REGISTERED COMPANY NUMBER: 05075294 (England and Wales) REGISTERED CHARITY NUMBER: 1103920
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 March 2024
for
THE NORTHAMPTON DIOCESAN PRIESTS' FUND
Cobley Desborough Chartered Certified Accountants Chartered Tax Advisers Artisans' House 7 Queensbridge Northampton Northamptonshire NN4 7BF
THE NORTHAMPTON DIOCESAN PRIESTS' FUND
Contents of the Financial Statements for the Year Ended 31 March 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 to 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 to 9 |
| Notes to the Financial Statements | 10 to 15 |
| Detailed Statement of Financial Activities | 16 to 17 |
THE NORTHAMPTON DIOCESAN PRIESTS' FUND
Report of the Trustees for the Year Ended 31 March 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and activities
In planning the activities for the year in order to carry out the objectives of the fund, the Management Committee have considered the Charity Commission guidance on public benefit.
The objectives of the Fund, as detailed in its Memorandum of Association, are "the aid of Secular Priests of the Diocese of Northampton who are permanently or temporarily incapacitated by old age, infirmity, illness or accident."
Members of the Fund, who are all secular priests of the Diocese of Northampton, have the right to seek assistance from the Fund, and the Management Committee has the duty to consider all such requests. Donations are received, principally from members of congregations of the Catholic parishes of the Diocese, to fulfil these objectives. Hence the principal benefits are received by those priests who have received grant aid or other support during the year. However these priests have given many years of service to the Church in the Diocese of Northampton and provided much support, spiritual and otherwise, to the Catholic community in the parishes which they served.
In the case of Priests who are sick, the committee will try to provide such assistance as will enable them to resume their active ministry as quickly as possible. This will include assistance with the costs of surgery, of psychiatric and other treatment, and of convalescence, where these have been recommended by medical practitioners and approved by the Bishop.
In the case of Priests who have retired, the Committee will try to enable them to live in reasonable comfort and will take into account their individual views, needs and capabilities. Some receive monthly grants to supplement their income. Others make applications to the fund based on individual need. All payments are at the discretion of the Management Committee and are reviewed regularly.
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THE NORTHAMPTON DIOCESAN PRIESTS' FUND
Report of the Trustees for the Year Ended 31 March 2024
Achievement and performance
The fund has been affected by covid restrictions along with many other organisations and as a result has not received any cash donations or benefitted from parish collections during this year, our members have continued to support us however by making donations directly to the Diocese of Northampton. It also receives legacy income and income on its investments. The Fund has continued to support retired and sick clergy of the Diocese. The total grants payable to retired and infirm priests during the year was £14,044 (2023 £11,580) along with Christmas grants payable to priests over 70.
Total incoming resources in the year were £40,766 (2023 £41,906) and outgoing resources were £83,091 (2023: £124,542, including the £100,000 donation).
Note there was an adjustment this year for previously outstanding debts totalling £54,529.83, which have now been resolved. These debts were originally accounted for in previous years but are no longer due as the funds were used by the Diocese of Northampton directly for the care of its sick and retired clergy, aligning with the purpose of the Priests' Fund. Additionally, a balance due from a will was deemed uncollectible as the executor confirmed there were insufficient funds in the estate.
As a result, net incoming resources of (£42,325) (2023 (£82,636) before unrealised gain on investments of £235,637 (2023 (£306,205)).
The Fund holds investment portfolios with Brewin Dolphin and Rathbones through The Diocesan Investment Trust and receives monthly and quarterly investment income. The total value of investments as of 31st March 2024 was £2,032,395 (2023 £1,809,587) which the committee considers as very healthy and are satisfied with the ongoing performance of the portfolios.
The Fund asks both investment companies to maximise the total return through a diversified portfolio, subject to some ethical considerations, for example, to avoid investing in securities which might conflict with Catholic Social teaching or are environmentally unsound. The committee considers the Fund as medium risk investors.
With respect to Rathbones, the Diocese Investment Committee meet twice yearly with them to discuss performance, which a current trustee of the Fund attends. The reason why Rathbones were chosen for the investment portfolio is because they were the managers on the split of The Northampton and East Anglia Clergy Fund, as well as the Diocese. The committee have been very happy with their performance.
With regards to Brewin Dolphin, they acted for a legator who left a portfolio of shares to the Fund. These had similar performance and ethical requirements and so the decision was taken to appoint them to manage this part of the portfolio. Trustees remain happy with their performance.
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THE NORTHAMPTON DIOCESAN PRIESTS' FUND
Report of the Trustees for the Year Ended 31 March 2024
Financial review
The Management Committee reviews the level of reserves and income and expenditure to ascertain the resulting impact on reserves. The Management Committee is also continuing to review future income streams in the light of the age profile of secular Priests of the Diocese to assess how their likely requirements can be resourced. They are also working closely with The Northampton Roman Catholic Diocesan Trust as to what role the Diocese will take in the support of priests in retirement.
Total funds on 31st March 2024 were £2,086,280 (2023 £1,892,968) being unrestricted general funds.
The reserves policy of the Fund is to maintain sufficient reserves to allow for the potential needs of the member priests, bearing in mind their age and state of health. How much this amounts to is difficult to ascertain but the committee considers the existing reserve levels are prudent due to the current age profile of our Clergy.
Structure, governance and management
The Northampton Diocesan Priests' Fund is a registered charity number 1103920 and a limited company not having a share capital registered in England and Wales number 5075294.
The charity is governed by its Memorandum and Articles of Association and was incorporated on 16 March 2004. A resolution was passed by members and filed with Companies House on 14 November 2019 removing the requirement for an audit going forward.
The fund is controlled by a Management Committee of not less than four but not more than ten members who serve for a period of five years. The Management Committee are the charity's trustees. Management Committee members are elected at the Annual General Meeting or can be appointed by the Management Committee to fill a vacancy, act as an additional member or add skills to the Committee. Such a person would act until the next Annual General Meeting. The Trustees are aware of the requirement for relevant induction and training of any new trustee.
Members of the Management Committee give their services voluntarily. The Fund has no paid employees.
The Management Committee have assessed the major risks to which the fund is exposed and are satisfied that systems are in place to mitigate exposure to major risks.
Reference and administrative details Registered Company number
05075294 (England and Wales)
Registered Charity number
1103920
Registered office
Artisans' House 7 Queensbridge Northampton Northamptonshire NN4 7BF
Page 3
THE NORTHAMPTON DIOCESAN PRIESTS' FUND
Report of the Trustees for the Year Ended 31 March 2024
Trustees
Reverend G M Byrne Clerk In Holy Orders Reverend M Floody Clerk In Holy Orders Reverend D B C P Killeen Catholic Priest Rev Canon S V Keenan Catholic Priest Rev C R Perry Catholic Priest
Company Secretary
Mr T J Redding
Independent Examiner
Cobley Desborough Chartered Certified Accountants Chartered Tax Advisers Artisans' House 7 Queensbridge Northampton Northamptonshire NN4 7BF
Approved by order of the board of trustees on 11 September 2024 and signed on its behalf by:
Reverend D B C P Killeen - Trustee
Page 4
Independent Examiner's Report to the Trustees of The Northampton Diocesan Priests' Fund
Independent examiner's report to the trustees of The Northampton Diocesan Priests' Fund ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Page 5
Independent Examiner's Report to the Trustees of The Northampton Diocesan Priests' Fund
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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
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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 (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come 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.
Mr Andrew Hasker
Cobley Desborough Chartered Certified Accountants Chartered Tax Advisers Artisans' House 7 Queensbridge Northampton Northamptonshire NN4 7BF
11 September 2024
Page 6
THE NORTHAMPTON DIOCESAN PRIESTS' FUND
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2024
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2024 2023
Unrestricted Total
funds funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2,747 10,000
Investment income 2 38,019 31,906
Total 40,766 41,906
EXPENDITURE ON
-
Raising funds 54,530
Charitable activities
Grants payable 14,044 11,580
General 14,517 112,962
Total 83,091 124,542
Net gains/(losses) on investments 235,637 (306,205)
NET INCOME/(EXPENDITURE) 193,312 (388,841)
RECONCILIATION OF FUNDS
Total funds brought forward 1,892,968 2,281,809
TOTAL FUNDS CARRIED FORWARD 2,086,280 1,892,968
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The notes form part of these financial statements
Page 7
THE NORTHAMPTON DIOCESAN PRIESTS' FUND
Balance Sheet 31 March 2024
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2024 2023
Unrestricted Total
funds funds
Notes £ £
FIXED ASSETS
Investments 6 2,032,395 1,809,587
CURRENT ASSETS
Debtors 7 - 54,530
Cash at bank 54,164 30,640
54,164 85,170
CREDITORS
Amounts falling due within one year 8 (279) (1,789)
NET CURRENT ASSETS 53,885 83,381
TOTAL ASSETS LESS CURRENT LIABILITIES 2,086,280 1,892,968
NET ASSETS 2,086,280 1,892,968
FUNDS 9
Unrestricted funds 2,086,280 1,892,968
TOTAL FUNDS 2,086,280 1,892,968
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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THE NORTHAMPTON DIOCESAN PRIESTS' FUND
Balance Sheet - continued 31 March 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 11 September 2024 and were signed on its behalf by:
Reverend D B C P Killeen - Trustee
The notes form part of these financial statements
Page 9
THE NORTHAMPTON DIOCESAN PRIESTS' FUND
Notes to the Financial Statements for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Legacies
Legacies as with all voluntary income is recognised in the period in which the charity is entitled to the resource, when receipt is virtually certain, and when the amount can be measured with sufficient reliability.
Expenditure
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Going concern
After reviewing the charity results, the trustees have reasonable expectation that the charity has adequate resources to continue for the forseeable future.
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THE NORTHAMPTON DIOCESAN PRIESTS' FUND
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
2. INVESTMENT INCOME
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||||
|---|---|---|
|2024|2023|
|£|£|
|Investment income|38,019|31,906|
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3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
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|||
|---|---|
|2024|2023|
|No employees received emoluments in excess of £60,000.|
|5.|COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES|
|Unrestricted|
|funds|
|£|
|INCOME AND ENDOWMENTS FROM|
|Donations and legacies|10,000|
|Investment income|31,906|
|Total|41,906|
|EXPENDITURE ON|
|Charitable activities|
|Grants payable|11,580|
|General|112,962|
|Total|124,542|
|Net gains/(losses) on investments|(306,205)|
|NET INCOME/(EXPENDITURE)|(388,841)|
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THE NORTHAMPTON DIOCESAN PRIESTS' FUND
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
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5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
funds
£
RECONCILIATION OF FUNDS
Total funds brought forward 2,281,809
TOTAL FUNDS CARRIED FORWARD 1,892,968
6. FIXED ASSET INVESTMENTS
Listed
investments
£
Market value
At 1 April 2023 1,809,587
Revaluations 222,808
At 31 March 2024 2,032,395
Net book value
At 31 March 2024 2,032,395
At 31 March 2023 1,809,587
There were no investment assets outside the UK.
Cost or valuation at 31 March 2024 is represented by:
Listed
investments
£
Valuation in 2024 2,032,395
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THE NORTHAMPTON DIOCESAN PRIESTS' FUND
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Accrued expenses 9. MOVEMENT IN FUNDS At 1/4/23 £ Unrestricted funds General fund 1,892,968 TOTAL FUNDS 1,892,968 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 40,766 (83,091) TOTAL FUNDS 40,766 (83,091) |
2024 £ - 2024 £ 279 - 279 Net movement in funds £ 193,312 193,312 Gains and losses £ 235,637 235,637 |
2023 £ 54,530 2023 £ 1 1,788 1,789 At 31/3/24 £ 2,086,280 2,086,280 Movement in funds £ 193,312 193,312 |
|
|---|---|---|---|
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THE NORTHAMPTON DIOCESAN PRIESTS' FUND
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1/4/22 £ 2,281,809 2,281,809 |
Net movement in funds £ (388,841) (388,841) |
At 31/3/23 £ 1,892,968 1,892,968 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 41,906 41,906 |
Resources expended £ (124,542) (124,542) |
Gains and Movement losses in funds £ £ (306,205) (388,841) (306,205) (388,841) |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/4/22 £ 2,281,809 2,281,809 |
Net movement in funds £ (195,529) (195,529) |
At 31/3/24 £ 2,086,280 2,086,280 |
|---|---|---|---|
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THE NORTHAMPTON DIOCESAN PRIESTS' FUND
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
9. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 82,672 82,672 |
Resources expended £ (207,633) (207,633) |
Gains and Movement losses in funds £ £ (70,568) (195,529) (70,568) (195,529) |
|---|---|---|---|
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 15
THE NORTHAMPTON DIOCESAN PRIESTS' FUND
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
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2024 2023
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Church collections 1 -
Donations 2,746 10,000
2,747 10,000
Investment income
Investment income 38,019 31,906
Total incoming resources 40,766 41,906
EXPENDITURE
Other trading activities
Uncollectible receivables 54,530 -
Charitable activities
-
Payment for care of sick clergy 100,000
Grants payable 14,044 11,580
14,044 111,580
Support costs
Management
Investment management fee 12,829 11,000
Finance
Bank charges 10 68
Other
Sundries 70 70
Governance costs
Accountancy and legal fees 1,608 1,824
Total resources expended 83,091 124,542
Net expenditure before gains and losses (42,325) (82,636)
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THE NORTHAMPTON DIOCESAN PRIESTS' FUND
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
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2024 2023
£ £
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments 235,637 (306,205)
Net income/(expenditure) 193,312 (388,841)
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This page does not form part of the statutory financial statements
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