ANNUAL REPORT FINAL 10 Nov 21

NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
1.1 Basis of Accounting
The financial statements have been prepared in accordance with all statutory requirements and with Accounting
and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable to the UK `and Republic of Ireland (FRS102) (Effective
1 January 2015) – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of
Ireland (FRS102).
The Roman Catholic Archdiocese of Southwark meets the definition of a public benefit entity under FRS102.
Assets and liabilities are recognised at historical cost or transaction value unless otherwise stated in the relevant
accounting policy note(s).
Basis of consolidation
The Roman Catholic Archdiocese of Southwark has two subsidiary companies – St George’s Cathedral Car Park
Limited registered company number 2705778 and RCAOS Property Services Limited registered company number
12592137. Consolidated accounts have not been prepared on the grounds of materiality
1.2 Preparation of the accounts on a going concern basis
The Trustee’s assessment of Going Concern consisted of a review of the following information:
• Cash flow forecasts for the period 1 July 2021 to 31 December 2024 with respect to the Curia and
Parishes.
• Income and expenditure forecasts for the three years 2022-24
• Projected allocation between unrestricted and restricted funds for the three years 2022-24.
Having considered future budgets and cash flows, the Trustees confirm no material uncertainties about the entity’s
ability to continue as a going concern for the foreseeable future.
1.3 Income
Donations
Donations are recognised when receivable or when the Archdiocese becomes legally entitled to them and they can
reasonably be measured in financial terms. Receipts of property, investments or other gifts in kind are included at
market value.
Legacies
For legacies, entitlement is considered to be earlier of when either:
a) Notification has been received from the executor that probate has been granted and the Charity is expected to
receive a distribution: or
b) A distribution has been received from the estate
Receipt of a legacy is only considered probable when the executors have indicated that there are sufficient assets
in the estate to make a distribution. Where legacies have been notified to the Charity, but the criteria or income
recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Life interests
are not recognised until the cessation of the life interest: they are then valued as residuary legacies.
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