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2023-06-30-accounts

Charity registration number 271117

Company registration number 1241044 (England and Wales)

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

CONTENTS

Page
Legal and administrative information 1
Trustees' report 2 - 6
Statement of trustees' responsibilities 7
Independent auditor's report 8 - 10
Statement of financial activities 11 - 12
Statement of financial position 13
Statement of cash flows 14
Notes to the financial statements 15 - 29

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Sister J M Carter Sister H M F Crane Sister K E Brewin Sister H L Stout Sister J E Davey (Resigned 17 February 2023) Sister L M Major (Appointed 18 February 2023) Secretary Sister J M Carter Prioress Sister J M Carter Bursar Sister J M Carter Charity number 271117 Company number 1241044 Principal address and registered office St Hilda's Priory Castle Road Whitby North Yorkshire YO21 3SL Auditor JWPCreers LLP Genesis 5 Church Lane Heslington York YO10 5DQ Bankers HSBC Bank Plc 33 St Nicholas Street Scarborough North Yorkshire YO11 2HN Solicitors Knight's plc Victoria Hudson Quarter Toft Green York YO1 6AB Investment advisors RBC Brewin Dolphin 10 Wellington Place Leeds LS1 4AN

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2023

The trustees present their annual report and financial statements for the year ended 30 June 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 charitable company's governing document, the Companies Act 2006 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 published in October 2019".

The legal and administrative information page forms part of this report.

Objectives and activities

Charitable Objectives

The object for which the Chapter was established is in accordance with the principles of the Christian Religion to undertake, promote and carry on in any part of the world, enterprises for the advancement of educational, missionary, pastoral, evangelical, medical or other charitable work in the furtherance of that object. To found, acquire and conduct houses of prayer, churches, chapels, priories, dwelling houses, colleges, schools, technical training establishments, retreat houses, orphanages, refuges and clubs for the poor, guilds, offices or any other institutions which may from time to time be desirable for the commencement or furthering of Christian work in England or in any other country, and to provide the same with all proper, desirable or necessary fittings, apparatus, appliances, conveniences and accommodation desirable for the efficient conduct and welfare of the same. To print, publish and sell newspapers, periodicals, books, leaflets and other publications to further the objects of the Chapter.

The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission when reviewing the charity's aims and objectives and in planning future activities.

Achievements and performance

It is the policy of the Order to undertake a broad range of charitable activities. The principal areas in which the Order is involved are set out as follows:

Education

The Order grants financial assistance to needy persons primarily between the ages of 16 and 25 in the Whitby Deanery to assist in their education, training or personal development.

Health Care

The Order is responsible for running St Hilda's Priory Aelred Wing, a registered care home.

Retreat Work

The Order is actively involved in retreat and counselling work at the Priory and in other houses of the Order.

Social and Pastoral Care

Members of the Order are involved, mainly in a voluntary capacity, in parish work, hospital and hospice chaplaincy, mental health and counselling work and work with children and young people in the UK and overseas.

Overseas Work

Members of the Order work in Ghana where they undertake vocational training, medical work, and work within the Anglican Church, spiritual direction and pastoral care. The UK funds of the Order are being used in development and work in both countries. Donations received for overseas work are administered as restricted funds. Material produced for fund raising is financed from The Central Funds of the Order.

Grant making policy

The Order tithes (10%) of its investment income from the previous financial year as charitable giving. Additional grants may be given on the approval of the Chapter of the Order of the Holy Paraclete.

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Investments

The Order’s investments are managed by a nominee company, Brewin Dolphin, which has discretionary powers. The Order maintains an ethical policy for its investments.

The quarterly return on investments, in capital terms, compared to FTSE All Share Index, Government All Stocks Index and WMA Income Index, during the year is set out below

FTSE Government all stocks Risk Level 5 income OHPportfolio
July/Sept 2022 -3.45% -12.85% -1.96% -1.87%
Oct/Dec 2022 +8.90% +1.69% +2.82% +3.16%
Jan/March 2023 +3.08% +2.05% +3.05% +2.14%
Apr/Jun 2023 -0.46% -5.42% -0.51% -0.18%
12 months to 30 June 2023 +7.89% -14.46% +4.41% +3.73%

Review of activities

1. Education

The sisters continue to be involved with the local community with some serving as governors at local schools.

Sr Dorothy Stella is no longer a governor but continues to offer help at school with early maths and literacy skills.

Sr Anita continues as chair of the discipline committee for the M.A.T. [multi academy trust], Tees Valley Education and serves on the York Diocesan Board of Education.

St Hilda’s Bursary Award: OHP Trustees Report 2022 - 2023

Sr Heather Francis continues as administrator of the Award which offers Busaries to young adults in the Whitby Deanery for costs involved in tertiary education or vocational training.

The total value of awards for the year 2022 – 2023 was £3,100. Award applications are slowly returning to pre-COVID levels but there is still a backlog of rearranged plans among students. Awards of between £100 and £500 were made to 10 individuals; these were made towards costs of IT equipment for Primary Education, PPE and Sixth Form studies, apprentices in Fishing, Cyber Security and Photography; English classes for a Ukrainian refugee; kit for a Musical Theatre degree; and for Snowboarding and British Exploring Society training courses.

The update of promotional material is in process and has included the purchase of coffee/beer mats as a way of promoting the award to current secondary students.

Holy Paraclete Women’s Skills Centre : Sunyani, Ghana: HOPWOSC continues as a place where disadvantaged women aged 1635, from various educational backgrounds, or without any schooling, are given skills to empower them financially. The three year training includes dressmaking, tailoring, craft work, bead craft, crocheting and other fashion accessories; basic literacy and numeracy for those who need it; talk in business management, life skills, health issues, pastoral care and growth in spiritual life are given to enhance their lives after training.

Trainees are able to sit for the National Vocational Training Institutes exams at the centre. Successful candidates are awarded national certificates which will enable them to apple for jobs, establish their own businesses or further their vocational education.

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

2. Health Care

– Aelred Wing Priory, UK

The Order has an obligation to care for its members, none of whom has resources of their own and all of whom have devoted a significant part of their lives to the work of the Order.

In common with many religious communities in Great Britain, the age profile of the members of the Order is increasing, as existing members grow older, and the number of new vocations decreases.

For most of the year there were six resident sisters needing varying levels of care; one sister and one secular were resident for postoperative care and two secular friends of the Order and one referred by Social Services have been resident for respite care.

Jachie Eye Clinic and Eye Hospital - Ghana

Jachie Eye Hospital is a small hospital in Ghana. It has a suite of modern equipment. There is great scope to prevent much blindness.

The other main service is the Outreach service from the Clinic which allows the clinic to provide Eye care treatment to people at their homes.

3. Pastoral Work

Sisters from the Priory work in a voluntary capacity in Whitby. Two sisters have worked at the Foodbank. One sister works as the Deanery Administrator and secreatary to the Deanery Synod. Two Sisters work as part of the Siodcesan Vocations Team.

Many sisters provide spiritual accompaniment to individuals on a regular basis and others provide a listening ear responding to individual needs. All the sisters share in the ministry of Hospitality.

Easterside

Sr Karan has continued to develop the ministry in Easterside, Middlesbrough. Sr Karan has established a regular worship slot in the house during the week when she is joined by some of the local residents for morning worship and the Eucharist, for Lent groups and bible study.

She has also worked on the house and garden which had been neglected during the interregnum. The property now looks much more welcoming and can form the base for a future ministry.

4. Hospitality

In keeping with the Monastic tradition, all the houses of the Order welcome guests.

At the Priory, after a slow start to the year, the hospitality ministry has shown a steady increase as people gained confidence after the relaxation of pandemic restrictions. Bookings have been mainly from individuals seeking some quiet time away. We have continued to offer hospitality to wedding guests from Sneaton Castle.

The Retreat programme promised last year has proved popular and will be continued into the future.

Chapel is central to the life and prayer of the Order, and many of our guests come to share in our worship or to use the Chapel for their own worship.

Financial review

The number of life professed sisters was 20 (2022: 21) at the end of the year under review; the majority of them are pensionable, having given most of their lives to the charitable work of the Order. There have been no new vocations this year. One sister died during the year. The average age of the Community was 79 (2022: 78) at 30 June 2023.

The Statement of Financial Activities shows that the total funds decreased by £605,393 during the year (2022: £1,236,078) , which includes £18,893 gains (2022: £622,362 losses) on investments in the year.

At the end of the year to June 2023 the total funds of the company were £9,570,413 (2022: 10,175,806). Of this some £5,303,552 (2022: £5,456,189) was in fixed assets needed for the work of the Order and £4,039,224 (2022: £4,530,204) in investments.

From the remaining current assets and liabilities £158,587 (2022: £146,275) was made up of restricted funds and £105,158 (2022: £46,665) designated funds leaving a balance of £(36,108) (2022: £(3,527)) in general funds.

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Reserves Policy

The members of the Order shall work for their living. The Order is under obligation to support its members during training, in old age and in sickness, and to maintain its property adequately. For such purposes it shall be permissible to use income derived from trusts and investments, and if necessary to realise capital. Such income may also be used for the development of existing work and when new work is to be undertaken. It shall be the responsibility of each Chapter, and more especially of the Greater Chapter, to ensure that all property and income is being used to be of the greatest value to the Church and Society, and to remember that, ultimately, a religious community is bound to live by faith. Whilst exercising a careful stewardship in the management of its present affairs it must avoid the accumulation of capital beyond its foreseeable requirements.

The annual resources required to fund the Order’s activities before investment, legacy and non-recurring income currently falls short of expenditure by £682,664. Using a current annuity rate of around 4.69% based on the average age of the community of 79 years the free reserves required would be £14,555,736. The current figure is £3,952,292. The Order keeps the policy under review considering the work undertaken and the number and average age of the community.

Risk management

The Order examines all its activities at its annual General Chapter and its finances at the AGM of the company. Its operations and any major risks that the Order might face are under regular review by the Chapter Standing Committee (Policy) and Council of Management (Board of the Company). The trustees consider that adequate systems are in place to monitor and control these risks to mitigate the Order's exposure to them.

Plans for future periods

St Oswald’s is now being run by the new St Oswald’s Community, and while the Prioress serves as a Trustee the Order is no longer responsible for the running of the house. The sisters have made the decision after the year end to put the property of St Oswald's up for sale.

The Order intends to continue to meet the following objectives:

Structure, governance and management

The Chapter of the Order of the Holy Paraclete is governed by its Memorandum and Articles of Association.

The Order of the Holy Paraclete (the Order) is a Religious Order within the Anglican Church. It is administered by the Chapter (comprising all full members of the Order) under the chairmanship of the Prioress. The Prioress is elected by the members of the Chapter to serve for a period of five years.

The assets of the Chapter are held in the accounts detailed in this report; the Order's charitable activities are funded by these accounts. The Chapter was registered with the Charities Commission on 9 May 1964, registration number 271117, and was registered as an unlimited company on 20 January 1976, company registration number 1241044.

Trustees recruitment and appointment

As set out in the Articles of Association the Trustees shall not be less than three not more than seven. The trustees shall consist of the Prioress, Sub-Prioress, the Bursar and four other members of the Chapter. These elected trustees retire in rotation. The trustees are also directors of the company.

Organisation

The Chapter usually meets twice a year to review the state of the Order and take such decisions as are necessary to fulfil its objects.

A Chapter Standing Committee has been set up comprising the Prioress, Sub-Prioress, Chapter Clerk, one Sister appointed by the Prioress and four elected members. This committee is to act on behalf of the Chapter between meetings with specific purposes and powers.

Trustee induction and training

Eligibility to become a trustee is dependent upon a sister being in profession. There is a three-year period of training, discernment and assessment within the Order before a new member is accepted as a sister in profession in the Order.

Trustees take advantage of on-going training opportunities relevant to trusteeship.

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Related Parties

A summary of transactions with related parties is set out in note 23 of the financial statements.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Trustees on 23 November 2023

Signed on 28/11/23 @ 15:12 Sister J M Carter Trustee

Heather M F Crane Signed on 28/11/23 @ 19:27 Sister H M F Crane Trustee

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2023

The trustees, who are also the directors of The Chapter of The Order of The Holy Paraclete for the purpose of company law, 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).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

Opinion

We have audited the financial statements of The Chapter of The Order of The Holy Paraclete (the ‘charitable company’) for the year ended 30 June 2023 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

The objectives of our audit, in respect to fraud, are to identify and access the risks of material misstatement of the financial statements due to fraud and obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses, and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

Our approach was a follows:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We communicate with those charge with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

N P Clemit

Signed on 29/11/23 @ 09:35

Nigel Clemit ACA FCCA (Senior Statutory Auditor)

for and on behalf of JWPCreers LLP 23 November 2023

Chartered Accountants Statutory Auditor

Genesis 5 Church Lane Heslington York YO10 5DQ

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2023

Current financial year
Unrestricted
Unrestricted
funds
funds
general
designated
2023
2023
Notes
£
£
Income from:
Donations and legacies
2
25,318
55,919
Charitable activities
3
204,957
1,650
Other trading activities
4
92,919
5,927
Investments
5
149,986
10
Other income
6
-
-
Total income
473,180
63,506
Expenditure on:
Raising funds
7
28,765
-
Charitable activities
8
968,529
175,990
Total expenditure
997,294
175,990
Net gains/(losses) on investments
12
18,893
-
Net (expenditure)/income before transfers
(505,221)
(112,484)
Gross transfers between funds
(18,340)
18,340
Net (expenditure)/income for the year
(523,561)
(94,144)
Fund balances at 1 July 2022
4,526,677
5,502,854
Fund balances at 30 June 2023
4,003,116
5,408,710		 Restricted
funds
2023
£
40,019
134,222
-
4,512
-
178,753
-
166,441
166,441
-
12,312
-
12,312
146,275
158,587		 Total
2023
£
121,256
340,829
98,846
154,508
-
715,439
28,765
1,310,960
1,339,725
18,893
(605,393)
-
(605,393)
10,175,806
9,570,413		 Total
2022
£
212,677
331,120
42,573
136,915
(8,360)
714,925
32,512
1,296,129
1,328,641
(622,362)
(1,236,078)
-
(1,236,078)
11,411,884
10,175,806

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2023

Prior financial year

Unrestricted
Unrestricted
funds
funds
general
designated
2022
2022
Notes
£
£
Income from:
Donations and legacies
2
202,575
4,429
Charitable activities
3
165,301
2,817
Other trading activities
4
32,227
10,346
Investments
5
136,476
60
Other income
6
-
(8,360)
Total income
536,579
9,292
Expenditure on:
Raising funds
7
32,512
-
Charitable activities
8
936,354
192,439
Total expenditure
968,866
192,439
Net gains/(losses) on investments
12
(622,362)
-
Net (expenditure)/income before transfers
(1,054,649)
(183,147)
Gross transfers between funds
(49,894)
49,896
Net (expenditure)/income for the year
(1,104,543)
(133,251)
Fund balances at 1 July 2021
5,631,220
5,636,105
Fund balances at 30 June 2022
4,526,677
5,502,854		 Restricted
funds
2022
£
5,673
163,002
-
379
-
169,054
-
167,336
167,336
-
1,718
(2)
1,716
144,559
146,275		 Total
2022
£
212,677
331,120
42,573
136,915
(8,360)
714,925
32,512
1,296,129
1,328,641
(622,362)
(1,236,078)
-
(1,236,078)
11,411,884
10,175,806

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2023

Notes
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one year
17
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
18
Unrestricted funds
Designated funds
19
General unrestricted funds		 2023
£
14,349
282,000
296,349
(68,712)
5,408,710
4,003,116		 £
5,303,552
4,039,224
9,342,776
227,637
9,570,413
158,587
9,411,826
9,570,413		 2022
£
11,638
260,480
272,118
(82,705)
5,502,854
4,526,677		 £
5,456,189
4,530,204
9,986,393
189,413
10,175,806
146,275
10,029,531
10,175,806

The financial statements were approved by the Trustees on 23 November 2023

Signed on 28/11/23 @ 15:12 Sister J M Carter Trustee

Heather M F Crane

Signed on 28/11/23 @ 19:27 Sister H M F Crane

Trustee

Company Registration No. 1241044

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £ £ £ £
Cash flows from operating activities
Cash absorbed by operations 25 (637,734) (552,436)
Investing activities
Purchase of tangible fixed assets (5,126) (77,499)
Proceeds on disposal of tangible fixed assets - 400
Movement in investment cash accounts (9,647) (32,391)
Purchase of other investments (186,197) (589,374)
Proceeds on disposal of other investments 705,716 708,966
Investment income received 154,508 136,915
Net cash generated from investing activities 659,254 147,017
Net cash used in financing activities - -
Net increase/(decrease) in cash and cash equivalents 21,520 (405,419)
Cash and cash equivalents at beginning of year 260,480 665,899
Cash and cash equivalents at end of year 282,000 260,480

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

Charity information

The Chapter of the Order of the Holy Paraclete is a private unlimited company and has no share capital and is registered in England and Wales. In the event of the company being wound up or dissolved, funds remaining after all debts and liabilities are settled will be transferred to a similar institution with similar charitable objectives. The charity’s registered office and the nature of the charity’s principle activities are as stated on the Report of the Board of Trustees.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's memorandum and articles of association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charitable company.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. 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 charitable company 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 are unrestricted funds earmarked by the trustees for particular purposes.

Restricted funds are funds that can only be used for particular restricted purposes within the objects of the company. Restrictions arise when specified by the donor or when funds are raised for a specific purpose.

1.4 Income

Income, including legacies, are included in the statement of financial activities when the company is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Covenanted salaries and pensions are received under deeds of covenant from members of The Chapter of the Order of the Holy Paraclete and are stated inclusive of income tax but net of any deductions for social security payments and contributions to occupational pension schemes.

Receipts of property, investments or other gifts in kind are included at market value.

1.5 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Charitable expenditure comprises those costs incurred by the charity in pursuit of its charitable objects.

Direct costs consist of all expenditure directly relating to the objects of the Chapter. Support costs have been allocated in full to direct costs.

Mission and charitable grants payable are charged in the period when the grant is given.

Raising funds comprise those costs associated with attracting donations and legacies, the costs of trading for fundraising purposes including the costs incurred by the trading subsidiary and investment management fees.

Governance costs include expenditure on general administration, and management and compliance with constitutional and statutory requirements.

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost (subject to a £500 de minis figure) 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 2% and 5% straight line Fixtures, fittings and equipment 20% straight line Motor vehicles 25% straight line

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.

Depreciation is not charged until the asset is ready for use.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.10 Financial instruments

The charity only has financial assets and financial 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.

Basic financial assets

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid at the year end.

Basic financial liabilities

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.11 Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

(Continued)

1.12 Leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

1.13 Pension costs

Chapter of the Order of the Holy Paraclete (The) Unlimited contributes to defined contribution pension schemes including individual personal pensions. The assets of the schemes are held separately from those of the charity. Pension costs charged in the Statement of Financial Activities represent the contributions payable by the charity in the year.

2 Donations and legacies

Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
designated
2023
2023
2023
£
£
£
Donations and gifts
15,154
495
3,703
Legacies receivable
10,164
54,246
23,359
Donations for overseas work
-
-
12,957
Other
-
1,178
-
25,318
55,919
40,019
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
designated
2022
2022
2022
£
£
£
Donations and gifts
44,567
3,071
265
Legacies receivable
151,516
-
-
Donations for overseas work
-
-
4,299
Other
6,492
1,358
1,109
202,575
4,429
5,673		 Total
2023
£
19,352
87,769
12,957
1,178
121,256
Total
2022
£
47,903
151,516
4,299
8,959
212,677

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

3 Charitable activities

Charitable Charitable
Income Income
2023 2022
£ £
Covenanted salaries 1,650 2,817
Covenanted pensions 26,162 26,401
State pensions 107,040 105,817
Grants received 500 32,917
DSS allowance 36,869 31,835
NYCC allowance 133,722 130,085
Other income 2,643 1,248
Respite Care 32,243 -
340,829 331,120
Analysis by fund
Unrestricted funds - general 204,957 165,301
Unrestricted funds - designated 1,650 2,817
Restricted funds 134,222 163,002
340,829 331,120
Grants received
Infection control fund - 2,124
Rapid testing fund - 2,162
Adult social care - 5,881
WICS - 12,750
WRRF - 10,000
Other 500 -
500 32,917

4 Other trading activities

Unrestricted
Unrestricted
funds
funds
general
designated
2023
2023
£
£
Hospitality income
89,040
-
Friends of OHP membership
1,630
-
Newsletter including
publications
570
-
Cards & library sales
1,679
5,927
Other trading activities
92,919
5,927		 Total
Unrestricted
Unrestricted
funds
funds
general
designated
2023
2022
2022
£
£
£
89,040
30,064
-
1,630
1,645
-
570
518
-
7,606
-
10,346
98,846
32,227
10,346		 Total
2022
£
30,064
1,645
518
10,346
42,573

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

5 Investments

Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
designated
2023
2023
2023
£
£
£
Rental income
779
-
-
Income from listed investments
148,892
-
-
Interest receivable
315
10
4,512
149,986
10
4,512
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
designated
2022
2022
2022
£
£
£
Rental income
779
-
-
Income from listed investments
135,578
-
-
Interest receivable
119
60
379
136,476
60
379		 Total
2023
£
779
148,892
4,837
154,508
Total
2022
£
779
135,578
558
136,915

6 Other income

Total Unrestricted
funds
designated
2023 2022
£ £
Net (loss)/gain on disposal of assets - (8,360)
Raising funds
Unrestricted Unrestricted
funds funds
general general
2023 2022
£ £
Investment manager's fees 28,765 32,512
28,765 32,512

7 Raising funds

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

8 Charitable activities

Charitable Charitable
Expenditure Expenditure
2023 2022
£ £
Direct costs 926,216 933,953
Premises and equipment costs 327,814 324,809
1,254,030 1,258,762
Grant funding of activities (see note 9) 37,569 21,527
Share of support costs (see note 10) 10,887 7,920
Share of governance costs (see note 10) 8,474 7,920
1,310,960 1,296,129
Analysis by fund
Unrestricted funds - general 968,529 936,354
Unrestricted funds - designated 175,990 192,439
Restricted funds 166,441 167,336
1,310,960 1,296,129
9 Grants payable
Charitable Charitable
Expenditure Expenditure
2023 2022
£ £
Grants to institutions:
Jachie Eye Clinic 22,200 -
Sunyani Project - 2,000
Bursary Award 3,100 3,000
DEC - 2,000
Various other grants and donations under £1,000 12,269 11,444
Other - 3,083
37,569 21,527

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

10 Support costs

Support costs
Governance
costs
£
£
Accountancy fee
10,887
-
Audit fees
-
8,474
10,887
8,474
Analysed between
Charitable activities
10,887
8,474		 2023 Support costs
Governance
costs
£
£
£
10,887
7,920
-
8,474
-
7,920
19,361
7,920
7,920
19,361
7,920
7,920		 2022
£
7,920
7,920
15,840
15,840

11 Employees

The average monthly number of employees during the year was:

Infirmary
Garden
Priory
Laundry
Total
Wages and salaries
Social security costs
Pension costs		 2023
Number
29
3
10
1
43
706,843
46,512
15,389
768,744		 2022
Number
27
3
11
1
42
720,857
45,610
14,746
781,213

The sisters comprising the trustees of the charitable company are deemed to be the key management personnel, and no remuneration is received by them.

There were no employees whose annual remuneration was £60,000 or more.

12 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
general general
2023 2022
£ £
Revaluation of investments 18,893 (622,362)

13 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.

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

14 Tangible fixed assets

Cost
At 1 July 2022
Additions
At 30 June 2023
Depreciation
At 1 July 2022
Depreciation charged in the year
At 30 June 2023
Carrying amount
At 30 June 2023
At 30 June 2022		 Freehold
property
Fixtures,
fittings and
equipment
Motor vehicles
£
£
£
6,002,489
382,671
76,340
-
5,126
-
6,002,489
387,797
76,340
625,807
316,692
62,811
128,580
22,304
6,880
754,387
338,996
69,691
5,248,102
48,801
6,649
5,376,682
65,978
13,529		 Total
£
6,461,500
5,126
6,466,626
1,005,310
157,764
1,163,074
5,303,552
5,456,189

Two leases are registered by York Potash Ltd for mines and minerals which are lying below a depth of 800m from the surface of land held at St. Hildas Priory, Whitby and St Oswalds, Sleights, Whitby.

The lease terms are 70 years from 29 September 2016 until and including 28 September 2086.

15 Fixed asset investments

Investments
£
Valuation
At 1 July 2022 4,530,204
Additions 186,197
Movement in cash accounts 9,647
Unrealised/realised gain/(loss) 18,892
Disposal proceeds (705,716)
At 30 June 2023 4,039,224
Carrying amount
At 30 June 2023 4,039,224
At 30 June 2022 4,530,204

The carrying amount of £4,039,224 (2022: £4,530,204) includes £3,944,538 of listed investments (2022: £4,445,165) and £94,686 of cash (2022: £85,039).

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

16 Debtors

Debtors
Amounts falling due within one year:
Other debtors
Prepayments		 2023
£
8,292
6,057
14,349		 2022
£
7,973
3,665
11,638

17 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Trade creditors
Taxation and social security
Accruals		 2023
£
25,869
12,035
30,808
68,712		 2022
£
28,388
12,542
41,775
82,705

18 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 July 2022
£
Ghana fund
10,372
Development fund
-
NYCC allowance fund
-
Shelagh Eckford legacy fund
129,031
Garden fund
2,617
Rapid testing fund
2,326
WRRF
1,664
Chapel flower fund
265
Aelred Wing
-
OHP Friends
-
Tertiary
-
Other
-
146,275		 Movement in funds
Income
Expenditure
Transfers
Balance at
30 June 2023
£
£
£
£
22,957
(22,313)
-
11,016
800
-
-
800
133,722
(133,722)
-
-
3,712
(4,011)
-
128,732
-
-
-
2,617
-
-
-
2,326
-
(1,664)
-
-
313
(172)
-
406
2,890
(2,890)
-
-
13,359
(869)
-
12,490
500
(300)
-
200
500
(500)
-
-
178,753
(166,441)
-
158,587		 Movement in funds
Income
Expenditure
Transfers
Balance at
30 June 2023
£
£
£
£
22,957
(22,313)
-
11,016
800
-
-
800
133,722
(133,722)
-
-
3,712
(4,011)
-
128,732
-
-
-
2,617
-
-
-
2,326
-
(1,664)
-
-
313
(172)
-
406
2,890
(2,890)
-
-
13,359
(869)
-
12,490
500
(300)
-
200
500
(500)
-
-
178,753
(166,441)
-
158,587
158,587

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

18 Restricted funds

(Continued)

Balance at
1 July 2021
£
Ghana fund
7,184
Development fund
2
NYCC allowance fund
-
Shelagh Eckford legacy fund
131,918
Garden fund
3,129
Infection control fund
-
Rapid testing fund
2,326
Adult social care
-
WICS
-
WRRF
-
Chapel flower fund
-
144,559		 Movement in funds
Income
Expenditure
Transfers
Balance at
30 June 2022
£
£
£
£
5,408
(2,220)
-
10,372
-
-
(2)
-
130,085
(130,085)
-
-
379
(3,266)
-
129,031
-
(512)
-
2,617
2,124
(2,124)
-
-
2,162
(2,162)
-
2,326
5,881
(5,881)
-
-
12,750
(12,750)
-
-
10,000
(8,336)
-
1,664
265
-
-
265
169,054
(167,336)
(2)
146,275		 Movement in funds
Income
Expenditure
Transfers
Balance at
30 June 2022
£
£
£
£
5,408
(2,220)
-
10,372
-
-
(2)
-
130,085
(130,085)
-
-
379
(3,266)
-
129,031
-
(512)
-
2,617
2,124
(2,124)
-
-
2,162
(2,162)
-
2,326
5,881
(5,881)
-
-
12,750
(12,750)
-
-
10,000
(8,336)
-
1,664
265
-
-
265
169,054
(167,336)
(2)
146,275
146,275

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

18 Restricted funds

(Continued)

Ghana Fund

The Ghana fund has been set up for work in Ghana.

Development Fund

The Development fund represents donations received specifically used to develop the future property needs of the Order.

NYCC Allowance Fund

The NYCC allowance fund represents the funds received from the council to assist the care of sisters in the infirmary. The cost of caring for the sisters is far greater but this represents the allowance received towards it.

Shelagh Eckford Legacy Fund

The Shelagh Eckford Legacy Fund is a legacy received to be spent on projects relating to Africa.

Garden Fund

Garden fund is money given specifically to be used towards the garden.

Infection Control Fund (2022 only)

The infection control fund is to support adult care providers to reduce the rate of Covid-19 transmission in care homes.

Raid Testing Fund

The rapid testing fund is to support increased lateral flow device testing of staff in care homes.

Adult Social Care Fund (2022 only)

A local government grant to help with costs associated with infection control, vaccinations and testing.

WICS Fund (Workforce Integrated Care System Funding) (2022 only)

A local government grant to provide an additional payment of £375 to employees working within the care home sector.

WRRF Fund (Workforce Development Recruitment & Retention Fund)

A local government grant of £10,000 for providers with between 20 to 49 staff to assist with costs relating to overtime and pay increase costs, recruitment support, agency staff wage variance and staff wellbeing packages.

Chapel Flower Fund

The chapel flower fund is for money donated specifically to be spent on chapel flowers.

Aelred Wing Fund

This fund was specifically to purchase furniture for the Aelred Wing.

OHP Friends

This fund comprises money donated specifically for the work of OHP Friends, and expenditure incurred by the group.

Tertiary

This fund comprises money donated specifically for the tertiary members of the order and associated expenditure.

Other

This comprises one off donations for specific purposes.

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

19 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 July 2022
£
Fixed assets fund
5,339,862
Summerhouse fund
4,085
Ghana Project fund
153
Jachie Project fund
31,276
Sunyani Project fund
80,940
Bursary Award
14,622
Development fund
3,452
Diana Watts Legacy
-
Garden fund
3,464
Organ fund
25,000
5,502,854
Balance at
1 July 2021
£
Fixed assets fund
5,441,588
Summerhouse fund
-
Ghana Project fund
153
Jachie Project fund
40,216
Sunyani Project fund
83,787
Bursary Award
15,661
Development fund
2,266
Diana Watts Legacy
24,626
Garden fund
2,808
Organ fund
25,000
5,636,105		 Movement in funds
Income
Expenditure
£
£
-
(157,763)
-
-
-
-
1,650
(7,348)
5,936
(6,768)
-
(3,160)
1,673
-
54,247
(951)
-
-
-
-
63,506
(175,990)
Movement in funds
Income
Expenditure
£
£
(8,360)
(160,044)
2,587
(346)
-
-
2,817
(11,757)
10,406
(13,253)
-
(7,039)
1,186
-
-
-
656
-
-
-
9,292
(192,439)		 Transfers
Balance at
30 June 2023
£
£
13,904
5,196,003
(1,364)
2,721
-
153
-
25,578
-
80,108
5,800
17,262
-
5,125
-
53,296
-
3,464
-
25,000
18,340
5,408,710
Transfers
Balance at
30 June 2022
£
£
66,678
5,339,862
1,844
4,085
-
153
-
31,276
-
80,940
6,000
14,622
-
3,452
(24,626)
-
-
3,464
-
25,000
49,896
5,502,854		 Transfers
Balance at
30 June 2023
£
£
13,904
5,196,003
(1,364)
2,721
-
153
-
25,578
-
80,108
5,800
17,262
-
5,125
-
53,296
-
3,464
-
25,000
18,340
5,408,710
Transfers
Balance at
30 June 2022
£
£
66,678
5,339,862
1,844
4,085
-
153
-
31,276
-
80,940
6,000
14,622
-
3,452
(24,626)
-
-
3,464
-
25,000
49,896
5,502,854
5,502,854

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

19 Designated funds

(Continued)

Fixed Assets Fund

In order to fulfil the charitable objectives the Order needs a large number of properties and other fixed assets. These assets although unrestricted cannot be realised without undermining the Order's work and the trustees therefore feel it is appropriate to reflect the investment in fixed assets by means of a designated fund.

Summerhouse Fund

The Summerhouse fund represents money received for the purchase of a summerhouse.

Southern Africa, Ghana, Jachie and Sunyani

These have been set up to be used for projects in Southern Africa, Ghana, Jachie and Sunyani.

Bursary Award Fund

The Bursary award fund is for the provision of grants, loans or other forms of financial assistance to advance education, training and personal development in accordance with the principles of the Christian religion to needy persons primarily between the ages of 16 and 25 who live, study and work in the area of the Deanery of Whitby.

Development Fund

This fund is for the future property needs of the Order in the furtherance of its charitable objects.

Sr Helena Fund

This fund is for the future training needs of Sr Helena.

Diana Watts Legacy

This was a legacy left by Diana Watts which the Trustees have designated for specific maintenance and repairs projects.

Garden Fund

This fund represents designated money to be used towards the garden.

Organ Fund

The Organ fund represents money earmarked for the purchase of an organ.

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

20 Analysis of net assets between funds

Unrestricted
funds
Designated
funds
2023
2023
£
£
Fund balances at 30 June 2023 are represented by:
Tangible assets
-
5,303,552
Investments
4,039,224
-
Current assets/(liabilities)
(36,108)
105,158
4,003,116
5,408,710
Unrestricted
funds
Designated
funds
2022
2022
£
£
Fund balances at 30 June 2022 are represented by:
Tangible assets
-
5,456,189
Investments
4,530,204
-
Current assets/(liabilities)
(3,527)
46,665
4,526,677
5,502,854		 Restricted
funds
2023
£
-
-
158,587
158,587
Restricted
funds
2022
£
-
-
146,275
146,275		 Total
2023
£
5,303,552
4,039,224
227,637
9,570,413
Total
2022
£
5,456,189
4,530,204
189,413
10,175,806

21 Revaluation reserve

At 1 July 2022
Disposal of investments		 2023
£
-
-
-		 2022
£
162,702
(162,702)
-

22 Operating lease commitments

At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2023
£
4,425
222
4,647		 2022
£
6,468
4,648
11,116

At the reporting date the charitable company had committed to a health & safety/compliance contract. The total due at 30 June 2023 was £46,177 (2022: £54,207) with £8,031 (2022: £8,031) falling due within one year.

23 Events after the reporting date

It was decided after the reporting date to put the property of St Oswald's up for sale. It is currently listed on the open market at £1,150,000.

THE CHAPTER OF THE ORDER OF THE HOLY PARACLETE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

24 Related party transactions

The trustees of the charitable company are also members of the Chapter and as such have taken vows of poverty under which they have renounced all personal rights to income and capital. The company provides for the essential needs of all members of the Chapter. The living costs of the sixtrustees who served during the year are therefore borne by the company.

All transactions involving organisations in which a trustee has an interest are conducted at arm’s length and in accordance with the charity’s normal financial procedures.

The charitable work at St Oswald's was taken on by St Oswald's Community (a newly registered CIO) from October 2020 with a tenancy at will in place between the charity and the CIO. Sister J M Carter is also a trustee of St Oswald's Community. During the year some costs were paid for by the Chapter and reimbursed from St Oswald's Community. The balance due to the Chapter at 30 June 2023 was £243 (2022: £157).

It was determined by the Order after the year end to put the property up for sale.

25
Cash generated from operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
(Gain)/loss on disposal of tangible fixed assets
Fair value gains and losses on investments
Depreciation of tangible fixed assets
Movements in working capital:
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Cash absorbed by operations		 2023
2022
£
£
(605,393)
(1,236,078)
(154,508)
(136,915)
-
8,360
(18,893)
622,362
157,764
161,248
(2,711)
4,591
(13,993)
23,996
(637,734)
(552,436)