THE CONFRATERNITY OF THE BLESSED SACRAMENT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Registered Charity Iyumber 1082897
THE CONFRATERNITY OF THE BLESSED SACRAMENr Registered Charity No. 1082897 CONTENTS Page Legal and administrative inforn)ation Trustees, Annual Report Statement of Trustees, responsibilities Independent Examiner's report Statement of Financial Activities Statement of Financial Activities for 2023 Balance Sheet Staternent of Cashflows io Notes to the Financial Statements 11-20
THE CONFRATERNITY OF THE BLESSED SACRAMENT RegK8tered Charity No. 1082897 LEGAL AIYD ADMINISTRATIVE INFORIVIATION Trustees: The Right Reverend Glyn Webster - Superior General (elected I1.10.2022) Father Darren Smith - Treasurer General (elected 08.10.18) Father Paul Hutchins- Secretary General (elected I1.10.2022) Father Peter Edwards (elected 08.10.18) Brother Colin James Dickson (elected 09.10.19) Father Ron Farrell (elected l.10.22) Registered Office: 16 Commercial Street Binningham BI IRS Bankers: Barclays Bank PIC 2 Victoria Street London SWIH OND Independent Examiner: Nicholas Simkins FCA Butts Farn] Great Haywood Staffordshire ST18 OTF Investment Managers: CCLA Senator House 85 Queen Victoria Street London EC4V 4ET
THE CONFRATERNrrY OF THE BLESSED SACRAMENT Registered Charity No. 1082897 TRUSTEES, ANNUAL REPORT For the year ended 31 January 2024 The trustees present their annual report and financial statements of the charity for the year ended 31 January 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity's trust deed, the ChaTilies Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practic¢ applicable to charities preparing their accourAts in accordance with th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (effective January 2019). OKJECTIVES AND ACTIVITIES The Confraternity ¢xists for the advancement of the catholic faith in the Anglican Tradition and in particular to promote: The honour due to Jesus Christ our Lord in the Blessed Sacrament of his Body and Blood, Prayer for one another at the Eucharist, Careful preparation for and reception of Holy Communion, including the Eucharistic fast. The reverent and dignified celebration of the Eucharist and the reservation and veneration of the Blessed Sacrament, The continuance of the catholic priesthood, and Catholic theological teaching, learning and development. The main activities are achieved primarily by making grants of finance or church requisites to parishes and clergy. PUBLIC BENEFIT The Trustees are aware of the Charities Act and the Charity Commission's Public Benefit guidance and hav¢ taken it into account when making any decisions. They have not had any reason to depart from this guidance. The Trustees consider the inforniation which is Contained in the report, about the Charity's objectives, activities and achievements, demonstrates the benefit to the public that arise from these objectives. STRUCTURE, GOVERNANCE AND MANAGEMENT The Confraternity of the Blessed Sacrament (CBS) is a registered charity, number 1082897. The Charity is governed by a Constitution which was amended after extensiv¢ consultation at the Council-General mecting on the 6th October 2014. The Charity is constituted by a group of Trustees appointed by the Council-General of the Charity. No officer of the CBS received any remuneration for work undertaken on behalf of the CBS. The Council-General consists of the General Officers (Sup¢rior-General, Treasurer-General and Secretary-Gcneral), the representatives of Districts, and Honorary Members. The Superior-General is elected by the Council-General for a five-year terni; a new Superior General, The Right Reverend Glyn Webster was elected for a 5 ycar period at the Council General Meeting held on I lth October 2022. The Treasurer-General is elected annually by the Council-General. The Secretary-General is appointed by the Superior- General. Th¢ Representatives of Districts are the District Superiors plus an additional representative for any District having more than ten Wards. The Honorary Members are nominated by the Superior-General and approved by the Council-General. The annual meeting of the Council-General is the annual general meeting of the charity. The charity is managed by six Trustees. Th¢ Superior-General, the Treasurer-General and the Secretary General are ex-officio Trustees. Thr¢¢ further TTUStees are elected by the Council-Gen¢ral, the longest serving of whom retires by turn at the annual meeting of the Council General.
THE CONFRATERNITY OF THE BLESSED SACRAMEiYr Registered Charity No. 1082897 TRUSTEES, ANNUAL REPORT (Continued) For the year ended 31 January 2024 Key management The k¢y management personnel of the Charity are the Trustees. The day to day management of th¢ charity is the responsibility of the Supertor General, who delegates particular areas of management to the Secretary General and the Treasurer General. Risk Factors During the year the Trustees continued to monitor the major risk factors facing the Charity and they remain satisfied that the existing systems and controls are sufficient to mitigate those risks. During the year under review the Charity maintained sound systems of internal financial control, including procedures for authorisation of all transactions. Such t)rocedures are kept under on-going review in order to ensur¢ that they meet the Charity's needs. TRUSTEE MEETINGS During the financial year to 31 January 2024, the Trustees met six times on 17 January 2023, 16 May 2023. 18 July 2023, 3 October 2023, 1 O October 2023 (General Council) and 30 January 2024. GRANT MAKING POLICY The Charity h&8 established its grant making policy to achieve its objects for the public benefit. Applications for grants are considered, with reference to the charity's objectives, on a case-by-case basis by the Board of Trustees. A Grant Application Forni continues to en5ll all grants are considered on an equal basis (see note 7). FINANCIAL REVIEW During the year ending 31 January 2024, tbe charity received income from its investments of £98.008 (2023.. £95,989) and donations (memberships) of £1,755 (2023: £1,192) and other income received during the year of £nil (2023.. £2,000) Grants totalling £86,840 (2023: £26,692) were awarded. Dctails of these grants can be found in note 7 to the accounts. In-line with general stock market trends, unrealised gain of £229,971 (2023: loss of £144,867) were incurred on the Charity's Investment portfolio The Trustees consider that the level and nature of the financial reserves at 31 January 2024 amounting to £4,121,854 (2023:£3,917,606) does not impact upon the assumption that the Charity is a going concern.
THE CONFRATERNITY OF THE BLESSED SACRAMENT Regislered Charity No. 1082897 TRUSTEES, ANNUAL REPORT (Continued) For the year ended 31 January 2024 RESERVES POLICY The Charity maintains its unrestricted reserves at a sufficient level for it to m¢et the management, administration and support costs and for the making of charitable grants. The policy regarding reserves is to retain such funds which will enable the Trustees to provide for the aims and objectives of the Confraternity as laid down in the Constitution dated 6th October 2014. The Trustees would ideally like to maintain reserves at a level sufficient to cover the followiiig years nnIng costs. Any additional surplus made would be used to subsidise the following years, activities, or where a defIcit occurs this will redu¢¢ th¢ budget available for the following activities. The Charity's current needs and any funds not immediately required will then be reinvested in accordance with the Trustees, investment powers so as to increase thc income of the Charity. At 31 January 2024 total unrestricted funds amounted to £4,121,854 (2023: £3,917,606). This report was approved by the Trustees on 16 July 2024 and signed on its behalf by The Right Reverend Glyn Webster Superior-General and Trustee
THE COIYFRATERNITY OF THE BLESSED SACRAMENT Registered Charity No. 1082897 STATEMENT OF TRUSTEES, RESPONSIBILITIES For the year ended 31 January 2024 TRUSTEES? RESPOIYSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The charity trustees are responsible for preparing a trustees, annual report Ond fInancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the applicable Charities SORP. make judgements and estirnates that are re&sonabl¢ and prudent. state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records tbat disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible lor safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenancc and integrity of the charity and financÈal inforniation included on the charity's website in accordance with legislalion in the United Kingdom governing the preparation and dissemination of financial statements. Approved by the Trustees on 16 July 2024 and signed on its behalf by The Right Reverend Glyn Webster Superior-General and Trustee
THE CONFRATERNITY OF THE BLESSED SACRAMENT Registered Charity No. 1082897 INDEPENDEiYf EXAMINER'S REPORT TO THE TRUSTEES OF THE CONFRATERNfTY OF THE BLESSED SACRAMENT For the year ended 31 January 2024 I report to the trustees on my examination of the accounts of The Confraternity of the Blessed Sacrament (the Charity) for the year ended 31 January 2024. This report As made solely to the charity's truslees, as a body, in accordance with Regulation 31 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's trustees those matters am required to state to them in an independent examinerfs report and for no other purpose. To the fullest extent pcrniitted by law, I do not accept or assume responsibility to anyone other than the charity's trustees as a body, for my work, lor this report, or for the statement I have made. Responsibilities and basis for report As the charity trustees of the you are responsible for the preparation of the accounts in accordance with ihe requirements of the Charities Act 2011 ("the Act"). J Teport in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my exan)ination. I confim that no material matters have come to n]y attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Charity as required by scction 130 of the Act. or the accounts do not accord with those records. or the accounts do not con]ply with the accounting requirements concerning the forni and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. I have no concerns and have corne across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Niehola$ Simkins FCA Butts Farni Great Haywood Staffordshire ST18 OTF 16 July 2024
THE CONFRATERNITY OF THE BLESSED SACRAMENT Registered Charity No. 1082897 STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) For the year ended 31 January 2024 Restricted Unrestricted Total Funds Funds Funds 2024 Total Funds 2023 Note INCOME AND ENDOWMENTS FROM: Donations and legacies Income from investments 1,755 98,008 1,755 98.008 3,192 95,989 Total incoming resources 99,763 99,763 99,181 EXPENDITURE OIY: Charitable activities 125,486 125,486 92,781 Total resources expended 125,486 125,486 92,781 Net income/(expenditur¢) before gains and losses on investhjents (25,723) (25,723) 6,400 Net gains/(losses) from investments 229,971 229,971 {144,867) IYET INCOME I (EXPENDrruRE) 204,248 204,248 (138,467) Reeoneiliation of funds Total funds brought fonvard 3,917,606 3,917,606 4,056,073 Total fuDds carried forward 4,121,854 4,121,854 3,917,606 The notes on pages I I to 20 fonrl part of these financial statements.
THE CONFRATERNITY OF THE BLESSED SACRAMENT Registered Cbarity No. 1082897 STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Aecount) For the year ended 31 January 2023 (for comparative puryoses) Restricted Ullrestrieted Total Funds Total Funds Funds Funds 2023 2022 Note INCOME AND ENDOWMENTS FROM: Donations and legacies Income from investments 3,192 95,989 3,192 95,989 5,473 92,702 Total ineoming resources 99,181 99,181 98,175 EXPENDITURE ON: Charitable activiti¢s 92,781 92,781 50,899 Total resources expended 92,781 92.781 50,899 Net income/(expenditure) before gains and losses on investments 6,400 6,400 47276 Net gains/(losses) from investments (144,867) (144,867) 385,939 NET INCOME I (EXPENDITURE) (138,467) (138,467) 433,215 Reconciliation of funds Total funds brought forward 4,056,073 4,056,073 3,622,858 Total funds carried foThard 3,917,606 3,917,606 4,056,073 The notes on pages I I to 20 forni part of these financial statements.
THE CONFRATERNITY OF THE BLESSED SACRAME[ Registered Charity No. 1082897 BALANCE SHEET For the year ended 31 January 2024 2024 2023 Note FIXED ASSETS Tangible assets Investments 10 4,290 4,073,645 6,363 3,843,674 4,077,935 CURRENT ASSETS 3,850,037 Debtors Cash at bank and in hand 12 45,768 69,358 46,754 70.269 CREDITORS: Amounts falling due within one year 13 (2,835) (2,700) Net current Assets 43,919 67,569 Net Assets 4,121,854 3,917.606 FUNDS Restricted Funds Unrestrlcted Funds: 14115 14115 4,121,854 3,917,606 4,121,854 3,917.606 The notes on pages I I to 20 fomi part of these financial statements. In accordance with section 145 of the Charities Act 2011, the charity is exempt from the requirement for an audit. The constitution does not require the charity to obtain an audit of its accounts for the year in question. the exemption from audit has therefore been claimed. The financial statements were approved by the Trustees on 16 July 2024. The Right Reverend Glyn Webster .. Superior- General and Trustee Father Darren Smit Trustee Registered Charity No. 10828
THE CONFRATERNITY OF THE BLESSED SACRAMENT Registered Charity No. 1082897 STATEMEKf OF CASHFLOWS For th¢ year ended 31 January 2024 Note 2024 2023 Cash flows from operating activitRes: Net cash provided by/(used in) operating activities 17a (121,598) (87,422) Net cash provided byl{used in) operating activities (121,598) (87,422) Cash flows from investing activities: Dividends and interest from investments New investments Fixed asset additions 98,008 95,989 (50,000) (780) Net cash provided by/(used in) investing activities 98,008 45,209 Change in casb and cash equivalents in the reporting period (23,590) (42,213) Casb and cash equivalents at the beginning of the period 69J58 111,571 Cash and easb equivalents at the end of the reporting period 45,768 69,358 10-
THE CONFRATERNITY OF THE BLESSED SACRAMENT Registered Charity No. 1082897 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 January 2024 CHARITY INFORMATION The Confraternity of the Blessed Sacrament is a charity registered in England and Wales No. 1082897. The Regtstered Office is 16 Commercial Street, Birni1n1am, B I l RS. AccouiYfING POLICIES The principal accounting policies adopted, judgements and key Sources of estimation uncertainty in the preparation of the financial statements are as follows: BASIS OF PREPARATTON The financial statements have been prepared in accordanc¢ with 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 oflreland (FRS102) (effective l January 2019) and th¢ Charities Act 2011. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The functional and presentational currency is GBP and th¢ accounts are rounded to the nearest £1. b) INCOME RECOGNITION All income is recognised onc¢ the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Legacies are credited to the accounts when they have been notified to the trustees and there is reasonable certainty of the amount to be received. Donations, subscriptions and other fornis of voluntary income are credited to the accounts when received and are shown gTOSS' unless the event that a donation is subject to conditions that require a level of perforniance before the charity is entitled to the funds. In this case the incom¢ is deferred and not recognised until either those conditions are fully met. or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfjlled tn th¢ reporting period. PREARATION OF THE FINANCIAL STATEMEIYTS ON A GOING CONCERN BASIS The financial statements have been prepared on a going concern basis. The charity has achieved operating deficit of £25,723 (2023 a surplus £6,400). There were unrealised gains on the market value on investments of £229,971 (2023: loss £144,867). At 31 January 2024, net assets amounted to £4.1 m which included £45.768 in the bank and an investment portfolio with a market value of £4m. The Trustees consider that the level and nature of the fjnancial reserves at 31 January 2024 does not impact upon the assumptlon that the Charity is a going concern.
THE CONFRATERNITY OF THE BLESSED SACRAMENT Registered Charfity No. 1082897 IYOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 January 2024 d) RESOURCES EXPENDED Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and th¢ amount of the obligatlon can be measured reliably. Expenditure is charged on the accruals basis. Costs are charged to the general fund unless the cost is specifically identifiable with the restricted fund. Expenditure included in charitable activities comprises costs of promoting and supporting the objects of the harity. Grants are charged at the point a commitment is made by the Trustees atid in the c&se of ongoing support when there is an expectation by the grantee that a grant will be received. The appropriate share of costs are charged on an acCnlS basis and are charged to the general fund unless the cost is specifically identifiable with the restricted fund. IRRECOVERABLE VAT The Charity is not registered for VA T. Irr¢¢overable VAT is included within the relevant exp¢nse on which it is charged. ALLOCATION OF SUPPORT AND GOVERNANCE COSTS CBS office costs and Additional Curales Society (ACS) adnTrinistrative support costs have been allocated between governance costs and direct charitable activities. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practi¢¢. These costs include costs related to independent examination. accounts and legal fees together with an apportionment of overhead and support costs. These are charged 750/0 to direct charitable activities and 250/0 to governance costs. g) TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets are stated at cost less depreciation. Expenditure is capitalised if it is anticipated to be of an enduring benefit exceeding one year. Items under £100 are not capitalised. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected usethl life, as follows: Sacred vessels Fixtures, fittings & equipment Regalia IOO/o per annum on cost 330/0 per annum on cost IOO/o per annum on cost 12-
THE CONFRATERNITY OF THE BLESSED SACRAMENT Registered Charity No. 1082897 NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 January 2024 h) INVESTMEiYrs Investments are a forni of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of fanCIal activities includes the net gains and losses arising on r¢valuation and disposals throughout the year. The Charity does not acquire options, derivatives or other complex financial instruments. The main forni of financial risk faced by the charity is thal of volatility in equity markets and investnient markets due to wider economic conditions, the attitude of investors to investh]ent risL and changes in sentiment concerning equities and within particular sectors or sub sectors. INVESTMENT GAINS AND LOSSES All gains and losses are taken to the Statement of Financial Activities &8 they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. FINANCIAL INSTRUMENTS The Charity 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. Financial &ssets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impaim)ent. If objective evidence of impairnient is found, an impainDerAt Ioss is recognised in the Statement of Financial Activities. Financial assets that are measured at fair value are valued based on valuations obtained at the year-end. k) JUDGMENfsiNAPPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY In preparing the Financial Statements, management is required to make estimates and assuniptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Us¢ of available inforniation and application of judgement are inherent in the fonnation of estimates, together with expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future Could differ from such estimates. There are no key assumptions or other sources of estimation that have a significant risk of causing a material adjustment to the carrying values of assets and liabilities within the next financial year. l3-
THE CONFRATERNITY OF THE BLESSED SACRAMENT Registered Charity No. 1082897 NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 January 2024 RELATED PARTY TRANSACTIONS AND TRUSTEES, EXPENSES AND REMUNERATION During the year £1,296 (2023 - £1,293) was reimbursed in out-of pket expenses to 14 members (2023 _ 12) of the Council General. This consisted of reimbursements of travel ¢xpenses to meetings. There were no outstanding balances due to or from Trustees at the year-end (2023 - nil). No Ol¢er or Trustee of the CBS received any remuneration for work undertaken on behalf of the CBS. Father Darren Smith is the General Secretary of Additional Curates Society and Trustee of the Confraternity of the Blessed Sacrament. Grants totalling £12.749 (2023 - £2,105) were made to the Additional Curates Society. The following additional payments were made to Additional Curates Society in the year: 2024 2023 Administration support Quarterly paper Offic¢ costs Meeting costs Cathehetical work 12,500 11,235 1,840 380 4,700 12,500 10,744 1,996 193 30,655 25,433 There was no balance due to or from Additional Curates Society at 31 January 2024 (2023 - £nil) DONATIONS AND LEGACIES 2024 2023 Donations from members Other income 1,755 1,192 2,000 3,192 14-
THE COIYFRATERNITY OF THE BLESSED SACRAMENT Registered Charity No. 1082897 NOTES TO THE FIIYANCIAL STATEMEiYfs (ContRnued) For the year ended 31 January 2024 INVESTMENT INCOME 2024 2023 Interest on investm¢nts 94,032 93,555 Interest on c&sh deposits 3,976 2,434 98,008 95,989 ANALYSIS OF CHARrrABLE ACTTVITIES The charity undertakes its charitable activities through grant making and awarded grants to a number of individuals and institutions in furtherance of its charitable activities. Support and governance costs Activities undertaken direetly Grant funded activity 2024 Total 2023 Total Note Funded from unrestrieted fuDdJ: Superior general expenses Quarterly papers Printing &stationery Meeting costs Cathehetical work Council general meeting Grants ACS support Independent examination Depreciation Other 1,029 11,161 1,300 817 4,700 1,296 1,029 11.161 1,300 817 4,700 1,296 86,840 12,500 2,835 2,073 935 1,410 10,656 2,546 387 30,400 1.293 26,692 12,500 2,700 2,074 2,123 86,840 9,500 3,000 2.835 2,073 935 23,311 96,340 5,835 125,486 92,781
THE CONFRATERiyrrY OF THE BLESSED SACRAMENT Registered Charity No. 1082897 IYOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 January 2024 ANALYSIS OF GRANTS The grants are in furtherance of the main objects as set out in the Trustees, Annual Report. The trustees, policy for making grants is to consider applications and prioritise those grants seen as pursuing the objectives most efficiently. Choir Church Contribution to lay worker Wooden screen Support of festivals and pilgrimages Establish youth choir Courses Sacred vessels and vestments Heating system Lamps and lighting syst¢ms Repair bells 1,500 12,000 7,500 31.000 2,000 500 13,750 10,000 5,590 3,000 86,840 The antS paid or committed to, for the benefit of the following institutions during the year were as follows: Additional Curates Society Holy Trinity Cookridge Ebbsfleet Missions Fund St Lukes Parish of Swindon New Town St Chads Toller Lane St George's Preston Holy Trinity Tarleton St Salvadors Edinburgh Holy Cross Edinburgh St Annes Derby Worksop Priory St Francis of Assisi PCC of Fleckney Walsingham Grants 12,750 7,500 8,500 4,000 12,000 10,000 1.000 1.500 120 1,470 2,000 500 3,000 3,000 19.500 86,840 16-
THE CONFRATERNITY OF THE BLESSED SACRAMENT Registered Charity No. 1082897 NOTES TO THE FINANCIAL STATEMENTS (Continued) For tbe year ended 31 January 2024 GOVERNANCE COSTS 2024 2023 Allocated overheads: ACS Admin Support 3,000 3,000 3.000 3,000 Direct costs Independent Examination Fee 2,835 2.700 Total 5,835 ANALYSIS OF STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSOIYNEL The charity has no employ¢¢s" staff costs are therefore nil (2023 - nil). 10. TANGJBLE FIXED ASSETS Sacred Vessels Fixtures, Fittings & Equipment & Regalia Total COST l February 2023 Additions 35,433 6,292 41,725 31 January 2024 35,433 6,292 41,725 ACCUMULATED DEPRECIATION l February 2023 Charge for the year 29,772 1,996 5,590 77 35,362 2,073 31 January 2024 31,768 5,667 37,435 NET BOOK VALUE 31 January 2024 3,665 625 4,290 31 January 2023 5,661 702 6J63 -17-
THE CONFRATERNITY OF THE BLESSED SACRAMENT Registered Charity No. 1082897 NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 January 2024 11. FIXED ASSET INVESTMENTS CCLA Investments Market value at 31 January 2023 Gains / (Losses) in the year Investment additions 3,843,674 229.971 Market value at 31 January 2024 4,073,645 Market value at 31 January 2022 Gains l (Losses) in the year Investment additions 3,938,541 (144.867) 50,000 Market value at 31 January 2023 3,843,674 2024 2023 Inve.slments per Type.. Multi-asset pooled funds Pooled Fund- Bonds 4,066,475 7,170 3,836,777 6.897 4,073,645 3,843,674 Investments are held primarily to provide an investment return for the charity. They are listed on a recognised stock exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). Details of inveslm¢nts wmprising more than 50/0 of the market value of the total investmetrt portfolio are as follows: 2024 2023 CCLA - CBS Capital Growth Fund CCLA Fund 567,690 3,427,681 513.376 3,246,581 84%
THE CONFRATERNITY OF THE BLESSED SACRAMENT Registered Charity No. 1082897 NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 January 2024 12. DEBTORS 2024 2023 Prepayments 986 911 911 13. CREDITORS: Amounts falling due Th4thin one year 2024 2023 Accruals 2,835 2,700 2,835 2,700 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted Unrestricted Funds Funds Total Tangible Fixed Assets Investments Current Assets Creditors: amounts falling due within one year 4,290 4,073,645 46,754 (2,835) 4,290 4,073,645 46,754 (2,835) 4,121,854 4,121,854 The unrestricted fund is for the furtherance of the objects of the Confratemity.. (a) to honour Jesus Christ our Lord in the Blessed Sacrament of his Body and Blood, (b) to pray for one another at the Eucharist, (c) to observe and pTornote careful preparation for Holy Communion including the Eucharist f&8t, (d) the reverent and dignified celebration of the Eucharist and the reservation and veneration of the Blessed Sacrament, (e) the continuance of the Catholic priesthood, (fj Catholic theologica] teaching, leaming and development. 19-
THE CONFRATERNITY OF THE BLESSED SACRAMENT Registered Charity No. 1082897 NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 January 2024 15. FUNDS RECONCILIATION Balance at I Incoming February Resources 2023 Outgoing Resourees Investments Balance at 31 gains/(losses) January 2024 Restricted Funds Unrestricted Funds 3,917,606 99,763 (125,486) 229,971 4,121,854 3,917,606 99,763 (125,486} 229,971 4,121,854 16. FINANCIAL COMMITMENTS ital commitments At the year end, the charity had committed to, but not paid grants totalling £nil (2023: £nil). Ther¢ were no other capital commitments authorised and contractcd for in the year (2023 - £nil). 17. NOTES TO THE CASH FLOW STATEMENT Reeonciliation of net ineomel{expenditure) to net cash flow from operating activilies 2024 2023 Reconciliation of net income/(expenditure) for the reporting period (as per the statement of financial activities) Adjustments for.. 204,248 {138,467) Depreciation charges (Gains)/losses on investments Dividends, interest and rents from investments Dwreasel(increase) in debtors Increase/(decrease) in creditors 2.073 (229,971) (98,008) (75) 135 2,074 144.867 (95,989) (87) 180 Net cash (used in) operating activitles (121598 87,422 Analysis of e45h and cash equlvalents 2024 2023 C&8h in hand and at bank Total cash and cash equivalents 45,768 45,768 69,358 69.358 -20-
Butts Farm Great Haywood Stafford5hire Simkins Associates ST18 OTF The Confraternity of the Blessed Sacrament 16 Commercial Street Birmingham B11RS 4 July 2024 Dear Trustees CBS: Independ•nt Examination Year Ended 3111 January 2024 Flndlngs I have comp18ted my Independent Examination of the financial ststements for the CBS for the year ended 31st January 2024. My Examiner report records no significant matters arising from the work carried out. Acknowledgement I would like to place on record my thanks to Father Darren Smith and Mary Bashford for their help and support in carrying out my work. I wish you all a successful year ahead. Yours faithfully Nick Simkins FCA
Appendlx - Charlty sector developments Charlty Commlsslon Annual Retum The Charity Commission launched the new Annual Return for 2023 on 5 Octob8r 2023 ("AR23'). The question set reflects changes made following a formal consultation with charities and the public. The new retLJrn is available to charities via the My Charity Commission Account servi. It introduces a revised set of questions that wlll be used by charities for their financial years ending in 2023 and in subsequent years. The Annual Return is the online form that all charities with yearly incomes of £10,000 or more complete within 10 months of the end of their financial reporting period. It must also be completed by all those registered as charitable incorporaled organisations (CIOS). Pmportionate changes to ensure transparency and effectlve regulatlon The updated question sel is designed to help the regulator better assess risks facing the sector and enhance charities, transparency. Among the changes are new questions to better capture and understand charities, reliance on certain types of income, and questions on single sources of funding, to gain more information on roles and responsibilities within charities, and to gain a more accurate picture of the geographical areas in which charities operate in England and Wales. Simpler s•rvice ftir charitios The seNice is also designed to be more user-friendly and easier for charities to navigate. The Commission has simplified the language of the questions, and the amount of infonnation charities completing AR23 are required to provide vaties based on the size and scope of the charity in question. Larger, more complex organisations, including those employing staff andlor working intemationally will complete a greater number of questions than smaller charities whose operations are simple. Similarly, the regulator has revised the questions that ask for data on volumes or monelary valu8S. SO that very few questions now ask for information that IS Over and above that which is collected by charities as part of their normal accounting processes. The Commission also made a number of changes to the new question set following consultation with the sector, which ran beeen June and September 2022. Changes included introducing income thresholds to further questions, rewording questions to improve their clarity, and strengthening its guidance supporting charities to answer questions quickly and accurately. Trustee Quiz The Charity Commission has launched the next phase of ils trustee campaign which aims to increase charity trustees, knowledge and drive a positiv8 change in charities, governance. The campaign encourages trustees to check what they know about their duties, and aims to increase their awareness of the Commission's 5-minute guides.
Truste•s oncourag to t•st their knowledge and understandlng As part of the latest phase of the campaign, the regulator has released a new Trustee Quiz to enable trustees to test their knowledge of their duties and responsibilities. The quiz is designed to engag8 trustees with a variety of questions based on everyday scenarios that they may encounter at their charily. It has been designed to help identrfy knowledge gaps and is an ideal refresher for trustees at all levels of experien. Research shows that the majority of tNstees feel confident in their ability to manage their charities, however there may be areas of knovAedge they can improve on. The quiz is intended to encourage trustees to think again about what they know, to inspire upskilling. The quiz takes around three minutes to complete and gives busy trustees an interactive means to quickly check what they know and help them uncover potential knowledge gaps they may not have been aware of. It prompts participants to test their knowledge on a range of topics, such as conflicts of interest and safeguarding. Feedback is provided for each question, and users are pointed to further guidan from the regulator to strengthen their knowledge. Each participant also receives a score out of 10: allowing them to benchmark their knowledge. Pmmoting guidance to busy trustees The regulator acknowledges that tNstees dedicat8 time, en8rgy and expertise to volunteer for their role alongside already busy lives. The campaign encourages trustees to reflect on their knowledge and understanding in a quick and engaging way, and to sign-post to user friendly resou$, notsbly the Commission's suite of 5-minute guides. These are bitesize guides designed to support trustees as they manage the demands of running a charity and cover topics such as govemance, managing ffinances, conflicts of interest, decision making, reporting, safeguarding, and political activity and campaigning. Soclal Medla Use The Charity Commission published on 18th September 2023 uidance for charities on social media usage. It makes clear that social media can be a highly effective way for a charity to engage its audiences and communicate about its work but that there are risks involved, which trustees should plan for. The new guidance is dear that charities using social media should have a social media policy in place and should ensure the policy is followed. This is standard practice in many charities and across other sectors and industries. and can help an organisation avoid problems and address issues swiftly if they occur. The regulator says its casework has revealed a knowledge gap. Trustees are not always aware of the risks that may arise from using social media. meaning that some do not have sufficient oversight of their tharity's activity, leaving them and their Gharity vulnerable. The guidance aims lo help trustees understand these risks, how their legal duties apply. and what to consider if issues arise. The guidance: makes dear that the gUlatOr does not expect that every charity will involve trustees in the day-t(Fday running of the charity's social media but that trustees must understand their legal responsibilities even if delegating tasks sets out the expectation that charities using social media should have a policy in place to explain how using social media will help deliver the charity's purpose and should include the charity's own guidelines, such as those on the conduct of trustees, employees and volunteers using social media on th8 charity's behalf contains an easy-to-use checklist to help trustees and senior employees have infomed conversations on what the right policy for them looks like
says charities should have guidelines to manage the risk that content posted by individuals connected to the charity in their personal capacity, particularly those who are high profile like CEOS. may negatlvely impact the charity by association. It also makes dear that trustees, employees and others have the right to exercise their freedom of expression within the law signposts organisations and resources that can help trustees if they wanl to improve their social media skills. The new guidance was subject to a fomial consultation, which ran from January to March 2023. The Commission received 396 responses. Many welcomed the guidance, but some felt it could be dearer to explain what is and is not expected of trustees. The regulator has made a number of changes to clarrfy the Commission's regulatory expectations in light of the feedback. The final guidance also further emphasises the benefits of using social media, so that charities can have confidence in their ability to make use of them. Investments The Charity Commission has published renewed uidance on charities and investments. bringing it up to date for the modern era. Published on 1 st August 2023, the guidance known as CC14 has been redesigned to offer greater clarity and to give trustees confidence to make investmenl decisions that are right for their charity- The language used in the guidance is clearer and the structure has been updated so that it is shorter and easier to use, and trustees can find the infomiation they need more quickly. As discussion continues within the sector about charities, ability to account for factors such as the environmental impact of investments, the guidance makes clearer that trustees have discretion to choose what is best in their circumstances and have a range of investment options open to them - provided they ultimately further the charity's purposes. The refreshed guidance follows a Commission 'call for information, and consultation on financial investment and reflects a significant High Court judgment on charity trustees, investment duties (the 'Butler-Sloss' case). Trustees Can have confidence in the decisions they make when following the guidance. knowing it is up to date and properly reflects the relevant law. The guidance: includes examples of various issues which may be relevant for trustees to consider when making investment decisions. such as the potential for an investment to conflict with the purposes of the charity. or the reputational impact of an investment decision. lists steps trustees 'must' tske to be compliant with the law and those trustees 'should' do which are strongly recommended as best practice but not legally required. explains that acting in the best interests of a charity is about ensuring that above all else any decision furthers its purposes. It also warns trustees to not allow personal motives. opinions, or interests to affect the decisions they make. incorporates previously separate guidance on social investment and no longer uses temiinology that could get in the way of trustees, understanding. such as 'ethical investment,, 'mixed motive investment. and 'programme related investment,. The examples featured in the guidance are designed to help trustees identify the factors that a relevant to their own charity's situation and then use this to determine how to approach their investrnent decisions. This should make it easier for trustees to apply the guidan correctly and feel able to justify that the decisions they take are in their charity's best interests.
Digital servlce- My Charlty Commission Account The Charity Commission's new My Charity Commission Account service went live on 31st July 2023. The gUlatOr has described My Charity Commission Account as charities front doorf into the Commission, through which they will submit any remaining Annual Returns for 2022 and all Annual Returns for 2023 onwards. and engage with the regulator's wider digital services. Access to existing digital servlce will cease From the launch of My Charity Commission Account, Charitie5 will no longer be able to file annual relurnsthrough the existing system. From 31stJuly, all online s8rvic8s will be accessible with a My Charity Commission Account log-in. This is a significant change. The regulator is making preparations for any diswption that trustees may experien during the transition, induding making additional staff available in its Contact Centre. Movlng towards a new relationship th trustees The roll-out of the new service has begun with charities. named contacts. ensuring that all charities are able to access the Commission's digital services. including to file their Annual Returns. In the months ahead, the service will be extended to all individual trustees. This will facilitate a more direct relationship between the regulator and trustees, helping to ensure they are supported in their role and equipped to wn their charities well. This new approach also ensures better dala security.