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2022-03-31-accounts

Page Contents
2-10 Annual
Report
11-13 Independent
Auditors'		 Report
14 Statement ofFinancial Activities
15 Balance Sheet
16 Cash Flow Statement
17-26 Notes to the Financial Statements
27 —30 Notes to the Financial Statements (not fornting part ofthe Statutory Financial Statements)

The charity The charity The charity's Next year, the charity Next year, the charity Next year, the charity
planned to: achievements: plans to:
....give financial support to As at 31 March 2022,28priests who have resigned ....continue to give
those priests who have from
ecclesiastical
office due to age, (2021: 28		 financial
support to		 those
resigned from ecclesiastical priests),
were
in receipt of allowances
from
the		 priests who have resigned
office due to age. charity.
From 6 April 2021, the gross allowance		 from ecclesiastical office
per priest, based on 30 years'
service,
is 612,751		 due to age.
per annum.
Certain members
of the charity,
who
would
otherwise
be
eligible
to
receive
such
allowances
by virtue oftheir age, have continued
to
serve
actively
in
the
Diocese
and
are
not
therefore
in receipt ofsuch allowances.
Note 16to
the financial
statements
discloses
the maximum
commitment
of
the
charity
in
providing
appropriate
support
during
the next ten years.
....give assistance to In all, the charity gave financial assistance to orfor ....continue
to consider
priests who are sick, infirm 5
priests,
(2021: 6 priests).
Some
financial		 requests
for financial		 and
or elderly, (including those assistance
was
given
through
grants
to
third		 other assistance to priests
who have resigned from parties. ivho are sick, infirm or
ecclesiastical office due to elderly and give financial
illness). One ofthe priests has ceased active ministry
due to		 support to those priests
ill-health
but
is
aged
below
75
and
so
is		 who have resigned from
ineligible
to receive financial
support
of the type		 office due to illness.
mentioned
in the section above. He received grants
to help with his daily living costs.
....pay healthcare The
charity
paid
healthcare
insurance
for
19		 ....pay healthcare
insurance
for priests		 who priests,
including
beneficiaries ofthe charity over		 insurance
for priests		 who
are sick, infirm or elderly. 75 and priests
who
are aged below 75 but who		 are sick, infirm or elderly.
nevertheless
have had to cease active ministry
due
to ill-health.

Notes Unrestricted Restricted Endowment 2022 2021
Income Income Fund Total Total
Funds Funds
General
INCOIVIE AND ENDOVVlVIENTS FROlVI:
Donations
and legacies		 1.4(i)(ii), 2 34,034 34,034 5,42S
Investment
income		 1.4(iii), 4 192,816 92,581 285,397 239,002
Transfer to htcome 3 92,581 92,581
Total Income 226,850 92,581 319,431 244,430
EXPENDITIJRE ON:
investment
Managers
fees		 97,244 21,761 119,005 51,355
Charitable
activities		 258,144 93,654 - 351,798 370,535
Total Expend/
tn re		 1.5, 5,6 355,388 93,654 21,761 470,803 421,890
Net (losses)/ gains on investments 624,483 256,124 880,607 3,443,929
Transfers
(from) /to restricted		 fund 1,073 1,073
I Net taco'tnd/(enpenditur'e)
;n'et'ino'veiiit;lit„iii"fuiidsl;		 and '. . 494'8/2'; . ;.'- .'::;:,'," .'-";':;-)234,363.::I&t234-",":.*f3266'469 I
Reconciliation
offunds
Total funds brought
forward		 '.:11r769,979.':".,':::.l"'di,;i:-"ti.4 ) 4185!15:r964 1,6n4, '..12,697,:695'.
,Total'fu'nds
carried forwar'd		 :12;264,851,"::I';,t;;,".,''' ";-;:,::4a428548:16,693399'.'ll."15r964,'164';

As at 31 M arch 2022
Notes 2022 2021
FIXEDASSETS
Investments 1.7,9 16,499,453 15,907,643
CURRENT ASSETS
Debtors 10 91,117 75,487
Cash at bank 126,542 4,398
217,659 79,885
CREDITORS
Amounts
falling due within		 one year I I 23 713 23,364
Net current assets 193,946 56&521
Total uet a'ssets ':: '16,693 39'9 ":,"';:,15;964 I'64
FUNDS
Endowment 12 4,428&548 4,194,185
Restricted 14
Unrestricted
, Total fun'ds		 - General . ., ',I5, 12,264,851
11,769,979
::16,693,,399,:".' 15,964;164-''
STATEMENT OF C
As at 31 March 2022		 ASH FL OW S
Note 2022 2021
Cash flows from operating activities:
Net cash (used in) provided by operating activities 17 (452,050) (422,559)
Cash flows from investing activities:
Dividends
and interest from		 investments 285,397 239,002
Net Disposal/(Purchase)
ofinvestments		 288,797 176,056
Net cash provided
by investing
activities		 574,194 415,058
Cash flows from financing activities:
Receipt ofexpendable
endowment
Net cash provided
by financing
activities
Change in cash and cash equivalents in the year 122,144 (7,501)
Cash and cash equivalents at the beginning ofthe year 4,398 11,899
Cash and cash equivalents at the end of the
reporting
period		 18 126,542 4,39S

2022
2021
Legacies
Donations
Church collections		 27,145
1,278
5,611
3,000
2,306
122
34034,', 5428

he investme nt
fund and ap		 plica tion oftotal return to perm anent
endo'wme		 nt
funds:
Trust for Unapplied Total
Investment Total Return Endowment
8 8
At I April 2021
Gill component ofpermanent endowment 2,056,435 2,056,435
Unapplied total return 2,137,750 2,137,750
Total 2,056,435 2,137,750 4,194,185
Movement in unapplied total return and endowment in the year:
Gift ofendowment
funds
Investment return: dividends and interest 92,581 92,581
Investment manager
fees		 (21,761) (21,761)
Investment return: recognised and unrecognised 256,124 256,124
gains/(losses)
Total 326,944 326,944
Unapplied total return
allocated to income		 92,581 92 581
Net movement
in the year		 234,363 234,363
Closing value ofpermanent endowment
Gill component
ofpermanent		 endowment 2,056,435 2,056,435
Unapplied total return 2,372 113 2,372,113
Total 2056,435 ' 2,372,113 4,428,548

vestment
income (including
bank interes		 t receivable)
2022 2021
Income received from:
UK quoted investments 248,788 200,356
Overseas
quoted investments		 31,516 36,357
UK cash held as part ofthe investment portfolio 5,093 2,289
285,397 239,002
Other interest receivable , 285,397 .. '' . 239,002",

q
Overseas
quoted investments
UK cash held as part ofthe investment
portfolio
,
31,516
5,093
Other interest receivable
285,397
, 285,397 .. '' .		 q
Overseas
quoted investments
UK cash held as part ofthe investment
portfolio
,
31,516
5,093
Other interest receivable
285,397
, 285,397 .. '' .		 q
Overseas
quoted investments
UK cash held as part ofthe investment
portfolio
,
31,516
5,093
Other interest receivable
285,397
, 285,397 .. '' .		 q
Overseas
quoted investments
UK cash held as part ofthe investment
portfolio
,
31,516
5,093
Other interest receivable
285,397
, 285,397 .. '' .		 q
Overseas
quoted investments
UK cash held as part ofthe investment
portfolio
,
31,516
5,093
Other interest receivable
285,397
, 285,397 .. '' .		 q
Overseas
quoted investments
UK cash held as part ofthe investment
portfolio
,
31,516
5,093
Other interest receivable
285,397
, 285,397 .. '' .		 q
Overseas
quoted investments
UK cash held as part ofthe investment
portfolio
,
31,516
5,093
Other interest receivable
285,397
, 285,397 .. '' .		 q
Overseas
quoted investments
UK cash held as part ofthe investment
portfolio
,
31,516
5,093
Other interest receivable
285,397
, 285,397 .. '' .		 q
Overseas
quoted investments
UK cash held as part ofthe investment
portfolio
,
31,516
5,093
Other interest receivable
285,397
, 285,397 .. '' .		 q
Overseas
quoted investments
UK cash held as part ofthe investment
portfolio
,
31,516
5,093
Other interest receivable
285,397
, 285,397 .. '' .		 q
Overseas
quoted investments
UK cash held as part ofthe investment
portfolio
,
31,516
5,093
Other interest receivable
285,397
, 285,397 .. '' .		 q
Overseas
quoted investments
UK cash held as part ofthe investment
portfolio
,
31,516
5,093
Other interest receivable
285,397
, 285,397 .. '' .		 q
Overseas
quoted investments
UK cash held as part ofthe investment
portfolio
,
31,516
5,093
Other interest receivable
285,397
, 285,397 .. '' .		 q
Overseas
quoted investments
UK cash held as part ofthe investment
portfolio
,
31,516
5,093
Other interest receivable
285,397
, 285,397 .. '' .		 36,357
2,289
239,002
239,002
Included
in the above income is f92,581(2021:f79,304) received
in relation to the endoivment
fund, fNit
(2021:fNil) relating
to income
held for restricted
purposes,
and f192,816 (2021:f159,698) which
is
unrestricted.
Expenditure
Activities Grant Support 2022 2021
undertaken funding of allil
directly activities governance
(see note) costs
Cost ofraising funds
Investment
management		 costs 119,005 119,005 51,355
Charitable
activities
Grants to priests who are sick, elderly, 22,603 9 22,612 34,707
infirm or in need
Support to 32priests, aged 70
and over, ivho have resigned from 311,648 171 3111819 318,149
ecclesiastical office; (2021: 31 priests)
Provision
ofhealthcare		 insurance 7,277 7i277 8,426
Governance 10,090 10090 9,253
' 318,925 . 22603. i129275 470803 ' ' '421 890

6 Support costs allocation costs allocation
Committee Finance and Direct 2022 2021
legal support
costs
Cost of generating funds
Investment
management		 costs 119,005 119,005 51,355
Charitable
activities
Assisting priests who are sick,
elderly, infirm or in need
Support for eligible
have resigned
from		 priests who
ecclesiastical		 125 30 16 171
office
Governance . ' 134
'".268		 9,810
146
10,090
9,253
';-ll,-'s'll'1)8';8'45i';:;::;.;»;;!';.":ll'!316'2,:;;;;,:.:i:F,;:,:,329.."753*'7:1',' r-'""!6'0'„'676 i
GOVERNAN CE
COSTS		 ARE MADE U P OF TIIEFOLLOWI NG;
2022 2021
Payments to external auditor 9,780 9,027
Committee meeting expenses insofar as they relate to the general management of
the charity, including the costs oftravel 88
Bank charges 60 48
Printing,
stationery,		 postage and sundries 162
178
."f0090" ." '.::'""9253
Net movement
in funds
2022 2021
Net movement
in funds is arrived		 at after charging/ (crediting):
Payments to external auditor
Audit fees - current year 9,780 9,027

9 Investments 2022 2021
5
MARKET VALUE
At I April 2021 15,907,643 12,639,771
Acquisitions 2,397,265 1,660,003
Disposals (2,828,127) (1,802,792)
Movement
in cash		 142&065 (33,268)
Net investment gain/(loss) 880,607 3,443)929
, ;,At 32',Mar'ch 2022,. . 16,499,453„., 15,907,643
Net cash transferred
trom/(to)
inve		 transferred
trom/(to)
inve		 stme nts
in the year was f288,797(2021:%176,		 056).
Ann/ysed between;
UK investments listed on arecognised stock exchange or valued by reference to
such investments 14,383,018 13,335,423
Overseas investments
listed on arecognised stock exchange		 1,821,996 2,419)846
UK cash held as part ofinvestment portfolio 294,439 152,374
:16,499,'453 15,907;643,
And between:
Permanent Endowments 4,406,590 4,172,227
Other Restricted and Unrestricted Funds 12,092,863 11735416
16,499453 '. 15,'907;643
Histot ic coat at 31March 2022 ' 41'958,811,
'		 11540898

apply whi ch might affect the real isation ofthese investment
assets.
2022
Unitised/ Structured
Multi Asset Funds:
The SRIFund for Charities (Income) 4,406,590
The SRIFund for Charities (Accumulation) 6,737,565
Other UK funds 452,219
Global funds 306&034
Overseas direct investments 1,014,S01
/nvestment Manager
's Fees

10 Debtors: amounts
falling		 due within one year
2022 2021
Investment
income		 67,566 61,475
Other debtors and prepayments 20,870 3,991
Accrued income 2,681
91117		 10021
' "'75'487
11 Creditors: amounts falling due within one year
2022 2021
Other creditors 110
Accruals 23,713 23,254
.' '' ':„23713;.:,. *' . :23,36'4 '
12 Permanent
Endowment		 fund
2022 2021
Balance at 31 March 2021 4,194,185 3,259,275
Movement
t'n Funris
Incoming resources
Gain/(loss)
on investment		 assets 256,124 934,910
Investment
managers		 fees (21,761)
Balance at 31March 2022 4428 548 4'194185,

estricted Funds
2022 2021
Balance at 31 March 2021
Movementin
Funds
Incoming resources 92,581 79,304
Resources expended 92,581 79,304
Balance at 31March 2022

a) Current year Permanent Restricted Unrestricted Total
Endowment Funds Funds
Fund
Fixed asset investments 4,406,590 12,092,863 16,499,453
Net current assets 21,958 171,988 193,946
4,428,548 12,264,851 16,693,399
b) Previous year Permanent Restricted Unrestricted Total
Endowment Funds Funds
Fund
Fixed asset investments 4,172,227 11,735,416 15,907,643
Net current assets 21,958 34 563 56 521
4,194 185 11,769,979 15,964,164

ecclesiastical office.
2022 2021
Falling due within one year 357)131 410,615
Falling due between
two and five years		 1,859)469 2,137,343
Falling due after more than five years 3,474)659 3,499,164
5,691,259 6,047,121
RECONCILIATION
OF MOVEMENT IN THE YEAR
Commitment
at 31 March 2021
Less: falling due within the year ended 31March 2022		 6,047,121
~4&6,6)5
5,636,506
Adjustment
for inflationary
increases		 in support
levels and revised numbers
ofpriests potentially
resigning
from ecclesiastical office		 in the nine years
ending 31March 2031 (734,913)
Add: falling due in the year ending 31 March 2032 789,665
Commitment
at 31March 2022		 5 651256
17 Reconciliation
ofnet movement		 in funds to net cash floiv from operating activities
2022 2021
Net movement
in funds (per the		 statement offinancial activities) 729,235 3)266&469
Gifl ofendowment
Losses/(gains)
on inveshnents		 (880,607) (3,443,929)
Dividends,
interest and rents from		 investments (285,397) (239,002)
Decrease/(Increase)
in debtors		 (15,630) (6,703)
(Decrease)/Increase
in creditors		 349 605
Net cgsh used ln operating activities (45?,050)
18 Analysis ofcash and cash equivalent
2022 2021
Cash in hand 126,542 4,398
Total cash and cash equivalents f26,542 4,398