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2022-03-31-accounts

MENEVIA DIOCESAN TRUST

DIOCESE ofMENEVIA ESGOBAETH MYNYW

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Registered Charity No: 234168

MENEVIA DIOCESAN TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Contents
Page
Trustees and Profssional Advisors
Report of the Trustees 2-6
Statement of Trustees' Responsibilities 7
Independent Auditor's Report 8a-8c
Statement of Financial Activities 9
Balance Sheet
Statement of cash fows 11-12
Notes to the fnancial statements 13-23

Page I

MENEVIA DIOCESAN TRUST

Trustees and Professional Advisors

Trustees - Ex Officio

Most Rev Mark O'Toole Archbishop of Cardiff and Bishop of Menevia (appointed 23 [rd ] June 2022)

Rev Monsignor Canon Joseph Cefai, Vicar General

Rev Monsignor Michael Lewis, Chancellor (retired 6 July 2022)

Rev Monsignor B Kinrade , Treasurer

Trustees - Appointed

Mrs H Hammond Rev M Smith Mrs K Jones Mr PRelf

Advisors

Principal Bankers

Investment Advisors

Solicitors

Auditor

Registered Address

National Westminster Bank pie Swansea Business Centre Phoenix Way Llansamlet Swansea SA79FN Brewin Dolphin Securities Limited 9 Colmore Row Birmingham B3 2BJ Kevin Lane and Co IO Courtland Place Port Talbot SAl3 IJJ Bevan Buckland LLP Ground Floor, Cardigan House Castle Court Swansea Enterprise Court Swansea SA79LA Diocesan Office 27 Convent Street Swansea SAi 2BX

Page 2

MENEVIA DIOCESAN TRUST

REPORT OF THE TRUSTEES for the year ended 31 March 2022

The Trustees present their Annual Report and audited Financial Statements for the year ended 3 I March 2022.

The Financial Statements have been prepared in accordance with the Accounting Policies set out on Pages 13 to 15, the charities Act 2011, Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and the Statement of Recommended Practice (SORP) "Accounting and Reporting by charities: Statement of Recommended Practice" applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic oflreland".

The name of the charity is "Menevia Diocesan Trust", and it is responsible for the administrative and financial affairs of the "Diocese of Menevia" by which name it is also known and is referred to as the "Diocese" in these financial statements.

Structure, Governance and Management

Menevia Diocesan Trust is a charitable trust constituted by a Declaration of Trust dated 4th April 1923, as varied by two Supplemental Trust Deeds dated respectively 7th March 1950 and 6th October 1955. The charity was registered with the Charity Commission on 18 November 1965.

The charity operates by virtue of a scheme approved by the Charity Commission on the 9th June 1972. By that scheme the Menevia Diocesan Trustees Registered became a registered charity replacing the individual trustees who had been the trustees of the Roman Catholic Diocese of Menevia until that date. The Charity Commission approved two schemes on the 8th November 1991 whereby the Diocese of Menevia received certain property from the Archdiocese of Cardiff and transferred certain property and assets to Wrexham Diocese Trustees Registered.

The duties and powers of Menevia Diocesan Trustees Registered are set out in and governed by the Trust Deed dated 4th April 1923 as varied by the two Supplemental Trust deeds dated 7th March 1950 and 6th October 1955, the schemes above mentioned , and the Charities Acts, Trustee Acts and the law of equity.

The affairs of the Diocese are conducted in accordance with both the Laws of England & Wales and with the Canon Law of the Roman Catholic Church.

All property assets are vested in the name of the Trust.

The Diocese comprises 42 registered parishes and covers geographically the counties of Swansea, Neath Port Talbot, Carrnarthenshire, Ceredigion, Pembrokeshire and southern parts of Powys.

The Charity is governed by the Trustees under the chairmanship of the Bishop of the Diocese, who meet on a regular basis to deal with the financial, property, legal and administrative affairs of the Diocese.

The day to day business management of the Charity is undertaken on behalf of the Trustees by the Bishop and Vicar General together with support from curia staff and sub committees supporting safeguarding, education, finance and property functions. The Bishop deals with matters of central policy and acts as the Chief Executive of the Charity.

The Finance & Property Committee with delegated authority from the Trustees meets regularly to discuss matters arising and approve expenditure within it's mandated limits of authority, deferring items above the set approval limit to the main Trustees. Limits of Authority are set in place which control expenditure to defined persons and monetary amounts. These are reviewed regularly to ensure their effectiveness. The financial and administrative affairs of the Charity are administered from the Curial office, which is also the registered office of the Trust. The Charity's Registration Number is 234168.

The pay and remuneration of employees is reviewed annually by the Moderator of the Curia and all staff have employments of contract defining their roles, responsibilities and remuneration.

In accordance with Canon Law a Financial Secretary has been appointed by the Trustees to serve as the financial administrator of the Diocese, and to advise the Trustees on financial matters.

The work of the parishes and schools is administered on a day to day basis by parish priests, governors and lay people.

Page 3

MENEVIA DIOCESAN TRUST

REPORT OF THE TRUSTEES for the year ended 31 March 2022

Trustees

The Trustees who served during the year are listed on page 1. New trustees are appointed by resolution of the existing Trustees and subject to the approval of the Bishop.

Trustees are appointed by Letter of Appointment under the hand of the Bishop addressed to the Trustees or their clerk. The body of the Trustees of the Charity shall consist of not less than eight nor more than ten competent persons of the Roman Catholic faith being four Ex-officio Trustees and not less than four nor more than six Nominative Trustees, provided that if such Nominative Trustees are persons in Holy Orders, they shall be in possession of Diocesan faculties of the Diocese of Menevia.

On taking up appointment as a Trustee, new Trustees are thoroughly briefed by their co-Trustees on the historical background, day to day management, objectives and future plans of the Charity, they also receive an induction manual detailing roles and responsibilities of trustees and various information sources which are freely accessable e.g. Charity Commission website. Trustees maintain an awareness of changes in legislation through regular advice from their professional advisors and are encouraged to attend any courses that may be relevant to the development of their role.

Risk Management

The Trustees have undertaken a formal risk management process to evaluate and assess the major strategic, operational and financial risk areas. The Trustees have identified the principal risks and uncertainties facing the charity as: property maintenance, safeguarding of beneficiaries and people the charity works with, and financial sustainability. These risks are recorded in a risk register and managed via subcommittees, which monitor and report on the steps taken to mitigate the risks.

Objectives and Achievements

The Trust Deed bestows power upon the trustees to apply both capital and income of the trust in furtherance of its objectives.

The principal objectives of the trust include:

Page 4

MENEVIA DIOCESAN TRUST

REPORT OF THE TRUSTEES for the year ended 31 March 2022

In addition to supporting the activities of the clergy within the parishes, the Diocese also provides financial support to Catholic national organisations such as the Catholic Education Service, Historic Churches Committee, and the Catholic Safeguarding and Advisory Service (CSAS) for the protection of children and vulnerable adults.

The Diocese also maintains and supports offices for Religious education, Child protection, and Family life and makes other grants in furtherance of its objectives, principally to the Diocesan Sick and Retired Priest Fund, and the Priest Training Fund.

Volunteers

The Diocesan Trustees, Clergy and employees of the Diocese gratefully acknowledge the valuable work undertaken by the many volunteers who assist on a day to day basis with all aspects of the work of the Diocese. Their work is invaluable particularly in assisting with the running of parishes. This work may range from cleaning of buildings, assisting with record keeping and parish finances to fundraising and many other activities relating to parish life. Parish volunteers also give their valuable time not just to their parishes, but also to giving help to the sick and needy, elderly and the disadvantaged in their local communities through various parish organisations.

Achievements

The former church and buildings at Queens Rd., Aberystwyth were finally disposed of.

St.David's, Swansea, the new church hall has been handed over to the parish and is now in use.

One seminarian continues his training for the priesthood during the financial year and two more have expressed an interest in becoming seminarians.

Page 5

MENEVIA DIOCESAN TRUST

REPORT OF THE TRUSTEES for the year ended 31 March 2022

Investments

The Trustees' investment powers are governed by the Trustee Act 2000, as subsequently amended. Investments held by the charity are managed by a firm of Investment Managers in accordance with an ethical policy to maximise the total return for them. Listed investments are included on the balance sheet at their market value at the end of the financial period. The Statement of Financial Activities includes unrealised gains and losses that may arise from the revaluation of the investment portfolio at the year end. Disclosure of the movements on investments and an analysis of their historical cost is given in the notes to the accounts.

The total return on all investments, before f s, for 2022 was 8.54% (24.8% in 2021) against a target return of 2.9% ( capital growth with dividends and yield reinvested). This compares with the FTSE All-Share Index benchmark of 13.03%.

The portfolio is structured to provide income and capital growth that will maintain real value to finance the objectives of the charity at a moderate level of risk.

Reserves

Unencumbered reserves, defined for this purpose as unrestricted stock market investments and cash totalled £5.52m (2021 £4.8m) and represents 259% of annual unrestricted expenditure (2021 259%).

Trustees would not normally wish to see unencumbered reserves of less than I 00% of annual unrestricted expenditure, however it is recognised that this figure may be exceeded due to the nature and timing of significant major repairs expenditure on schools that can vary significantly from one year to another.

Public benefit

The Charity Commission acknowledges the intangible spiritual benefits that the charity aims to provide through the work of its parishes and people within the Diocese.

The work of our parishes reaches out beyond their own congregations and into the wider community through various activities such as visiting the sick, counselling the bereaved, assisting the disabled and participating in other community based initiatives. Collections in our churches are often made in support of the work of other organisations or initiatives that may be not only local, but may be national or even international.

The Charity supports 18 voluntary aided Catholic schools within the Diocese which continue to be increasingly populated with non­ Catholic children. In addition to the proven educational reputation, the moral codes and practices which support it ensure a valuable contribution to the young adults leaving our schools who will go on to become valued members of society.

The churches within our parishes, and the services of the clergy are open to all people wishing to explore whether the Catholic Church can assist them in the enrichment of their spiritual lives.

The Trustees are of the opinion that they have complied with the duty in section 4 of the 2006 Charities Act to give due regard to the guidance published by the Commission in January 2008.

Separate Funds

A number of other funds are included in the accounts of the Diocese in respect of Trusts that are administered by the Diocese. These funds are maintained separately and are disclosed as restricted funds within the financial statements.

Page 6

MENEVIA DIOCESAN TRUST

REPORT OF THE TRUSTEES for the year ended 31 March 2022

Financial Review

Total incoming Diocesan resources for the year of £2.8 l 8m were up 34% on the previous year of £2.098. Grant income was higher by £ I 00k and donations were increased by £291 k. Collections have recovered slowly over the year as Covid restrictions were eased but donations and legacies have increased significantly. Parish income from donations and legacies of£ 1.53m was up 25% compared with 2021 at £ 1.26m. The value of parish offertories saw an increase of £28k 2.3% over the year. The aggregate total of parish offertories and donations together with curial donations increased 30% over the previous year the curia receiving just £37k in donations, back to the pre Covid level.

All fundraising activity within the Diocese is conducted in a voluntary and ad hoc manner and no professional or commercial fundraisers are engaged in these activities.

Total resources expended for the year increased by 13.2% compared with 2021 with new projects commencing or re-starting following the interuption cause by Covid.

The aggregate result for the year was a gain of £568,037 (2021 gain £1 I 0,332) before other gains and losses were recognised on long term investments. This gain was due in part to a grant from the Welsh Assembly together with the disposal of the Queens Rd site at Aberystwyth.The net result after other recognised gains and losses was an overall gain for the year of £526,775 (2021 £654,585 Gain). The gain on investments reflecting further gains on the investment portfolio held with Brewin Dolphin. An anticipated gain from a compensation agreement which was accrued for last year has been reversed pending ongoing negotiations hence there has been a f.? 10 000 nwP.rs, nf P'llin,; in thP. c.nrrP.nt VP.llr

It is the policy of the Trustees to maintain sufficient reserves to enable the Diocese to meet its current obligations and to provide prudently for future expenditure.

The balance on total unrestricted reserves as at 31 March 2022 stood at £6.648m (2021 £6.305m).

Of the £2.8m total incoming resources for the year, £324,468 (2021 £217,289) was received in the form of Grants, for which the Trustees gratefully acknowledge such support.

Future Objectives

The charity will continue to build on the work undertaken to date in meeting its objectives as set out on page 3. No significant changes in emphasis are expected in the charity's activities.

Auditors

A resolution proposing the appointment of the auditors will be put to the Annual General Meeting.

On behalf of the Trustees

Most Rev. Archbishop Mark O'Toole Bishop ofMenevia Chair of Trustees

Page 7

MENEVIA DIOCESAN TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES for the year ended 31 March 2022

The Trustees are responsible for preparing the Annual report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

[n preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

[n so far as the trustees are aware, there is no relevant audit information of which the charity's auditors are unaware, and each trustee has taken all the steps that he ought to have taken to make themselves aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MENEVIA DIOCESAN TRUST

Opinion

We have audited the financial statements of Menevia Diocesan Trust (the 'charity') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page Ba

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MENEVIA DIOCESAN TRUST

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Page 8b

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MENEVIA DIOCESAN TRUST

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we �

Henry Lloyd Davies (senior statutory auditor) Bevan Buckland LLP Eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA? 9LA Date: ............................ f-P-[k] �� ?,oz� q-[' ] � ......... .

Page 8c

MENEVIA DIOCESAN TRUST

.,, '°

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2022

Notes
Income and endowments fom:
Donations and Legacies
3
Charitable activities
4
Other Trading activities
5
Investment income
6
Other income (gains on disposal of fxed
assets)
Total income and endowments
Expenditure on:
Raising Funds
Charitable Activities
7
Total expenditure
Net income/(expenditure)
Transfers between Funds
18
Other recognised gains/(losses):
Net gains/(Losses) on investments
Net movement in funds
Fund balances brought forward
Fund balances carried frward		 Unrestricted Funds
Parochial
Curial
£
£
1,724,989
13,232
160,410
72,800
203,226
60,059
39,335
291,073
21,242
2,379,699
206,668
29,032
1,464,864
624,342
1,493,895
624,342
885,803
(417,674)
{57,645)
395,204
528,158
(22,470)
(62,706)
528,158
185,176
3,339,158
2,965,785
3,867,316
2,780,609		 Restricted Funds
Parochial
Curial
£
£
42,314
131,772
2,131
43,599
219,817
131,772
--
131,772
88,045
{34,770)
53,275
95,469
148,743
2,815,008
2,963,751
see Pg22		 Endowment Funds
Parochial
Curial
£
£
11,863
11,863
11,863
28,943
pt,732)
28,943
(19,869)
25,976
28,943
6,107
385,634
115,904
414,577
122,01 I
see Pg22
see Pg22		 2022
£
1,780,535
364,982
265,416
94,797
312,316
--
2,818,046
29,032
2,220,978
2,250,009
568,037
568,037
(41,261)
526,775
9,621,489
10,148,264		 2021
£
1,191,954
236,771
178,615
133,553
356,765
2,097,658
20,031
1,967,296
1,987,326
110,332
110,332
544,252
654,585
8,966,905
9,621,490

All of the Charity's activities derived from continuing operations during the above two financial periods. A Statement of Financial Activities for the preceding year is shown in note 2.

Page 10

MENEVIA DIOCESAN TRUST

BALANCE SHEET as at 31 March 2022

Fixed Assets
Tangible assets
Investments
Total fixed assets
Current Assets
Debtors & prepayments
Cash at bank and in hand
Total current assets
LIABILITIES
Creditors: Amounts flling due
within one year
Net current assets
Total Assets less current liabilities
Inter fnd balances
Net Assets
Restricted funds
Endowment fnds
Restricted income funds
Unrestricted funds:
Note
11
12
13
14
15
16		 Parochial
132,000
132,000
198,531
2,919,761
3,118,292
48,322
3,069,970
3,201,970
1,079,922
4,281,892
414,577
3,867,316
4,281,892		 Curial
£
2,031,690
3,247,994
5,279,684
128,886
1,848,246
1,977,132
310,522
1,666,610
6,946,294
(1,079,922)
5,866,372
122,011
2,963,751
2,780,609
5,866,372		 Total Funds
2022
£
2,031,690
3,379,994
5,411,684
327,418
4,768,006
5,095,424
358,844
4,736,580
10,148,264
10,148,264
536,588
2,963,751
6,647,925
10,148,264		 Total Funds
2021
2,168,679
3,231,778
5,400,457
562,669
4,076,423
4,639,092
418,060
4,221,032
9,621,490
9,621,490
501,538
2,815,008
6,304,943
9,621,490

The notes on pages 13 to 23 form part of these financial statements

The Financial Statements were approved on

and signed on behalf of the Trustees by: 1-:=:r � 501\� ?,_01-3:,

+ � {j(iaSL

Most Rev Mark O'Toole Bishop ofMenevia and Archbishop of Cardiff Chair of Trustees

Page 11

MENEVIA DIOCESAN TRUST

STATEMENT OF CASH FLOWS for the year ended 31st March 2022

Cash flows from operating activities:
Cash generated fom operations
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Puchase of fixed asset investments
Sale of fixed asset investments
Sale of tangible fxed assets
Interest received
Dividends received
Net cash provided by (used in) investing activities
Cash fows from fnancing activities:
Capita repayments in yea
Net cash provided by (used in) financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
Notes		 2022
£
709,509
709,509
(200,020)
202,811
377,229
136
94,662
474,817
1,184,326
4,014,939
5,199,265		 2021
£
(518,171)
(518,171)
(533,412)
580,546
76,502
810
132,744
257,189
(260,982)
4,275,921
4,014,939

The notes on pages 13 to 23 fonn part of these financial statements

Page 12

MENEVIA DIOCESAN TRUST

NOTES TO THE STATEMENT OF CASH FLOWS for the year ended 31st March 2022

l Reconciliation of net income/(expenditure) to net cash flow from operating activities

2022 2021
£ £
Net income/(expenditure) fr the reporting period (as per
the statement of fnancial activities)		 526,775 654,585
Adjustmentsfor:
Depreciation chargt		 81,476 83,814
(Gain)/Loss on investments 41,261 (544,252)
Proft on disposal of Tangible fxed assets (21,242) (62,745)
Interest received (94,797) (133,553)
(Increase)/decrease in debtors 235,251 (158,198)
Increase/( decrease) in creditors (59,215) (357,820)
Net cash provided by (used in) operating activities 709,509 (518,171)

Page 13

MENEVIA DIOCESAN TRUST

Notes to the Financial Statements - 31 March 2022

1. ACCOUNTING POLICIES

Basis of preparation of accounts

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of l.reland (FRS 102) (effective I January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The financial statements have been prepared under the historical cost convention as modified by the valuation of fixed asset investments.

Public Benefit

The charity constitutes a public benefit entity as defined by FRS I 02. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

The Trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees arc of the opinion that the Charity will have sufficient resources to meet its liabilities as they fall due

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the Trustees and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Incoming resources

All incoming resources of the Charity are recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income is deferred only when the Charity has to fulfil conditions before becoming entitled to the income or where the donor or provider of those funds has specified that the income is for expenditure in a future period.

Income comprises donations, legacies and grants; investment income and interest receivable; income from parish and similar activities, and net gains on the disposal of tangible fixed assets.

Donations (including income from offertory and similar collections) are recognised when the Charity has confirmation of both the amount and the settlement date. When donations are pledged but not received, the income is accrued for when the receipt is considered probable. In the event that a donation is subject to conditions that require a level of per[f] ormance before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions arc fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that those conditions will be fulfilled within the reporting period.

Legacies are included in the statement of financial activities when the Charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and the fulfilment of any conditions a t ached to the legacy is wholly within the control of the Charity

Entitlement is taken as the earlier of: the date on which the Charity is aware that probate bas been granted, the estate has been finalised and notification has been made by the executor to the Charity that a distribution will be made, and the date on which a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Charity, or where the Charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the Charity.

Investment income is recognised once the dividend has been declared and notification has been received of tbe dividend due.

Interest on funds held on deposit is included when it is receivable and the amount can be measured reliably by the Charity; this is normally upon notification from the bank of the interest payable or paid.

Gifts in kind are recognised at an estimate of their market value

Page 14

MENEVIA DIOCESAN TRUST

Notes to the Financial Statements - 31 March 2022

1. ACCOUNTING POLICIES (CONTINUED)

Resources expended

Resources expended are included in the Statement of Financial Activities on the accruals basis inclusive of any VAT which cannot be recovered.

Costs in generating voluntary income are included when incurred and reflect any fees in collecting those funds.

Charitable activities reflect the costs in meeting the aims of the Charity encompassing its four main activities of Pastoral work, Clergy support, Education and upkeep and maintenance of churches and other functional properties.

Support costs are those costs associated with the staff costs and overheads of the central administration of the curia. These are allocated to the charitable activities in proportion to the resource and office space occupied by each respective department responsible for the charitable activity.

Governance costs represent costs associated with meeting the statutory and regulatory requirements of the Charity and includes audit fees and other costs associated with the strategic management of the Charity. These are allocated to charitable expenses within support costs.

Grants

Income from government and other grants, whether 'capital' or 'revenue', is recognised when the charity bas entitlement to the funds, any attached performance conditions are met and it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Curial unrestricted funds are those that are available to the Bishop for the provision of Diocesan wide services, and cover the cost of central administration of the curia. These funds are administered by the central finance department of the Diocese.

Each Parish is considered by Canon Law to be a juridicial person with corresponding rights and obligations, including the holding and use of funds. The use of these parochial funds is the responsibility of the Parish Priest and the Trustees in varying ways depending upon the amount and significance of the funds. However, for the purposes of Civil Law parishes are not distinct legal entities and, unless there are distinct and express special trusts clearly evidenced in law, parochial funds are therefore shown as unrestricted funds. Parish funds are administered with guidance from the central finance office, by the parish priests and are used to cany out the work of the parish and cover the running costs of churches and other parish buildings, and assist in funding the curia.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The use of each of the restricted funds is set out in the notes to the financial statements.

Permanent endowment funds are restricted funds comprising amounts of capital, which are permanently maintained for the benefit of the Charity.

Realised and unrealised gains and losses on investment are dealt with in the Statement of Financial Activities. Investment income plus associated tax recoverable is credited to income on an accruals basis.

Tangible Fixed Assets

Prior to 6 April I 996, the accounting policy applied was for capital expenditure on church property to be written off in full as incurred. The accounts prepared for periods prior to that date did not include any balance sheet value for the Cathedral, Churches, Presbyteries, halls and other church properties or for their contents.

Functional freehold properties, comprising the cathedral, churches, presbyteries, halls and similar buildings owned by the Charity prior to I 997, are included in the balance sheet at an estimate of their original cost. These estimates were arrived at by discounting the 1997 insurance values of the properties by reference to the inflation statistics from 1997 back to the date on which the properties were acquired or built. For the purpose of these accounts, and consistent witht he transitional rules set out in FRS I 02, the 1997 valuations are defined as "deemed cost". A properties are deemed to belong to the charity and are thus included within the Curia balance sheet.

No value is included in the accounts for freehold land.

Following the recommendations of the SORP, the cost value of the church property capitalised on the balance sheet will be depreciated over their remaining useful lives at the rate shown below.

%per annum
Cathedral, churches, presbyteries, halls 2
Equipment and motor vehicles 25

Works of art and other items of historic significance are not capitalised in the accounts. They are considered to be heritage assets for the purpose of the Statement of Recommended Practice applicable to reporting by Charities FRS I 02. The assets have long lives and are worthy of preservation as they are integral to the Charity's principal objective of advancing the Roman Catholic Religion. The Trustees are of the opinion that the inclusion of the value of such items in the accounts may be prejudicial to their safe custody.

Page 15

MENEVIA DIOCESAN TRUST

Notes to the Financial Statements - 31 March 2022

1. ACCOUNTING POLICIES (CONTINUED)

School Properties

The Charity is the legal owner of 18 properties occupied and operated as voluntary aided Catholic schools. The schools are funded through central government and local authority grants and other voluntary contributions.

The nature of the occupation of these properties means that the Trustees do not have the power to dispose of the land and buildings until a school ceases to operate. This requires the approval of the school governors and the Secretary uf State. As a result the land and buildings are deemed to have £nil value for the purposes of the accounts.

In the event of a school closing and ceasing to occupy land and buildings legally owned by the Charity, the property will revert to the Charity and will be recognised as an incoming resource. Property that is deemed to have no further functional use will be held as a current asset pending disposal.

Non property assets, liabilities and transactions of the schools are not included in the accounts of the Charity as they are neither owned nor controlled by the Charity.

Investments

Investments are initially recognised at their transition value and subsequently measured at their fair value as at the balance sheet date.

Realised and unrealised gains and losses on investment are dealt with in the Statement of Financial Activities. Investment income plus associated tax recoverable is credited to income on an accruals basis.

Debtors

Other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are v[a] lued at the amount prepaid.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently recognised at their settlement value, with the exception of investments which are subsequently recognised at their fair value at the balance sheet date using the closing quoted market price.

Pension Scheme

Separate from the Priests Retirement Fund, the charity operates a defined contribution pension scheme for its employees. The assets of the scheme are held in a separate independently administered fund. Contributions payable for the year are charged in the statement of financial activities.

Legal status of the Trust

The charity is a trust governed by a trust deed dated 04/04/1923 with subsequent amendments in 1950, 1955, 1972, 1991 and 2016

MENEVIA DIOCESAN TRUST

Page 16

Notes to the Financial Statements - 31 March 2022

2. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES (2021)

Notes
Income and endowments from:
Donations and Legacies
3
Charitable activities
4
Other Trading activities
5
Investment income
6
Other income (gains on disposal
offxed assets)
Total income and endowments
Expenditure on:
Raising Funds
Charitable Activities
7
Total expenditure
Net income/(expenditure)
Transfers between Funds
Other recognised gains/(losses):
Net gains on investments
Net movement in funds
Fund balances brought frward
10
Fund balances carried forward		 Unrestricted
Parochial
£
1,171,755
104,966
116,007
1,392,729
20,031
1,196,908
1,216,939
175,790
(275,728)
34,797
(65,141)
3,404,299
3,339,158		 Funds
Curial
£
4,564
62,608
81,361
356,765
505,297
638,583
638,583
(133,286)
427,465
~~2~~94,179
134,949
429,128
2,536,657
2,965,785		 Restricted Funds
Parochial
Curial
£
£
12,494
3,141
131,805
41,029
12,494
175,975
131,805
131,805
12,494
44,170
(12,494)
(125,090)
(80,~~92~~0)
294,404
213,484
2,601,524
2,815,008		 Endowment Funds
Parochial
Curial
£
£
11,163
11,163
11,163
58,648
(72,801)
58,648
(~~6~~1,638~~)~~
80,103
58,648
18,465
326,986
97,439
385,634
115,904		 2021
£
1,191,954
236,771
178,615
133,553
356,765
2,097,658		 2021
£
1,191,954
236,771
178,615
133,553
356,765
2,097,658
20,031
1,967,296
1,987,326
110,332
~~110,332~~
544,252
654,584
8,966,905		 ~~110332~~
9,621,489

MENEVIA DIOCESAN TRUST

Page 17

Notes to the Financial Statements - 31 March 2022

3.Donations and Legacies

Unrestricted Funds Restricted Funds
Parochial Curial Parochial Curial 2022 2021
£ £ £ £ £ £
Donations 1,219,377 2,991 37,314 1,259,681 969,274
Legacies 307,076 10,241 5,000 322,317 60,900
Gif aid tax recovered 198,536 198,536 161,780
Total 1,724,989 13,232 42,314 1,780,535 I, 191,954

4. Income from Charitable activities

Unrestricted Funds Restricted Funds
Parochial Curial Parochial Curial 2022 2021
£ £ £ £ £ £
Grants 119,896 72,800 131,772 324,468 217,289
Rental Income 40,514 40,514 I 9,483
Total 160,410 72,800 131,772 364,982 236,771

The Charity's properties are used primarily for functional purposes, but within such properties, some halls and rooms are occasionally rented out, often for purposes consistent with the charitable aims of the charity, resulting in the income shown above.

5. Other Trading activities

5. Other Trading activities
Unrestricted Funds Restricted Funds
Parochial Curial Parochial Curial 2022 2021
£ £ £ £ £ £
Chaplaincies 18,550 18,550 32,526
Candles,repository and
newspapers 52,385 52,385 20,473
Social clubs 1,547 1,547 510
Fundraising events 22,236 22,236 18,966
Other parish activities 215 215
Management charges 58,200 58,200 52,048
Other income 108,294 l,859 2,131 112,284 54,092
203,226 60,059 2,131 265,416 178,615

6. Investment income

Unrestricted Restricted Endowment
Funds Funds Funds 2022 2021
£ £ £ £ £
Arising on quoted investments 39,199 43,599 11,863 94,662 132,744
Bank interest 136 136 810
Common Investment Fund
39,335 43,599 11,863 94,797 133,553

Page 18

MENEVIA DIOCESAN TRUST

Notes to the Financial Statements - 31 March 2022

7. CHARITABLE ACTIVITIES

Pastoral
Note
Church running costs
Utilities & Council tax
Water charges
Insurances
Maintenance of equipment
Staf costs
Parish administrative costs
Other parish costs
Centally fnded services
Safeguarding
Share of central support costs
7.1
Clerg Suor
Clergy stipends & allowances
Travel
Clergy training
Housekeeping & sundries
Clergy welfare & support
Other clergy costs
Grants to retired clergy
Share of central support costs
7.1
Educaton
Religious Education
School expenditure from Legacy
Grants for school repairs
Share of cental support costs
7.1
Buildings
Repairs & maintenance
Capital expenditure on buildings
Historic churches
Depreciation
Professional Fees
Share of cental support costs
7.1
Total		 Unrestricted
Parochial
Curial
£
£
157,796
241,128
30,272
48,345
45,651
5,806
95,416
87,219
10,065
6,126
94,773
711,633
110,964
188,275
59,741
37,552
161,430
61,183
15,502
68,113
94,773
409,446
277,123
158
7,184
78,978
158
86,161
33,365
2,495
310,261
81,476
18,736
47,387
343,626
150,093
1,464,864
624,342		 Restricted
Parochial
Curial
£
£
131,772
131,772
131,772		 Total
2022
£
157,796
241,128
30,272
48,345
45,651
5,806
95,416
87,219
10,065
6,126
94,773
822,596
188,275
59,741
37,552
161,430
61,183
15,502
68,113
94,773
686,570
7,342
JJl,772
78,978
218,092
35,860
310,261
81,476
18,736
47,387
493,719
2,220,978		 Total
2021
£
128,752
226,840
25,711
53,453
55,013
7,739
96,643
36,111
10,649
205
87,996
729,113
193,431
46,734
28,025
109,009
57,515
2,901
78,482
87,996
604,092
751
131,805
73,330
205,886
96,847
184,380
469
83,814
18,698
43,998
428,205
1,967,296
7.1 SUPPORT COSTS
Curial overheads
Travel & Conferences
Bishop's Administration
Legal & Professional fees
Equipment depreciation
Bank Charges
Computer Costs
Other
Goverance costs
Investment Management fees
Pastoral
Allocation to charitable activities:
Clergy Support
Education
Buildings		 Unresticted - Curial
Staff Costs
Other Costs
£
£
200,781
26,572
924
870
15,142
12,358
6,204
20,271
12,267
20,523
200,781
115,130
30%
30%
25%
15%
100%		 2022
Total
£
227,352
924
870
15,142
12,358
6,204
20,271
12,267
20,523
315,911
£
94,773
94,773
78,978
47,387
315,911		 2021
Total
£
214,357
1,015
259
4,481
12,854
9,084
22,349
10,830
18,091
293,319
£
87,996
87,996
73,330
43,998
293,319

Page 19

MENEVIA DIOCESAN TRUST

Notes to the Financial Statements - 31 March 2022

8. STAFF COSTS

8. STAFF COSTS
Parish
Curial
Employee Costs
£
£
Gross salaries
5,806
181,264
National Insurance
13,547
Pensions
10,304
5,806
205,115		 2022
£
187,070
13,S47
10,304
210,921		 2021
£
179,267
15,140
10,486
204,892

The avt:ragt: weekly number of full and part time employees analysed by function was:

Curial and Diocesan Staf
Parish employees (excluding clergy)
The number whose emoluments exceeded £60,000 (including benefits but excluding employer's pension
contribution) were:		 2022
Number
6
1
7
Nil		 2021
Number
6
I
7
Nil

The total remuneration for key management employees in 2022 was £ I 03,00 I (2021: £ I 03,534)

Trustees who also function as parish priests are eligible to receive parish grants of £3,000 per annum and are also provided with living accommodation and expenses by the parish to which they are attached.

None of the Trustees received remuneration or expenses in respect of their duties as Trustees.

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund.

Amounts in the sum of£ 10,304 (2021: £10,486) were due in respect of the year. Amounts of £nil (2021: £nil) were outstanding at the balance sheet date.

9. GOVERNANCE COSTS

Fees paid to external auditor

2022 2021 £ £ 12,267 10,830

Page 20

MENEVIA DIOCESAN TRUST

Notes to the Financial Statements - 31 March 2022

11. TANGIBLE FIXED ASSETS

Churches & Equipment
Other Property & vehicles Total
Cost £ £ £
At l April 2021 4,190,791 26,966 4,217,757
Additions
Disposals (116,929) (116,929)
At 31 March 2022 4,073,862 26,966 4,100,828
Depreciation
At l April 2021 2,022,112 26,966 2,049,078
Charge fr year 81,476 81,476
Disposals (61,416) (61,416)
At 31 March 2022 2,042,172 26,966 2,069,138
Net Book Value
At l April 2021 2,168,679 2,168,679
At 31 March 2022 2,031,690 2,031,690

The basis of valuation is disclosed in the accounting policies.

Some of the Charity's properties are subject to restrictions or covenants over their use and/or disposal.

12. FIXED ASSET INVESTMENTS

Curial
Listed investments - unit fnd
Market value at beginning of year
Additions
Disposals
Gains/(Loss) on revaluation
Market value at end of year
2022
£
3,099,778
200,020
(220,542)
168,739
3,247,994		 2021
£
2,573,617
533,412
(551,503)
544,252
3,099,778

All quoted investments (other than cash) are quoted on a recognised UK Stock Exchange or are valued by reference to investments listed on a recognised Stock Exchange.

No investments included within the investment portfolio at the year end represented more than 5% total portfolio valuation.

Page 21

MENEVIA DIOCESAN TRUST

Notes to the Financial Statements - 31 March 2022

12. FIXED ASSET INVESTMENTS (continued)

Analysed by Type
2022
Cost
Market value
£
£
%
UK equities
1,952,355
2,780,174
85.5
UK convertible bonds
& loan stock
424,425
418,265
12.9
UK call deposit
49,555
49,555
1.5
2,426,335
3,247,994
100.0
Analysed by fund
2022
Market value
£
%
Unrestricted
754,452
23.2
Restricted (see note below)
1,956,954
60.3
Pennanent endowment
536,588
16.5
3,247,994.08
100.0		 2021
Cost
Market value
£
£
1,881,651
2,610,615
420,158
427,955
61,208
61,208
2,363,017
3,099,778
2021
Market value
£
%
725,102
23.4
1,873,139
60.4
501,538
16. l
3,099,778
100.0
%
84.2
13.8
2.0
100.0

Of the Total Restricted funds of £3,033,472 (2021: £2,815,008), only£ 1,907,399 (2021: £1,811,931) are invested in the common investment fund, the remainder are represented by cash deposits.

12. Parish Investment

Recognition has been made of an investment of £132,000 by a Parish to the Diocese to assist with purchase of school property

13. DEBTORS AND PREPAYMENTS

13. DEBTORS AND PREPAYMENTS
2022 2021
£ £
Gif aid
Loans to school Goverors in respect of repair costs		 198,531
104,667		 161,780
104,667
Car loans to clergy 1,300 2,700
Prepayments and accrued income 21,271 28,969
Other debtors 1,649 264,553
327,418 562,669

14. CREDITORS AND ACCRUED EXPENSES

2022 2021
£ £
Bank overdrafs
Diocesan appeal fnd		 48,322
52,220		 227,399
52,420
Amounts owing to other religious bodies 81,540 I 0,720
Accruals 41,531
Tax&NIC 5,138 4,983
Other creditors 171,624 81,006
358,844 418,060

Page 22

MENEVIA DIOCESAN TRUST

Notes to the Financial Statements - 31 March 2022

IS. ENDOWMENT FUNDS

The endowed funds are permanent endowments. The balances on the main funds are as follows:

Balance
Incoming
Expenditure
I April 2021
resources
per SOFA
Net Transfers
Curial
£
£
£
£
Ann Wedd trust
12,399
298
(298)
Father Welsfrd fnd
103,505
2,491
(2,491)
115,904
2,789
(2,789)
Parochial
Foundation Masses
38,104
897
Parish trusts
347,530
8,177
385,634
9,074
Total endowment funds
501,538
11,863
(2,789)
16. RESTRICTED FUNDS
Balance
Incoming
Expenditure
I April 2021
resources
per SOFA
Net transfers
Curial
£
£
£
£
Bishop's fnd
51,902
Poor missions
302,490
6,035
Poor parishes
39,105
Priest training fnd
752,063
54,828
( l0,703)
Welsh missal
15,106
Cathedral chapter
10,858
Sick & retired clergy
192,530
7,505
(7,505)
Mental Health Fund
1,200
Hermit fnd
1,500
Special masses
700
Saunders Lewis trust
1,660
Cardigan Shrine
650
Jubilee Appeal fnd
1,320,480
13,835
(532)
Ann Wedd trust
4,847
Mensa! & Episcopal fnd
39,040
779
Lewis fund
33,667
810
1,774
Diocesan Youth fnd
34,715
2,491
Education Fund
136,025
131,772
4,253
Diocesan Collections
12,494
(12,494)
2,815,008
219,817
(131,772)
(34,770)
The specic purposes for which the major funds are to be alied are as follows:
Bishop's fund
This fund is for projects as approved by the Bishop.
Poor missions/ Poor Parishes
This fnd 1s for the rehef of poverty witlun the Diocese.
Priest training fund
This fnd is to support the taining of new priests.
Jubilee Appeal fund
This fnd is to support Sick and retired clergy, priest taining and pastoral projects
Mensa! & Episcopal fund
llus fnd 1s to suppor the Bishop's welfare & administative costs.
Father Wclsford fund
This fund is to support the Diocesan Youth
Foundation masses
Thi� fond 1s to support the relevant Parish.
Sick & Retired Clerg
This fund is to suppor Sick ad retired clergy.		 movements
on revaluation
£
653
5,454
6,107
1,963
17,906
19,869
25,976
movements
on revaluation
£
13,215
39,622
10,024
29,128
1,706
1,774
95,469		 Balance
31 March 2022
£
13,0S2
108,9S9
122,01 I
40,964
373,613
414,S77
S36,S88
Balance
31 March 2022
£
St,902
321,741
39,10S
835,810
IS,106
l0,8S8
202,SSJ
1,200
1,500
700
1,660
650
1,362,911
4,847
41,525
34,477
37,206
2,963,751

Other rcstncted funds represent legacies or funds held for specific purposes for the benefit of other groups or panshes w1thm the Diocese.

Page 23

MENEYIA DIOCESAN TRUST

Notes to the Financial Statements - 31 March 2022

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 31 March 2022 are represented by:

Unrestricted
£
Tangible Fixed Assets
2,031,690
Investments
886,452
Other Net Assets
3,729,783
6,647,925		 2022
2021
Restricted
Endowment
Total
Total
£
£
£
£
2,031,690
2,168,679
1,956,954
536,588
3,379,994
3,231,778
1,006,797
4,736,580
4,221,032
2,963,751
536,588
10,148,264
9,621,490

18. TRANSFERS

Parish assessments
Gif Aid Admin Fee
Transfer re Baselining of Restricted Funds
Endowment income (Due to Parishes)
Endowment Funds change in value
Ann Wedd Endowment income for Gen use
Fr Welsford Fund Trffom Endowment to Youth f		 Unrestricted
Restricted
Endowment
Parochial
Curial
Parochial
Curial
£
£
£
£
(278,602)
278,602
(9,233)
9,233
37,260
(37,260)
(69,810)
69,810
298
nd
2,491
(357,645)
395,203
(34,770)
Parochial
£
9,074
19,869
28,943
Curial
£
(9,074)
(19,869)
(298)
(2,491)
(31,731)
2022
Total
£

Parish assessments are a Levy payable to the Diocese to cover central costs and the running of the curia. Gift Aid Adm in Fee - deducted by Curial Office for preparation and submission of Gift Aid claims. Endowments held by Parish but funds invested in Common Investment Fund held by Curial Office Endowments held by Parishes but income held at Diocese until remitted to Parishes Ann Wedd Endowment fund, income from which is for general use Fr Welsford Endowment fund earns interest which is then pd to the Youth Fund, which is a "Restricted Fund"

19. TAXATION

Menevia Diocesan Trust is a charity within the meaning of para I schedule 6 Finance Act 2010. Accordingly the charity is potentially exempt from taxation in respect of income or capital gains within categories covered by chapter 3 of part 11 of the Corporation Ta,x Act 20 IO or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

No tax charge arises in the period.