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2023-03-31-accounts

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 31March 2023,27priests who have resigned ....continue to give
those priests who have from ecclesiastical
office due to age, (2022: 28		 financial
support to		 those
resigned from ecclesiastical priests),
were
in receipt of allowances
f'rom
the		 priests who have resigned
office due to age. charity.
From 6 April 2022, the gross allowance		 fiom ecclesiastical office
per priest, based on 30 years'
service,
isf13,657		 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 or for ....continue to consider
priests who are sick, infirm 9 priests,
(2022:
5 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. who are sick, infirm or
ecclesiastical office due to elderly and give financial
illness). One ofthe priests has ceased active ministiy
due to		 support to those priests
ill-health
but
is
aged
below
75
and
so
is		 who have resigned f'rom
ineligible
to receive financial
support ofthe 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, infum 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 2Q23 2Q22
Income Income Fund Total Total
Funds Funds
General
INCOIVIE AND ENDOWV1VIENTS FROt&I:
Donations
and legacies		 1.4(i)(ii), 2 42,381 42,381 34,034
Investment
income		 1.4(iii), 4 224,780 105,050 329,830 285,397
Transfer to income 3 105,050 105,050
Total Income 267 161 105,050 372,211 319,431
EXPENDITURE ON:
'Investment
Managers
fees		 103,258 28,886 132,144 119,005
Charitable
activities		 287,194 105,050 392,244 351,798
Total Expenditrrre 1.5, 5,6 390,452 105,050 28,886 524,388 470,803
Net (losses) / gains on investments 253,169 120,828 373 997 880,607
253 169 120,828 373,99 880,607
tIIet:unco'me/(exp'endit'ur'e)
net moi eineiit:in funds		 and C'
(376,460)		 , (149,714):(526;174). .':.::729 ' 35
Reconciliation
offunds
Total funds brought forward		 ':12,264;851; '. .-'.-; 4,428 548.': 16'693-399 "15,964,164,
Total funds ca'rried for&vard 11,S88,391: 4&278r834 ' .16,167r225 ' 16&693,399 '
Notes 2023 2022
FIXEDASSETS
Investments 1.7,9 16,052,432 16499453
CURRENT ASSETS
Debtors 10 '110,425 91,117
Cash atbank 63,626 126542
174)051 217,659
CREDrroas
Amounts
falling		 due within one year 11 59,258 23,713
Net current assets 114,793 193,946
,To'tali'i'
asse'ts		 -' :.„";:16167:-225,.',.-„"i,
';-:,'.'-"I6'693499',
FUNDS
Endowment l2 4,278,834 4,428,54S
Restricted 14
Unrestricted -
To'tal funds)		 General 11S88,391
12264851
'.;I'5:.:,-:.16167.-'225..,'; ..';=l.6"693'399		 i
STATEMENT OF C
As at 31March 2023		 ASH FL OW S
Note 2023 2022
Cash flows from operating activities:
Net cash (used in) provided by operating activities 17 (465,770) (452,050)
Cash flows from investing activities:
Dividends
and interest Rom		 investments 329,830 285,397
Net DisposaV(Purchase)
ofinvestments		 73,024 288,797
Net cash provided
by iuvesting
activities		 402,854 574,194
Change
in cash and cash equivalents		 in the year (62,916) 122,144
Cash and cash equivalents at the beginning ofthe year 126,542 4,398
Cash and cash equivalents at the end ofthe
reporting
period		 18 63,626 126,542

2023 2022
Legacies 30,000 27,145
Donations 2,038 1,278
Church collections 10,343 5,611
42,381 34,034

he investment
fund and applica		 tion of total return to perm anent
endowme		 nt
fimds:
Trust for Unapplied Total
Investment Total Return Endowment
At IApril 2022
Gift component ofpermanent endowment 2,056,435 2,056,435
Unapplied
total return		 2,372,113 2,372 113
Total 2,056,435 2,372,113 4,428,548
Movement
in unapplied
total return		 and endowment in the year:
Gift ofendowment
funds
Investment
return: dividends		 and interest 105,050 105,050
Investment
manager
fees		 (28,886) (28,886)
Investment
return: recognised		 and unrecognised (120,828) (120,828)
gains/(losses)
Total (44,664) (44,664)
Unapplied
total return allocated to income		 (105,050) 105,050
Net movement
in the year		 (149,714) (149,714)
Closing value ofpermanent endowment
Gift component ofpermanent endowment 2,056,435 2,056,435
Unapplied
total return		 2,222,399 2,222,399
Total at 311VIarch 2023 2,056,435 2,222,399 4,278,834

2023 2022
Income received fiom:
UK quoted investments 277,127 248,7SS
Overseas quoted investments 48,297 31,516
UK cash held as part ofthe investment portfolio 4,406 5,093
329,830 285,397
329'830' ' ' 2S5397 i
Included
in the above income isf105,050(2022:X92,581)received in relation to the endowment
fund,		 SNil
(2022: ENil) relating to income held for restricted purposes, and 5224,780 (2022: $192,816) which is
unrestricted.
Expenditure
Activities Grant Support 2023 2022
undertaken funding of and
directly activities governance
(see note) costs
Cost ofraising funds
Investment
management		 costs 132,144 132,144 119,005
Professional
fees		 19,077 19,077
Charitable
activities
Grants to priests vvho are sick, elderly, 45,267 45,275 22)612
infirm or in need
Support to 28 priests, aged 70
and over, who have resigned
fiom		 309,886 131 310,017 311,819
ecclesiastical office; (2022:32 priests)
Provision ofhealthcare insurance 7,353 7353 7277
Governance 10,522 10,522 10,090
317;239 45,267 'l61,:882 524,388 470,803

Support costs allocation
Committee Finance and Direct 2023 2022
legal support
costs
Cost ofgenerating
funds
Investment
management
costs		 132,144 132,144 119,005
Professional
fees		 19,077 19,077
Charitable
activities
Assisting
priests who are sick,
elderly,
infirm or in need
Support for eligible priests vvho
have resigned from ecclesiastical		 57 20 54 131 171
office
Governance 66 9974 482 10,522 10,090
131.': """:'-'161x2'15'.." -' ', ;I::.'".536 "'" ":,
-'-',		 ,: ".."161:882:". ,
'		 '';129;275 I
BASISFOR SUPPORT COSTS ALLOCATION
Central support costs are allocated as follows:
Committee:
allocated according to the		 estimated Trustees' time spent on operational activities.
Finance and Legal: costs allocated to activities are either directly attributable or ifnot, allocated in
proportion
to the estimated		 amount of administration time spent on each activity.
ul.
Direct support costs are		 other costs that can be directly attributed to each activity,
GOVERNANCE COSTS ARE hfADE UP OF THE FOLLOWING:
2023 2022
Payments
to external auditor		 9,954 9,780
Coinmittee
meeting
expenses insofar as		 they relate to the general 1nanagement of
the charity, including
the costs oftravel		 66 88
Bank charges 20 60
Printing,
stationery,
postage and sundries		 482 162
10,522 10,090
Net movement
in funds
2023 2022
Net movement
in funds is arrived at after chargin J~ (crediting):
Payments
to external
auditor
Audit fees
- current year		 9,954 9,780

f136)was incu rred
on Committee
meeting expenses.
Investments 2023 2022
MARKET VALUE
At 1 April 2022 16,499,453 15,907,643
Acquisitions 4,603,706 2,397,265
Disposals (4,596,702) {2,828,127)
Movement
in		 cash (80,028) 142,065
Net investment gain/{loss) 373,997 880,607
At31iYfai ch 2023 16,'052 '432: .16;499,453 I
Analysed beriieen: Analysed beriieen:
UK investments listed on a recognised stock exchange or valued by reference to
such investments 13,487,476 14,383,018
Overseas
investments		 listed on arecognised stock exchange 2,350,545 1,821,996
UK cash held as part ofinvestment portfolio 214,411 294 439
16i052i432 16,499t453;
And beriveen:
Permanent
Endowments		 4,262,739 4,406,590
Other Restricted and Unrestiicted Funds 11,789,693 12,092,863
16;,052,)432 16,'499,'453
Historic cost at 31March 2023 12,025,629 . 11,958,811 )

apply whi ch might affect the rea lisation ofthese investment
assets.
2023
Unitised/ Structured
Multi Asset Funds:
The SRIFund for Charities (Income) 4,262,739
The SRIFund for Charities (Accumulation) 6,582,903
Other UK fimds 447,061
Global funds 385,985
Overseas direct investments 794,353
Investment Afanager 's Fees

2023 2022
Investment income 74,214 67,566
Other debtors and prepayments 4,098 20,870
Accrued income 32,113 2,681
110,'425 '91,117
11 Creditors: amounts falling due within one year
2023 2022
Other creditors 18,360
Accruals 40,898 23,713
59258 23,713
l2 Permanent Endowment fund
2023 2022
Balance at 3 I March 2022 4,428,548 4,194,185
Alovement in Funds
Incoming resources
Gain/(loss) on investment assets (120,828) 256,124
Investment managers fees (28,886) (21,761)
Balance at 31March 2023 4 278,834 4,428)548

Restricted Funds
2023 2022
Balance at 31March 2022
klovemeni
in Funds
Incoming resources 105,050 92,581
Resources expended 105050 92,581
:Balance at31lVIar'ch'2Q23
a) Current year Permanent Restricted Unrestricted Total
Endowment Funds Funds
Fund
Fixed asset investments 4,262,739 11,789,693 16,052,432
Net current assets 16,095 98,698 114,793
4,278,834 I1,888,391 16,167,225
b) Previous year Permanent Restricted Unrestricted Total
Endowment Funds Fimds
Fund
Fixed asset investments 4,406,590 12,092,863 16,499,453
Net current assets 2l,958 171,988 193,946
4,428,548 12,264,851 16,693,399

In accordance
with accounting
policy		 1.5 (i), the estimated estimated maximum support payable during
the		 next ten years is next ten years is
shown below. The payments
are calculated		 using the policy adopted by the Committee and is based upon the priests'
number ofyears ofecclesiastical ministry, (as defined in the policy document), at date ofresignation. The Committee
obtains periodic Actuarial
Reviews of		 the charity to check that future resources will be sufficient to meet its future
commitments.
The most recent actuarial		 review was completed
as at		 31 March 2022. For further information
see
the Trustees
Report.
There
is no legal		 obligation to pay specific amounts to priests who have resigned
f'rom
ecclesiastical office.
2023 2022
Falling due within one year 364,899 357,131
Falling due between
hvo and five years		 1,901,163 1,859,469
Falling due after more than five years 3,404,417 3,474,659
5,670,480 5,691,259.
RECONCILIATION
OF MOVEIVIENT IN THE YEAR
Commitment
at 3I March 2022		 5,691,259
Less: falling'due
within the year ended 31 March		 2023 357,131
5,334,128
Adjustment
for inflationary
increases		 in support levels and revised numbers
ofpriests potentially
resigning
from ecclesiastical office in		 the nine years
ending 31March 2032 (414,444)
Add: falling due in the year ending 31March 2033 750,796
Commitment
at 31March 2023		 5,670,480
Reconciliation
ofnet movement
in funds to net cash		 floiv from operating activities
2023 2022
Net movement
in funds (per the statement offinancial activities)		 (526,174) 729,235
Gift ofendowment
Losses/(gains)
on investinents		 373,997 (880,607)
Dividends,
interest and rents f'rom investments		 (329,830) (285,397)
Decrease/(Increase)
in debtors		 (19,308) (15,630)
(Decrease)/Increase
iu creditors		 35,545 349
Net cash used in operating
activities		 (465,770) (452,050)
18 Aualysis ofcash and cash equivalent
2023 2022
Cash hi hand 63,626 126,542
Total cash and cash equivalents 63,626 126)542