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 2024
Asbol Ltd Contents Page For the year ended 31 December 2024
| Report of the Trustees | 1 to 4 |
|---|---|
| Independent Examiner's Report to the Trustees | 5 |
| Statement of Financial Activities | 6 |
| Statement of Financial Position | 7 |
| Notes to the Financial Statements | 8 to 13 |
| Detailed Statement of Financial Activities | 14 |
Asbol Ltd Report of the Trustees For the year ended 31 December 2024
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 2024. 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 book 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 houses for community living. People are able to live a life of regular prayer and dedication to Christ within the houses 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. Amos Lawless is the Diocesan Leader for the Fraternity of Communion and Liberation in the Catholic diocese of Westminster,
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.
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Asbol Ltd Report of the Trustees Continued For the year ended 31 December 2024
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.
Connections with other Associations
As referred to the above, the Charity works with the Association Memores Domini by providing the premises at 27 Corfton Road and 44 Pine Grove for members to live its rule. This furthers the charity's aims of educating people in the Catholic Faith and teaching people to act as witnesses to Christ as a living presence in society through the Church.
The charity also works with the Catholic Movement Communion and Liberation by providing the directors, Amos Lawless and Gianluca Marcato to lead and guide meetings based on the books of the founder of the movement, Father Luigi Giussani. This is in furtherance of the charity's objects of propagating the Roman Catholic Faith and an understanding of its teaching. In particular, meetings are open to everyone of any belief and people are encouraged to invite anyone they meet who is interested in their own destiny and finding God as the basis for their lives.
The charity also works with a charitable trust called Manalive, which has been set up by members of Communion and Liberation. The objects of Manalive include the advancement of Christianity in accordance with the experience of the Catholic Church. The directors have agreed to work with Manalive in furtherance of the company's objectives.
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.
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Asbol Ltd Report of the Trustees Continued For the year ended 31 December 2024
ACHIEVEMENTS AND PERFORMANCE
Significant activities
Property purchase
During 2024 it was noted that a number of people from the lay association Memores Domini were looking to rent a property in the Wimbledon area that would be suitable as a house of prayer. At the same time the property of 44 Pine Grove, Wimbledon, was put on the marker for sale at a reasonable price. The directors agreed that this property should be purchased, with the aim of providing a second house for a community dedicated to Christ, in line with the Charity's objective of creating a missionary presence in society. It was decided that this should be funded as far as possible by a mortgage, to be paid from the rent received from members of the Memores Domini.
In July 2024 the charity exchanged contracts and completed purchase of the property, with a purchase price of £2,357,500. In order to fund the pruchase a refinancing of the old mortgage loan agreement was signed with NatWest and a further loan agreement was signed with Colombano e Bonifacio.
In August 2024 the directors appointed Giorgia Andreolli, an architect known to the directors, to follow the refurbishment project for 44 Pine Grove. A project was agreed by all directors and completed in the latter half of 2024. The total cost of the refurbishment works was £128,289.
Activities during the year
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. During the year Gianluca Marcato led meetings based on the book 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. Amos Lawless looked after the needs of the Communion and Liberation movement in the Diocese of Westminster, meeting regularly with the national leaders of the movement and working closely with the leader of the Diocese of Southwark to organise activities for members based in London.
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 Monsignor Giovanni Paccosi, Bishop of San Miniato, Italy, on the theme of Hope. 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 March 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. Amos Lawless helped organise the events and led the assemblies. These were attended by around 130 people.
·At the end of September an afternoon retreat was organised in Central London on the theme Called, that is, sent: the beginning of mission.
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
Significant events
As shown in the Statement of Financial Activities, the charity accounted for income received in 2024 of £134,282. Of this, £117,147 was from rent received, with the remaining £17,135 coming from donations to the Charity.
The cost of council tax, insurance and general maintenance for 27 Corfton Road and 44 Pine Grove 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.
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.
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Asbol Ltd Report of the Trustees Continued For the year ended 31 December 2024
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 examiners Fergal Davern FCA Hardy House Northbridge House Berkhamsted Herts HP4 1EF
Approved by the Board of Trustees and signed on its behalf by
Gianluca Marcato.............................................................................
31 October 2025
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Asbol Ltd
Independent Examiners Report to the Trustees For the year ended 31 December 2024
I report to the trustees on my examination of the accounts of the charitable company for the year ended 31 December 2024.
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').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). 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 examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns 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 to be reached.
Fergal Davern FCA Hardy House Northbridge House Berkhamsted Herts HP4 1EF
31 October 2025
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Asbol Ltd
Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 December 2024
| Notes Income and endowments from: Donations and legacies Charitable activities 2 Total Expenditure on: Charitable activities 3/4 Total Net income/expenditure Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 17,135 117,147 134,282 (168,377) (168,377) (34,095) 1,946,802 1,912,707 |
Restricted funds £ - - - (840) (840) (840) 68,440 67,600 |
2024 £ 17,135 117,147 134,282 (169,217) (169,217) (34,935) 2,015,242 1,980,307 |
2023 £ 33,520 84,000 |
|---|---|---|---|---|
| 117,520 | ||||
| (103,289) | ||||
| (103,289) | ||||
| 14,231 2,001,011 |
||||
| 2,015,242 |
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Registered Number : 03019845
Asbol Ltd Statement of Financial Position As at 31 December 2024
| Notes | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets | |||
| Tangible assets | 10 | 5,762,237 | 3,324,639 |
| 5,762,237 | 3,324,639 | ||
| Current assets | |||
| Cash at bank and in hand | 129,964 | 12,744 | |
| 129,964 | 12,744 | ||
| Creditors: amounts falling due within one year | 11 | (56,694) | (64,225) |
| Net current assets | 73,270 | (51,481) | |
| Total assets less current liabilities | 5,835,507 | 3,273,158 | |
| Creditors: amounts falling due after more than one year | 12 | (3,855,200) | (1,257,916) |
| Net assets | 1,980,307 | 2,015,242 | |
| The funds of the charity | |||
| Restricted income funds | 13 | 67,600 | 68,440 |
| Unrestricted income funds | 13 | 1,912,707 | 1,946,802 |
| Total funds | 1,980,307 | 2,015,242 |
For the year ended 31 December 2024 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
31 October 2025
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Asbol Ltd Notes to the Financial Statements
For the year ended 31 December 2024
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).
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.
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.
LOAN FROM MEMBER
On 28 June 2016 the Charity received an interest free loan from the member Association Colombano and Bonifacio in the sum of £550,000. On 12 May 2024 the Charity received an additional interest free loan from the member Association Colombano and Bonifacio in the sum of £1,900,000. Both loans are interest free and are repayable no later than 30 June 2044.
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Asbol Ltd Notes to the Financial Statements Continued For the year ended 31 December 2024
2. Income from charitable activities
| Unrestricted funds Missionary presence in society Rents Costs of charitable activities by fund type Restricted funds Unrestricted funds £ £ 168,377 840 Support costs Costs of charitable activities by activity type Support costs Missionary presence in society Analysis of support costs Missionary presence in society Finance costs Premises costs Governance costs Net income/(expenditure) for the year This is stated after charging/(crediting): Accountancy fees |
2024 £ 117,147 2024 £ 169,217 2024 £ 169,217 2024 £ 94,293 73,009 1,915 169,217 2024 £ 1,795 |
2023 £ 84,000 2023 £ 103,289 2023 £ 103,289 2023 £ 53,776 47,763 1,750 |
|---|---|---|
| 103,289 | ||
| 2023 £ 1,439 |
3. Costs of charitable activities by fund type
4. Costs of charitable activities by activity type
5. Analysis of support costs
6. Net income/(expenditure) for the year
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Asbol Ltd Notes to the Financial Statements Continued
For the year ended 31 December 2024
7. Staff costs and emoluments
| Trustees | 2024 3 3 |
2023 3 |
|---|---|---|
| 3 |
The trustees do not receive any remuneration.
8. Trustee remuneration and related party transactions
During the year G Marcato (a trustee) paid £11,615 to the Charity in respect of donations (£7,135) and rent (£4,480).
When the Charity was formed the member Association Colombano and Bonifacio provided an interest free loan in the sum of £20,000. On 28 June 2016 the Charity received an additional interest free loan from the member Association Colombano and Bonifacio in the sum of £550,000 which was was also interest free. On 12 May 2024 the Charity received an additional interest free loan from the member Association Colombano and Bonifacio in the sum of £1,900,000. The total amount due to the member is £2,470,000. The loan is interest free and is repayable no later than 30 June 2044
The trustees believe that these transactions are at arm's length.
9. 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 £ 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 |
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Asbol Ltd Notes to the Financial Statements Continued For the year ended 31 December 2024
10. Tangible fixed assets
| Cost or valuation At 01 January 2024 Additions At 31 December 2024 Depreciation At 01 January 2024 Charge for year At 31 December 2024 Net book values At 31 December 2024 At 31 December 2023 |
Land and Buildings £ 3,684,704 2,499,438 |
|---|---|
| 6,184,142 | |
| 360,063 61,842 |
|
| 421,905 | |
| 5,762,237 | |
| 3,324,641 |
During the year the company provided a 1st charge over 27 Corfton Road, Ealing, London, in favour of the companys bankers.
11. Creditors: amounts falling due within one year
| 2024 £ Loans and overdrafts 34,536 Accruals and deferred income 22,158 56,694 The following liabilities disclosed under creditors falling due within one year are secured by the charity: Bank loans and overdrafts 34,536 34,536 Creditors: amounts falling due after more than one year 2024 £ Loans and overdrafts 3,855,200 3,855,200 The following liabilities disclosed under creditors falling due after more than one year are secured by the charity: Bank loans and overdrafts 1,385,200 1,385,200 |
2023 £ 53,087 11,138 |
|---|---|
| 64,225 | |
| 53,087 | |
| 53,087 | |
| 2023 £ 1,257,916 |
|
| 1,257,916 | |
| 687,916 | |
| 687,916 |
12. Creditors: amounts falling due after more than one year
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Asbol Ltd Notes to the Financial Statements Continued For the year ended 31 December 2024
13. Movement in funds
Unrestricted Funds
| General General Unrestricted Funds - Previous year General General |
Balance at 01/01/2024 £ 1,946,802 1,946,802 Balance at 01/01/2023 £ 1,931,731 1,931,731 |
Incoming resources £ 134,282 134,282 Incoming resources £ 117,520 117,520 |
Outgoing resources £ (168,377) (168,377) Outgoing resources £ (102,449) (102,449) |
Balance at 31/12/2024 £ 1,912,707 |
|---|---|---|---|---|
| 1,912,707 | ||||
| Balance at 31/12/2023 £ 1,946,802 |
||||
| 1,946,802 |
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 |
Balance at 01/01/2024 £ 68,440 68,440 Balance at 01/01/2023 £ 69,280 69,280 |
Outgoing resources £ (840) (840) Outgoing resources £ (840) (840) |
Balance at 31/12/2024 £ 67,600 |
|---|---|---|---|
| 67,600 | |||
| Balance at 31/12/2023 £ 68,440 |
|||
| 68,440 |
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Asbol Ltd Notes to the Financial Statements Continued For the year ended 31 December 2024
14. Analysis of net assets between funds
| Unrestricted funds General General Restricted funds Restricted Previous year Unrestricted funds General General Restricted funds Restricted |
Tangible fixed assets Net current assets / (liabilities) Creditors > one year Net Assets £ £ £ £ 5,694,637 73,270 (3,855,200) 1,912,707 67,600 - - 67,600 |
|---|---|
| 5,762,237 73,270 (3,855,200) 1,980,307 |
|
| 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 |
|
| 3,324,639 (51,481) (1,257,916) 2,015,242 |
15. Guarantees and contingent assets and liabilities
On 3 July 2024 the trustees provided a fixed and floating charge in favour of its bankers.
16. Company limited by guarantee
Asbol Ltd is a company limited by guarantee and accordingly does not have a share capital.
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Asbol Ltd Detailed Statement of Financial Activities For the year ended 31 December 2024
| 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 Repairs and renewals Insurance Depreciation on freehold property Governance costs Accountancy fees Legal fees Subscriptions Total resources expended Net Expenditure |
£ 2024 17,135 17,135 117,147 117,147 134,282 (16,249) (78,043) (1) (94,293) (2,730) (1,303) (7,135) (61,841) (73,009) (1,795) - (120) (1,915) (169,217) (34,935) |
£ 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 |
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This page does not form part of the statutory financial statements