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2020-12-31-accounts

Charity Registration No. 223318

OBLATES OF MARY IMMACULATE

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

OBLATES OF MARY IMMACULATE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees The trustees are incorporated as ''Oblates of Mary Immaculate Trustees
Registered'', the trustees of which are as follows:
Rev O Barry OMI (Chair)
Rev L Griffin OMI (Treasurer)
Rev M O'Connor OMI
Rev T Murray OMI
Rev J McFadden OMI
Rev D J A Andodage OMI
Rev L Philomin OMI
Charity number 223318
Provincial Rev O Barry OMI (Chair)
Treasurer Rev L Griffin OMI
Telephone 00 353 1 4541160
Fax 00 353 1 4541138
Website www.oblates.ie
Principal address Provincial Residence
House of Retreat
Tyrconnell Road
Inchicore
Dublin 8
Ireland
Auditors BWM
Castle Chambers
43 Castle Street
Liverpool
L2 9SH
Bankers NatWest Bank PLC
Corporate Banking
Chester and North Wales CRT
Union Street
Chester
CH1 1UA

OBLATES OF MARY IMMACULATE

LEGAL AND ADMINISTRATIVE INFORMATION

Solicitors Chafes Hague Lambert 131 King Street Knutsford Cheshire WA16 6EJ Balfour and Manson 56-66 Frederick Street Edinburgh EH2 1LS Investment advisors Cazenove Capital Management 1 London Wall Place London EC2Y 5AU

OBLATES OF MARY IMMACULATE

CONTENTS

Page
Trustees' report 1 - 9
Statement of trustees' responsibilities 10
Independent auditor's report 11 - 14
Statement of financial activities 15 - 16
Balance sheet 17
Statement of cash flows 18
Notes to the financial statements 19 - 34

OBLATES OF MARY IMMACULATE

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees of the Missionary Oblates of Mary Immaculate present this report and accounts of the Anglo Region of the Anglo-Irish Province for the year ending 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust Deed, the Charities Act 2011 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 UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

Introduction

The Congregation of the Missionary Oblates of Mary Immaculate is an International Roman Catholic religious congregation that supports 3,883 priests and brothers working in 67 different countries throughout the world. The congregation was founded 204 years ago in Southern France by Saint Eugene de Mazenod.

In order to allow for the general administration and financial management of works, properties and members of the trust known as the Congregation of the Missionary Oblates of the Most Holy and Immaculate Virgin Mary was declared on 11 December 1937. A certificate of incorporation of the trustees was granted by the Charity Commission on 15 September 1997. The registered objects of the charity include the promotion of education and the advancement of the Roman Catholic religion and the establishment and maintenance of churches, schools’ houses for the purpose of upkeep of its members and the relief of poor persons whether or not professing the Roman Catholic religion in Great Britain and Ireland.

Mission

The Mission Statement of the Anglo-Irish Province is

Profoundly respecting the dignity and sacredness of each person, we seek to grow close to Christ and make him known through our way of life and ministry. We commit ourselves principally to those on the margins of church and society.

Objectives (2018 – 2021) )

  1. Develop an on-going programme of renewal and training to enable all persons in Oblate ministry to respond more effectively to current social and religious challenges. We will remain open to the possibility of new missions to those on the periphery of society.

  2. To implement new models of partnership in pastoral ministry, pastoral outreach and develop new systems of communicating the Christian message in a digital age.

  3. To continue to resource and further develop key Centre’s of Mission in North Wales, Edinburgh and London.

  4. To further develop programmes of Adult Faith Formation and Spirituality in the DeMazenod Centre, London and at the Oblate Retreat and Centre of Spirituality in Cheshire.

  5. To maintain a programme of care and appropriate retirement for older Oblates

  6. To further implement the recommendations of the Oblate Congress of 2018.

  7. To evaluate the implementation and effectiveness of the 2018 Mission plan.

  8. 1 -

OBLATES OF MARY IMMACULATE

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

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Oblate Partners in Mission pre Covid-19
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Public Benefit

The charity trustees are familiar with the Charity Commission's Guidance on public benefit. In their decisions, planning and implementation of services there is a clear objective to ensure that the ministry, services and works of the charity have a clear social and public benefit. The trustees are keen to ensure that the financial resources invested in religious and social programmes generate a clear religious and social dividend.

The Oblate charity in the UK employs or manages 68 people in a paid, part-time, semi-voluntary and voluntary capacity. Currently there are 23 Oblate priests and brothers and 29 employed personnel working in a range of ministries/service. In all services they are supported by a team of volunteers.

OBLATES OF MARY IMMACULATE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Achievements and performance

The distinctive approach and style of Oblate ministry is to be as inclusive and collaborative as possible. This is an approach that delivers a high level of social and public benefit and produces positive and clear outcomes in society. A large part of the work of the charity is in inner city parishes, providing youth, educational and community programmes and facilities. Supporting and enabling community groups in their development and growth.

Oblate personnel provide a range of church services and parish programmes as well as individual pastoral care at critical times in people’s lives. The number of full-time lay staff employed by the charity remained stable during 2020 and no staff were made redundant as a result of Covid-19

� London I Residential and On-Line Retreat Centre � Edinburgh 2 Parishes 1 Centre of Mission

� Edinburgh Hospital and Port Chaplaincy Youth Ministry and Foodbank

Other special services

Chaplaincy to Psychiatric Hospital, School chaplaincies, School governors, Hospital chaplaincies, clubs for people with special needs, Credit Union and a range of pastoral outreach services to people who are ill, housebound or bereaved. The charity also provides a range of parish-based youth and Christian educational programs. The charity provided a number of parish halls and foodbank facilities used by the local communities or recently by the NHS for Covid testing and vaccinations.

Outcomes and benefit

Covid-19 had a considerable impact on the services provided by the charity and on the staff of the charity. All of the priest and pastoral staff continued to provide frontline services to those who were ill and stressed by the impact of the pandemic. The Trustees are immensely grateful to its members and staff that demonstrated amazing courage and care during illnesses and bereavements caused by the pandemic. The outcomes achieved and the benefits provided were outstanding. The charity is very much aware a great challenge is facing it in developing support services for those who were seriously impacted by the events of the past year.

OBLATES OF MARY IMMACULATE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Oblate Parish Ministry

Each religious charity or Religious Order brings its own unique ‘charism’ or approach/style to its ministry. A clear characteristic of Oblate ministry is its concern for those who struggle on the ‘periphery of society’. All parishes will have ‘support funds’ for those in need, some have facilitated the establishment of a Credit Union or Food Hub and work in partnership with other support services such as social housing providers and other welfare charities.

Qualitative Benefit

The purpose of the charity is to enable people to enhance the quality of their lives and also to develop their religious and spiritual awareness. This is achieved through parish services, programmes of spirituality, retreats, courses and seminars delivered by the charity. We are aware that the Oblate daily on-line reflections, programmes on mindfulness and times of prayerful reflection brought calmness and peace of mind to a large number of people. The comments provided by viewers were very positive and indicated real qualitative outcomes in people’s lives.

Oblate Foodbank, Kilburn, London 2020

Centres of Retreat and Spirituality

The charity owns and manages two residential retreat centres. Their purpose is the enable people to ‘retreat from the stress of everyday life’ and find time to reflect on their network of relationships – with themselves, others and their God. Both retreat centres were closed for most of 2020. Since March 2020 the charity has presented a daily reflection on-line and on You Tube to a large number of people. The interest in this on-line service has been significant. The DeMazenod Retreat Centre, London presented a number of on-line retreats throughout 2020. The Retreat Centre at Wistaston Hall, Cheshire is being refurbished.

OBLATES OF MARY IMMACULATE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Centres of Mission

Where Oblate parishes and ministries are in close proximity to each other they are formed into a ‘ Centre of Mission’ . This enables the Christian mission in that area to be delivered in a more efficient manner. The synergy created by the development of a ‘Centre of Mission’ enhances the overall quality of service in that area and is also of increased benefit to local church communities and to the broader society. Apart from normal church services the London Centre of Mission provides a foodbank, The Porch project for elderly, lonely and homeless persons, a Free Legal-Aid Service and a Prison Visiting Service.

Volunteers/Partners in Mission

The members of the Oblate Congregation dedicate their time to ministry in a voluntary manner. It is the policy of the Charity to increase the number of people involved in its mission through recruiting, training, inducting and supporting teams of volunteers. The ‘Partners in Mission’ project was launched in 2009. Currently there are nine groups of volunteers in various parts of the UK providing frontline services to those in need. Unfortunately some key projects such as the Annual Summer Camp and humanitarian work in Zimbabwe had to be cancelled in 2020. There are approximately 300 volunteers participating in the works of the charity in a wide variety of services

The Oblate Youth Service

The purpose of the Oblate Youth Service is to develop a ‘Christian Outlook’ for life. The Youth groups meets regularly for reflection and discussion as well as providing a range of care and supportive services in their community. This group attends national and international youth events as well as spending sometime in Lourdes each year helping ill and disabled people while on their pilgrimage.

Safeguarding

Along with other organisations that serve the community, the trustees recognize the absolute necessity of ensuring the protection and safety of all those the charity serves. This means that all Oblate priests, brothers, staff and volunteers must obtain Disclosure and Barring Service (DBS) clearance. The trustees are committed to implementing all policies and procedures and reviewing the risks of detriment or harm to its beneficiaries. The charity has also developed its own ethical guidelines for pastoral ministry. In 2009 the charity appointed a ‘Safeguarding Advisor’ to ensure complete compliance in this area ministry. The charity’s own policy and guidelines were published in 2010 and has been updated on a regular basis. A new edition is currently being developed in line recommendation from the Elliot Report.

Health and Safety

It is the conviction and the policy of the trustees to ensure that all members of the charity, all the services of the charity and those who avail of those services can carry out their work in a safe and healthy manner. To ensure that all properties and services are compliant with health and safety regulation, the charity has employed an external consultant to guide its community leaders in the implementation of their health and safety policy.

OBLATES OF MARY IMMACULATE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Properties

A detailed inspection of Oblate properties took place in recent years. All properties are maintained to a good standard.

Implementation of Strategic Plans

The trustees completed an evaluation of ‘Centre’s of Mission’ in 2018. They then set in place some strategic objectives to enhance the quality of ministry in its ‘Centre’s of Mission’. A programme of implementation has been put in place and a number of the objectives have been achieved.

  1. All local leaderships groups have a clear mandate, a defined term of office and appropriate structures have been put in place to enable them to achieve its purpose.

  2. Local Communities are developing projects that will reach and enable those on the ‘periphery of society’. In 2017 two new outreach projects to isolated and homeless people were developed.

  3. Two people have been appointed in each ‘Centre of Mission’ with responsibility for Adult Faith Formation/Education. The Oblate Communications Office was formed to increase the use of on-line programmes.

  4. Each mission/project is reviewing its budget and developing a cashflow plan that will ensure its sustainability and in some cases its development.

  5. The charity is working in partnership with other ‘faith communities’ in the Tower Hill area. of London with a view to enhancing relationships and working together.

Fundraising

The charity has a clear fundraising policy and is compliant with statutory and legal requirements. It does not employ professional fundraisers. Fundraising is mainly carried out through church appeals, events and giftaid. All methods of fundraising are closely monitored and administered in a careful manner.

Financial review

The Treasurer is responsible for the financial governance of the charity. He is assisted by the charity’s Finance Committee and by the charity’s Investment Sub Committee.

Investment Performance

The investment managers continued to invest in accordance with the trustees’ investment policy and they complied with the Congregation’s ESG investments policy. At the end of the year, the Charity’s portfolio of listed investments comprised of 63.6% of equities, 15.3% bonds, 20.8% alternatives and 0.4% cash.

Given the volatility of international financial markets in 2020 and the impact of Covid-19, the trustees are satisfied with the performance of their investments and are confident that that their investment objectives are being met. Investments delivered a net 1.5% return in 2020. The trustees are confident that the charity’s investment managers invested the charity’s finances in a socially responsible manner and in accordance with the charity’s investment policy.

OBLATES OF MARY IMMACULATE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Reserves policy

In order for the charity to maintain its current level of service it will be necessary to employ additional lay staff and to invest in the training of staff and volunteers for ministry. The capital sum of £4.5m is designated for the development of centres of mission, the employment of additional personnel and providing support for existing services. Trustees are committed to providing a good quality of care for their retired members. The trustees have designated £8.9m for care of the elderly and retired members of the Province. The capital sum of £2m is designated to meet general costs, central administration and governance costs, the remainder of the charity’s unrestricted reserves are available to meet the current and capital needs.

Given the age profile of its members the trustees consider it necessary to retain a level of reserves that will finance its ongoing services in a sustainable manner. The reserves of the charity are invested in a moderate risk portfolio. Based on current market performance the charity expects an annualized 3.5% return on investments. The charity having given considerable attention to this matter consider that its current level of reserves and with an annual income from fundraising and other income, there is a need for a sufficient annual income to ensure the sustainability of the charity. Financial planning is carried out on the basis that the charity will continue in perpetuity

It is the opinion of the trustees that the income from fundraising and other services in addition to the projected annual income from reserves will be sufficient to fund the charity on an on-going basis.

Financial Position

The balance sheet shows total reserves £24.9m of this £7.1m is represented by properties and tangible fixed assets essential for the delivery of mission and services. The fund designated for the care of our retired members has been re-assessed during this year.

The trustees believe that the amount designated for the training and education of personnel for ministry through their ‘Partners in Mission’ project is adequate. The trustees believe that the unrestricted reserves of the charity are adequate but not excessive and in line with its policy. Investments are monitored on a monthly basis and a detailed review takes place each year with investment managers, advisers and trustees.

Future Plans – 2021

  1. The charity will re-invigorate its efforts to seek vocations to the priesthood and religious life. It will continue to recruit and induct volunteers to participate in its work and mission.

  2. That trustees will develop projects and ministries that will enable the charity to be of greater assistance to the ‘poor’ and those on the margin of society.

  3. The charity will continue to develop its on-line services and will enhance its use of digital means of communication to improve the quality of its communication and to reach a larger audience.

  4. The trustees will continue to extend and improve the quality of its retreat facilities at Wistaston Hall, Crewe and Tower Hill, London.

  5. The charity will actively monitor and ensure that it’s safeguarding policy and guidelines are being fully implemented. Current guidelines will be reviewed in line with the Elliot Report.

  6. The charity requires each mission/project to have a clear system of financial management, responsible stewardship of its resources and a plan for sustainability and development. The charity will also update its Internal Financial Controls Policy.

  7. 7 -

OBLATES OF MARY IMMACULATE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Risk Management :

The trustees carry out an annual risk assessment which leads to the creation of a risk register and an action plan to address and eliminate/mitigate identified areas of risk. The areas of risk evaluated on an annual basis are:

  1. Governance and management

  2. Operational risks

  3. Financial Risks

  4. Reputational Risk

  5. Compliance, Regulations and Environmental Risks

Governance Structure and Management

The Oblates of Mary Immaculate are an international missionary congregation within the Roman Catholic Church, governed by a Superior General and Council. The Oblate world is divided into regions and regions are divided into Provinces. The Oblates in the UK are part of the European region and the Anglo-Irish Province is governed by a Provincial and Council. The Provincial and his Council are the trustees of the corporate trustee of the Oblate charity (charity number 223318) and are appointed after two ballots of the membership of the Province.

The Provincial and Council are chosen because of their personal qualities and skills, leadership experience and understanding of diverse services and ministries. They are appointed for a period of three years and are generally appointed for an additional period of three years. The Provincial and Council as trustees ensure that the charity is governed in accordance with the Code of Governance, the charity's Constitution and its Directory of Administration.

The trustees of the Corporate Trustee who served during the year were:

Rev O Barry OMI (Chair) Rev L Griffin OMI (Treasurer) Rev M O'Connor OMI Rev T Murray OMI Rev J McFadden OMI Rev D J A Andodage OMI Rev L Philomin OMI

Staff Salaries

No staff member is receipt of a salary in excess of £35,000.

Conflict of Interest

No trustee, member of key staff or related parties used their position within the charity for any form of personal gain. Trustees and key staff of the charity did not employ or involve any persons related to them in the governance or works of the charity. Trustees and key staff are required to declare ‘conflicts of interest’ at each meeting and by signing an annual declaration.

OBLATES OF MARY IMMACULATE

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

Employees, Volunteers and Members of the Congregation :

The trustees wish to record their recognition of the professionalism and commitment of their staff, volunteers and individual Oblates of the Province. Their vision and their dedication are greatly appreciated.

On behalf of the trustees of the corporate trustee

Rev L Griffin OMI (Treasurer)

Trustee Dated: 25 August 2021

OBLATES OF MARY IMMACULATE

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees are responsible for preparing the Trustees' Report and the financial statements 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 the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the 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.

OBLATES OF MARY IMMACULATE

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF OBLATES OF MARY IMMACULATE

Opinion

We have audited the financial statements of Oblates of Mary Immaculate (the ‘charity’) for the year ended 31 December 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements 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 financial statements 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

OBLATES OF MARY IMMACULATE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OBLATES OF MARY IMMACULATE

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 (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, 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 cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements 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 financial statements.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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:

OBLATES OF MARY IMMACULATE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OBLATES OF MARY IMMACULATE

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements 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 UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

OBLATES OF MARY IMMACULATE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OBLATES OF MARY IMMACULATE

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 auditors' 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.

BWM Chartered Accountants Statutory Auditor

6 September 2021 Castle Chambers 43 Castle Street Liverpool L2 9SH

BWM is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

OBLATES OF MARY IMMACULATE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Current financial year
Unrestricted Unrestricted
funds
funds
general
designated
2020
2020
Notes
£
£
Income from:
Donations and legacies
3
1,125,347
-
Charitable activities
4
193,492
-
Investments
5
40,226
323,490
Other
6
132,660
-
Total income
1,491,725
323,490
Expenditure on:
Raising funds
7
90,432
-
Charitable activities
8
1,401,503
103,493
Total expenditure
1,491,935
103,493
Net (losses)/gains on investments
13
(7,028)
(57,926)
Net movement in funds
(7,238)
162,071
Reconciliation of funds:
Fund balances at 1 January 2020
9,359,402
15,351,004
Fund balances at 31 December
2020
9,352,164
15,513,075		 Restricted
funds
2020
£
124,381
-
-
-
124,381
-
-
-
-
124,381
7,000
131,381		 Total
2020
£
1,249,728
193,492
363,716
132,660
1,939,596
90,432
1,504,996
1,595,428
(64,954)
279,214
24,717,406
24,996,620		 Total
2019
£
1,063,668
634,185
444,197
31,644
2,173,694
92,554
1,683,750
1,776,304
1,323,931
1,721,321
22,996,085
24,717,406

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

OBLATES OF MARY IMMACULATE

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Prior financial year
Unrestricted Unrestricted
funds
funds
general
designated
2019
2019
Notes
£
£
Income from:
Donations and legacies
3
1,063,668
-
Charitable activities
4
634,185
-
Investments
5
51,195
393,002
Other
6
31,644
-
Total income
1,780,692
393,002
Expenditure on:
Raising funds
7
92,554
-
Charitable activities
8
1,576,850
106,900
Total expenditure
1,669,404
106,900
Net gains/(losses) on investments
13
143,250
1,180,681
Net movement in funds
254,538
1,466,783
Reconciliation of funds:
Fund balances at 1 January 2018
9,104,864
13,884,221
Fund balances at 31 December 2019
9,359,402
15,351,004		 Restricted
funds
2019
£
-
-
-
-
-
-
-
-
-
-
7,000
7,000		 Total
2019
£
1,063,668
634,185
444,197
31,644
2,173,694
92,554
1,683,750
1,776,304
1,323,931
1,721,321
22,996,085
24,717,406

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

OBLATES OF MARY IMMACULATE

BALANCE SHEET

AS AT 31 DECEMBER 2020

Notes
Fixed assets
Tangible assets
14
Investments
15
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within one
year
20
Net current assets
Total net assets
The funds of the charity
Restricted funds
21
Unrestricted funds - general
Designated funds
22
General unrestricted funds
Total unrestricted funds
Total charity funds		 2020
£
£
7,118,449
15,818,585
22,937,034
8,953
25,451
2,089,648
2,124,052
(64,466)
2,059,586
24,996,620
131,381
15,513,075
9,352,164
24,865,239
24,996,620		 2019
£
£
6,419,831
15,967,223
22,387,054
12,839
20,000
2,365,866
2,398,705
(68,353)
2,330,352
24,717,406
7,000
15,351,004
9,359,402
24,710,406
24,717,406		 2019
£
£
6,419,831
15,967,223
22,387,054
12,839
20,000
2,365,866
2,398,705
(68,353)
2,330,352
24,717,406
7,000
15,351,004
9,359,402
24,710,406
24,717,406
22,387,054
2,330,352
24,717,406
7,000
24,710,406
24,717,406

The financial statements were approved by the trustees of the corporate trustee and authorised for issue on 25 August 2021 and are signed on its behalf by:

Rev L Griffin OMI (Treasurer)

Trustee

OBLATES OF MARY IMMACULATE

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2020

2020 2019
Notes £ £ £ £
Cash flows from operating activities
Net cash (used in)/provided by operating 26
activities 27,751 65,163
Cash flows from investing activities
Purchase of tangible fixed assets (1,031,649) (634,866)
Proceeds on disposal of tangible fixed
assets 280,280 170,006
Purchase of investments (4,932,621) (3,331,709)
Proceeds on disposal of investments 5,016,305 3,405,840
Investment income received 363,716 444,197
Net cash (used in)/generated from
investing activities (303,969) 53,468
Net (decrease)/increase in cash and cash
equivalents (276,218) 118,632
Cash and cash equivalents at beginning of year 2,365,866 2,247,234
Cash and cash equivalents at end of year 2,089,648 2,365,866

OBLATES OF MARY IMMACULATE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

Oblates of Mary Immaculate is a registered charity governed by its trust deed. The principal address is Provincial Residence, House of Retreat, Tyrconnell Road, Dublin 8, Ireland.

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's Trust Deed, the Charities Act 2011 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 UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have considered the impact of Covid-19 on the charity and trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

The funds of the charity are subdivided between:

The general funds comprising those monies which may be used towards meeting the charitable objectives of the charity and used across the whole of the Province at the discretion of the trustees.

The designated funds being monies set aside out of general funds and designated for specific purposes by the trustees.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

OBLATES OF MARY IMMACULATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.4 Income

All income of the charity is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or fund provider has specified that the income is to be expended in a future accounting period.

Offertories and donations are included in income when received. Legacies are credited to the statement of financial activities when the entitlement is probable and the value of the legacy is capable of financial measurement.

Investment income, including room hire, is included when receivable. Income arising from investments are allocated to each fund in proportion to the value of the investment funds at 31 December 2019.

Assistance in the form of voluntary help is not quantifiable and accordingly not dealt with in these accounts.

1.5 Expenditure

Expenditure is included in the statement of financial activities when incurred and includes any attributable VAT which cannot be recovered.

Costs of raising funds are those costs incurred in attracting voluntary income.

The costs of activities in furtherance of the charity's objects comprise expenditure on the charity's primary charitable purposes and includes direct staff costs and actual overheads attributable to those purposes.

Charitable donations in support of Roman Catholic projects and foundations are included in the statement of financial activities in the year in which they are approved. If charitable donations approved during the year have not been paid in part or full by the end of the year, they are included as a liability in the balance sheet. Future charitable donations that are to be applied towards activities in later years are awarded subject to the availability of funds and are therefore not accrued.

Governance costs of the charity include expenditure on management and compliance with constitutional and statutory requirements.

1.6 Tangible fixed assets

Tangible fixed assets are measured at cost or deemed cost for land and buildings on transition to FRS102, net of depreciation and any impairment losses.

Works of art, treasures and plate are not capitalised in these accounts as they are considered historic, have very long lives and are worth preserving indefinitely. The trustees consider that it would be prejudicial to the safe custody of these assets to disclose details of their value and usage in these accounts.

Assets are depreciated as follows:

Functional property at cost 1.25% straight line Fixtures, fittings & equipment 10% straight line Motor vehicles 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

OBLATES OF MARY IMMACULATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Stocks

Stocks are valued by a professional valuer at the lower of cost and net realisable value.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

OBLATES OF MARY IMMACULATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14 Taxation

The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions. The charity is not able to recover Value Added Tax (although the Mazenod Community Centre can claim VAT). Expenditure is recorded in the accounts inclusive of VAT.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees of the corporate trustee is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

OBLATES OF MARY IMMACULATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

3 Donations and legacies

Unrestricted
Restricted
funds
funds
general
2020
2020
£
£
Donations and gifts
1,039,653
-
Legacies receivable
-
124,381
Covid grants
85,694
-
1,125,347
124,381
Donations and gifts
Donations and gifts
191,118
-
Donation from Rome
848,535
-
1,039,653
-		 Total
Unrestricted
funds
general
2020
2019
£
£
1,039,653
1,063,668
124,381
-
85,694
-
1,249,728
1,063,668
191,118
302,403
848,535
761,265
1,039,653
1,063,668		 Total
Unrestricted
funds
general
2020
2019
£
£
1,039,653
1,063,668
124,381
-
85,694
-
1,249,728
1,063,668
191,118
302,403
848,535
761,265
1,039,653
1,063,668
1,063,668
302,403
761,265
1,063,668
4 Charitable activities
Apostolic works Unrestricted Unrestricted
funds funds
general general
2020 2019
£ £
Income from charitable activities 120,592 521,435
Charitable rental income 72,900 112,750
193,492 634,185

OBLATES OF MARY IMMACULATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

4 Charitable activities

(Continued)

For the year ended 31 December 2019

Income from charitable activities
Charitable rental income
Analysis by fund
Unrestricted funds - general		 2019
£
521,435
112,750
634,185
634,185

5 Investments

Unrestricted Unrestricted
funds
funds
general
designated
2020
2020
£
£
Income from listed
investments
39,248
323,490
Interest receivable
978
-
40,226
323,490		 Total Unrestricted Unrestricted
funds
funds
general
designated
2020
2019
2019
£
£
£
362,738
47,682
393,002
978
3,513
-
363,716
51,195
393,002		 Total
2019
£
440,684
3,513
444,197

6 Other

Unrestricted Unrestricted
funds funds
general general
2020 2019
£ £
Net gain on disposal of tangible fixed assets 95,837 27,412
Other income 36,823 4,232
132,660 31,644

OBLATES OF MARY IMMACULATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

7 Raising funds

Unrestricted Unrestricted
funds funds
general general
2020 2019
£ £
Investment management 90,432 92,554
90,432 92,554

OBLATES OF MARY IMMACULATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

8 Charitable activities

Staff costs
Charitable expenditure
Share of support costs (see note 9)
Share of governance costs (see note
9)
Analysis by fund
Unrestricted funds - general
Unrestricted funds - designated
For the year ended 31 December 2019
Staff costs		 Worship
Support of
personnel
Apostolic
works
£
£
£
-
-
297,865
16,072
103,493
930,066
16,072
103,493
1,227,931
106,791
41,797
-
2,971
2,971
2,970
125,834
148,261
1,230,901
125,834
44,768
1,230,901
-
103,493
-
125,834
148,261
1,230,901
Worship
Support of
personnel
£
£
-
-
41,425
106,900
41,425
106,900
97,591
51,261
3,310
3,310
142,326
161,471
142,326
54,571
-
106,900
142,326
161,471		 Total
2020
Total
2019
£
£
297,865
402,996
1,049,631
1,121,973
1,347,496
1,524,969
148,588
148,852
8,912
9,929
1,504,996
1,683,750
1,401,503
103,493
1,504,996
Apostolic
works
Total
31 December
2019
£
£
402,996
402,996
973,648
1,121,973
1,376,644
1,524,969
-
148,852
3,309
9,929
1,379,953
1,683,750
1,379,953
1,576,850
-
106,900
1,379,953
1,683,750
Charitable expenditure
Share of support costs (see note 9)
Share of governance costs (see note 9)
Analysis by fund
Unrestricted funds - general
Unrestricted funds - designated

OBLATES OF MARY IMMACULATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

9
Support costs
Depreciation
Audit fees
Legal and professional
Sundry expenses
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
148,588
-
-
7,000
-
240
-
1,672
148,588
8,912
148,588
8,912		 2020
£
148,588
7,000
240
1,672
157,500
157,500		 Support
costs
Governance
costs
£
£
148,852
-
-
7,000
-
2,270
-
659
148,852
9,929
148,852
9,929		 2019
£
148,852
7,000
2,270
659
158,781
158,781

Support costs are recharged in accordance with charitable activity and usage Governance costs are recharged equally between activities

10 Auditor's remuneration

The analysis of auditor's remuneration is as follows:

Audit of the charity's annual accounts
Total audit fees
Non-audit services
All other non-audit services
Total non-audit fees		 2020
£
7,000
7,000
13,189
13,189		 2019
£
7,000
7,000
10,208
10,208

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or reimbursement of expenses during the year (2019 £nil).

OBLATES OF MARY IMMACULATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

12 Employees

Number of employees

The average monthly number of employees during the year was:

Charitable activities
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2020
Number
24
2020
£
281,523
13,708
2,634
297,865		 2019
Number
31
2019
£
382,654
17,094
3,248
402,996

There were no employees whose annual remuneration was £60,000 or more.

13 Net (losses)/gains on investments

Unrestricted Unrestricted
funds
funds
general
designated
2020
2020
£
£
Revaluation of
investments
8,158
67,239
(Loss)/gain on sale of
investments
(15,186)
(125,165)
(7,028)
(57,926)		 Total Unrestricted Unrestricted
funds
funds
general
designated
2020
2019
2019
£
£
£
75,397
120,259
991,189
(140,351)
22,991
189,492
(64,954)
143,250
1,180,681		 Total
2019
£
1,111,448
212,483
1,323,931

OBLATES OF MARY IMMACULATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

14 Tangible fixed assets

Cost
At 1 January 2020
Additions
Disposals
At 31 December 2020
Depreciation
At 1 January 2020
Depreciation charged in the year
Eliminated in respect of disposals
At 31 December 2020
Carrying amount
At 31 December 2020
At 31 December 2019		 Functional
property at
cost
£
7,807,243
961,174
(225,147)
8,543,270
1,453,389
106,791
(40,704)
1,519,476
7,023,794
6,353,854		 Fixtures,
fittings &
equipment
Motor vehicles
£
£
302,136
158,581
26,570
43,905
(3,854)
(30,923)
324,852
171,563
279,619
115,121
12,161
29,636
(3,854)
(30,923)
287,926
113,834
36,926
57,729
22,517
43,460		 Total
£
8,267,960
1,031,649
(259,924)
9,039,685
1,848,129
148,588
(75,481)
1,921,236
7,118,449
6,419,831

15 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2020
15,780,503
Additions
4,932,621
Valuation changes
75,397
Net movement in capital account
-
Disposals
(5,028,635)
At 31 December 2020
15,759,886
Carrying amount
At 31 December 2020
15,759,886
At 31 December 2019
15,780,503		 Cash in
portfolio
186,720
-
-
(128,021)
-
58,699
58,699
186,720		 Total
£
15,967,223
4,932,621
75,397
(128,021)
(5,028,635)
15,818,585
15,818,585
15,967,223

OBLATES OF MARY IMMACULATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

16 Funds received as agent

At 31 December 2020, the charity held monies on behalf of Sacred Heart Parish Kilburn, Kilburn Community Centres and Tower Hill Arts Group totalling £11,847 (2019 £29,865). These monies are not included in the charity's financial statements.

17
Financial instruments
Carrying amount of financial assets
Debt instruments measured at cost
Equity instruments measured at fair value through the statement of financial
activities
Carrying amount of financial liabilities
Measured at amortised cost
18
Stocks
Finished goods and goods for resale
19
Debtors
Amounts falling due within one year:
Other debtors
20
Creditors: amounts falling due within one year
Other taxation and social security
Other creditors
Accruals		 2020
£
2,168,346
15,759,886
64,466
2020
£
8,953
2020
£
25,451
2020
£
-
35,488
28,978
64,466		 2019
£
2,572,586
15,780,503
64,466
2019
£
12,839
2019
£
20,000
2019
£
3,890
35,488
28,975
68,353

OBLATES OF MARY IMMACULATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

21 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement Movement
in funds in funds
Balance at Income Balance at Income Balance at
1 January 1 January 31 December
2019 2020 2020
£ £ £ £ £
Father Joe Ryan Bursary 7,000 - 7,000 - 7,000
Leith legacy - - - 124,381 124,381
7,000 - 7,000 124,381 131,381

A legacy was received in 2015 which specified that £7,000 should used for the Fr Joe Ryan Bursary.

The Leith legacy received was bequeathed for repairs and maintenance expenditure for St Mary's Star of the Sea Church.

Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: Movement in funds
Movement in funds		 Balance at
Income
Expenditure
Investments
Balance at
Income
Expenditure
Investments
Balance at		 1 January 2019
gains/losses
1 January 2020
gains/losses
31 December		 2020 £
£
£
£
£
£
£
£
£		 Provident fund
7,222,553
393,002
(106,900)
1,180,681
8,689,336
323,490
(103,493)
(57,926)
8,851,407		 Education and training
161,668
-
-
-
161,668
-
-
-
161,668		 Development for Centres of Mission
4,500,000
-
-
-
4,500,000
-
-
-
4,500,000		 Building fund
2,000,000
-
-
-
2,000,000
-
-
-
2,000,000		 13,884,221
393,002
(106,900)
1,180,681
15,351,004
323,490
(103,493)
(57,926) 15,513,075		 The_Provident fund_ is designated for the care of retired members. The calculations based on a practical and appropriate formula indicate the need to set aside £9,000 for members over 65 and £16,000 for Oblates over 75 years of age. The trustees while acknowledging the volatility of the investment markets consider that, in the medium and long term, the revenue generated by our designated fund will meet this cost. The trustees have set aside £4.5m towards the_Development for Centres of Mission_. The trustees have set aside £2m as a_Building Fund_ to provide for the refurbishment of several Oblates properties to bring them up to a modern standard and to bring them up to purpose. The trustees have designated £161,668 for_Education and training_purposes.
22

Total 2019 £ 6,419,831 15,967,223 2,330,352 24,717,406
Restricted funds 2019 £ - - 7,000 7,000
Total Unrestricted funds 2020
2019		 £
£		 7,118,449
6,419,831		 15,818,585
15,967,223		 2,059,586
2,323,352		 24,996,620
24,710,406
Unrestricted
Restricted funds		 funds 2020
2020		 £
£		 7,118,449
-		 15,818,585
-		 1,928,205
131,381		 24,865,239
131,381
Analysis of net assets between funds Fund balances at 31 December 2020 are represented by: Tangible assets Investments Current assets/(liabilities)
23

OBLATES OF MARY IMMACULATE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

24
Capital commitments
At 31 December 2020 the charity had capital commitments as follows:
Contracted for but not provided in the financial statements:
Acquisition of property, plant and equipment
25
Related party transactions
The trustees of the corporate trustee are the key management of the charity.
There were no related party transactions in the year.
26
Cash generated from operations
Net income for the year (as per the Statement of Financial Activities)
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of tangible fixed assets
Loss/(gain) on disposal of investments
Fair value gains and losses on investments
Depreciation of tangible fixed assets
Movements in working capital:
Decrease/(increase) in stocks
(Increase) in debtors
(Decrease) in creditors
Net cash (used in)/provided by operating activities		 2020
£
829,000		 2019
£
344,000
2019
£
1,721,321
(444,197)
(27,412)
(212,483)
(1,111,448)
148,852
(1,997)
-
(7,473)
65,163
2020
£
279,214
(363,716)
(95,837)
140,351
(75,397)
148,588
3,886
(5,451)
(3,887)
27,751