THE SOCIETY OF THE WOMEP4 OF YAL4RETh (also known a5 Ladies of th¢ Gr#ll) THE SOCIETY OF THE WOME1% OF NAZAR I•1$ kfftowu 4$ 141dlts uf the GrAII) FINANCIAL STATEMENTS YEAR EliDED 31ST DECEMBER 2(121 Hay*nacintyre LLP CharT¢rcd Accountants R¢gtstered Aud]"tors
THE.SOCIETY OF THE WOMEP4 OF NAZARETH {also knuwn a5 Ladle$ of the Gr*ll) LEGAL AND ADMENISTRATIVE INFORMATION AS AT 31ST DECF.MBER 21121 STATUS: The Sociery is an wjincorwrated charity, registrred with the Cliarity CoMmil011 undet. ntunb¢r 221076. NAME: ie charicy is regisiered a5 'Society of the Wtsn]cn of NaT¢th,. and is also known as Ladies of the Grwl. TRUSTEES: The t]ustees who served during thv yearwar and up to the timc these accoun were Siled..- Pjiilippa Garcty Mary Grasar Philip Hayllar Mary Leavy Moira Leigh sh O'Grady AlltOE]y MaLRow Wood REGISTERED OFFICE: The Herniitsge Cheriton Road Winchcstcr S022 5HW BANKERS: HSBC Bank PIC 2 Lovc Lane PinncT Middlo%ex HA5 3EG INDEPENDENT EXAMINERS: Haysma¢inryre ChdrtLred Accuujitants 26 Red Lion square Loiidon WCIR4AG IrivESTMENT ADVISERS: EpwoTth Inveskncnt Managcment Ltd. 9 Bo]thill Street Loiidon EC2A4PE INVESTMENT POWERS: Th¢ TNst Deed place5 no limitatiotLS on the Trusiees. powers of Investment
THE SOCIETY OF THE WOMET4 OF NAZARETH
(also known as Lxdie5 of the Grail)
REPORT OF THE TRUSTF.F.S
FOR THE YEAR ENDED 31ST DECEMBER 2021
The tte¢S presenÈ their report and 11nlia1 Sta¢ Cor the year ended 31 D¢Lember 2021. Tlie trust¢es consider thai
an uudTt 15 not required for this yC41r lunder Section 144121 of the Chdriiivs Act 2011 UDd thac an independenr examination
Is rc
THE SOCIETY OF THE WOMEN OF YAZARETH also knoY4D as Ladles ofthe Grail) REPORT OF THE TRUSTEES (¢ontlftlled) FOR THE YEAR ENDED 31ST DECEMBER 21121 FANCLL REvw The statcmcni of fjnancial activiues on page 7 shows an Éncr¢asc in income frown £1111323 to £235.596 tnwnly due LO a itjcrease in royai¢y income of £19.494 and iovestsnent tncome of£34.853 Compared to 2020. Expendtiiire increaged slighily to £262,680 from £251.760 due to in¢rca%d costs in supw>rt olthe Charity's Minisiries predominantly due io addtlional welfd. re costs. This resulted tn a net deficit of £27.084 in 2021 (2020 Dei deficit £69,669). Investment power. pollcy and perfomaD¢r Itl accordance with the Lnjst dced. the twstrcs haN'e power invest ill ilock& shares and investm¢nts and property as they ser lit. Onc of the consid¢rations of th¢ tnjstees ID the appointmcnt of Epworth InV¢t ManagemeDt was their ¢thiLdi investment mission which promises.. ts) follow a discipline in whsch the ethilal dImei0 is integral w of all invesunent dccssions to Collslruct the investment p)rtfolios cOl$lent with the nkordl SraTr and Te&chings of thc ChTiStian faith to encourage stfdlegi¢ thinking on the cthics ofitivesthieni to be a Cbri5tiaD with$ in the invcsrinent commwiity Sincc l October 2013 the matldatt b35 bc¢n one of discr¢ti"ot)ary [nana8¢ml and tht ttwÉets revivw the portfolio with reference (o bespoke bencb marks. Theboard met with Epworth Invr5tments in November 2021 to consideriheirstrategic obJLttve5 and ¢ottsider any chge$ in th¢ wrfolio. As a rcsult of this mceting and thc light of sigttificani cash holth.ngs a d¢cision was tak¢n to rcinvest all divideDds for the sub5quent six ONthS and subjeci to ongoing review. The tnterS are satisfied with the F¢rformanc¢ of the Tnve5tments In the year. Reserves poli Thc sociery ha5 desiad firnds for welfare atd IoAJg4erm maintcnancc. Detatls of these can be found in note 8 to the accounts. Thc wcltaTC funds provide for the long-ter Care 2nd SUEWOrt of the Tnfflnbcrs of the community. The tte¢S have considered the level of wovision raking account ihe E]umber. age profile and sthte of health of the manbers and keep under consianr rcyiew thc sums required to meet their needs. Liing-ierm maintenance scts ksEd¢ fijnds to cover large 1n4iinTenance ¢xpendinirc of a n4Jn-routint natiur. li is the lIcY of the Soci¢ry io mainrain unrestricted fi]nds. which ar¢ the fre¢ rv5etvcs of the society. ai a level. which providc5 for the ddy-i(H]ay ac(ivitl¢b of the soci¢ry. The undesited balanLe ol. the unrcstr¥cted knds (excluding T8nwble Fixed Ass¢tsi reprcsents 3pproxitna(cly 10 years of amLuaJ cxpendiDJre. The trustees bclieve that given the economic climate and their cutrent considernts.on of how besi to the Society's mÈ&sion in ¥thd io the worl¢L this is an approptiale level of frec reserves rcfain for ihe pwp)5es set out above tmder thc h¢ading of Obj¢¢tivcs aDd Activiti¢s. Rlsk maDagemtDt The tn]siees ¢(tinUe to ass on a rcguiar basis tht risks which the tharity is exposed. They are satisfied that the systems in placc are adequate to mitigatc our exposure to major risks. A risk rcgtster 15 in place and is revicwed regularly at thcjr rneetin¥s. In Nvvemb¢r 2020 after taking profe&sional advice the ttusrLcs adopted d n¢w Safeguarding Policy. At the same mcctingtheBoard underti)ok abriefingltrdining sessiouon Data Proiection and InfoErnation GoverEwice prepared in conjunction with a legal rewesenthtivc. Tru5tees' resptrn51bllities in relation to the flnanelal st*itmeDts The TruCeS arc rc5ponsiblc for preparing thr financial ststeJr]ents in a¢cordanc¢ with the applicablc law and United Kingd¢)m Accounting Sthndards Iuniicd Kingdom Generdlly Ac¢¢ptrd Accounting Ptadi¢¢).
THE SOCIETY OF THE WO.MEN OF NAZARETH {al$o known a5 Ladies tsfthe Gr¥fill REPORT OF THE TRUSTEES (¢ontlnued) FOR THE TrTAR EP4DED 31ST DECEMBER 2021 The law applicable lo ehartlies in England and Wales re9Utres theTrusttes io prepare fjnancial sthiemeftts for each fancIal year. which gtv¢ a tnie and fair view of the state vf affairs at the Charity and of th¢ in¢uming re50llrces and application of re50WCCS Lif ihe Chariry for tliat period. ln PTcparing. those financidl stdlLmLnls thc ¢ru51ees are r¢quir¢d tv.. sclccl 8Uitablc accounting policic.s and IhEn apply thcrn coii8islcnily' bscrvc the methods and prinLiplc5 of tlic Charitics SORP,. make judgemtyiES and eslirnalcs thai are reasonablc alld prudcnt,. stak whether applicable accounting stsndards have been followed, subjeet to any Materi dq)artures disclosed and explained in the financial sutemen(s- and prq)dre the [ancial stlltLmLnts on d gFuing conc¢rn basts unless it is inappropriate to pr¢sum¢ thai thc charity wtll continue in business. Trustees, respon%ihilitie% in relation to the finantul statements {contiNuedl The trustees are respunsible fvr keeping proper a¢¢ounting record5 wliicli disclose with r¢ab()nable accur4LCy at any time th¢ fittdrtcial position of thc Charity and ttTr enable thn to ensur¢ that thc fjnancial statejntnts Lomply with the Charitie5 Act 2011. thc Chdrity (AccounLg and reporL%I Reglllati()ns 2a08 lind witji the Tn]st DeL(Ls ddtcd 24 Ociober 1962 ?0 September 1968. They are also respongible for salcguarding thc asqcis ot the chaTity and hcncc lor L%king r¢a.%onablc 5tep5 for the prevLYlion ld deteciion of fraud and orher irregulaTities. For and bchalf vf TRUSTEES OF THE SOCIETY OF TIIE WOMEN OF NAZARETII P A Hayllar Tntstee M<iira Icigh Trnse Date.. I l August 2022
THE SOCIETY OF THE WOMEN OF NAL4RETH lalso known as Ladles of the Gralll INDEPENDENT EXAMINER'S REPORT TO THF. TRUSTEES OF THE SOCIETY OF THF. WOMF.P4 OF NAZARETH I rep(Trrt lo the Tiustees vn illy examin&tion of the accounts of The Society of The Women of Nazareth (the ChaTiry) for lh¥ y¢¢ir cn(Jed 31 December 2021. R¢sponslbllitlc5 bas15 of report As the Chai'iiy Tn]stees ol'thc Charity. you are responsfftble for the prrpaTaliL)n ofthe accounts in acwrdance with the requirements of the Cliarities Act 2011 I'th¢ A¢t'l, I report ljl Tespect of my examinauon of th¢ Cbarity's accounts ¢arried oul under secLion 145 of the 2011 Act and in carrying out my exliminaliun I hve followed all the applicable Directions given by the Churity Commission under seLtivn 14515)(bl of the Act. Independent ¢xamincr'5 SttemeTht I hdvc C(implctcd my examination. I Lonfimi that no tnateriai matters hdve Clbme ts) my attention in conncction with th¢ examination giving me cause to believe that in any ni8terAal r¢speci-. . a¢cowitin&7 reLurds were not kept in respect of the Trust as required by section 130 of the Act. or 2. th¢ accounts do not a¢¥ord with Ihose records. or 3. the aecowits d¢) rtol Lumply with dje appliLdblc rcquirements conccrning thc fomj and content of a¢¢owits sct vut in th¢ ChdTiries IA¢cowJts and Rcpuitsl Regulations 2008 vther tban any rcquiremcnt that the accounts give & Irll¢ and fair view wliicli is nul a iJiatteT cunssdered as part ocdn independeDt eXa1natÈ0rt. I have 00 concerns and have Lvrne dcf05s no other matters in Lunii¢cliL)n with tlie exdminlitivn tu which aitenlion should be diBwn in this r¢port In vrdcr to cnablc a propLr undcr5tanding of the acLoutJts Iv b¢ rLaLh¢d. Adam Ilalscy FCA DChA Haysmacinryre LLP l O Que¥n Street Place London EG4R IAG Datc.. 11 August 2022
THE SOCIETY OF THE WOMEN OF NAZARETH (also knuwn a5 Lddles ofthe Gr#ll) STATEMENT OF FtNANCIAI, ACTIVITIES OncotyoraOn¥ the IR¢ume And expendlture account) FOR THE YEAR ENDED 31 DECEMBER 2021 Total UnreJtri<ted unds Total Unrcstrlcttd Funds 21120 21b21 Notes INCOME FROM D&nitions And leiaeles 83,395 83,881 Royaltles 37.922 18,428 Ch&rltbl¢ 8¢ttvltles Contcrence% aiid tces 588 Investment In¢orne Divid¢nd5 and intcrcst 114 179 79,426 TOTAI, INCOMF. 234 596 182J23 EXPENDITURE ON ChArlt8blL' 8etlvltles Support olthc Charity's Minisicrs Bookb aiid i)ubliCli0n.4 262,6110 251,876 TOTAL EXPENDITURE 262 680 251 992 NET INCOME (EXPENDITURE) BEFORE GAIN.8/ILOSSES} ON JNVESTMENT.8 127.084) 169.6091 Unreali%ed Ilo%th) g#ins on ijivv5tineiiL%' us&e 545 171 229 245 NET MOVEMENT IN FUNDS 518.087 1298.9141 FUNDS BROUGHT FORWARD 6 $46,744 6 845.658 FUNDS CARRIED FORWARD £7.064 831 £6,546,744 Thc Sta(cmciit of Fiiianeidl A¢liviii&% iiicludes all 8uinb and 105ses in ihe ye*r aiid iherefore a Slalcmeni of tol&l recognised gaitt.4 ajid lo.sse% lias not been prepared. All of the above amounts relate to eontinlling activiti&i. The accompanying note5 form part of these accounts.
THE SOCIETY OF THE WOMEN OF NAZARrfH (also x5 Ladles of the Gralll BALANCF. SHEET AS AT31 DECEMBER 2021 21121 2020 FIXED ASSETS Tangibl¢ fixd asseL% Inveslm¢nts 2,205,670 4J74.060 2.206,460 3,821,889 6.579.730 fj,028.349 CURREiYf ASSETS Debtors Cash at bank. building socicties, and in hand 1502 514 751 5 I6.?53 9.596 523 232 532,828 CREDITL)RS." dt wlihlD One ye NET CURRENT ASSF.TS 485.101 7.064.831 51 X.395 6,546,744 FUNDS UNRESTRICTED Dcsiwiatcd Othcr Lharithbl¢ funds 2.176.673 4488 158 2.261.478 4 285 266 6 546 744 The finattcial statem¢nt% were aNJrov¢d and audrIsed for by thc Board of Tntts oil I l August 2022 and W¢ signed bclow on ILS b¢hAlf by.. P A Hayllar Tnjstec Moira Lcigh TnJMee Tru&¢ee Th¢ a¢componying notes forni part of these accounts.
THE SOCIETY OF THE WONIEry OF YAL4RETH IAis0 kboTrvtt as Ldie5 of th¢ Grail) NOTES TO THE Ftr.4P4CIAL STATEMEYTS FOR THE YEAR ENDED 31 DECEMBER 21)21 ACCoU1NG POLICILS The principal 2ccouniinb poIA¢i¢S adopied. judgements and key sources of &%tirnaiion un¢ertainty in the preparation of thc rJnanLiai statements are follows: Ba515 of pr¢prgioD The fjnancial statements have b¢¢n prepared Jn accordancc with Accounting and RrwiiThg by CharJti¢s: Statetjieni of Recommended PrdCTiCC applicable to charities preparing their accounts in accordance th¢ Financial Reporting Standard applicabl¢ in the UK and Rcpublic of Ireland {FRS 102)- {Charities SORP IFRS 102). The meets the definition of a bIt¢ benefit elltiry undct FRS 102. A&4ets aod liabilitt¢s are initia]ly recognised at hisiwical cost or traosactsoo value wil4 otherwise ststed in the relevant accouDling policy noic(s). Preparation of fln8n¢ll stxtetuemts ott * going Concern bsts The TrSteCS consider th¢r¢ ar¢ tto twenai unccrtaintic5 aLt the Cbaritys ability to ¢otttinuc as a going concern. The review of th¢ fJnan¢ial position. reserves levels and firnre plans 8xv¢s Tnwccs Confid¢¢ the Charity rem&ins d gotng concern fw th¢ foreseeable future. All inL4)me is includcd Jtj the staternent of fLnancia] activities when thL Chariry Eg entitled TO the income. it Probdble that income will be re¢eivEd and thc atnount can be quaniified with reason4bl¢ accwacy. The following specifjc w)lici¢s are appli to particular categori&s of incom¢= Doptaiioikf tmdlegocies lknnation$ and lega¢Èes are recogltiscd when receivable or when the Cbarity becomes Icgatly enuded ro them Re¢eipts of property. itLvesth)ents or other gifts in kind are included at market Vdlut ai the time of receipt. Expenditure Charttsble expend]"WTe consists of a]1 expenditure dtrectty relatirtg lo thc objcc15 of the Charity. Certain centsal ¢Dst8 which cannoi direcdy aprrtioned arc alloc3red between chztitable expenditure and Cmvemance costs on the basis of tlie TTUStees' esiimaL¢ of the time spcDi on the relevani fitiOn& Fun(traising and publicity costs compris¢ expendiiure illojrted by the Charity in apd11ng for dOnl0S and in eDhancEng the Charity's public image. Govemance c(Tr5ts include cxpenditur¢ on compliancc with CO511tli0naI and swutory requirements. TY4Trgible A59et$ The fjxed assets owned by the CThatity were valued at c Dcpr¢ciation is provided atthe following annual ratrs to Wtiteoff e*h its expected residuaj value over its expected useful lifc.. Land Not deprccia(¢d Buildings Noi deprcciated urniture. fLXtures and equipm¢nt At tates between I/¢ and 2fi on written dovm va]ue Motor vehicles AI ISU/y on wriuen 4Jowu Yaiu&s Additions to fjxd &&qets Costing than £2.1XIO arc writkn off the Yr.
THE.8OCIETY OF THE WOMEN OF NAZARETH {also known as L¥4dles of th¢ Gralll NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR E]YDED 31 DECEMBER 2021 I. ACCOUNTING POLJCJES Investments Invcstrtients are a tomi ot. basic tinancial insuum¢n¢S and are iniiiaily thuwn in the financial srat¢entS at mket value. Movcmcnts in (hc Enarket values of invcsttllents are thown as usjrealised gains dnd Ivsses in th¢ Statemtht of Financial Activiues. Profit5 and losses on the realisaiion of ini'esth]ents are shown as realised gains and lusses in the Statement uf Financial Activities. Realised btiiins aTLd losses (Trn invesfments aiE calculated between sales pro¥eeds and their opening LdfryLD VdluLB or thell" purch&s¢ valuL if (ILouired subscqubnt to the first day of thc financial year. Unrcaliscd gains and losses 2rL calculated &$ thc diff¢rviice between tbtt fair vdlue at the year end and their earrying valuc. Reali5ed and uttrcalised hiva anent gains and losses are combkned in thc Stateffient ofFinan¥ial Activities. Debtors Trade vtber debtors are recognised aT th¢ 5¢tt1emcnt amount due. Pr¢payments are valued at thc amount prepaid. C8$b at bank attd In hand Cash at bank cash in hand inLlud¢s ¢dsh and slion terni highly liquid inv¢stments. Credltors permlssions Creditors and provisions reLognised where the Chariry has a present obligation resulting frvm a past event that will PTobably result in the triinsfer of futtds to a third parry and the iiTnount due to settle the obligatiot) ¢an be measured 01 cstimatcd reliably. Cr¢ditors 4Lnd PTI)visions arc numidlly Tccogniscd ai thLIT scttlcillcnt amount. Fllnd$ Unrestricted 8nd dcsignated funds arc available for usc at thc disciEtion of the TrnstLLs tn furtlierance of th¢ general obj¢ctivc of the Charity. Th¢ purpose and usc of thc dcsignated funds is SLf oui in thc note5 to th¢ fin3nLiiil staternents. Estimate5 and jud%emeDt$ Estimdtes dtsd judgements are cuntinually ev£iluated and bds¢d OJJ historical exp¥ri¢nce and other factors. including expectations of fiJMrc ¢v¢nts that are believed to b¥ redSI)nableund¢r th¢ ¢trcumsrarJGe5. Although these estimates are ba5cd thc Trustccs. bcsi knowlcdgc of thL dmount, evcnts ur aLtiuns, aLal results ultimaty.ly (tiffer fioEn these estirndtcs. The Ttustccs do noi eoE]5idcr thcrcio be atry cstimates and jlldg¢m¢RL%. The Charity onty ha5 financial &ssets and fitw]cial liabilitie.s of a kind that qualify as basic fInanci insirllmenLs. Basie financial instrum1, ineludiiig trad¢ and other debt0 and creditors are initially rccognised ai transaction value and subsequently measured at theiT S¢tdement value. The portftslio of investments held by the Chartty is inelllded ai fair value.
THE SOCIETY OF THE WOMEN OFNI AZARErH (also known L3dle8 ofthe GNII> NOTLS TO THE FINANCIAL STATEMF.NTS (tolthiued) FOR THE YEAR EI¥DED 31 DECEMBER 2021 2 EXPENDITiIRE 21)21 Tothl 21120 Ttstal DepredatloR Charitable expenditur¢: - Suppon of the chty$ miDis(ry - Books and publications - Governance of the Charity 79) 240.725 241.515 239,625 116 12251 25 L,992 21.165 261.890 790 262.680 EXPLiYDITURE COMPARATIVE 2020 Total Ch8sitable eXpellditie. - Support of the charity's ministy 1.424 238201 239.625 - Book5 aTJd publications 116 116 - Govemat)ce of the chty 12 51 12 51 1.424 250.568 251992 All other costs are dirccdy attributsble to the KtiVi(ies to wbith they relaEe. 2021 202fl The Governattce of thc Charity includes Independent Examiaees [DUnOn 3.600 3.872 3 TRUSTEES, REMU¥ERATION Trw&s received reimbursemc4tÈ of expcnses ¢ontteciiw with their duties as tsubtres. (2020.. Nil) 4 TAf4GIBLE FIXED ASSETS LaThd and Btyudkngi Furmiture & FIttEDgs Motor Vebkk Totxi COST A¢ l Jary 2022 and 31 DeMber DEPRECIATION At l Jathuary 2021 Charge for the yedr At 31 Dec¢mber 2021 NET BOOK ALUE At 31 December 2021 707 68.915 2517522 229232 67,192 474 14.638 316 311,062 229232 311852 2,•03,475 L205.670 At 31 December 2020 2 703 475
THE SOCIETY OF THE WOMEN OF NAL4RETH (also known as Ladles of the Gralo NOTES TO THE FIliANCIAL ATEmENTs l¢otttlD•ed) FOR THE YEAR ENDED 31 DECEMBER 21)21 FIXED ASSETS IhWESTMENT 2021 2020 Quoicd InvesDnents Market value at l January 2021 Additions ar cost Disposals at market Value Nei {loss£s} I gaiDS on revaluations Mke[ value at 31 Ikcemlxr 2021 Hisrottcai cost * 31 Dc£embcr 2020 3.8?1,889 3.769.672 13.762,6721 4,014.023 1.904.857 (1,867.746) 229 244 3 821.889 4.374.060 3,8?1.889 DEBTORS 2021 2020 Prepayents Other debtors 1502 5,566 1.502 CREDITORS 21121 20211 CrediioT5 Ac¢rued expenditurc 12.552 18.600 31,152 5,833 DESIGNATED FUNDS 14.433 ThefDIIoM7ngfunds h¢nr beu yet aside ty the Trnstses. oiil oftsBrestncledfvids.foTSPet2fv piuposes. D251ptedL (Relei%d) the ytar 31 December 2021 J Jiknuary 2021 Welfare Long rm maint&)ance 1223.428 1109255 2,114,173 ? 261,478 84805 ? 176673 Welf*re FDRd To provtd¢ fi]nds for the IoDg tcrni care znd mainienance of rn¢mbers of the ¢ommurrity. A review w undertaken in 2019 and tt was felt that thc fid w&% at a reali#ic Icvcl. The fimd will continue to bc revicwed annuatly. t•ng Term Mxintenuet Fund ro provide fiJnds for thc mainte1¢ of the knildthgs ownrd by the Chatity. 12
THE.S()CIETY OF THE M'OMEN OF NAL4RETH (#l$o known a$ Ladles Of the Grall) NOTES TO THE FIN.4NCIAL STATEMENTS (cofln¥ed) FOR THE YEAR ENDED 31 DECEMBER 21lll FtNANCtAL INSTRUMEYTS 2921 2020 Financial assets at fair value £4 74.(A) £3 ¥21 889 Financial a&sers at amonised cost Financial liabilities at amortised Ftnancial assets mcwed at fair vaiue ¢omprÈs¢ iNvGthcnts. 13