Charity registration number 1076950 (England and Wales)
FRIENDS OF INSTITUTE OF CHRIST THE KING ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FRIENDS OF INSTITUTE OF CHRIST THE KING
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Canon A Montjean Mr P Russell Mr K G Jones Rev Benoit Beligne C Spence
(Appointed 13 January 2024) (Appointed 17 June 2023)
Charity number (England and Wales) 1076950
Independent examiner
Helen Furlong FCCA Xeinadin North West Limited 46 Hamilton Square Birkenhead Wirral Merseyside CH41 5AR
FRIENDS OF INSTITUTE OF CHRIST THE KING
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 8 - 15 |
FRIENDS OF INSTITUTE OF CHRIST THE KING
TRUSTEES REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust Deed dated 23 July 1999, the Charities Act 2011 and "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).
Objectives and activities
The objects of the Charity are the advancement of the Roman Catholic Faith
Powers in pursuit of the object.
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The provision of assistance in the training of men for the priesthood of the Roman Catholic Church in seminaries anywhere in the World with preference being given to seminaries who use the classical Roman Liturgy.
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The purchase construction or other acquisition and maintenance of places of worship where Roman Catholic services may be held; such services to be in accordance with the classical Roman Rite of the Catholic Church and so far as possible in accordance with the 1962 Missal.
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The purchase or acquisition and retention of suitable items of religious art and objects of devotion in accordance with the principles of the Roman Catholic Church.
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The Support of Roman Catholic priests willing and able to learn and celebrate the classical Roman Rite of the Catholic Church.
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FRIENDS OF INSTITUTE OF CHRIST THE KING
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance
The Institute was founded in 1990 by Monsignor Gilles Wach and Father Philippe Mora in Gabon, Africa, where we still have missions. Today, the motherhouse and international seminary of the Institute is in Gricigliano, in the Archdiocese of Florence, Italy.
The mission of the Institute of Christ the King Sovereign Priest is to spread the reign of Christ in all spheres of human life by drawing from the millennial treasury of the Roman Catholic Church, particularly her liturgical tradition, the unbroken line of spirituality and architecture.
The Institute operates in more than fifty places in twelve countries, where our priests focus on the care of souls in many different ways. To assist our priests in their apostolic work, the Institute also has clerical oblates. In 2004, a community of religious sisters was canonically established to aid the priests in their mission through prayer and
The Institute of Christ the King serves five churches in England:
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Church of Ss Peter & Paul and St Philomena, Wallasey, Shrewsbury RC Diocese.
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Church of St Winefride, Shrewsbury, Shrewsbury RC Diocese.
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Church of St Walburge, Preston, Lancaster RC Diocese.
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Church of English Martyrs, Preston, Lancaster RC Diocese.
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Church of the Holy Angels, Torquay, Plymouth RC Diocese
St Peter & Paul and St Philomena, St Walburge, English Martyrs and Holy Angels churches are designated Shrines
A House of Discernment, opened in November 2017 in Preston (in the diocese of Lancashire), is still opened: 3 men are currently in formation. In October 2024, 6 young men will join the pre-Seminary formation at the House of discernment.
There are currently 12 seminarians from the UK in formation at Gricigliano, with the numbers continuing to grow. We have now about 110 seminarians studying for priesthood form several countries. The numbers of young men looking join the formation program as seminarians or oblates is continuing to grow.
Canon Montjean, Rector of the Shrine of Ss Peter & Paul and St Philomena, New Brighton, travels monthly to the Seminary in Italy where he lectures in Theology and Spirituality.
Fundraising events are continuing, and these have been remitted to the Seminary or the Institute of Christ the King Sovereign Priest, to support financially the seminarians of the United Kingdom in formation at Gricigliano, which provides training for those who wish to celebrate the classical Roman Liturgyis continuing expand. Because of this growth, some restoration works have been engaged at the Seminary in Gricigliano, since the buildings are old and need constant care.
The support from the generous donations of our benefactors is vital to ensure the formation of our UK seminarians in the best conditions possible. We have encouraged our British Seminarians to keep regularly in touch with the benefactors, give them frequent updates on their formation, and asked them to visit them when they return to the UK for their holidays (three times a year).
Belfast apostolate
Since a few years, our apostolate of Belfast is attached to this charity. A new Charity will be established in the next months, to run this mission of the Institute in a more separated way, distinct from the Seminary fund.
A significant step in the restoration of our church of the Immaculate Heart was completed in March 24, with some alterations to the loft of the church and a complete reordering of the sanctuary and the pews of the church. This was funded by private donations and fundraising across the last 2 years.
Public benefit
The Trustees confirm that they have had regard to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the activities of the organisation during the year.
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FRIENDS OF INSTITUTE OF CHRIST THE KING
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Financial review
The charity received donations and interest amounting to £447,540 (2023 £409,891) during the year which enabled grants to be paid out of £196,997 (2023 £153,981). Administration and property expenses amounted to £108,225 (2023 £94,065) leaving a surplus for the year of £142,318 (2023 £161,844).
The unrestricted reserves of the charity now stand at £1,224,906 (2023 £1,082,588) and the free reserves stand at £191,607 which the trustees feel is adequate.
The size of the future grants will be dependent upon the level of the income received.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
Constitution, objects and policies
The Charitable Trust is constituted by a Trust deed dated 23 July 1999.
The trustees who served during the year and up to the date of signature of the financial statements were: Canon A Montjean Mr P Russell Mr K G Jones Rev Similien Marie Dominique Wache de Corbie (Resigned 13 January 2024) Rev Benoit Beligne (Appointed 13 January 2024) C Spence (Appointed 17 June 2023)
Appointment of the Trustees is governed by the Constitution of the Charity. The Trustees are responsible for overseeing the affairs of the organisation.
The trustees report was approved by the Board of Trustees.
..............................
Mr P Russell
Trustee Dated: .........................
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FRIENDS OF INSTITUTE OF CHRIST THE KING
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF FRIENDS OF INSTITUTE OF CHRIST THE KING
I report to the trustees on my examination of the financial statements of Friends Of Institute Of Christ The King (the charity) for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of FCCA, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
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 financial statements to be reached.
Helen Furlong FCCA Xeinadin North West Limited
46 Hamilton Square Birkenhead Wirral Merseyside CH41 5AR Date: ............................
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FRIENDS OF INSTITUTE OF CHRIST THE KING
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 445,057 | 409,469 |
| Investments | 2 | 2,483 | 422 |
| Total income | 447,540 | 409,891 | |
| Charitable activities | 5 | 305,222 | 248,047 |
| Net income and movement in funds | 142,318 | 161,844 | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2023 | 1,082,588 | 920,743 | |
| Fund balances at 31 March 2024 | 1,224,906 | 1,082,587 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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FRIENDS OF INSTITUTE OF CHRIST THE KING
BALANCE SHEET
AS AT 31 MARCH 2024
| Notes Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year Other creditors 13 Net current assets Total assets less current liabilities The funds of the charity Unrestricted funds |
2024 £ £ 1,033,299 4,053 256,334 260,387 68,780 191,607 1,224,906 1,224,906 1,224,906 |
2023 £ £ 754,084 4,053 416,091 420,144 91,640 328,504 1,082,588 1,082,588 1,082,588 |
2023 £ £ 754,084 4,053 416,091 420,144 91,640 328,504 1,082,588 1,082,588 1,082,588 |
|---|---|---|---|
| 1,082,588 | |||
| 1,082,588 | |||
| 1,082,588 |
The financial statements were approved by the trustees on .........................
.............................. Mr P Russell Trustee
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FRIENDS OF INSTITUTE OF CHRIST THE KING
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024
| 2024 Notes £ £ Cash flows from operating activities Cash generated from operations 18 118,269 Investing activities Purchase of tangible fixed assets (280,509) Investment income received 2,483 Net cash (used in)/generated from investing activities (278,026) Net cash used in financing activities - Net (decrease)/increase in cash and cash equivalents (159,757) Cash and cash equivalents at beginning of year 416,091 Cash and cash equivalents at end of year 256,334 |
2023 £ - 422 |
£ 252,407 422 - |
|---|---|---|
| 252,829 163,262 |
||
| 416,091 |
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FRIENDS OF INSTITUTE OF CHRIST THE KING
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
Friends Of Institute Of Christ The King is a Charity governed by a Trust Deed.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 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.
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FRIENDS OF INSTITUTE OF CHRIST THE KING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings Nil Fixtures and fittings 15 years straight line Motor vehicles 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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FRIENDS OF INSTITUTE OF CHRIST THE KING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Interest receivable | 2,483 | 422 |
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FRIENDS OF INSTITUTE OF CHRIST THE KING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 354,540 | 249,351 |
| Legacies receivable | 30,000 | 143,553 |
| Gift Aid | 60,517 | 16,565 |
| 445,057 | 409,469 |
4 Expenditure on charitable activities
| Seminary | Seminary | |
|---|---|---|
| fees | fees | |
| 2024 | 2023 | |
| £ | £ | |
| Direct costs | ||
| Staff costs | 10,800 | 7,100 |
| Depreciation and impairment | 1,293 | 1,324 |
| 12,093 | 8,424 | |
| Grant funding of activities (see note 5) | 196,997 | 153,981 |
| Share of support and governance costs (see note 7) | ||
| Support | 94,592 | 84,061 |
| Governance | 1,540 | 1,580 |
| 305,222 | 248,046 | |
| Analysis by fund | ||
| Unrestricted funds | 305,222 | 248,046 |
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FRIENDS OF INSTITUTE OF CHRIST THE KING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
| 5 | Grants payable | ||
|---|---|---|---|
| Seminary | Seminary | ||
| fees | fees | ||
| 2024 | 2024 | ||
| £ | £ | ||
| Grants to institutions: | |||
| Institutum Christi Regis Summi Sacerdotis | 183,195 | 153,981 | |
| House of Discremment annual grant | 5,000 | - | |
| House of Discremment French tuitions | 4,025 | - | |
| Internation Novitiate House | 4,777 | - | |
| 196,997 | 153,981 | ||
| - | |||
| 6 | Net movement in funds | 2024 | 2023 |
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Fees payable for the independent examination of the charity's financial | |||
| statements | - | - | |
| Depreciation of owned tangible fixed assets | 1,293 | 1,324 | |
| 7 | Support costs allocated to activities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Travel & subsistance | 8,472 | 14,687 | |
| Bank charges | 1,284 | 1,280 | |
| Property costs | 51,733 | 41,851 | |
| Administartion costs | 10,233 | 11,511 | |
| Computer costs | 549 | 235 | |
| Sacristy costs | 16,109 | 8,854 | |
| Insurances | 6,212 | 5,643 | |
| Governance costs | 1,540 | 1,580 | |
| 96,132 | 85,641 | ||
| Analysed between: | |||
| Seminary fees | 96,132 | 85,641 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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FRIENDS OF INSTITUTE OF CHRIST THE KING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
9 Employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries |
2024 Number 3 2024 £ 10,800 |
2023 Number 2 |
|---|---|---|
| 2023 £ 7,100 |
There were no employees whose annual remuneration was more than £60,000.
10 Taxation
The charity is exempt from tax on its charitable activities.
11 Tangible fixed assets
| Freehold land and buildings Fixtures and fittings £ £ Cost At 1 April 2023 745,004 18,503 Additions 280,509 - At 31 March 2024 1,025,513 18,503 Depreciation and impairment At 1 April 2023 - 9,700 Depreciation charged in the year - 1,224 At 31 March 2024 - 10,924 Carrying amount At 31 March 2024 1,025,513 7,579 At 31 March 2023 745,004 8,804 12 Debtors Amounts falling due within one year: Other debtors |
Motor vehicles £ 15,500 - 15,500 15,224 69 15,293 207 276 2024 £ 4,053 |
Total £ 779,007 280,509 |
|---|---|---|
| 1,059,516 | ||
| 24,924 1,293 |
||
| 26,217 | ||
| 1,033,299 | ||
| 754,084 | ||
| 2023 £ 4,053 |
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FRIENDS OF INSTITUTE OF CHRIST THE KING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
13 Other creditors falling due within one year
| Other creditors Accruals and deferred income |
2024 £ 65,660 3,120 68,780 |
2023 £ 90,060 1,580 |
|---|---|---|
| 91,640 |
14 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| General funds Previous year: General funds |
At 1 April 2023 Incoming resources Resources expended At 31 March 2024 £ £ £ £ 1,082,588 447,540 (305,222) 1,224,906 At 1 April 2022 Incoming resources Resources expended At 31 March 2023 £ £ £ £ 920,743 409,891 (248,046) 1,082,588 |
|---|---|
16 Analysis of net assets between funds
| Unrestricted | |
|---|---|
| funds | |
| 2024 | |
| £ | |
| Fund balances at 31 March 2024 are represented by: | |
| Tangible assets | 1,033,299 |
| Current assets/(liabilities) | 191,607 |
| 1,224,906 | |
| Unrestricted | |
| funds | |
| 2023 | |
| £ | |
| Fund balances at 31 March 2023 are represented by: | |
| Tangible assets | 754,084 |
| Current assets/(liabilities) | 328,504 |
| 1,082,588 |
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FRIENDS OF INSTITUTE OF CHRIST THE KING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
| 18 Cash generated from operations Surplus for the year Adjustments for: Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets Movements in working capital: (Decrease)/increase in creditors Cash generated from operations |
2024 £ 142,318 (2,483) 1,293 (22,860) 118,268 |
2023 £ 161,845 (422) 1,324 89,660 252,407 |
|---|---|---|
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