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2024-02-11-accounts

Charity registration number 1203417

SOUTHWARK, ARUNDEL & BRIGHTON BRETHREN CIO ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 11 FEBRUARY 2024

SOUTHWARK, ARUNDEL & BRIGHTON BRETHREN CIO

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs Frederika Pizzoferro
Father Paul Hough
Canon Gerard Bradley
Charity number 1203417
Independent examiner Sam Thomas
Azets
Trinity Court
34 West Street
Sutton
Surrey
United Kingdom
SM1 1SH
Bankers CAF Bank Limited
25 Kings Hill Avenue
West Malling
ME19 4JQ
Solicitors Hewlett Swanson
Centurion House
129 Deansgate
Manchester
M3 3WR
Investment advisors Freddie Woodhead
JM Finn
25 Copthall Avenue
London
EC2R 7AH

SOUTHWARK, ARUNDEL & BRIGHTON BRETHREN CIO

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 8

SOUTHWARK, ARUNDEL & BRIGHTON BRETHREN CIO

TRUSTEES' REPORT

FOR THE PERIOD ENDED 11 FEBRUARY 2024

The trustees present their annual report and financial statements for the period ended 11 February 2024.

The accounts have been prepared in accordance with the accounting policies set out in the attached accounts and comply with the Charity’s Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Objectives and activities

The Charity’s aims include advancing the Roman Catholic religion in the Roman Catholic Diocese of Southwark and supporting charitable works and objectives promoted by the Roman Catholic Church. The principal way in which the Charity achieves these objectives is by providing funding for the welfare of priests who are sick or priests that are in need.

In planning the activities of the Charity for the year, the Trustees have considered the guidance on public benefit issued by the Charities Commission.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Voluntary income is a key source of funds for the Charity. During the period donations were £nil. Legacy income recognised in the period was £nil.

The current investment objective is to manage the portfolio on a total return basis, which can result in expenditure exceeding income before legacies received and gains/losses on investments. Retired priests do not automatically receive a payment when they retire instead they undergo an assessment of their needs. The Charity works with the Diocese and now makes payments based on this assessment to include payments to cover care costs of priests.

Masses for deceased clergy were not held during the year.

Financial review

A healthy level of free reserves is essential to ensuring that the Charity can sustainably continue to develop its mission and is an important part of how the Charity is resilient.

There are two main risks that would impact the level of free reserves:

The Trustees believe the current level of free reserves are more the adequate to withstand the impact of these two main risks.

The Trustees who were in office during the period were Father Paul Hough, Canon Gerard Bradley and Mrs Frederika Pizzoferro.

Mrs Frederika Pizzoferro

Father Paul Hough Canon Gerard Bradley

SOUTHWARK, ARUNDEL & BRIGHTON BRETHREN CIO

TRUSTEES' REPORT (CONTINUED)

FOR THE PERIOD ENDED 11 FEBRUARY 2024

Investment Policy

The Trustees set the Investment Guidelines. The Trustees have decided to employ a professional investment management firm, J M Finn & Co., to manage our investments. The overall long-term objective is to manage the portfolio on a total return basis.

The Trustees regularly review information from their investment managers, monitor the performance of the portfolio against their Investment Guidelines and assess the suitability of the investment strategy. The Trustees reviewed the investment performance during the year and remain confident that their medium to long-term investment strategy is being achieved.

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

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

Trustee

Date: .............................................15 May 2024

SOUTHWARK, ARUNDEL & BRIGHTON BRETHREN CIO

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF SOUTHWARK, ARUNDEL & BRIGHTON CIO

I report to the trustees on my examination of the financial statements of Southwark, Arundel & Brighton CIO (the charity) for the period ended 11 February 2024.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Sam Thomas Independant Examiner

Azets

Trinity Court 34 West Street Sutton Surrey SM1 1SH United Kingdom Dated: .........................15 May 2024

SOUTHWARK, ARUNDEL & BRIGHTON BRETHREN CIO

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE PERIOD ENDED 11 FEBRUARY 2024

Unrestricted
funds
2024
Notes £
Income and endowments from:
Donations and legacies 0
Investments 0
Other income 0
Total income 0
Expenditure on:
Raising funds 0
Charitable activities 0
Total expenditure 0
Net gains/(losses) on investments 0
Net movement in funds 0
Fund balances at 5 June 2023 0
Fund balances at 11 February 2024 0

The statement of financial activities includes all gains and losses recognised in the period.

All income and expenditure derive from continuing activities.

SOUTHWARK, ARUNDEL & BRIGHTON BRETHREN CIO

BALANCE SHEET

AS AT 11 FEBRUARY 2024

Notes
Fixed assets
Investments
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within
one year
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2024
£
£
0
0
0
0
(0)
0
0
0
0		 2024
£
£
0
0
0
0
(0)
0
0
0
0
0
0
0

15 May 2024 The financial statements were approved by the Trustees on .........................

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

Trustee

SOUTHWARK, ARUNDEL & BRIGHTON BRETHREN CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 11 FEBRUARY 2024

1 Accounting policies

Charity information

Southwark, Arundel & Brighton Brethren CIO is a charitable incorporated organisation, incorporated on 5 June 2023.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

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

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

1.2 Going concern

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

1.3 Charitable funds

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

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

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

SOUTHWARK, ARUNDEL & BRIGHTON BRETHREN CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 11 FEBRUARY 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Cash and cash equivalents

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

1.7 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

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

Basic financial assets

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

Basic financial liabilities

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

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

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

SOUTHWARK, ARUNDEL & BRIGHTON BRETHREN CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 11 FEBRUARY 2024

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.