REGISTLRED CHARITY NUMBER: 1002216 REPORT OF THE TRUSTEES AND UNAUDITED FINAIYCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR OUR LADY OFFJDELITY GENERAL TRUST Kentwell Associates Ltd Accountants 13 Hampden Road Beckenham Kent BR3 4HD
OUR LADY OF FIDELITY GENERAL TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 7 to 13 Detailed Statement of Financial Activities 14 to 15
OUR LADY OF FIDELrrY GENEII4L TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trnstees present their report with the fanCIal statements of the charity for the year ended 31 December 2024. The trnstees have adopted the provisions of Accounting and Reporting by ChaTÉties: Statement of Recommended Practic¢ applicable to charÈties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Rcpublic of ircland (FRS 102) (effective l January 2019). OBJECTIVES AIYD ACTIVJTIES Objectives and aims Th¢ object of the trust is promoting the charitable 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 Fidclity. Public benefit Th¢ TTusl¢¢s hav¢ consulted the guidance made available by the Charity Commission for England and Wales on the Public Benefit requir¢m¢nt of the Charities Act 201 l. The Trnstees are confident that they have complied with th¢ir duty under section 4 of the Charities Act 201 l in that they have had due regard to public benefit guidance published by the Commission. ACHIEVEMENT AND PERFORMANCE Revieiv of the Year During the year the Trnst continued to provide fanCIal support to the Congregation of Our Lady of Fidelity's religious communities at Upper Norwood and Folkestone and this support will continue in the fUtl¢. During the 2023 fancial year, the Trust made a contribution of £124,210 to Our Lady of Fidelity Convent- UpperNorwood to cover maintenance and development costs of the Convent building and St Mary's Lodge. In addition, the Trust received income from Folkestone Family Centre of £58,896 in the year, as well as repayment of a loan from th¢ Norwood Family Centre of £10,224. InvestmeDt policy The TTUSt's funds aTe invested by professional investment managers in a narrower range and wider range investments in order to provide income to enable the trust to fulfil it's chaTitable objectives. FINANCIAL REVIEW Reserves policy It is the policy of the trustees to maintain sufficient reserves to ensure the smooth running of all artivities in the event of a Slldd loss of income. The reserves are kept at a level to finance the Charity's declared objectives and support the charitable activities and objectives of Our Lady of Fidelity Eslablished at Upper Nonvood. London (245644). if required.. The reserves policy is being revI¢d wntinuously. Financial posltfion 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 FIDELrrY GENEII4L TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FUTURE PLANS AIYD DEVELOPMENTS The Tnt has supported the building works and ongoing expenditure at Our Lady of Fidelity Conv¢nt Upper Norwood. and the Trustees believe this Trust will now be in a position support the majority of its expenditure, by means of additional rental income being achieved. In 2024, the Trust has made a further contribution to Our Lady of Fidelity Convent - Upper Norwood of £43.672. The Tnjst will continue to support Our Lady of Fidelity Convent - Upper Nonvood. London (245644) in the post balance sheet period. however, the trustees are confident that this will signifi¢antly reduce in 2025 as all building works are Complete ai the Norwood site and income from letting has increased. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing docujnent Our Lady of Fidelity Charitable Trnst is governed by a trust deed dated 4 April 1949 as varied by a scheme dated 23 August 1990 by an order of the Charity Commissioners dated 7 May 1992 and is registered with the Charity Commission, Charity Registration No 1002216. Recruitment and appoinlment of new trustees The tnjstees, who served throughout the year are listed on page l. Appointment of trnste¢s is governed by the trust deed. the trustees are authorised to appoint new trustees to fill vacancies arising tllrovgh resignation or death of an existing trustee. Organlsational structure The Trust is administered by the Trustees. The trust employs no staff. REFERENCE AND ADMINISTRATIVE DETAILS Registered Cbarity nun)b¢r 1002216 Principal address 1 Our Lady's Close Upper Nonvood LONDON SE193FA Trustees Sister S Davey BA (Hons) Father J Alappat Sister M R Arakkal Trustee O Oresanya Independent Examiner Kentwell Associates Ltd Accountants 13 Hampden Road Beckenham Kent BR3 4HD Page2
OUR LADY OF FIDELITY GENERAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS Sollcltors Pothe¢ary Witham Weld 70 St George's Square London SWIV3RD Prinelple Bankers HSBC Bank PIC Pall Mall Branch 69 Pall Mall London SWJY 5EH Approved by order of the board of trustees on.... /4J,12< signed on its behalf by. Sister S Davey BA (Hons) -Trustee Page3
INDEPENDENT EINER's REPORT TO THE TRUSTEES OF OUR LADY OF FIDELITY GENERAL TRUST Jndependent examiner's report to the trustees of Our Lady of Fidelity General Trust I report to the charity trustees on my examination of the accounts of Our Lady of Fidelity General Trust (the Tnlst) for the year ended 31 December 2024. Responsibilities and bYdSiS of report A8 thc charity trllstees of the Trust you are responsible for the preparation of the accounts in accordance with the requiicmcnts of the Charities Act 2011 ('the Acl,). I report in regpect of my examination of tbe Trnsl's accounts carried out under Section 145 of the Act and in carying out my examination I have followed all applicabl¢ Dir¢¢tions giv¢n by the Charity Commission under Section l45(5)(b) of the Act. Jndependent examiner's 5tatement- matter5 of concern identified I have completed my examination. I have highlighted matters of concern in my report and would like to draw your attention to note l in the financial statements concerning the charity's ability to continue as a going concern, in relation to the achievement of ture cash reserves and forecasts. As stated in note I, these events or conditions, along wlth the other matters set out in note I, indicate uncertainties exist that may cast doubt on the charity's ability to continue as a going concern, but my opinion is not rnodified in respect of these matters. I confirm that no other matters have come to my attention that give me cause to believe that in any rnatCTial respect: accounting records were not kept in respect of the Trust as required by Section 130 of the AGt- or the accounls do not accord with those r¢cord8' or the accounts do not comply with the applicable requirements concerning the forni and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter wnsidered as part of an independent examination. confinn that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Kanni Ramachandran Kentwell Associates Ltd Accountants 13 Hampden Road Beckenham Kent BR3 4HD Date:............................................. Page4
01]R LADY OF FIDELITY GENERAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Unrestricted fimds 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 69,246 45,170 Other trading activities Investment income 71,321 19,791 121,652 20,646 Total 160,358 187,468 EXPENDITURE ON Charitable activities Charitable activities 173,348 160,727 Net gainsl(losses) on investments (180) (613) NET INCOMEI(EXPENDITURE) (13,170) 26,128 RECONCILIATIOIY OF FUNDS Total fimds brought forward 1,314,116 1, 287,988 TOTAL FUNDS CARRIED FORWARD 1,300,946 1, 314,116 The notes form part of these financial statements Page 5
OUR LADY OF FIDELITY GEIYERAL TRUST BALANCE SHEET 31 DECEMBER 2024 2024 Unre¥tricted funds 2023 Total fLmds Notes FIXED ASSETS Tangible assets Investments 1,124,066 108,226 1.124,066 108,206 1,232, 292 1, 232,272 CURRENT ASSETS Debtors Prepayments and accrued income Cash at bank 10,224 1,000 3QO 40,255 34,336 44,560 41,645 CREDI'foRS Amounts falling due within one year (17,844) (9,698) IYET CURRENT ASSETS 26,716 31,947 TOTAL ASSETS LESS CURRENT LIABILITIES 1,205,576 1, 200,325 NET ASSETS 1,205.576 1, 200,325 FUNDS Unrestricted funds io 1,205,576 1.200.325 TOTAL FUNDS 1,205,576 1.200,325 The financial statements were approved by the Board of TnteeS and authorised for i8sueon J.41.1,. qkn-, were signed on its behalf by.. S Davey BA (Hons) - Trustee M R Arakkal - Trustee The notes fonn part of these financial statements Page6
OUR LADY OF FIDELITY GENEIL4L TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUIYTINC POLICIES Basis of preparing the fmancial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with thc Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recomtllended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (TrRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reportillg Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. with the exception of investments which are included at markct value. as modified by the revaluation of certain assets. The accounts have been prepared under the historical cost convention with the exception that investments are valued at market value. The accounts have been prepared in ac¢ordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2005) issued in March 2015 and applicable UK Accounting Standards and the Charities Act 2011. The charity has taken advantage of the exemption in Financial Reporting Standard No. l from the requirement to produce a cashflow statement on the grounds that it 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 piobable that the income will be received and the amount can be measured reliably. There will be no income from pensions for the foreseeable fijture as the tsstee has now sadly passed away. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in seiÉlement and the amount of the obligation Can be measured reliably. Expenditure is accounted for on an accrnals basis and has been classificd under headings that aggregate all cost related to the category. Where costs cannoi be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Tangible fIAed assets for use by the charity are stated at cost less depreciation. The freehold properties illcluding the cornmunity house were piofessionally revalued by Champion & Co on 30 July 2014 and 18 March 2015 at £1,190,000. Sincc thc la.%t valuation, thcre been several improvements, with 2 properties and a parcel of land bcing .8old in 2018 and 2019. The remaining 2 properties are valued at £l,124.066 and the trustees confirni this is a fair vale. No amortisation is charged on the community houses as it is the policy of the trustees to maintain the building to a standard that ensures that the residential value is not less than the Professional or tru8tees' valuation. Taxation The charity is exempt from tax on ils charitable activities. Fund accounting The general fund comprises those monies which may be used towards meeting the charxtable objectives. Page7 continued...
OUR LADY OF FIDELrrY GENEIL4L TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES - eontinued Going concern These financial statements are prepared on the going concern basis. At 31 December 2024, the charity had a balance sheet surplus of £1,205,576, with £1,124,066 representing freehold land and buildings and a deficit for the year of £(13,170). The trustees have a reasonable expectation ihat the charity will continue in operational existence for the foreseeable future assuming current ndIng levels and the management of expenditure. The Trust has also provided support to Our lady of Fidelity Convent Upper Nonvood in both 2023 and 2024 and it is anticipated that this will reduce in the near future. Conclusions relating to the going concern assuinption- future performance of the charity The trustees have continued to develop new stiategies to improve the peTfonnance of the charity. The trusteEs are confident that the new strategies developed, between 2019 to 2023 will continue to assist in improving the balance sheet PO8ltion of the charity. The current financial position of the charity is suggesting a further decrease in reserves, but the tnjstees are confident that in spite of economic difficulties this will be minimised and the position improved during 2025126. Conclusion Having reviewed the management accounts and plans of the charity and having taken into account the current and forecast perforniance and level of support to Our Lady of Fidelity Convent (Upper Norwood} the trustees believe they have reasonable grounds for stating that the charity has adequate Tesources to continue in operational existence for the foreseeable future and in spite of economic difficulties, the trustee8 consider it appropriate to prepare the fmancial statements on the going concern basis. OTHFR TRADING ACTIVITIES 2024 2023 Donations Pensions Salaries Supervised Contsct 10,350 43.758 35,768 34.661 27,832 72,843 79,526 IIYVESTMENT INCOME 2024 2023 Rents received Investment incoine Deposit account interest 19,467 8,704 268 20,428 4,925 218 28.439 25,571 Page 8 continued...
OUR LADY OF FIDELITY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023 Trustees, expenses There were no trnstees, expenses paid for the year ended 31 Decembcr 2024 nor for the year ended 31 December 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fimds INCOME AND ENDOWMENTS FROM Donations and legacies 45,170 Other trading activities Investment income 121.652 20,646 Total 187,468 EXPENDITURE ON Charitable activities Charitable activities 160.727 Net gains on investments (613) NET INCOMEI(EXPENDITURE) 26,128 RECONCILIATION OF FUIYDS Total funds brought forward 1.287,988 TOTAI. FUNDS CARRIED FORWARD 1,314,116 Page 9 continued...
OUR LADY OF FIDELITY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 TANGIBLE FIXED ASSETS Improvements to FTeehold propety propety Totals COST At l January 2024 Additions 890,000 234,066 1,124,066 At 31 December 2024 890.000 234.066 1,124,066 NET BOOK VALUE At 31 December 2024 890,000 234,066 1.124.066 At 31 December 2023 890,000 234,066 1,124,066 The trustee's consider that the value of the freehold properties 8hould COT)tinue at £1,124.066 at 31 December 2024. FIXED ASSET INVESTMENTS Unlisted investments MARKET VALUE At l January 2024 Disposals Revaluations 108,206 20 At 31 December 2024 108,226 NET BOOK VALUE At 31 December 2024 108,226 At 31 December 2023 108.206 There were no investment assets outside the UK. Cost or valuation at 31 December 2024 is represented by: Unlisted investments Valuation in 2024 108,226 Page 10 continued...
OUR LADY OF FIDELITY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR EIYDED 31 DECEMBER 2024 DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Other debtors 10.224 1,000 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other clItOrS 17,844 9.698 10. MOVEMENT IN FUNDS Net movement in funds Transfers between fimds At 31112124 At 111124 Unrestricted fund5 General fimd Designated Fund 190,050 1,124,066 (13,170) 176,880 1,124,066 1.314,116 (13.170} 1.300.946 TOTAL FUNDS 1,314,116 (13,170) ,300,946 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and Movement losses in fvnds UDre5tricted funds General fimd 160,358 (173,348) (180) (13,170) TOTAL FUNDS 160,358 (173,348) (180) (13,170) Pagell continued...
OUR LADY OF FIDELITY GENERAL TRUST IYOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 io. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net Transfers between fijnds movement in funds At 31112123 At 111123 Unrestricted funds General fimd Desiated 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 Comparative net movement in nds, included in the above are as follows: Incoming resources Resources expended Gains and Movement losses in funds Unrestricted funds (Teneral fid 187,468 (160,727) (613) 26,128 TOTAL FUNDS 187,468 (160,727) (613) 26.128 A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds Transfers between funds At 31112124 At 111123 Unrestricted funds General fund Designated Fund 163,922 1,124,066 12,958 176,880 1,124,066 1,287,988 12,958 1.300,946 TOTAL FUNDS 1,287,988 12,958 1, 300,946 Page 12 continued...
OUR LADY OF FIDELITY GENERAL TRUST NOTES TO THE FINAIYCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 DECEMBER 2024 10, MOVEMENT IN FUNDS - continued A current y¢aT 12 months and Prior year 12 monlhs combined nel movement in funds, included in the above are as follows: Incoming Tesources Resources expended Gains and Movcment losses in funds Unrestricted funds G¢n¢ral fund 347,826 (334,075) 26,709 12,958 , TOTAL FUNDS 347,826 (334,075) 26,709 12,958 11. CAPITAL COMMITMENTS May 2021, the knst compl¢t¢d all works on one of the freehold properti¢5 h¢ld in Folkestone, and the property is now fully let. No work will commence on the second properry in Folkestone until funds allow and this will be supported by Our Lady of Fidelity Upper Norwood, London, 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 E8tabEished at Upper Nonvood, London (charity number 245644) during 2024. During the 2023 financial year, a contribution of £124,210 was made to Our Lady of Fidelity Convent- Upper Norwood to ¢ov¢r maintenance and d¢v¢lopm¢nt costs of the Convent building and St Maws Lodg¢. At 31 D¢cemb¢r 2023. the Trust was owed £l.000 by St Mary's Family Centre. This was repaid in 2024. Page 13
OUR LADY OF FIDELITY GENERAL TRUST DETAILED STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDLD 31 DECEMBER 2024 2024 2023 INCOME AIYD ENDOWMENTS Donations and legacies Donations 69,246 45,170 Other tradlng aetlvfitles Pensions Salaries 23,758 35,768 34,662 27,831 Supervised Contact 62.493 59,526 Investment income Rents received Investment income Deposit account interest 19,467 8,704 268 20,428 62,126 218 28,439 82,772 Total Ancoming resources 160,178 187,468 EXPEIYDITURE Charitable aetivities Sundries Postage and Stationery Personal expenses Professional fees Premises expenses Convent contribution Contribution to Folkestone Bank chgeS Portfolio management Training fees Travel Stipend Contribution to St Mary's Subscriptions Retreat costs 7,604 4,466 10,839 1.250 30.601 43,672 25,105 132 183 23,769 450 27.793 60,908 545 2,069 550 4,109 2,400 14,972 477 1,376 2,400 22,373 127 57 148,626 139,601 Support eosts 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 2024 2024 2023 Support Costs Governance eosts Accountancy and legal fees 24,722 21,126 Total resources expended 173,348 160,727 Net expenditure before gains ¥4nd losses (13,170) 26,741 Realised recognised gaills and losses Reali8cd gains/(losses) on fixed asset invcstments (613) Net expenditure (13,170) 26,128 This page does not fom part of the statutory financial statements Page 15