Charily registration number NIC105256 DERRY DIOCESAN TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2023
DERRY DIOCESAN TRUST CONTENTS Page Charity Infomialion Corporate Trustee's r8POrt 2-12 Independent audilor's report 13-15 St8tement of financial activities 16-17 Balance sheet 18 statement of cash flows 19 No18s lo Ihe financial ststements 20-35
DERRY DIOCESAN TRUST LEGAL AND ADMINISTRATIVE INFORMATION Corporate Trustee St. Columb's Diocesan Trust N1012385 Directors of the Corporate Trusta8 Most Reverend Donal McKeown Reverend Michael Canny Reverend PaLJI Mccafferty Mr Shaun McElhinney Mr Sean O'Kane Reverend Michael Mccaughey Ms Aine Gallagher Mr Ciaran Hampson Fiona Schlindwein Ms Brenda Morris Charlty numbor NIC105256 Registered office Bishop's Hous8 St. Eugené's Cathedral Francls Street Derry Auditor Moore (NII LLP 21123 Clar8ndon Street DerrylLondonderry BT48 7EP Bankers Bank of Ireland 27 Culmore Road Derry 8T48 8JB Solicitors Napier & Sons 1-9 Castle Arcade High Street Belfasl BT15DF Hasson & Company Solicitors 39-41 Clarendon Street Derry BT48 7ER Clarendon Legal Solicitors 48 Clarendon Street Derry BT48 7ET
DERRY DIOCESAN TRUST CORPORATE TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Directors of the Corporate Trustea present their report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial stalemenls and comply with the Charity's constitution, the Charities Act (Northern Ireland) 2008 and "Accounting and Reporting by Charities". Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019)" The Diocese of Derry is a Diocese of the Roman Calholic Church in Ireland with the majority of its parishes and aclivitt.es being within Northern Ireland and smaller but significanl body of ils parishes and activities being in the Republic of Ireland. Derry Diocesan Trust is a charity regislered wilh ihe Charity Commission for Norlhern Ireland. Dp.rry Diocesan Trusl is in essence the registered charity and Civil law form of the Diocese of Derry. Objecttves and actlvitlas The principal obieclts of the charity are.. the advancement of the Roman Catholic religion in the Roman Catholic Diocese of Derry subject to any futur8 Curtailment or addition of area rnade in accordance with the laws and regulations of the Roman Catholic Church., and the advancement ol any charitable purpose supported by the Roman Catholic Church throughout the world or in any part of the wortd. Th8 territory covered by the Diocese of Derry is made up of 51 Parishes across parts of Counties Derry, Tyrone and Donegal and a very small part of County Antrim. The Church in Derry, in union with the Catholic Church worldwide, seeks to achieve its objectives through aclivities including the following.. Proclamatlon of the Gospel Worship of God Provision of Clergy and pasioral personn81 Formalion and developmgnt of parish communities Support for families Provision of educational, pastoral and youth ministries Piovlsion and maintenance of p5aces of worship Aid for impoverished and noedy communities worldwide. The means used to fulfil the purposes of the Diocesan Trust are constantly monitored and reviewed in order to ensure that the principal aims and objectives of the charity are adhered to. statement that the Corporate Trustee has had regard to the Charity Commlsslon for Northern Ireland public benefit Tequiremant statutory guidance The Corporale Truslee confirms that is has paid due regard lo the public benefit guidance issued by the Charity Commission for Northem Ireland in determining Ihe activities undertakan by the charily. Proclamation of the Gospel and Worship of God Within the Diocese religion is normally advanced through the building of parish Communities. This Includes provision of places of worship, the facililation of religious practice and through communily celebrations of the Liturgy and the Sacraments. There is a public celebration of Mass every day in Ihe maioiily ot Parishes and on every weekend several community Masses are currently celebraled in public in 50 of the 51 Parishes of the Diocese. All such celebrations are open to the public without any restrictions. Other activities of the charity include conducting religious ceremonies (such as baptisms, weddings and funerals). running prograTnmes pertaining to Spiritual formation and developmènt, encouraging and supporting inter-church relationships and rnaintaining places of worship, many of which are listed and contain religious works of art and other artefacts all of which form part of our national heritsge. As these places of worship are open to the general public, people of all faiths or none. they provide a public benefit for thè whole community and for many people they are spaces which offer the opportunity for quiet reflection and for spiritual contemplation.
DERRY DIOCESAN TRUST CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 It is within Parishes that peopl8 experience what it is to be a membar of the Catholic Church and where faith is nurtured and given expression. Parishes, through various means, provide for the moral and spiritual wellbeing of parishioners. Practical expressions of faith are manifesled through the means of Parish organised pastoral, social and educational activities. many of which rely on the voluntary irivolvement of parishioners. As well as pastoral care and the provision of the Sacraments to the members of parish communilies, the Diocese offers chaplaincy services to those who cannot be part of a regular parish community. Hospital Chaplain5 are available at 811 the major hospitals within Ihe Diocese of Derry. The Chaplains are regularly avai18ble to patients, palienls, relatives and staff and are on call to attend in emergencies. The Diocese also provides chaplaincy setvices in HMP Magilligan. The important role played by volunteers who participate in the various activities of the Parish cannot be overstated and their Contribution is vital in enabling the DioLe38 lo continue to fulfil and develop its staled objectives. Volunteers genp.rously give of their time serving in various ministries, caring lor and visiting the sick, the housebound and those on th8 margins of society. They play a signrficant role in helping to maint8in Parish property and assisting in financial and other administrative dulles, such as through membership of Parish Pastoral, Finance and Safeguarding Committees. Such parishioners are the lifeblDod of their communitiès and their contribution is slgnificant. The Diocese has around 850 volunteers whD provide a volunlary contribution to Ihe Diocese withln their respective Parishes on 8 regular basis. Although the charity relies principally on donations from p8rishioners for its fijnding, access to religious services is never r8stricled on the ground5 of financlal contribulions. In addition, members of the Catholic communily are encouraged, as a coiisequence of their faith commitment, lo contribute towards creating a better society by becorning acliv8 volunteers within their local area through membership of charities, local societies and community groups. The vast majority of Parishes have a Conference of the St Vincent De Paul Society whlch collect funds at weekend Masses and confidentiality provides financial and other support to people in need, irr8spective of religious officiation. Alongsid8 the work accomplished in the Parishes, the Curia, the Central administrative office of the Dloces8, coordinates and carries oul a number of essei)lial functions necossary for the advancement of Catholic religion at local, national and inlèmatlonal level. In ord8r lo do this, the Curia operales through Diocesan Committe8s and through various personnel charged wilh specific responsibilities. Provislon of Clergy Central to Parish life is the relationship between the Parish Priest, Curates and parishioners. Clergy are not employees of Ihe Diocese, however, In Canon Law the care and welfare of incardinated Priests of the DI0Se is mandatory and is, therefore, part of the charity's ongoing commitments. Support for Fami1105 Family Ministry within the Di0Se is dedicated to slranglhening marriage and families by coordinaling p8Storal programs and ministries that have faith as their foundation and Christ as their goal. By responding to the needs of today's families, as they slrive to live in a very challenging culture and a rapidly changing world, 'F8mily Ministry, serves as a resource for families, clergy and parish communities. Education The Diocese of Derry continues to dèdicate personnel who support the work of the 135 schools which are in Catholic Trusteeship within the Diocese of Derry. This programme not only engages with classroom teachers, schools, leadership and Governors but also promotes strong links with Ihe local parish comTllunities in the inlerest of a rounded education.
DERRY DIOCESAN TRUST CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Crlteria for measurlng progress against alms and objectives The nature of the objectives and activities of the Diocesan Trust are such that il is difficult to measure and assess succass using quanlitatlV8 or olher similar measuremant rnethodologies. Howe.ver, the Diocasan Trust is satisfied thal it h8s continued lo engagp. in levels of activity that safeguard Ilie achievement of its core objectives which in turn continue to sustain ihc promotion and practice of Catholic faith within and beyond the Diocese. The Diocese has succeeded in providing clergy, pastoral personnel and resources to suslain the structure and activities of parishes. 11 has succeeded in maintaining programmes of activity in supporting faith-based education. providing pastoral support to communities, families, young people and people who have become marginalised in society. It has succeeded in maintaining in good condition the buildings and properties that it holds to resourca its key objectives in cu¥renl times and into the long-term future. At the heart of the Diocesan stralegy. there has been the development of a culture and vision which acknowledges erTierqiTJg realities bul avoids promoling a gloomy piclure of tho future. The Diocose believes that this is e88ential if the Diobese is to be a bearer of hope and hp.aling in th8 face of many real challe.nges. Achievements and pertormance The COVID pandemic brought very significant difficulties for the Diocese in carying on Its prlmary activities of promotion of the Catholic faith and proclamation of the Gospel across all fifty-one parishes in the Oiocese of Derry. However, it is a k8y feature of the Diocesan strategy to prepare parish communilies for changing times and any challenges to our mission focus. The Dio¢es8 of Derry has sought to respond to ch8nging social contexts. Two dedicatad DiocEsan Pastoral personnel are employed to help parishes develop new ways of reachlng out lo people who. for whalever reason, do not attend church regularly. Two Diocesan Youth workers have bean developing ways of communicaling with young people, many of whom are so-called 'digilal natives,. Since 2022. the Diocese of Derry has developed a Synodal Process as part of the Universal Church process and of the Irish Synodal Pathway. This has involved facilitating parish 8nd deanery-based conversations, le8éing to the development of Diocesan submissions to documentation for the Catholic Church in Ireland. Synod Proccss Following the 2021 announcement by Pop8 Francis of a Synod of Bishops, on the theme of synodality wilh Ihe official litle 'For a Synodal Church: Communion, Particlpalion, 8nd Mission.. during 2023 Ihe Diocese continued its local preparalion, listening and dialogue in advance of the Synod of Bishops, the first session of which took place from 4 - 29 Octob8r 2023. Since that first session, the Diocese has fvrther engaged wlth parish communities, to provide a response to the following question: How can we imagine the life of the Church in Ireland where people are co-responsible for the Lhurch's mission in differenl ways? Parishes report a gradual return to aclive parish life, although many congregations are not as large 85 pre-COVID. Diocesan staff offered training to parishes to ensure that best use could be made of modem lechnology and Glergy were upskilled to make use of new opportunities. The Catechetical Centre and the Youth Commission developed innovative and effeclive ways of contacting and supporting both school8 and young people. Thus the Diocese has been able to continue its work of providing pastoral support to people in the 51 parishes in both the Northèm Ireland and Republic of Ireland jurisdictions. The Di0¢8san Trusl has continued to seek lo apply its resources to provlde pastor81 support to communitie5 an families in its partshes. and by the end of 2023 has developed the range of programmes which are delivered by clergy alongside staff and volunteers in parishes. In addition, there are programmes which are coordinated and delivered across the Diocese by the Diocesan Catechetical Centre and the Diocesan Pastoral Centres. Pastor21 programmes include support for the elderly and sick, youth development programmes and programmes delivered in conjunction with schools.
DERRY DIOCESAN TRUST CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trust is involved actively in èducation and practical engagemenl wilh the environmental challenge5 facing the planet and is committed to conlinuing its efforts and il monitors on a continuous basis its progress in Ihis area. The Diocesan Trust also seeks to carry on actlvilies which meet it8 charitable objectives beyond the geo9raphical territory of Ihe Diocese of Derry. Funds generaled afe then applied to missionary activities and programmes aimed at alleviating poverty beyond the Diocese of Derry and beyond Ireland. Throughout the year 2023, the Diocesan Ttust Continued with its r8gular seri8s of Trust and Trust Comrnitte8 meetin9s lo ensure the ongoing good govemance of the Diocesan Trust. Development of Parish Leadership At the end of the year, seven people are employed in Parish FaithlPastoral Coordination in parishes across the diocese, Buncrav)a, Claudy, B3nagher, Steelstown, St Eugene's Cathedral, Long Tower and the Three Patrons parish. Thèir locus is on faith formation, how parish Gommunities work lo le8ch and hand on faith, develop new ways of learning and practising faith and building up community, and developing ngw ways of gathering communities for prayer. The Diocesan Mission team has gathered this group, along with the Youth Ministry Team, the Catechetical Centre, the Columba Community and the TermonbaGca team, to explore ways of Gollaboralion 3nd supporting each other. Focus on Vocatlons At Ihe end of Ihe yoar, the diocese has t0 students stLJdying in Rome and one in Maynooih, with one making final preparation for his propaedeutic year in Salamanca. All the faithful of the diocose are asked to continue prayii)g for vocations, through the systamatic, ongoing work of the Diocesan Vocations Director. Maintenance of Bulldings and Property The Dioc8san Trust has actively continued to manage and safegu8rd the condition of the buildings and properties Ihal it holds in trusl to meel its charitable objeclives including churches, parlsh halls and parochial houses. The Trust aims lo maintain all properties in a good slate of repair and has completed a number of subst8ntial repair and relurbishment project8 during th8 year. Projects of this nature are financed through a mix of parish financi81 reserves, project fundrai8inq programmes and coll2Ltion5. sp8ci81-purpose donations and grant funding frorn extem81 bodies. The maintenance arbd refurbishment of property and buildings assist in safeguarding the ongoing activities of th8 Diocese and also benefit the broader community through the protection and safe9uarding of the built environment and heritage bulldings. structural Change for more effective outreach Having reviewed along with the clergy of Ihe Diacese, who 8re most directly affected, Bishop McKeown has proposed creating pastoral communities, wilh a missionary focus, where the current aim is to have at least two priests in each pastoral community. The purpose is to carry out more effectively the outreach mission of the diocese. The Ihrce of thes8 areas havp. been established. This model will give parishes more of an opportunlly of working cooperatively with their neighbours, sharing their gifts, talents and resources. Parishès, whilo retaining their individual parish identity, will share clergy. There WIIS b8 a gradual introduction of these areas over a period of years. The Diocese continues its work of providing pastoral support ta the communities and families in the 51 parishes in the Diocese, as they face many of the challenges of a changing society. wilh a focus on the mission of sharing the positive message of the Gosp81. On-going engagement with Youth and Schools in tha Diocese The Diocese, supported by Derry Diocesan Trust, continues to assist the work of the primary and posl-primary schools which are in Catholic Trusteeship. In 2023, the Diocese hosted ils second Religious Education Conference for primary and posl-prim8ry school leachers in the Diocese. Organised by the Calechelical Centre, it was held in Saint Columb's College, Derry with, as main topics, 'Building Communities of Dialogue,, 'FoTgiveness and Catholic Schoo15 as Essential Pla5 of Evangelisalion.. Part of the conference included an evening gathering of parishes in the Oiocese, focused on 'Building Parish Life.. Attendance was very high for all events. Reaching out to young people and a commitmenl lo youth ministry remains a top priority of the Diocese and a significant financial investment.
DERRY DIOCESAN TRUST CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Diocese continues to support the work of the primary and post-primary schools which are in Catholic Trusteeship. In Junè 2023 the Derry Diocesan Catechetical Centre org8nised the annual 'Fan the Flame, gathering in Celtic Park. Over 3,000 pupils who recently receiv the Sacrament of Confirmation attended. from schools in the Diocese of Derry. An interesting initiative, 'Ambassadors of Peace,, has been developed by the Catechetical Centre in an effort to help children understand the gift of the peace of Jesus in their lives and how they are called to live thal out as role models at home, in school and in their community. The initiative is designed for final yéar pupils in prim8ry school, wilh the young people being encouragéd to connect the gift of the Holy Spirit in the Sacrament of Confirmation with their daily lives, their interactions with friends and family, and becomin9 'P9acemakers wherever you are, wherever you live,. Funding of Parishes The Dioi;ese and its parishes rely lafgaly on donations from parishioners to fund its p8Storal programme8, to maintain its buildings and properties and to meet its running costs. In overall terms, Parishes and the Diorp.se have been able to conlinue to meet costs and the Diocesan Trust has provided advice and support to Parishes where financial difficulties have been most acule. The Diocese has explored new methods of ee1VIng donations, The new 'contsctless payment syslem, will be installed in many parishes over the next year. Laudato Si and Environmental Strategy In his 2015 encyclical Laudiilo Si. Pope Francis made a great call for th8 PT8Ctical car8 of our planet, OL6r common home, especially in this time of climale change. He challenged bath the church and the entire world to engage with th8 environmental ch¢gllenges presented by climate change. Over the past few yeaTS since the prèsonlalion of Laudato Si, the Oiocese of Derry has been engaging with the issues raised, and is moving towards the implemenlalion of The Olocese of Derry EnvSronmenl81 Strategy which was approved by the Trustee Board on 31st March 2023 and will be kept under regular review. Thls slralegy provides concrete objectives. as well as practical proposals, in terms of land usage, food, energy usage, design and management of Diocesan and parish properties, water 2nd waste management, and transport, as well as the crucial matters of implementation and rnonitoring. The areas are focussed on actioiis by the diocese and parishes, and by groups or individuals. A pilot programme was implemented in mid-2023 across four parishes or clusters of parishes covering the Diocesan Deanery areas. There was an open call in Èach of the parish newsletters for interested parties to joln the programme 2nd a serles of meetings has taken place over the year across the parishes. Involvement has not been reslricted to the nominated parishes with many members joining from neighbouring parishes and to date there has been inter-generational, cross-communily and cros5-border participation which is encouragin9. A number of plantsng activities look place in Three Patrons and CFJStlederg parishes and other initiatives include developmenl of relevant but accessible messaging, litter-picking events, eriergy usage and suslain8bility audits and dec8rbonisation stralagies, and planning for biodiversity and re-wilding schèm8s. Environmental initiative5 are not restrictad to those panshes taking part in the pilot programme and a number of other parishes have undertaken associated activities such as screening5 of The Letter, A Message For Our Earth. film (which includes exclusive dialogue with Pope Francis) and swilching to more energy efficient lighling, which also has added financial benefits. Laudate Deum Ss an apostolic exhortation by Pope Francis, published on 4th October 2023. It was released on the 2023 Feast of si Francis Assisi as a follow-up ta Laudato Sl. Edution and awareness of environmental issues are essential. In addition to regular social media posts, a month- long 'Season of Creation, was promoted in every parish from 1s1 September 2023 until 4th October 2023 and resources were shared from the Laudato Si movement in Ireland. Prayers focusing on caring for creation and tnessages for inclusion in parish bulletins were develDped and shared with the priests during this season, and during Lent together with promotion of the Trocair8 Lenten Campaign. There has also been engagement during the year with local council representatives, local schools and the Diocesan Laudato Si group. A presentation on the Diocesan Environmental Strategy and paiish pilot programme was delivered to the Conference of Clergy in October 2023.
DERRY DIOCESAN TRUST CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 150th Annlversary of St Eugene's Cathedral St Eugene's Cathedral, Derry is the Mother Church of the Diocese of Derry. 2023 saw the 150th anniversary of thé Cathedral. To mark the sesquicentennial of the Calhedral's opening in May 1873, Bishop McKeown led a Di0san celebration in the cathedral, al whieh all parishes were represented. The Bishop wore a new chasuble that h3d been rnade for the occasion, designed and created by Mari8 Horton, a former shirt factory worker, in order to remember, honour and celebrate the women of Derry who worked for so tnany decades in the shirt factory industry. In line with the focus on environmental responsibility, at the end of the celebration every p8rish in th8 Diocese was preseT)ted with two oak Ir8es for planting in parish soil. All of Ihis was arranged as part of the strategy to promote the post COVID 19 r&energizing of the Diocese and it5 mission. Safgguardlng cre.ating a safe envlronment for everyone and specifically for young people and adults at risk is of fundamental importanLe to the work of the Diocese. The Diocose has a clear strategy for crea119 a safe environment for all th050 who acc,ess ils premSses ar)d programm8s. The Diocesan structures were independently audit8d in September 2023 on behalf of the Nalional Board for Safeguarding Children in the Calholic Chiirch in Ireland. Th8 published report of the audit assessed all the safÈgu8rding standards had been aohieved in the Diocese of Derry. The Diocese of Derry is very conscious of the potential for major damage caused lo the charity's mission, reputation and resources by any abuse of ohildren or adults at risk. Invostment pollcy and performance The Diocesan Trusl has an Investment Policy which sets out ass8ssment criteria for investments including lev81s of rlsk and performance. The primary financial obj8Gtive of the Diocesan Trust is to ensure that the current and futur8 financial and pastoral obligations of the Dioceso of Derry can be met. The Trusl seeks lo produce the besl financial rèturn within an acceptabl8 level of risk, maintaining a balance beeen long-term Gapital growth and income growth. The investment objective is to generate a return as specified in the Trust's Investment Policy over a rolling Ihree-y88r period. A moderate amount of risk can be laken in order to achieve this objeclive. The Investment PoliGy includes a number of areas in which, for éthical reasons, the Dlocesan Trust aims not invest. In particular investment Is avoidpd in areas where the holdings include organi58tions whose main business and revenue derives from the manufacture, production, promotion or sale of goods and seNices in the following sectors., abortion, contraception, defence and 8miamenls. rnedical research methods involving uses of embryos specifically created for Inedical researGh or the use of erribryonic or foelal material for stem G811 research and pornography. Following the 2015 encyclical Laudato Si, from Pope Francis, on the care of the planet partiCLtlarly In a tim8 of climale change, a major five-year review documenl was issued In 2020 by the Holy See, enti118d Journeying Towards Gare for Our Common Home. One of the practical matters raised in the latter document was the move from fossil fuels, both in terms of gradual global replacement by renewable energy {p. 134) and "evaluating progressive disinvestment from the fossil fuel sector" (p. 179). The Council (Board Df Directors) of the Corporate Trustee approved a Diocesan Environmental Strategy during 2023, the original draft coming from the Dior.esan Laudato Si, Group. The Diocesan Environmental Strategy includes the need for a "review by the Diocese to avoid any direct holdings in f05siI-fuel-relaled fund5, following the lead already sot by other Irish Dioceses. (full docump.nt on diocesan website). Subsequent to this, the Council of the Corporat& Trustee iniliated a review of Ihe Investment Policy, which was ongoing at year end, to address fossil-fuel-related investrnents, The Diocesan Trust holds a nurnber of investment portfolios, and it has several inveslmenl managers. Performance is measured and assessed on an ongoing basis in Ihe context of performance returns, portfolio risk profile and compliance with the Trust'5 ethical requirements.as set out in the inveslment policy. During 2023 the Trustee Board was generally satisfied with the investment portfolios in terms of the three criteria listed above. However. ono portfolio was assessed as generating an unsatisf3Ctory performance return up to 2023 year end, and accordingly a transfer of funds to another investment manager took place after the year end.
DERRY DIOCESAN TRUST CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financial rovlew Details of the income and expenditure for the Gurrent and previous financial years are shown in the Statement of Financial Activilies on pages 16 - 17. Tobl incomo for the year was £13,365,404 of which £10,941.084 was generated by Parishes and £2.424,320 w3S generated by central Cutia funds. The principal funding source of the Diocesan Trusl in 2023 has continued to be donations from parishioners which have been used primarily lo fund the costs of pasloi31 activity, Maintenan of buildings and administration in the particular parishes in which the donations were received. Total expenditure for the year was £12,365,056 of which £9,794,006 w35 expended by Parishes and £2,571,050 was expended from central Curia funds. Therefore income exceeded expenditure for the year by £1,000,348. There were nel galns on revaluation of Investments to market value of £1,580,765 {2022'. n8t losses of £1,997,844) which combined with slerling-euro exchange adjuslments resulled in net incoming resources for the Diocese of £2,578,506 12022.. net outgoing resource5 £2,128,240). The Diocesan Trust holds reserves of £78.742,476 at 31st December 2023 12022: £76,163,970) comprising reslricted reserves of £73.816,55012022'. £71,014,644) and unreslricl8d reserves, which exclude parish Teserves, of £4,925.92612022'. £5,149,326). Details of th8 amounts and purposes of restricted reserve funds are Included in note 21 in the accounts. Rèserv85 policy The Dlocesan Trust recognises that its incorne arises primarily from voluntary donations and that accordingly it is important to Seek to carry adequate levgls ol reserves to ensure its ability lo meet fulure expenditure commitments as they arise. Parishes are encoLJraged to mainlain adequate short-term reserves lo ensure that they can meet operating costs in the short-term and to build longer-lerm reserves that will be available if substanliol commitments, such as buildings refurbishment projects, arise in the future. Th8 Diocese centrally aims to maintain adequate levels of re8erwes to meet Diocesan operating costs in the short- to medium-lerm and to provid8 for any significant expenditures and contirigenci8s that may arise at future dales, The policy of maintaining significanl long-temi reserves is considered consistent with the expectslion Ihal the Diocese of Derry will continue to exist in perpetuity. The Diocesan Trust aims lo hold reseNes equating to at least the average amount of operating expendilure for three months as Free ReseNes. Free Reserves are olefinod as Unrestricted Funds less Tangible Fixed Assets. Funds invested in Tangiblè Fixed Assets are excluded from Free Reserves as these funds cannot be released without undcrmining the Diocese's ability to fulfil ils principal charitable objectives. At 31 December 2023, Free Reserves were £4,289,918 1?022: £4,493,478) and represented 5.26 months 12022.. 5.71 Th)onthsl of Totsl Operating Expenditure. Total Operating Expenditure lakes into account Parish expenditure and is measured against central Curia free reserves. The Trustee considers that this level of Free Reserves is reasonable, especially at the present lime, to enable the Diocese to fulfil its immediate financial obligations and Gommrtments and to plan for future investment requirements. Principal risk5 and uncertainties The Corporate Trustee engages in a continuous process of monitoring and identifying risk and seeks to implement measures to address the risk and mitigate the impact of any negative outcomes. The Corporate Trustee is satisfied with Ihe charity's ability to continue as a going concern
DERRY DIOCESAN TRUST CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Risk Management The Trust Council actively reviews all major strategic and operational risks lo which ihe charity is exposed and Confirms Ihesè have been reviewed and that strategiès and systems are established to manage exposure lo these risks. The main areas of risk identilied and monitored by the Trust Council include.. Sdfeguarding Compliance with Health & Safety and lisled buildings legislation Reduction ID active clergy members Reduction in voluntary income Increasing costs for Ihe care ot sick and retirgd clergy ReduGtion in central reserves due to capital projects and long term commitments Compliance with data protection regulations Risks in relation to fraud Plans for future periods The Diocese of DerTy recognises that ils core objectives of advancèment of the Catholic faith and PToclamation of the Gospel remain constant over time and accordingly it aims to maintain its existing activities into Ihe future. At th8 same time the Diocese recognises the changing environment in which it exists and 3ccordingly reviews its pastoral and operaliDnal progr8mmes and plans on an ongoing basis in an effort to ensure that it Gonlinues to meet its primary objectives Sn the context of a changing 8nvironment. The Dioces8 is carrying out a process of review involving broad consultation to plan how it will succeed in delivering its pastoral work in the future given the challenges that exist in terms of numbers of clergy, participation of lay people in chLJrch life and finance. In 2023, the Diocese appointed one of Ihe clergy to prornole the upskilling of parishioners for the purpose of increased involvement in promoting the mission of the Diocese. The Diocese is actively responding to initiatives pul in place by Pope Francis including work lo incorporate the principles of Laudato Si into the life and work of the Diocesg and Its parishes and Synodality programmes in advance of the Synod of Bishops Assemblies in Rome (October 2024). Furthermore, there is a schedule of residential 8nd non-residential programmes for clergy to support them in reviewing their pastoral strategies for changing limes. The Trust has begun the Implementation of ils Diocesan Environmentsl Stratèqy but there is plenty more to do and there is a genuine urgency in seeking to address the environmental challenges facing the world. In the year ahead, the Trust hope5 lo continue to raise awareness of environmental matters across the Diocese via events, communicatlons and encourag8ment of pray8r and reflection as well as 8ncouragernenl lo grow flowers, plants, fruit and vegetables and to make practical changes to our habils in order lo care for our common home. Drawing on th8 Centenary events for St Brigid and St Francis, and continuing lo celebrate the inspiration of these saints with resped to nature and creation, it will plan ahead for the 1 Oth anniversary of Laudato Sl. It ir)tends to P8rticipate actively in inilialives planned by Derry City and Strabane District Council in the first instance, with potential lo align with other local council areas within the Diocese. Through the piSot programme, the Trust plans to Complete a number of sustainability audits and further develop the decarbonisalion strategy, to develop a pilol community garden project as well as a re-wilding biodiversity project and to continue lo link with local schools, celebrating their environmental endeavours and PTomoting opportunities for Dur young people to learn about the environment and climate matters. It also hopes to dgvelop a project to benefit a community Wlthin a county significantly impacted by climat8 change. In the Synod process, the Diocese will conllnue its local dialogue, listening and disc8rnment with part5h communities in advance of the socond Session of the Synod of Bishops, which will lake place in Oclober 2024. There will be further synodal listening encounters in 2024, using the 'Conversalions in the Spint, model, which has been used extensively in the Synodal Pathway, including gathorings specifically aimed at young people, organised by the Diocesan Youth Minislry team. Two priests from the DioGese will travel to Rome, joining a group of 200 from all over the world, taking part an international synodal meeting of priests. All of this will feed into preparation for the next session of the Synod of Bishops. In relation to the developmenl of parish lead8rship, the Diocesan Mission team have planned a retreatlday of reflection in Autuffln 2024 with the seven Parish Faith I Pastoral Coordination employees, along with other groups. In 2024 the team will present 'Leading God's People in Prayer,, a four-session serie5 focussing on formation in prayer leadership and equipping lay people lo lead public prayer in the City Deanery. The same programme will later be presented in the County Derry Deanery.
DERRY DIOCESAN TRUST CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 structurei governance and management The Roman Calholic Diocese of Derry exi8ts in civil law as the registered charity Derry Diocesan Trust. 8 charitable trust established by a Trust Deed dated 20th July 2009. On 7th JLAIY 2016, Derry Di0san Trust became registered as a charity with the Chariiy commis.sion for Northern Ireland under charity registration number NIC 105256. For tax purposes, Derry Diocesarb Trust is also registered with HM Revenue and Customs as holding charitable tax status. The sole Corporate Trustee of the charity is St Columb's Diocesan Trust, a company limited by guarantee The Corporate Trustee is authorised by the Lord Chief Justice of Northern Ireland to act in any charitable or ecclesiastical trust as a trust corporation. The Diocasan Trust is currently carrying out a review of ils 9overnance structures and arrangements with the support of an independent professional firm. The operation of the charity is overseen by the Corporate Truslee. The Directors of the Corporate Trustee are appointd by the Bishop of Dorry who is Chair of Ihe Board (Trust CoLsn¢il)- The Corporate Trustee which served during the yedr and up to the date of signature of the financial statements was.. St. Columb's Diocesan Trust The directors which seNed on the Board of the Corporate Twstee during the year and up to the date of signature of the financi81 statements were.. Most Reverend Donal McKeown Rever8nd Michael Canny Reverend Paul Mccafferty Mr Shaun McElhinney Mr Sean O'Kane Reverend Michael Mccaughey Ms Aine Gallagher Mr Ciaran Hampson Ms Fiona Schlindwein M$ Brenda Morris Recruitment and appolntment of Trusteès Recruitrnent of Directors is based upon their knowledge of the local Church and th8ir having the professional skills and experience necessary for ov8rseeing th8 affairs of the charity by ensuring it is solvent, well run, and that it delivers the outcomes for which il is established. Inductlon and tralnlng of Trustees Ncw memtjers of the Board ol th& Corporalo Trustee are givon an introduction lo Ihe slruclure and governance arrangements of the Diocesan Trust and to the rolos and responsibilities of the members of the Board of the Corporate Trustee and its Committees upon appointment. The Diorp%an Trust will provide a number of training days for members of the Board of the Corporate Trustee. Training days are delivered by external professiondl firms with r8levant expertise and focus on developments in charily law and practice and on charity governance and management. 10-
DERRY DIOCESAN TRUST CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Organlsational structure Reflecting Canon Law, the activities of thè charity are separated in this report into Parish and Curia functions. Parishes The Diocese is divided into Parish communities. Parish PriestsJAdminislrators and Curates are appointed by the Bishop to provide p8storal care for Parish communities and to manage Parishes in all juridical affairs thus ensuring Parishes are administered in accordance with the nomis of Canon and Civil Law while fulfilling the aims of the charily. Each Parish is required by Canon Law to have a Finance Committee to assist the Parish PriesUAdminislrator in the administration of the Parish. Parish Finance Committees include parishioners with knowledgè and experience in finance, property manageTnent and administration. The Diocesan Tnjst is currently reviewing and updating its publication Financial and Adrriinistrative Guidelinos for Pdrishes in Drdp.r lo ensure that Ihore is clear and mettningful guidance in place for Parish Priests, Administrators, Parish Financo Commiltees and Parish Administralive Staff. Curia The Diocesan Curi8 consisls of those institutlons which and persons who furnish asslslance to the Bishop and Trust Council in the governance of the entire Dioces8, especially in direcling pastoral activity. in providing for the dminlstration of the Diocese and in exercising judicial power. 11 a150 includes all who partiClP2te in the overall administratlon of the Diocese. especially those who direGI Diocesan activities such as pastoral support, youth work, education, family life, liturgy, lalty and other facets of the local Church's life. Delegation of management In the day-to-day management of the charity, the Bishop refers ec¢lesiastical-related matters to Ihe Chancellor of the Diocese, the Diocesan Secretary, the Vicars General and other appropriate officials. Civil administrative matters are referred to the executiv8 Staff employ8d by the charity The Trust Council delegates ov8rsight of the Diocese's financial, property, investment, personnel and adminislralion matters to the suitably qualified clergy and slaff within the Curi8. The Board of the Corporate Trustee delegates day- to-day management of the charity (Other than areas of a canonical and paslaral nature which are managed by number of Diocesan clergy) to the following Diocesan staff members.. Kevin Mccauley Bsc FCA- ExecutlV9 Director, Derry Diocesan Trust Teresa McMenamin-Administralive and Financial Secretary, Derry Diocesan Trust Oonagh Robinson- Diocesan Trust Officer, Derry Diocesan Trust Finola Downey -Administralive Offir, Derry DioGesan Trust Remuneration pollcy The pr()Gess of setting pay and remuneration of the Diocesan Trust's key mdnagcment personnel is undertaken by the Bishop of the Diocese (who is the Chair of th8 Board of the Corporate Trustee) in consultation with thè Diocesan Personnel Commillee and the Board of the Corporate Truslee. 11
DERRY DIOCESAN TRUST CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 statement of Corporate Trustee's responslbilitles The Corporate Trustee is responsible for prep8rin9 the Corporate Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdorn Generally Accepted Accounting Practice). The law applicable to charities in Northem Ireland requires the Corporate Trustee lo prepare financial slatements for each financial year which give a true and fair view of the state of affairs of the charity and ol the incoming resources and application of resources of the charily for that year. In preparing these financial statements, the Corporate Trustee is required to: selecl suitable accounting policies and then apply them consistently,. observe th8 methods and principles In the Charities SORP., mak8 judgemenls and 8slimates that are reasonable and prudent., stste whelher applicable accounting standards have been followed, subject to any material d8partures disclosed and explained in the financial statements., and preparp the financial statements on the going concern basis unless11 is Inappropriate to presume thal the charity wi15 coniinue in operation. The Corporate Trustee is responslble for keeping sufficient accounting records Ihal disclose with reasonable accuracy 8t any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act (Northem Ireland) 2008, the Charity (Accounts and Reports) Regulations (Northern Irclandl 2015 and the provisions of the trust deed. The Corporate Trustee is also responsibl8 for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud 8nd other irregularities. The Corporat8 Truslee's report was approved by the Board of th8 Corporate Trustee. Most Reverend Do Director of St Ce. Dated.. 28 June 2024 al McKeoYm b's Diocesan Trust - Corporate Trustee of Derry Diocesan Trust 12-
DERRY DIOCESAN TRUST INDEPENDENT AUDITOR'S REPORT TO THE CORPORATE TRUSTEE OF DERRY DIOCESAN TRUST Oplnion We have audited the financial statements of Derry Diocesan Trust (the 'charity') for the year ended 31 December 2023 which comprise the statement of financial activities. the balance sheet, the statement of cash flows and the notes to the financial statemenls, including 8 Summary of signilicanl accounting policies. The financial reporting framework that h8s been applied in Iheir preparation is applicable law and Unitèd Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financ181 R&porting Standard applicable in the UK and Republic of Ir61and Iunlted Kingdom Generally Accepled AGcounting Practice). ID our opinion, the financial statements.. give a true and fair view of the state of the charity 5 affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended., have been p¥operly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prep8red in accordance with Ihe requirements of th8 Thè Charities Act (Northern Ireland} 2008. Basis for opinion We ¢anducted our audit in accordance with International Standards on Auditing IUKI {ISA8 {UK)l and applicable law. Our responsibili118s under thos8 Standards are further described in Ihe Auditor's responsibililies for the audi¢ of the financial statement5 section of our report. We are ind8pendenl of the charlty in accordance with the othical requirements thal are relevant to our audit of the financial statements in the UK, Including the FRC'S Ethical Standard, and w8 have fulfilled our other ethical responsibilities in accordance with these requiremenls. We beli8ve that the audit evidence we have obtain8d is sufficlenl 2nd appropriale to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statemen15, we have ¢oncluded that the Corporate Trustee's use of the going concern basis of accounting in the pr8paration of the financial statements is appropriate. Based on the work we have perfomied, w8 have not identified any material uncertainlies relaling lo events or conditions that, individually or collectively, may cast significant doubl on the charity's ability to continue as a going concern for a period of at least twelve Months from wh9n the findncial slalements are authorised for issu8. Our responsibilities and the responsibilities of the Corporate Tru8lee with respect to going concern are descrfbed in the relevant sections of this report. Other Information The other information compri8e3 the information included in the annuAI report other than the financial staternents and our auditorfs report thereon. The Corporate Trustee are responsible for the other infr)Tmation conlainp.d within the annual report. Our opinion on the financial statements does not cover the other infomalion and we do not expre55 any form ol assurance concluslon thereon. Our responsibility 15 to read th8 olher information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statemenls or our knowledge oblained 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 give5 rise to a material misststement in Ihe financi81 stalemenls themselves. If, based on thè work we have pèrformed, we conclude that Iher8 is 8 material misstatement of Ihis other information, we are required to report that fad. We have nothing to report in this regard Matters on which we are required to report by exception We have nothing to report in r8sp8Ct of the following mallers in relalion to which the Charities (Accounts and Reports) Regulalions (Northern Ireland) 2015 require us to report to you if, in our opinion= Ihe information given in the financial statement5 is inconsistent in any material re5PeCt with the Corporate Trustee's report., or sufficient accounting records have not been kept", or the financial ststements are nol in agreement with the accounling records. or we have not received all the information and explanations we require for our audil. 13-
DERRY DIOCESAN TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE CORPORATE TRUSTEE OF DERRY DIOCESAN TRUST Responsibilitles of Corporate Trustee As explained more fully in the stalement of Trustees, responsibilities, the Coiporate Trustee are responsible for the preparation of the financial statements and for being satisfied that they give a tru& and fair view, and for such internal control as the Corporate TrLJStee detennines is necessafy lo enable the preparalion of financial statements that are free from material misstatement, whelher due to fraud or error. In preparing the Iinancial statement5, the Corporate Trustee are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless th2 Corporale TrLtslee either intends to cease operations, or have no realistic altemative but to do so. Auditorfs re5ponsibilitles for the audit of the financial statèments We havè been appointed as auditor under seclion 65(2) of the Charities Act (Northern Ireland) 2008 and report om accordance with Ihe Act and relevant regulations made or having effect ihereundor. Our objectives are to obtain reason8ble assurance about whether Ihe financial stalemenls as a whole are free from materi81 misstatement, whether due lo fraud or error, and Io issue an auditor's report Ihal indudes our opinion. Reasonable assuranc8 is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misststement when it exists. Misstatemenls can arlse from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic declsions of users taken on the basis of these financial ststements. The extent to which our proc8dures are capable of detecting irregularities. including fraud, is detailed below. Extent to which the audit was considered capable of detectlng Irrogularitles, includlng fraud The objectives of our audit in respect of fraud, are., lo Identify and assess the risks of material misstatement of the financial statements due lo fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material r(iisslatement due to fraud, through designing 2nd implementing appropriate responses to those assessed risks,, and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection ol fraud reslb with both managemcnt and those charged with governance of the charity. Based on our Ljnderslanding of the charity and its operating environment, we determined that the most significant frameworks which have a direct impact on Ihe preparation of th& financial stalamenls ar8 those related to the reporting framework, {FRS 102, the Charities Act (Northern Ireland) 2008, The Charities (Accounts and Reports) Regulations (Northern Irelav)d) 2015, and the Charity SORPI. Compliance with these laws and regulations was assessed as part of our procedures. Other laws and regulations of which non-compliance may have a material effecl on the financial statem8nls, e.g. through fines or litigation, were identified as regulations in relation lo employment law and iegulations in relation to holding charitable status with the Charily Commission for Northern Ireland. Our required prOdUreS in these area5 are limited lo inquiry of trustees and other management and insp8clion of any regulatory or legal correspondence. These limited procedures did not identify any actual or suspected non-compliance. We assessed the susceptibility of the charity's financial statemènts to material misstaternent, including how fraud might occur, including evaluating management's incentives and opportunities to manage or influence the reported results. From the Fesults of our assessment, we determined that the prinGipal risks of fraud relate lo posting inappropriate journal enlries and use of charity funds for purposes outside of restrictions imposed by Ihe donor. In commor) with all audits under ISAS (UK), we are required to perform specific proc£dure5 to respond to the risk of mana9ement override. 14-
DERRY DIOCESAN TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE CORPORATE TRUSTEE OF DERRY DIOCESAN TRUST Audit response to rlsks identlfled As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional scepb'cism ihroughoul Ihè audit. Audit procedures performed by the engagement team included.. We ablained an understanding of the charitable company's internal coiitrol systèms in order lo design akjdit procedures that are appropriale in the circumstsnces, bul not for the purposes of expressing an opinion on Ihe effectiveness of the charills internal control. We obtained an understanding of how the charity complies with relevant laws and rogulations, including those as a result of its registration wilh th8 Charity Commission for Northern Ireland and charilable slatus with HM Revenue & Customs, by making enquiries of management and those charged with governance. Enquiry of management. those charged with governan and the entitys solicitors around actual and PDtenknal litigation and claims. Enquiry of entity staff to identrfy any instances of non-compliance with laws and regulalion5. Perfomiing analytical procedures to identify any unusual or unexpected relationships that may indlcate risk.% of matenal misstatement due to fraud Reviewing minutes of me.etings of those charged with govemance Reviewing financial slalem8nl disclosures and testing to supporting docum8ntstion to assess compliance with applicable laws and regulalions. Auditing the risk of management override of conlrDls, including through testing journal entries and other adiuslments for appropriateness, and evaluating the busin88s rationale of significant transactions that ar8 unusual or outside the normal course of buslness. Auditing the risk of use of charity funds outside of restrictions Imposed by the donor by revlew of funding letlers of offer to identify restriclions, and review of funding claims preparad by management to check compllance with restrictions. We communicated relevant laws and regulations and potenlial ffaud risks to all engagement Icam members, and remainèd alert lo any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inh8renl limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transaclions reflected in the financial statemen15, the less likely we would become aware of it. Also, the risk of not detecting a material mis8tatement due to fraud is higher than Ihe risk of not detecting one resulting from error, as fraud may involve deliberate concealmenl through collusion, forgery, intentional omissions, misrepr8sentalions or the override of internal control. A further description of our responsibililies is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uklauditorsresponsiblllties. This description forms part of our auditor's report. Use of our report This report is made solely to the Charity's trustees. as a body. in accordance with part 4 of the Charities (Accounts and R¢ports) Regulations (Northern Ir818ndl 2015. Our audit work ha5 bèen undcrtaken so that we might slate lo the charity's Injstees those matters we are required to stste to thp.m in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charily's Iruslees as a body, for our audit work, for this report, or for the opinions we have formèd. John Bradley {Senior Statutory Audltor) for and on behalf of Moore (Nl} LLP 28 June 2024 Chartered Accountants statutory Auditor 21123 Clarendon Street DerrylLondonderry BT48 7EP Moore (Nl} LLP is eligible for appoirilment as aLAdilor of tho charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 15-
DERRY DIOCESAN TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Current flnancial year UnrestriGted R8Stricted funds funds 2023 2023 Total Total 2023 2022 Notes Income and endowments from. Donations and legacies Charitable activitias Inveslmenls Olher incomo 714.862 11,017,447 11,732.309 10.225,561 294,758 294,758 193,600 409,182 470.022 252,899 866,112 868,315 1,259,454 60,840 2,203 Total in¢om8 777,905 12,587,499 13.365,404 11,931.514 endlture on; Charitable activities Parishes Curlal 9,450,355 9,794.006 9,794,006 979,306 1,591,744 2,571,050 2,603,622 979,3C6 11,385,750 12,365,056 12,053,977 Total charltable expendilure Nel Ilossesllgains on investments 11 219,930 1,360,835 1,580,765 11,997,844) Net incomingl(outgoingl resources before transfers 24 18,529 2.562,584 2,581.113 <2,120,307) Gross transfers btheen funds 1238,347) 238,347 Net (oulgolng)lincoming resources (219,818) 2,800,931 2,581,113 (2,120,307) Other re¢ognlsgd gains and losses OtheT gains or losses 13 (3,582) 975 (2,607) (7,933) Net movement in funds (223,400) 2,801,906 2,578,506 12.128,2401 5,149,326 71,014,644 76.163.970 78,292,210 4,925,926 73.816.550 78,742,476 76,163,970 Fund balances at 1 January 2023 Fund balances at 31 December 2023 The stalement of financial activities includes all gains 8nd losses r8cognised in the year. The statement of financial activilies includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 16
DERRY DIOCESAN TRUST STATEMENT OF FINANCIALACTIVITIES (CONTINUED) INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Prlor flnancial year Unrestricted Restri¢tod funds funds 2022 2022 Total 2022 Notes Income and 8ndowments from: Donations and legacies Charitable activities Investments Other income 637,067 9,588,494 10,225,561 193,600 193,600 224,803 252,899 768,443 1,259,454 28,096 491,011 Total income 1,156,174 10.77S,340 11.931,514 endlture on: Charitable. aLlivities Parishes Curial 9,450.355 1,644,230 9,450.355 2,603,622 959,392 Total charitable expenditure 959,392 11,094,585 12,053.977 Net gainsll1058es) on investments 11 1301,809) {1,696,0351 (1,997,844) Net incomingl(outgoing) resources before transfers (105,0271 {2,015,280) (2,120,307) Gross transfers b8tW88n funds 24 {209,559) 209,559 Net (outgoingllincoming resources 1314,586) (1,805,721 } (2,120,307) Other re¢ognlsed galns and losses Other gains or losses 13 11,533 (19,466) (7,9331 Net movemenl in funds 1303,0531 (1,825,187) {2.128,2401 Fund balances at 1 January 2022 5.452.379 72,839.831 78,292,210 Fund balances at 31 December 2022 5,149,326 71,014,644 76,163,970 17
DERRY DIOCESAN TRUST BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Notes Flx8d assets Tangible assets Investments 14 15 32.368,354 19,757,345 32,158.040 18,228,244 52,125,699 50,386,284 Current assets Debtors Cash at bank and in hand 16 3,951,208 24,348,977 3,871,586 23,680,383 28,300,185 27,551,969 Creditors: amounts falling due within one year 18 1796,237) (658,6721 Net current assets 27,503,948 26.893,297 Total assets less current liabilitles 79,629,647 77.279,581 Credltors: amounts falling due after more than on8 year 19 (212,1711 1390.611 } Provisions for liabilities 20 (675,000) 1725,0001 N8t assot8 78,742,476 76,163,970 Income funds Restricted funds Unrestricted funds 21 73,816,SSO 4,925,926 71,014,644 5,149,326 78,742,476 76,163,970 The financial statements were approved by the Corporate Trustee on 28 June 2024 Most Reveren Director of St al McKeown b's Diocesan Trust - Corporate Trustee of Derry Diocesan Trust ol 18-
DERRY DIOCESAN TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Note5 Cash flows from operating activities Cash generated fron(abSobed by) operations 28 583,210 (309,7241 Investing activities Purchase of tangible fixed assets Proceeds on disposal of tangible fixed ass8ls Purchabe of inveblments Proceeds on disposal of investments Interest received {605,747) 524,205 850.049 (250,270) 54,107 252.899 470,022 Net cash generaled from Investing activltles 388,480 906.785 Financlng activities Repayment of borrowings Repayment of bank loans (115,765) {178,440> {18,1501 1136,536) Net cash used In flnanclng actlvltles (294,205} 1154,686) Net In¢rease In cash and cash equlvalonts 677,485 442,375 Cash and c8sh equivalents al beginning of year 23.619,536 23,177,161 Cash and cash equivalent$ at end of year 24,297,021 23.619,536 Relatlng to: Cash al bank and in hand Bank overdrafts included in creditors payable within one yèar 24.348.977 23.680,383 (51,956) (60,8471 19-
DERRY DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies Charity infomiatlon Derry Diocesan Trust is a rp.gistered charily in Northern Ireland. The charity oporales in Northern Ireland and Republic of Ireland. The address of the registered office is given in the charity infonnation. The nalure of the charity's operations and principal activities are= 1} the advancemenl of Roman Catholic religion in the Roman Catholic Dioces8 of Derry subject to any future curtailment or addition of area made in accordance with the laws and regulalions of the Roman Catholic Church. and 2) the advancement of any charitable purpose supported by th8 Roman Catholic Church throughoul the world or in any part of th8 world. 1.1 Accounting conventlon The financial statements have been prepared in accordance with the charity's conslilulion, the Charities Act INorthern Ireland) 2008 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting St8ndard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191" The charity is a Public B8n8fit Entity as defined by FRS 102, The financial statements are prepad In sterllng. whSch is the functional currency of the charity. Monetary amounts in these financial statements art rounded to the nearest £. The financial slalements have been prepared under the historical cost conv9ntion, Imodified to Include the revaluation of freehold propertles and to include investment properties and certain financial instruments 8t fair value]. The principal accounting policies adopted are sel out below. 1.2 Going concern Al Ihe time of approving the financial statements. the Corporate Trustee has a reasonab18 8xpectation that the charity has adequate resources to continu8 in operational existence for the foreseeable future. Thus the Corporate Trustee Gontinues lo adopt th8 going concern basis of 8ccounting in preparing the flnanclal slatemenls. 1.3 Charltable funds UnreslriGted funds are available for use at the discretion of the Corporate Trustee in furtheranGe of their charitable objectives. Reslricted funds are funds which are to be used in accordance wilh specific restrictions imposed by donors or which have been raised by the charity for particular purposes. Thg costs of raising and administering such funds are charged against the specific fund. The purposes and uses of the restricted funds are set oul in the notes lo the financial slalements. 1.4 Income Income is recognised when the charity 15 legally entitled to it after any performance Gonditions have been met, the amounts can be measured reliably, and il is probable that income will be reccived. Cash donations are recognised on receipt. Other donations are recognised On Ihe Charity has been notified of the donation, unless performance conditions require deferral of the amount_ Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on re[pl or otherwise if the charity has been notified of an impending distribution. the amaLrnt is known, and receipt is expected. If the amount 15 not known, the legacy is treated as 2 contingent asset. -20-
DERRY DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcies (Continued) No amount is included in the financial ststements for volunteer time in line with the SORP {FRS 102), The charity occasionally receives grants in repsect of running costs and upkeep of properties. Income from grants is recognised at fair value when the charity has entitlement after ariy performance conditions have been mel, it is probable that Ihe income will be received and the amount can be measured reliably. Investment income is earned through holding assets for investment purposes such as shares and property. 11 includes dividends. interest and rent. Interest income, dividend and rent income recognised as Iha charity's right to ieceive payment is established and is included when the amount can be measured reliably. Where it is not practical lo identify investment management costs incurred within a scheme with roasonable ilGcuracy, the inve%lrTieril income is reporled net of these costs. 1.5 Ro8ource5 Expended Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable Ih8t seltlement will be required and the amount of the obligation can be rneasured reliably. Expenditure on ¢harltahle actlvltles includes the cosls servic8s undertak8n to further the purposes of Ihe charity by Parishes and Curia, Irrecoverable VAT is charg8d as a cost against the activity for which the expenditure was incurred. Grants p8yable to third parties are within charitable objectives. Where unconditional grants are offered, this is accrued as soon as th8 r8CIP18nl is notified of the grant, as this gives rise to a reasonable expectatlon that the recipient will receive the grants. Where grants are conditional r81aling to perfom7ance. thÈn the grant is only accrued when any unfulfilled conditions are outside of Ihe control of the charity. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreGiation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less Ihelr resldual values over their useful Ilves on tho following bases.. Parish propety and contents Curia land and buildings 10/0 straight line 20/0 straight line Freehold land included wilhin Curia land and buildings is not depreciated. 1.7 Fixed as3et investments Fixed asset investmenls are initially measured at transaction price excluding transaction costs, and are subsequenity measured at fair value at each reporting date. Changes in fair value are recognised in net incomeJ(expenditure) for the year. Transaction costs are expensed as incurred. 1.8 Impalrment of fixed assets At each reporting end dale, the charity reviews the carrying amounls of its tangible assets to determine whether Ihere is any indication that those assets have suffered an impairment loss. If any such indication exists, thè recoverable amount of the asset is estimated in order to determine the extent of the impairmènt loss (if any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings In current li8bilities. 21
DERRY DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollclos (Continued) 1.10 Financial instruments The charity has elected lo apply Ihe provisions of Section 11 'Basic Financial Instrumenls, and Section 12 'Other Financial Instruments Issues, of FRS 102 10 all of its financial instruments. Financial inslruments are recognised in the charitls balance sheet when the charity becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable righl to set off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liability sirTiullaneously. Baslc flnancial assets Basic financial assets, which include debtors and cash and bank balanoes, are initially measured at transaction price including transaction ¢osts and are subsequently carried al amortised cost using the effecliv8 inleresl method unless the aangernent conslilules a financing transaction, where the Iransaclion is measured al the presenl value of the fijlure r8ceipts discounted al 8 m8rket rale of interest. Financial assets classified as receivable within one year are not amortised. Bas1¢ linancial liabilities Basic financial liabilities, Includlng creditors and bank loans are inStially r8cogni5ed at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measure¢J al the present value of Ihe future payments discounted at 8 market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are 5ubsequenUy carried at amortised cost, using the effectlv6 interest rale method. Trado creditors are obligations to pay for goods or services that have been awuired in the ordinary course of operations from supplip.rs. Amounts paydble are Classified as current liabilitios if paymonl is du8 within one year or 18ss. If nol, they are presented as non-current liabilities. Trade credilors are recognised initially at transaction price and subsequently measured at amortised cost using the effective inlerest method. Derecognition of financial liabilltles Financial liabililies are derecognised wh8n the charity's contractual obligations expire or are dlscharged or cancelled. 1.11 Taxation Derry Diocesan Trust is a charity and is recognised as such by HM Revenue & Customs. As a result, there is no liability to taxation on any of its income. 1.12 Provisions Provisions ara recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the ChartY will be required to settle that obligation and a reliable estimate can bè made of the amount of the obligation. The amount recognised as a provision is the best cstimale of the consideration required to settle the prp.8pnt obligalion al the reporting end date, takirig into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, Ihe amount expacted to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in nel incomellexpenditure) in the period in which il arises. -22-
DERRY DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policios l¢ontinued) 1.13 Employee benefits The cost of any unused holiday entitlernent is recognised in the per0d in which the employee's seNt$ are received. Termination benefits are recognised immediately as an expense when the charity is demonslrably committed to tomiinate the employment of an employee or to provide termination benefils. 1.14 Foreign exchange Foreign currency Iransaclions are initially reGnised by applying io the foreign currency amount the spot exchange rale between the functional currency and the foreigri Gurrericy at the dale of tho transaction. Monetary assels and liabilities denorninated in a foreign currency at the balance sheet date are Iranslated using the closing rate. Crltlcal accounting estimates and judg8monts In the application of the charity's accounting policies, the Corporate Trustee is requir8d lo make judgements, estimates and assumptions about lh8 caTrying amount of assets and liabiliti&s that are not reddily apparent from other sources. The estimates and associal8d assumptions are based on historical experience and other fa¢lors that are ¢onsidered to be relevant. Aclual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basls. Revisions to accounting estimates are recognised in the period in which the estimate is revised wliere the revision affects only that period, or in the period of the revision and future periods where the revision affects both currenl and future p8riod8. Crltlcal judgements Pfoparty Curial land and buildings and Church property and contents are staled at cost, where the cost can be identified. Prior lo 1996, Ihe accounting policy applied was for capilal expenditure to be wrilten off in full as incurred. A5 a result of that policy, the original costs and accumulated d8preciation of most curial land and buildings and Church property and contents held then was not av8ilable. The Corporate Trustee's view was ihat a reasonable approximation of the net book value of the curial property held al 81 Decernber 2016 would be established Ihrough discounting the insurance values of thcse a55els at that dale by 90010. Key sources of èstimatlon uncertainty Provisions for liabilities and charges - legal claims The charity has provided for the expected financial outcorne of claims and the associated legal costs that have been notified to the Corporate Trustee. The Corporate Truslee has taken advice from the solicitors engaged in the claims to arrive at the amount provided. The details of the amounts provided are included in note 20. 23-
DERRY DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donations and legacies Unrestricted Restricted funds fund5 Total Unrestricted RÈstricted funds funds Total 2023 2023 2023 2022 2022 2022 Parishes - offertories, donations and legaci8S Curla - donations, legacies and gifts Levy income Parishes fundraising 8,912,061 8,912,061 7,987,032 7,987,032 108.787 606,075 1.338.057 269,285 498,044 1,446,844 875,360 498,044 55.462 581,605 953,485 258,492 389.485 1,008.947 389,485 714,862 11,017,447 11,732,309 637,067 9,588.494 10,225,561 Charitsbl& actlvities Parish•s Curla Total 2023 Par15ho8 2022 2023 2023 Gr8nls received 294,758 294,758 193,600 Grants received R8venu8 Commissioners TWSSIEWSS Church refurbishment grants Other 5,928 115,579 72,093 238,709 56,049 238.709 56,049 294,758 294,758 193,600 Income from investments Unrestricted Restricted funds lunds 2023 2023 Total UnrestrlGtgd Re5tricled funds funds 2022 2022 Total 2023 2022 Rental income Income from Parochial investments Interest receivable 22,620 227,616 250,236 28,740 190.826 217,566 6.772 174,794 6.772 213,014 5,315 28,662 5,315 30,018 38,22D 1,356 60,840 409,182 470,022 28,096 224,803 252,899 -24-
DERRY DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Other Income Unrestricted Restricted funds funds Total Unrestricted fund5 Restricted funds Total 2023 2023 2023 2022 2022 2022 Nel gain on disposal of tangible fixed assets - Parishes Nel gain on disposal of langible fixed assets - Curial Olher income Income from solar panels and NIE Income from insurers Income from candles 8nd printed material 450,814 450,814 338,310 338,310 2,203 2.203 4,711 491.011 491,011 18,299 4,711 18,299 4,273 60,649 4,273 60,649 3,514 101,881 3,514 101,881 345.665 345,665 306,439 306,439 2,203 866,112 868,315 491,011 788,443 1,259,454 -25-
DERRY DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable actlvities Parishes Curial Total 2023 Parishes Curial Tolal 2022 2023 2023 2022 2022 Gross salarios and 8mployers national insurance costs Depreciation and impairmont Consumables and administration costs Clergy stipends Pastoral costs Donations Premises costs including insurance RepaiTS and malntenance Diocesan levy Pilgrimages and retreats, conferences and events Bank charges and Inlerest Accountancy fees Professional and consultancy fees isGellanaous and sundry 8xpen585 Legal clalms and 8SSOCl8led costs Retired priests stipends and expenses Cleric81 students, fees and ongoing formation Safeguarding costs Pastoral Centre aGtivitl8S CateGhelical Centre aclivilies Regional Marriage Tribunal Irish Hierarchy 1,856,576 547,031 2,403,607 1,822,438 445.923 2,268,361 345,073 28.633 373,706 339,320 28,747 368,067 777,783 828.642 445,020 56,009 32,740 810.523 828,642 562.967 720,449 719,555 773,273 192,220 92.547 33.194 752,749 773,273 293,135 931,539 117,947 664,440 100,915 838,992 1.541,773 2,855,170 875,360 70.340 1,812,113 1,614.348 4,679 2,859,849 2,747,701 875,360 840,097 44,103 1,658,451 322 2,748,023 840.097 65,980 74,425 35,061 65,980 75,595 45,501 84,757 33,985 1,200 13,440 85,9S7 47,425 1,170 10,440 54,538 19,506 74.044 96,745 17,487 114,232 39,320 21,167 60,487 36,645 4,931 41,576 220,000 220,000 361,070 381.070 191,323 191,323 163,294 163,294 73,590 75,127 110,282 73,590 75,127 110,282 76,474 45,401 76.474 45,401 95,859 237,956 30,000 111,649 237,956 30.000 111,649 179,705 29,916 125,679 179.705 29,916 125.679 9,794,006 2,571,050 12,365,056 9,450.355 2,603,622 12.053,977 Analysls by fund Unrestricted funds Restrtcled funds 979,306 979,306 959,392 959,392 9,794,006 1,591,744 11,385,750 9.450,355 1,644,230 11.094,585 9,794.006 2.571.D5D 12,365,056 9.450,355 2,603,622 12,053,977 26-
DERRY DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Net movement in funds 2023 2022 The net movement in funds is stated after chargingllGreditingl-. Depreciation of owned tangible fixed assels Profil on disposal of tangible fixed assets 373,706 {450,814) 368,067 {338,3101 Corporate Trustee The Corporate Trustee Inor any persons connected wilh them) did nol receiv8 any remuneration or benefits from the charity during the year in respect of the role of Trustee. 10 Employees The average monthly number of employee3 during the year was: 2023 Number 2022 Number Curial employees Parish employees 15 189 184 Total 204 197 Employment costs 2023 2022 Wages and salartes 2,403,607 2,268.361 There were no employees whos8 annual remuneration was £60,000 or more. 11 Net gainsl{losses) on investments as restated as restat8d Total Unrestricled Restricted Total funds funds Unrestrictod Restrlct8d funds funds 2023 2023 2023 2022 2022 2022 Revalualion of investments 219,930 1,360,835 1,580,765 1301,809) {1,696,0351 11,997,844) 12 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitsble purp05es. 27-
DERRY DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Other galns or losses Unrestricted Restricted funds funds Total Unrestricted funds Restricled funds Total 2023 2023 2023 2022 2022 2022 Foreign exchange gains 13.5821 975 (2,607) 11,533 (19.4661 {7,933) 14 Tangible fixed assets P8rl$h cur land and property and bulldlngs ¢ont•t)ts Tot81 Cost At 1 January 2023 Additions Disposals 33,918,594 1,437,344 605,747 (17,076) 35,355,938 605,747 (22,747) (5.671) At 31 December 2023 34,507,265 1,431.673 35.938,938 Depreciation and impairment At 1 January 2023 Depreciation charged In the year Eliminated in respect of disposals 2.952,475 345,073 (1,020) 245,423 28,633 3,197.898 373,706 11.020) Al 31 December 2023 3,296,528 274.056 3,570,584 Carrying amount At 31 December 2023 31,210,737 1,157,617 32.368,354 At 31 December 2022 30,966,119 1,191.921 32,158,040 -28-
DERRY DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Flxad asset investments Parishes Curial investments Inv•stments Total Cost or valuatlon Al 1 January 2023 Valuation changes Service fees Disposals S,135,910 338.640 13,092,334 1,242.124 17.804) 18,228,244 1,580.764 17,8041 {43,8591 (43.8S9) At 310ecember 2023 5,430,691 14,326,654 19,757,345 Carrying amount At 31 December 2023 5,430,691 14,326,654 19,757,345 At 31 December 2022 5,135.910 13.092,334 18.228,244 16 Debtors 2023 2022 Amounts falling due within one year: Other debtors 3,951,208 3,871,586 17 Loans and overdrafts 2023 2022 Bank overdrafts Bank loans Olher loans 51,956 268,991 249.781 60,847 447,431 365,546 570,728 873,824 Payable within one year Payable after one year 358,557 212,171 483,213 390,611 Amounts included above which fall due after five years.. Payable by instalments 163,331 -29-
DERRY DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Creditors: amounts falling due withln one year 2023 2022 Notes Bank loans and overdrafts Other borrowings Accruals and deferred income 17 108,776 249,781 437,680 117,667 365,546 175,459 796,237 658,672 19 Croditors: amounts falling due after more than one year 2023 2022 Notes Bank loans 17 212,171 390,611 20 Provision8 for liabilities 2023 2022 Legal claims and associated costs 675.000 725,000 Movements on provisions.. Legal claims and associated ¢osts Al 1 J8nu8ry 2023 Additional provisions in the year Utlllsation of provision 725,000 220,000 1270.000 At 31 December 2023 675.000 The charily has made a provision in the financial statements of £675,000 (2022. £725,000) in relalion lo ongoing legal daims and associated costs. The charity has quantified the likely financial outcome based on legal advice received. There is scope for amounts ultimately payable in respect of legal claims to be mitigated by insurance cover. -30-
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DERRY DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 22 Unrèstrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subiecl to specific cL)ndition.8 by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unreslricted funds by the trustees for specific purposes. At 1 January 2023 Incoming resources Resources expended Transfers Gains and losses At31 Dècember 2023 General funds 5,149,326 777,905 (979,306) {238,347) 216,348 4.925,926 Previous year: At 1 January 2022 Incoming resources Resources expended Transfers Gains and losses At31 December 2022 General funds 5,452,379 1,156,174 (959.392) (209,5591 1290,276) 5,149,326 23 Analysi5 of net assets belween fund5 Unrestrlcted Restrlcted funds funds 2023 2023 Total Unreslrlcted funds 2D22 Restricted funds 2022 Total 2023 2022 Fund balances at 31 December 2023 are represented by.. Tangible assets Investments Curr8nt ass8tsl{li8bililies1 Long tem liabilities Provisions 636,008 31,732,346 32,368,364 655,848 31,502,192 32,158,040 2,793,673 16,963,672 19,757,345 2,573.743 15,654,501 18.228,244 2,171,245 25,332,703 27,503,948 2,644,735 24.248,562 26,893.297 (212,171) (212,171) 1390,611 } (390,6111 (675,000) 1725,000) 1725,0001 (675,000) 4,925,926 73,816,550 78,742,476 5,149,326 71,014,644 76,163,970 Transfers between funds There have been transfers betwèen funds during the year totalling £238,347 {2022.' £209,559) Irom unrestricted reseeS to restricted reserves, which represents centi81 Curia funding lowards Parishes and Pastoial and Catechetical Centre activities. 25 Related party transactions There were no disclosable related party transactions during the year (2022- none). 34-
DERRY DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 26 Amounts held as agent There are various collections laken up during the year within the Diocese that are collections undertaken as agent on behalf of other Drganisalions. These funds are lodged to thp bank and then paid to the individual organisations_ The asset and liability are not recognised within these financial st8lemenls. The amount of funds held by the charity at the year end as an agent was £46,959 (2022.. £46,070}. 27 Analysls of changes In net funds At 1 January 2023 Cash Ilows At 31 D•cemb8r 2023 Cash at bank and in hand Bank overdrafts 23,680,383 {60,847) 668,594 8,891 24,348.977 {51.956) 23,619,536 677,485 24,297,021 Loans falling due within one year Loans falling due after more than one year (422,366) 1390,611) 115,765 178.440 {306,6011 {212,171} 22,806,559 971,690 23,778.249 28 Cash generated from operatlons 2023 2022 Surpluslldeficit) for the year 2,581,113 (2,120,307) Adjuslmenls for.. Inveslmenl incom8 recognised in statement of financlal aclivitl8S Foreign exchange differences Gain on disposal of tangible fixed assets Fair valup. gains and losses on investments Dcprecialion and impairment of langiblp. fixed assets (470,022) 1252,8991 (2,6071 17,9331 {941.8251 11.251,310) 11,580,765) 1,997,844 373,706 368,067 Movements in working capital= Ilncroaselldecrease in debtors Increase in creditor5 Increase in provisions (79,622) 262,221 (50,000) 113,590 60,165 361,070 Cash generated froml{ab30rt)ed by) operations 92,199 1731.7131 -35-