|||~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|||||
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|||||||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|
##
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##
|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|
##