# ## ## |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|