Registered number: 07582943 Charity number: 1141536
THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charitable Company, its Trustees and | 1 |
| Advisers | |
| Trustees' Report | 2 - 7 |
| Independent Auditors' Report on the Financial Statements | 8 - 11 |
| Statement of Financial Activities | 12 |
| Balance Sheet | 13 |
| Statement of Cash Flows | 14 |
| Notes to the Financial Statements | 15 - 31 |
THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
| Trustees | Rt Revd Mgr K Newton |
|---|---|
| Very Revd D Waller | |
| Revd D Lashbrooke | |
| Revd J Redvers-Harris | |
| Revd C Pearson | |
| Revd C Lindlar | |
| Revd A Starkie | |
| Revd M Halsall | |
| Revd S Chinery | |
| Revd J Bradley | |
| Revd S Ellis (appointed 1 April 2020) | |
| Company registered number 07582943 Charity registered number 1141536 Registered office 24 Golden Square London W1F 9JR Company secretary Mr C Woodman Independent auditors MHA MacIntyre Hudson Chartered Accountants Statutory Auditors Abbey Place 24-28 Easton Street High Wycombe Buckinghamshire HP11 1NT Bankers HSBC Bank plc 16 King Street Covent Garden London WC2E 8JF Investment Advisors Rathbones 1 Curzon Street London W1J 5FB |
Page 1
THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their annual report together with the audited financial statements of the Charitable Company for the year 1 April 2020 to 31 March 2021. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Since the Charitable Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Structure, Governance and Management
Constitution
The Personal Ordinariate of Our Lady of Walsingham (the Ordinariate) is a canonical body of the Roman Catholic Church established by decree of Pope Benedict XVI on 15th January 2011 under the terms of the Apostolic Constitution Anglicanorum Coetibus. Its legal entity (in terms of civil law of England and Wales) is a Charitable Company incorporated on 29th March 2011 under the name Ordinariate of Our Lady of Walsingham.
The Ordinariate of Our Lady of Walsingham (the Charity) is a company limited by guarantee without share capital registered in the United Kingdom under company number 07582943 and a registered charity (number 1141536). The Charitable Company's memorandum and articles of association are the primary governing documents of the Charity.
The Trustees act as the trustees for the charitable activities of The Ordinariate of Our Lady of Walsingham and are also the directors of the Charitable Company for the purposes of company law.
Details of the Trustees who served throughout the period are included in the Reference and Administrative Details on page 1.
Methods of appointment or election of Trustees
Trustees are the Ordinary and the members of the Governing Council of the Canonical entity (the Personal Ordinariate of Our Lady of Walsingham), and any other person appointed by Trustees. The Ordinarymembers of the Governing Council of the Ordinariate are ex officio Trustees of the Charitable Companyautomatically appointed under the Articles of Association. Once Trustees are in place they are given training where needed. The first Trustees had previously held positions as Trustees in other charities.
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THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
(continued)
Organisational structure and decision-making policies
The affairs of the Ordinariate are conducted in accordance with both the Laws of England and Wales and with the Canon Law of the Roman Catholic Church.
The activities of the Charity cover geographically the countries of England, Scotland and Wales and the Ordinariate is organised as 43 local groups operating from over 50 locations.
The Trustees meet frequently to discuss and decide the operation and direction of the charity. There are no executives employed by the Charity and the Trustees are not paid for their Trustee roles. The allowances that are paid are for their roles as Pastors. The Trustees are covered for liabilities under an insurance policy issued by the Catholic National Mutual Insurance Company.
The Church Canon Law governing the Personal Ordinariate of Our Lady of Walsingham requires the appointment of a Finance Council to advise the Ordinary which must include people ‘expert in financial matters and civil law and of outstanding integrity’. The Trustees, by decision dated 7th February 2017, appointed the members of this Finance Council to be a Committee of the Charity according to Article 7.2 (c) of the Articles of Association. The committee includes four trustees among its membership.
The day to day business management of the Charity is undertaken on behalf of the Trustees by the Ordinary who, in consultation with the Governing Council of the Ordinariate deals with all matters of central policy. The local activities of the groups are administered on a day to day basis by 38 Group Pastors with the support of local finance and pastoral councils.
Risk management
The Trustees continually review the operational and business risks faced by the Charity and have established effective systems to ensure the necessary steps are taken to mitigate risk.
Principal activities
The objects of the Charity are to advance the Catholic religion by means of the charitable activities undertaken by, or in connection with, the Personal Ordinariate of Our Lady of Walsingham. The Trustees have had due regard of the Charity Commission’s guidance on public benefit and believe they have complied with the duty laid down in Section 4 of the 2006 Charities Act.
The principal means by which the Charity has addressed its objects are detailed in the following section Objectives and Activities.
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THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Objectives and activities
Safeguarding
The Trustees place a great emphasis on the safeguarding of young people and vulnerable adults who come into contact with the activities of the Ordinariate. The Charity was among the first of the Catholic Dioceses to fully adopt the Safeguarding policies and procedures set forward by the Catholic Safeguarding Advisory Service (the national agency for driving and supporting improvements in safeguarding practice within the Catholic Church in England & Wales) and formally readopted these procedures at its meeting on 7th February 2017.
Review of activities
In pursuit of its objects the Charity has engaged in, amongst others, the following activities.
a. The provision, maintenance and development of places of public worship and the provision of religious services.
In most cases the charity makes use of buildings belonging to the wider Catholic Church and would like to express its gratitude for the support it receives from the Catholic Church both in this country and worldwide. In return the priests belonging to the charity provide regular religious services not solely for their own members but for the wider Church and, indeed, for the general public. These services are available to all without restriction and without cost and support the local and national communities through supporting individual well-being and improving social cohesion. The clergy and lay people associated with the charity are active in ministry to schools and to those in hospitals, prisons and other institutions. The charity owns one church building in Torquay.
b. The provision of accommodation and other support for clergy who are engaged in the advancement of the objects or who have retired, including support for the dependants of such clergy.
In most cases the clergy have their own accommodation, or accommodation is provided in return for the services the clergy provide to Catholic dioceses or other institutions. Two of the clergy and their families are housed in properties owned by the Charity and maintained in a suitable condition for occupation.
The Charity contributes to, and encourages support of, a separate charitable company – the Ordinariate of Our Lady of Walsingham Clergy Relief Trust – whose objects are to provide accommodation and support for clergy in need, whether active or retired due to age or ill health. All of the Trustees are Directors of this separate company.
c. The provision and maintenance of cemeteries and the provision of funeral services.
The Charity does not at present own any cemeteries but its clergy are very active in providing funeral services in Catholic churches and in municipal cemeteries and crematoria.
d. The provision and maintenance of parish rooms, halls and other facilities that are conducive to the achievement of the objects.
In the early years of its existence the Charity owns little property and makes use of existing buildings for its charitable activities. There is one hall belonging to the charity which is used for a variety of activities related to the Charity including a weekly lunch provided for both those attending a service at the church and others who come in from the street.
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THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Objectives and activities (continued)
e. The advancement of education in accordance with the teachings of the Catholic Church.
The Charity does not own or run any educational establishments in its own right, but many of its clergy are active in schools in both the public and private arena – both in formal chaplaincy and in informal visits to church and community schools. Education is also provided during children’s activities during religious services and in the preparation of young people for the Church’s sacraments. Clergy are also involved in University education – both as academics and in chaplaincy and in seminary education.
f. The relief of poverty and suffering and such other charitable purposes for the benefit of the public as are conducive to the advancement of the catholic religion.
The Charity actively encourages fund raising for the disadvantaged both in this country and abroad. Appeals for causes such as Mary’s Meals, Aid to the Church in Need, Let the Children Live, and many others are a regular part of the life of the Ordinariate.
Outlook for the future
In the Autumn of 2019, the Governing Council/Trustees body completed a strategic review of the operation of the Ordinariate to ensure that the correct structures are in place to support the governance and development of the Ordinariate’s work. The work of the Ordinariate has been organised into three vicariates and these are now working to identify key priorities to further the mission of the Ordinariate.
The implementation of this has been affected by the pandemic, but the newly appointed Vicars have met regularly online to continue this process.
Two new local groups have been formed in the past year.
Financial review
Going concern and COVID 19
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason it continues to adopt the going concern basis in preparing the financial statements.
The principal funding source is donations.
The total income for the period was £631,315, and total expenditure £521,621. Funds carried forward were £1,365,762.
The Trustees have considered the implications of COVID-19 when formulating future forecasts, budgets and plans, particularly in relation to the viability of the charity as a going concern. The expected impact is minimal as a large proportion of our income is received via standing orders, which have not been impacted at this time.
There has been some loss of income, from reduced cash collections, but also an equivalent amount of reduced expenditure, particularly on travel, and music costs. The Trustees do not believe that, based on current information, that there is a material impact on the charity as a going concern, or that further disclosures are required.
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THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Financial risk management objectives and policies
The Charity Trust practices through its board, namely the Trustees and the constituted sub-committees, risk management principles. Any major risks highlighted at any sub-committee are brought to the main board with proposed mitigating actions and they continue to be reported until the risk is adequately mitigated.
The Trustees accept managed risk as an inevitable part of its operations but maintains an objective not to run unacceptable levels of risk in any area. The subjective nature of this process requires major risks to be resolved by the Trustees collectively, whilst more minor risks are dealt with by senior executive officers.
Reserves policy
At 31 March 2021 the total unrestricted funds were £1,261,622. In these early days of the Charity this is regarded as satisfactory, as the Charity is wholly dependent on voluntary donation income. £583.639 is invested in tangible fixed assets, so unrestricted “free reserves” are £677,983 representing approximately 130% of total annual expenditure.
Members' liability
Each member of the Charitable Company undertakes to contribute to the assets of the Charitable Company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before they ceased to be a member.
Trustees' indemnities
Trustees benefit from indemnity insurance to cover the liability of the Trustees which by virtue of any rule of law would otherwise attach to them in respect of any negligence, default or breach of trust or breach of duty of which they may be guilty in relation to the Charity Trust.
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THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charitable Company for the purposes of company law) are responsible for preparing the Trustees' Report including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the Trustees to prepare financial statements for each financial . Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of its incoming resources and application of resources, including its income and expenditure, for that period. 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 of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) 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 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.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, MHA MacIntyre Hudson, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees on 20 July 2021 and signed on their behalf by:
................................................
Revd C Lindlar Trustee
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THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM
Opinion
We have audited the financial statements of The Ordinariate of Our Lady of Walsingham (the 'Charitable Company') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the Charitable Company's affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' Report and the Strategic Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report including the Strategic Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report.
Page 9
THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM (CONTINUED)
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the Charitable Company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Detailed review of journals to identify potential management override.
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Testing of key controls over expenditure to ensure the correct authorisation.
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Substantive testing to ensure accuracy for key financial statement areas.
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Analytical procedures to highlight any unexpected discrepancies.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM (CONTINUED)
Use of our report
This report is made solely to the Charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
BIANCA SILVA BA ACA DChA (Senior Statutory Auditor)
for and on behalf of
MHA MacIntyre Hudson Chartered Accountants Statutory Auditors Abbey Place
24-28 Easton Street High Wycombe Buckinghamshire HP11 1NT
Date:
Page 11
THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
| Note Income from: Donations and legacies 3 Other trading activities 4 Investments 5 Total income Expenditure on: Raising funds 6 Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2021 £ 578,893 28,692 392 607,977 12,563 496,325 508,888 99,089 1,162,533 1,261,622 |
Restricted funds 2021 £ 23,338 - - 23,338 - 12,733 12,733 10,605 93,535 104,140 |
Total funds 2021 £ 602,231 28,692 392 631,315 12,563 509,058 521,621 109,694 1,256,068 1,365,762 |
Total funds 2020 £ 654,347 70,680 1,635 |
|---|---|---|---|---|
| 726,662 | ||||
| 26,502 655,221 |
||||
| 681,723 | ||||
| 44,939 | ||||
| 1,211,129 | ||||
| 1,256,068 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 15 to 31 form part of these financial statements.
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THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee) REGISTERED NUMBER: 07582943
BALANCE SHEET AS AT 31 MARCH 2021
| Note Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
5,620 795,961 801,581 (19,458) |
2021 £ 583,639 583,639 782,123 1,365,762 104,140 1,261,622 1,365,762 |
6,117 698,610 704,727 (30,603) |
2020 £ 581,944 |
|---|---|---|---|---|
| 581,944 674,124 |
||||
| 1,256,068 | ||||
| 93,535 1,162,533 |
||||
| 1,256,068 |
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 20 July 2021 and signed on their behalf by:
Revd C Lindlar Trustee
The notes on pages 15 to 31 form part of these financial statements.
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THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
| Cash flows from operating activities Net cash used in operating activities (note 15) Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year (note 16) The notes on pages 15 to 31 form part of these financial statements |
2021 £ 113,176 (15,825) (15,825) - 97,351 698,610 795,961 |
2020 £ 75,234 (4,884) (4,884) - 70,350 628,260 698,610 |
|---|---|---|
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THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. General information
The Charitable Company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Charitable Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charitable Company.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Ordinariate of Our Lady of Walsingham 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.
2.2 Going concern
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charitable Company to continue as a going concern. The Trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. As detailed in the Trustees report, page 5, the Trustees have made this assessment in light of the Covid-19 pandemic and do not consider there to be any material implications on the going concern status of the Charitable Company.
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THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.3 Income
All income is recognised once the Charitable Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charitable Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charitable Company, can be reliably measured.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the Charitable Company where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.
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THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.4 Expenditure
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 allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charitable Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and noncharitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitable Company's objectives, as well as any associated support costs.
2.5 Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred.
2.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.7 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
At each reporting date the Charitable Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Page 17
THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.7 Tangible fixed assets and depreciation (continued)
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Freehold property - 2% Straight line Office equipment - 20% Straight line
2.8 Debtors
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.11 Financial instruments
The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 Operating leases
Rentals paid under operating leases are charged to the Statement of Financial Activities incorporating Income and Expenditure Account on a straight line basis over the lease term.
2.13 Pensions
The Charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Company to the fund in respect of the year.
Page 18
THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.14 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 19
THE ORDINARIATE OF OUR LADY OF WALSINGHAM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
3. Income from donations and legacies
| Unrestricted funds 2021 £ Donations 391,160 Legacies 136,052 Grants 51,681 578,893 Unrestricted funds 2020 £ Donations 610,472 Legacies 2,000 Grants 11,920 624,392 Income from trading activities Income from fundraising events Unrestricted funds 2021 £ Fundraising 28,692 |
Restricted funds 2021 £ 15,838 - 7,500 23,338 Restricted funds 2020 £ 29,955 - - 29,955 Total funds 2021 £ 28,692 |
Total funds 2021 £ 406,998 136,052 59,181 |
|---|---|---|
| 602,231 | ||
| Total funds 2020 £ 640,427 2,000 11,920 |
||
| 654,347 | ||
| Total funds 2020 £ 70,680 |
4. Income from trading activities Income from fundraising events
Page 20
THE ORDINARIATE OF OUR LADY OF WALSINGHAM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
5. Investment income
| Bank interest receivable Investment income Bank interest receivable Investment income |
Unrestricted funds 2021 £ 7 385 392 Unrestricted funds 2020 Restricted funds 2020 £ £ 64 9 1,562 - 1,626 9 |
Total funds 2021 £ 7 385 |
|---|---|---|
| 392 | ||
| Total funds 2020 £ 73 1,562 |
||
| 1,635 |
6. Expenditure on raising funds
Costs of raising voluntary income
| Unrestricted funds 2021 £ Expenditure on raising voluntary income 6,995 Wages and salaries 5,568 12,563 |
Total funds 2021 £ 6,995 5,568 |
|---|---|
| 12,563 |
Page 21
THE ORDINARIATE OF OUR LADY OF WALSINGHAM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
6. Expenditure on raising funds (continued)
| Expenditure on raising voluntary income Wages and salaries |
Unrestricted funds 2020 £ 20,725 5,486 26,211 |
Restricted funds 2020 £ 291 - 291 |
Total funds 2020 £ 21,016 5,486 |
|---|---|---|---|
| 26,502 |
7. Analysis of expenditure by activities
| Activities undertaken directly 2021 £ Advancing the catholic religion 435,576 Activities undertaken directly 2020 £ Advancing the catholic religion 561,933 |
Support costs 2021 £ 73,482 Support costs 2020 £ 93,288 |
Total funds 2021 £ 509,058 Total funds 2020 £ 655,221 |
|---|---|---|
Page 22
THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
7. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Depreciation Training Allowances Travel and subsistence Portal magazine Worship Living and premises expenses Third party donations Personnel costs |
Total funds 2021 £ 14,131 7,867 232,052 13,756 6,031 24,569 71,470 58,527 7,173 435,576 |
Total funds 2020 £ 14,957 13,784 249,893 71,940 17,835 50,612 69,918 59,106 13,888 |
|---|---|---|
| 561,933 |
Analysis of support costs
| Staff costs Office and communication Legal and sundry Bank charges and interest Governance costs |
Total funds 2021 £ 30,231 17,024 7,144 4,660 14,423 73,482 |
Total funds 2020 £ 24,239 34,293 11,435 5,813 17,508 |
|---|---|---|
| 93,288 |
Page 23
THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
8. Net Income/(Expenditure)
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Operating lease rentals | 9,600 | 9,600 |
| Depreciation of tangible fixed assets: | ||
| Owned by the charity | 14,131 | 14,957 |
| Auditor's remuneration - audit | 10,050 | 10,800 |
| Auditor's remuneration - non-audit | 2,400 | 2,896 |
9. Staff costs
| Wages and salaries Pension costs |
2021 £ 35,478 321 35,799 |
2020 £ 29,462 263 |
|---|---|---|
| 29,725 |
The average number of persons employed by the Charitable Company during the year was as follows:
| Support Fundraising |
2021 No. 3 1 4 |
2020 No. 3 1 |
|---|---|---|
| 4 |
No employee received remuneration amounting to more than £60,000 in either year.
The Trustees are considered the Key Management personnel of the Charitable Company and are not remunerated, therefore there are no Key Management Personnel costs (2020: £nil).
Page 24
THE ORDINARIATE OF OUR LADY OF WALSINGHAM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
10. Tangible fixed assets
| Cost or valuation At 1 April 2020 Additions At 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
Freehold property £ 633,426 15,825 649,251 54,062 12,984 67,046 582,205 579,364 |
Office equipment £ 32,769 - 32,769 30,189 1,146 31,335 1,434 2,580 |
Total £ 666,195 15,825 |
|---|---|---|---|
| 682,020 | |||
| 84,251 14,130 |
|||
| 98,381 | |||
| 583,639 | |||
| 581,944 |
Freehold property consists of a church building in Torquay and a presbytery in Hemel Hempstead. No disposition of the church building in Torquay may be made without the written consent of the Trustees for Methodist Church Purposes or its conveyancer.
There is a charge over 19 Broadcroft held by Lord John Ickford Worley.
11. Debtors
| Due within one year Other debtors Prepayments and accrued income |
2021 £ 3,273 2,347 5,620 |
2020 £ 5,953 164 6,117 |
|---|---|---|
Page 25
(A Company Limited by Guarantee)
THE ORDINARIATE OF OUR LADY OF WALSINGHAM
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
12. Creditors: Amounts falling due within one year
| Other taxation and social security Other creditors Accruals and deferred income |
2021 £ 768 - 18,690 19,458 |
2020 £ 1,271 15,636 13,696 |
|---|---|---|
| 30,603 |
Page 26
THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
13. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Fixed asset fund Ordinary's mission fund Training fund General funds General Funds Total Unrestricted funds Restricted funds Poor parishes Family fund Training fund Total of funds |
Balance at 1 April 2020 £ 581,944 - - 581,944 580,589 1,162,533 4,000 19,915 69,620 93,535 1,256,068 |
Income £ - - - - 607,977 607,977 - 8,778 14,560 23,338 631,315 |
Expenditure £ (14,131) - - (14,131) (494,757) (508,888) - (3,500) (9,233) (12,733) (521,621) |
Transfers in/out £ 15,826 50,000 30,000 95,826 (95,826) - - - - - - |
Balance at 31 March 2021 £ 583,639 50,000 30,000 |
|---|---|---|---|---|---|
| 663,639 | |||||
| 597,983 | |||||
| 1,261,622 | |||||
| 4,000 25,193 74,947 |
|||||
| 104,140 | |||||
| 1,365,762 |
Page 27
THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
13. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Fixed asset fund Restricted funds Poor parishes Family fund Training fund Chantry guild Total of funds Total Unrestricted funds General funds General Funds |
Balance at 1 April 2019 £ 592,017 4,000 17,623 48,653 395 70,671 1,140,458 548,441 1,211,129 |
Income £ - - 3,792 26,172 - 29,964 696,698 696,698 726,662 |
Expenditure £ (14,957) - (1,500) (5,205) (395) (7,100) (674,623) (659,666) (681,723) |
Transfers in/out £ 4,884 - - - - - - (4,884) - |
Balance at 31 March 2020 £ 581,944 |
|---|---|---|---|---|---|
| 580,589 | |||||
| 1,162,533 | |||||
| 4,000 19,915 69,620 - |
|||||
| 93,535 | |||||
| 1,256,068 |
Page 28
THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2021 Restricted funds 2021 £ £ Tangible fixed assets 583,639 - Current assets 697,441 104,140 Creditors due within one year (19,458) - Total 1,261,622 104,140 Analysis of net assets between funds - prior year Unrestricted funds 2020 Restricted funds 2020 £ £ Tangible fixed assets 581,944 - Current assets 611,192 93,535 Creditors due within one year (30,603) - Total 1,162,533 93,535 Reconciliation of net movement in funds to net cash flow from operating activities 2021 £ Net income for the year (as per Statement of Financial Activities) 109,694 Adjustments for: Depreciation charges 14,130 Decrease in debtors 497 Increase/(decrease) in creditors (11,145) Net cash provided by operating activities 113,176 |
Total funds 2021 £ 583,639 801,581 (19,458) 1,365,762 Total funds 2020 £ 581,944 704,727 (30,603) 1,256,068 2020 £ 44,939 14,957 2,230 13,108 75,234 |
|---|---|
15. Reconciliation of net movement in funds to net cash flow from operating activities
Page 29
THE ORDINARIATE OF OUR LADY OF WALSINGHAM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
16. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents |
2021 £ 795,961 795,961 |
2020 £ 698,610 |
|---|---|---|
| 698,610 |
17. Analysis of changes in net debt
| Cash at bank and in hand | At 1 April 2020 £ 698,610 698,610 |
Cash flows £ 97,351 97,351 |
At 31 March 2021 £ 795,961 |
|---|---|---|---|
| 795,961 |
18. Pension commitments
The Charitable Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charitable Company in an independently administered fund. The pension cost charge represents contributions payable by the Charitable Company to the fund and amounted to £321 for the year ended 31 March 2021 (2020: £263). As at 31 March 2021 £62 was due to the fund (2020: £26).
19. Operating lease commitments
At 31 March 2021 the Charitable Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
| 2021 | 2020 | |||
|---|---|---|---|---|
| £ | £ | |||
| Not later than | 1 | year | 4,000 | - |
Page 30
THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
20. Related party transactions
7 Trustees (2020: 6) received allowances from the Charity in their capacity as beneficiaries and not as Trustees, in accordance with Article 8.1 (b) of the Articles of Association, totalling £113,832 (2020: £84,942).
No Trustee received remuneration in respect of their services as Trustees. 4 Trustees (2020: 9) received payments reimbursing expenditure made on behalf of the Charity or incurred as a result of the performance of their duties as Trustees totalling £523 (2020: £4,694), including travel costs of attending meetings as Trustees of £523 (2020: £2,642) paid to 4 (2020: 8) Trustees.
The Ordinariate of Our Lady of Walsingham Clergy Relief Trust, a separately registered charity, has common Trustees with the Ordinariate. Parish groups paid £14,429 (2020: £17,372) to the Clergy Relief Trust during the year, and the central fund paid £30,000 (2020: £10,071).
Page 31