| CONTENTS | PAGE | |
|---|---|---|
| Trustees' Annual Report |
||
| Statement ofTrustees' | Responsibilities | |
| Independent Auditors' |
Report to the Trustees | 6-9 |
| Statement ofFinancial | Activities | 10 |
| Balance Sheet | ||
| Statement ofCash Flows | 12 | |
| Notes to the Financial | Statements | 13-17 |
| Unrestricted | Restricted | 2022 | 2021 | |||
|---|---|---|---|---|---|---|
| Note | ||||||
| Income and endowments | ||||||
| Legacies | 84,221 | 84/21 | 3,034 | |||
| Donations | 11,950 | 11,950 | 12,574 | |||
| Investment income |
265,958 | 62,008 | 327,966 | 295,838 | ||
| Total income and endowments | 362,129 | 62,008 | 424,137 | 311,446 | ||
| Expenditure | ||||||
| Expenditure on raising funds |
2 | 58,034 | 6,441 | 64,475 | 39,203 | |
| Expenditure on charitable |
activities | 3 | 307,013 | 307,013 | 251,373 | |
| Other expenditure Retirement benefits |
7333 | 7,333 | 7,333 | |||
| Total expenditure | 372,380 | 6,441 | 378,821 | 297,909 | ||
| Net gains (losses) on investments | (270,936) | (68,419) | (339,355) | 697,402 | ||
| Net income (expenditure) | (281,187) | (12,852) | (294,039) | 710,939 | ||
| Transfers between Funds | 55,567 | (55,567) | ||||
| Net movements in funds |
(225,620) | (68,419) | (294,039) | 710,939 | ||
| Reconciliation ofFunds |
||||||
| Total Funds brought forward |
7,139,404 | 1,685,894 | 8,825,298 | 8,114,359 | ||
| TOTAL FUNDS CARRIED FORWARD | 6,913,784 | 1,617,475 | 8,531,259 | 8,825/98 |
| 31DECEMBER 2022 | |||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | 2022 | 2021 | ||
| Note | |||||
| FIXEDASSETS | |||||
| Tangible fixed assets Investments |
6 10 |
14,000 6,612,809 |
1,600,235 | 14,000 8,213,044 |
14,000 8,579,513 |
| Total Fixed Assets | 6,626,809 | 1,600,235 | 8,227,044 | 8,593,513 | |
| CURRENT ASSETS | |||||
| Debtors | 5,800 | 5,800 | 30,082 | ||
| Cash at bank | 342,942 | 342,942 | 234,854 | ||
| Total current assets | 348,742 | 348,742 | 264,936 | ||
| LIABILITIES | |||||
| Creditors | (44,527) | (44,527) | (33,151) | ||
| Interfund balance |
(17,240) | 17,240 | |||
| NET CURRENT ASSETS | 286,975 | 17,240 | 304,215 | 231,785 | |
| NET ASSETS | 6,913,784 | 1,617,475 | 8,531,259 | 8,825,298 | |
| FUNDS | |||||
| Restricted income funds | 1,617,475 | 1,617,475 | 1,685,894 | ||
| Unrestricted income funds: |
|||||
| Designated General |
138,910 6,774,874 |
138,910 6,774,874 |
166,153 6,973,251 |
||
| TOTAL CHARITY FUNDS | 6,913,784 | 1,617,475 | 8,531,259 | 8,825,298 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| f, | ||||||
| Net cash used in operating activities |
(246,992) | (250,965) | ||||
| Cash flowsPom investing |
activities: | |||||
| Investment income |
327,966 | 295,838 | ||||
| Proceeds &om sale ofinvestments | 1,153,734 | 524,054 | ||||
| Decrease (increase) in uninvested | cash | 50,156 | (161,179) | |||
| Purchase ofinvestments | (1,176,776) | (506,439) | ||||
| Net cash provided by investing |
activities | 355,080 | 152,274 | |||
| Change in cash and cash | equivalents | in the year | 108,088 | (98,691) | ||
| Cash and cash equivalents | brought | forward | 234,854 | 333,545 | ||
| Cash and cash equivalents | carried forward | 342,942 | 234,854 | |||
| Reconciliation ofnet movement |
in funds to net cash | |||||
| flow from operating activities |
||||||
| 2022 | 2021 | |||||
| Net movement in funds |
(294,039) | 710,939 | ||||
| Deduct investment income |
(327,966) | (295,838) | ||||
| Deduct gains / add back capital losses on investments | 339,355 | (697,402) | ||||
| Decrease in debtors | 24,282 | 22,548 | ||||
| Increase in creditors | 11,376 | 8,788 | ||||
| Net cash used in operating | activities | (246,992) | (250,965) |
| 2. EXPENDITURE ON RAISING |
||||
|---|---|---|---|---|
| FUNDS | Unrestricted | Restricted | 2022 | 2021 |
| Advertising, printing and postage Property rental costs investment management costs |
395 36,933 20,706 |
6,441 | 395 36,933 27,147 |
995 6,788 31,419 |
| 58,034 | 6,441 | 64,475 | 39,203 | |
| 3. EXPENDITURE ON CHARITABLE | ||||
| ACTIVITIES | Unrestricted | Restricted | 2022 | 2021 |
| Grants made (note 4) Other and general expenses Audit |
211,066 80,092 10,368 |
211,066 80,092 10,368 |
170,215 69,973 9,600 |
|
| Upkeep of Master | 5,487 | 5,487 | 1,585 | |
| 307,013 | 307,013 | 251,373 | ||
| 4. GRANTS MADE |
Unrestricted | Restricted | 2022 | 2021 |
| Rural and inner-city parishes Falklands Prefecture |
55,566 10,000 |
55,566 10,000 |
106,000 5,000 |
|
| Ordinariate ofOur Lady ofWalsingham Celebrate Trust |
10,000 5,000 |
10,000 5,000 |
||
| Art ofDying Well (St Mary's University) Catholic Student Network |
5,000 7,000 |
5,000 7,000 |
5,000 | |
| Catholic Voices | 12,000 | 12,000 | 10,000 | |
| Saint Bernadette's Relic Tour |
50,000 | 50,000 | ||
| Walsingham Trust National Shrine ofOur Lady ofWalsingham Pontifical Beda College Westminster Cathedral (music) Catholic Man UK |
25,000 10,000 11,000 9,000 |
25,000 10,000 11,000 9,000 |
25,000 7,215 2,000 |
|
| Our Lady ofthe Taper Other Dowry Grants |
1,500 | 1,500 | 10,000 | |
| 211,066 | 211066 | 170215 | ||
| 5. RETIREMENT BENEFITS | Unrestricted | Restricted | 2022 | 2021 |
| During the year annuities were paid totalling (see notes 12and 13) |
7,333 | 7,333 | 7,333 |
| 6. TANGIBLE FIXED ASSETS | Freehold | Fixtures A | |
|---|---|---|---|
| Property | Fittings | Total | |
| COST | |||
| Opening | 14,000 | 14,000 | |
| Closing balance | 14,000 | 14,000 | |
| DEPRECIATION | |||
| Opening balance | |||
| Closing balance | |||
| NET BOOKVALUE | |||
| At 31December 2022 | 14,000 | 14,000 | |
| At 31December 2021 | 14,000 | 14,000 | |
| 7. DEBTORS | |||
| 2022 | 2021 | ||
| Legacies receivable | 30,000 | ||
| Prepayments | 5,800 | 82 | |
| 5,800 | 30,082 | ||
| 8. CREDITORS | |||
| 2022 | 2021 | ||
| Accruals and deferred income | 44,527 | 33,151 |
| 0INVESTMENTS | |||
|---|---|---|---|
| . | 2022 | 2021 | |
| Fair value at start ofyear Additions at cost |
8,579,513 1,176,776 |
7,738,547 506,439 |
|
| Disposals at carrying value Increase (decrease) in uninvested Fair value gains (losses) |
cash | (1,153,734) (50,156) (339,355) |
(524,054) 161,179 697,402 |
| Fair value at end ofyear | 8,213,044 | 8,579,513 | |
| Reconciled tohistorical cost as follows: | |||
| Cost ofinvestments at end ofyear Fair value surplus |
7,156,372 1,056,672 |
7,183,486 1,396,027 |
|
| Fair value at end ofyear | 8,213,044 | 8,579,513 |
| 1.ANALYS | IS OFNET | ASSETS BETWEEN | FUNDS | ||
|---|---|---|---|---|---|
| Tangible Fixed Assets |
Investments | Net Current Assets |
Total | ||
| Restricted Funds | 1,600,235 | 17,240 | 1,617,475 | ||
| Unrestricted | Funds | 14,000 | 6,612,809 | 286,975 | 6,913,784 |
| 14,000 | 8,213,044 | 304,215 | 8,531,259 |
| 4.ANALYSIS OF COM | PARATIVE | AMOUNTS | ||
|---|---|---|---|---|
| Unrestricted | Restricted | 2021 | ||
| Statement ofFinancial | Activities: | |||
| Legacies | 3,034 | 3,034 | ||
| Donations | 12,574 | 12,574 | ||
| Investment income |
237,616 | 58,222 | 295,838 | |
| Expenditure on raising funds |
(39,203) | (39,203) | ||
| Expenditure on charitable |
activities | (251,373) | (251,373) | |
| Retirement benefits |
(7,333) | (7,333) | ||
| Net gains (losses) on investments | 558,271 | 139,131 | 697,402 | |
| Transfers between Funds | 58,222 | (58,222) | ||
| Net movements in funds |
571,808 | 139,131 | 710,939 | |
| Total Funds brought forward |
6,567,596 | 1,546,763 | 8,114,359 | |
| Total funds carried forward | 7,139,404 | 1,685,894 | 8,825,298 | |
| Balance Sheet: | ||||
| Tangible assets | 14,000 | 14,000 | ||
| Investments | 6,902,271 | 1,677,242 | 8,579,513 | |
| Debtors | 30,082 | 30,082 | ||
| Cash at bank and in hand | 234,854 | 234,854 | ||
| Creditors falling due within one year | (33,151) | (33,151) | ||
| Intra fund balance | (8,652) | 8,652 | ||
| Total net assets | 7,139,404 | 1,685,894 | 8,825,298 |
| Name ofRelated | Relationship | Transaction | 2022 | 2021 |
|---|---|---|---|---|
| Party | ||||
| Mgr. John | Master | Expenses Float | 30,000 | |
| Armitage | ||||
| Expenses incurred on Guild's | ||||
| behalf/reimbursement | 30,068 | |||
| Upkeep ofthe Master | 5,487 | 1,585 | ||
| Year end amount due to Master |
68 |