MARSHAL 8ERESFORD'S FUND Reglstered Charity Number 272653 Financlal Statomgnts and Trustsgs Report for year ended 30 Sgptsmbgr 2024 PENNINGTON5 MANCHES COOPER Pennington$ ManGhe5 Cooper LLP Bolile Works The Bars Guildford Surrey GU14LP Tel.. 01483 791800 Fax.. 01483 424177 Our Ref.. 20014411APMIOJTS
MARSHAL BERESFORD'S FUND IRegl$t•red Charlty Number 2726531 Contents of the Ilnanclal statements for the year gnded 30 September 2024 ltsm Page Charity Information Examiner5. Report Trustees. Report B¢11È11)Ge Sheet InGome Expenditure Notes 11
MARSHAL BERESFORD'S FUND IRegls¢ored Charlty Number 2726S31 LEGAL & ADMINISTRATIVE INFORMATION a8 at 30 Septsrnb8r 2024 GOVERNING INSTRUMENT: The Trust was established by Deed of settrnent d8ted 18 July 1849 by exander Jarne5 Beresford Hope (the Settlor) CHARITY REGISTRATION NO.. 272853 CURRENT TRUSTEES: The Most Hon Arthur Patrick Marquess of Donegall Richard George Reade Jame5 Robert Hamilton Stutl)er Rort Michael Wi130n-VVrighl PRINCIPAL ADDRESS FOR CORRESPONDENCE: Penningtons Manches Cooper LLP Bottle WoA(s The Bars Guildford Surrey GU14LP SOLICITORS & ACCOUNTANTS- Pennirytons Manches Cooper LLP Bottle Works The Bai$ Guikjlord Surrey GU14LP INVESTMENT MANAGERS: RathtneS incorporating Investec Wealth and Investment 30 Gresharn Street London EC2V7QN INDEPENDENT EXAMINERS: Azets Audit Services A5hcombe Court Woolsad( Way Godalming Surrey GU7 1LQ Charity lnlomiats.on P8ge 3
Marshal Beresford's Fund Independent Examiner's Report Forthe Year Ended 30 September 2024 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 2024. 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 confim that no matters have come to my attention in connection with the examination giving me cause lo 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 IHons} Azets Audit Services Ltd Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ Dated.. 6 January 2025 Examiners, Report Page 4
MARSHAL BERESFORD'S FUND (Reglstered Charlty Number 2726531 Tru¥t*es' Report for the year to 30 Septembgr 2024 Structure, governance and managèment The admini5tralion of the Trust including preparation of accounts is dealt wlth by the Trustee8' solicitors, Penningtons Manches Coopei LLP, at Bottle Works, The Bars, Guildford. Surrey GU14LP The Trust's investments are held in the nominee name of the Trustees, sloGkbrokers, Investec Wealth & Investment Limited, Who have been given discretionary Investment managemenl in aGGu[daii willi tl)e Charity Commissioners Order dated 14 February 1995, The Trustees have no ethical investment policy. The power to appoint new trustees is vested in the Prim8te of All Ireland for the tirne being. Objective5 ond actlvities The primary object of the trust is to makè grants towards Ihe building or endowment ol new churche5 in Ireland secondary objeds to make grants to Stipendiary Curates who the Trustees consider poor and to make grants towards the repair. re51oTation or enlargement of existing churches and associated buildings for the b.me being in Ireland. No grants are to be made to the secondary objects until the Trustees have ascertained to their Satisfaction that no funds are required foi the prfmary object ol the trust namety tne multiplication ol incumbrances in Ireland. A¢hlevements and performance No money was requirèd during the year to 30 September 2024 for thÉ¢ primary purpose of the Injst and no money has been required fof the making ol grant5 to poor stipendiary curates. All grants made during the ye81 have thefOre been made under the Tem8ining secondary purposes of the trust namely towards the repair, restoration or enlargement of existlng churches in Ireland. Regard for publSc benefft The Trustees confirm that they have complied with the duty in the Charities Act 2D11 to have due regard to the Gharity Commission's guidance on public benefit and have vieWed the Charity Commission's publication on this topic. InVestMet policy and the perforni•nce aehleved againat the poliey The Trust h85 8 diverse eqvity and lixed interest porttolio managed by Rathbones We81th and Investment Management. through which it is hoped the portfolio will outperform a composite benchmark over b"me. In the year to 30 September 2024, the total relum of the portfolio (net of management charges) was +12.19% 12023.'+3.89%1 and the benchmark total return over the same period was +18.23%12023 +10.19QAI. On 15 FebrLJ8ry 2023, the Ttustees agreed to adopt a Total Return policy on considering donations, wherby both the income and capil81 growth in excess of CPI inflation from 1 October 2022 might be considered as part of distributable reserves. The adoption of this policy is inlended to allow the investment managernent to be operated wth less constraint in their selection of investments. With regard lo Environmental, Soual and Governance IESGI issues in respect of investrnent strategy, the Trustees Tequire the investment manager to report on 8n ESG assessment of the portfolio investments on an annual basis. (contlnu8d overleaQ Trustees, Report P8ge S
Tru¥tee8' Réport for the year to 30 September 2024 leontlnuedl Flnanclal r•vl•w The bulk of the grants are m811e by way of hall yearly reimbursements lo Tha Representative Church Body IRCBI with direct grants being made if surplus revenue is available. The Trustees meet annually in December when the level of the reimbufS8m6nt to the RCB and the amount of any other grants is agreed for the coming year. As all revenue Is expended by wuy of graiits ihe Gharity does not maintain a reserve fund. The charity doe however ensure that there are sufficient funds in hand to meet the half yearfy reimbursements to RCB. In the meeting on 5 DeCemiT 2024, the Tru8lees considered the lolal return of the portfolio against UK CPI inflation. In this year, there w8s £122,238 unapplied Total Return available for allocation to the Revenue Fund. The trustees agreed lo appty £ IS ocyc to the Revenue Fund the year lo 30 September 2025. During the year to 30 SepleTnber 2024 reimbursements payable to the RCB tolalled £92,00012023.' £92,UOUI. No addlllonal grants weie made during the year12023'. £5,000). Gr055 revenue amounted to £100,92212023-. £104,058) Al the rneeting on 5 Decernber 2024 it was agreed to make half yearly reimbursements to the RCB of £ It4,¢XQ leach) and additional gTants of £ ig,000 were agreed. .Thè Most Hon Arthur P8trl¢k Marquess of Donegall, Tru51ee On behaifofihe Tmstees Dated Oly Trustees. Report Page8
MARSHAL BERESFORD'S FUNO BALANCE SHEET AT 30 SEPTEMBER 2024 REVENUE CAPITAL ACCOUNT ACCOUNT (Unrestricted) (Endowrnentl 2024 TOTAL 2023 TOTAL NOTE Flxed Assots Invasknonls 4.079.237 4.079.237 3.659.S72 Currgnt A66ets Total Ca8h at Bank ané stod(brokers 81,654 155,0341 28.820 148,840 Current Llabllltles Arnounts falling due Vlithin 1 year 19,0001 15,5731 114,5731 160.1241 Net Curyent Assets 72,654 160.6071 12,047 88,516 Totsl Net Assets 72,654 4.018,630 4,091.284 48,488 Funds 72.654 4.018,630 4,091.284 3,748,488 The financial statements have been prepared in accoTdan¢e with the Financial Reporting Standard applicable in the Unil Kingdom and RepUb't of Ireland IFRS11f21. The financial statements We approv8d by the Trustee5 on........ . an¢J We signed on its behalf by". . The Most Hon Arthur Patrick Marquess of Donegall, Trustee On beh811of*he ruslees The rL)tes on pages 9-11 lomi part of the58 accounts Balance Sheet Page 7
MARSHAL BEResFORD'S FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 REVENUE CAPITAL NOTE ACCOUNT ACCOUNT IUnre8trfct8dl (Endowfflgntl 2024 TOTAL 2023 TOTAL Inctyno and Expendlturo Incomlng Rosources Inveslrnent nCome Deposil Interest 99,247 1.675 99,247 1,675 100,907 3,150 Totsl Incomlng Re8QUfGgS 100,922 100,922 104.056 R#sout$ Expended DlrEGt chaTildblv ¢xyviidKure. Gr8nts lo Charities Legal and 8dminislr4live cosls 92,OOD 15,506 92.000 37.376 97,000 34.425 21.870 Total Resourc05 Expended 107.506 21,870 f29,376 131.4 Not Outgoing Resources lorthe year 145811 121,8701 128,4541 127,3691 Goin51lLossesl on invesbnent as88t8'. Realised during the year Unrealised ar151ng dunng the year 64,393 JLR),657 64,393 306,857 449,113 1389.3051 Total 9alns1(lossèsl on Snvestment ets 371,250 371,250 59,607 Net Movement In Funds 16.5841 349.380 342,796 32,238 Funds broughtforward at 1 Octobor 2023 79.238 3,669,250 3,748,488 3,716,249 Funds carvied forward at ao Sept•mr 2024 72,654 4.018,630 4.091,284 3,748,488 The note$ on pages 11 fotm part of t8@ accoun15 Income Expenditure Page 8
MARSHAL BERESFORD'S FUND NotPS to the Accounts for the year ended 30 September 2024 Accountln Policies The financial 5ts1ements have been prepared in accordance with the charity's goveming document, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Pracb"ce applicable lo char((ies preparing their accounts in accordance ¥Mlh the Financial Reporting snandard applicable in the UK and Repuljlic of Ireland {FRS 1021 leffe¢live 1 January 20191" The charity is a Public Benefit Entty as defined by FRS 102. The financial statements have departed from the Charib'es (Accounts and Reports) Regulab"ons 2008 only to the exlenl required to provide a true and fair view. This departure has involved followng the Stslement of Recommencled Pra¢rice for charitles applylng FRS 102 rather than the ve15iuii uf tlie Slalement of Recommended Practice which is referred lo in the Regulations but which has since been withdravffl. {al Incoming resourres are accounted for when they are re¢eivable. Ibl Grants payable are recognised when the trust is committed to making the payment. Icl Legal & adminislrats've costs represent costs associated wth fulfilling the conslilutional and statutory requir8m¢nts of the charty and are included on an accruals bas1S. Id) All amounts a Shown inclusive of non-recoveTable value added tax. (el Investment8 aro included in thè Balance Sheet at market val(Je. The investments represent the Permanent Endowment Fund and accordingly any gains or losses arising on those investments are included as part of that fund. If) The trust is a registered charity (Charity Commission No.2726531 and is not liable to taxation. Permanent Endovmient As there is no p0r to expend capital the whole of the Trust's capital represents a permanent endowment ftjnd. Income arising on the endowment fund is unrestricted. Investment In¢omo 2024 2023 UK Quoted.. Fixed Interest Equity Total: 24,024 7.fj 223 99,247 21,511 79.396 100,907 Notes Page 9
MARSHAL BERESFORD'S FUND Notss to the Accounts for the year ended 30 Septembgr 2024 {contlnuodl Grants 2024 2023 During the year the following grants were made.. Representative Church Body Lismore Cathedral Total= 92,000 92.000 5.000 97,000 92,000 Lo al and admlnlstrdtive costs 2024 2023 Legal fees Trustees, expenses Independent Examinef s fee 13,080 626 1.800 15,506 21,870 37,376 11,808 318 1,698 13,824 20,601 34,425 Investment management fees Icapitall Total: The trust had no employees during the year12023'. none) Trustees are not remunerated bul received £626 reimbursements of out of pocket expenses during the year (2023.. £318}. Flxed Ass8t Investments 2024 2023 Historical cost al 1 October 2023 Additions at cost Disposals at cost Gumulalive adjustments lo cost Historical cost at 30 September 2024 3.513,385 726,975 1614,5681 2,887,737 2,266,346 11,640,699) 3,625,792 3,513,385 Cumulative unrealised gains al 30 September 2024 453,445 146,587 Market value per Balanc8 Sheet 4,079.237 3,659,972 Structure of thg portlollo by markot valuè Quoted Investments Fixed Interest Property ternatlV8 Assots Equity 100.00 21.86 3.26 10.77 64.11 100.00 20.59 4.32 12.40 62.68 Matovlal Investrn•nt$ a$ % of portlollo market value lof 5% of above) None12023'. none) Notes Page 10
MARSHAL BERESFORD'S FUND Nots$ to the Accounts for th9 year ended 30 September 2024 Icontlnuedl Cash 2024 2023 Rathbones Capital account Penningtong Manches Cooper LLP Client Account 26,554 66 26,620 148,640 148,640 represented by.. Capitsl account per Balance Sheet Revenue account per Balance Sheet 155,0341 81,654 26,620 14,461 134,178 148,640 Liabilities: Amounts falling due within one year 2024 2023 Independent Examiner's fee Legal fees Grani due to Representative Church BlY 1,80D 7,200 1,740 7,200 46,000 54,940 5,184 60.124 9,000 5,573 14,573 Investment management fees Total.. Notes Page11