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2021-03-31-accounts

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FLI%D FI￿A￿CIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 21121 Charlty l%llmbtr 243719

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Members of the board and professional advisers Page 1
Trustees' annual report Pages 2 to 5
Independent examiner's report Page 6
Statement of financial activities Page 7
Balance sheet Page 8
Notes to the financial statements Pages 9 to 13

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

Page 1

MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS

The Board of Trustees P Firth
Group Captain L Griffin
Rt Rev Bishop P Mason (Ex Officio)
Wing Commander C P Thorpe (appointed as Chairman 16 July 2020)
R.A. Smith MBE TD DL KSG - Chairman (resigned 16 July 2020)
Rev D E Skillen (Ex Officio)
Group Captain J McAllister (appointed 15 October 2020)
Principal Address Principal RC Chaplain RAF, Station Chaplain
The Chaplaincy Centre
RAF Odiham
Hook
Hampshire
RG29 1QT
Independent Examiner Mark Dickinson FCA
Wise and Co
Chartered Accountants
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 Managers BlackRock Investment Management (UK) Limited
PO Box 9036
Chelmsford
Essex
CM99 2XD

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

Page 2

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The trustees have the pleasure in presenting their report and the financial statements of the charity for the year ended 31 March 2021.

Legal Status

The Royal Air Force Roman Catholic Church Purposes Fund was created by a Declaration of Trust dated 20 December 1954, as varied or affected by a Scheme of arrangement of the Charity Commissioners dated 22 June 1978. The Governing document was amended by order of the Charity Commissioners on 6 January 2003, and by resolutions dated 21 July 2005, 6 July 2006 and 24 January 2013.

The Royal Air Force Roman Catholic Church Purposes Fund is a Registered Charity, charity number 243719.

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 Air Force and the welfare of Roman Catholics in the Royal Air Force.

Connected Charities

The following Charities are connected to the Royal Air Force Roman Catholic Church Purposes Fund.

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 Navy (Roman Catholic) Trust The Roman Catholic Bishopric of the Forces (GB)
Royal Navy Catholic Chaplaincy Wellington House
Building 1/020 St Omer Barracks
Admiralty House North Wing (PP 13) Aldershot
HM Naval Base Hampshire
Portsmouth GU11 2BG
Hampshire
PO1 3LR

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 AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

Page 3

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021

Risks

The major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks.

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

The Trust, by employing a Pastoral Administrative Assistant to support the role of the RAF Principal Roman Catholic Chaplain, has facilitated an ever-greater energy and impetus to the advancement of the Roman Catholic faith among members of the Royal Air Force. Opportunities for retreat continue to be available and remain popular. These have been augmented by new initiatives of on-line formation and courses which, again, have been universally well received. The first, in what will become a regular series of, annual Masses for the RAF RC Community took place in April with the second, at the Central Church of the RAF, St Clement Danes, taking place in October. All this activity and opportunity for faith development is heralded through a re-launched regular newsletter.

The trust has continued to support the Bishopric of the Forces.

Financial Review

The trust achieved a surplus of £91,677 for the year before gains on investments, which totalled £1,039,514 giving an overall increase in funds for the year of £1,131,191 (2020 £428,061 deficit).

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 has increased over the previous period and the market value of investments has increased.

Plans for Future Periods

As the world emerges from the global pandemic, the Trust will continue to support the RAF PRCC, his chaplains, and the RAF Pastoral Advisory Group as they look to provide faith opportunities for RAF Catholics. The well-established events of the International Military Pilgrimage, the HCPT Easter Pilgrimage, residential retreats, and the solemn Mass of Remembrance will re-start but will be augmented by fresh ideas and initiatives. On-line formation, annual Masses at the RC Cathedral of the Armed Forces and the Central Church of the RAF, and pilgrimage opportunities both in the UK and overseas will be offered. Support will also be available to both RAF chaplains and the laity to undertake formal religious education programmes.

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.

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

Page 4

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2021

Trustees Decision Making Process

Major decisions are made by a majority of trustees either at bi-annual trustees' meetings or by telephone discussion.

Grant Making Policies

Budgets are produced annually including proposed grants, and are agreed in advance by the Trustees. The Principal Roman Catholic Chaplain has discretion for grants below £1,000.

Investment Performance Against Objectives Set

Investments have performed adequately in the year under the management of the investment manager.

Public Benefit

The Trust facilitates the faith practice of Roman Catholic members of the Royal Air Force, 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 Air Force. 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:

P Firth Group Captain L Griffin Rt Rev Bishop P Mason (Ex Officio)

Wing Commander C P Thorpe (appointed as Chairman 16 July 2020) R.A. Smith MBE TD DL KSG - Chairman (resigned 16 July 2020) Rev D E Skillen (Ex Officio)

Group Captain J McAllister (appointed 15 October 2020)

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

Page 5

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021

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:

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

Padre D Skillen Trustee

Approved by the trustees on 15 July 2021

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

Page 6

REPORT OF THE INDEPENDENT EXAMINER UNDER SECTION 144 OF THE CHARITIES ACT 2011

TO THE TRUSTEES OF ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

I report on the financial statements for the year ended 31st March 2021 as set out on pages 7 to 13.

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

ꞏ examine the accounts under section 145 of the 2011 Act;

ꞏ 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 ꞏ 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

  1. which gives me reasonable cause to believe that, in any material respect, the requirement: ꞏ to keep proper accounting records in accordance with section 130 of the 2011 Act; and

ꞏ 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

  1. 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 Wise & Co. Chartered Accountants Wey Court West Union Road Farnham Surrey GU9 7PT Dated : 15 July 2021

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

Page 7

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Notes
INCOME AND ENDOWMENTS
Investment income
2
General donations and legacies
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 2020
FUNDS AT 31 MARCH 2021		 2021
2020
Total
Total
Funds
Funds
£
£
197,844
194,272
438
9,334
198,281
203,606
73,611
83,804
32,993
104,169
106,604
187,973
106,604
187,973
91,677
15,634
1,039,514
(443,695)
1,131,191
(428,061)
-
-
-
-
1,131,191
(428,061)
4,947,160
5,375,221
6,078,351
4,947,160

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 AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

Page 8

BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2021

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		 £
£
£
£
5,818,744
4,779,230
5,818,744
4,779,230
490
423
262,949
172,785
263,439
173,207
(3,832)
(5,278)
(3,832)
(5,278)
259,607
167,930
6,078,351
4,947,160
49,800
49,800
6,028,551
4,897,360
6,078,351
4,947,160
2021
2020		 £
£
£
£
5,818,744
4,779,230
5,818,744
4,779,230
490
423
262,949
172,785
263,439
173,207
(3,832)
(5,278)
(3,832)
(5,278)
259,607
167,930
6,078,351
4,947,160
49,800
49,800
6,028,551
4,897,360
6,078,351
4,947,160
2021
2020
4,947,160
49,800
4,897,360
4,947,160

These financial statements were approved by the members of the committee on 15 July 2021 and are signed on their behalf by:

Wing Commander C. Thorpe Chairman

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

Page 9

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

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 2008 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 and bank interest are accounted for on a receivable basis.

Resources Expended

Charitable activities costs include grants made and governance costs as shown in note 4.

Investments

Investments are managed under 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.

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

Page 10

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting Policies (continued)

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 2021.

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.

2
3
4		 Investment Income
UK quoted investments
Bank interest receivable
Voluntary Income
Donations including Gift Aid
Charitable Activities
Grants Paid
HCPT Pilgrimage
Bishopric of the Forces		 2021
2020
£
£
197,763
193,958
81
314
197,844
194,272
2021
2020
£
£
438
9,334
438
9,334
2021
2020
£
£
-
18,800
73,611
65,004
73,611
83,804

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

Page 11

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

4 Charitable Activities (continued)

5 Other Charitable Activities
Lourdes Military Pilgrimage
Forces Catholic News
Sundry
Principal Chaplain's Pastoral Advisory Group and Retreats
Printing and Books
PRCC Costs
Catholic Truth Society
Chaplains' Dinner
RAF Cranwell - Stonework
Training and Development
Legal and Professional
Accountancy (see note 5)
Bishopric Website RAF Share
Chaplain's Assistant Salary, Pension and Expenses
Transfer of Church items from Church House, Germany to Fiji
Bishopric Medals
St Clement Danes Church Flower Sellers Appeal
Grants and Donations
Paid out of designated fund
Paid out of general unrestricted fund
Accountancy
Accountancy and Secretarial
Bookkeeping Fees
Independent Examination Fees		 2021
2020
£
£
7,038
62,195
2,017
2,087
-
150
-
4,307
1,486
425
2,244
7,582
300
684
-
3,982
-
8,538
291
-
3,180
-
7,476
8,718
245
-
5,951
-
-
4,500
160
-
2,000
604
1,000
32,993
104,169
-
-
32,993
104,169
32,993
104,169
2021
2020
£
£
3,705
4,743
1,596
1,800
2,175
2,175
7,476
8,718

6 Trustees' Emoluments

There was no remuneration payable to the trustees in the current or previous years.

During the year no trustees were reimbursed expenses incurred on behalf of the trust. (2020: no trustees were reimbursed for expenses incurred on behalf of the trust.) The charity paid £55 in expenses for travel, accommodation and conferences on behalf of one trustee. (2020: £7,582 paid on behalf of one trustee).

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

Page 12

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

7
Investments
Listed Investments
Armed Forces Common Investment Fund
Movement in Market Value
Market value at 1 April 2020
Acquisitions at cost
Net gains/(losses) on revaluations in the year ended 31 March 2020
Market value at 31 March 2021
Historical cost at 31 March 2021
8
Debtors
Income Tax Recoverable - Gift Aid
Other Debtors
9
Creditors: Amounts falling due within one year
Accruals
Other Creditors
Net Wages Creditor
PAYE/NI Creditor
Pension Creditor		 2021
2020
£
£
5,818,744
4,779,230
4,779,230
5,222,925
-
-
1,039,514
(443,695)
5,818,744
4,779,230
4,347,644
4,347,644
2021
2020
£
£
490
423
-
-
490
423
2021
2020
£
£
2,975
3,275
-
2,003
483
-
352
-
22
-
3,832
5,278

10 Vicariate Headquarters Trust

In the past, the RAF Roman Catholic Church Purposes Fund has contributed funds to the Vicariate Headquarters Trust for the purchase of 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 37.68% of any surplus would be returned to the RAF Roman Catholic Church Purposes Fund.

11 Related Party Transactions

A grant was paid during the year to the Roman Catholic Bishopric of the Forces (GB) of £73,611 (2020: £65,004). The charities are connected by virtue of having some Trustees in common.

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

Page 13

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

12 Analysis of net assets between funds

alysis 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
The designated fund was set up by the Trustees for Former Chaplains' Welfare.
Designated fund balance at 1 April 2020
Transferred from general unrestricted
Expenditure - Other Charitable Activities
Designated fund balance at 31 March 2021		 Total Funds
Total Funds
2021
2020
5,818,744
4,779,230
259,607
167,930
6,078,351
4,947,160
6,078,351
4,947,160
49,800
49,800
6,028,551
4,897,360
6,078,351
4,947,160
49,800
49,800
-
-
-
-
49,800
49,800