Archdiocesan Property Services Limited la Company limited by guarantee) Report and Financial Slalemenls Year Ended 31 December 2022 Company Number.. 03142451 Charity Number.. 1055049
Archdiocesan Property Services Limited Reference and Admlnlstrative Detalls Dlrectors and Trustees Rev Canon A O'Brien F£ev S KI1n Secretary J P MGMahon Principal Address & Registered office Archdiocese of Lnierpool Croxtelh Drive Liverpool Merseyside L17 1AA Company number 03142451 Charity number 1055049 Banker HSBC Plc, 99-101 Lord Street, Liverpool, L2 6PG Auditor BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH
Archdiocesan Property Services Limited Contents Page ReFX)rt of the Trustees Independent auditorfs report ststement of financial activities including income and expenditure account 10 Balance sheet Notes foming part of the financial statements 12 Pages that do not form part of the financlal statements- Detailed income and expenditure account 21
Archdiocesan Property Services Limited Report of thè Trustees forthe year ended 31 December 2022 The Trustees present Ihelr report together with the audited financial slalements for the year ended 31 December 2022. The Report of the Trustees conslitules the Direelors, Report requirements of the Companies Act 2006. Structurey governance and management Constitution The Charitable Company is incorporated as a Company limilecl by guarantee {having no share capital), Company number 03142451, and is a registered Charity, Charity number 1055049. The Charitable Company is governed by the provisions of it5 Memorandum and Articles of Association incorporated 29 December 1995 as amended by special resolutions dated 7 February 1996 and 26 April 1996. The principal address and registered office tsf the Charitable Company is Archdiocese of Liverpool, Croxleth Drive, Sefton Park, Liverpool, L17 1AA. Organisatlonal structure and decision making The affairs of the Charitable Company are governed by the Trustees. The Trustees are ultimately responsible for the administration and assets of the Charitable Company and one of the Trustees is also a Trustee of the Liverpool Roman Catholic Archdiocesan Trust (Registered Charity Number 2327091, which is the parent enlily. The strategic decision-making process is undertaken through the organisational structure of the Archdiocese. In formulating the strategy of the Charitable Company. the Trustees implement the specific strategy of the Archdiocese in respect of building maintenanco and repair, and financial decisions are made after consultation with the Financial Advisory Committee of the Archdiocese. Detailed decisions in respect of property and building mallers are taken in consultation with the Building Projects Committee of the Archdiocese. The findings of both commillees are recommended to the Trustees of the Archdiocese. Corporate governance The Board welcomed the update of the Charity Governance Code in 2020 and conb'nues to review best practice as il aims lo improve. The changes to the Equality, Diversity, and Inclusion IEDII and the Integrity Principles are recognised and the Board continues to work lowaids meeting the recommendations within the code. The Board has made several steps fopNard in improving ils governance and effectiveness as follows. Organisational purposo- the trustees regularly review the charity's purposes and considers how il delive public benefit. The Charitable Company undertakes or facilitates the building, maintenan, repair and development of archdiocesan church, school, and other buildings which in lurn supports the advancement of the Roman Catholic Religion, the advancement of education and the relief of poverty. The board are satisfied that the charitable purposes have been achieved and the outcomes are reported through the archdiocesan commillees that SUPPOTI the Liverpool Roman Catholic Archdiocesan Trust Leadership - the Chief Operating Officer has continued to review strategic pt70rities, governance, structures. and piocesses during the year. The Charitable Company and ils parent are in transition to new governance arrangements which includes clarity ol oversight of commillees and subsidiary undertaking8. The new governance arrangements include the regular review of the purposes of commillees and subsidiaries, conslruclive Challenge lo the Chief Operating Officer and archdiocesan officers and the Conditions in which officers are confident and enabled to provide information, advice, and feedbaGk to the board of trustee5. The ethos and culture of the Charitable Company supports ils activities.
Archdiocesan Property Services Limited Report of the Trustees for the year ended 31 December 2022 (contlnued) Corporate governance (¢ontinuedJ Integrity The transition lo new governance arrangements includes the implementation of policies and procedL¢res which support key outcomes in maintaining the reputation of the Charitable Company, ils parent Charity. and how il is perceived by other people, partnerships, and the public. Key themes in the implementation of policies and procedures inttlude the expected standards of probity and behaviour, the requirements lo operate responsibly and ethicalty in line with the mission of the Charitable Company and its parent charity, and ompliance with relevant guidance, whether mandatory or non-mandatory. The Charitable Company and the parent charity understand their $2feguarding responsibilities and are commilled to a culture in which evèryone feels safe and respected. Decision maklng. risk and control- the organisation reviews the arrangements for matters reserved to the board and those that are delegated lo archdiocesan officers, individual trustees, and eommillees. Work has continued on the implementation of an updated scheme of delegation with clear boundaries. Compliance will be monitored and reported regularly to an archdiocesan audit committee. The revised governance arrangements include the regular review of committee terms of reference. The monitoring of organisalional performance 15 a key component of the new governance arrangements and the implementa11on of key strategies with associated budgets is in progress. The development of strategies, policies and reporting includes the monitoring and management of financial and non-fi'nancial risks including departmental, subsidiary. and archdiocesan risks. There is an effective process in place for the appointment and review of auditors. Board effectiveness - The arrangements for the cycle of board meetings has been vieWed as part of the new governance arrangements together with the information needed for directors and Iruslees to fulfil their duties. The mix of skills, knowledge and experience is kept under review and a recruitment process has commenced for the commillees supporting the new governanGe arrangements. Equality, diversity, and inclusion - The board understands its responsibilities about equality. diversity. and inclusion. The benefits of a diverse board are valued. Openness and a¢¢ountability - the Charitable Company and its parent charity are currently working towards the development of a transparent, well-publicised, èffective. 2nd timely process for making and handling a complaint, with the aim of ensuring that internal and external complaints are handled constructively, impartially, and effectively. The review of a strategy for regular and effeclive communication with key stakeholders is a priority for the organisation and includes consideration of how best to communicate with these stakeholders. Directors and Trusteès The Trustees and directors of the charity during the year were'.- Rev Canon A 0'8rien ITrustee of Liverpool Roman Catholic Archdiocesan Trust) Rev S Kirwi The appointment of new or additional Trustees Is made in consultation with the Trustees of the Archdiocese. The induction process lor any newly appointed Trustee is tailored lo the requirements of the individual. The new Trustee receives copies of Charity Commission guidance, and the minutes of the most recent Trustees, meetings, and a copy of the most recent statutory accounts, ongoing training is provided for all Trustee5. Risk management The Trustees have assessed the major risks lo which the Charity is exwsed and are salisfted that systems are in place lo mitigate exposure lo the major risks.
Archdiocesan Property Services Limited Report of the Trustees forthe year ended 31 December 2022 (continued) Principal risks and uncertainties The Charitable Company is particularly dependent on income from archdiocesan school building projects. Funds for such projects arè formulated al government level. The Archdiocese of Liverpool has developed a strategy for archdiocesan schools joining Multi Academy Trusts. and il is anticipated that schools will move to one of several Mulli Academy Trusts over number of years. The setvices provided by the company lo the archdioce8e and archdiocesan schools will be offered to Mulli Academy Trusts and an appropriate model to deliver these services will be developed. Thè Charitable Company is also exposed to the variable leve15 of technical complexity in projects identified by the Archdiocese of Liverpool and will further facilitate engagement with specialist professionals lo ensure the highest levels of serVS are provided in respect of archdiocesan building projects. Objectives, a¢tivities and public benefit The Charilablo Company's charitable objective is to promote the eharilable purposes of Liverpool Roman Catholic Archdiocesan Tiusl Iregislered Charity number 2327091 by undertaking or facililaling the building, maintenance, repair and development of Archdiocesan church, school and other buildings. As many parish communities are faced with limited resources, the activities of the Charity in facilitating the construction ol new church buildings and the management of maintenance and repair programmes for existing church buildings ensure that the public are able lo worship in buildings that are compliant with relevant legislation. By managing school building projects on behalf of the Archdiocese, the Charity Is aiding in the provision of hvJh- quality school buildings for the benefit of school children in Archdiocesan schools. Due consideration is given lo Charity Commission published guidance on compliance with the public benefrfc requirement. AchTevem¢nts and Performance Effective control of both parish and school building projects has ensur that expenditure budgets set by the Archdiocese have been adhered to with the impact of managed costs being evident in the accounts of the School Projects Fund and parishes within the Archdiocese. Flnancial review The accoLTnts for the year under review show net income before losseslgains on investmen15 of£112,11312021 £28,481). After taking into account an unrealised loss on investments held of£73.54112021- gain of£96,5051 the funds carried forward at 31 December 2022 have increased by £38,57212021- £124.9861 lo a surplus of £186,097 (2021 £147,525) Income from surveying activities increased by £109,686 from 2021 and the annual o*'eclive of the Charitable Company is lo generate savings on professional fees in respect of building projects rather than merely the generation of funds. Investments The Charitable Company's investments are held in the Archdiocese of Liverp)ol unilised portfolio of listed investments managed by external investment managers. Details of the investment policy are given in the Archdiocesan accounts. An unrealised loss on investments of £73,541 was experienced in the year12021 gain of £96,505). The performance of the investment managers is considered by the Investment Panel of the ATchdiocese of Liverpool and their individual perfoimances are assessed with reference lo recognised benchmarks. The loss for the year is in line with the expectations of the Investment Panel in the current economic climate.
Archdiocesan Property Services Limited Report of the Trustees for the year ended 31 December 2022 (Continued) Reserves It is the policy of the Charitable Company to maintain unreslTicled funds at a level sufficient lo geneiate retur on investments and cash management lo cover annual expenditure in the medium lo long term. Reserves are maintained at a level to ensure that aéequate working capital Is kept within the Chaiitable Company. The Iruslees are working towards maintaining free reserves in unrestricted (excluding Tangible fixed assell funds al a level which èquates to approximately 3 months of unrestricted charitable expenditure. The l¥ustees consider this level will provide sufficient funds lo ensure that expenditure and governance costs are covered. Fre8 reservès at the balance sheet dale were £185,522 and are lower than the targeted 2mount of £235,000. Budgeted operational surpluses in future years and an anticipated long-term growth of investments wi11 ensure that the Charitable Company achieves an adequate level of free reserves. Should reserves continue lo remain below this threshold an explanation will be provided for Iruslees and further appropriate plans will be presented to bring reserves back within the threshold. Financial key performance indicators The gross profit margin rose to 380/0 in 2022, from 33Qkn in 2021 and the value of income over external surveying Gosts (the gross profill rose from £303k to £384k. Going concern In preparing these financial stalemenls, the Trustees are required to prepare the financial statements on the going concem basis unSess il is inappropriate to assume that the Charitable Company will continue in business. In satisfaction of this responsibility the Trustees have considered the Charitable Company's ability lo meet its liabilities as they fall due for a period of al least twelve months from signing dale of the financial slatemenls. Management has made an assessment of the likely impact of the present economi¢ climate on the Chafitsle Company 8nd the Trustees have Considered the period of 12 months from the date of approval of these accounts and have reviewed working capital requirements for the period. As part of this review, reverse stress testing has also been performed, taking into account the potential business disruptions and reductions in revenue over the coming months. The parent chaiity has provided the Charitable Company with legally binding leller of support th81 for at least 12 months from the dale of approval of these financial statements, they will continue lo provide financial support and make available such funds lo meet working capital requirements as they fall due, The Trustees therefore conclude that il remains appropliate lo continue to prepare the ftnancial statements on a going concern basis. The financial slalements do not include any adjustments that would result from the basis of preparation being appropri81e. Plans for future periods The ongoing rnaintenance and improvement of archdiocesan propertie5 continues lo reflect the strategic direction of archdiocesan Iruslees in respect of the location and quality of church buildings. The Charitable Company shall continue lo meet the needs of parishioners of the archd10se in facilitating the maintenance of those properties for ongoing worship and enhancing those properties where they are strategically important and within the requirecl ahdiOCe8an cost control measures. The Archdiocese of Liverpool has developed a strategy for archdiocèsan schools joining Mulli Academy Trusts. and il 1$ anticipated that schools will move lo one of several Multi Academy Trkjsls over numbei ol yèars. The services provided by the company in respect of archdiocesan schools will be available lo projects in respect of schools within Mulli Academy Trusts. An appropriate model lo deliver these services will be developed. Post balance sheet events There have been no significant events affecting the Charitable Company since the year end.
Archdiocesan Property Services Limited Report of the Trustees forthe year ended 31 December 2022 {¢ontlnued) Trustees, responsibilili8s statement The Trustees are responsible for preparing the Trustees. report and the fln3n¢ial statements in accordance with app15cable law and regulations. Company Law rèquires the Trustees lo prepare financial stalements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law the Trustees musl not approve the financial slalemenls unless they are satisfied that they give 8 true and fair view of the slate of aflairs of Ihe Charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that period. In preparing these financial slatemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently., make judgements and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed. subject lo any malefial departures disclosed and exp12ined in the financial stalernenls., ané prepare the financial statements on the going concern basi5 unless it is inappropriate to presume that the Charitable Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charitable Company's transactions and disclose with reasonable accuracy at any lime the financial position of the Charitable Company and enable them lo ensure that the financial statements eomply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor So far as each ol the Truslees is aware at the time Ihe report is approvecl.. There is no relevant audit information of which the Charitable Company's auditor is unaware. ancl The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. A resolution for the reappointment of BDO LLP as auditor will be proposed. Small Companies Reglme These 8Gcounts have been prepared in accordanGe with the special provisions of Part 15 ot the Companies Act 2006 relating to small entities. On behalf of the Board JJts P /Kcn4k J P Mcmahon Secretary Dale- 21 December 2023
Archdiocesan Property Services Limited Independent audltor's report to the members of Archdlocesan Property Services Llmited Opinion on the financial statements In our opinion, the financial slalements.. give a true and fair vièw of the state of the Charitable Company's affairs as al 31 December 2022 2nd of il's incoming resources and application of resources for the year then ended., have been properly prepareol in accordance with Uniled Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial slalements of Aichdiocesan Property Services Limited l.the Chaiilable Company") for the year ended 31 December 2022 which compTise the Statement of Financial Activities, the Balance Sheet and notes lo the financial statements, including a summary of significant accounting policies. The Iinancial reporting Iramework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial R8POrting Standard 2pplicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable 18w. Our responsibilities under those stsndards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section ol our report. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis foi our opinion. Independence Wè remain independent of the Charitable Company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Conclusions related to going concern In auditing the financial statements. we have concluded that the Trustees. use of the going concern basis of accounting in the prepaialion of the financial statements is appropriate. Based on the work we have performed, we have not identified any material unrtaInlIeS relating to events or conditions that. individually or collectively, may cast significant doubl on the Charitable Company's ability lo continue as a going concern for 8 period of at least e1ve months Irom when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. other information The Trustee5 are responsible for the other infomalion. The olher1nformation comprises the information included in the Annual Report, other than the financial statements and our auditorf5 report Ihereon. Our opinion on the rinancial slalemenls does not cover the other information and, except to the exlenl olhepNise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the fin8ncial statements or our knowledgè obtained in the aLJdil or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether there is a material misslalement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misslalement of this other information, we are required lo repoil that fact. We have nothing to report in this regard.
Archdiocesan Property Services Limited Independent audltorfs report to the members of Archdlocesan Property Services Limited (continued) other Companies Act 2006 reporting In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report. which includes the Directors, Report prepared for the purposes of Company Law, for the financial ye2r for which the financial statements are prepared is consistent with the rinancial slalemenls. and the Directors, Report, which are included in Ihe Trustees, Report, has been prepared in accordan with applicable legal requirements. In the light of the knowledge and understandlng of the Charitable Company and ils environment obtained in the course of the audit, we have not identified material misstatements in the Trustees. report. We have nothing lo report in respe¢t of the following matters in relation to which the Companies Act 2006 requires us to report lo you if, in our opinion., adequate accounting records have not been kept by the Charitable Company, or retums adequate for our audit h2ve not been received from branches not visited by us., or the Charitable Company financial slalemenls are not in agreement with the accounting records and relums., or certain disclosures of DirectOTS' remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit.. or the Iruslees were not entitled lo lake advantage of the small companies. exemptions in preparing the Trustees, report and from the requirement to prepare a Strategic Report. Responsibllltles of Trustees As explained more fully in the Trustees. responsibilities slalement. the Trustees Iwho are also the directors of the charitable company forthe purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal Control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misslatemenl, whether due to fraud or error. In preparing the financial slatemenls, the Trustees are responsible for assessing the Charitable Company's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the Charitable Company or lo Gease operations. or have no realistic alternative but lo do so. Audltor's responsibilitles for tho audit of the finonclal statements We have beèn appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulatK)ns made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statemen15 as a whole are free from material misslalement, whether due lo fraud or error, and lo issijè an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a gLJarantee that an audit conducted in accordance with ISAS IUKI will always éelect a material mi5Statemenl when il exisls. Misslatemenls can arise from fraud or error and are considered maleiial if, individually or in the aggregate, they could reasonably be expected lo influence the economic decision5 of users taken on the basis of these financial statements.
Archdiocesan Property Services Limited Independent audltor's report to the members of Archdiocesan Property Servicos Limited (continued) Auditor's responsibilities for the audit of the financial statements Icontinuedl Extent lo whh the audit was capable of delecling irregularities. including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misslalements in respect of irregu121ities, including fraud. The extent lo which our procedures are capable of detecting irregularfties, including fraud is detailed below.. Non-compliance with laws and regulations ased on our understanding of the Charitable Company and the sector in which il operates- discussion with management and those charged with governance,. and obtaining an understanding of the Charitable Company's policies ancl proGedures regarcling compliance with laws and regulations., we Considered the Significant laws and regulations lo be applicable accounting framework, bèing Financial Reporting Standard 102, the Companies Act 2006 and UK lax legislation. Our procedures in respect of the above included.. Review of minutes of meeting of those charged with governance for any instances of non-compliance with laws and regulations., Review of ¢orrespondence with tax authorities for any instances of non-complian with laws and regulations., Review of financial statement disclosures and agreeing lo supporting do¢umènlalion', and Review of legal expenditure accounts to understand the nature of expenditure incurred. Fraud We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included.. Enquiry with management and those charged with governance regarding any known or suspected instan8 of fraud., Obtaining an understanding of the Charitable Company's policies end procedures relating to.. Detecting and responding lo the risks of fraud., and Internal controls established lo mitigate risks related to fiaud, Review of tninules of meetings of those charged with governance for any known or suspected instances of fraud., Discussion amongst the engagement team as lo how and where fraud might occui in the financial slalemenls, and Performing analytical procedures to identify any unusual or unexpecled relationships that may indicate risks of material misslalemenl due lo fraud. Based on our risk assessment. we considered the areas most SU5ceptible to fraud lo be management override and revenue recognition. Our procedures in respect of the above included". Testing a sample of journal entries throughout the year, which mel a defined risk criteria. by agreeing lo supporting documentation., Testing a sample of supplier master data changes lo supporting documentation., Assessing significant eslimales made by management for bias., and Testing a sample of income throughout the year back lo supportTng documents. We also communicated relevant identified laws and regulations and potential fraud risks lo all engagement team metnbers and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Archdiocesan Property Services Limited Independent audltor's report to the members of Archdiocesan Property Services Limited (continued) Auditoy's responsibilities for the audit of the financial statements Icontinuedl Our audit procedures were designed to respond lo risks of material misstatement in the financial statements, recognising that the risk of not delecling a material misslalement due to fraud is higher than the risk of not dete¢ling one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresenlalions or through collusion. There are inherent limitations in the audit procedures performed and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial slalemenls. the less likely we are lo become aware of it. A further description of our responsibilities for the audit of the financial statements is located al the Financial Reporting Council's { FRC'S") website al., htt s'.Ilww.frc.or .uklaudilorsres onsibililies. This description forms part of our auditorfs report. Use of our report This report is made solely lo the Charitable Company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we Might stale to the Charitable Company's members those Mallers we are required to slate lo them in an auditor's report and for no olhei purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility lo anyone other than the Charitable Company and the Charitable Company's members as a body, for our audit work, for this report, or for the opinions we have formed. D•vJ•l•n•d by.. ha(rS+- gtIBTAE40D374FC... Sarah Anderson (Senior Stalulory Audilorl For and on behalf of BDO LLP, slatulory auditor Liverpool, UK Date 22 December 2023 BDO LLP is a limited liability partnership registered in England and Wales Iwilh registered number OC3051271.
Archdiocesan Property Services Limited Statement of financial activities15ncluding Income and exp8nditUTe account) for the year ended 31 December 2022 Unrestricted general fund5 2022 Unrestricted general funds 2021 Note Income from,. Investment income 21,278 21.962 Charitable Activities 1.022,825 913,139 Government furlough income 3,223 Total Income 1,044,103 938,324 Expèndlture on: Raising funds 5.703 4,575 ChaTltable aclivrties 926,287 905,268 Total Expenditure 931,990 909,843 Net income before other recognised gains on investments 112,113 28,481 Nel Ilosse5llgains on investments 10 (73,541} 96,505 Net movement In funds 13 38,572 124,986 Fund balance brought forward al 1 January 2022 147,525 22,539 Fund balance carried forward at 31 December 2022 13 186.097 147,525 All amounts relate lo continuing operations. The Charitable Company ha5 no recognised gains or losses other than those included within the slalement of rinanclal activities, The notes on pages 12 10 20 form an integral part ol these financial slatemenls. 10
Archdiocesan Property Services Limited Balance sheet at 31 De¢ember 2022 Company number 03142451 Note 2022 2022 2021 2021 Fixed assets Tangible assets Investments 575 876,882 10 952.866 877,457 953,934 Current assets Debtors 11 32,093 42,353 32,093 42,353 Creditors: amounts falling due within one year 12 1723,453) {848,7621 Net current Ilabllltles 1691,3601 1806,4091 Net assots 186,097 147,525 Funds Unrestricted general funds 13 186,097 147,525 The linancial statements were approved and aulhorised for issue by the Iruslees and wer6 signed on ils behalfand approved by the Board on 21 December 2023 Rev Canon A O'Brlen Directortrruslee The notes on page5 12 10 20 form an integral parl of these financial slalements.
Archdiocesan Property Services Limited Notes fomiing part of the financial statements for the year ended 31 December 2022 General information Archdiocesan Prop&rty Services Limited is a Company, limited by guarantee. incorporated in England and Wales under the Companies Act 2006 and Charities Act 2011. The address of the registered office is provided in Reference and adminislralive details. Details of the Charity's operations are provided in the Report of the TNstees. Accounting pollcies Basis of preparation of financial statements The financial statements have been prepared according lo the principlès contained in the Statement of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland" IThe Charities SORP 2nd Edition) ISORP 20191 and in accordance with the Companie5 Act 2006, Charities Act 2011 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. The financial statements are prepared under the historical cost convention, modified by the revaluation of investments lo market value. The finanGial statements have been prepad in GBP and rounded lo the nearest £. The preparation of financial statement5 in accordance with FRS 102 requires the use of rtain critical accounting eslimates.11 also requi5 management lo exercisejudgemenl in applying the Charity's accounting policies Isee note 31. The following principal accounting policies have been applied.. Golng Concern Policy In preparing these financial statements, the Trustees are required lo prepare the financial statements on the going concern basis unless It is inappropriate lo assume that the Charitable Company will continue in busines5. In satisfaction of this responsibility the Tiuslees have considered the Charitable Company's ability to meet its1iabililies as they fall due for a period of al least twelve months from signing dale of the financial statements. Management has made an assessment of the likely impact of the present economic climate on the Charitable Company and the Trustees have considered the period of 12 months fiom the date of approval of these accounts and have reviewed working capital requirements for the period. As parl of this review, reverse stress lesling has also been performed, taking into account the potential business disruptions and reductions in revenue over the coming months. The parent charity has provided the Charitable Company with legally binding leller of support that for al least 12 months from the dale of approval of these financial statements, they will continue lo provide financi81 support and make available such funds to meet working capital requirements as they fall dLJe. The Trustees therefore conclude that it remains appropriate lo continue to prepare the financial slalements on a going concern basis. The financi81 slalemenls do not include any adjuslmenls thal would result from the b351s of preparation being appropriate. 12
Archdiocesan Property Services Limited Notes formlng part ot the financlal statements for the year ènded 31 December 2022 (continu8d) Accounting poli¢ies (continued) Income Incorne is included in the statement of financial actlvities on the basis of amounts receivable for the year in respect of work done and services provided or dividends received, excluding value added tax. Income from properly suNeying is recognised on the basis of amounts receivable for the y8ar in respect of services provided by the balance sheet date as a proportlon of the total value of the engagement. Income from investmen15 represents interest from listed investments. Interest is recognised when receivable and when the amount can bè measured ieli8bly by the Charity, usually upon notificalion of the interest paid or payable by the investment managers. Government grants Grants of a revenue nature are recognised in 'olher operating income" wilhin profil or loss in the same period as Ihe related expenditure. This includes the Government Coronaviius Retention Scheme I"Furlough"}. The entity has not directly benefited from any other forms of government assistsn. Expenditure Expenditure is included in the 8lalemenl of financial activities on the accruals basis. These are based on the amounts payable ft)T work done or seNices provided in the year. Raising funds Expenditure on raising funds comprise all costs re12ting to attr8cling volunlary income and investment management costs, Charitablo actlvlties Charitable activities expenditure includes the costs identified as wholly or mainly atlribulable to achieving the charitable objectives of the Charity, including direct staff costs and other direct costs. Governance costs Governance costs are those costs related lo the governance of the Charity, lo allow il lo operate. and to generate information for public accountability. Governance costs will include audit and accountancy, legal advice lo Trustees and costs of Trustees meetings. Tangible Fixed Assets Fixed assets are held al cost less accumulated depreciation. HislDrical Cost includes expenditure that is directly allribulable lo bringing the asset lo the location and condition necessary for it to be capable of operating in the manner intended by managemÈnt. Depreciation is provided on all tangible fixed assets at rates calculated to wrile-off the cost, less estimated residual value, of each asset over its expected Ltseful life, as follows.'- Equipment linGluding IT) 250h per annum ¢f cosl The assets, residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, if there is an indication of a significant change since the last reporting dale. Gains and losses on disposals are determined by comparing the proceeds with the cairying amount and are recognised within 'other operating incorne or losses, in the slalement of financial aelivilies. 13
Archdiocesan Property Services Limited Notes forming part of the financial statements for the year ended 31 December 2022 (Continued) Accounting policies (oontinued) Investments and Investment gains and losses Investment8 are a form of basiG financial inslrumenl. They ate initially recognised at their transaction value and subsequenlty valued 81 their fair value al the balance sheet dale using the mid quoted market price. Realised and unrealised investment gains and losses are inclijded in the Statement of Financial Aclivilies. Realised gains and losses are computed by comparing the proceeds received with the closing quoted market price brought foNard and unrealised gains and losses represent the movement in mid quotèd market price in the period. Financial instruments The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaclion value an subsequently measured at their settlement value. The charity has elected to apply the provisions of Section 11 Basic Financial Instruments, and Section 12 'Olher Financial instrument5 Issuès, of FRS 102 to all of its financial instruments. Impairment of financial assets Financial assets, other than Ih05e held al fair value through the slalemenl of financial aclivilies, are assessed for indicators of impaimient at each reporting end dale. Financial assets are impaired where there is objective evldÈnce that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the statement of financial aclivilies. Derecognition of financlal assets Financial assets are derecognised when the contractual rights lo the cash flows from the asset expire, or when il Iranslers the financial asset and subslanliaSly all the risk5 and rewards of ownership lo another enb'ty. Derecognition of financlaj Ilal)illties Financial liabilities are derecognised when, and only when. the Charity ohligalions are discharged, cancelled. or they expire. Debtors Debtors are measured al transaction prtce less impairment. Al each period end management perform an impairment assessment on balances owed. A bad éebl provision is then recognised for any amotjnts deemed to be potentially irrecoverable. Creditors Liabilities are recognised as soon as there is a legal or conslruclive obligation committing the entity lo pay out resources. Taxatign As a registered charity. the Charitable Company is exempt from income and corporation lax to the extent that ifs income and gains are applicable lo charitable purposes only. 14
Archdiocesan Property Services Limited Notes forming part of the financial Statements for the year ended 31 Decembar 2022 (continued) AccountTng policies (continu6d) Pension Costs The Charitable Company and eligible employees make defined contributions lo a group personal pension scheme, with the employer matching èmployee contributions up lo 60/0 of pensionable remuneration. Contributions payable are included in resources expended in the Stalemfjnl ol Financial Activities. Funds All funds are classed as unrestricted for general use by the Charity in line with their objectives. The Board has set no funds aside for a specifiG purpose. Judgements In applying accounting policies and key sources of estimation uncertalnly In preparing these financial statements, the Direc1015 have had lo make Ihe following judgement.. The most Critical estimate5, assumptions and judgements relate lo the delerminalion ol carrying value of investments al fair value through the slalemenl ol financial activities. The Charity follows the International Private Equity and Venture Capital Valuation Guidelines, applying the overriding con¢epl that fair value is the amount for which an asset Can be exchanged between knowledgeable willing parties in an arm's length Iransaclion. The nature. facts and circumstancès of the investment drives the valuation methodology. Income from investments 2022 2021 Income receivable from unilised investment portfolio 21,278 21,962 All income w8S Lrnreslrieled in the current and prior year. Income from charitable actlvities 2022 2021 Property sutveying 1,022,825 913,139 All income was unrestricted in the current and prior year. Expenditure on raising funds 2022 2021 Investment manager fees Other 2,660 3,043 1,520 3,055 5.703 4.575 15
Archdiocesan Property Services Limited Notes forming part of the flnancial statements for the ypar ended 31 December 2022 fcontinued) Exponditure on charitable activltles 2022 2021 Direct costs: property works Surveying costs Staff costs Management charge to Tuneside Isee note 151 Legal and professional fees 639,054 204,094 32,368 23,189 610,080 205,810 26,887 31,602 898,705 874,379 Support costs Depreciation Computer costs Governance cost 493 3.904 23.185 493 12.233 18,163 27,582 30.889 Total expenditure on charltable activitie8 926.287 905,268 All expenditure was unrestricted in the current and prior year. Governance costs relate to Statutory audit costs of £22,03512021 £17,313) and accounts preparation costs of £1,15012021- £8501. Analysis of staff Costs, trustee remuneration and expenses, and the Gost of key manag¢ment personnel 2022 2021 Stsff costs Wages and salaries Social security costs Pension corilribulions 165,861 17,594 20,639 183.775 16,646 5,389 204,094 205,810 No remuneration was paid to any of the Directors ITrusteesl for the year12021 £Nill. The average number of employees was 612021 71 The Directors (Trusleesl did not receive reimbursement for any expenses in the year {2021- £NIII. No employees earned over £60.00012021 Nill. Key management personnel are considered lo be the directors and they received no remuneration in the current or prior year. 16
Archdiocesan Property Services Limited Notes forming part of th9 financial statements forthe year ended 31 D9cember 2022 (continued) Tangible assets Equipment Cosl Al 1 January 2022 52,97S At 31 December 2022 52.975 Depreciation Al 1 January 2022 Charge lor the year 51,907 495 At 31 December 2022 52,402 Nel book value At 31 December 2022 575 Al 31 December 2021 1,068 All tangible fixed assets were used for charitable purposes. 10 Investments Fair value Al 1 January 2022 Investment manager fres paid Irom capital Change in market value 952,866 12,4431 {73.5411 Al 31 December 2022 876,882 As detailed in the Trustees, report, the Charitable Company's investments are held in the Liverpool Archdiocese unitised portfolio of listed investments ¥nanaged by an external investment manager and details of the investments held are given in the notes lo the Archdiocesan aceounts. If the investments had t*en held al historic cost their value would be £668.30112021 £668,301}. 17
Archdiocesan Property Services Limited Notes formSng part of the financial statements for the year ended 31 December 2022 (continued) 11 Dgbtors 2022 2021 Other debtors Trade debtors Amounts due from fellow subsidiary 32.093 32,643 84 9,626 32.093 42,353 Amounts due from group undèrtakings are interest free and repayable on demand. 12 Creditors: amounts falling due wilhln one year 2022 2021 Amount due lo Liverpool Roman Catholic Archdiocesan Trust Sundry creditors and accruals Other laxalion Trade creditors Amounts due to fellow subsidiary 627,384 21,136 16,991 7,848 50,094 742.994 16.455 16,205 73,108 723,453 848,762 thin amounts due to Liverpool Rornan Catholic Archdiocesan Trust, there is an amount of £ 1,467.12812021 £1,141,7791 which represents cash owed to Archdiocesan Property SeNices Limited bul held within the group cash management pool 21 the year end. 18
Archdiocesan Property Services Limited Notes forming part of the financial statemenls for the year ended 31 December 2022 (continued) 13 Movement in funds Unrestricted general funds At 1 January 2022 Income Expenditure Losses on investments 147,525 1,044,103 1931.9901 173,5411 At 31 December 2022 186,097 Movement In funds- previous year Unrestricted general funds Al 1 January 2021 Income Expenditure Gains on investments 22,539 938,324 1909.8431 96.505 Al 31 December 2021 147.525 14 Analysis of net assets by fund - Unrestricted 2022 2021 Tangible assets Investments Debtors Creditors 575 876,882 32,093 1723,4531 1,068 952,866 42,353 1848,7621 186,097 147,525 15 Related party transaction$ The Charitable Company's activities during the year related lo the management of the maintenance of Archdiocesan properties Iproperties of the Liverpool Roman Catholic Archdiocesan Ttustees Incorporated. a regisleied Charity, and Charity number., 2327091. Liverpool Roman Catholi¢ Archdiocesan Trust, the parent entity of the Charitable Company, has recharged salary Costs in the year tolalling £204,09412021 £205,810>. There is a year-end creditor balance owed lo Liverpool Roman Catholic Archdiocesan Trust of £627,38412021 £742,994). Income included £1.022,825 12021 £913,139) Irom Tuneside Limited. a subsidiary of Liverpool Roman Calholic Archdiocesan Trust. The Charitable Company also charged a manageThenl charge to Tuneside Limited of £32,36812021- £26,887) Al the year-end £50,094 owed lo12021 owed by - £9,626) was owed by Tuneside Limited. 19
Archdiocesan Property Services Limited Notes formlng part of the financial statements for the year ended 31 December 2022 (continued) 16 Pension Commitments The Chaiilable Company operates a delined contribution pension plan and as al year end the amount outstanding was £Nil12021- £Nill. 17 Ultlmate controlling party The immediate and ultimate parent undertaking of the company is Liverpool Roman Catholic Archdiocesan Trust. a charity registered under the Charities Act, registered No 232709. The trust is also the ultimate controlling party. The company is consolidated within their a¢counts which are available from the registered office as detailed in these accounts. The registered office of the parent company is Liverpool Archdiocese, Centre for Evangelisalion, Croxtelh Drive, Liverpool, L17 1AA. 20