MARSHAL BERESFORD'S FUND R•gistered Charity Numbgr 272653 Flnanclal Statements and Tw¥te•s Roport for year •nded 30 S8ptsmbor 2022 PENNINGTONS MANCHES COOPER Penningtons Manche5 Cooper LLP 31 Chertsey Street Guildford Surrey GU14HD Tel.. 01483 791800 Fax.. 01483 424177 Our Ref: 20014411APMIOJTS
MARSHAL BERESFORD'S FUND IR8gistsrod Charlty Numbor 272653) Contsnts of the financial statsments for th• yoar onded 30 S•pt•mb•r 2022 Item Pag• Charity Informafion Examiners, Report Trustees, Report &6 Balance Sheet Income Expendrture Notes 9-11
MARSHAL BERESFORD'S FUND (Registered Charlty Numb•r 2726531 LEGAL & ADMINISTRATIVE INFORIIATION A# at 30 S&ptemb•r X122 GOVERNING INSTRUMENT.. The Trust was est8bli¥hed by Deed ol Settlement dated 18 Ju 1849 by Mexander James Beresfonl Hope Ith8 Setdorl CHARITY REGISTRATION NO: 272853 CURRENT TRUSTEES: The Most Hon Arthur Patric* Marqueys of Oonegall Richard George Reade James Robert Harnilton Stutthr Robert Michael Wilson-wnght PRINCIPAL ADDRESS FOR CORRESPONDENCE: Penningtons Manches Cooper LLP 31 Chertsey Street Guildford Surrey GU14HD SOUCITORS & ACCOUNTANTS: Penningtons Manches CooFer LLP 31 Chert59y Stwt Guildford Surrey GU14HD INVESTMENT MANAGERS: Investec Wealth and Invesbment 2 Gresham Str8et London EC2V 7QP INDEPENDENT EXAMINERS.. A5hcornbe Court Woolsad( Way GcxYalrniThJ Surrey GU7 1LQ Charty Infonnation 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 2022 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 rnatters. 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 extant 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 BA FCA CF Independent Examiner Azets Audit Services Limired Chartered Accountants A5hcombe Court, Woolsack Way Godalmin& Surrey, GU7 ILQ Date.. 12 DÈc&mb&r 2022
MARSHAL 8ERESFORD'5 FUNO {RegiJtered Charity Numb•r 2726S31 Tru8ts08' R•port for tho year to 30 Septsmb•r 2022 Structur•i go¥•manG• and managemant The administration of the Trust induding preparation of accnunts is deali with by the TTUStees' soliators, Penningtons Manches Cooper LLP, at 31 Chertsey Stree( Guildford, Surw GU1 4HD The Trust'$ investment5 are held in the nomin¢¢ narne of the Trustees, stockbrokers, Inveslec Wealth & Investment Limf(ed, vtho have been given disrxetionary investsnent management in accordance wth the Ch8nty Commissioners Order dated 14 February 1995. The Trustees have no ethical investment poliq. The p0Er lo appoint ntruStee$ is vested in the Primate of AJI Ireland for the time being. ObJ•c¢iv ¥nd activiti•s Th# primary object of the trust is lo make grants towards the building Of endowTnenl of new ¢hurche8 in Ireland vAth secondary objècts to make grants to Stipendiary Curoles who the Trustee5 consider poor and to make grants toward8 the repair, restoration or enlaryemenl of existing churthes for the time being in Irdand. No grants are to be made to the secondary objects until the Truste&$ have ascertained to their satisfaction that no fvnds are required for the primary object of the trust namely the multiplication of incumbrances in Ireland. Achievomants and rf0Mlanc8 No money was required during the year lo 30 September 2022 for th• primary purpose of the trust and no mney has been required for the making of grants to poor stip•ndiary curates. All grants made during the year have therefore b¢en made under the remaining sècondary piJrp08es of the trust naOlY towards the repair. rèstoration or enlargement of existing chur¢he$ in Ireland. Regard for publ1¢ boneflt The Trustees conflm that they have complied wlh the duty in the Charities Act 2011 ta have due regard to the Charity Commission's guidance on public benefit and have roviewed the Charity ommi55ion's publication on this topi¢. Inv•¥tment policy and th• porfornianee achieved against th• pollcy The Trust has a diverse equity and fixed interest portfolio managed by Inve5tec Wealth and Investment, through *thich it is hoped the portfolio wll outperfom a composite benchmark over time. In the year to 30 September 2022, the totsl return of the portfolio Inel of management ¢h3rgesl was -8.01% 12021.'+16.53%1 and the benchmark totsl retum over the same period was - 6.39%12021 +15.93%). With regard lo Enmronmental, SocFal and Govern3nce IESG) issu•s in respect of investm8nl strategy, the Trustee5 require the investment manager lo report on an ESG assessment of tha portrolio investment5 on an annual basis. (¢onllnued overleafj Trustees. Report Page 5
Tru•to8¥' Rtport for th• year to 30 S•pt•mber 2022 Icontlnugdl FTnanci•l r•vl•w The bulk of the granlB are made by way of half yearfy reimbursements lo The Rèpresentative Church Body {RC81 with direct grants being mad& if surplus revenue is available. The Trustees t annually in NovemberlDecembe¥ when the level of Ihe roimbursement to the RCB and the amunt of any other gr8nl$ is agieed for the coming year. As all revenue is expènded by aY of grant8 the ¢harity does not maintain a reserve fund. The charity does hov*vÈr ensure that there are suffiGienl funds in hand lo meet the half yearty imbursements to RCB. During the year to 30 September 2022 re1MlseMents to the RCB tolalled £92,000 12021.. £92,000). Addition81 grants of £15,000 {2021.' £01. Gross revenue amounted to £101,41312021: £112.8671 At the meeting on 1 December 2022 it wa5 agreed to make half yearfy reimbursements to the RCB of £ 46 oocy {each) and additional grant5 of £ 5 OOCI were agreed. ..TRUSTEE On behalf of th8 Tnjstees Dated IL Trustees, Report Pag• 6
AIARSHAL BERESFORD'S FUND BALANCE SHEET AT 30 SÉPTEMBER 2022 REVENUE CAPITAL ACCOUNT ACCOUNT IUnre8trlct¢dl (EndO¥nent) 2022 TA 2021 NOTE Flx•d A¥sets Inv8Stments 3.423 830 3,423,830 4.128,798 Current Assets Total Cash at Bank 8nd $tockbroketB 94.858 211.4 3C6.346 51,218 Curr8llt Llabllltlo8 Arnounts falling due wfthSn l yaar 18.8501 15,0761 113.9261 114.4611 Net Curr8nt Ass•ts 86.006 2,413 292,419 36.757 Total Nat Assets 3 830 243 3716249 4165555 Funds 3 630 243 3716149 4165555 The finandal ststements have been prepar8d In acrdance with tho Financial Reporbng starard appltcawe In the United 'ngdom and Republic of Ird8nd IFRS1021. The fanCial ststements wero approved by the TryNlees on ........ ........... . TRUSTEE ollhe Tru8tees The note8 on pages &11 fom part of the$e ac¢ount8 Balance Sheet Page 7
MARSHAL 8ERESFORD'S FUND STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 30 SEPTEMBER 2022 REVEMUÉ CAPITAL NOTE ACCOUNT ACCOUNT IUnr•8trkt•dl IEndowffl•ni) 3022 TOTAL 2021 TOTAL Incomo •nd Exp•ndltur• Incoming R•sourc•8 Inveslment Income Deposil1ntere5t 101,rMJo 413 101,COJ 413 112.667 Nl Totsl Ineamlnq A0T¢ 101 413 101 413 1IZ667 Expend•d tir8d ch8ntub expenditwe". Grants lo Chanbe5 Leyal and administrali¥e cos15 Roundlng adjustment 107.000 14.070 107,000 35.648 92.orA) 33,742 21,579 Totsl R•wurwJ Éxp•nd8d 121070 091 Ro•ourc•s forth• y#r l>inllLf8ae81 ¢)n in¥e¥tmènt •B••ts: Realised during Ihe )Ear Unreali5e(S adsing during the year 197.359 1605,4281 197.359 1605,4281 106.904 400,954 Tot g•ins11lowe¥l on Inv•8tmarrt 070 14•1 Mov•m•nt Fund• 119,6571 1429.6491 1449.3061 4%,783 Fund• INoughtfoNvard at l Octobor 2021 105,663 4,059,892 4.165.555 3,668,772 Fund• caryiod loprd #130 S•plts•T 2022 3 716 249 4183555 The note5 w page$ 9-11 forn part of fv5e aul1t& lrtcome Expenditure Page 8
MARSHAL BERESFORO'S FUND Notes to tho Accounts forthe year end•d 30 Soptsmber Z022 The accounts (financial stalementsl have been ppared In accordance vKth the Statement Accounting and Reporting by Charities preparing their accounts in accordance wth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS10212nd Edition issued October 2019 and the Financial Reporting Standard applicable in the United lfj'ngdom and Republic of lieland IFRS1021 and the Charities Act 2011 and UK Generally Accepted Practice as il applies from 1 January 2015. The accounts lfinancial statements) have been prepared to give a 'true and faif view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required lo prowde a 'true and fair view/. This departure has involved follon9 the Accounting and Reporting by Charitses preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS10212nd Edition issued October 2019 rather than the Accounting and Reporting by Charities.. Stslemenl of Recommended Practice effective from 1 Apn"12005 which has since been Trmlhdrawn. lal Incoming SOurCeS are accounted for en they are ¢¢ivable. (b) Grants payable are recognised the ITUSI is committed to making the payment. Ic) Legal & administratsve costs represent costs associated wlh fulfilling the constitutional and slalutory requirements of the charity and a included on an accruals basis. {dl AJI amounts are shown inclusive ol non•recoverable value added tax. (e) Investments a included in the Balance Sheet at market value. The investments present the Permanent Endobwnenl Fund and accordingly any gains or1095es arising on those investments are included as part of that fvnd. (Q The trust is a registered charity {Charity Commission No.272653) and is not liable to taxation. ntEn As there is no power lo expend capjtal the ore ol the Trust's capital repsents a pemianenl endowment nd. Income arising on the endobvTnerrt fund 18 vnrestricted. Inv stment In 2022 2021 UK Quoted.. Fixed Interest Equity Total: 28,541 72,459 101,000 29.082 B3,585 112,667 Notes Page 9
Notss to the A¢¢ounts for th• year endèd 30 Septemr 2022 Icontinuedl 2022 2021 During the year the follong grants We made.. Representative Church Body Lismore Cathedral St Morgues Churc Aghavea Parish Church Total: 92,000 5,000 10,000 92,000 107,000 al and mlnls tivo costs 2022 2021 Legal fees Tru5tees' expenses Independent Examinevs fee 12.420 10.980 IS60) 1,572 11,992 21,750 33,742 1.650 14.070 21.579 Investment management fees Icapilal) Totsl: The trust had no employees durin9 the year12021: rAt) Trustees are not remunerated and received no reimbursement of expenses during the year. Fixed nv 2012 2021 Historical cost at 1 Oclober 2021 Additions at cost Disposals at cost Cumulative adiuslments to cost Historfcal cost at 30 Septembor 2022 2.987.277 723.291 1822,830) 2,830,411 507,082 1350.215} 2,887,737 2.987,277 Cumulative unreallsed gain$ at 30 September 2022 536.093 1,141,521 Ma¥kot valug per Balance Sheet 3,423 830 4128 798 Structur• of the portfollo by market value UK Quoted Investments Fixed Interest UK Property Altemative Assets Equity loo.00 11.00 5.62 11.78 71.60 100.00 14.03 4.41 6.27 75.29 Material Investments as % of portlollo market valu• (of 5% of above) None12021'. none) Notes Page 10
Notes to thè Accounts for the y•ar •nd•d 30 Soptsmb•r 2022 {corrtinu•dl 2022 2021 Investec Income account Inveslec Capital account Penninglons Man¢he$ Cooper LLP Cts'ent Account 305.878 468 306,346 50,750 468 51.218 repsented by.. Capital account per Balance Sheet Revenue account per Balance Sheet 211.490 (63,2171 114,435 306 346 Llabllltlo¥- Amounts falling due wrthin ono y•ar 2022 2021 Independent Examiner's fee Legal fees Tw$tees' expenses 1.650 7,200 1.572 7,200 8.850 5,076 8,772 5,689 14.461 Investment management fees Total: Notes Page11