WCCM OBLATE TRUST (A Charitable Incorporated Organisation)
TRUSTEES’ REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31ST DECEMBER 2022
Charity No: 1171768
WCCM OBLATE TRUST (A Charitable Incorporated Organisation)
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 2022
The trustees present their annual report and financial statements of the charity for the year ended 31st December 2022.
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 Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statements of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
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 2022
ACHIEVEMENTS AND PERFORMANCE
One of the goals of the International Oblate Council in 2022 was communicating The Oblate Path more effectively to members of the international oblate community which now includes more than 30 countries. The community is reaping the benefits of this work. We know from National Oblate Coordinators (NOCs) that they are now responding to more enquiries about The Oblate Path and that some of these seekers are from countries where the number of WCCM meditators is low, such as Hungary and Siberia, where we now have postulants; one in each country. Posting The Oblate Path booklet on the wccm.org website was the catalyst and now we have a link to it on the oblate website - and several national websites. Thanks to this, we anticipate interest to grow in our community. Oblates have translated the booklet into the mother-tongue of their community – for example French, Italian, Spanish, Polish, and some sections in Chinese, as we have 4 postulants in China. Oblates are now gathering in person for cell meetings and national oblate retreats and reports are that attendance is good. Another sign things are returning to pre-COVID lockdown status is the increase in the number of oblates registering for onthe-ground events at Bonnevaux. A number of oblates participated in the WCCM Teacher/Leader programme, so we look forward to them taking on roles within the community. The weekly online gatherings at Benedict’s Well continue to be an important aspect of oblate outreach. The sessions are open to all members of our community and they are also recorded and later uploaded to YouTube where they attract a large number of hits. For the first time, we made an Advent Appeal for donations, with the proceeds going towards the work of the community. The idea was well received – and supported – so the Benedict’s Well planning team unanimously agreed to do the same again in 2023.
FUTURE PLANS
The International Oblate Council (IOC) now has its sights set on creating a four-week cycle Book of Prayer modelled on the liturgy of hours at Bonnevaux. It is early days but judging by the enthusiasm of oblates, and meditators, it will be well used for personal prayers, at oblate gatherings and at national retreats. The importance of planning for succession is something we constantly aware of and next year it will be a priority for the IOC. Following discussions with the Prior, Eileen Dutt, the IOC coordinator, advised the Council of her intention to step down after 11 years of holding the role. Being a mentor for one of the oblates on the Teacher/Leadership programme and seeing the high level of commitment to serve the community cemented her decision. The growth in the number of countries where we now have an oblate presence has led to greater diversity and changes in the demographics of members. Above all else, as St Benedict asks, we need to ensure ‘that all things in the community should be done in good order’ (Laurence Freeman OSB). We have achieved a great deal, but there is still much to be done, so we need the leaders who are ready - and able - to lead the community into the future. Continuing on with the translation of The Oblate Path, the next stage will be to translate parts of it into Russian and Ukrainian. We are planning our participation in the 2023 World Youth Day in Lisbon at which 1.5 million young people will gather from around the world, and our oblate community will bring together a group of around 20 young adult meditators to represent the vision and teaching of the oblate community as part of the WCCM.
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 deficit of £10,381 (2021 deficit - £10,397). The financial position at the year end revealed by the Balance Sheet on page 7 shows net current assets or working capital of £28,096 (2021 - £38,477).
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 £26,219 (2021 - £33,065). 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 2022
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 2019;
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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 27[th] October 2022 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 2022, 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
27[th] October 2023
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WCCM OBLATE TRUST (A Charitable Incorporated Organisation)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST DECEMBER 2022
| Notes Unrestricted Funds £ Income Donations 2 - Total income - Expenditure Expenditure on charitable activities 3 6,846 Total expenditure 6,846 Net income/( expenditure) and net movement in funds for the year (6,846) Reconciliation of funds Total funds, brought forward 33,065 Total funds, carried forward 26,219 |
Restricted Funds £ - - 3,535 3,535 (3,535) 5,412 1,877 |
Total 2022 Total 2021 £ £ - 100 - 100 10,381 10,497 10,381 10,497 (10,381) (10,397) 38,477 48,874 28,096 38,477 |
|---|---|---|
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 2022
| Notes | 2022 | 2021 | |||||
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | ||||
| Current assets | |||||||
| Cash at bank and in hand | 29,896 | 39,377 | |||||
| 29,896 | 39,377 | ||||||
| Liabilities | |||||||
| Creditors falling due with in one year | 6 | (1,800) | (900) | ||||
| Net current assets | 28,096 | 38,477 | |||||
| Net assets | 28,096 | 38,477 | |||||
| The funds of the charity | |||||||
| Unrestricted funds | 7 | 26,219 | 33,065 | ||||
| Restricted funds | 7 | 1,877 | 5,412 | ||||
| Total charity funds | 28,096 | 38,477 |
These accounts were approved by the Board of Trustees on 27[th] October 2023 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 2022
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 deficit of £10,381 (2021 deficit- £10,397) for the year and free reserves of £26,219 (2021 - £33,065). 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 2022
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
| Other donations | Unrestricted Funds £ - - |
Restricted Funds £ - - |
Total 2022 £ - - - |
Total 2021 |
||
|---|---|---|---|---|---|---|
| £ 100 |
||||||
| 100 | ||||||
| - |
The donations income in 2021 totalling £100 was attributed to unrestricted funds.
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WCCM OBLATE TRUST (A Charitable Incorporated Organisation)
NOTES TO THE ACCOUNTS (Cont/d)
FOR THE YEAR ENDED 31ST DECEMBER 2022
3. ANALYSIS OF EXPENDITURE
| Costs directly allocated to activities Stipend Community Leadership Programme Printing, Postage and Stationery Audio-Video assistant fees Foreign exchange (gains) / losses Support costs (note 4) Governance costs (note 4) |
Oblate support £ 3,535 7,376 - - (1,494) 64 900 10,381 |
Total Total 2022 2021 £ £ 3,535 5,493 7,376 - - 821 - 245 (1,494) 2,361 64 112 900 840 10,381 10,497 |
Total 2021 |
|
|---|---|---|---|---|
Of the £10,381 expenditure in 2022 (2021 - £10,497), £6,846 was charged to unrestricted funds (2021 - £5,004) and £3,535 to restricted funds (2021 - £5,493).
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.
| Meditation webinar arrangement fees Bank charges Independent examination |
General support £ - 64 - 64 |
Governance function £ - - 900 900 |
Total 2022 £ - 64 900 964 |
Total 2021 |
||
|---|---|---|---|---|---|---|
| £ 38 74 840 |
||||||
| 952 |
5. NET INCOME / (EXPENDITURE) FOR THE YEAR
| NET INCOME / (EXPENDITURE) FOR THE YEAR | |||
|---|---|---|---|
| Net income is shown after charging: Independent examination fee |
2022 £ 900 900 |
2021 | |
| £ 840 |
|||
| 840 |
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WCCM OBLATE TRUST (A Charitable Incorporated Organisation)
NOTES TO THE ACCOUNTS (Cont/d)
FOR THE YEAR ENDED 31ST DECEMBER 2022
6. CREDITORS: Amounts falling due within one year
| Accruals Other Creditors |
|
|---|---|
7. MOVEMENT IN FUNDS
| Restricted funds: The Meditation 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 01.01.22 £ 5,413 5,413 33,065 33,065 38,478 Balance at 01.01.21 £ 10,905 10,905 37,969 37,969 48,874 |
Income £ - - - - Income £ - - 100 100 100 |
Expenditure £ 3,535 3,535 6,846 6,846 10,381 Expenditure £ 5,493 5,493 5,004 5,004 10,497 |
Balance at 31.12.22 £ 1,877 1,877 26,219 26,219 28,096 Balance at 31.12.21 £ 5,413 5,413 33,065 33,065 38,477 |
|---|---|---|---|---|
Description, nature and purpose of restricted funds:
The Meditatio Foundation – funding towards the salary cost of the assistant manager of the Bonnevaux.
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WCCM OBLATE TRUST (A Charitable Incorporated Organisation)
NOTES TO THE ACCOUNTS (Cont/d)
FOR THE YEAR ENDED 31ST DECEMBER 2022
8. ANALYSIS OF FUND BALANCES BETWEEN NET ASSETS
| Net Current assets | Unrestricted Funds £ 26,219 26,219 |
Restricted Total Funds Funds £ £ 1,877 28,096 1,877 28,096 |
|---|---|---|
Analysis of fund balances between net assets – previous year
| Net Current assets | Unrestricted Funds £ 33,065 33,065 |
Restricted Total Funds Funds £ £ 5,413 38,477 5,413 38,477 |
|---|---|---|
9. RELATED PARTY TRANSACTIONS
During the year, Fr. Laurence Freeman, a trustee, donated £Nil (2021:- £ NIL) to the charity.
There were no other related party transactions for the year ended 31[st] December 2022.
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