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 members have not required the company to obtain an audit of its accounts for the year in question in accordance
- with section 476,
- The trustees 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.
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**|
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This page does not form part of the statutory financial statements