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2022-05-31-accounts

~Pa es
Officers and professional
advisers
Report ofthe trustees 2 -6
Independent
auditor's		 report 7-9
Statement offinancial activities 10
Statement offinancial position
Statement ofcash flows 12
Notes to the accounts 13-21

Cardinal
Vincent		 Nichols Nichols Nichols
Mr. R.E.Hayes KSG KC*HS (Chair and President's
Representative)
Mr. S.C. Doyle
Miss J.C. Gough
Mr I.B.Hambleton (Deputy Chairman)
Revd R. Hughes KCHS
Mrs J.M. Mellor
Mrs V.Stonier
Mr.J.P.J.Turner
Revd P.B.Martin
National
Westminster		 Bank PLC
249 Banbury
Road
Summertown
OXFORD
OX2 7HR
CAF BANK Limited
25 Kings Hill Avenue
Kings Hill
WEST MALLING
ME194JQ
Cocke, Vellacott & Hill
Chartered
Accountants
Unit 28 City Business Centre
Lower Road
LONDON SE162XB
Cazenove Capital Management Limited
1London Wall Place
LONDON
EC2Y 5AU

General Designated Total Total
Notes fund funds 2022 2021
E f f E
Income from:
Charitable
Activities: rental		 income 17,052 17,052 19,032
Donations 5legacies 203,930 203,930 212,194
Investments 330,580 330,580 290,388
Other:
Funds transferred from connected charity 12 420 420
Interest receivable 328 328 119
Rents 9,702 9,702 9,702
Events 864 &64 848
Realised gain on sale of property 51,218 51,218
Total 3(b) 614,094 614,094 532,283
Expenditure
on
Costs of raising funds (22,678) (22,678) (13,559)
Expenditure
on charitable		 activities (673,&55) (673,855) (603,777)
Total resources expended (696,533) (696,533) (617,336)
Net gains/(losses) on investment assets (71,737) (71,737) 1,048,683
Net income/(expenditure) for the year (82,439) (71,737) (154,176) 963,630
Transfers between funds (70,796) 70,796
(153,235) (941) (154,176) 963,360
Other recognised gains and losses
Gains/(losses)
on		 revaluation of properties 7,11
Net movement
in		 funds (153,235) (941) (154,176) 963,360
Total funds brought forward 3,145,294 9,856,033 13,001,327 12,037,697
Total funds carried forward 2,992,059 9,855,092 12,847,151 13,001,327
Notes 2022 2021
f
Fixed assets:
Tangible
Fixed Assets		 590,469 593,043
Programme
Related Fixed Assets		 3,656,397 3,656,397
Investments
Investments &,3S3,957 8,503,329
Programme
Related		 Investments 13,535 17,135
Total fixed assets 12,644,358 12,769,904
Current assets:
Properties
awaiting		 disposal 85,963
Debtors 62,9&5 81,712
Cash at bank and in hand 158,893 83,726
Total current assets 221,878 251,401
Liabilities:
Creditors: Amount falling due
within one year 10 (19,085) (19,978)
Net current assets (liabilities) 202,793 231s423
Total net assets 12,847,151 13,001,327
The funds ofthe charity:
Unrestricted
funds:
Designated
funds
Capita
I fund		 11 2,765,318 2,765,318
Property
revaluation		 reserve 11 2,789,218 2,789,218
Investment
reserve		 11 919,756 991,493
Legacy fund 11 3,380,&00 3,310,004
9,855,092 9,856,033
General fund 2,992,059 3,145,294
Total unrestricted funds 12,847,151 13,001,327
Total charity funds 12,847,151 13,001,327

Notes 2022 2021
f
Cash flows from operating activities:
Net income/(expenditure) for year (154,176) 963,630
Adjustments
for:
Depreciation 3,672 4,488
(Gains)/losses
on sale of		 fixed asset investments 71,737 (1,017,618)
(Gains)/losses
on sale of		 fixed assets
Dividends
received		 (330,5SO) (290,388)
Interest (328) (119)
Rents (26,754) (28,734)
Realised gain on disposal of property (51,218)
(Increase)/decrease
in debtors		 9 18,727 (67,244)
Increase/(decrease)
in creditors		 10 (893) (1,151)
Net cash from operating
activities		 (469,&13) (437,136)
Cash flows from investing activities
Purchase oftangible fixed assets (1,098) (998)
Proceeds from sale offixed assets 137,181
Receipts from programme related assets 3,600 3,600
Purchase offixed asset investments (252,365) (7,501,322)
Proceeds from sales offixed asset investments 300,000 7,565,677
Dividends 330,580 290,388
Interest 32& 119
Rents 26,754 28,734
Net cash provided
by (used in) investing		 activities 544,9&0 386,198
Change ofcash and cash equivalents in the reporting period 75,167 (50,938)
Cash and cash equivalents at the beginning ofthe reporting period 83,726 134,664
Cash and cash equivalents at the end of the reporting period 158,893 83,726

Analysis ofexpenditure on ch aritab le activities
Costs of
Basis of generating Charitable Total Total
Allocation funds Activities 2022 2021
Costs directly allocated to activities f 6 f
Annual
report 5 meeting/event		 Direct 3,513 3,513
Auditor's
remuneration:
Audit Fees Direct 7,128 7,128 6,336
Accountancy
Fees		 Direct 2,808 2,808 2,496
Grants and unsecured
loans
to beneficiaries
(see below)		 Direct 412,878 412,878 312,364
Legal 8, professional
fees		 Direct 10,343 10,343 8,448
Pensions to former employees (note 5) Direct 22,371 22,371 22,371
Property
repairs and maintenance		 Direct 5,960 5,960 5,712
Rates, insurance
and utilities		 Direct 5,499 5,499 5,479
Staff costs
(see note 5)		 Staff Time 5,750 45,661 51,411 50,919
Travel costs Direct 825 1,942 2,767 925
Research project Direct 32,361
Chairman's
and trustees'		 expenses Direct 322 322
Total Direct Costs 6,575 518,425 525,000 447,410
Support Costs Allocated to activities
Advertising Transactions 13,783 7,100 20,883 8,245
Investment
managers
fees		 Transactions 5,269 5,269 10,350
Bank Charges Transactions 1,095 1,095 1,061
General office costs—
including
equipment		 Usage 1,169 3,505 4,674 3,750
Communications Usage 587 1,760 2,347 2,368
Depreciation
and losses on
tangible
fixed assets		 Usage 483 3,189 3,672 4,488
Staff costs
(see note 5)		 Staff Time 79,933 79,933 82,684
Printing
and publications		 Transactions 81 91 172 330
Property
repairs and maintenance		 Transactions 2,173 2.173 3,555
Rates, insurance
and utilities		 Transactions 51,315 51,315 53,095
16,103 155,430 171,533 169,926
Total Resources Expended 22,678 673,855 696,533 617,336
Included
within charitable		 activities is f12,136(2021:f10,845) relating to Governance Costs.
In common
with many other charitable		 companies ofour size and nature we use our auditors to assist in the preparation
of
the financial statements.
2022 2021
f No. of E No. of
beneficiaries beneficiaries
Grants and unsecured
loans paid to		 individuals
Grants paid 412,878 45 322,364 37
Unsecured
loans paid
Recoveries of unsecured loans (180) 2 (225)
412,698 322,149
5. Particulars ofemployees 2022 2021
No. No.
The average number of employees analysed by function was:
Charitable/Pastoral
Fundraising
Management,
administration		 and household
2022
f		 2021f
Their total remuneration including benefits in kind of
fnil (2021-f1,621)was:
Salaries 112,741 114,640
Social security costs 7,908 8,191
Pension costs 10,695 10,772
131,344 133,603
Pensions to former employees 22,371 22,371
2022
f		 2021f
Travelling and charitable expenses 322
6. Donations and legacies 2022
f		 2021f
Donations 67,661 91,160
Appeals and collections 65,473 45,535
Legacies 70,796 75,499
203,930 212,194

7. Tangible fixed assets Programme Programme
Related Furniture
Freehold Freehold Motor Computer Fixtures &
Properties
f		 Properties
f		 Vehicles
f		 Equipment
f		 Fittings
f		 Total
f
Cost or valuation
At 1June 2021 582,031 3,656,397 9,983 30,353 4,278,764
Additions
at cost		 1,098 1,098
Transferred
to current assets
Disposals
Revaluation
offreehold
properties
At 31May 2022 582,031 3,656,397 11,081 30,353 4,279,862
Accumulated
depreciation
At 1June 2021 8,764 20,560 29,324
Charge for year 495 3,177 3,672
Disposals
At 31May 2022 9,259 23,737 32,996
Net book value 31May 2022 582,031 3,656,397 1,822 6,616 4,246,866
Net book value 31May 2021 582,031 3,656,397 1,219 9,793 4,249,440
Cost ofassets 31May 2022 582,031 867,179 11,081 30,353 1,490,644
Following the introduction of FRS102all the properties were valued by the Trustees, with advice from local estate agents at
31May 2014on a fair value basis and these values have since been reviewed annually. All properties with the exception of
the Presbytery
are occupied		 by beneficiaries or in one case a tenant and as such they are used for charitable purposes. They
are recorded above as Programme-Related Freehold Properties. In September 2022 the Chair and Deputy Chair considered
all property
values
in light		 of the Covid-19 pandemic and whilst noting that there had been some short term changes
in
property
valuations
concluded that the Society's property
values		 were unchanged as at 31May 2022.

Fixed asset investments 2022 2022 2021 2021
Market value
f		 Cost
f		 Morket value
f		 Cost
f
Investments
listed on the UK Stock Exchange
At 1June 8,422,302 7,430,809 7,078,708 7,178,806
Additions
during the year		 7,501,322 7,501,322
Disposals
during the year		 (300,000) (3oo,ooo) (7,175,346) (7,249,319)
Unrealised
gains/ (losses)		 (71,737) 1,017,618
At 31May 8,050,565 7,130,809 8,422,302 7,430,809
Cash investments
and cash awaiting		 investment 333,392 333,392 81,027 81,027
Market value at 31May 8,3&3,957 8,503,329
Historic cost at 31May 7,464,201 7,511,836
Analysed
as follows, 2022 - indicative		 figures within multi-asset
fund:
Investment
assets in the UK		 2,68&,971 2,633,278
Investment
assets outside the UK		 5,361,594 5,789,024
Cash investments
in the UK		 333,392 81,027
&,383,957 8,503,329
ncluded
in funds.
At 31May 2		 022 the investm ent reserve was f919,756(2021 —(f991,493)as below:
Reconciliation
of movements		 in unrealised
gains/
(losses) on investment		 assets: 2022
f		 2021
Unrealised
gains/ (losses) arising on revaluation
brought
forward at 1stJune		 991,493 (99,098)
Addition/(Deduction)
in respect ofdisposals		 72,973
991,493 {26,125)
Add net gains/ (losses) arising on revaluation in the year (71,737) 1,017,618
Transfer to general fund
Unrealised
gains/ (losses) arising on revaluation		 at 31May 919,756 991,493
8. Fixed asset investments Fixed asset investments Fixed asset investments (continued)
Programme
Related		 Investment
2022
f		 2021f
Loans to beneficiaries in accordance with the objectives ofthe charity
Balance brought forward 17,135 20,735
Loans made during the year
Less:
repayments		 received (3,600) (3,600)
13,535 17,135
The loans are interest free.
9. Debtors 2022 2021
f
Tax refunds
due		 13,089 21,770
Other debtors 45,509 59,942
Prepayments
and accrued income		 4,387
62,985 S1,712
10. Creditors: Amounts falling due within one year 2022
f		 2021f
Social security and other taxes 3,670 3,589
Accruals and deferred income 15,415 16,389
19,085 19,978
11. Total Funds Balance Incoming Resources Transfers Balance
1stJune resources expended between 31st May
Unrestricted
funds		 2021
f		 and gains
f		 and losses
f		 funds
f		 2022
f
Designated
funds:
Capital fund (a) 2,765,318 2,765,318
Property
revaluation		 reserve (b) 2,789,218 2,789,218
Investment
reserve		 (c) 991,493 (71,737) 919,756
Legacy fund (d) 3,310,004 70,796 3,380,800
9,856,033 (71,737) 70,796 9,855,092
General fund (e) 3,145,294 614,094 (696,533) (70,796) 2,992,059
Total unrestricted
funds		 13,001,327 614,094 (768,270) 12,847,151
11. Total Funds (continued) Unrestricted
Funds
f
Represented by:
Fixed assets 12,644,358
Net current assets 202,793
12,847,151

At the ye ar end the Society had total outstanding
commitments
unde		 r operating
leases amounting to:
2022
f		 2022f
Amounts falling due within one year 4,556 4,556
Amounts falling due between 1to 5years
4,556 4,556