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||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.||||
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|||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|
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||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|