REGISTERED CHAIUTY NUMBER: 1002216 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR OUR LADY OF FIDELITY GEINEIL4L TRUST Kentwell Associates Ltd Accountants 13 H¢7mpden Road Beckenham Kent BR3 4HD
OUR LADY OF FIDELITY GENERAL TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 7 to 13 D¢tail¢d Statcmcnt of Financial Activiti¢s 14 to 15
OUR LADY OFFIDELITY GEIYERAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees pr¢sent their Teport with the financial statements of the charity for the year ended 31 December 2023. The trustee5 hav¢ adopted th¢ provisions of Accounting and Reporting by Charities,. Statement of Reconunended Practicc appli¢able 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). OBJEcfivES AM) ACTIVITIES Objectives and aims The object of the tTU5t is promoting th¢ charitabl¢ work for the time being carried on, promote or supported by the voluntary association of Roman Catholic women known as the Community of Our Lady of Fid¢lity. Public beDefit The Trustees have consulted the guidance made available by the Charity Commission for England and Wales on the Public Benefit requirement of the Charities Act 2011. The Trustees are confident that they have complied with their duty under section 4 of the Charities Act 2011 in that they hav¢ had due regard to public b¢nefIt guidaJ]ce published by the ConlllliSSiOn. ACHIEVE MENT AND PERFORMANCE RevieTrv of the Year During the year ihe Trust continued to provide financial support to the Congregation of Our Lady of Fidelity's religious communities at Upper Norwood and Folk¢ston¢ and this support will continue in the future. DuTing th¢ 2023 financial year, the Trust made a contribution of £124,21 O to Our Lady of Fid¢lity Convent- Upper Norwood to cover maintenance and development costs of the Convent building and St Mary's Lodge. In addition, th¢ Trust rcc¢iv¢d income from Folkestone Family Centre of £23,170 in the year, as well as repayment of a loan from the Norwood Family Centre of £1,000. Investment pojicy The Trust's funds are invested by professionaj investment managers in narrower range and wider range invcstments in ordcr to PTovide incomc to enable the trust to fulfd its charitable objectives. FINANCIAL REVtEW Reserves policy It is th¢ policy of th¢ trustees to maintain sufficient reserves to ensure the smooth nu]ning of all tiVitieS in the event of a sudden loss of income. The reserves are kept at a level to finance the Charity's declared objectives and support the charitable actiiiities and objectives of Our Lady of Fidelity Established at Upper Norwoo London (245644), if required.. The reserves policy is being reviewed continuously. Financial position of the Trust The Charity's financial position is shown by the balance sheet on page 6 of the accounts and is considered satisfactory by the trustees. Pagel
OUR LADY OF FIDELITY GENERAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR E]YDED 31 DECEMBER 2023 FufuRE PLANS AND DETrTLOPMENTS The TNst has supported the buildTng work5 and ongoing expenditure at Our Lady of Fidelity Convent Upper Norwood. and theTrnstees believe this TNst willnow bein a position supportthemajority of its expenditure, by means of additional rental income beingachieved. In 2023, the Trust has made a furtheT contribution to Our Lady of Fidelity Convent Upper No00a of £60,908. The Trust will continue to support Our Lady of Fide]ity Convent Upper Norwood, London (245644) in the post balance sheet period, however, the tTuslees are confident that this will significantly reduce in 2024 as all building wodcs are complete at the Norwood Slte and income from letting has incTeased. STRucfuRE. GOVERNANCE AND MANAGEMENr Coverning document Our Lady of Fideiity Charitable Trust is governed by a lrnst deed dated 4 April 1949 as varied by a scheme daled 23 August 1990 by an Order of the Charity Comtnissioners dated 7 May 1992 and is regislered with the Charity Commission, Charity Registration No 1002216. Recruitment and appointment of new trustses The tmstees, who served throughout the year are ]tsted on page l. Appointment of tTUStees is govemed by the trust d¢ed- the trustees are authorised to appoint new trustees to vacancies arising throu¥) reSIatIOn or death of an existing trustee. Organisational 5tru¢ture The Trust is administered by the Trustees. The trust employs no staff. REFERENCE AND ADMINIST RATIVE DETAILS R¢gfist¢red Charity number 1002216 Principal address 1 Our Lady's Close Upper Norwood LONDON SE19 3FA Trustees Sister S Davey BA (Hons) Father J Alappal Sister M R Arakkal Trustee O Oresanya Independent Examiner Kentwell Associates Ltd Accountants 13 Hampden Road Be¢kenham Kent BR3 4HD Page2
OUR LADY OF FIDELITY GENERAL TRUST REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Solicitors Pothecary Witham Weld 70 St George's Square London SWI V3RD Principle Bankers HSBC Bank PIC Pall Mall BT&nch 69 Pall Mall London SWJY 5EH Approved by order of the board of trustees on.. and signed on its behaIf by. Sister S Davey BA (Hons} -Trnstee Page3
INDEPENDENT EXAMIIYER'S REPORT TO THE TRUSTEES OF OUR LADY OF FIDELITY GENERAL TRUST Independent eJaminer'$ report to the trustees of Our Lady of Fidelfity Gener%1 Trust I report lo the charity trustees on my examination of the accounts of Our Lady of Fide]ity General Trust (the Trust) for the year ended 31 December 2023. Responslbilities and basis of report As thc charity trustces of the Trust you are responsible for the preparntion of the accounts in accordance with the requirements of the Charities Act 2011 ('tbe Act). port in respect of my examination of the Trust's accounts carried out undeT Section 145 of the Act and in carrying out my examination I have fo]]owed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. Independent examiner's statement - matters of concern identified I have completed my examination. I have hIghlted Matte of con¢em in my report and would like to draw your attention lo note l in the financial statements conceming the ¢harity'8 ability lo continue as a going concem. in relation to the achievement of future cash reserves and forecasts. staled in note A, these events or conditlons. along with the other matteTr set out in nole I, indicate uncertainties exist that may ca St doubt on the charity's abiiity to continue as a going concem. but my Opillion is not modified in respect of these matters. I confum that no other maltcrs have comc to my attention that givc me causc lo believe that in any material respect.. a ccountiT]g records weTe not kept in respect of the Trust as Tequired by Section 130 of ihe Act. or the accounts donot accord with those records" or the accounts do not ¢ornply with the applicable Tequir¢meDts concernin8 the fomi and content of a ccounts set out in the Charitie5 (Accounls and Reports} Regulations 2008 other than any requirement that th¢ a¢¢ounts give a true and fair view which is not a matterconsidered aspart of an independent examinatiOJL confirm that ilLere are no other matters to whi¢h your attention should be drnwn to enable a PToper undetstanding 4)f the accounts to be reached. Kanni Ramachandrdn Kentwell Associates Ltd Accounta nts 13 Hampden Road Bc¢kenham Kent BR3 4HD Date.. ............................................. Page4
OUR LADY OFFIDELITY GENERAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEIVIBER 2023 2023 Unrestricted 2022 Total funds funds Notes INCOME AND ENDOWMEwfs FROM Donations and legacies 45,170 2,575 Other trading activities Invesknent income 121.652 20.646 70.563 23237 Total 187,468 96,375 EXPENDITURE ON Charitable aetivitie$ Charitable activities 160.727 137,021 Net sains/(losses) on investments (613) (6,588) NET INCOMEI(EXPENDIT URE) 26,128 (47,234) RECONCILIATION OF FUNDS Total funds brought forward 1.287.988 1,335,222 TOTAL FUNDS CARRIED FORWARD 1,314,116 1.287,988 The notes forni part of these financial statements Page 5
OURLADY OFFIDELITY GENERAL TRUST 2023 Unrestri¢ted funds 2022 Total funds Notes FIXED ASSETS Tangible assets Investments 1,124,066 108,206 1,124,066 142,523 1232,272 CURRENI ASSETS Debtors Prepayments and accrued income Cash at bank 1.000 1,000 2,725 25,589 40,255 41,645 29,314 CREDITORS Amounts falling du¢ within one year (9,698) (7,915) NET CURRENT ASSETS 31,947 21,399 TOTAL ASSETS LESS CURRE LIABILITIES 1200,325 1,287,988 NET ASSETS 1,200,325 1.287.988 FiTNDS Unrestricted funds io 1,200,325 1287.988 TOTAL FUNDS 1,200,325 1,287,988 The fmancial staternents were approved by the Board of Trustees and authorised for issueon and were signed on its behalf by". S L>dvey BA (Hons) - Trustee M R knkkal - TTUSte¢ The notes fonn part of these financial statements Page6
OUR LADY OF FIDELITY GENERAL TRUST NOTES TO THE FINANCIAL STATEMEI¥4TS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparfing the financial statements The financial statements of the Charity, which is a pub]ic ben¢fil entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102} 'Accounting and Reporting by Charities.. Statement of Recornmended Prd¢ti¢e applicable to ¢harities preparing their accounts in accordance with the Financial Reportiug Standard applicable in the UK and Repubiic of Ireland {FRS 102) (effective l January 2019),, Finan¢ial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Repubb'c of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical ¢ost convention, with the exception of investments which are included ar Mllet value. as modified by the revaluation of certain assets. The a¢¢ounts have been prepared under the historical cost convention with tbe exception that investments are valued at market value. The accounts have been prepared in Accordance with the Statement of Recornmended Practice.. Accounting and Reporting by Charities (SORP 2005) tssued in March 2015 and applicable UK Accounting Standards and the Charities Act 2011. The charity has taken advantage of th¢ exemptiOT] in Financial Reporting Standard No. I from the Tequirernent to produce a cashflow statement on the oUndS that il qualifies as a small charity. Income All income is reCOlsed in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabibties are recOlsed as expenditure as soon as ihere is a legal or constDJctive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefils will be required in settlement and the amount of the obligation can be measured reliably. Expenditure 15 accounted for on an a¢¢rua Is basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be dir¢ctty attributed to particular headings they have been allocat¢d to activities on a basis ¢onsistent with the use of resources. Tanglble fixed assets Tanble fixed assets for use by the charity are slated at cost less depreciation. The rebOld properties including the community house were professionally reva lued by Champion & Co on 30 Juty 2014 and 18 March 2015 at £1,190,000. Since the last valuation. the been severnl improvements, with 2 properties and a pa¢1 of Jand being sold in 2018 and 2019. The remaining 2 properties are valued at £1,124,066 and the trustees confmn this is a fair vale. No amortisation is Charged on tbe Community houses as it is the policy of the trnstees to maintain the building to a standard that ensures that the residential value is not less than the professional or tFUStees' valuation. Taxation The charity is exempl from tax on its Charitable a ctivities. Fund aeeounting The genernl fund comprises those monies which may be used towards meeting the charitable objectives. Page7 continued...
OUR LADY OF FIDELITY GENERAL TRUST IYOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES - coDtiMued Going concern These financial statements are prepared on the going concern basis. At 31 December 2023, the chaTity had a balance sheet sUlUS of £1,200,325. with £1.124,066 representing freehold land and buildings and a surplus for the year of £26,128. The twstees have a reasonable expectation that the charity will contlnue in operdtional existence for the foreseeable future assuming cuNent funding levejs and the management of expenditure. The Trust has also provided support to Our lady of FelitY Convent Upper Norwood in both 2023 and2024 and il is anti¢ipaled that this will reduce in the near future. Conclusions relating to the gofing concern assumption- futur¢ performp4nce of the charity Th¢ trustees have continued to develop new strategies to improve the perforniance of the chaIity. The trustees are confident that the new strategies developed, between 2019 to 2023 wi]1 continue to asst8t in iproVIng the balance sheet position of the charity. The current financial position of ihe charity is suggesting a further decrease in resees, but the trustees are confident that in spite of economic difficultics this will be minimised and the position improved during 2024125. CoDcIu5ion Having reviewed the rnanagernent accounts and p]ans of the charity and having taken into account the current and forecast perfomiance and level of support to Our Lady ofFidelity Convent (UppeT NoTwood) the lrnstees be]ieve they have reasonable OundS for stating that the charity has adequate TCsoucS to continue in operational cxi5tcnce for the Foreseeable future and in spite of economic d]frultIeS. the tStC¢S consider it appropriate lo prepare the fmancial statemenls on the going concern basis. OTHER TRADING ACTMTIES 2023 2022 Pcnsions S&laries 43,758 35,768 26,794 43,769 79,526 70,563 INVESTMENt INCOME 2023 2022 Rents received Investment incorne D6posil account intcr¢sl 20.428 4,925 218 16,756 6,335 146 25,571 23,237 Page 8 continued..
OUR LADY OFFIDELITY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEIKBER 2023 TRUSTEES, REMUNERATION AND BENEFITS Thete were no tmstees, remuneration or other benefrts for th¢ year ended 31 December 2023 nor for the yearended 31 December 2022. Trustees, expenses There were no trustees. expenses paid for the yearended 31 December 2023 nor for the year ended 31 December 2022. COMPARAT IVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES Unrestricted funds INCOME AND ENDOWMENfs FROM Donations and legacies 2.575 Other trdding activities Investment income 70,563 23.237 Totsl 96,375 EXPENDITURE ON Charitable g¢tivities Charitable activities 137,021 Net gains on investments 6,588 NET INCOMEI(EX PENDITURE) (47234) RECONCILIATION OF FUIYDS Total funds brought forward 1,335,222 TOTAL FUNDS CARRIED FORWARD 1287,988 Page 9 continu¢d...
OUR LADY OF FIDELITY GENEIL4L TRUST NOTES TO THE FINANCIAL STATEME]YTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 TANGIBLE FIXED ASSETS Improvements to Freehold pmperty ptY>perty Totals COST At l JaThuary 2023 Additions 890,000 234,066 1.124.066 At 31 December 2023 890,000 234,066 1,124.066 NET BOOK VALUE At 31 December 2023 890,000 234,066 1,124,066 At 31 tkcember 2022 890,000 234.066 1,124,066 The trustee's consider that the va]ue of the fTeehold properties should continue at £1,124,066 at 31 December 2023. FIXED ASSET INVESTMEIYTS Unlisted investments MARKET VALUE Ai l January 2023 Disposals Revaluations 142.522 (28,875) (5.441) At 31 December 2023 108,206 NET BOOK VALUE At 31 December 2023 108,206 At 31 Decernber 2022 142,522 There were no investrnent assets Qutside the UK. Cost or valvation at31 December 2023 is represented by.. Un]isted investments Vaknatffton in 2023 108,206 Page lo continued...
OUR LADY OF FIDELITY GEIYERAL TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 DEBTORS: AMOLThTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 2022 Other debtors 1,000 1,000 CREDITORS: AiVIOUNTS FALLING DUE WITHJN ONE YEAR 2023 2022 Other creditors 9,698 7.915 10. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31112123 At 111123 Unrestricted funds Oeneral fund D¢%ignated Fund 163,922 1,124,066 26,128 190.050 1,124,066 1,287,988 26,128 1,314,116 TOTAL FUNDS 1,287,988 26,128 1,314,116 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and Mov¢m¢nt loss¢s in funds Unrestricted fund5 General fund 187,468 (160,727) (613) (26,128) TOTAL FUf4DS 187.468 (160,727) (613> (26,128) Page 11 continued...
OUR LADY OF FIDELITY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 io. MOVEMENT IN FUNDS - continued Comparallves for movement in funds Net mov¢m¢nt in funds Transfers bctwe¢n funds At 31112122 At 111122 Unrestricted funds General fund Designated Fund 212,534 1,122,688 (47,234) (1,378) 1,378 163,922 1,124,066 1,335,222 (47234) 1287,988 TOTAL FUIWS 1,335,222 (47234) 1287,988 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and Movement losses in funds Unrestricled funds General fund 96,375 (137,021) 6,588 {47,234)) TOTAL FUNDS 96,375 (137,021) 6.588 (47,234)} A curr¢nt year 12 months and prior year 12 months combined position is as follows: Net movement in funds Transfers between nds At 31112123 At 111122 Unrestrl¢ted funds General fund Designated Fund 212,534 1,122,688 (73,362) 50,878 (50,878) 190,050 1,124,066 1,335,222 (73.362) lJ14,116 TOTAL FUNDS 1,335,222 (73,362) I,314,116 Page 12 continued...
OUR LADY OF FIDELITY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 10. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming rcsourc¢s Resources expended Gains and Movement lo&scs in funds Unre5trieled funds General fund 283,843 (297,748) 87,267 (73,362) TOTAL FUNDS 283,843 (297,748) 87,267 (73,362) ii. CAPITAL COMMITMENTS In May 2021, the trust completed all works on one of the freehold properties held in Folkestone, and the property is now fully let.. No work will commenc¢ on the second property in Folkestone until funds allow and this will be supported by Our Lady of Fidelity Upp¢r Norwood, Imdon, by virtue of the rental income being generated at the Norwood site, in the future. 12. RELATED PARTY DISCLOSURES The trust has continued to support Our Lady of Fidelity Established at Upper T000d, London (charity number 245644) during 2023. During the 2023 financial year, a contribution of £124,210 was made to Our Lady of Fidelity Convent- Upper Nonvood to cover maintenance and development costs of the Convent building and St Mary's At 31 December 2022, the Trust was owed £l,QOO by St Marys Family C¢ntr¢. This was repaid in 2023. Page 13
OUR LADY OF FIDELITY GENERAL TRUST DETAILED STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 INCOME AIYD ENDOWMENrs Donations and l¢gaci¢s Donations 45,170 2.575 Other trading activities Pensions Salaries 23,758 35.768 26,794 43.769 59,526 70.563 Investment income Rents received Investment income Deposit account interest 20,428 62,126 218 16,756 6,335 146 82,772 23,237 Total Incomlng r¢source$ l87,468 96,375 EXPE]YDITURE Charitable activities Sundries Personal expenses Professional fees Premises expenses Convent contribution Bank charges Portfolio management Trnining fees Trnvel Stipend Contribution to St Mary's SubscTiPtions Retreat costs 183 23,769 450 27.793 60,908 545 2.069 550 4,109 2,400 14.972 477 1,376 217 13,060 25,880 83.054 509 1,956 3.320 388 2.400 ,527 72 140 139,601 132,523 Support costs This page does not fonn part of the statutory financial statements Page 14
OUR LADY OF FIDELITY GENERAL TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Support costs Governanee costs Accountancy and legal fees 21,E26 4,498 Total resources expended 160,727 137,021 Net expenditure before gains and losses 26,741 (40.646) Realiscd recognised ggins and losses Realised gains/(losses) on fixed asset invc8tments (613) (6,588) Net expenditure 26,128 (47,234) This page does not form part of the statutory financial statements Page 15