AMENDED ADDITIONAL CURATES SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 CHARITY COMMISSION FIRST CONTACT 090CT 2 ACCOUNTS RECEIVED Company Registration Number 262795 Registered Charity Nunbber 209448 AUEMOEO ADDITIONAL CURATES SOCIETY (A Compiny iimlted by Guar•DtsÈ *Dd not hving a Share Capita MEMBERS OF THE BOARD AND PROFESSIONAL ADVISORS Company No. 262795 Reptered Charlty 209448 Council and ThBteeslDir￿torS., The Right Revd Anthony Robinson (Chairnwi) Mrs Mary Speight (Vice Chaim)an) The Revd Prebendary David Houlding (rdired November 2023) MT Andr¢w Roberts (reSI￿d 16 March 2023) The R¢vd Ran Chandler The Revd Canon Steven Kirk The Revd Canon Kit DuDkley The Revd Damian Feeney (resigned 21 October 2023) The Revd GrantNaylor Mrs Alexandr•Buckingh Deacon Sarah Gillard.Fau]k The Revd Giles Orton General Secretary: R¢￿stered Office: 16 Commercial Street BI IRS Bank of Scotland pk 33 Old Broad Street M&G Charities PO Box 9038 Chelmsford CM99 2XF CCLA i Angd L4ne London EC4R 3AB Auditor Sumer Auditco Limited The Beehive Beehive Ring Road London Gativi¢kAiri Gativick RH6 OPA Solicitors Wriglrys Solicitors LLP 31d Floor, 3 W¢llingtonPlace Le¢ds LSI 4AP AKJENOEO ADDITIONAL CURATES SOCIETY (A CompaDy Limited by Cuorantee and Dot having o Shore Capitsl) Compny 262795 Rwstered Cbarity 209448 COi]NCJL'S AND TRUSTEES, REPORT (Continlled) For tbe year ¢ttded 30 September 2023 The CouncivfNstees presenttheirryort and audited financial 5t*ements forthe year ended 30 September2023. The financial ststcments hav¢ b¢¢n prepared in ac￿rdanCe with th¢ accountsng polLCL£S Set out in notes to the acwunts and comply with the charity's governing do¢umenl, the ChaTiti¢5 Act 2011 and Accounting and Reporting by ChaTitie5'. Ststerntnt of Rccommended Practice applicable to charities preparing their a¢¢ounts in ac￿rd￿Ce with the Financial R¢porting StaDdwd applicable in th¢ UK and Republi¢ of Ir¢land publi5h¢d in October2019. Tn￿ ofthe ebarlty The directors of the chaTitable company are its tru51ees for the purposes of charity law. STRUCTURE, GOVERNANCE AND MANAGEMEiYr The Charity was ￿n￿ll￿t¢d &% tt company limited by guarantee on 19 February 1932 and b￿&the a regtst¢r¢d ¢harity on 8 May 1963. It is gov¢rned by 8 new Memorandum and Articles of Asso¢iation which was 48reed in 2023. The Charity is organised so that th¢ Council meet regul8rly to manage its affairs. to detemine a¢tion$ and p)licies that should be pursued to the b¢nefit of the Chartty, and to ryTrnsider applications for grants and to detennine the level of grants payable. All Council mernbers of the wmpany 4re also TNstees of th¢ Charity. Ynd there are no OtherTh￿t¢cS. The Council m¢mtr*rsryNstecs who w¢r¢ in office in thc year are as listed on page l. A quarter of the Council memb¢rslTrustees rctire by rotation ¢ath year at the Annual G¢nera] M¢¢ting, Ivith tbe men)bers of the Coun¢il appointing or re-electing the Council memberslTrustees. Wh¢r¢ a ¢￿￿al vacancy arises during the year, the rn¢mbersmay appoint A person to fill thai ￿sitiOn UDtiI the next Anttual General Me¢tin8, where th¢ pcr50n will b¢ ¢li8ible for T￿tlectIOn. Potential new Council members identified and approached by the Council. Their selection is based on the]rg￿graphical position to ensure that the Council is reprcscniative of all re8ion4 and for their ie¢hni¢ai ¢xp¢rtise. Poterttial Council rn¢mbers are selected from various individuals who sllp￿rt ihe 50¢iety and 115 Objectives. If the potential new member ¢booses to a¢¢¢W the off¢r, they will b¢ nominated ft*r membet3hip at a Coun¢ll me¢tiiig. Before the new mernber attends their fjrst Council rneetin& they will b¢ given a bricfing on the history and obj¢ctives ofthe Society and a tour of the office5 by the Gcncra] Secretary. The Council continues to keep o watchful eye on the possibl¢ risks which ¢ould affect the So¢i¢ty. The Council has rnonitored the review ofth¢variou5 business and operational activities of th¢ So¢i¢ty aDd systCrn5 continue to b¢ in placeto cn5ur¢ that thesc risks are kept to aminimum. OBJEcfIvES AND ACTIVITIES The Soci¢ty's objects and its principal activity continues to be that of providing support. or assisting in the SUPPDrt of clergy in poor and populous parishes and to make aDnual grants of mon¢y towards the marntenan¢¢ of addÈtional clergy iti tlk)s¢ parishes in need of such assistance. As part of its vocational work. the So¢i¢ty a150 make5 8r8nts available for P¥Tish pla¢ementS omd gmnges a VLKations ¢onfercnce. Thcre wer¢ no chan8Cs ts) these tctiyities in the year. Th¢ Council consthtly reviews the conditions under which it makes grants. Th¢ one pIimary ron¢¢rn is that 8rants ar¢ made to 'porish¢5 in poorand populous are￿.. That is why aparish's Statements of A¢¢ount ar¢ examined very carefully b¢fore any decision is made about awarding a grant. However, the Church h￿ in rwent years seen a decline in th¢ number of cwates being ordained. Therefore, the Society's r¢fl¢¢ts the fact that larger gromts have been given to fewer P8Tish¢s instead of modest grants 10 large number of pari$he5. Th¢ GeD¢ral Secretary and som¢ other members of th¢ Council oftell visit parishes which support the Soctety. to pr¢a¢h about the work ofth¢ Society in order to raise awareness and attempt to increase donation and l¢ga¢y income. AkJEhiOEO ADDITIONAL CURATKS SOCIETY (A Company Limited by Cuaran¢tt #nd Dot having * Share Capital) Compally No. 262795 Registered Charity No. 209448 COUNCIL'S AND TRUSTELS, REPORT (Continu¢d) For the year ended 30 September 2023 Raisitsg Awareness and attempting to generate fi￿ther funds for the pwp05e of the Society 15 also done by parish secrethries fiDm Sup￿rting parishes on a voluntary b*8ts. PUBLIC BENEFIT The Trustees confm that they havc paid due regard to th¢ guidance given by the Charity Commission on publi¢ benefiL in¢luding the guidw)¢e on public benefit= n]nning a ¢h¥ity ￿B2) and the Charity's obje¢tives and activities as ntsted above are considered b¢ for publi¢ benefit. ACHIEVEMENTS AND FJNANCIAL REVJEW Totsl income fortheyearwas £692,95512022- £650,962). £87.500 {2022- £67,500)was r¢strid¢d in¢omefrom donations r¢¢¢ived intended for grant payrntnts and towsrds the running e05t of th¢ So¢i¢ty. £605,455 12022 - £583,462) wa5 UnT¢StriCted income which included donations frtsm supporter5 of £67,36912022- £60.305), l¢gacie5 of £199.199 {2022- £187.881). inv¢stment ID¢om¢ of £172,641 {2022-£159.027) and printing and Sales of £107.30512022-£118 J 151, income from related party charities of £24,839 (2022 - £24,839) and Paro¢hial F¢¢s frorn 5crvitt$ carried out by the G¢n¢r&l s¢cretary Father Darr¢n Smith of £24,399 (2022- £24,877). Total expenditur¢ ftsr the year was 405,746 {2022 - £348,817). £93,025 (2022 - 471,820} was r¢stri¢t¢d expenditure. Unr¢stri¢t¢d ¢xpet)ditllre was £312,721 (2022 - £276,9YII. Grants bwsaries and voc*ion payments relating io th¢ objects of the Soci¢ry of providing support ftir, and maintenanc¢ of clergy, amounted 10 £91.31812022 - £59,320) and payments towards running costs of £12.500 12022 - £12,500). Costs for voluDiary activities of £169,584 {2022 - £154.615). printing and sal¢s of £118.S78 {2022 - £117,525) and governance Costs of £14.766 (2022- £4,8571. Th¢ net In￿ming resour¢¢s for the year amounted to £287.209 12022 - £302.145). but after net reall￿d and unrealised gain o invcstments of £81,99212022- £328.605 lossl and actuarial gain on pension defirii of £0 {2022 - £1.000). th¢ final net movcm¢nt in funds for the year resulted in a surplus of £369.20I (2022 - £25,460 defLCÈtI. The D¢t rnovetnent irt f￿d$ is as a result of a Testricted fvDd5 deficit of £5,525 and an uArestri¢t¢d filnd surplus of £374,726. The Trusie¢s are seeking io addre55 the aiamiing rate of parish vawicies due primarily to the age profiling of the existing ¢lergy and the expected rate of clergy retirement over lh¢ next 10 years. It was d¢¢id¢d toput signifi¢8nt resources our VO￿tionS wo whi¢h has b¢¢n headed '*o(¥tionsnetwork.org and consists of an annual r¢sidential conf¢r¢n¢¢, regional day ¢onf¢rences and individual pla¢¢m¢nts and onlin¢ and face to face supporL The Society continues to support individual parishes with the on-going exp¢nditure connected with Assist￿t Curates and provides grat)ts that as$i$t with working And housing wenses. In 2023 th¢rewere 26 parish¢s in receipt of these gratht$ 116 in 20221. Although in some cases thes¢ 8Te relatively small 8mounts of money, but in the c￿$ of the parishes involved these grants make a si8nifi¢ant wntribution to theirov¢tall budget in some ca￿S the difference betwecn having and not having a Curate. As th¢ Church f￿￿8 the other ¢halleng¢ of a decline irt overall church attendan¢¢ and a drop in it)come, more and morc dio¢¢s¢s are choosing to reduce the number of stipendiory clergy and rc¢lassifying parishes to part-time and House for Duty roles. The Trustees have chos¢n over a number of yeaT5 to pioneer a number of parithe$ where they cart see particular merit in ¢ontinuing the p￿$¢￿¢¢ of a full-time minister. These parishes are partly identified by th¢ way in which ihey fit into the ACS'S investment crkleria (small and populous parishc5 in England and Wales). Over the year last few years what the s￿Iety has dkscovered is that this 518nificant investment on our part usually leads ts) the re-esthblishment of full-time ministry paid forby the diocc5eonce ourgrant is completed. A conc¢rted ¢ffort was made to ty and COnt￿t parishes leadirtg up to Le￿. This is th¢ most $ignific¥thi period in the church's year where parish￿ supw)rt the Society, although quite a time-con5uming ¢x¢wise it certainly seems to have bome frnik with the IcY¢l of donations re¢¢ived encouraging, ¢$pecially considering the ehallenging times we h¥4ve seen ￿¢ntly. Th¢ Tnjstees believe that the matn ernphasis of the So¢iety should be ¢ott¢entrated on the encourdgemenl of vo¢htions withi4 the Catholic consti￿enCY and will be considering ways in which this work will be expanded in the ￿tUre 50 to ettsure a regular supply of Catholic Ordinand5. ALIENOED ADDITiofiAL CURATES SOCIETY (A Comp4Dy Llmited by Guar•ntee and not bathg o Share Capitsl) Company No. 262795 Rwstered Cb#rity 209448 COUNCIL'S AfiD TRUSTEES, REPORT {Continued) Yor the yur ended 30 Seplember 2023 The Society mainlains its unrestricted re5erve5 at a sutTJcient level for it to meet the managem¢nL adrninistration and support cods. and for the making of charitsble grants. The Council will ensure Ihai the lev¢1 maÈntained is sufficieni for th¢ So¢i¢ty'$ currenl eeds and any funds not immediat¢ty required will then b¢ invested in ac￿rdan¢e with the Council's invc51mcnt pow¢Js. The Council the power to invest the money of the Society whi¢h is not immediately required for its chgritsble purposes in investtn¢nts, securities or propety. All inveslment dealin85 are mad¢ in conjunction with professional advice from the Society's Investhient Manager4 CCLA and M&G. The Society's investments tre held in order to ¥chieve capitsl growth a mod¢Tate risk portfolio. with any additional investment income b¢ing uscd for the objects of the Society. The &Kiety's inv¢slmettt pothlio 8enerdtcd a return on invcslrnertt of 3.35%12022- 3..43%) thowed a net gain of £81,992 12022- £328,605 gain ) in market movement during the year. Audi¢or Sumer Auditw Limited, were appointed as auditorto the group and in accordance with s¢ction 485 of the Companies Art 2006, Tesolution proposing that they be re-appointtd will be pu¢ at a General Me¢ting. Disclosure of iDformAtlon ￿ the audltors We. the directors of th¢ compatty who h¢ld oifice at the dats of ¥pproval of thes¢ Financial Ststem¢Dts as Set out abov¢ each confirn, so far a5 we are awgr4 that.. there is no relevant Audit infonnation of whi¢h thc cornpaTry'S audilors are unaware. and we hav¢ tsken all th¢ sieps ihat w¢ ought to have taken directors to make ourselves aware of any relevant audit itiforniation and to estab]ish tba( the company's auditors are aware of that inforniatkon. GOING CONCERN The Trustees ore satisfied that the Society is a goin8 concern forthe next 12 months. Thi5 conclusion has beett drawn following assessment of th¢ financial perfoTrnancc in 2024 and the level of finan¢ia] re5crves at the year end and they aTe confident that the Society has enough re￿N￿G¢S to continue its operations at lea￿ forthe next 12 month& PLANS FOR FiJTURE PERIODS IJ) the future, th¢ Society plans to continue in its current work maintsin the levels of grants thai are being made. There are to be no changcs to the objcrtives of the Society in the n¢ar future. AKJENDED ADDTfIoNAL CURATES s(￿IETy (A Company Limited by Guarathtee #nd not having a Share Capitsl) Company f40. 262795 ReEiSt¢red Charity No. 21)9448 COUNCIL'S AND TRUSTEES, REPORT (Continued) For Ihe year ended 30 September 2023 KEY RISKS The Council aolively and re8ul8rly Teviews the m8jOT rysks to which the charity 1$ exp(ised ¥nd has iMp1¢Tnen￿d proc designed to D)inimi5e aoy pot¢tttia] impact should any of thos¢ risks materialisc. The waiJJ are&s of risk id¢ntifi¢d by th¢ Council atE'. Thr w5t-of-JivAti8 crisis has cousllwerspetsditi8 which 15 affwling th¢ l¢vel of donatioDS ￿ceiv￿£. Decline iu BtteJJdanc¢ could also aff¢¢t donatiwjs goi08 forward. and Decline in the tak¢ up i)f vocations. SMALL COMPANY PROVISIONS This report has betn prepared in accoTdsncc with the Statemerkt of Rccon]metsded Pj¥￿1¢e'AWjullting 8od Reyortin8 by Charities" {SORP2019) and ill gCCgTdEDCC with thL' SP￿¢1a1 provisions forswo]I c47mpl￿￿L￿ ￿d¢r P4rt 15 of the Conjpmies 2006. ThisTCPQrt approved by ounrij 23 Au8USt 2024 and 5igttd on its 6d￿lf by.. The Rt Rewd Anthony Roblbwtt (ChalrmaD) ALIENOEO ADDfTIONAL CURATKS sOc￿Ty (A Company IAmited by Gu*rADtre And not h*ving A Share Capit8D TRUSTE&S RESPONSIBIL￿￿Es Company No. 262795 Regis¢ered Clwity No. 209448 The trwslets (who are al￿ directors for PUTW of company law) are ￿spOnsIbl¢ for prq)aring the 1"n￿s. Annual Rcport and financial statcments in a¢cordane¢ with applicable law and United Kingdom A¢countmg St2ndariLs (Ut)ited Kitigdom Gencrajty Aecw Accounling Practice). Company12w rcquiroq thc tr￿￿tets to prepare fllwiLAia stat¢mthts for fjnancial y¢ar which give a trne and fair view of th¢ stste of affaits of thc ehaTitable ¢oJnpany and of th¢ iticoming rcsourccs and application of rcsowcc& including thc Income and Cxpendttll￿, ofthe charitsble ci>mpany for that petiod. Jn preparin8th¢sc fjnamcial Stater¢¢n￿ the In￿ ar¢ reqUI￿d to". sele¢l suitsblc a¢countiDg ￿lIci¢S and then apply them consistently. obsery¢ the rnethods and prncipl¢s in the applicable Chariti¢s SORP. make judgollents and cstitnatcs that are rca%onable and prnd¢nt' whcthcr 4)plicabl¢ UK Aecounting Stsndards bave bccn follo￿ subject to ally matrrial (ktmrturcs dis¢los¢d and wlaincd ID thc f]Dancia] statrments. and prep8rc th¢ flnancial st#temcDts on the going ¢onccrn basis it is in&ppropTiatc to prcsume thal the charity wAll CODtitiu¢ in b￿iDe$S. Th¢ Ixustres responsible fork¢¢pitLg prO￿r and ad¢quatr accounting records thatdiscloscwith r¢asonablc accutacy gt any timc the fjnanciai position of thc cbaTitsble COTnpany aDd enablc thcm to ensuff that the fLnan¢ia] statem¢nts compty with th¢ Com￿}1¢￿ Ad 2006. ThLy akn resplmsiblc for saf¢guwding the &84Kts of the charitsbk ￿MpanY and h¢nce for takin8r¢agonabk stcps for the pr¢vention and dct¢ction of fraud otbcr int8ulariti¢s. Thc truSt￿s are rcsponsiblc for th¢ maintsnan¢¢ and int¢.￿lty of the charity and fmaneRal jnfonnati0￿ includ¢d on thc harity's websit¢ in accorthcK with legislation in th6 ljnitcd KiDgdom governing the preparation and al&￿MInatIon of Approved by th¢ Trnstees on 2 August 2024 and sigD¢d on its bcbalf by: The Rt Revd kntbouy liobth￿D (Chalrnian) AKJENOGO ADDITIONAL CURATES SOCIETY (A Company LSmlted by Guarnntee and Dot having a Sh*re Capltsl) Company No. 262795 RegL8tered Ch4r&ty N(L 209448 INDEPENDE￿ AUDITOR'S REPORT TO THE TRusfEES OF THE ADDITIONAL CiJIL4TES SOCIETY Opinion We hav¢ audited the fmancial statements of Addilionai Curates Society (the 'charitable company.) for the year ended 30 September 2023 which comprise the sralemenl of finan¢ial aclivities. the balance sheet, the statement of c&sh flows and notes to the financial statements, including significant a¢¢ounttnE policies. The financial reporting framework ihat has l*en applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Siandard 102 The Financia] Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of th¢ stat¢ of th¢ ¢h4titable company's affairs as at 30 September 2023, and of its in¢oming resources and application of resource5. including lis in¢ome and ¢xp¢nditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordan¢e with the requirements of the Charities Act 2011. Basis for OPiDlOll We conducted our audil in accordance with International Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. Ourresponsibilities underihose Standards are further des¢ribed in the auditor responsibilities for the audil of the financial statements section of our Trport. We are independent of the charilable company in accordance Mqth the ethical requirements that are releV￿t to our audil of the fill￿ClaI stalemenls in the UK, including Ihe FRC'S Ethical Standa and we have fulfilled our other ethi¢al r¢sponsibiliti¢s in accordance with these requirements. We believe thai the audil evidence we have obtsined is Sufficient and appropriate to provide a b&8is for our opinion. concl￿10￿$ rel4tln£ to going concern In auditing th¢ financial statements, we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate. Based on the work we have performed. we have not identified any material uncertainties Telatingto events or conditions that, individually or collectively> may cast significant doubt on the Charitable ¢ompany's ability to conlinue as a going concern for a period of at lea8t twelve months from when the financial statements are authoris¢d for issue. Our responsibilities and the reS￿nsibilitieS of the tr￿sleeS with respect to going concern are described in the relevant sections of this report. Other Infornation The oiher inforniation ￿mpriseS the inforn)ation included in the trustees, annual report, other than the financial statemenls and our auditor's report thereon. The trustees are responsible for the ￿h¢r informalion. Our opinion on ihe financial statement5 does not Cover the other inforniation and we do not express any forni of assurance conclusion thereon. Our responsibility is to read ihe other inforniation and, in doing so. consider wh¢ther the other inforniation is materially inconsistetjl wilh the financial 5tatemeMs, or our kTr)wledge obtained in the course of ihe audit or otherwise appears to be materially misstated. If we identify Such material iDCOTLSlStencies or apparent material misstatements. we are required to deternJine whether this give5 rise to a material misststemenl in the financial statements themselves. If, based on the work we have perforn)ed, we con¢lud¢ that th¢re is a material misststemenl of this other information, we are required lo report that fact. We have nothing to r¢wrt in this regard. AUÉNDEO , ADDrrioNAL CUIL4TES SOCIETY (A Compally Limited by Cu4rMlltre and Lot b¥ving * Share Capital) INDEPENDENT AUDITOR?S REPORT TO THE TRUSTEES OF THE ADDITIONAL CURATES SOCIETY Company 262795 ReEi4tered Charity Y40. 209448 Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (A¢¢ounts and Reports) Regulations 2008 require to report to you if, in our opinion: the infomiation given inthe trustees, report is inconsistent in any material respect with the financial statements: or sufficient accounting re¢ords have nol been k¢pt- or the financial staiemenls are not in agreement with the accounting records. or the trustees were not entitled to prepare the fjnancial st*emenls in accordance withthe small companies. regim¢ and take advantage of the small companies. exemption in preparing the trustees. report and from the requirement to prepare a strat¢gic Tep)rt' or ertain disclosures of trustees, remun¢ralion specified by law are not made" or we have not received all the infomiation and explanations we require for our audiL Responslbilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 6, the In￿le¢S (who are also th¢ directors of the chariiable company for th¢ purposes of company law) are responsible forthe preparation ofth¢ fIna￿tal statement5 and for being satisfied that ihey give a tru¢ and fair view, and for such internal control as the trustees detemine is necessary to ¢nablethe preparation of financial statements thal are fTee from material misstatement. whether due to or error. In preparing the financial stal¢menls, the tnL8tees are responsible for ass¢ssing th¢ charitsble company's ability to Continue &8 a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of a¢counting unless th¢ trustees ¢ither intend to liquida* the charitsble company or to Ce￿ operations. oi have no r¢alistic alternative but to do $0. Auditor respoD5ibillties for ¢he audlt of tbe fillandal statements We have been appointed as audilor under section 1443 of the Charities Act 2011 and report in accordance with the A¢1 and relevant regulations made or having effect thereunder. Our objectives ar¢ to obtain reasonable &8surance about whether the fllwicial statements as a whole are free from material miSstateM￿t, whether due to fraud or error, and to issue an auditor's report that tnclud¢s our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arige from fraud or error and are considered material if. individually or in the aggregate. they Could reasonably be ¢xpecled io influence the economic decisions of wsers tak¢n on the basis of these flnancial statements. Irregularities, including fraud. are instances of nonacompliance with laws and regulations. We design procedu￿$ in line with ow responsibilitie5, Outlined above. to del¢¢t material misstatements in respect of irregularilies, including fraud. The exteni to which our procedures are capable of detecting irr¢gulaTities including fraud is detailed below: Identifying and testing journal entries and the overall a¢¢ounting records. particularly those that were significant and unusual. Revi¢wing ihe financial statemem disclosures and deterniining wh¢ther accounting poli¢ies have been appropriately applled. AKJENOED ADDITIONAL CURATES SOCIETY (A Cornp#ny Llmltsd by Guarantee and not having a Sh4re CapitAI) Compally 262795 Registered Charity No. 209448 INDEPEIYDENf AIIDITOR?S REPORT TO THE TRUSTEES OF THE ADDITIONAL CURATES SOCIETY We have considered the charity's compliance wilh relevant laws and regulaiions, including those related to corporate governance. A complaint regarding corporate governance was raised again￿ the charity (see nole J9). We have tested the matters raised in the complaint and liaised with the charity's solicitor to ensure that approprÉale measures have been taken by the boaxd to addrcss th¢ issu¢5 identified. B&sed on ourprocedur¢s, w¢ hav¢ not identified any further irregularities that would have a material impa¢t on the financial sialements. assessing the extent of compliance, or lack of. with the relevanl14ws 8nd regulations. Testing income, in particular cul-off, for evidence of management bitts. We considered whether the going concern disclosure in the financial stalements gives a full and acc4wate description of trustees, assessment of going concern. We have reviewed employment matters to ensure there is no potential fra￿ and that the payroll charge in the financial statements agree5 10 payroll record5. We have reviewed resources expended to ensure these were in line with the charity's goveming document and authorised by a responsible individual. Because of the inher¢nt limitations of an audit. there is a risk thal we will not detect all irr¢gularitTes, including those l¢ading to a material mi5slat¢m¢nt in the financial statements or non-compliance wilh regulation. Thi5 risk increases the rnore that compliance with a law or regulation is removed from the events and transactions r¢fl¢cl¢d in the financial Stalements, as we will be less likely to become aware of instances of non-complian¢e. The risk is also greater regarding irregularities (Kcurring due to fraud rather than ern)r, as fraud involves intentional con¢ealmenL forgery. Collusio omission or misr¢pr¢sentation. A fvrther description of our responsibilities is available on the FRC'S website at.. htt s'./lwww.frc.or .uklauditors/audit- assurancelaudilor-s-re ilities-for-the-audit-of-the-fddescri tion-of-the-auditor%E2Yo8￿/o995-res on5ibiliti¢s- for We communicate with those charged with governance regarding, among other Matters, the planned scope and timing of the audi( and significant audit finding4 including any Significant d¢fi¢i¢n¢i¢s in int¢rnal control that we idetrtify during our audit. Use of our report This repotl is made solely to the charitable company's trustees, as a body, in a￿ordanCe with Part 4 of the Charities {Accounts and Reports) Regulalion5 2008. Our audit work has been undertaken so that we might state to the charitable ornpa s trustees those matters we are required to stale to them in an auditor's r¢port and for no other purpose. To the fulles tent perniitted by law, we do not accept or assume responsibility to anyone other than the charitsble company andt Fharitable comp y's trustees as a body. for our audit work, for this report, or for the opinions we have forn)ed. T Richard Alan Horton FCCA (Senior Statstory Auditor) For and bebalf of Sumer Auditco Limited The Beehive Dat oa4 Be¢blv¢ RIDg Road London GAtwl¢k Alrport G*twlek Ullited Kingdom RH6 OPA Cb4rtered A¢¢ouDt8lIts St*tutory Auditor Sumei Auditco Limited is eligible for appointment as auditor of the charitsble company by virtue of its eligibility foT appointment as auditor of a ¢ompany und¢r ￿¢tion 1212 of the Companies Act 2006. AKJENiOED ADDITIONAL CURATES SOCIETY (A Company Limited by GuiraDlee and not h*Ylllg 8 Share C*pitsl) Company No. 262795 Rwstered Cbarity No. 209448 STATEME￿ OF FINANCJAL A￿1v￿IEs (IDdudiDg Income and EJpenditure Aecollnt) For tbe year ended 311 September 2023 SOFA FOR 2023 Restricted Ullrestrieted Total Funds Total FuDds Funds Funds 2023 2022 F4ote INCOME AND ENDOWMENTS FROM: Voluntary Income: Donations Legacies Other Activities io Gener8le Funds: Turnover from sales of printing and goods Investment Income Sundry in¢ome 65.000 67,369 199,199 33,306 132,369 199.199 33.306 127,803 187,881 29.530 107,305 172,641 25,635 107.305 172,641 48.135 118.315 159.027 28.406 22.500 Totsl IncomlDg ResDur¢es 87.500 605,455 692.955 650.962 EXPENDITURE ON: Costs of generating funds: Costs of Een¢rating voluntary income Cost of goods and printing for sales Charitable activiti¢s Grants (including placement grants) Governance cos15 12.500 168,584 118,578 181,084 118,578 167.115 117.525 80.525 10.793 14.766 91.318 14.766 59,320 4,857 Totsl EIpendi￿re 93.025 312,721 405.746 348.817 Net Inc{)mel(Expendilu￿) before gains and losses on investments {5,525) 292.734 287.209 302.145 Net (losses)Igains from investments 81,992 81.992 (328,605) Net In¢omel(Expenditure) {5.525) 374,726 369.201 (26.460) Otber reu>gDi5ed Ooss¢s)Igains Actiwial (loss¢s)/gains on defined benefit Pension scheme 14 1.000 Net movement in (5,525) 374,726 369,201 (25.460) Funds Brought Forward 28.927 5,841,575 5,870,502 5.895,962 Tolal ID¢oming R¢sourees 23,402 6216.301 6.239.703 5,870,502 The notes on pages 15 10 26 fomi part of these financial statements. io- AKAENDED ADDITIONAL CURATES SOCIETY {A Comp•Dy Limited by Guarantee not b4vlD% a Sh8re CapitsD STATEMENT OF FINANCIAL ACllVITIES (Ineludillg 1￿come and Exp¢ndiluft Aceount) Company No. 262795 Regis¢ered Charity No. 209448 For the y¢ir ended 3U Sep¢¢mber 21)23 COMPARATIVE SOFA FOR 2022 Nots Restrieted UDre$trl¢ied Total FuDds To¢al Funds Funds Funds 2022 2021 INCOME AI¥D ENDOWMENTS FROM: Voluntary Income- Donations Legacies Other Aclivili¢s to General¢ Funds: Turnover from sales of printing and goods Investment Income Sundry income 67,500 60,303 187,881 29,530 127.803 187,881 29.530 175,193 54.643 25,445 118.315 159,027 28,406 118,315 159,027 28,406 92,154 143.319 49.602 Total IntomlD% Resourcey 67.500 583.462 650,962 540,356 EXPENDITURE ON: Costs of g¢n¢rating fund5'. Costs of generating voluntary income Cost of goods and printing for sales Charitable activities Grants {in¢luding placement grants) Govemanc¢ costs 12.500 154.615 117.525 167,115 117,525 154.920 109.910 59.320 59.320 4.857 58.960 3,465 4.857 Totsl Expenditure 71,820 276,997 348.817 327,255 Net In¢omel{Expendiiure} before gains and losses on investments (4.320) 306.465 302.145 213,101 Net {lossesygains from investments (328.605) (328.605) 630,371 Net In¢omel(Eipendlture) (4.320) (22.140) (26.460) 843,472 Otber retognised (losse5ygains Actuarial Ilosses)Igains on defined benefii Pension scheme Gain on Tevaluation of fixed a&sets 14 1,000 2,000 372,094 Net movement ID fllmds {4,320) (21,140) (25.460) 1,217.566 Funds Brought Fotward 33,247 5,862.715 5,895.962 4.678.396 TotAI IneomiDg Resources 28,927 5,841,575 5,870.502 5.895,962 The notes on pages 15 to 26 form part of these financial St￿￿nents. AUENOGD ADDITIONAL CURATES SOCIETY (A Cojnpany Limited by Gu4rante£ and not having a Share Capital) BAL&NCE SHEET Comp4ny No. 262795 Reg￿tered Charity No. 209448 For the year emded 30 September 2023 2023 2022 Note FIXED ASSETS Tangible assets Investments 1,033,664 5,140.257 1,070,023 4,612,273 6,173.921 5,682296 CURREF4T ASSETS Debiors Cash th Bank and in Hand 10 34.108 76.267 16.128 183,076 110,375 199,204 CREDITORS: Amounts falling due within one year ij (44,593) (10,998) 65,782 188206 Iyet Asyets eJclndiMg pellsion liability Defmed b¢Defrt pension sch¢me liability 6,239.703 5,870,502 14 Net A&sets 6.239,703 5,870.502 FUNDS R¢stricted Funds Unrestrlcted F￿d5 Revaluation T¢serve 16117 16117 17 23,402 5,866.533 349,768 28,927 5,469.480 372,095 Net Assets 6239,703 5,870,502 12- AK4ENOEO ADD￿￿o￿AL CURATES SOCIETY (A Company Llmited by Guarantee nol havimg a Sk4re Capital) Company 262795 Registered Charity 209448. BALANCE SHEET For the year ended 30 September 2023 These financial statements have been prepared in acwrdance with the SFKcial provisions for small compani¢s under Part 15 of the Companies Act 2006. For the finan¢ial year ended 30 Wtember 2023 the comp8ny was entffiiled to exemption under section 477 of the CompaDi¢S Ad 2006 relating to small companies, for the year ended 30 September 2023. although an audit h&8 been ¢wied out under sertion 144 of the Charities Ath 2011. The members have not Tequired the company to obtain an audlt of its stalements wider ihe reqUir￿Dents of the C¢)mpanies Act 200& for the y¢ar in question in acwrdance with section 476. The TnLStees acknowledge their restx)nsibility for complying with the r¢quimnents of the Ath with res￿¢1 to acwunting r¢£ords and for the preparalion of accounts. The n(Xes on pag¢s15 to 26 fom) part of these financial statements. The finan¢iaJ statements were approved by the Tntstees on 23 Auwt 2024 11 ibi Jkn ALIEIJOED , ADDITIONAL CURATES SOCIETY (A Company Limited by Guar8ntee aDd not havittg 4 Sh4re Capital) STATEMENT OF CASHFLOWS Company No. 262795 Rwstered Cbarlty No. 209448 For the ye*r ended 30 September 2023 2023 2022 Casb llows from operating 4¢tlvities: Net incomel(expenditure) for the reporting period 369.201 (25.460) Adjustm¢nts for: Depr¢ciation Charges LossesllGains) on investments Pension fund movements Dividends, interest and rents from investments (]nCrea5e)￿ecreaSg in debtors Incr¢ase/lDe¢rease) in Creditors LossesllGains) on fixed assets 36JS9 (81.992) 37,102 328,605 (2,000) (159.027) 32.747 (942) (172,641) (17,980) 33.598 Net casb provided by operatlng getivities 166,545 211.025 C*8h flows from investlDg aetiyities: Dividends and int¢Test from inv¢stments Proceeds on disposal of investments Purchase of fjxed ass¢ts PuTchase of investments 172.641 159.027 352.194 (510,000) (552,194) Net VA5h provided byl(used ill) InvestlDg 4¢tfiviti {337,359} (40,973) Cb¥nge in cash and ¢*sh equival¢llts ill the reporting perlod (170.814) 170.052 Cash gnd cash equivalents at the begtnning of the Ftriod 297,826 127,774 CA$h and cash equivalents at the ettd of tbe rtportlng period 127.012 297,826 Cash and cash equivalents at the end of the reporting period comprises.. Cagh at bat]k and in hand Cash held on investm¢nt 76,268 50.744 183,076 114.750 127,012 297,826 14- AUEIJOGD ADDITIONAL CURATES SOCIETY (A Compally Limited by Guorantee and not Sb¥re Capital) F40TLS TO THE FINANCIAL sTATEM￿s For tbe year ended 30 September 2023 GENERAL INFORMATION The Society is a company limited by guarantee and h&8 no share capiia]. In th¢ event of the ¢harity being wound up. the liability in respect of the guarantee is limited per member of the charity. ACCOUNTJNC POLICIES BASIS OF PREPARATION AND ASSESSMENf ov GOING CONCERN The financial statements have been pre￿red in accordance with Accounting and Reporting by Chariti¢s: 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) (effeclive l January 2019) - (Charities SORP (FRS 102)k the Financial Reporting Siandard applicable in the UK and Republic of Irelond IFRS 102) and ihe Companies Act 2006. Additional Curates Society meets the definition of a public benefii entity UTMler FRS 102. Assets and liabilities initially reCO￿lSed at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. b) PREPARATION OF ACCOUNTS ON GOING CONCERN BASIS The Tnistee5 consider thai the level and nattw¢ of the financial reserves al 30 SeptembeT 2023 and up to the date of signing the annual report and financial statements, doe5 not impact upon the a55umoion ihat the organis&tion is a going ¢on¢¢rn. FUND AccouwfiNG Unrestricted funds are fu]¥ls which ar¢ available for use at the discretion of the Council in furtherance of ihe general objectives of the charity and which have not been designated for other p￿r￿>se$. R¢stri¢ted fimds are funds which are to be ￿Sed in accordance with specific restrictions imposed by the donor or have been raised by the charity for specified purposes. Those costs incurTed in relation lo such a fund are charged against the specific fund. d) DONATIONS RECEIVED All incoming resources are included in the Statement of Financia] Activities {SoFA) when the charity is legally entitled to the income after any performonce condilion5 have been met, the amount can be rneasured reliably, and it is probable that the income will be received. For donalions to be recognised the charity will have been nolified of the amounts and the settlewnent date in writing. If there are condition5 attached lo the donation and this requires a Icvel of perforniance before entitlement can be obtsined, then income is d¢f¢rred until those ¢onditions are fully met or the fulfilment of those conditions is within th¢ ¢ontrol of the Charity, and it is probabl¢ that they will be fu]filled. LEGACIES RECEIVED Legacies are ¢r¢dited to th¢ Statement of Financial Activili¢s #t the point at which the Sttiety becomes ¢ntitled to the legacy and the amount is capable of measurement. Legacies of assets included at their market value. 15- AfvJEMOEO . ADDITIONAL CURATES SOCIETY (A CoJnpaDy Limlted by Guarantee gnd not bavlllg a Sb*r¢ Capital) NOTLS TO THE FINANCIAL STATEMENrs For the ye•r ended 30 September 2023 2. ACCOUNTING POLICIES (Con¢lllu¢d) INCOME FROM PRINTING AND SALES OF GOODS Income from trading activilies include5 income earned from saje of printiTbg literalure to raise funds for the charity. Income is received in exchange for supplying goods and services to raise funds and is recognis¢d when cntitlement h&s occurred. Majority of the trading income is from sales of its literthre. including the magazine'christian Lif¢" and external printing. g) ¥VESTMENf INCOME Investment incom¢ is earned through holding assets for investment purwses such &8 shares atMI propety. li includes dividends, interest and rent. Where it is not prn¢ti¢able to identify investmenl management costs in¢uTred within a scheme with reasonable accurocy the imiestment incom¢ is report¢d nel of these costs. It is included whenthe amount canbe measuredreliably. Interest income is recognised usingthe effective interest method and dividend and rent income is recognised as the charity's right to receive paymenl is esiablished. b) COST OF SALES ON PRINTING ACTivrriES AND SALES OF GOODS The trading exp¢nses. including ih05e of printing only includ¢ malerials and certain over￿ad costs diredly attrlbutable lo prinling. These included the costs of staff. depre¢iation of related office equipmeth and other appropriate overheads. GILl￿s PAYABLE Grants payable to Ihird parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is rjotified of the grant, &s this gives rise to a reasonable expectstion thai the recipient will receive the ￿ants. Where gTants ar¢ condiliona] relatingto perfoman¢e th¢n the grant is only a¢mied when any unfulfilled conditions are outside of th¢ control of the charity. All grdnts are authorised by Council members. J) RESOURCES EXPENDED Expenditure is ￿Cognised on an accn￿lS basis as a liability is incurred. Expenditure is recognised where there is a lega] or cOn￿ructIve obligition to make payments to third parties, il is probable that the settlement will be r¢quire(L and the amount of the obligation can be me&sured reliably. It is categ0ri5ed under the following headings: Costs of generating funds comprises the costs &8sociated with atiracting voluntary income and th¢ costs of the charity's printing activities. Charitabl¢ expenditure Comprises those costs incu￿ed by the charity in delivery of its activities for its benefi¢iaries. Govemance costs include those costs associated with meeling the constitutional and statulory requirements of the charity and includes the audit fee. preparing the statutory accounts and costs linked to the strategic management of the charity. All costs are allo¢aled between the expenditure cal¢goTies of the SOFA on a b&qis designed to refle¢t the use of the resour¢e and costs relating to a particulay activity are allocated directly lo them. iv -16- ALIéNDED ADDITIONAL CURATLS SOCJETY (A Company Limited by Gu*r¥ntse and not h¥ving A Share C8pitsI) NOTES TO THE FINANCIAL sTATEME￿s For the year eDded 30 September 2023 The charity is partially exempt for VAT purposes, the expenditure within the financial statements being shown net of VAT. with ihe ittecov¢rable VAT being disclosed within the cosls of generating voluntary income. k) PENSION COSTS The cost of providing retirement pensions 15 charged to the Statement of Financi￿ A￿1vIlieS on the basis of a constant per¢entoge of earnings in the case ofthe defined conlribution scheme. Contributions ￿ the defined benefit scheme are paid at an atmual Tate agreed with the Insurance Company who administer the scheme. at the start of the soheme year. The difference between Ihe charge to the Stalement of Financial Activities And the contributions paid to the schemes is shown as an asset or liability in the balan¢e sh¢et. TANGIBLE FIXED ASSETS AND DEPRECIATION All fixed assets are capitalised and are initially recorded at cost. Depreciation is charged on 8 s￿ight-ll￿¢ b&%is at the following rates.. Freehold r¢sid¢ntial property [£￿h0]d office building Office furnilure and equiE*nent Compuler equipment 2Yo Life of lease IOYO The leasehold property includes a car park valued at £1 S,0(10. This car park 15 not depreciated. The reason for not charging dew¢¢i4lion is th¢ car park has an indefintte ￿sefUl life, and its va]ue 15 not ex￿￿e￿ to diminish over time. m) INVESTMENrs Fixed ass¢1 inveslments are stated at closing bid-market value at the balanc¢ 5hcct date. Rcaliscd and unreali5ed gains and losses on inv¢stsnents are dealt wilh in the Statemenl of FIn￿¢La1 Activitie5. OPERATING LEASE AGRKKMKNTS Re￿a]S appliclble to operating leases where substanlially a]1 of the benefils and risks of ownership remain with the lessor ore d)arged against profits on a straight-line basis over the period of the l¢&s¢. o) EI￿LoVEE BENEFITS Wh¢n employees have rendered service to the charity, short-temi employee benefits to which the employees are entitled aTe recognised atihe undi5counted amount ¢xp¢¢ted to k pAid in ¢xchange for that setvice. p) TAX The charity is an exempt ¢harity within th¢ meaning of schedule 3 of the Clwities Act 2011 alxl is considered io pa55 thc tests $¢1 out in para￿aph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a Ch￿itable company for UK cory)oration tsx purp)ses. 17- AKJENO£O ADDITIONAL CURATES SOCIETY (A Company Limited by Gu¥rAntre Ind not havitig 8 Share CapitsD NOTES TO THE nYANCIAL sTATEm￿s For the year ¢nded 30 September 2023 llYCOME 2023 2022 Unreslrieted Restricted UnTestri¢ted Restricted Voluntary IDcoJDe- Donations Supporters Restrict￿ grants 67J69 603(13 65,OOD 67JOO VoluDtsry income- Other Catholic Societie5 Rental and admin recl)arges Adverts Vocations 1.976 24,839 6.491 1,130 24.839 3.561 33J06 29,530 Sundry income Restricted grants Parochial fees Other Furlough 22.500 24.399 1.236 24.877 3,529 25.635 22.500 28A06 GRANTS PAYABLE 2023 2022 Unr¢$tricted Restric¢¢d Unrestricted Restri¢ted ItL8titution81 grants made for th¢ support of clergy: I 10,000 22,000 (2022: 2) PaTochial Church Councils- 25 (2022'.16) 10,793 70,525 37,320 10,793 80,525 59J20 The Truste¢s consider the ￿ants paid to be of public benefiL 18- AUEMOED ADDrrIoNAL CURATES SOCIETY (A Company Limited by Guiri*l¢e attd llot b4vlng• Share C*pitsl) NOTLS TO THE FINANCIAL STATEMErffi For the year ended 30 September 2023 COSTS OF GENERATING FUNDS Volunt4ry Prkntlng? llleome Adivities and purchases for rnw5ale Tot*1 2023 Voluntary Income Printing, Activilies and purchases for re-sale Total 2022 Organising cxpenses Staff c05ts Costs of printing a¢livili¢s goods for sale General office expens Postage Telephone Ga& ele¢tri¢ity and watrr Professional fe&s Property r¢pairs and expenses Vocations Adverts 16,521 82,810 16,521 114,365 66,135 11,921 79.349 11,921 109.017 58,243 31,555 66,135 29,668 58,243 17.113 1.116 8,556 10.047 3.022 {737) 25,669 11,163 4.533 (1,638) 3.955 17.133 1.408 4.059 17,155 .743 1.558 2,725 1.729 4.906 8.927 8,577 15,690 3.118 2.229 25.732 17.433 4.675 4,954 1,729 4.906 8.927 (901) 3.955 17.133 .408 4,059 tkwttiation: Freehold property Leasehold property Office furniture and equipment 13.200 2.747 20.412 13.200 2,747 20,412 13.200 2.747 21.155 13.200 2,747 21,155 181,084 118,578 299,662 167,115 117,525 284,040 Voluntary income above includes £12.500 (2022.. £12.500) of ovuhead which are funded ihTough restricted funds. GOVERNAIYCE COSTS 2023 2022 Accounts fees Council Meeting and memlKrs &xpeTL8es Audit fees 3,910 856 10,000 3.570 1287 14,766 4057 19- ALJEIJOEO . ADDrrioNAL CURATES SOCIETY {A Company Limited by GuaraDtee not havitig a Shar¢ Capitsl) NOTES TO THE FINANCIAL STATEMENrs For tbe year ellded 30 September 2023 STAFF COSTS 2023 2022 Wages and Salaries (including benefits in kind) Social Security Costs Pension Costs 100.876 5.836 7.653 95,188 4.664 9.165 114J65 109,017 No employee eamed £60.000 pa ormore. Pension costs alloc*ed lo activities in proportionto the relthed staffing ¢osls incU￿ed and are wholly ¢harged to unTestrict¢d funds. The Society received £0 (2022.. £3.529) in funding from the Coronavirus Job Retention Scheme (Furlough) in the year forthe two employ¢¢s who was on furlough for part of the year. No remuneration was paid or is payable to the Council members for the year (2022- £Nil). The General S￿retary is consideredto be the key management ofihe Charity. The toial emoluments of key management personnel for the Society were £54.644 {2022- £53,421). The charity provides housing benefits lo keym8nagement personnel. These benefits are valued based on the market value of the rent for comparable propertie5 ill the area. These benefits were provided in accordance with the charity's policy on employe¢ benefits aJMI w&$ approved by the trustee5. The lotal housing I￿errtS provided during the reporting period amounied to £24.360 (2022- £24,360). Expenses Teimbursed to Council meM1￿S for the costs of travelling to attend meetings amounted to £856 for 3 meetings (2022 - £1287, for 3 meelings). Of the 12 Council members who served during the year the numkr receiving reimbursements of expenses was 7 (2022- 7). The average number of employees of ihe So¢i¢ty during ihe year was.. 2023 No 2022 No Support of the ¢haritsble activities Trading -20- AKJENOED ADDITIONAL CURATES SOCIETY (A Company Limited by Guarnll¢¢e gDd not h*viDg • Sb8r¢ Capltsl) IYOTES TO THE FINANCIAL STATEMElYfS For the ytar ended 30 September 2023 TANGIBLE FIXED ASSETS 1*48ehold Property Freehold FuTllltur¢ & Property Equlpment Total COST l October 2022 Additions Revaluation 395.5110 660,000 210,345 1.265.845 30 September 2023 395,5011 660.IH)O 211J.345 1,205045 ACCUMULATED DEPRECIA TION l (kiob¢r 2022 Charge for the y¢ar Disposal 14,422 2.747 65,690 13,200 115.710 20.412 195,822 36.359 30 September 2023 17,169 78,890 136,122 232,181 NET BOOK VALUE 30 September 2023 378,331 581,110 74223 1,033,664 30 September 2022 381,078 594,310 94,635 1,070,023 All tangible fjxed assets ar¢ used in the printing uctivilies or in the tnanag¢meN and administration of the charity. Leasehold Property has been depreciated in line with the life ofthe le4se. Freeholdproperfy In 2021, the Trnstees received a professional valuation of the freehold propety following signiftcant structtjral, ele¢trical and refurbishment works. The property was valued as at 4 March 2021 at £660,000 based on an open market valuation by Monvood Sutveyors 28 High Street Aldridge WS9 8LZ. Revaluation uplifi Revalued amount £372.095 £660,000 The truslees have reviewed the rnarket Yalue ofihe charity's properties ￿ atthe Tewrting dale. This review included an &8sessm¢nt of current market conditions. B&8ed on this evaluation, the trustees have detern]ined ihat there is no indication of impairnient in the value of the properties. Therefore, no impairnienl adjustments have been made in the financial statements. The Tevalualion uplift of £372.095 in2021 was disclosed as an unrealised gain in the statement offinanciai activities and a rev31uation reserve was created in the unrestricted funds, see note 16. -21- ALJ£M DIO ADDITIONAL CURATES SOCIETY (A Company Limited by Guar*ntse and Dot having a Share Capilal) NOTLS TO THE FINANCIAL STATEMENrs For the year ended 30 September 2023 TangIbIefued￿3¢ls held at valutstion The historic cosi equivalent of land and buildings includ¢d at valu¥4tion are as follows.. 2023 2022 Cost A¢cumulated depreciation 287,905 (23.032) 287.905 {17.274) Net book value 264.873 270,631 INVESTMENTS 2023 2022 LISTED INVESTMENTS: Mw*et value at l October Acquisitions at Cost Sales prixeeds for disposals (IA)ss) / gains in the year 4.497.521 510.000 4.626,126 552.194 {352.194) (328.605) 81.992 Market value ai 30 S¢ptember 5,089,513 4,497,521 C&8h held for investments 50,744 114,752 50,744 114,752 Totsl as at 30 September 5,140257 4,612,273 2023 2022 The historic cost of investments 3,711.097 3,201.538 Investments in individual entities held at 30 September 2023 which are over 5V& of ￿rtfolIO by value are". 88,717 M & G Charifund Income Units 74269 CBF Church of England Investm¢nt Fund In¢ome Units 84,196 CBF Church of England Investment Fund Income Share5 ,269,564 1.567,480 1.776.998 ALIENOEO ADDrrIoNAL CURATES SOCIETY (A Company Llmlted by Guarantee Ind not b*tht 8 Share C8pItsII NOTES TO THE FINANCIAL ￿ATEmENTs For the y¢ar ettded 30 Septsmber 21)23 10. DEBTORS 2023 2022 Trnde debtors Prepayments Legacies receivable Other debtors 11,843 4.978 6.559 3.898 17.287 5.671 34,108 16,128 ii. CREDITORS: Amounts f¥lling due within ODe year 2023 2022 Accn]als Committed grant 19.593 25.000 10.998 44593 10,998 12. FINANCIAL COMMITMENTS ita] Commitments Capital commitments amounted to £nil ￿ the y¢ar¢nd (2022 - £nil). 13. OPERATING LEASES 2023 2022 Within one year Between two and five years 4.168 13,546 5,636 6,078 17,714 11.714 14. PENSION COSTS I lIABIL￿y The Society runs both a money purchase and a defiTted benefit pension schem¢. The funds are held by an insurance company and are separate from ihe assets of the S￿iety. Additional Curates Society participales in the Church of England Funded Pensions Scheme for slipendiary clergy. This scheme is administered by the Church of England Pensions Board which hold the assets of the schemes 5¢pwal¢ly from those of the Responsible Bodies. -23- ALIEMDED , ADDITIONAL CUIL4TES SOCIETY (A Company Limi¢¢d by Guarantse and not havlng * ShAre Capitsl) NOTES TO THE FINANCIAL STATEMENrs For the ye4r ended 30 September 2023 Ea¢h participating Responsible Body in the scheme pays contributions at a ¢ornmon contribution rats applied io pensionable stipends. The scherne is considered lo be a multi