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 regul￿lY 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 follo￿￿ng 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