REGISTERED COMPANY NUMBER: 05075294 (England and Wales) REGISTERED CHARITY NUMBER". 1103920 Report of the Trustees and Unaudited Flnancial Statements for the Year Ended 31 March 2025 for THE NORTHAMPTON DIOCESAN PRIESTS, FUND Cobley Desborough Chartered Certlfled Accountants Chartered Tax Advlsers Artlsans, House 7 Queensbridge Northampton Northamptonshlre NN4 7BF
THE NORTHAMPTON DIOCESAN PRIESTS, FUND Contents of the Financial Statements for the Year Ended 31 March 2025 Page Report of the Trustees Independent Examiner's Report Statement of Financlal Artivltles Balance Sheet Notes to the Flnancial Statements 10 to 15 Detsiled Statement of Financial Activitles 16 to 17
THE NORTHAMPTON DIOCESAN PRIESTS, FUND Report of the Trustees for the Year Ended 31 March 2025 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 2025. The trustee5 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 l January 2019). Objectlves and actlvltles In planning the activitles for the year in order to carry out the objectives of the fund, the Management Committee have considered the Charity Commission guldance 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 incapacltated 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 as51Stance 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, splritual and otherwise, to the Cathollc communlty in the parlshes 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 Commlttee will try to enable them to live in reasonable comfort and will take into account their individual vlew5, 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 dlscretlon of the Management Committee and are revlewed regularly. Page I
THE NORTHAMPTON DIOCESAN PRIESTS, FUND Report of the Trustees for the Year Ended 31 March 2025 Achievements and performance The fund has been affected by covid restrictions along wlth many other organlsations 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 £20,242 {2024 £14,044) along with Christmas grants payable to priests over 70. Total incoming resources in the year were £73,840 {2024 £40,766) and outgoing resources were £35,765 12024: £83,091, including the £IOO,000 donation). As a result, net incoming resources of £38,075120241£42,3251 before unrealised gain on Investments of £80,270 {2024 {£235,6371). 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 2025 was £2,089,74112024 £2,032,395) 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 portfollo, 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 Anglla 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. 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 requlrements 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 retlrement. Total funds on 31st March 2025 were £2,204,625 (2024 £2,086,280} belng unrestricted general funds. The reserve5 policy of the Fund is to maintaln sufficient reserves to allow for the potential needs of the member priests, bearing in mind thelr age and state of health. How much this amounts to is difflcult to ascertain but the committee considers the existing reserve levels are prudent due to the current age profile of our Clergy. Page 2
THE NORTHAMPTON DIOCESAN PRIESTS, FUND Report of the Trustees for the Year Ended 31 March 2025 Structurei governance and management The Northampton Dlocesan Priests, Fund is a registered charity number 1103920 and a limited companv not having a share capital registered In England and Wales number 5075294. The charity is governed by its Memorandum and Article5 of Association and was incorporated on 16 March 2004. A resolution was passed by members and filed with Companies House on 14 November 2019 removlng the requlrement 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 trainlng of any new trustee. Members of the Management Committee give their servlces 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 mltlgate exposure to major risks. Reference and administrative details Registered Company number 05075294 {England and Wales) Registered Charlty number 1103920 Registered office Artisans, House 7 Queensbridge Northampton Northamptonshire NN4 7BF 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 Prlest Rev C R Perry Catholic Priest Company Secretary MrTJ Redding Page 3
THE NORTHAMPTON DIOCESAN PRIESTS, FUND Report of the Trustees for the Year Ended 31 March 2025 Reference and adminlstrative detalls Independent Examlner Cobley Desborough Chartered Certified Accountants Chartered Tax Advisers Artisans, House 7 Queensbridge Northampton Northamptonshire NN4 7BF Approved by order of the board of trustee5 on 17 October 2025 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 Dlocesan Prlests, Fund Independent examlner's report to the trustees of The Northampton Dlocesan 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 2025. 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 20061'the 2006 Act'l. 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 Sectlon 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 14515) (b} of the 2011 Act. Page 5
Independent Examlner's Report to the Trustees of The Northampton Diocesan Priests, Fund Independent examiner's statement I have completed my examlnation. I confirm that no matter5 have come to my attention in connection with the examination giving me cause to belleve: accountlng records were not kept in respect of the Company a5 required by Section 386 of the 2006 Act; or 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 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. Mrjonathan R Cobley Cobley Desborough Chartered Certified Accountants Chartered Tax Advisers Artisans, House 7 Queensbridge Northampton Northamptonshire NN47BF 17 October 2025 Page 6
THE NORTHAMPTON DIOCESAN PRIESTS, FUND ststement of Flnanclal Actlvltles (Incorporating an Income and Expendlture Account) for the Year Ended 31 March 2025 2025 Unrestricted funds 2024 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 599 2,747 Investment income 73,241 38,019 Total 73,840 40,766 EXPENDITURE ON Raising funds 54,530 Charitable activities Grants payable General 33,292 2,473 14,044 14,517 Total 35,765 83,091 Net Bains on investments 80,270 235,637 NEf INCOME 118,345 193,312 RECONCILIATION OF FUNDS Total funds brought forward 2,086,280 1,892,968 TOTAL FUNDS CARRIED FORWARD 2,204,625 2,086,280 The notes form part of these flnanclal statements Page 7
THE NORTHAMPTON DIOCESAN PRIESTS, FUND Balance Sheet 31 March 2025 2025 Unrestricted funds 2024 Total funds Notes FIXED ASSETS Investments 2,089,742 2,032,395 CURRENT ASSETS Cash at bank 115,634 54,164 CREDITORS Amounts falling due within one year 17511 1279) NET CURRENT ASSETS 114,883 53,885 TOTAL ASSETS LESS CURRENT LIABILITIES 2,204,625 2,086,280 NET ASSETS 2,204,625 2,086,280 FUNDS Unrestrlcted funds 2,204,625 2,086,280 TOTAL FUNDS 2,204,625 2,086,280 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 {b) preparlng 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 otherwlse 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 flnanclal statements Page 8
THE NORTHAMPTON DIOCESAN PRIESTS, FUND Balance Sheet- contlnued 31 March 2025 These financial statements have been prepared In accordance with the provisions applicable to charitable companies subject to the small companles regime. The financial statements were approved by the Board of Trustees and authorised for issue on 17 October 2025 and were signed on it5 behalf by: Reverend D B C P Killeen - Trustee The notes form part of these flnanclal statements Page 9
THE NORTHAMPTON DIOCESAN PRIESTS, FUND Notes to the Flnancial Statements for the Year Ended 31 March 2025 ACCOUNTING POLICIES Basis of preparing the financlal 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 Practlce applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective l January 2019}', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companles Act 2006. The flnancial 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. Legacles 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 15 probable that a transfer of economic benefit5 will be required in settlement and the amount of the obligation can be measured reliably. Expenditure 15 accounted for on an accruals basis and has been classifled 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 conditlons whlch have not been met at the year end date are noted as a commitment but not accrued as expendlture. Taxation The charity is exempt from corporation tax on its charltable activities. Fund accountlng Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restrlcted 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 ralsed for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Golng concern After reviewing the charlty results, the trustees have reasonable expectation that the charity has adequate resources to contlnue for the forseeable future. Page 10
THE NORTHAMPTON DIOCESAN PRIESTS, FUND Notes to the Flnanclal Statements- contlnued for the Year Ended 31 March 2025 INVESTMENT INCOME 2025 2024 Investment income 73,241 38,019 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneratlon or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. STAFF COSTS The average monthly number of employees during the year was as follows: 2025 2024 No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds INCOME AND ENDOWMENTS FROM Donations and legacies 2,747 Investment Income 38,019 Total 40,766 EXPENDITURE ON Raising funds 54,530 Charitable attivities Grants payable General 14,044 14,517 Total 83,091 Net galns on investments 235,637 Page 11
THE NORTHAMPTON DIOCESAN PRIESTS, FUND Notes to the Flnancial Statements- contlnued for the Year Ended 31 March 2025 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted funds NET INCOME 193,312 RECONCILIATION OF FUNDS Total funds brought forward 1,892,968 TOTAL FUNDS CARRIED FORWARD 2,086,280 FIXED ASSET INVESTMENTS Listed investments Market value At l April 2024 Additions Revaluations 2,032,395 113,040) 70,387 At 31 March 2025 2,089,742 Net book value At 31 March 2025 2,089,742 At 31 March 2024 2,032,395 There were no investment assets outside the UK. Cost or valuation at 31 March 2025 is represented by: Listed investments Valuation in 2024 Valuation in 2025 Cost 222,808 57,347 1,809,587 2,089,742 Page 12
THE NORTHAMPTON DIOCESAN PRIESTS, FUND Notes to the Flnanclal Statements - continued for the Year Ended 31 March 2025 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade creditors Accrued expenses 279 750 751 279 MOVEMENT IN FUNDS Net movement in funds At 3113/25 At 114/24 Unrestrlcted funds General fund 2,086,280 118,345 2,204,625 TOTAL FUNDS 2,086,280 118,345 2,204,625 Net movement in funds, Included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 73,840 {35,7651 80,270 118,345 TOTAL FUNDS 73,840 {35,7651 80,270 118,345 Comparatives for movernent In funds Net movement In funds At 31/3/24 At 1/4123 Unrestrlcted funds General fund 1,892,968 193,312 2,086,280 TOTAL FUNDS 1,892,968 193,312 2,086,280 Page 13
THE NORTHAMPTON DIOCESAN PRIESTS, FUND Notes to the Financial Statements- continued for the Year Ended 31 March 2025 MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 40,766 {83,0911 235,637 193,312 TOTAL FUNDS 40,766 183,091) 235,637 193,312 A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31/3/25 At 114/23 Unrestricted funds General fund 1,892,968 311,657 2,204,625 TOTAL FUNDS 1,892,968 311,657 2,204,625 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 114,606 {118,856) 315,907 311,657 TOTAL FUNDS 114,606 1118,856) 315,907 311,657 Page 14
THE NORTHAMPTON DIOCESAN PRIESTS, FUND Notes to the Financlal Statements - contlnued for the Year Ended 31 March 2025 RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2025. Page 15