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2024-03-31-accounts

SHREWSBURY SECULAR CLERGY FUND

REPORT AND ACCOUNTS YEAR ENDED 31[ST] MARCH 2024

REGISTERED CHARITY 218087

SHREWSBURY SECULAR CLERGY FUND

REPORT AND ACCOUNTS

YEAR ENDED 31[ST] MARCH 2024

CONTENTS PAGE
Trustees and professional advisors 1
Report of the Trustees and Statement of Trustee’s Responsibilities 2-4
Report of the Independent Examiner 5
Statement of Financial Activities 6
Balance Sheet 7
Notes and Accounting Policies 8-12

SHREWSBURY SECULAR CLERGY FUND

YEAR ENDED 31[ST] MARCH 2024

TRUSTEES

Rev. George Browne Rev. Jonathan Mitchell Rev. Patrick Munroe Rev. Stephen Woolley Rev. Michael Hartley Rev. Roger Clarke

(President) (Secretary) (Vice President) Treasurer

TREASURER

Rev. Michael Hartley

SECRETARY

Rev. Jonathan Mitchell

Principal Address

St Milburga’s Watling Street North Church Stretton Shropshire SY6 7AR

BANKERS

National Westminster Bank Plc, Eastgate Branch, Chester

INVESTMENT MANAGERS

Rathbones Investment Management, Pier Head, Liverpool L3 1NW

HON. SOLICITOR

Anthony Nelson, Haworth & Gallagher, Hamilton Square, Birkenhead

Independent Examiner

AG Martin, AGM Financial Limited, 2 Clumber Grove, Newcastle, Staffs, ST5 3AU

Page 1

SHREWSBURY SECULAR CLERGY FUND

REPORT OF THE TRUSTEES

YEAR ENDED 31[ST] MARCH 2024

The Trustees present their annual report and financial statements for the year ended 31[st] March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and the 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 published on 16 July 2014.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Shrewsbury Secular Clergy Fund is a registered Charitable Trust, established by a Trust Deed dated June 1872, registered charity number 218087.

The Trustees who served during the year and since the year end are set out on page 1. The Trustees meet quarterly and are subject to annual reappointment, with the exception of the Secretary and Treasurer who are appointed to serve for a three-year term.

At the quarterly trustees’ meeting, the Trustees agreed the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance.

The Board keeps the skill requirements for the Trustee Body under review and in the event that a Trustee permanently retires or additional new trustees are required, the board sets up a Nominations Sub Committee to recruit new Trustee(s).

The induction process for any newly-appointed Trustee comprises an initial meeting with the Chair and the Board, followed by a series of short meetings on investments, the grant making process and the powers and responsibilities of the Trustee board. The welcome pack includes a brief history of the Trust, copy Board minutes, a copy of the last three years of annual reports and accounts, a copy of the governing trust deed and a copy of the Charity Commission’s guidance ‘The Essential Trustee: What You Need to Know’

RISK MANAGEMENT

The charity Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.

OBJECTIVE AND ACTIVITIES FOR THE PUBLIC BENEFIT

The principal aim of the Charity is the care of sick clergy and retired clergy of Shrewsbury Catholic Diocese (who are members of the fund) through financial grants.

Page 2

SHREWSBURY SECULAR CLERGY FUND

REPORT OF THE TRUSTEES (CONTINUED)

YEAR ENDED 31[ST] MARCH 2024

GRANT MAKING POLICY

The fund invites applications for retirement grants from all retired members of the Shrewsbury Secular Clergy Fund. Other grants are made at the discretion of the Trustees and are invited from sick or ill clergy members of the same Fund.

ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW

The Trustees appointed Rathbones Investment Management to manage all the investments of the fund. The investment policy agreed with the investment managers is to maximize income from a portfolio of medium risk, ethical investments which will generate capital growth in the medium to long term.

The Trust Deed authorises the Trustees to invest any money in any manner in which Trust money may be invested, according to the laws for the time being in force.

The Rathbones portfolio represents all of the charity’s investments. It has produced income of £34,951 towards the charity’s operating expenses.

Once again, as Trustees, we express our appreciation for the support we receive from clergy, parishioners and honorary advisors.

RESERVES POLICY

The Trustees consider that the level of free reserves is adequate. The level of retirement grants is forecast to increase in future years reflecting the age profile of the current clergy.

Page 3

SHREWSBURY SECULAR CLERGY FUND

REPORT OF THE TRUSTEES (CONTINUED)

YEAR ENDED 31[ST] MARCH 2024

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the financial activities of the Charity during the year and its state of affairs at the end of the year. In preparing those financial statements, the Trustees are required to: -

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ensure that the financial statements comply with the applicable law and with the provisions of the Trust Deed. The Trustees 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, together with ensuring that its report is prepared in accordance with law applicable to Charities.

The Trustees are responsible for ensuring that the Trustees’ report and other information included in the annual report is prepared in accordance with Charity Law in the United Kingdom.

Approved by the Trustees on 2024

Rev. J Mitchell – Secretary

Page 4

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF

THE SHREWSBURY SECULAR CLERGY FUND

I report on the accounts for the year ended 31 March 2024 set out on pages four to eight.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is required.

It is my responsibility to:

Basis of the independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statements below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

A G Martin AGM Financial Limited 2 Clumber Grove Newcastle Staffs

Page 5

SHREWSBURY SECULAR CLERGY FUND

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31[ST] MARCH 2024

Notes
Incoming resources
1.3
Incoming resources from generated funds:
Voluntary income:
Donations
Legacies
Investment income
Total incoming resources
Resources expended
1.4
Costs of generating funds
Investment management costs
Charitable activities
Grants
1.7
Other resources expended
Governance costs
5
Total resources expended
Net incoming / (outgoing)
resources
Net gains / (loss) on investments
Net movement in funds
Reconciliation of funds
Fund balance brought forward
Fund balance carried forward		 Year Ended
31 March 2024
£
£
-
-
34,952
34,952
15,528
43,500
4,675
63,703
(28,751)
107,817
79,066
1,502,891
1,581,957		 Year Ended
31 March 2024
£
£
-
-
34,952
34,952
15,528
43,500
4,675
63,703
(28,751)
107,817
79,066
1,502,891
1,581,957		 31
£
15,108
45,325
4,776		 Year Ended
March 2023
£
10,080
22,000
34,952 32,080
34,827
34,952

63,703		 66,907
65,209
(28,751)
107,817		 1,698
(20,624)
79,066
1,502,891		 (19,926)
1,521,817
1,581,957 1,502,891

All funds shown above represent general, unrestricted funds.

The (outgoing)/incoming resources and resulting net movements in funds are from continuing operations. No separate Statement of Total Gains and Losses has been prepared as all such gains and losses have been dealt with in the Statement of Financial Activities.

Page 6

SHREWSBURY SECULAR CLERGY FUND

BALANCE SHEET YEAR ENDED 31[ST] MARCH 2024

Notes
Fixed assets
Investments, at market value
7
Current assets
Cash at bank

Creditorsamounts falling due
within one year
8
Net current assets
Net assets
The Funds
of the
Charity
Unrestricted general funds
9		 Year Ended
31 March 2024
£
£
1,531,210
52,427
(1,680)
50,747
1,581,957
1,581,957		 Year Ended
31 March 2023
£
£
1,447,969
56,602
(1,680)
54,922
1,502,891
1,502,891		 Year Ended
31 March 2023
£
£
1,447,969
56,602
(1,680)
54,922
1,502,891
1,502,891
1,502,891

The Financial Statements on pages 7 to 12 were approved by the Board of Trustees on ……………………… 2024 and were signed on its behalf by:

Rev G Browne, President

Page 7

SHREWSBURY SECULAR CLERGY FUND

NOTES AND ACCOUNTING POLICIES YEAR ENDED 31[ST] MARCH 2024

Notes to the accounts

1. Accounting Policies

1.1 Basis of Preparation and assessment of going concern

The accounts (financial statement) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Charities Act 2011.

1.2 Reconciliation with previous Generally Accepted Accounting Practice

In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was needed. No restatements were required.

1.3 Income Recognition

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.

Donations, are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that required a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

1.4 Expenditure Recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note 1.6 below.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year grant.

Page 8

SHREWSBURY SECULAR CLERGY FUND

NOTES AND ACCOUNTING POLICIES (CONTINUED) YEAR ENDED 31[ST] MARCH 2024

1.5 Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

1.6 Allocation of governance costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to accountancy and legal fees.

1.7 Charitable activities

Costs of charitable activities include grants made, governance costs and an apportionment of governance costs as show in note 1.6 above.

1.8 Tangible fixed assets and depreciation

All assets costing more than £1000 are capitalised and valued at historical cost. Depreciation is charged on furniture and equipment on a straight-line basis over their estimated useful life of four years from the year of acquisition.

1.9 Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors and subsectors.

1.10 Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

1.11 Taxation

As a registered charity, the Fund is exempt from taxation on its income and gains arising out of its charitable activities.

Page 9

SHREWSBURY SECULAR CLERGY FUND

NOTES AND ACCOUNTING POLICIES (CONTINUED) YEAR ENDED 31[ST] MARCH 2024

2. Investment income
Year ended Year ended
31/03/2024 31/03/2023
£ £
Listed investment income 34,952 34,827
3. Investment Management Costs
Portfolio Management 15,528 15,108

4. Trustees’ Remuneration and Benefits

There were no Trustees’ remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

There were no Trustees’ expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

5.
Governance Costs
Administration
Meetings
Accountancy
6.
Analysis of Grants
Retirement Grants
Sickness Grants		 2024
£
1,470
1,525
1,680
4,675
£
43,500
-
45,500		 2023
£
1,640
1,696
1,440
4,776
£
44,500
825
45,325

Page 10

SHREWSBURY SECULAR CLERGY FUND

NOTES AND ACCOUNTING POLICIES (CONTINUED) YEAR ENDED 31[ST] MARCH 2024

7.
Fixed Asset Investments

Market Value as at 1 April 2023
Additions to investments at cost
Disposals at carrying value
Net gain / (loss) on revaluation
Investments at market value comprised:
Equities
Fixed Interest Securities
Cash held within Investment Portfolio
8.
Creditors: Amounts falling due within one year
Other Creditors
9. Movement in Funds

Unrestricted Funds
Balance at 1stApril 2023
Movement in funds in the year
Balance at 31stMarch 2024		 2024
2023
£
£
1,447,969
1,482,874
139,720
140,461
(168,552)
(159,207)
112,073
(16,159)
1,531,210
1,447,969
£
£
1,181,495
1,152,304
288,535
238,740
61,180
56,925
1,531,210
1,447,969
£
£
1,680 1,680
£
1,502,891
79,066
1,581,957		 2023
£
1,482,874
140,461
(159,207)
(16,159)		 2023
£
1,482,874
140,461
(159,207)
(16,159)
1,447,969
£
1,152,304
238,740
56,925
1,447,969

£
1,680

Page 11

SHREWSBURY SECULAR CLERGY FUND

NOTES AND ACCOUNTING POLICIES (CONTINUED) YEAR ENDED 31[ST] MARCH 2024

Net movement in funds included in the above are as follows:

Unrestricted Funds
General Fund
Total Funds		 Incoming
Resources
Gains and
Movement
Resources
Expended
Losses
in Funds
£
£
£
£
34,952
(63,703)
107,817
79,066
34,952
(63,703)
107,817
79,066

Page 12