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2023-05-31-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

OFFICERS
AND
PRO
 FESSIONA
 L ADVISERS
Principal a ddress and registered office Windsor House, Heritage Gate
Sandy Lane West
Littlemore
OXFORD
OX4 6LB
Registered charity commission number 1009910
Registered OSCR number SC046482
Registered company number 2645233
President Cardinal
Vincent Nichols
Board ofdirectors Mr. R.E.Hayes
KSG		 KC*HS (Chair and President's
Representative)
Mr. S.C. Doyle
Mrs E.Watson- Gandy DM
Miss J.C. Gough
Mr I.B.Hambleton (Deputy Chairman)
Revd D. Humphreys KHS
Mrs J.M. Mellor DHS
Mrs V.Stonier
Mr.J.P.J.Turner
Director/Secretary ofthe charity Revd P.B.Martin
Bankers National
Westminster		 Bank PLC
249 Banbury
Road
Summertown
OXFORD
OX2 7HR
CAF BANK Limited
25 Kings Hill Avenue
Kings Hill
WEST MALLING
ME194JQ
Auditors Cocke, Vellacott 5 Hill
Chartered
Accountants
Unit 28 City Business Centre
Lower Road
LONDON SE162XB
Investment managers Cazenove
Capital Management		 Limited
1London Wall Place
LONDON
EC2Y SAU

General Designated Total Total
Notes fund funds 2023 2022
E E E
Income from:
Charitable
Activities: rental		 income 17,052 17,052 17,052
Donations
gL legacies		 151,355 151,355 203,930
Investments 333,645 333,645 330,580
Other:
Funds transferred
from connected		 charity 12 420
Interest receivable 964 964 328
Rents 9„702 9,702 9,702
Events 922 922 864
Realised gain on sale ofproperty 51,218
Tot:al 3(b) 513,640 513,640 614,094
Expenditure
on
Costs of raising funds (11,680) (11,680) (22,678)
Expenditure
on charitable		 activities (689,631) (6&9,631) (673,855)
Total resources expended (701,311) (701,311) (696,533)
Net gains/(losses)
on investment		 assets (209,504) (209,504) (71,737)
Net income/(expenditure) for the year (187,671) (209,504) (397,175) (154,176)
Transfers between
funds		 (50,326) 50,326
(237,997) (159,17&) (397,175) (154,176)
Other recognised
gains and		 losses
Gains/(losses)
on revaluation		 of properties 7,11
Net movement
in funds		 (237,997) (159„178) (397,175) (154,176)
Total funds brought forward 2,992,059 9,855,092 12,847,151 13,001,327
Total funds carried forward 2,754,062 9,695,914 12,449,976 12,847,151

as at 31May 202 3
Not:es 2023
f		 2022
Fixed assets: 588,831 590,469
Tangible
Fixed Assets
Programme
Related
Fixed Assets		 3,656,397 3,656,397
Investments 7,873,448 8,383,957
Investments 9,335 13,535
Programme
Related Investments
12,128,011 12,644,358
Total fixed assets
Current assets: 289,152 62,985
Debtors 60,247 158,893
Cash at bank and in hand
349,399 221,878
Total current assets
Liabilities:
Creditors: Amount
within one year		 falling due 10 (27,434) (19,085)
321,965 202,793
Net current assets (liabilities)
12p449,976 12,847,151
Total net assets
The funds of the charity:
Unrestricted
funds:
Designated
funds
Capital fund
Property
revaluation
Investment
reserve
Legacy fund		 reserve 11
11
11
11		 2,765,318
2,789,218
710,252
3,431,126		 2,765,318
2,789,218
919,756
3,380,800
9,695,914 9,855,092
2,754,062 2,992,059
General fund
Total unrestricted funds 12,449,976 12,847, 151
12,449,976 12,847,151
Total charity funds
Notes 2023 2022
6
Cash flows from operating activities:
Net income/(expenditure) for year (397,175) (154,176)
Adjustments
for:
Depreciation 1,637 3,672
(Gains)/losses
on sale of		 fixed asset investments 209,504 71,737
(Gains)/losses
on sale of		 fixed assets
Dividends
received		 (333,645) (330,5801
interest (964) (328)
Rents (26,754) (26,754)
Realised gain on disposal of property (51,218)
(increase)/decrease
in		 debtors 9 (226,167) 18,727
Increase/(decrease)
in		 creditors 10 8,349 (893)
Net cash from operating activities (765,215) (469,813)
Cash flows from investing activities
Purchase oftangible
fixed assets		 (1,098)
Proceeds from sale offixed assets 137,181
Receipts from programme related assets 4,200 3,600
Purchase offixed asset investments 241,370 (252,365)
Proceeds from sales offixed asset investments 59,636 300,000
Dividends 333,645 330,580
Interest 964 328
Rents 26,754 26,754
Net cash provided
by (used		 in) investing activities 666,569 544,980
Change ofcash and cash equivalents in the reporting period (98,646) 75,167
Cash and cash equivalents at the beginning ofthe reporting period 158,893 83,726
Cash and cash equivalents at the end of the reporting period 60,247 158,893

Analysis ofexpenditure
o		 n ch aritabl e
a		 ctivities
Costs of
Basis of generating Charitable Total Total
Allocation funds Activities 2023 2022
Costs directly allocated to activities f f E
Annual
report R meeting/event		 Direct 6,796 6,796 3,513
Auditor's
remuneration:
Audit Fees Direct 7,128 7,128 7,128
Accountancy
Fees		 Direct 2,808 2,80& 2,808
Grants and unsecured
loans
to beneficiaries
(see below)		 Direct 422,602 422,602 412,878
Legal@ professional
fees		 Direct 6,336 6,336 10,343
Pensions to former employees (note 5) Direct 22,371 22,371 22,371
Property
repairs and maintenance		 Direct 10,818 10,818 5,960
Rates, insurance
and utilities		 Direct 6,231 6,231 5,499
Staff costs
(see note 5)		 Staff Time 5,991 47,469 53,460 51,411
Travel costs Direct 869 2,334 3,203 2,767
Research project Direct
Chairman's
and trustees'		 expenses Direct 323 323 322
Tata
I Direct Costs		 6,&60 535,216 542,076 525,000
Support Costs Allocated to activities
Advertising Transactions 2,790 1,437 4,227 20,883
Investment
managers
fees		 Transactions 10,368 10,368 5,269
Bank Charges Transactions 834 &34 1,095
General office costs-
including
equipment		 Usage 1,105 3,315 4,420 4,674
Communications Usage 571 1,714 2,285 2,347
Depreciation
and losses on
tangible fixed assets Usage 251 1,386 1,637 3,672
Staff costs
(see note 5)		 Staff Time 82,803 82,&03 79,933
Printing
and publications		 Transactions 103 116 219 172
Property
repairs and maintenance		 Transactions 2,242 2,242 2,173
Rates, insurance
and utilities		 Transactions 50,200 50,200 51,315
4,&20 154,415 159,235 171,533
Total Resources Expended 11,680 6&9,631 701,311 696,533
Included
within charitable		 activities isf12,272 (2022:E12,136)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.
2023 2022
f No. of No. of
beneficiaries beneficiaries
Grants and unsecured
loans		 paid to individuals
Grants paid 422,602 40 412,878 45
Unsecured
loans paid
Recoveries of unsecured loans (180) 2 (180)
422,422 412,698
5. Particulars ofemployees 2023 2022
No. No.
The average number of employees analysed by function was:
Charitable/Pastoral
Fun draising
Management,
administration		 and household
2023
f		 2022f
Their total remuneration including benefits in kind of
fnil (2022- fnil) was:
Salaries 117,245 112,741
Social security costs 7,&91 7,908
Pension costs 11,127 10,695
136,263 131,344
Pensions to former employees 22,371 22.371
2023
f		 2022f
Travelling and charitable expenses 323 322
6. Donations and legacies 2023
f		 2022f
Donations 59,667 67,661
Appeals and collections 41,362 65,473
Legacies 50,326 70,796
151,355 203,930

7. Tangible fixed assets Tangible fixed assets Programme Programme
Related Furniture
Freehold Freehold Motor Computer Fixtures &
Properties Properties Vehicles Equipment Fittings Total
E E E E E E
Cost or valuation
At 1June 2022 582,031 3,656,397 11,081 30,353 4,279,862
Additions
at cost
Transferred
to current assets
Disposals
Revaluation
offreehold
properties
At 31May 2023 582,031 3,656,397 11,081 30,353 4,279,862
Accumulated
depreciation
At 1June 2022 9,259 23,737 32,996
Charge for year 374 1,263 1,637
Disposals
At 31May 2023 9,633 25,000 34,633
Net book value 31IVIay 2023 582,031 3,656,397 1,448 5,353 4,245,229
Net book value 31 May 2022 582,031 3,656,397 1,822 6,616 4,246,866
Cost ofassets 31May 2023 5S2,031 867,179 11,0S1 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 2023 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 2023.

Fixed asset investments 2023 2023 2022 2022
Market value Cost Market va/ue Cost
f f
Investments listed on the UK Stock Exchange
At 1June 8,050,565 7,130,809 8,422,302 7,430,809
Additions
during the year
Disposals
during the year		 (59,636) (59,636) (3QQ,QQQ) (3QQ,QQQ)
Unrealised gains/ (losses) (209,504) (71,737)
At 31May 7,781,425 7,071,173 8,050,565 7,130,809
Cash investments
and cash awaiting		 investment 92,023 92,023 333,392 333,392
Market value at 31May 7,873,448 8,383,957
Historic cost at 31May 7,163,196 7,464,2Q1
Analysed
as		 follows, 2023 - indicative figures within multi-asset
fund:
Investment assets in the UK 2,741,678 2,688,971
Investment assets outside the UK 5,039,747 5,361,594
Cash investments
in the UK		 92,023 333,392
7,873,448 8,383,957
ncluded
in funds.
At 31May 2		 023the investm en t
reserve was f710,252 (2022		 —(E919,756) as below:
Reconciliation
of movements		 in unrealised
gains/ (losses) on investment assets: 2023
F.		 2022f
Unrealised
gains/
(losses) arising on revaluation
brought
forward at 1stJune		 919,756 991,493
Addition/(Deduction)
in respect ofdisposals
919,756 991,493
Add net gains/ (losses) arising on revaluation in the year (209,504) (71,737)
Transfer to general fund
Unrealised
gains/ (losses) arising on revaluation		 at 31May 710,252 919,756

8. Fixed asset investments (continued)
Programme
Related		 Investment
2023
f		 2022f
Loans to beneficiaries in accordance with the objectives ofthe charity
Balance brought forward 13,535 17,135
Loans made during the year
Less:
repayments		 received (4,200) (3,600)
9,335 13,535
The loans are interest free.
9. Debtors 2023
f		 2022f
Tax refunds
due		 21,046 13,089
Other debtors 251,069 45,509
Prepayments
and accrued income		 17,037 4,387
289,152 62,985
10. Creditors: Amounts
falling due within		 one year 2023
f		 2022f
Social security and other taxes 3,808 3,670
Accruals and deferred income 23,626 15,415
27,434 19,085
11. Total Funds Balance Incoming Resources Transfers Balance
1stjune resources expended between 31stMay
Unrestricted
funds		 2022
f		 and gains
f		 and losses
f		 funds
f		 2023
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)		 919,756 (209,504) 710,252
Legacy fund (d) 3,380,800 50,326 3,431,126
9,855,092 (209,504) 50,326 9,695,914
General fund (e) 2,992,059 513,640 (701,311) (50,326) 2,754,062
Total unrestricted
funds		 12,847,151 513,640 (910,815) 12,449,976

11. Total Funds (continued) Unrestricted
Funds
f
Represented by:
Fixed assets 12,128,011
Net current assets 321,965
12,449,976

Operating
Lease Commitments		 Operating
Lease Commitments		 Operating
Lease Commitments
At the year end the Society had total outstanding commitments under operating leases amounting
to:
2023 2022
f E
Amounts falling due within one year 4,556 4,556
Amounts falling due between 1to 5years
4,556 4,556