**ROYAL NAVY (ROMAN CATHOLIC) TRUST**
## **UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2024**
**Charity Number 242543**
**ROYAL NAVY (ROMAN CATHOLIC) TRUST**
## **INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
**----- Start of picture text -----**
Members of the board and professional advisers Page 1
Trustees' annual report Pages 2 to 4
Independent examiner's report Page 5
Statement of financial activities Page 6
Balance sheet Page 7
Notes to the financial statements Page 8 to 11
**----- End of picture text -----**
**ROYAL NAVY (ROMAN CATHOLIC) TRUST**
Page 1
## **MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS**
|The Board of Trustees|Lieutenant Commander P A'Hern (Appointed 25 January 2024)|
|---|---|
||Very Rev D Conroy KHC VE RN (Ex-Officio)|
||P Firth|
||Rear Admiral T Hodgson CB MBE (Resigned 27 July 2023)|
||Rt Rev Bishop P Mason (Ex-Officio)|
||Commodore N Tindal RN|
||Wing Commander C P Thorpe - Chairman|
|Principal Address|Royal Navy Catholic Chaplaincy|
||The Chaplaincy|
||HMS Collingwood|
||Newgate Lane|
||Fareham|
||Hampshire|
||PO14 1AS|
|Charity Registered Number|242543|
|Independent Examiner|Mark Dickinson FCA|
||Shaw Gibbs (Audit) Limited|
||Wey Court West|
||Union Road|
||Farnham|
||Surrey|
||GU9 7PT|
|Bankers|Royal Bank of Scotland|
||Holts Farnborough Branch|
||200 Fowler Avenue|
||Farnborough Business Park|
||Farnborough|
||Hampshire|
||GU14 7JP|
|Investment Manager|BlackRock Investment Management (UK) Limited|
||PO Box 9036|
||Chelmsford|
||Essex|
||CM99 2XD|
**ROYAL NAVY (ROMAN CATHOLIC) TRUST**
Page 2
## **TRUSTEES' ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2024**
The trustees have the pleasure in presenting their report and the financial statements of the charity for the year ended 31 March 2024.
## **Legal Status**
The Royal Navy (Roman Catholic) Trust was created by a Declaration of Trust dated 26 February 1958. The Governing document was amended by order of the Charity Commissioners on 5 August 2002.
The Royal Navy (Roman Catholic) Trust is a Registered Charity, charity number 242543.
## **Trustees Appointments and New Trustee Proceedings**
The ex-officio trustees are appointed by virtue of their respective offices. Co-optative trustees are appointed by a resolution of the trustees passed at a special meeting.
The chairman of trustees contacts new ex-officio trustees and potential new lay trustees prior to attendance at their first trustees meeting, to tell them about the background and activities of the trust. All new trustees are also provided with a copy of the charity commission guide "The Essential Trustee: what you need to know".
## **Objects of the Trust**
The objects of the trust are the advancement of the Roman Catholic Religion among members of the Royal Navy and the welfare of Roman Catholic members of His Majesty's Royal Navy.
## **Connected Charities**
The following Charities are connected to the Royal Navy (Roman Catholic) Trust.
Vicariate Headquarters Trust The Army Roman Catholic Trust 26 The Crescent St. Michael and St. George Parish Office Farnborough Queens Avenue Hampshire Aldershot GU14 7AS Hampshire GU11 2BY Royal Air Force Roman Catholic The Roman Catholic Bishopric of the Forces (GB) Church Purposes Fund Wellington House Chaplaincy Services St Omer Barracks The Medical Centre Aldershot RAF Northolt Hampshire West End Road GU11 2BG Ruislip Middlesex HA4 6NG
## **Investment Powers**
Under the Trust Deed, the charity has the power to make any investment which the trustees see fit. BlackRock Investment Management (UK) Limited invest all of the funds into the Armed Forces Charities Growth and Income Fund.
**ROYAL NAVY (ROMAN CATHOLIC) TRUST**
Page 3
## **TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **Reserves**
The trustees are resolved to ensure that income is expended upon the objects of the charity, taking one year with another. Reserves, which principally arise from the appreciation over time of the portfolio of investments, are resolved to be invested to procure a steady and rising income over time so as to ensure that the expenditure upon charitable objectives may be increased.
## **Achievements and Performance**
This year all planned activities took place and the final contribution towards the refurbishment of 26 The Crescent was made. The overall in-year loss of £8,035 reflects the loss of income from an unsuccessful application for a grant from RNRMC towards the IMP.
Support continued to be provided to the Bishopric of the Forces and with the employment of a pastoral assistant.
## **Financial Review**
Investment income on quoted investments have increased in the year. There was also an increase in planned giving but only one grant, which came from the Sir Harold Hood Trust.
Expenditure on charitable activities was slightly less than budgeted for, which helped to reduce the net in-year loss.
The trust's investments are managed by BlackRock Investment Management (UK) Limited and have been invested in the Armed Forces Charities Growth and Income Fund. Investment income and the market value of investments has increased over the period.
The financial markets continue to be volatile and the performance of the Trust’s investments against the benchmark are being closely monitored to ensure the best return possible.
## **Plans for Future Periods**
Expenditure on the support of the Bishopric of the Forces, the Lourdes Pilgrimage, and all other regular activities will be continued.
## **General**
The financial statements comply with current statutory requirements, the requirements of the Statement of Recommended Practice, and with the charity's governing document.
## **Funds**
The Funds held are unrestricted and are held to further the objects of the Trust. These funds are available and are adequate to fulfil the obligations of the trust
Unrestricted funds include a designated fund for Chaplains' Welfare.
**ROYAL NAVY (ROMAN CATHOLIC) TRUST**
Page 4
## **TRUSTEES' ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2024**
## **Public Benefit**
The Trust facilitates the faith practice of Roman Catholic members of the Royal Navy, their families and those other Service personnel who wish to associate with them by providing for their participation in events which foster and develop their spiritual lives, enhance their sense of humanity and improve their sense of belonging and citizenship. It enables Chaplains to provide the best pastoral care and resources, and to engage people more deeply with the moral component of their military responsibilities. In addition, it supports the pastoral ministry of the Bishop of the Forces to those same people.
Recruiting to the Service – and thereby to benefiting from the Trust - is based on competence and character alone, and not determined by the Trust but by the Ministry of Defence. The Trust makes a point of supporting servicemen and -women affected by Operations. The Trust supports all Service personnel, Roman Catholic or not, who wish to be part of the outreach of the Roman Catholic community in the Royal Navy. Particular care is taken that those on lower incomes, typically those under training, are given additional financial support.
No private benefits are received by anyone.
## **The Trustees**
The trustees who served the charity during the period were as follows:
Lieutenant Commander P A'Hern (Appointed 25 January 2024) Very Rev D Conroy KHC VE RN P Firth Rear Admiral T Hodgson CB MBE (Resigned 27 July 2023) Rt Rev Bishop P Mason Commodore N Tindal RN Wing Commander C P Thorpe - Chairman
## **Trustees' Responsibilities**
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
- Select suitable accounting policies and apply them consistently;
- Observe the methods and principles in the Charities SORP;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable UK Accounting Standards and statement of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements, and
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. The trustees are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the trustees
Very Rev D Conroy KHC VE RN Trustee
Approved by the trustees on 4 July 2024
**ROYAL NAVY (ROMAN CATHOLIC) TRUST**
Page 5
## **REPORT OF THE INDEPENDENT EXAMINER UNDER SECTION 144 OF THE CHARITIES ACT 2011 TO THE TRUSTEES OF THE ROYAL NAVY (ROMAN CATHOLIC) TRUST**
I report on the financial statements for the year ended 31 March 2024 as set out on pages 6 to 11.
The accounts have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
## **Respective responsibilities of trustees and independent examiner**
The charity’s trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner's statement**
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
## **Independent Examiner's Statement**
In the course of my examination, no matter has come to my attention:
1. which gives me reasonable cause to believe that, in any material respect, the requirement:
- to keep proper accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
**Mark Dickinson FCA Shaw Gibbs (Audit) Limited Wey Court West Union Road Farnham Surrey GU9 7PT**
Dated : 4 July 2024
**ROYAL NAVY (ROMAN CATHOLIC) TRUST**
Page 6
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
|**Notes**
**INCOME AND ENDOWMENTS**
Investment income
**2**
General donations and legacies
**3**
Charitable activities
**3**
**TOTAL INCOME**
**EXPENDITURE**
**Charitable Activities**
Grants paid
**4**
Other charitable activities
**4**
**TOTAL EXPENDITURE**
**NET INCOME/EXPENDITURE AND NET**
**MOVEMENT IN FUNDS BEFORE GAINS**
**AND LOSSES ON INVESTMENTS**
Net Gains/(losses) on Investments
**7**
**NET MOVEMENT IN FUNDS BEFORE**
**TRANSFERS**
**Transfers**
General unrestricted
Designated unrestricted
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS**
FUNDS AT 1 APRIL 2023
FUNDS AT 31 MARCH 2024|**2024**
**2023**
**Total**
**Total**
**Funds**
**Funds**
**£**
**£**
41,234
39,242
3,561
685
17,000
18,760
**61,795**
**58,687**
17,768
60,870
52,061
44,027
69,829
104,897
**69,829**
**104,897**
**(8,035)**
**(46,209)**
18,782
(122,296)
**10,747**
**(168,506)**
**(1,000)**
**(1,000)**
**1,000**
**1,000**
**10,747**
**(168,506)**
**1,096,175**
**1,264,681**
**1,106,923**
**1,096,175**|
|---|---|
All movements are in unrestricted funds.
The statement of financial activities includes all gains and losses recognised in the year.
All incoming resources and resources expended derive from continuing activities.
**ROYAL NAVY (ROMAN CATHOLIC) TRUST**
Page 7
## **BALANCE SHEET**
## **FOR THE YEAR ENDED 31 MARCH 2024**
|**Notes**
**FIXED ASSETS**
Investments
**7**
**CURRENT ASSETS**
Debtors
**8**
Cash at bank
**CREDITORS: Amounts falling due within**
**one year**
**9**
**NET CURRENT ASSETS**
**NET ASSETS**
**REPRESENTED BY:**
**FUNDS**
Unrestricted:
**12**
Designated
General
**TOTAL FUNDS**|**£**
**£**
**£**
**£**
1,043,221
1,024,439
**1,043,221**
**1,024,439**
887
5,001
64,669
68,537
**65,556**
**73,538**
(1,854)
(1,802)
**(1,854)**
**(1,802)**
**63,702**
**71,736**
**1,106,923**
**1,096,175**
**5,932**
**5,289**
**1,100,990**
**1,090,886**
**1,106,923**
**1,096,175**
**2024**
**2023**|
|---|---|
These financial statements were approved by the trustees on 4 July 2024 and are signed on their behalf by:
Wing Commander C. P. Thorpe (Chairman)
**ROYAL NAVY (ROMAN CATHOLIC) TRUST**
Page 8
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1 Accounting Policies**
## **Basis of accounting**
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The accounts have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The trust constitutes a public benefit entity as defined by FRS 102.
## **Incoming Resources**
General donations, collections, grants and bank interest are accounted for on a receivable basis.
Legacies are accounted for when they have been notified to the trust and it is probable it will be received.
## **Resources Expended**
Charitable activities costs include grants made and governance costs as shown in note 4.
## **Investments**
Investments are managed under a discretionary agreements by BlackRock Investment Management (UK) Limited.
Investments are accounted for by reference to the bargain date shown by the contract note issued in respect of their purchase or disposal.
Investments are a form of basic financial instrument and are initially recorded at their transaction value and subsequently measured at their fair value as at the balance sheet date using the bid price. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments.
## **Investment income**
Income arising from investments is included by reference to the normal date of payment of dividends or interest on that investment. Provision is not made in the accounts for dividends to be received in the next accounting period on investments declared ex-dividend prior to 31st March 2024.
## **Taxation**
As a qualifying charity, the trust is not liable to UK taxation.
## **Debtors**
Short term debtors are measured at transaction price, less any impairment.
## **Creditors**
Short term creditors are measured at the transaction date.
**ROYAL NAVY (ROMAN CATHOLIC) TRUST**
Page 9
## **NOTES TO THE FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2024**
|**2**
**Investment Income**
UK quoted investments
Bank interest receivable
Other interest received on gift aid claims
**3**
**Income - Charitable activities**
Grants Received
Sir Harold Hood Trust
Royal Navy and Royal Marines
General Donations and Legacies
Donations
**4**
**Expenditure - Charitable activities**
Grants Paid
Bishopric of the Forces
Vicariate HQ Trust
Other Charitable Activities
Chaplains CPD / Conference
Lourdes Military Pilgrimage
Camino Pilgrimage
HCPT
World Youth Day Pilgrimage
The Association of Royal Navy Chaplains
HMS Raleigh Catholic Fund
Annual Naval Mass
Catholic Heritage Weekend
Chaplains Welfare
Pastoral Assistant Salary and Expenses
Chaplains Recruiting
Outreach
Accountancy (see note 5)
Administration and Resources
PRCC Expenses
Publications
Travel, Subsistence and Accommodation
Chaplain's Training Support
Sundry
Armed Forces Chaplaincy Centre Painting Contribution
RM Poole Little Green Book|**2024**
**2023**
**£**
**£**
40,356
38,940
868
302
10
-
**41,234**
**39,242**
**2024**
**2023**
**£**
**£**
17,000
17,000
-
1,760
**17,000**
**18,760**
**2024**
**2023**
**£**
**£**
3,561
685
**3,561**
**685**
**2024**
**2023**
**£**
**£**
17,768
15,870
-
45,000
**17,768**
**60,870**
2,966
2,196
17,707
11,925
-
7,520
7,769
484
1,932
-
-
150
-
500
883
298
906
682
357
496
11,077
10,000
297
981
1,128
358
3,328
3,392
871
2,223
500
1,433
-
10
151
228
-
1,000
190
150
1,000
-
1,000
-
**52,061**
**44,027**|
|---|---|
**ROYAL NAVY (ROMAN CATHOLIC) TRUST**
Page 10
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **4 Expenditure - Charitable activities (cont.)**
|Paid out of designated fund
Paid out of general unrestricted fund
**5**
**Accountancy**
Accountancy and Secretarial
Independent Examiner Fees|357
496
51,704
43,531
**52,061**
**44,027**
**2024**
**2023**
**£**
**£**
2,428
2,542
900
850
**3,328**
**3,392**|
|---|---|
## **6 Staff Costs & Trustees' Remuneration and Emoluments**
During the year there was one part time employee (note 4)
No employee earned £60,000 per annum or more (2023: none )
None of the Trustees received any remuneration in respect to their services as a trustee during the year (2023: none) During the year one trustee was reimbursed a total of £7 (2023: one trustee for £174) incurred for services provided to the charity.
|**7**
**Investments**
**Listed Investments**
Armed Forces Charities Growth and Income Fund
**Movement in Market Value**
Market value at 1 April 2023
Acquisitions at cost
Disposals at opening book value
Net (Losses)/Gains on revaluations in the year ended 31 March 2024
Market value at 31 March 2024
Historical cost at 31 March 2024
**8**
**Analysis of current assets**
Income Tax Recoverable - Gift Aid
Loans Receivable
Prepayments|**2024**
**2023**
**£**
**£**
1,043,221
1,024,439
**1,043,221**
**1,024,439**
1,024,439
1,146,735
-
-
-
-
18,782
(122,296)
**1,043,221**
**1,024,439**
**811,948**
**811,948**
**2024**
**2023**
**£**
**£**
656
225
-
4,375
231
401
**887**
**5,001**|
|---|---|
All current assets including cash at bank balances relate to unrestricted funds.
**ROYAL NAVY (ROMAN CATHOLIC) TRUST**
Page 11
## **NOTES TO THE FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2024**
|**9**
**Analysis of current liabilities**
Accruals
All creditors relate to unrestricted funds.|**2024**
**2023**
**£**
**£**
1,854
1,802
**1,854**
**1,802**|
|---|---|
## **10 Vicariate Headquarters Trust**
The Royal Navy (Roman Catholic) Trust has contributed funds to the Vicariate Headquarters Trust for the purchase of property and the subsequent refurbishment of the property. The trustees of the Vicariate Headquarters Trust have confirmed that in the event of the Trust being wound up, they would return surplus funds to the contributing parties. In the eventuality 7.24% of any surplus would be returned to the Royal Navy (Roman Catholic) Trust.
## **11 Related Party Transactions**
A grant was paid during the year to the Roman Catholic Bishopric of the Forces (GB) of £17,768 (2023: £15,870). The charities are connected by virtue of having some Trustees in common.
## **12 Analysis of net assets between funds**
|Fund balances at 31 March are represented by:
Investments
Net Current Assets
**Total funds (Unrestricted)**
**Split of unrestricted funds**
Designated
General|**Total Funds**
**Total Funds**
**2024**
**2023**
**£**
**£**
1,043,221
1,024,439
63,702
71,736
1,106,923
1,096,175
**1,106,923**
**1,096,175**
5,932
5,289
1,100,990
1,090,886
**1,106,922**
**1,096,175**|
|---|---|
A designated fund was set up by Trustees for Chaplains' Post Operational Welfare, the balance on this fund at the year end was £5,932.