ST JOSEPH'S RETREAT (HIGHGATE) CIO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 CHARITYCOMMISSION NUMBER: 1173084 Jacob Cavenagh & Skeet Chartered Accountants 5 Robin Hood Lane Sutton Surrey SM12SW
ST JOSEPH'S RETREAT IHIGHGATE) CIO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 Contents Reference and Administrative Details Annual Report Independent Auditor's Report Statement of Financial Activities Balance Sheet Statement of Cash Flov Notes to the Accounts Page 24 10 12 1>19
ST JOSEPH'S RETREAT{HIGHGATE) CIO REFERENCE ANDADMINISTRATIVE DETAILS Trustees Father Terence Anthony Doherty (Resigned 20 February 2024) Father Miroslaw Lesiecki Father George Kolothumveettil Antony Sister Mary Philomena Bowers Father Paul Francis Spencer (Appointed 20 February 20241 Father Thomas Rocky Kanjarathungal (Appointed 20 February 20241 Key Management Personnel Trustees (see above) Princlpal address St Joseph's Retreat. Hohgate Hill, London N19 SNE Bankers HSBC UK Bank plc Level 6 71 Queen Victoria Street London EC4V 4AY Audltors Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM12SW Solicitors Sinlons LLP The Cube, Barrack Road, Newcastle Upon Tyne, NE4 6D8 Legal Status The CIO is a registered charity (no. 11730841 gov8rned by a Conslilution. Page 1
ST JOSEPH'S RETREAT(HIGHGATE) CIO ANNUAL REPORT The Trustees of the Charitable Incorporated Organisation {'the CIO.) present their Annual Report and Financial Slalements for the year ended 31 Dember 2023. The accounts are prepared in accordance with the Accounting Regulations set out under the Charities Act 2011, and with the Charities Statement of Recommended Practi applicable to charrties preparing accounts in accordance with FRS102. Structure. governance and management The name of the CIO is St Joseph's Retreat_(HiAhoate). CIO: It is_registered with the Charity. Commission Lnumber ! 1730841.. Conslitution The property of the CIO is vested in a trust, govemed by a declaration of Trust dated 17 May 2017. The Board set the overarching strategic approach and policy framework within which St Joseph's operates. The board of IrLSStees meets monthly The Parish pnest with Ihe support of the Finance Committee, Parish Council and other volunteers carry out the day-to4ay management of the charity. Appointment and training of Trusl88S Apart from the first charrty trustees, every trustee must be appointed for a temi of 3 years by a resolution passed al a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charrty trustees must have regard to the skills. knowledge and experience needed for the effective administration of the CIO. Sl Joseph's has a standard induction and Iraining programme for all new Trustees. This includes meetings with members of the current and any outgoing members of the Board of Trustees. New trustees will also be meeting key volunteers and taking part in visits to leam about the work of the Charity. Trustees are encouraged to take up the opportunity to attend relevant external training courses and conferences. Key management personnel The key managemenl personnel of the charity as listed above are responsible for the running of the charity on a day-lo-day basis. All members give their time freely and no member rerRived any remuneration in the year, including reimbursement of expenses incurred in the nomial course of the charity's operations. The pay of all staff is reviewed annually and nonnally in¢ased in accordance with average eamings. Pay awards are benchmarked in line Vth another similar thanty (the Archdiocese of Southwark). Risk management The Trustees believe they are aware of the major risks lo which the charity is exposed and that controls are in place to mitigate them. A Risk Register is in use and the Trustees aim for robust management oversight. The Trustees consider the principal risks and uncertainties facing the charity, and the plans and strategies for managing these risks, to be.. Financial health.. The income for the charity was mainly in the fomi of weekly donations from parishioners. The reliability of this income is therefore dependant on the level of church attendance. The charity has started to encourage parishioners to switch from weekly cash donations to monthly bank direct debit transfers thus improving the reliability of this source of income. A Consernation and Development Committee has also been set up to oversee income generation. Financial controls.. The financial systems and controls were set up when St Joseph's was part of the Congregation of the Passion of Jesus Chnst. As an independent charity, some of these legacy systems and controls may not no longer be h't for purpose. A financial procedures manual has been agreed. Budget and reporting system will be introduced. Cloud based accounting is currently being used for financial reporting purposes. Page 2
ST JOSEPH'S RETREAT IHIGHGATE) CIO ANNUAL REPORT Iconlinuedl Statutory and legal complianc8.' The charity has prioritised reviewing Safeguarding, GDPR and Health & Safety policies and practices to ensure legal complian. Review of policy compliance will become standing agenda items in both Finance Committee and Parish Council meetings. Objects and activities The objects of the CIO are the advanment of religion and education as follows.. 'To advance the Christian faith for the public benefrt" Nothing in thi5 Gonstrtution shall authorise an application of the property of the CIO for the purposes which are not charitable in accordance with section 7 of the Charities and Trustee Investment {S¢otland) Act 2005 and section 2 of the Charities Act (Northern Ireland) 2008. Public Benefit Trustees have had regard lo Charity Commission guidance on public benefit. set out in section 4 of the Charities Act 2006, and we consider that all our work complies in very tangible ways with the concept of public benefit. Trustees are convinced the work of its membership fulfils every critena of public benefit and that significant impact is attained through our direct work and the work we support through other5. Achievements and porfomianc• Pastoral Visitation by Bishop Nicholas Hudson: A Testamenl to Our Vibrant Community The dawn of 2023 was graced by a momentous Pastoral Visitation from Bishop Nicholas Hudson of the Diocese ofwestminster. This formal occasion, hekl on January 28th and 29th, saw the Bishop immerse himself in the life of St. Joseph's Community. offering spirrtual guidance, evaluating congregational needs, and ensuring our alignment wtth dio¢esan and universal church tenets. Bishop Hudson's report bnmmed with commendations, particularly highlighting our exemplary "Participatory and Collaboratory model." His conduding remarks resonated deeply, serving as bolh an endorsement and an en¢ouragement'. I came away from St. Joseph's impressed by the degree of commitment to collaboration between priests and people. I found the Pansh to be characterized also by joy. These two èlements owe a great deal to the leadership given by the clergy I would wholeheartedly congratulate the priests for the spirit communrty that has been created at St. Joseph's and look forward to seeing it grow from strength to strength. Robust Governing Structure The CIO proudly upholds a robust and dynamic goveming structure that includes the Board of Trustees, Finance Committee. ConseNalion and Development Committee, Parish Council, and Safeguarding Committee. This year, the CIO successfully established the Parish Centre Committee, lasked with streamlining and overseeing the activities and operations of the Parish Centre. Outreach and Communty Support Beyond regular parish activities, the CIO extended hearts and efforts through various outreach programs, particularly for the housebound within and around the parish. Our compassion binds us together and strengthens our community ts"es. Page 3
ST JOSEPH'S RETREAT IHIGHGATE) CIO ANNUAL REPORT (continued) Food Bank Initiatives The Food Bank stands as a beacon of hope, offering essential support not only within the parish but also to numerous other f¢)od banks in the vicinity. This initiative reflects the CIO'S unwavering commitment to alleviating hunger and supporting those in need. Lunch Club for the Elderly This year, the CIO introduced a Lunch Club for the elderly members of our community, made possible through a collaboration with another charitable organization. This initiative provided not only nourishment but also companionship and joy for our senior citizens. Garden Project.. A Tribute to Ecological Stewardship The Garden Project is a commendable ecological endeavour thal nurtures Mother Earth while fostering communal bonds. This initiative brings people together, unrted in purpose and care for our environment. Youth and Health Care Workers.. Acknowledged and Appreciated The CIO'S programs dedi&7ted to the youth and health care workers have garnered much appreciation. Through these initiatives, the CIO strive to support and uplift these vital segments of the community, acknowledging their contributions and addressing their needs. In conclusion, the year 2023 has been marked by signrficant achievements and a deepening of the CIO'S communal spirit. The CIO looks for4vard to continuing this trajectory of grovrth. collaboration, and compassion. The Finance Committee met regularly, overseeing a number of activities and initiatives, including., Co-ordination and oversight of the drafting and approval of the Parish CIO Financial report for the financial year ending 2023 Monitoring and maintenance of the Risk Register to identrfy and manage Risks and Issues Regular review of finance systems and controls relating to all parish finances and Gift Aid r8cords Close monitoring of the funding for conservation projects and the progress of work carried out Introduction of Stripe and Paypal to make it easier for donations to be made. Flnanclal revlow The CIO raises the funds which it needs to carry on its activities from ythin its own membership and ongregation. No wider public appeal 1$ made for funds. The CIO expresses its part in the life of the wider church by making grants lo national and international Christian organisations and societies with Chnstian aims and objectives compatible Vth the CIO'S own charitable purpose. The CIO is heavily dependent on its membership working as volunteers in all asperts of the CIO'S activities, many of which run with little or no impact on the CIO'S expenditure. but nevertheless contribute substantially lo the achievement of the CIO'S objectives. The financial results for the year, together wth a summary of the accounting policies adopted are sel out in the accompanying financial statements. Page 4
STJOSEPH'S RETREAT (HIGHGATE) CIO ANNUAL REPORT (continued) Reserves policy The main source of income for the chartty is voluntary donations. This has been in the fom of weekly donations from parishioners attending church seNices. The reliability of this income is therefore dependent on the level of Ghurch attendance_ The charrty has slarted to encourage parishioners to switch from weekly cash donations to monlhly bank direct debit transfers thus improving the reliability of this source of income. The Trustees reviewed their reserves policy during the year. The principal nsk to the charity is any unexpected sudden drop in regular donations leading to unfunded outgoing expenditure. In order to mitigate this risk, the trustees have agreed that the charity should aim to hold free reserves equivalent to 9 months, unrestricted expenditure. The free reserves held at 31 Decernber 2023 were £398,031 {2022.' £369,596) against an expected annual unreslricted expenditure of around £300,000. Restricted income funds were £270.92912022. £250,917) and designated funds were £9.212,76712022.' £9,222,066}. The policy will be reviewed every year while the charrty improves the reliability of rts main source of income. Fundraising In line with the reporting requirements Included in the Charities Act 2016 the Trustees are pleased to confimi that all fundraising is done in compliance with best fundraising practice. All fundraising activities follow traditional methods within the Catholic Church which have been recognised as ethical for many years. During thè year we did not employ any professional fundraisers. There were no complaints or criticisms during the year about our fundraising activities. Plans for thè futur• We shall continue to focus on addressing priorrties previously Klentffied.. Ongoing review and ¢ontinued improvement of the independent syslems, procedures and policies over Parish Finances Ongoing review and monitoring to ensure full Complian bwth all statutory and legal requirements in carrying out Pansh activities Ongoing review and monitoring to identrfy ways to establish more secure and reliable income sources for the Parish IV. Ongoing review and monitoring of Health and Safety Complian in all parish a¢tivilies, and site security on the parish grounds Ongoing review and monitoring to identfy ways to continue to adapt and serve the Parishioners and the wider community. Trustees, Responsibililies The trustees are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charilies in England and Wales requires the trustees to prepare fip.ancial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of reSoUrS of the charrty for that year. In preparing Ihese financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent., stale whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. Page 5
ST JOSEPH'S RETREAT (HIGHGATE) CIO ANNUAL REPORT (continued) The Irustees are responsible for keeping woper 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 Charrties Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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. FOR AND ON BEHALF OF THE TRUSTEES Father George Kolothumveettil Antony Ja . 2024 Page 6
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST JOSEPH'S RETREAT IHIGHGATEI CIO Opinion We have audited the financial statements of St Joseph's Retreat (Highgate) CIO for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Slalemenl and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FinanrAal Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Arxepted Accounting Practice) The 2020 financial statements were not audited. In our opinion, the financial statements.. give a true and fair view of the state of the CIO'S affairs as at 31 December 2023 and of its incoming resources and application of resources for the year then ended,. have been properly prepared in accordan¢e with United Kingdom Generally Accepled Accounting Practice., have been prepared in accordance vlith the requirements of the Charities Act 2011. Basis for opinlon We conducted our audrt in accordance vith Intemational Standards on Auditing (UK) (ISAS (UKII and applicable law. Our responsibilities under Ihose standards are further des¢ribed in the Auditor's responsibilities for the audit of Ihe financial statements section of our report. We are independent of the CIO 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 wilh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial slalemenls. we have concluded that the CIO'S use of the going concem basis of accounting in the preparation of the financial statement$ Is appropriate. Based on the work we have perfomed, we have not identrfied any material uncertainties relating to events or conditions that, individually or collectively. may cast signrficant doubt on th8 CIO'S ability to continue as a going concern for a period of at least 12 months from when the financial statements are authonsed for issue. Our responsibilities and the responsibilities of the CIO wrth spe to going Concem are descnbed in the relevant seclions of this report. Other infomiation The other informalion Comprises the information included in the annual report. including the truslees. report, other than the financial statements and our auditor's report thereon. The Irustees 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 otheTrvise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the olher information and. in doing so, consider whether the other information is materially inconsistent with the financial slatemenls or our knowledge oblained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required to detemine whelher this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, 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. Page 7
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STJOSEPH'S RETREAT (HIGHGATE) CIO {conlinued) Matters on which wo are required to report by exception In the light of the knowledge and understanding of the CIO and rts environment obtained in the course of the audit, we have not idenlrfied material misstatements in the trustees, report. We have nothing to report in respect of the following mattets in relation to whi¢h the Charities Act 2011 requires us to report lo you rf, in our opinion.. adequate and proper accounting records have not been kept, or retums adequate for our audit have not been received from branches not visrted by us; or the financial statements are not in agreement with the accounting records and retums; or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audrt. Responsibilities of the trustees As explained more fully in the trustees, responsibilities statement. the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a Ifue and fair view, and for such internal control as they determine is essary to enable the preparation of financial statements that are free from material misslatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the CIO'S ability to continuè as a going concem, disclosing, as applicable, matters related to going Goncern and using the going con¢ern basis of accounting unless the tnJste8s either intend to liquidate the CIO or to cease operations, or have no realistic alternative but lo do so. Audltor's responsibilitiès for the audit of the financial statements We have been appointed as auditor under section 145 and report in accordan with the Act and relevant regulations made or having effect thereunder. Our objectives a to obtain reasonable assurance about whether the financial statements as a whole are free from malerial misstatement, whether due to fraud or error, and to issu8 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always deted a material misstalemenl when it exists. Misstatements can arise from fraud or error and are Considered material if, individually or in the aggregate. thèy could reasonably b8 expected to influence the 8conornic 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.. Based on our understanding of Ihe charity. we identrfied that the principal risks of non-complian with laws and regulations related to employment. financial reporting legislation and health and safety regulations and we considered the extent lo which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charrties Act 2011. We assessed the su5P11b1lItY of the charity's financial statements to malerial misslalemenl. including obtaining an understanding of how fraud might occur, by making enquiries of management, Considering the internal Gontrols in place and discussion amongst the engagement team. We determined that the principal risks were related to management bias in accounting estimates, presentation of separately disclosed items and management override of controls. Page 8
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST JOSEPH'S RETREAT (HIGHGATE) CIO (continuod) In response lo the risks identified we designed prOdureS which included, but were not limited to challenging significant accounting estimates, agreeing financial statement disclosures to underlying supporting documentation, identifying and testing journal entn"es. reviewing trustee meeting minutes and evaluating the charity, intemal controls. There are inherent limitations in the audit prOdureS described above. The more removed that laws and regulations are from financial transactions, the less likely rt is that we would become aware of non-compliance. Material misstatements that arise due to fraud Gan be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at". IvNM.frc.org.uklauditorsresponsibilitiesl. This description forms part of our auditor's report. Use of our report This report is made solely to the trustees, as a body. in accordance Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accepl or assume responsibility to anyone other than the Gharsty and the charity's trustées as a body, for our audrt work. for this report, or for the opinions we have fonned. Jacob Cavenagh & Skeet Statutory Audltor Chartered Accountants 5 Robin Hood Lane Sutton Surrey SM12SW Dated. ..Is.l.io. l.wi4 Jacob C8venJgh & Skoet is elble for appynlrnenl a$ 8w*ior ol Ihe charity by virtue of its eli'blty for Appointment ès a¢110r of 8 company urpd&r$gdion 1212 ollhe Companies Act 2W. Page 9
ooe o( 3V4 X£ LU
ST JOSEPH'S RETREAT IHIGHGATEI CIO BALANCE SHEET AS AT 31ST DECEMBER 2023 2023 2022 Fixed assets Tangible fixed assets Investments 9.212.767 9,222,066 9.213,667 9,222,914 Current assets Stocks Deblo Cash al bank and in hand 1.000 72,101 577 007 650,108 45.936 651259 698.195 Credltors.. Amounts falling due within one year Net current assets 619 Net assets Funds Unrestricted Designated 398,031 9212 767 369,S96 9 222 066 11 9,610,798 9.591,662 Restricted 10 270 929 Total funds 12 Approvèd by the Trustees on J J nc 2024 and signed on their behalf by.. Father George Kolothumveettil Antony Page11
ST JOSEPH'S RETREAT IHIGHGATEI CIO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2023 2023 2022 Cash provided by operating activities (see below) 71.301 143.778 Cash flows from investing activltles Interest and dividends received Payments to acquire tangible fixed assets 2,951 982 780 Cash provlded by Investlng actlvltles 2.951 202 Net cash inflowl{outtlowl 74.252 143,980 Cash and cash equivalents at 1 January 577.007 433.027 Cash and cash equlvalents at 31 December 651,259 577.007 Cash flows from operatlng actlvltles Net incorne Interesl and dividends received shown in investing activities Depfecialion Lossllgain) on revaluation of fixed asset investments Decreasel{in¢rease) in debtors Increasel{decrease) in credilors 39,148 143,084 {2.951) 9,299 (52) (9821 11,144 53 26,165 (3081 (15,9281 6.407 Cash provlded by operating actlvltles 71,301 143.778 Page 12
ST JOSEPH'S RETREAT {HIGHGATE) CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 ACCOUNTING POLICIES The name of the CIO is St Joseph's Retreat IHighgate> CIO. It is registered with the Charity Commission (number 1173084) The propety of the CIO is vested in a trusl. govemed by a declarab'on of Trust dated 17 May 2017. The CIO'S registered office is Highgate Hill, London N19 SNE. The principal accounting poliues adopted, judgements and key sources of ests'mats'on uncertainty in the preparalion of the finanrjal ststements are as follows.. Accounting convention The financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities. Slalement of Recommended Practi (Charities SORP IFRS 1021 and Financial Reporting Slandard 102 {FRS 1021. The finanrjal statements are drawn up on the historical cosl basis of a¢counling. Sl Joseph's Retreat (Highgatel CIO meets the definitson of a public benefit entity under FRS 102. Thè financial statemènts are prepared in Steding. which is the fvnctional currency of the CIO. Monetary amounts in these financial statements are rounded to the nea$t pound. Going Con¢ern There are no malenal uncertaints'es about the charity's abilrty to continue as a going conc8m. Income Voluntsry income and donats'ons (including legaues) are accounled for onee the charity has entitlement to the income, tt is probable the income will be received and the amount of income receivable can be reliably measured. Income from listed investments and sundry income is credited to the Statement of Financial Activities when re1¥able. Donated assets are recognised at their fair value when received. Expendlture Expenditure is accrued as soon as a lialylity is consKlered probable, discounted to present value for longer term liabilities. Governance cosls of the Charity include expenditure on compliance with consbtutional, legal and ststutory requirements. and these have been allocated direcuy to expenditu incurred on charitable activities. Flxed Assets Fixed assets are recognised at cost or fair value when donated. Freehold land is not depreciated. No depreciation has been tharged for freehold property vthere the residual values are not likely to be materially less than the carrying values, such that depreciation is immaterial. Other assets are depreciated over their expected useful lives al the following rates." Building improvements.. Olher assets.. 25°/0 reducing balance Page13
ST JOSEPH'S RETREAT (HIGHGATEI CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 ontinued ACCOUNTING POLICIES (continued) Fund accounting The general funds comprise those monies which may be used lowards meeting the charitable objectives of the Charity at the discreb.on of the Trustees. Designated funds are the amounts set aside ¢)ut of general funds arKI designated for specific purposes by the Trustees. Restricted funds are monies raised for. and their use restricted to, a speufic purpose, or donations received which are subject to donor imposed conditions. Debtorn Sundry debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. Cash at bank and In hand Cash al bank and in hand includes cash and short term highly IiquKI investrnents with a short maturity of threé months or less from the date of opening of the deposit. Credltors and provlslons Creditors and provisions are OgnISed Whe the charty has a Present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. Flnanclal Instruments The charity only has financial assets and liabilrties of a kind that qualify as basic financial instruments. Basic financial instruments are initsally recognised at transacts'on value and subsequently measured at their settlement value. INCOME FROM DONATIONS AND LEGACIES UnStrIcted Funds 2023 Restrlcted Funds 2023 Total Funds 2023 Totsl Funds 2022 Donations Tax recoverable Legacies 217.782 16.299 37.309 4,739 255,091 21,038 414,559 41.121 Page 14
ST JOSEPH'S RETREAT (HIGHGATE) CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 continued EXPENDITURE ON CHARITABLE ACTivmES Unrestricted Funds 2023 Restricted Funds 2023 Totsl Funds 2023 Total Funds 2022 Pastoral costs Premises costs Support costs Governance costs.. Audit fees Accountancy Wofk and other fees .981 88,076 55,974 9.150 13,742 144 100,131 101,818 56.118 91,809 156,981 51,439 6.300 6.300 4,950 3857 SUPPORT COSTS Unrestrlcted Funds 2023 Restrfcted Funds 2023 Total Funds 2023 T¢)tsl Funds 2022 Administration Depreciation Legal and professional Travel 38,239 9,299 144 38,383 9,299 25,331 11,144 7.162 436 STAFF AND TRUSTEES 2023 2022 Gross salaries During the year there were 3 employees12022'. 2). No trustee or member of key management personnel received remuneration or reimbursement of expenses during the year12022'. nil). No employees received more than £60,000 remunerats'on. Page 15
ST JOSEPH'S RETREAT (HIGHGATE) CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 continued TANGIBLE FIXED ASSETS Freehold land and buildings Plant and machinery Offlce equipment Motor vehlcles Total Cost or falr value when gifted At 1 January 2023 Additions 9.207.232 12.232 3.924 9,267,772 At 31 December 2023 9 207 232 9 267 772 DepreciatSon At 1 January 2023 Charge for the year 10,021 25,573 7,429 2.683 45,706 At 31 December 2023 630 55 005 Net booklfalr value At 31 Dècember 2023 At 31 December 2022 Freehold land and buildings gifted were recognised as at 31 Dernber 2018, at the fair value advised by Nigel Smith FRICS of Smith and Knight Propety Consultsnls. INVESTMENTS Llsted Investments Falr value Al l January 2023 Revaluation Al 31 December 2023 52 Carrying amount Al 31 December 2023 At 31 December 2022 DEBTORS 2023 2022 Tax recoverable Other debtors and prepayments 9,980 41,074 CREDITORS: Amounts falllng due within one year 2022 2022 Interest free loans Other creditors and accruals 4,167 5,367 44 Page 16
ST JOSEPH'S RETREAT (HIGHGATE) CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 ontinued 10 RESTRICTED FUNDS 2023 Brought forward on 1 Jan 2023 Galnsl Carrled (losses) and forward on transfers 31 Dec 2023 Income Expendlture 100 Club Cafod and Christian AKI Cardinal Hume Centre Chile Fund Distress Fund Generalate.. kitchen refurbishment Growing in Faith Haili Fund India Mission Other apFeals Priests. Training Social Club SOS Fund 25.182 10.800 (6.028) 29.954 371 140 9,923 371 140 9,923 7,328 26,024 1.340 { 6,500) { 661 828 29,947 1,340 3.989 (3.2Cw)) 3,200 9.184 625 9,184 625 2.200 (2.200) 17 2ZQL29 2022 Brought forward on 1 Jan 2022 Galn81 Carrled (1$6$) and forward on transfers 31 Dec 2022 Income Expendlture 100 Club Cafod and Christian Cardinal Hume Centre Chile Fund Distress Fund Generalate.. kitchen refurbishment Growing in Farth Haiti Fund India Mission Other appeals Priests, Training Social Club SOS Fund 59,913 25 371 140 9.923 10,380 {40,000) 25,182 371 140 9.923 11.828 19,140 1,340 1.190 9,184 625 14.500) ( 1251 7.328 26.024 1.340 (2,015) 825 9,184 625 12,500) 207 Page 17
ST JOSEPH'S RETREAT (HIGHGATE) CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 continued The purposes of the above restricted income funds are.. 100 Club.. Cafod and Christian Aid: Cardinal Hume Centre.. Chile Fund.. Distress Fund.. G8neralate Fund.. Growing in Faith Fund.. fundraising specffic collections taken for these charities. apal8 specific offerings taken for this project support of Chile parish support of members suffering from financial or physical hardship for kitchen refurbishment fundraising scheme with aim of identrfying potential parish donors for the redecoration and repair of Highgale church relief for victims of the earthquakes in Haiti specrfic offerings taken for the construction of a church in Randham Korattur village any smaller fundraisiThJ appeals taking place throughout the year specrfic offerings taken for this appeal donalions taken by Social Club towards its upkeep fundraising for repair and renovation works Haili Appeal.. India Mission.. Oth8r appeals.. Priests, fraining.. Social Club.. SOS Fund The transfers into restricted funds were made to meet restricted expenditure not expected lo be covered by future re¢eipts. 11 DESIGNATED FUNDS 2023 Brought forward on 1 Jan 2023 Galnsl Corrbed (losses) and forward OTr transfers 31 Dec 2023 Income Expendlture Fixed assel fund 2022 Brought forward on1Jan 2022 Galnsl Carrled Ilosses) fop•iard on and 31 Dec 2022 transfers Income Expendlture Fixed asset fund The Fixed Asset Fund comprises all tangible fixed assets held by the chanty. 12 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Tanglble rixed assets Invest- ments Current assets Current Ilabilities Total Funds Restricted Unrestricted gera1 Designated 274,826 423,369 { 3,897) (26,238) 270,929 398,031 9212767 9 212 767 At 31 December 2023 Page 18
ST JOSEPH'S RETREAT {HIGHGATE) CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 ContinL1 2022 Tangible fixed assets Invest- ments Current assets Current liabilities Total Funds Restricted Unrestricted gera1 Designatèd 254,814 395,294 (3.897) (26,546) 250,917 369,596 222 At 31 December 2022 13 RELATED PARP( TRANSACTIONS During the year a total of £5,562 expenses were reimbursed to Iwo trustees (2022.. £5,759 to trustees) in respect of travel, hospitality. healthcare and books. No otrw transactions wilh related parties took place during the year {2022.' none). The trustees receive no special benefit as trustees other than their care and maintenance as members of the Congregation. 14 OPERATING LEASE COMMITMENTS At 31 December 2023 there were operating lease commitments of £881 due within one year12022'. £8811 and £661 due in to five years {2022'. £1,541). Lease charges in the year were £88112022.. £8811. Page 19