Registered number: 03142451 Charity number: 1055049
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees' Report | 2 - 7 |
| Independent Auditors' Report | 8 - 12 |
| Statement of Financial Activities | 13 |
| Balance Sheet | 14 |
| Notes to the Financial Statements | 15 - 25 |
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees
Rev Canon A O'Brien Rev S Kirwin
Company registered number
03142451
Charity registered number
1055049
Registered office
Archdiocese of Liverpool, Croxteth Drive, Liverpool, Merseyside, L17 1AA
Company secretary
J P McMahon
Independent auditors
HaysMac LLP, 10 Queen Street Place, London, EC4R 1AG
Bankers
HSBC Plc, 99-101 Lord Street, Liverpool, L2 6PG
Page 1
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their report together with the audited financial statements for the year ended 31 December 2023.
The Report of the Trustees constitutes the Directors' Report requirements of the Companies Act 2006.
Structure, governance and management
Constitution
The Charitable Company is incorporated as a Company limited 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 its 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 of the Charitable Company is Archdiocese of Liverpool, Croxteth Drive, Sefton Park, Liverpool, L17 1AA.
Organisational 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 232709), which is the parent entity.
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 maintenance 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 matters are taken in consultation with the Building Projects Committee of the Archdiocese. The findings of both committees are recommended to the Trustees of the Archdiocese.
Corporate governance
The Board welcomed the update of the Charity Governance Code in 2020 and continues to review best practice as it aims to improve. The changes to the Equality, Diversity, and Inclusion (EDI) and the Integrity Principles are recognised and the Board continues to work towards meeting the recommendations within the code. The Board has made several steps forward in improving its governance and effectiveness as follows:
Organisational purpose - the trustees regularly review the charity's purposes and considers how it delivers public benefit. The Charitable Company undertakes or facilitates the building, maintenance, repair and development of archdiocesan church, school, and other buildings which in turn 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 committees that support the Liverpool Roman Catholic Archdiocesan Trust.
Leadership - the Chief Operating Officer has continued to review strategic priorities, governance, structures, and processes during the year. The Charitable Company and its parent are in transition to new governance arrangements which includes clarity of oversight of committees and subsidiary undertakings. The new governance arrangements include the regular review of the purposes of committees and subsidiaries; constructive challenge to the Chief Operating Officer and archdiocesan officers and the conditions in which officers are confident and enabled to provide information, advice, and feedback to the board of trustees. The ethos and culture of the Charitable Company supports its activities.
Page 2
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Integrity - The transition to new governance arrangements includes the implementation of policies and procedures which support key outcomes in maintaining the reputation of the Charitable Company, its parent Charity, and how it is perceived by other people, partnerships, and the public. Key themes in the implementation of policies and procedures include the expected standards of probity and behaviour, the requirements to operate responsibly and ethically in line with the mission of the Charitable Company and its parent charity, and compliance with relevant guidance, whether mandatory or non-mandatory. The Charitable Company and the parent charity understand their safeguarding responsibilities and are committed to a culture in which everyone feels safe and respected.
Decision making, risk and control - the organisation reviews the arrangements for matters reserved to the board and those that are delegated to archdiocesan officers, individual trustees, and committees. 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 organisational performance is a key component of the new governance arrangements and the implementation 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-financial 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 reviewed as part of the new governance arrangements together with the information needed for directors and trustees to fulfil their duties. The mix of skills, knowledge and experience is kept under review and a recruitment process has commenced for the committees supporting the new governance 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 accountability - the Charitable Company and its parent charity are currently working towards the development of a transparent, well-publicised, effective, and 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 effective communication with key stakeholders is a priority for the organisation and includes consideration of how best to communicate with these stakeholders.
Directors and Trustees
The Trustees and directors of the charity during the year were:-
Rev Canon A O'Brien (Trustee of Liverpool Roman Catholic Archdiocesan Trust) Rev S Kirwin
The appointment of new or additional Trustees is made in consultation with the Trustees of the Archdiocese. The induction process for any newly appointed Trustee is tailored to 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 Trustees.
Risk management
The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
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ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Principal risks and uncertainties
The Charitable Company is particularly dependent on income from archdiocesan school building projects. Funds for such projects are formulated at government level. The Archdiocese of Liverpool has developed a strategy for archdiocesan schools joining Multi Academy Trusts. and it is anticipated that schools will move to one of several Multi Academy Trusts over number of years. The services provided by the company to the archdiocese and archdiocesan schools will be offered to Multi Academy Trusts and an appropriate model to deliver these services will be developed.
The Charitable Company is also exposed to the variable levels of technical complexity in projects identified by the Archdiocese of Liverpool and will further facilitate engagement with specialist professionals to ensure the highest levels of services are provided in respect of archdiocesan building projects.
Objectives, activities and public benefit
The Charitable Company's charitable objective is to promote the charitable purposes of Liverpool Roman Catholic Archdiocesan Trust (registered Charity number 232709) by undertaking or facilitating 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 of new church buildings and the management of maintenance and repair programmes for existing church buildings ensure that the public are able to 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 highquality school buildings for the benefit of school children in Archdiocesan schools.
Due consideration is given to Charity Commission published guidance on compliance with the public benefit requirement.
Achievements and Performance
Effective control of both parish and school building projects has ensured 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.
Page 4
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Financial review
The accounts for the year under review show net income before losses/gains on investments of £29,4506 (2023 - £40,836). After taking into account an unrealised gains on investments held of £60,781 (2023 - £38,836) the funds carried forward at 31 December 2024 have increased by £90,321 (2023- £79,672) to a surplus of £355,998 (2023 - £265,767).
Investments
The Charitable Company's investments are held in the Archdiocese of Liverpool unitised portfolio of listed investments managed by external investment managers. Details of the investment policy are given in the Archdiocesan accounts. An unrealised gain on investments of £60,781 was achieved in the year (2023: £38,836). The performance of the investment managers is considered by the Investment Panel of the Archdiocese of Liverpool and their individual performances are assessed with reference to recognised benchmarks. The loss for the year is in line with the expectations of the Investment Panel in the current economic climate.
Reserves
It is the policy of the Charitable Company to maintain unrestricted funds at a level sufficient to generate return on investments and cash management to cover annual expenditure in the medium to long term.
Reserves are maintained at a level to ensure that adequate working capital i's kept within the Charitable Company.
The trustees are working towards maintaining free reserves in unrestricted (excluding Tangible fixed asset) funds at a level which equates to approximately 3 months of unrestricted charitable expenditure. The trustees consider this level will provide sufficient funds to ensure that expenditure and governance costs are covered. Free reserves at the balance sheet date were £355,998 and are higher than the targeted amount of £235,000. Budgeted operational deficits in future years and an anticipated long-term growth of investments will ensure that the Charitable Company achieves an adequate level of free reserves.
Page 5
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Going concern
In preparing these financial statements, the Trustees are required to prepare the financial statements on the going concern basis unless it 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 to meet its liabilities as they fall due for a period of at least twelve months from signing date 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 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 charity has provided the Charitable Company with legally binding letter of support that for at least 12 months from the date of approval of these financial statements, they will continue to provide financial support and make available such funds to meet working capital requirements as they fall due.
The Trustees therefore conclude that it remains appropriate to continue to prepare the.financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being appropriate.
Plans for future periods
The ongoing maintenance and improvement of archdiocesan properties continues to reflect the strategic direction of archdiocesan trustees in respect of the location and quality of church buildings. The Charitable Company shall continue to meet the needs of parishioners of the archdiocese in facilitating the maintenance of those properties for ongoing worship and enhancing those properties where they are strategically important and within the required archdiocesan cost control measures.
The Archdiocese of Liverpool has developed a strategy for archdiocesan schools joining Multi Academy Trusts. and it is anticipated that schools will move to one of several Multi Academy Trusts over number of years. The services provided by the company in respect of archdiocesan schools will be available to projects in respect of schools within Multi Academy Trusts. An appropriate model to deliver these services will be developed.
Post balance sheet events
There have been no significant events affecting the Charitable Company since the year end.
Page 6
ARCHDIOCESAN PROPERTY SERVICES LIMITED (A Company Limited by Guarantee TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 ststement of Trustees. responsibilities The Trustees (who are also the directors of the Company for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial ststements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor So far as each of the Trustees is aware at the time the report is approved.. There is no relevant audit infomiation of which the Charitable Company's auditor is unaware, and 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. Haysmac LLP were appointed as the charity's auditors in the year and a resolution for their reappointment will be proposed. Small Companies Regime These accounts have been prepared in accordan with the special provisions of Part 15 of the Companies Act 2006 relating to small entities. Approved by order of the members of the board of Trustees and signed on their behalf by.. p /K<AIA* J P Mcmahon Secretary Date: 30 October 2025 Page 7
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARCHDIOCESAN PROPERTY SERVICES LIMITED
Opinion
We have audited the financial statements of Archdiocesan Property Services Limited (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its net movement in funds, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 8
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARCHDIOCESAN PROPERTY SERVICES LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made;
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.
Page 9
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARCHDIOCESAN PROPERTY SERVICES LIMITED (CONTINUED)
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, 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 to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 10
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARCHDIOCESAN PROPERTY SERVICES LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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 misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliances with laws and regulations related to the regulatory requirements of the Charity Commission, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities Act 2011, Charities SORP (2019) and payroll taxes.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risk was related to the recognition of voluntary income. Audit procedures performed by the engagement team included:
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Enquiries of management regarding correspondence with regulators and tax authorities;
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Review of relevant committee meeting minutes;
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Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
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Reviewing the controls and procedures of the charity, particularly in relation to the recording of income and processing of payments and payroll, to ensure these were in place throughout the year;
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Evaluating management’s controls designed to prevent and detect irregularities;
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Reviewing and testing journal entries made in the year, particularly those made as part of the year-end financial reporting process; and
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Challenging assumptions and judgements made by management in their critical accounting estimates which comprise depreciation and bad debts provision.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Page 11
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARCHDIOCESAN PROPERTY SERVICES LIMITED (CONTINUED)
Use of our report
This report is made solely to 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 state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Adam Halsey (Senior Statutory Auditor) for and on behalf of
HaysMac LLP 10 Queen Street Place London EC4R 1AG
Date: 31 October 2025
Page 12
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Income from: Charitable activities 4 Investments 5 Total income Expenditure on: Raising funds 6 Charitable activities Total expenditure Net income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 1,151,765 22,919 1,174,684 7,192 1,138,042 1,145,234 29,450 60,781 90,231 265,767 90,231 355,998 |
Total funds 2024 £ 1,151,765 22,919 1,174,684 7,192 1,138,042 1,145,234 29,450 60,781 90,231 265,767 90,231 355,998 |
Total funds 2023 £ 1,229,198 21,473 |
|---|---|---|---|
| 1,250,671 | |||
| 5,843 1,203,992 |
|||
| 1,209,835 | |||
| 40,836 38,836 |
|||
| 79,672 | |||
| 186,095 79,672 |
|||
| 265,767 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 15 to 25 form part of these financial statements.
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ARCHDIOCESAN PROPERTY SERVICES LIMITED (A Company Limited by Guarantee REGISTERED NUMBER: 03142451 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Investments 10 81 969,862 913,036 969.862 913,117 Current assets Debtors 12 539,136 266, 345 539.136 266,345 Creditors.. amounts falling due within one year 13 (1,153.000) (913.695) Net current liabilities (613,864) (647,350) Total assets less current liabilities 355.998 265,767 Net assets excluding pension asset 355,998 265, 767 Total net assets 355.998 265,767 Charity funds Restricted funds 14 Unrestricted funds 14 355,998 265,767 Total funds 355.998 265, 767 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees on 30 October 2025 and signed on their behalf by.. Rev Canon A O'Brien Directorffrustee The notes on pages 15 to 25 form part of these financial statements. Page 14
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. General information
Archdiocesan Property 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 administrative details. Details of the Charity's operations are provided in the Report of the Trustees.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared according to the principles 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" (The Charities SORP 2nd Edition)" (SORP 2019) and in accordance with the Companies Act 2006, Charities Act 2011 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
The financial statements are prepared under the historical cost convention, modified by the revaluation of investments to market value.
The financial statements have been prepared in GBP and rounded to the nearest £.
The preparation of financial statements in accordance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Charity's accounting policies (see note 3).
The following principal accounting policies have been applied:
2.2 Going concern
In preparing these financial statements, the Trustees are required to prepare the financial statements on the going concern basis unless it 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 to meet its liabilities as they fall due for a period of at least twelve months from signing date 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 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 charity has provided the Charitable Company with IegaIIy binding letter of support that for at least 12 months from the date of approval of thèse financial statements, they will continue to provide financial support and make available such funds to meet working capital requirements as they fall due.
The Trustees therefore conclude that it remains appropriate to continue to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being appropriate.
Page 15
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
2.3 Income
Income is included in the statement of financial activities 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 property surveying is recognised on the basis of amounts receivable for the year in respect of services provided by the balance sheet date as a proportion of the total value of the engagement.
Income from investments represents interest from listed investments. Interest is recognised when receivable and when the amount can be measured reliably by the Charity, usually upon notification of the interest paid or payable by the investment managers.
2.4 Expenditure
Expenditure is included in the statement of financial activities on the accruals basis. These are based on the amounts payable for work done or services provided in the year.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
2.5 Raising funds
Expenditure on raising funds comprise all costs relating to attracting voluntary income and investment management costs.
2.6 Charitable activities
Charitable activities expenditure includes the costs identified as wholly or mainly attributable to achieving the charitable objectives of the Charity, including direct staff costs and other direct costs.
2.7 Governance costs
Governance costs are those costs related to the governance of the Charity, to allow it to operate, and to generate information for public accountability. Governance costs will include audit and accountancy, legal advice to Trustees and costs of Trustees meetings.
2.8 Tangible fixed assets and depreciation
Fixed assets are held at cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
2.8 Tangible fixed assets and depreciation (continued)
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
Office equipment - 25% per annum of cost
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Financial Activities.
2.9 Investments
Investments are a form of basic financial instrument. They are initially recognised at their transaction value and subsequently valued at their fair value at the balance sheet date using the mid quoted market price.
Realised and unrealised investment gains and losses are included in the Statement of Financial Activities. Realised gains and losses are computed by comparing the proceeds received with the closing quoted market price brought forward and unrealised gains and losses represent the movement in mid quoted market price in the period.
2.10 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 at transaction value and subsequently measured at their settlement value.
The charity has elected to apply the provisions of Section 11 Basic Financial Instruments' and Section 12 'Other Financial instruments Issues' of FRS 102 to all of its financial instruments.
Impairment of financial assets
Financial assets, other than those held at fair value through the statement of financial activities, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence 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 activities.
2.11 Debtors
Debtors are measured at transaction price less impairment. At each period end management perform an impairment assessment on balances owed. A bad debt provision is then recognised for any amounts deemed to be potentially irrecoverable.
Page 17
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
2.12 Creditors
Liabilities are recognised as soon as there is a legal or constructive obligation committing the entity to pay out resources.
2.13 Taxation
As a registered charity, the Charitable Company is exempt from income and corporation tax to the extent that it's income and gains are applicable to charitable purposes only.
2.14 Pensions
The Charitable Company and eligible employees make defined contributions to a group personal pension scheme, with the employer matching employee contributions up to 6% of pensionable remuneration. Contributions payable are included in resources expended in the Statement of Financial Activities.
2.15 Fund accounting
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 specific purpose.
3. Judgements in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the Directors have had to make the following judgement:
- The most critical estimates, assumptions and judgements relate to the determination of carrying value of investments at fair value through the statement of financial activities. The Charity follows the International Private Equity and Venture Capital Valuation Guidelines, applying the overriding concept that fair value is the amount for which an asset can be exchanged between knowledgeable willing parties in an àrm's length transaction. The nature, facts and circumstances of the investment drives the valuation methodology, which is in line with the Charities SORP (SORP 2019) and FRS 102.
4. Income from charitable activities
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Property surveying | 1,151,765 | 1,151,765 | 1,229,198 |
All income was unrestricted in the current and prior year.
Page 18
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. Investment income
| Unrestricted funds 2024 £ Income receivable from unitised investment portfolio 22,919 All income was unrestricted in the current and prior year. |
Total funds 2024 £ 22,919 |
Total funds 2023 £ 21,473 |
|---|---|---|
6. Expenditure on raising funds
Fundraising trading expenses
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Expenditure on raising funds | 7,192 | 7,192 | 5,843 |
7. Analysis of expenditure by activities
| Activities | ||||
|---|---|---|---|---|
| undertaken | Support | Total | Total | |
| directly | costs | funds | funds | |
| 2024 | 2024 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Expenditure by activities | 1,117,961 | 20,081 | 1,138,042 | 1,203,992 |
Page 19
(A Company Limited by Guarantee)
ARCHDIOCESAN PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Surveying costs Management charge to Tuneside Legal and professional fees |
Activities 2024 £ 171,984 840,065 80,001 25,911 1,117,961 |
Total funds 2024 £ 171,984 840,065 80,001 25,911 1,117,961 |
Total funds 2023 £ 166,613 984,849 - 23,248 |
|---|---|---|---|
| 1,174,710 |
Analysis of support costs
| Depreciation Computer costs Governance costs |
Activities 2024 £ 81 - 20,000 20,081 |
Total funds 2024 £ 81 - 20,000 20,081 |
Total funds 2023 £ 493 4,814 23,975 |
|---|---|---|---|
| 29,282 |
All expenditure was unrestricted in the current and prior year.
Governance costs relate to statutory audit costs of £11,800 (2023: £11,000) and accounts preparation costs of £2,700 (2023: £2,500).
8. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 94,362 37,608 40,014 171,984 |
2023 £ 143,664 14,199 8,750 |
|---|---|---|
| 166,613 |
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ARCHDIOCESAN PROPERTY SERVICES LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. Staff costs (continued)
The average number of persons employed by the Company during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Employees | 3 | 3 |
No employee received remuneration amounting to more than £60,000 in either year.
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) . During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL) .
10. Tangible fixed assets
| Cost or valuation At 1 January 2024 Disposals At 31 December 2024 Depreciation At 1 January 2024 Charge for the year On disposals At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
Office equipment £ 52,975 (4,995) |
|---|---|
| 47,980 | |
| 52,894 81 (4,995) |
|
| 47,980 | |
| - | |
| 81 |
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ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. Tangible fixed assets (continued)
All tangible fixed assets were used for chaitable purposes.
11. Fixed asset investments
| Cost or valuation At 1 January 2024 Revaluations At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
Listed investments £ 913,036 56,826 |
|---|---|
| 969,862 | |
| 969,862 | |
| 913,036 |
As detailed in the Trustees' report, the Charitable Company's investments are held in the Liverpool Archdiocese unitised portfolio of listed investments managed by an external investment manager and details of the investments held are given in the notes to the Archdiocesan accounts.
If the investments had been held at historic cost their value would be £668,301 (2023 - £668,301).
12. Debtors
| Due within one year Trade debtors Other debtors |
2024 £ 523,780 15,356 539,136 |
2023 £ 219,207 47,138 266,345 |
|---|---|---|
Amounts due from group undertakings are interest free and repayable on demand.
Page 22
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. Creditors: Amounts falling due within one year
| Bank overdrafts Amounts owed to other participating interests Accruals and deferred income Trade creditors |
2024 £ 43,285 1,010,950 80,541 18,224 1,153,000 |
2023 £ - 645,721 20,517 247,457 |
|---|---|---|
| 913,695 |
Within amounts due to Liverpool Roman Catholic Archdiocesan Trust, there is an amount of £1,242,414 (2023- £1,586,024) which represents cash owed to Archdiocesan Property Services Limited but held within the group cash management pool at the year end.
14. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Gains/ | December | |||
| 2024 | Income | Expenditure | (Losses) | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 265,767 | 1,174,684 | (1,145,234) | 60,781 | 355,998 |
| Statement of funds - prior | year | ||||
| Balance at | |||||
| Balance at | 31 | ||||
| 1 January | Gains/ | December | |||
| 2023 | Income | Expenditure | (Losses) | 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 186,095 | 1,250,671 | (1,209,835) | 38,836 | 265,767 |
Page 23
ARCHDIOCESAN PROPERTY SERVICES LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Fixed asset investments 969,862 Current assets 539,136 Creditors due within one year (1,153,000) Total 355,998 |
Total funds 2024 £ 969,862 539,136 (1,153,000) 355,998 |
|---|---|
Analysis of net assets between funds - prior period
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 81 913,036 266,345 (913,695) 265,767 |
Total funds 2023 £ 81 913,036 266,345 (913,695) 265,767 |
|---|---|---|
16. Related party transactions
The Charitable Company's activities during the year related to the management of the maintenance of Archdiocesan properties (properties of the Archdiocese of Liverpool CIO, a registered Charity, and Charity number: 1199714).
Liverpool Roman Catholic Archdiocesan Trust, the parent entity of the Charitable Company, has recharged salary costs in the year totalling £171,983 (2023 - £166,613). There is a year-end creditor balance owed to Archdiocese of Liverpool CIO of £970,450 (2023 - £645,721 ).
Income included £1,151,765 (2023 - £1,229,198) from Tuneside Limited, a subsidiary of Liverpool Roman Catholic Archdiocesan Trust. The Charitable Company also charged a management charge to Tuneside Limited of £80,001 (2023 - £nil). At the year-end £40,500 (2023 - £219,207 owed by) was owed to Tuneside Limited.
Page 24
ARCHDIOCESAN PROPERTY SERVICES LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. Ultimate Controlling party
The immediate and ultimate parent undertaking of the company is Archdiocese of Liverpool CIO, a charity registered under the Charities Act, registered No. 1199714. The trust is also the ultimate controlling party. The company is consolidated within their accounts which are available from the registered office as detailed in these accounts. The registered office of the parent company is Liverpool Archdiocese, Centre for Evangelisation, Croxteth Drive, Liverpool, L17 1AA.
Page 25