Charity registration number 1083419 (England and Walesl Charity registration number SC038552 {Scotland) Company regtstration number 04010393 (England and Wales) THE PRIESTLY FRATERNITY OF SAINT PETER (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
THE PRIESTLY FRATERNITY OF SAINT PETER (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Directo Fra Julian Chadwick Rev John Emerson Mr Richard Cameron Mr Peter Sefton-IMlliams Mr Christopher Akèrs Rev Brendan Gerard Ms Miriam Murphy (Appointed 25 March 2024) Secretary Mr Richard Cameron Charity number (England and Wales) 1083419 Charity number (S¢otland} SC038552 Company number 04010393 Registered office St. John Fisher House 17 Eastem Avenue Reading England RG15RY Independent examiner Johnston Smillie Ltd 5 South Gyle Crescent Lane Edinburgh EH12 9EG
THE PRIESTLY FRATERNITY OF SAINT PETER (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Directors report Independent examinefs report Statement of financial activities Balance sheet N(>tes to the financial statements 7-14
THE PRIESTLY FRATERNITY OF SAINT PETER (A COMPANY LIMITED BY GUARANTEE) DIRECTORS REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Directors (who are also trustees of the charity for the wrposes of charity law) psent their report and financial ststements for the year ended 30 June 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial stateménts and comply with the charity's Articles of Association, the Companies Act 2006, the Charities and Trustee Investrtient (S¢otlandl Act 2005, the Charities Accounts (Scotland) Regulab'ons 20061as amended), the Charities Act 2011 and "Accounting and Reporting by Charities. Slatsmenl of Recommended Practice applicable to charities preparing their accounts in accordance wtth the Financial Reports'ng Standard applicable in thé UK and Republic of Ireland IFRS 102)" (effective 1 January 2019). Objectives and activities The charity's object is the advancement of the Roman Catholic Faith. Currently, the Charity supports the Roman Catholic Society called the Priestly Fratemty of St Peter {°the Fratemity) in its work in the United Kingdom, although there is no direct obligation to do so. The core work of the ¢harity is the support of the mission of Father John Emerson and Father Brendan Gerard in the Aichdiocese of St Andrews and Edinburgh and the Maintenan of the Fraternity's house in tha city of Edinburgh. Since the English and Scottish districts of the Fraternity were separated, the charity has concentrated its efft>rts entirely on supporting the work of Fr Emerson and Fr Gerard in Edinburgh, and the Fraternity does not expect any support or subventÈons from the charity for its work in Reading or elsewhere in either England or Wales. Achievements and performance When planning our activities for the year, the directors have continued to consider the Commission's guidance on public benefit and, in parttcular, the specific guidance on charities for the advancement of religion. All of our charitable activities described below are undertaken to ftjrther our charitable purposes for the public benefit. The ¢harity provides for the upkeep of 6 and SB Belford Park {6B being the rentsl propety}. which is its principal asset. This property is bolh a residenc8 for the priests of the Fraternity work¢ng in Scotland, and a public chapel. The priests of the Fratemity (in this case Fr Brendan Gerard and Fr John Emerson} provide Mass and the other sacraments of the Roman Catholic Churth according lo the s¢>called Extraordinary Fomi. the rite of 1962, and in the Latin language. Catholics who wish to attend Mass and to receive sacraments in this form must, practically speaking, seek out a priest trained in these rites. Fr Gerard and Fr Emerson are the only priests in the Archdiocese of St Andrews and Edinburgh who are authorised to use these rites exclusively. There are no venues in Scotland outside of Edinburgh sewved habitually by the Fratsrnity. Sunday Mass at St Andrews church, Ravelston, and the daily scheduled Mass in the house chapel at 6 Belford Park are always open to all. Attendance at Sunday Mass is usualty in the range of 80 to 110. Other sacraments are Celebrated in the church and the house chapel. Beeen 1 July 2023 and 30 June 2024 there Wre.. 5 baptisms- 4 confirmations- 1 maniage preparation (but the actual wedding took place in Glasgow). Thè drawing r¢)om and Ihe dining room continue lo be used for the religious instruction of individuals or small groups, and for receptions of various kinds. A literature reading group is now regularly hosted in the dining room. Collections now typically bring in £350 to £450 a week, a rise from last year. despite the fact that the members of the congregation are themselves increasingly affected by high energy costs and inflation. The attic flat {6B Belford Park) and the two other flats bought by the charity in 2020 continue to provide a steady income of typically £2,650 per month. Costs of upkeep and repair of all three fiats have been minimal.
THE PRIESTLY FRATERNITY OF SAINT PETER (A COMPANY LIMITED BY GUARANTEE) DIRECTORS REPORT FOR THE YEAR ENDED 30 JUNE 2024 Financial review Reser¥es Policy The charity's principal asset is 6 Bèlford Park, Edinburgh. Thè ¢hanty runs on modest incoming resour¢es and strives to conduct its activitles within the constraint of limited incoming resources whist exploring Other fundraising opportunities as they arise. Temporary surpluses of funds are held in a suitable interest bearing bank account. Total funds held at 30 June 2024 amounted to £1,140,797 {2023'. £1,104,946) wilh £538,175 {2023'. £544,923) being held in a restricted fund. The restricted fund can only be realised if the property held in this fund is disposed but Ihis is subject lo a condition th* it may not be disposed for at least 50 years from September 2002. The totsl unrestricted reserves held at 30 June 2024 amount tr1 £602,622 (2023.. £560,023). Plans for Future Periods The 8nd of th& Covid crisis has led to a general improvement of the Charivs financial health. Weekly income from collections has increased, as indicated above, and Quf monthly rent roll has increased in line with govemment guiéelines to £2,650, 8 sum which is arouTid £500 above the monthly collection total. We keep this nder constsnt control, and aFways in line with go¥emment guidelines. On the other hand, the v&ry real rises in energy costs have already given rise to serious COnms. 6 Belford Park is an old house with very high ceilings. Our heating Costs were already considerable and have begun to rise to alamiing levels, with the bill for the last three months of 2024 rising to over £2,000.The rental for St Andrews Church has gone up by a modefate £10 for each use of the church complex. but this is nevertheless a fvrther £50Ck£700 to be found each year. The fabric of the property at 6 Belford Path has been checkeAJ for major areas of contsm, a Pro5$ which continues. The stonework. which wè mentioned last year as a project to be attended to, was renewed at a cost much lower than originally expected and was completed at a cost of around £11,000. The building projects for the coming year include a renewal of the kitchen on the first floor, an expansion of the sacrtSty on the ground floor. and work of a minor nature in the chapel. Only the first of these is expected to incur a fairly considernble expense. The Trustees are satisfied that the financial situation of the chartty is healthy, but are aware of the areas of concern outlined above. The past year has clarified certain questions regarding the ongoing costs of running our property, and in the year to come we plan to tske the aclÈons necessary to alleviate these concems as much as possible. Structure, govemance and management The charity is a company limited by guarantee and governed by its memorandum and artides of association. The management is caffied out enb'rely by Ihe Direclors, with thè assistance of thé Company Secretaries. The Directors have reviewed the major risks to which the ¢harity is exposed and are satisfièd that they have taken tho appropriate steps to minimise these risks. The company has been granted charitable status and is exempt from taxation on its charitable income. The company is not registsred for VAT.
THE PRIESTLY FRATERNITY OF SAINT PETER (A COMPANY LIMITED BY GUARANTEE) DIRECTORS REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Directors who served during the year and up to the date of signature of the financial statements were. Fra Julian Chadwi¢k Fra Duncan Gallie Rev John Emerson Mr Richard Cameron Mr Peter Sefton-williams Mr ChrislopherAkers Rev Brendan Ger8rd Ms Miftsm Murphy (Re&gned 20 July 2024) {App(xnt8d 25 March 2024) New Directors may only be appointed on the recommendation of existing Directors. Statement of Directors ponsibilitIeS Company Law requires the Directors to prepare financial statements for each financial year which giv& a true and fair view of the stste of affairs of the charity and of the incoming resources and applicab.on of resources, including the income and expenditure, of the charitable company for that yeaf. In preparing these financial statements, the Directors are required to.. - selèct suitablè accaunting policies and then apply them consistenlEy'. - obsetve the methods and prÉnciples in the ch8rits.es SORP, - make judgements and estimates that are reasonable and prudent., - state whèther applicablè UK Accounting Standards have been followed. subject to any material departures disclosed and 8xplained in the finan¢ial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charily will continue in operation. The Directors are responsible for keeping adequate account.ro records that disclose with reasonable accuracy at any *'me the financtal position of thè charity and enable them to ensure that the finanoal statements comply with the Companies Act 20(b, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Ac¢ounts (Scolandl Regulations 20tE (as amended), the Charities Act 2011, and the Ststement of Recommended Practice Accounting and Reporting by Charities (FRS 102). They arè also responsible for safeguarding the assets of the ¢harity and hence for taking reasonable steps for the prevention and d8tecknon of traud and other irregularities. This report has been prepared in a¢c¢rdan¢e with the provisions available to small companies under the CompaniesAct 2006. The Directors report was a proved by the Board of Directors. Rev Brendan Gerard Director Dated.. 18 March 2025
THE PRIESTLY FRATERNITY OF SAINT PETER (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE DIRECTORS OF THE PRIESTLY FRATERNITY OF SAINT PETER I report to the Directors on my examination of the financial statements of The Prieslly Fraternity of Saint Peter (the charity) for the year ended 30 June 2024. Responsibilltles and ba$ls of report As the Directors of the charity (and also ils direclors for the purposes of ¢ompany lawl you are responsible for the preparation of the financÈal statements in accordance with the requirements of the Charities and Truslee Investment {S¢olland) Act 2005, the Charities Accounts (Scotland> Regulations 2006, the Charib'es Act 2011 and the Companies Act 2006. The Iruslees consider that the audit requirements of Regulation 1011) (a) to (G) of the Charities Accounls (Scotlandl Regulations 2006 and section 144 of the Charities Act 2011 do nol apply. The charity is preparing acGrued accounts and l am qualified to undertake the examination by being a qualified member of the Instttute of Chartered A¢¢ountants in England and Wales. Having satisfied myself that the financial statemenls of the Charity are not required to be audited under Part 16 of the 20C)6 Act and are eligible fof independent examination. I report in respect of my examinalion of the charity's financial statements carried out under section 44 (1 > (c) of the 2005 Act and section 145 of the Charities Act 2011 (the 2011 Act>. In carrying oul my examination I have followed the requirements of Regulation 11 of the Charities Accounts {Scotland} Regulations 2006 (as amended) and all the applicable Directions given by Ihe Chafity Commission under section 145(5)Ib) of the 2011 Act. Independent examinevs statsment In ¢onnection with my examination, no matter has come to my attention whF¢h gives me reasonable cause lo believe that in any material respect the requirement5: to keep accounting records in accordance with section 44(11 (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations and section 130 of the 2011 Act., and to prepare financial statsmenls which accord with the accounting records and compEy with Regulation 8 of the 2006 Accounls Regulations and the requirements of the 2011 Act", have not been mel,. or to which. my opinion. attention should be drawn in order lo enable a proper understanding of the financial statements to be reached. M A P Taddei MA FCA Relevant professional body= the Instrtule of Chartered Accountants in England and Wales Johnston Smillie Lld 5 Soulh Gyle Crescent Lane Edinburgh EH12 9EG 18 March 2025
THE PRIESTLY FRATERNITY OF SAINT PETER (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Unrestrlcted Restri¢ted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Other trading aclivilies 76,016 27,731 76,016 27,731 93,782 29,991 93,7S2 29,991 Total income 103,747 103,747 123,753 123,753 Expendlture on: Charitable activÉties 61.148 6.748 67,896 58,149 6,748 64,897 Total expendlture 61,148 6,748 67,896 58.149 6,748 64,897 Net incomel{expenditurel and movement in fund5 42,599 (6,748) 35,851 65,604 (6.748) 58,856 Reconciliation of funds: Fund balances a11 July 2023 560,023 544,923 1,104,946 494,419 551,671 1.046,090 Fund balances at 30 June 2024 602,622 538,175 1,140,797 560,023 544,923 1,104,946 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE PRIESTLY FRATERNITY OF SAINT PETER (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Notès Fixed assets Tangible assets Inv&stment propety 10 11 551,548 421,140 557,831 421,140 972,688 978.971 Current assets Debtors Cash at bank and in hand 12 16,212 154,117 5,737 122.218 170,329 127,955 Creditors: amounts falling due within one year 13 (2,220) (1,980) Net current assets 168,109 125,975 Total assets le$$ current liabilities 1,140,797 1,104,946 The funds of the charity Restricled income funds Unrestrtcted fijnds 14 15 538,175 602,622 544,923 560,023 1,140,797 1,104,946 The company is entitled to the exemption from the audit r8quirement contaned in section 477 of the Companies Act 2006, for the year ended 30 June 2024. The directors acknowledge their responsibilities for complying wlth the requirements of the Companies Act 2006 with respect to a¢¢ounting records and the preparation of financial statements. The members have not required the company tr> obtain an audit of its financial statements for the yèar in question in ac¢ordance wtth section 476. These financial statements havè been prepared in accordan wÈth the provision5 applicable to companies subject to the small companies girne. The financial statements were approved by the Direclors on 18 March 2025 Rev Brendan Gerard Director Company registrats'on number 04010393 (England and les)
THE PRIESTLY FRATERNITY OF SAINT PETER (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 A¢¢ounting policies Charity inforniation The Priestly Fraternity of Saint Peter is a private company limiled by guarante& incorporated in England and Wales. The registered office is St. John Fishèr Housè, 17 Eastem Avenue. Reading, RG15RY, England. 1.1 Accounting convention The financial stat&m8nts have been prepared in accordance with the chartvs Articles of Association, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts IScot]and) Regulations 20C8 las amended), the Chanties Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practt¢e appli¢able to charities preparing their accounts in accord2nce with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" (as amended for accounting periods ¢ommonGing from 1 January 2019}. The chanty is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for small charities not to prepare a Statement of Cash Flows. The financial ststemerrts are prepared in sterfing, which is the fvnth.onal currency of the charity. Monetary amounts in th8se financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments al fair value. The principal accounting policies adopted are set out below. 1.2 Going ¢on¢em At the time of approving the financi81 statements. the Directors have a reasonable expectation that the charity has adequate resources to continue in operattonal 8XiStenc8 for the foreseeable fvture. Thus the Directors continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestncted funds are available for use at the discretion of the Directors in furtherance of their Charitable objeclives. Reslncted funds are subject to specific condttions by donors or grantors as to hi)w they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject lo spectfic conditions by donors that the capital musl be maintained by the charity. 1.4 Income All incoming resourc8s are recognisèd in the Statement of FinancÉal Position when the charity is entitled to the income, receipt is probable and the amount ran be measured with sufficient reliability. 1.5 Expenditu Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of econornic benefits will be required in settlement, and the amount of the obligalion can be measured reliably. Expenditure is classified by activity. The costs of each adivity are made up of the tolal of direct Costs and shared costs, Including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that actSVity. Shared (x)sts which contribute to more than one activity and support costs which are not attributable to a single activty are apportioned belween those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portton of the asse¥s use.
THE PRIESTLY FRATERNITY OF SAINT PETER (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 A¢¢ounting policies (Continued) Resourc8s expended are reeognised in the period in which they are incued and include irrecoverable VAT. All expenditsjre is rewgnised on an accrLEals basis and has been classtfied under headings that aggregate all costs related to that category. 1.6 Tangible fixed asset$ Tangible fixed assets are initially measured at cost and subsequerrtly measured at cost or valuation, net of depreciation and ary impaiment105ses. Depreciation is recognised $0 as to write off the cost or valuation of assets less thèir residual values over Iheir useful lives on the foll1ng bases-. Freehold land and buildings Fixtures and fittings Computers Motor vehicles Vestments etc over 1 (10 years over 10 years over 4 years over 5 years over 50 years The gain or loss arising on the disposal of an asset is determined as the differenc8 between the sale proceeds and the carrying value of Ihe asset, and is recognised in net incomel{expenditure) for the year. Assets costing more than £250 are capitalised. 1.7 Investment property Investment property, whi¢h is property held to eam rentals andlor for &8pital appreciation, is initially recognised at cost, which includes the purchase cost and any dir8Ctty attrlbutable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is re¢ognised in profit or loss. 1.8 Impalmient of fixed assets At each reporting end date. the ch8rity reviews the carrying amounts of its tangible assets lo dètermine whether there is any indication that those assets have suffered an impairnent loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impaiment loss {il any}. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, dèposits held at call with banks, other short-term liquid investmènts with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial instruments 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. Financial instruments are recognised in the charitys balance Sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, wtth the net amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there is an intentson to setde on a net basis or to realise the asset and settle the liability simultaneously_
THE PRIESTLY FRATERNITY OF SAINT PETER (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies {Conttnued) Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially m8asuréd at transaction Pfi¢e induding transaction costs and are subSeqUenY carried at amortised cost using the effective interest method unless the arrangement consts"tutes a financing transaction, where the transaction is measured at th& present value of the future receipts discounted al a market rate of interest. Financsal assets classified as receivable within one year are not amortised. Baslc financlal liabilitiès Basic financial liabilities, including creditors and bank loan5 are initialty recognised at transaction pr5ce unless the arrangement consb"tutes a financing transaction, where the debt instrument is measured at the present value of the futura payments discounted at a market rate of interest. Financial liabilib'es classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost using the effective interest rate method. Tr8de creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operatÈons from suppliers. Amounts payab]e are classÈfied as Current liabilities rf payment is due within one year or less. If not, they are presented as nor¥+current liabilities. Trad& creditors are re¢ognised inttially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognrtion of financial Ilabilities Financi21 liabiltb.es are derecognised when the charity's ¢ontra¢tual obligations expire or are discharged or cancelled. 1.11 Taxation As the company is exempt from taxation on its charitable income, there is no taxation charge. Crttical accountlng estimates and judgements In thè application of the chanty's accounting policies, the Directors are required to mak& judgements, estimates and assumptions about carrying amount of assets and liabilitses that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may diffef from these estimates. The estimates and underlyirso assumptions are reviewed on an ongoing basis. Revisions to acwunting estimates are recc>gnised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donations and lega¢ie$ Unrestricted funds Total 2024 2023 Donations Legacies receivable Gift aid recoverable 42.502 25,000 8.514 42,819 50,000 943 76,016 93,762
THE PRIESTLY FRATERNITY OF SAINT PETER (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Other trading activities Unrestricted Unrestiicted funds funds 2024 2023 Rental income 27.731 29,991 Charitable activities 2024 2023 Depreciation and impairment Edinburgh Mission grants House njnning costs Bank tharges 8,263 46,703 10,399 191 9,281 44.396 9,085 155 65,556 62,917 Share of govemance costs (S note 6) 2.340 1,980 67,896 64,897 Analysis by fund Unrestricted fund5 Restricted fvnds 61,148 6,748 67.896 For the year ended 30 June 2023 Unrestricted funds Restricted furKJs 58,149 6,748 64,897 10-
THE PRIESTLY FRATERNITY OF SAINT PETER {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Support costs Support Govemance c(psts costs 2024 2023 Independ&nt Examinerfs fees 2.340 2,340 1,980 2,340 2,340 1.980 Analysed b&een Charitable activities 2,340 2,340 1,980 Govemants costs includes independent examiner fees of £2,340 12023". £1,980). No other seNices were provided by the independent examiner. Net movement in funds 2024 2023 The net movement in funds is stated after chargingl(creditsng): Fees payable for the independent examination of Ihe charity's financial statements Depreciatton of owned tsngible fixed assets 2,340 8,263 1.980 9,281 Directors The charity covers various domestic. travel and subsistence expenses incurred by Father John Em&rson and Father Brendan Gerard in thè course of their duties. During thè year, Fr Emerson and Fr Gèrard received a total stipend of £3,600 each {2023: £7.200 and £3,000 respeclFvelyl. The charity m8de m contnbution to healthcare costs for Fr Emerson dunng the year (2023.. £1,435). During the year, the charity paid £235 (2023". £190) for services rendered by director Richard Cameron and 64 for reimbursement of expenses to Richard Cameron {2023: nil) .The charity paid £350 (2023: £275) 10 director ChristopherAkers for his preparatory work on the accounts. Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Total The charity had no employee5 during the year {2023". nonè). There were no employees whose annual remuneration was more than £60,000.
THE PRIESTLY FRATERNITY OF SAINT PETER (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 10 Tangible fixed asset5 Freehold land Flxknfes and and buildings fittings Computers Mot¢f Ve5tmerrts etc vehictes Totsl Cost At 1 July 2023 Addit'ons 674,844 12,118 1.980 3,546 14,318 10.593 715.419 1,980 At 30 June 2024 674,844 14,098 3,546 14,318 10,593 717,399 Depreclation and impaimient At 1 July 2023 Depreciatson charged in the year 129,921 12,080 3,546 9.934 2,107 157,588 6,748 207 1,096 212 8,263 At 30 June 2024 136,669 12,287 3,548 11,030 2,319 165,851 Carrying amount At 30 June 2024 538,175 1,811 3,288 8,274 551,548 At 30 June 2023 544,923 38 4,384 8.488 557,831 11 Investment property 2024 Fair value At 1 July 2023 and 30 June 2024 421,140 Investment property comprises two properties in Edinbtsrgh which are hèld for rental purposes. The properties were valued by the Trustees based on their interpretation of market conditions at 30 Jltne 2024. 12 Debtors 2024 2023 Amounts falling due within one year: Other debtors Prepayments and accrued trme 9.457 6,755 4,794 16,212 5.737 13 Creditors: amounts falling due within one year 2024 2023 Accfuals 2,220 1,980 12-
THE PRIESTLY FRATERNITY OF SAINT PETER (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 14 Restricted funds The restricted fLtnds of the charity cornprise the unexpended balances of donations and grants held on trust subjèct to specifi¢ ¢¢)nditions by donors as to how they may be used. At 1 July 2023 Resources expended At 30 June 2024 Property fund 544,923 (6,7481 538,175 Previous year: At 1 July 2022 Resources expended At 30 June 2023 Property fund 551,671 (6,748) 544,923 15 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may b@ used. These indude designated knnds which have been set aside out of unrestri¢ted fvnds by the trustees for specific purposes. At 1 July 2023 Incoming resources Resources expended At 30 June 2024 General funds 560,023 103,747 (81,148) 602,622 Previous year: At 1 July 2022 Incoming resources Resources expended At 30 June 2023 General funds 494,419 123,753 (58,149) 560,023 16 Analysis of net assets between funds Unrestrscted funds 2024 Restricted funds 2024 Total 2024 At 30 June 2024.. Tangible assets Invéstment propertiès CUrn1 assetsllliabilities) 13,373 421,140 168,109 538,175 551,548 421,140 168,109 602,622 538,175 1,140,797 13-
THE PRIESTLY FRATERNITY OF SAINT PETER {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 16 Analysis of net a$$et$ between funds (Continued) Unrestncted funds 2023 Restricted funds 2023 Total 2023 At 30 June 2023: Tangible assets Investment properttes Current assets/(liabil¥ties) 12,908 421.140 125,975 544.923 557,831 421,140 125,975 560,023 544,923 1,104,946 14-