Charity No . 222796
The Lancashire Infirm
Secular Clergy Fund
Trustees, Report and Financial Statements
For The Year Ended
5 April 2025
Cmha

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
CONTENTS
Page
Reference and admlnislrative information
Trustees, report
Independent examiner's report
Statement of financial activities
Balance sheet
Nolas lo the financial statements

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
REFERENCE AND ADMINISTRATIVE INFORMATION
Trustees
Rev S Stamp
Rev P Stanley
Rev A Prescoll
Offlcers
Rev S Stamp
Rev P G Stanley
Vacancy
President
Secretary
Treasurer
Independent examiner
N Ma50n FCA, DChA
MHA
Richard House
Winckley Square
Preston
PR1 3HP
Investmgnt managers
Sarasin & Partners LLP
Juxon House
100 Sl. Paul's Churchyard
London
EC4M 8BU
Contact address
clo Canon P G Stanley
Sl Joseph's Presbytery
Harpers lane
Chorley
PR6 OHR

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
TRUSTEES. REPORT
FOR THE YEAR ENDED 5 APRIL 2025
The Trustees present their report and financial statements for the year ended 5 April 2025. The financial
statements have been prepared in accordance with the accounting policies set out in the notes lo the accounts
and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by
Charities.. Slalemenl of Recommended Piaclice applicable to charities preparing their accounts in accordance
with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October
2019.
structure* govemance and management
The Fund is governed by the conslilulion revised in 2014 which was approved by the Charity Commission,
The Officers of the Fund are elected al the Annual General Meeting for a period of three years. Members who
are resident in any of the Dioceses shall be enlilled to vole at elections. Any member, whelhei present or not al
the Annual General Meeting, is eligible lo be elected as an Officer of the Fund. The required number of Trustees
al any lime is four.
Each financial year, the Trustees examine the wajor risks that the Fund faces. Systems have been established
lo mitigate these risks.
Objects and activities for the publ1¢ benefit
The objects and activities ol the Fund are the relief or support of the secular clergy of the Dioceses of Liverpool,
Salford and Lancaster who are unable. through age or infirmity, to allend lo the duties of their office and are in
necessilous circumstances. The Trustees confirm that they have referred lo the guidance contained in the Charity
Commission's general guidance on public benefit reporting when viewing the Fund's aims and objectives and in
planning future activities and selling the grant making policy for the year.
Grant making pollcy
During the year the Fund has conts'nued to make grants lo infirm clergy. Applications for grants are reviewed
against specific criteria and lo ensure they are in accordance with the Rules.
Flnanclal review and performance
The statement of financial activities shows nel incoming resources for the year 01 £33,27812024'. £36,593).
Other recognised gains and losses comprise realised and unrealised gains on investments and in 2025 there is
a nel loss of £110,304 compared lo a nel gain of £296,025 in 2024. The overall movement in reserves is a deficit
ot £77,026.
Reserves pollcy
11 is the policy of the Fund lo maintain unreslricled funds, which are free reserves in the income accumulated fund,
al a level which equates lo al least 12 months unreslricled expenditure. This provides sufficient funds to cover
adminislralion costs and lo respond lo emergency applications for grants. Unrestricted funds were maintained al
least lo this level thloughoul the year. The level ol free resetves as al 5 April 2025 was £552,130 {2024 £521,091).
Investmont objectlve and performance
The investment objective of the Fund is lo seek lo achieve capital growth over the longer term, subject lo market
conditions. and a corresponding increasing stream of income. In order lo achieve this objèctive, the manager
maintains a balanced portfolio of inveslmenls. The portfolio was invested in unil trusts.

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
TRUSTEES, REPORT
FOR THE YEAR ENDED 5 APRIL 2025
Investment return
As al 5th April 2025, the portfolio for the rolling year returned 0.9VA Inell. The porllolio value was £5,258,861.
Income within the portfolio was marginally lower for the year al £141,289 versus £145,465 for the pievious year.
Market Overview
Performance within both the Fund and the broader market over the period was more muted in comparison lo the
same lime last year, largely due to rising geopolitical tensions and the re-emergence of proleclionisl trade policies.
In particular, the announcement and implemenlalion of new tariffs by both the US and China introduced new
uncertainly around the global economic outlook. Within the Fund's equity allocation, technology names such as
Nvidia. TSMC and Amazon, which had previously driven strong performance, experienced a pullback al the end
of the reporling period as markets reassessed demand forecasts and the potential impact of Gross-border
reslriclions and weighty tariffs. Value and dividend focused investment styles saw a resurgence, helping
European equities recover. However, much ol the rally had been led by lower quality cyclical names that are less
aligned with our long-lerm thematic views.
The alteinalives in the porlfollo produced a positive return of +17.50/0 over the year131.03.2024 - 31.03.20251.
The largest conlribuloi lo this positive performance was the Fund's allocation lo gold, which has continued lo
perform strongly as a hedge against markel fluctuations and currency risks. This was complemented by pos11ive
contributions from the abscilule return holdings, whilst there was some weakness in infrastructure investment
trusts.
Fixed Interest
ICE BofAML Sterling
Corporate
ICE BofAML UK Gills
UK Equities
i Global Equities
MSCI UK IMI
4.30
MSCI AC World ex
UKINet TR)
S&P Developed
Property (Net TRI
UK Retail Price Index
Global Property
-0.80/D
UK Inflation
3.20/0
LISCF Portfolio
0.9%
Portfolio Positioning
Whilst our initial oveNeighl lo equities throughout 2024 and early 2025 added value, we reduced risk in February
and March by trimming our equities exposure. We increased our allocation lo gold which proved valuable, as
geopolitical uncertainty and rising demand for safe haven assets supported its performance.

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
TRUSTEES, REPORT
FOR THE YEAR ENDED S APRIL 2025
We initiated a position in Zoelis la global leader in animal pharmaceutical therapies) and a position in LVMH (the
largest purchase over the period), set lo benefit from the strong Ihemalic growth of prestige brands across the
globe, in particular driven by the Chinese consumer and fuelled by the exponential growlh of SOGial media.
Another significant addition was Forlinel, a security technology company operating in the network firewall and the
secure network software markets. The company is set to benefit from long term trends in cyber security,
pailicularly due to the increased threat landscape and the widespread adoption of cloud Computing.
ReducliDns within the portfolio include some ol the prominent US technology companies, namely Amazon,
following concerns of US consumer slowdown. Within the Fund's broader technology holdings, we have been
rol81ing out of some semiconductor and IT infrastructure companies and into software businesses. which our
analysts have identified as offering compelling opportunities. We also exiled our position in Air Liquide in favour
of Linde, as we saw this as the preferred comparky within the industrial gases sector.
The exposures of the Fund to the vaTiOUS asset classes at the slarl and end of the year were as follows..
2025
2024
Fixed interest
Global Equities
Global Property
Alternatives
Cash
10.6
62.0
13.9
68.6
14.0
100.D
100.0
Coneluslon
Looking ahead, we expect maTkels to remain sensitive lo the interplay be￿een economic growth, inflation
pressures and central bank pollcy decisions. As the impact from US tariffs begin to show in company results, we
expect inflation lo rise and for there lo be a dampening of consumer spending. A sustained US retreat from global
liade could also lead lo reduced dollar dominance and lasting pressure on consumer welfare.
Geopolitical rtsks continue lo be a concern, particularly the potential for further escalation in Ukraine and in US-
China relations. While such developments pose near-lerm risks lo global supply chains and could lèad lo renewed
market vo121ility, they also relnforce the glowing importance of national secLtrity and cybersecurity.
Against this backdrop, our positioning remains cautious and alert to the risks posed by elevated valuations. As
market leadership continues lo broaden beyond US technology companies, careful stock selection remains key.
This report was approved by the board of Trustees on
lo
and signed on ils behalf
Rev P Stanley - Trustee

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2025
I report to the charity Iruslees on my examination of the accounts of The Lancashire Infirm Secular Clergy Fund
for the year ended 5 April 2025 which are set out on pages 6 10 12 appended lo this report.
Responsibilities and basis of report
As the charity's trustees you are responsible for the prepar21ion of the accounts in accordance with the
requirements of the Charilies Act 2011 I'lhe Act'l.
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in
carrying out my examination I have followed all the applicable Directions given by the Charity Commission under
section 14515llb) of the Act.
Independent examlner's statement
I have completed my examination. I confirm that no material mallers have come lo my attention in connection with
Ihe examination giving me cause lo believe that in any malerial respecl..
accounting records were not kept in respect of the charity as required by section 130 of the Act., or
the accounts do not accord with those records., or
the accounts do not comply with the applicable requirements concerning the form and conlenl of accounts
sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requiremeril that the
accounts give a 'l¥ue and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other mallers in connection with the examination to which attention
should be drawn in this Teport in order to enable a proper understanding of the accounts lo be reached.
Date..
61..IDJJf..........
N Mason FCA, DChA
MHA
Preston

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2025
Capital
account
Income Total funds Total funds
accumulated
2025
2024
funds
Note
Income from-
Donations and legacie5
Investment income
Other income
2a
2b
5,000
156,335
5.000
156.335
2.239
1,740
156,522
1,337
2.239
Total Income
2,239
161,335
163,574
159,599
Expenditure on
Raising funds..
Investment management costs
Expenditure on charitable activities:
Grants lo Infirm Clergy - Individuals
Support costs
123,500
6,796
123,500
6,796
117,750
5,256
Total oxpenditure
130,296
130.296
123,006
Nel incomellexpendilurel before
gainsllosses Dn investments
2,239
31,039
33,278
36,593
Net gainsl{lossesl on investments
1110,304}
{110.3041
296,025
Net Incomellexpendlturel
1108,065}
31,039
177,026)
332.618
Reconcillation of funds..
Total funds brought forward
4,822,562
521,091
5,343,653
5,011,035
Total funds caiiied foNard
4,714,497
552,130
5,266,627
5,343.653

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
BALANCE SHEET
AS AT 5 APRIL 2025
Total
funds
2025
Total
funds
2024
Note
Investments
4,958,037
5,068,341
Current assets
Cash al bank and in hand
313,340
279,614
313,340
279,614
Creditors.. Amounts falling due
within one year
14,7501
14,3021
Net current assets
308,590
275,312
Total assets less current Ilabllltles
5,266,627
5,343,653
Funds
Restricted- capital account
Unrestricted - Income accumulated fund
4,714,497
552,130
4.822.562
521.091
Total funds
5,266,627
5,343,653
These financial slalements were approved by the Trustees on
and signed on their behalf..
Rev S Stamp- Presldent

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2025
Accountlng policies
Accounting convention
The financial statements have been prepared in accordan￿ with Accounting and Reporting by Charities..
Slalement of Recommended Practice applicable lo charities preparing their accounts in accordan￿ with
the Financial Repoiling Standard applicable in the UK and Republic ol Ireland IFRS 102} published
October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland
IFRS 1021, the Chaiilies Act 2011 and UK Generally Accepted Accounting Practice.
The Lancashire Infirm Secular Clergy Fund meets the definition of a public benefit entity under FRS 102.
The financial statements have been prepared lo give a 'lrue and fair, view and have departed from the
Charities (Accounts and Reports) Regulations 2008 only lo the extent required lo provide a 'true and fail,
view. This departure has involved following the Accounting and Reporting by Charities., Slalemenl of
Recommended Practice applicable lo charities prep8ring their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019 rather
than the Accounting and Reporting by Charities.. Statement of Recommended Pr8cb'ce effective from 1
April 2005 which has since been withdrawn.
Preparatlon of the accounts on a golng concern basls
The IrLJStees assess whether the use of going concern is appropriate, ie whether there are sny material
ncerlainties related lo events or conditions that may cast significant doubl on the ability of the charity lo
continue as a going concern. The Iruslees make this assessment in respect ot a period of al least one
year from the dale of aulhorisalion for issue of the accounts. The Charity has sufficient reserves lo
mitigate any impact of potential reductions in investment income. Investment reports are received during
Ihe year and performance is reviewed, The Trustees have concluLled that the charity has adequate
resoU￿eS to continue in operational existence for the foreseeable future and there are no material
uncertainties about the charity's ability lo continue as a going Concern. Thus they continue to adopt the
going concern basis of accounting in preparing the accounts.
Investments
Investments are slated al mid-markel value.
Investment Income
Investment income is included in the Slalemenl of Financial Activities on an accruals basis and is shown
gross of recoverable lax.
Expenditure
Expenditure is included on an accruals basis. Grants are recognised in the year in whloh they are
receivable.
Income aecumulaled fund lunrestrlcted fund)
The rules of the Fund slate that annual income, not including benefactions, shall be applied lo defray
adminislralion expenses and lo pay infirmity allowances. The surplus income. if any. shall be added lo
the Income Accumulated Fund.
Capital account Irestricted fund
The rules of the Fund slate that benefactions and profits arising from the realisation of investments shall
be added lo the capital account. Losses on the realisation of investments shall be made good out of the
capital account.

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2025
Accounting policies Icontinuedl
Critical accounting e5tirnates and areas of judgement
Accounting estimates and jLfdgemenls are continually evaluated and are based on historical experience
and other factors, including expectations of future events that are believed lo be reasonable under the
circumstances.
Crltlcal accountlng estlmates and assumptions
There are no critical accounting estimates and assumptions.
Critical areas of judg8ment
There are no other crilical areas of judgement in these accounts.
2a.
Donations and legacies
2025
2024
Bequests
5,000
1.740
5,000
1,740
Income from donations and legacies for the year ended 5 April 2024 related to unrestrlcled funds.
2b
Investment Income
2025
2024
Unil Trusts
Bank deposit interest
141.289
15.046
145,464
11,057
156,335
156,522
Investment income in the years ended 5 April 2025 and 5 April 2024 related lo unreslricled funds,

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED S APRIL 2025
Investment8
2025
2024
Market value al S April 2023
AddilionsllDisposalsl
Nel inveslmènl gainslllosses}
5,068,341
4,754,507
17.809
296,025
1110,3041
Market value at 5 Aprll 2024
4,958.037
5,068.341
Historical cost al S April 2023
AdditionsllDisposalsl
4,285,145
152,6241
4,285,145
Historical cost at 5 April 2024
4,232,521
4,285,145
The market value of investments is analysed as follows..
Unil Trusts
4,958,037
5,068,341
Total market value of investments
4,958,037
5,068,341
All investments at the year end are held in unit trusts.
Cash
2025
2024
Cash al bank and in hand
Cash held within investment portlolio
12,517
300,823
12,365
267,249
313,340
279,614
Credltors: amounts falllng due wlthln one year
2025
2024
Accruals
4,750
4,302
-10-

THE LANCASHIRE INFIRM SECULAR CLERGY FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2025
Support costs
2025
2024
Treasurer's expenses
Secretary's expenses
Independent examination
Postage, printing and stationery
Ofh'cers, meetings and AGM
250
600
3,048
156
2,742
335
500
2,617
152
1,652
6,796
5,256
The Trustees received no remLJneralion12024 £nill and were not reimbursed for any of their expenses
in the year12024 - £nill except as sel out above.
Support costs in the year ended 5 April 2025 and S April 2024 related lo unrestricted funds.
The charity had no employees during the year.
Investment management costs
Investment management costs for the current year amount to a nel rebate 01 £2,23912024'. £1.337}.
Investment management coslslrebales are built into the underlying unil prices and represents restricted
capital income.
Related Party Transactlons
There were no related party transactions during the year.
-11-

THE LANCASHIRE INFIRIVI SECULAR CLERGY FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2025
Movements in charlty funds
Capltsl
Incomè
account accumulated
fund
2025
Total
funds
Totsl
funds
2025
2025
2024
At 5 April 2023
4.525,200
485,835
5,011,035
5,289,328
Nèl incominglloulgoingl resources
Other recognised gains and losses
1,337
296,025
35,256
36.593
296.025
99,371
1377,6641
Nel movement of funds available for
future activities
297.362
35,256
332,618
1278,2931
At 5 Aprll 2024
4,822,562
521,091
5,343,653
5,011,035
Nel incominglloulgoingl reSoUr￿S
other recognised gains and losses
2,239
1110,3041
31,039
33,278
1110,3041
36,593
296,025
Nel movement of funds available for
future activities
{108,0651
31,039
77,026
332,618
At 5 April 2025
4,714,497
552.130
5,266.627
5,343,653
10
Analysls of net assets between funds
Capital
account
Incorne
accumulated
fund
Total
funds
Investments
Nel current assetsllliabilitiesl
4,714,497
243,540
308,590
4,958,037
308,590
Nel assets 5 April 2024
4,714.497
552,130
5,266,627
Capital
account
Income
accumulated
fund
Total
funds
Prior year
Investments
Net current asselsllliabililiesl
4,822,562
245,779
275,312
5,068.341
275,312
Nel assets 5 April 2023
4,822.562
521,091
5,343,653
-12-