Th¢ Johnson or Secular Clergy A0cl#tIOn of the Ar¢hdio¢ese of Birmingham Report of the Trustees and fsnancial StateJlleDts for tb¢ Ye4r Ended 31st Marcb 2024
The Jobnson or Settslr Clew AMo¢ialion ofthe Arcbdiocese of Blrwiaghi CoDteDts ofthe fiDattcil Stat¢meDts for tbe YeAr EDded 31st M#rtb 2024 Report of the Thwees Report of the IndeF¢ndent Auditors Statement of Financiat Activities Balance Sheet 12 Statement of Cash Flows 13 Notes to the Statement of C¥h Flows 14 Notes tr> the Financial Ststemertts 15
Tre Johnson or Secular Clew Assoeiatlon ofthe Ar¢hdio¢egt of Birmin8h•m Report ofthe Trn$ttts for tbe Year Ended 31st March 2024 The Trus¢ees present their annual report together with the audited finan¢ial 5taiements of the Charity for th¢ year ended 31st March 2024. The finan¢ial Statements have been prepared in &¢¢ordan¢¢ with th¢ a¢¢oun¢ing wli¢ies set out in ihe notes to the accounts and comply with ihe chority's governing dLUMent. the Charities Aet 201 l and Accounting and Reportin8 by Charitl¢5- Statement of Recommended Practice applicable io charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland (effective 1° January 2019). REFERENCE AND ADMINISTRATIVE INFORMATION Nam¢: The Johnson or Secular Cler8y Association of the Archdiocese of Binningham Reglsttred Charlty Number: 238681 Prlnclpal Offlee: 17 Bir¢h Green Grove st0k0.Trtni Stafford$hire STI 6RD Trustees Rev G Murrny Chair Rev J Batthula - gppoint¢d 3r4 July 2023 Mrs P Deeley Rev M Dolman Rev D Doran Rev D Hartley Rev P Madden resigned 3rf July 2023 resigned 3rd July 2023 Adm5Trl$trntor. Canon P FiwJatri¢k - resigned 3rd July 2023 Rev D Doran appointed 3rd July 2023 SetretAry: Canon J Gilbert Aud5torn: Rice & Co Limited Chartered Accountants Statutory Auditors 14a Market Fl8¢e Uttoxeier Staffordshire ST14 8HP Bankers: The Cfroperative Bank l Balloon Street Manchester M4 4BE SDllcltors: Lodders LLP Number Ten Elm Court Arden Sireet Strdiford Upon Avon Warwickshire CV37 6PA Investment MaThagers: Quil¢¢r Chevioi S¢nOr House 85 Qu¢¢n Victoria Street London EC4V 4AB Page I
The Joh$00 or Secular Cl¢rey As1410 of the Archdlocese of Blrmlngh8m Report of the Tru5tecs for the Year Ended 31st Mthreh 2024 STRUCTUR& GOVERNANCE AND MANAGEMENT Con$tit¥tlo The Johnson or Secular Clew Association of the Ar¢hdio¢es¢ of Binningham ("The Johnson A$sl8(10n") is an unincorporated associlOn registered with the Charity Commission. registration nurnber 238681, and acts independenily of any other charity. The Association is governed by ihe rules adopted as its constituiion on 29 Novernber 2000 and amended on 14th July 2010, 13th July 2011. I Ith July 2012, 1 Ith July 2013. 2nd July 2018. 7th O¢tober 2020. 5th July 2021 and 4th July 2022. Trustees mettlngs The Body of Truste¢$ ¢ortsists of five person$ elttted by the Members ai ihe Annu41 General Meetin8. Each year oDe fifth of the trustees will retire. The Trustees io retire will be ihose who have been longesi in office $in¢e they were las1 elected. New truslees may be nominated by any member, the board of advisors, or the TrusteA and will be elected by the members ai the AGM. However, no per$on Shall be eligible for election onto the Body of Trustees if ihe date of ihe Annual Genernl Me¢ting from which if elected he will hold office, or the date of ihe Trus¢ees' Meeting at which he is cTropted, h¢ will hav¢ s¢ry¢d ten consecutive years as a Trustee. Trustees meet quarterly and give rheir time freely, with no tTUStee remuneraiion or expenses paid. Honoraria are paid io the Admini$ira¢or and Se¢retary. who #re not Trn$tees. Tru$i¢es are r¢quired to disclose all relevant interests or activity wlih anoiher charitable trnst. a declaration of interesis is signed ut every Trustee M¢etin8. The Chair of the TN$¢¢es is appointed by the Thistees irnmediat¢ly following the Annual Genernl M¢eiing and is A trustee ex officio. The Chair of Trus¢ee$' holds office for ihree years, after which they may be appoini¢d for second terni of offi¢¢ bui after ihe expiry of such second tenn will noi be eli8ible for appointment as th¢ Chair. At Trn$tees meetings, the Trustees have a8r¢ed thai 4r¢as of Governance and aciivity should be organised in sysiemaii¢ manner. At each of the quarterly meetings the Trusttts give due consideration to the 4pplication for discretionary granls. The day to day ttdminisirntion of gronts and the processin8 and handling of applications prior io nsIdetIon by the Trnsiees is delegated to th¢ Adminisiraior. Ai Trustees M1n8$ durin8 the year, there is a focus on Truslee training. This serves training for the newly appointed irnstees and an annual update for all of the Tru$ttts and their dele8ares. The Autumn Trustees Mttiin8 usually also has an induction training session for new Trustees. Previous Tnjsiee ir4ining hi8hli8hted that greater divez3ity would be valuable for our organisation. The Tru$e$ addressed this issu¢, in re1 years. and are awor¢ of li for fuiure Trustee appointments. This year the Thisiee$ reviewed the Constitution to ensure ihai they were familiar with its principles and content. In particular the Trustees reived tralning in the following areas: Fundraising and the Fundraising Re8ulo¢orl Fundraising Code. "The Board". and the ¢hang¢s proposed in relation to the operlon of this. Charity Governan¢¢ Code. General trainin8 and especially the Short G¥id¢s referred io in the Welcome Pa¢k issued by th¢ Chwity Commission - with 8 focu$ on conflicts of interest, deeision taking and the objects of ihe ¢harity. The changes to the Charities Act 2022 which is being pho$ in at present. Fin•lly, gs referred to below, there was a fo¢us on the grant-making polley and pro¢edure to ensure that it is up to dale. See further below. At the fi meetin8 of the calendar year, the Tru$tees undertake an annual financial Yevi¢w updating their financial policy and risk mana8emeni. The Trustees, together with the Association's Invesrment Managers - Quilter Cheviot - ensure that the level of financial risk is effeciively manEged to enable the trustees to ftjreca and provide the funds available to support ihose Secular Clergy io whom il offers a discretionary granL whil¢ ensuring that the long4enn investmeni policy is upheld. Pa8e 2
e JohDSOn or Secular Clergy Association ofthe Archdiocese ofBlrmlngharn R¢port oftb¢ Trustw (or the Y¢qr Ended 31st M•rch 2024 At our January Thstees meeting we discussed Responsible Investment- defined as: A Straiegv ond prtscilce io incorporaie environmenial. sociol ond governance f£SG) IroT$ In Invatménl decuions tMd aeiive Lx4pnership'. ESG= Environmentsl, Social and Governance has further suheadingS in each w¢80ry. Quilter Cheviol and other Inve51m¢nt Cornpanies 4re now required to discuss Responsible Investment with their client5 and to log and document this discussion. Quilter Cheviot works in dialogue with those cornpanies in which it invests, which in tum (1¢ is hoped) lead5 to positive Change. Quilier Ch¢viot ha$ an engagemeni policy-"We vote and engage with compgni¢s" The TnIetS agreed ihat Respjnsible and Sustainable Invesm?eni should be a part of the broader Financial Policy which would be discu&8ed at the first meeting of each year. Subsequently the followin8 siatement was agreed which will fom lh¢ basis of a draft 'poli¢y for investment,: In prlnclple ihe Board wlsh io be responsible inVlOTS. Environmenlal. soclal ond goveranCe (ESG) crlierlo are a sel of slandardf ihat swial&J cons¢lous Invesiors, such os o Charity, ¢Qllslder when reviewing fhelr Invesimenis. ENvlronmenial crlieilo conslder how a ehttrity perforRU as a sreward of ndiure. Soclol crilerla ¥amine how il manages relaiionships wilh employees, suppllérs, eutlomers. ond ihe communlii¢s wh¢re li operoles. Governance dea15 wilh a chority's leadership, &recNilve pay. èydils. inlernal conirols, dnd shareholder rlghis. Therefore. lh¢ IKvésimenl managers ore encouraged io lake acco1 of ESG I¢1 in ¢helr invesimenl analysis onddeclslon-mokln8pro¢esses andengage wilh charlty nianogem¢ni wheh appr¢wlale. Durin8 the yeBr. the Trustees undertook a review of all of the policies and procedures of the Board of Advisors io the Trusiees. The review 0k place with each TnJsi¢e lookin8 at one policy ¢a¢h and then presenting their review and considerations for all the Tw$ie¢s to make their ¢ontribution$ various ¢han8es were made io policies. errors and typ05 COTrected and updated and agreed by all True¢S. The Annual Genernl Meetin8 take5 place in July. Each of the members are invited to attend. The AGM Accepts the resignation of one fifth of the Trnstee body and elects a new irus¢ee. The AGM discusses thos¢ matters prow)s¢d by the Trusie¢s. or Board of Advisors, as well as any matter proposed by a member. The Twsrees. Repon and Financial Staiemeni Are agreed, and any other business Ls required, e.8. Ihe appointment of Auditors and Accounwits, as well AS the appointmerti of an Administrator and Se¢r¢tary. Statement of TruJteeJ' rejponslbllltles The Trustees are r¢sponsibl¢ for preparin8 the Trustees, report jnd ihe finan¢lal $takm¢nts in accordance with applicable law and United Kingdom Accouniin8 Standartls (United Kingdom Genernlly A¢¢epted A¢¢ountin8 Pr4¢1i¢e). The law applicable to charitie$ in Englortd and Wales requires the Trustees io prepare finan¢ial statem¢nt$ for each financial period which give 8 true and fair view of the slate of affairs of ihe Charity and of its incoming resources and appli¢aiion of resour¢e& including its income and expenditure, for that period. In preparing these financial stai¢ments, Ihe Trustees are required to.. s¢l¢¢t suitable a¢¢ountin8 policies Bnd then apply them ¢onsistently> observe the methods and principles of the Charitie5 Ststemenl of Re¢ommended Practice (SORP 2019): mak¢ jud8m¢nts and ac¢ounting estimates thar are reasonable and prudent. state whether applicable UK Accounting Sthndards have been followed, $ubj¢¢t io any material departures disclosed and explained in the financial sthtem¢nts' and prepare the fin80¢ial sthtements on the going concern b&qis unle55 it is inappropriate io presume that the Charity will ¢oniinue in bu$ine5S. The trustees are re5ponsibl¢ for keeping proper accounting records that ar¢ sufficient to show and explAin the charity's transaction$ and diKlose with reasonable accuracy at any tim¢ the financial position of the charity 4nd enable them to ensure tho1 the financial slatements comply with the Chariiies A¢t 2011, the Charities (Accounts and Reports) Regulaiions 2008 and the provisions of the ttU51 deed. They 4r¢ also responsible for safeguording the assets of the charity and hen¢¢ for taking r¢a50nable steps for the prevention and Iktection of fraud and other irregularities. Page 3
The JohTrsow or Secular Clergy As%KiitiDn of the Arckdloeeje of Blrniingh•m Report of the Trwtees for the Yur Ended 31st M4r¢h 2024 The Board of Advisers to the Trnste¢s (Denery Reps) The Board of Advisers to the TnLStees ore the ¢krgy rewesentatives elected by their Deanery to represent the Members of the Deanery and keep the trustres infornied as to the physi¢al wellbeing of the members. They are elected. to advise the trustees in matters Telatin8 to the AssociatiLm. advice the trustee5 must listen ¢0. The followin8 reirneniatives served during the year. Rev K Hooper Rev B Devanney Rev A Foster Rev S Pimlott Rev M E8awhory R¢v P Wh¢ild Re¥ C Ro8eN)n Rev L Nguyen Rev D Lamb Rev J Gre Rev T Noru)n Day-tfTrd#y op¢ratlons Responsibility for day-io day affairs of the As%Kiation betn delega w the 4drnini5trator and secr¢tyy. Assocl•ted Compafty The Johnson or Secullr Clw ASS1111 of the Arthd1[¢Se of Bimiingham ha5 an &qKKioted Trn Company - The Johnson Trust C(xwation Limid (cornpany number 8287813) which holds any real property as custodian tNsttt of The Asso¢iation. The gIStered office is 17 Bir¢h Green Gr(Jve. Stoktron-Trent. Staffordshire STI 6RD. The Johnson Tnt# Cor?110 Limited has been domwit thTOU8hout the curra)i and pr¢viou$ finan¢i•l years. Rlsk mana2ernent The Trustees of th¢ John30n AsJo¢iaiion review and their Risk Register every Six months and havirt8 reviewed those risks ihey have ¢sthbli5hed systems and wocedures io manage those risk$. Usually this is an exercise in plannin8 for th¢ worm-¢ s¢entirio. Reviewing the Risk Re8iSter proved to be robu# and has served us well. The Trustees consider th¢ variability of investment relurns upon their investment portfolio as a significant financial risk. They are also aware thai in common with g0¢iety in general. the Secular Cler8y are. as a whole, oEder than they were and livin8 longer. Therefs)r< li is probAble the financial dernands upon the Charity will in¢rease at a time when volatility in world mthets Seems hi8her. Following a completion of a survey of the Secular Clergy b&8ed on their ¢urr¢ni ag< (which has enabled them to produce a ddailed fore¢ast of the numbers of Secu18r Clergy who will retire ¢a¢h year for the nexi Th¥enty five yearsk the Trustees ore equipped to make de¢i$ions on a long-tenn basi& as well as ¢ontinuin8 provision for ihe Idiiional numbers of Se¢ul CW r¢tirin8 and fuTe dernds th¢ ClTrarity. With ihe incre8sin¥ uncertainry in finan¢i41 Marke the Truees in ¢onsulthtion with th¢ir Investment Mana8¢rs, undertiN)k a thOrgh financial r¢vi¢w agreed the level of financial risk they We willing ¢0 accept. The trustees •8rttd io keep the curreni risk $thttLS 'medIUM.. OBJEcfivES AND AcfiviTIFS Objectfves The Johnson Asso¢iaiion'$ objective is the support of th¢ Secular Cler&v of lh¢ Arthdioc¢se. who, on ac¢oun¢ of age or infirniity, •r¢ no ion8er able to clIn¢ th¢ir parothial work and io SUFP)rt priests who are suffering temkw)rary illness. The Trus*s ¢onfinn that they have refefted the 8uidsKe conthined in the Charity Commission'$ geral guidance on public benefit when reviewin8 the Asxxi¥¢ion'5 4)bjectives and in planning future activtt1¢5 and ¢onsiderin8 the 8rant makin8 N)liey. Aetfvlty The Johnson Asso¢iation achieves its obie¢tive by: Providing discretionary grants to priests WI through old age or infimiiry are rK) longer able to work Providing discretionary gE¥nts in aid of priests who are on the active lisl but who are incapa¢itsl¢d by serious illness for a rttiod longerthan a month.
The Johnson or Secular Clergy Associatlon of the Archd10¢e of Birrningha Reptsrt of the Trustees for the Year Ended 31st March 2024 Grnnt Making Policy It is through the provision of diseretionory grants that the Johnson A550ciation seeks to lfil is objective to support the Secular Clergy of the Archdiocese, who, on account of age or infirnity. are no longer able to ¢ontinue their paro¢hial work and to support priests who are suffering temporary illness. The review and governance of the grant making policy is an important priority for the Tnslees. Following ¢onfimiation from the Ar¢hdio¢ese thai a Priest has retired, the retired priest may apply for a diretIonary grant. li is expected that ihe applicani's financial arrangements are dis¢los¢d in full. and ihat any major financial rnaii¢rs are d¢tailed. ¢.g. the lack of a full pension, financial demands &$ a resul¢ of full-time nursing core, savings and investments, privat¢ in¢ome. The TnteeS also ensure th the applicant ha5 upheld th¢ requirements and obligation5 of the Association. The 4ppli¢ation 1$ s¢ruiinis¢d by th¢ TTUStees and a judgement is made on th¢ awording of a gran( either in full or in part. depending upon the individual's ¢ir¢um51ance& The TruMees do rtot hav¢ a single figure for every case, but rather prioritise their attention and support ox thos¢ whose need is greaiest, withrn an agreed range. The TTUStee5 review each grdnt offered to the recipienLS if their ¢ir¢umstances have changed. Min 4¢tivttie5 undertaken to further the Ch8rlty'$ pwrpose$ for the public bejbefit When planning the grant making activity of the Association the trustees have ¢on5ider¢d the Chariry Commission's guidance on public benefit and. in paffi¢ular, Ihe specific guidance on ¢harilies for the relief of poverty and they have also had regard to the specific 8uidan¢e on dwities for the advancement of religion. The Association makes grants principully to retired clergy. Such financial assistance is needed to assist rdir clergy towards maintaining their #artdard of living during retirement. The making of grants depends on the circumstances of th¢ rlpI¢ll[. The clergy are valued members of lety.. l)uilding and strengthening communiti¢s, supporting the dying and bereY4ve(L ministering to the sick at home and in hospital. Caring for the poor and marginalised. visiting those in wison and providing spiritual and mornl edu¢ation for ¢hildTen. Review ofactlvlties During the year the Association h&5 continued to focus oll its core activi¢i¢s of raising fijnds to provide fin4n¢ial assistsnce to retired and incapacitated priems. Income 15 r¢ceived from a l¢vy paid by ihe parishes of the Archdio¢ese of BiTmingham together with on annual s¢cond collection in Chur¢hs within the area. This is supplemented by genernl donations. legacies and incorne received from our invesmients which are carefully monitored by our invesrm¢nt managers Quilter Cheviot. The Trustees moniior their a¢hievemeni and perfomiance in their ability to care and $upporr growing numbers of Secular Clergy who rely ot) ihe Asso¢iation's provision today and in the future, while keeping an appropriate balance bettveen rren1 funding and financial provision for fu¢ure generations. Number of Secular Clergy Supported: 2019 2020 2021 2022 2023 2024 58 65 56 57 61 FuThdrnlslng acttvitles iDCOm¢ generatlo The Association rdises ndS through an annual second ¢oll¢ction in the Churche5 of th¢ Archd]e$¢ of BiTmingham. Donations are klso made through Standing Order pajments and through the A550ciation's w¢bsiie. There were no complaints received by the Association about activitie5 by the A$sla¢10n or by a person on behalf of the Associion for the purpose of fundraisin8. The Association tsken measures to proieci vulnerable people and oth¢r rnembers of the publi¢ from the following behavIr5 in the course of or in connection wilh fLtndraisÈng activities: Unreasonable intN5ion on a person's priva¢y. Unreasonable persis(ent approaches for the purpose of soltciting or otherwise pro¢uring money or other property on behalf of the chariry. Placing undue pressure on a person to give money or other property. Page 5
The JohDsoD or Seeular Clergy AssoeitlDn of the Ahd10¢se of Blrn)InghAm Report of tb¢ Trustett for the Year Ended 31st Matth 2024 Investment pDlky and performance The core of the Association'5 income is derived from donation$ and legacies. Twhith by their n4tur¢ are subject to fluctuations. To 5UStain 4 l¢vel of incom¢ sufficient to meet demands (m IL% resour¢es. the Association requires a signifiwil ¢apital base and the trustees have maintsined an xtiv¢ inv¢sttn¢n¢ poli¢y to Fyovide a degree of stability and certainty in income level5. The aim 1$ to maintain and. if possiTrle. increase the Teal value of the monies invested. In doing this. suffiei¢nt income should be generated 10 5uppl¢ment the ¢ore in¢ome and Provide the annual funds needed to meei the objectives of the AswÈation. The Charity regularly reinvests any surplus it receives (usually from bequests) into its Portfolio. to ensure that its investments are secure and growin& and its dividends are sufficient io cover the expethd in¢re&8e in future grant applications. InVlMents h¢ld by th¢ Asso¢i10n. whi¢h we shown at now 10 of th¢ a¢¢cWI w#e a¢quiTed in accordance with th¢ pow¢ts avaiiabk to the truses and the Trustee Act 2t)O. The Charity's investment manarn l)Lil¢er Ch¢vioL are in&nKt¢d to generate a balance between capityl growth and income. provided that the gross income each ythr excee¢k a minimurn of £175.000. Investment income for the year talled £443.48712023: £341.759) as shown in note 4. The consistent level of income this year continues to Tefleci the Tren1 ecoTh)rnic climat¢ and also the need io maintain a balance between ineom¢ generation and ¢apital growth. During the yew there was an ow¢rall in¢w of 7.91% (net) in the investment portfolio (2023: decrease of 4.9%). The yield on inv¢stm¢nts fty the ytsr wa$ 22Vh (23. 1.98%) which was in line with expectrtiorts given th¢ genernl Maet perfomance. FINANCIAL REVIEW FiTrao¢il Performance During the year ended 3 1st Marth 2024. a higher level of Iyies received of £476.609 (2023 - £29,911) has led to an increase in total incorne to £1,018,810 from £477.126 in 2023. This is ¢omprised of Ihjnations and legacies of £575,323 (2023- £135.367) and investment income of 43,487 (2023- £341.759). To¢al grants rdid dire¢¢ly to priests IneaSed 10 £429,525 from £384.443 in the previous year and this ¢oniributed ¢0 gn increase in io¢al exwKliture from £462232 to £530.029. A surplus rore invesDnent gains of £488.781. up fmm £14.894 in 2023. ha5 resulted. Investment YUCS have increased by £1.094.487. more thon rvering the 105se5 of £978293 in the previou$ year. Leading to an increase in iotsl funds of £1,583268 COMped to 4 decrease of £963,399 in 2023. Total unrestricted funds &8 at 3 1st March 2024 were £19,867.157. Investments are maintatrted to provide Current and fijture grants and are therefore noi considered by the Trustees to be free rvmes. The level of free re5¢rve5 at 3 1st March 2024 was £1.697.9)O. up frcrtn £1.166.915 in th¢ w¢vi(NJ5 year. Golng eontern The financial swements have been prewed on a going concern basis under the hu8torieaI ¢05t basis of aoUntIng rute5 Modified io account for inv¢sDMents 8t foir v41ue. Each year the Tnjstees review the value of the inv¢stmeDt fOllO in conjunction with the investh)¢nt mangger5 and the availability of c¥h in the Short temi to ensure th¢ Charity is a going concern. At the time of signing these financi stsiemenL8 th¢ Trustees hove considered the going concern p05iiion and consider th¢ Charity will be able to c(tille to OFrat¢ for a nod of at lea 12 months from the d&e of signing these finan¢i41 statements. The Charity ha5 a Strong cash position of £1.487,513 and of £19.87m and on basi& the Tr hav¢ prepared these fit]ancial statern¢nts on a going concern basi Page 6
Th¢ Joltnson or Setul•r Cler8y Aswrthtlon of the Archdiocese of Blrnilngham Report of the Trusteu for the Year Ended 31st Mar¢h 2024 Re5erv¢s policy li 1$ the poliey of the TJw4ees to maintain free ery¢S of the Charity at a level which equates to approximately eighteen to twenty-four months, grant payments, taking into consideraiion likely changes in the number of recipients and the level of grant paid. Free r¢serve5 of £1,697.900 at 31st March 2024 (2022.. £1.166.915) represents over 24 month5, grant payrnents; this 1$ partly due to the receipt of substantial legacies in 2023124. Legacies will be allocated lo investment funds in order to provide income in fuiure years in accordance with the eharity's objectives. The trustees continue to monitor th¢ level of free reserves and believe thaL based upon the currcnl value of the investment portfolio. the Association will be Able to fulfil its objectives in ihe short to medium terni. Bonklng Arrangements This year iher¢ hav¢ been significant ¢h8llenges with our banking atTangemen due to the decision during 2022r23 by AIB GB, to withdraw from the UK market. Following a healthy forty-y¢ar relationship wi¢h our bank, it cBme as a considerable sho¢k to the Trustees to learn that AIB GB wos unilaterally withdrawing from Ihe UK markeL and that we would have to find gnother bank. After many problems, w¢ were finally able to open account with The coperatIve Bank in April 2023. PLANS FOR THE FUTURE Our future objectives are lo ensure that sufficient finances are in place to Ix able to ¢tsntinue io saiisfy all su¢¢¢ssful application5 for financiBI support. The number of Secular Clergy that we Support has been growin8 each year as the number of those retired grows. We must endeavour io ensure ihat we maintain and improve the value of our inve5tmenl portfolio to enable us io meet this demand for our resources. Having reflected carefully upon our banking experience and th¢ le$son$ we Can learn from this experlence. the Tmst¢¢$ have de¢ided (with approval of all members at the AGM) io ¢haii8e our Charity ststus to a Charitable IncorpoNed Or8artisa¢iort {CIO). This is a significant ¢hange in our legal $ta¢us but would be easier to encoura8e new Twstees io join the ¢harity, and would be wel¢omed by in5titution5, su¢h a Bank. This chan8e will hopefully tske place during 2024QS once all the 1¢8al pop¢rwork and Approvals have been 8ranted - and another'new" bBnk account sourced. The Trustees dlscus8ed the need for on independent financial 5e¢rethry be appointed to keep the day-to4lay a¢counls. An appointment has been mBd¢ and their responjibiliiies $¢aned in the new financial yeor in April 2024. DISCLOSURE OF INFORMATION TO AUDITORS Each of the person$ who are Trustees at the rime when this Trn$tee$' report is approved ha5 confirnied ihat: so far as that Trustee is aware. ther¢ 1$ no relevant audit infomiaiion of which the chgrity's auditors are unaware, and that Trustee ha5 taken all the Steps that ought to have been taken as a Trustee in order to be aware of ony relevant audit infomiation and io esiablish that the charity's audilors are aware of th infomiation, Approved by order of ¢h¢ members of the board of Trustees on 8th July 2024 and signed on th¢ir b¢half by: Rev G Murray Trust¢e Pa8e 7
lTrdtpendet Auditor's Report to the Trustees of The or S¢¢ulT CleT8y Association of the AhdiOte3e of Blrmlngh8m Oplnlo We have audited the finan¢ial s¢atements of The j01m or Secular CkrBy AssLKiation of th¢ Ar¢hdioc¢se of Bimingham (the 'charity') rcr the year ended 31 March 2024 which ¢omprise the Ststemeni of Financial Aclivi¢i¢s, th¢ B8lan¢¢ Sh¢¢( th¢ Stst¢m¢nt of Cash Flow& N¢5 10 the Statement of C&th Flows and Notes to Ihe Financial Sts1emen including a surnmary of signifi¢ont 4¢¢ounling p)licies. The financial reportin8 framework that has been alled in their preparation is applicable law and Unii¢d Kingdorn Accounting Stsndards in¢lwJin8 Fiiian¢i41 Reporting Standard 102 Tr Financial Reporting Stsndard applicable in the UK and Republic of Ireland. (United KIngdn Generally Acc¢Wd Accounting PralCe1 In our opinion the fin4n¢ial srom¢nts: 8ive a and fa view of the stste of the Chariws affairs as at 3 IA March 2024 and of its incomin8 resources and application of resources f the year then ended: have been properly prepred in xcothce with Uniied Kingdom Genernlly Ac¢ept&l Accounting Prn¢ti¢e: and have tren pr¢pArcd in accordanc¢ with the requirernents of the Charities Ad 2011. Bail$ for oplnlo We conducted our audii in ac¢ordan¢¢ with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities und¢r thos¢ Sthndorth are further described in ihe Audiiors. rtsponsibilitie$ for ihe oudi¢ of the finincial sthtements section of our report. We are independent of the Charity in accordance with the ethical r¢qiiÈr¢ments that Ire rekvant to our alIt of th¢ financial statements in the Unid Kingdom. includin8 the Pinancial Repurting Coun¢il'$ Ethi¢al Standrt and we have fulfilled our other ethi¢al responsibilities in accordance with these requirem¢nts. We believe the audii ¢viden¢e we hive obthined 1$ sufficient and appropriate to provbde a bfysis fw ¢)ur opinion. Con¢luloTr$ rel•tlTri to iolng eon¢¢rn In audiiin8 the financial sthtemen4 we h•ve wKluded that the Tn. us¢ of the 80in8 concern b¥1$ of A¢¢ounting in the pryartion of the fman¢i•l ststements is appmpriat¢. Based on the work we have prforni¢d. we have identified any material un¢ertainties relating to events or ¢ondilion$ ihal individually w colleciively, may ¢as( si8nificant doubt on the ¢hority's ability to continue as goin8 concern for • period of ai least twelve rnonihs from whth the fthncial statements aye authorised for issue. (r responsibilities ond lh¢ responsibilities of the Trustres with respect W 80in8 concern ar¢ described In the relevant sections of this reporL Other Informatlon The other information comwists th¢ inforni1On included in the Annual report other thBn the flnan¢ial atrments and our Auditors, report th¢reon. The Truslee5 are responsibl¢ for the ¢ther infonnwion conthined within the Annu41 reporL (r opinion on th¢ fin¢111 Sements does not ¢over the crther infonnaiion and. excepi to the exient othenvi5e expliciily swed in our T¢r( we do ¢xF*¢ss any form of wuranc¢ conclusion thereon. Chlr r¢sp)nsibility is io read the other infOation arf in doin8 sty ¢onsider whether the other inforniation 1$ maierially inconsistent with the financi statements OT our knowledge obtained in the course of the audit, or otherwise appew5 to be materially missthted. If we identify such ma¢erial inconsistencies or app8reni material mis5tatemenW we are reqUId to deiernline whether this gives rise to a material misstatement in th¢ finan¢ial statements themselves. If, bgs¢d on the work we have perfome4 we conclude th there is a maierial missthtement of this other inforniation. we are required to re[ that fL We have nothin8 to report in this regar
Independent Auditor's Report to the Tru5tee5 of TheJohnson or Seeuiar Clergy Association of the Archdioeese of Biminghatn Matters on whleh we are required to report by exception We have nothing to report in respect of the following matters in rel#tion to which th¢ Charities (Accounts and Rep)rts) Regulations 2(K)8 r4uires us to report to you if, in our opinion: the inforniation given in the financial statements is inconsistent in any material r¢$pe¢t with the TTUStees' reN)rt" sufficieni and proper accounting records have not been kep¢; the financial swements are not in agreement with the accounting reeords and returns; we have not received all the infonnation and explanations we require for our audii. Responsibillties of Trustees As explained more fully in the seMent of Trustees, responsibilitie5 set out on page 3. the Trustees are responsible for the preEYdration of the financial statements and for stJch interna] control as the Tru5tee5 deternine 15 ne¢¢ssary io ¢nable the preparation of financial statements that are free from material misstatemenL whether due io fraud or error. In preparing the finaftcial statements. the Trnstees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related io going concern and using the going COncn bLsis of a¢¢ounting unless th¢ Trustees either intend to liquidate the Charity or to eew operations. or have no alisti¢ alterna¢ive but to do $0. Audltor's respon$5bili¢i¢s for th¢ 4ydit of the financial statements We have been appointed as auditor under se¢tion 144 of the Charities Act 2011 and rewt in 4¢¢ordance with the Act and relevant r¢gula¢ions rnade or having effect thereunder. Our objectives are io obtain rwonable 4s5uranc¢ about whether the financial $tstemen¢s as a whole are free from material misststemenL whether due io fraud or em)r, and to Issue an AudIr$, report that includes our opinion. Reasonable assurance is a high level of assurdnce, but is not a gualtee that an audit ¢onducted in accordance with ISAS (UK) will always detect a mat¢rial misstatement when 1¢ exists. Missthtements can arise frorn fraud or error and are considered material if, individually or in the aggregaie, they could reasonably be expected to influence the economic decisions of u5¢rs tsken on the basis of these finon¢ial staiements. Irregulariiies. including fraud, are irt$tan¢e5 of non-compliance with laws and regul10n$. We design procedures in line with our responsibilitie4 ouilirted abov¢. to detect material misststements in respec¢ of irregularitie including fraud. The extent to which our procedures are capable of detecting irregularitie& including fraud is deiailed below: obtaining an und¢rslanding of the legal and regulatory from¢woTk applicable to the Charity and how the Charity 1$ complying with that frameworL including agreem¢rti of financial statement disclosures to underlying documentation and other evidence. obtaining an under5tsnding of the Charity's control environment and how the Charity has applied relevant control procedures, through discussions with Trnstees and m&nag¢Tnent and by perforniing walkthrough ting over kw areas. obtaining an Und¢tandIng of the Charity's risk assessment procvs. including the risk of fraud: reviewing rneeting minutes of those charged with goveman¢e throughout the year; and perfomjing audit testing to address the risk of management override of controls, in¢luding testing joum&l entrieg and o¢h¢r adjustments for appropriaienes5. evaluating the tztionale of significant transaction$ outside the nomal course of activities and reviewing accounting estimates for bias. Page 9
Independent Auditor's Report to the Trn$iefs of The Johnson or Se¢ulr Clergy Assoeiltioo of the Arthdlitse of Birjningha Whilst ¢oAsidering how our audil work r¢s5¢d the detection of irregularities, we also ¢onsidetrd the likelihood of deteciion based on our 4)pro8¢h. ITregulariiies arising fmm ftaud are inherEn¢ly more difficult to detect than those arising from ern)r. Because of the inherent lirnitstiOD5 of an audiL there is a risk we will Th)t detect all irTegularities. including those leading to a material misstatement irt the financial stalements or non•compliance with regulation. This risk increases the more that compliance with a jaw or regu]ation is removed from the events and transactions reflecied in the finartcial staiem¢nLK &% we will b¢ less likely to become aware of in*anc¢s of non4omplian¢¢. The risk is also greT regarding irregularities oc¢yJrring due to fiaud rather thart ttror. ¥s fiaud involves intentional conceaimenL forgery. collusion. omi55ion or misrepresentstion. A further de5eription of our re5ponsibililies for the audit of the finan¢ial statements is locatsd on the Financia] Reporting Councifs websiie at: www.frc.or&uklauditorsresponsibiliiies. Thi5 description fornis part of our Auditors, rel Us¢ of our report This report is made solely the Charity¥ tn&ee& as a Ih)dy. in a¢¢ordmce with Parl 4 of the Ch¥riti¢s (Accounts and Rewrt5) RegUl10ftS 2008. Our audht work has been undertakert $0 that we might state to the Charity's trustees thos¢ matters we are required th stste to them in an Audiiors, ryrt and for no other purpose. To the fullesi extrni p¢miilled by law. we do noi accept or wume responsibility io anyorte other than the Charity and its trusttt4 as a tM)dy. fty (wr audit worK for this for the opinions we have fomie Ri¢e & Co Limited stOry Auditor 14A Market Place Uttoxeler Staffordshire ST14 8HP Date.. 8th Juty 2024 Ri¢e & Co Limiied are eligible to ¥1 as audiiors tn of section 1212 of the Conynies Act 2006. Page 10
The Johnson or Se¢uknr Cleryy As$11•m of ihe Archdiocese of Birmin4 ststemettt of FIL¢1] A¢trviti¢s for the Yur End¢d 31 M•r¢b 2024 Total Funds 2024 Totsl Funds 2023 Funds 2024 Income: Donations and1¢8a¢ies Investhnis 575.323 443.487 575J23 443.487 135.367 341.759 Totsl Income 1,018.810 1018.810 477.126 Expendlture.. Costs of raising Charit4ble a¢tiviti¢s Governance costs 44.810 443.018 42201 44,810 443.018 42201 45.507 416.725 Totl expendlth 530.029 530,029 462232 Net income for the year 488,781 488.781 14.894 Net gains on investments 10 1.094.487 1.094.487 (978293) Net movement in funds 1.383268 1583268 (Q63,399) Totsl funds bmught forward 18283.889 18283.889 19.247288 Tot1 funds carried forward 16 19.867.157 19.867 157 18.283.889 The Sernent of Financial Adivities includes all goins and kJsse5 Tecognised in the year. All incorning resources and resour¢ts expended derive from continuing activities. The note5 forni part of thtse financial
The Johnso• or Seeular Clergy Assocition of the Archdioeese of Birmlngha BAknnce Sheet $ It 31$¢ M•r¢h 2024 24 2023 Note Fixed •ssets Investments 10 18.169257 17.116,974 Current assets Debtors Cash at bsnk and in 248.157 1.487J13 214,165 980.694 12 1.735.670 1.194.859 L4abilities Creditors: Amounts f4llingdue within one year 13 37.770 Net eurrent usets 1,697.gX) 1.166.915 Net assets 19.867.157 18283,889 The funds of the Charity Unrestria¢d in¢om¢ fuThJ$ 21 19.867.157 18283.889 19,867.157 18283.889 Approved by the Board of Trustees on 8th Juty 2024 d signed on its behalf by .RevGMmy.Tn The notes forni port of these financial ststeTnents Page 12
The Johnson or Secular Clergy Association of the Archdiocese of BlrmlnghAIII Con$olldted Stal¢ment of Cash Flows for the Year Ended 31st Mareh 2024 2024 2023 Note Cash IIows frorn operatln¥ actlvitk5 17.242 1387,269) C$h flow5 frorn InY¢stlng actlvltles PuKha5e of fixed asset investments Disposal of fixed ass¢1 inve5trnen Dividends arKt interest received from investments (2.143.994) 2,192.936 447.386 (2,023,980) 1,928,480 360,325 Net e•$h provld¢d byl(used In) Inves¢rneTrts 496.328 264,825 Chng¢ In cosh ind eRsh equlvalents In the yur 513.570 (122,444) Cash and cash equivalents at lhe beginnin8 of the year 986.454 1,108,898 Csh and cash equlv*lents at the end ofthe yur 1.500 024 The notes form part of these financial statements Pa8e 13
The Johnson or Secular Clergy Amociation of the Archdiocese of Birmlngham Jyotss to the Ststement of Cash Flow$ for the Yer Ended 31st MAreh 2024 I RECONCILIATION OF NET EXPENDITURE TO CASH GENERATED FROfvI OPERATIONS 2024 2023 Net eash In(low from operating actlvltleg Net income Inve51ment income Decreasel(in¢rea5e) in prepayments and accrved income Increas¢l(decrea5e) in accruals and deferred income 488.781 (443.487) (37.878) 9.826 14.894 (341,759) (65,050) 4.646 Net Cash provlded byl(uJed In) operatlng Aetlvltles 387 269 2 CASH AND CASH EQUIVALENTS 2024 2023 Included In the b8l•n¢e $h¢¢t 91 ¢$h •¢ bAnk *nd In haThd: Bank ¢urr¢n¢ a¢¢ounts Investment cash accounts 1.149,863 337,650 980.694 1.487,513 980.694 Included In the bAlanee sheet as flxed asset Inve$tm¢nts: Investment income accounts 12.511 5,760 1500,024 986 454 3 ANALYSIS OFCHANGES IN NET DEBT Balance at 01.04.2023 Cath flows Balanc¢ al 31.03.2024 Bank current accounts Investment cash accounts Inv¢stsn¢nt in¢ome accounts 980.694 169,169 337,650 6.751 1,149.863 337.650 12,511 5,760 986,454 513,570 151M> 024 The notes ftirn) part of these financial statements Pa8e 14
The Johnson or Secular Clergy Association ofthe Archdiocese of Birminehanb Notes to the Finaoclal St8tements ror th¢ Yur End¢d 31$t M4r¢h 2024 I STATUTORY INFORMATION The Jthnson or Secular Clergy Associetiort of ihe Arehdiocese of B]in8harn is r¢gi5tered the Charity Commission (Registralion Number 238681). The charity constitutes a public benefit entity as defined by FRS 102. The presentation currency of the financial sthtemenLq 1$ the Pound Sterling (£). 2 ACCOUNTING POLICIES BA915 of preparlng the Ilng4nelal statements The financiAI st#tement5 hove be¢n prepared in rdance with Accountin8 #nd Reporting by Chariiies.. Sthtement of Recommended Prnetice applicable to eharities preparing their accounts in o¢¢ordanc¢ with the Financial Reportin8 Standard applicable in the UK 8nd Republi¢ of Ireland (FRS 102} {eff¢ctive 1st January 2019)- Charitie$ SORP (FRS 102). the Financial Reporting Standard appli¢able in the UK and Republi¢ of Ireland (FRS 102) and th¢ Chariiies Act 2011. Goln8 eODeern The Trustees asses5 whether the of 80ing ¢on¢¢rn is appropriate i.e. wheiher ihere are any material uncertointles r¢la¢ed io ¢vents or conditions that may cast Significant doubi on the ability of th¢ ¢h4rit4bl¢ company to continue as a 80in8 concern. Th¢ trustees have mC this assessment in respe¢1 of a period of one year from the date of approval of the financial Statements and consider that no such ma(erial un¢¢rtointles exi5* Intome All incoming resour¢¢s are included in the Stat¢menl ofFinon¢5al A¢tivities (SOFA) when the ¢harity is le8ally eniitled lo th¢ income after any perfonnance conditions have been mei. the amount con be measured reliably and it is probable th the income will be received. Donation$ gre wo8nis¢d in the Statem¢nt of Finan¢i41 Activities when the charity h¢s been notified of the amount and the settlem¢ni dale. If there are conditions attached io the donation and ihis require5 a level of perf0mnce before entitlement can be ob¢ain¢d then income is deferred unlil those condition$ are fully rnet or the fuifilment of tho ¢ondilions is within the Control of the chariry and it is probable that they will be fulfllled. No amount is in¢luded In the financial 3tat¢menls for volunieer time in line with the SORP (FRS 102). LegleS are re¢ognised in the Sialement of Financial Activities when the charity hes been notified of an irnpending distribution or the le8acy has been re¢¢ived. Where the charity has been notified of a forthcoming le88cy, but the amount timing of receipt 1$ noi known. it is not r¢co8nised in the Ststement of Financial Activities bui is included as coniin8ent 0sge¢ and di%105ed in the notes io the tlnancial sthtements. Investment income is earned through holding assets for invesffi)eni purposes and 1$ in¢lud¢d in the Ststemeni of Financial Activities when the amount can be measured reliably. Inierest income 15 reco8nised using ihe effe¢tive interest meihod and dividend income is recognised 85 th¢ charity's right io receive payment is established. Interest on funds held on deposit is included when receivable and the omounl can be measured reliably by the charity. this is nom)ally upon notification of the int¢resi paid or payable by the Bank. Expendlture All expenditure 1$ o¢¢ounied ftir on an accrual$ basis and has been classified under headings that aggregate all Costs related to the category. Expenditure is reco8nised where there is a legal or constructive obligation lo make payments to third partie5, it is probable the settlement will be requirtd and the amount of the obligation can be measured Page 15
The jOhSOrt or Seculr Clergy As$oti#tion ofthe Archdiocese of Blrmlngbam Notes to the Flnanelal Stst¢menl$ for th¢ YeAr Ended 31st Marth 2024 2 ACCOUNTING POLICIES l¢othlIm¢d} Expendlture (¢ontlnued) Resour¢es expended have been 411o¢at¢d in the Stakrn¢nt of Financial Activities as ftillows: Costs of raising funds- ftts paid to the chariiys investhieni managers. Charitable activities all expendiwre direcily and indirectly associaied wilh medlng the objectives of the charlty. in¢ludin8 fin4n¢ial support provided. Govemance costs- all expenditure r¢latin8 directly or indirectly ¢0 ihe 8eneral Tunning of the charity. Granis payable io third parties Ire within the charitable objectives and are paid to provide financial support for a period of lime. Grants are recognised in ¢he Stai¢ment of Financial Activities ev¢nly over the period to which they relate. Support ¢OSts in¢lude all overheads of the charity. These have been allixated io costs of rnising fvnds. Charitable activitie$ and governance c05t$ on 8 ba$1$ nSistenI with ihe use of ihe resources. Investments Investments are a forni of basi¢ flnancial instrument and are initially reeo8nised at their transaction Value and subsequently mwured at their fair value as ai the balan¢e sheet date using the closing quoted market price. The tement of financiol activities includes the net Bains and losses arising on revalu81ion and disposals ihrou8houi the The charity does noi acquire pui Options deriv81ive5 or other complex fEnan¢lal instruments. The maln fomi of financial risk faced by the charity is th•¢ of volatility in equity markets and Investment market due io wider e¢onomi¢ ¢onditions, the attiiyde of inveOrS io investment risk, and changes in sentiment con¢ernin8 equiiies and within particular sectors or sub seciors. All gains and 109$¢$ are taken to the Ststement of Finon¢ial A¢¢ivitle$ as they Brise. Reali$ed gains and losses on investments are calculated as the difference between sales proceeds and iheir openin8 caryin8 value or their purchas¢ Value if quired subsequent to the first day of the financial year. Unrealised gains and 105se5 are calculated ¥ ihe difference between the fair valu¢ at ihe year end and their canyin8 value. Realised and unrealised investment gains and losse5 are combined in th¢ Statemeni of Financial A¢livitie5. Investments are ststed at morket value as at the balance sheet date. The $tatern•nt of finan¢ial acilvliles include5 the net gain$ and losses Arisin8 on the revaluation and disposals throughout the year. Debtor5 nd credltors Debior$ and ¢redilors with no stated inierest rat¢ and r¢¢eivable or payable within one year are Rcorded ai iran5action pric¢. Any los arisirtg from impainnent ore recognised in expenditure. Cash #t and In hand Cash at bank and in hand includes cash and short term highly liquid investments with a short matiwity of three months or less frorn the date of acquisition or opening of the deposit or similor accotsnt. Cash held within a portfolio of fixed asset investments is included &s part of fixed asset invesllnents where it is in¢end¢d that this cash will be utilised for ongoing investment activities. Cash held within a portfolio of fixed asset invesknents which is not intended (o be utilised for ongoing invesknent activllies is included as at bank and in hand. Page 16
The John50n or Setutar Cleryy Asso¢i41xon of the Archdiocese of Blnnlttgh4m Notes to the Financial Slatements for the Year Ended 31st Mrth 2024 2 ACCOUNTING POLICIES (¢ontinued) Liabilities and provlsions Liabilities are recognised when there is an obligation at the Balart¢e sheet date as a result of a past evenL it is probabl¢ that a tr&nsfer of ¢¢onomi¢ benefit will be r4uired in settlement. and th¢ arnount of the settlement ¢an be estimated reliably. Provisions are measured at the best estimate of ihe amounts required to settle the obliwion. Where the effeci of the time value of money is material, the provision is based on the present value of those amounr4 discounted at the pre-tsx dis¢ouni ra that refle¢is the risks specific to the liability. The unwinding of the discowii is re¢ognised in the Statement of financial activities as a fin¢¢ cost. FirtaneK81 in5trumeDts The Charity only financial assets financiol liabilities of a kind that qtsalify &5 b1¢ financial irtS¢rum¢nts. Basic financial instnlments are ini¢ially re¢ognised at trdnsaetion valye and subsequently me&sur¢d at their settlement value with the exception of bank loans which are subsequently measured at arnortiJ¢d cost usingthe effe¢tive interest method. Fund ac¢ounting G¢n¢ral funds are unrestricted fund8 whi¢h are available for use * the di5¢retion of the Trustee5 in fvrtherance of the general objectives of the Charity and which have not been designaied for other puoose5. tksignated funds comprise unrestricted funds that have been set aside by th¢ Tru$iees for particular purpose& Taxatlon The ¢harity is a charity within the meaning of schedule 3 of the Charities Act 2011 and is ¢onsid¢red to poss the tests sei out in Paragraph I Schedule 6 Finance A¢t 2010 and therefore it meets the definition of a ¢haritable company for UK corN)ratioii tax purpDse5. 3 INCOME FROM DONATIONS AND LEGACIES Unrestricted Funds Total 2024 Total 2023 Appeals- November colleciion Parish levy Donations Legacies 39,905 46,800 12,009 476,609 39,905 46.800 12,009 476,609 41259 49,600 14,597 29.911 575.323 575,323 135.367 4 INCOME FROM INVESTMENTS Unrestricted Funds Total 2024 Total 2023 Income from listed investments Bank interest 442,019 1,468 442,019 1.468 338247 3.512 443,487 443.487 341.759 Poge 17
The Johnson or Se¢ulrClergy AsSOCiAtioll of the Aremloeese of BlrnilDgh8m Notes to the Fknneil Sttemertts for the Year Ended 31st Mreb 2024 S COSTS OF RAISING FUNDS Unrestric Funds Totsl 2024 To1 2023 44.810 44.810 45.507 6 EXPENDITURE ON CHARITABLE AcfiviTIFS 2024 2023 SupNMt Unrestricted FuThts Grants Paid Total Total Grdntsnaktn8 429,525 13,493 443,018 416.725 7 ALLOCATION OF SUPPORT COSTS 2023 Grantrnaking Funds Total Totsl Legal and proft&sionai ftts Bank charges Trustee meetin8 COSIS Audit Honarariums Sundry expetLses 8J29 25J89 34.118 34,118 66 315 11,400 7.500 2295 4,570 .987.00 1.225 15.000 9.500 315 11,41N) 3,750 1,147 315 11.4(rf) 7.500 2295 3.750 1.148 13.493 42201 55.694 55.694 312 8 STAFF NUMBERS AND cosrs The average number of employ¢¢s thwingthe year wd5 nil12023 - nil). During the financial year. the following honorariums r4id: UnvEStrithd Funds Total 2024 Total 2023 Rev P FitZpatrk Rev J Gilbert Rev D Doran 1,500 3.0(X) 1.500 3.000 3,0¢)0 4.250 5250 7.500 7.500 9.5 The Association is grnteful for the valuable supp)rt of volunteer worker5 engaged in various fulraiSIng activitie& No Trus received any rernunerntioty benefits or exn payirtnts durting the fin8n¢iai year (2023 - £nil). Page 18
The Johnso# or Seelllar Cleryy Associltion of the Arnhdioeese of Rinnin¥ba Not¥ to the FinaTrcMI S¢atemeTrts for the Yr Ended 31s1 Mareh 2024 9 AUDITORS REMUNERATION 2024 2023 Ftts payable to the Charitys audiior for the audit ofthe financial sthtements 15.01)0 10 FIXED ASSET INVEsfMENrs Cost or v#luatlo At 151 April 2023 Additions Disposals Revaluations Movement in cash 17,116.974 2,143.994 {2.192,936) 1,094.487 6.738 At 3 1st March 2024 18.169.257 All the fixed &%set invesiments are in lied inVeSth and held in the UK. All Invesiments are carried at their fair value. Inve51rnert in equities and fixe41 interest securities are all tsHded in quo publi¢ markets, Prin]Y the London Stoek Exchange. Holdings in common investment W unil In]sts and open- ended investment companies are the bid price. The basis of fair value for quoied investsnents is equivalent io the market val. using ihe bid pri¢e. Asset sales and r&$eS ar¢ recognised at the d*e of trade at cost (that l5 Iheir Irdnsaciion value). The historical cost of investh)ents at 31# Marth 2024 Wds £1 l J18.067 (2023.. £11241.869). I I DEBTORS: AMOUNTS FALLING DUE WITHI]Y ONE YEAR 2024 2023 PrepayTrents and accrued income 248.157 214,165 12 CASH AT BANK 2024 2023 Bank curreni ac¢ourtts Investment cash accounts 1,149,863 337,650 980.694 1.487.513 980,694 Pa8e 19
The Johnson or Seeular Clergy Assoeigtion of tbe Arehdioeese of Birmingbam Notes to the FlnanelAI Ststements for the Year Ended 31st March 2024 13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accruals for gnts payable her a¢£nlS and deferred income 15,084 22,686 1,349 26,595 27.944 14 CONTINGENT ASSETS The charity has been made aware of a number of le8acie$ that it is likely to receive. The arnouni and liming of these receipts is uncertain but they are prudently estimated to amount to £3¢J).IKIO. 15 TAXATION No taxalion is payable for the current or previous financial year a5 all surpluses arise from activities fvrthering the ¢haritable obje¢ts of the ¢harity and are utilised for charitable purposes, th¢r¢for¢ leading to exempiion from taxation. 16 UNRESTRICTED INCOME FUNDS 2024 2023 Balance at start of year Nei income for th¢ year Net gainsl(10sses) on investments in year 18283,889 488,781 1.094.487 19247288 14.894 (978293) Balance at end of year 19.867,157 18,283,889 17 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS 2024 Unre$tri¢ted Funds 2023 Total Funds Total fijnds Fixed asset investments Curreni *S5ets Creditors du¢ wthin one year 18.169,257 1.735,670 (37,770) 18,169,257 1.735,670 (37,770) 17.116.974 1,194,859 (27.944) 19.867,157 19.867,157 18283.889 18 RELATED PARTY TRANSACTIONS The Charity has not entered into any related party transaction during the y¢ar. nor are there arty outstanding balances owing between lated parties and the Charity ai 31 st Mah 2024. Pa8e 20