## **APOSTOLIC PREFECTURE OF THE FALKLANDS AND MISSION TO ST HELENA, TRISTAN DA CUNHA AND ASCENSION ISLAND CIO** ## **FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2022** **Charity Number : 1174770** Edmund Carr LLP Chartered Accountants 146 New London Road Chelmsford Essex CM2 OAW ## **APOSTOLIC PREFECTURE OF THE FALKLANDS AND MISSION TO ST HELENA, TRISTAN DA CUNHA AND ASCENSION ISLAND CIO** ## **FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2022** **----- Start of picture text -----**
CONTENTS PAGE
Charity information 1
Trustees' annual report 2
Independent Examiner's report to the Trustees 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8
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## **APOSTOLIC PREFECTURE OF THE FALKLANDS AND MISSION TO ST HELENA, TRISTAN DA CUNHA AND ASCENSION ISLAND CIO** ## **CHARITY INFORMATION** ## **YEAR ENDED 31 MARCH 2022** **----- Start of picture text -----**
Date of registration 21 September 2017
Registered charity Number 1174770
Registered charity name Apostolic Prefecture of The Falklands and
Mission to St Helena, Tristan da Cunha and
Ascension Island CIO
Working name Prefecture of The Falklands
Address Church of Our Lady of Sorrows
Friary Road
London
SE15 1RH
Trustees Rt Rev Hugh Allan
Mr Benjamin Fleetwood-Smyth
Mr Eugene Ahern
Mrs Linda Ransom
Independent Examiner Colin A Barker FCA
Edmund Carr LLP
146 New London Road
Chelmsford
Essex
CM2 0AW
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-1- **APOSTOLIC PREFECTURE OF THE FALKLANDS AND MISSION TO ST HELENA, TRISTAN DA CUNHA AND ASCENSION ISLAND CIO TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2022** ## **OBJECTIVES AND ACTIVITIES** The object of the CIO is the advancement of the Roman Catholic religion through the religious and other charitable work of the Apostolic Prefecture of the Falkland Islands and the Mission sui juris of St Helena, Ascension Island and Tristan da Cunha as the Trustees with the approval of the Ordinary shall from time to time think fit. The charity was registered on 21 September 2017 to administer funds held in trust for the charitable purposes described above. These funds were originally set aside by Monsignor Anton Agreiter (Apostolic Prefect 1986-2002) to help benefit the work of the Roman Catholic Church in the British Overseas Territories of the South Atlantic. The Trustees confirm that the activities of the charity are undertaken to achieve the charity’s aims with regard to the public benefit guidance issued by The Charity Commission. ## **Protection of Children and Vulnerable Adults** Along with all other organisations that serve in the community, the trustees recognise the absolute necessity of ensuring the protection and safety of all those the charity serves. The trustees are committed to implementing all the policies and procedures of the Catholic Safeguarding Advisory Service (CSAS). ## **ACHIEVEMENTS AND PERFORMANCE** During this year, funds from the charity were used to provide for new liturgical items for the church on the Falklands and to facilitate Abbot Hugh’s work as Apostolic Administrator. -2- ## **APOSTOLIC PREFECTURE OF THE FALKLANDS AND MISSION TO ST HELENA, TRISTAN DA CUNHA AND ASCENSION ISLAND CIO** ## **TRUSTEES' ANNUAL REPORT (continued)** ## **YEAR ENDED 31 MARCH 2022** ## **FINANCIAL REVIEW** There was no income during the period. Expenditure for the period totalled £8,866. The Trustees agreed that the annual stipend of £5,000 should be paid to the Order of Canons Regular of Premontre, Chelmsford, of which Rt Rev Hugh Allan is Abbot, in respect of his services as Apostolic Administrator of the charity. ## **Reserves Policy** The charity has no staff or overheads and will be distributing funds from invested deposits. The trustees consider that there is therefore currently no need to set a minimum level of reserves. This policy will be reviewed on an annual basis. ## **FUTURE PLANS** With the continuing uncertainty in the financial markets, the trustees agreed to continue to keep the bulk of our funds in the savings account and look for more secure options to increase the amount the charity has. The funds will continue to be used to enable Abbot Hugh Allan to resume his pastoral visits to the Islands in the South Atlantic. Abbot Hugh’s five year term as Apostolic Administrator ended in October 2021 and we continue to wait for the Pope to make a decision about the future leadership of the Prefecture/Mission. Until such time as that happens, Abbot Hugh continues in post. -3- ## **APOSTOLIC PREFECTURE OF THE FALKLANDS AND MISSION TO ST HELENA, TRISTAN DA CUNHA AND ASCENSION ISLAND CIO** ## **TRUSTEES' ANNUAL REPORT (continued)** ## **YEAR ENDED 31 MARCH 2022** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The charity is constituted under the model constitution for Charitable Incorporated Organisations. New trustees are appointed by a resolution passed at a properly convened meeting of the existing trustees. In selecting individuals for appointment, the trustees have regard to the skills, knowledge and experience needed for the effective administration of the CIO. The trustees make available to each new trustee, on or before his or her first appointment: - A copy of the current version of the constitution - A copy of the CIO’s latest Trustees’ Annual report and statement of accounts. - A copy of the Charity Commission's guidance CC3a - Charity trustee: what's involved. Approved by the Trustees on 4 January 2023 and signed on their behalf by: ## **Rt Rev Hugh David Allan** Trustee -4- ## **APOSTOLIC PREFECTURE OF THE FALKLANDS AND MISSION TO ST HELENA, TRISTAN DA CUNHA AND ASCENSION ISLAND CIO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES** ## **YEAR ENDED 31 MARCH 2022** I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2022 which are set out on pages 6 to 10. ## **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 charity’s accounts carried out under section 145 of the 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 giving me cause to believe that in any material respect: - 1) accounting records were not kept in respect of the charity as required by section 130 of the Act; or - 2) the accounts do not accord with those records; or - 3) the accounts do 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. ## **Colin A Barker FCA** 146 New London Road Chelmsford CM2 0AW - 5 January 2023 -5- ## **APOSTOLIC PREFECTURE OF THE FALKLANDS AND MISSION TO ST HELENA, TRISTAN DA CUNHA AND ASCENSION ISLAND CIO** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **YEAR ENDED 31 MARCH 2022** |**Note**
**£**
**£**
**INCOME from:**
Donations and legacies:
Transfer from Trust
**2**
-
-
**TOTAL INCOME**
-
-
**EXPENDITURE on:**
Charitable activities
**3**
8,866
-
**TOTAL EXPENDITURE**
8,866
-
**NET INCOME/(EXPENDITURE)/**
(8,866)
-
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS**
Total funds brought forward
721,622
-
Total funds carried forward
712,756
-
**Unrestricted**
**Funds**
**Funds**
**Restricted**|**Total Funds**
**£**
-
-
8,866
8,866
(8,866)
721,622
712,756
**2022**|**Total Funds**
**2021**
**£**
-
-
28,006
28,006
(28,006)
749,628
721,622| |---|---|---| **The notes on pages 8 to 10 form part of these financial statements.** -6- ## **APOSTOLIC PREFECTURE OF THE FALKLANDS AND MISSION TO ST HELENA, TRISTAN DA CUNHA AND ASCENSION ISLAND CIO** ## **BALANCE SHEET** ## **AS AT 31 MARCH 2022** |**Note**
**CURRENT ASSETS**
Cash at bank
**CREDITORS: Amounts falling due**
**within one year**
**7**
**NET CURRENT ASSETS**
**NET ASSETS**
**FUNDS OF THE CHARITY**
Unrestricted
**TOTAL CHARITY FUNDS**|**£**
**£**
713,576
713,576
820
712,756
712,756
712,756
712,756
**2022**|**£**
**£**
722,442
722,442
820
721,622
721,622
721,622
721,622
**2021**| |---|---|---| These financial statements were approved by the Trustees on 4 January 2023 and signed on their behalf by: ## **Rt Rev Hugh David Allan** Trustee **The notes on pages 8 to 10 form part of these financial statements.** -7- ## **APOSTOLIC PREFECTURE OF THE FALKLANDS AND MISSION TO ST HELENA, TRISTAN DA CUNHA AND ASCENSION ISLAND CIO** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2022** ## **1. ACCOUNTING POLICIES** ## **Basis of accounting** The accounts (financial statements) have been prepared in accordance with the statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019. The accounts (financial statements) have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Apostolic Prefecture of the Falklands is a Charitable Incorporated Organisation and meets the definition of a public benefit entity under FRS 102. ## **Going concern** The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. ## **Incoming Resources** Donations are recognised when receivable. ## **Resources Expended** All expenditure is accounted for on an accruals basis and includes VAT as the charity is not VAT registered. The majority of costs are attributable to specific charitable activities. Governance costs are associated with the governance arrangements of the charity. ## **Debtors and creditors** Trade and other debtors are recognised at the settlement amount due. Creditors are recognised at their settlement amount. -8- ## **APOSTOLIC PREFECTURE OF THE FALKLANDS AND MISSION TO ST HELENA, TRISTAN DA CUNHA AND ASCENSION ISLAND CIO** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2022** ## **1 ACCOUNTING POLICIES (continued)** ## **Fund accounting** Funds held by the charity are either: Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Designated funds – these are funds set aside by the trustees out of unrestricted funds for specific future purposes or projects. Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the charity. ## **Taxation** As the Society is a charity, it is exempt from taxation - other than VAT, which is included in the relevant costs in the Statement of Financial Activities - to the extent that any income and gains are applied to its charitable objectives. ## **2. DONATIONS RECEIVABLE** |Transfer from Trust
**CHARITABLE EXPENDITURE**
Liturgical items
Mission costs
Support and administration costs:
Bank charges
Governance costs (note 6)|**Unrestricted**
**Funds**
**£**
-
-
**Unrestricted**
**Funds**
**£**
965
6,998
7,963
99
804
8,866|**Restricted**
**Funds**
**£**
-
-
**Restricted**
**Funds**
**£**
-
-
-
-
-
-|**Total Funds**
**2022**
**£**
-
-
**Total Funds**
**2022**
**£**
965
6,998
7,963
99
804
8,866|**Total Funds**
**2021**
**£**
-
-
**Total Funds**
**2021**
**£**
-
27,116
27,116
70
820
28,006| |---|---|---|---|---| ## **3. CHARITABLE EXPENDITURE** -9- ## **APOSTOLIC PREFECTURE OF THE FALKLANDS AND MISSION TO ST HELENA, TRISTAN DA CUNHA AND ASCENSION ISLAND CIO** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2022** ## **4. STAFF COSTS** The charity had no employees during the current or prior period. ## **5. TRUSTEES' REMUNERATION** During the year expenses totalling £1,566 relating to travel, accommodation and subsistence were paid by the charity in respect of Rt Rev Hugh Allan who is a trustee of the charity (2021 - £2,116). An annual stipend of £5,000 is paid to the Order of Canons Regular of Premontre, Chelmsford, of which Rt Rev Hugh Allan is Abbot, in respect of his services as Apostolic Administrator of the charity. The award was backdated 5 years to 31 March 2021 resulting in a payment of £25,000 in that year. |**6.**
**GOVERNANCE COSTS**
Fees payable to independent examiner
Legal and professional fees|**Total Funds**
**2022**
**£**
804
-
804|**Total Funds**
**2021**
**£**
820
-
820| |---|---|---| ## **7. CREDITORS: Amounts falling due within one year** |Accruals|**2022**
**£**
820
820|**2021**
**£**
820
820| |---|---|---| ## **8. FUNDS** All funds held by the charity during the period were unrestricted general funds. -10-