Company Registration Number: N1041113 Registered Charity Number: NIC105893 ort of the Directors and Financial Statements for the Year Ended 31 December 2023 for The Der Diocesan Trust Fund for Sick Priests Limited b Guarantee Acom an
The Der Diocesan Trust Fund for Sick Priests Contents of the Financial Statements for the Year Ended 31 December 2023 Page Company Inforniation Report of the Trustees 2to6 Report of the Independent Auditors 7tolO Statement of Financial Activities Balance Sheet 12 Notes to the Financial Statements 13to 17 Detailed Statement of Financial Activities 18
The Der Diocesan Trust Fund for Sick Priests Com anv Information for the Year F.nded 31 December 2023 TRUSTEES: Most Rev Daniel McKeown DD Right Rev Monsignor Bryan Mccanny Rev Paul Mccafferty Very Rev Michael Canny Rev Andrew Dolan (resigned 26.06.2023) Rev Eugene Boland Rev Peter Devlin Very Rev Francis Bradley Rev Patrick Baker Rev Michael Mccaughey (resigned 26.06.2023) Rev John Gilmore (resigned 26.06.2023) Rev Gerard Sweeney Rev Patrick Doherty Rev Con McLaughlin Rev David O'Kane Rev Eamon Graham (appointed 1.06.2023) COMPANY SECRETARY: Rev Paul Mccafferty REGISTERED OFFICE: Bishop's House St Eugene's Cathedral Dery CHARITY REGISTRATION NUMBER: NIC105893 REGISTERED NUMBER: N1041113 (Northern Ireland) AUDITORS: Shaun McAteer & Co. Ltd 5 Northland Road Derry BT48 7HX BANKERS: Bank of Ireland Nationwide SOLICITORS: Napier Solicitors 1-9 Castle Arcade Belfast INVESTMENT CONSULTANT: Gary Mcwilliams Dip PFS IMC NST Capital Management 23 Society Street Colcraine
The Der Diocesan Trust Fund for Sick Priests ort of the Trustees for the Year Ended 31 December 2023 The trustees, who are also directors of the company for the puryoses of company law, present their report with the audited financial statements of the company for the year ended 31 December 2023. The financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" and with 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. Strueture, Governance and Management Governing Document The company was incorporated on 3 July 2001, 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. The Dery Diocesan Trust Fund for Sick Priests is a Limited Company and rcgistered as a charity in Northern Ireland on 3 November 2017. It is governed by its Memorandum and Articles of Association. In the event of the company being wound up, liability is limited to an amount not exceedingJ £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 normally be less than seventeen. Th¢ trnstees also act as company directors. The trnstees shown below have held office during the whole of the period from l January 2023 to the date of this report, unless otherwise stated. Most Rev Daniel McKeoiNTh DD Right Rev Monsignor Bryan Mccanny Rev Paul Mccafferty Rev Michael Canny Right Rev Monsignor Andrew Dolan (resigned 26.06.2023) Rev Eugene Boland Rev Peter Devlkn Very Rev Francis Bradley Rev Patrick Baker Rev Michael Mccaughey (resigned 26.06.2023) Rev John Gilmore (resigned 26.06.2023) Rev Gerard Sweeney Rev Patrick Doherty Rev Con McLaughlin Rev DavÈd O'Kane Rev Eamon Graham (appointed 1.06.2023)
The Der Diocesan Trust Fund for Sick Priests ort of the Trustees for the Year Ended 31 December 2023 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 Cbarity The directors of the Trust Fund charity meet regularly 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 None 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 be disclosed to the full Management Committee in the same way as any other contractual relationship with a related paty. 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 ministy as priests as quickly as possible. MembershAP 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 pcriod and the MaIntcn1cC of sufficient rcserves for possible future claims. Achievements and Performanee Over the last thirteen 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 ministry as priests as quickly as possible. In addition, the Trust Fund charity maintained its policy of carrying medical insurance cover for the benefit of members in the Republic of Ireland. Covid-19 did not have any significant impact on the charity's ability to achieve its objectives and the Trustees remain satisfied that the financial statements should be prepared on a going concern basis.
The Der Diocesan Trust Fund for Sick Priests ort of the Trustees for the Year Ended 31 Decernber 2023 Publie Benefit The primary public benefit thal is achieved through the Trust Fund's purposes and activities is the relief of the needs of individuals that arise from ill health. The benefil5 are provided to a section of the public, being ordained members of the clergy of the Diocese of Derry who are members of the Trust Fund. In addition, the pUoseS and activities of the Trust Fund provide further wider public benefits in that they assist and accelerate the return to full active ministry of clcrgy 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 cliarity 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 Revieiv The stalement of financial activities for the year is presented on page eleven of these financial slatements. During the year incoming resources included £45,584 for Health Contributions received on behalf of membcrs and £32,217 contributions from the Deny Diocesan Society. There was an increase in the investment fund valuation during the year, due to general market conditions, leading to an increase 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 primary investnient objective of the Trust Fund is to ensure that adequate financial reserves are maintained to ensure the continued operation of the Trust Fund into the mediuni- and long-term future. The Trust fund seeks to produce the best financial return within an acceplable level of risk, mainlaining a balance between long term capital growth and income growth. A moderate to dynamic level ot.risk can be taken in ordcr to meet investmcnt objeclives. Reserves Policy The trustees acknowledge the ne¢d for reserve funds to ensure the financial stability and ongoing operational capacity of the charity. The trustees recognise that increased costs could arise in the event 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 cnable all creditors to be paid in 1[ in the event of the cessation of the company Risks and Uncertainties The trustees identify the following 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
The Der Diocesan Trust Fund for Sick Priests ort of the Trustees for the Year Ended 31 December 2023 The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances 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 objectives 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 Tru.stees for thc Year Ended 31 December 2023 Statement of Trustees, Responsibilities The tru.stees are responsible for preparing the Report of Ihe Trustees and the financial statements in accordance with applicable law and regulations, Company law requires the trustees to prepare financial statements for eaLh financial year. Under that law the trustees have elected to prepare the linancial slatements in accordance with United Kingdom Generally Acccpted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of tlie surplus or deficit of the charity for the period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently. Ob.8crve the methods and principles in the Charity SORP. make judgements and accounting cstimates that are reasonable and prudent. Preparc thc tinancial stalcments 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 ihat are sufficient to show and explain the Lharity's transactions and disclose with reasonable accuracy at any lime the finaiicial position of the charity and enable them to ensure that the financial statements Lomply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the preveniion 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 Companies Aci 2006) of which the company's auditors are unawarc, and each trustce has taken all the steps that he ought to have taken as a trustee in order to make himsclf aware of any relevant audit information aiid to establish that thc company's auditors are aware ofthat information. Small Company Provisions This report has becn prcpar¢d in accordancc with thc provisivn5 of Part 15 of thc Companies Acl 2006 relating to small companies. ON BEHALF OF THE BOARD: Rev Paul Mccafferty - Director 23 May 2024
ort of the Inde The Der endent Auditors to the Members of Diocesan Trust Fund for Sick Priests Opinion We have audited the financial statements of The Derry Diocesan Trust Fund for Sick Priests (the 'company') for the year ended 31 December2023 which comprise the Statement of Financial Activities, Balance Sheet and Notes to the Financial Statements, including a sunllnary of significant accounting polÈcies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice), Charities SORP (FRS 102) and the 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 2023 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 with International Standards on Auditing (UK) (TSAS (UK)) and applicable law. Our responsibilities under those standards are further dcscribed in the Auditors, responsibilities lor the audit of the financial statements section of our report. We are independL'nt of the company in accordance with the eihical requirements that are relevant to our audit ot.the financial stalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 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 thc financial statcments, we have concluded that the directors, usc of the going concern basis of accounting iii ihe preparation of the financial statements is appropriate. Based on the work we have perfonned, we have not identified any material uncertainties relating to events or conditions ihat, individually or collectively, may cast significant doubt on the Comp]Y,& ability to continuL (is a goingy concern for (i period of at least twelve months from when the financial statements are authorised for issue. Our responsibklities and the responsibilities of the directors with respect to going concern are 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 responsible for the other information. The other infomiation 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 inf0rn1ation and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial stalements or our knowledge obtained in 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfornied, we conclude that there is a malerial misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on othcr matters prescribed by the Companies Act 2006 In our opinion, ba.%ed on the work undertaken in the course of the audit: the information given in thc Report of the Directors for the fIn]cIal year for which the financial statements are prepared is consistL'nt with the financial statements, and the Report of the Directors has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in ihe course of the audit, we have not identified material misstatements in the Report of ihe Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you il, in our opinion.. adequate accountingi records have not been kept, or returns adequate for our audit have not been received from branches not visiled by us; or the financial statements are not in agyreement with the accounting7 records and retunis. or certain disclosures of directors, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit; or the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemption from the requirement to prepare a Strategic Report.
ort of the Inde The Der 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 responsible 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 determine 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 going7 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 financial statements Our objectives are to obtain reasonable assurance about whelher 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 hi&yh level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatemenl when it exists. Misstatements can arisc frorn fraud or error and are considered material if, individually or in the aggrL'gate, they could reasonably be expected to intluence the economic decisions of users taken on the basis of thesc financial statements. Irregularities, including 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 irregrularities, includingT fraud. The extent to which our procedures are capable of delecting irregularities, including fraud is detailed below.. Based on our understanding of thc cOmp]Y and the environment in which it operates, we determined that the principal risk8 werc 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 documcntation regarding the valualion of investments Performing 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 alleged fraud Assessing ihe extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of 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 Thwv.frc.org.uk/auditorsresponsibilities. This description fonns part of our Report of the Auditors.
ort of the Inde The Der endent Auditors to the Members of Dioccsan Trust 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 www.frc.org.uk/auditorsresponsibilities. This description fomis 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 ]d for no other purpose. To the fullest extent perniittcd by law, we do not accept or assume responsibility to anyone other than the company and the company's meinbers as a body, for our audit work, for this report, or for the opinions we have fonned. kJJJ I, f Niall McAteer (Senior Statutory Auditor) for and on behalf of Shaun McAteer & Co. Ltd 5 Northland Road Deny Co. Derry BT48 7HX RlaMTEReo 2 3 MAY 2024 Date: 23 May 2024 10
The Der Diocesan Trust Fund for Sick Priests Statement of Financial Activities oratin an Income and Ex enditure Account for the Year Ended 31 December 2023 Incor Unrestricted funds Restricted funds Total funds Total funds 2023 2022 Notes INCOME FROM Health Contributions Derry Diocesan Society Investment Income Exchange Gains 45,584 32,217 7,739 45,584 32,217 7,739 44,821 24,137 1,076 Total Income 85,540 85,540 70,034 EXPENDITURE ON Resources Expcndcd 51,759 51,759 83,102 Gain l(Loss) on Revaluation of Investments 306 771 306 771 253 789 NET INCOME 340,552 340,552 (266,857) RECONCILIATION OF FUNDS Total Funds Brought Forward 3 154 757 3 154 757 3 421614 Total Fund5 Carried Forward The above amounts relatc to continuing operations of the charity. The charity has no recognised gains or losses other than those included in the results above and, therefore, no separate statement of total recognised gains or losses has been presented. The notes form part of these financial statements
The De Sick Pricsts Diocesan Trust Fund for istered number: N1041113 Balance Sheet 31 December 2023 Unrestricted Reslricted Funds Funds Notes Fixed Assets Investmenls 31.12.23 31.12.22 3,064,340 3,064,340 2,757,569 Current Assets Prepayments and accrued income Cash at bank 5,695 426,429 432,124 5,695 426,429 432,124 829 398,870 399,699 Creditors.. amounts falling due within one year 1,155 1,155 Net current assets 430,969 430,969 397,188 Total Assets less current liabilities 3,495,309 3,495,309 3,154,757 FUNDS Unrcstrictcd Funds 3,495,309 3,495,309 3,154,757 TOTAL FUNDS 3,495 309 3 495,309 3 154757 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regimc and with the Financial Reporting Standard applicable 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 23 May 2024 and were sigined on its behalf by: Rev Paul Mccafferty - Director The notes form part of these financial statcments 12
The Der Diocesan Trust Fund for Sick Priests Notes to the Financial Statements for the Year Ended 31 December 2023 STATUTORY INFORMATION The Derry Diocesan Trust Fund for Sick Priests is a private company, limited by guarantee, registered in Northern Ireland. The cornpany's registered number and registered office address can be found on the Company Information 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 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. I"he financial statements have been prepared under the historical cost convention. Income Incoming resources are recognised when the conditions of entitlement, certainty and measurement, as specified in the SORP, are met. Income from donations is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. Incomc 8tated derives froni the company's ordinary activitics including Health contributions from the priests ol. the Catholic Diocese of Derry. These are recognised as income from charitable activitics. ResourL'es 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 inforniation 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 funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 13
The Der Diocesan Trust Fund for Sick Priests Notes to the Financial Statements - continued for the Year Ended 31 December 2023 INVESTMENT INCOME 31.12.22 Total 31.12.21 Total funds Unrestricted Restricted funds funds Interest receivable - trading 7,739 7,739 1,076 EMPLOYEES AND DIRECTORS The average number of employees during the year was NIL (2022 - NIL). FIXED ASSET INVESTMENTS Other investments COST OR VALUATION At l January 2023 Revaluations 2,757,569 306,771 At 31 December 2023 3,064,340 NET BOOK VALUE At 31 December 2023 3,064,340 At 31 December 2022 2,757,569 Cost or valuation at 31 December 2023 is represented by: Other investments Valuation in 2023 3,064,340 14
The Der Diocesan Trust Fund for Sick Priests Notes to the Financial Statements - continued for the Year Ended 31 December 2023 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Other creditors 1,155 2,511 LIABILITY OF MEMBERS The Derry Diocesan Trust Fund for Sick Priests is a company limited by guarantee. The liability of each niember is limited to an amount not exceeding £lOO. MOVEMENT IN FUNDS Net movement in funds At 31.12.23 At 1.01.23 Unrestricted funds General fuiid 3,154,757 340,552 3,495,309 Restricted funds Rcstricted funds TOTAL FUNDS 3,154,757 340,552 3,495,309 Net movement in funds, included in the above are as follows: Incoming Resources Movement resources expended in funds Unrestricted funds General fund 392,311 51,759 340,552 Restricted funds Rcstricted Funds TOTAL FUNDS 392,311 51,759 340,552 15
The Der Diocesan Trust Fund for Sick Priests Notes to the Financial Statcments - continued for the Year Ended 31 December 2023 MOVEMENT IN FUNDS - continued Comparatives for movement 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 Comparative 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 fund5 Restricted Funds TOTAL FUNDS 183,755) 83,102) (266,857) 16
The Der Diocesan Trust Fund for Sick Priests Notes to the Financial Statements - continued for the Year Ended 31 December 2023 MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.12.23 At 1.01.22 Unrestricted funds General fund 3,421,614 73,695 3,495,309 Restricted funds Restricted Funds TOTAL FUNDS 3,421,614 73,695 3,495,309 A current year 12 monihs and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming Resources resources expended Movement in funds Unrestricted funds Gcneral fund 208,555 (134,861) 73,695 Restricted funds Rcstricted P'unds TOTAL FUNDS 208,555 134,861) 73,695 RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2023. 17
The Der Diocesan Trust Fund for Sick Priests Detailed Statement of Financial Activities for the Year Ended 31 December 2023 Unrestricted funds Restricted funds Total funds Total funds 2023 2022 Notes INCOME FROM Health Contributions Dery Diocesan Society Exchange Gains 45,584 32,217 45,584 32,217 44,821 24,137 77,801 77,801 68,958 Investment Income Interest receivable Total Incoming Resources 85,540 85,540 70,034 EXPENDITURE Payments in respect of priests Sundry expenses Auditor's remuneration Foreign exchange (gain) / loss 50,532 68 1,090 61 51,629 50,532 68 1,090 61 51,629 78,333 13 798 82,985 Finance costs Bank charges 130 130 117 Total resources expended 51,759 51,759 83.102 Gain l(Loss) on Revaluation of Investments 306 771 306 771 253 789 NET INCOME 340,552 340,552 (266,857) RECONCILIATION OF FUNDS Total Funds Brought FOard 3 154 757 3 154 757 3 421614 Total Funds Carried Fonvard 309 This page docs not fomi part of the statutory financial statements 18