Charity registration number 1186563 (England and Wales) THE CANONS REGULAR OF ELTHAM CIO ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE CANONS REGULAR OF ELTHAM CIO LEGAL AIYD ADMINISTIL4TIVE INFORMATION Tru$tees The Very Rev. C Murphy CRE The Rev. J Fricker CRE Dr S Price Fr O Craig Dr A Abram D Todd The Very Rev. A Maggs CRL SeeretAry and Tregsllrer The Rev. J Fricker CRE Charlty number 186563 Principal addre55 229 Elthatn High Street LONDON SE9 ITX Independent exAminer Phillips Frith LLP 9 Tregarne Terrace St Aiistell CoTnwall PL25 4DD Bankers The Royal Bank of Scotland Solicitors Toz¢r5 LLP, Exeter It)ve$tment *dvisors Brewin Dolphin Limited The Visitor {now Prior) The Very Rev. Garry Murphy CRE Clerk of Work5 Rory O'sullivan Esq
THE CANONS REGULAR OF ELTHAM CIO CONTENTS P*ge Trust¢e5' report Tndependenl examiner's report Statement of financial activities Balance sheet Notes to tlie finai)¢ial statements 9- 17
THE CANONS REGULAR OF ELTHAM CIO TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present tlieir annual report and financial statements for the year ended 31 December 2024. The accounts have been prepared in accordance H'ith the accouiiting policies set out in note I to the accounts and comply with the Charity's governiiig document, the Charities Act 2011 and "Accountiiig and Reporting b). Charities.. Statement of Recointt]ended Practice applicable to chaTities preparing their accounts in accordance with the Finallcial Reporting Standard applicable in the UK and Republic of Iieland IFRS 1021" (effective l January 20191. Objectives and activities The Canons Regular of Eltham CIO is a Ron)an Catholic religious ¢haTlty ¢onsistii)g of men who have taken religious vows and live in ¢ommunity as members of a Public Cleri¢al Aswciation ()f C.hrist's Faithful. The objects of the Charity are .the advanccment of the Roman Catholic religion through the religious and charitable work of the Community as the Trustees with the approval of the Superior shall from time to time think fjt... The 'Superior' i5 the Prior Ifomierly known as the Visitor). whose Tesponsibilitie5 are set out below. The PTiof i5 generally elected by the members of the C.omn)unity. Tlie Community means the volurttary c.ommunity of Roman Catholic nien known as the Canons Regular of Eltham. The Trustees have reviewed their objects, policies and activities to ensure they continue to reflect the Chariti s aims. In carrying out this review they have considered the Charity Commission's most up to date general guidance on public benefjt. StrAtegies forAthiewing Objects The Community has continued to fiilfil its principal aims through ongoing education and formation for the reliEiOUS life, by prayer and pastoral work iii the Parish at Christchurch Priory, Elthain (South London) and in the provision of priests elsewhere including the Archdiocese of We5ttninster. The work includ¢5 teaching. preaching, retreat-giving. chaplaincy in schools and h05Pitals, and care of the eldeTIy. The Trustees have paid due regard to guidance issued by the Charity Comtnission in deciding what activities the Charity should undertake. Activities for Achieving Objectlves The Charity's tnaiii objective for the year wa5 to continue its work in the face of a gradually diniiiiishing nutnber of Canons Regular. This has been achieved by careful allocation of human and financial resource5 according to greatest need. Persollnel At the end of the year undeT review. the Order consisted of 5 OTdained priests, of wliorn 3 are well over normal Tetirement age. The Charitv does not, to any material extent. depend on volunteers for the provision of ils pastornl work. other than in the context of Ihe parishes which it administers on behalf of the local Diocese. For the purposes of these accounts, no valiie has been placed on the administration and other services provided by members of the Commllnity. A¢hi¢vem¢nts and perform4n¢¢ Review of Activities l-he Trustee5 liave iiot set any specific measurable target5 Since the nature of the Charity's work does not lend itself to 5ucII detailed ai)alysis. Ilowever that work coiitit]ue5 Very 5atisfactOTily despite limited resource5. The Truste¢5 have not beeii able to 5¢t a5id¢ a d¢5ignated fund for T¢tiTeinent. Inve5tment5 are regularly review¢d with theii advi5¢rs at]d the Trustees are satisfied that theiT investment objectives liave been Imet satisfactorily. Olh¢r than staled above, ther¢ have b¢¢n no material ¢hang¢s in the obje¢tives or poli¢ies of the Commllnity. no other important events affecting the Community have occurred between the date of the Balance Sheet and the date of this Report. Fund-raising Aetivitiesllntome Gentrgtion The Chariry does not engage in fund-raising activities as such. Invt$tment Performan¢¢ During the year under review, investments increased in value by £19,571 11. IO/ol. Overall perfomance is Undehe[M1ng given the average growlh of the UK stock market was 9.680/0 in the FTSEIOO dllring the same period.
THE CANONS REGULAR OF ELTHAM CIO TRUSTEES, REPORT (CONTILNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Fin*n¢ial review The Charity does to some extent depend on voluntar). donations aiid the occasional legacy to sustain its work. No material donations in kind or iiitangible income were received during the period. Aiialysis of the accounts reveals that there was a 5UTpIu5 for the period, before takitlg into account iealised and unrealised gains on investments., of £165,5591202i'. deficit £82,970). The net increase in funds for the year was £220,873 12023.. net decrease £6.1011 after adjustments for revaluation and disposal of investment assets. The unrealised loss on investment assets amounted to £55,11812023.. loss £6,885) and the gain from the sale of investments amounted to £110,43212023.' gain £83,7541. The cash balances held at the year eiid iliCTeased by £2i9.433 to £276,343. The Balance Slieet shows totsl funds of £2,947,581 12023.. £?,726.7081 including restricted fund5 of £464,853 12023.. £478,617). Leaving aside the value of the remaining functional laiid at Eltharn, the other free funds 5UStain the work of the active meffibers of the Cointnunity and aTe requiTed to meet, for exaniple, the cost of caring for priests in retirement. Careful llusbanding of Tesources M'ill as515t in tlie Tru5tees' loi)g-term goal of establisliing an adequate Retirement Fui)d as set out below. Free reserves amount to £2,132,98012023." £1,875,802). The tangible fixed assets, comprising the freehold property improvements, motor vehicles and fixtures and equipment, are csscntial to the day to day work of the Charity and the care of members of the Commiinity. As such their value is llot regarded a5 realisable in order to meet the ongoing costs of the Chariry. The insurance values of the churches and religious building5 that are not included within tangible fixed assets are given in the notes to the Account5 (note 1.61. Reserve5 Despite the concem5 expressed above. the Trustees are satisfied that in the short to tnediuin term all the C.harity's obligations can be met as the} occur. Adoption of a Reserves Policy i5 llltellded to ensure that the Charity will continue to be able to fulfil such obli¥atlOll5. The Trustees have examined the reqU1ment for free reserves i.e. those unr¢stricted funds not invested in tangibl¢ fixed assets, designated for specific purposes or otherwise committed. The Trustees consider that, given the nature of the Charity's ork. the level of free reserves should be up to twelve months, ongoing expenditure. Usit]g actuarial methods. the Triistees were advised several years ago that a retirement fund of at I¢t £400.000 Ivas required to provide only a modest aiinual contribution to the c05t of tnaintaiiiing retired PTie5t5 froni age 65. Tliat took no account of the cost of rnaiiitaining infimi younger PTie5t5, but it 15 recogni5¢d that 50IMe older prie5t5 continue iii service. and th¢refoT¢ may biiiig in soiM¢ inrotne from stipends and ¥ifis. There is a clear need for an adeqiiate Retirement Fund to try to meet the needs of the priests, all of whom have given Ih¢ir lives towards furthering the Community's charitable work. Providing that that continuing ivork is not impaired, the Trustees would hope that a Retirement Fund can be established in due course, but at the moment it is a distant prospect. The remaining fiinds are essential if the important and oftell unpaid work carried on by the remainillg active priests is to continue Having reviewed their invested funds and in¢oiMe against immediate and foreseeable needs, including the incTeasing i)umbers of reiired Teligious and the cost of nursing ¢are when fewer religious are able io earn ali income, and having taken note of work done by other R¢ligioiis Communities to identify fuiiire Costs, the Trustees 3r¢ saiisfied ihat their r¢serves ar¢ not excessive and may even be insuificient to meet those needs. The Comniunity continues to Teview its finance5 and needs in order to Tnatch future income with expenditure having regard to the increasing number of retired Priests. An 01)going Coiicem is to PTovide for those no longer engaged in pastoral ministry, or who have left the Coimmuiiity but for whom ¢ontinuing support is required, a¢¢ording 10 the Commiinity's obligations and resources. No spe¢ifi¢ slim is allocated for such support, since it is not possible to quantify amounts due. No commitments or guarantees have been given in this or any other rcspcct. The Charity. d0¢5 not mak'e grants.
THE CANONS REGULAR OF ELTHAM CIO TRUSTEES, REPORT (CONTILNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investment Policy "l-he I rustees have wide powers of inv¢5tin¢nt with the approval of the PrioT. They have regaTd to the Tequireinent5 of the Trustee Art 2000 at]d a broad-based portfolio is efficiently adtnini5t¢red in the intere5t5 of the c.harity. The Trustees, policy on investments is to invest in PTodii¢is that are ethi¥ally sound and appropriate to the Commiinity's needs, particularlv with a view to securing capital growth to meet rising income needs in future years. In planning investment for the future they have also adopted a Reserves Policy on the lines set out above. Rlsks The Trustees have identifjed any major risks facing the Commllnity and taken such steps as they consider necessary to mitigate those risks. However they concluded that the greatest risks to the Community are the lack of novices under training for the religious life and the consequent fall in the nuinber of priests able to carry out its charitable works or to provide nursillg or other care for those priests who have retired. The future of the Cotllmunity- for so long it any members. is as5UTed a5 a house of canons Mithin the Diocese of Soutliwark. When the Charities Aci 2006 introduced the requirem¢nt for religious and other Chariiies to show publi¢ benefit from their activities, concems were also raised about its impact on the Charity, but th¢ remaining Canons, though few in nllmber, Can easily show that they do bring tangible benetit io the local commllnity. Little cash is held by the Charity, and donations and other receipt5 are invariably by cheque, as is most expenditure. Internal contro15 of cash, doiiation5 and expenditure are ther¢foTe coiisideTed adequate. Plans for the future As stated above, iii common witli other religious Coinniunities the CoTnniunity has continued carefully to review botji its re50urc¢5 and its future role in thi5 COUt]try. It5 prie5t5 work rnaiiily in South Londot]. Christchurch Priory is the C.omtnullity s oiily i'etnaining propeity ill the United Kingdom. Tl)e Cominunity is noiv a house of ¢anoi)s no longer tied to the C.anoi)s RegulaT of tlie Lateran based in Rome. The Community intends to remain actively involved in the advancement of its religious and other charitable obje¢ts. No other material change is proposed, althoiigh mu¢h will depend on the continuing good health of ihe remaining a¢tive Canons. The Communiry also continues to review its needs and facilities especially as to provision for those who need nursing care either now or in the future. Despite the practical concern5 explained above, the Trust¢e5 are 5at15fied that the Community can face the financial future vitli confidence. It5 assets are availabl¢ and adequate to fulfil its obligatlOn5 in relation to its Capital ¢OTlllMitrn¢nts. TheiT PToposed adoptioi) of a ReseTves Polio as mentioned above is intended to ensure that the Community will Continue to be able to do so. Structure, governance and m#nagernent The Charity is a Charitable Incorporated Organisation known as The Canons Regular of Eltham CIO (charity number 1186563. The Trustees who served during the year were.. The Ilery Rev. Garry Murphy CRE Ichairmanl The Rev. John Fricker CRE Dr S Price Fr O Craig DrAAbra D Todd Orythi$*tion#l Stru¢tur¢ #thd Deeision-Trl#kirtg The Treasiirer and Secreiary adminisiers ihe Trusi Funds under the diwtion of the Prior and the Trustees. Each year he submits a lormal account of his adminisiralion ofthose fllnds, and other tasks delegat¢d to him, to ihe Ar¢hbishop, Ihe Prior and the other Trustees, in accordance M'ith the Community's Rules and Constitutions. As well a5 the central administration of the Community in thi5 country, which includes tlie administration of any outlyin parishes, the Cotnmunity's work is carried out through the oiie Temaining Chapter of Elthain, which holds an account adniill15tered by it5 Bursar. The BuT5ar 15 an5weTabl¢ to the Prior Ullder the Comfflunity'5 Rul¢s and Collstitutioiis, as are the TTUStees. Parish funds aTe held on belialf of the local Ronian Catholic Diocese ai)d do i)ot form part of these Accounts.
THE CANONS REGULAR OF ELTHAM CIO TRUSTEES, REPORT (CONTILNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Related Party Relationship5 "l-here are no related parties or COlln¢cted charitie5 associated with the Charity. although it continues to liaise c105ely with the Roman Catholic Dioce5¢5 of Plymouth and Southivark and otheT voluntary bodie5. Fund5 adjistered foT parish purposes belong to those parishes and so are accounted foT Ill the respeitive dioLesan accounts. Tlie Tru5tees' Teport was approved by the Board of Trustees. LA GMT*ll The Very Rev. G Murphy CRE Trustee Dated.. 2411012025
THE CANONS REGULAR OF ELTHAM CIO INDEPENDENT EMMINER'S REPORT TO THE TRUSTEES OF THE CANONS REGULAR OF ELTHAM CIO I report to the Trustees on Tny exaTnination of the financial statements of Tlie Canons Regular of Eltham CIO Itjie Charity) for tlie year ended 31 December 2024. Responsibilities and basis of report As the Trubtees vf th¢ c.harity yvu are Tesponsible for the PTeparation of the financial staten)ents in a¢¢oTdan¢e with the requirements of the Chariiies Act 2011. Having satisfied myself that the accounts aTe eligible foT independent examination, l Teport in respe¢t of my exaniinatiort of the Charity s financial siaiemens Carried out under se¢tion 145 of the 2011 Aci. Tn Carrying out my examination T have followed all the applicable Directions given by the c.harity Commission under se¢iion 1451511bl of the 2011 A¢t. lthdepethdent eiamither's $t#t¢m¢rtt Sincc thc Charity's gross incomc exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the ChaTlties Act 2011. I confinn tliat l am qualified to undertake the exaniiiiation because l am a member of the Institute of Cliartered Accountaiits in Ellgland and Wales, which is one of the listed bodies. Your attention is dram'n to the fact that the charity has prepared the financial statenients in accordance with the relevant version of the Statemellt of Recommelldtd Practice applicable to charities preparing their fjnancial statements ill accordance with the Financial Reporting Standard applicable in the UK aiid Republic of Ireland IFRS 1021. I have completed my examination. I confirm that no matters have come to tny attention in connection with the examination giving Tne cause to believe that in an). material respect.. accountiiig records were not kept 11) Tespect of the Charity as required by section 130 of the Charities Act 2011. the fjnancial statements do not accord with those records., or tli¢ financial statements do not cornply with the applicable T¢quirement5 conccrniiig the foTin and content of financial statementg set out in the ChaTlties IAc¢ounts and Reports) Regulations 2008 other than any requiTement that the financial staten)ents give a true and fair view, which is not a matter Considered as part of art independent examination. the financial ststements have not been prepared in accordance witli the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial ststements in accordance with the Finallcial Reportlllg standal applicable in th¢ UK and Republic of Ireland IFRS 1021. I have no conceTns and have come acros5 no other Tnatters in connection '1th tlie exarnination to ivhich attention should be drawn in thi5 report in order to enable a proper understanding of the fiiiancial ststcnients to be T¢ach¢d. Amy Sole (Oct 24, 2025 09'.27.'29 GMT+ll Amy Sole FCA Phillips Frith LLP 9 TTegame Terrace St Ausiell Coriiwall PL25 4DD 2411012025 Dated..
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THE CANONS REGULAR OF ELTHAM CIO BALANCE SHEET ASA T 31 DECEMBER 2024 2024 2023 Notes Fi%ed #s5et5 ngible assets Investments 15 16 814,601 1,865,085 850,906 1,845,515 2,679,686 2,696,421 Current assets Debtors Cash at bank and in hand 17 3.634 276,143 5.883 279,977 42,793 Crtditor$: amounts fglling du¢ within one yeAr 18 112,0821 112,5061 Net Curnt assets 267,895 30,287 Total asset5 less turrent liabilities 2,947.581 2,726,708 Charity funds Restricted funds Unrestricted funds 19 20 464,843 2,482.738 478,617 2.248,091 2,947,581 2,726,708 241101202 2411012025 The acLounts weTe approved by the board ofTrustees on......................... signed aiid authorised for issue on the......................... '.IB GMT+i The Very Rev. G Murphy CRE Tru$tee
THE CANONS REGULAR OF ELTHAM CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity informatio The Canon5 Regular of Elthaill CIO 15 a charitable tTUSt. registered in Et]gland and Wale5. The principal address is 229 Eltham High Street, London SE9 ITX. 1.1 Accounting convention Th¢ financial statements for the individllal ¢haritabl¢ trust hav¢ been prepared in a¢¢ordan¢e with th¢ Charity's governing document, the Charities Act 201 l and -Accounting and Rewrting b}. Charities.. Statement of Recommcndcd Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable Ill the UK and Republic of Ireland IFRS 1021" (effective January 20191. The Charity is a Public Benefit Entity as defjned by TrRS 102. The Ch¢Witv h¢ts taken advanta¥¢ of the PTOV15ions in the SORP for charities applying FRS 102 Update Bulletin I not to prepar¢ a StJtemei)t of c.ash Floivs. The financial stat¢rnents have departed ftorn tli¢ Charitie5 IAccounts and R¢w)rt5) Regulatioiis 2008 only to the extcnt required to PTOVi(le a true ai)d fair view. This departUT¢ has involved following tl)e Stat¢in¢nt ofRe¢omn)en(led Pia¢ti¢e for iharities applying FRS 102 ratheT than the version of the Statement of Recommended Pra¢tice which is referred to in the Regulations bui which has since beei) withdrawn. The financial staten)ents are prepared in sterling. which is the functional ¢urren¢y of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial stJtemei)ts llave been prepared under the hisioTi¢al Cost convention, modified to inLlude the revaluation of certain financial insirumenis al fair vallle. The principal a¢¢oiiniing poli¢ies adopted are set out below. 1.2 Going eon¢ern The accoiints have been prepared on the assumption that the Charity is able to carry on as a going concern, which the Trustees consider appropriate. The Trustees are not aware of any reason why they should not continue to adopt the going concert] basi5 of accounting. 1.3 Charitable fuNd5 Unrestricted funds are available for use at the discretion of the Trustees in fi]rtherance ot their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the Trustees for Specific purpose5. The purposes and uses of the designated fut]ds are set out in the notes to the fJnat]cial statements. Restri¢ted ndS are subject to specific Conditions by donors or graniors as to how they may be used. The purposes and uses of the restricted funds are sei oui in the notes to the financial statements. 1.4 Incoming resource5 In¢oni¢ is recognised when the CharTty is legallv entitled to it after any perfoTman¢e ¢onditions have been met. the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on Teceipt. Other donations are recognised once the Charity has been notified of the donation. unless perforniance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recogni5ed at the time of the donation. Legacies are recognised on receipt or otherivise if tlie c.harity l)as been notified of an impending distribution, the amount is known, and re¥eipt is expected. If the aimount is not known, the legacy is treated as a ¢on¢ingent asset. Income from charitable activities includes contributions from the PaTish, stole fees and covenanted stipends. Covenanted stipends represent the stipends of individual religious which are paj'able to the Charity under deed of covenant. Income from charitable activities are credited to the Stateinent of Financial Activities when received.
THE CANONS REGULAR OF ELTHAM CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ateountirtg polities (Continued) Other income repTesents in¢oming res()ur¢es generated from the Tiverton parish and the supply of Well Hall. Investment income in the fomi of dividends are recognised once the dividend has been declared and notification has been received of the dividend due. 1.5 Resource5 expended All expenditure is accounted for on an accruals basis and is included in the Slalemenl of Financial Activities inclusive of any VAT. Expenditure is recognised when there is a legal or constrllctive obligation to pay. The costs of raising funds represent the investtnent mallagemellt costs. The ¢ostg of ¢l)aTltable activities represent tlie costs of advat)cing the Roman Catholic faith, the cost of Caring for the members of the Canonry, the living Costs of the Trustees {see note I I I, advancing education and relieving poverty and varioiis alms. All expenses including support costs and governance costs are allocated to the applicable expenditure headings. Governaiice costs comprise of all c05t5 identified a5 wholly or Inainl}' attributable to en5UTing the public accountsbility of the Charity and its cotnpliance with Tegulation. These costs include legal advice aiid accountancy fee5. Support ¢osis Consists of all costs in¢urred in the n)anagement, adminisirarion and finance of the c.harity. These ¢osts include computer costs. For the purposes of these accounts, no value has been placed on the adminisiratloll and other services provided by members of the Order. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cosi and subsequently measured at cost or valuation, net of depreciation and any impairment losses. The Charity hold5 certain freehold property cotnprisillg churches and similar religious buildings. It is the opinion of the Trustees that all such PTopertle5 can accurately be described as histOTiC and the preservation of these building5 15 not the priniary objective of the Charity. As Such. iio valu¢ 15 attached to theim in these account5. Details of the properties and organ, in¢luding their insuran¢e values are as follows'.- ChTlStchurch PTiOry and Grounds118th Century). 229 Elthatn High Str¢et. London Organ 6.811,759 112,i84 Other treehold property and propery improvements have been included at cost and depreciation charged at 20/0 per annum on the straight line mcthod. Depreciatiot] is provided at rates calculated to WTite off the cost less estimated residual value of each asset over its expeLted useful life, a5 follow5.. Eqllipment including computer equipment Eqllipment 150/0 per annllm on the rediicing balance method and computer equipment 33 % per annum on the reducing balance method. 25 /0 per annum on the reducing baJat]ce method. Motor vehicles The gain or loss arising on the disposal of an asset is determined as the dityerence between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 10-
THE CANONS REGULAR OF ELTHAM CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ateountirtg polities (Continued) The ChaTity'S policy is only to ¢apitalise items with an individual value ex¢eeding £250. 1.7 Impgirment of fixed Assets At each reporting end date, the Charity reviei¥s the carrying ainount5 of its tangible a55ets to detertnine whether there is any indication that those assets have suffered at] iinpairm¢nt105s. If any such indication exist5. the Tecoverablt amouRt of tlie asset is estimated in order to determine the extent of the iinpaiment loss lif any). 1.8 Cash and cash equivalent5 Cash and cash equivalents incliide cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. 1.9 Finanelgl instrum¢nts The Charit! has elected to apply the provisions of Section I I 'Basic Financial Instruments. and Section 12 '0ther Financial Instrument5 155ues' of FRS 102 to all of its financial in5trunients. Financial instrutnents are r¢cogiii5¢d in the Charit) 5 balance sheet when the Charity becomes party to the contractual provisions of the instrument. Finan¢ial assets and liabilities are offs¢¢ wilh the net amollnts pres¢nted in the finan¢ial statements. when there is a legally enforccable right to set oft the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settlc the liability simultaneously. Criti¢al atcollnting estimates And judgements In the appli¢aiion of the Charity's a¢¢ounling poli¢i¢s, the Trustees ar¢ required io make judg¢menrs, estimates and assumptions about the carrying amount ot. assets and liabilities that are not readily apparent from other sources. The estimates and associated assiimptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The primary judnements and estimates made in the financial statements are for the depreciation rates of fjxed assets. The estitnate5 and undeTlying assuinption5 are reviewed on an ongoing ba515. Revision5 to accouiiting estimates are recogni5ed in the P¢Tiod in which the ¢stiniate is ievi5ed where the revision affects olll! that period, or in the P¢Tiod of the Tevision and future periods where the revision affe¢ts both cutTent and futUTe periods. DoNat10115 and legacies Unrestricted Unrestricted fund$ furtd$ general generAI 2024 21123 Donations and gitls Legacits receivable 22,668 233,343 5,371 256,01 5,371
THE CANONS REGULAR OF ELTHAM CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activities Parish and thapter contributions Stole fees Covenanted Stipertds Totsl 2024 Tot#1 2023 23.231 7,285 39,089 60,434 All income from charitable activities in both the current and previous year relate to unrestricted funds. ItLve5tmeNts 2024 21123 Income from listed investments Ov¢r5¢a5 listed inv¢stm¢nt5 Interest receivable 58,587 12,232 61,512 9,965 210 70,819 71,687 R&ising funds 2024 2023 InvestiM¢nt tnana¥ern¢nt 12,124 12,045 All costs of raising fiinds in both the ¢urrent and previous year relate to unstrICted funds. Description of ¢haritable #ctii'ities Education and forfftation for the religious life Expendiliire on chariiable aciivitie% con%i%t% of expend1tll on ihe sllpport of members of ihe Ord¢r and their ministry which cnablcs the mcmbcrs to carr>. out the charitable work of the Charity. in the areas of the advancement of the Roman Catholic faith, the advanccment of education at]d thc relief of poverty. 12-
THE CANONS REGULAR OF ELTHAM CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activities Total 2024 Total 2023 Edutation and formation for the religiolls life Depreciatioii and impairment Establi5hrn¢nt expenses Insurance C.ominunity expenses Loss on disposal of fixed assets Independent examiner fees and accountancy Legal and PTofessional fee5 36,461 64,Oi9 217 68,122 2.459 4.860 11.070 39.824 74,367 141 81.981 6,201 4,536 1,512 187,248 208.417 Exp¢nditUT¢ 011 charitable activiti¢s Includ £12:586 12023.- £12,870) of restricted expenditure. The remaining expeiidiiure related io the geneTal unrestricted funds. All of the expenditure in both the current and previoiis year related to activities llndertaken dire¢tly for ¢hLgritable purposes other than the support costs, which have been detailed in note 8. Tru$t¢¢$ Part ofthe OrdeT'S purpose is to provide for the essential needs of all of its members who, by taking vows of poveTty, have renollnced all persoi)al rights lo income and capital. This leaves them free to carry out their prime purpose, to advance the Roman Catholic religion. The living costs ot'the Trustees who are members of the Order are therefore Ix)me by the Charity in the sajne way as those of the other priests and they receive no benefit by virtlle of their position as Trustees. io Support costs Governance costs includes pavments to the independent examiner of £2.000 12023.. £1,9001 for the independent exanjination of the accounts and £2,86012023.. £2,636) for othcr accounting services. Also included in governance costs are legal and professional fees amounting to £1 1,07012023.. £1.5121. Other expenditure Re$tri¢ted funds 2024 Re$tri¢ted funds 2023 Net loss on disposal of tangible fixed assets 12 Employets There were no employees during the year or the previous year. 13-
THE CANONS REGULAR OF ELTHAM CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Taxation Canons Regular of Eltham is a registered Charity and is thus exempt from tax on income and nains falling within section 505 of the Taxe5 Act 1988 or 5256 of the Taxation of Chargeable Gains Act 1992 to the extejit that those are applied to its charitable objects. No tax charges haven arisen in the Charity. There was no UK Corporation Tax payable by Canons Regular of Elthain in either periods. 14 Net gains1{105ses} on iNve5tments Unrestrieted Unrestricted funds gener1 2023 general 21124 Unrealised loss on investments Gain on sale of investments 16,8851 83,754 110,432 55,-314 76,869 15 Tallgible fixed assets Property in]provementS Equipment including cotnputer equipmertt Motor vehicle5 Total Cost At l January 2024 Additioiis DisP05als 1,056,370 73,981 3,802 116,4721 63,768 1,194,119 3.802 117,8721 (1,4001 At 31 DecernbeT 2024 1,056.370 62,368 1,180.049 Depreciation and impairment At l Jaiiuary ?024 Depreciation charged in the year Eliminated in respect of di5posa15 260,324 21,127 53,353 6,922 113.4151 29,536 8,410 18091 343 ?13 36,459 114.2241 At 31 December 2024 281,451 46,860 37,137 365,448 Carrying amollnt At 31 December ?024 774.919 14,451 25.231 814.601 At 31 December 2023 796,046 20,628 34.232 850,906 All tangible fixed asset5 are used principall! towards the furtherance of the Charitv's direct charitable work. The net book value5 of assets Used towards the management and administration of the ChaTity aTe negligible. 14-
THE CANONS REGULAR OF ELTHAM CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Fixed asset investments Listed Inv¢stmeTht$ Cash i ptsrtfollo Total Cost or valuatLOTI At l Janiiary 2024 Addition5 Valuation Changes Realised gains Di5P05a15 1,837,681 361,794 7,834 ,845,515 361.794 126,1291 10,432 1426,5271 28,989 110.432 1390.7841 135.7431 At 31 December 2024 1,864,005 1,080 1,865.085 Carrying amount At 31 DecembeT ?024 1,864.005 1.080 1,865,085 At 31 December ?023 1,837.681 7,834 1,845,515 Fixed gsset investments revaIued Listed investmellts are included at market value provided bi. Brewin Dolphin. The historical cost of the listed inve5ttnents arnounted to £1.718.855 (2023.. £1.638.6621 at tlie year end. There were ttvo inve5tm¢nt5 that represented 50/0 or more of the portfolio by market Yalue in the Charity12023'. one). 17 Debtors 2024 2023 Amount5 falling due within one year: Prepaytnent5 and accrued incoTlle 3.6i4 5.883 18 Creditor5: #mount5 falling due within one year 2024 2023 Other creditors Accruals and deferTed income 6,923 5.159 3.912 8,594 12,082 12.506 15-
THE CANONS REGULAR OF ELTHAM CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Restricted fund5 The restricted funds of the charity coinprise the unexpended balances of donations and grants held on trust subject to specifjc cojiditions by donors as to how thev may be used. 1ovement in funds IN¢orne Expenditure BalaTLce at I J#nu#ry 2024 Transfers Balance at 31 D¢e¢mb¢r 2024 The 1964 Trust Hall Development Fund The Daisy Telephone System Fund 477,430 1,187 112.5871 11.1871 464,843 478,617 113,7731 464,843 Prior Year Balance at I January 2023 Incorne Expenditure Transfers Balance at 31 December 21123 The 1964 Trust Hall DevelopTnent Fund The Dais> Telephone System Fllnd 490,090 1,397 112,6601 12101 477,430 491,487 112,8701 478,617 The 1964 Trust Hall Development Fund is for building work for the parish specifically towards renovating and extending tjie parish hall. The Daisy Telepholle System Fund r¢pr¢5ents niolley provided by the Parish to fund half of the c05t to purchase the new Daisy t¢lephon¢ s)'5tern. 20 Unrestricted funds Movernent in funds In¢ome Expenditure Trartsfers Bal#the¢ #t I Jat)u*ry 2024 G4ith$ artd Bal4n¢e at 31 lo$$e$ D¢¢¢mber 2024 Unrestricted funds 2,248,091 366,119 1186,7861 55,314 2,482,738 Prior ye9r BglaThte gt I Janu&ry 2023 In¢om¢ Expenditure Tran$f¢rs Gglns and losses Balmnce gt 31 Detember 2023 Unres¢ri¢ted funds 2,241,322 137,492 1207.5921 76,869 2,248,091 16-
THE CANONS REGULAR OF ELTHAM CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Analy515 of net assets behveen fund5 Unre$tri¢ted funds Restrieted fund$ Total Fund balances at 31 De¢eniber 2024 are TepTeseiited by= Tangible assets Investments Curreni &8setsllliabiliiiesl 349.758 1,865,085 267,895 464,843 814,601 1,865.085 267,895 2,482,738 464,843 2,947.581 Prior Year Unrestricted fund5 Restricted flind5 TotAI Fund balances at 31 December 2023 are represented by.. Tangible a55ets Investments Current assetsllliabilitiesl 373,476 1,845,515 29,100 477,430 852,093 ,845,i15 29.100 1,187 2,248,091 478,617 2.726,708 22 Related pgrty tr#n$a¢tion$ There were no disclosable Telated party transactions during the period12023 none). 17-