## Opus Dei Charitable Trust
## TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
30 September 2021
Charity Registration No. 1005860
## Opus Dei Charitable Trust FINANCIAL STATEMENTS for the year ended 30 September 2021
||**INDEX**||
|---|---|---|
|||Pages|
|Ofcers and Advisors||1|
|Trustees’ Report||2|
|Trustees’ Responsibilities||4|
|Independent Examiner’s Report||5|
|Statement of Financial Activities||6|
|Balance Sheet||7|
|Statement of Cash Flows||8|
|Notes to the Financial Statements||9|
## Opus Dei Charitable Trust
OFFICERS AND ADVISORS _Page 1_
ADDRESS: 4 Orme Court London W2 4RL
## TRUSTEES
P Brown S Cassidy P Hinojo Mercedes Zalbidea Sau Sein Evelyn Kong A M Millington F Mitjans Rev Andrew Soane
INDEPENDENT EXAMINER Sheila Parry FCCA SPX Oxford Ltd 19 Paradise St Oxford OX1 1LD
BANKERS Barclays Bank Plc 93/97 Queensway Bayswater London W2 4QG
SOLICITORS Lee Bolton-Mounier-Williams 1 The Sanctuary Westminster London SW1P 3JT
TRUSTEES’ REPORT _Page 2_
## Opus Dei Charitable Trust
The trustees submit their report and the financial statements of Opus Dei Charitable Trust for the year ended 30 September 2021. Opus Dei Charitable Trust is a charitable trust formed by deed on 2nd October 1991.
## THE CHARITY’S PRINCIPAL OBJECTS
The Charitable Trust’s objectives are to further the charitable purposes of Opus Dei in Great Britain and elsewhere.
## ORGANISATION
The day to day organisation is looked after principally by two of the Trustees who monitor the running of the Charity in accordance with the agreed aims and needs. The annual accounts, reports and policy are agreed by the Trustees. The work is carried out on a voluntary basis and no salaries are paid. The Charity does not own property and its assets are only the bank balances, and it has no further reserves.
## RESERVES POLICY
There is no petty cash account. The Charity allocates the income received from donors to support different ventures in keeping with its principal objects, the amount depending on the level of donations obtained in any one year. Each year the income received is expended in furthering the Charity’s objectives and it has no investments. Its ability to support different ventures relies on the level of donations obtained in any one year, but it has no specific forward commitments or contractual requirements to fulfil financial obligations and as such there are no risks involved. The Charity does not expend more than it has available and does not go into deficit.
## RISK MANAGEMENT
The trustees have examined the major strategic and operational risks which the Charity faces and confirm that systems are in place to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
## CURRENT YEAR
Donations in the year amounted to £60,974 compared with £92,735 in 2020. Grants of £41,000 (2020: £50,000) - were sent to the Councils of Opus Dei; £8,598 (2020: £13,233) was award for office expenses and overheads of the Councils; £8,089 was awarded for the for memorial expenses of a deceased lay member of Opus Dei (2020: £602). An amount of £37,262 was in the bank at 30 September 2021 (2020: £26,929). There are no commitments outstanding, and no fixed assets.
## PUBLIC BENEFIT
The Trustees confirm that in accordance with Section 4 of the Charities Act 2006, they have due regard to the public benefit guidance published by the Charities Commission. They confirm that the activities of the Charity are for the benefit of the public in general. All the work for the Charity is done without charge to the Charity, and no remuneration is paid to those who assist the Charity. The Charity channels the funds that it receives to assist the activities of various charities, through the
offices of the Councils of Opus Dei, principally Netherhall Educational Association and Greygarth Association which carry out extensive work to help a wide cross- section of society, ranging from clubs for young people, homework centres as well as tertiary level education. The chaplains of the Charity give their time to help the different activities whenever needed and are also unpaid.
## Opus Dei Charitable Trust
TRUSTEES’ REPORT _Page 3_
## RELATED PARTY TRANSACTIONS
Mr Bosch is a trustee of the Netherhall Educational Association which received a grant of £ (2020:
£50,000) as explained above. No trustees received any payment for their work as trustees of the Charity.
## GOING CONCERN
The trustees consider that there are no material uncertainties as to the Charity’s ability to continue as a going concern.
## Opus Dei Charitable Trust
TRUSTEES’ RESPONSIBILTIES _Page 4_
The trustees acknowledge that it is their responsibility to prepare statements of account for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources for that period. In preparing these financial statements, the trustees are required to:
- Select suitable accounting policies and then apply them consistently.
- Make judgements and estimates that are reasonable and prudent.
- Prepare the financial statements in accordance with the methods and principles set out in the Statement of Recommended Practice Accounting and Reporting by Charities and to state whether or not the accounts have been prepared in accordance with that statement and applicable accounting standards.
- Prepare financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation,
The Trustees are responsible for keeping proper accounting records which are sufficient to show and explain the charity’s transactions and to disclose with reasonable accuracy at any time the financial position of the Foundation, and to enable them to ensure that any statements of account comply with the requirements of the Charity Act 2011. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees believe the Financial Statements for the year ended 30 September 2021 have been prepared in accordance with the above responsibilities.
Signed on behalf of the Trustees:
26 June 2022
## Opus Dei Charitable Trust
EXAMINER’S REPORT TO THE TRUSTEES _Page 5_
We report on the accounts of the Trust for the year ended 30 September 2021, which are set out on pages 6 to 10.
## **Respective responsibilities of trustees and examiner**
As set out on page 3, as the charity’s trustees you are responsible for the preparation of the financial statements.
The charity’s trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.
It is our responsibility to
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures specified in the General Directions given by the Charity Commission under
section 145(5)(b) of the 2011Act;
- and to state whether particular matters have come to our attention.
## **Basis of independent examiner’s report**
Our examination was carried out in accordance with the General Direction given by the Charity Commissioners.
An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with these 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 next statement.
## **Independent examiner’s statement**
In connection with our examination, no matter has come to our attention:
- (1) which gives us reasonable cause to believe that in any material respect the requirements,
- to keep accounting records in accordance with section 130 of the Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Act.
- have not been met; or
- (2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Sheila Parry FCCA
SPX Oxford Ltd 19 Paradise St Oxford OX1 1LD
DATE: 20 July 2022
## Opus Dei Charitable Trust STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 30 September 2021 _Page_ 6
|_age_
6||||
|---|---|---|---|
|_N_
_ot_
_e_
INCOME
1
Donations
Legacies
EXPENDITURE
1
Grants:
Councils of Opus Dei
Expenses of the Councils of
Opus Dei
Priest courses and costs
Costs of funerals
Administrative costs
Surplus/(Defcit) Of Income over
Expenditure Transferred to
Accumulated Fund
Accumulated fund brought
forward
ACCUMULATED FUND
CARRIED
FORWARD|_Genera_
_l_
_Restric_
_ted_
_Fund_
_Fund_
£
£
60,974
-
-
60,974
-
41,000
-
8,598
-
-
-
8,089
-
1,950
-
59,637
-
1,337
-
43,484
-
44,821
-|_Total_
_2021_
£
60,97
4
60,97
4
41,00
0
8,598
-
8,089
1,950
59,63
7
1,337
43,48
4
44,82
1|_Total_
_2020_
£
92,735
-|
||||92,735|
||||50,000
13,233
2,721
602
1,068|
||||67,624|
||||25,111
18,373|
||||43,484|
## Opus Dei Charitable Trust BALANCE SHEET
for the year ended 30 September 2021 _Page 7_
|_Notes_
CURRENT ASSETS
Debtors
_2_
Cash at bank and in
hand
CURRENT LIABILITIES
Accruals and loan
NET ASSETS
ACCUMULATED FUND
GENERAL FUND
At 1 October 2020
Surplus/(Defcit) for the
year
Transfer between funds
_5_
RESTRICTED FUND
At 1 October 2020
Transfer between funds
_5_|_2021_
_£_
8,009
37,262
45,271
(450)
43,484
43,484
1,337
44,821
-
-
-
44,821|_2020_
£
17,395
26,929|
|---|---|---|
|||44,324
(840)|
|||43,484|
|||18,383
25,111|
|||43,484|
||||
|||-|
||||
|||43,484|
Approved by the Trustees on ____21-7-22_____
__________Trustee
## Opus Dei Charitable Trust STATEMENT OF CASH FLOW
for the year ended 30 September 2021 _Page 8_
|**CASH FLOWS FROM OPERATING**
**ACTIVITIES**
NET INCOME/(EXPENDITURE)
**_Changes in_**
Trade and other debtors
Trade and other creditors
Cash generated from operations
**_Net increase/(decrease) in cash and_**
**_cash equivalents_**
**_Cash and cash equivalents at the_**
**_beginning of year_**
**_Cash and cash equivalents at the end_**
**_of year_**|2021
£
1,337
9,386
(390)
10,333
10,333
26,929
**37,262**|2020
£
25,111
(5,460)
340|
|---|---|---|
|||19,991|
|||19,991
6,938|
|||**26,929**|
Opus Dei Charitable Trust NOTES TO THE ACCOUNTS for the year ended 30 September 2021 _Page 9_
## **1 STATEMENT OF COMPLIANCE**
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
## **2 ACCOUNTING POLICIES**
The financial statements are prepared under the historical cost convention and in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2015) and applicable accounting standards. The following accounting policies have been used consistently in dealing with items which are considered material in relation to the financial statements.
## INCOME
General donations are brought into account when received and are grossed up to include the tax recoverable.
## EXPENDITURE
Expenditure is classified under the principal categories of charitable and other expenditure rather than
the type of expenses in order to produce more useful information to users of the Financial Statements.
## UNRESTRICTED FUNDS
These funds are available for projects of the charity, to be spent at the discretion of the trustees
## RESTRICTED FUNDS
Restricted funds are monies available for specific projects being carried out by the charity and are subject to specific conditions laid down by the donors as to how they may be used. Any subject in restricted funds will be met from the general fund.
## **3 DEBTORS**
|HM Revenue and Customs|2021
£
8,009
8,009|2020
£
17,395|
|---|---|---|
|||17,395|
## **4 LIABILITIES**
|Independent Examiner’s Fee
Independent Examiner’s Fee (previous
year)|2021
£
450
-
450|2020
£
420
-
420|
|---|---|---|
|||840|
## Opus Dei Charitable Trust
## NOTES TO THE ACCOUNTS (continued)
for the year ended 30 September 2021 _Page 10_
## **5 PREVIOUS YEAR COMPARATIVE STATEMENT OF FINANCIAL POSITION**
The restricted fund relates to income had been used for its original purpose of erecting an image of the Founder of Opus Dei. There was no requirement to repay the small underspend