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2023-12-31-accounts

Charity number: 1044509

Company number: 03019845

(England and Wales)

Asbol Ltd

Report of the Trustees and Unaudited Financial Statements

For the year ended 31 December 2023

Asbol Ltd Contents Page For the year ended 31 December 2023

Report of the Trustees 1 to 3
Independent Examiner's Report to the Trustees 4
Statement of Financial Activities 5
Statement of Financial Position 6
Notes to the Financial Statements 7 to 12
Detailed Statement of Financial Activities 13

Asbol Ltd Report of the Trustees

For the year ended 31 December 2023

The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements for the charitable company for the year ended 31 December 2023. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the charity are to propagate the Roman Catholic Faith and an understanding of its teaching; to educate people in the experience of Christianity; and to create a missionary presence in society to bring the Roman Catholic Faith into the lives of people.

In order to achieve the above, the charity has powers, without limitation, to organise seminars, courses and retreats; to make grants to enable people to attend spiritual retreats; and to use properties held by the charity to create houses of prayer and meditation where people can live in a community in which they are educated in the Roman Catholic Faith.

To achieve the above, the directors have organised various meetings for people to share their experience of living Christianity; this year the meetings have been based on the books - To Give One's Life for the Work of Another and The Religious Sense - written by Father Luigi Giussani, founder of the Catholic Movement Communion and Liberation. This movement is well known to the directors and its method of announcing Christ, present in His Church, as the only full answer to man's search for happiness, fulfilment and meaning is in accordance with the objects and aims of the charity.

In pursuance of the object of educating people in the Christian experience and creating a missionary presence in society, the charity runs a house for community living. People are able to live a life of regular prayer and dedication to Christ within the house so that they may experience Christ as the answer to their lives and may become witnesses to this fact in society, the work place etc. To achieve this aim the house has been provided to members of the lay association Memores Domini which is an association recognised as a Universal Private Ecclesial Association by the Pope John Paul II. The members of the association pay a rent for the use of the house and it is a condition of their permanence that they remain members of the association and follow its rule. The members are also involved in the meetings mentioned above and they attend and help lead these weekly meetings in London. Some of the members are also visiting communities of the same movement around the UK.

The charity is organised as a company. Day-by-day decisions are taken and less important policies are decided by the two directors - Amos Lawless and Gianluca Marcato - at board meetings. The third director, the Association Colombano e Bonifacio is also the sole member of the company and is involved in the main strategic decisions and policies to be undertaken by the charity; Colombano e Bonifacio is a charitable association registered in Italy and does not physically attend board meetings in the UK, but joins via video conference if and when necessary. Three board meetings with all three directors being present in person are also held in Italy during the Advent, Lent and Summer retreats of the Memores Domini.

Statement on public benefit

The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.

All the activities organised by the Charity are done so with due regard for the guidance on public benefit issued by the Charity Commission. In line with the objects of the Charity, the activities during the year aim to educate people in an understanding of Christianity and to allow people to experience the Roman Catholic faith. For this reason, the directors help to lead weekly meetings on the Catholic faith. Although the Charity is based around the Roman Catholic faith, all of the activities organised are open to people of every religious persuasion and none and in practice the events are attended by people from a variety of backgrounds and beliefs.

Through participation in these events people are enabled to understand what is essential in their lives and to be open to the presence of God in whatever tradition they come from. This in turn leads people to take further charitable initiatives in the sphere of their own lives, both privately and publicly. For example, many people educated through the weekly meetings also take part in regular works of charity, such as feeding the homeless.

While some activities have a charge to cover costs, it is the intention of the directors that the activities organised be accessible to anybody who would like to attend. No charge is made for the weekly meetings. For the larger activities run by Manalive, the directors work with the trustees of Manalive to ensure that the cost of any activity does not prevent any individual from attending.

The directors are not aware of any detriment or harm that could arise from the activities organised in pursuance of the Charity's aims.

1 of 13

Asbol Ltd Report of the Trustees Continued

For the year ended 31 December 2023

ACHIEVEMENTS AND PERFORMANCE

Significant activities

The ecclesial movement Communion and Liberation, to which the directors belong, encourages weekly meetings of catechesis, based on books by the founder Fr Luigi Giussani. In March 2023 Amos Lawless was elected as the diocesan responsible of the Fraternity of Communion and Liberation for the Diocese of Westminster. During the year Gianluca Marcato led meetings based on the books To Give One's Life for the Work of Another and The Religious Sense, by Luigi Giussani. These meetings were held in Ealing, London. The meetings are open to all, irrespective of religious beliefs, and people are encouraged to invite friends and work colleagues and to share their experience. Furthermore, Gianluca Marcato kept in regular contact with groups in Scandinavia to encourage them in this work.

The directors worked with members of the charity Manalive who organised several activities during the year.

In April a meeting was organised at the De Vere Estate, East Horsley, with members of the community of Communion and Liberation in order to hear a retreat by Fr. Mauro-Giuseppe Lepori, abbot general of the Cistercian Order, on the theme Our eyes fixed on Jesus, who is the origin and fulfilment of faith. The retreat was preached to the Fraternity of Communion and Liberation, transmitted by satellite from Italy. In the UK the retreat was attended by approximately 200 people.

In June and November community days were organised, which included an assembly for adults on their life of faith, followed by family events and dinner, and ending with an evening of songs to help deepen the awareness of a path of faith. These were attended by around 200 people.

In July a holiday/ retreat was organised in La Thuile, Italy, which was attended by around 150 people.

In September a public presentation of the book The Religious Sense by Luigi Giussani was organised at Westminster Cathedral Hall in Central London. The presentation was given by Fr Javier Prades, Professor of Dogmatic Theology at the University of San Damaso, Madrid.

At the end of September an afternoon retreat was organised in Central London on the theme Faith, the Fulfilment of Reason.

In October, an exhibition on the life of Fr Giussani and the history of the Communion and Liberation movement in the U.K., which Amos Lawless and Gianluca Marcato had helped to prepare, was presented for a weekend in the Roman Catholic Parish of the Sacred Heart, Wimbledon. Amos Lawless helped give guided tour of the exhibition to visitors during the weekend.

While Manalive dealt with all the practical and financial requirements, Amos Lawless and Gianluca Marcato provided input into the content of these events through discussions beforehand with other trustees of Manalive and through their availability during the events. Regular meetings to decide all these activities have also been held with other members of the Catholic Movement Communion and Liberation.

FINANCIAL REVIEW

As shown in the Statement of Financial Activities, the charity accounted for total income of £117,520. Of the total income rent received represneted £84,000 and donations £33,520.

The cost of council tax, insurance and general maintenance for 27 Corfton Road are covered by the rent received. These are on-going expenses of the charity and will continue to be met out of the rent received.

It is envisaged that other charitable activities will be financed either out of the rent received or out of more regular donations, primarily from members of the Memores Domini.

It is confirmed that the charity's assets are available and adequate to meet its future obligations. The current LTV ratio is still below 30%.

Reserves

The charity is reliant on future rental income and donations to help fund its charitable aims and objectives. At the balance sheet date the reserves were £2,015,242.

The charity is managed with a view to it being able to continue its charitable activites for the future.

Going concern

The charity continues to prepare accounts on the going concern basis and the trustees do not see any going concern issues for the foreseeable future.

2 of 13

Asbol Ltd Report of the Trustees Continued For the year ended 31 December 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE INFORMATION

Name of Charity Asbol Ltd Charity registration number 1044509 Company registration number 03019845 Principal address 27 Corfton Road London W5 2HP

Trustees

The trustees and officers serving during the year and since the year end were as follows:

Amos Lawless Gianluca Marcato Association Colombano & Bonifacio Secretary Amos Lawless Independent examiner Fergal Davern FCA Hardy House Northbridge House Berkhamsted Herts HP4 1EF

Approved by the Board of Trustees and signed on its behalf by

............................................................................. 29 October 2024 Gianluca Marcato

3 of 13

Asbol Ltd Independent Examiners Report to the Trustees For the year ended 31 December 2023 I report to the Iruslees on my examination of the accounts ofthe charitable company for the year ended 31 December 2023. Responsibilities and basis of report As the charity Trustees, who are also directors for the purposes of company law. are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'l. Having satisfied myself that the accounts of the Company are not ￿qUired to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I feport in respect of my examination of your charity's accounts carried out under section 145 of the Charities Act 2011 I'lhe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5)(b) of the 2011 Act. Independent examiners statement I have completed my examinabon. I confirm that no matters have come lo my attention in connection with the examination giving me cause lo believe that in any material respect.. 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act., or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination., or 4. Ihe accounts have not been prepared in accordance with the methods and principles of the Statement of Recornmended Practice for accounting and reporting by charities applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Fergal Davern FCA Hardy House Northbridge House Berkhamsled Herts HP41EF 4of 13

Asbol Ltd

Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 December 2023

Notes
Income and endowments from:
Donations and legacies
Charitable activities
2
Total
Expenditure on:
Charitable activities
3
Total
Net income/expenditure
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
33,520
84,000
117,520
(102,449)
(102,449)
15,071
1,931,731
1,946,802		 Restricted
funds
£
-
-
-
(840)
(840)
(840)
69,280
68,440		 2023
£
33,520
84,000
117,520
(103,289)
(103,289)
14,231
2,001,011
2,015,242		 2022
£
17,771
84,000
101,771
(82,021)
(82,021)
19,750
1,981,261
2,001,011

5 of 13

Registered Number : 03019845

Asbol Ltd Statement of Financial Position As at 31 December 2023

Notes
Fixed assets
Tangible assets
9
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one year
10
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
11
Net assets
The funds of the charity
Restricted income funds
12
Unrestricted income funds
12
Total funds		 £
2023
3,324,639
3,324,639
12,744
12,744
(64,225)
(51,481)
3,273,158
(1,257,916)
2,015,242
68,440
1,946,802
2,015,242		 £
2022
3,361,487
3,361,487
14,877
14,877
(60,743)
(45,866)
3,315,621
(1,314,610)
2,001,011
69,280
1,931,731
2,001,011

For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The financial statements were approved and authorised for issue by the Board and signed on its behalf by:

Gianluca Marcato Trustee

29 October 2024

6 of 13

Asbol Ltd Notes to the Financial Statements

For the year ended 31 December 2023

1. Accounting Policies

Basis of accounting

The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: 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) (effective 1 January 2019)’, Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006.

Asbol Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Statement of cash flows

The Trustees have taken advantage of the exemption in SORP FRS 102 from including a cash flow statement in the financial statements on the grounds that the charitable company is small.

Funds

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Incoming resources

All income is recognised 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.

Resources expended

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 settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost of property excluding land

RESTRICTED FUNDS

The restricted fund is represented by part of the freehold property and results from a £100,000 donation during the first financial period of the company.

PERSONAL GUARANTEES

The following individuals have provided personal guarantees limited to £109,000 each in favour of the company's bankers in respect of the company's bank loan.

A Lawless, G Marcato, D Magazzeni, J W Morgan, S Falliti, F Iacono, J Fiueiredo, E Scambia, A Fonzone, G Rossitto and A Ventura.

LOAN FROM MEMBER

On 28 June 2016 the Charity received an interest free loan from the member Association Colombano and Banifacio in the sum of £550,000. The total amount due to the member is £570,000. The loan is interest free and is repayable no later than 30 June 2035.

7 of 13

Asbol Ltd Notes to the Financial Statements Continued For the year ended 31 December 2023

2. Income from charitable activities

Unrestricted funds
Missionary presence in society
Rents
osts of charitable activities by fund type
Restricted
funds
Unrestricted
funds
£
£
102,449
840
Support costs
nalysis of support costs
Missionary presence in society
Finance costs
Premises costs
Governance costs		 2023
£
84,000
2023
£
103,289
2023
£
53,776
47,763
1,750
103,289		 2022
£
84,000
2022
£
82,021
2022
£
69,577
10,388
2,056
82,021

3. Costs of charitable activities by fund type

4. Analysis of support costs

5. Net income/(expenditure) for the year

This is stated after charging/(crediting):

Accountancy fees
6. Staff costs and emoluments
Trustees		 2023
£
1,439
2023
3
3		 2022
£
1,855
2022
3
3

8 of 13

Asbol Ltd

Notes to the Financial Statements Continued

For the year ended 31 December 2023

7. Trustee remuneration and related party transactions

During the year G Marcato (a trustee) donated £33,520 to the Charity and A Lawless (a trustee) paid rent of £84,000 to the Charity.

On 28 June 2016 the Charity received an interest free loan from the member Association Colombano and Banifacio in the sum of £550,000. The total amount due to the member is £570,000. The loan is interest free and is repayable no later than 30 June 2035.

The trustees believe that these transactions are at arm's length.

8. Comparative for the Statement of Financial Activities

Income and endowments from:
Donations and legacies
Charitable activities
Total
Expenditure on:
Charitable activities
Total
Net income/expenditure
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
17,771
84,000
101,771
(81,181)
(81,181)
20,590
1,911,141
1,931,731		 Restricted
funds
£
-
-
-
(840)
(840)
(840)
70,120
69,280		 2022
£
17,771
84,000
101,771
(82,021)
(82,021)
19,750
1,981,261
2,001,011

9. Tangible fixed assets

Cost or valuation
At 01 January 2023
At 31 December 2023
Depreciation
At 01 January 2023
Charge for year
At 31 December 2023
Net book values
At 31 December 2023
At 31 December 2022		 Land and
Buildings
£
3,684,704
3,684,704
323,217
36,848
360,065
3,324,639
3,361,487

9 of 13

Asbol Ltd Notes to the Financial Statements Continued For the year ended 31 December 2023

10. Creditors: amounts falling due within one year

2023
£
Loans and overdrafts
53,087
Accruals and deferred income
11,138
64,225
The following liabilities disclosed under creditors falling due within one year are secured by the charity:
Bank loans and overdrafts
53,087
53,087
Creditors: amounts falling due after more than one year
2023
£
Loans and overdrafts
1,257,916
1,257,916		 2022
£
53,087
7,656
60,743
53,087
53,087
2022
£
1,314,610
1,314,610

11. Creditors: amounts falling due after more than one year

On 6 April 1995 and 10 March 2014 the company provided a legal charge to its bankers over its freehold property resulting in a fixed charge over the Charity's assets.

12. Movement in funds

Unrestricted Funds

General
General
Unrestricted Funds - Previous year
General
General		 Balance at
01/01/2023
£
1,931,731
1,931,731
Balance at
01/01/2022
£
1,911,141
1,911,141		 Incoming
resources
£
117,520
117,520
Incoming
resources
£
101,771
101,771		 Outgoing
resources
£
(102,449)
(102,449)
Outgoing
resources
£
(81,181)
(81,181)		 Balance at
31/12/2023
£
1,946,802
1,946,802
Balance at
31/12/2022
£
1,931,731
1,931,731

10 of 13

Asbol Ltd

Notes to the Financial Statements Continued

For the year ended 31 December 2023

Purpose of unrestricted Funds

General

The purpose of the general fund is to deliver the charity's objects and help meet the charity's obligations in respect of public benefit.

Restricted Funds

Restricted
Restricted Funds - Previous year
Restricted
13. Analysis of net assets between funds
Unrestricted funds
General
General
Restricted funds
Restricted		 Balance at
01/01/2023
Outgoing
resources
Balance at
31/12/2023
£
£
£
68,440
69,280
(840)
69,280
(840)
68,440
Balance at
01/01/2022
Outgoing
resources
Balance at
31/12/2022
£
£
£
69,280
70,120
(840)
70,120
(840)
69,280
Tangible
fixed assets
Net current
assets /
(liabilities)
Creditors >
one year
Net Assets
£
£
£
£
3,256,199
(51,481)
(1,257,916)
1,946,802
68,440
-
-
68,440		 Balance at
31/12/2023
£
68,440
68,440
Balance at
31/12/2022
£
69,280
69,280
3,324,639
(51,481)
(1,257,916)
2,015,242

11 of 13

Asbol Ltd

Notes to the Financial Statements Continued

For the year ended 31 December 2023

Previous year

Previous year
Unrestricted funds
General
General
Restricted funds
Restricted		 Tangible
fixed assets
Net current
assets /
(liabilities)
Creditors >
one year
Net Assets
£
£
£
£
3,292,207
(45,866)
(1,314,610)
1,931,731
69,280
-
-
69,280
3,361,487
(45,866)
(1,314,610)
2,001,011

12 of 13

Asbol Ltd Detailed Statement of Financial Activities For the year ended 31 December 2023

INCOME AND ENDOWMENT
Donations and legacies
Donations.
Charitable activities
Rents
Total incoming resources
SUPPORT COSTS
Finance costs
Bank charges
Bank loan interest
Interest payable
Premises costs
Council tax
Insurance
Depreciation on freehold property
Governance costs
Accountancy fees
Legal fees
Total resources expended
Net Income		 £
2023
33,520
33,520
84,000
84,000
117,520
(239)
(53,531)
(6)
(53,776)
(4,142)
(6,774)
(36,847)
(47,763)
(1,439)
(311)
(1,750)
(103,289)
14,231		 £
2022
17,771
17,771
84,000
84,000
101,771
(80)
(69,497)
-
(69,577)
(3,457)
(6,091)
(840)
(10,388)
(1,855)
(201)
(2,056)
(82,021)
19,750

13 of 13

This page does not form part of the statutory financial statements