LIVERPOOL ARCHDIOCESAN LOURDES PILGRIMAGE ASSOCIATION TRUSTEES REPORT FOR YEAR ENDED 31ST DECEMBER 2023 (continued) Financial result The Charity's expenditure during the year grew from 2022, with the increased number of pilgrims, in all a total of £119,779. With the increased income received (primarily from legacies), this resulted Rn a gain of £70,896 on general fund, with restricted funds reducing by £20,348. Furthermore, in line with the performance of the stock market, investments grew in value by £4,023 The year ended with an overall increase in reserves to the extent of £50,548. We carry forward £575,294 in reserves, in our portfolio of investments and bank balances. Into 2023, we look forward to an anticipated further uplift in the stock market. We continue to regularly review our finances, in order to maintain our reserves as best we can. We are always keen to finance the care and support of our assisted pilgrims and help volunteers in their travel and accommodation costs, whilst maintaining the long-term vision of organising Archdi0san pilgrimages to Lourdes. Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern, Investment policy The Charity holds ethical investments only. The Trustees, advised by its investment committee and Its brokers, balance income against growth. They regularly review the portfolio and adjust as considered necessary. Reserves policy The Charity is dependent upon its reserves which over the years it has been able to build with legacies and donations. They are represented by the investment portfolio and cash and bank balances which the Trustees use to best effect to generate income with which to support its objects. REVIEW OF RISKS The risks to which the Charity is exposed are regularly reviewed and systems have been established to deal with those risks. Signed on behalf of the Trustees. 21- 10-ZLfr Reverend Grant Maddock Chairman of Trustees Date
LIVERPOOL ARCHDIOCESAN LOURDES PILGRIMAGE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31ST DECEMBER 2023 6 STAFF COSTS 2023 2022 Gross salary 9,723 8,580 Average number of employees RELATED PARTY TRANSACTIONS There were no transactions with related parties during the year.