**Report and Accounts** _The Anglican Centre in Rome_
**31 December 2020**
The Anglican Centre in Rome
Company No. 2604444 Charity No. 1003666
## **PRESIDENT**
The Most Revd Justin Welby
## **GOVERNORS**
|**GOVERNORS**|||
|---|---|---|
|The Rt Revd Michael Burrows,|Ireland|(Chairman)|
|The Revd Dr William Adam|UK||
|Mr Tony Briggle
USA|||
|The Very Revd Kurt Dunkle|USA||
|The Most Revd Dr Philip Freier|Australia||
|The Rt Revd David Hamid|UK||
|The Revd Canon Dr Jamie Hawkey|UK||
|The Most Revd Dr Josiah Idowu-Fearon|Nigeria||
|The Most Revd Dr Paul Kwong|China||
|The Revd Martin Macdonald|UK|(Treasurer)|
|Ms Louisa Mojela
South||Africa|
|The Rt Revd Catherine Waynick|USA||
|**SECRETARY**|||
|Revd Dr William Adam|||
|**INDEPENDENT EXAMINER**|||
|J
I|Borucki|FCA|
|42
Radnor||Road|
|Harrow HA1 1RZ|||
|**REGISTERED OFFICE**|||
|St
Andrew’s||House|
|16
Tavistock||Crescent|
|London W11 1AP|||
1
The Anglican Centre in Rome
## DIRECTORS’ AND TRUSTEES’ REPORT
The governors, who are directors for Companies Act purposes and trustees for Charities Act purposes, present their report and accounts for the year ended 31 December 2020.
## **OBJECTIVES, ACTIVITIES AND THE PUBLIC BENEFIT**
The company’s principal activity is the advancement of Christian unity through the activities of the Anglican Centre in Rome.
The company was created in 1990 to manage the activities of the Centre for the Archbishop of Canterbury and for the Anglican Communion and to raise the funds required to support these activities.
The mission of the Anglican Centre is to strengthen and encourage ecumenical relations, especially those between the Roman Catholic Church and the Anglican Communion. This is to enable the two Churches to contribute more effectively to the great work of reconciliation and the creation of unity amongst humanity.
The Centre provides:
- theological resources to support ecumenical discussions, co-operation and prayer;
- learning opportunities for those who are visiting Rome;
- information on the progress of inter-church relations;
- liaison with the Vatican dicasteries its Councils and Committees; and
- publications including the newsletter “Centro”.
When planning the charity’s activities, the Trustees have regard to the Charity Commissioners’ guidance on public benefit and in particular to the specific guidance on charities for the advancement of religion.
During the year the Centre employed a Director and a full time Centre Manager.
The Centre occupies an apartment within the historic Palazzo Doria Pamphilj, the largest private palace in central Rome. The Centre comprises:
- the largest library on Anglicanism in mainland Europe: more than 12,000 volumes, in addition to journals, periodicals and church newspapers
- a dual-purpose Reading and Lecture Room;
- a large Reception Room for official use;
- office
facilities;
- a Chapel; and
- private accommodation for the Director and two guest flats.
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The Anglican Centre in Rome
## DIRECTORS’ AND TRUSTEES’ REPORT
In its work in Rome, the Anglican Centre is a living witness to the commitment of the Anglican Communion to the search for unity with the Roman Catholic Church.
Each year the intention is for the Anglican Centre in Rome to run courses for clergy and laity from all over the world and courses for theological students. However, the pandemic has curtailed some of the Centre’s activities in this last year
The overall governance of the charity and much of the fund-raising activity of the Centre is handled by volunteers.
## **ACTIVITIES AND OPERATIONS**
The present Director, the Most Revd Ian Ernest, took up office in late 2019 and was resident in Rome throughout the 2020.
The Covid-19 pandemic affected the work of the Centre during 2020. For most of the period meetings in person were not possible in the Centre. However, the Centre, through its Director, exploited the opportunities of online meetings to continue the work of the Centre.
The online offering during 2020 included the livestreaming of worship from the chapel and the involvement of international visiting preachers via recorded sermons. The use of technology has also enabled the convening of online lectures and seminars. In 2020 these included a well-attended webinar on the ecumenical legacy of St John Henry Newman and a webinar in conjunction with the Chemin Neuf Community. Online educational events have significantly increased the number of people engaging with the Centre’s work and the geographical spread. Such events have drawn participants from around the world.
The Director, as the Archbishop of Canterbury’s Personal Representative to the Holy See, has continued to make and build strong relationships with key figures in the Roman Curia and other institutions in Rome.
The Centre has acted as host for an ecumenical prayer group attended by church leaders from different denominations in Rome.
The Anglican Centre relies upon donations and grants, including regular grants from the Archbishop of Canterbury’s Anglican Communion Fund and the Anglican Consultative Council to finance its activities. The fundraising activities of the UK and US Friends of the Centre remain critically important sources of income for operational expenditure.
## **FINANCIAL REVIEW**
_**Reserves policy**_
It is the company’s objective to eliminate the deficit by operating at a surplus and to raise funds to increase the Endowment Fund in order to secure the future of the Centre in the longer term. The company is prohibited by its Memorandum and Articles of Association from paying dividends.
_**Results for the year**_ During the year ended 31 December 2020 the net deficit amounted to £100,518. Funds raised during the year to meet operating expenses totalled £150,177 and
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The Anglican Centre in Rome
## DIRECTORS’ AND TRUSTEES’ REPORT
restricted funds raised for supporting courses totalled £25,000. The overall surplus in 2019 arose as a result of a significant donation from The Archbishop of Canterbury’s Charitable Foundation. The Governors had given consideration to the previous years’ deficit and general excess of expenditure over income. This led to a decision to substantially reduce the operational costs of the Centre through reduced staffing, effective from September 2019.
## _**Fund**_
## _**surplus**_
The accumulated deficit on unrestricted funds amounts to £119,731 and an equivalent amount has been transferred from Endowment funds to replace this year’s deficit.
## _**Reserves**_
The Centre had an Endowment Fund amounting to £346,635 at the beginning of the year and this has been reduced by the deficit for the year of £119,731, leaving £226,904 to generate income and, if necessary, to meet existing or future operating deficits.
## _**Principal**_
## _**funding**_
_**sources**_
The principal funding sources are the archbishops and bishops of the Anglican Communion, together with individuals, trusts and parishes. In 2020 donations of £47,205 were received in the United Kingdom after deducting fund raising expenses of £30,908, £43,117 was received from America, £8,772 from Hong Kong and the Far East, £3,970 in mainland Europe, £10,000 from the Anglican Consultative Council, £25,000 from the Archbishop of Canterbury’s Anglican Communion Fund.
## _**Expenditure**_
The expenditure incurred relates principally to the costs of leasing and maintaining the Centre together with the costs of the staff based at the Centre, being the Director and support staff. From September 2019 reduced staffing resulted in reduced operational expenditure which had its full impact in 2020.
## _**Investment**_
## _**policy.**_
Under the memorandum and articles, the company has the power to make any investment which the directors think fit. It is the company’s policy to hold approximately 50% of the value of the Endowment Fund in equity investments managed in accordance with the ethical policies recommended by the Church of England. In addition, approximately 10% is invested in a UK Property Fund for Charities, although these proportions have not been maintained in the year as it was necessary to realise investments with a value of £150,000 to fund the operation of the Centre and the deficit it incurred in 2018. During the year worldwide equity markets recovered from the previous year and the Centre benefitted from an unrealised gain of £5,787, compared with the previous year of £15,253, on its investments.
## **FUTURE DEVELOPMENTS**
The Centre is the base for the Representative of the Archbishop of Canterbury to the Holy See who is also the Director of the Centre and as such the Governors
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The Anglican Centre in Rome
## DIRECTORS’ AND TRUSTEES’ REPORT
continue to seek to raise additional funds to enable the Centre to enhance the support provided to the Director in both these roles.
The Centre is increasingly a place of meeting not only for Anglicans and Roman Catholics, but also for Anglicans of different backgrounds. It aims to help Anglicans understand one another and their common heritage as a necessary aspect of engaging with other Christian traditions and confessions. It is becoming a crucial resource for strengthening our own Anglican identity as well as interpreting it to others and seeks to be somewhere where all members of the diverse Anglican family can feel at home.
## **STRUCTURE,**
## **GOVERNANCE**
## **AND MANAGEMENT**
## _**Governing**_
_**document**_
The Anglican Centre in Rome is a company limited by guarantee, registered in England (Registration No. 2604444). It is also registered as a charity (Charity No. 1003666). The governing document is the Memorandum and Articles of Association of the company which have been revised and approved at an Extraordinary General Meeting held on 30 April 2020.
## _**Trustees**_
The Anglican Centre is governed by a Board of Governors whose president is the Archbishop of Canterbury and whose chairman is The Rt Revd Michael Burrows.
The following persons shall, either by virtue of their role or nomination, be Trustees:
(1) The President of the Anglican Centre in Rome (being the Archbishop of Canterbury as President of the Anglican Consultative Council); as an _ex officio_ Trustee.
(2) One person nominated by the Archbishop of Canterbury;
(3) Two persons nominated by the Standing Committee of the Anglican Consultative Council;
(4) The Secretary-General of the Anglican Consultative Council, or a person from among the senior staff at the Anglican Communion Office nominated by the Secretary-General;
(5) The Anglican Co-Chair of the Anglican-Roman Catholic International Commission (ARCIC), or a person from among the members of that Commission nominated by the Co-Chair; (6) The Anglican Co-Chair of the International Anglican-Roman Catholic Commission for Unity and Mission (IARCUM), or a person from among the members of that Commission nominated by the Co-Chair; (7) The Chair of the UK Friends of the Anglican Centre in Rome or a person nominated from the members of that group by that Chair; (8) The Chair of the USA Friends of the Anglican Centre in Rome or a person nominated from the members of that group by that Chair.
The Trustees may appoint up to four further Trustees with consideration given to the need for a broad range of skills within the Trustee body, including but not limited to communications, finance, fundraising, risk management and strategic planning, and to ensure that relevant stakeholder bodies are appropriately represented among the Trustees.
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The Anglican Centre in Rome
## DIRECTORS’ AND TRUSTEES’ REPORT
The Trustees have exercised this power and have appointed four further Trustees.
_**Induction and training of trustees**_
The policies and procedures of the company are explained to new governors by the chairman and the company secretary.
_**Organisational structure and decision making process**_ The Governors, who meet at least twice a year, administer the charity. The day to day operations of the Centre are managed by the Director of the Centre under the overall supervision of the chairman, the treasurer and the company secretary. The Director of the Centre is appointed by the governors in consultation with the Archbishop of Canterbury.
_**Related parties and wider networks**_ The activities of the Centre are supported by a number of Friends organisations in different parts of the Anglican Communion, principally in the UK, the USA (The American Friends of the Anglican Centre in Rome), Australia and New Zealand.
## _**Risk**_
_**Management**_
The major risks to which the company is exposed have been reviewed and procedures have been established to mitigate those risks. The main risk is considered to be the risk of failure to raise adequate funds to cover the annual running costs of the Centre – the company has a Development Committee in the UK responsible for leading the UK fundraising activity. This committee is supported by a Development Officer with fundraising experience. In other countries, the Friends organisations are actively involved in raising funds on an annual basis at levels agreed with the Governors. The Governors are also seeking to raise funds for the Endowment Fund so that the income generated will reduce the requirement for annual fundraising in future years.
## **REFERENCE AND ADMINISTRATION DETAILS**
Legal and administrative information set out on page 1 forms part of this report. The current directors, who are designated Governors, are listed on page 1. All the Governors served throughout the year, except for Mr Tony Briggle, Revd Canon Dr Jamie Hawkey and Ms Louisa Mojela who were appointed on 30 April 2020. The company secretary, David White, resigned on 1 February 2021 with Revd Martin Macdonald acting as secretary until Revd Dr William Adam was appointed on 29 April 2021.
The accounts comply with current statutory requirements, the Memorandum and Articles of Association of the company and the Charities Statement of Recommended Practice (FRS 102).
By order of the board
Revd Dr Secretary
William Adam
6
The Anglican Centre in Rome
DIRECTORS’ AND TRUSTEES’ REPORT
21 September 2021
7
The Anglican Centre in Rome
STATEMENT OF TRUSTEES’ RESPONSIBILITIES WITH REGARD TO THE ACCOUNTS
The trustees (who are also the directors for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that 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 of the Charities SORP
• make judgements and estimates that are reasonable and prudent;
• state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
.
8
**REPORT OF THE INDEPENDENT EXAMINER**
## **to the Trustees and Directors of the Anglican Centre in Rome (a company limited by guarantee)**
I report on the accounts of the charitable company for the year ended 31 December 2020, which are set out on pages 8 to 17
## **Respective responsibilities of trustees and examiner**
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act).
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- follow the procedures laid down in the general Directions given by the Charity Commission under Section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## **Independent Examiner’s statement**
In connection with my examination, no matter came to my attention:
- 1 which gives me reasonable cause to believe that in any material respect the requirements:
- (a) to keep accounting records in accordance with Section 386 of the Companies Act 2006; and
- (b) to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or
- 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
J I Borucki FCA Chartered Accountants and Registered Auditor 42 Radnor Road Harrow HA1 1RZ
21 September 2021
9
## The Anglican Centre in Rome
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 December 2020
|Note
**INCOME**
**Income from generated funds**
Voluntary income
Donations
Grants for bursaries
Activities for generating funds
Investment income
**Income from Charitable activities**
Income from seminars
Income from bookstall and publications
**TOTAL INCOME**
**EXPENDITURE**
**Cost of generating funds**
Cost of generating voluntary income
Fundraising costs
**Charitable activities**
Direct costs of seminars
Administrative expenses
**Governance costs**
**TOTAL EXPENDITURE**
**NET INCOME/(EXPENDITURE)**
Transfers (from)/to
13
Endowment fund
1997 Appeal fund
Travel funds
**NET INCOME/(EXPENDITURE) AFTER**
**TRANSFERS**
**Other recognised gains /(losses)**
Unrealised gain on investment assets
**NET INCOME/(LOSS) FOR THE YEAR**
Fund balances brought forward
at the beginning of the year
**Fund balances carried forward**
**at the end of the year**|Unrestricted
funds
Restricted
income
funds
Endowment
funds
Total
2020
2020
2020
2020
£
£
£
£
143,972
-
-
143,972
-
25,000
-
25,000
-
-
-
-
4,768
-
-
4,768
1,437
-
-
1,437
-
-
-
-|Unrestricted
funds
Restricted
income
funds
Endowment
funds
Total
2019
2019
2019
2019
£
£
£
£
430,065
-
-
430,065
-
25,000
-
25,000
297
-
-
297
5,018
-
-
5,018
5,959
-
-
5,959
-
-
-
-|
|---|---|---|
||150,177
25,000
-
175,177|441,339
25,000
-
466,339|
||30,000
-
-
30,000
908
-
-
908
-
-
-
-
238,603
-
-
238,603
6,184
-
-
6,184|34,629
-
-
34,629
1,049
-
-
1,049
2,439
-
-
2,439
290,341
-
-
290,341
12,275
-
-
12,275|
||275,695
-
-
275,695|340,733
-
-
340,733|
||(125,518)
25,000
- (100,518)
119,731
-
(119,731)
-
-
-
-
-
-
-
-
-|100,606
25,000
-
125,606
(118,348)
-
118,348
-
2,489
(2,489)
-
-
-
-
-
-|
||(5,787)
25,000
(119,731) (100,518)
-
5,787
-
-
5,787|(15,253)
22,511
118,348
125,606
253
15,253
-
-
15,253|
||-
25,000
(119,731)
(94,731)
-
82,774
346,635
429,409|-
22,511
118,348
140,859
-
60,263
228,287
288,550|
||-
107,774
226,904
334,678|-
82,774
346,635
429,409|
## The Anglican Centre in Rome
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2020
|Note
**INCOME**
**Income from generated funds**
Voluntary income
Donations
Grants for bursaries
Activities for generating funds
Investment income
**Income from Charitable activities**
Income from publications
**TOTAL INCOME**|Unrestricted
funds
Restricted
income funds
Endowment
funds
Total
2020
2020
2020
2020
£
£
£
£
143,972
-
-
143,972
-
25,000
-
25,000
-
-
-
-
4,768
-
-
4,768
-
-
-
-|Unrestricted
funds
Restricted
income funds
Endowment
funds
Total
2019
2019
2019
2019
£
£
£
£
430,065
-
-
430,065
-
25,000
-
25,000
297
-
-
297
5,018
-
-
5,018
-
-
-
-|
|---|---|---|
||148,740
25,000
-
173,740|435,380
25,000
-
460,380|
||||
|**EXPENDITURE**
**Cost of generating funds**
Cost of generating voluntary income
Fundraising costs
**Charitable activities**|30,000
-
-
30,000
908
-
-
908|34,629
-
-
34,629
1,049
-
-
1,049
10|
## The Anglican Centre in Rome
## BALANCE SHEETS at 31 December 2020
|Note
**FIXED ASSETS**
Leasehold improvements and equipment
8
Investments
9
Susidiary undertaking
10
**CURRENT ASSETS**
Inventory
Debtors
11
Cash at bank and in hand
**CREDITORS: amounts falling due**
**within one year**
12
**NET CURRENT ASSETS**
**NET ASSETS**
**CAPITAL AND RESERVES**
**Capital funds**
Endowment fund
13
**Income funds**
**_Restricted funds_**
1997 Appeal Fund
13
Travel fund
13
Bursaries Fund
13
**_Unrestricted funds_**
General Fund
13|Group
Company
2020
2020
£
£
37,949
15,875
146,801
146,801
-
-
184,750
162,676
167
-
60,055
54,926
134,232
130,558
194,454
185,484
44,526
19,092
149,928
166,392
334,678
329,068
226,904
226,904
-
-
3,896
3,896
103,878
103,878
-
(5,610)
334,678
329,068|Group
Company
2019
2019
£
£
32,822
18,150
141,014
141,014
-
-|
|---|---|---|
|||173,836
159,164|
|||167
-
81,898
88,801
218,871
196,440|
|||300,936
285,241
45,363
19,605|
|||255,573
265,636|
|||429,409
424,800|
|||346,635
346,635
-
-
3,896
3,896
78,878
78,878
-
(4,609)|
|||429,409
424,800|
For the year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies
## Directors responsibilities
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime
Revd Martin Macdonald Director and Treasurer
21 September 2021
12
## The Anglican Centre in Rome
## STATEMENT OF CASH FLOWS
|for the year ended 31 December 2020
**Total**
2020
£
**Cash flows from operating activities:**
Net cash provided by (used in) operating activities
(78,125)
**Cash flows from investing activities**
Investment income
4,768
Sale of investments
-
Purchase of property, plant and equipment
(14,135)
Net cash provided by (used in) investing activities
(9,367)
**Cash flows from financing activities**
**Change in cash and cash equivalents in the year**
(87,492)
Cash and cash equivalents at the beginning of the year
218,871
Change in cash and cash equivalents due to exchange
rate movements
2,853
Cash and cash equivalents at the end of the year
134,232
**Reconciliation of net income/(expenditure) to net cash flow**
**from operating activities**
**Total**
2020
£
Net income (expenditure) for the year (as per the
statement of financial activities)
(94,731)
Adjustments for:
Depreciation charges
9,008
(Gains)/losses on investments
(5,787)
Exchange rate movements
(2,853)
Investment income
(4,768)
(Increase)/decrease in stocks
-
(Increase)/decrease in debtors
21,843
Increase/(decrease) in creditors
(837)
Net cash provided by (used in) operating activities
(78,125)|**Total**
2019
£
72,841
5,108
-
(3,703)|
|---|---|
||1,405|
||74,246
141,356
3,269|
||218,871|
||**Total**
2019
£
140,859
6,182
(15,253)
(2,853)
(5,108)
4
(33,797)
(17,193)|
||72,841|
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The Anglican Centre in Rome
NOTES TO THE ACCOUNTS at 31 December 2020
## **1. ACCOUNTING POLICIES**
## _**Limited liability**_
The company is limited by guarantee and does not have a share capital. Each member of this company undertakes to contribute to the assets of the company in the event of it being wound up, such amount as may be required but not exceeding £10.
## _**Basis of preparation**_
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Charities Act 2011. The company constitutes a public benefit entity as defined by FRS 102. The directors consider that there are no material uncertainties about the company’s ability to continue as a going concern.
The accounts present the consolidated balance sheet, statement of financial activities and income and expenditure account comprising the activities of The Anglican Centre in Rome, an English company limited by guarantee registered as a charity, and its subsidiary undertaking, an Italian unrecognised religious association also called The Anglican Centre in Rome which undertakes the activities of the charity in Italy.
## _**Income**_
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations are recognised when the charity has been notified in writing of both the amount and settlement date.
Legacies are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
## _**Costs of generating voluntary income**_
These expenses are reflected as an expense in the Statement of Financial Activities and an appropriate proportion is treated as a reduction of funds raised transferred to the Endowment Fund.
## _**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 settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities comprises direct expenses incurred on the defined charitable purposes of the charity and includes staff costs attributable to the
activity.
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The Anglican Centre in Rome
## NOTES TO THE ACCOUNTS
at 31 December 2020
Governance costs comprise of expenditure on compliance with and advice on constitutional and statutory matters. As all expenditure can be attributed to specific categories no apportionment between headings has been necessary. Irrecoverable VAT is included in the items of expenditure to which it relates.
## _**Depreciation**_
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset evenly over its expected useful life, or over the lease term, whichever is the shorter. Leasehold improvements are subject to amortisation over the term of the relevant lease.
## _**Foreign currencies**_
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the income and expenditure account.
## **2. TURNOVER**
Turnover includes income from seminars which represents amounts billed to third parties for seminars held during the year.
## **3. EXCESS OF INCOME OVER EXPENDITURE**
|This is stated after charging:
Independent Examiners’ remuneration
Directors’ remuneration
Operating lease rentalsland and buildings
Depreciation of leasehold improvements
Depreciation of equipment
**STAFF COSTS**
Salaries and wages
Charitable activities
Cost of generating funds
Social security costs
Charitable activities
Cost of generating funds
Other payroll costs
Charitable activities
Cost of generating funds
|_2020_
_2019_
_£_
_£_
1,460
1,300
32,662
46,881
5,868
3,918
3,140
2,264
–––––––––––
–––––––––––
_2020_
_2019_
_£_
_£_
85,617
111,728
30,000
30,000
30,721
27,143
600
1,053
6,420
5,999
-
-
_————_
_————_
153,358
175,923
————
————|_2019_
_£_
1,300
46,881
3,918
2,264
–––––––––––|
|---|---|---|
## **4. STAFF COSTS**
The average number of employees during the year was as follows: Charitable activities 3 Generating funds 2
15
The Anglican Centre in Rome
## NOTES TO THE ACCOUNTS
at 31 December 2020
No employee earned more than £60,000 per annum (2019 - nil)
## **5. GOVERNANCE COSTS**
|**GOVERNANCE COSTS**|||
|---|---|---|
||_2020_|_2019_|
||_£_|_£_|
|Independent Examiners fees|1,460|1,300|
|Other professional fees|4,724|7,405|
|Governors’ expenses|-|3,570|
||_————_|_————_|
||6,184|12,275|
||————|————|
## **6. TRUSTEES EXPENSES**
|**TRUSTEES EXPENSES**|||
|---|---|---|
||_2019_|_2019_|
||_£_|_£_|
|Travel and accommodation -0 trustees (2019 – 1)|-|677|
|Entertaining & subsistence|-|2,893|
||_————_|_————_|
||-|3,570|
||————|————|
As a result of the restrictions for travelling during the pandemic, all trustees meetings were held remotely. No remuneration was paid to the trustees during the year. (2019 – nil)
## **7. TAXATION**
The company, as a registered charity, is exempt from taxation on its income and gains falling within Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. No tax charge has arisen in the year.
## **8. FIXED ASSETS** **LEASEHOLD IMPROVEMENTS AND EQUIPMENT**
|**Cost**
Balance at 1 January
2020
Additions for the period
Movement on exchange|**_Leasehold_**
**_improvem_**
**_ents_**
**_Group_**
**_Leasehold_**
**_improvem_**
**_ents_**
**_Company_**
**_Equipm_**
**_ent_**
**_Group_**
**_Equipm_**
**_ent_**
**_Compan_**
**_y_**
**_Total_**
**_Group_**
**_Total_**
**_Compa_**
**_ny_**
£
£
£
£
£
£
242,081
227,704
38,810
-
280,891
227,70
4
10,088
-
4,047
534
14,135
534
-
-
-
-
-
-|
|---|---|
16
The Anglican Centre in Rome
## NOTES TO THE ACCOUNTS
at 31 December 2020
|Balance at 31 December
2020
**Depreciation**
Balance at 1 January
2020
Charge for the period
Movement on exchange
Balance at 31 December
2020
**Net book value**
At 31 December 2020
At 1 January 2020|252,169
227,704
42,857
534
295,026
228,23
8|
|---|---|
||220,786
209,554
27,283
-
248,069
209,55
4
5,867
2,809
3,141
-
9,008
2,809
-
-
-
-
-
-|
||226,653
212,363
30,424
-
257,077
212,36
3|
||25,516
15,341
12,433
534
37,949
15,875|
||21,295
18,150
11,527
-
32,822
18,150|
17
The Anglican Centre in Rome
## NOTES TO THE ACCOUNTS
at 31 December 2020
## **9. FIXED ASSETS** **INVESTMENTS**
|_Group_
Market value1 January
Additions/(disposals)
Unrealised investment (loss)/gain
Market value31 December
Analysis of investments at 31 December 2020
CBF Church of England Investment Fund Income Shares
Charity Property Fund
Market value31 December 2020
Historical cost31 December 2020|—
—
—|_Company and_
_2020_
_2019_
_£_
_£_
141,014
125,761
5,787
15,253
—————
—————
146,801
141,014
—————
—————
108,737
101,943
38,064
39,071
—————
—————
146,801
141,014
———
————
91,733
91,733
—————
—————|_Company and_
_2020_
_2019_
_£_
_£_
141,014
125,761
5,787
15,253
—————
—————
146,801
141,014
—————
—————
108,737
101,943
38,064
39,071
—————
—————
146,801
141,014
———
————
91,733
91,733
—————
—————|
|---|---|---|---|
||—|||
||—
—
—|||
||||91,733|
||—|||
## **10. FIXED ASSETS** **SUBSIDIARY UNDERTAKING**
On 1 October 1998 the activities in Italy of the company were transferred to an Italian unrecognised religious association also called The Anglican Centre in Rome. The directors of the company are also the only members of the Governing body of the Italian unrecognised religious association, which is therefore considered to be a subsidiary undertaking.
## **11. DEBTORS**
|**DEBTORS**||||||||
|---|---|---|---|---|---|---|---|
||_Group_|_Company_|||_Group_|_Company_||
||_2020_||_2020_||_2019_||_2019_|
||_£_||_£_||_£_||_£_|
|Income tax recoverable|34,375||34,375||30,375||30,375|
|Due from subsidiary undertaking|||11,430||||16,067|
|Other debtors|20,891||9,121||46,350||42,359|
|Prepayments and accrued income|4,789||||5,173|||
||——————|——————||——————||——————||
||60,055||54,926||81,898||88,801|
||——————|——————||——————||——————||
|**CREDITORS:**amounts falling due within one year||||||||
||_Group_|_Company_|||_Group_|_Company_||
||_2020_||_2020_||_2019_||_2019_|
||_£_||_£_||_£_||_£_|
|Creditors|4,675||4,675||4,675||4,675|
|Accrued liabilities|39,851||14,417||40,688||14,930|
|Due to subsidiary undertaking||||||||
## **12. CREDITORS:** amounts falling due within one year
18
The Anglican Centre in Rome
NOTES TO THE ACCOUNTS at 31 December 2020
—————— —————— —————— —————— 44,526 19,092 45,363 19,605 —————— —————— —————— ——————
19
The Anglican Centre in Rome
## NOTES TO THE ACCOUNTS
at 31 December 2020
## **13. RECONCILIATION OF FUNDS AND MOVEMENTS ON RESERVES**
|_Group_
At 1 January 2019
Net outgoing resources before transfers
Transfer from 1997 Appeal Fund
Transfer to Endowment Fund
Unrealised gains/(losses) on investments
Net surplus/(deficit) for the year
At 31 December 2019
Net outgoing resources before transfers
Transfer from Endowment Fund
Unrealised gains/(losses) on investments
Net surplus/(deficit) for the year
At 31 December 2020
_Company_
At 1 January 2019
Net outgoing resources before transfers
Transfer from 1997 Appeal Fund
Transfer to Endowment Fund
Unrealised gains/(losses) on investments
Net surplus/(deficit) for the year
At 31 December 2019
Net outgoing resources before transfers
Transfer from Endowment Fund
Unrealised gains/(losses) on investments
Net surplus/(deficit) for the year
At 31 December 2020|_Income and_
_Expenditure_
_account_
_Endowment_
_Fund_
_1997_
_Appeal_
_Fund_
_Bursaries_
_Fund_
_Travel_
_Fund_
_Total_
£
£
£
£
£
£
-
228,287
2,489
53,878
3,896
288,550
100,606
-
-
25,000
-
125,606
2,489
-
(2,489)
-
-
-
(118,348)
118,348
-
-
-
-
15,253
-
-
-
-
15,253|
|---|---|
||-
118,348
(2,489)
25,000
-
140,859|
||-
346,635
-
78,878
3,896
429,409|
||(125,518)
-
-
25,000
- (100,518)
119,731
(119,731)
-
-
-
-
5,787
-
-
-
-
5,787|
||-
(119,731)
-
25,000
-
(94,731)|
||-
226,904
-
103,878
3,896
334,678|
||(3,997)
228,287
2,489
53,878
3,896
284,553
99,994
-
-
25,000
-
124,994
2,489
-
(2,489)
-
-
-
(118,348)
118,348
-
-
-
-
15,253
-
-
-
-
15,253|
||(612)
118,348
(2,489)
25,000
-
140,247
(4,609)
346,635
-
78,878
3,896
424,800|
||(126,519)
-
-
25,000
- (101,519)
119,732
(119,732)
-
-
-
-
5,787
-
-
-
-
5,787|
||(1,000)
(119,732)
-
25,000
-
(95,732)|
||(5,609)
226,903
-
103,878
3,896
329,068|
## _**Endowment Fund**_
The Endowment Fund, which is an expendable endowment fund, represents funds raised by an Appeal to the members of the worldwide Anglican Communion. It is the intention of the directors to build up this fund in order to provide income for the benefit of The Anglican Centre in Rome on the basis that, if necessary, it may be expended to meet existing or future operating deficits. During the year £119,731 has been transferred from the Endowment fund to the Unrestricted Income fund.
## _**1997 Appeal Fund**_
The 1997 Appeal Fund represents funds raised by an appeal to finance the move of the Centre within Palazzo Doria Pamphilj. The funds raised were used to finance the leasehold improvements costing £205,235. Amounts equal to the depreciation of leasehold improvements were transferred each year from the 1997 Appeal Fund to the Income and Expenditure account.
20
The Anglican Centre in Rome
## NOTES TO THE ACCOUNTS
at 31 December 2020
## _**Bursaries**_
_**Fund**_
The Bursaries Fund represents funds donated to enable Catholics and Anglicans to attend courses together to strengthen and encourage ecumenical relations and also funds raised to enable Anglican clergy from the developing world to attend courses at the Centre
## _**Travel**_
## _**Fund**_
The Travel Fund represents funds raised to finance travel expenses incurred by Governor to attend meetings.
## **14. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
||_Unrestricted Restricted_|_Unrestricted Restricted_|||||
|---|---|---|---|---|---|---|
||_Income_|_IncomeEndowment_|||_2020_|_2019_|
||_Funds_|_Funds_|_Fund_||_Total_|_Total_|
|Fund balances at 31 December 2020|||||||
|are represented by:|||||||
||_£_|_£_|_£_||_£_|_£_|
|Tangible fxed assets|37,949||||37,949|32,822|
|Fixed asset investments|||146,801||146,801|141,014|
|Current assets|6,577|107,774|80,103|194,454||300,936|
|Current Liabilities|(44,526)||||(44,526)|(45,363)|
||—————|——————————||—————||—————|
|Total net assets||107,774|226,904||334,678|429,409|
||—————|——————————||—————||—————|
||_Unrestricted Restricted_||||||
||_Income_|_IncomeEndowment_|||_2019_|_2018_|
||_Funds_|_Funds_|_Fund_||_Total_|_Total_|
|Fund balances at 31 December 2019|||||||
|are represented by:|||||||
||_£_|_£_|_£_||_£_|_£_|
|Tangible fxed assets|32,822||||32,822|35,717|
|Fixed asset investments|||141,014||141,014|125,761|
|Current assets|12,541|82,774|205,621||300,936|189,628|
|Current Liabilities|(45,363)||||(45,363)|(62,556)|
||—————|——————————||—————||—————|
|Total net assets||82,744|346,635||429,409|288,550|
||—————|——————————||—————||—————|
## **15. FINANCIAL COMMITMENTS**
At 31 December 2020 the company had annual commitments totalling £28,200 under non-cancellable operating leases for land and buildings expiring within more than five years (2019 £28,200)
At 31 December 2020 the company had capital commitments totalling £nil (2019 £nil).
21