## **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: -
- Select suitable accounting policies and then apply them consistently;
- Make judgments and estimates that are reasonable and prudent;
- Follow the recommendations of the Charity Commission and of the accounting profession with regard to the form and content of the financial statements, or to disclose and explain any departure therefrom;
- Prepare the financial statements on the going concern basis unless this basis is not considered appropriate.
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:
- examine the accounts under section145 of the 2011 Act
- to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145 (5)(b) of the 2011 ACT); and
- to state whether particular matters have come to my attention.
## **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:
- (1) Which gives me reasonable cause to believe that, in any material respect, the requirements
- to keep accounting records in accordance with Section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
- have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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
**Creditors**amounts 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