financial statements The Roman Catholic Diocese of Northampton For the year ended 31 March 2023 Registercd charity number.. 234091
The Roman Catholic Diocese of Northampton Flnancial Statèmènts Year ended 31 March 2023 Contents Page Triiql infrJrmAtion Report of the Iruslees InLlependent audiiors. report lo the trustees 11 Balance sheet 14 Statement of financial activities 15 Cash flow slalemenl 16 Notes to cash flow statement 17 tatemenl of acwunting policies 18 Notes lo the financial statements 22
The Roman Catholic Diocese of Northampton Trust Informatlon Registered charity number 234091 Gov9rning instrumont Trust Deed 11 July 1949 as amended 11 October 2006 The board of trustees The trustees who served duiing the period and sill the year end were as follows.. Rl Rev Bishop David J Oakley (President) Mr T F O Larkin (resigned 2nd August 20231 Mrs K Goodwln Ireslgned 1.1, May 2023) Mrs M M Cripps (resigned 171h May 20241 Mr C J C Peachey Iresigned 41h April 20221 Rcv A W Brcnnan IrClgn¢d 23rd January 20241 Rev C Walking-Lea (resigned 23r¢ January 20241 Rev Dr B Killeen Rev Christopher Perry Mr A Clullerbuck Mr P E Commons Iresi9ned 151h November 20241 Rev Canon Michael Harrison Mrs S H Campbell lappointed 19th May 2022} Mrs D V Purfield lappoinled 31 sl May 20231 Mr C E J Gallagher (appointed 2nd August 20231 Mrs K A Brooks (appointed 1yh June 2023) S•cr•tary AJ Memiff Iresi9ned 2nd August 20231 Mr T F O Larkin {appointed 2nd August 20231 Registered Office Bishop's House Marrioll Street Northampton NN2 6AW Auditors Haysmac LLP 10 Queen Street Place London EC4R 1AG Bankers National Weslminsler Bank plc 25 Corporation Slrcct Corby Northanls NN17 1NR Investment advisers Rathbones 8 Finsbury uircus London EC2M 7AZ CCLA Investment Management Limited One Angel Lane London EC4R 3AB
The Roman Catholic Diocese of Northampton Roport ol th• Trust•g$ Year ended 31 March 2023 Report of the trustees The tru. tees h3ve pleasurg in pr8gènting their r6port. togolher with the financial statements, for the yg.ar ended 31 March 2023. Structure. Governance and Management ConslitutiJn The Charity is govemed by a trust deed, dated 30 April 1949 as amended on 11 October 2006. reglstered charity number 2340Q1 11 sper..ifir.alty r.nvprs the Counties of Northamptonshire, Bedfordshire. Buckinghamshire and that part of Berkshire north of the River Thames. Trustees The Iruslees are ultimately responsible for the policies, activities and assets ol the charity. I ney meet as the Finan Board on a regular basis lo review developments and activities and to make decisions on key issues. In selling objectives and planning aclivilies. the trustees confirm that they have complied wllh the duly In the Charities AEt 2011 betyliuii 17 L() IiclV¥ iegard lo the Charity Commission general guidance on public benefit and the specific guidance on charities for the advancement of religion. The Northampton Roman Catholic Dioeégé TrLlStpe iq x rp_giqtp.rp.d rnmpany number 442173 incorporated under the Companies Act 1929 on 13 September 1947. The members of the company who served on the Main Finance Board during the year to 31st March 2023 are sel out in the Trust Information on page 1. Members of the Finance Board are appointed and can be removed by the Bishop who is ex officio President of the Corporation and ex officio a member of the Main Finance Board. The Corporation has an Honorary Secretary appoinle(J In writing by the President. Tne Honorary Secretary can be iemove from Offi by the Bishop in writing. New members of the Finance Board are provided with copies of the Trust document. the most iecent published accounts and a process of induction. ReTrnt minutes of the Fi1i8nGe Board are also made available to them. Appropriate Irgining 13 made availab1c to ncw members, dependanl on their experience of charitable, legal and financial mallers. In addition, all members of the Finance Board are kept up lo dale on new legislation and recommended practices. Membership of the Main Finance Board is reviewed on a regular basis. All Iruslees give of their time Ireely and no remuneration was paid lo them in the year in relation to their role as Iruslee. No trustee was in reTripl ol expenses In the yeai12V22." None). Trustees, responsibilities Tli¥ Iiubl¥eb dre respoiisible fgr preparing the report of the trustees and the finan¢ig18t&temcnto in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the trustees lo prepare financial statements for each financial year which give a true 8nd fair view ol the slate of affairs of the charity and ol the incoming resources and application of reSoUrS of the charity for that period. In preparing these financial stalemenls, the trustees are required lo.. select suitable accounting policies and then apply them consistently; observe the methods and principles In the Charltles sialement of Recommended PrciGIiL¢, make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed. subject lo any material depailuieb EJlbvlube %aiid vxplaiiied iii Ilie fiiiancial statements., prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charity will continue in operation. The Iruslees are responsible for keeping proper accounting records that disclose with rea50nable accuracy al any time the financial position of the charity and enable Ihem lo ensure that the financial slatp.mp_ntg rnmply with the Charlties Act 2011 and the provision5 of the trust deed. They are also
The Roman Catholic Diocese of Northampton R•port of th• Trust••$ Year ended 31 March 2023 responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other ifregularilies. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissernination of finanGial blcileiTieiilb ITl<*y dill¢i Iiviii Ittyiblaliuii iii ollier jurisdiGlions. In so far as the trLJStees are aware.. There is no relevant audit information of which the charity's auditors are unaware.. and The Iruslees have taken all steps that they ought lo have taken lo rnake themselves aware of any relevant audit information and to establish that the auditors are aware of thai information OrganisatAonal structure 8nd decision-making process The day-lo-day management of the charity's activitlco and implcmcnlation of it- policietr ale delegated to a number of subcommillees and consullalive bodies and lo appropriate staff. There are a number of curial departments such as Finance. Property, Safeguarding, Education and Youth Ministry, each of which g.mploy apr)rnpriAtp_ly tr2inp.d And qiialifigd £taff to manage and carry out those activities. Similarly. parishes have a number of paid employees and volunteers lo assist in the running of activities al local level. A major focus of the trustees is the care and maintenance of Diocesan property and decisions on projects proposed in the Diocese, dependant on type and size, are made al the appropriate level, with advice being obtainèd as necessary from professional advisers appointed by the Diocese. A Propety and Heablh an(J Safety SLJbcommitiee of Ihe Flnance Board has been formed and thi5 COn5ideis projetsl proposals and recommends appropriate action lo the trustees. This subcommittee is made up of trustees, a professional lay advisor and Di0saN officials. The Art and Architecture section of the Diocesan Liturgy Commission considers applications for church improvements and reports regularly lo the Bishop and to the Finan Board. The DioTrsan Hisloric Churches Committee. a slalulory body. has remit over the listed places of worship of the Diocese, processing applications for works lo those buildings and monitoring progress. Day lo day management of the Finance and Property functions is the responsibility of the Diocesan Chief Operating Offi¢er together with three property professionals. Key management personnel The BuciiEI wiibi(Jvib (lit1 Ili¥ Ti uslees aiid Iliv senior Leadership Team whose total remuneration 13 sel out in note 13 of the accounts comprise the key management personnel of the Charity in charge of directing and controlling, running and operating the Charity on a day-lo-day basis. In the year lo March 2023 these includèd the Chi•f Oporaling Officer 2nd the sènior lay personnel in the major ciirial deparlmenls. The pay of the senior stsff is reviewed annually. All Trustees give of their lime freely and no Trustee received remuneialion in the year. Details of Trustees, expenses are disclosed in note 14 of the accounts. When new roles are created, or significant roles chanqe hands, benchmarkinq aqainst market rates for similar positions is employed lo allract the best candidates for those roles. Risk management A review of the major financial and reputational risks lo which the charity Is exposed has been carried out and syslems pul in place lo miligalè those risks. Any risks identified ancs their resullanl impact on reserves andlor repulalion of the Diocese are considered by the Finance, Audit and Risk Subcommillee clll(J Ili¥ Fiii<SlIL¥ Budid vl Iruslees. Risks are nionilored and any nev¥ risks identified and recorded. In particular, the Diocese has procèdures, and a subcommillee focussed on the safeguarding ofchildren and vulnerable adults. The health and safely of those using our churche5 and other facilities is also a high priority and tho Dioeasa has policiès in place lo assess and managè thè associated risks, overseen by a Properly, Health & Safety Subcommittee. The Diocese receives professional Health and Safely advice from RBS & Nalwesl Mentor.
The Roman Catholic Diocese of Northampton Report of the Trustggs Year ended 31 March 2023 The increasing age and declining number of diocesan priests is considered by the Iruslees lo be a significant risk for the Diocese. To plan for and mitigate the conseqLJences of this risk factor, parishes have been asked to consider how pastoral areas and individual parishes will provide facilities for the praclicing of the Faith with significantly fewer priests_ Total inGome duriiig 2022123 iinproved bliglilly veibub Llitr yieviuub y¢¢ll Iylub 0.03 /01. Total expenditure was however £8.4m - 36'1g higher than the prior year. 660/0 of the expenditure came from expenditures in support of Parish life. Related parties The allached accounts include the assets 2nd acltvilies offour trusts which are incorporated as separate charities.. Northampton Diocese Education Fund Charity Number 267132 Lord Braye's Foundation Charity Number 242281 The Gharlry of Frances Allce Chesterton Charity Number 252034 Northampton Slough Diocese Educational Trust Charity Number 1165631 Tho objocls of Ihaso charitias ara eongigt6nt with th8 objgcts of th8 Dioco8o. Tho truslegs of the Dioce89 are also the Iruslees of these charities and as such they are consolidated into these financial slalemenls. The Di0Se also encompasses several Catholic schools. Those schools which are voluntary aided are exempt Charities under the Schools Standards and Framework Act 1988 and their activities are not reflected in the financial slalements allached lo this report. The Bishop of Northampton appoints Foundation Governors to the Governing Bodies of these schools, and they form most ol those Governing Bodies. Several schools have converted to acaclemy status and are forme(J wiinin mulli-acaoemy trusts, The Bishop has similar powers of appointment of the Iruslees of those Trusts and again their activities are not reflected in the financial slalemenls allached lo this report. Al the dale of this report there are 42 schools of which 28 are acadtrmies, 14 Voluntary aided schools and 2 independent Gollese. The addresses of all our schools can be found in the Diocesan Directory. InvR.plmAnf pnlin.y There are no specific investment powers. other than those provided under the Tru51ees Act 2000. Investments are made at the absolute discretion of the Iruslees acting on advice of ils professional advisers and an Investment Committee which reports to the Finance, Audit & Risk Subcommillee. Meetings of the Investment Commilleè lake plaTr every 6 months and are allended by our investment advisers and senior personnel. An ethical investment policy has been agreed by Iruslees to help avoid investing in securities which might conflict with Catholic Social Teaching, or which are environmentally unsound. At 31 March 2023, the portfolio of investments had a market value of £9,594,673. There were realised losses of £20,732 and unrealised losses of £763,689. Total invetrtment inoome in the yetsr wats £246,187. The investment policy is lo maximise lolal return through a diversified Dortfolio. The Iruslees are aware of the effect of movements in the value of this investment portfolio on reserve levels. This is particularly relevant given the impact of the COVID 19 pandemic and geopolitical events such as the war in Ukraine, on the stock market. Over the last three years there has been significant volalilily in our investments as they have dipped and then subsequently recovered. However, the Diocese considers itself a long-lerm investor and together with ils advisers takes steps lo miligale the risk of significant volalilily. Publi6 bviivfil The Charities Act 2006 requires charities lo describe the benefit that is provided lo the public. The Charily Commission has Commented that religion helps lo provide a moral and ethical framework for people lo live by and 03n play an important part in building Trocial capital and community oohClo[l The adherence lo, and advancing of. the Catholic faith lo the public within the Northampton Diocese has many public benefits. 11 provides an ethical and moral code for society,. Il provides sacred places, churches. services of worship. public rilual and ceremonies. including baptisms, weddings and funerals..
The Roman Catholic Diocese of Northampton Report of the Trijstees Year ended 31 March 2023 it conlribules to the spiritual well-being of the public,. il contributes lo the spiritual and moral education of children,. il promotes social understanding and cohesion, and conlribules to practical ways of addressing social needs such as visiting the sick ancl houseL)ound, and lurthering other charitable purposes. The above is demonstrated by 20,02J people attending mass each ounday together with masses also being said each day in our parishes. 20,000 children, both Catholic and non-calholic. allended our schools. Donations of£703,42512022.. £484,009) were made by our parishioners lo causes both internal and external to our Diocese. Many programs were made available in our parishes in areas such as spiritual development, Marriage and Family Life and Justice and Pea. Beneficiaries Beneficiaries of the charity include not only parishioners and those young people attending our schools bul also the recipients of aid from the many causes supported by the Diocese through contributions lo among others CAFOD, Apostleship of the Sea, The Association for the Propagation of the Faith as well as a numDer ol projects supporte(J by In(JiviUuai parishes. Lhurches anu Schools aroun(J Ine tjiocese are welcoming and helping to integrate into the community large numbers of new parishioners and students both from the UK and overseas. Objectives. activities and achievements Principal objects The principal objecis of the iharity are as declared in the Trust Deed dated 11 July 1949 'in or towards advancing the Roman Catholic religion in the Diocese by such means as the Bishop may think fil and proper and for the service and support whether in the Diocese or outside the Diocese by such means as aforesaid of charitable works and objects promoted by the Church. Iclause 2 of the Trust Deed). The long-term strategies set lo achieve these objects are to ensure that the life of the Catholic Community is well supported and responsive lo changing reouirements and lo generate and maintain sufficient reserves to ensure the long-lerm future of the charity, It carfies out these strategies through a number of key activities as sel out below.. Significant aclivilffes The objects of the Charity are fulfilled by the many activities carried out in ils parishes, its schools and through a number of organisations run by the Diocesan Curia. Parish life Parish life is supported through the provision of clergy and buildings as a result of which many parishioners provide support to the local and national community in improving social cohesion and in many other ways While the celebration of Mass is mainly in churches owned 2nd maintained by the Diocese through ils parishes and supported by the curial departments. parishes also reach out to the local corntnunity through their activitie5 and support their parishioners through home visits. hospilal chaplaincy and a range of courses and other programs. For over two years. parish life was disrupted due to COVID 19 implications. particularly the fear of infection and new variants as the vaccine rollout gathered pace. These Ljnderslandable concerns were addressed by maintaining appiopriale m11ig81ions Ifa¢e masks. social distancing, and sanitlsingl and for many parishes life carried on as usual with churches being places of worship, sources of nourishment for thè faith ol the people and outreach lo the commLJnily. Those who did not feel comfortable returning lo church in person, kept in touch with parishes through the live streaming of services. The Sacraments of Baptism, First Communion and Confirmation were celebrated all around the Diocese and many groups mel in prayer and reflection on the word ol God in scripture. At the last census up lo Dec 2023, 22,025 people allended mass on a weekly basis and there were 1,548 baptisms, 1,129 people confirmed and 208 marriages during the year. The la¢ililalion and nourishment ol spirilual life ancl the concern for neighbours in the Diocese are the principal aims of the charity and while weekly atlendance figures and the number of baptisms,
The Roman Catholic Diocese of Northampton Roport of th• Tru$t•g$ Year ended 31 March 2023 confirmations. marriages, etc are indications of the success of the work, performance can also be measured by the continuing strength of our parish and school communitie5 and the individual journeys of faith of our parishioners. Sick and elderly parishioners received the Eucharist and Sacrament ol the Sick, the dying and their relatives received comfort and support, and the deceased received Llignilied burial and cremation services, which aided the grieving process for their ielatives. As staled earlier, parishes hclVE joined Ivgetliei Iv w¥l¥viii¥ taiid buF)porl a Syriaii relugee faniily, in partnership with the Local Authority. The truslegs recogni88 the @ffèct of typas of ono-off incomo including the inherent uncertainly of legacy income. An anlicipaled increase in capital works on Church property, the general inflationary increase of many costs, the financial impact of COVID 19 and the cost-of-living crisis in the UK have led lo a reflection across the pastoral areas of the DI0Se on how lo find ways of raisinq income whilst managing costs. Parishes carry out their own fundraising activities in support of parish projects both internal lo the parish anu external. The toial income raised was £445,016 compared wlth £319,334 In 2022. Churches, pr8sbyteries and halls Repairs and maintenance requirement8 resulting from the quinquennial reporto on building owned by the trust and the system of close contact beeen parishes, the trust and the professionals appointed by the Diocese, resulted in £681,974 12022.. £479,398) being spent during the year al parish and Diocesan level. The work was supervised by the Diocesan Property Department, reportlll9 to the Trustees who together with professional advisers appointed by the Diocese, ensure that the work is carried out to the highest possible standard. Parish clubs There are now four parish membei bvbicil tslubb, (Ill bul u11 ul wliiuli ObGUPy uiider IiGen5e buildings owned by the Dio¢ese Trustee. The Diocesan Finance and Property departments have continued lo monitor their management and viability, along with professionals appointed by the clubs. These social cIL•btr are in the process of converting lo community intarast companies whoro th9 rolalionship with the Diocese as landlord will be beller clalilied. Volunteers The charity is heavily reliant on the work of many volunteers, especially in ils parishes but also on a number of committees and subcommittees. These volunteers include Lay Eucharistic Ministers and Readers, Calechisls, altar setvers, parish workers, choirs and musicians, heallh and safety representatives, child and vulnerable adult safeguarding representatives, members of the St Vincenl cle Paul Society who help the poor and needy, and many other roles. The Iruslees are very grateful lo all of these people for Iheir contribub'on lo the work of the Diocese. Schools As has been the case for many years the Diocese has looked lo fulfil its objects partly by the facililalion of education within a Catholic environment Most ol these schools are voluntary aided slate schools or academies al both primary and secondary level and are supported by the Diocesan Schools Commission. Together with our one independent school they operate with a Catholic ethos and while fo51owing legislcilivii Ciiid tyuiiityulurii by Lliti Slat¥, also liav¢ speGiliG poliGies aiid procedures set by or in consullalion with the Catholic Education Service. During the year, a sum of £1.51 m12022.. £1.84ml gross of Gov6rnm•nl grant was spent on voluntary aided school buildings owned by the Iruslee. For a significant proportion of this expenditure, 10 % of the cost had lo be found by the schools from the parental voluntary contribution scheme, the schools reserves or other sources. The Diocesan Schools Commission supports our schools and their Governors in the work that they do.
The Roman Catholic Diocese of Northampton Roport of th• Trust•o$ Yearended 31 March 2023 Many different projects were carried out around the Diocese as part of the ongoing maintenance and éevelopment of our school bLJildings. Curial activities Curial activities include Ihe training ol new priests, permanent deacons. calechisls, and lay ministers, the support of existing and retired priests. youth ministry. adult education, ecumenism and mulli-faith dialogue, safeguarding children and vulnerable adults, justice and peace commission, and a number of ommissions covering liturgy. historic churches, pastoral strategy. marriage and family life and the Diocesan Tribunal, amongst others. In common with many other Dioceses there is a declining number of priests available to serve parishes which, together with the advancing age of those still in service provides an ongoing challenge lo the Chciiily. W¢ buiierilly IiclV¥ tliiev i)Ivii iii s¢niinary training for the priesthood and four for the permanent diaconate. Vocations to the diaconate and new forms of lay ministry are also developing and being supported by the Diocese. This Diocbga looks fopN3rd posilivoly lo the creation of new housing developments in ils larog.r town and discussions are in progress as to the measures required to welcome and provide for the spiritual life of both current and new residents. Each pastoral area is being challenged to develop plans lo shape the Church in their area. Fundraising approach and performance Tlie Gharily tjndertakes fundraising activity via appeals, events, emails and correspondence in line with the Fundraising Code of Practice set by the Fundraising Regulator. Our fundraising promise is 'Wh$n you support you can bg surg ofthg following.. We will never sell your contact details to 8nyon8 We will only contact you ifyou have expressed an interest in our work If wo phong. yoii WR will AlwAy.s rhp.rk ynii Arp hAppy tn lake the call Ifyou ask us to change how wg communicate with you, or slop, w8 will respect Ih8t We do not engage in cold-Galling, door to doororslreel fundraising We try hard lo ensure no one ever feels pressurised to supx)ort our work We are registered with the Fundraising Regulator and adhere lo the Fundraising Code of Practice. All our activities are open, fair, honest and18gal. No professional fundraisers were used during the year under review. The Diocese has robust proce(Jures In place regarding vulnerable people and ireaiing donors In a fair manner. The charity is registered with the fundraisin9 Regulator and 8dheres to the stondardo of Ihc Fundrai&Ing Code of Practice. Trustees are not aware of any complaints made regarding fundraising activities carried out during the year. Details of fundraising performance is detailed elsewhere in this report. Desiqnaled funds Designated funds are held for a number of purposes including the education of priests, the maintenance of the Diocèsan Curia, the advancement of education, mass stipends, the support of sick and needy priests and funds available for expenditure al the discretion of the Bishop in the course of his work, together with lun(Js lo support the reiiremeni provision for priests. A fund has also been created from a share of disposal proceeds where Diocesan and Parish properly has been sold This will enable assistance to be given to parishes where funds are not immediately available for relurbishmenl works. ¥ will bo Expenditure is made from these funds on a regular basis. The continued need for theC fund- reviewed on a regular basis. FinAnriAI mAnaggmfinl
The Roman Catholic Diocese of Northampton Roport of th• Trust••$ Year ended 31 March 2023 Vvhile each parish under Canon Law is a separate juridical person with the right to acquire, relain, administer and alienate temporal goods in their own right, they opeiate under financial guidelines issued by the Diocese. These give approval and cheque signing limits and require parishes lo tile returns with the Diocese on a quarterly basis. There are also approval and cheque signatory policies operating centrally. and a cycle ol internal checks on the operation of financial procedures al parish level, in addition to those Gciiried uul by Ili¢ ¥xltti rial dudilor. Funding sources The principal funding sourea of tha Diocoso is tho parish offertory collection. Significant leve19 of income are also received from inveslmenls, fundraising activities and rents received from investment properties. Legacies also form a material portion of Diocesan income. The trustees recognise the uncertain nature of legacies and the material effect that the receipt or otherwise of major qifts can have on the results for any year. The anticipation of significant legacies Is therefore discounted from the budgetary process unless the quantum of the receipt can be ascertained with reasonable certainty. Expenditure A major part of expenditure in the year is on the support of parish life and in particular, the establishment costs (Gas, Electricity, water, Insurance, council lax and other miscellaneous eXYrIE11[U1ebI w¥iil up by 58°/o froin £8C7k in 2022 to £1,30ek in 2023. Thi3 was as a result of the Government's budget and the impact of the war in Ukraine. The funding and support of building works in schools also resulted in a cost lo the DI0Se of £169,551 in the year12022'. £257,219). Following liquidation of the francis Children's oCiety, the guer8ntee 9rantcd from Ihc Dioccvc lo the Bedfordshire Pension Fund has been valued al £513.000. This has been accrued within the accounts. The potential lo recover part or the lull amount from the sale of the lease of the society's building Contine# to be PLifsLied by the Dior.*9. Results for the year A summary of the results for the year is shown on page 14 of these financial slatemenls. The trustees report an overall deficit for the year of1£405,095112022". surplus £1,975,846). The deficit for the year is ¢alegorised as follows.. 2023 2022 General income and expenditure account Restricted funds Designated funds 1140,8131 1236.9301 128,3521 1,975,095 1128.Q811 129.732 {405.0951 1,975.846 There was net loss of1£665,674112022.' surplus £1,525.7901 before revaluations and investment asset disposals. The net surplus on investment assets, including investment properties, was £260,57912022'. £450,056) of which £281,311 was unfealised surplus12022.. £677.179}. The effect of the net surplus on invèstment assets is to reduce a deficit of1£665,674112022.' £1,525.7901 lo an overall delicil lor the year 011£4Ub,Ug51 {2022'. £1,Y75,8461
The Roman Catholic Diocese of Northampton Roport of tho Trust••s Year ended 31 March 2023 Financial position At 31 March 2023, the reserves were.. - 2023 2022 Restricted Reslricled fixed assets Designated Designated - fixed assets General - fixed assets General - unreslricled 4,166,757 132,807 4.441,459 161,392 15,004,877 7,431,272 4,413,436 135,969 4,485,968 165,235 15,135,229 7.427,822 £31,338.564 £31,743.659 Restricted funds represent special collections and Easler and Christmas offerings lo priests, not yet paid out by the year end. They also include legacies and other funds received for specific purposes. Designated funds represent funds sel aside for specific purposes, as listed in note 6 to these financial stalemenls. The general fund for fixed assets represents the value invested in fixed assets, principally churches and presbyteries. Funds available to support the work of the DI0Se in the future are those shown above as general unrestricted funds of £7,431,272 {2022.. £7,427,822). Followlng the COVID 19 pandemic and the clbbObl<il¥d l¥blriviiuiib, Cliuruli¥s Libfliss Eii9laiid and Wales gradually began to move towards an expectation of physical mass attendance around Easter 2022. As a result, total income remained weak during 2022123 but with a slight improvement11 % higher than the previou- yearl. Our traded investment portfolio continugd to axparianco turbulonl conditions from the effects ol the pandemic and the Russian invasion of Ukraine. Hence overall unrealised loss on traded investments were £763,689 {2022." £677, 179 unrealised profill. During the yeai, revaluation was carried out on the Investment properties. This resulted lo an unrealised gain of £1.045.00012022.' Nil) Res&Nes policy The Main Finance Board meets regularly lo plan, monitor and review levels of expenditure on key or significant projects, and hence the impact on reserve levels. General income levels are also monitored regularly. The trustees consider that a prudent level of free reserves (those unreslricled funds not invested in fixed assets or designated for specific purposes) is the equivalent of a maximum of 12 months. expenditure. This will cillvw Ili¢ DiuLvbe lu dedl vlleilivvly willi a 6igiiificanl drop iii inGorne and also react lo requests for funding arising from unexpected events. Al 31 March 2023. the free reserves of £7,431,272 represented approximately 12.07 months 12022". 17.21 of unrestricted expenolilure. -tee- aim to maintain the level of free ra8erve8 hèld at 9raatar than 32 months on a consistènt basis. Plans for the future The Diocese will continue to Iriuiiilvi IVb¢iV¢ l¥velb lu ¥iisure Iliat ils lon9-lerni aiims be met. The continued support of parish life and the Catholic community remains a priority and how this is lo be achieved is a major focus for the Charily. The principal focus will be on a number of main issues". Fyplniing ng.w wxy.% nf g.vangeliqalion so as lo increase the numbers allending Sunday Mass. Usin9, in a more efficienl way, the abilities and skills of the clergy. and being sensitive to the increasing demands made upon them
The Roman Catholic Diocese of Northampton Rgport of thè Trustees Year ended 31 March 2023 Mobilising the skills and abilities of lay professionals within our congregations lo help address the financial and other challenges the Diocese will face over the coming years Ensuring that the Churches and ancillary buildings required are appropriately maintained to support the mission of the Diocese. Making available Diocesan Funds in the event of national or international crises, subject to meeting the obie¢is of the Chariiy. Enabling the resources of the Di0Se lo fund the core activities al the centre of the Charity's objectives. Offertory appeals will be held around the Diocese lo provide addition81 resour$ for parishes, and through the levylsecond collections, the Curia. While specific increases have not been set, uplifts Sl9nificanlly in èxeess of inflation will be necessary to offset rising coslq Funds held on behalf of others Assets lield as custodff&n Iruslees Included within the Dio¢esan Investment Trust portfolio of sh8res are units held on behalf of a separately registered charity.. The Northampton Diocesan Priests, Fund, whose objects are to aid the secular priests of the Diocèse who are permanently or temporarily incapac.itated by nld agp. infirmity, illnp%£ or accident. The assets within the overall portfolio are disclosed in note 2 and are separately distinguishable from assets of the Diocese. Quarterly reports are sent lo the charity on the investment performance. Signed by order of the Iruslees on 26th November 2024 Signed Copy Retained in Bishop's House Rl Rev Bishop D J Oaklg.y 10-
The Roman Catholic Diocese of Northampton Independent Aiiditors, Report To Thè TriistÈès' Year ended 31 March 2023 Indopendent auditor's report to the trustees of the Roman Catholic Diocese of Northampton Opinion We have aLJdiled the financial statements of Ihe Roman Catholic Diocese of North8mplon for the year ended 31 March 2023 which comprise th8 Group Statement ol Financial Activities, the Group and Parent Charity Balance Sheet, the Group Statement of Cash Flows and notes to the financial siaiements, including a summary of significant accounting policies. The Iinancial reponing framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Slanda¥d 102 The Financial Reporting Standard applicable in Ihe UK and RepubliG of Ireland (United Kingdom Generally Accepted Accountin9 Praclicel. In our opinion, the financial statements.. Give a Irue and fair view of the stale of the group's and of the parent charity's affairs as a131 March 2023 and of the group's and of the parent charity's nel movement in funds for the year then ended.. Have been propedy prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice.. and Have been prepared in accordance with the requirements of the Charitie5 Act 2011. Basis for opinion We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Aot and relcvant rcgulation" madc or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of OLJr report. We are independent of the group in accordance with the ethical requirements that are relevant lo our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the tIUStees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 8aoed on the work WÈ have performcd, we htsve not identified any mattrritsl uneertointie* relating to events or ¢ondilion5 that, individually or collectively. may cast significant doubt on the group's ability lo continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going concern are described in the relevant sections of this report. Other information The Iruslees are responsible for the other information. The other information compri5e5 the inforrnation included in the Report of the Trustees. Our opinion on the finanGial staternenls dDeb nul cover the other information and, except lo the exlenl otherwise explicitly slated in our report, we do not express any form ol assurance conclusion thereon. In connection with our audit of the financial slalemenls, our responsibilily is lo read the other Information and, in doing so, consider whether the other information is materially inconsislenl with the financial statèments, or our knowledge obtained in the audit or otherwise appears to be materially missl8led.11 we identify such material incon5islenci&s or apparent m8lerial misslalemenls, we are required lo determine whether there is a material misstalemenl in the financial slalemenls or material misslatemenl ol the other information. If, based on the work we have performed. we conclude th31 there is a material misslalemenl of this other information. we are required to report that fact. We have nothing lo report in this regard. 11
The Roman Catholic Diocese of Northampton Indopondant Audltors, R•port To Th• Trust•os' Year ended 31 March 2023 Matters on which we are roquired to report by exception We have nothing to report in respect of the followin9 mallers in relation lo which the Charities (Accounts and Reports) Regulations 2008 require us lo report lo you if. in our opinion.. adequate accounting records have not been kept by the group and parent charity, or returns adequate for our audit have not been received from branches not visited by u5.. or sufficient accounting records have not been kept,. or the group and parent charity financial statements are not in agreement with the accounting records and returns,. or we liave not received all the inforimalion and explanations we require for our audit. Rosponsibilitigs of trust99s for th• financial stat•m9nts As explained more fully in the trustees, responsibilities slalemenl sel out on page 3, the Iruslees are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine is necessary to enable the preparation of financial slalemenls that are free from material misslalemenl, whether due to fraud or error. In preparing the financial 51alements. the trustees are responsible for assessing the group's and the parent charity's ability to continue as a going concern, disclosing. as applicable, mallers related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate Ilie group or the parent rharity or to cease operations, or have no realistic alternative bul to do so. Auditor's r•$ponsibilities for tho audit of the finaneial $tatemènts Our objectives are lo obtain leasonable assurance about whether the financial statements as 8 whole are free from material misstalemenl, whether due lo fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assuran is a hioh level of assurance bul is not a quaranlee that an audit conducted in accordance with ISAS IUK} will always delecl a material misslatemenl when il exists. Misstalemenls can arise from fraud or error and are considered material il, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial ststemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures iii Iiiie willi our responsibililie5, Outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. Based on our understanding of the group and of the parent charity and the environment in which it operates. we idenlified thal the principal risks of non-compliance with laws and regulations related lo Canon Law. employment law, safeouarding reoulalions and Charity Law. and we considered the exlenl lo which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Charities Act 20118nd Charities SORP. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements lincluding the risk of override of conlrolsl. Audit procedures performed by the engagement leani inoluded. Review of minutes of Iruslees, meetings.. Inspecting correspondence with regulators and lax authorities., Discussions with management includin9 consideration of kn¢)wn or su8peclecl in8lance3 of non-compliance with laws and regulation and fraud., Evaluating management's controls designed to pievent and detect irregularities., Identifyin9 and lesling journa18', and 12-
The Roman Catholic Diocese of Northampton Independent AiJditnTs' Repnrt To The Trustees. Year ended 31 March 2023 Challenging assumption5 and judgements made by management In their ciilical accounting p.stimAteq. These related lo depreciation. investmènt property valuations and accrued legacies. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misslalemenl in the finan¢ial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regLJlalion is removed from the events and transactions reflected in the financial slatemenls. as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud Involves Inlentlonal concealment, forgery. Gollusion, UlTllbiTrlVII UI misrepresentation. A further description of our responlbIlItIc- for the tsudit of the fin3noial statements is locatad on tho Financial Reporting Council's website at.. hllp.'Ilwww.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report. Use of our report This report is made solely lo the charity's trustees. as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might slate to the charity's Iruslees those matters we are required lo slate to them in an Auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than the eharily's Iruslees as a body for our audit work, for tnls report. or for the opinion5 we have fortned. LLP Haysmac LLP Stalulory Auditors 10 Queen Street Place London EC4R 1AG Dale.. 28 November2024 Haysmac LLP is eligible lo act as an auditor in terms ol section 1212 of the Companies Act 20( 13-
Signed copy retained in Bishop's House Signed copy retained in Bishop's House
The Roman Catholic Diocese of Northampton Consolidated Statèmont of Flnancial Activiti•s Year ended 31 March 2023 Parochial Curial Restricted Unre$tri¢td Restrlcted Unrestricted Oiocesan 2022 2023 Income from". Donalion- ond logociots Collections & donalions Second collections Legacies Grants received Fundraising Investment income Dividend incomè Bank interest Rental income Other incoming resources Sales of 856el6 206,177 35S,255 7,185 4.839,666 21,121 472,816 5.539,780 355,255 186,663 291,82Y 445,016 4.97S,456 270,861 378,783 519,78T 375,746 11 38,333 28.383 311.219 141.165 72834 39,641 190,610 116,9331 111.089 62.240 44.755 139.192 246.187 184.505 687.797 10,801 698.598 550,952 481,41è Total Income 679,686 5,967,638 239.553 876,493 7.763,370 7,737,510 Exp•nditur• on.. Raising funds.. Costs of oeneraling voluntary income Investment & property managemenl costs Charitsblo •¢eiYities.' 19,966 77.301 34,774 132,041 93,879 2,411 54,074 56,485 51,420 2- collections & grants 11 Support ol parish life f.iJriAI artivitip SFCS Pension Expense Sch buildings provision 419,874 102,570 14,408 4,806,491 628 434,908 619,470 5.601,664 1,100,976 1.521.395 513,000 513,000 327,574 4,681,142 1.501,134 73,133 420.419 169,551 169.551 1443,4291 Total expenditurg 542,410 4,898,200 495,963 2,492,471 8,429,044 6.211,720 137,276 1,069,438 1256,4101 11,615,976) 1665,6741 1,525,790 uthèr reeognlsed gainsl Ilossesl on investmènt assets: Realised on disposal properties Realised on di8pos81 shar6 Unrealised- Inveslmenls Unrealised- Investment Properties 57.668 26,106 83,774 13.q83} 1101.3231 1104,5061 1227,1231 1113,6131 1650,0761 1763.6891 677,179 1,045,000 1,045,000 Net incomellexpenditurel 137,276 1,127,106 1373,2061 11,296,269) 1405,0951 1,975,846 Tian5feis between funds 11,549,540) 113,9111 1,563,451 Net movement in funds 137,276 1422,4341 1387,1171 267,182 140S.0951 1,975,846 Reconciliation of fund8= Total funds brought forward 1,030,189 14,763,895 3,519,216 12,430.359 31,743,659 29,767,813 Totsl funds carried foNard at 31 Mar 2023 1.167.465 14,341,461 3,132.099 12,697,541 31,338,564 £31,743,659 All the activities of the charity are classed as continuing. Dp.lailp.d r.nmp2f2tivp.s xrp. %hnwn in Note 18 to these financial slatemenls. 15-
The Roman Catholic Diocese of Northampton Con801idatod Cash Flow Stat•mgnt Year ended 31 March 2023 2023 2022 Cash flows from operatlng actlvities Net cash (used inllprovided by operating activiiies Isee fjelow) Cash flows from investing activities Interest received Dividends received Purchase of propety, plant and equipment Procepdq from qalp. of prnpp.rty, plAnt and equipment Purchase of investments Sale of investments Sale of investment properties 553.705 1,1J1,661 246,187 184,606 (298,1881 {218,2341 489,531 {3,177,889} 3,233.361 {5,088,7521 5.250.140 617,000 Net provided by (used in) investing activities 726,431 511.275 Cash flows from financing activities Loan8 repaidlr¢¢¢ived Interest charged on loan$ 311,148 1116,385) 2.000,000 144.4891 Net prnvidod hy lusÈd In) linancing activities 194.763 1.955.511 Change in cash and cash equivalents Cash and ¢ash equivalents at start of reporting perio(J 1.474,899 3,618,447 5,767,101 2,148,054 Cash and cash equivalents at end of reporting period £7,242.000 £5.767,101 16-
The Roman Catholic Diocese of Northampton Not9$ to thg Con#olidatod Cash Flow Stat•m•nt Year ended 31 March 2023 (il Reconciliation of net Incoming resources to net cash inflow from operating activities 2023 2022 Net {oulgoingsllincome per SOFA Returns on investment Gain on rèvaluation of investment property Investment income Surplus on disposal of tangible lixed assets Depreciation Interest on loans Decreasellincreasel in debtors Increasel{decreasel in creditors 1405,0951 763,689 11,045.0001 {246,2311 192,0001 435.545 116.385 872,069 154,343 1,975,846 {450,0561 1184,506) 1481.4191 426,622 61,879 1.035.922 11,232,627> Net cash {used inl provided by operating activities £553.705 £1,151,661 li1} Re¢on¢illatlon of net cash flow to movement in nat funds Nel funds al 1 April 2022 Increase in cash in the period 5,767.101 1,474,899 2,148,654 3,618.447 Nel funds at 31 March 2023 £7.242,000 £5,767,101 {1111 Analysls of changes in Net Fundsl{Debtl 1 April 2022 Cash Flow 31 March 2023 Cash in hand and al bank Debt dLJe within 1 year Debt due after 1 year 5,767,101 1311.148) {2,833,4901 1,474,899 197,908 113,240 7,Z42,00 1113.2401 {2,720,2501 £2,622,463 1.786.047 £4,408,510 1 April 2021 Cash Flow 31 March 2022 Cash in hand and al bank Debt due within 1 year Debt due after 1 year 2,148,654 3.618,447 1311.148} 12,833,4901 5,767,101 1311,148) {2.1533,4YLII £2,148,654 £473,809 £2,622,463 17-
The Roman Catholic Diocese of Northampton Statement of Accountlng Pollcles Year ended 31 March 2023 The principal accounting policies which are adopted in the preparation of the financial statements are set out below.. Basis of accounting The financial statements are prepared Ljnder the hislofical cost convention as modified by the revaluation of non-maikelable assets held for charitable purposes, investment properties and listed investments at market value. The format of the financial slalements has been presented lo comply with the Charities Act 2011, FRS102 The Financial Reporting Standard applicable in the UK and Ireland and ihe sraiement ol Recommencled Practlce Accounring and Reportlng by Gharllles I"SORP 2019"). The Charity is a Public Benefit Entity as defined by FRS102. Figures are presented in sterling and rounded to the nearest pound. Consolidation The accounts consolidate the results of the Roman Catholic Diocese of Northampton and the 4 trusts registered as separate charities referred lo in note 6 This is the first year consolidated financial slalements have been prepared and as a result the comparative amounts are also now prepared on a consolidated bas1S. The charity has subsidiary companies. RCDN Property Services Ltd and St Thomas of Canterbury Cathedral Centre Ltd. In the opinion of the Trustees, the activities of RCDN Pfopety Services Ltd and Sl Thomas of Canterbury Cathedral Centie Ltd are immaterial lo the group as a whole and therefore these companle5 have not been consollLlaleQ Into these ff nanclal stalemenls. General informatlon The Charity is a charity registered in England and Wales (charity number.. 2340911. The Charity's registered office address is Bishop's House, Marflott Street, Northampton, NN2 6AW. Golng concern The Trustees consider that there are no material UnrtaintIeS which would cast doubl on the Charity's ability lo continue as a going concern. The Trust has significant Fixed Assets including financial investments valued al 30th September 2024 at £10.5m.11 also has a cash balance as al 30th September 2024 Inol including funds held on behalf of schools, priests fun(J or clut)sl of £6m. Thls balance Includes £2.6m of banK loan flnance. Forecast projections for 12 months from the dale these accounts are signed indicate that the charity continues lo be going concern in the foreseeable future. Income and expenditure Income is recognised in the period in which ils receipt is probable, and the amount can be measured with reasonable certainty. Income from parochial activities and other voluntary donations is reco9ll15ed on a receipt's basis. Income from Inveslmenls. grant agencies, rental properties and other sources of a non-ex-gralia nature are recognised on an accrual's basis. Legacies are recognised once the charity is advied that paymcnl i- duc, and thc amount involved can bc quantified. Costs of raising funds comprise those costs associated with attracting voluntary income and the management ol the Charity's investments. Costs of charitable activities consist of all expenditure directly relating lo the objects of the Charity. Support costs which cannot be directly allo¢aled are apportioned betweèn chaiilable activities and governan costs on the basis of the Trustee's estimate ol the lime spent on the ielevanl functions. Employment bènefi'ts, including holiday pay, are recognised in the period in which they are earned. Terminallon benelils are re¢ognise(S in the perlo(J In whlcn the (Jecision Is ma(Je an(J communicated lo the relevant employeelsl. 18-
The Roman Catholic Diocese of Northampton Statement of Accounting Policies Year ended 31 March 2023 Governance costs include expenditure on management and compliance with conslilutional and slalulory requirements together with an allocation of support costs. Irrecoverable VAT is inclLJded with the category of expenses lo which it felales. Tangible assets Frèehold land and buildin Functional land and buildings Churches, Presbyteries, Halls and Offices etc. Freehold land Functional land li.e. land uèed for the prime purpots e of Ihc Charity), S¥ in¢ludcd in thc financial slalemenls at original Cost or, where this is not available, al an estimate of ils historic cost lor in the case of donated land, at its fair value at the dale of receipll. Freehold land is not depreciated because it has an indefinitely long useful life. Freehold buildin Functional buildings li.e. buildings used for the prime purpose of the Charity}, which are still in use by tne Lnarity are Includea In the Iinancial stslemenls at original cost, or where this is not available. al an estimate of their historic cost lor in the case of donated buildings, al an estimate of their fair value al the dale of reIplI. All new functional buildings. improvements and major renovations are Gapilalised al the cost of Construction. Buildings whiGh were in use al 31 March 1996 are depreciated al rates calculated to write off their eslimaled historic cost {less the eslimaled residual value) evenly over the remainder of their useful Iile. The estimate of the useful life of a building varies depending on the condition and its future use. however, in general il is expected that a building in a reasonable stale of repair will continue in use without major renovations or Improvements for the following period.. Unlisted Churches Cathedral and Listed Churches Presbyteries other buildings 25 10 100 years 100 to 200 years 25 lu 50 yedlb 25 10 75 years r)pprp.p.ialinn ralp.$ arg. r.alr.ulate.d iising the age of the hLiilding and its èxpected LisefLII life. Addresses of Diocesan Churches and other buildings can be ft)und in the DI0San yearbook. 2. Voluiitary Aided Scliools Land The charity own5 the land ON which ils Voluntary Aided Schools are built. The nature of the occupation of the land by these exempl and excepted charities means that the Diocesan Trustees do not have the power lo dispose of the land, until the school ceases ils occupation, which in turn WOLJld require the approval ol the governors and the Secretary of Slate. Consequently, for the purposes of these financial slalemenls the land is Irealed as inalienable and is not capilalised. The cost of any land acquired for the purposes of a Voluntary Aided School is charged lo the Slalemenl of Financial Activities in the year of acquisition. 8uildin The school buildings are occupied, improved, extended and repaired by the school governors. The nature of the occupation of these buildings by thèse exgmpt and excepted charities means that the Diocesan Trustees do not have Control over the buildings, until the school ceases ils occupation, which in turn would require the approval ol the governors and the Secretary ol Stale. Consequently, for the purposes ol these financial slalements the buildinqs are Irealed as inalienable. The school 19-
The Roman Catholic Diocese of Northampton Statement of Accountlng Politiès Year ended 31 March 2023 governors account for the building, improvement and repair costs of the schools and account for any grants received in respect of these costs. Grants made by the Diocese or paiishes lo the governors in order lo assist them with their liability for school building costs are charged lo the Slatemersl of Financial Aclivilies in the year of payment. Details of the Diocesan Voluntary Aided choOlS are given in the Diocesan Yearbook. Freehold land and buildin continued ? Ar.3dp.mies Land The charity owns the land on which its Academies are built. The nature of the occupation of the land by these mulli-academy trusts by long term lease or other agreement means that the Di0san Trustees do not have the power to dispose of the land, until the school ceases its occupation, under the terms of occupancy. Consequently, for the purposes of these financial Statements the land is Ireateu as inalienable and is noi capiialised. The cosi ol any lan(J acquireQ tor the purposes ot an Academy is charged lo the Slalemenl of Financial Activities in the year of acquisition. Buildin The school buildings are occupied, improved, extended and repaired by the Academy Trustees. The nature of the occupation of these buildings by these mulli-academy trusts means that the Dinrp.%2n Triiqtp.p.q dn nnl hAVg c.nnlrnl ovg.r the hLiildin9s, Iintil the sehool ceasès its occupation under the terms of the lease or occupation terms. Consequently, for the purposes of these financial slalemenls the buildings are treated as inalienable. The academy Iruslees account for the building, improvement and repair costs ol the schools and account lor any grants received in respect of these costs. Grants made by the Diocese or parishes lo the academy trust in order lo assist them with ils liability for school building costs are charged lo the Statement of Financial Activities in the year of payment. Details of the Academies are given in the Diocesan Yearbook. b. Fixturgs fittin sandg ui mgnt Fixtures. fillings and equipment which were in use al 31 March 1996 and which had a current replacement cost exceeding £2,000 have been capilalised and included in the financial statements al an estimate of their historical costs lor In the case of donated assets. al an estimate of value al the dale of acquisilionl. Subsequent acquisitions with a cost, lor in the case of donated assets. estimated value) of over £2,000 are capilalised on the same basis. They are depreciated al rates calculate(J 10 write off the cost or valuation, less the eslimaled resiclual value, of each asset over its expected useful life as follows.. Church fuiniturclplato Furniture, fixtures and fillings Computers Ovcr SO ycar- Over 10 years Over 3 years Financlal Instruments The charity only enters into basic financial instruments transactions that result in the recognition of finanoial a"-et and liabilitic- like tradc and olh¢r account rc¢civablc and payable 8nd inve3tment3 in stocks and shafes. The measurement basis used for these financial instruments is detailed below. Inveslmenls Investments are disclosed al market value al the balance sheet dale. All changes in value in the year, whether or not realised. are shown in the Statement ol Financial Activities. Details ol the dale and basis of valuation and valuer in respect of investment properties are given in note 2 to these financial slalemenls. As these assets are recorded al current market value, no charge for depreciation is m8de in the financial slalemenls. 20-
The Roman Catholic Diocese of Northampton Statement of Accountinu Policies Year ended 31 March 2023 Debtors Short term debtors are measured at transaction price, less any impairment. Loans receivables are measured initially at fair value, nel of transaction costs, and are measured subsequently al amortised cost using the effective interest method, less any impairment. Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without pen81ty on nolico of not moro than 24 hours. Cash oquivalonts aro highly liquid invastmonls that malurg no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Creditors Short term creditors are measured al the transaction price. Other financial liabilities. including bank loans, are measured initially al fair value, nel of transaction ¢osts, and are measured subsequently at amortised cost using tne effective interest meihou. Pension schemes Conltibulions towards employees, personal pension schemes ale ch8rged lo the Statement of Financial Activities in the year in which they become payable. The Diocese is neither liable to finance any funding shortfall, nor enlilled lo benefit from any over-funding. The Diocese makes contributions lo the personal pension money purchase schemes of a number of its priests. Such contributions are charged to the Statement of Financial Activities in the year in which they fall duè Tha Diocese also makés provigion to pay an income in rétirément to pri@sts who do not participate in the money purchase scheme. This provision is held as a designated fund and is funded principally by an annual transfer from general unreslricled funds. Funds Reslricled funds are funds where the income is restricted by the conditions imposed by the donors. They reprégént spoeial collections and Eagtèr and Chrigtmag offerings to priests, not yet paid OL)t by the year end. They also include legacies and other funds received for specific purposes. Designated funds represent funds sel aside al the discretion of the trustees for specific purs)oses, as listed in note 6 to these financial stalemenls. The general fund for fixed assets represents the value invested in Iixed assets, principally churches and presL)yieries. I"he balance ol unrestricted funds represents funds available io support the work ol ihe Diocese in the future. Signiflcant Judgement8 In preparing these financial statements the Iruslees have had lo make estimates and assumptions that affect the amounts recognSed in these financial slalemenls. Estimates and judgements are continually evaluaied and are based on historical experience anc* Olher factors, including expeciations ol fuiure events that are believed lo be reasonable under the circumstances. Key areas subject to judgement and eslimalion relate lo depreciation. investment property valuations and accrued legacies. 21
The Roman Catholic Diocese of Northampton Notes to thg Financial Statem9nts Year ended 31 March 2023 FIXED ASSETS Church Property Furniture and Fittings Totsl Cost or valuatlon Al 1 April 2022 Addilioiis Disposals 25,599,514 244,410 2,645.039 53.77B 28,244,553 290,188 At 34 March 2023 25.843.924 2.698.817 28,S42,741 Depreclatlon At 1 April 2022 Charge for year Disposals 10,679.796 376,952 2.128.324 58.593 12,808,120 435,545 At 31 March 2023 11,056,748 2,1 b6,917 13,243.665 Net book value At 31 March 2023 £14.797,176 £511,900 £1S.299,076 At 31 March 2022 £14,919,718 £516.715 £15,436,433 All assets are used for direct charitsble purposes. The properties, comprising churches. church halls and presbyteries, and contents are staled at actual or eslimaled historical cost. The market value of fixed assets has not been determined as the benefit to the readers ol the financial statements does not, in the opinion of the Iruslees, justsfy the cost which would be Incurred Capital commitments ¥ at 31 March 2023 There are oapital oommitmcnlkl of nil {2022 nil} a- ANALYSIS OF INVESTMENTS 2023 2022 Market value Historical cost Market value Historical ost Hunting fund UK listed securities Non-UK Ilsied securllles Cash balance 465,432 656.663 40,778 394.410 560,282 40,778 712,190 533,640 31,556 541,460 378,828 31.556 1,164,873 996,470 1,277.386 gSI,644 Lord Bray¢ Trust UK lislpd securities Cash balance 9.627 104 8.236 104 9.254 104 8,236 104 9,731 8,340 9.358 8,340 22-
The Roman Catholic Diocese of Northampton Notes to tho Finaneial Statomonts Year ended 31 March 2023 ANALYSIS OF INVESTMENTS l¢ont} 2023 2022 Market value Historical cost Market value Historical cost Speclal reserve fund UK listed securities Non-UK listed securities -h balance 829,189 903,791 29,341 741,451 775,490 29.341 1,052,348 819,280 63.170 849,694 600,657 63.170 1,762,321 1,546,282 1,934,798 1,513,521 Dio¢¢$an Investment Trust UK listed securities Non-UK listed securities Cash balance 2,033,939 1,981,097 96.298 1,757,905 1,732.450 96,298 2,609,598 1,791,521 101,371 1,969,360 1,Z22,766 101.371 4,111.334 3,586,653 4,502,490 3,293,497 Together in Falth UK listed securities Non-UK listed securities Cash balan 283,880 261,132 310.200 261,132 1,258 1,258 1,258 1.258 285,138 262.390 311,458 262,390 Legacy UK listed securities NDn-UK listed securities Cash bcildiiLe 478,446 362,793 479.374 374,110 746,76B 144,513 72,752 755,516 142.279 72,752 51.404 51,405 892,643 904,889 964.033 970,547 Parish Legacy UK listed securities Non-UK listed securities Cash balance 724,002 629.134 726.670 587,940 973,677 891.175 442,990 55,952 62,872 62.872 55,952 1,416.008 1,377,482 1,571.846 1,390,117 Cathollc Investment Fund UK listed securities 1,012 1.000 1,063 1.000 Wholly Ownod Trading Subsidiary RCDN Properly Services Ltd St Thomas of Canterbury Cathedral Centre Ltd 100 100 100 100 200 200 -23-
The Roman Catholic Diocese of Northampton Notes to tho Finanelal Stat•m•nts Year ended 31 March 2023 Market Value 2023 202Z Total Investment5 COWltrolled by the DiuGE¥e Diocesan Investment Trust units held by The Northampton Diocesan Priests Fund 9,643,060 10,572,632 {48,387} 152.882} Total investments held by the Group £9,594,673 £10,519,750 Investments held by separate charitable Irusls.. Northampton Diocesan Education Fund Northampton Slough Diocese Educational Trust (447,4521 {386,8741 1490,135) 1423,778) Total investments held by the Charity £B,760.347 £9,605.837 The irivebliii¥iil¥ ¢die l)e1cl for botli Inaxiniising total investment return and to provide income for charitable aclivilies. The value of investments was significantly impacted by the volatility in the markets resulting from the Government'g budgot and tho impact of the war in Ukraine. This has raeovered bar.k tn thp value of £10.5m as at 30th September 2024. In June 2023, a donation {in shares) worth £150k was received from the Priests fund and invested with RBC Biewin Dolphin. This has 8 current value of £173k 2023 2022 Market value At 1 April 2022 Additions Dibpvbdlb Unrealised Ilossesllgains on investments Realised Ilossesllgains on investments Movement on bsnk accounts 10,519.750 5,088,753 15.101,527} 1763,689) 1104,5071 {44.107 10.125,166 3,347,788 13.233,3611 677,179 1227,123) At 31 March 2023 £9,594,673 £10,519,750 2023 2022 Investment property At valuation At 1 Apiil 2022 Disposal Unrealised gain on revaluation 4,695,000 1525,000) 1,045,000 4,695,000 At 31 March 2023 £5.215,000 £4,695,000 The investment properties were valued by Ben Coleman Associates. The investments are held for both maximising total investment relLJrn and lo provide income for charitable aclivilies. -24-
The Roman Catholic Diocese of Northampton Not•$ to thè Finaneial Statemènts Year ended 31 March 2023 DEBTORS 2023 2022 School expenditure recoverable Prepayments and accrued income 151.669 823,694 544,139 1,303,293 £975.363 £1,847,432 Included in accrued income above are legacies of £373,80012022: £646,772) which have been received aftei the year end bul were notified prior to this dale. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other creditors School devolved formula capital monies Other school monies PAYE and social security Accruals and deferred income Bank loan 383.745 715,887 2,226.421 46.047 258,000 113,240 483,938 571,664 2.104,061 41.606 169,172 311,148 £3.747,340 £3,e81.609 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 2022 Loans due within one lo years Loan5 due within two to five years Olhpr Creditors due with two lo five years SFCS Pension Expense due two lo five years 118,902 2,601,348 6.958 513.000 113,240 2,720,250 6.958 £3,240,208 £2,840.448 The Diocese had hvo loans due within five years as at 3181 March 2U2J 1. £2,000,000 provided by Barclays Bank PLC. The loan is secured on the Cathedral Centre in Northampton an(J allracls interest at a flxed raie 012.98 lo for the Quration ol the Ioclll. The loan is due lo be repaid on 121h April 2026 and had a balance outstanding of £1,868,599 as at 31° March 2023 2. £1,000,DOO provided by Barclays Bank PLC. The loan is secured on the Cathedral Centre in Northampton and allracts interest al a fixed rale of 3.690/0 for the duration of the loan. The loan is due lo be repaid on 8th February 2027 and had a balance outstanding of £964,891 as al 3181 March 2023 -25-
The Roman Catholic Diocese of Northampton Note8 to the FTrnAnclal Statements Year ended 31 March 2023 FUNDS Transfer Between Funds Movement In year 2022 2023 Restri¢ted: F<eslricleU.' varishes ancl other Restricted.. Together in Faith Fixed Assets 1,9T5,071 1,229.377 135,969 (119,8341 159.0071 13.1621 113,9111 1,841.326 1,170,370 132,807 3,340.417 1182,003} 113.911) 3,144,503 Gèneral.. fixK5d assplg General: diocesan fund Designated funds: Diocesan maintenance Ecclesiastical Education Mass funds Fox Den Trust Fox Den Trust fixed assets Bishop's Discrelionary Fund Chapter fund ick clergy insurance Theological Educaliors Jubilee Fund propp.rty Fijnd Trust funds Ezekiel qS,I 35,229 7.427,822 1130.352) 110,4611 15.004,877 7.431,272 13,911 191,927 237,115 238,084 192.670 165.235 43,868 644 107,517 9,875 928.549 1.773.923 740,649 1,147 3,793 127,4301 19,424} 195,720 209,685 228.660 192,670 181,392 42,931 13181 92,600 9,875 854,749 1.924.395 689,345 1,147 (3,843) 19371 19621 114,0171 {73,800) 150,472 151,304) 4,631,203 128,3521 4,602,851 Charity total funds £30.534.671 £1351,168} £30,183.503 Separate charitable trusts held in group reslricled funds.. Educational Trust Northampton Slough Diocesan Education Trust Lord Rr2yp_'8 FniJndAtic)n The Charity of Frances Alice Chesterton 740.481 131,2761 709,205 462,312 3.347 {26,9411 1,386 435,371 4.733 2,848 2.904 5,752 Group total funds £31,743,659 £1405,095} £31,338.564 26-
The Roman Catholic Diocese of Northampton Not9$ to th9 FinancFal Stat•m•nts Year ended 31 March 2023 FUNDS IGontinued) Transfer Between Funds Movement in year 2021 2022 Restricted: RebliiGle(J. Pcifishes and othei Reslricled.. Together in Faith Reslricled.. Together in Faith Fixed Agsets 2,036,019 1,359,331 139,131 156,870 {129,9541 13,1621 14,078) 1,975,071 1,229,377 135,969 3,534,481 {189,9861 14,0781 3,340,417 General: fixed assets General: diocesan fund Designated funds.. Diocesan maintenance Ecclesiastical Education Mass funds Fox Deli Ti"usl Fox Den Trust fixed assets Bishop's Discretionary Fund 15,336.612 5,421.432 {201,3831 2,176,478 15,135,229 7.427,822 1170,0881 172,695 149,433 236,490 192,870 169,078 39,894 19.232 87.682 1,594 191,927 237.115 238,084 192,870 165.235 43.868 13,843> 3,974 Chapter fund Sick clergy insurance Theological Education Jubilee Fund Property Fund Trust funds Ezekiel 6,654 85,800 9,875 1,019,570 1,529,508 714,491 1,147 {6.010) 21,717 644 107,517 9,875 928,549 1,773,923 740,649 1,147 1265,1871 244,415 26,158 174,166 4.327,305 129,732 174,166 4,631,203 Charlty total funds £28,619.830 £1,914.841 £30.534,671 Separate charitable trusts held in group restricted funds.. Educational Trust Northampton Slough Diocosan Education Trust Lord Braye's Foundation The Charity of Frances Alice Chesterton 710,007 30.474 740,481 435,964 2,012 28,348 1,335 462,312 3,347 2,848 2,848 Group totol funds £29.767.813 £1.975.846 £31.743.659 -27-
The Roman Catholic Diocese of Northampton Notes to tho Financial Statcments Year ended 31 March 2023 Reslficled funds (Parish and others) represent monies raised for specific PLJrposes and Easter and Ghrislmas otterings lo priests, not yet paid oui by the year end. They also inciu(Je legacles recelved and fundraising for specific purposes, provisions made for the retirement of priests and voluntary parental contributions to building costs of our voluntary aided schools. Reslricled Together in Faith represents donations made to meet costs to support retired clergy and the training of new priests, as well as the funding of calechisls and lay training and also particular parish projects. An amount transferred from parochial unreslricled to curial unreslricled of £1,367,708 12022.. £751,336) relates to levies charged lo parishes. The Diocesan Board and Council of Priests agreed to incre8se the levies from 239/0 to 37°k lo cover the cost of central services and retired Priests, which was historically under-funded. An amount transferred from parochial uniesiri¢ied to curlal unrestrlcied of £"150,472 relates to the parish element of the sale of Sl Aidan's Manor Road recognised as being available for the support of Diocesan general expenditure. Designated funds are amounts sel aside al the discretion of the trustees and are for longei term purposes. They include funds set aside for the support of the Bishop, the education of new priests and the laity, the provision of some accommodation for reiired prlesls an(J the support of 5Ehoulb. Expenditure is made from the majority of these funds on an annual basis, bul where this is not the case. the Trustees are continually reviewing their purpose to ensLJre their designation remains appropriate. An amount of £181,832 12022.. £174,166) was transferred from general funds to the Jubilee Pènsion FLind reprpse.nling r.ontrihiJtinnq mAd6b in the year by parishes lo the ietiremenl fund for priests. Group reslricled funds. The funds above incorporate all funds under the control of the Diocese and these include 4 trusts registered as separ8le charities.. Northampton Diocesan Education Fund Lord Braye's Foundcilivii The Charity of Frances Alice Chesterton Northampton Slough Diocese Educational Trust Charity Number 267132 chai.ily Nuiiiber 242281 Charily Number 252034 Charity Number 1165631 In previous years, the Diocese included these funds as part ol the main charity ba13nce sheet. As these are separately registered charities with no linking scheme in place, a consolidated balance sheet has been included in this year's accounts and these funds are now shown as consolidated as part of the group. This has resulted in the reslatemenl of the charity balance sheet for the year ended 31 March 2023. This prOsS of review has also highlighted that these 4 funds were incorrectly Irealed as designated funds and should have been treated as reslricled funds. Comparative balances have therefore been updated lo rellecl this 28-
The Roman Catholic Diocese of Northampton Not•$ to thg Financial StatèmÈnt Yearended 31 March 2023 CHARITABLE ACTIVITIES IN FURTHERANCE OF CHARITY'S OBJECTS RestriCtd Vnre8trlGted Funds 2023 Tol81 Re•lrictod Fund5 Unr¢?triGt*d Funds 2022 Fund$ Total Support of par4#h life Liturgical and pastoral Domestic Establishment Office Travel Personnel Parish workers Rèyosilory Parish chLJreh and presbytery repairs Church and presbytery repairs Depreciation 90.884 519,013 609,897 264,197 264,197 1,413,822 1.413,822 432,142 432,142 85,832 85,832 907,519 977,490 634,174 634,174 24.658 427.785 452,423 270.145 1.088,27 374,2 270,145 1,088,276 374.962 69,971 65,638 787,053 616,631 42.321 852,689 616,631 42,321 86,KfJ91 11,685 276.257 287.942 17.176 228.601 245,777 374.032 374.032 233,621 423,460 233.621 42S.622 3,162 432,383 435,545 3.182 Subtotal 175.702 5,425.962 5,601.664 110,632 4,570,510 4.681,142 Actlvities carried out centrally Religious advisers XP¥IiS¥6 Expenses of diocesan commission Mass funds Marriage tribunal Youth service Diocesan maintenance Ecclesiastical education Personnel Diocesan communications Voialions 314.258 314,258 313.260 313.389 320.827 320.827 27,000 229,154 256,154 8,939 23,497 93.419 27,899 126,439 202,283 27,899 126,439 202,283 23,497 93,419 207,521 207,521 72,792 347,628 8.451 20,912 74,548 81.243 368,540 79,476 4tiU,fiYI 79,476 468,174 1.483 74,548 50,361 2,224 50.361 2,224 Subtotal 420,420 1,100.975 1.521,395 567,167 933,967 1,501.134 SFCS Penslon Expense 513,000 513,000 Subtotal 513,000 513,000 -29-
The Roman Catholic Diocese of Northampton NotQ8 to the Finonclal Statomenta Year ended 31 March 2023 7. Charitable Activitles In Furtherance of Charity's obj¢¢t$ cont. Provl$lon of Catholic school building and Malntenance Restricted Funds Unrestricted Funds 2023 Total Restricted Unreslricled 2022 Funds Funds Total Parish Donation 1,913 1,913 School repaifs School Debt Provision 169,551 169,551 26,756 230,463 1702,5611 257,219 1702,5611 Subtotal 169,551 169,551 26.756 1470,1851 1443.4291 Totals 596,122 7,209,488 7,805.610 704,555 5,034.292 5,738,847 SUPPORT COSTS Finance office costs, princip211y comprising salaries, bank charges, bank interest and office rLJnning costs, lolalled £696,439 12022.. £550,026). These costs are apportioned lo activities either on direct cost basis, on a staff lime basis or on an estimated usage basis 0175 /0 parish life. 20Q/o curia aciivltles, 5 /0 provision of school buildits95. RAISING FUNDS 2023 2022 Fundraising Planned giving expenses Investment management costs 133,915 11,8741 56.485 92.784 1,095 51,420 £188,526 £14S,299 10. AUDITORS, REMUNERATION 2023 2022 Exlernal auditors lees gross of VAT Internal auditors fees 39,600 5,431 31,200 4.125 £45,031 £35.325 -30-
The Roman Catholic Diocese of Northampton Notes to the Financial Statcmcnts Year ended 31 March 2023 11. SECOND COLLECTIONS PAYABLE IN FURTHERANCE OF CHARifY's OBJECTS These are special collections held al each parish in support of certain organisalions ielaled lo the church or SLlPPOrted by individiJRI pAriqhg.s and the work that they carry out. These incoming donations are held as reslricled funds and are then paid out lo the relevant organisalion. 2023 2022 Incoming second collections Amounts pai(J out 355.255 434,909 270,861 327,J74 Not in¢lud¢d in these figures arc 4iccond ¢ollcction- ttsken and paid out in full in rolation to a numbar of organisalions where il is either mandatory or customary lo support those charities. The monies raised and paid out are treated as conduit funding and so are excluded from the Diocesan arr.niintg Thg_ tntxl nf qiirh monies reiVed and paid out in full was £348,17012022". £213.1481. The organisations supported include Holy Shrines, Mass Media, Peter's Pence, Aposlleship of the Sea. Society for the Protection of the Unborn Child, Third World Aid, Catholic Fund for Oveiseas Development ICAFODI, Sl Vincent de Paul Society, Suivive-MIVA (Missionary Vehicle Associalionl. 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tanglble N¢t flxed assets Investments assets Total 2023 Restricted funds f7P.ng.rxl Designated 132,807 873,876 15.004,877 11.351.575 161,392 2,584,223 2,137,820 13.920.303) 3,012.299 3, 144,503 22.436.149 5,757,912 Total funds 15,299,076 14,809,674 1,229,814 31,338,564 2022 Restricted funds General Designalecl 135,969 913.496 15,135,229 11,470,521 165.235 2,830.733 2,290,952 14,042.6991 2,844,223 3.340,417 22.563,051 5,840,191 Total funds 15,436,433 15,214,750 1.092,476 31,743,659 13. STAFF COSTS 2023 2022 Gross salaries Employer's national insur8n¢e Employer's penslon conlrlbulions 1.741.467 136,242 56,290 1.552,475 114,158 51.302 £1,933.999 £1,717,995 31
The Roman Catholic Diocese of Northampton Not¢$ to the Flnancial Statement6 Year ended 31 March 2023 The average number of employees analysed, by function, was.. Number Number Funuraising and publlclry Direct charitable Management and administrabon of the charity 105 99 110 104 One employee12022'. one employee) earned between £70,001 and £80.000 and one employee 12022.. one employee) earned beeen £80,001 and £90,000. Employer contributions of £6.513 12022.. £6,513) were made to personal pension schemes on behalf of these employees. Key management personnel received salary, employer's national insurance and pension contributions of £303,26712022.' £295,396). Redundancy and termination payments of £21,045 were paid during the year {2022.' £7,108). 14. TRANSACTIONS WITH TRUSTEES No trustee received remuneration {2022.. None) and no trustee was reimbursed {2022.' None} for expenses In their role as trustee duririy Ilie ye¢ll. Iiibui<aiiLe yieiTiiUlnS paid include tru5tees' indemnity insurance. A lolal of £18,611 {2022.' £19,0001 donations were received from Trustees during the year. 15. RELATED PARTY TRANSACTIONS There were no related party tran5aGlion5 duiiriy Ili¢ y¥¢al 12022. £Nill. -32-
The Roman Catholic Diocese of Northampton Notes to the Financial Statements Year ended 31 March 2023 17. SUBSIDIARY COMPANIES Theoe accounts Consolidatc Ihc fcsulls of thc Roman Catholic Dioccsc of Northampton and the 4 trusts registered as separate charities referred lo in note 6. A summary of the financial statements of all 4 trusts is provided below.. 2023 2022 Income {Lossesllgains on investments 25,660 {79,5871 20,023 40,982 Surplus 61,005 61,005 Reserves 1,155,061 1.208.988 Investments Current assets 834,326 320,735 913,913 295.075 Net assets 1.155.061 1,208,988 The charity has two wholly owned subsidiary companies which are considered immaterial lo the group as a whole and therefore these companies have not been consolidated into these financial statements. RCDN Property Services Ltd provides property project rnanagernent seiviLeb lu schools within the Diocese. Sl Thomas of Canterbury Cathedral Centre Ltd runs a restaurant provided lo parishioners and the wider community. The charity owns 100 /0 of the issued share capital of £100 in both companic- ummtsry of the financial statementè for both companies for the year ending 31$1 March 2023 is provided below.. 2023 2022 Turnover and other income Expenses 168,527 162,0111 174,802 {41,5661 Operating profil Gift aid paid lo parent charity 106,516 1136.7791 133,236 143.496) Operating Profil 130,2631 89,740 Rek¥erve" 86.666 116,918 Tangible Fixed Assets Current assets Creditors.. amounts falling due within one year 18.093 159,592 191,0301 20,243 155,025 {58,3501 Nel assets 86,655 116.918 33-
The Roman Catholic Diocese of Northampton Notcs to the Flnanclal Statements Year ended 31 March 2023 18. SOFA Comparative 2022 Parochial Curial Rèstricted Unrestricted Restricted Unrestricted Diocesan 2021 2022 Ineome from: Donations andleoaues Collections & donations Second collections Legaaes Grant¥ rcccwcd Fundraising Inveslinenl iiiGonp9 Dividend income Bank Interest Rental incowe OlherinGoming sOueS qalp* t)f a889.ts 58,613 270,861 4,577,164 24,033 315,646 4,975,4S6 270,861 378,783 519,787 375.746 4,411,910 113,363 892,627 612,331 286,455 126.386 93,686 234,304 252,397 60.736 55,371 365.465 1,041 85,030 47,511 36,042 100,952 184,505 184.757 535,509 15,443 550,952 402,220 237.005 244.414 481,419 787.637 Total income 414.504 5,851,465 426,581 1.044,960 7.737.510 7,691,304 Expondlturo on: Raising funds.. Costs of generating voiuniary Income Invesltnent & property management costs Charitable activities.. 2ThJ Gollections & grants 11 Support of parish life Curial activities School buildings piovision 7,9e8 65,001 664 20,026 93,879 133,280 7.728 2,242 41.450 51,420 53,271 317,362 41,834 10,212 3,781,128 327,574 789.382 4,681,142 933,967 1,501,134 193,423 4,307,008 1,418,553 68,798 567,167 1,409 1.913 25,347 1472,0981 1443,4291 258,751 Total èxpenditure 368.593 3.865.982 664,418 1.312.727 6.211.720 6.364,286 45.911 1,985,483 1237,8371 1267.7671 1,525.790 1,327,018 other recognised gain81 t) on invcstmcnt assets.. Realised on disposal Unrealised- Investmen15 Unrealised- Investment Properties 128,3871 101,243 19,0511 1189.6851 1227,1231 71,996 503,940 677,179 47,670 1,778,720 447.500 Net incomellexpenditurel 45.911 2,058,339 1174,8921 46.488 1,975,846 3,600,908 Tr8nsfer5 bètween funds 11,262,507) 14.0781 1,266.585 Not movomont in funds 45,91 795.832 1178.9701 1.313.073 1.975.B46 3.600.908 Reconciliation of funds.. Total funds brought forward 984,278 13,968,063 3,698,186 11,117.286 29,767.813 26,166,905 Total funds Carried forward at 31 Mar 2022 1,030,189 14,763,895 3.519,216 12.430,359 31,743,659 £29,767,813 -34-