NOThINGHAM DIOCESAN SICK AND RETIRED PRIESTS FUND {SRPF) CHARITY NUMBER 510119 CORPORATE TRUSTEE'S REPORT FOR THE YEAR ENDED 31ST MARCH 2024. Nottingham Roman Catholic Diocesan Trustees (referred to hereinafter as the Diocese), as corporate trustee of the Nottinghaw Diocesan Sick and Retired Priests Fund (referred to herein as the Charity), has pleasure in presenting the Annual Report and Accounts of the Charity for the year ended on 31" March 2024. They were approved by the Diocese on 30th January 2025. Objectlves and Activities The purpose of the Charity is to provide relief to needy sick ond needy retired persons who ore or who huve been priests of the Diocese (referred hereinafter as the SRPF Purposel. It has continued to give grants to and make payments on behalf of beneficiaries according to the SRPF Pvrp05e. The grants have been either payable directly to the beneficiaries themselves or for their support, for example to care homes. Accordinglyi the main activity undertaken to further the purpose of the Charity for the public benefit is the relief of poverty. In making this statement the Diocese has had regard to the Charity Commission'5 guidance on public beneflt. Its concern is to ensure that the beneficiaries are able to retire with a reasonable standard of living and dignitv. No Staff are directly employed by the Charity, the administrative support bein8 provided by the Diocese. Volunteers assist with the work of supporting the beneficiaries, but it Is not practicable to evaluate their contribution in terms of hours or staff equivalents. Related Party Transactlon All funds recelved during the year have been transferred to the Diocese, the funds to be placed in a restricted fund of the Diocese with the same purpose as the Charity li.e. the SRPF Purposel, which is included within the broader objects of the Diocese, which are.. 111 The advancement of the Roman Catholic religion in the area of the Roman Catholic Diocese of Nottingham as determined under the laws of the Roman Catholic Church and in accordance with them. 121 The advancement of any charitable purpose supported by the Roman Catholic Church in any part of the world. The Trustees of the Diocese have determined that the as5et5 of the restricted Sick and Retired Priests Fund of the Diocese will be used wholly for the SRPF Purpose. The Trustees of the Diocese, as corporate trustee of the charity, believe the donation will be In the interests of its beneficiarie5 by allowing the combined investment portfolio of the Charity and the Diocese to generate greater returns, simplifying management and administration and giving the Trustees of the Diocese greater flexibility over the allocation of resources in furthering its objects, speclflcally, where this donation is concerned, the SRPF Purpose. No person who could currently benefit from the Charity will be prevented from benefiting from the restricted fund of the Diocese solely due to the donation and the resulting transfer of assets from the Charity to the Diocese. NOThINGHAM DIOCESAN SICKAND RETIRED PRIESTS FUND ISRPFI CHARITY NUMBER 510119 CORPORATE TRUSTEE'S REPORT FOR THE YEAR ENDED 31ST MARCH 2024 From l February 2022, all grants, donations and costs associated with the SRPF Purpose have been expended by the Diocese and charged against the newly formed restricted Sick and Retired Priests Fund, For administratlve reasons, some funds of the Charity have been retained by the Charity. However, the intention 15 that these assets will also be donated to the DI0￿Se for the SRPF Purpose. In due course, once the Charity no longer has any assets or income, an application will be made to the Charity Commission for the Charity to be wound up. Achievements & Performance The Charity made no grants in 202312024 as this is now undertaken by the Diocese. The Charity has transferred all Its investments to the Diocese. Flnanclal Review The finances of the charity are as shown in the annual accounts. The Investment Policy of the Diocese provides that it may require disinvestment of any holding not considered acceptable in the context of a Catholic diocese. The policy of the corporate trustee is to hold sufficient reserves to ensure that all actual and potential beneficiaries may be supported adequately for their expected life span a5 set out in the Government Actuarles Department life tables after providing for any payments from the Diocese to the charity to support its potential beneficiaries. From l February 2022, this policy is being applied by the Diocese through its restricted Sick and Retlred Priests Fund. The reserves at 31" March 2024 are £2 thousand12023: £01. The zero balance in the reserves is dve to transfer of all assets and income from the charity to the Dlocese. Plans for Future Periods Although the appeal launched in 2012 is now largely concluded, some donations contlnue to be received by the Charity from a generous and supportive body of donors. These will periodicallv be donated to the Diocese for the SRPF Purpose. Structure Governance and Management The charitv Is constituted under its trust deed which was last updated on 8, March 2010 in order to provide for the appointment of the sole corporate trustee. The appointmer)t of the trustees is by the Bishop of Nottingham. The Charity is managed by the Diocese, its corporate trustee, and further information about the Diocese can be Dbtained from ils Annual Report and Accounts. Major risks have been reviewed and systems or procedures have been established to manage those risks. ## **NOTTINGHAM DIOCESAN SICK AND RETIRED PRIESTS FUND {SRPF) CHARITY NUMBER 510119** CORPORATE TRUSTEE'S REPORT FOR THE YEAR ENDED 31ST MARCH 2024 ## **Reference and Administrative Details** The Charity is the Nottingham Diocesan Sick and Retired Priests Fund, registered number 510119, and is known generally by that name. The adree of its principal office is: Diocese of Nottingham 1 Castle Quay, Castle Boulevard Nottingham, NG7 lFW The investments are held in the name of the investment manager's nominee company. The members of the Clergy Health & Wellbeing Committee during the year and to the date of this report are as follows: Reverend J Kyne (Vicar General) - Chair Reverend P Chipchase (Episcopal Vicar) Reverend E Jarosz (Vicar General) *Reverend P Newman (Episcopal Vicar) *Rev Mr Anthony Cordes *Mrs Frances Cordes *Mr D Lawes *Mr J. Gamble *Mr C.B.A. Reynolds *Non-voting members. The day to day running of the Charity is the responsibility of the Chief Operating Officer of the Diocese (David Lawes). The bankers to the charity are: Lloyds Bank pie 12-16 Lower Parliament Street Nottingham NGl 3DA The auditors to the charity are: PKF Smith Cooper Audit Limited (from July 2022) 2 Lace Market Square Nottingham NG1 1PB The Investment Managers to the charity are: Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB NO￿INGHAm DIOCESAN SICK AND RETIRED PRIESTS FUND ISRPFI CHARITY NUMBER 510119 CORPORATE TRUSTEE'S REPORT FOR THE YEAR ENDED 31ST MARCH 2024 Other matters The accounts of the charily are consolidated Into the accounts of the Diocese, its corporate trustee. No complaints have been recelved in relation to fundraising. In its fundralsingl the charity does not require donatlons from vulnerable people. No funds are held by the charity as custodlan trustee on beh21f of others. STATEMENT OF TRUSTEE'S RESPONSIBILITIES The Trustees are responslble for preparing the annual repoit, the straiegic report and the financial statements in accordance wlth applicable13w Including the Charitie5 (Accounts and Reports) Regulations 2008 and United Kingdom Generally Atcepted Accounting Practice. The law applicable to charities in England and Wales requires the Trustees to prepare financia1 Statements for each financial year which give a trije and fair view of the state of affair5 of the charity and of the surplus or deficlt of the Charily for that period. In preparing these financial Statements, Ihe Trustee Is required to.. selett sultable accounting policies and then apply them consistently. make judgements and estimates that are reasonable and prudent: and prepare the financlal statement5 on the going concern basi5 unless It is inappropriate to presume that the charity will continue in operatS0n. The Trustees are responsible for keeping proper accounting records whlch disclose with reasonable accuracy at any time the flnancial positlon of the charity and which en3ble them to ensure that the financial stalements comply with the applicable law and provisions of the trust deeds. The Trustees are a150 responsible for safeguarding the assets of the charlty and for taklng reasonable Steps for the prevention and detection of fraud and other irregularities. On behalf of the Trustee Right Reverend P.J. McKinney Bishop of Nottingham and Chairman of the Board of Directors of Nottingham Roman Catholic Diocesan Trustee5 the sole trustee of the Charity. Dated 30th Januaiy 2025 NO￿INGHAm DIOCESAN SICKAND RETIRED PRIESTS FUND (SRPFI CHARITY NUMBER 510119 Independent examiner's report to the trustee's of NottinEham Roman Catholic Sick And Retired Priests Fund I'the charity'l I report to the charity trustee on my examination of the accounts of the charity for the year ended 31 March 2024. Thls feport És made solely to the charity'5 Trustees, as a body, in accordance wlth Part 4 of the charlties IAccounts and Reports) Regulatlon$ 2008. My work has been undertaken so that I mlght state to the charity's Trustees those matters l am required to stale to them in an Independent examiner'5 report and for no other purpose. To the fullest extent permitted by law, I do not accept Dr assume responsiblllty to anyone other than the charity and the chailty's Trustees as a body, for my work or for this report. Re5ponslbllities and basls of report As the trustee of the charity you are responsible for the preparation of the accounts In accordance with the requirements of the Companies Act 20111'the 2011 Act'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the appllcable Directions given by the Charity Commlssion under section 14515llbl of the 2011 Act. ndependent examiner's statement Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accountlng and Reporting by Charities: Statement of Recownmended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reportin6 Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accountlng and Reportlng by Charities.. Statement of Recommended Practice issued on l April 2005 which Is referred to in the extant regulatlolls but has been withdrawn. I have completed my examination. I confirm that no matters have come to my attenliori in connectlon with the examination giving me cause to belleve: accounting records were not kept In respect of the charity as required by section 130 of the 2011 Act,. or the accounts do not accord wlth those records,. or the accounts do nol comply with the appllcable requirements conce¥ning the form and content of accounts set out Sn the Charities IAccount5 ènd Reports) ReEulations 2008 other than anv requirement that the accounts give a 'true and fair, view whtch 15 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 exarnlnatlon to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed- Dated.. 31 January 2025 Sarah Flear for & on the behalf of PKF Smith Cooper Limited 2 lace Market Square, Nottingharn, NGI IPB NorriNGHAM DIOCESAN SICK AND RETIRED PRIESTS FUND ISRPF) ANNUAL ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 STATEMENT OF FINANCIAL AFFAIRS FOR YEAR ENDED 31ST MARCH 2024 2024 £OOOs 2023 £OOOs INCOMING RESOURCES Donations Appeal Gift Aid Refunds Second Collection5 Legacies Rental income Dividend & Interest Income 18 17 19 20 16 li 43 67 RESOURCES EXPENDED Investment Management Donations Grants Miscellaneou5 Costs 42 220 42 220 TRANSFERS INTRA DIOCESE Appeal donations from Parishes OTHER RECOGNISED GAINS/LOSSES Profit / (Lossl on investments IDEFICITI ISURPLUS FOR THE YEAR 11521 NOThINGHAM DIOCESAN SICK AND RETIRED PRIESTS FUND (SRPF) ANNUAL ACCOVNTS FOR THE YEAR ENDED 31ST MARCH 2024 BALANCE SHEET AT 31ST MARCH 2024 Note 2024 £OOOs 2023 £OOOs FIXED ASSETS Investments CURRENT ASSETS AND LIABILITIES Current Assets Cash at Bank Debtors Less.. Current L5abilities Net Current Assets NET ASSETS FUND 8ALANCES Accumulated surplus brought forward Current Year IDeficitl / Surplus on Income over Expenditure 152 11521 Accumulated Surplus carried forward Approved by the trustee on 30th January 2025 *L,I c Right Reverend P J McKiney Bishop of Nottlngham and Chairman of the Board of Directors of Nottingham Roman Catholic Diocesan Trustees the sole trustee of the charity NOTTINGHAM DIOCESAN SICK AND RETIRED PRIESTS FUND {SRPFI ANNUAL ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2024 2024 £OOOs 2023 £OOOs CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by I (used Inl operating activities 11301 Cash flows from investing activities.. Dividend income Proceed5 from sale of investments Purchase of investments Net Cash provided by lused inl investing 3Ctivities Change in cash and cash equivalents in the reporting period Cash and cash equivalents brought forward 11301 130 Cash and cash equivalent5 carried forward fteconclllation of net Incomellexpenditure) to net cash flow5 from operating actlvltles Net income I lexpenditurel Gains on investments Dividends {Increèsel in debtors Increose in creditors 1152 121 26 141 Net cash provided by / lused inl operatin8 activities 11301 NOThINGHAM DIOCESAN SRPF NOTES & ACCOUNTING POLICIES FOR THE YEAR ENDED 31ST MARCH 2024 I. ACCOUNTING POLICIES The charity is a charitable trust governed by its trust deed. The prlncipal activity is that of provide relief to needy sick and needy retired persons who are or who have been priests of the Diocese of Nottingham. The addres5 of the principal office Is Diocese of Nottingham, I Castle Quay, Castle Boulevard, Nottingham, NG7 IFW. The preparation of the charity's financial statements requires management to make judgments, estimates and assumptlons that affect the reported amounts of income, expenses, assets and liabilities, and the disclosure of contlngent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in material adjustments to the carryin8 amount of the asset or liability. The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceeding years except where stated. Basis of Accountin The accounts have been prepared in accordance with Accounting and Reporting by Charitles., Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20151 Icharities SORP IFRS 10211, notwithstanding that the current Charitie5 (Accounts and Reportsl Regulations 2008 refer to the previous Charlties SORP. As there are no material uncertainties about the charity's abillty to continue the accounts have been prepared on a going concern basis. The reporting is in pounds sterling. The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recogni5ed at historical cost or transaction value unless otherwise stated in the relevant accountlng policy noteslsl. Funds All of the funds of the charity are unrestricted in the hands of its trustees. Incomin re50Ltrces Incoming resources are included in the Statement of Financial Activities on the basis of the amount's recelvable for the year. Legacies are included when there is sufficient probability of receipt as at the end of the year. Investment income is included when it is received. Gift Aid refunds are included for the year to which they relate. Resources ex ended Resource5 expended are recognised in the Statement of Financial Activities when a legal or constructive obligation has arisen. Irrecoverable VAT is included in the related expenditure. Taxation As a registered charity, the charity 15 generally exempt from taxation on its income and gain5 arising out of it5 charitable activities. Investments Investments held as fixed assets are revalued at mid-market value at the balance sheet date. Galns and losses on investments are reported in the Statement of Financial Affairs. NOThINGHAM DIOCESAN SRPF NOTES & ACCOUNTING POLICIES FOR THE YEAR ENDED 315T MARCH 2024 Debtor5 Llebtors represent amounts which the charity expects to recelve at the balance sheet date less any redurtion for amounts which are or may be unreceivable. These also include the unexpired amount of expenditure incurred before that date. Creditors Creditors represent amounts which the charity expects to pay at the balance sheet date. It includeds any amount set aside to provide for expenditure where there is a reasonable expectation that it may become payable. Activitie5 As there is only one principal activity further analysis of it or of Supporting costs is not provided. NOThINGHAM DIOCESAN SRPF NOTES & ACCOUNTING POLICIES FOR THE YEAR ENDED 31ST MARCH 2024 2. AUDITORS REMUNERATION 2024 £OOOs 2023 £OOOs Fees payable for the audit of the flnancial statements 3. INVESTMENTS Listed Investments Investments Total Carrylng value at 1st April 2023 Additions at cost Amount5 Wlthdrawn Net disposal proceeds Management Charge5 Dividend Income Transfers Revaluatlc Realised net galns/(losses} Unreallsed net gainsl(losses) Carying value at 31st Marth 2024 8,051 267 (215) 18,545) 21 421 4. DEBTORS Other Debiors Gift Aid 5. CREDITORS DUE WITHIN I YEAR Audit Accrual NorriNGHAM DIOCESAN SRPF NOTES & ACCOUNTING POLICIES FOR THE YEAR ENDED 31ST MARCH 2024 6. MOVEME IN OPENING FUNDS 2024 £OODs 2023 £OOOs Balance at 1st April 2023 brought forward Surplusl (Deflcltl ftsr the year Balance at 31st March 2024 Y. RELATED PARTY TRANSACTIONS Insofar as the trustee is aware, there are no matters required to be fepoited other than already shown In these accounts within the Trustee Report In the section headed "Related Party Transactions"