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