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2023-03-31-accounts

Charity registration number 1144783

Company registration number 07767151 (England and Wales)

ICKSP

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2023

ICKSP

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Canon A Montjean
Mr P Russell
Rev G Cristofoli
Mr K G Jones
Mr P Dilworth
Charity number 1144783
Company number 07767151
Registered office 46 Hamilton Square
Birkenhead
Wirral
Merseyside
CH41 5AR
Auditor Xeinadin Audit Limited
2 Hilliards Court
Chester Business Park
Chester
Cheshire
CH4 9QP
Bankers HSBC
31 The Pyramids
Grange Road
Birkenhead
Wirral
Merseyside
CH41 2ZL

ICKSP

CONTENTS

Page
Trustees' report 1 - 4
Statement of Trustees' responsibilities 5
Independent auditor's report 6 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 21

ICKSP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 MARCH 2023

The Trustees present their annual report and financial statements for the year ended 30 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and "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

The objects of the Charity are the advancement of the Roman Catholic Faith

Powers in pursuit of the object.

The provision of assistance in the training of men for the priesthood of the Roman Catholic Church in seminaries anywhere in the World with preference being given to seminaries who use the classical Roman Liturgy.

The purchase construction or other acquisition and maintenance of places of worship where Roman Catholic services may be held; such services to be in accordance with the classical Roman Rite of the Catholic Church and so far as possible in accordance with the usus antiquior Missal.

The purchase or acquisition and retention of suitable items of religious art and objects of devotion in accordance with the principles of the Roman Catholic Church.

The Support of Roman Catholic priests willing and able to learn and celebrate the classical Roman Rite of the Catholic Church.

Public benefit

The Trustees confirm that they have regard to the guidance contained in the Charity Commission's General Guidance on Public Benefit when reviewing the activities of the organisation during the year.

Achievements and performance

We now have five Churches in England:

Church of Ss Peter & Paul and St Philomena, Wallasey and Church of St Winefride, Shrewsbury both in Shrewsbury Diocese.

Church of St Walburge and Church of English Martyrs, both in Preston, Lancaster Diocese.

Church of the Holy Angels; Torquay, Plymouth Diocese

Convent: House of Saint Augustine

The Institute of Christ the King, an Italian-based order of clergy, secured 75-year leases from the Diocese of Shrewsbury and Lancaster to run and staff the former parish church, as a unique focus for the traditional and venerable forms of Catholic prayer and worship, and to ensure that the church building was always accessible to anyone.

We have 9 resident clergy:

We have 5 Sisters at the House of St Augustine in Preston.

ICKSP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2023

Ss Peter & Paul St Philomena

The 10 years restoration project has been completed, with its activities at the end of June 2022. 4 new boilers were set (Church and Presbytery) since the previous 45 years old boilers broke down or were reported with unfixable gas leaks.

We are serving as chaplains of the Carmelite Sisters in Birkenhead and have daily Mass at 8.15am.

There is daily mass at 6.30pm Monday to Thursday and Saturday 10am and Sunday 8.30am and 10.30 am with Lauds & meditation adoration Vespers (see website for times) will continue throughout the restoration process. There are also catechetical classes, preparation for baptism, Confession, first Holy Communion and marriage. The Sunday congregation has now reached a stable number of 218-200 people on average.

St Walburge

Congregation is still growing slowly. Mass is said daily in the church, and a weekly day-adoration of the Blessed Sacrament, is observed. Four Catechism classes for various ages are currently being hold regularly. Guilds of parishioners are still in operation on monthly basis, and are hold in St Walburge’s Hall, which a significant growing number of people are attending.

There are currently 4 men in the House of discernment. The running costs of this house of formation are still very high, although a significant improvement was made with this year, with the restoration of all the roofs of the presbytery for cost of £275,000.00.

A significant part of the roof of the church of St Walburge’s Church is planned (sanctuary) for restoration, completion is expected by September 2024. This project was funded by a private donor for (£200,000.00).

English Martyrs

The buildings are still used by our St benedict Academy to support home-schooling families, but we envisage to move the Academy to St Walburge’s premises (adjacent building) in 2024.

St Winefride’s

The Shrine church congregation is growing slowly but surely, under the pastoral care of Canon Wiener, who deliver regular Faith talks for adults, and gives first Holy Communion preparations. He uses the church Hall for home-schooling families gatherings once a month.

Lanherne

Canon Smith is the Chaplain of the Carmelite Sisters in Lanherne: he celebrates daily Mass for them and have a faithful congregation on Sundays. He receives good financial support from the “Friends of Lanherne”, who provide his monthly wages and car insurance. The Diocese of Plymouth pays all Utility bills and taxes.

Torquay

Canon Tanner is currently living in a flat by the church of Holy Angels in Torqay, which rent is paid by Plymouth Diocese. In September 2023, the presbytery will be available for Canon Tanner to move in. Mass is celebrated every day at Holy Angels, with regular catechism classes, and preparation for the reception of Sacraments. The restoration of the sanctuary of the church is progressing, a few donors have granded some funds to reinstate the altar rails to their former place.

Province

The funds of the mew ICKSP Province are still used to pay wages to the clergy of the ICKSP in the UK: we send two letters per annum to our benefactors to keep them updated on the ICKSP missions in the UK and ask their spiritual and financial support.

Sisters Adorers (Preston)

We have now 5 Sisters in residence at Preston Convent: the Sisters look after the Shrine of English Martyrs where they part-time teach the children of the St Benedict Academy. Their presence is highly appreciated by the home-schooling families and their children. They have started a fundraising campaign to restore an former convent adjacent to the church of St.Walburge (Preston).

Fundraising

Any fund-raising which is required for the churches is discussed by trustees and is done in house with no 3rd party involvement as and when necessary.

ICKSP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2023

Financial review

Financial position

Incoming resources for the year amounted to 1,529,914 (2022 £953,948) and resources expended amounted to £1,203,435 (2022 £1,168,161), leaving a surplus for the year of £326,479 (2022 deficit £214,213). Unrestricted funds carried forward amounted to £535,921 (2022 £219,442) and restricted funds amounted to £10,000 therefore giving total funds carried forward of £545,921 (2022 £219,442). Cash at bank amounted to £272,461 (2022 £183,004).

The Charity's unrestricted free reserves amounted to £494,325 (2022 £173,944).

Reserves policy

The trustees aim is to maintain reserves at a level of at least three months net running costs. This has been met in the current year.

Going concern

After making appropriate enquiries, the board of trustees has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason it continues to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Statement of Accounting Policies.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Health and safety manager has been appointed and reports to trustees. All DBS checks are completed by safeguarding representative when required. Before ownership is undertaken of a new church, a risk assessment is done by an independent body and reported back to trustees. The Church has a weekly newsletter with principles names and contact numbers for any issues or concerns that might arise. The rise in inflation and cost of living could impact on ability to fund raise for projects and repairs to the churches. The Government and lottery funds decision to restrict grants to churches for large repairs could have an impact in the future.

Plans for the future

Plans for the future comprise a new mission in Liverpool Diocese in Wigan to commence on September 2024 after a trial period of 6 months. St Mary’s church ad presbytery to be taken over under a long lease period. Restoration of the old convent buildings of St Walburge’s church in Preston.

Structure, governance and management

Governing document

The charity is controlled by its governing document, the Memorandum, and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Canon A Montjean Mr P Russell Rev G Cristofoli Mr K G Jones Mr P Dilworth

ICKSP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2023

Recruitment and appointment of new trustees

The appointment of Trustees has to be agreed unanimously by the existing Trustees, and any Trustee can nominate a potential new Trustee.

New Trustees are invited and encouraged to attend short briefing sessions to familiarise themselves with the charity and the context within which it operates.

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

The charity is governed by the board of trustees, which currently comprises of 5 trustees. Meetings are held at least twice a year.

The the day to day running of the charity has been delegated to 3 of the trustees. They are assisted by a bursar to manage banking & funds and also safeguard manager. Both of whom report back to the 3 trustees on a very regular basis.

Key management remuneration

The trustees consider the senior management team comprise the key personnel of the charity in charge of controlling, running and operating the charity on a day to day basis.

The pay of the senior staff is reviewed annually and normally increased to the same extent as the rest of the staff.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees' report was approved by the Board of Trustees.

..............................

Canon A Montjean Trustee Dated: .........................

.............................. Mr P Russell Trustee Dated:.........................

ICKSP

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 MARCH 2023

The Trustees, who are also the directors of ICKSP for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ICKSP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ICKSP

Opinion

We have audited the financial statements of ICKSP (the ‘Charity’) for the year ended 30 March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ICKSP

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ICKSP

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

ICKSP

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ICKSP

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

ICKSP

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ICKSP

Helen Furlong FCCA (Senior Statutory Auditor) for and on behalf of Xeinadin Audit Limited

Accountants Statutory Auditor

.........................

2 Hilliards Court Chester Business Park Chester Cheshire CH4 9QP

ICKSP

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 MARCH 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and legacies
3
1,118,706
377,788
Charitable activities
4
17,066
-
Other trading activities
5
14,870
-
Investments
6
1,484
-
Total income
1,152,126
377,788
Expenditure on:
Raising funds
7
10,322
-
Charitable activities
8
825,325
367,788
Total expenditure
835,647
367,788
Net income/(expenditure) and
movement in funds
316,479
10,000
Reconciliation of funds:
Fund balances at 31 March
2022
219,442
-
Fund balances at 30 March
2023
535,921
10,000		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
1,496,494
440,438
477,601
17,066
7,000
-
14,870
28,885
-
1,484
24
-
1,529,914
476,347
477,601
10,322
2,799
-
1,193,113
687,761
477,601
1,203,435
690,560
477,601
326,479
(214,213)
-
219,442
433,655
-
545,921
219,442
-		 Total
2022
£
918,039
7,000
28,885
24
953,948
2,799
1,165,362
1,168,161
(214,213)
433,655
219,442

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

ICKSP

BALANCE SHEET

AS AT 30 MARCH 2023

Notes
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
The funds of the Charity
Restricted income funds
16
Unrestricted funds
17		 2023
£
278,310
272,461
550,771
46,446		 £
41,596
504,325
545,921
10,000
535,921
545,921		 2022
£
540
183,004
183,544
9,600		 £
45,498
173,944
219,442
-
219,442
219,442

The financial statements were approved by the Trustees on .........................

.............................. ..............................
Canon A Montjean Mr P Russell
Trustee Trustee

Company registration number 07767151 (England and Wales)

ICKSP

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 MARCH 2023

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
21
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
(19,890)
6,407
1,484		 £
101,456
(11,999)
-
89,457
183,004
272,461		 2022
£
£
(232,577)
(18,920)
-
24
(18,896)
-
(251,473)
434,477
183,004

ICKSP

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2023

1 Accounting policies

Charity information

ICKSP is a private company limited by guarantee incorporated in England and Wales. The registered office is 46 Hamilton Square, Birkenhead, Wirral, Merseyside, CH41 5AR.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

1.5 Resources expended

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.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment 20% straight line Computers 20% straight line Motor vehicles 20% straight line

ICKSP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2023

1 Accounting policies

(Continued)

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 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 Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

ICKSP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2023

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities 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 differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised 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.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
general
2023
2023
£
£
Donations and gifts
872,039
60,000
Legacies receivable
241,667
-
Grants
5,000
317,788
1,118,706
377,788
Grants for bulding
restorations
Catholic Bishop's
Conference of England &
Wales
-
205,690
National Lottery Heritage
Fund
-
30,063
National Churches Trust
-
14,868
Dept. for Digital,Culture,
Media & Sport
-
67,167
Other grants - Seminary
grant
5,000
-
5,000
317,788		 Total
Unrestricted
funds
general
2023
2022
£
£
932,039
440,438
241,667
-
322,788
-
1,496,494
440,438
205,690
-
30,063
-
14,868
-
67,167
-
5,000
-
322,788
-		 Restricted
funds
2022
£
210,000
-
267,601
477,601
92,940
57,633
5,400
111,628
-
267,601		 Total
2022
£
650,438
-
267,601
918,039
92,940
57,633
5,400
-
-
267,601

4 Charitable activities

Fees House discerment
Other income		 2023
£
16,766
300
17,066		 2022
£
7,000
-
7,000

ICKSP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2023

5 Other trading activities

**Unrestricted ** Unrestricted
funds funds
general general
2023 2022
£ £
Fundraising events 8,996 21,839
Rents received 2,482 7,046
Piety Shop 3,392 -
Other trading activities 14,870 28,885

6 Income from investments

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Interest receivable 1,484 24
7 Raising funds
Unrestricted Unrestricted
funds funds
general general
2023 2022
£ £
Fund raising events 10,322 2,799
10,322 2,799

ICKSP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2023

8 Charitable activities

Staff costs
Depreciation and impairment
Church running costs
Profit/loss on fixed asset disposals
Share of support costs (see note 9)
Share of governance costs (see note 9)
Analysis by fund
Unrestricted funds - general
Restricted funds		 2023
£
46,380
17,385
1,061,696
2,036
1,127,497
52,989
12,627
1,193,113
825,325
367,788
1,193,113		 2022
£
40,135
16,885
1,101,479
-
1,158,499
1,785
5,078
1,165,362
687,761
477,601
1,165,362

9 Support costs

Support costs
Bank charges
Legal & professional
International central
administration &
formation costs
Audit fees
Independent examiner's
fee
Accountancy
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
1,768
-
150
-
51,071
-
-
8,400
-
-
-
4,227
52,989
12,627
52,989
12,627		 2023
£
1,768
150
51,071
8,400
-
4,227
65,616
65,616		 Support
costs
Governance
costs
£
£
939
-
846
-
-
-
-
-
-
4,500
-
578
1,785
5,078
1,785
5,078		 2022
£
939
846
-
-
4,500
578
6,863
6,863

10 Trustees

During the year to 30 March 2023 two of the trustees, Canon Montjean and Rev Cristofoli received payments for their work as priests, these payments in total amounted to £10,440 (2022 £10,440).

ICKSP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2023

11 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries		 2023
Number
9
2023
£
46,380		 2022
Number
7
2022
£
40,135

There were no employees whose annual remuneration was more than £60,000.

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Tangible fixed assets

Plant and
equipment
Fixtures and
fittings
Computers
Motor
vehicles
£
£
£
£
Cost
At 31 March 2022
1,247
88,806
11,610
12,795
Additions
190
6,290
-
13,410
Disposals
-
(6,890)
(6,324)
(6,500)
At 30 March 2023
1,437
88,206
5,286
19,705
Depreciation and impairment
At 31 March 2022
1,011
49,451
7,352
11,145
Depreciation charged in the year
212
12,790
654
3,730
Eliminated in respect of disposals
-
(3,500)
(3,908)
(5,899)
At 30 March 2023
1,223
58,741
4,098
8,976
Carrying amount
At 30 March 2023
214
29,465
1,188
10,729
At 30 March 2022
236
39,355
4,257
1,650
14
Debtors
2023
Amounts falling due within one year:
£
Other debtors
278,310		 Total
£
114,458
19,890
(19,714)
114,634
68,959
17,386
(13,307)
73,038
41,596
45,498
2022
£
540

ICKSP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2023

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 2023
£
19,770
26,676
46,446		 2022
£
6,000
3,600
9,600

16 Restricted funds

The restricted funds of the charity comprise restricted funds comprising the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used:

At 31 March Incoming Resources At 30 March
2022 resources expended 2023
£ £ £ £
Catholic Bishops' Conference of England &
Wales - 205,690 (205,690) -
National Lottery Heritage Fund - 30,063 (30,063) -
National Churches Trust - 14,868 (14,868) -
Dept for Digital, Culture,Media & Sport - 67,167 (67,167) -
Diocese of Shrewsbury - 10,000 - 10,000
Donation re boilers Ss Peter & Paul and st
Philomena - 5,000 (5,000) -
Donation re buildings repairs St Walburge - 45,000 (45,000) -
- 377,788 (367,788) 10,000
Previous year: At 31 March Incoming Resources At 30 March
2021 resources expended 2022
£ £ £ £
Catholic Bishops' Conference of England &
Wales - 92,940 (92,940) -
National Lottery Heritage Fund - 57,633 (57,633) -
National Churches Trust - 5,400 (5,400) -
Dept for Digital,Culture,Media & Sport - 111,628 (111,628) -
Donations for Building restorations - 210,000 (210,000) -
- 477,601 (477,601) -

All grant funding received was for building restoration works carried out at St Walburge and Ss Peter & Paul and St Philomena. Donation from Diocese of Shrewsbury being to help towards cost of installing new boilers at Ss Peter & Paul Catholic Presbytery.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2023

ICKSP

17 Unrestricted funds

At 31 March Incoming Resources At 30 March
2022 resources expended 2023
£ £ £ £
St Walburge restoration works - 201,240 (201,240) -
Ss Peter & Paul church & Presbytery boilers - 9,692 (9,692) -
General funds 219,442 941,194 (624,715) 535,921
219,442 1,152,126 (835,647) 535,921
Previous year: At 31 March Incoming Resources At 30 March
2021 resources expended 2022
£ £ £ £
General funds 433,655 476,347 (690,560) 219,442
Analysis of net assets between funds
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
Fund balances at 30 March 2023 are represented by:
Tangible assets 41,596 - 41,596
Current assets/(liabilities) 494,325 10,000 504,325
535,921 10,000 545,921
Unrestricted Restricted Total
funds funds
2022 2022 2022
£ £ £
Fund balances at 30 March 2022 are represented by:
Tangible assets 45,498 - 45,498
Current assets/(liabilities) 173,944 - 173,944
219,442 - 219,442

18 Analysis of net assets between funds

19 Related party transactions

See note 10 for related party disclosures.

ICKSP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2023

20 Financial commitments, guarantees and contingent liabilities

On 27 March 2023 a loan agreement was signed with Dicoese of Shrewsbury for £40,000 towards the installation of new boilers at St Peter & Paul Catholic Presbytery. The loan was received in April 2023.It will be repayable yearly over 5 years, with first repayment due 1 April 2024.

21 Cash generated from operations 2023 2022
£ £
Surplus/(deficit) for the year 326,479 (214,213)
Adjustments for:
Investment income recognised in statement of financial activities (1,484) (24)
Depreciation and impairment of tangible fixed assets 17,385 16,885
Movements in working capital:
(Increase) in debtors (277,770) -
Increase/(decrease) in creditors 36,846 (35,225)
Cash generated from/(absorbed by) operations 101,456 (232,577)

22 Analysis of changes in net funds

The Charity had no material debt during the year.