THE CONGREGATION OF THE MISSION (ABBEY WOOD)
(A company limited by guarantee)
FINANCIAL STATEMENTS
31 DECEMBER 2022
(Company Number: 07385924) (Charity Number: 1139141)
THE CONGREGATION OF THE MISSION (ABBEY WOOD) (A company limited by guarantee)
LEGAL AND ADMINISTRATIVE DETAILS
| Registered Charity Number: | 1139141 |
|---|---|
| Registered Company Number: | 07385924 |
| Charitable Objects: | Such charitable purposes as shall advance the religious and |
| other charitable work of the congregation anywhere in the | |
| world as the trustees with the approval of the Superior shall | |
| from time to time think fit, provided that if at any time the | |
| congregation shall cease to exist or shall cease to carry on | |
| religious work then for such other lawful purposes connected | |
| with the advancement of the Roman Catholic religion as the | |
| trustees shall determine. | |
| Trustees (Directors of the Company): | Father Blaise Amadi |
| Father Vincent George | |
| Father Richard Offong (appointed 8thAugust 2022) | |
| Address: | The Congregation of the Mission (Abbey Wood) |
| 31 Abbey Grove | |
| Abbey Wood | |
| London | |
| SE29EU | |
| Bankers: | Barclays Bank plc |
| 6 Market Place | |
| Bexleyheath | |
| DA6 7DY | |
| Independent Examiner: | Olayinka Tomori ACA DChA |
| Longmeade Consult Ltd | |
| Regus House | |
| Victory Way | |
| Admirals Park | |
| Dartford | |
| DA2 6QD | |
| Named Correspondent: | Father Blaise Amadi |
| Sacred Heart of Jesus Catholic Church | |
| 2 Knatchbull Road | |
| London | |
| SE5 9QS |
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THE CONGREGATION OF THE MISSION (ABBEY WOOD) (A company limited by guarantee)
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The financial statements have been prepared in accordance with the Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition effective 1 January 2019) and comply with the charity’s governing document.
The Congregation of the Mission (Abbey Wood) was incorporated on 23 September 2010 as a charitable company limited by guarantee (Company number 07385924) and was registered by the Charity Commission on 22 November 2010 (Registered Charity number 1139141).
OBJECTS
The objects of the charity are to advance the religious and other charitable work of the Congregation as the Trustees with the approval of the Superior think fit. These include the support of formation, providing education and counselling and religious support in accordance with Roman Catholic teachings.
ACHIEVEMENTS AND REVIEW OF THE YEAR TO 31 DECEMBER 2022
The main sources of funding continue to be donations /Mission appeal from members of local Parishes including mass stipends and special offerings during Christmas and Easter. There were also contributions made by the Diocese towards the upkeep of Priests. Four Priests were employed on a part time basis as Chaplains in two London hospitals, and Prisons, for which they received remuneration paid directly to the charity. No specific fundraising event took place during the year.
The charity continued providing a monthly allowance to over a dozen Priests; substantially lessening the expenses of the Parish to maintain Priests. The main expenses in the year were costs towards the formation, education and care of Priests and Priests-in-training mainly in Nigeria and supporting the equipping of a hospital in Enugu, Nigeria. Details of the financial activities of the Congregation for the year, are disclosed on page 6.
FINANCIAL REVIEW
Income was £225,370 (2021: £169,273), the increase due to more contributions being made towards the wellbeing of Priests and more Priests involved in salary paying vocations. Expenditure rose marginally to £193,549 (2021: £124,807) as the charity continued with supporting Priests who have seen an increase in their number and in the services they deliver. There was also the usual expenditure on formation and education as well as contributions towards charitable causes both locally and abroad, including assisting the Seminary and a hospital both based in Nigeria.
Reserves Policy
The general fund reserves were £169,892 (2021: £138,071) at the end of the year. The trustees shall continue working on building reserves to carry out or support church related capital works in the West African region and providing support to Priests based in the UK. There are several capital projects which the charity intends to embark upon which require funds far in excess of what is available; these include projects for the development of education and the relief of poverty. The trustees have therefore not set a cap to the required level of reserves but intend to continue to find ways to build up reserves to meet these obligations.
Investment Powers, Policy and Performance
The Trustees have legal powers to purchase land and buildings required for the purposes of the Charity. Moreover, the Trustees have the power to invest trust monies in investments of any nature and at their absolute discretion as set out in the Trustees Act 2000.
The charity has not raised substantial funds required to fulfil its future plans. Therefore, the charity’s resources are held as cash in bank accounts.
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THE CONGREGATION OF THE MISSION (ABBEY WOOD) (A company limited by guarantee)
TRUSTEES’ REPORT (continued)
FOR THE YEAR ENDED 31 DECEMBER 2022
STRUCTURE GOVERNANCE AND MANAGEMENT
The charity is administered in accordance with its governing document, the memorandum and articles of association, and constitutes an incorporated charity
Trustees
The Trustees are recruited according to their knowledge, skill and experience of the themes and activities undertaken by the charity; and in accordance with the requirements for the governance of charities. The Trustees are kept informed on charity sector issues by professional advisors and other resources provided by our accountants and legal advisors.
The charity has no employees and its day to day activities are administered by the Trustees on a voluntary basis. The Trustees during the year are as listed under the legal and administrative details. The Trustees are also the directors of the company for the purpose of company law.
Public Benefit
In setting the charity’s objectives, the Trustees have given due consideration to the Charity Commission’s guidance on public benefit. The “Review of the Year” above reflects how the charity fulfils this obligation.
Risk Management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that appropriate systems are in place to mitigate our exposure to the major risks. This includes an assessment of the impact of the Covid-19 pandemic on the activities of the charity.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also directors of the Congregation of the Mission (Abbey Wood) for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable for that year. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on 27[th] September 2023 and signed on their behalf by:
……………………………………..…. Father Blaise Amadi Trustee
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
THE CONGREGATION OF THE MISSION (ABBEY WOOD)
I report to the charity trustees on my examination of the accounts of the charitable company for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity’s trustees of the charitable company (and also its directors for the purposes of company law) you 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 charitable 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 as 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 examiner's 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:
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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
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the accounts do not comply with the accounting 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.
…………………………………………
Olayinka Tomori ACA DChA
27[th] September 2023
Longmeade Consult Ltd Regus House Victory Way, Admiral’s Park Dartford Kent, DA2 6QD
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THE CONGREGATION OF THE MISSION (ABBEY WOOD) (A company limited by guarantee)
COMPANY NUMBER: 07385924
BALANCE SHEET
AS AT 31 DECEMBER 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Debtors and prepayments | - | - | |
| Cash at bank and in hand | 171,332 | 139,421 | |
| --------------------- | --------------------- | ||
| 171,332 | 139,421 | ||
| CURRENT LIABILITIES | |||
| CREDITORS: Amounts falling due within one year | 4 | (1,440) | (1,350) |
| --------------------- | --------------------- | ||
| NET CURRENT ASSETS | 169,892 | 138,071 | |
| --------------------- | --------------------- | ||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 169,892 | 138,071 | |
| ----------------------- | ----------------------- | ||
| TOTAL ASSETS | 169,892 | 138,071 | |
| =========== | =========== | ||
| FUNDS | |||
| Unrestricted Funds: | |||
| General | 169,892 | 138,071 | |
| =========== | =========== |
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibility for:
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a) ensuring that the company keeps accounting records which comply with section 386 of the Act and
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b) for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2022 and of its result for the year then ended in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements so far as applicable to the company.
The financial statements were approved and authorised for issue by the Board of the Trustees on 27[th] September 2023 and were signed below on its behalf by:
…........................................
Father Blaise Amadi Trustee
The accompanying notes form part of these financial statements.
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THE CONGREGATION OF THE MISSION (ABBEY WOOD) (A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
| INCOME AND EXPENDITURE | Unrestricted | ||
|---|---|---|---|
| Total | Total | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income and Endowments from: | |||
| Donations and Legacies | 225,370 | 169,273 | |
| ----------------- | ----------------- | ||
| Total Income and Endowments | 225,370 | 169,273 | |
| ----------------- | ----------------- | ||
| Expenditure on: | |||
| Charitable Activities | 3 | 193,549 | 124,807 |
| ----------------- | ----------------- | ||
| Total Expenditure | 193,549 | 124,807 | |
| ------------------ | ------------------ | ||
| Net income/(expenditure) | 31,821 | 44,466 | |
| Reconciliation of funds: | |||
| Total fund brought forward | 138,071 | 93,605 | |
| --------------------- | --------------------- | ||
| Total funds carried forward | 169,892 | 138,071 | |
| ========== | ========== |
The accompanying notes form part of these financial statements.
All gains and losses recognised in the year are included in the Statement of Financial Activities.
All the charity’s activities are classified as continuing.
There were no restricted funds recognised in the current or preceding financial year and therefore, a separate comparative Statement of Financial Activities for the year ended 31 December 2021 is not required since all relevant information is provided above.
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THE CONGREGATION OF THE MISSION (ABBEY WOOD) (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1. STATEMENT OF ACCOUNTING POLICIES
a) Basis of accounting
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective 1 January 2019), Charities SORP FRS 102 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The Congregation of the Mission (Abbey Wood) 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.
The trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The financial statements have therefore been prepared on a going concern basis.
b) Income
All income is included in the Statement of Financial Activities when the charity is legally entitled to the income, there is probability of receipt and the amount can be quantified with reasonable accuracy.
Donations and legacies are recognised only when received or when the charity becomes legally entitled to them. Donations include offerings from church collections and salaries earned by Priests from employment outside church activities.
Members stipends are accounted for when they are received.
c) Expenditure
Expenditure is recognised on an accrual basis as a liability is incurred.
Charitable expenditure consists of all expenditure relating to the objects of the charity. All costs are directly attributable to the activities under which they have been analysed.
Governance costs include expenditure on strategic management and costs in connection with compliance with constitutional and statutory requirements.
Irrecoverable VAT is included with the category of expense to which it relates.
d) Liabilities and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
e) Taxation
The Congregation of the Mission (Abbey Wood) is a registered charity and is not ordinarily liable to UK taxation.
f) Statement of cash flows
The charity is exempt from the requirement to produce a Statement of Cash Flows as it qualifies as a small charity under the requirements of the Charities SORP.
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THE CONGREGATION OF THE MISSION (ABBEY WOOD) (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2. COMPANY STATUS AND CONTROL
The company is a company limited by guarantee and not having a share capital.
The members’ liability is limited. Every member of the company undertakes to contribute up to £1 to the assets of the company in the event of it being wound up. The charity has a sole member who is the Superior of the Order.
3.
| EXPENDITURE | 2022 | 2021 |
|---|---|---|
| £ | £ | |
| Charitable activities | ||
| Support of members and their ministries | 114,964 | 66,350 |
| Formation and allied expenses | 51,500 | 30,029 |
| Missions and charitable giving | 17,593 | 25,618 |
| ---------------- | ---------------- | |
| 184,057 | 121,997 | |
| Support costs | ||
| Professional fees | 8,052 | 1,460 |
| Governance costs | 1,440 | 1,350 |
| ---------------- | ---------------- | |
| 193,549 | 124,807 | |
| ========= | ========= |
The charity did not have any employees in the year or the preceding year. All costs are directly attributable to the activity under which they have been analysed.
4.
| NET EXPENDITURE FOR THE YEAR | 2022 | 2021 |
|---|---|---|
| £ | £ | |
| This is stated after charging: | ||
| Independent Examination and Accountancy fees | 1,440 | 1,350 |
| Independent Examiner – Other fees | 150 | - |
| ========= | ========= |
5. TRANSACTIONS WITH TRUSTEES
The trustees of the charity are also members of the Order of the Congregation of the Mission and as such have taken vows of poverty under which they have renounced all personal rights to income and capital. The charity therefore provides for the essential needs of all members within the Congregation. The living costs of the trustees are therefore borne by the charity. The Trustees do not receive any remuneration from the charity for their work as trustees.
No expenses were reimbursed to the trustees in the year.
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