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2022-12-31-accounts

LORETTO UK

TRUSTEES’ ANNUAL REPORT AND ACCOUNTS

YEAR ENDING 31 DECEMBER 2022

Loretto UK

Charity Registration No. 1191616

TABLE OF CONTENTS

ADMINISTRATIVE INFORMATION 2
REPORT OF THE TRUSTEES 3-7
Objectives, Mission and Vision 3
Governance, Structure and Management 4
Activities and Achievements 5
Outlook: Plans for the Future 6
Operational Support and Challenges 7
FINANCIAL REVIEW 8-12
Independent Examiner’s Report to the Trustees 8
Financial Performance, Reserves and Risks 9
Receipts and Payments Account 10
Statement of Assets and Liabilities 11
Accounting Policies and Notes to the Accounts 12
DECLARATION 13

1

ADMINISTRATIVE INFORMATION

Charity name:

Loretto UK

Charity registration:

Loretto UK is a Charitable Incorporated Organisation (‘CIO’), registered on 2 October 2020

Registration Number: 1191616

Charity registered address:

Stoke House, Pensford Avenue

TW9 4HW Richmond, UK

Board of Trustees

Wolfgang Mayrhofer (chairman) - since 2 October 2020 Richard Solomon (trustee) - since 24 November 2021 Johneen McPherson (trustee) - since 1 January 2022 Philippa Baker (trustee) – since 15 March 2023

National Director:

Elisa Alberto

Independent Examiner:

Gerald Gurriet Venusia Ltd,

Apt 316 Wimbledon Central,

21-33 Worple Road, London, SW19 4BJ

2

OBJECTIVES, MISSION AND VISION

The trustees present their report with the financial statements of the charity for the year ending 31 December 2022. The charity 'complies with the requirements of Section 17 of the Charities Act 2011 to have due regard for the public benefit'.

Our Charity Objectives

In planning the activities of the charity, the trustees have considered the Charity Commission's guidance on public benefit and in particular the specific guidance on charities for the advancement of religion.

The trustees have had regard to the Charity Commission’s guidance on public benefit.

The objectives of the charity are to advance the Catholic faith within England, for the benefit of the public - in particular - but not exclusively by:

Our Mission

Our mission is to create welcoming spaces where people can encounter God and deepen their relationship with Him in prayer and worship. We disciple young people to become passionate and formed followers of Jesus, grow in their identity, and be shaped as leaders to be sent and follow God's plan for their lives.

Our Vision

Our vision is to see a fresh outpouring of the Holy Spirit and a new fire in the Catholic Church. We dream of a generation of young leaders saying YES as followers of Jesus to follow God’s plans and transform Church and Society.

Our Values

Jesus is our cornerstone.

We practice a culture of radical hospitality . We want to live a lifestyle witness . We live a culture of excellence and beauty . We welcome unity in God’s Church. We are Spirit-led .

3

GOVERNANCE STRUCTURE AND MANAGEMENT

GOVERNING DOCUMENT

The charity Loretto UK was registered on 2 October 2020 and is governed by the Constitution of a Charitable Incorporated Organization (CIO), whose only voting members are its trustees under the CIO’s foundation model constitution.

TRUSTEES

The management of the Charity is the responsibility of the Trustees, who are elected and co-opted under the terms of the CIO’s foundation model constitution. New trustees are appointed by the existing trustees in accordance with the charity’s constitution. They are inducted through meetings with the Chairman and other trustees, covering the history and current activities of the charity, governance and management, and the charities financial accounts and reporting procedures. Trustees are recruited based on their particular skills, in the context of the needs of the CIO and any skill gaps it faces, and with reference to their commitment to the mission, values and vision of the charity.

1

ORGANISATIONAL STRUCTURE

Loretto UK is a Charitable Incorporated Organisation governed by its trustee board which is responsible for setting the strategic direction of the organisation and the policy of the charity. The trustees carry the ultimate responsibility for the conduct of the charity and for ensuring that it satisfies its legal and contractual obligations. The trustee board meets at least quarterly and there may be additional meetings of appropriate members or groups as required. The day-to-day operation of the organisation has been delegated to the national leader and other staff/ volunteers, who are key to providing the services offered by the charity.

WIDER NETWORK

Loretto UK shares a common charism and is affiliated with the wider Loretto community (Loretto Gemeinschaft), a movement within the Catholic Church originating in Austria.

4

ACTIVITIES AND ACHIEVEMENTS

1. LORETTO HOME MISSION BASE: an intentional Christian community discipling young people and creating a place for prayer and encounter.

Throughout the year 2022 the Loretto HOME has been a place of intentional community for young adults. We have had another group of 8 young adults (from September 2021 to August 2022) that committed to each other and to the mission of the house. We have had retreats with the group and offered mentoring and formation in various forms. The HOME has grown into a house of prayer for the local community, inviting guests to join the rhythm of prayer and worship. The HOME has become a mission house and guest house very much, where people feel welcome, loved, and cared for, through the "Welcome HOME" events, worship events and hosting guests with a dedicated guest room. We have hosted about 100 guests in our guest room in 2022 and two Welcome HOME events with about 56-60 participants in each event .

2. LORETTO WORSHIP NIGHTS & WORSHIP SPACE: a space for encounter, prayer and community across generations and denominations.

The Loretto Worship Nights have continued to happen on a weekly basis in the crypt of St. Mary’s University to bless the local community as a place of encounter, worship and friendship. Once a month we have been hosting the worship night at the Loretto HOME ( HOME WORSHIP ) to welcome people in a warm and cozy "living room" environment. In addition, we have been offering a “ WORSHIP SPACE ” at the HOME, an opportunity for musicians to play and practice their worship skills. As a result, we have been able to grow and strengthen worship leaders who are able to serve and bless their local churches and communities. On average w e had between 20 and 30 people attending the weekly worship gatherings, for a total of 38 worship gatherings and approximately 900 participants throughout the year 2022 .

3. HOUSE OF PRAYER: creating a space of encounter growing in intimacy with God and interceding for others.

Especially throughout the last quarter of 2022 the HOME chapel has grown into a house of prayer, hosting monthly 24-1 prayer (24 hours of non-stop adoration and prayer inviting the local community to join), and regularly celebrating masses there. We have had about 150 hours of “official” non-stop prayer in the chapel as well as countless private prayer hours.

4. PENTECOST FESTIVAL: Rising young leaders.

One of our biggest achievements in 2022 has been the organization of our first Loretto Pentecost Festival in the UK, which took place at St. Mary’s University between 3-5 June 2022. The event had a specific focus on raising young leaders: we had speakers from the spheres of church, NPOs and business giving keynotes and workshops to inspire and equip the next generation into a life of leadership . There were about 110 participants and 30 people involved in the team .

5

OUTLOOK: PLANS FOR THE FUTURE

1. LORETTO HOME MISSION BASE

As we moved into the third year of the Loretto HOME, with a new group of 8 young adults that started in September 2022, we wanted to keep fostering an intentional Christian community that shape each other and grow in identity and discipleship. We also continued to grow the House of Prayer, with monthly 24-1 Prayer sessions, regular masses, team prayer evenings and host worship gatherings in the living room. We have fostered outward mission and evangelisation through radical hospitality, being invitational and make people feel welcomed, cared for and loved. Our objective was for everyone to experience God’s love through our hospitality, service, and love. Subsequent to the financial year-end, the lease on the previous Loretto HOME was not renewed; options are currently being explored for a new physical Mission Base.

2. PRAYER & ENCOUNTER

We want to continue to provide a place of encounter and worship for the local community by providing a weekly Worship Night and time of fellowship. In 2023 we will intentionally move to the Loretto HOME temporarily before looking for another location, more central and easier to reach. Our goals are to create places for an encounter with God and grow the desire for spending time in His presence, foster places of healing and God’s tangible presence, grow a culture of worship and support others to grow in worship, listen to God’s voice and practicing prophecy and experience the grace of the sacraments.

3. BUILDING COMMUNITY

We want to build a Christ-centred community, with a heart for radical hospitality, a desire for personal encounter with Jesus and a call to make disciples. Our goals are to grow deeper in community and friendship, be known by the way we love each other and support each other to holiness, grow community outside the HOME and become a “spiritual home” for many.

4. DISCIPLESHIP & LEADERSHIP

We want to launch of a new discipleship programme for young adults in the UK called “Follow Me”. Follow Me is an 8-weekend discipleship training course aimed at Catholic young people between 18 and 26 years of age. It is a journey to help young people to hear the call of Christ and support them on their way to follow the call of Jesus in their life, in the family, in society and in the Church. Our goals are to raise disciples that know the Father’s Heart, self-acceptance, hearing God’s voice and putting Jesus first in our lives, form and empower young leaders through discipleship and send people on mission following their talents & calling.

6

OPERATIONAL SUPPORT AND CHALLENGES

The activities of Loretto UK have been mainly supported by volunteers who have given their time to help our mission and from some freelancer work, either through the Mission Partner Development (MPD) programme or specialists.

Since the beginning, Loretto UK has been carried by the support and time of many volunteers. In September 2021 we started the MPD program to enable some individuals to become missionaries and fund-raise to cover their expenses through partner donations.

We have a core team of about 20 volunteers and an extended team of 30 volunteers. We have had quarterly team meetings, weekly and monthly meetings for the Pentecost core team and invested in the team through some personal development opportunities and team retreats.

FACTORS AFFECTING OUR ACHIEVEMENTS

Increasing fixed costs and the high turn of volunteers.

The biggest challenges this year have been growing the fundraising, the financial impact of organising the Pentecost Festival and the impact of inflation on our overheads.

Historical and organisational background:

The timing of the availability of the property (7, Waldegrave Gardens) in September 2020, which became the Loretto HOME Mission Base was quicker than the process of setting up the Charity at the UK Charity Commission necessitating an alternative entity to take the lease of Waldegrave Gardens. A UK registered special purpose vehicle, the Loretto HOME Limited, was therefore established in order not to miss the opportunity to take the lease of the HOME where our Charity community has until recently been based. Loretto HOME Ltd was invoicing the HOME residents a lodging fee and was covering utilities costs and council tax. Loretto HOME LTD solely and exclusively exists due to the timing pressures to secure the lease of the HOME whilst charity commission formation processes were ongoing. Without that pragmatic step being taken the HOME would not have been available for the Charity’s use. Certain overheads are registered in the name of Loretto HOME LTD. As a result, the Loretto UK Charity contributes to the operating costs of the HOME as required by way of contribution to direct property overheads for the benefit of the Loretto community, wholly in accord with the Charity’s express Purpose, Objectives Mission, and Vision. In the period covered by this report the sum of £ 1,500 was paid across to Loretto HOME LTD for using the estate and £ 1,326 as contribution to utilities in that period. At the date of this report it can be noted that the lease of the property was not renewed, and the trustees are currently reviewing the next steps for the charity according to its objectives.

7

Independent Examiner's Report to the Trustees

Loretto UK 31 December 2022 Charity no.: 1191616 Company no.:

I report to the trustees of Loretto UK (the charity) on my examination of the accounts of the charity for the year ended 31 December 2022.

Responsibilities and basis of report

As the trustees of the charity 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 Trustee’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 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with my examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

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24 [th] October 2023
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8

FINANCIAL PERFORMANCE, RESERVES AND RISKS

FINANCIAL PERFORMANCE

Total receipts for the year ending 31 December 2022 were £40,154 all comprising donations and tickets events .

The main source of funds has been mission partner development. The charity relies on the generosity of individuals who decide to support the mission by giving monthly. Some donors have been supporting the work of individual missionaries while other partners or donors have been supporting the overall mission and their giving has supported the general work of the charity. Another source of funds has been a Just Giving campaign to raise funds for worship equipment.

Total payments amounted to £ 36,656 largely comprising administrative and missionary expenses. The net receipts of the charity during this period were £ 3,498.

FINANCIAL POSITION AND RESERVES

The net assets of the charity as of 31 December 2022 were £ 6,734 . Net assets comprised £ 4,165 of cash at bank and £2,568 of assets for the use of the charity – being furniture and musical instruments. The charity does not own any real estate and has no investments.

The trustees’ policy is to ensure that the charity has a level of free liquid reserves which is adequate to meet its obligations. As of 31 December 2022, free liquid reserves were £4,165 . The CIO is still in the early part of its foundation, and the trustees will develop a meaningful reserves policy over the next few years.

FINANCIAL RISK

The principal financial risk relates to the fact that the charity is wholly reliant upon donations to fund its work, and it currently has a relatively modest level of liquid reserves. However, the charity is starting to build a financial cushion of free reserves and has a high degree of control over its expenditure to ensure that receipts and payments can be kept in proportion to each other.

9

RECEIPTS AND PAYMENTS ACCOUNT

RECEIPTS AND PAYMENTS

YEAR ENDING 31 DECEMBER 2022

Receipts
Tickets Events
Donations
Gross Income
Assets and
Investment Sales
Total Receipts
Payments
Missionary Expenses
Establishment Costs
Travel and Admin
Bank Charges
Gross Expenditures
Assets and
Investment
Purchases
Total Payments
Net Receipts
Cash Funds at the start of
the year/ period
Cash Funds on 31 Dec		 Restricted
Funds 2022
Unrestricted
funds 2022
Total
Funds 2022
Total
Funds 2021
£
£
£
£
-
3,291 3,291
-
19,402
17,461
36,863
6,965
19,402
20,752
40,154
6,965
-
-
-
-
19,402
20,752
40,154
6,965
19,607
-
19,607
2,859
- 2,827
2,827
-
- 13,458
13,458
1,397
-
165
165
72
19,607
16,450
36,057
4,328
-
599
599
1,970
19,607
17,049
36,656
6,298
(205)
3,703
3,498
**667 **
140
527
667
-
(65)
4,230
4,165
**667 **

10

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF ASSETS AND LIABILITIES AS OF 31 DECEMBER 2022

Total Cash Funds
Other Monetary Assets
Investment Assets
Assets retained for own
use
Total Assets
Liabilities
Total Net Assets
Total Reserves		 Restricted
Funds 2022
Unrestricted
funds 2022
Total
Funds 2022
Total
Funds 2021
£
£
£
£
(65)
4,230
4,165
667
-
-
-
-
-
-
-
-
-
2,569
2,569
1,970
(65)
6,799
6,734
2,637
-
-
-
-
(65)
6,799
6,734
2,637
(65)
6,799
6,734
2,637

11

ACCOUNTING POLICIES AND NOTES TO THE ACCOUNTS

A. BASIS OF PREPARATION

The accounts have been prepared on a receipts and payments basis as permitted under Section 133 of the Charities Act 2011.

B. FUND ACCOUNTING

Unrestricted funds are general funds that are available for use at the charity trustees’ discretion in furtherance of any of the objectives of the charity.

Restricted funds may only be used for certain specified purposes. The charity has a restricted fund relating specifically to missionary expenditure.

C. GOING CONCERN

The charity has a high degree of control over its expenditure and is able to ensure that it operates within its means. The trustees are satisfied that the charity is able to prepare its accounts on a going concern basis.

NOTES TO THE ACCOUNTS

1. DONATIONS

Donations largely comprise one-off or monthly donations to the charity from partners and supporters. Some of these donations are restricted, specifically supporting the work of the missionaries. In addition, the charity runs regular crowdfunding campaigns through JustGiving. In future, the charity may apply for grants from trusts and foundations.

2. ASSET PURCHASES

Assets b/f
Music Equipment
Furniture
Total Asset Purchased
Assets c/f		 Year ending
31 December 2022
Period ending
31 December 2021
£
£
1,970
-
300
1,241
299
729		 Year ending
31 December 2022
Period ending
31 December 2021
£
£
1,970
-
300
1,241
299
729		 Year ending
31 December 2022
Period ending
31 December 2021
£
£
1,970
-
300
1,241
299
729
599
2,569		 1,970
1,970

12

DECLARATION

The charity trustees declare that they approved the report and accounts for the year ending 31 December 2022.

On behalf of the Board:

Name: Wolfgang Mayrhofer Position: Chair Date: 24[th] October 2023

13

Loretto UK Charity Registration Number: 1191616

LORETTO UK 1191616
Receipts andpayments accounts CC16a
For the period
from		 01/01/2022 To 31/12/2022
Section A Receipts and payments
A1 Receipts Unrestricted
funds
to the nearest £
17,461
3,291
20,752
-
20,752
350
165
2,827
4,075
904
2,992
205
2,333
1,382
1,248
(31)
16,450
299
300
599
17,049
3,703
527
4,230		 Restricted
funds
to the nearest £
19,402
19,402
-
19,402
19,607
19,607
-
19,607
(205)
140
(65)		 Endowment
funds
to the nearest £
-
-
-
-
-
-
-
-		 Total funds
to the nearest £
36,863
3,291
40,154
-
-
-
40,154
350
165
2,827
4,075
904
2,992
205
2,333
19,607
1,382
1,248
(31)
36,057
299
300
599
36,656
3,498		 Last year
to the nearest £
Donations 17,461 6,964
Tickets Events 3,291
Sub total(Gross income for
AR)		 20,752 6,964
A2 Asset and investment sales,
(see table).
Sub total - -
Total receipts
A3 Payments
6,964
Accounting 350
Bank Charges 165 72
Books 60
Cleaning 360
Establishment Costs 2,827
Events 4,075
Food 904
General Office Costs 2,992 479
Insurance 205
Marketing 2,333
MissionaryExpenses 2,859
TV,Telephone and Internet 1,382
Training& Development 1,248
Travel (31) 497
**Sub total ** 16,450 4,328
A4 Asset and investment
purchases, (see table)
Furnitures 299 729
Music Equipments 300 1,241
**Sub total **
599 1,970
Total payments
Net of receipts/(payments)
A5 Transfers between funds
A6 Cash funds last year end
Cash funds this year end
6,297
3,703 (205) - 3,498 667
-
527 140 667
4,230 (65) - 4,165 667

24/10/2023

CCXX R1 accounts (SS)

1

Section B Statement of assets and liabilities at the end of the period Section B Statement of assets and liabilities at the end of the period Section B Statement of assets and liabilities at the end of the period
Categories
Signed by one or two trustees on
behalf of all the trustees
B5 Liabilities
B4 Assets retained for the
charity’s own use
B3 Investment assets
B2 Other monetary assets
B1 Cash funds		 Signature
Details
Details
Furnitures
Music Equipments
Details
Details
CAF Bank
Total cash funds
(agree balances with receipts and payments
account(s))
Details		 Unrestricted
funds
Restricted
funds
to nearest £
to nearest £
4,230
(65)
4,230
(65)
OK
OK
Unrestricted
funds
Restricted
funds
to nearest £
to nearest £
Fund to which
asset belongs
Cost (optional)
Fund to which
asset belongs
Cost (optional)
1,028
1,541
Fund to which
liability relates
Amount due
(optional)
Print Name
Wolfgang Mayrhofer (Chairman)		 Endowment
funds
to nearest £
-
OK
Endowment
funds
to nearest £
Current value
(optional)
Current value
(optional)
When due
(optional)
Date of
approval
Wolfgang Mayrhofer (Chairman) 24-Oct-23

24/10/2023

CCXX R2 accounts (SS)

2

Loretto UK Loretto UK
31 December 2022
Charity no.: 1191616 Company no.:

I report to the trustees of Loretto UK (the charity) on my examination of the accounts of the charity for the year ended 31 December 2022.

As the trustees of the charity, 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 Trustee’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 2011 Act.

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.

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