## Secular Clergy Common Fund
## ANNUAL REPORT and FINANCIAL STATEMENTS
for the year ended
31 March 2025
Charity Registration No: 234473
## Secular Clergy Common Fund ADMINISTRATION DETAILS
________________________________________________________________________________
## ADMINISTRATORS (TRUSTEES)
Rev Mgr P Rowland Rev Canon J Harvey Rev J How Rev P Tansey Rev Dr M W O’Boy Rev B Coyle
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
________________________________________________________________________________
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 2025. 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 Commission 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 ADMINISTRATORS’ REPORT
________________________________________________________________________________
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 surge in economic uncertainty caused by disruption in trading relationships 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 170 priests during the year (2024: 179) to the value of £819,364 (2024: £826,637) and was able to support all those who sought and qualified for assistance. While the number of beneficiaries has continued to decline over the last few years, the Administrators are aware of the significant number of additional members likely to seek support from the fund over the next five years.
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## Secular Clergy Common Fund ADMINISTRATORS’ REPORT
________________________________________________________________________________
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 2025, St Mary’s saw 122 burials (including cremated remains) (2024: 125) and St Patrick’s 171 burials (including cremated remains) (2024: 162), bringing the totals to 171,787 (2024: 171,665) and 183,472 (2024: 183,301) respectively.
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 Administrators remain committed to the safety and maintenance of both cemeteries, including the ongoing restoration and upkeep of the cemetery’s Victorian properties.
## 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 decreased during the period to £820,113 compared to £830,110 in 2024. At the period-end the market value of the main fund was £30,757,262 (2024: £31,408,763), and the cemeteries fund was £4,946,804 (2024: £4,895,538).
The market value of the portfolio, excluding cash deposits, decreased by 1.38% (2024: increased by 12.1%) to £35,546,343 (2024: £36,045,338).
The financial results for the year ended 31 March 2025 appear on pages 11 to 13.
Net expenditure amounted to £22,856 (2024: net income £51,658). After realised and unrealised gains and losses on investments, there is a deficit on the aggregated income account of £321,947 for the year (2024: surplus £4,111,451). The net realised and unrealised losses on the charity’s investments amounted to £299,091 (2024: net gain £4,059,793).
The Cemeteries have maintained a satisfactory level of income, which generated sufficient income to contribute towards future maintenance costs.
## 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. 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 renovate St Mary’s Cemetery lodges and are exploring the refurbishment of the facilities at St Patrick’s Cemetery.
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## Secular Clergy Common Fund ADMINISTRATORS’ REPORT
________________________________________________________________________________
## RESERVES POLICY
## UNRESTRICTED FUNDS
These unrestricted funds totalled £31,488,943 (2024: £32,028,602) 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 (2024: £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 £6,626,391 (2024: £6,408,679) 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.
## 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.
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## Secular Clergy Common Fund ADMINISTRATORS’ REPORT
________________________________________________________________________________
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 serving during the year and up to the date of signature of the financial statement were as follows:
Chief Administrator
Rev Mgr P Rowland
Assistant Administrators Rev Canon J Kavanagh (resigned 17 June 2024) Rev J How Rev P Tansey Rev Canon J Harvey Rev Dr M W O’Boy Rev B Coyle (appointed 17 June 2024)
Secretary to the Administrators Mrs A Rowe
On behalf of the Administrators:
Rev Mgr P Rowland Administrator
9 June 2025
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 2025 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 2025 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
## 13/06/25
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 2025
|Notes
INCOME from
Donations and legacies
Income from charitable activities
2
Income from other trading activities:
Other income
Income from property rental
Income from investments
3
TOTAL INCOME
EXPENDITURE on
Costs of raising funds:
Rent collection charges
Investment management costs
Expenditure on charitable
activities
4
TOTAL EXPENDITURE
NET (EXPENDITURE)/INCOME
before (losses)/gains on
investments
Net (losses)/gains on investments
9
NET (EXPENDITURE)/INCOME
Transfers
14
RECONCILIATION OF FUNDS
Total funds brought forward
Total funds carried forward
14|SCCF
Unrestricted
Fund
£
50,024
3,050
-
-
698,134
751,208
-
94,554
940,260
1,034,814
(283,606)
(256,053)
(539,659)
-
(539,659)
32,028,602
31,488,943
|St Mary’s
Restricted
Fund
St Patrick’s
Restricted
Fund
£
£
1,139
11,625
471,528
438,595
19,750
75
7,800
-
80,098
41,881
580,315
492,176
1,014
-
10,160
4,779
448,843
346,945
460,017
351,724
120,298
140,452
(29,270)
(13,768)
91,028
126,684
-
-
91,028
126,684
4,531,545
1,877,134
4,622,573
2,003,818
|Total
2025
£
62,788
913,173
19,825
7,800
820,113
1,823,699
1,014
109,493
1,736,048
1,846,555
(22,856)
(299,091)
(321,947)
-
(321,947)
38,437,281
38,115,334
|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|
|---|---|---|---|---|
Notes on pages 14 to 23 form part of these accounts.
Page 11
Secular Clergy Common Fund BALANCE SHEET as at 31 March 2025
|_Notes_
FIXED ASSETS
Tangible fixed assets
8
Investments
9
CURRENT ASSETS
Debtors
10
Cash at bank and in hand
11
CREDITORS: Amounts falling due within one year
12
NET CURRENT ASSETS
NET ASSETS
FUNDS
Unrestricted:
Grant fund
14
General reserve
14
Restricted:
St Mary’s general fund
14
St Mary’s maintenance fund
14
St Patrick’s general fund
14
St Patrick’s maintenance fund
14
|2025
£
2024
£
1,057,197
994,555
35,704,066 36,304,301
36,761,263 37,298,856
103,768
97,724
1,497,329
1,145,850
1,601,097
1,243,574
(247,026)
(105,149)
1,354,071
1,138,425
38,115,334 38,437,281
30,523,943 31,063,602
965,000
965,000
31,488,943 32,028,602
2,042,093
2,075,122
2,580,480
2,456,423
4,622,573
4,531,545
510,058
468,209
1,493,760
1,408,925
2,003,818
1,877,134
_
38,115,334 38,437,281
|
|---|---|
The accounts on pages 11 to 23 were approved and authorised for issue by the Administrators on 9 June 2025 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 2025
|_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 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
|2025
£
(650,498)
(650,498)
807,027
13,086
301,144
(119,280)
1,001,977
351,479
1,145,850
1,497,329
1,497,329
|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
|
|---|---|---|
Page 13
Secular Clergy Common Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025
## 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 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 £820,113 (2024: £830,110).
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 and gifts is recognised upon receipt. Voluntary income including 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.
Cemetery income, which includes burial fees, is recognised in the Statement of Financial Activities on the date of the burial.
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 2025
## 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 2% and 4% 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 2025
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
2024 £
3
INCOME FROM
INVESTMENTS
Portfolio income
Bank interest
2024 £|SCCF
£
2,073
977
-
3,050
5,787
SCCF
£
698,134
-
698,134
717,988
|St Mary’s
£
-
-
471,528
471,528
526,157
St Mary’s
£
74,057
6,041
80,098
75,599
|St Patrick’s
£
-
-
438,595
438,595
346,486
St Patrick’s
£
34,835
7,046
41,881
36,523
|Total
2025
£
2,073
977
910,123
913,173
878,430
Total
2025
£
807,026
13,087
820,113
830,110
|Total
2024
£
2,076
3,711
872,643
878,430
Total
2024
£
827,165
2,945
830,110
|
|---|---|---|---|---|---|
Page 16
Secular Clergy Common Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025
|4
EXPENDITURE ON
CHARITABLE ACTIVITIES
Staff costs
Agency staff costs
Repairs and maintenance
Cemetery running expenses
Depreciation
Allowances (net of refunds)
Temporary grants
Administration costs (note 5)
2024 £
|SCCF
£
-
-
-
-
-
816,964
2,400
120,896
940,260
937,349
|St Mary’s
£
198,586
38,591
101,774
41,833
36,442
-
-
31,617
448,843
417,411
|St Patrick’s
£
212,656
-
69,797
24,131
20,196
-
-
20,165
346,945
304,034
|Total
2025
£
411,242
38,591
171,571
65,964
56,638
816,964
2,400
172,678
1,736,048
1,658,794
|Total
2024
£
357,667
47,996
149,803
64,826
42,564
826,037
600
169,301
1,658,794
|
|---|---|---|---|---|---|
During the year, allowances were paid to 170 retired priests (2024: 179) and 4 temporary grants were made (2024: 1).
|5
ADMINISTRATION COSTS
SCCF
£
**Support costs:**
Chief Administrator’s
Honorarium
750
Administrators’ expenses
241
Life Assurance
1,714
Bank charges
1,704
Sundry office
2,973
Secretarial costs
4,335
**Governance costs:**
Secretarial costs
38,833
Professional fees
11,363
Accountancy fees
22,022
Audit fee
32,520
Annual General Meeting
4,441
120,896
2024 £
110,712
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
£
-
-
-
-
-
-
79
87
5,338
4,614
228
228
-
-
15,102
7,386
5,520
2,500
5,350
5,350
-
-
31,617
20,165
46,156
12,433
|Total
2025
£
750
241
1,714
1,870
12,925
4,791
38,833
33,851
30,042
43,220
4,441
172,678
169,301
2025
£
34,950
18,225
10,635
73,255
|Total
2024
£
750
481
2,088
1,777
3,363
4,691
41,535
44,533
21,058
39,400
9,625
169,301
2024
£
33,390
21,250
10,928
42,564
|
|---|---|---|---|
Page 17
Secular Clergy Common Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025
|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
Cemetery ground staff|2025
£
396,649
39,492
17,742
453,883
3
10
13
|2024
£
356,663
34,476
15,586
406,725
3
9
12
|
|---|---|---|
No Administrators received remuneration in the year other than the honorarium paid to the Chief Administrator as disclosed in note 15. No employee’s emoluments amounted to more than £60,000 in the year (2024: none).
The key management personnel total employment benefits were £38,762 (2024: £44,459). The employer’s national insurance contributions in respect of the key management personnel were £3,879 (2024: £4,599).
|8 TANGIBLE FIXED
ASSETS
_Freehold_
_Building_
_Improvements_
£
_Plant,_
_Machinery,_
_Fixtures &_
_Fittings_
£
_Computer_
_Equipment_
£
_Assets under_
_construction_
_£_
COST
At 1 April 2024
958,505
267,622
6,134
-
Additions
-
-
-
119,280
Disposals
-
-
(6,134)
-
At 31 March 2025
958,505
267,622
-
119,280
DEPRECIATION
At 1 April 2024
41,307
190,265
6,134
-
Charge for the year
21,836
34,802
-
-
Eliminated on disposals
-
-
(6,134)
-
At 31 March 2025
63,143
225,067
-
-
Net book value
At 31 March 2025
895,362
42,555
-
119,280
At 31 March 2024
917,198
77,357
-
-
|_Total_
£
1,232,261
119,280
(6,134)
1,345,407
237,706
56,638
(6,134)
288,210
1,057,197
994,555
|
|---|---|
Page 18
Secular Clergy Common Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025
|9|INVESTMENTS|2025|2024|
|---|---|---|---|
|||£|£|
||Movement in fixed asset listed investments:|||
||Market value at start of year|36,045,338|32,141,664|
||Additions at cost|17,423,937|13,503,692|
||Disposal proceeds|(17,623,841)|(13,659,811)|
||Net realised and unrealised (losses)/gains in the year|(299,091)
|4,059,793
|
|||35,546,343|36,045,338|
||Cash deposits|157,723
|258,963
|
||Market value at end of year|35,704,066
|36,304,301
|
||Historical cost value at end of year|33,842,231
|32,190,443
|
The following individual investments comprise a significant proportion of the total fund value at the yearend:
|end:|||||
|---|---|---|---|---|
|HSBC GBL IND SHS ZQHGBP
HSBC EFTS US SU SHS USD
Fixed interest
Equities
Liquidity and money markets
Total
10
DEBTORS
Trade debtors
Other debtors
Prepayments and accrued income|2025
_Market_
_Value_
£
_%_
12,163,071
_34.07_
23,235,916
_65.08_
305,079
_0.85_
35,704,066
_100_||% of total fund value
14.28%
5.72%
2024
_Market_
_Value_
£
_%_
11,409,915
31.43
23,740,461
_65.39_
1,153,925
_3.18_
36,304,301
_100_
2025
£
2024
£
57,965
48,445
34,143
41,949
11,660
7,330
103,768
97,724||
||||36,304,301||
||||2025
£
57,965
34,143
11,660
103,768||
||||||
Page 19
Secular Clergy Common Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025
|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|2025
£
830,172
666,157
1,000
1,497,329
2025
£
18,612
9,043
219,371
247,026
2025
£
15,885
4,805
20,690
|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
|
|---|---|---|
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_
_assets_
_£_
Unrestricted:
Grant fund
-
General reserve
-
Restricted funds:
St Mary’s:
General
1,021,696
Maintenance
-
St Patrick’s:
General
35,501
Maintenance
-
1,057,197
|_Investments_
_£_
_Net current_
_and long_
_term assets_
_£_
Total
2025
£
30,523,943
-
30,523,943
263,138
701,862
965,000
754,023
266,374
2,042,093
2,580,480
-
2,580,480
88,722
385,835
510,058
1,493,760
-
1,493,760
35,704,066
1,354,071
38,115,334
|
|---|---|
Page 20
Secular Clergy Common Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025
## 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_
_2024_
£
31,063,602
965,000
2,075,122
2,456,423
468,209
1,408,925
38,437,281
||_Tangible fixed_
_assets_
_£_
-
-
938,858
-
55,697
-
994,555
_Income_
£
_Expenditure_
£
698,134
(920,820)
53,074
(113,994)
580,315
(460,017)
-
-
492,176
(351,724)
-
-
1,823,699
(1,846,555)
|_Investments_
_£_
_Net current_
_and long_
_term assets_
_£_
31,063,602
-
342,017
622,983
874,606
261,658
2,456,423
-
158,728
253,784
1,408,925
-
36,304,301
1,138,425
_Realised/_
_unrealised_
_gains_
£
_Transfers_
£
(256,053)
(60,920)
-
60,920
(29,270)
(124,057)
-
124,057
(13,768)
(84,835)
-
84,835
(299,091)
-
|Total
2024
£
31,063,602
965,000
2,075,122
2,456,423
468,209
1,408,925
38,437,281
_Balance_
_at 31_
_March_
_2025_
£
30,523,943
965,000
2,042,093
2,580,480
510,058
1,493,760
38,115,334
|
|---|---|---|---|---|---|
|||||
||
|||||||
Page 21
Secular Clergy Common Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025
## 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_
_2023_
£
27,825,800
965,000
1,629,268
2,295,748
286,037
1,323,977
34,325,830
|_Income_
£
_Expenditure_
£
717,988
(923,725)
64,807
(107,325)
629,235
(424,563)
-
-
406,388
(311,147)
-
-
1,818,418
(1,766,760)
|_Realised/_
_unrealised_
_gains_
£
_Transfers_
£
3,522,503
(78,964)
-
42,518
365,411
(124,229)
-
160,675
171,879
(84,948)
-
84,948
4,059,793
-
|_Balance_
_at 31_
_March_
_2024_
£
31,063,602
965,000
2,075,122
2,456,423
468,209
1,408,925
38,437,281
|
|---|---|---|---|---|
## 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 £54,556 has been made to the General Fund (2024: £42,518) to maintain the SCCF’s general reserve at approximately one year’s expenditure.
A transfer of £124,057 and £84,835 (2024: £124,229 and £84,948) 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.
The Administrators agreed to contribute 25% of the total costs incurred by St Mary’s Cemetery on its building refurbishment from the grant fund. The refurbishment was completed in the year to 31 March 2024, therefore no transfer has been made from the grant fund in respect of the refurbishment in the year to 31 March 2025. The total value transferred during the refurbishment was £206,302, and of this balance £36,446 was transferred in the year to 31 March 2024.
## 15 RELATED PARTY TRANSACTIONS
5 Administrators of the fund were reimbursed for travel expenses totalling £241 in the year (2024: 2 reimbursed for travel expenses totalling £481). In the prior year each Administrator also received £10 for celebration of a Mass in remembrance of Fr Borelli.
The Chief Administrator, Rev Mgr P Rowland, received an honorarium of £750 (2024: £750).
Page 22
Secular Clergy Common Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025
|16 RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET
CASH FLOW FROM OPERATING ACTIVITIES
Net (expenditure)/income for reporting period (as per statement
of financial activities)
Adjust for:
Depreciation charges
Dividends and interest from investments
Increase in debtors
Increase/(decrease) in creditors
Net cash used in operating activities
Analysis of changes in net funds
1 April
2024
£
Cash at bank and in hand
1,145,850
17 CAPITAL COMMITMENTS
Amounts contracted for but not provided in the financial statements:
Refurbishment of property|2025
£
(22,856)
56,638
(820,113)
(6,044)
141,877
(650,498)
Cashflows
£
351,479
2025
£
107,627|2024
£
51,658
42,564
(830,110)
(16,171)
(10,608)
(762,667)
31 March
2025
£
1,497,329
2024
£
-|
|---|---|---|
## 18 CONTINGENT ASSETS
During the year, the Charity was notified of 2 legacies due, and although this income is probable the amounts cannot be reliably measured.
Page 23