MARSHAL BERESFORD'S FUND Registered Charity Number 272653 Financial Statements and Trustees Report for year ended 30 September 2023 PENNINGTONS MANCHES COOPER Pennington5 Manches Cooper LLP 31 Chertsey Street Guildford Surrey GU14HD Tel.. 01483 791800 Fax.. 01483 424177 Our Ref. 20014411APMIOJTS
MARSHAL BERESFORD'S FUND {Rggistered Charity Numbgr 2726531 Contents of the financial statements for the year ended 30 September 2023 Item Page Charity Information Examiners, ReFX)rt Trustees, Report Balance Sheet Income Expenditure Notes 9-11
MARSHAL BERESFORD'S FUND IRegi$tered Charity Number 2726531 LEGAL & ADMINISTRATIVE INFORMATION as at 30 September 2023 GOVERNING INSTRUMENT: The Trust was established by Deed of Settlement dated 18 July 1849 by Alexander James Beresford Hope Ilhe Settlor) CHARITY REGISTRATION NO: 272653 CURRENT TRUSTEES: Thè Most Hon Arthur Patrick Marquèss of Donègall Richard George Reade James Robert Hamilton Stubber Robert Michael Wilson-wright PRINCIPAL ADDRESS FOR CORRESPONDENCE.. Penningtons Manches Cooper LLP 31 Chertsey Street Guildford Suirey GU14HD SOLICORs & ACCOUNTANTS.. Penningtons Manches Cooper LLP 31 Chertsey Street Guildford Surrey GU1 4HD INVESTMENT MANAGERS: Rathbones incorporating Investec Wealth and Investment 30 Gresharn Street London EC2V 7QN INDEPENDENT EXAMINERS: Azets Audit Sèrvi$ Ashcombe Court Woolsack Way Godalming Suirey GU7 1LQ Charity Infotm81ion P8ge 3
Marshal Beresford's Fund Independent Examiner's Report Forthe Year Ended 30 September 2023 Independent Examiner's Report to the Trustees of Marshal Beresford's Fund. I report lo the charity trustees on my examination of the financial statement of Marshal Beresford's Fund (the charity) for the year ended 30 September 2023. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordan with the requirements of the Charities Act 2011 I'lhe Acfl. I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Direcb'ons given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or the financial statements do not accord with those records., or the financial statements do not comply with the applicable requirements Concerning the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view, which is not a matter considered as part of an independent examination I have no coneerns and have come across no other matters in connection with the examination to which allenlion should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Debra Saunders FCA, Bsc (Hons) Azets Audit Services Ltd Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ Dated.. 14 December 2023 Examiners, Report Page 4
MARSHAL BERESFORD'S FUND (Registered Charity Number 2726531 Trustees. Report for the year to 30 September 2023 structure. governance and management The administration of the Trust in¢luding preparation of aOunt$ is dealt with by the Trustees, solicitors, Penninglons Manches Cooper LLP, at 31 Chertsey Street, Guildford, Surrey GU14HD The Trust's investments are held in the nominee name of the Trustees, stockbrokers, Inveslec Wealth & Investment Limited, who have been given discretionary investment rnanagemenl in accordan wth the Charity Commissioners Order dated 14 February 1995. The Trustees have no ethical investment policy. The power to appoint new trustees is vested in the Primate of All Ireland for the time being. ObJ9¢11vos and a¢llvltle$ The primary object of the trust is lo make grants towards the building or endowment of new churches in Ireland with secondary objects to make grants to Stipendiary Curates who the Trustees Consider poor and lo make grants towards the repair, resloralion or enlargement of existing churches for the lime being in Ireland. No grants are lo be made lo the secondary objects until the Trustees have ascertained lo their satlsfaclion that no funds are required for the primary object of the trust namely the multiplication of incumbrances in Iland. Achlevements and performance No money was reqUId during the year lo 30 September 2023 for the primary purpose of the trust and no money has been required for the making of grants to poor stipendiary curates. All grants made during the year have therefore been made under the remaining secondary purposes of the trust namely towards the repair, restoration Dr enlargement of existing churches in Ireland. Regard for public benefit The Trustees confirm that they have complied with the duty in the Charities Act 2011 to have due regard lo the Charity Commission's guidance on public benefit and have reviewed the Charity Commission's publication on this topic. Investment policy and the perfomiance achieved against the policy The Trust has a diverse equity and fixed interest portfolio managed by Inveslec Wealth and Investment, through which il is hoped the portfolio will outperform a composite benchmark over lime. In the year lo 30 September 2023, the total return of the portFolio Inet of management charges) was +3.89QA 12022.'_8.01 Qkn) and the benchmark lolal retum over the same period was +10.190/012022-6.390AI. On 15 February 2023, the Trustees agreed to adopt a Total Return policy on considering donations, wherby both the income and capital growth In excess of CPI inflation from 1 October 2022 might be considered as part of distributable reserves. The adopb'on of this policy is intended to allow the investment management lo be operated with less ¢onslrainl in their selection of inveslmenls. With regard lo Environmental, Social and Governance IESGI issues in respect of investment strategy, the Trustees require the investment manager to report on an ESG assessment of the portfolio investments on an annual basis. (continued overleafj Trustees. Report Page 5
Tru8tee8' Report forthe year to 30 September 2023 Icontinuedl Financial revlew The bulk of the grants are made by way ol half ye8rfy reimbursements to Ttrle RepresentslNe Church Body {RCBI with direcl grants being made if surplus revenue is available. The Trustees meet annualty in December when the level ol the reimbursèment to thè RCB and thè amount ol any othèr grants is 8greed for thè coming year. A5 all revenue is expended by way of grants the charty does not maintain a reseT¥e fund. The charity does however ensure that there are sufficient funds in hand to meel the half yeady reimbursements to RCB. In the meeting on 7 December 2023, the Trustees considered the total retum ol the portfolio against UK CPI inflation. In this year, there was no available un8pplied Totsl Relum 8v8ilable lor allocation lo the Revenue Fund. During the year to 30 September 2023 reimbursements payable to the RC8 totalled £92,00012022'. £92.OfrJI. Additional grants of £5.00012022. £15,000). Gross revenue arnounted to £104,05612022. £101,413) At the meeting on 7 December 2023 it was age to make half yearfy reimbursements to the RCB of £ 46,00 • leaGhl and additional grants of £ Ll were agreed. .The Most Hon Arthur Patrick Marquess of Donegall, Trustee On behalfof th 1115tee6 Dated -.7..1 i&.J..Zo..¢S Trustees, Report Page 6
AIARSHAL BERESFORO'S FUND 8ALANCE SHÈET AT 30 SEPTEMBER 2023 REVENUE CAPITAL ACCOUNT ACCOUNT IUnre5trictedl (Endowmentl 2023 2022 TA NOTE Fixed A65ets Investments 3.659.972 3.659,972 3,423.830 Current Assets Total Cash 8t Bank and stockbrokers 134.178 14.461 148,640 306.346 Current Liobilltles Amounts falling due within 1 year 154.9401 IS.1841 ieo,1241 113.9261 Net Current Asgets 79.238 9,278 88,518 292.419 Total Net A85ets 3 669,250 3,748,488 3.716,249 Funds 79.238 3,669.2SO 3.748.488 3,716.249 The financial statements have been prepared in accordan wrth the Financial Reporting Standard applicab18 in lh8 Uniied Kingdom and Republic of Ireland IFRS1021. l.J 11120zS Tlte finanoal statements ¥%*re approved by the Tru$iEe$ on........ . and were signad on its behalf by. The Most Hon Arthur Patrick Marquess of Donegall. Trustee On boh8ff or rru8ieas The note8 on pages 9-11 fomi part of these acrA)unts Balance Sheet Page 7
MARSHAL BERESFORD'S FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023 REVENUE CAPITAL NOTE ACCOUNT ACCOUNT Iunrestrictsdl (Endowmentl 2023 TOTAL 2022 TOTAL Incom8 and Expenditure Incoming R080urce8 Investment In¢ome Deposit Interest 100,907 3,150 100.907 3.150 101.000 413 Total Incoming Resources 104.056 104,056 101A13 Resources Expended Dired charitable expenditu". Grants to Charities L8gal and administrativ? costs 97.000 13,824 9T.10 34,425 107.000 35,649 20,601 Total Resources Exp8ndod 110.824 20,601 131,425 142.649 Net Outgoing Re$our¢e$ forthe year 6,768 20,fj01 27.369 41.236 GalnsllLo$sesl on Investment assets: R8alised during the year Unrealised arising during the year 449,113 1389,5051 449.113 1389.5051 197,359 1605,4281 Total gainslllos5851 on investrn8nt a55ets 59,607 59,607 408,070 Net eMent in Funds 16,7681 39,006 32.238 1449,3061 Funds brought forward at 1 October 2022 86,006 3.630,243 3.716.249 4,165.555 Funds carried fOard at 30 September 2023 79.238 3,669,250 3.748,488 3,716.249 The notes on pages 9-11 fomi part of these accounts Income Expenditure Page 8
MARSHAL BERESFORD'S FUND Notes to the A¢¢ounts for the year ended 30 September 2023 Accountin Policies The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191" The charity Is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the exlenl required lo provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations bul which has since been withdrawn. lal Incoming resources are accounted for when they are re1Vable. Ibl Grants payable are recognised when the trust is committed lo making the paymenL Icl Legal & administrative costs represent costs associated with fulfilling the constitutional and statutory requirements of the charity and are included on an accruals basis. Idl All amounts are shown inclusive of non-recoverable value added tax. lel Investments are included in the Balance Sheet at market value. The investments represent the Permanent Endowment Fund and accordingly any gains or losses arising on those investments are included as part of that fund. lfj The trust is a registered charity (Charity Commission No.2726531 and is not liable to taxation. Permanent Endowment As there is no power lo expend capital the whole of the Trust's capital represents a permanent endowment fund. Income arising on the endowment fund Is unrestricted. Investment Income 2023 2022 UK Quoted.. Fixed Interest Equity Total: 21,511 79,396 100,907 28,541 72,459 101,000 Notes Page 9
MARSHAL BERESFORD'S FUND Notes to the A¢¢ounts for the year ended 30 September 2023 Icontinuedl Grants 2023 2022 During the year the following grants were made.. Represenlalive Church Body Lismore Cathedral St Morgues Church Total: 92,000 5,000 92,000 5,000 10,000 107,000 97,000 Le al and administrative costs 2023 2022 Legal fees Trustees, expenses Independent Examiner's fee 11,808 318 1,698 13,824 20,601 34,425 12,420 1,650 14,070 21,579 35,649 Investment management fees Icapilall Total: The trust had no employees during the year12022". none) Trustees are not remunerated but received £318 reimbursements of out of pocket expenses during the year 12022.'£Nill. Fixed Asset Investments 2023 2022 Historical cost at 1 October 2022 Additions al cost Disposals al cost Cumulative adjustments to cost Historical cost at 30 September 2023 2,887,737 2,266,346 11,640,699) 2,987,277 723,291 1822,8301 3,513,385 2,887,737 Cumulative unrealised gains al 30 September 2023 146,587 536,093 Market value per Balance Sheet 3,659,972 3,423,830 Structure of the portfollo by market value Quoted Investments Fixed Interest Propety Alternative Assets Equity 100.00 20.59 4.32 12.40 62.68 100.00 11.00 5.62 11.78 71.60 Material Investments as /• of portfolio market value {of 5 /0 of above) None12022'. none) Notes Page 10
MARSHAL BERESFORD'S FUND Notes to the A¢¢ounts for the year ended 30 September 2023 Icontinuedl Cash 2023 2022 Inveslec Income account Inveslec Capital account Penninglons Manches Cooper LLP Client Account 148,640 305,878 468 306,346 148,640 presented by.. Capital account per Balance Sheet Revenue account per Balan Sheet 14,461 134,178 148,640 211,490 94,856 306,346 Liabilities.. Amounts falling due within one year 2023 2022 Independent Examiner's fee Legal fees Trustees, expenses Grant due to Representative Church Body 1,740 7,200 1,650 7,200 46,000 54,940 5,184 60,124 8,850 5,076 13,926 Investment management fees Total: Notes Page 11