**Charity registration number 252929** **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Rev L O'Donovan SCA Rev L McClarey SCA Rev E Monson SCA Rev. John Egan (Appointed 1 November 2023) **Charity number** 252929 **Principal address** Our Lady of the Visitation 358 Greenford Road Greenford Middlesex UB6 9AN **Independent examiner** Darren Harding ACA FCCA DChA Richard Place Dobson Services Limited 1-7 Station Road Crawley West Sussex RH10 1HT ## **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 3| |Independent examiner's report|4| |Statement of financial activities|5 - 6| |Balance sheet|7| |Notes to the financial statements|8 - 19| ## **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ The trustees present their annual report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". ## **Objectives and activities** The objects of the charity are set out in the trust deed and are to undertake such charitable purposes which advance the religious and other charitable work for the time being carried on by the Pallottine Fathers. There has been no change in these objects during the year. The Society of the Catholic Apostolate is a community of priests and brothers who endeavour to revive the faith of the entire People of God, to re-enkindle their love and to spread these virtues throughout the whole world so that soon there may be but one flock and one shepherd. In particular the Society awakens and deepens in all the Faithful an awareness of their apostolic vocation, it encourages them to take an active part in the apostolate and it helps them to be ready and willing to co-operate with one another in carrying out our apostolate activities. The Society undertakes to co-operate with other apostolate efforts of the Church and to develop forms of the apostolate which are in accordance with the needs of our times. It works with all its energy for unity among Christians and it strives to communicate the Good News to those who do not know it, so that the Church may be a more effective sign of unity and salvation for the whole world. To accomplish this, the Society will use whatever means are appropriate to promote, defend, and nourish Christian life. It prefers those works which best respond to its aims and for which it is best suited as a community of priests and brothers. Moreover, in selecting apostolate activities, it considers the more urgent needs of the Church, the conditions of the times and local circumstances, and promotes social justice according to the teachings of the Gospel. Therefore, in its apostolic works, it is open to the needs of socially neglected groups, such as the poor, the aged, the sick and all those who in any way are the object of social discrimination. The Society, will, according to its possibilities, promote and use the means of social communication and all other means which are particularly useful to the spread of the gospel and of Christian values. Our mission demands that we be always open to the spiritual aspirations and religious needs of people. The Society, in the service of the missionary task of the Church, strives to bring knowledge of the Gospel to those who do not yet know it. Missionaries in their efforts to implant knowledge of the Church will be ready to conform to the way of life of the land in which they work and to incorporate into the life of the Christian community the values of the local culture. At the same time, they spare no effort to bring about improvements in social and cultural conditions, if such are required. ## **Public benefit** The charity's trustees have referred to the guidance in the Charity Commission's general guidance on Public Benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, they have considered how planned activities will contribute to the aims and objectives they have set. ## **Achievements and performance** ## **Charitable activities** The Charity continue to manage the Catholic parishes of our Lady of the Visitation Greenford (OLOV), St Mary Star of the Sea Hastings and St Thomas Moore Barking. All of our parishes provide a full range of services to the Catholic community. We also provide a range of facilities for the wider community. page 1 ## **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **Greenford Parish Profile** Greenford which forms part of the London Borough of Ealing is the Church of Our Lady of the Visitation where almost three thousand people worship at the Church every weekend. There are also regular religious education classes offered to children and young adults preparing to make their first Holy Communion and Confirmation Rites. Assistance in religious education also extends to approximately three thousand pupils who attend the Nursery, Primary and Secondary Schools which are situated on the same site as the Church. A significant proportion of the work carried out by the Pallottine Fathers is devoted to visiting people who are sick, lonely, in prison or suffering drug addiction. They visit them in their homes, in hospital and in care homes on a regular basis to offer friendship, pastoral and spiritual comfort. ## **Financial review** ## **Financial position** During the year the charity had net outgoing resources of £41,125 (2022: net incoming resources of £25,116) as shown in the Statement of Financial Activities on page 5. The funds and assets of the charity are held to enable the priests and lay workers to provide the religious work carried out by the Society. The charity's land and buildings have been included in the accounts at cost in accordance with accounting standards since all are held and used for charitable purposes. ## **Reserves policy** It is the policy of the charity to maintain unrestricted funds which have not been designated, which are the free reserves of the charity, at a level equivalent to approximately 6 to 12 months expenditure. At the end of the year the trustees are aware that free reserves are significantly in excess of this amount but anticipate this will be used in the following period. The unrestricted reserves are now £577,297 (2022: £567,052), with designated reserves of £784,046 (2022: £804,257) and restricted funds are £176,060 (2022: £207,219). ## **Going concern** The trustees are of a view that the charity is a going concern. ## **Structure, governance and management** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. The charity was established by a charitable trust deed on 7 June 1967. The charity's objects are to promote the charitable work of the English delegature of the Irish Province of the Society of the Catholic Apostolate. The trustees were first registered by the Charity Commission on 10 July 1967 under the name of 'The Trustees of the Society of the Catholic Apostolate'. On 5 November 1997, the trustees changed the name of the charity, under a Charity Commission scheme, to 'Society of the Catholic Apostolate Charitable Trust'. The trustees who served during the year and up to the date of signature of the financial statements were: Rev L O'Donovan SCA Rev P Makita SCA (Resigned 31 October 2023) Rev L McClarey SCA Rev E Monson SCA Rev. John Egan (Appointed 1 November 2023) ## **Recruitment and appointment of new trustees** The power to appoint and remove trustees rests with the Superior. ## **Risk management** The trustees have examined the major strategic, business and operational risks which the charity is exposed to and confirm that systems are being established to enable regular reports to be produced so that necessary steps can be taken to mitigate exposure to the major risks. page 2 ## **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ The trustees' report was approved by the Board of Trustees. **----- Start of picture text -----**
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.............................. **Rev L O'Donovan SCA** Trustee 02/09/2024 Dated: ......................... page 3 ## **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** I report to the trustees on my examination of the financial statements of The Society of The Catholic Apostolate Charitable Trust (the charity) for the year ended 31 December 2023. ## **Responsibilities and basis of report** As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. ## **Darren Harding ACA FCCA DChA** Richard Place Dobson Services Limited 1-7 Station Road Crawley West Sussex RH10 1HT Dated: .........................06/09/2024 page 4 ## **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**Current financial year**
**Unrestricted**
**Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**designated**
**2023**
**2023**
**2023**
**Notes**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
139,678
-
10,000
Charitable activities
**4**
69,604
29,144
43
Investments
**5**
11,896
4,943
-
Other income
**6**
8,029
-
-
**Total income**
229,207
34,087
10,043
**Expenditure on:**
Charitable activities
**7**
220,928
51,325
42,209
**Net incoming/(outgoing) resources before**
**transfers**
8,279
(17,238)
(32,166)
Gross transfers between funds
1,966
(2,973)
1,007
**Net income/(expenditure) for the year/**
**Net movement in funds**
10,245
(20,211)
(31,159)
Fund balances at 1 January 2023
567,052
804,257
207,219
**Fund balances at 31 December 2023**
577,297
784,046
176,060|**Total**
**2023**
**£**
149,678
98,791
16,839
8,029
273,337
314,462
(41,125)
-
(41,125)
1,578,528
1,537,403|**Total**
**2022**
**£**
96,309
157,174
3,919
16,556| |---|---|---| |||273,958| |||248,842| |||25,116
-| |||25,116
1,553,412| |||1,578,528| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. page 5 ## **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**Prior financial year**
**Unrestricted**
**Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**designated**
**2022**
**2022**
**2022**
**Notes**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
94,309
-
2,000
Charitable activities
**4**
91,070
64,438
1,666
Investments
**5**
3,352
567
-
Other income
**6**
16,556
-
-
**Total income**
205,287
65,005
3,666
**Expenditure on:**
Charitable activities
**7**
154,880
56,017
37,945
Gross transfers between funds
31,409
(36,139)
4,730
**Net movement in funds**
81,816
(27,151)
(29,549)
Fund balances at 1 January 2022
485,236
831,408
236,768
**Fund balances at 31 December 2022**
567,052
804,257
207,219|**Total**
**2022**
**£**
96,309
157,174
3,919
16,556| |---|---| ||273,958| ||248,842| ||-| ||25,116
1,553,412| ||1,578,528| page 6 ## **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **BALANCE SHEET** ## _**AS AT 31 DECEMBER 2023**_ |**Notes**
**Fixed assets**
Tangible assets
**12**
**Current assets**
Stocks
**13**
Debtors
**14**
Cash at bank and in hand
**Creditors: amounts falling due within one**
**year**
**15**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**16**
Unrestricted funds
Designated funds
**17**
General unrestricted funds|**2023**
**£**
9,339
19,569
1,092,479
1,121,387
(9,677)
784,046
577,297|**£**
425,693
1,111,710
1,537,403
176,060
1,361,343
1,537,403|**2022**
**£**
6,582
16,060
1,122,783
1,145,425
(8,723)
804,257
567,052|**£**
441,826
1,136,702| |---|---|---|---|---| |||||1,578,528| |||||207,219
1,371,309| |||||1,578,528| 02/09/2024 The financial statements were approved by the Trustees on ......................... **----- Start of picture text -----**
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.............................. Rev L O'Donovan SCA **Trustee** page 7 **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **Charity information** The Society of The Catholic Apostolate Charitable Trust is a charity and their registered charity number is 252929. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## **1.4 Income** Donations, legacies and similar incoming resources are included in the year in which they are receivable which is when the charity became entitled to the resource. Investment income is recognised on a receivable basis. Income from charitable activities includes income from masses and repository income and is recognised as earned. Other income includes the profit from disposal of fixed assets. ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity heading: page 8 **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** **(Continued)** Expenditure on charitable activities which is the provision of religious services and their associated support costs. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include office related costs and governance costs which support the charity's activity. These costs have been allocated to expenditure on charitable activities. Only one direct charitable activity has been identified so all support costs are in relation to that activity. Governance costs include those incurred in the governance by the trustees of the charity's assets and are primarily associated with constitutional and statutory requirements of operating the charity. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold property Straight line over 50 years Long leasehold Straight line over 50 years Fixtures, fittings & equipment Straight line over 10 years Motor vehicles Straight line over 4 years The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.7 Stocks** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. ## **1.8 Financial instruments** The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. ## **1.9 Taxation** The charity is not subject to corporation tax or any other taxes on income or gains arising from its charitable objectives. ## **1.10 Debtors, cash and creditors** Other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors are recognised where the charity has a present obligation resulting from a past event that will probably results in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due. page 9 **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The main judgement and accounting estimates included in the accounts are: - Depreciation - Management has made assumptions and estimated depreciation rates in respect of showing a true and fair view of the assets at the balance sheet date. ## **3 Donations and legacies** |**Unrestricted**
**Restricted**
**funds**
**funds**
**general**
**2023**
**2023**
**£**
**£**
Donations and gifts
131,862
-
Legacies receivable
7,816
-
Grants
-
10,000
139,678
10,000|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**general**
**2023**
**2022**
**2022**
**£**
**£**
**£**
131,862
94,309
2,000
7,816
-
-
10,000
-
-
149,678
94,309
2,000|**Total**
**2022**
**£**
96,309
-
-| |---|---|---| |||96,309| page 10 ## **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **4 Charitable activities** ||**Provision of**|**Provision of**| |---|---|---| ||**religious**|**religious**| ||**services**|**services**| ||**2023**|**2022**| ||**£**|**£**| |Ministerial income|30,786|29,998| |Masses said|23,013|50,102| |Mass league income|29,144|64,438| |Repository income|15,805|10,970| |Mission masses/annual mission|43|1,666| ||98,791|157,174| |Analysis by fund||| |Unrestricted funds - general|69,604|91,070| |Unrestricted funds - designated|29,144|64,438| |Restricted funds|43|1,666| ||98,791|157,174| ## **5 Investments** |**Unrestricted**
**Unrestricted**
**funds**
**funds**
**general**
**designated**
**2023**
**2023**
**£**
**£**
Rental income
11,875
-
Interest receivable
21
4,943
11,896
4,943
**Other income**
Net gain on disposal of tangible fixed assets
Other income|**Total**
**Unrestricted**
**Unrestricted**
**Total**
**funds**
**funds**
**general**
**designated**
**2023**
**2022**
**2022**
**2022**
**£**
**£**
**£**
**£**
11,875
3,330
-
3,330
4,964
22
567
589
16,839
3,352
567
3,919
**Unrestricted**
**Unrestricted**
**funds**
**funds**
**general**
**general**
**2023**
**2022**
**£**
**£**
-
10,556
8,029
6,000
8,029
16,556|**Total**
**2022**
**£**
3,330
589| |---|---|---| |||3,919| |||16,556| ## **6 Other income** page 11 ## **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **7 Charitable activities** ||**Provision of**|**Provision of**| |---|---|---| ||**religious**|**religious**| ||**services**|**services**| ||**2023**|**2022**| ||**£**|**£**| |Depreciation and impairment|23,264|33,970| |Household members allowance|74,492|73,595| |Payments to missions and charities|21,278|16,120| |Formation and educational expenses|2,615|5,832| |Contributions to province|24,378|13,251| |Repository purchases|12,895|11,638| |Mass league expenses|28,061|22,047| |Repairs and maintenance|41,159|31,549| |Motor and travel expenses|7,536|4,493| ||235,678|212,495| |Share of support costs (see note 8)|69,170|27,051| |Share of governance costs (see note 8)|9,614|9,296| ||314,462|248,842| |**Analysis by fund**||| |Unrestricted funds - general|220,928|154,880| |Unrestricted funds - designated|51,325|56,017| |Restricted funds|42,209|37,945| ||314,462|248,842| page 12 **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **8 Support costs** |**Support costs**
**Governance**
**costs**
**£**
**£**
Insurance
40,887
-
Office and misc expenses
20,580
-
Bookkeeping
6,500
-
Sundry costs
1,203
-
Independent examination
fees
-
8,220
Bank charges
-
1,394
69,170
9,614
Analysed between
Charitable activities
69,170
9,614|**2023**
Support costs
Governance
costs
**£**
£
£
40,887
13,106
-
20,580
7,445
-
6,500
6,500
-
1,203
-
-
8,220
-
8,280
1,394
-
1,016
78,784
27,051
9,296
78,784
27,051
9,296|2022
£
13,106
7,445
6,500
-
8,280
1,016| |---|---|---| |||36,347| |||36,347| Governance costs includes payments to the independent examiner of £6,600 (2022- £6,600). ## **9 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. (2022 - None) ## **Trustees' expenses** Direct charitable expenditure includes the cost of indemnity insurance provided for the trustees. It is not possible to give details of the cost of providing such insurances as the breakdown of the premium payable has not been disclosed. As members of the Society, the trustees' living expenses during the year were borne by the charity. ## **10 Employees** The average monthly number of employees during the year was: ||**2023**|**2022**| |---|---|---| ||**Number**|**Number**| |Total|-|-| There were no employees during the year. The charity has issued a contract of employment to the Manager of the 'Visitation Parish Centre Club' for his duties undertaken there. His salary is paid by the diocese. Further details of the relationship between the charity, the Diocese and the 'Visitation Parish Centre Club' are disclosed in note 19. There were no employees whose annual remuneration was more than £60,000. ## **11 Taxation** The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. page 13 ## **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **12 Tangible fixed assets** |**Cost**
At 1 January 2023
Additions
Disposals
At 31 December 2023
**Depreciation and impairment**
At 1 January 2023
Depreciation charged in the year
Eliminated in respect of disposals
At 31 December 2023
**Carrying amount**
At 31 December 2023
At 31 December 2022|**Freehold**
**property**
**Long leasehold Fixtures, fittings**
**& equipment**
**Motor vehicles**
**£**
**£**
**£**
**£**
2,322,383
191,000
371,327
65,100
-
-
7,131
-
-
-
(24,093)
-
2,322,383
191,000
354,365
65,100
1,944,040
136,640
362,204
65,100
17,367
3,020
2,877
-
-
-
(24,093)
-
1,961,407
139,660
340,988
65,100
360,976
51,340
13,377
-
378,343
54,360
9,123
-|**Total**
**£**
2,949,810
7,131
(24,093)| |---|---|---| |||2,932,848| |||2,507,984
23,264
(24,093)| |||2,507,155| |||425,693| |||441,826| The properties above include churches which are written off completely in the year of purchase as, due to their nature, they are historic and do not have a quantifiable market value. Leasehold property all relates to long leaseholds (over 50 years). ## **13 Stocks** |Finished goods
**14**
**Debtors**
**Amounts falling due within one year:**
Other debtors
Prepayments|**2023**
**£**
9,339
**2023**
**£**
3,816
15,753
19,569|**2022**
**£**
6,582| |---|---|---| |||**2022**
**£**
3,964
12,096| |||16,060| page 14 ## **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **15 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| |Other creditors
Accruals|**2023**
**£**
3,077
6,600
9,677|**2022**
**£**
2,123
6,600| |||8,723| page 15 ## **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **16 Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: |**Balance at**
**1 January 2022**
**£**
Missions fund
2,193
Mission Masses fund
-
P Twomey legacy fund
234,575
National Lottery Community Fund
-
236,768|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
-
-
1,666
(6,396)
-
(29,549)
2,000
(2,000)
3,666
(37,945)|**Transfers**
**Balance at**
**1 January 2023**
**£**
**£**
-
2,193
4,730
-
-
205,026
-
-
4,730
207,219|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
-
-
43
(1,050)
-
(31,159)
10,000
(10,000)
10,043
(42,209)|**Transfers**
**Balance at**
**31 December**
**2023**
**£**
**£**
-
2,193
1,007
-
-
173,867
-
-
1,007
176,060|**Transfers**
**Balance at**
**31 December**
**2023**
**£**
**£**
-
2,193
1,007
-
-
173,867
-
-
1,007
176,060| |---|---|---|---|---|---| ||||||176,060| The Missions fund accepts donations for the Pallottine missions abroad. These donations are augmented by transfers made from Pallottine general funds and the combination of these is transmitted to the missions. The Mission Masses fund accepts donations for masses to be said on the missions and then transfers them directly. The P Twomey legacy fund is to be used specifically for the benefit of the Parish of the Roman Catholic Church of Our Lady of the Visitation, Greenford. The National Lottery Grant was awarded in order to develop a community project to support the poor, homeless and elderly of Greenford. The money was spent in accordance with the grant application to replace windows in the Parish Centre and make it a more useable environment for the above mentioned. page 16 ## **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **17 Designated funds** The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: |**Balance at**
**1 January 2022**
**£**
Premises and equipment fund
484,241
Mass League fund
20,668
Retirement fund
326,499
831,408|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
-
(33,970)
64,438
(22,047)
567
-
65,005
(56,017)|**Transfers**
**Balance at**
**1 January 2023**
**£**
**£**
(8,445)
441,826
(27,694)
35,365
-
327,066
(36,139)
804,257|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
-
(23,264)
29,144
(28,061)
4,943
-
34,087
(51,325)|**Transfers**
**Balance at**
**31 December**
**2023**
**£**
**£**
7,131
425,693
(10,104)
26,344
-
332,009
(2,973)
784,046|**Transfers**
**Balance at**
**31 December**
**2023**
**£**
**£**
7,131
425,693
(10,104)
26,344
-
332,009
(2,973)
784,046| |---|---|---|---|---|---| ||||||784,046| The Premises and equipment fund represents the funds necessarily set aside for the charity's occupation of its land and buildings and equipment contained within its premises including motor vehicles. The Mass League fund represents a separate designated fund used for educational expenses and for the Delegates' administration costs. The Retirement fund represents a seperate designated fund set aside to provide for the costs of maintaining the members of the Order as they grow older. page 17 ## **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **18 Analysis of net assets between funds** |**Analysis of net assets between funds**||| |---|---|---| |**Unrestricted**
**funds**
**Designated**
**funds**
**Restricted**
**funds**
**2023**
**2023**
**2023**
**£**
**£**
**£**
Fund balances at 31 December 2023 are represented by:
Tangible assets
-
425,693
-
Current assets/(liabilities)
577,297
358,353
176,060
577,297
784,046
176,060|**Total**
**Unrestricted**
**funds**
**Designated**
**funds**
**Restricted**
**funds**
**2023**
**2022**
**2022**
**2022**
**£**
**£**
**£**
**£**
425,693
-
441,826
-
1,111,710
567,052
362,431
207,219
1,537,403
567,052
804,257
207,219|**Total**
**2022**
**£**
441,826
1,136,702| |||1,578,528| page 18 **THE SOCIETY OF THE CATHOLIC APOSTOLATE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **19 Related party transactions** The charity is related by being trustee for 'The Charity of the Spiritual Welfare of Members of the Roman Catholic Church administered in connection with the Society of the Catholic Apostolate', charity registration number 252931. The charity is also related by certain common trustees to another charity, 'Miss E L M Coleman's Will Trust', charity registration number 1059954. During the year, the charity paid the independent examination fees of £1,620 for 'The Charity of the Spiritual Welfare of Members of the Roman Catholic Church administered in connection with the Society of the Catholic Apostolate'. (2022 - £1,620 - Independent examination fees) 'The Visitation Parish Centre Club' is related to the charity as the club's proprietor is a trustee of the charity. The charity runs the premises partly occupied by the club. The diocesan parish charity also occupies the premises. All three bodies share costs and revenues as appropriate. page 19