MARSHAL BERESFORD'S FUND Registèred Charity Number 272653 Financial Stataments and Trustees R&port for year ended 30 September 2025 PENNINGTONS MANCHES COOPER Penningions ManGh8s Cooper LLP Bottle Works The Bars Guildlorcl Surrey GU14LP Tel." a1483 791800 Fax. 01483 424177 Our Rel.. 20014411APMIOJTS
MARSHAL BERESFORD'S FUND (Registered Charity NLtmb&r 2726531 Contents of the financial statements for the year ended 30 September 2025 Itém Page Charity Information Examiners, Report Trustees, Report Balance Sheet Incorne Expenditure Notes 9-11
MARSHAL BERESFORD'S FUND (Registered Charlty Number 2726531 LEGAL & ADMINISTIiATIVE INFORMATION as at 30 Sèptember 2025 GOVERNING INSTRUMENT.. The Trust Wa5 established by Deed ol Seluernenl dated 18 July 1849 by Alexander James Beresford Hope Ith9 Setuorl CHARITY REGISTRATION NO: 272653 CURRENT TRUSTEES.. The Most Hon Arthur Patrick Marquess of Donegall Richar¢J George Reade Jame5 Robert Hamilton Stubber Rd)ert Michael Wilson-wrigm PRINCIPAL ADDRESS FOR CORRESPONDENCE: Penningtons M8nches Coop9r LLP Bottle Works The Bars Guildford Surrey GU1 4LP SOUCITORS & ACCOUNTANTS.. Penninglons Manthes Cooper LLP Bottla Works The Bars Guildford Surrey GU14LP INVESTMENT MANAGERS: Rathbone5 incorp)rating Investe¢ Wealth and Investrnenl 30 Gresham StrEet London EC2V 7QN INDEPENDENT EXAMINERS.. A2ets Audit Servi$ Ashcombe Court Woolsack Way GodalmiryJ Surr8y GU7 1LQ Charty Information Page 3
Marshal Beresford's Fund Independent Examiner's Report Forthe Year Ended 30 September 2025 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 2025. 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 Date'.15 Decetnber 2025 Examiners, Report Page 4
MARSHAL 8ERESFORD'S FUND (R8gist•red Charlty Number 272653) Trustees. Report for t ygar to 30 Sèpt•mb•r 2025 structur•. gav•rnance and management The administration of thé Trust includ1ng preparation of accounts is dealt with by the Trustees, solicitors, Penningtons Manches Cooper LLP, al Bottle Works, The Bars, Guildford, Surrey GU1 4LP The Trusl's investments are held in the norninee name of the Trustees, stockbrokers. Investec Wealth & Investment Lirnit8d. who have been given discrelionary InvgStm8nt management in accordance with the Charily Commissioners Ord8r d8t8d 14 February 1995. The Trustees have no ethical investrnent policy. The power lo appoint new trustees Is vested in the Primate of All Ireland lor the lirne being. Objectives and act4Viti¥$ The primary objecl of the trust is to make grants towards the building or endowment of rw churches in Ireland with secondary objects to make grants to Stipendi8ry Curates who the Trustees consider wor and to make grants towards the repair, restorat10n or enlargement of existing churches and associated buildings for thè lime being in Ireland. No grants are to be made to the secondary objects until the Trustees have ascertained to their satisfaction that no funds a required for the primary object ol the tru8t n8tnely the multiplication of incumbrances in Ireland. Aehiev•ments and perforniance No rtioiitry was required during the year to 30 Sept8mber 2025 for the primary purpose of the trust and no money has been r8quir6d for the making ol grants to poor sts'pendiary ¢urat85. All grants made durirvj the year have therefore been made under the remaining secondary purposes of the trust namely towards the repair, restoration or enlargetllent of existing churches in Ireland. Reoard for public ben•fit The Trustees confirrn that thèy have complied with the duty in the Charities Act 2011 to have du8 regard to the Charity Commission's guidance on public benefit and have reviewed the Charity Commission's publicakn'on on this topic. InveBtment policy and tho p•rfomiance achieved against the policy The Trust has a diverse equity and fixed InteSt portfolio managed by Rathbon8s Wealth and Investment Manaoement, through which it is haped the portfolio will outperform a composite benchmark over lime. In the year to 30 September 2Q25, the total return ol the portfolio Inet ol management charges) was +5.8% 12024".+12.19%1 and the t*nchm8rk total rettLm over Ihe same period was +11.7%12024 416.23°/01. On 15 February 2023. the Trustees agreed lo adopt a Total Return policy on considaring donations, wherby both the nCOme and capital growth in excess of CPI innalion from 1 October 2022 might be considered as Part of distributable reserves. The adoption of Ih15 policy 15 Intended to allow the +nveslment managemen¢ to be operated with less constraint in their selection of investrnents. With regard to EnvironFnellt81, Social and Governance IESGI issues in resped of investment strètegy, the Trustees require the investment manager to réport on an ESG assessment ol the portfolio investments on an annual basis (continued overl•aQ Trustees. Rert Page 5
Trustees. Report for th• year to 30 September 2025 Icontlnuedl Reserves pollcy As all revenue and allocations from lh8 Total Return Fund are expended by way of grants, the trustees do not maintain a reserve fund. However, to ensure suffient funds are available to meet half yearly r&mbursements to The Representative Church Body IRCBI, the trustee5 airn to en5ur8 a reserve of £70.000 is held on the Revenue Account. The Trustee5 W15h to ensure this level is maintained to cover any shorl-tem volatility in the revenue CeIVed from the investment porifolio, while allowing the grants to wntinue to be paid Financial r•vl•w The bulk ol the grants afe rn8de by way ol hall yearfy reimbursements to The Rèpresentativè Church Body IRCBI with direct gr8nts being rnade if surplus revenue is available. The Trustees meet annually in December when the level of the reimbursement to the RCB and the amount of any other grants is aged for Ihe coming year. In Ihe meeting on 4 December 2025. the Trustees considered the total return of the wrtfolio against UK CPI inllalion. In this year. there was £42,047 unapplied Total Relum available for allocalion lo the Revenue Fund. The trustees aged to apply £ 17, 5-QC,, to the Revenue Fund in the year to 30 September 20261£23,000 in 20251. During the year to 30 September 2025 reimbursernents payable lo the RCB lotalled £100,000 12024". £92.0001. An additional grant £10.000 was made to St Mogue's Comtnunity group dunng the year12024.. None). Gross ravenue amounted to £108,53212024.. £100.9221 Al the meeting on 4 DerntEr 2025 it was aged to make half yearly reimbursements to th& RCB of leach) and additional grants of £ 7, ¥L-i were agreed. .The Most Hon Arthur Patrick Marquess of Donegall, Trust88 On behgifoflhe Ttustees Dated Trustees, Report Page 6
MARSHAL 8ERESFORD'S FUND BALANCE SHEET AT 30 SEPTEMBER 2025 REVENUE CAPITAL ACCOUNT ACCOUNT IUt7restrict•dl (Endowmenti 2025 TOTAL 2024 TOTAL NOTE Fix•d As$¢ts Investment5 4,176,228 4,176,228 4,079.237 Current Total Cash at 8ank and st¢xkbrokers 87,594 143.5571 44,037 26.620 Current Liabilitie¥b ArrK)unts falling due thin 1 year 19.31K>I (S.6) 114.9961 114.5731 Net Current Assets 78.294 149.2531 29,041 32,047 Total Net Assets 78.294 Thr75 4.091.284 Fund5 78,294 4.128.975 4,205,269 4,091,284 The finanaal Statements have been prepared in acojrilance wlh the Finanoal Rerx)rting Standard appliGgble in th8 Llniled KingdoFn and RepuNic of Ireland IFRS1021. The financial statements re apprDve(I by Ihe Trust885 on.£p..>i .¢fNIGI£: IL*) . and were signed on Its behalf by.. . The Most Hon Arthur Pairid( Marquess of Donegall. Tru$lee On beh&lfof I rrustees The notes on pages 9-11 fomi part of tt)ese a(twnts Balance Sheet Page 7
MARSHAL BEFiE$FQRD'5 FUND STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENoeD 30 SEPTEMBER 2025 REVENUE CAPITAL NOTE ACCOUNT ACCOUNT IUThre8trfct1 (Endowmentl 2025 TOTAL 2024 TOTAL InGomv and Expondlturo Incomlng Resou9$ Inveslmenl Ir¢cffi8 DeFK)sil Int&ty$t 108.532 327 108,532 327 99.247 1.675 Total Incomlng R880urc8s 8,859 Nll 108,859 100.922 Rosourco8 Expond•d Direct Charitab ¢XPEnditur¢'. Gr8nt51o Charities Legal and administrative costs 110.OLX) 16.219 110,000 38,288 92.0 37.376 22.068 Totsl Ro¥ourc88 Expended 126,219 6 148.288 129.376 Net Outgolng R•80uree& forthE yur 17,3001 122.0681 139.428 28,454 GalnsllLosse51 on investThnt a58ets'. Realised during the yèar Unrealised arisirrtj during the y8ar 11,9871 155.400 11,9871 155,400 64.3¥J 306.857 Total gain{101$e5j on ifiv•stnnI ass•ts 153.413 153,413 371,250 Trantsfer bBlwo4n fund6 Alkncallon of Toia Retum to Revenue ArLounl 23.000 IrJ,0001 Nll Nll Net MoverneTht In Fund8 5.840 108,345 113,98S 342,796 Funds brought IDrward at 1 October 2024 72,654 4.018.630 4.091,284 3,748,488 Fund¥ rrIed lorward at 30 strptemr 2025 78,2 4,126,975 4205,269 4,091,284 The notes on pages 9-11 form pertef those Incom8 E¥pendltur8 Paye 8
MARSHAL BERESFORD'S FUND Notes to the Accounts for the yeor ¢nd•d 30 September 2025 Accountin Policies The financial slalemenls have been prepared in accordance with the charitys governing document. the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) {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 Rewrtsl Regulations 2008 only to the exlenl required to provide a true and fair view. This departure has involved following the Statemenl of Rerornmended PraGtIGe lur Gharities 8pplying FRS 102 rather than the version of the Statement of Recommended Practice vthich is referred lo in the Regulations bul which has since been withdrawn. {al Incoming resources are accounted lor when they are receivable. Ibl Grants payable are recognised when the tru51 is colnmitted to making the payment. Icl Legal & adminislralive costs represent Gosts assl3ted with fulfillin9 the consb'lulional and slalulory requirements ol the charily and are included on an accrua15 ba5l5. Idl Ail amounts are shown indusive 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 g8ins or1055es 8rising on those investments are included as part of that fund. If) The trus11s a registered charity (Charity Cornmission No.2726531 and 15 not liable lo tsxalion. Perman•nt wment As the is no power lo expend capital the whole of tho Trust's capital Tepresenls a perrnanenl endowment fund. Incomo arising on the endowment fund is unrestricled. Investment Income 2025 2024 UK Quoted.. Fix8d Interest Equity Total: 22,580 85,952 IOB,532 24,024 75,223 99,247 Notes Page 9
MARSHAL BERESFORD'S FUND Notes to the Aceount5 for the year ended 30 September 2024 Icontlnu•dl 2025 2024 During th6 year the following grants were made.. Representative Church Body St Mogue's CommunityGroup Total.. 100,000 10,000 110,000 92.000 92.000 I nd administrative costs 2025 2024 Legal fees Trustees. expènses Bank ¢haryes Independent Examinerfs fee 13.536 578 13.080 626 2.100 16.219 22,068 38,288 1.800 15.506 21,870 37.376 Investment management fees (capital) Total.. The trust had no employees during the year {2024'. none) Fixgd Ass8t Investm•nts 2025 2014 Historical cost at 1 October 2024 Additions al cost Disposals al ¢ost Cumulative adjuslmenls to cost Historical cost at 30 September 2025 3.625,792 934,104 {992,5141 3,513,385 726,975 1614,5681 3,567,383 3.625,792 Cumulative unrealised gains al 30 September 2025 608,845 4S3,445 Market value p8r Balance sheet 4,176.228 4,079,237 Stru¢ture ¢f the portfolio by market Value Quoted Investments Fixed Interest Prop8rty Allemative Assets Equity loo.00 20.02 100.00 21.86 10.77 64.11 67.32 Mat•rlal Investments as % of portfollo market value lof 5% of above) None12024.' none) Notes Page10
MARSHAL BERESFORD'S FUND Notos to th8 Accounts for the year ended 30 September 2025 (continued) 2025 2024 Rathtx>nes Income account RathbDnes Capital account Penningtons Manches Cooper LLP Client Account 850 43,098 89 44,037 26,554 66 26.620 represented by.. Capital account per Balance Sheet Revenue account per 8alanrg Sheet 143,557} 87,594 44,037 155,034} 81,654 26.620 Llabllitles: Amounts falling du• within on& year 2025 2024 Independent Examiner'5 fee Legal fees 2,100 7,200 1,800 7.200 9,300 5.696 14996 9.000 5.573 14573 Investment m8nagèment fees Total.. Related Party Transactions Trustees are not remunerated but re1Ve¢j £578 reimbursements ol oijt ol pocket expenses during the year12024.. £6261. There were no other payments lo or from related parties during the year12024= none) Notes Page 11