2024-03-31-accounts

REGISTERED CHARITY NUMBER: 511025

Trustees' Report and

Unaudited Financial Statements

for the Year Ended 31 March 2024

for

The Society of Yorkshire Brethren

Simon Hart FCCA Hart Wright Accounting Chartered Certified Accountants 24 Hall Drive Sutton In Craven North Yorkshire BD20 7NH

The Society of Yorkshire Brethren

Contents of the Financial Statements for the year ended 31 March 2024

	Page
Trustees' Report	1 to 3
Independent Examiner's Report	4
Statement of Financial Activities	5
Statement of Financial Position	6
Notes to the Financial Statements	7 to 10
Detailed Statement of Financial Activities	11

The Society of Yorkshire Brethren

Trustees' Report for the year ended 31 March 2024

The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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

Objectives and aims

When planning our activities for the year, the trustees have considered the Charity Commissioner's guidance on public benefit. The object of the society is the assistance of such of its members who through sickness, infirmity or old age are unable to support themselves and who are in serious necessitous circumstances. In particular, but without in any way limiting the generality of the foregoing, the society may assist such persons in any of the following ways: (i) by making specific lump sum payment;

(ii) by making monthly or other periodical allowances;

(iii) by making grants or loans (with or without interest) of such amounts and subject to such conditions as the trustees shall from time to time determine;

(iv) by making grants or allowances for the purpose of medical or dental treatment and care;

(v) by paying subscriptions or making donations to hospitals, homes or institutions having amongst their objects the care and treatment of such persons.

Grantmaking

Grants payable are accounted for when the trustees have accepted an obligation to make a grant, in accordance with the objects of the society. This is usually when they are approved by trustees and communicated to recipient.

ACHIEVEMENT AND PERFORMANCE

REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS

The trustees are pleased to present the accounts for the year. As at the balance sheet date the charitable fund was valued at £2,784,529 (2023 - £2,188,168), representing a net increase of £596,361 on the previous year.This does, however, include a legacy of £325,000 donated during the year.

Investment income at £62,727 (2023 - £47,994) was slightly down on the previous year.

The council made grants of £90,350 (2023 - £79,550) in the year, this represented an increase of £10,800 compared to the previous financial year.

The trustees hold a letter from HM Revenue & Customs dated 10 March 2000 which states "'I am now able to confirm that the grants made by the Yorkshire Brethren fund are non-taxable".

The trustees pay grants in December of each year.

The trustees are satisfied that the society's assets are available and adequate to fulfil its obligations

FINANCIAL REVIEW

Investment policy and objectives

The long term objectives of the trustees are:

a) To maintain the long-term purchasing power of the capital against inflation whilst achieving a balance between capital growth and the generation of income for the charity.

b) To review the long-term performance of the investment managers on a three year rolling basis

Reserves policy

The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ('the free reserves') held by the charity should be between 3 and 6 months of the unrestricted resources expended, which equates to £25,183 to £50,366 in general funds. The free reserves held as at 31 March 2024 were £114,291. At this level, the trustees feel that they would be able to continue the current activities of the charity in the event of a significant drop in funding.

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The Society of Yorkshire Brethren

Trustees' Report for the year ended 31 March 2024

FINANCIAL REVIEW

Going concern

The trustees have reasonable expectation that the charity has adequate resources to continue in existence for the foreseeable future. They continue to believe the going concern basis of accounting is appropriate in preparing the financial statements

STRUCTURE, GOVERNANCE AND MANAGEMENT CONSTITUTION

The society was constituted under rules originally approved on 27 November 1667. The current rules of the Society were approved on 9 June 2015

METHOD OF ELECTION OF TRUSTEES

Trustees are appointed by the council

INVESTMENT POWERS

The council may invest as if they were beneficially entitled

ETHICAL RESTRICTIONS

a) No investments in armaments

b) The investments to reflect the teaching of the Catholic Church in moral matters

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

511025

Principal address

Flat 2 33a Shine Oak Road Leeds LS62DD

Trustees

Rev Canon D Grant Chairman Rev Canon M McCreadie Treasurer Rev Canon T Wiley Secretary Rev Fr M Kelly Rev Andrew Summersgill Rev Richard Marsden Rev John Cook

Independent Examiner

Simon Hart FCCA Hart Wright Accounting Chartered Certified Accountants 24 Hall Drive Sutton In Craven North Yorkshire BD20 7NH

Bankers

Yorkshire Bank 94 Albion St Leeds LS1 6AG

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The Society of Yorkshire Brethren

Trustees' Report for the year ended 31 March 2024

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ Rev Canon M McCreadie - Trustee

Page 3

Independent Examiner's Report to the Trustees of The Society of Yorkshire Brethren

Independent examiner's report to the trustees of The Society of Yorkshire Brethren

I report to the charity trustees on my examination of the accounts of The Society of Yorkshire Brethren (the Trust) for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no material 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 Trust as required by Section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts 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 accounts to be reached.

Simon Hart BA FCCA

The Association of Chartered Certified Accountants

Simon Hart FCCA Hart Wright Accounting Chartered Certified Accountants 24 Hall Drive Sutton In Craven North Yorkshire BD20 7NH

Date: .............................................

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The Society of Yorkshire Brethren

Statement of Financial Activities

for the year ended 31 March 2024

Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Other income Total EXPENDITURE ON Raising funds Raising donations and legacies 4 Charitable activities 5 Grants Governance costs Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted fund £ 87,350 62,727 481 150,558 - - 90,350 10,383 100,733 - 49,825 64,466 114,291	Restricted fund £ 325,000 - - 325,000 15,172 15,172 - - 15,172 236,708 546,536 2,123,702 2,670,238	2024 Total funds £ 412,350 62,727 481 475,558 15,172 15,172 90,350 10,383 115,905 236,708 596,361 2,188,168 2,784,529	2023 Total funds £ 44,941 47,994 1,510 94,445 17,355 17,355 79,550 8,515 105,420 (185,383) (196,358) 2,384,526 2,188,168

The notes form part of these financial statements

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The Society of Yorkshire Brethren

CURRENT ASSETS Investments Cash at bank CREDITORS Amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds Restricted funds: Restricted Fund TOTAL FUNDS	Statement of Financial Position 31 March 2024 Unrestricted Restricted fund fund Notes £ £ 10 49,005 2,679,910 73,822 - 122,827 2,679,910 11 (8,536) (9,672) 114,291 2,670,238 114,291 2,670,238 114,291 2,670,238 12	2024 Total funds £ 2,728,915 73,822 2,802,737 (18,208) 2,784,529 2,784,529 2,784,529 114,291 2,670,238 2,784,529	2023 Total funds £ 2,165,571 39,534 2,205,105 (16,937) 2,188,168 2,188,168 2,188,168 64,466 2,123,702 2,188,168
	31 March 2024 Unrestricted fund Notes £ 10 49,005 73,822 122,827 11 (8,536) 114,291 114,291 114,291 12

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. Trustee

The notes form part of these financial statements

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The Society of Yorkshire Brethren

Notes to the Financial Statements for the year ended 31 March 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared to give a 'true and fair' view and 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Income

All income is recognised in the Statement of Financial Activities when the conditions for receipt have been met, where there is entitlement, probable assurance of receipt and the monetary value of incoming resources can be measured with sufficient reliability.

Expenditure

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Governance costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

Taxation

As a registered charity the entity benefits from rate relief and is generally exempt from Income Tax and Capital Gains Tax but not from VAT. Irrecoverable VAT is included in the cost of these items to which it relates.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

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

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Financial instruments

The charity only has the basic financial assets and liabilities of a kind that qualify as basic financial instruments. These are recognised at transaction value and subsequently at settlement value.

continued...

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The Society of Yorkshire Brethren

Notes to the Financial Statements - continued for the year ended 31 March 2024

2. DONATIONS AND LEGACIES 2024 £ Donations 100 Legacies 412,249 412,350 3. INVESTMENT INCOME 2024 £ Dividends receivable 62,727 4. RAISING DONATIONS AND LEGACIES 2024 £ Brewer Dolphin fees 15,172 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 6) note 7) £ £ Grants 90,350 - Governance costs - 10,383 90,350 10,383 6. GRANTS PAYABLE 2024 £ Grants 90,350 7. SUPPORT COSTS Governance Management costs £ £ Governance costs 3,146 7,237

continued...

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The Society of Yorkshire Brethren

Notes to the Financial Statements - continued for the year ended 31 March 2024

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020

Trustees' expenses

Trustees' expenses
	2024	2023
	£	£
Trustees' expenses	1,100	1,100

9. STAFF COSTS

The average monthly number of employees during the year w Trustees No employees received emoluments in excess of £60,000. 10. CURRENT ASSET INVESTMENTS Value 2024 £ UK quoted investments 2,705,751 UK Portfolio cash 23,163 2,728,915 MOVEMENT IN FAIR VALUE Market value at 1 April 2023 Acquisitions at cost Disposals at opening book value Net gains (losses) on revaluations in the year Market value at 31 March 2024 Cash awaiting investment Fair value at 31 March 2024 Historical cost as at 31 March 2024	as as follows: Value 2023 £ 2,074,013 91,560 2,165,573

Investments are valued at fair value at each year end. All investments are held within restricted funds.

continued...

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The Society of Yorkshire Brethren

Notes to the Financial Statements - continued for the year ended 31 March 2024

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors Other creditors	2024 £ - 18,208 18,208	2023 £ 16,936
		16,936

12. MOVEMENT IN FUNDS

The restricted fund is represented by the Investment portfolio held by Brewin Dolphin.

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.

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The Society of Yorkshire Brethren

Detailed Statement of Financial Activities for the year ended 31 March 2024 Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS Donations and legacies Donations 100 - Legacies 87,249 325,000 87,350 325,000 Investment income Dividends receivable 62,727 - Other income Mass Offering 481 - Total incoming resources 150,558 325,000 EXPENDITURE Raising donations and legacies Brewer Dolphin fees - 15,172 Charitable activities Grants to individuals 90,350 - Support costs Management Trustees' expenses 1,100 - Postage and stationery 2,046 - 3,146 - Governance costs Wages 1,045 - Accountancy and legal fees 3,120 - Trustees' meetings and AGM 3,072 - 7,237 - Total resources expended 100,733 15,172 Net (expenditure)/income before gains and losses 49,825 309,828 Recognised gains and losses Unrealised gains/(losses) on fixed asset investments Realised gains/(losses) on fixed asset investments - 249,209 (12,501) Net (expenditure)/income 49,825 546,536	2024 Total funds £ 100 412,249 412,350 62,727 481 475,558 15,172 90,350 1,100 2,046 3,146 1,045 3,120 3,072 7,237 115,905 359,653 249,209 (12,501) 596,361	2023 Total funds £ 100 44,842 44,941 47,994 1,510 94,445 17,355 79,550 1,100 661 1,761 - 3,288 3,466 6,754 105,420 (10,975) (162,130) (23,253) (196,358)

This page does not form part of the statutory financial statements

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