OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-12-31-accounts

SOCIETY OF THE WOMEN OF NAZARETH (also known as Ladies of the Grail)

THE SOCIETY OF THE WOMEN OF NAZARETH (also known as Ladies of the Grail)

FINANCIAL STATEMENTS

YEAR ENDED 31ST DECEMBER 2024

1

SOCIETY OF THE WOMEN OF NAZARETH (also known as Ladies of the Grail)

LEGAL AND ADMINISTRATIVE INFORMATION AS AT 31[st] DECEMBER 2024

STATUS: The Society is an unincorporated charity, registered with the Charity
Commission under number 221076.
NAME: The charity is registered as ‘Society of the Women of Nazareth,’ and
is also known as Ladies of the Grail.
TRUSTEES: The trustees who served during the year were and up to the time
these accounts were signed:-
Philippa Garety
Christine Barker
Mary Leavy
Moira Leigh
Sarah O’Grady
Antony MacRow-Wood
REGISTERED OFFICE: The Hermitage
Cheriton Road
Winchester
SO22 5HW
BANKERS: HSBC Bank Plc
2 Love Lane
Pinner
Middlesex
HA5 3EG
INDEPENDENT Adam Halsey
EXAMINERS: HaysMac LLP
Chartered Accountants
10 Queen Street Place
London
EC4R 1AG
INVESTMENT Epworth Investment Management Ltd.
ADVISERS: 9 Bonhill Street
London
EC2A 4PE
INVESTMENT POWERS: The Trust Deed places no limitations on the Trustees’ powers of
investment

2

SOCIETY OF THE WOMEN OF NAZARETH (also known as Ladies of the Grail)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2024

The trustees present their report and financial statements for the year ended 31[st] December 2024.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Society is governed by Trust Deeds dated 24 October 1962, 20 September 1968 and 12 November 2018 constitution and rules registered with the Charity Commission (Number 221076).

Organisation

The Trust is managed by the board of trustees, which meets regularly and takes all decisions relating to policy matters.

Trustees

The trustees who served during the year are set out on the charity information page at the front of these accounts. The trustees are responsible for the administration and investment policy of the charity. The number and expertise of members is kept under constant review. During the course of the period the trustees met on 4 occasions.

Public Benefit

The Trustees confirm that they have given due consideration to the charity Commission’s general guidance on public benefit. These requirements are addressed in this report.

OBJECTIVES AND ACTIVITIES

The Trust Deed specifies the objects of the charity to be “the advancement of any charitable work for the time being carried on by or under the direction of the Grail by such lawful charitable means as the trustees think fit.”

“As a Society we are aware of God’s presence around us in living creation, in each other and all we meet. We are committed to sharing our Christian inspiration and values in and for the world today.”

During 2024, we have expressed this purpose in a number of ways. Grants were made to:

Trustees have continued to support the Grail Community in a time of flux, and it has been a challenge to maintain the higher level of grant-making during this period. Trustees have been liaising with The Grail Society with a view to collaboration in the future.

POST BALANCE SHEET EVENT

On 19[th] February 2025 the trustees incorporated as a CIO the charity “Women of Nazareth (known as the Ladies of the Grail) CIO” and the trade and activities of this charity were transferred to the new charity on 30[th] June 2025. When appropriate this trust will be formally de-registered but at the date of signing these financial statements the processes required to effect the de-registration have not happened. The aims and objectives under the new CIO constitution reflect those of this Charity.

3

SOCIETY OF THE WOMEN OF NAZARETH (also known as Ladies of the Grail)

REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31[ST] DECEMBER 2024

FINANCIAL REVIEW

The statement of financial activities on page 8 shows a decrease in income from £819,794 to £196,016. The factor for this decline, was that unlike 2023 a legacy for £613,199 was not received. Expenditure increased from £464,543 to £497,059 due as care costs continue to rise. This resulted in a deficit of £301,043 in 2024 compared to a net surplus of £355,251 in 2023, before gains on investments of £255,217 in 2024 (2023: gain of £200,043).

Going concerns

The trustees are engaged in updating the charity to CIO status and considering the longer-term accommodation needs of the community and, as stated above, examining the way forward for the Grail movement in this country as current members are no longer in a position to operate as in previous times.

Investment power, policy and performance

In accordance with the trust deed, the trustees have power to invest in stocks, shares, investments, and property as they see fit.

One of the considerations of the trustees in the appointment of Epworth Investment Management was their ethical investment mission which promises:

Since 1 October 2013, the mandate has been one of discretionary management and the trustees review the portfolio with reference to bespoke benchmarks.

The board met with Epworth Investments in the Spring to consider their strategic objectives and consider any changes in the portfolio. As a result of this meeting a decision was taken to resume the payment of dividends as previous large cash balances had become denuded. The trustees are satisfied with the performance of the investments in the year.

Reserves policy

The society has designated funds for welfare and long-term maintenance. Details of these can be found in note 8 to the accounts. The welfare funds provide for the long-term care and support of the members of the community. The trustees have considered the level of provision taking into account the number, age profile and state of health of the members and keep under constant review the sums required to meet their needs. Long-term maintenance sets aside funds to cover large maintenance expenditure of a non-routine nature. It is the policy of the Society to maintain unrestricted funds, which are the free reserves of the society, at a level, which provides for the day-to-day activities of the society. The undesignated balance of the unrestricted funds (excluding Tangible Fixed Assets) represents approximately 10 years of annual expenditure. The trustees believe that given the economic climate and their current consideration of how best to further the Society’s mission in and to the world, this is an appropriate level of free reserves to retain for the purposes set out above under the heading of Objectives and Activities.

4

SOCIETY OF THE WOMEN OF NAZARETH (also known as Ladies of the Grail)

REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31[st] DECEMBER 2024

Risk management

The trustees continue to assess on a regular basis the risks to which the charity is exposed. They are satisfied that the systems in place are adequate to mitigate our exposure to major risks. A risk register is in place and is reviewed regularly at their meetings. In November 2020 after taking professional advice the trustees adopted a new Safeguarding Policy which is subject to annual review. At the same meeting the Board undertook a briefing/training session on Data Protection and Information Governance prepared in conjunction with a legal representative. The grant-making policy has also been updated.

Trustees’ responsibilities in relation to the financial statements

The Trustees are responsible for preparing the financial statements in accordance with the applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs at the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing, those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and reports) Regulations 2008 and with the Trust Deeds dated 24 October 1962 and 20 September 1968. 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.

For and behalf of

TRUSTEES OF THE SOCIETY OF THE WOMEN OF NAZARETH

A. MacRow-Wood

………………………………………… A MacRow-Wood

………………………………………… Sarah O' Grady S O’ Grady Trustee

Date: 28th August 2029

5

SOCIETY OF THE WOMEN OF NAZARETH (also known as Ladies of the Grail)

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SOCIETY OF THE WOMEN OF NAZARETH

Opinion

I report to the Trustees on my examination of the financial statements of the Society of the Women of Nazareth (the Charity), for the year ended 31 December 2024.

Respective responsibilities of trustees and examiner

The Trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”). The Trustees are satisfied that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination.

I report in respect of my examination of the Foundation’s accounts as carried out under section 44(1)(c) of the 2005 Act and section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of 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 matters have come to my attention giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

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

Adam Halsey 10 Queen Street Place HaysMac LLP London Chartered Accountants EC4R 1AG

Date: 3 September 2025

6

SOCIETY OF THE WOMEN OF NAZARETH (also known as Ladies of the Grail)

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the income and expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
INCOME FROM
Donations and legacies
9
Royalties
Publications
Investment income
Dividends and interest 10
TOTAL INCOME
EXPENDITURE ON
Charitable activities
- Support of the Charity's Ministers
TOTAL EXPENDITURE
2
NET INCOME (EXPENDITURE) BEFORE
GAINS/(LOSSES) ON INVESTMENTS
Gains / (losses) on investments assets
5
NET MOVEMENT IN FUNDS
FUNDS BROUGHT FORWARD
FUNDS CARRIED FORWARD		 Total
Unrestricted
Funds
2024
£
26,997
16,771
30,427
121,821
196,016
497,059
497,059
(301,043)

255,217
(45,826)
6,767,780
6,721,954		 Total
Unrestricted
Funds
2023
£
646,948
60,704
-
112,142
819,794
464,543
464,543
355,251
200,043
555,294
6,212,486
6,767,780

The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The accompanying notes form part of these accounts.

7

SOCIETY OF THE WOMEN OF NAZARETH (also known as Ladies of the Grail)

BALANCE SHEET AS AT 31 DECEMBER 2024

Notes
FIXED ASSETS
Tangible fixed assets
4
Investments
5
CURRENT ASSETS
Debtors
6
Cash at bank, building societies, and in hand
CREDITORS: amounts due within one year
7
NET CURRENT ASSETS
FUNDS
UNRESTRICTED
Designated
8
Other charitable funds		 2024
£
£
2,203,475
4,237,110
6,440,585
110,160
195,414
305,574
(24,205)
281,369
6,721,954
1,951,716
4,770,238
6,721,954		 2024
£
£
2,203,475
4,237,110
6,440,585
110,160
195,414
305,574
(24,205)
281,369
6,721,954
1,951,716
4,770,238
6,721,954		 2023
£
£
2,204,747
3,981,893
6,186,640
308,954
315,536
624,490
(43,350)
581,140
6,767,780
1,951,716
4,816,064

6,767,780		 2023
£
£
2,204,747
3,981,893
6,186,640
308,954
315,536
624,490
(43,350)
581,140
6,767,780
1,951,716
4,816,064

6,767,780
110,160
195,414		 308,954
315,536
305,574
(24,205)		 624,490
(43,350)
1,951,716
4,770,238		 1,951,716
4,816,064
6,721,954 6,767,780
6,721,954 6,767,780

The financial statements were approved and authorised for issue by the Board of Trustees on 28th August 2025 and were signed below on its behalf by:

A. MacRow-Wood

A MacRow-Wood Trustee

Sarah O' Grady S O’ Grady Trustee

The accompanying notes form part of these accounts.

8

SOCIETY OF THE WOMEN OF NAZARETH

(also known as Ladies of the Grail)

1. ACCOUNTING POLICIES

Statement of compliance:

The society of the women of Nazareth is a charity (registered number 221076) registered in England and Wales. The registered office and principal place of business is: The Hermitage, Cheriton Road, Winchester, SO22 5HW.

The financial statements comprise of:

Basis of preparation

The financial statements 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 to the UK and Republic of Ireland (FRS 102) – (Charities SORP (FRS 102).

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The currency is pounds sterling, and all figures included are rounded to the nearest pound.

Going concern

The Trustees assess whether the use of going concern is appropriate, 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. 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 and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Income

All income is included in the statement of financial when the charity is entitled to the income, probable that the income will be received, and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.

Donations and legacies

Donations and legacies are recognised when receivable or when the Charity legally entitled to them. Receipts of property, investments or other gifts in kind are included at market value at the time of receipt.

Expenditure

Charitable expenditure consists of all expenditure directly relating to the objects of the charity. Certain central costs which cannot be directly apportioned are allocated between charitable expenditure and Governance costs on the basis of the Trustees’ estimate of the time spent on relevant functions

Fundraising and publicity costs comprise expenditure incurred by the Charity in appealing for donations and in enhancing the Charity’s public image.

9

SOCIETY OF THE WOMEN OF NAZARETH (also known as Ladies of the Grail)

ACCOUNTING POLICIES (continued

Tangible fixed assets

The fixed assets owned by the Charity are valued at cost.

Depreciation is provided at the following annual rates to write off each asset to its expected residual value over its expected useful life.

Land Not depreciated Buildings Not depreciated Furniture, fixtures and equipment Previously at rates between 10% and 20% on written down value but as the residual value was now negligible it was decided to write it off completely.

Motor vehicles Previously at 25% on written down values but as the residual value was now negligible it was decided to write it off completely.

Additions to fixed assets costing less than £2,000 are written off in year.

Investments

Investments are a form of basic financial instruments and are initially shown in the financial statements at market value. Movements in the market values of investments are shown as unrealised gains and losses in the Statement of Financial Activities.

Profits and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated between sales proceeds and their opening carrying values or their purchase value if 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. Realised and unrealised hives anent gains and losses are combined in the Statement of Financial Activities.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments.

Creditors and permissions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.

Funds

Unrestricted and designated funds are available for use at the discretion of the Trustees in furtherance of the general objective of the Charity. The purpose and use of the designated funds is set out in the notes to the financial statements.

Estimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Trustees' best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustees do not consider thereto be any estimates and judgements.

Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value. The portfolio of investments held by the Charity is included at fair value.

10

SOCIETY OF THE WOMEN OF NAZARETH (also known as Ladies of the Grail)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

2
EXPENDITURE
Depreciation
Other
£
£
Charitable expenditure:
- Support of the charity's ministry
1,272
458,279
- Governance of the Charity
-
37,508
1,272
495,787
EXPENDITURE
COMPARATIVE
Depreciation
Other
£
£
Charitable expenditure:
- Support of the charity's ministry
307
451,025
- Governance of the Charity
-
13,211
307
464,236
All other costs are directly attributable to the activities to which they relate.
The Governance of the Charity includes:
Trustees’ expenses
Independent Examiner’sremuneration		 2024
Total
£
459,551
37,508
497,059
2023
Total
£
451,332
13,211
464,543
2024
1,974
5,088		 2023
1,149
5,040

3 TRUSTEES' REMUNERATION

5 Trustees received reimbursement of £1,667 expenses for travel and subsistence in connection with their duties as trustees (2023: 924).

The charity has no staff, and the trustees are considered to be the key management personnel in the management of the charity.

4 TANGIBLE FIXED ASSETS

Land and
Buildings
£
COST
At 1 January 2024 and 31 December 2,432,707
DEPRECIATION
At 1 January 2024
229,232
Charge for the year
-
At 31 December 2024
229,232
NET BOOK VALUE
At 31 December 2024
2,203,475
At 31 December 2023
2,203,475		 Furniture
& Fittings
£
68,915
68,175
740
68,915
-
740		 Motor
Vehicle
£
15,900
15,368
532
15,900
-
532		 Total
£
2,517,522
312775
1272
314047
2,203,475
2,204,747

11

SOCIETY OF THE WOMEN OF NAZARETH (also known as Ladies of the Grail)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

5
FIXED ASSETS INVESTMENT
Quoted Investments
Market value at 1 January 2023
Additions at cost
Disposals at market value
Cash etc. movements
Net (losses) / gains on revaluations
Market value at 31 December 2024
Historical cost at 31 December 2023
6
DEBTORS
Prepayments and accrued income
Other debtors
7
CREDITORS
Creditors
Accruals		 2024
2023
£
£
3,981,893
3,892,351
45,153
2,176,629
(71,552)
(2,290,046)
36,104
245,512
2,916
200,043
4,237,110
3,981,893
3,981,893 3,892,351
2024
2023
£
£
110,081
308,634
79
320
110,160
308,954
2023
2023
£
£
19,117
39,030
5,088
4,320
24,205
43,350

8 DESIGNATED FUNDS

The following funds have been set aside by the Trustees, out of unrestricted funds, for specific purposes.

Welfare
Long term maintenance		 Designated/
31
1 January
(Released) in
December
2024
the year
2023
£
£
£
1,905,766
-
1,905,766
45,950
-
45,950
1,951,716
-
1,951,716

Welfare Fund

To provide funds for the long-term care and maintenance of members of the community. A review was undertaken in 2019, and it was felt that the fund was at a realistic level. The fund will continue to be reviewed annually. In consideration of the age and health of the remaining community members it is difficult to be accurate as to timing of this expenditure, but it is considered that a reasonable estimate is that this will cover all eventualities over the next 10 years.

Long Term Maintenance Fund

To provide funds for the maintenance of the buildings owned by the Charity.

12

SOCIETY OF THE WOMEN OF NAZARETH (also known as Ladies of the Grail)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

9. DONATIONS AND LEGACIES
Legacies
Donations
10. DIVIDENDS AND INTEREST
Dividends
Interest		 2024
2023
£
£
-
613,199
26,997
33,749
26,997
646,948
2024
2023
£
£
116,785
104,813
5,036
7,329
121,821
112,142

13