Opus Dei Charitable Trust
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
30 September 2024
Charity Registration No. 1005860
Opus Dei Charitable Trust FINANCIAL STATEMENTS for the year ended 30 September 2024
| INDEX | ||
|---|---|---|
| Pages | ||
| Officers 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
S Cassidy Mercedes Zalbidea Sau Sein Evelyn Kong Rev Andrew Soane Jack Valero
INDEPENDENT EXAMINER Sheila Parry FCCA SPX Oxford Ltd 19 Paradise St Oxford OX1 1LD
BANKERS CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Opus Dei Charitable Trust
TRUSTEES’ REPORT Page 2
The trustees submit their report and the financial statements of Opus Dei Charitable Trust for the year ended 30 September 2024. 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. This work is carried out on a voluntary basis. 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 and legacies in the year amounted to £210,327 compared with £89,981 in 2023. Grants of £31,000 (2023: £20,641) - were sent to the Councils of Opus Dei. An amount of £104,242 was in the bank at 30 September 2024 (2023: £54,937). 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, except for priests who having no other income receive a stipend from 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 crosssection 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.
Opus Dei Charitable Trust
TRUSTEES’ REPORT Page 3
RELATED PARTY TRANSACTIONS There are no related party transactions.
GOING CONCERN
The trustees consider that there are no material uncertainties as to the Charity’s ability to continue as a going concern.
TRUSTEES’ RESPONSIBILTIES Page 4
Opus Dei Charitable Trust
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:
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Select suitable accounting policies and then apply them consistently.
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Make judgements and estimates that are reasonable and prudent.
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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.
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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 2024 have been prepared in accordance with the above responsibilities.
Signed on behalf of the Trustees:
Date: 15.5.25
EXAMINER’S REPORT TO THE TRUSTEES Page 5
Opus Dei Charitable Trust
We report on the accounts of the Trust for the year ended 30 September 2024, 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
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures specified in the General Directions given by the Charity Commission under
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section 145(5)(b) of the 2011Act;
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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:
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(1) which gives us reasonable cause to believe that in any material respect the requirements,
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to keep accounting records in accordance with section 130 of the Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Act.
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have not been met; or
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(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: 15/5/2025
Opus Dei Charitable Trust STATEMENT OF FINANCIAL ACTIVITIES
| Opus Dei Charitable Trust STATEMENT OF FINANCIAL ACTIVITIES |
|||
|---|---|---|---|
| for the year ended 30 September 2024 | Page_6 _Total 2023 £ 84,981 5,000 |
||
No te INCOME 1 Donations Legacies Interest EXPENDITURE 1 Grants: Councils of Opus Dei Expenses of the Councils of Opus Dei Priest courses and costs Salaries Stipends Costs of funerals Administrative costs Professional Costs Surplus/(Deficit) Of Income over Expenditure Transferred to Accumulated Fund Accumulated fund brought forward ACCUMULATED FUND CARRIED FORWARD |
General Restricted Fund Fund £ £ 28,497 - 181,830 - 2,601 212,928- 31,000 - 17,284 - 1,216 - 50,544 20,276 - 20,215 26,573 167,108- 45,820 - 62,347- 108,167 - |
Total 2024 £ 28,497 181,830 2,601 212,928 31,000 17,284 1,216 50,544 20,276 20,215 26,573 167,108 45,820 62,347 108,167 |
|
| 89,981 | |||
| 20,641 8,862 11,664 20,936 1,420 |
|||
| 63,523 | |||
| 26,458 35,889 |
|||
| 62,347 |
Opus Dei Charitable Trust BALANCE SHEET
for the year ended 30 September 2024 Page 7
| Notes | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| CURRENT ASSETS | |||
| Debtors | 2 | 4,525 | 14,700 |
| Cash at bank and in hand | 104,242 | 54,937 | |
| 108,767 | 69,637 | ||
| CURRENT LIABILITIES | |||
| Accruals and loan | (600) | (7,290) | |
| NET ASSETS | 108,167 | 62,347 | |
| ACCUMULATED FUND | |||
| GENERAL FUND | |||
| At 1 October 2023 | 62,347 | 35,889 | |
| Surplus/(Deficit) for the year | 45,820 | 26,458 | |
| Transfer between funds | - | ||
| 108,167 | 62,347 | ||
| RESTRICTED FUND | |||
| At 1 October 2023 | - | - | |
| Transfer between funds | - | - | |
| - | - | ||
| - | - | ||
| 108,167 | 62,347 |
Approved by the Trustees on 15.5.25
Jack Valero____ Trustee
Opus Dei Charitable Trust STATEMENT OF CASH FLOW for the year ended 30 September 2024 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 |
2024 £ 45,820 10,175 -6,690 49,305 49,305 54,937 104,242 |
2023 £ 26,458 -896 6,840 |
|---|---|---|
| 32,402 | ||
| 32,402 22,535 |
||
| 54,937 |
Opus Dei Charitable Trust NOTES TO THE ACCOUNTS for the year ended 30 September 2024 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 2019) 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 (gift aid) | 2024 £ 4,525 4,525 |
2023 £ 14,700 14,700 |
|---|---|---|
4 LIABILITIES
| Independent Examiner’s Fee Independent Examiner’s Fee (previous year) Other accruals |
2024 £ 600 0 0 600 |
2023 £ 500 450 6,340 |
|---|---|---|
| 7.290 |