474 |
| Governance costs | 2,400 | 2,400 | 2,298 |
| 11,251 | 11,251 | 9,981 | |
| Total2024 | 9,981 | 9,981 |
8. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £2,400 (2024 - £2,208).
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
During the year ended 5 April 2025, no Trustee expenses have been incurred (2024 - £NIL).
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MENEVIA AND WREXHAM INFIRM SECULAR CLERGY FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
10. Fixed asset investments
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Other fixed
Listed asset
investments investments Total
£ £ £
Cost or valuation
At 6 April 2024 964,104 16,000 980,104
Additions 84,991 103,156 188,147
Disposals (86,894) (92,725) (179,619)
Revaluations 12,929 - 12,929
At 5 April 2025 975,130 26,431 1,001,561
Net book value
At 5 April 2025 975,130 26,431 1,001,561
At 5 April 2024 964,104 16,000 980, 104
11. Debtors
2025 2024
£ £
Due within one year
Prepayments and accrued income 3,270 4,103
3,270 4,103
12. Creditors: Amounts falling due within one year
2025 2024
£ £
Accruals and deferred income 4,262 3,942
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
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13. Statement of funds
| Statement offunds - currentyear | |||||
|---|---|---|---|---|---|
| Balance at 6 | Gains/ | Balance at 5 | |||
| April 2024 | Income | Expenditure | (Losses) | April 2025 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds- all funds | 1,093,534 | 28,862 | (36,751) | 29,069 | 1,114,714 |
| Statement offunds - prioryear | |||||
| Balance at | Gains/ | _Balance at | |||
| 1 | April2023 | Income | Expenditure | (Losses) | 5April2024 |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| GeneralFunds | 998,279 | 28,572 | (32,481) | 99,164 | 1,093,534 |
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MENEVIA AND WREXHAM INFIRM SECULAR CLERGY FUND
LL — a ee SE Pe CS: NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
pr
- Analysis of net assets between funds
Analysis of net assets between funds - current year
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||||||||
|---|---|---|---|---|---|---|
|Unrestricted|Total|
|funds|funds|
|2025|2025|
|£|£|
|Fixed|asset|investments|1,001,561|1,001,561|
|Current|assets|117,415|117,415|
|Creditors|due|within|one|year|(4,262)|(4,262)|
|Total|1,114,714|1,114,714|
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Analysis of net assets between funds- prior year
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|||||||
|---|---|---|---|---|---|
|Unrestricted|Total|
|funds|funds|
|2024|2024|
|£|£|
|Fixed|asset|investments|980,104|980, 104|
|Current|assets|117,372|117,372|
|Creditors due|within|one|year|(3,942)|(3,942)|
|Total|1,093,534|1,093,534|
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Total
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