WCCM OBLATE TRUST (A Charitable Incorporated Organisation)
TRUSTEES’ REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31ST DECEMBER 2020
Charity No: 1171768
(A Charitable Incorporated Organisation)
WCCM OBLATE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees’ Report | 2 – 4 |
| Independent Examiner’s Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Accounts | 8 – 12 |
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WCCM OBLATE TRUST
(A Charitable Incorporated Organisation)
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2020
The trustees present their annual report and financial statements of the charity for the year ended 31st December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s constitution, the Charities Act 2011 and Accounting and the Charities Statement of Recommended Practice (second edition) and financial Reporting Standard FRS102.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The organisation is an incorporated organisation registered as a charity with the Charity Commission on 23 February 2018 (charity no. 1171768). The charity is established under a written constitution that established the objects and powers of the charity and is also governed under this constitution.
Recruitment and appointment of Trustees
The Board of Trustees has the power to appoint additional Trustees as it considers fit to do so. The Trustees in the office in the year are set out on page 3.
They have no beneficial interest in the organisation other than as members, and have absolute discretion with regards to investment decisions. No Trustee received remuneration during the year for services to the charity.
Organisation
The Board meets monthly to review the affairs of the charity. They use electronic methods when necessary in order to ensure matters are not delayed.
Related parties
The Charity has some common Trustees with The World Community For Christian Meditation, charity number 327173.
Risk Management
The Trustees have a risk management strategy which comprises:
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An annual review of the risks the charity may face;
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The establishment of systems and procedures to mitigate those risks identified in the plan;
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Implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
Public Benefit statement
In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PD2). The achievements and activities above demonstrate the public benefit arising through the Charity’s activities.
Our volunteers
All the Oblates were volunteers during this accounting year.
OBJECTIVES AND ACTIVITIES
The objectives of the charity are:
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To advance the religious and the charitable work of the WCCM Benedictine Oblate Community as the Trustees shall from time to time think fit and, in particular, but without prejudice to the generality of the foregoing, by promoting and fostering residential and non-residential oblate community life and service to society in the Benedictine tradition.
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To educate the public in the teaching of the Christian tradition of meditation and prayer.
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WCCM OBLATE TRUST (A Charitable Incorporated Organisation)
TRUSTEES’ REPORT (Cont/d)
FOR THE YEAR ENDED 31ST DECEMBER 2020
ACHIEVEMENTS AND PERFORMANCE
This year, the WCCM Oblate Trust has continued its consolidation in significant ways. An oblate online chapel was set up in March 2020. Regular meetings have been held to develop an oblate community in France which would link French speaking oblates around the world, and Catherine Charriere was appointed the coordinator for the new French oblate enquiries. The core community at Bonnevaux, the international home of the WCCM, continues to develop and now has eight fulltime members. This community makes a strong witness to the Oblate Path to all visitors and to those we encounter in our online programme. The oblate community has also inaugurated “Benedict’s Well”, a successful weekly online gathering of oblates and friends from around the world which now meets every Monday with about 200 participants. This is also for some an introduction to the Oblate Path and for others a strengthening of their commitment to it. Our regular Oblate Newsletter, Via Vitae, continues to be distributed and read widely.
FUTURE PLANS
Owing to the COVID pandemic, we were not able to fully implement some of our initiatives. However, we have put in place commitments and conditions for realising the following programmes and developments in the coming year. The first Filipino oblate retreat is scheduled for March 2021. We hope to further promote the Oblate Path by increasing access to the Benedict’s Well weekly online gatherings. We plan to set up an International Oblate Council with membership from the UK, Brazil, Australia, and France, with the purpose of communicating the Oblate Path more effectively to members of our community worldwide. We also intend to develop our international organization by means of regional oblate coordinators composed of national oblate coordinators in the same geographical zone. We are looking to establish an International Coordinator for Young Adults with the aim of engaging with groups of young meditators, some of them oblates and others interested in the Oblate Path, notably around the environmental crisis. We plan to provide scholarships and support for visitors to Bonnevaux, as well as for enquirers and postulants and novices in our global community. We hope to launch an Order of Service, which is a contemporary form of prayer, and an expanded and illustrated document on the Oblate Path for contemporary life. In short, we plan to continue the promulgation of the Oblate Path as a way of making meaning and minimizing mental stress and suffering, especially in the wake of the COVID pandemic. We hope to take as a special focus in the coming year how a regular rhythm of life, meditation, and regular community interaction can strengthen resilience and hope in our troubled world.
FINANCIAL REVIEW
The financial results for the year are set out in the Statements of Financial Activities on page 6. The charity recorded an overall surplus of £31,202 (2019 surplus - £9,537). The financial position at the year end revealed by the Balance Sheet on page 7 shows net current assets or working capital of £48,874 (2019 - £17,671).
Principal funding sources
The principal funding sources were donations from The World Community for Christian Meditation.
Reserves policy
The Trustees consider it prudent to maintain an adequate level of unrestricted reserves to cover the Charity’s contractual commitments and provide sufficient working capital and to accumulate funds towards the costs of achieving future objectives of the Charity. The unrestricted funds not designated or invested in tangible fixed assets held by the charity are £37,969 (2019 - £4,983). The reserves of the charity are retained to be used for the benefit of the charity as and when the Trustees see fit.
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WCCM OBLATE TRUST
(A Charitable Incorporated Organisation)
TRUSTEES’ REPORT (Cont/d)
FOR THE YEAR ENDED 31ST DECEMBER 2020
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees: Fr. Laurence Freeman – Chair
Mr Giovanni Felicioni Ms Judith Taylor Mr Leonardo Winck Correa Mr Paul Taylor Ms Pauline Peters
Charity Number: 1171768
Principal Address: WCCM International Centre St. Marks, Myddelton Square, London EC1R 1XX
Independent Examiner: David Terry , Ramon Lee Ltd , 93 Tabernacle Street, London EC2A 4BA
Bankers: Lloyds Bank PLC, PO Box 1000, Andover BX1 1LT
TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales 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 charity and of the incoming resources and application of resources, including the income and expenditure 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 judgements and 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 incorporated organisation will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and the financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
APPROVAL
This report was approved by the Trustees on 1[st] November 2021 and signed on its behalf.
FR. LAURENCE FREEMAN (CHAIR)
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
WCCM OBLATE TRUST
(A Charitable Incorporated Organisation)
I report on the accounts of the charitable incorporated organisation for the year ended 31[st] December 2020, which are set out on pages 6 to 12.
This report is made solely to the charity's trustees, as a body, in accordance with the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my Independent Examination, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
D TERRY – Chartered Accountant RAMON LEE LTD 93 TABERNACLE STREET LONDON EC2A 4BA
1[st] NOVEMBER 2021
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WCCM OBLATE TRUST (A Charitable Incorporated Organisation)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST DECEMBER 2020
| Notes Unrestricted Funds £ Income Donations 2 34,901 Total income 34,901 Expenditure Expenditure on charitable activities 3 1,915 Total expenditure 1,915 Net income/( expenditure) and net movement in funds for the year 32,986 Reconciliation of funds Total funds, brought forward 4,983 Total funds, carried forward 37,969 |
Restricted Funds £ 4,595 4,595 6,379 6,379 (1,784) 12,689 10,905 |
Total 2020 £ 39,496 39,496 8,294 8,294 31,202 17,672 48,874 |
Total 2019 £ 22,239 |
|---|---|---|---|
| 22,239 | |||
| 12,701 | |||
| 12,701 | |||
| 9,537 8,134 |
|||
| 17,671 |
CONTINUING OPERATIONS
None of the Charity’s activities were acquired or discontinued during the above financial years.
TOTAL RECOGNISED GAINS AND LOSSES
The Charity has no recognised gains or losses other than the above movements in funds during the above financial years.
The notes on pages 8 to 12 form part of these accounts.
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WCCM OBLATE TRUST (A Charitable Incorporated Organisation)
BALANCE SHEET
AS AT 31ST DECEMBER 2020
| Notes | 2020 | 2019 | |||||
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | ||||
| Current assets | |||||||
| Cash at bank and in hand | 49,876 | 22,053 | |||||
| 49,876 | 22,053 | ||||||
| Liabilities | |||||||
| Creditors falling due with in one year | 6 | (1,002) | (4,382) | ||||
| Net current assets | 48,874 | 17,671 | |||||
| Net assets | 48,874 | 17,671 | |||||
| The funds of the charity | |||||||
| Unrestricted funds | 7 | 37,969 | 4,983 | ||||
| Restricted funds | 7 | 10,905 | 12,689 | ||||
| Total charity funds | 48,874 | 17,671 |
These accounts were approved by the Board of Trustees on 1[ST] November 2021 and were signed on its behalf by:
…………………………………………… Fr Laurence Freeman (CHAIR)
The notes on pages 8 to 12 form part of these accounts.
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WCCM OBLATE TRUST
(A Charitable Incorporated Organisation)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST DECEMBER 2020
1. ACCOUNTING POLICIES
1.1 Basis of preparation of accounts
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 .
WCCM Oblate Trust meets the definition of a public benefit entity under FRS 102.
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 accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
1.2 Preparation of accounts on a going concern basis
The Charity’s Financial Statements show net surplus of £31,202 (2019 surplus - £9,537) for the year and free reserves of £37,969 (2019 - £4,983). The trustees are of the view that these results have secured the immediate future of the Charity for the next 12 to 18 months and on this basis the Charity is a going concern.
1.3 Income
Voluntary income including donations, gifts and legacies that provide core funding or are of general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when:
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The donor specifies that the grant or donation must only be used in future accounting years; or
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The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Bank interest is included on a receipts basis.
Income Tax recoverable on donations received is included on an accruals basis.
1.4 Expenditure recognition and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Expenditure is classified under the following activity headings:
- (a) Expenditure on charitable activities includes the costs directly associated with community programmes, to further the purposes of the Charity and their associated support costs.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
1.5 Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance and administration personnel and governance costs which support the Trust’s programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The basis on which support costs have been allocated are set out in note 4.
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WCCM OBLATE TRUST (A Charitable Incorporated Organisation)
NOTES TO THE ACCOUNTS (Cont/d)
FOR THE YEAR ENDED 31ST DECEMBER 2020
1.6 Funds
Unrestricted funds are available for use at the discretion of the Trustees and in furtherance of the general objectives of the charity.
1.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short term cash deposits.
1.8 Creditors 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.
1.9 Financial instruments
The Trust 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.
1.10 Taxation
The Charity is a registered charity and, therefore, is not liable for Income Tax or Corporation Tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
1.11 Judgement and key sources of estimation uncertainty
In the application of the charity’s accounting policies, the charity is required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underling assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised where the revision affects only that year, or in the year of the revision and future years where the revision affects both current and future years.
2. DONATIONS
| The Meditation Foundation Milagros Santisteban Fr Lawrence Xmas gift Philippine Oblate Jamyang Buddhist Other donations Paul & Judi Taylor |
Unrestricted Funds £ - 3,005 7,610 638 150 75 23,423 34,901 |
Restricted Funds £ 4,595 - - - - - - 4,595 |
Total 2020 £ 4,595 3,005 7,610 638 150 75 23,423 39,496 |
Total 2019 £ 22,189 - - - - 50 - |
Total 2019 |
|---|---|---|---|---|---|
| 22,239 |
The donations income in 2019 totalling £22,239 was attributed to unrestricted funds of £50 and restricted funds of £22,189 .
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WCCM OBLATE TRUST
(A Charitable Incorporated Organisation)
NOTES TO THE ACCOUNTS (Cont/d)
FOR THE YEAR ENDED 31ST DECEMBER 2020
3. ANALYSIS OF EXPENDITURE
| Costs directly allocated to activities Stipend Salary Travel expenses Foreign exchange (gains) / losses Membership fee Support costs (note 4) Governance costs (note 4) |
Oblate support £ 6,379 1,926 638 (1,600) 28 143 780 8,294 |
Total 2020 £ 6,379 1,926 638 (1,600) 28 143 780 8,294 |
Total 2019 £ 9,500 - 1,225 979 - 37 960 |
Total 2019 |
|
|---|---|---|---|---|---|
| 12,701 |
Of the £8,294 expenditure in 2020 (2019 - £12,701), £1,915 was charged to unrestricted funds (2019 - £3,201) and £6,379 to restricted funds (2019 - £9,500).
4. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS
The Charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Governance costs and other support costs are apportioned separately between charity’s key activity undertaken (see note 3) in the year. All the general support and governance costs are allocated to activities at different percentages, based on staff time and the number of service delivery hours attributable to each activity.
| Bank charges Independent examination |
General support £ 143 - 143 |
Governance function £ - 780 780 |
Total 2020 £ 143 780 923 |
|||
|---|---|---|---|---|---|---|
5. NET INCOME / (EXPENDITURE) FOR THE YEAR
| NET INCOME / (EXPENDITURE) FOR THE YEAR | ||
|---|---|---|
| Net incoming resources is shown after charging: Independent examination |
2020 £ 780 |
2019 |
| £ 960 |
6. CREDITORS: Amounts falling due within one year
| Other Creditors Accruals |
2020 £ - 1,002 1,002 |
2019 £ 1,916 2,466 |
|---|---|---|
| 4,382 |
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WCCM OBLATE TRUST (A Charitable Incorporated Organisation)
NOTES TO THE ACCOUNTS (Cont/d)
FOR THE YEAR ENDED 31ST DECEMBER 2020
7. MOVEMENT IN FUNDS
| Restricted funds: The Meditatio Foundation Total restricted funds Unrestricted funds General funds Total unrestricted funds Total funds Movement in funds – previous year Restricted funds: The Meditatio Foundation Total restricted funds Unrestricted funds General funds Total unrestricted funds Total funds |
Balance at 01.01.20 £ 12,689 12,689 4,983 4,983 17,671 Balance at 01.01.19 £ - - 8,134 8,134 8,134 |
Income £ 4,595 4,595 34,901 34,901 39,496 Income £ 22,189 22,189 50 50 22,239 |
Expenditure £ 6,379 6,379 1,915 1,915 8,294 Expenditure £ 9,500 9,500 3,201 3,201 12,701 |
Balance at 31.12.20 £ 10,905 |
|---|---|---|---|---|
| 10,905 | ||||
| 37,969 | ||||
| 37,969 | ||||
| 48,874 Balance at 31.12.19 £ 12,689 12,689 4,983 4,983 17,671 |
Description, nature and purpose of restricted funds:
The Meditatio Foundation – funding towards the salary cost of the assistant manager of the Bonnevaux.
8. ANALYSIS OF FUND BALANCES BETWEEN NET ASSETS
| Net Current assets | Unrestricted Funds £ 37,969 37,969 |
Restricted Funds £ 10,905 10,905 |
Total Funds £ 48,874 |
|---|---|---|---|
| 48,874 |
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(A Charitable Incorporated Organisation)
WCCM OBLATE TRUST
NOTES TO THE ACCOUNTS (Cont/d)
FOR THE YEAR ENDED 31ST DECEMBER 2020
Analysis of fund balances between net assets – previous year
| Analysis of fund balances between net assets – | previous year | ||
|---|---|---|---|
| Net Current assets | Unrestricted Funds £ 4,983 4,983 |
Restricted Funds £ 12,689 12,689 |
Total Funds £ 17,671 |
| 17,671 |
9. RELATED PARTY TRANSACTIONS
During the year, Fr. Laurence Freeman, a trustee, donated £7,610 to the charity.
There were no other related party transactions for the year ended 31[st] December 2020.
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