Company Registration Number." N1041113 Registered Charity Number.. NIC105893 ort of the Directors and Financial Statements for the Year Ended 31 December 2022 for The Der Diocesan Trust FLU]d for Sick Priests Limited b Guarantee Acom
TheDe Diocesan Trust Fund for Sick Priests Contents of the Financial Statements foT the Year F,nded 31 December 2022 Page Company Inforniation Report of the Trustees 2to6 Report of the Independcnt Auditors 7tolO Statement of Financial Activities Balance Sheet 12 Notes to the Financial Statements 13to 17 Detailed Statement of Financial Activities 18
TheDe Diocesan Trust Fund for Sick Priests Com Information for the Year Ended 31 December 2022 TRUSTEES: Most Rev Daniel McKeown DD Right Rev Monsignor Bryan Mccanny Rev Paul Mccafferty Very Rev Michael Canny Rev Andrew Dolan Rev Jol)n Cargan (deceased 14.04.2022) Rev Eugene Boland Rev Peter Devlin Very Rev Francis Bradley Rev Patrick Baker Rev Michael Mccaughey Rev John Gilmore Rev Gerard Swceney Rev Patrick Dohety Rev Con McLaughlin Rev David O'Kane COMPANY SECRETARY: Rev Paul Mccafferty REGISTERED OFFICE: Bishop's House St Fugene's Cathedral Derry CHARITY REGISTIL4TION NUMBLR: NIC105893 REGISTERED NUMBER: N1041113 (Nortliern Ireland) AUDITORS: Shaun McAteer & Co. Ltd 5 Northland Road Derry BT48 7HX BANKERS: Bank of Ireland Nalionwide SOLICITORS: Napier Solicitors 1-9 Castle Arcade Belfast INVESTMENT CONSULTANT: Gary Mcwilliams Dip PFS IMC NST Capital Management 23 Society Street Coleraine
TheDe Diocesan Trust Fund for Sick Priests ort of the Trustees for the Year Ended 31 December 2022 The trustees, who are also directors of the company for the purposes of company law, present their report with the audited financial statements of the company for the year ended 31 December 2022. The financial statements have been prepared in accordance with the Statement of Recommended Practice "'Accounting and Reporting by Charities" and the provisions of Section IA Small Entities" of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. Structure, Governance and Management Governing Document The company was incorporated on 3 July 2001, to provide members, who are sick through physical illncss or mental illness, with hedlth care and medical treatment paid for by the Trust Fund charity with the aim of assisting a return to full health and a return to active ministy as priests as quickly as possible. The Dery Diocesan Trust Fund for Sick Priests is a Limited Company &nd registered as a charity in Northern Ireland on 3 November 2017. It is governed by its Mernorandum and Articles of Association. In the event of the company being wound up, liability is limited to an amount not exceeding £ 100 per member. Appointment of Trustees All trustees are elected or appointed to the Management Committee under the Memorandum and Articles of Association. The number of trustees is not subject to any maximum but will not nornlally be less than seventeen. The trustees also act as cornpany directors. The trustees shown below have held office during the whole of the period from l January 2022 to the date of this report, unless otherwise stated. Most Rev Daniel McKeown DD Right Rev Monsignor Bryan Mccanny Rev Paul Mccafferty Rev Michael C'anny Right Rev imonsignor Andrew Dolan Rev John Cargan (deceased 14.04.2022) Rev Eugene Boland Rev Peter Devlin Very Rev Francis Bradley Rev Patrick Baker Rev Michael Mccaughey Rev John Gilmore Rev Gerard Sweeney Rev Patrick Doherty Rev Con McLaughlin Rev David O'Kane
The Der Diocesan Trust Fund for Sick Priests ort of the Trustees for the Year Ended 31 December 2022 The company is a company limited by guarantee and not having a share capital and accordingly no director has any interests in shares in the company. Induction and training A programme of ongoing training is provided to trustee directors to ensure continued relevant knowledge and competence. Training is delivered by suitably qualified individuals in relevant areas. Management of the Charity The directors of the Trust Fund charity meet regullY and at least several times every year. The frequency of meetings varies to reflect the nature and volume of business to be considered. The directors provide strategic direction and monitor the activities of the charity and delegate the day- to-day operational management to a number of officers. Related Parties Nonc of the members receive remuneration or other benefit from their work with the charity. Any connection between a member or senior manager of the charity with a contracted supplier must bc disclosed to the full Management Committee in the samc way as any other contractual relationship with a related party. In the current year no such related paty transactions were reported. Objectives and Activities In furtherance of our aims, our current strategy is to provide the following services and activities: To provide members, who are sick through physical illness or mental illness, with health care and medical treatment paid for by the Trust Fund charity with the aim of assisting a return to full health and a return to active ministry as priests as quickly as possible. Membership of the Trust Fund charity is available to all ordained priests of the Roman Catholic Diocese of Derry. Success in meeting obj ectives is measured by the Trust Fund charity's ability to meet the costs of eligible claims in the period and the maintenance of sufficient reserves for possible future claims. Achievements and Performance Over the last eleven months twelve members, who were in need of assistance through illness, were provided with health care and medical treatment paid for by the Trust Fund charity and thus assisting a return to full health and a return to active ministy as priests as quickly as possible. In addition, the Trust Ilund charity maintained its policy of carrying medical insurance cover for the benefit of members in the Republic of Ireland. C.ovid-19 did not havc any significant impact on the charity's ability to achiev¢ its objectives and the Trustees remain satisfied that the fmancial statements should be prepared on a going concern basis.
TheDe Diocesan Trust Fund for Sick Priests ort of the Trustees foT the Year Ended 31 December 2022 Public Benefit The primary public benefit that is achieved through the Trust Fund's purposes and activities is the relief of the needs of individuals that arise from ill health. The benefits are provided to a section of the public, being ordained members of the clergy of the Diocese of Deny who are members of the Trust Fund. In addition, the purposes and activities of the Trust Fund provide further wider public benefits in that they assist and accelerate the return to full active ministy of clergy of the Diocese of Derry who have been in ill health and in this way, they assist the Diocese of Derry (which is a registered charity under the title Derry Diocesan Trust) to deliver public benefits through the advancement of religion and related activities. The benefits identified above can be demonstrated and measured through the circumstances of individual priests who have been in ill health and who have received prompt and effective medical intervention and care (provided by the Trust Fund) to facilitate a return to full health in as short a timescale as possible. Financial Review I'hc statement of financial activitÉes for the year is presented on page eleven of these financial statements. During the year incoming resources included £44,821 for IIealth Contributions received on behalf of members and £24,137 contributions from the Derry Diocesan Society. There was a decrease in the investment fund valuation during the year, due to general market conditions, leading to a reduction in reserves from the previous financial year. No significant events have occurred since the date of the Balance Sheet which affect the organisation or which materially affect these financial statements. Investment Objectives The priinary investment objective of the Trust Fund is to ensure that adequate financial reserves are maintained to ensurc the continued operation of the Trust Fund into the medium- and long-tenn future. The Trust Fund seeks to produce the best financial return within an acceptable level of risk, maintaining a balance between long tern] capital growth and income growth. A moderate to dynamic level of risk can be taken in order to meet investment objectives. Reserves Policy The trustees acknowledge the need for rcscrve funds to ensure the financial stability and ongoing operational capacity of the charity. The trustees recognise that increased costs could arise in the evcnt of a high number of claims from eligible members in the future. In light of this, the Trust Fund holds significant reserves to cover the following costs and financial commitments: the costs of providing members who seek support because of illness with health care and medical treatment paid for by the Trust Fund charity with the aim of assisting a return to full health and a return to active ministry as priests as quickly as possible. yearly healthcare insurance costs running costs of the charity for at least twelve months to enable all creditors to be paid in full in the event of the cessation of the company Risks and Uncertainties The trustees identify the follong risks and uncertainties facing the charity Increasing costs of healthcare services for eligible members and insurance costs Possible increase in numbers of future claims for assistance Uncertainty in global investment markets Maintenance of good governance including measures to prevent potential fraud
TheDe Diocesan Trust Fund for Sick Priests ort of the Trustees for the Year Ended 31 December 2022 The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and fmances of the Charity, and are satisfied that systems are in place to mitigate the exposure to major risks. Plans for the future One of the Trust Fund's key obj ectives is to maintain good governance and quality assurance. The Trust Fund's strategic plan for the coming years is as follows: Keeping the investment fund under review to ensure the future needs of the charity are met Continued monitoring of daily management of the charity Continued monitoring of governance of the charity
The Der Diocesan Trust Fund for Sick Priests ort of the Trustees for the Year Ended 31 December 2022 Statement of Trustees, Responsibilities The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless the), are satisfied that they give a true and fair view of the state of affairs of the charity and of the suTrlus or deficit of the charity for the period. In preparing these fmancial statements, the trustees are required to". select suitablc accounting policies and then apply them consistently. Observe the methods and principles in the Charity SORP. make judgements and accounting estirnates that are reasonable and prudent; Prepare the financial statements in the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companics Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement as to Disclosure of Information to Auditors So far as the trustees are aware, there is no relevant audit information (as defined by Section 418 of the Comp¢inies Act 2006) of Th'hich the company's auditors are unaware, and each trustee has taken all the steps that he ought to have taken as a trustee in order to make himself aware of any relevant audit inforn]ation and to establish that the company's auditors are aware of that infonnation. Auditors The auditors, Shaun McAteer & Co. Ltd, will be proposed for re-appointment at the forthcoming Annual Gcneral Meeting. Small Company Provisions This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. ON BEHALF OF THE BOARD: Most Rei, iel McKeown DD - Director 26 April 2023
ort of the Inde TheDe endent Auditors to the Members of Diocesan Trnst Fund for Sick Priests Opinion We have audited the financial statements of The Dery Diocesan Trust Fund for Sick Priests (the 'company') for the year ended 31 December2022 which comprise the Statement of Financial Activities, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applKcable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdorn Generally Accepted Accounting Practice), Charities SORP (FRS 102) and tlie Companies Act 2006. In our opinion the financial statements: give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its deficit for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance ryth International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our Teport. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these rcquirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the directors, use of the going concern basis of accounting in the preparation of the fin<mcial statements is appropriate. Based on the work wc have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern aTe described in the relevant sections of this report.
ort of the Inde The Der endent Auditors to the Members of Diocesan Trust Fund for Sick Priests Other information The directors are responsiblc for the other infonnation. The other inforniation comprises the inforniation in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. Our opinion on the financial statements does not cover the other inforn]ation and, except to the extent otherwise explicitly stated in OLW report, we do not express any forni of assurance conclusion thereon. In connection with our audit of the fmancial statements, our responsibility is to read the other information and, in doing so, consider whether the other infomation is materially inconsistent with the financial statements or our knowledge obtained in the audit or othen¥ise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are requiTed to detcnnine whether there is a material misstatement in the financial statements or a material mi.88tatement of the other infom]alion. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other inforniation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the inforniation given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Report of the Directors ha5 been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of thc knowledge and understanding of the company and its environmcnt obtained in the course of the audit, we have not identifLed material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or retLm]s adequate for our audit have not been received from bTaiiches not visited by us, or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of directors, remuneration specified by law are not made. or we have not received all thc infonnalion and explanations we require for our audit. or the directors were not entitled to prepare the financial statements in accordance with the small companies reoime and take advantage of the small companies, exemption from the requirement to prepare a Strategic Report.
ort of the Inde TheDe endent Auditors to the Members of Diocesan Trust Fund for Sick Priests Responsibilities of directors As explained more fully in the Statement of Trustees, Responsibilities set out on page six, the directors are responsibIe for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors detennine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditors, responsibilities for the audit of the financi21 statements Our objectives <e to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance 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 misstatement when it exists. Misstatements can arise from fraud or error and are considercd material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. IegularIties, includingy fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the company and the environment in which it operates, we determined that the principal risks were related to the valuation of the charity's investments and the recognition of income and expenditure. Audit procedures performed by the engagement team included: Inspection of documentation regarding the valuation of investments Perfonning audit work regarding the risk of management bias and override of controls, including testing of journal entries and adjustments, for appropriateness Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alletred fraud Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financlal statements OT the operations ot. the entity A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at Mryvw.frc.org.uk/auditorsresponsibilities. This description fornis part of our Report of the Auditors.
ort of the Inde TheDe endent Auditors to the Members of Diocesan Trnst Fund for Sick Priests A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at w4ryw.frc.org.uklauditorsresponsibilities. This description fonns part of our Report of the Auditors. Use of our report This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have fornled. Niall McAteer (Senior Statutory Auditor) for and on behalf of Shaun McAteer & 5 Northland Road Derry Co. Derry BT48 7HX 1oi•¥•*ib) 2 9 SIP 20t3 Date.. 10
The De Diocesan Trust Fund for Sick Priests Statement of Financial Activities oratin an Incorne and Ex enditure Account for th¢ Year Ended 31 December 2022 nco Unrestricted funds Restricted funds Total funds Total funds 2022 2021 Notes INCOME FROM Heiilth Contributions Derry Diocesan Society Investment Incorne Exchange Gains 44,821 24,137 1,076 44,821 24,137 1,076 47,142 27,983 1,011 Total Income 70,034 70,034 76,136 EXPENDITURE ON Resources Expended 83,102 83,102 61,949 Gain /(Loss) on Revaluation of Investments 253 789 253 789 348 852 NET INCOME (266,857) (266,857) 363,039 RECONCILIATION OF FUNDS Total Funds Brought Forivard 3 421614 3 421614 3 058 575 Total Funds Carried ForTrvard The above arnounts relate to continuing operations of the charity. The charity has no recognised gains or losses other than those included in the results above and, therefore, iio separate statement of total rccogniscd gains or losses has been presented. The notes forni part of these financial statements
The De Sick Priests Diocesan Trust Fund for istered number: Nt041113 Balance Sheet 31 December 2022 Unrestricted Restricted Funds Funds Notes 31.12.22 31.12.21 Fixed Assets Investmeiits 2.757,569 2,757,569 3,011358 Current Assets Prepayments and accrued income Cash at bank 829 398,870 399,699 829 398,870 399,699 753 411,203 411,956 Creditors: amounts falling due within one year 2,511 2,511 1,700 Net current assets 397,188 397,188 410,256 Total Assets less current liabilities 3,154,757 3,154,757 3,421,614 FUNDS Unrestricted Funds 3,154,757 3,154,757 3,421,614 TOTAL FUNDS 3,154,757 3,154,757 3,421,614 The financial statements have been prepared in accordance with the provisions applicable to compitniLs subject to the small companies regime and with the Financial Reporting Standard applAcable in the UK and Republic of Ireland (FRS102), Charities SORP (FRS102). The financial statements were approved by the Board of Directors and authorised for issue on 26 April 2023 and were signed on ils behalf by,. Most Daniel McKe0] DD - Director Rev Paul Mccafferty - Director The notes form part of these financial statements 12
The De Diocesan Trust Fund for Sick Priests Notes to the Financial Statements for the Year Ended 31 December 2022 STATUTORY INFORIIIATION The Derry Diocesan Trust Fund for Sick Priests is a private company, limited by guarantee, registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Inforniation page. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, 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 l January 201 9),, Financial ReportingT Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income Incoming resources are recognised when the conditions of entitlement, certainty and measuTement, as specified in the SORP, are met. Income from donatxons is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. Income stated derives from the company's ordinary activities including Health contributions from the priests of the Catholic Diocese of Derry. These are recognised as income from charitable activities. Resources Expended Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure and the conditions of certainty and measurement as specified in the SORP, are met. Costs of charitable activities are those which are directly in furtherance to the charity's objects. Governance costs are those activities which provide the governance infrastructure which allows the charity to operate and to generate the infonnation required for public accountability Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted fvnds 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. 13
The De Diocesan Trust Fund for Sick Priests Notes to the Financial Statements - continued for the Year Ended 31 December 2022 INVESTMENT INCOME 31.12.22 Total 31.12.21 Total funds Unrestricted Restricted funds fLmds Interest receivable - trading 1,076 1,076 1,01 I EMPLOYEES AND DIRECTORS The average number of employees during the year was NIL (2021- NIL). FIXED ASSET INVESTMENTS Other investments COST OR VALUATION At l January 2022 Revaluations 3,011,358 253,789 At 31 December 2022 2 757,569 NET BOOK VALUE At 31 December 2022 2,757,569 At 31 December 2021 3.011,358 Cost or valuation at 31 December 2022 is Tepresented by: Other investments Valuation in 2022 2.757,569 14
TheDe Diocesan Trust Fund for Sick Priests Notes to the Financial Statements - continued for the Year Ended 31 December 2022 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.22 31.12.21 Other creditors 2,511 1,700 LIABILITY OF MEMBERS The Derry Diocesan Trust Fund for Sick Priests is a company limited by guarantee. The liability of each member is limited to an amount not exceeding £lOO. MOVFMENT IN FUNDS Net movement in funds At 31.12.22 At 1.01.22 Unrestricted funds General fund 3,421,614 (266,857) 3,154,757 Restricted funds Restricted Funds TOTAL FUNDS 3,421,614 266,857 3 154,757 Net movement in funds, included in the above are as follows: Incoming Resources Movement resources expended in funds Unrestricted funds General fund (183,755) (83,102) (266,857) Restricted funds Restricted Funds TOTAL FUNDS 183,755) 83,102 266,857) 15
The De Diocesan Trust Fund for Sick Priests Notes to the Financial Statements - continued for the Year Ended 31 December 2022 MOVEMENT IN FUNDS- continued Comparatives for movement in fullds Net movement in funds At 31.12.21 At 1.01.21 Unrestricted funds General fund 3,058,575 363,039 3,421,614 Restricted funds Resliicted Funds TOTAL FUNDS 3 058 575 363,039 3,421,614 Comparative net moveinent in funds, included in the above are as follows: Incoming Resources Movement resources expended in funds Unrestrlcted funds General fund 424,988 (61,949) 363,039 Restricted funds Restricted Funds TOTAL FUNDS 424,988 61,949) 363,039 16
TheDe Diocesan Trust Fund for Sick Priests Notes to the Financial Statements - continued for the Year Ended 31 December 2022 MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.12.22 At 1.01.21 Unrestricted funds General fund 3,058,575 96,182 3,154,757 Restricted funds Restricted unds TOTAL FUNDS 3 058,575 96 182 3,154,757 A current yeaT 12 months and prior year 12 montlis combined net movement in funds, included in the above are as follows: Incoming Resources resources expended Movement in funds Unrestricted funds General fund 241,233 (145,051) 96,182 Restricted funds Restricted Funds TOTAL FUIYDS 241,233 145,051) 96,182 RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 December 2022. 17
TheDe Diocesan Trust Fund for Sick Priests Detailed Statemcnt of Financial Activities for the Year Ended 31 December 2022 Unrestricted funds Restricted funds Total funds Total funds 2022 2021 Notes INCOME FROM Health Contributions Derry Diocesan Society Exchange Gains 44,821 24,137 44,821 24,137 47,142 27,983 68,958 68,958 75,125 Investment Income Interest rcccivable Total Incoming Resources 70,034 70,034 76,136 EXPENDITURE Payments in respect of priests Sundry expenses Auditor, s remuneration Foreign exchange losses 78,333 13 798 78,333 13 798 58,493 13 798 82,985 82,985 61,836 Finance costs Bank charge5 117 117 113 Total resources expended 83,102 83,102 61,949 Gain /(Loss) on Revaluation of Investments 253 789 253 789 348 852 NET INCOME (266,857) (266,857) 363,039 RECONCILIATION OF FUNDS Total Funds Brought Foriyard 3 421614 3 421614 3 058 575 Total Funds Carried FoThard This page does not fonn part of the statutory financial statements 18