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2023-03-31-accounts

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FLI%D FI￿A￿CIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 21123 Charlty l%llmbtr 243719

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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
Rev D E Skillen (Ex Officio)
Group Captain J McAllister
Principal Address Principal RC Chaplain RAF, Station Chaplain
The Chaplaincy Centre
RAF Odiham
Hook
Hampshire
RG29 1QT
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 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 2023

The trustees have the pleasure in presenting their report and the financial statements of the charity for the year ended 31 March 2023.

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
The Chaplaincy St Omer Barracks
HMS Collingwood Aldershot
Newgate Lane Hampshire
Fareham GU11 2BG
Hampshire
PO14 1AS

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 2023

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

With the return to a post-pandemic normality, the Trust's assistance has allowed an even greater level of support to the RAF PRCC, his chaplains, and the RAF Pastoral Advisory Group (PAG) as they provide faith opportunities for the whole RAF Roman Catholic family, as well as for the wider Bishopric. The International Military Pilgrimage and the HCPT Easter Pilgrimage are now, thankfully, re-established in the calendar, and the 4 annual opportunities for retreat are as popular as ever.

This past year also saw significant RAF involvement in the organisation of the Apostolat Militaire International (AMI) conference in London and the Bishopric of the Forces Camino Pilgrimage to Santiago de Compostela. The 2 annual Masses for the RAF at the military Cathedral in Aldershot and at the Central Church of the RAF in London are now firm fixtures. Both offer an opportunity for worship and thanksgiving as does the solemn Mass of Remembrance at Westminster Cathedral.

Opportunities for on-line Bible study and fellowship continue to be offered. The Catholic Military Connect App, a very useful prayer and information resource partly created by Padre Neil Galloway, brings the opportunity for faith development into the modern age.

Finally, grants have been made to improve the worship space and other Church-based initiatives on several RAF stations. Significant funding was provided to the Vicariate HQ Trust in support of the refurbishment of the Bishop's residence. Easter gifts were provided for RAF personnel on deployment and sacramental preparation was given to several RAF families by the PAA.

Financial Review

The trust showed a deficit of £189,335 for the year before losses on investments, which totalled £656,922 giving an overall decrease in funds for the year of £846,257 (2022 increase of £430,361).

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 decreased.

Plans for Future Periods

Following the very successful Camino Pilgrimage of Sep 22, members of the RAF PAG have again provided the main impetus in organising the Bishopric involvement at World Youth Day taking place in Lisbon in August. 10 military personnel will attend, with Bishop Paul, in the presence of the Holy Father.

Next years' retreat programme is already set with the opportunity to attend a retreat in Scotland being offered for the first time. Planning has started for a walking pilgrimage to Walsingham in Sep 24. It is hoped that an RAF Memorial Chapel will be created within the military Cathedral.

Support will also be available to both RAF chaplains and the laity to undertake formal religious education programmes which would, in turn, benefit the RAF RC family. All this activity will be greatly aided by the recent addition of a new RAF RC chaplain, Padre Anthony Curran, to the fold.

General

The financial statements comply with current statutory requirements, the requirements of the Statement of Recommended Practice, and with the charity's governing document.

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

Page 4

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

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.

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

Given the volatility of the markets, 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 - chairman Rev D E Skillen (Ex Officio) Group Captain J McAllister

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

Page 5

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

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 Date:4 August 2023

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 2023 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:

  2. ꞏ to keep proper accounting records in accordance with section 130 of the 2011 Act; and

  3. 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

  4. 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 August 2023

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

Page 7

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2023

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 2022
FUNDS AT 31 MARCH 2023		 2023
2022
Total
Total
Funds
Funds
£
£
209,990
201,596
763
408
210,753
202,004
310,091
73,436
89,997
39,238
400,088
112,674
400,088
112,674
(189,335)
89,329
(656,922)
341,032
(846,257)
430,361
-
-
-
-
(846,257)
430,361
6,508,712
6,078,351
5,662,455
6,508,712

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 2023

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		 £
£
£
£
5,502,853
6,159,776
5,502,853
6,159,776
2,042
558
161,400
358,110
163,442
358,668
(3,840)
(9,732)
(3,840)
(9,732)
159,602
348,936
5,662,455
6,508,712
49,800
49,800
5,612,655
6,458,912
5,662,455
6,508,712
2022
2023		 £
£
£
£
5,502,853
6,159,776
5,502,853
6,159,776
2,042
558
161,400
358,110
163,442
358,668
(3,840)
(9,732)
(3,840)
(9,732)
159,602
348,936
5,662,455
6,508,712
49,800
49,800
5,612,655
6,458,912
5,662,455
6,508,712
2022
2023
6,508,712
49,800
6,458,912
6,508,712

These financial statements were approved by the members of the committee on 4 August 2023 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 2023

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 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 2023

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 2023.

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
Vicariate HQ Trust		 2023
2022
£
£
209,171
201,564
819
32
209,990
201,596
2023
2022
£
£
763
408
763
408
2023
2022
£
£
176
1,000
71,415
72,436
238,500
-
310,091
73,436

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

Page 11

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4 Charitable Activities (continued)

5 Other Charitable Activities
Lourdes Military Pilgrimage
Falklands Anniversary Event
Forces Catholic News
Sundry
Principal Chaplain's Pastoral Advisory Group and Retreats
Printing and Books
PRCC Costs
Catholic Truth Society
Subscriptions
Travel, Subsistence and Accommodation
Chaplains' Dinner
Training and Development
World Youth Day
Accountancy (see note 5)
Chaplain's Assistant Salary, Pension and Expenses
RAF Mass
Cliveden Conservation
RAF Northolt Stained Glass Window
Grants and Donations
Camino Pilgrimage
Paid out of designated fund
Paid out of general unrestricted fund
Accountancy
Accountancy and Secretarial
Bookkeeping Fees
Independent Examination Fees		 2023
2022
£
£
29,042
-
-
5,724
-
1,900
423
46
2,888
1,217
407
270
1,842
2,010
1,320
1,165
264
338
4,341
2,025
4,145
2,495
346
1,743
7,901
-
6,918
6,198
10,422
10,113
1,753
-
-
2,940
3,000
1,416
1,054
13,569
-
89,997
39,238
-
-
89,997
39,238
89,997
39,238
2023
2022
£
£
4,437
3,735
306
288
2,175
2,175
6,918
6,198

6 Trustees' Emoluments

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

During the year two trustees were reimbursed expenses incurred on behalf of the trust totalling £506. (2022: no trustees were reimbursed for expenses incurred on behalf of the trust.) No travel, accommodation and conferences expenses were paid on behalf of trustees. (2022: none paid).

ROYAL AIR FORCE ROMAN CATHOLIC CHURCH PURPOSES FUND

Page 12

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

7
Investments
Listed Investments
Armed Forces Common Investment Fund
Movement in Market Value
Market value at 1 April 2022
Acquisitions at cost
Net gains/(losses) on revaluations in the year ended 31 March 2023
Market value at 31 March 2023
Historical cost at 31 March 2023
8
Debtors
Other Debtors
Prepayments
9
Creditors: Amounts falling due within one year
Accruals
Deferred Income - Camino Pilgrimage
Net Wages Creditor
PAYE/NI Creditor
Pension Creditor		 2023
2022
£
£
5,502,853
6,159,776
6,159,776
5,818,744
-
-
(656,922)
341,032
5,502,853
6,159,776
4,347,644
4,347,644
2023
2022
£
£
625
558
1,417
-
2,042
558
2023
2022
£
£
2,971
2,975
-
5,914
502
779
343
42
24
22
3,840
9,732

10 Vicariate Headquarters Trust

The RAF Roman Catholic Church Purposes Fund has contributed funds to the Vicariate Headquarters Trust for the purchase of a 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, 43.43% 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 £71,415 (2022: £72,436 ). 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 2023

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 2022
Transferred from general unrestricted
Expenditure - Other Charitable Activities
Designated fund balance at 31 March 2023		 Total Funds
Total Funds
2023
2022
5,502,853
6,159,776
159,602
348,936
5,662,455
6,508,712
5,662,455
6,508,712
49,800
49,800
5,612,655
6,458,912
5,662,455
6,508,712
49,800
49,800
-
-
-
-
49,800
49,800