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2021-08-31-accounts

Notre Dame de France – Society of Mary

Annual Report and Accounts

31 August 2021

Charity Registration Number 1177995

Contents

Reports
Reference and administrative details 1
Trustees’ report 3
Independent auditor’s report 18
Accounts
Statement of financial activities 22
Balance sheet 23
Statement of cash flows 24
Principal accounting policies 25
Notes to the accounts 31

Notre Dame de France – Society of Mary

Reference and administrative details

Trustees Father Hubert Bonnet-Eymard
Aymeric Clement Marie-Joseph Brochard
Rev. John Hannan
Rev. Desmond Hanrahan
Etienne Rougier
Christel Spay
Bishop Alan Stephen Williams
Rector Father Pascal Boidin
Parish Operations Manager Philippine de Beauregard
and Trust Secretary
Principal office 5 Leicester Place
Leicester Square
London
WC2H 7BX
Charity registration number 1177995
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Principal Bankers HSBC Bank plc
28 Borough High Street
Southwark
London
SE1 1YB
Solicitors Stone King LLP
13 Queen Square
Bath
BA1 2HJ
Lamb Brooks
Victoria House
39 Winchester Street
Basingstoke
Hampshire
RG21 7EQ

Notre Dame de France – Society of Mary 1

Reference and administrative details

Surveyors Burnet Ware and Graves Ltd 13 Half Moon Lane London SE24 9JU

Notre Dame de France – Society of Mary

2

Trustees’ report 31 August 2021

The trustees present their statutory report together with the accounts of Notre Dame de France – Society of Mary (‘NDF’ or ‘the Charity’) for the year ended 31 August 2021.

The accounts have been prepared in accordance with the accounting policies set out on pages 25 to 30 and comply with the Charity’s trust deed, applicable laws 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 United Kingdom and Republic of Ireland (FRS 102).

OBJECTIVES AND ACTIVITIES

The primary aim of the Charity is the establishment and maintenance of a Francophone Roman Catholic Church in London and for such lawful charitable purposes connected with the advancement of the Roman Catholic religion in England and Wales primarily amongst the Francophone community.

The Charity aims to support the religious and other charitable works carried out at Notre Dame de France, Leicester Place, and at the Roman Catholic Chaplaincy to the French Lycée Charles de Gaulle and other French schools in London. The works undertaken in pursuit of these purposes fall into the following main areas: Ministry of the Church of Notre Dame de France, Leicester Square, human and spiritual development, and education and advocacy along with a range of benevolent activities. The Charity also carries out a range of pastoral services, frequently in cooperation with other agencies.

Two of the objectives for the year comprised the provision of chaplaincy services to the Francophone community in London and contributing to solidarity work as part of the Westminster Diocese’s commitment to disadvantaged people which is in line with the Marist ethos. It is notable that many of the volunteers most active in the latter activity are themselves members of the Francophone community and so these objectives are mutually supporting.

ACHIEVEMENTS AND PERFORMANCE

The aims of Notre Dame de France continue to be:

The activities of the mission at Notre Dame de France continue to reflect these aims.

With the full support of the Trustees and the European Province of the Society of Mary, the mission of Notre Dame de France is:

“to form a communion for mission from within the roman catholic francophone community in London. It contributes to the pastoral care of the ‘west end’ district of London as a ‘citycentre church’. […] The Society of Mary forms a communion through the creation, maintenance and enhancement of pastoral care for the francophone community wherever it is present in London. By its very nature this communion is called to go out on mission . The community of Notre Dame de France – religious and laity – is committed to evangelise in word and action; it reaches out to other people, particularly those who frequent the west end and share this environment with us.” [Mission Statement of NDF, 2019]

Notre Dame de France – Society of Mary

3

Trustees’ report 31 August 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

Pastoral bodies

Religious services and preparation for sacraments

Mass is celebrated every weekday apart from Tuesday in English and in French at the weekends. The number of people attending remained an average of 630 per weekend before the start of the COVID-19 pandemic and an average of 370 with the restrictions. In addition, weekly Sunday Mass is also celebrated at Christ Church except during school holidays. Masses in the other centres (Clapham, Ealing, Fulham, Brook Green, Kentish Town and Wembley) are organised once a year. During the COVID-19 pandemic, the church was open with restricted time for private prayer and numbers for communal worship from July 2020 until the restrictions in numbers eased for the start of the new academic year in September 2021. The Government’s recommendations and the Diocese of Westminster’s guidelines have been followed throughout, to maintain the social-distancing and other restrictions related to COVID19.

ChurchSuite was still used to manage sacraments preparation for both children and adults. It was also used for registration to attend Mass during the COVID-19 pandemic and to collect contact details for the NHS Test and Trace scheme until 17 May 2021.

The Government’s recommendations and the Diocese of Westminster’s guidelines have been followed and Zoom was used for online preparation to sacraments and catechesis. The activities resumed in September 2021 and the sacraments were celebrated during the first school term.

Notre Dame de France – Society of Mary

4

Trustees’ report 31 August 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

Religious services and preparation for sacraments (continued)

Aumônerie Francophone (Chaplaincy)

Notre Dame de France – Society of Mary

5

Trustees’ report 31 August 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

Aumônerie Francophone (Chaplaincy) (continued)

Evangelisation/West End Mission

Other charitable activities

Notre Dame de France – Society of Mary

6

Trustees’ report 31 August 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

Other charitable activities (continued)

Other events

Administration

COVID-19 measures

Notre Dame de France – Society of Mary

7

Trustees’ report 31 August 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

COVID-19 measures (continued)

I.T

GDPR

Fundraising and Gift Aid

The two-fold campaign has been continued:

The process of claiming Gift Aid with ChurchSuite is easier and quicker and information on our donors is more readily available.

Notre Dame de France – Society of Mary 8

Trustees’ report 31 August 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

Fundraising and Gift Aid (continued)

Other than church collections and small scale fundraising by way of informal events, the Charity does not engage in fundraising by way of significant appeals, or otherwise seeking donations directly from members of the public. The trustees therefore have not formally adopted The Fundraising Regulator’s Code of Practice. The trustees do however seek to ensure that the Charity operates ethically in all affairs. There were no complaints in relation to fundraising in 2020-21.

Refurbishment and improvements

Diocese of Westminster and other contacts

Notre Dame de France – Society of Mary

9

Trustees’ report 31 August 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

Communications

Marist team

Public benefit

In compliance with the Charities Act 2011 the trustees are confident that our work is of direct benefit to the public. The aims of the Charity and the activities that it provides are demonstrably of public benefit. In essence, our mission is primarily to Francophone people in and around London – French nationals and other French-speaking temporary and permanent residents. Besides providing the usual pastoral activities expected of an ethnic chaplaincy and parish, its mission is to link members of this community with each other, and through charitable activities with disadvantaged people. The policy before the COVID-19 restrictions was that the church space was open to the public for at least twelve hours a day. This policy has partially resumed since Summer 2021 and the church space is now open to the public for over 60 hours per week.

FINANCIAL REVIEW

A summary of the year’s results can be found on page 22 of the accounts.

Total income for the year was £821,896 (2020 - £875,801), a decrease of £53,905 against the previous year. Most of the regular income is derived from the Charity’s investments, the main components of which are the rental income from the investment properties and church hall totalling £374,271 (2020 - £470,203). Rental income has again been significantly reduced by the closures affecting retail, hospitality and leisure premises during the second COVID-19 lockdown. Church collections and other donations comprise an important source of income to the Charity, amounting to £280,028 (2020 - £221,674) of the Charity’s total income. The Charity also received grants in respect of the COVID-19 crisis from Westminster City Council and the Coronavirus Job Retention Scheme totalling £73,870 (2020 - £74,877).

Notre Dame de France – Society of Mary

10

Trustees’ report 31 August 2021

FINANCIAL REVIEW (continued)

Total expenditure was £672,287 (2020 - £775,197) a decrease of £102,910 over the previous year. The principal expenditure streams are salaries of £336,949 (2020 - £346,605), support of clergy (including the Chaplaincy) of £49,172 (2020 - £43,825), upkeep and management of the investment properties of £26,942 (2020 - £61,956) and premises costs of £20,567 (2020 - £57,485). The Charity aimed to minimise costs wherever possible to mitigate the reduction in income caused by impact of the COVID-19 pandemic and staff were put on furlough when activities reduced or ceased.

The charity made a gain on the revaluation of listed investments totalling £47,961 (2020 – loss on revaluation £4,167) and revalued the commercial investment properties, reducing their combined value by £606,000 (2020 – no revaluation). Net expenditure was therefore £408,430 (2020 – net income £96,437).

Reserves policy and financial position

The balance sheet at 31 August 2021 included net assets totalling £28,192,053 (2020 - £28,600,483).

The trustees had set aside four designated funds at the year end, one being equal to the value of the Charity’s church, the second being equal to the net book value of other fixed assets, the third being equal to the value of the Charity’s investment properties. These designations are made in recognition of the fact that the buildings cannot be spent as liquid resources and the investment properties have to be retained to generate income. It would be inappropriate to sell these assets to meet the ongoing expenditure of the Charity. The fourth fund is a church repainting fund which holds a balance of £50,000 (2020 - £50,000) for future decorative works to the church.

The remaining unrestricted reserves at 31 August 2021 amounted to £538,862 (2020 - £362,297) representing ‘free’ reserves. The Charity held free reserves for two purposes:

The Trustees have agreed a reserves policy of free reserves totalling 3 to 9 months budgeted operating costs, with an absolute minimum of the higher of 3 months budgeted operating costs or £200,000. A meeting would be called if the figures should reach this level. The trustees are satisfied that the reserves at 31 August 2021 are in line with this policy and despite the ongoing challenges caused by the COVID-19 pandemic and resulting restrictions do not have any current concerns regarding the ability of the Charity to continue as a going concern.

Notre Dame de France – Society of Mary

11

Trustees’ report 31 August 2021

FINANCIAL REVIEW (continued)

Investment policy and performance

The Charity’s investment policy is to achieve maximum investment income and capital growth without exposing the Charity to excessive risk.

The investments are spread over rental properties, which have been owned by the Charity for many years, and other investments comprising cash deposits valued at £91,211 (2020£152,189), M&G Charifund units valued at £46,836 (2020 - £37,127) and COIF Charities Investment Fund units valued at £255,360 (2020 - £217,108).

The trustees monitor investment performance on a regular basis, through an Investment Committee. The trustees believe that the performance of the investments in relation to their investment policy has been satisfactory, taking account of general market conditions with income largely maintained at planned levels.

Investment properties are held primarily to generate income. Throughout the financial year conditions have remained challenging for the commercial tenants, with retail and hospitality closures as part of the COVID-19 local and second national lockdowns, and it has been necessary to continue to agree to some rent reductions to assist them.

The investment properties of the Charity in the UK were valued as at 1 September 2015 by an external valuer, GeraldEve LLP, a regulated firm of Chartered Surveyors. The valuations were prepared in accordance with the requirements of the RCIS Valuation – Professional Standards: January 2014 and the International Financial Reporting Standards. The valuations of the properties were on the basis of fair value, equated to market value. They were principally derived using the Comparative Method of Valuation.

Since the onset of the COVID-19 pandemic, there has been a reduction in the certainty with which property values can be inferred from historic data. The ongoing control measures arising from the pandemic have also increased the uncertainties facing some of our tenants’ businesses, which has a further consequential impact on valuations. At 31 August 2021 the trustees have decided to reduce the value of the commercial properties by £606,000. Although the values reported in note 14 are believed to be a fair estimate, there will be a greater likelihood that actual amounts achievable would differ from these valuations than in previous periods. It is unlikely any values are to be realised through sales in the foreseeable future as there is currently no intention to dispose of any of the investment properties.

Further commentary is provided in the principal accounting policies accompanying the annual accounts.

Notre Dame de France – Society of Mary 12

Trustees’ report 31 August 2021

PLANS FOR FUTURE PERIODS

The second phase of the work for the new lighting system in the church is planned to begin in Summer 2022 and the renovation of the gates and front doors is scheduled for early Spring 2022.

Despite the current challenges, the core sources of income remain the same, allowing us to maintain a strong NDF team and a good standard of services. We do not take for granted the challenge to achieve a healthy level of financial contributions and funding from sources other than the parishioners and friends of Notre Dame de France. This is important for the future since we rely considerably as a charity on the Francophone community in and around London.

People’s ability to cope with the current strains of life, especially during this time of the COVID19 pandemic, makes them seek guidance and counselling. So we will need to improve the welcoming team and also pursue ways of providing the volunteers with basic training.

The strategy of accessing resources from the larger Marist family of congregations and beyond has been successful and will be continued. The European province of the Marist Fathers and Brothers has made a priority of the mission of Notre Dame de France and it continues to make plans to ensure its sustainability into the future. The partnership between the European province and with the Marist Missionary Sisters congregation has proven to be successful and we have reason to hope that this will continue. The Marist authorities have concentrated personnel resources in the community. The training and formation of lay people for the pastoral and organisational tasks at NDF is all the more important so that it can continue to fulfil its mission.

The strengthening of the chaplaincy team through committed volunteers will continue and will enhance the delivery of the whole chaplaincy service. It is essential that the provision of training and formation for a number of lay people attached to the community be continued and we will expand this if possible.

The NDF mission is well served by a dedicated, skilled and generous staff. As trustees we wish to express our gratitude to them. Without their faithful assistance our pastoral response in mission would be much reduced. In addition, one of the precious assets at NDF is the talented and solid group of volunteers, the large number of people of the Francophone community of London and others who work with us. We are very conscious of the fact that NDF relies on the generosity of many who freely give of their talents and time. The trustees wish to record their gratitude to all those involved with us in delivering religious education to children and adults alike, preparation for the sacraments, being an evangelisation presence in the West End and our charitable activities. The Charity greatly values the dedication and commitment of the members of the Francophone community and those of other language groups who join them in the mission of Notre Dame de France.

The impact of the COVID-19 pandemic combined with Brexit and the consequences of new immigration laws are starting to show in the lower number of children enrolled at the Aumônerie and a decreasing number of couples for the marriage preparation. The trustees see it as a potential risk for the Charity as it might impact the income.

Notre Dame de France – Society of Mary 13

Trustees’ report 31 August 2021

RISK MANAGEMENT

The trustees have identified the major risks which the Charity is facing and have satisfied themselves that systems are in place or under development to mitigate those risks.

The principal risks are described below together with a brief description of how these risks are being managed.

Notre Dame de France – Society of Mary 14

Trustees’ report 31 August 2021

GOVERNANCE, STRUCTURE AND MANAGEMENT

Constitution

The Charity is governed by a constitution dated 15 February 2018 and is registered with the Charity Commission since 17 April 2018, charity registration number 1177995.

Trustees

The trustees are ultimately responsible for the operation of the Charity. The trustees are appointed by the Superior of the Marist Fathers Community at Notre Dame de France.

The trustees meet as a body four times in each calendar year. Major decisions are taken at those meetings, usually by consensus. The trustees receive all the relevant documentation in advance, and may inform themselves in more detail through direct contact with the Trust Secretary or Chairman. These meetings were held on Zoom during most part of the pandemic.

Organisation and management

The day-to-day decision making in the Charity is in the charge of the Rector, who is assisted by the team of Marist Fathers and Brother in all questions that impact on the mission entrusted to the team by their religious superiors; and by the pastoral team, comprising four people, religious and lay, selected because of their knowledge of key dimensions of the work of the church, their commitment to its mission, and their professional competence. This body meets once or twice each month, under the presidency of the Rector. Responsibility for financial management and day-to-day decision-making, is in the hands of the Rector, supported by the Trust Secretary and a qualified accountant. The property portfolio is managed by the Trust Secretary together with the Facilities Manager.

Remuneration of key management personnel

The trustees consider that they together with the Rector comprise the key management of the Charity in charge of directing and controlling the Charity and making all key decisions.

Neither the Rector nor any of the trustees are remunerated for their services to the Charity. Out-of-pocket expenses incurred by trustees in connection with the execution of their duties are reimbursed from charitable funds where claimed. Further details are provided in note 10 to the accounts.

Trustees

The following trustees were in office and served between 1 September 2020 and up to the date of approval of this report, except where shown.

Trustee Appointed/Resigned Father Hubert Bonnet-Eymard Aymeric Clement Marie-Joseph Brochard Rev. John Hannan Rev. Desmond Hanrahan Etienne Rougier Christel Spay Bishop Alan Stephen Williams

Notre Dame de France – Society of Mary

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Trustees’ report 31 August 2021

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Recruitment and induction

Under the Trust Deed, the Superior of the Marist Fathers Community at Notre Dame de France formally appoints and removes trustees, although recruitment remains a matter for the trustee body as a whole. Lay trustees are recruited through an open process which includes a skills need analysis; advertising via parish groups, newsletter and masses; short listing against identified criteria; and interview.

All trustees are offered an induction programme, which includes the opportunity to meet with key staff and advisers. Trustee training has included both induction and continuous development training. The chair of trustees and all other trustees are issued with role descriptions, a declaration of interests policy is in place, and a formal governance review was recently completed and approved. All trustees undergo the DBS disclosure process.

Trustees are required to review their own performance annually in consultation with the Superior and the Chairman, and have examined major areas of responsibility, including investments and reserves, and risk. A review of relationships with professional advisors has taken place.

Trustees bring their own particular skill sets to the Charity, but there are also generic skills which they need to perform their duties. Trustees need to be aware of such diverse issues as employment law, investment and risk management, property law and management. Trustees are recruited against a template of the existing skills and experience in the trustee body so that particular skill areas can be filled or strengthened. However, skills can also be developed through both information and training.

VOLUNTEERS

The trustees wish to record their thanks to those countless people of the French/Frenchspeaking community of London, and others, who, by the free gift of their time and talents, have made it possible to pursue the aims of the Charity, and to help Notre Dame de France grow as a centre of worship and of caring in the community. It is no exaggeration to say that, without the people who help with all the parish activities and the missions around London’s West End, those activities would be severely curtailed or would cease altogether.

Of equal and special note is the trustees’ gratitude to the 100 plus volunteers who work in the Chaplaincy at an estimated value to the Charity of more than £150,000 per annum. Without these individuals it would be impossible to deliver religious education to all those children, individuals and families who wish to receive it. Classes are held in a variety of venues, with some being more convenient for volunteers than others. The dedication and commitment of the members of the Francophone community who provide the vast majority of the Charity’s volunteers is much appreciated.

Notre Dame de France – Society of Mary 16

Trustees’ report 31 August 2021

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the Charity for that period.

In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the Charity’s trust deed. 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 financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

Signed on behalf of the trustees:

Trustee Approved by the board on:

Notre Dame de France – Society of Mary 17

Independent auditor’s report 31 August 2021

Independent auditor’s report to the trustees of Notre Dame de France – Society of Mary

Opinion

We have audited the accounts of of Notre Dame de France – Society of Mary (the ‘charity’) for the year ended 31 August 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and notes to the accounts. 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 accounts :

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 auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’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 accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts 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 charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts 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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

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Independent auditor’s report 31 August 2021

Other information (continued)

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in 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 there is a material misstatement in the accounts or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts 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 accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 accounts.

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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Independent auditor’s report 31 August 2021

Auditor’s responsibilities for the audit of the accounts (continued)

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Notre Dame de France – Society of Mary 20

Independent auditor’s report 31 August 2021

Auditor’s responsibilities for the audit of the accounts (continued)

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 auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Notre Dame de France – Society of Mary 21

Statement of financial activities Year to 31 August 2021

Notes Unrestricted
funds
£

Restricted
funds
£

2021
Total
£		 Unrestricted
funds
£

Restricted
funds
£		 2020
Total
£
Income from:
Donations and legacies
1
Investments and interest
receivable
2
Charitable activities
3
Total income
Expenditure on:
Raising funds
. Upkeep and management
of investment properties
4
Charitable activities
. Administering trust and
upkeep of parish
5
. Chaplaincy
6
. Grants and donations
7
Total expenditure
Net income before
investment gains
Net gains (losses) on
revaluation of listed
investments
14
Net (losses) on revaluation
of investment properties
14
Net (expenditure) income
before transfers
9
Transfers between funds
18
Net movement in funds
Reconciliation of funds:
Balances brought forward
at 1 September 2020
Balances carried forward
at 31 August 2021
258,961

383,002

144,272
21,067

—

14,594
280,028

383,002

158,866		 190,279
479,316
160,605
31,395

—

14,206		 221,674
479,316
174,811
786,235
35,661
821,896		 830,200
45,601		 875,801

26,942

508,538

86,106

24,144
—

15,658

10,899

—
26,942

524,196

97,005

24,144		 61,956
562,800
100,384
7,500
—

30,860

11,697

—		 61,956
593,660
112,081
7,500
645,730
26,557
672,287		 732,640
42,557		 775,197
140,505

47,961

(606,000)
9,104

—

—
149,609

47,961

(606,000)		 97,560
(4,167)
—
3,044

—

—		 100,604
(4,167)
—

(417,534)

—
9,104
—
(408,430)
—		 93,393
—
3,044

—		 96,437
—
(417,534)
28,592,998
9,104

7,485
(408,430)
28,600,483		 93,393
28,499,605
3,044

4,441		 96,437
28,504,046
28,175,464
16,589		 28,192,053 28,592,998
7,485		 28,600,483

All recognised gains and losses are included in the above statement of financial activities.

Notre Dame de France – Society of Mary 22

Balance sheet 31 August 2021

Notes 2021
£
2021
£		 2020
£		 2020
£
Fixed assets
Heritage assets
12
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Short term deposits
Liabilities
Creditors: amounts falling due
within one year
16
Net current assets
Creditors : amounts falling due
after more than one year
17
Total net assets
The funds of the charity:
Funds and reserves
Restricted funds
18
Unrestricted funds
. Designated funds
19
. General funds
4,140,000
11,452,602
12,296,751




27,889,353




386,686
(83,986)		 4,140,000
11,440,701
12,854,766

28,435,467




309,990
(144,974)


67,353
359,526
91,211
82,441
148,037
152,189
382,667
(72,677)
518,090

(131,404)








28,192,053 28,600,483
16,589
27,636,602
538,862		 7,485
28,230,701
362,297
28,192,053 28,600,483

Approved by the trustees and signed on their behalf by:

Trustee

Approved on:

Notre Dame de France – Society of Mary 23

Statement of cash flows 31 August 2021

A
B
C		 Notes Notes 2021
£		 2020
£
(427,806)
479,316
(8,239)
26,784
497,861
70,055
78,080
(98)
148,037
2020
£
96,437
26,927
98
4,167
(479,316)
(10,162)
(65,957)
(427,806)
2020
£
148,037
148,037

At 31
August
2021
Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities:
Investment income and interest received
Purchase of tangible fixed assets
Net divestment in cash deposits
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 September 2020
B
Change in cash and cash equivalents due to exchange
rate movements
Cash and cash equivalents at 31 August 2021
B
**(196,393) **


383,002
(35,960)
60,978
408,020

211,627

148,037
(138)
359,526
Notes to the statement of cash flows for the year to 31 August 2021
Reconciliation of net income to net cash used in operating activities
Net (expenditure) income (as per the statement of financial
activities)
Adjustments for:
Depreciation charge
Exchange rate movements
Decrease in investments
Investment income and interest receivable
Decrease (increase) in debtors
Decrease in creditors
Net cash used in operating activities
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 2021
£
Net (expenditure) income (as per the statement of financial
activities)
Adjustments for:
Depreciation charge
Exchange rate movements
Decrease in investments
Investment income and interest receivable
Decrease (increase) in debtors
Decrease in creditors
Net cash used in operating activities		 (408,430)
24,059
138
558,015
(383,002)
15,088
(2,261)
(196,393)
Analysis of cash and cash equivalents 2021
£
Cash at bank and in hand
Total cash and cash equivalents		 359,526
359,526
Analysis of changes in net debt
Cash at bank and in hand
Total		 At 1
September
2020		 Cash
flows
148,037 211,489 359,526
148,037 211,489 359,526

Notre Dame de France – Society of Mary

24

Principal accounting policies 31 August 2021

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 31 August 2021 with comparative results for the year ended 31 August 2020. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Assessment of 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 charity to continue as a going concern. In making this assessment the trustees have considered the impact of the COVID-19 pandemic, and while that has caused some parts of the Charity’s income to decrease, the Charity has also been able to reduce costs wherever possible to mitigate the reduction in income.

Notre Dame de France – Society of Mary

25

Principal accounting policies 31 August 2021

Assessment of going concern (continued)

The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.

Income recognition

Income is recognised in the period in which the charity is entitled to receipt, the amount can be measured with reasonable certainty and it is probable that the income will be received. Amounts received for application in future periods are held on the balance sheet as deferred income and released to the statement of financial activities in the relevant period.

Income for the charity comprises donations, legacies, investment income and grants.

Grants and donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of grants or donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a grant or donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity. Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Volunteers and donated services and facilities

The value of services provided by volunteers is not incorporated into these financial statements, in accordance with the Charities SORP FRS 102.

Where services are provided to the charity as a donation that would normally be purchased from suppliers, this contribution is included in the financial statements as both income and expenditure at its estimated fair value based on the value of the contribution to the charity. There were no such donations during the year.

Notre Dame de France – Society of Mary

26

Principal accounting policies 31 August 2021

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment 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.

All expenditure is accounted for on an accruals basis and stated inclusive of irrecoverable VAT.

Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

Governance costs comprise the costs incurred with meeting constitutional and statutory requirements and the costs associated with the strategic management of the charity.

Tangible fixed assets

Land and buildings

The freehold operational and investment properties of the charity in the UK were valued as at 1 September 2015 by an external valuer, GeraldEve LLP, a regulated firm of Chartered Surveyors. The valuations were prepared in accordance with the requirements of the RCIS Valuation – Professional Standards: January 2014 and the International Financial Reporting Standards. The valuations of the properties were on the basis of Fair Value, equated to Market Value. They were principally derived using the Comparative Method of Valuation. Under the transitional arrangements set out in FRS 102, this valuation is treated as the ‘deemed cost’ of the relevant assets as at 1 September 2014. The trustees consider that there is no material difference between the value of the properties on the valuation date, 1 September 2015, and the transition date, 1 September 2014. Additions to freehold land and buildings since that date are stated at cost.

Freehold land is not depreciated as the land has an indefinite useful life.

Notre Dame de France – Society of Mary

27

Principal accounting policies 31 August 2021

Tangible fixed assets (continued)

Land and buildings (continued)

The trustees consider that the useful life of freehold buildings is also indefinite. The trustees consider the possibility of impairment of the properties’ value annually and if any impairment is identified a provision for the resulting reduction in value is made.

Properties held for both investment purposes and the charity’s own use (mixed use properties) are split between tangible fixed assets and investments (see below) in line with the use of the property.

Heritage assets

The land and buildings comprising the Notre Dame de France Roman Catholic Church has been classified as a heritage asset. As per the land and buildings above, a valuation on an existing use basis has been obtained. The valuation does not reflect the additional value of church decorations, religious artefacts and paraphernalia over and above that of the church structure. Reliable cost information is not available for these assets which are not readily marketable and accordingly they have been excluded from the balance sheet, as permitted by the Charities SORP FRS 102. As for the other land and buildings, under the transitional arrangements set out in FRS 102, the valuation obtained is treated as the ‘deemed cost’ as at 1 September 2014.

No depreciation is provided in respect of this asset as its useful life is considered indefinite. The trustees consider the possibility of impairment of the asset’s value annually and if any impairment is identified a provision for the resulting reduction in value is made. Expenditure which, in the trustees' view, is required to preserve or clearly prevent further deterioration of individual collection items is recognised in the statement of financial activities when it is incurred.

Other tangible fixed assets

Assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised.

Depreciation is provided at the following annual rate in order to write off each asset over its estimated useful life.

Investments

Listed investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The charity does not acquire put options, derivatives or other complex financial instruments.

Notre Dame de France – Society of Mary

28

Principal accounting policies 31 August 2021

Investments (continued)

Investment properties

Investment properties are included in the accounts at fair value, being the estimated open market value of the properties. The valuation has been determined by the trustees after consultation with their professional property advisers.

Since the onset of the COVID-19 pandemic, there has been a reduction in the certainty with which property values can be inferred from historic data. The ongoing control measures arising from the pandemic have also increased the uncertainties facing some of our tenants’ businesses, which has a further consequential impact on valuations. Although the values reported in note 14 are believed to be a fair estimate, there will be a greater likelihood that actual amounts achievable would differ from these valuations than in previous periods.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value where the investment is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise (consistent with a ‘fair value through profit or loss’ basis).

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions 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. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund structure

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.

Designated funds comprise monies set aside out of unrestricted general funds for specific future purposes or projects.

Notre Dame de France – Society of Mary

29

Principal accounting policies 31 August 2021

Fund structure (continued)

General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objectives.

Leased assets

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities in equal amounts over the lease term.

Notre Dame de France – Society of Mary

30

Notes to the accounts 31 August 2021

1 Income from donations and legacies

Unrestricted
funds
£		 Unrestricted
funds
£		 Restricted
Funds
£
21,067
—
—
21,067		 Restricted
Funds
£
21,067
—
—
21,067		 Total
2021
£		 Total
2021
£		 Total
2020
£
Donations
. Church collections and donations
. Legacy
. Other donations
2021 Total funds		 258,961
—
—		 280,028
—
—		 220,914
200
560
258,961 280,028 221,674
Total
2020
£
Donations
. Church collections and donations
. Legacy
. Other donations
2020 Total funds		 189,519
200
560		 31,395
—
—		 220,914
200
560
190,279 31,395 221,674
Total
2020
£
Rental income from church hall
Income from investment properties
Income from listed investments
. Common investment funds
Interest receivable
. Bank interest
2021 Total funds		 101,123
273,148		 101,123
273,148		 144,842
325,361
374,271
8,669
62		 374,271
8,669
62		 470,203
8,913
200
383,002 383,002 479,316
Unrestricted
funds
£		 Restricted
Funds
£		 Total
2020
£
Rental income from Church Hall
Income from investment properties
Income from listed investments
. Common investment funds
Interest receivable
. Bank interest
2020 Total funds		 144,842
325,361		 —
—		 144,842
325,361
470,203
8,913
200		 —
—
—		 470,203
8,913
200
479,316 — 479,316

2 Income from investments and interest receivable

Notre Dame de France – Society of Mary

31

Notes to the accounts 31 August 2021

3 Income from charitable activities

Income from charitable activities
Unrestricted
funds
£

Restricted
Funds
£		 Total
2021
£		 Total
2020
£
Grants in respect of evangelisation
outreach projects:
. Marist European Province
Grant in respect of West End outreach
projects:
. Albert Gubay Foundation
. National Lottery
Grants in respect of Coronavirus crisis:
. Retail, hospitality and leisure
. Coronavirus Job Retention Scheme
Subscriptions
Retreats
Other miscellaneous income
2021 Total funds		 —
—
—

29,222
44,648		 2,794
2,000
9,800

—

—		 2,794
2,000
9,800
29,222
44,648		 12,206
2,000
—
25,000
49,877
73,870
14,594		 88,464 89,083
63,078
856
6,468
—

—

—		 63,078
856
6,468		 70,769
5,409
9,550
70,402
—		 70,402 85,728
144,272
14,594		 158,866 174,811
Total
2020
£
Grants in respect of evangelisation outreach
projects:
. Marist European Province
Grant in respect of West End outreach
projects:
. Albert Gubay Foundation
Grants in respect of Coronavirus crisis:
. Retail, hospitality and leisure
. Coronavirus Job Retention Scheme
Subscriptions
Retreats
Other miscellaneous income
2020 Total funds		 —
—
25,000
49,877		 12,206
2,000
—
—		 12,206
2,000
25,000
49,877
74,877 14,206 89,083
70,769
5,409
9,550		 —
—
—		 70,769
5,409
9,550
85,728 — 85,728
160,605 14,206 174,811

Notre Dame de France – Society of Mary 32

Notes to the accounts 31 August 2021

4 Expenditure on charitable activities: Upkeep and management of investment properties

properties
Unrestricted
funds
£

Restricted
funds
£

—

—

—		 Total
2021
£		 Total
2020
£
Investment property expenses
Other fees
2021 Total funds		 5,191
21,751		 5,191
21,781		 39,802
22,154
26,942 26,942 61,956
Unrestricted
funds
£		 Restricted
funds
£		 Total
2020
£
Investment property expenses
Other fees
2020 Total funds		 39,802
22,154		 —
—		 39,802
22,154
61,956 — 61,956
5 Expenditure on charitable activities: Administering trust and
Unrestricted
funds
£
Restricted
funds
£
287,725
2,794
35,972
—
16,277
—
20,567
—
1,073
—
12,960
—
133,964
12,864
508,538
15,658
Unrestricted
funds
£
276,144
35,585
13,564
57,485
7,115
12,960
159,947
562,800		 Administering trust and
Unrestricted
funds
£
Restricted
funds
£
287,725
2,794
35,972
—
16,277
—
20,567
—
1,073
—
12,960
—
133,964
12,864
508,538
15,658
Unrestricted
funds
£
276,144
35,585
13,564
57,485
7,115
12,960
159,947
562,800		 upkeep of parish
Total
2021
£
Total
2020
£
290,519
288,350
35,972
35,585
16,277
13,564
20,567
57,485
1,073
7,115
12,960
12,960
146,828
178,601
524,196
593,660
Restricted
funds
£
Total
2020
£
12,206
288,350
—
35,585
—
13,564
—
57,485
—
7,115
—
12,960
18,654
178,601
30,860
593,660		 upkeep of parish
Total
2021
£
Total
2020
£
290,519
288,350
35,972
35,585
16,277
13,564
20,567
57,485
1,073
7,115
12,960
12,960
146,828
178,601
524,196
593,660
Restricted
funds
£
Total
2020
£
12,206
288,350
—
35,585
—
13,564
—
57,485
—
7,115
—
12,960
18,654
178,601
30,860
593,660
Staff costs (note 10)
Support of clergy
Church supplies
Premises
Legal and professional costs
Governance costs (note 8)
Other costs
2021 Total funds		 287,725
35,972
16,277
20,567
1,073
12,960
133,964		 290,519
35,972
16,277
20,567
1,073
12,960
146,828		 288,350
35,585
13,564
57,485
7,115
12,960
178,601
508,538 524,196 593,660
Unrestricted
funds
£		 Restricted
funds
£		 Total
2020
£
Staff costs (note 10)
Support of clergy
Church supplies
Premises
Legal and professional costs
Governance costs (note 8)
Other costs
2020 Total funds		 276,144
35,585
13,564
57,485
7,115
12,960
159,947		 12,206
—
—
—
—
—
18,654		 288,350
35,585
13,564
57,485
7,115
12,960
178,601
562,800 30,860 593,660

Included in premises costs is £nil (2020 - £33,503) relating to major repairs, maintenance and redecoration of the buildings during the year.

Notre Dame de France – Society of Mary

33

Notes to the accounts 31 August 2021

6 Expenditure on charitable activities: Chaplaincy

Unrestricted
funds
£

Restricted
funds
£

—

—

10,899

10,899
Unrestricted
funds
£		 Total
2021
£		 Total
2020
£
Staff costs (note 10)
Support of clergy
Other costs
2021 Total funds		 46,430
13,200
26,476		 46,430
13,200
37,375		 58,255
8,240
45,586
86,106 97,005 112,081


Restricted
funds
£		 Total
2020
£
Staff costs (note 10)
Support of clergy
Other costs
2020 Total funds		 58,255
8,240
33,889
—

—

11,697		 58,255
8,240
45,586
100,384
11,697		 112,081

7 Expenditure on charitable activities: Grants and donations

8 Unrestricted
funds
£

Restricted
funds
£

—

—		 Total
2021
£		 Total
2020
£
Notre Dame Refugee Centre (note 22)
2021 Total funds		 24,144 24,144 7,500
24,144 24,144 7,500
Unrestricted
funds
£

Restricted
funds
£		 Total
2020
£
Notre Dame Refugee Centre (note 22)
2020 Total funds		 7,500
—		 7,500
7,500
—		 7,500
Governance costs Unrestricted
funds
£

Restricted
funds
£		 Total
2021
£		 Total
2020
£
Legal, professional and audit costs
2021 Total funds		 12,960
—		 12,960 12,960
12,960
—		 12,960 12,960
Unrestricted
funds
£

Restricted
funds
£		 Total
2020
£
Legal, professional and audit costs
2020 Total funds		 12,960
—		 12,960
12,960
—		 12,960

Governance costs have been allocated in full to the expenditure on administering the trust and upkeep of parish (see note 5).

Notre Dame de France – Society of Mary

34

Notes to the accounts 31 August 2021

9 Net income

This is stated after charging:

2021
£		 2020
£
Staff costs (note 10)
Auditor’s remuneration, including VAT
. Audit services
Operatinglease rentals		 336,949
12,960
8,255		 346,605
12,960
6,929

10 Staff costs and remuneration of key management personnel

Staff costs and remuneration of key management personnel
2021
£		 2020
£
Staff costs during the year were as follows:
Wages and salaries
Social security costs
Pension costs		 298,282
22,546
16,121		 308,033
22,763
15,809
336,949 346,605
2021
£		 2020
£
Staff costs per function were as follows:
Administering trust and upkeep of parish (note 5)
Chaplaincy (note 6)		 290,519
46,430		 288,350
58,255
336,949 346,605

One employee earned within the range of £60,001 to £70,000 per annum during the year excluding employer pension contributions (2020 - no employee earned over £60,000 per annum excluding pension contributions).

The number of employees on an average and a full time equivalent basis, analysed by function, was:

Number
2021
2020
12
12
2
3
14
15		 Number
2021
2020
12
12
2
3
14
15		 FTE
2021
2020

8
9

1
1

9
10		 FTE
2021
2020

8
9

1
1

9
10
Administering trust and upkeep of
parish
Chaplaincy		 12
2		 12
3
8

1		 9
1
14 15
9		 10

The trustees of the charity and the Rector, who are the charity’s key management personnel, received no remuneration in connection with their duties during the year (2020 - £nil).

No trustee received any reimbursement of expenses in connection with their duties as trustee during the year (2020 - £66 reimbursed to one trustee).

Notre Dame de France – Society of Mary

35

Notes to the accounts 31 August 2021

11 Taxation

Notre Dame de France – Society of Mary is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

12 Heritage assets

Notre Dame de France Roman Catholic Church 2021
£
4,140,000		 2020
£
4,140,000

The land and buildings comprising the Notre Dame de France Roman Catholic Church are defined as heritage assets for the purposes of these financial statements. The Church must be held indefinitely so as to fulfil the charity’s primary charitable objectives of establishment and maintenance of a French Roman Catholic religion in England and Wales primarily among persons of French nationality or extraction or French-speaking people.

As explained under principal accounting policies, heritage assets also comprise the additional value of church decorations, religious artefacts and paraphernalia over and above that of the church structure. It is not possible to place any meaningful valuation on these for the purposes of these financial statements. Details of specific items are not given for security reasons.

There have been no acquisitions or disposals of heritage assets during the last five years.

The charity aims to maintain the condition of the church decorations, religious artefacts and paraphernalia in a steady state of repair. Detailed surveys are undertaken as required.

13 Tangible assets

Tangible assets
Land
and
buildings
£		 Furniture
and
equipment
£		 Total
£
Cost
At 1 September 2020
Additions
Disposals
At 31 August 2021
Depreciation
At 1 September 2020
Charge for the year
Disposals
At 31 August 2021
Net book values
At 31 August 2021
At 31 August 2020		 11,193,910
—
—		 380,028
35,960
(7,665)		 11,573,938
35,960
(7,665)
11,193,910 408,323 11,602,233
—
—
—		 133,237
24,059
(7,665)		 133,237
24,059
(7,665)
— 149,631 149,631
11,193,910 258,692 11,452,602
11,193,910 246,791 11,440,701

The charity had no contractual capital commitments at either 31 August 2021 or 31 August 2020.

Notre Dame de France – Society of Mary 36

Notes to the accounts 31 August 2021

14 Investments

Investments
2021
£		 2020
£
Listed investments – UK
Investment properties
Other investments		 302,196
11,994,000
555		 254,235
12,600,000
531
12,296,751 12,854,766
2021
£		 2020
£
258,402
(4,167)
Listed investments
Market value at 1 September 2020
Net unrealised investment gains (losses)
Market value at 31 August 2021
Cost at 1 September 2020 and 31 August 2021		 254,235
47,961
302,196 254,235
155,449 155,449

Listed investments held at 31 August comprised the following individual holdings:

2021
£
2021
%
2020
£		 2020
%
COIF Income Units
M&G Charifund Units		 255,360
46,836
85

15
217,108

37,127		 85
15
302,196
100
254,235		 100
2021
£		 2020
£
Investment properties
Market value at 1 September 2020
Transfer of property from tangible fixed assets
Unrealised loss on revaluation
Market value at 31 August 2021		 12,600,000
—
(606,000)		 11,800,000
800,000
—
11,994,000 12,600,000

Since the onset of the COVID-19 pandemic, there has been a reduction in the certainty with which property values can be inferred from historic data. The ongoing control measures arising from the pandemic have also increased the uncertainties facing some of our tenants’ businesses, which has a further consequential impact on valuations.

Although the values reported above are believed to be a fair estimate, there will be a greater likelihood that actual amounts achievable would differ from these valuations than in previous periods.

Notre Dame de France – Society of Mary

37

Notes to the accounts 31 August 2021

15 Debtors

2021
£
2020
£
—
6,708
50,782
63,844
16,571
11,889
67,353
82,441
Rent receivable
Other debtors
Prepayments and accrued income

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2021
£
32,371
11,424
87,609
131,404		 2020
£
Expense creditors
Social security and other taxes
Accruals and deferred income		 24,935
7,848
39,894
72,677

Reconciliation of deferred income

Reconciliation of deferred income
2021
£		 2020
£
Deferred income at 1 September 2020
Income accrued at 1 September 2020
Cash received in the year
Amounts released to income
Income accrued at 31 August 2021
Deferred income at 31 August 2021
17,472
(6,708)
375,984
(374,271)
—		 36,719
—
515,018
(540,973)
6,708
12,477 17,472
Creditors: amounts falling due after more than one year 2021
£
83,986
83,986		 2020
£
Rent deposits held 144,974
144,974
Restricted funds At 1
September
2020
£		 Income
£
10,899
24,762
35,661		 Expenditure
gains,
losses and
transfers
£
At 31
August
2021
£
Chaplaincy
Church and Parish		 —
7,485		 (10,899)
(15,658)		 —
16,589
7,485 (26,557) 16,589

17 Creditors: amounts falling due after more than one year

18 Restricted funds

Notre Dame de France – Society of Mary

38

Notes to the accounts 31 August 2021

18 Restricted funds (continued)

Restricted funds(continued)
At 1
September
2019
£		 Income
£		 Expenditure
gains,
losses and
transfers
£
(11,697)
(30,860)
(42,557)		 At 31
August
2020
£
Chaplaincy
Church and Parish		 —
4,441		 11,697
33,904		 —
7,485
4,441 45,601 7,485

Chaplaincy

The Chaplaincy Fund represents income received specifically to support the work of the Chaplaincy.

Church and Parish

The Church and Parish Fund represents income received for specific projects or purposes.

19 Designated funds

The following designated funds have been set aside out of unrestricted funds by the trustees for specific purposes:

At 1
September
2020
£		 Transfer
£
Increased/
released
£

At 31
August
2021
£
4,140,000
11,452,602
11,994,000
50,000
27,636,602
Heritage assets fund
Tangible fixed assets fund
Investments fund
Church repainting fund		 4,140,000
11,440,701
12,600,000
50,000		 —
—
—
—		 —
11,901
(606,000)
—
28,230,701 — (594,099)
At 1
September
2019
£		 Transfer
£
Increased/
released
£

At 31
August
2020
£

4,140,000
11,440,701
12,600,000

50,000
28,230,701
Heritage assets fund
Tangible fixed assets fund
Investments fund
Church repainting fund		 4,140,000
12,259,389
11,800,000
50,000		 —
(800,000)
800,000
—
—
(18,688)

—

—
28,249,389 —
_(18,688) _

Those funds which represent the carrying value of specific assets (heritage assets, tangible fixed assets and investment properties) have been restated with comparative analysis in line with restatement of the underlying asset values.

Notre Dame de France – Society of Mary

39

Notes to the accounts 31 August 2021

19 Designated funds (continued)

The purposes for which the funds have been set aside are as follows:

Heritage assets fund

The heritage assets fund represents the existing use value of the charity’s heritage assets held as part of the unrestricted funds. Their value should not be regarded as funds that would be realisable with ease in order to meet contingencies.

Tangible fixed assets fund

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets held as part of the unrestricted funds. A decision was made to separate this fund from the general fund of the charity in recognition of the fact that the tangible fixed assets are essential to the day to day work of the charity and as such their value should not be regarded as funds that would be realisable with ease in order to meet contingencies.

Investments fund

The investments fund represents the balance sheet value of the charity’s investments held as part of the unrestricted funds. These investments represent assets which are held with a view to generating income in the long term to fund the charitable activities of the charity and are not intended to be realised to meet the general expenditure of the charity.

Church repainting fund

This fund represent assets which are set aside for major works to Notre Dame de France properties in the coming financial years.

20 Analysis of net assets between funds

Unrestrictedfunds Unrestrictedfunds Restricted
funds
£		 Total
2021
£		 Total
2020
£
General
Fund
£

Designated
Funds
£
Fund balances at
31 August 2021
are represented by:
Heritage assets
Tangible fixed assets
Investments
Current assets
Creditors: amounts falling
due within one year
Creditors: amounts falling
after more than one year
Total net assets		 —
—
302,751
451,501
(131,404)
(83,986)		 4,140,000
11,452,602
11,994,000

50,000

—
—		 —
—
—
16,589
—
—		 4,140,000
11,452,602
12,296,751
518,090
(131,404)
(83,986)		 4,140,000
11,440,701
12,854,766
382,667
(72,677)
(144,974)
538,862 27,636,602 **16,589 ** 28,192,053 28,600,483

Notre Dame de France – Society of Mary

40

Notes to the accounts 31 August 2021

20 Analysis of net assets between funds (continued)

Unrestricted funds Unrestricted funds

Restricted
funds
£		 Total
2020
£
General
Fund
£		 Designated
Funds
£
Fund balances at
31 August 2020
are represented by:
Heritage assets
Tangible fixed assets
Investments
Current assets
Creditors: amounts falling due
within one year
Creditors: amounts falling after
more than one year
Total net assets		 —
—
254,766
325,182
(72,677)
(144,974)		 4,140,000
11,440,701
12,600,000
50,000
—
—
—

—

—

7,485

—

—		 4,140,000
11,440,701
12,854,766
382,667
(72,677)
(144,974)
362,297 28,230,701
7,485		 28,600,483
2021
£		 2020
£
Total unrealised gains at 31 August 2021
Reconciliation of movements in unrealised gains:
Total unrealised gains at 1 September 2020
Add: net gains (losses) arising on revaluations in the year
Total unrealisedgains at 31 August 2021		 146,747 98,786
98,786
47,961		 102,953
(4,167)
146,747 98,786

The charity also holds several investment properties which are carried on the balance sheet at their fair value. The historic cost of these properties cannot be ascertained with accuracy and therefore the cumulative unrealised gains on such properties have not been disclosed in the above.

21 Lease commitments

As at 31 August 2021 the charity had total future commitments under non-cancellable operating leases due as follows:

operating leases due as follows:
Office equipment 2021
£		 2020
£
Within one year
Within two to five years		 5,520
17,922		 6,553
10,368
23,442 16,921

Notre Dame de France – Society of Mary

41

Notes to the accounts 31 August 2021

22 Related parties

The Marist Fathers Community at Notre Dame de France used to be part of the Notre Dame de France Trust – Society of Mary charity, but transferred their financial affairs to their Order in 2004. The community provides clergy support to the church at Notre Dame and Father Hubert Bonnet-Eymard is a member of the community and a trustee of the Notre Dame de France – Society of Mary charity. Notre Dame de France contributed £49,172 in the year (2020 - £43,825) to the community for the support of the clergy. In the year to 31 August 2020 the Marist Fathers Community had offered a reduction in the annual support given to them to assist the Charity, as its income had been adversely affected by the COVID-19 crisis.

The Notre Dame de France – Society of Mary charity is connected to Notre Dame Refugee Centre (Charity Registration Number: 1177990) by virtue of the fact that they have a number of trustees in common. The charity provides an element of administrative support to the Refugee Centre and bears its accommodation expenses. The value of the gift-in-kind recognised in the Refugee Centre’s accounts for the year ended 31 August 2021 in respect of this support was £69,400 (2020 - £69,000). The charity also provided a grant to the Notre Dame Refugee Centre of £24,144 (2020 - £7,500).

The total value of donations made by the trustees of the charity during the year was £nil (2020 - £50).

Notre Dame de France – Society of Mary

42