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 Unde￿he[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 reqU1￿ment 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 ad￿j￿istered 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..

m r

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$: amounts fglling du¢ within one
yeAr
18
112,0821
112,5061
Net Cur￿nt assets
267,895
30,287
Total asset5 less turrent liabilities
2,947.581
2,726,708
Charity funds
Restricted funds
Unrestricted funds
19
20
464,843
2,482.738
478,617
2.248,091
2,947,581
2,726,708
241101202
2411012025
The acLounts weTe approved by the board ofTrustees on......................... signed aiid authorised for issue on the.........................
'.IB GMT+i
The Very Rev. G Murphy CRE
Tru$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 un￿strICted 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
gener￿1
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-