#
##
##
||||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:||||