2024-03-31-accounts - Secular Clergy Common Fund

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Secular Clergy Common Fund

ANNUAL REPORT and FINANCIAL STATEMENTS

for the year ended

31 March 2024

Charity Registration No: 234473

Secular Clergy Common Fund ADMINISTRATION DETAILS

ADMINISTRATORS (TRUSTEES)

Rev Mgr P Rowland Rev Canon J Harvey Rev J How Rev Canon J Kavanagh Rev P Tansey Rev Dr M W O’Boy

CHIEF EXECUTIVE OFFICER & SECRETARY TO THE ADMINISTRATORS

Mrs A Rowe

PRINCIPAL ADDRESS

St Mary’s Cemetery Harrow Road London NW10 5NU

CHARITY REGISTRATION NO.

234473

BANKER

HSBC 17-19 Regent Street Wrexham LL11 1RN

INVESTMENT MANAGER

HSBC Private Bank (UK) Limited 8 Cork Street London, W1S 3LJ

AUDITOR

RSM UK Audit LLP Statutory Auditor Chartered Accountants 25 Farringdon Street London EC4A 4AB

Page 1

Secular Clergy Common Fund STATEMENT OF ADMINISTRATORS’ RESPONSIBILITIES

We, as Administrators, and also as Trustees of the Charity, have the pleasure in presenting the annual report and financial statements for the year ended 31 March 2024. In accordance with the Charity Commission Uniting Direction dated 25 March 2008, the annual report and financial statements combine those of Secular Clergy Common Fund and its two subsidiary charities St Mary’s Cemetery Trust Kensal Green and St Patrick’s Cemetery Trust Leytonstone, jointly referred to as “the Fund” in this report.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 (FRS102) (as amended for accounting period commencing from 1 January 2019). The accounts 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 give a true and fair view.

The Administrators have read the Charity Commissioner’s guidance on public benefit and have paid due regard to the guidance as is evidenced in this report.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Secular Clergy Common Fund is governed by a Charitable Trust Deed dated 29 July 1861 and by Rules as approved by the members in general meeting from time to time. The Association was originally formed in or about 1701 for the charitable support of priests from the then London District, now the five Roman Catholic Dioceses of the South East of England, who were no longer able to gain an income from ecclesiastical office by virtue of old age or infirmity.

St Mary’s Cemetery is governed by a Charitable Trust Deed dated 20 December 1858 and St Patrick’s Cemetery is governed by a Charitable Trust Deed dated 8 December 1860.

Secular Clergy Common Fund Limited (company number 484181) acts as Trustee and nominee of the property and funds of the Fund which have been vested in the company.

A Chief Administrator is elected along with five Assistant Administrators, one from each of the constituent dioceses. When an election is due, nominations are sought from among the membership. All are elected by the membership and serve a term of 3 years. Administrators may stand for re-election at the end of their term.

The Administrators are responsible for the business management of the Fund, act as the Trustees and meet regularly to authorise allowances, discuss management of the investments and other business.

New administrators are introduced to their role by their colleagues and predecessors. As parish priests, they usually bring with them experience of basic institutional and financial management within the charity of their own diocese and its institutions. Additional training in governance, investment management and other areas relevant to their role, is provided by the Fund’s professional advisors according to needs identified from time to time.

The Administrators appoint a Secretary who takes care of the day to day affairs of the Secular Clergy Common Fund, supervises the Cemeteries, and acts as Chief Executive Officer for the charities. All major decisions, including capital expenditure and authorising grants, are made by the Administrators.

KEY MANAGEMENT PERSONNEL REMUNERATION

The Administrators consider the board of Administrators and the secretary to the Administrators as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. Details of key management personnel remuneration are disclosed in note 7 to the accounts. All Administrators give of their time freely and no administrator remuneration was paid in the year. Details of administrator expenses are disclosed in note 15 to the accounts.

Page 2

Secular Clergy Common Fund STATEMENT OF ADMINISTRATORS’ RESPONSIBILITIES

Administrators are required to disclose all relevant interests and register them with the secretary and, in accordance with the Fund’s policy, withdraw from decisions where a conflict of interest arises. Neither the Fund nor any of the Administrators have interests but any such interests would be disclosed should they arise.

The pay of the Fund’s Secretary is reviewed annually and normally increased in accordance with the Consumer Price Index. The remuneration is also bench-marked with grant-making charities of a similar size and activity to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles.

RISK MANAGEMENT

The Administrators believe that they have identified the major risks to which the Fund is exposed, which they review on a regular basis. They have reviewed the adequacy of the protection against these risks and where this has appeared insufficient have put in place appropriate procedures to mitigate these risks. In some circumstances protection is provided by insurance cover, in others by the monitoring, reporting and continually assessing the risks concerned. The most significant risk faced by the Fund is financial loss incurred in the course of its investment activity. The Administrators seek to mitigate this risk by the diversity of their investments and the use of a discretionary investment service, both of which are regularly reviewed. All investments are held in the name of the Fund, thereby mitigating the risk to the Fund from the financial failure of third parties.

The market instability seen during the current war in Ukraine, fluctuating global inflationary increases, and the energy crisis has highlighted the volatility of investment assets and provides support to the Administrators strategy of allowing their reserves to exceed their desired target, particularly while there remains uncertainty around the long term economic impact of geo-political instability and climate change. These measures allow the Administrators to believe that sufficient funds will be available to meet our objectives for the foreseeable future. In the light of the rising cost of living and expected future need the Administrators retain the reserves target at £24 million.

FUNDRAISING

The Administrators confirm that the Fund’s fundraising activity is compliant with the recognised standards of fundraising as set out in the Code of Fundraising Practice, as well as those required under Charity Law. The Fund does not employ the services of any third-party professional fundraising organisations.

OBJECTIVES, ACHIEVEMENTS AND PERFORMANCE

The object of the Secular Clergy Common Fund is to give support through discretionary financial assistance to such priests of the dioceses of the old London District who are permanently or temporarily incapacitated by old age, infirmity or illness from the performance of their clerical duties. Support is provided through membership, and all priests of the dioceses of the old London District are eligible to join. A nominal membership fee is paid which contributes towards some of the administrative costs of the Fund and enhances the solidarity of the members.

Catholic priests usually receive either a small salary or other modest income from their ecclesiastical office. Such income does not allow all of them to set aside a sufficient amount to provide for themselves when they are no longer able to hold office. While the primary responsibility for the upkeep of such priests rests with their respective dioceses (Code of Canon Law 281), the fund predates the dioceses and their ability to discharge that responsibility and the fund continues to make a contribution to the advancement of religion through the provision of grants to priests who are no longer able to derive income from ecclesiastical office.

While all grants are discretionary, the fund seeks to support all members who are in such need in a given year, while preserving sufficient capital to continue such activity into the future for current and potential members. In the medium term, the Administrators aim to maintain the present level of allowances, with possible increases to mitigate the effect of inflation.

The Secular Clergy Common Fund has provided financial aid and help to 179 priests during the year (2023: 185) to the value of £826,637 (2023: £794,200) and was able to support all those who sought and qualified for assistance. While the number of beneficiaries has declined over the last year, the Administrators are aware of the significant number of additional members likely to seek support from the fund over the next five years.

Page 3

Secular Clergy Common Fund STATEMENT OF ADMINISTRATORS’ RESPONSIBILITIES

St Patrick’s and St Mary’s were established by charitable Trust Deeds as cemeteries for the interment of Roman Catholics, and after meeting the expenses and outgoings of each Cemetery, residuary income is retained as a contribution towards future maintenance costs. Further accumulated surpluses may be applied to other charitable objects of the Fund. In the period to 31 March 2024, St Mary’s saw 125 burials (including cremated remains) (2023: 123) and St Patrick’s 162 burials (including cremated remains) (2023: 186), bringing the totals to 171,665 (2023: 171,540) and 183,301 (2023: 183,139) respectively.

While fees are charged for burials and the lease of plots, this is occasionally waived. A nominal fee only is charged for the burial of cremated remains and is waived in full for funerals arranged under a local authority’s statutory duties where burial in a Catholic cemetery is not provided for.

The dedication and careful deployment of staff and the use of external contractors has enabled the cemeteries to be kept in good order, despite a challenging context for recruitment. The refurbishment of the chapel and offices at St Mary’s has been completed and now provide staff and visitors with an appropriate and welcoming environment.

GRANTS POLICY

Any member of the Secular Clergy Common Fund who seeks to benefit from a grant has to make an application to the Administrators. The application is considered by the Administrators, particularly with the help from the Administrator belonging to the applicant’s own diocese, at the next quarterly meeting. The Administrators then make their decision accordingly.

The Administrators believe that the Secular Clergy Common Fund exists for the benefit of the members and, from their relationship with them on a diocesan basis, they know well of their concerns to be able to lead a dignified life. Accordingly, the Administrators endeavour to increase grant allowances when income allows.

As stated in the accounting policies, temporary grants are paid in arrears, other grants are paid in advance and the minutes note the decision of the Administrators before any payment is made.

FINANCIAL REVIEW

The Fund seeks to generate income from both dividends and capital growth. Such income is necessarily dependent upon the wider performance of the markets.

The Administrators have appointed HSBC Private Bank (UK) Limited to manage the Fund’s investment portfolios and have given them discretionary powers to manage them in accordance with a Growth and Income Strategy. Overall, the investments have performed broadly in line with the markets. Total income from investments increased during the period to £830,110 compared to £617,007 in 2023. At the period-end the market value of the main fund was £31,408,763 (2023: £28,258,765), and the cemeteries fund was £4,895,538 (2023: £4,262,402).

The market value of the portfolio, excluding cash deposits, increased by 12.1% (2023: decreased by 1.2%) to £36,045,338 (2023: £32,141,664).

The financial results for the year ended 31 March 2024 appear on pages 11 to 13.

Net income amounted to £51,658 (2023: £101,268). After realised and unrealised gains and losses on investments, there is a surplus on the aggregated income account of £4,111,451 for the year (2023: deficit £628,881). The net realised and unrealised gains on the charity’s investments amounted to £4,059,793 (2023: net loss £730,149).

The Cemeteries have maintained a satisfactory level of income, which generated sufficient income to contribute towards future maintenance costs.

Page 4

Secular Clergy Common Fund STATEMENT OF ADMINISTRATORS’ RESPONSIBILITIES

FUTURE PLANS

The Administrators intend to manage the Fund so as to allow its grant making activity to continue in the long term. They are mindful of the large number of members likely to retire and seek support from the Fund before 2030 however, to assist with the rising costs of living, the Administrators have increased the annual grant from April 2023. As discussed elsewhere in this report, the Administrators are also seeking to secure the long term future of the cemeteries as places 'of rest and hope, a comfort to the living, a sign of their hope for unending life’ (Order of Blessing of a Cemetery).

The Administrators have approved works to remedy the flooding at St Mary’s Cemetery and are exploring the refurbishment of the facilities at St Patrick’s Cemetery.

RESERVES POLICY

UNRESTRICTED FUNDS

These unrestricted funds totalled £32,028,602 (2023: 28,790,800) and are comprised of a Grant Fund and a General Reserve as follows:

Secular Clergy Common Fund

Designated Grant Fund:

The Grant Fund represents an amount allocated by the Administrators to secure the long-term future of the Charity by ensuring there are adequate resources to meet the Charity’s anticipated charitable obligations. At present the Grant Fund is invested in fixed asset investments.

The Grant Fund is held as a buffer to ensure that services are not interrupted in the event of a sudden loss of income or unexpected expenditure. The Administrators have carried out a review of the profile of the membership with a view to assessing the potential future level of applications to the fund for assistance having regard to rates of allowances and investment return. Based on this research and adjusting for the potential impact of Global uncertainties on the future financial support of the members of the Fund, the Administrators consider that the desired level of funds is now at least £24 million, for the time being.

The policy of the Administrators is to award grants on the basis of income and capital growth protecting a core of investments and cash assets to generate income for future years’ grant awards sufficient to meet the needs of present and future members.

General Reserve:

The General Reserve Fund exists in order to meet the working capital needs of the Charity together with a contingency for any unforeseen exceptional costs. Any surpluses over this requirement are transferred into the Grant Fund. The Administrators have reviewed The General Reserve Fund balance of £965,000 (2023: £965,000) and deemed this appropriate.

RESTRICTED CEMETERY FUNDS

Following the Uniting Direction dated 25 March 2008, the funds of St Mary’s Cemetery and St Patrick’s Cemetery were recognised as restricted funds within the Charity. These restricted funds totalled £6,408,679 (2023: £5,535,030) and are comprised of a general and a maintenance fund as follows:

General Funds:

It is the policy of the Cemeteries to maintain general funds, at a level which covers at least six months running costs for each Cemetery.

Maintenance Fund:

In each of the Cemeteries, a maintenance fund has been established. Each year, when resources allow, an amount based on future projections is transferred from the current year’s income to these funds for the future maintenance of the Cemeteries. The sum transferred each year being augmented by the investment income derived by the fund itself. The Fund’s target is £1.25 million each.

The Charity’s reserve policies are reviewed annually by the Administrators.

Page 5

Secular Clergy Common Fund STATEMENT OF ADMINISTRATORS’ RESPONSIBILITIES

INVESTMENT POLICY

The investment policy is to maximise total returns, subject to a minimum income requirement to be agreed annually, by maintaining a balanced distribution between fixed interest, UK equities and overseas investments.

The Administrators have resolved that the Charity’s investment strategy should accord with an order issued by the Charity Commission under the Charities Act 2011. In accordance with this order the Trustees have agreed:

the appointment of investment managers;
the delegation of discretionary powers to the investment managers; and
the appointment of a corporate body as nominee to hold the Charity’s investments.

The Administrators set an investment income target each year. If investment income is insufficient, then capital is used to meet the Fund’s charitable undertakings, as appropriate under the operation of a total return strategy. The Administrators have asked the investment managers to monitor the portfolio to sustain the income generating potential, without unduly affecting the long term investment objectives.

The performance of the portfolio is considered by the Administrators with the investment managers on a quarterly basis.

In keeping with the religious ethos of the Fund, the investment managers have been instructed not to invest in stocks with material involvement in contraception. Stocks options, bond options, futures, commodities and unquoted securities are excluded for risk management purposes.

LINKED CHARITIES

The Fund has two linked charities, St Mary's Cemetery Trust, Harrow Road, London, NW10 5NU (registered charity number 234473(1)) and St Patrick's Cemetery Trust, Langthorne Road, Leytonstone, London, E11 4HL (registered charity number 234473(2)).

The Cemetery Trusts were established in the mid 1800's for the purpose that any remaining surplus after expenses from the activities of the Cemeteries is to be applied for the benefit of the Secular Clergy Common Fund. In accordance with the Charity Commission Uniting Direction dated 25 March 2008, these charities are combined with those of Secular Clergy Common Fund in these financial statements.

PRINCIPAL OFFICERS

The Administrators, who were in the role as at 31 March 2024:

Chief Administrator Rev Mgr P Rowland Assistant Administrators Rev Canon J Kavanagh Rev J How Rev P Tansey Rev Canon J Harvey Rev Dr M W O’Boy (appointed 19 June 2023)

Secretary to the Administrators Mrs A Rowe

On behalf of the Administrators:

Rev Mgr P Rowland Administrator

Date: 12 June 2024

Page 6

Secular Clergy Common Fund STATEMENT OF ADMINISTRATORS’ RESPONSIBILITIES

The Administrators are responsible for preparing the Administrators' 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 Administrators to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Administrators are responsible for keeping proper accounting records that 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 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.

Statement as to disclosure to our auditors

In so far as the administrators are aware at the time of approving our administrators’ annual report:

There is no relevant information being information, needed by the auditor in connection with preparing their report, of which the charity’s auditor is unaware, and
The administrators, having made enquiries of fellow directors and the charity’s auditor that the ought to have individually taken, have each taken all steps that he/she is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Page 7

Independent Auditor’s report to the Administrators of the Secular Clergy Common Fund

Opinion

We have audited the financial statements of Secular Clergy Common Fund (the ‘charity’) for the year ended 31 March 2024 which comprise Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charity’s affairs as at 31 March 2024 and of its incoming resources and application of resources for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Administrators’ Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Administrators’ Report. Our opinion on the financial statements does not cover the other information and, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 8

Independent Auditor’s report to the Administrators of the Secular Clergy Common Fund

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

the information given in the financial statements is inconsistent in any material respect with the Administrators’ Report; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Administrators’ responsibilities set out on page 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected noncompliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

obtained an understanding of the nature of the sector, including the legal and regulatory frameworks, that the charity operates in and how the charity is complying with the legal and regulatory frameworks;
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

Page 9

Independent Auditor’s report to the Administrators of the Secular Clergy Common Fund

discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Charities Act 2011, the charity’s governing document and tax legislation. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Administrators’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents and inspecting minutes.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety. We performed audit procedures to inquire of management whether the charity is in compliance with these law and regulations and inspected minutes.

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates.

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

RSM UK Audit LLP, Statutory Auditor Chartered Accountants 25 Farringdon Street London EC4A 4AB

Date:…………………………

RSM UK Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 10

Secular Clergy Common Fund STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024

Notes SCCF Unrestricted Fund £ INCOME from Donations and legacies 59,020 Income from charitable activities 2 5,787 Income from other trading activities: Other income - Income from property rental - Income from investments 3 717,988 TOTAL INCOME 782,795 EXPENDITURE on Costs of raising funds: Rent collection charges - Investment management costs 93,701 Expenditure on charitable activities 4 937,349 TOTAL EXPENDITURE 1,031,050 NET (EXPENDITURE)/INCOME before gains/(losses) on investments (248,255) Net gains/(losses) on investments 9 3,522,503 NET INCOME/(EXPENDITURE) 3,274,248 Transfers 14 (36,446) RECONCILIATION OF FUNDS 3,237,802 Total funds brought forward 28,790,800 Total funds carried forward 14 32,028,602	St Mary’s Restricted Fund St Patrick’s Restricted Fund £ £ 7,456 8,854 526,157 346,486 12,223 14,525 7,800 - 75,599 36,523 629,235 406,388 936 - 6,216 7,113 417,411 304,034 424,563 311,147 204,672 95,241 365,411 171,879 570,083 267,120 36,446 - 606,529 267,120 3,925,016 1,610,014 4,531,545 1,877,134	Total 2024 £ 75,330 878,430 26,748 7,800 830,110 1,818,418 936 107,030 1,658,794 1,766,760 51,658 4,059,793 4,111,451 - 4,111,451 34,325,830 38,437,281	Total 2023 £ 371,443 907,656 40 7,800 617,007 1,903,946 1,192 128,089 1,673,397 1,802,678 101,268 (730,149) (628,881) - (628,881) 34,954,711 34,325,830

Notes on pages 14 to 23 form part of these accounts.

Page 11

Secular Clergy Common Fund BALANCE SHEET as at 31 March 2024

	Notes	2024	2023
		£	£
FIXED ASSETS
Tangible fixed assets	8	994,555	870,925
Investments	9	36,304,301	32,521,166
		37,298,856	33,392,091
CURRENT ASSETS
Debtors	10	97,724	81,553
Cash at bank and in hand	11	1,145,850	967,943
		1,243,574	1,049,496
CREDITORS: Amounts falling due within one year	12	(105,149)	(115,757)
NET CURRENT ASSETS		1,138,425	933,739
NET ASSETS		38,437,281	34,325,830
FUNDS
Unrestricted:
Grant fund	14	31,063,602	27,825,800
General reserve	14	965,000	965,000
		32,028,602	28,790,800
Restricted:
St Mary’s general fund	14	2,075,122	1,629,268
St Mary’s maintenance fund	14	2,456,423	2,295,748
		4,531,545	3,925,016
St Patrick’s general fund	14	468,209	286,037
St Patrick’s maintenance fund	14	1,408,925	1,323,977
		1,877,134	1,610,014
		38,437,281	34,325,830

The accounts on pages 11 to 23 were approved and authorised for issue by the Administrators on 30 May 2024 and signed on their behalf by:

Rev Mgr P Rowland Administrator

Page 12

Secular Clergy Common Fund STATEMENT OF CASH FLOWS for the year ended 31 March 2024

Cash flows from operating activities: Cash used in operating activities (note 16) Net cash used in operating activities Cash flows from investing activities: Portfolio income Bank interest received Net investment/(disinvestment) in portfolio Purchase of plant and machinery Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand	2024 £ (762,667) (762,667) 827,165 2,945 276,658 (166,194) 940,574 177,907 967,943 1,145,850 1,145,850	2023 £ (497,860) (497,860) 614,260 2,747 (14,875) (594,986) 7,146 (490,714) 1,458,657 967,943 967,943

Page 13

Secular Clergy Common Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

1. ACCOUNTING POLICIES

BASIS OF PREPARATION

The accounts have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 1 January 2019 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) as amended for accounting period commencing from 1 January 2019 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The accounts 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 1 January 2019 rather than the Accounting and Reporting Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are prepared in Sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

GOING CONCERN

The Administrators have considered whether it is appropriate to prepare the financial statements on the basis that the Charity is a going concern.

In addition to donations, subscriptions and Cemetery income, the charity is reliant on income from its investment portfolio to meet a significant proportion of its annual expenditure. This year the investment income amounted to £830,110 (2023: £617,007).

Having reviewed the current value of unrestricted investments and anticipated annual expenditure the Administrators believe that the charity has sufficient funds to continue for at least twelve months from the signing of the financial statements to continue its activities.

FINANCIAL STATEMENTS

These financial statements combine the results of the Secular Clergy Common Fund and its two linked charities, St Mary’s Cemetery Trust and St Patrick’s Cemetery Trust as directed by the Charity Commission under section 12(2) of the Charities Act 2011.

INCOME RECOGNITION

Voluntary income including donations, gifts and legacies are recognised where there is entitlement, receipt is probable and the amount can be measured with sufficient reliability. For legacies, entitlement is the earlier of the charity being notified of a distribution, the receipt of the legacy or the date on which the personal representatives of an estate have agreed a distribution. If the amount is not known, the legacy is treated as a contingent asset.

Dividends and loan stock interest are included in the Statement of Financial Activities when receivable.

Property rentals are recognised in the period to which they relate.

Fees for cemetery plots sold for future use are carried forward for two years or until those plots are used, whichever is the sooner.

Page 14

Secular Clergy Common Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

EXPENDITURE RECOGNITION

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Administrative costs include the costs which relate to the general running of the charity and compliance with constitutional and statutory requirements.

Where applicable, support costs have been allocated to the relevant activity on the basis of time spent on that activity.

IRRECOVERABLE VAT

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

PENSION CONTRIBUTIONS

The charity makes pension contributions on behalf of eligible employees into personal pension plans. The charity’s contribution is restricted to the contributions disclosed in note 7.

FIXED ASSET INVESTMENTS

Fixed asset investment are equity investments over which the Charity has no significant influence, joint control or control and are initially measured at transaction price. Transaction price includes transaction costs, except where fixed asset investments are measured at fair value through the Statement of Financial Activities when transaction costs are expensed to the Statement of Financial Activities as incurred.

Fixed asset investments are measured at fair value through the Statement of Financial Activities or cost less impairment if fair value cannot be measured reliably.

The fair value of fixed asset investments quoted on a recognised stock exchange is the quoted bid price. The fair value of unlisted investments is measured using valuation techniques which include turnover multiple, earnings multiple, net assets or discounted cash flows, as appropriate, based on the nature and circumstances of the investment.

TANGIBLE FIXED ASSETS

Tangible fixed assets are stated at costs less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of the asset over its useful economic life. No depreciation is charged on assets in the course of construction.

Freehold Building Improvements 25 years straight line Computer Equipment 33⅓% straight line Plant, Machinery, Fixtures & Fittings 20% straight line

Small items of equipment under £1,000 in cost are fully written off in the year of purchase.

No value is ascribed in the accounts to the Cemeteries or their buildings. Any costs involved were written off many years ago and all maintenance costs are being written off as they are incurred. The Administrators are not able to offer any opinion on the value of the properties or the anticipated lives of the Cemeteries themselves.

GRANTS POLICY

Temporary grants are paid in arrears, other grants are paid in advance and the minutes note the decision of the Administrators before any payment is made.

The policy of the Administrators is to award grants on the basis of the net surplus before realised/unrealised gains, thereby protecting a core of investments and cash assets to generate income for future years’ grant awards sufficient to meet the needs of present and future members.

RESERVES

Under the terms of the Uniting Direction of 25 March 2008, the reserves of the two Cemeteries are treated as restricted funds in the financial statements so that the Administrators apply such funds solely in accordance with the respective trusts.

Page 15

Secular Clergy Common Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

The Administrators have established a designated grant fund to secure the long term future of the Secular Clergy Common Fund by ensuring there are adequate resources to meet the charity’s anticipated charitable obligations, and designated maintenance funds to provide for the future maintenance of the Cemeteries.

The general funds exist in order to meet the working capital needs of the individual entities.

RESTRICTED FUNDS

These are funds that can only be used for a particular restricted purpose within the objectives of the charity. The restrictions arise by the donor or when funds are restricted for a particular purpose.

TAXATION

The charity is a registered charity, and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

FINANCIAL INSTRUMENTS

The Fund 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.

CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. The Administrators consider there are no such critical accounting estimates or areas of judgement to report.

2 INCOME FROM CHARITABLE ACTIVITIES Annual subscriptions Entrance fees Cemetery income 2023 £ 3 INCOME FROM INVESTMENTS Portfolio income Bank interest 2023 £	SCCF £ 2,076 3,711 - 5,787 2,701 SCCF £ 717,988 - 717,988 537,246	St Mary’s £ - - 526,157 526,157 511,465 St Mary’s £ 74,229 1,370 75,599 54,186	St Patrick’s £ - - 346,486 346,486 393,490 St Patrick’s £ 34,948 1,575 36,523 25,575	Total 2024 £ 2,076 3,711 872,643 878,430 907,656 Total 2024 £ 827,165 2,945 830,110 617,007	Total 2023 £ 2,126 575 904,955 907,656 Total 2023 £ 616,660 347 617,007

Page 16

Secular Clergy Common Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

4 EXPENDITURE ON CHARITABLE ACTIVITIES Staff costs Other staff costs Repairs and maintenance Cemetery running expenses Depreciation Allowances (net of refunds) Temporary grants Administration costs (note 5) 2023 £	SCCF £ - - - - - 826,037 600 110,712 937,349 898,434	St Mary’s £ St Patrick’s £ 170,977 186,690 46,020 1,976 88,616 61,187 39,720 25,106 25,922 16,642 - - - - 46,156 12,433 417,411 304,034 354,017 420,946	Total 2024 £ 357,667 47,996 149,803 64,826 42,564 826,037 600 169,301 1,658,794 1,673,397	Total 2023 £ 455,743 26,417 163,523 55,240 42,206 792,000 2,200 136,068 1,673,397

During the year, allowances were paid to 179 retired priests (2023: 185) and 1 temporary grant was made (2023: 1).

5 ADMINISTRATION COSTS SCCF £ Support costs: Chief Administrator’s Honorarium 750 Administrators’ expenses 481 Life Assurance 2,088 Bank charges 1,583 Sundry office 1,772 Secretarial costs 3,387 Governance costs: Secretarial costs 41,535 Professional fees 6,180 Accountancy fees 14,311 Audit fee 29,000 Annual General Meeting 9,625 110,712 2023 £ 104,234 6 NET INCOME/(EXPENDITURE) This is stated after charging: Auditor’s remuneration: Audit fee Advisory and accountancy work Irrecoverable VAT Depreciation	St Mary’s £ St Patrick’s £ - - - - - - 96 98 63 1,528 652 652 - - 35,645 2,708 4,500 2,247 5,200 5,200 - - 46,156 12,433 18,171 13,663	Total 2024 £ 750 481 2,088 1,777 3,363 4,691 41,535 44,533 21,058 39,400 9,625 169,301 136,068 2024 £ 33,390 8,800 8,438 42,564	Total 2023 £ 750 281 2,877 2,226 8,634 8,933 45,784 15,426 7,563 37,800 5,794 136,068 2023 £ 31,500 8,575 5,288 42,206

Page 17

Secular Clergy Common Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

7 ANALYSIS OF STAFF COSTS Wages and salaries Social security costs Other pension costs The average number of employees during the year was: Management and administration Superintendent Cemetery ground staff	2024 £ 356,663 34,476 15,586 406,725 3 - 9 12	2023 £ 424,154 39,467 40,790 504,411 4 2 8 14

No Administrators received remuneration in the year other than the honorarium paid to the Chief Administrator as disclosed in note 15. 1 employee’s emoluments fell in the range of £60,001 - £70,000 in the year (2023: 1).

The key management personnel total employment benefits were £44,459 (2023: £44,368). The employer’s national insurance contributions in respect of the key management personnel were £4,599 (2023: £4,300).

8
TANGIBLE FIXED
ASSETS
Freehold
Building
Improvements
£
Plant,
Machinery,
Fixtures &
Fittings
£
Computer
Equipment
£
Assets under
construction
£
COST
At 1 April 2023
133,295
247,213
6,134
679,425
Additions
-
20,409
-
145,785
Transfers
825,210
-
-
(825,210)

At 31 March 2024
958,505
267,622
6,134
-

DEPRECIATION
At 1 April 2023
35,975
153,157
6,010
-
Charge for the year
5,332
37,108
124
-

At 31 March 2024
41,307
190,265
6,134
-

Net book value
At 31 March 2024
917,198
77,357
-
-

At 31 March 2023
97,320
94,056
124
679,425

Total
£
1,066,067
166,194
-
1,232,261
195,142
42,564
237,706
994,555
870,925

Page 18

Secular Clergy Common Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

INVESTMENTS	2024	2023
	£	£
Movement in fixed asset listed investments:
Market value at start of year	32,141,664	32,514,415
Additions at cost	13,503,692	23,977,146
Disposal proceeds	(13,659,811)	(23,619,748)
Net realised and unrealised gains/(losses) in the year	4,059,793	(730,149)
	36,045,338	32,141,664
Cash deposits	258,963	379,502
Market value at end of year	36,304,301	32,521,166
Historical cost value at end of year	32,190,443	32,572,450

The following individual investments comprise a significant proportion of the total fund value at the yearend:

end:
HSBC GBL IND SHS ZQHGBP HSBC Global ESG Corporate Bond HSBC EFTS US SU SHS USD HSBC STER ESG SHS Y GBP Fixed interest Equities Liquidity and money markets Total	2024 Market Value £ % 11,409,915 31.43 23,740,461 65.39 1,153,925 3.18 36,304,301 100	% of total fund value 7.20% 6.67% 5.94% 5.37% 2023 Market Value £ % 9,165,162 28.18 21,027,786 64.66 2,328,218 7.16 32,521,166 100
			100

10 DEBTORS Trade debtors Other debtors Prepayments and accrued income	2024 £ 48,445 41,949 7,330 97,724	2023 £ 76,261 189 5,103
		81,553

Page 19

Secular Clergy Common Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

11 CASH AT BANK AND IN HAND HSBC Current Deposit Petty Cash 12 CREDITORS: Amounts falling due within one year Trade and other creditors Other taxation and social security Accruals and deferred income DEFERRED INCOME Value of plots sold for future use at beginning of year Net movement in the year Value of plots sold for future use at end of year	2024 £ 491,779 653,071 1,000 1,145,850 2024 £ 14,464 8,268 82,417 105,149 2024 £ 22,025 (6,140) 15,885	2023 £ 966,817 126 1,000 967,943 2023 £ 20,900 8,439 86,418 115,757 2023 £ 10,680 11,345 22,025

Deferred income comprises fees for cemetery plots sold for future use and are carried forward for two years or until those plots are used, whichever is the sooner.

13 ALLOCATION OF THE CHARITY’S NET ASSETS

	Tangible fixed	Investments	Net current	Total
	assets		and long	2024
			term assets
	£	£	£	£
Unrestricted:
Grant fund	-	31,063,602	-	31,063,602
General reserve	-	342,017	622,983	965,000
Restricted funds:
St Mary’s:
General	938,858	874,606	261,658	2,075,122
Maintenance	-	2,456,423	-	2,456,423
St Patrick’s:
General	55,697	158,728	253,784	468,209
Maintenance	-	1,408,925	-	1,408,925
	994,555	36,304,301	1,138,425	38,437,281

Page 20

Secular Clergy Common Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

13 ALLOCATION OF THE CHARITY’S NET ASSETS (continued) – PREVIOUS YEAR

Unrestricted: Grant fund General reserve Restricted funds: St Mary’s: General Maintenance St Patrick’s: General Maintenance 14 FUNDS Unrestricted: Grant fund General fund Restricted funds: St Mary’s: General Maintenance St Patrick’s: General Maintenance	Balance at 1 April 2023 £ 27,825,800 965,000 1,629,268 2,295,748 286,037 1,323,977 34,325,830	Tangible fixed assets £ - - 816,973 - 53,952 - 870,925 Income £ Expenditure £ 717,988 (923,725) 64,807 (107,325) 629,235 (424,563) - - 406,388 (311,147) - - 1,818,418 (1,766,760)	Investments £ Net current and long term assets £ Total 2023 £ 27,825,800 - 27,825,800 267,559 697,441 965,000 770,873 41,422 1,629,268 2,295,748 - 2,295,748 37,207 194,878 286,037 1,323,977 - 1,323,977 32,521,164 933,741 34,325,830 Realised/ unrealised gains £ Transfers £ Balance at 31 March 2024 £ 3,522,503 (78,964) 31,063,602 - 42,518 965,000 365,411 (124,229) 2,075,122 - 160,675 2,456,423 171,879 (84,948) 468,209 - 84,948 1,408,925 4,059,793 - 38,437,281

Page 21

Secular Clergy Common Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

14 FUNDS (continued) – PREVIOUS YEAR

Unrestricted: Grant fund General fund Restricted funds: St Mary’s: General Maintenance St Patrick’s: General Maintenance	Balance at 1 April 2022 £ 28,746,411 965,000 1,586,493 2,021,880 386,352 1,248,575 34,954,711	Income £ Expenditure £ 537,246 (907,613) 360,542 (102,406) 575,384 (366,280) - - 430,774 (426,379) - - 1,903,946 (1,802,678)	Realised/ unrealised (losses) £ Transfers £ (638,524) 88,280 - (258,136) (62,317) (104,012) - 273,868 (29,308) (75,402) - 75,402 (730,149) -	Balance at 31 March 2023 £ 27,825,800 965,000 1,629,268 2,295,748 286,037 1,323,977 34,325,830

GRANT FUND

Following a review of the membership profile, and an assessment of future investment returns, the Administrators believe that the Grant Fund needs to be maintained at least at £24 million, for the time being.

GENERAL RESERVES

A transfer of £42,518 has been made to the General Fund (2023: £258,136 from the General Fund) to maintain the SCCF’s general reserve at approximately one year’s expenditure.

A transfer of £124,229 and £84,948 (2023: £104,012 and £75,402) has been made from the St. Mary’s and the St. Patrick’s Cemeteries general funds respectively to their individual Cemetery maintenance funds. This transfer is funded from the total income received from their investment portfolio in the year plus an additional £50,000 per year as agreed by the Administrators.

During the year, the Administrators agreed to contribute 25% of the total costs incurred by St Mary’s Cemetery on its building refurbishment from the grant fund. A transfer of £36,446 has been made in the year to 31 March 2024 (2023: £169,856).

15 RELATED PARTY TRANSACTIONS

2 Administrators of the fund were reimbursed for travel expenses totalling £481 in the year (2023: 3 reimbursed for travel expenses totalling £281). Each Administrator also receives £10 per year for celebration of a Mass in remembrance of Fr Borelli.

The Chief Administrator, Rev Mgr P Rowland, received an honorarium of £750 (2023: £nil).

The previous Chief Administrator, Rev Mgr Canon T Egan, received an honorarium of £nil (2023: £750). Additionally, he also received a grant of £nil (2023: £4,500) during the year which is in line with the charity’s grants policy.

Page 22

Secular Clergy Common Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

16 RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES Net income / (expenditure) for reporting period (as per statement of financial activities) Adjust for: Depreciation charges Dividends and interest from investments Increase in debtors (Decrease)/increase in creditors Net cash used in operating activities Analysis of changes in net funds 1 April 2023 £ Cash at bank and in hand 967,943 17 CAPITAL COMMITMENTS Amounts contracted for but not provided in the financial statements: Refurbishment of property	2024 £ 51,658 42,564 (830,110) (16,171) (10,608) (762,667) Cashflows £ 117,907 2024 £ -	2023 £ 101,268 42,206 (617,007) (59,428) 35,101 (497,860) 31 March 2024 £ 1,145,850 2023 £ 144,724

Page 23

Secular Clergy Common Fund

ANNUAL REPORT and SUMMARISED FINANCIAL STATEMENTS

for the year ended

31 March 2024

Charity Registration No: 234473

Secular Clergy Common Fund ADMINISTRATION DETAILS

ADMINISTRATORS (TRUSTEES)

Rev Mgr P Rowland Rev Canon J Harvey Rev J How Rev Canon J Kavanagh Rev P Tansey Rev Dr M W O’Boy

CHIEF EXECUTIVE OFFICER & SECRETARY TO THE ADMINISTRATORS

Mrs A Rowe

PRINCIPAL ADDRESS

St Mary’s Cemetery Harrow Road London NW10 5NU

CHARITY REGISTRATION NO.

234473

BANKER

HSBC 17-19 Regent Street Wrexham LL11 1RN

INVESTMENT MANAGER

HSBC Private Bank (UK) Limited 8 Cork Street London, W1S 3LJ

AUDITOR

RSM UK Audit LLP Statutory Auditor Chartered Accountants 25 Farringdon Street London EC4A 4AB

Page 1

Secular Clergy Common Fund ADMINISTRATORS’ REPORT

The Administrators have read the Charity Commissioner’s guidance on public benefit and have paid due regard to the guidance as is evidenced in this report.

STRUCTURE, GOVERNANCE AND MANAGEMENT

St Mary’s Cemetery is governed by a Charitable Trust Deed dated 20 December 1858 and St Patrick’s Cemetery is governed by a Charitable Trust Deed dated 8 December 1860.

Secular Clergy Common Fund Limited (company number 484181) acts as Trustee and nominee of the property and funds of the Fund which have been vested in the company.

The Administrators are responsible for the business management of the Fund, act as the Trustees and meet regularly to authorise allowances, discuss management of the investments and other business.

KEY MANAGEMENT PERSONNEL REMUNERATION

Page 2

Secular Clergy Common Fund ADMINISTRATORS’ REPORT

______________

RISK MANAGEMENT

FUNDRAISING

OBJECTIVES, ACHIEVEMENTS AND PERFORMANCE

Page 3

Secular Clergy Common Fund ADMINISTRATORS’ REPORT

GRANTS POLICY

As stated in the accounting policies, temporary grants are paid in arrears, other grants are paid in advance and the minutes note the decision of the Administrators before any payment is made.

FINANCIAL REVIEW

The Fund seeks to generate income from both dividends and capital growth. Such income is necessarily dependent upon the wider performance of the markets.

The market value of the portfolio, excluding cash deposits, increased by 12.1% (2023: decreased by 1.2%) to £36,045,338 (2023: £32,141,664).

The financial results for the year ended 31 March 2024 appear on pages 11 to 13.

The Cemeteries have maintained a satisfactory level of income, which generated sufficient income to contribute towards future maintenance costs.

Page 4

Secular Clergy Common Fund ADMINISTRATORS’ REPORT

FUTURE PLANS

The Administrators have approved works to remedy the flooding at St Mary’s Cemetery and are exploring the refurbishment of the facilities at St Patrick’s Cemetery.

RESERVES POLICY

UNRESTRICTED FUNDS

These unrestricted funds totalled £32,028,602 (2023: 28,790,800) and are comprised of a Grant Fund and a General Reserve as follows:

Secular Clergy Common Fund

Designated Grant Fund:

General Reserve:

RESTRICTED CEMETERY FUNDS

General Funds:

It is the policy of the Cemeteries to maintain general funds, at a level which covers at least six months running costs for each Cemetery.

Maintenance Fund:

The Charity’s reserve policies are reviewed annually by the Administrators.

Page 5

Secular Clergy Common Fund ADMINISTRATORS’ REPORT

INVESTMENT POLICY

the appointment of investment managers;
the delegation of discretionary powers to the investment managers; and
the appointment of a corporate body as nominee to hold the Charity’s investments.

The performance of the portfolio is considered by the Administrators with the investment managers on a quarterly basis.

LINKED CHARITIES

PRINCIPAL OFFICERS

The Administrators, who were in the role as at 31 March 2024:

Chief Administrator Rev Mgr P Rowland Assistant Administrators Rev Canon J Kavanagh Rev J How Rev P Tansey Rev Canon J Harvey Rev Dr M W O’Boy (appointed 19 June 2023)

Secretary to the Administrators Mrs A Rowe

On behalf of the Administrators:

Rev Mgr P Rowland Administrator

Date: 12 June 2024

Page 6

Secular Clergy Common Fund STATEMENT OF ADMINISTRATORS’ RESPONSIBILITIES

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

Statement as to disclosure to our auditors

In so far as the administrators are aware at the time of approving our administrators’ annual report:

There is no relevant information being information, needed by the auditor in connection with preparing their report, of which the charity’s auditor is unaware, and
The administrators, having made enquiries of fellow directors and the charity’s auditor that the ought to have individually taken, have each taken all steps that he/she is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Page 7

INDEPENDENT AUDITORS’ STATEMENT TO THE ADMINISTRATORS OF THE SECULAR CLERGY COMMON FUND

_________ ___ __

We have examined the summarised financial statements set out on pages 9 to 11.

Respective responsibilities of the trustees and the auditor

The trustees are responsible for preparing the summarised financial statements in accordance with applicable United Kingdom law and the recommendations of the charities SORP.

Our responsibility is to report to you our opinion on the consistency of the summarised financial statements with the full annual financial statements and the Administrators’ Annual Report.

We also read the other information contained in the summarised Annual Report and consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the summarised financial statements.

We conducted our work in accordance with Bulletin 2008/3 issued by the Auditing Practices Board.

Opinion

In our opinion the summarised financial statements are consistent with the full annual financial statements and the Trustees’ Annual Report of Secular Clergy Common Fund for the year ended 31 March 2024.

RSM UK Audit LLP Statutory Auditor Chartered Accountants 25 Farringdon Street London EC4A 4AB

Date:

Page 8

Secular Clergy Common Fund incorporating St Mary’s Cemetery and St Patrick’s Cemetery INCOME AND EXPENDITURE ACCOUNT for the year ended 31 March 2024

	SCCF	CEMETERIES	TOTAL	TOTAL
			2024	2023
	£	£	£	£
INCOME
Members entrance fees	3,711	-	3,711	575
Members annual subscriptions	2,076	-	2,076	2,126
Cemetery income	-	872,643	872,643	904,955
Investment income (Gross)
- Portfolio	717,988	109,177	827,165	616,660
- Cash deposits	-	2,945	2,945	347
Sundry income	-	34,548	34,548	7,840
	723,775	1,019,313	1,743,088	1,532,503
EXPENDITURE
Administration expenses (note 1)	(204,413)	(72,854)	(277,267)	(265,349)
Cemetery running expenses (note 2)	-	(662,856)	(662,856)	(743,129)
NET INCOME	519,362	303,149	802,965	524,025
ALLOWANCES	(826,637)	-	(826,637)	(794,200)
NET (EXPENDITURE)/INCOME	(307,275)	283,603	(23,672)	(270,175)
CAPITAL INCOME
Donations and legacies	59,020	16,310	75,330	371,443
Net change in value of portfolio
during the year	3,522,503	537,290	4,059,793	(730,149)
NET MOVEMENT OF FUNDS	3,274,248	837,203	4,111,451	(628,881)
Transfers	(36,466)	36,466	-	-
TOTAL FUNDS brought forward	28,790,800	5,535,030	34,325,830	34,954,711
TOTAL FUNDS carried forward	32,028,602	6,408,679	38,437,281	34,325,830

Page 9

Secular Clergy Common Fund BALANCE SHEET As at 31 March 2024

	2024	2023
	£	£
FIXED ASSETS
Tangible fixed assets	994,555	870,925
Investments	36,304,301	32,521,166
	37,298,856	33,392,091
CURRENT ASSETS
Debtors	97,724	81,553
Cash at bank and in hand	1,145,850	967,943
	1,243,574	1,049,496
CREDITORS: Amounts falling due within one year	(105,149)	(115,757)
NET CURRENT ASSETS	1,138,425	933,739
NET ASSETS	38,437,281	34,325,830
FUNDS
Unrestricted:
Grant fund	31,063,602	27,825,800
General reserve	965,000	965,000
	32,028,602	28,790,800
Restricted:
St Mary’s general fund	2,075,122	1,629,268
St Mary’s maintenance fund	2,456,423	2,295,748
	4,531,545	3,925,016
St Patrick’s general fund	468,209	286,037
St Patrick’s maintenance fund	1,408,925	1,323,977
	1,877,134	1,610,014
	38,437,281	34,325,830

Approved by the Administrators on 30 May 2024 and signed on their behalf by:

Rev Mgr P Rowland Administrator

Page 10

Secular Clergy Common Fund NOTES TO THE SUMMARISED FINANCIAL STATEMENTS As at 31 March 2024

1 ADMINISTRATION COSTS Support costs: Chief Administrator’s Honorarium Administrators’ expenses Life Assurance Bank charges Sundry office Secretarial costs Governance costs: Secretarial costs Professional fees Accountancy fees Audit fee Annual General Meeting Raising funds: Rent collection charges Investment management costs 2023 £ 2 CEMETERY RUNNING EXPENSES Staff costs Repairs and maintenance Cemetery running expenses Depreciation 2023 £	SCCF £ 750 481 2,088 1,583 1,772 3,387 41,535 6,180 14,311 29,000 9,625 - 93,701 204,413 215,819 SCCF £ - - - - - -	St Mary’s £ St Patrick’s £ - - - - - - 96 98 63 1,528 652 652 - - 35,645 2,708 4,500 2,247 5,200 5,200 - - 936 - 6,216 7,113 53,308 19,546 30,434 19,096 St Mary’s £ St Patrick’s £ 216,997 188,666 88,616 61,187 39,720 25,106 25,922 16,642 371,255 291,601 335,846 407,283	Total 2024 £ 750 481 2,088 1,777 3,363 4,691 41,535 44,533 21,058 39,400 9,625 936 107,030 277,267 265,349 Total 2024 £ 405,663 149,803 64,826 42,564 662,856 743,129	Total 2023 £ 750 281 2,877 2,226 8,634 8,933 45,784 15,426 7,563 37,800 5,794 1,192 128,089 265,349 Total 2023 £ 482,160 163,523 55,240 42,206 743,129

Page 11

Secular Clergy Common Fund SCHEDULE OF ALLOWANCES Additional information for Administrators for the year ended 31 March 2024

The following pages do not form part of the statutory financial statements.

Page 12

SCHEDULE OF ALLOWANCES Additional information for Administrators for the year ended 31 March 2024

Secular Clergy Common Fund

TOTALS PAID FOR YEAR Allowances Temporary grants Refunds received in respect of allowances made in previous years Amount charged in Statement of Financial Activities	£ 831,662 600 (5,625) 826,637

NOTE:

All allowances are paid at the discretion of the Administrators who decide on suitable rates from time to time. The ongoing allowances are paid quarterly in advance on 6 April, 6 July, 6 October and 6 January at a rate of £1,200 per quarter. Temporary grants are made in arrears, at a maximum rate of £600 per annum, but having regard to individual circumstances.

Page 13

Company Registration No. 00484181 (England and Wales)

SECULAR CLERGY COMMON FUND LIMITED

(A COMPANY LIMITED BY GUARANTEE)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

PAGES FOR FILING WITH REGISTRAR

Company Registration No. 00484181

SECULAR CLERGY COMMON FUND LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2024

Current assets Creditors: amounts falling due within one year Net assets	2024 £ - - -	2023 £ - -
		-

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 30 May 2024 and are signed on its behalf by:

Jonathan How

Rev J How

Director

SECULAR CLERGY COMMON FUND LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared on the historical cost convention.

Profit and loss account

The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no profit and loss account is presented in these financial statements.

2 Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding 25 pence.

Company Registration No. 00484181 (England and Wales)

SECULAR CLERGY COMMON FUND LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

SECULAR CLERGY COMMON FUND LIMITED (A COMPANY LIMITED BY GUARANTEE) COMPANY INFORMATION

Directors Rev Canon J Harvey Rev J How Rev Canon J Kavanagh Rev Dr M O'Boy Rev Mgr P Rowland Rev P Tansey Secretary Rev J How Company number 00484181 Registered office St Mary's Cemetery Harrow Road Kensal Green London NW10 5NU England Accountants RSM UK Tax and Accounting Limited Chartered Accountants 25 Farringdon Street London EC4A 4AB United Kingdom

SECULAR CLERGY COMMON FUND LIMITED (A COMPANY LIMITED BY GUARANTEE) DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The company has been incorporated to act as Trustee and nominee of the property and the funds of the Secular Clergy Common Fund, St Mary’s Cemetery and St Patrick’s Cemetery. Their property and investments have been vested in the company but these assets are held in trust and therefore do not appear in these accounts. No profit and loss account has been prepared as the company has not traded during the year.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Rev Canon J Harvey Rev J How Rev Canon J Kavanagh Rev Dr M O'Boy (Appointed 19 June 2023) Rev Mgr P Rowland Rev P Tansey

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption.

On behalf of the board

Jonathan How

Rev J How

Director

12 June 2024

ACCOUNTANT’S REPORT TO THE BOARD OF DIRECTORS OF SECULAR CLERGY COMMON FUND LIMITED ON THE UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we prepared for your approval the financial statements of Secular Clergy Common Fund Limited which comprise the Statement of Financial Position and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Secular Clergy Common Fund Limited, as a body, in accordance with the terms of our engagement letter dated 11 March 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Secular Clergy Common Fund Limited and state those matters that we have agreed to state to them in accordance with ICAEW Technical Release 07/16 AAF. This report should not therefore be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against RSM UK Tax and Accounting Limited for any purpose or in any context. Any party other than the Board of Directors which obtains access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk. To the fullest extent permitted by law, RSM UK Tax and Accounting Limited will accept no responsibility or liability in respect of this report to any other party and shall not be liable for any loss, damage or expense of whatsoever nature which is caused by any person’s reliance on representations in this report.

It is your duty to ensure that Secular Clergy Common Fund Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Secular Clergy Common Fund Limited under the Act. You consider that Secular Clergy Common Fund Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Secular Clergy Common Fund Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

RSM UK Tax and Accounting Limited Chartered Accountants 25 Farringdon Street London United Kingdom EC4A 4AB

.........................

Company Registration No. 00484181

SECULAR CLERGY COMMON FUND LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2024

Current assets Creditors: amounts falling due within one year Net assets	2024 £ - - -	2023 £ - -
		-

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 30 May 2024 and are signed on its behalf by:

Jonathan How

Rev J How Director

SECULAR CLERGY COMMON FUND LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Accounting convention

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared on the historical cost convention.