Charlty No . 222796
The Lancashire Infirm
Secular Clergy Fund
Trustees, Report and Financial Statements
For The Year Ended
5 April 2024
Cmha

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
CONTENTS
Page
Reference and administrative Inlorma(lon
Trustees, report
Independent 8xaminerfs rèport
Statement of financial aeliviti&s
Balance sheet
Notes to th8 financial statemonts

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
REFERENCE AND ADMINISTRATIVE INFORMATION
Trustees
Rev S Stamp
Rev P Stanley
Rev S D Hawksworth
Rev A Prescoll
Ofllcers
Rev S Stamp
R8v P Stanley
Rev S D Hawksworth
Pr8sid@nl
- Secretary
Trea8ur8r
Independent examiner
N Pjason FCA, DChA
MHA
Rlchard House
Winckley Square
Preston
PR13HP
It7vestment manager5
Sarasin & Partn8rs LLP
Juxon House
100 Sl. Paul's Churchyard
LondoTI
EC4M 8BU
Contact address
clo Rev S D Hawksworth
Treasurer
Sl. John Vlanney Presbytery
26 Glastonbury Av8nue
B￿ckpO
FY16RD

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
TRUSTEES. REPORT
FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present Ih8ir report and financial slalemenls for the year ended 5 April 2024, The finanGlal
statements have been prepared in accordance with Ihe accounllng pollcle5 set Out In the note5 lo th6 accounts
and comply wlth Ihe charity's governing docum$nl. the Charities Acl 2011 and Accounling and Reptsriing by
Charltie5.' Statement of Recotnrnended Pracllce applic8bJ8 to charities preparing their a¢¢ounls In accordance
with the FinancSal Reportlng StandariS 8ppli¢able in the UK and Republic ol Ireland IFRS 1021 issued in October
2019.
structure, govemance and management
The Fund is governed by th8 constitution revi88d In 2014 which was approved by the Charty Cornmission.
Th8 Officers ol Ihe Fund are e18cled al the Annual General Meeting lor a perlod of three years. Members who
are resident in any ol the Dioceses shall be enlilled to vole al el8clions. Any member. whether present or not at
the Annual General Me8ting, Is ellgible lo ele¢led as an Officer of the Fund. The required numb&r of Trustees
at any lime is four.
Each financial year, the Trustees 8xamine the rnajor risks that the Fund faces. Systems have been establi8h8d
lo millgale these risks.
Obje¢ts and actlvltles for the publlc beneflt
The objects and activities of the Fund are the rèlièf or 5UPPOrt of the secular clÈrgy of the Dioc&s8s ol Lpierpool.
Salfard and Lancaster who ar£ un8ble, Ihrough a99 or inlirmily. lo £tlend to the duties ol thelr office and are in
necessitous circumstances. The Trustees confirm Ihal they have ref8rr8d lo IhÈgUidan￿ conlained in Ihe Charity
Commission's general guidance publlc benefit reporting when viewing the Fund's aims and Objec1￿eS and in
planning future 8Ctivities and setting the grant making policy for the year.
Grant maklng poll
During the year th8 Fund has continued to make grants lo infirm cleigy. Applications lor grants are reviewed
g8lll5t spe¢ifi¢ criteria and to ensur8 they are in accordance with the Rule5.
Flnanclal revlew and perfomiance
The 5tstemenl of financial activities shows nel irbcorning resourc8s for the year of £36,593 {2023'. £99,371).
Other recognised 9alns and losses comwise reali58d and unreallsed gains on investwenls and In 2024 th@re is
8 nel ualn of £296.025 compared to a net1055 of £377,664 in 2023. The over811 movement in re5eNes is a surplus
of £332,618.
Reserves policy
l( is the poli¢y of Ihe Fund to maintain unreslricled funds, which are free reserves Sn the income ac¢umulaled ftjnd,
at a level whlch equates to al least 12 months unrestricted p.xpenditure. This provides sufflcleTrl funds lo ¢over
adminislralion costs and to respond lo emergency applicallons for grants. Unrestricted furos were maintained at
least lo this level throughout the year. The18vel offree reserves a5 at 5 April 2024 was £521,09f12023 £485.8351.
Investment obléctlv8 and performancè
Th8 Inveslment objective of the Fund is to seek to achieve capilal growth over th8 longer term, sulaecl to market
condilions, and a corresponding incie88ing stream ol income. In order lo achieve this objective. the manager
ainlains a balaneed portfolio of investments. The portfolio was invested in unil Irusls.

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
TRUSTEES, REPORT
FOR THE YEAR ENDED S APRIL 2024
Investment return
As at Slh April 2024, the portfolio lor the rolllng year return8d 9.30k Inell whlch In nominal lerms was an Increase
of £333.885 from the pr8vious year. The portfolio value wa5 £5,325,591. Incorne wilhin the porttolSts was
marginally h￿heT for the year al £145,465 versus £144.346 lor the prevlous year.
Market Overvlew
The second half of 2023 saw SU1￿Ued returns acr055 most major ass81 classes. UK infl8tion ¥ate5, whlch had
P8aked last year. fell signifi¢antly to 6.7QA by August which benefiled corporale bonds. Th8 strong performance
of Ihe 'Magnificent 7. conllnued lo dominal8 Ihe market which made il chalknging lor dwerslfled portfollos to
maintain pace with such a ¢oncenlrated equlty index. As 8 re5uIt. Ihe portfolio recorded a lotsl return of 4.90A for
the period, underparforming the benchmark. which returned +6.7%. Key Portfolio adjuslmenls durlng thls lime
Included incr8asing exposure lo le¢hnology companles Inolably key b8neficiar16s of the growth in All and selling
stocks primarlly on valualion conceins16.g. Palo Alto Networks). Our alternative exposure somewhat struggled,
with gold and absolute return funds providing some re15ef bul not offsettlng the weakness 8xpeiienced wilhin
infrastructure and renewables, as higher interest rates increased financing cosls and encouraged investors Into
hS9her yieldingllower risk fixed income assets.
Aèsèl￿laYS.,-.
Annual'.Ret.i4rn-_
'.10510412023-':_
.0510412024).-:
5.40/0
FIx6d Interest
ICE BofAML Sterling
Corporate
ICE BofAML UK Gills
UK Equilles
GIDbal Equities
MSCI UK IMI
7.9•
MSCI Acworld ex
UKINel TR)
S&P Developed
Property
UK Retail Pri¢e Index
21,4%
Global Property
5.3Q
UK Inflation
4.3%
LISCF Portfolio
9.3.
In the se¢ond half, the portfollo rebounded significanlly. Firslly, 8 notable rally in both equity and bond markets
was driven by a sharp de¢line in US inllalion and indications that the Federal Reserve had reached peak interest
rates. Bond inv8Stmenl returns were particularly strong as yields b8g8n lo fall, although our pieferen￿ for
corporate bonds over gills allowed us lo profil from the ¢1Yo spread. h8vlng been reassuied by the strength of
company b818nce sheets. Our thèmttlc equily selection p&rformed well arnKlst the broader market rally and
Inlern311tsnal equities OLIIpErformed the UK market, as our shift to a global equity approa¢h proved advantageous.
Alternatives saw modesl r8turns due lo further improvements In oold and narrowing discounts in bolh ren8w8ble
d infraslfu¢lure funds, although they remained rekglively weak cornpared to our other exposur8 to thi5 asset
dass. Portfolio performan¢& across the first hall of 2024 lolalled 7.3°A against tha composite benchmark ts18.10

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
TRUSTEES, REPORT
FOR THE YEAR ENDED S APRIL 2024
Portfolio Positlonin9
Whilst wo believe long term govemmenl bond yields are clos8 to our esllrnalg of fa￿r value, the ylelds availa￿e
from high quallty. investment grade corporale bonds continue lo look allraclive a5 pension lund purchases remain
strong. W8 remain ovenveloht to equities 8s global earnings and dividend growth prove robusi and rnarkel
Jeadership is b8ginning lo broaden out. Flnalty, w8 have established a slralegic p0511ion lo gold within Ihe
allernativesexposure, supported bydebt fears across Western economios and extensiv8 buying aclivilyby central
banks vAlhin emerging markets, whlch has beèn B significant contributor to returns in recent months.
The exposur8s of the Fund to the various asset cLgsses at the start and end of the year w8r8 as follows..
2024
2023
Fixed intere51
Global Equities
Global Properly
Alterll81ives
Cash
13.9
68.8
17.9
59.2
11.8
100.0
100.0
Conclusion
The previous tw¢￿e months has s88n increased volalilily due lo geopolltical tensions, including Ihe ongoing
15r881-Hamas conflict and the volatile US presidenlkal election landscape. Although short-term m8rkel volatility
presents a challenge, forecasts for interest ra18 Wts in thè s8¢ond half of the year remain on track and an
emphasls on qualily and IIquKlily remains important 85 geopolilleal risks rlse.
This report wa5 approved by Ihe board ol Trustees on
and signed on ils b8ha
Rev S D Hawksworth-Treasuror

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2024
I report lo Ihe charlly Irus188s on my exarnlnallon ol the accounts of The Lancashire Infi'rm Secular Cleryy Fund
lor the yearended 5 April 2024 which are Set out ON pages 6 10 12 appended lo thls reporl.
Responsibllltles and basis of r8POrt
As the charity's trustees you are responsible for the preparation of Iho gccounts in ac¢ordance with the
requirements of the Charities Act 20111'lh& Acl'l.
I report in respect ol my examination ol the charity's awounts carried out undor section 145 of Ihe Act and in
carrying out my examination I have followed all the applicable Directions given by the Charity Commisslon undgr
section 14515llbl ol ihe Act.
Indep8ndant •xamlner's statement
I hav8 comp18led myexamiration. I confirm Ihal no rnaterlal matl&rs have come to my all¢nlk)n in connection wilh
the examlnation givirkg me cause lo believe Ihal ir) any rnateri&l re5pecl'.
accounting reGords were not kept in respeot of the charity as required by sectlon 130 of the Act.. or
the a¢counls do not accord with those re¢ords,' ar
the accounts do not Gomply wilh th8 applicable requlrements concerning the form and contenl of accounts
set out In the Charili8s (Accoun15 and Reports) Regulations 2008 other Ihan any r8quirernent that th8
a¢¢ounls give a 'lrue and fair view, which is not a rnalter considered 8s part of an Independent examina￿on.
I have no concerlls and have ￿me across no olh8r matters in connection wilh th8 examinalion lo which atlenllon
should be drawn in this report In order to enabb a proper underslandlng of lh8 accounts to be reached.
Date=
..g.I,.,:iJo.'Lt..
N Mason FCA, DChA
MHA
Preston

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
STATEMENT OF FINANCIAL Acriv￿lEs
FOR THE YEAR ENDED 5 APRIL 2024
Capltal
account
Income Total funds Total funds
accumulated
2024
2023
funds
Noto
Income from..
Donations and leg8CleS
Investrnent income
Other income
2a
2b
1.740
156,522
1,740
156,522
1,337
79,152
144,346
1,993
1,337
Total Income
1,337
158,262
159,599
225,491
Expendlture on
Ralslng funds..
Investment manag8menl Costs
Expendlture on charltable activltles..
GraTTrls lo Infirm Clergy - Individuals
Support Costs
117,750
5,256
117,750
5,258
121.100
5,020
Total exp8ndltur•
123,006
123,006
126.120
Nel incomellexpenditurel before
gainsllos5es on investments
1,337
35.256
36,593
99,371
N8t galnslllossosl on Investments
296,025
296,025
1377,6641
Net Incom6118xpendlturel
297,362
35,256
332,618
1278,2931
Recon¢511atlon of funds..
Total funds brought forward
4.525,200
485,835
5,011,035
5.289,328
Total fund5 carr￿d lorward
4.822,582
521,091
5,343,653
5,011,035

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
BALANCE SHEET
AS AT S APRIL 2024
Total
funds
2024
Total
funds
2023
Note
Investments
5,068,341
4.754.507
Cuffént assets
Cash at bank and in hand
279,614
260,563
279.614
260,563
Creditors.. Amount5 falling due
within one yèar
14,3021
14,0351
Net current assets
275,312
256,528
Total z55ets le5¥ Gurrenl Itabilitie$
5,343,653
5,011,035
Funds
Reslri¢ted- capital account
Unrestricted - Income aeLumulated fund
4,822,562
521,091
4.525.200
485.835
Total funds
5,343,653
5,011,035
Th8se financial 51alemenls were approved by the Trustees on .
8FKI signed on Iheir behalf..
Rev S Stamp- President
Rev S D Hawksworth- Treasurer

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2024
Accounting pollcles
Ac¢ountlng conventlon
Th6 financial slalern8nts hav6 been prepared in accordan￿ with Accounting and Repc>rting by Chariti8S'.
Statement ol R¢¢omtnended Pracli¢e applicab18 lo charilles preparing their accounts in accordance with
lh8 Financlal Reporting Standard applicable In the UK and Republic of Ir81and IFRS 1021 published
October2019, the Financi81 R8poHlng Stsndard applicable in th8 United Kingdom and Republic ol Ireland
IFRS 1021, Ihe Charities Act 20118lld UK Generally Accepted Aocounling Pr8Ctice.
The Lancashire Infirm Secul8r Clergy Fund meets the definitlon of a public benef￿ entity under FRS 102.
The financial slalemènls have been p￿pared to give a 'lrue and lair, view and have d8P8rted from the
Charilies IAccounls and Reports) RegulalSons 2008 only to the extent requir8d lo provlde a'true and fair.
view. This departure has invoFved following the A¢counllng and Reporting by Charilies.. Slalement ol
Recommended Pr8clice applicable lo charilies prepa¥ing Iheir accounts in accordance wilh the Financial
Reporting Siandard applicab18 in the UK 8nd Republic ol ltsland IFRS 1021 issued in Oclober 2019 ralhei
than the Accounting and Reporting by Charitles.. Statem@nl ol Recornm8nded Pra¢ll¢e effecliva from 1
Aprll 2005 which has since been withdrawn.
Preparatlon of th8 a¢¢ounts on a going concern bas15
The trustees assess whelher the use of gotrng concern is appropriale, 18 whether (here aro any material
uncertainties related lo evenls or condit￿n$ Ihal may c8St significant doubt on the ability ol the charily lo
continue as a going concern. The Iruslees make this assessment in respecl ol a period ol al least one
year IroTn th8 d818 ol aulhorisalion for issue of the accounts. The Ch8rity has sufficienl r8serves to
mitigate any impact of potential reductions in inveslmenl incom8. Inveslmenl reports are received during
Ihe year and ￿rforManCe is reviewed. The Trustees have concluded that the charity has adequate
resources lo continue in operational existen￿ for the foreseeable fLtlure and there are no mater101
unctrrtainties about the charity's ability lo continue as a going concem. Thus they continue lo adopt the
going concern basis ol accounting in preparing the accounts.
Investments
Investments ale slated at mKI-markèl value.
Investment income
Investment income is included in the Statement of Finanaal ActiMti8s on an accruals basis and is shown
gross of recoverable tax.
Expenditure
Expenditure is included on an aceru8ls basis. Grants are recO￿lsed in the year in which they ar8
receivabl8.
In¢ome accumulated fund (unrestricted fund)
Th8 rules of the Fund state that annual incorn8, not in¢ludlng benefactions, shall be applied to defray
adminislralion expènses and to p8y infimily allowances. The surplus Inc(xn&, if any, sh811 ba add8d lo
the Income Accutnulaled Fund.
Capital account (restricted fund)
The rul8s of the Fund slate that benefactions and profits 8risiNJ from the re81isalion ol Inv851rngnls shall
be added lo the capilal account. Lossès on the reallsation of Investments shall be made oood out ol the
capital account.

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2024
Accountlng pollGles Icontlnuedl
Crltlcal accountlng estimates and areas of judgement
Accounllng eslimat&s and judgements ale conllnually evaluated and are based on hlslorl¢al experi8nce
and other laclors, including expeciations of fulur6 evenls Ihal are believed to be reasonable under the
rircumslances.
Critical aecountlng estlmates and assurnptlons
There are no Grili¢al accounting estim8tes and a55umplions.
Critical areas of judgement
There are rK) Otl)er critical areas of jLKlgemenl in these a¢counts.
2a.
Donatlon8 and 18gaclès
2024
2023
Bgquests
Donations
1,740
79,152
1,740
79,152
Incom8 from donatlons and legacies lor the year ended 5 April 2023 related to unrestrieted ftjnds.
2b
Investment Income
2024
2023
Unlt Trusts
Bank deposit Interest
145,464
11.057
140,544
3,802
156,522
144.346
Inv8Stm8nl incotne In the years ended 5 April 2024 and S April 2023 related lo unrestricted funds.

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2024
Investments
2024
2023
Market value at 5 April 2023
AddilionsllDlsposalsl
N8t inveslrnent gainsll1055esl
4,754,507
17,809
296,025
5.132,171
1377,6641
Market value at 5 Aprll 2024
5,068,341
4,754,507
Hislorlcal cost 815 Apdl 2023
AddilK)nsllD15posalsl
4,285,145
4.267.336
Historical ¢ost at 5 April 2D24
4.285,14S
4,267.336
The market value of investments is analysed as follows..
Unll Trusts
S,068,341
4,754,507
Total market value of Investments
5,068,341
4,754,507
All inveslmenls al th8 y8ar end are held In unit trusts.
Cash
2024
2023
Cash al bank and in hand
Cash held within investment portfolio
12.365
267,249
13,364
247,199
279.614
260,563
Credltor5: amounts falllng due wlthln onè year
2024
2023
Accru818
4,302
4.035
-10.

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2024
Support cost8
2024
2023
Trea5LJrer's expenses
Secrelary's expenses
Independenl ex8minallon
Postage. prfntlng and stationery
Officers, meetings and AGM
335
500
2,617
152
1,652
250
500
2,730
81
1,459
5,256
5.020
The Twstees re¢eived no remuneration12023 £nill and were not reirnbursed for any of their expenses
In Ihe year12023- £nill ex¢gPt 88 set oul 8bov8.
Support oosts In the y88r 8ndod S April 2024 and 5 April 2023 related to unreslrlcled funds.
The charity had no employees durlng the year.
Investment management costs
Investment management costs for the cur￿n1 year amount lo a net rebate of £1,337 12023.. £1.9931.
Investment management coslslr8bal8s are built into the underlylng vnll prices and represents reslricled
C8Pit81 I￿oMe.
Related Party Transactions
There were no related party trans8Ctlons durlng the y8ar.

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2024
Movoments In charlty funds
Capllal
Incom
account accumulatod
lund
2024
Total
lund8
Total
funds
2024
2024
2023
At S Aprll 2022
4,900,871
388.457
5.289,328
5,163.338
Nel incominglloul90ingl resources
Other recognised galns and losses
1,993
{377,6841
97,378
99,371
1377,6641
28,237
97,753
Net rnOV8ment of fund5 available for
lulure acliviti@s
1375,671}
97.378
1278,2931
125,990
At 5 April 2023
4,525,200
485,835
5,011,035
S,289,328
Nel incominglloulgoingl resources
Other re¢ognised gains and losses
1,337
296,025
35,256
36,593
296,025
99,371
{377,6641
Net movernenl of funds avallable for
future aclivilies
297,362
35,256
332,618
1278,2931
At S April 2024
4,822.562
521,091
5.343.653
5.011,035
10
Analysis of net as$ets b8tween funds
Capltal
account
Income
acGurnulated
fund
Total
funds
Investments
Nel current ass81sllliabilitiesl
4.822,562
245,779
275,312
5,068,341
275,312
Nel assets 5 Aprll 2024
4,822.562
521,091
5,343,653
Capital
account
Income
a¢¢umulaièd
fund
Total
fund8
P￿or year
Investments
Nel current asselsllll8bilit18sI
4,525,200
229.307
2S6,528
4,754,507
258,528
Nel assets 5 April 2023
4.525,200
485,835
5,011,035
-12-