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2023-11-30-accounts

Charity registration number 1142667

Company registration number 07680821 (England and Wales)

FRIENDS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM

(A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FRIENDS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION

Trustees N C Ollivant (Chairman)
The Rt Rev Mgr J Broadhurst
The Rt Rev Mgr A Burnham
M J Hodges
The Revd Fr N Leviseur
P E Sefton-Williams
R Cleary
Charity number 1142667
Company number 07680821
Registered office 24 Golden Square
London
England
W1F 9JR
Independent examiner Clarkson Hyde LLP
3rd Floor
Chancery House
St Nicholas Way
Sutton
Surrey
SM1 1JB
Solicitors Hunters
9 New Square
Lincoln's Inn
London
WC2A 3QN

FRIENDS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A COMPANY LIMITED BY GUARANTEE) CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 11

FRIENDS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 30 NOVEMBER 2023

The trustees present their annual report and financial statements for the year ended 30 November 2023.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Charity's Articles of Association, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

The objective of the Charity is to advance the Roman Catholic faith by supporting, in particular, the Personal Ordinariate of Our Lady of Walsingham which was established by Pope Benedict XVI to allow Anglicans to enter into the full communion of the Catholic Church whilst retaining much of their Anglican heritage.

The trustees have paid due regard to the Charity Commission guidance in ensuring that the Charity’s activities give due regard to public benefit.

Achievements and performance

Between 1st December 2022 and 30th November 2023 there were three Board meetings: on 24th January 2023, 16th May 2023 and 19th September 2023. The Board has agreed to hold three Board meetings each year.

Chief Grants

Chief Grants given by the Charity during the financial year ended 30th November 2023 were:

£16,000 to the Ordinariate to support the curacy of a newly ordained deacon.

£1,500 to the three Ordinariate seminarians as Christmas grants (£500 to each of them).

£3,000 to the Portal Magazine.

£3,000 to an Ordinariate priest to cover the costs of travelling from Washington DC to Vienna and staying there while studying for a doctorate.

£3,000 to an Ordinariate priest for his master’s degree in Patristics at Aberdeen University (the final instalment).

£1,300 for driving lessons for an Ordinariate parish priest.

£2,000 to pay the travel costs of six Ordinariate deacons and ordinands who completed the Camino pilgrimage route from the River Minho (Portugal) to Santiago de Compostela.

The chief costs during this year were as follows:

Arque Consulting (bookkeeper): £1,460 Clarkson Hyde (independent examiner): £2,937

The Newsletter (two editions): £12,200 (one edition was published in the previous financial year) Redesign of website: £1,000

Activities

The annual Epiphany Carol Service took place on 5th January 2023.

Solemn Sung Evensong on 27th April 2023 at Our Lady of the Assumption & St Gregory, Warwick Street, London W1 to celebrate the Coronation of HM King Charles III.

One edition of the fund-raising Newsletter was published (in November 2023).

FRIENDS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 30 NOVEMBER 2023

Financial review

In the year ending 30 November 2023 the Friends of the Ordinariate generated revenue of £61,822. Funds were received from a large number of regular donors, from a small number of larger, one-off gifts and from Gift-Aid. During 2022-2023 the charity’s revenue was increased by a £12,000 increase in the value of its investments.

Fundraising costs were £18,769 and the costs of administration and support amounted to £7,926. The trustees believe that the majority of the Charity's costs are of a fixed nature, meaning that future revenue growth should not be matched by an equivalent increase in costs. The net reserves at the end of the year were £313,159 an increase of 2.6% compared with reserves at 30 November 2022.

It is the policy of the Charity that funds which have not been designated for a specific use should be maintained at a level equivalent to around six months’ 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 decided to invest the funds provided as a result of the legacy left to the Charity in 2017. This provides an additional source of income for the Charity. The Trustees will continue to maintain funds in the Charity’s current bank account equal to about six months of expenditure.

Risk management

The Board is responsible for the management of risks faced by the Charity and these are considered, as appropriate, at Board meetings.

Structure, governance and management

The Friends of the Ordinariate of Our Lady of Walsingham (the "Charity") was incorporated on 23 June 2011 and entered on the register of charities on 1 July 2011.

Membership of the Charity as at 30 November 2023 consisted of seven subscribers. Each member has guaranteed to pay £1 in the event of the Charity winding up.

The trustees at the date of this report are shown in the Reference and Administrative Information on page 1. The directors of the Charity are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.

The Trustees have a written policy on grants to be made by the Friends of the Ordinariate. This was approved by the Trustees in June 2021.

Appointment and induction of trustees

As set out in the Articles of Association the number of trustees shall be not less than three and is not subject to a maximum. The trustees have the power to appoint additional trustees. As at 30 November 2023 there were seven trustees: Nicolas Ollivant (Chairman), Mgr. John Broadhurst, Mgr. Andrew Burnham, Richard Cleary, Michael J Hodges, Fr. Nicholas Leviseur and Peter E Sefton-Williams. Trustees retire by rotation in accordance with the Articles.

Trustees are selected in light of the skills, knowledge and experience that are deemed to be required. Trustees are appointed by the unanimous decision of the Board. The induction process has, to date, been through informal meetings and discussion. A formal induction process has now been put in place for new trustees; this includes a briefing for new trustees on their legal obligations.

FRIENDS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 NOVEMBER 2023

Organisation and management

Ultimate responsibility for the Charity rests with the trustees who meet three times a year. There are no sub- committees. The day-to-day management rests with Mr Nicolas Ollivant who is Chairman and Peter Sefton-Williams, a trustee (and former Chairman). Other trustees assist from time to time. There are no employees of the Charity. The Charity pays for the services of a part-time financial controller, which amounts to approximately one day’s work per week. The Chairman is responsible for the strategic plan which puts emphasis on cost control and efficiency as well as the creation of a database of donors and sympathetic parishes. Trustees also perform most of the work involved in fund-raising events. The services of a software consultant and design consultant are used on an occasional basis. For each Board meeting management accounts are prepared by an accountant from Arque Consulting. At each board meeting the trustees monitor income and expenditure and approve, on a case-by-case basis, grant applications. Between Board meetings trustees are in touch with one another on at least a weekly basis.

Approved by the board of trustees of the Friends of the Ordinariate of Our Lady of Walsingham and signed on their behalf by:

N C Ollivant (Chairman)

Trustee Dated: 22 July 2024

FRIENDS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF FRIENDS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM

I report to the trustees on my examination of the financial statements of Friends of the Ordinariate of Our Lady of Walsingham (the Charity) for the year ended 30 November 2023.

Responsibilities and basis of report

As the trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the Charity 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 the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:

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.

Andrew Seton FCCA For and on behalf of Clarkson Hyde LLP Chartered Accountants 3rd Floor Chancery House St Nicholas Way Sutton Surrey SM1 1JB

Dated: 22 July 2024

FRIENDS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 NOVEMBER 2023

Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 2 45,922 39,896
Charitable activities 3 4,110 104
Investments 4 11,790 (13,170)
Total income 61,822 26,830
Expenditure on:
Raising funds 5 24,094 15,183
Charitable activities 6 30,077 41,160
Total expenditure 54,171 56,343
Net income/(expenditure) and movement in funds 7,651 (29,513)
Reconciliation of funds:
Fund balances at 1 December 2022 305,508 335,020
Fund balances at 30 November 2023 313,159 305,507

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

FRIENDS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET

AS AT 30 NOVEMBER 2023

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Investments
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets
Total assets less current liabilities
Net assets excluding pension liability
The funds of the Charity
Unrestricted funds		 2023
£
6,445
295,730
16,795
318,970
(5,811)		 £
-
313,159
313,159
313,159
313,159
313,159		 2022
£
8,121
283,940
27,658
319,719
(17,350)		 £
3,138
302,369
305,507
305,507
305,507
305,507

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 November 2023.

The trustees acknowledge their responsibilities for ensuring that the Charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 22 July 2024

N C Ollivant (Chairman)

Trustee

Company registration number 07680821 (England and Wales)

FRIENDS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

1 Accounting policies

Charity information

Friends of the Ordinariate of Our Lady of Walsingham is a private company limited by guarantee incorporated in England and Wales. The registered office is 24 Golden Square, London, W1F 9JR, England.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's Articles of Association, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2016). 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 applying FRS 102 Update Bulletin 1 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

All expenditure is included in the accounts on an accruals basis. The Charity is not registered for VAT and accordingly, all expenditure is shown gross of irrecoverable VAT.

FRIENDS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2023

1 Accounting policies

(Continued)

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:

Fixtures, fittings & equipment

20% Straight line

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 deposits held at call with banks.

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 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 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.

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.

FRIENDS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2023

2 Donations and legacies

3
4
5		 2023
2022
£
£
Donations and gifts
45,922
37,896
Grants
-
2,000
45,922
39,896
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Sales within charitable activities
4,110
104
Investments
2023
2022
£
£
(Losses)/gains on revaluation of investments
11,790
(13,174)
Interest receivable
-
4
11,790
(13,170)
Raising funds
2023
2022
£
£
Costs of generating donations and legacies
Staging fundraising events
18,769
10,236
Support costs
5,325
4,947
24,094
15,183

FRIENDS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2023

6
Expenditure on charitable activities
Grants Other direct
costs
2023
2023
£
£
Direct costs
Depreciation and
impairment
-
(785)
Stationery, printing,
computer costs and travel
-
3,386
Grant funding of activities
(see note 7)
27,476
-
27,476
2,601
Analysis by fund
Unrestricted funds
27,476
2,601
7
Grants payable
Grants to individuals and institutions		 Total
Grants Other direct
costs
2023
2022
2022
£
£
£
(785)
-
785
3,386
-
2,780
27,476
37,595
-
30,077
37,595
3,565
30,077
37,595
3,565
Grants
2023
£
27,476
27,476		 Total
2022
£
785
2,780
37,595
41,160
41,160
Grants
2022
£
37,595
37,595

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

9 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

10 Taxation

The company is a registered charity, and accordingly is not subject to Corporation tax on its charitable activities.

FRIENDS OF THE ORDINARIATE OF OUR LADY OF WALSINGHAM (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2023

11
Tangible fixed assets
Cost
At 1 December 2022
Disposals
Depreciation and impairment
At 1 December 2022
Eliminated in respect of disposals
Carrying amount
At 30 November 2023
At 30 November 2022
12
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
13
Current asset investments
Unlisted investments
14
Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income		 Fixtures, fittings
& equipment
£
3,923
(3,923)
785
(785)
-
3,138
2023
2022
£
£
635
1,974
5,810
6,147
6,445
8,121
2023
2022
£
£
295,730
283,940
2023
2022
£
£
1,711
13,530
4,100
3,820
5,811
17,350