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PORTSMOUTH ROMAN CATHOLIC DIOCESE PRIESTS' RETIREMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011 ____________________________________________________________________________________________ 1. RESOURCES EXPENDED Other 2011 2010 Depreciation Grants Direct Costs Total Total £ £ £ £ £ Analysis of Costs Charitable Expenditure 18,775 114,284 88,236 221,295 234,314 Governance - - 13,363 13,363 10,006 --------------- ---------------------- --------------- --------------------- ------------------- £18,775 £114,284 £101,599 £234,658 £244,320 ======= ========= ========= ========= ========= Grants comprise: 2011 2010 Grants to Individuals (number of grants 20 - (2010 - 22)) £114,284 £131,095 ======== ======== 2011 2010 Included in Governance Costs is: £ £ Auditors remuneration 1,800 1,750 ======== ======== 2. FREEHOLD PROPERTY Freehold Land and Buildings COST / VALUATION £ At 1 January 2011 1,920,000 Additions - Disposals (at valuation) (170,000) Revaluation - ------------------- At 31 December 2011 1,750,000 ------------------- DEPRECIATION At 1 January 2011 - Charge for the year 18,775 Eliminated on revaluation / disposal (18,775) ---------------- At 31 December 2011 - ---------------- NET BOOK VALUE At 31 December 2011 £1,750,000 ========== At 31 December 2010 £1,920,000 ========== The properties were re-valued by the trustees on an open market value basis as at 31 December 2011. 10
PORTSMOUTH ROMAN CATHOLIC DIOCESE PRIESTS' RETIREMENT FUND NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2011 ____________________________________________________________________________________________ 3. INVESTMENTS 2011 2010 £ £ Balance at 1 January 2011 2,861,453 2,614,178 Revaluation gains / (losses) (162,168) 247,275 Additional Investment - - -------------------- -------------------- Balance at 31 December 2011 £2,699,285 £2,861,453 =========== ========== 2011 2010 £ £ Charifaith Distribution Units 2,416,239 2,578,407 Cash 48,046 48,046 Investment Property 235,000 235,000 ------------------- -------------------- £2,699,285 £2,861,453 ========== ========== All quoted investments (other than cash) are quoted on a recognised UK Stock Exchange or are valued by reference to investments listed on a recognised Stock Exchange. The investment property was re-valued by the trustees on an open market value basis as at 31 December 2011. 4. TRANSACTIONS WITH TRUSTEES No remuneration was paid to the Trustees, expenses of £323 (2010: £960) were reimbursed. 5. CONNECTED CHARITY The Portsmouth Diocesan Trust (registered charity number 246871) is a connected charity of the Portsmouth Roman Catholic Diocese Priests' Retirement Fund. Its principal address is:- St Edmund House Bishop Crispian Way Portsmouth PO1 3QA During the year, rents amounting to £27,656 (2010: £26,598) were paid in respect of properties owned by the Diocesan Trust. A balance of £Nil (2010: £Nil) was due to the Portsmouth Diocesan Trust from the Fund at 31 December 2011. 11
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