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2023-03-31-accounts

MENEVIA DIOCESAN TRUST

DIOCESE ofMENEVIA ESGOBAETH MYNYW

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Registered Charity No: 234168

MENEVIA DIOCESAN TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Contents

Contents
Page
Trustees and Profssional Advisors
Repo1i of the Trustees 2-6
Statement of Trustees' Responsibilities 7
Independent Auditor's Repo1i 8a-8c
Statement of Financial Activities 9
Balance Sheet
Statement of cash fows 11-12
Notes to the financial statements 13-23

Page 1

MENEVIA DIOCESAN TRUST

Trustees and Professional Advisors

Trustees - Ex Officio

Trustees - Ex Officio
Most Rev Mark O'Toole Archbishop of Cardiff and
Bishop ofMenevia (appointed 23rdJune 2022)
Canon Paul Watson, Vicar General (appointed 11 May
2023) (appointed Trustee 23 November 2022)
Rev Monsignor Canon Joseph Cefai, Vicar General (retired
28 February 2023)
Rev Monsignor Michael Lewis, Chancellor (retired 6 July
2022)
Canon Benedict Koledoye, Chancellor ( appointed 21
September 2022)
Rev Monsignor B Kinrade, Treasurer (retired 23
November 2022)
Trustees - Appointed Mrs H Haimnond (resigned 9 August 2023)
Rev M Smith
Mrs K Jones
M.rP Relf
Mr J O'Leary (appointed 20thSeptember 2023)
Advisors
Principal Bankers National Westminster Bank plc, Swansea City Centre, 14-
16a Oxford Street, Swansea, SAi 3AG
Investment Advisors RBC Brewin Dolphin, Third Floor, Two Central Square,
Cardiff, CFl0 IFS
Kevin Lane and Co, 10 Courtland Place, Port Talbot, SA 13
Solicitors lJJ
Stone King LLP, Upper Borough Court, Upper Borough
Walls, Bath, BAI IRG
Bevan Buckland LLP
Auditor Ground Floor, Cardigan House
Castle Court
Swansea Enterprise Court
Swansea
SA79LA
Registered Address Diocesan Office
27 Convent Street
Swansea
SAi 2BX

Page 2

MENEVIA DIOCESAN TRUST

REPORT OF THE TRUSTEES for the year ended 31 March 2023

The Trustees present their Annual Report and audited Financial Statements for the year ended 31 March 2023.

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 of Ireland".

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, Cannarthenshire, 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, prope11y, 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 defmed persons and monetary amounts. These are reviewed regularly to ensure their effectiveness. The fmancial 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 remw1eration of employees is reviewed annually by the Moderator of the Curia and all staff have contracts of employment defining their roles, responsibilities and remuneration.

ln 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 2023

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 fo[u] r 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 ofMenevia.

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 2023

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 ru ing 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

Refurbishment of the Diocesan property at Llythrid Avenue was completed. A retired priest has now moved into the prope1ty. This property should serve the diocese for many years in its role as a retiree home.

One of our Seminarians who was made a deacon in 2022 was incardinated in June 23, marking the end of his training and moving into active ministry within the diocese.

• Page 5

MENEVIA DIOCESAN TRUST

REPORT OF THE TRUSTEES for the year ended 31 March 2023

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 fees, for 2023 was 1.44% (8.54% in 2022) against a target return of2.66% (capital growth with dividends and yield reinvested). This compares with the FTSE All-Share Index benchmark of7.4 l %.

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 £4.82m (2022 £5.52m) and represents 172% of annual umestricted expenditure (2022 259%).

Trustees would not nonnally wish to see unencwnbered reserves of less than 100% of annual unrestricted expenditure, however it is recognised that this figw·e 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 chur ches 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 ofthcir 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 2023

Fi11a11cial Review

Total incoming Diocesan resources for the year of £2.248m were down 20.2% on the previous year of £2.818. Grant income was lower by £79k and donations were down slightly by £12k. Parish Collections have seen a very modest increase over the year but overall donations and legacies have decreased by £255k compared to last year.

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 31.2% compared with 2022 with new projects commencing or re-starting following the interuption cause by Covid.

The aggregate result for the year was a deficit of £704,839 (2022 gain £568,037) before other gains and losses were recognised on long term investments. The net result after allowing for movement on investments plus the impairment of the parish loan towards a school was a deficit of £1,046,783 (2022 £526,775 Gain).

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 2023 stood at £5.833m (2022 £6.648m).

Of the £2.2m total incoming resources for the year, £245,414 (2022 £324,468) 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.

The charity is registering a Company Limited by Guarantee so that future operations can be conducted via that company.

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 2023

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.

In 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 fmancial 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

In 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 2023 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 have formed. _J�t:j'-s �

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 SA7 9LA Date: ...... �.� . .1..\ ..[1 ] . .l..�?.J ........ .

Page 8c

MENEVIA DIOCESAN TRUST

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2023

Income and endowments from:
Donations and Legacies
Charitable activities
Other Trading activities
Investment income
Other income (gains on disposal of fxed
assets)
Total income and endowments
Expenditure on:
Raising Funds
Charitable Activities
Total expenditure
Net income/(cxpenditure)
Transfers between Funds
Other recognised gains/(losses):
Net gains/(Losses) on investments
Net movement in funds
Fund balances brought forard
Fund balances carried frward
Notes
3
4
5
6
7
18		 Unrestricted Funds
Parochial
Curial
£
1,442,190
164,361
194,708
8,177
1,809,436
45,411
1,531,666
1,577,077
232,359
211,036
21,323
132,000
110,677
3,867,316
3,756,639
£
4,890
122,088
32,391
159,369
1,230,330
---
1,230,330
1,070,961
276,998
793,963
89,591
704,372
2,780,609
---
2,076,237		 Restricted Funds
Parochial
Curial
£
£
85,039
131,805
49,638
266,482
145,205
145,205
121,277
46,914
74,363
235,467
161,105
2,963,751
2,802,647
see Pg22		 Endowment Funds
Parochial
Curial
£
£
55,568
55,568
55,568
414,577
359,009
see Pg22
12,485
12,485
12,485
36,520
49,005
64,067
15,062
122,01 I
106,949
see Pg22
2023
2022
£
1,532,119
1,780,535
296,166
364,982
316,796
265,416
94,515
94,797
8,177
312,316
2,247,773
2,818,046
45,411
29,032
2,907,201
2,220,978
2,952,612
2,250,009
704,839
568,037
--
704,839
568,037
341,944
(41,261)
1,046,783
526,775
10,148,264
9,621,489
~~--~~
9,101,481
10,148,264
---

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 2023

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 fund balances
Net Assets
Restricted funds
Endowment fnds
Restricted income fnds
Unrestricted funds:
Note
11
12
13
14
15
16		 Parochial
£
210,748
2,944,482
3,155,231
22,373
3,132,858
3,132,858
982,790
4,115,648
359,009
3,756,639
4,115,648		 Curial
£
1,950,214
3,059,259
5,009,473
78,222
1,239,548
1,317,770
358,621
959,149
5,968,623
(982,790)
4,985,832
106,949
2,802,647
2,076,237
4,985,832		 Total Funds
2023
£
1,950,214
3,059,259
5,009,473
288,971
4,184,030
4,473,001
380,994
4,092,007
9,101,480
0
9,101,481
465,958
2,802,647
5,832,876
9,101,481		 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

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: 7... � / 11 I '2,;,1_J,

< �M� o fP�

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 2023

STATEMENT OF CASH FLOWS
for the year ended 31st March 2023
2023 2022
Notes £ £
Cash flows from operating activities:
Cash generated from operations (657,281) 451,997
Net cash provided by (used in) operating activities (657,281) 451,997
Cash flows from investing activities:
Purchase of tangible fixed assets
Purchase of fixed asset invesunents
Sale of fixed asset invesuuents
Sale of langible fixed assets		 (491,817)
656,450		 (200,020)
202,81 I
377,229
Interest received 5,364 136
Dividends received 89,151 94,662
Net cash provided by (used in) investing activities 259,148 474,817
Cash flows from financing activities:
Capital repayments in year
Net cash provided by (used in) financing activities
Change in cash and cash equivalents in the
reporting period (398,133) 926,815
Cash and cash equivalents at the beginning of the
reporting period 6,129,550 5,202,735
Cash and cash equivalents at the end of the
reporting period S, 731,417 6,129,550

The notes on pages I 3 to 23 form pan of these financial statements

Page 12

MENEVIA DIOCESAN TRUST

NOTES TO THE STATEMENT OF CASH FLOWS for the year ended 31st March 2023

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

2023 2022
£ £
Net income/(expenditure) for the reporting period (as per
the statement of financial activities) (I ,046,783) 526,775
Adjustments for:
Depreciation chages		 81,476
(Gain)/Loss on investments
Proft on disposal of Tangible fixed assets		 341,944 41,261
(21,242)
Interest received (94,515) (94,797)
([ncrease)/decrease in debtors 38,447 0
lncrease/(decrease) in creditors 22,149
Net cash provided by (used in) operating activities (657,281) 451,997

Page 13·

MENEVIA DIOCESAN TRUST

Notes to the Financial Statements - 31 March 2023

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 Repol1ing Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 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 are 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 tl1e donor or provider of tl1ose funds has specified tllat 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 tile Charity has confirmation of both tile amount and tile settlement date. When donations are pledged but not received, tile 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 performance before tile Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or t11e fulfilment of those conditions is wholly within tl1e control of tl1e Charity and it is probable tl1at those conditions will be fulfilled witl1in tl1e reporting period.

Legacies are included in the statement of financial activities when the Charity is entitled to tl1e legacy, the executors have established tllat tllere are sufficient surplus assets in the estate to pay tl1e legacy, and tl1e fulfilment of any conditions attached to t11e legacy is wholly witllin tile control of tile Charity

Entitlement is taken as the earlier of: the date on which the Charity is aware that probate has been granted, tile estate has been finalised and notification has been made by tl1e executor to the Charity tlrnt 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 an10unt 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 fom1 of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of tl1e gift being reliably measurable witl1 a degree of reasonable accuracy and tile title of tile asset having being transferred to the Charity.

Investment income is recognised once the dividend has been declared and notification has been received of tile 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 nonnally upon notification from the bank of the interest payable or paid.

Gifts in kind are recognised at an estimate of tl1eir market value

Page 14

MENEVIA DIOCESAN TRUST

Notes to the Financial Statements - 31 March 2023

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 ca ot 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.

Suppo11 costs are those costs associated with the staff costs and overheads of the central admil1istration 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 meetil1g 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 govenunent and other grants, whether 'capital' or 'revenue', is recognised when the charity has entitlement to the funds, any attached performance conditions are met and it is probable that the income will be received and the amonnt 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 iii 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, urtless there are distil1ct and express special trusts clearly evidenced in law, parochial funds are therefore shown as mrrestricted funds. Parish funds are administered with guidance from the central fmance office, by the parish priests and are used to carry out the work of U1e parish and cover the runnil1g costs of churches and 0U1er parish buildings, and assist in funding U1e curia.

Restricted funds are funds which are to be used in accordance with specific restrictions in1posed 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 fmancial statements.

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

Realised and unrealised gains and losses on ilwestment are dealt wiU1 rn the Statement of Fil1ancial Activities. Investment ii1come plus associated tax recoverable is credited to income on an accruals basis.

Tangible Fixed Assets

Prior to 6 April 1996, the acconntil1g policy applied was for capital expenditure on church property to be written off m full as incurred. The accounts prepared for periods prior to that date did not ii1clude 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 1997, are included in the balance sheet at an estilnate of their original cost. These estimates were arrived at by discounting the 1997 instrrance values of the properties by reference to U1e il1flation statistics from I 997 back to the date on which U1e properties were acquired or built. For the purpose of these accounts, and consistent witht he transitional rules set out in FRS 102, the 1997 valuations are defmed as "deemed cost". All 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 tl1e SORP, the cost value of ilie church property capitalised on the balance sheet will be depreciated over their remaining useful lives at the rate shown below.

%per annum
Ca1hedral, churches, presbyteries, balls 2
Equipment and motor vehicles 25

Works of art and other items of historic significance are not capitalised in 1he accounts. They are considered to be heritage assets for the purpose of the Statement of Reconunended Practice applicable to reporting by Charities FRS 102. The assets have long lives and are worthy of preservation as they are integral to the Cliarity'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 U1eir safe custody.

Page 13

MENEVIA DIOCESAN TRUST

Notes to the Financial Statements - 31 March 2023

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 of 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 valued 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.

F inanciat instruments

The charity only has financial assets and fmancial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction valne 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 tl1e Priests Retirement Fund, the charity operates a defmed contribution pension scheme for its employees. The assets of t11e scheme are held i.n 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 i.s 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 2023

2. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES (2022)

Unrestricted Funds Restricted Funds Endowment Funds
Parochial Curial Parochial Curial Parochial Curial 2022
Notes £ £ £ £ £ £ £
Income and endowments from:
Donations and Legacies 3 1,724,989 13,232 42,314 1,780,535
Charitable activities 4 160,410 72,800 131,772 364,982
Other Trading activities 5 203,226 60,059 2,131 265,416
Investment income 6 39,335 43,599 11,863 94,797
Other income (gains on disposal
of fixed assets) 291,073 21,242 312,316
Total income and endowments 2,379,699 206,668 219,817 11,863 2,818,046
Expenditure on:
Raising Funds 29,032 29,032
Charitable Activities 7 1,464,864 624,342 131,772 2,220,978
Total expenditure 1,493,895 624,342 131,772 2,250,009
Net income/(expenditure) 885,803 (417,674) 88,045 11,863 568,037
Transfers between Funds (357,645) 395,204 (34,770) 28,943 (3 I, 732)
528,158 (22,470) 53,275 28,943 ( I 9,869) 568,037
Other recognised gains/(losses):
Net gains on investments (162,706) 95,469 25,976 (41,261)
Net movement in funds 528,158 (185,176) 148,743 28,943 6,107 526,775
Fund balances brought forward 10 3,339,158 2,965,785 2,815,008 385,634 I 15,904 9,621,489
Fund balances carried fonvard 3,867,316 2,780,609 2,963,751 414,577 122,011 10,148,264

MENEVIA DIOCESAN TRUST

Page 17

Notes to the Financial Statements - 31 March 2023

3.Donations and Legacies

Unrestricted Funds Restricted Funds
Parochial Curial Parochial Curial 2023 2022
£ £ £ £ £ £
Donations 1,203,992 4,747 62,539 1,271,278 1,259,681
Legacies 27,450 143 22,500 50,093 322,317
Gift aid tax recovered 210,748 210,748 l 98,536
Total 1,442,190 4,889.91 85,039 1,532,119 1,780,535

4. Income from Charitable activities

Unrestricted Funds Restricted Funds
Parochial Curial Parochial Curial 2023 2022
£ £ £ £ £ £
Grants 113,609 131,805 245,414 324,468
Rental Income 50,751 50,751 40,514
Total 164,361 131,805 296,166 364,982

The Charity's prope11ies 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

Unrestricted Funds Restricted Funds
Parochial Curial Parochial Curial 2023 2022
£ £ £ £ £ £
Chaplaincies 8,697 8,697 18,550
Candles,repository and
newspapers 62,838 62,838 52,385
Social clubs 3,271 3,271 1,547
Fundraising events 40,048 40,048 22,236
Other parish activities 181 181 215
Management charges 59,947 59,947 58,200
Other income 79,671 62,141 141,812 112,284
194,708 122,088 316,796 265,416

6. Investment income

6. Investment income
Unrestricted Restricted Endowment
Funds Funds Funds 2023 2022
£ £ £ £ £
Arising on quoted investments 27,027 49,638 12,485 89,151 94,662
Bank interest 5,364 5,364 136
C01runon Investment Fund
32,391 49,638 12,485 94,515 94,797

Page 18

MENEVIA DIOCESAN TRUST

Notes to the Financial Statements - 31 March 2023

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
Centrally fnded services
Safeguarding
Share of central support costs
7.1
Clergy Support
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
Education
Religious Education
School expenditure from Legacy
Grants for school repairs
Share of central support costs
7.1
Buildings
Repairs & maintenance
Capital expenditure on buildings
Historic churches
Depreciation
Professional Fees
Share of central support costs
7.1
Total
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
Allocation to charitable activities:		 Unrestricted
Parochial
Curial
£
£
166,248
353,804
35,191
59,751
49,975
8,441
87,591
50,684
11,843
7,457
98,135
811,684
117,434
179,803
72,852
75,243
188,014
207,002
18,007
61,452
98,135
440,669
459,838
1,032
7,794
81,779
1,032
89,573
48,743
429,469
229,538
1,422
81,476
2,050
49,067
278,280
563,484
1,531,666
1,230,330
Pastoral
Clergy Support
Education
Buildings		 Restricted
Parochial
Curial
£
£
13,400
13,400
131,805
131,805
145,205
Unrestricted - Curial
Staff Costs
Other Costs
£
£
227,891
23,902
2,871
2,692
11,099
12,240
9,910
4,872
11,940
19,698
227,891
99,225
30%
30%
25%
15%
100%		 Total
2023
£
166,248
353,804
35,191
59,751
49,975
8,441
87,591
50,684
25,243
7,457
98,135
942,519
179,803
72,852
75,243
188,014
207,002
18,007
61,452
98,135
900,507
8,826
131,805
81,779
222,410
478,212
229,538
1,422
81,476
2,050
49,067
841,765		 Total
2022
£
157,796
241,128
30,272
48,345
45,65 I
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
131,772
78,978
218,092
35,860
310,261
81,476
18,736
47,387
493,719
2,220,978
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
2,907,201
2023
Total
£
251,793
2,871
2,692
11,099
12,240
9,910
4,872
11,940
19,698
327,115
£
98,135
98,135
81,779
49,067
327,115

'Page 19

MENEVIA DIOCESAN TRUST

Notes to the Financial Statements - 31 March 2023

8. STAFF COSTS

EmployeeCosts
Gross salaries
National Insurance
Pensions		 Parish
£
8,441
8,441
Curial
£
201,614
15,676
12,100
229,391
2023
2022
£
£
210,055
187,070
15,676
13,547
12,100
10,304
237,832
210,921

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

The average weekly number of fll and part time employees analysed by function was:
Curial and Diocesan Staff
Paish employees (excluding clergy)
The number whose emoluments exceeded £60,000 (including benefts but excluding employer's pension
contribution) were:		 2023
Number
6
0
6
1		 2022
Number
6
I
7
Nil

The total remuneration for key management employees in 2023 was £148,996 (2022: £103,00 l)

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 £12, I 00 (2022: £10,304) were due in respect of the year. Amounts of£ 1,296 (2022: £nil) were outstanding at the balance sheet date.

9. GOVERNANCE COSTS

Fees paid to external auditor

2023 2022
£ £
11,940 10,830

Page 20

MENEVIA DIOCESAN TRUST

Notes to the Financial Statements - 31 March 2023

11. TANGIBLE FIXED ASSETS

Churches & Equipment
Other Property & vehicles Total
Cost £ £ £
At 1 April 2022 4,073,862 26,966 4,100,828
Additions
Disposals
At 31 March 2023 4,073,862 26,966 4,100,828
Depreciation
At 1 April 2022
Charge for year		 2,042,172
81,476		 26,966 2,069,138
81,476
Disposals
At 31 March 2023 2,123,648 26,966 2,150,614
Net Book Value
At I April 2022 2,031,690 2,031,690
At 31 March 2023 1,950,214 1,950,214

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
2023 2022
Listed investments - unit fund £ £
Market value at beginning of year 3,247,994 3,099,778
Additions 491,817 200,020
Disposals (511,514) (220,542)
Gains/(Loss) on revaluation (169,037) 168,739
Market value at end of year 3,059,259 3,247,994

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.

There are 4 investments included within the investment potifolio at the year end each representing more than 5% total portfolio valuation: Cash 15.29%

Vanguard Funds PLC S&P500 6.56%

Vanguard Investments Funds ICVC 6% JPMorgan Fund ICVC 5.77%

MENEVIA DIOCESAN TRUST

Page 21

Notes to the Financial Statements - 31 March 2023

12. FIXED ASSET INVESTMENTS (continued)

Analysed by Type 2023 2022
Cost Market value Cost Market value
£ £ % £ £ %
Equities 1,713,354 2,218,679 72.5 1,952,355 2,780,174 85.5
Convertible bonds
& loan stock 418,984 380,761 12.4 424,425 418,265 12.9
UK call deposit 459,832 459,819 15.0 49,555 49,555 1.5
2,592,170 3,059,259 100.0 2,426,335 3,247,994 100.0
Analysed by fund 2023 2022
Market value Market value
£ % £ %
Unrestricted 636,348 20.8 754,452 22.1
Restricted (see note below) 1,956,954 64.0 1,956,954 60.3
Permanent endowment 465,958 15.2 536,588 17.5
3,059,259 100.0 3,247,994 100.0

Of the Total Restricted funds of£2,802,647 (2022: £3,033,472), only £1,671,932 (2022: £1,907,399) are invested in the common investment fund, the remainder are represented by cash deposits.

12. Parish Investment

The Loan of £132,000 made from a Parish to the Diocese was written down to Zero value following an Impairment review as there is no current likelihood of the loan being repaid whilst the school is operational. It would only become due should the school close.

13. DEBTORS AND PREPAYMENTS

13. DEBTORS AND PREPAYMENTS
2023 2022
£ £
Gift aid 210,748 198,531
Loans to school Governors in respect of repair costs 50,400 104,667
Car loans to clergy 2,600 1,300
Prepayments and accrued income 25,053 21,271
Other debtors 169 1,649
288,971 327,418
14. CREDITORS AND ACCRUED EXPENSES
2023 2022
£ £
Bank overdrafts 48,322
Diocesan appeal fund 52,220 52,220
Amounts owing to other religious bodies 55,969 81,540
Accruals
Tax & NIC 5,944 5,138
Other creditors 266,861 171,624
380,994 358,844

Page 22

MENEVIA DIOCESAN TRUST

Notes to the Financial Statements - 31 March 2023

This page needs updating for the Opening Balances to be correct as per the Final signed off accounts

15. ENDOWMENT FUNDS

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

Balance
I April 2022
Curial
£
Ann Wedd trust
13,052
Father Welsford fund
l08,959
122,011
Parochial
Foundation Masses
40,964
Parish trsts
373,613
414,577
Total endowment funds
536,588
16. RESTRICTED FUNDS
Ialance
I April 2022
Curial
£
Bishop's fund
51,902
Poor missions
321,741
Poor parishes
39,105
Priest training fund
835,810
Welsh missal
15,106
Cathedral chapter
10,858
Sick & retired clergy
202,553
Mental Health Fund
1,200
Hennit fund
1,500
Special masses
700
Saunders Lewis trust
1,660
Cardigan Shrine
650
Jubilee Appeal fund
1,362,911
Ann Wedd trust
4,847
Mensa!&Episcopal fnd
41,525
Lewis fnd
34,477
Diocesan Youth fund
37,206
Education Fund
2,963,751
Incoming
resources
£
340
2,836
3,175
9,310
9,310
12,485
Incoming
resources
£
6,871
100,306
10,546
15,145
887
922
131,805
266,482
Expenditure
per SOFA
£
Expenditure
per SOFA
£
(50)
(13,350)
(145,205)
(158,605)
The specifc puroses for which the maor funds are to be applied are as follows:
Bishop's fund
Poor missions/ Poor Parishes
Priest trainingfund
This fond is fr projects as approved by the Bishop.
This fund is for the relief of poverty within the Diocese.
This fnd is to support the training of new priests.
Net Transfrs
£
340
2,836
3,175
(5,872)
(15,872)
(19,048)
Net transfers
£
(36,796)
(5,334)
(1,200)
(650)
(4,847)
(922)
2,836
(46,914)
Jubilee Appeal fund
Mensa!&Episcopal fund
Father Welsford fund
Foundationmasses
This fund is to support Sick and retired clergy, priest training and pastoral projects.
This fund is to support the Bishop's welfare & administrative costs.
This fnd is to support the Diocesan Youth.
This fund is to support the relevant Parish.
Sick & Retired Clerg
This fund is to support Sick and retired clergy		 movements
on revaluation
£
(1,611)
(3,451)
15,062
(4,842)
(44,163)
49,005
(64,067)
movements
on revaluation
£
(32,594)
(97,726)
(24,723)
(71,843)
{4,207)
(4,375)
235,467
Balance
31 March 2023
£
11,441
95,508
106,949
36,121
322,887
359,009
465,958
Balance
3 I March 2023
£
51,902
296,018
39,105
801,594
15,106
10,808
183,042
1,500
700
1,660
1,306,213
38,20S
30,102
26,692
2,802,647

Other restricted funds represent legacies or funds held for specific purposes for the benefit of other groups or parishes within the Diocese

Page 23

MENEVIA DIOCESAN TRUST

Notes to the Financial Statements - 31 March 2023

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 3 l March 2023 are represented by:

Unrestricted
£
Tangible Fixed Assels
1,950,214
Investments
636,348
Other Net Assets
3,246,315
5,832,876		 Restricted
Endowment
£
£
1,956,954
465,958
845,693
2,802,647
465,958		 2023
2022
Total
Total
£
£
1,950,214
2,168,679
3,059,259
3,231,778
4,092,007
4,221,032
9,101,481
9,621,490

18. TRANSFERS

Parish assessments
Annual Endowment income (Due to Parishes)
Annual Endowment Funds change in value
Ann Wedd Endowment income for Gen use
Fr Welsford Fund Trffrom Endowment to Youth fund
Lewis Fund annual income to Gen funds
Transfer re Baselining of Restricted Funds
Mental Health Fund
Cardigan Shrine
Ann Wedd trust
PTF Release of Funds to compensate General fnds
S&RC Release ofFunds to compensate General funds		 Unrestricted
Restricted
Parochial
Curial
£
£
(226,908)
226,908
340
922
15,872
40
1,200
650
4,847
36,756
5,334
(211,036)
276,998
Parochial
£
Curial
£
2,836
(922)
(40)
(1,200)
(650)
(4,847)
(36,756)
~~{~~5~~,~~334~~2~~
(46,914)
Endowment
Parochial
Curial
£
£
9,310
(49,005)
(15,872)
(55,568)
(9,310)
49,005
(340)
(2,836)
36,520
2023
Total
£

Parish assessments are a Levy payable to the Diocese to cover central costs and the running of the curia. 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 Endowmenl 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" Lewis Fund - Restricted fund which earns income that is paid over for General use.

Baselining of Restricted Funds - final adjustments to bring funds in line at Curial and Parish level

Mental Health Fund, Cardigan Shrine amd Ann Wedd Trust - Restricted Funds all re-allocated to General funds Release of funds re PTF and S&RC. Movement of funds to compensate General funds out of which expenses for both these funds have been paid.

19. TAXATION

Menevia Diocesan Trust is a charity within the meaning of para l 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 Tax Act 20 IO or Section 256 of the T axation 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.