|||~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| ##