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 IrC￿lgn¢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 reSoUr￿S 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 Di0￿saN 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 (lit￿1 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 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 Un￿rtaintIeS 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 advi￿ed 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 re￿IplI. 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 DI0￿San 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 Di0￿san 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 recogn￿Sed 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 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 prO￿sS 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 RestriCt*d 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 re￿iVed 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 be￿een £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