The Der Diocesan Trust Fund for Sick Priests Re ort of the Trustees for the Year Ended 31 December 2023 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 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 FinanLial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Compallies Act 2006. Structure, 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 Deny Diocesan Trust Fund for Sick Priests is a Limited Company and registered 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 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 normally be less than seventeen. The trustees also act as company directors. The trustees 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 McKeown DD Right Rev Monsignor Bryan Mccanny Rev Paul Mccafferty Rev Michael Canny Right Rev Monsignor Andrew Dolan (resigned 26.06.2023) Rev Fugene Boland Rev Peter Devlin Very Rev Francis Bradley Rev Patrick Baker Rev MichaeI Mccaughey (resigned 26.06.2023) R¢v 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)
The Der Diocesan Trust Fund for Sick Priests ort of the Tru.stees 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 relevanl knowledge and competence. l-raining is delivered by suitably qualified individuals in relevant areas. Management of the Charity The directors of Ihe 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 delcgale 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 mernber 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 party. In the curreiit year no such related party 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 niedical 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. Membership of the Trust Fund charity is available to all ordained priests of the Roman Catholic Dioccse of Derry. Success in meeting objectives is measured by the Trust Fund charity's ability to meet the costs of eligyible claims in the period and tlic Inaintenkce of sufficient reserves for possible future claims. Achievcments and Performance Over thc last thirteen months twelve members, who were in need of assistance through illness, were provided with health care and mcdical treatment paid for by the Trust Fund charity and thus a8SiSting 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 December 2023 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 Derry 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 ministry of clergy of the Diocese of Dcrry who have bcen in ill health and in this way, Ihey assist the Diocese of Derry (which is a registered ChltY under the title Derry Diocesan Trust) to deliver public benefits through the advancement of religion and rclated activities. The benefits identifLed above can be demonstrated and me&sured through the circumstances of individual priests who have been in ill health and who have received prompt and effective mcdical intervention and care (provided by the Trust Fund) to facilitate a return to full health in as short a timescale as possible. Financial Review The statement of financial activities for the year is presented on page eleven of these financial statements. Duriiig the year incoming resources included £45,584 for Health Contributions received on behalf of members and £32,217 contributions from the Derry Diocesan Society. l-here was an increase in the investment fund valuation during the year, due to general market conditions, leading to an increase in rcservcs from the previous financial year. No significant events have occurred since the date of the Balance Sheet which affect the org7anisation or which materially affect these financial statements. Investment Objectives I'he primary inve8tmenl 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 medium- and long-terni fulure. The Trust fund seeks to produce thL best financial return within an acLeptable level of risk, maintaining a balance bctween long term Capital growth and income growth. A moderate to dynamic level of risk can be taken in order to meet investment objectives. Reserves Policy The trustecs acknowledge tlie need for reserve funds to ensure the financial stability and ongoing operalional capacity of tlie charity. The trustees recognise that increased costs could arise in the event of a high number of clairns 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 ol"providing members who seck support because of illness with hcalth care and medical treatmcnt paid for by the Trust Fund charity with the aim of assisting a return to full health and a return to active minislry 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 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 Trustees for the Year F.nded 31 December 2023 Statement of Trustees, Rey3ponsibilities 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 elccted io prepare the tinancial 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 they are satisfied that they give a true and fair view of the state of affairs of the cliarity and of the 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. Observe the methods and principles in the Charity SORP. makc judgemLnts and accounting estimates that are reasonable and prudent. Prcpare the tinancial statements in the goingT concern ba.sis unless it is inappropriate to presume that the Lharitablc company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain thc charity's transactions and disclose with rcas()nable accuracy al any time thc tinanLial posilioii of the charity and enable them to ensure that the finanLial statcments comply with the Coinpanics Act 2006. Thcy are also responsible for safeguardin&y the assets of the charily and hL'nLe for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statemcnt as to Disclosure of Information to Auditors So far as thc iruslees are aware, there is n() relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors arc unaware, and each trustee has taken all the steps that he ou&yht to have taken as a trustee in order to make himself aware of any relevant audit intormation and to establish that the company's auditors are aware ot. that information. Small Company Provisions "rhis report ha8 been prepared in accordance with the provisions of Part 15 of" the Companies Act 2006 relating to small companies. ON BEHALF OF THE BOARD: Rev Paul Mccaffety - Director 23 May 2024