MARSHAL BERESFORD'S FUND Registor￿ ChaTIty Number 272653 Flnan¢tsl $18tem¢nts •nd TNst¢•• Rèport fory•ar •ndod 30 Septemhr 2021 PENNINGTONS MANCHES COOPER PenfiFnglons Man¢he$ Cooper LLP 31 Chertsey Street Guildford Surrey GU14HO Tel.. 01483 791800 Fax.. 01483 4241TI Our Ref.. 20014411APWOJTS MARSHAL BERESFORD'S FUND {Reglstered Charity Number 2726531 Contsnts of tho flnan¢lal statements for the yoar ¢ndod 30 Septomber 2021 Itom Pag• Charity Informats"on Examiners. Report Trustees, Report &6 Balance Sheet Income Expenditure Notes 9-11 MARSHAL 8eRESFORD'S FUND IRegi#toMd Charfty Numb•r 2726531 LEGAL & ADMINISTRATIVE INFORMAnoN *• at 30 S•pt•mbor 2021 GOVERNING INSTRUMENT.. The Trust was establishad by D88d ol Setdemenl dabj 18 July 1849 by Alexander James Bereslord HoFe lthe Setuorl CHARITY REGISTRATION NO: 272653 CURRENT TRUSTEES: Thè Most Hon Arthur Patridt M8rquesg of Dorwg11 Richard George Reade James Robert Hamilton Stubtor Rob8rt Mithael wil5￿-wrIght PRINCIPAL ADDRESS FOR CORRESPONDENCE: Penningtons Manthes Coow LLP 31 Chert5ey Street Guildford Surrey GU14HD SOUCITORS & ACCOUNTANTS: Pènningtons Manthes Coopef LLP 31 Chertsey Street Guildford Surrey GU14HD INVESTMENT MANAGERS.. Investec Wealth and Investrn¢nt 2 Grosham Street London EC2V 7QP INDEPENDENT EXAMINERS: Ashcombe Court Woolsack WJY GtyJalmiThJ Surrey GU7 1LQ Charty InforrnBkn"on Page 3 Marshal Bere51ord's Fund Examiner's Unqualified Report Independent Examlnerfs Repgrt tothe Trustees of Marshal Beresfor(fs Fund I report on the accounts of the charity for the year ended 30 September 2021 which are set out on pages seven to eleven. Respective responsibilities of tru5tee5 and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year lunder Section 144121 of the Charities Act 2011 (the 2011 Actll and that an independent examination is required. It is my responsibility to.. examine the accounts under Section 145 of the 2011 Act., follow the procedures laid down in the General Directions given by the Charity Commission (under Section 1451Sllbl of the 2011 Act).. and strate whether particular matters have come to my attention. Basis of independent examiner's Statement My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given a5 to whether the account5 present a "true and fair view. and the report 15 limited to those matter5 Set out in the statement below. Other matters Your attention is drawn to the fact that the charity has prepared the accounts Ifinancial statements) in accordance with 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 IFRS10212nd edition i55ued in October 2019 in preference to the Accounting and Reporting Charities.. Statement of Recommended Practi£& issued on l April 2005 which is referred to in the ext3nt regulations but has since been withdrawn. We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practiie effective for reporting periods beginning on or after l January 2015. Independent examiner's Statement In connection with my eKamination, no matter ha5 come to my attention.. which gives me reasonable cause to believe that, in any material respect, the requirements.. to keep accounting records in accordance with section 130 of the 2011 Act,. and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met., or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. M S Leigh 8A FCA CF Independent Examiner Azets Audit Services Limired Chartered Accountants A5hcombe Court, Woolsack Way Godalmin& Surrey, GU7 ILQ Date.. 22 December 2022 MARSHAL BERESFORD'S FUND (Reglstered Chavlty Numbor 2726531 Tru•tee*' Roport for th• yo•y lo 30 Sfypt•m￿r 2021 Structurni gov•manco and managoment The admini￿r*lon of tho Trust induding preparat￿￿ of accounts is dealt ¥￿th by the Trustees. 801icitors, Pennington$ Man¢he$ Cooper LLP, at 31 Chertsey Street. Guildford, Surrey GU14HD The Tru8Ys investment¥ are h•ld in the nominee name ol the Trustees. stOGkbrokers. Investec Wealth 8 Investment Limited, who have been given disuetionary investment rnanagement in a¢¢ordance the Charity Commissioners Order dated 14 February 1995. The Trustees have no ethical investment pollcy. The power to appoint new trustees 1$ vested in the Primate of All Ireland for the tsme being. ObJoctlvo¥ and a¢Uvltlgs The prim*ry object of th• tryst is to make grants towards the building OT endownRnt of new hurthe5 in Ireland with secondary objects to make grants to Stspendiary Curates vtho the Trustees on¥id•r poor and to make grants towards the repair, restoration or enlargement of exisbng hurthe$ for the time being in Ireland. No grants a￿ to be made to the secondary objects unts'l the Tru$tee$ have ascertained lo their satisfaction that no funds are required for the prinwry object of the trust n8mety the multipli¢*ion of In￿Mbrance9 in Ireland. Achlov•meThts and perforniance No money was required *Juriftg th• year to 30 Sèptember 2021 for the primary purpose of the trust and no money h•$ been ￿qUIr0d for the making of grants to poor stipendiary curates. All grants made during the year havè therefo￿ been made under the remaining secondary PUTposes of the trust namely toward$ the repair, ￿$tOratIon or enlargement of existing churthes in Ireland. Regard lor publlc ben•fit The Trustees confinn that they have conwied vith the duty in the Charitie$ Act 2011 to have dLSe regard to the Charity Commission's guidanee on publie b•nefft and hav• roVi*￿d th• Charity Comrni3sion's publI￿tiOn on this topi InV￿l￿?nt policy and the perforniance •chkv•d *g*inat tho polley The Trust has a diverse equity and fixed interest portfolio managed by Invastec Weatth and Investment, through which It is hoped the portfolio Thill out￿rfOrn a eompositè benchmark over lime. In the year to 30 September 2021, thè total retum of thé portfolio (net of management argesl was +16.53% 12020". -3.89%) and tha benchma￿ total retum over the same period was 15.93%12020. -5.30%). With regard to Enwronmental, So¢ial and Gov•manu IESGI Issues In respect of Investment strategy, the Trustees require the inve5trnnt manager to report on an ESG assessment of the portfolio investm¢nts on an annual basis. (continued overleafj Trustees, Report Page S Truslee•' R•port for the year to 30 S•pt¢mbor 2021 Icontlnu•dl Flnanclal r•vl•w The bulk of thé grnnts are made by way of half yearly reimbursernents lo The Repre$enlats've Church Body IRCBI wth direct grants being made if surplus revenue is ¥vailabie. The Twslees meet annually in N0￿Mber1DeCeMber when the level of the rein*ursement lo the RCB and the amount of #ny other grants is agreed for the ￿MIng year. A3 all revenue 1$ expended by way of grants the chanty does not maintain a ffj8erve fund. The Chanty does however ensLbre that there are sufficleni fund8 in hand to m••1 the ham yearfy reimbursements to RCB. During the yaar to 30 September 2021 reimbursements to the RC8 lotslled £92.000 12020.. £92.000). Additional grants of £0 12020.. £25.0001. Gross revenut amauntèd to t114.287 (2020.. £108,307) At the meeting on 2 December 2021 it was agreed to make hall yearty Teimbursemenls to the RC8 of £46,000 {e8¢hl and addrtional grants of £15,000 ￿re agreed. ..TRUSTEE On beh8Mo the Tmst8es Trustees, Roport Pag• 6 MARSHAL BERESFORD'S FUND 8ALANCE SHEET AT 30 SEPTEIABER 2021 REVENUE CAprrAL ACCOUNT ACCOUNT IUnrestrfct•dl IEndowJrnBnti 2021 1020 NOTE Flxen Inv•8tm•ntq•Mta N•t Movem•nt lft Fund• 8.675 488.108 496.783 1282.7981 Funts bvougbtlor*¥fd •t l Octob•r 2020 86,988 3,571,784 3,668,772 3,951,570 Fundl eArrlod fO￿ld at 30 S•pt•mb8r 2021 The notes on pages 9-11 form part of Ihese accoLrtS InCJj￿ E*¥éndilwe Page 8 MARSHAL BERESFORD'S FUND Note¥ to th? Ac¢ounts for th• ￿•r •nd•d 30 S•ptemb•r 2021 The a¢counls (financial $talementsl have been prepaTed in accordance wth the Statement Aceounting and Reporting by Chariliey preparing their a¢¢ounls in a¢wdan¢e wth the Financial Reportj'ng Standard applicable in the UK and Republic of Ireland IFRS102) 2nd Editson issued OclobeT 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS1021 and the Charities Act 2011 and UK Generally Accepted Pracb"ce as it applies from 1 January 2015. The account$ (financial statements) have been prepared to glve a ttrue and fairf wew and have departed from the Charities (Accounts and Reportsl Regulations 2008 only to the exient required to provide a Irue and fair view. This departure ha5 involved following the Accounting and Reporting by Charities preparing their accounts in accordance wth the Financial Reporb'ng Standard applicable in the UK and Republic of Ireland IFRS10212nd Edition issued October 2019 rather than the Accounting and Reportsng by Charities.. ststemenl of Recommended Practice effective from 1 April 200S W4hith has since been wthdrawn. la) Incoming resources are accounted for ￿ffien they are receivable. Ib) Grants payable are recognised vthen the trust is committed to making the payment. Icl Legal & adminislrative costs represent costs assodaled ¥%ith fulfilling the conststulional and statutory quirements of the charity and are Inc￿￿ed ￿ an acwals basis. Id) All amounts are shovm inclusive of non-recoverable value atlded tax. le) Investments are included in the 8alance Sheet al martet value. The inveslments represent the Permanent EndovJment Fund and accordingty any gains or k*gses arising on those investments are included as part of that fund. lfj The trust is a registered Gharity (Charity Commlsslon No.2726531 and is not lsable to tsxatson. En As theTe is no power to expend capital the whole of the Trusfs ¢ap¢tal ￿Presents a pemianenl endovmient nd. Income arising on the endowment fund is un￿stn'¢¢td. 2021 2020 UK Quoted". Fixed Interest Equity Totsl: 29,082 83,585 112,667 29,253 78,987 108,240 Notes Page 9 Notes to the Ae¢ount* the yèar ended 30 S•pt•mb•r 2021 leontlnu•dl Gr•n 2021 2020 During the year the following grants V•ere made.. Representative Church 8ody St Patrick's Cathedral st Morgue5 Church Aghavea Parish Church Tot•l: 92.000 92,000 10,000 10,000 5,000 117.000 92,000 2021 2020 Legal fees Trustees. expens0$ ndependenl Examiner'5 fee 10,980 {5601 1,572 11,992 21,750 33,742 11,412 387 1.524 13.323 19,906 33,229 Investrnent management fees (capital) Totsl= The trust had no employees durfng the year (2020.. none) Twstees are nol remunerated and received no reimbursement of expenses during the year. Fixod Asset Inv 2021 2020 Historical cosl at 1 October 2020 Additions al cost Disposals at cost Cumulative adiustments to cost Historical cost at 30 Septsmber 2021 2,830,411 507,082 (350,2151 2.836,360 600,390 1606,3391 2,987,277 2,830,411 Cumtjlative unrealised gains al 30 September 2021 1,141,521 740,567 Markgt valu• per 8alance Sheet 4 128.798 3 570.971 Structure of the portfollo by markot value UK Quoted Investments Fixed Inte￿$1 UK Property Altemative Assets Equity 100.00 14.03 4.41 6.27 75.29 100.00 16.67 4.75 7.59 70.99 Mat•rial Investments a• % of portfollo mark•t Valu• lof S% of abov•l None12020', none) Nole$ Page 10 Notes to the Accounts lorthe year ended 30 SeptWi￿r 2021 {¢ontlnu•dl Cash 2021 2020 Investec Income account Inveslec Capitsl account Penninglons Ma￿heS Cooper LLP Client Account 50,750 468 51,218 110,083 1,992 112.074 represented by.. Caprtal account per Balance Sheet Revenue arxounl per Balance Sheet (63,2171 114435 5,803 1 OS,272 112.074 Liabilities: Amounts falling duo within one year 2021 2020 Independent Examinerfs fee Legal fees Trustees. expenses 1,572 7,200 1,524 7,200 560 9,284 4,997 14,281 8,772 5,689 14.461 Investment marwement fees Total.. Notes Page11