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2022-12-31-accounts

Page
Charity
Information
Report of the Trustees 2-11
Report ofthe Independent Auditors 12-14
Statement
of Financial		 Activities 15-16
Balance Sheet 17
Statement
ofCash Flows		 18
Notes ofthe Financial Statements 19—27
Income and Expenditure Account 28 - 29

TRUSTEES: Rev R Reid C.Ss.R
Rev A Burns C.Ss.R.
Rev T Buckley C.Ss.R.
Rev EGweme C.Ss.R
Rev D McBride C.Ss.R.
FINANCIAL DIRECTOR: Mrs SPerrins
REGISTERED OFFICE: St Mary' s
8 Clapham
Park Road
Clapham
London
SW4 7AP
REGISTERED NUMBERS: 252041
SC039359
AUDITORS: Azets Audit Services
Athenia
House
10-14Andover
Road
Winchester
Hampshire,
SO237BS
BANKERS: NatWest
City ofLondon Office
1 Princes Street
London, EC2R 8PH
SOLICITORS: Gunnercooke
1 Cornhill
London, EC3V 3ND
Pothecary
Witham Weld
84 Eccleston Square
London, SW1V1 PX

31/12/2022 31/12/2021
Notes Unrestricted Restricted Total Total
Funds Funds
6 6 6
Income from:
Donations
and legacies		 1,814,999 60,721 1,875,720 634,715
Charitable
activities		 54,423 54,423 76,086
Investment
income		 181,872 54,371 236,243 234,233
Gain on disposal oftangible fixed asset 1,631,794 1,631,794 2,695
Other income 148868 148868 268 829
Total income 3777533 169515 3947 048 1 216558
Expenditure
on:
Raising funds
Investment
Management		 costs 18,811 9,820 28,631 22,773
Charitable
activities
General charitable
activities		 3 1.721 759 533886 2255645 1 385511
Total expenditure 1 740570 543706 2284 276 1 408 284
Net
income/(expenditure)		 before other 2,036,963 (374,191) 1,662,772 (191,726)
recognised
gains/(losses)
(Losses)/Gain
on revaluation		 and disposal
of investment
assets		 9 ~476 728 ~267 173 ~743 901 401 179
Net income/(expenditure) 1,560,235 (641,364) 918,871 209,453
Transfers
between
funds		 3312 ~3312
Net movement
in funds		 1,563,547 (644,676) 918,871 209,453
Fund
balances
brought
January 2022		 forward at 1 ~~33 ~ 18854.~4 18,245,032
Fund
balances
carried		 forward at 31
December 2022

31/12/2021
Notes Unrestricted Restricted Total
Funds Funds
E
Income from:
Donations
and legacies		 552,517 82,198 634,715
Charitable
activities		 76,086 76,086
Investment
income		 186,352 47,881 234,233
Gain on disposal of tangible fixed asset 2,695 2,695
Other income 262 077 6752 268829
Total income 1 003641 212917 1 216558
Expenditure
on:
Raising funds
Investment
Management		 costs 15,165 7,608 22,773
Charitable
activities
General charitable
activities		 3 1 145267 240 244 ~1385511
Total expenditure 1 160432 247 852 1 408 284
Net
income/(expenditure)		 before other (156,791) (34,935) (191,726)
recognised
gains/(losses)
Gain
on
revaluation		 and disposal of
investment
assets		 284622 116557 401 179
Net income 127,831 81,622 209,453
Transfers
between
funds		 4258 4258
Net movement
in funds		 123,573 85,880 209,453
Fund
balances
brought		 forward at 1
January 2021 1~617060 2627072 16246032
Fund
balances
carried		 forward at 31
December 2021

31/12/2022 31/12/2021
Net incoming
resources for year		 918,871 209,453
Depreciation 71,270 106,736
(Gains)/Losses
on investments		 743,901 (401,179)
Dividends,
interest and rents from investments		 (236,243) (234,233)
Profit on disposal offixed assets (1,631,794) (2,695)
Increase
in debtors		 (1,310,715) (36,566)
(Decrease)/Increase
in creditors		 131071 ~47 800
Net cash used in operating
activities		 ~1333639 ~406 284
Cash flows from investing
activities
Dividends,
interest and rents from investments		 236,243 234,233
Proceeds from sale of property,
plant and equipment		 2,103,994 6,133
Purchase
of property,
plant and equipment		 (276,889) (1,697,077)
Net (sale)/purchase
of investments		 ~115417 381 792
Net cash used in investing
activities		 1 947931 ~1934919
Change
in cash and cash equivalents
in the year		 634,292 (1,481,203)
Cash and cash equivalents
brought
forward		 1 241 202 2722 405
Cash and cash equivalents
carried forward

31/12/2022 31/12/2021
Unrestricted Restricted Total
Funds Funds
E 6
Donations
and legacies
Apostolic work 562,505 562,505 354,139
Stole fees 40,440 40,440 38,950
Donations
received		 81,349 60,721 142,070 161,598
Mass accounts 43,342 43,342 33,528
Legacies 1,087,363 1 087 363 46500
1 814999 60 721 1 875 720 634715
Charitable
activities
Resale income 54423 54423 76086
Investment
income
Rents received 88,378 88,378 93,118
Income from listed investments 90,788 53,260 144,048 140,981
Bank deposits 2 706 1 111 3817 134
181872 54 371 236243 234233
Gain on disposal oftangible fixed asset 1 631 794 1 631 794 2695
Other income
Pensions 131,058 131,058 185,540
Other receipts 17,810 17,810 25,746
Furlough
grants		 57 543
148868 148868 268 829
Total income

3. RESOURCES EXPEND ED FO R CHARITABLE ACTIVITIES
31/12/2022 31/12/2021
Unrestricted Restricted Total Total
Funds Funds
E
Wages 262,685 27,622 290,307 251,627
Social Security 18,045 18,045 13,676
Administration
expenses		 6,322 17 6,339 7,342
Motor and travel expenses 49,809 49,809 38,374
Food and drink expenses 116,542 116,542 99,942
Restoration costs
Repairs and renewals 79,905 906 80,811 54,410
Sundry expenses 103,169 103 103,272 28,832
Donations
paid		 103,389 361,786 465,175 36,894
Community
expenses		 93,979 93,979 262,578
Utilities 145,233 4,396 149,629 118,337
Clapham
shop rent		 6,091 6,091 49,288
Medical and charities 31,966 31,966 8,716
Insurance 48,011 13,938 48,947 45,269
Other education
and FSCfees		 10,578 10,578 3,509
Higher studies and formation 9,015 118,467 127,482 100,709
Depreciation 71,270 71,270 106,736
Bank charges and interest 4,921 560 5,481 5,079
Contribution
to Rome		 51,099 51,099
Governance
costs (note		 4) 515821 515821 154193
4. GOVERNANCE COSTS
31/12/2022 31/12/2021
E
Legal and professional fees 445,086 91,296
Provincial
council travelling		 costs 9,147 14,502
Wages and social security 20,143 16,385
Accountancy 23,320 15,810
Auditors
remuneration		 18125 16200
5. NET (OUTGOING)/INCOMING RESOURCES
This is stated after charging:
31/12/2022 31/12/2021
6 6
Auditor's
remuneration
-statutory
audit		 18,125 16,200
-other 21,763 15,810
Depreciation
and amortisation:
Tangible fixed assets, owner

EMPLOYEES
Staff costs during the year were as follows:
31/12/2022
f		 31/12/2021
f
Wages and salaries 310,450 262,219
Social security costs 13,455 13,809
Pension costs 4 590 5660

TANGIBLE FIXEDASSETS
Land & Improvements Motor
Buildings
f		 to Property
f		 Household
f		 Vehicles
f		 Totals
f
COST:
At 1 January 2022 8,448,124 2,646,863 389,731 155,365 11,640,083
Additions 243,262 33,627 276,889
Disposals ~508653 ~508 653
At 31 December 2022
DEPRECIATION:
At 1 January 2022 1,858,698 452,900 327,214 127,432 2,766,244
Charge for year 43,930 7,129 9,373 10,838 71,270
On disposals ~36453 ~36453
At 31 December 2022
NET BOOK VALUE:
At 31 December 2022
At 31 December 2021

MARKET VALUATION MARKET VALUATION Unrestricted Restricted Total
At 1 January 2022 6,861,218 1,865,618 8,726,836
Additions 90,731 53,317 144,048
Disposals (18,811) (9,820) (28,631)
Decrease
in		 valuation ~476 728 ~267 173 ~743901
At 31 December 2022
At 31 December 2021
Fixed asset investments comprise:
Investments listed on recognised stock exchange 2,956,410 1,865,618 4,598,352
Investment properties 3500000 3500000

31/12/2022
f		 31/12/2021
f
Amounts falling due within one year:
Other debtors 1,147,281 36,566
Loan to Redemptorist Publications 200 000
11.CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/2022 31/12/2021
f
Trade creditors
Accruals and deferred income 555 029 423958
12.CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
31/12/2022 31/12/2021
f
Accruals and deferred income

At Incoming Outgoing Revaluations At
1/1/2022 Resources Resources Losses & 31/12/2022
Transfers
8
Restricted funds:
Ace of Clubs 8,599 54,423 (40,297) (10,992) 11,733
Douglas
Fund		 1,690,151 88,361 (235,033) (221,417) 1,322,062
Zimbabwe
Fund		 804,042 25,767 (94,036) (38,076) 697,6972
Redemptoristine Sisters 174,262 (174,262)
Father Burns Funds
St Mary's Restoration		 Fund 34,000
1 898		 964 ~78 34,000
2784
2712952 169515 ~543706 270 485 2068276
Unrestricted
funds:
Designated
sick		 and retired fund 626,102 23,848 (45,232) (117,783) 486,935
Designated
property		 fund 10,089,426 (43,930) (472,200) 9,573,296
General funds 5026005 3753685 ~7657 408 116567 7244 849
Total unrestricted funds 15741 533 3777533 1 740 570 ~473 416 17305080
Total funds

Purposes ofrestricted ofrestricted ofrestricted funds
Douglas Fund These funds are specifically allocated for the training
of priests and brothers
and the continuing
education
of priests and brothers.
Zimbabwe Fund These
funds
are
held
in the
UK specifically
for use
in Zimbabwe,
the
Trustees
having
established
two communities
on the outskirts
of Harare
in
1990. At that time all finance was handled
locally and any fundraising
in the
UK was sent direct via the Congregation's
accounts.
When
the
political
difficulties
developed
into a serious
situation,
it was decided
to retain
the
majority
of surplus
funds
in the
UK and
only transfer
to Zimbabwe
when
required
or to make payments
to suppliers
outside of Zimbabwe
when the
supplies
have been received.
Ace of Clubs The Trustees
of the London
province
has transferred
responsibility
for the
management
and administration
ofthe Charity shops from the Ace of Clubs
to St Mary's Clapham.
All net proceeds
from the Charity shops
is restricted
for the benefit ofthe Ace ofClubs.
St Mary's Restoration Fund These
funds
relate
to a legal
undertaking
provided
to Perth
& Kinross
Council from the sale of land at St Mary's
Kinnoull. These funds can only be
used on future restoration
ofSt Mary's
Kinnoull.
Redemptoristine Sisters These funds are being held as Custodian
for the Redemptoristine
Sisters to
be
used
only
on
instructions
to
meet
future
obligations
of
the
Redem ptoristines.
Father Burns Funds These funds
represent
inheritance
from Father
Burns
that has been
paid
into the Congregation
to be held until its use has been agreed.
Purposes ofdesignated fund
Property fund The property
fund has been set up to represent
the reserves
attributable
to
Charitable
land &buildings
including
investment
properties.
Previous years'
values
in the accounts
were established
some years ago and were based
on
insurance
values
at
that
time,
as the
historical
cost
values
were
impossible
to arrive
at, as the
land/buildings
had
been
acquired
many
decades ago.
It is only when the land/buildings
are sold or transferred
that the proceeds of
the transaction,
if any, are transferred
to the
Charity's
General
Fund
of
unrestricted
assets.
Sick and retired fund There
is no pension
provision
for the members
of the Congregation.
The
Trustees
have
paid
voluntary
National
Insurance
contributions
since the
early 1990sfor qualifying
confreres
but the state pension
payable to current
confreres
over
the age of 65 is significantly
less
than
the basic state
pension.
The Trustees
have established
a fund
specifically
designated
to assist
in
the care of the sick and retired confreres.
Initial funding
in this first year of
the
designated
fund
has
been
provided
by
specific
donations
from
Redemptorist
Publications
and Erdington
House.

ANALY SIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Designated Restricted Total
general funds funds funds
funds
5 5
Tangible fixed assets 2,533,962 6,073,296 8,807,258
Investments
Current assets
Current
liabilities
Net assets at 31 December 2022		 2,184,580
3,077,215
~550908		 4,271,831
(284,896)		 1,641,941
430,456
~4121		 8,098,352
3,222,775
~555 29
1l~~

31/12/2022 31/12/2021
Income:
Apostolic work
Stole fees
Donations
received
Resale
Other receipts
Mass accounts
Pensions
Legacies		 562,505
40,440
142,070
54,423
17,810
43,342
131,058
1 087363		 354,139
38,950
161,598
76,086
25,746
33,528
185,540
46 500
Other income: 2,079,011 922,087
Rents receivable
Bank interest received		 88,378
3,817		 93,118
134
Investment
income
Furlough
grants received		 144,048 140,981
57543
236,243 291,776
Gain on disposal of property 1 631 794
Expenditure: 3,947,048 1,213,863
Wages
Social security
Administration
expenses
Motor and travel expenses
Food and drink expenses
Restoration costs		 310,450
18,045
6,339
58,956
116,542		 266,476
15,212
7,342
52,876
99,942
Repairs &renewals
Sundry expenses
Audit &Accounting
costs
Legal and professional fees
Donations
paid
Community
expenses
Utilities
Clapham
shop rent
Medical and charities
Insurance
Other education
and FSCfees
Contribution
to Rome		 80,811
97,389
41,445
473,717
465,175
93,979
149,629
6,091
31,966
61,949
10,578
51,099		 54,410
28,506
32,010
114,069
36,894
262,578
118,337
49,288
8,716
45,268
3,509
Formation costs
Resale expenditure		 127,482
5883		 100,709
326
~2207 525 1 296468
Finance costs: 1,739,253 (82,605)
Bank charges and interest 5481 5079
Carried forward 1,734042 (87,684)

31/12/2022 31/12/2021
Brought forward 1,734,042 (87,684)
Depreciation:
Household
Motor vehicles
Improvements
to property
Buildings		 9,373
10,838
7,129
43930		 11,027
9,321
14,067
72321
~71 270 ~16736
Profit/(loss)
on disposal offixed		 1,662,772 (194,420)
assets:
Motor vehicles
Buildings		 2,695
Household
2695
Otherlosses: 1,662,772 (191,725)
Revaluation
deficit in the year
Increase/(Decrease)
in market value
ofinvestments ~T43901 401 179
NET (DEFICIT)/SURPLUS FOR THE
YEAR: