2022-12-31-accounts

O.F.M. CAPUCHIN GB CHARITABLE TRUST ANNUAL REPORT AND ACCOUNTS

31 DECEMBER 2022

CHARITY NUMBER 231143

Annual Report and Accounts 31 December 2022

CHAPTERS AND VERSES

MESSAGE FROM THE DELEGATE ............................................................................................ 5 TRUSTEES’ REPORT ................................................................................................................ 7 WHO WE ARE ........................................................................................................................ 7 Our numbers, our friars, our communities – and our history .............................................................................. 7 Our way of life .................................................................................................................................................. 8 Vocations ......................................................................................................................................................... 8 Formation ........................................................................................................................................................ 8 Development of Friars ...................................................................................................................................... 9 Leadership ...................................................................................................................................................... 10 OUR ACHIEVEMENTS IN 2022 .............................................................................................. 10 Pastoral .......................................................................................................................................................... 11 Domestic ........................................................................................................................................................ 12 International ................................................................................................................................................... 14 Educational .................................................................................................................................................... 15 OUR CHALLENGES AND ADDRESSING ACTIONS .................................................................... 15 Lack of vocations /aging population & the impact of this on ministries ............................................................. 15 Circumscription structure ............................................................................................................................... 16 Public Benefit ................................................................................................................................................. 16 Our Policies .................................................................................................................................................... 16 Governance .................................................................................................................................................... 17 Statement of trustees’ responsibilities ............................................................................................................ 17 Structure and management reporting ............................................................................................................. 18 Key management personnel ............................................................................................................................ 18 Risk management ........................................................................................................................................... 18

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Annual Report and Accounts 31 December 2022

OUR FUTURE ....................................................................................................................... 20 Delegation Plan .............................................................................................................................................. 20 FINANCIAL REPORTING ........................................................................................................ 21 Income and expenditure ................................................................................................................................. 21 Income and expenditure 2021 vs 2022 ............................................................................................................ 22 Financial report for the year ............................................................................................................................ 23 INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF O.F.M CAPUCHIN GB CHARITABLE TRUST.................................................................................................................................. 26 STATEMENT OF FINANCIAL ACTIVITIES YEAR TO 31 DECEMBER 2022 ................................... 30 BALANCE SHEET YEAR TO 31 DECEMBER 2022 ..................................................................... 31 ANALYSIS OF CONTINUED AND DISCONTINUED OPERATIONS YEAR TO 31 DECEMBER 2022 32 STATEMENT OF CASH FLOWS YEAR TO 31 DECEMBER 2022 ................................................ 33 PRINCIPAL ACCOUNTING POLICIES YEAR TO 31 DECEMBER 2022 ......................................... 34 NOTES TO THE ACCOUNTS YEAR TO 31 DECEMBER 2022 ..................................................... 41

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Annual Report and Accounts 31 December 2022

The trustees present their statutory report together with the accounts of the O.F.M. Capuchin)GB Charitable Trust (the “charity”) for the year ended 31 December 2022.

The accounts have been prepared in accordance with the accounting policies set out on pages 34 to 40 of the attached accounts and comply with the charity’s trust deed, applicable laws, applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 United Kingdom and Republic of Ireland (FRS 102).

Trustees The trustees are incorporated under the Charites Act 2011	Br James Boner OFM Cap Br Krzysztof Przybylski OFM Cap Br Martn Mikuskiewicz OFM Cap Br John Cavanagh OFM Cap Br Michael Hargan OFM Cap (Resigned 3 November 2022) Br Paul Coleman OFM Cap (Efectve 4 November 2022)	Br James Boner OFM Cap Br Krzysztof Przybylski OFM Cap Br Martn Mikuskiewicz OFM Cap Br John Cavanagh OFM Cap Br Michael Hargan OFM Cap (Resigned 3 November 2022) Br Paul Coleman OFM Cap (Efectve 4 November 2022)
Provincial Delegate and Bursar	Br James Boner OFM Cap
Provincial office	Provincial Curia Franciscan Friary Carlton Road Erith DA8 1DN
Charity Number	231143
Auditor	Buzzacot LLP 130 Wood Street London EC2V 6DL
Bankers	NatWest Bank plc Oxford Central (B) 43 Cornhill Oxford OX1 3HA	NatWest Bank plc 1stFloor 440 Strand London WC2R 0QS
Principal Investment Managers	Waverton Investment Management Limited 16 Babmaes Street London SW1Y 6AH
Solicitors	Laytons LLP Pinners Hall 105-108 Old Broad Street London EC2N 1ER	Clyde & Co (formerly BLM LLP) St Botolph Building 138 Houndsditch London EC3A 7AR

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Message from the Delegate

On 10 September 1224, nine men, later mistaken by a Benedictine monk for a band of ‘ragged minstrels’, arrived at the port of Dover with few possessions, but rich in a charism of service to the poor. They were led by Blessed Agnellus of Pisa, who had been received into the Seraphic Order by St Francis himself.

They set off on a journey through England, hosted by the kindness of others along the way, first in Canterbury, then Abingdon, before arriving in Oxford. Within just five years they had established a hospice and a school of theology – both of which were instrumental in the foundations of Oxford University.

The nature of the friars’ arrival has been the hallmark of our presence in Great Britain ever since and in 2024, the Franciscan Friars will celebrate the 800[th] anniversary of this humble beginning.

A dedication to service, to education and especially the poor and marginalised was and still is the demonstration of 800 years of benefit to society. This care is still at the forefront of the Capuchin charism through our involvement with different ministries and our adaptation to the present realities that confront us and society.

There is a well-established understanding that those who engage in community living in all its forms and manifestations live heathier and more fulfilled lives. Since community living is fundamental to the Capuchin way of living, we can show the value of engaging in a flourishing community life and the wider impact on society.

The breakdown of communication and the predilection for power has had and continues to have a devastating effect on society. The invasion of Ukraine, the many war-torn conflicts and the forced migration of peoples requires a different approach, one which is at the root of Capuchin Life, that is, peaceful living and care for the environment which are gifts from God.

As Capuchin Franciscans we are compelled to assist and insist on a fairer and more equitable society. We are comparatively small in number in England & Wales. However, our founder only needed eight people to establish an Order which has endured for 800 years, and helped countless millions spiritually, financially and socially.

Today, our personal contact, the use of our resources, and engagement with a wide range of external agencies shows that we are still relevant and can measurably impact people’s lives. And, we actively seek to adapt our skills and approach to reflect and react to the evolving needs of society.

I want to take a moment to appreciate Br Stephen Innes who passed away in October 2022. He had 59 years of service and made hugely valued contributions to the Order. He held a range of positions: Definitor, Guardian, Novice Master, Senior Fellow (Oxford), Historian, Archivist, and more than this, he was a brother and mentor. The oldest member of the Delegation Br Adrian Marsh also went to his heavenly reward aged 98 after dedicating 66 years to the service of others. He was deeply loved by all those that knew him as a Guardian, Parish Priest, Chaplain and OFS National Assistant. The loss of their institutional memory and presence is a symptom of our advanced age profile and the impact this has on the structural integrity of the Delegation. This serves to highlight the importance of our future planning and focus on vocations, formation, and animation.

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With the increased number of friars from other jurisdictions in the Capuchin Order, principally from Poland (Warsaw) and India (Pavanatma & Uttar Pradesh), who tend to be younger and skilled in different ways, we have been able to develop a Delegation Plan for the future, which assists us in adapting to the changing circumstance of our Order both here and in Europe.

Through our achievements to date and our preparations for the future, the friars demonstrate the benefit of our charism on the ever-changing life of Great Britain and the World. We are unwavering in our outreach to those who have no voice, and like Blessed Agnellus of Pisa, we strive to deliver an enduring meaningful impact on society.

Br James Boner OFM Cap Provincial Delegate

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Trustees’ Report

Who we are

Our numbers, our friars, our communities – and our history

Worldwide ➢ Approx. 11,000 Friars ➢ 116 Countries Great Britain – 26 Friars in 4 Houses Durham Chester Oxford Erith

The Founding Friars

The Order of Friars Minor Capuchin (the “Order”) is an international Roman Catholic Religious Order of men, (the friars), founded in Italy in 1528. The Order has maintained its essential character throughout the centuries. Friars live in communities, observing the Gospel of Our Lord Jesus Christ. They live under vows of poverty, chastity, and obedience, in accordance with the Order’s own Rules (Constitutions and Ordinances). The General Minister’s headquarters are in Rome where he is assisted by a General Council, governing the Order worldwide. The Order is made up of Provinces, Custodies and Delegations of which the Delegation of Great Britain is one.

Delegation of Great Britain

The Delegation of Great Britain is made up of perpetually professed and temporary professed friars living and working in four houses in Chester, Erith, Oxford and Durham, and occasionally in some other locations. Responsibility for the Order in Great Britain

rests with the Provincial Delegate and his Council. The Delegation is under the purview of the Province of Ireland. The Parishes are entrusted to the Order’s care by the local Bishop.

The accounts accompanying this report are those of a charitable trust on which the assets of the Order in Great Britain are held. The charity is registered with the Charity Commission (registration number 231143). It is governed by a Scheme of the Charity Commission dated 21 April 2015 as amended by a scheme dated 23 September 2016.

All monies collected by the Parish constitute the stable patrimony of the Parish and, in accordance with Canon (Church) law, cannot be used for any other purpose. Such monies are shown as Restricted funds in the accounts. All material expenditure in connection with the Parishes, including that for property repairs, is paid directly from Parish funds.

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Our way of life

Inspired by the life and writings of St Francis of Assisi, we strive to authentically live a life of prayer, fraternity and ministry as brothers in simplicity, humility and joy.

Engagement with people in the communities in which we live, particularly the poor and marginalised, is a fundamental aspect of our mission.

Our work in chaplaincies – schools, hospitals, prisons, armed forces - are an expression of the evolving nature of the Capuchin mission as we seek to go beyond service in traditionally structured parishes. This wider social and pastoral outreach is a tangible demonstration of the friars’ contribution to the public. Through their retreat work and spirituality, the trustees believe the friars have positively influenced morals and attitudes, and enhanced the spiritual wellbeing of those with whom they work.

religious congregations. The Capuchins in Great Britain have not been immune to this.

Promoting vocations is a critical path to ensuring survival and protecting our charism. Last year we appointed a friar as Vocations Director to give this the focus it merits, and he formed a Vocations Commission with three other friars (one from each of our houses).

Our vocations coordinator (Br Krzysztof Przybylski) is building on strong foundations, continuing to attend national and international events to observe and share best practice in other institutes. He has established a closer relationship with the Province of Ireland and their vocations director, Vocations Ireland and the National Vocations of England & Wales – all of which will enhance our presence in Great Britain. Our online presence and literature is being developed for World Youth Day (Lisbon, August 2024.)

Formation

The trustees, by giving donations to other organisations, also demonstrate public accountability. Many of the friars dealing with the public are involved in the relief of poverty, the advancement of religion, and the advancement of education. This is complemented by the less quantifiable but nonetheless impactful acts of kindness, hospitality, and mutual support demonstrated within and beyond the Order’s statutes and charism.

Vocations

Vocations are at the heart and vitality of our professed way of life. We mean by vocation those men who are discerning if a life as a Capuchin Franciscan in Great Britain is one to which they can commit. We recognise, as does the Catholic Church, that a vocation to religious life is one among many.

The call to be a religious brother is a particular calling but there is no hierarchy of vocations - one is not better than another. There has been a steady decline in the global number of candidates choosing to live as members of

“Therefore, I entrust myself with all my heart to this Brotherhood, so that by the working of the Holy Spirit, and the example of Mary Immaculate, and through the intercession of our Father Francis, and all the saints, with the help of my brothers, I may constantly strive for the fullness of love in the service of God, of the Church, and of all people.” (Constitutions 21,4) There are two stages of Formation - Initial and On-Going.

Initial Formation is for those who have not taken their Perpetual Vows. During 2022 we had no one in initial formation. We collaborate with the Province of Ireland on best practice and with due regard to The ‘Ratio Formationis’ so we are prepared if any candidates come forward in the coming years. The variety of meetings and symposia on how best to bring our resources together to strengthen the Capuchin Family helps to ensure best practice in initial formation.

There has been a discussion at the highest level including our General Minister and Council on

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the possibility of an English Language Novitiate in Europe. However, no decision has been made on this. Given the lack of those fully trained in formation this coming together has great value and will surely bear fruit in the integration of the Capuchins in Northern Europe.

On-Going Formation is overseen by the Formation Commission whose remit is to devise a programme of engagement to enable the friars’ continued growth.

Formation has multiple facets. These include spiritual; psychological; physical; personal.

The Capuchin Constitutions state that the first formator is the Holy Spirit. Br James reminded the friars of all aspects of formation and the need to give this our full attention. With this in mind the friars are encouraged to have spiritual and psychological accompaniment. The Delegation Plan outlines the path we hope will accomplish this for, and on behalf of, the friars.

We have already planned on-going formation in the form of a Retreat (Personal and accompanied) as well as facilitated house meetings with the Guardians and those involved in International Fraternal Collaboration. Continued formation in the Franciscan tradition for which we are vowed, has ramifications ad-extra and ad-intra. The more the members of the delegation are continually involved in their own renewal on all levels the more they become proficient in dealing with people we encounter in our ministries.

One area that requires further development is on-going formation in Franciscan Spirituality, History, Philosophy. At present there are few English-speaking courses. This is one of the reasons for continued engagement with the Centre for Catholic Studies at Durham University. Another way in which this is facilitated on a wider Capuchin Order basis are the courses run by the Formation Office at our Generalate in Rome. They offer facilitated

courses in Jerusalem and a Capuchin Heritage course centred in Italy.

Another aspect of ‘formation’ is that of the lay collaborators who assist us as secretaries, catechists, finance commission members and auxiliary staff. It is imperative that those we work with and those that work for us understand our charism as this insight assists us in our ministry and evangelisation. We could not fully function without their valued and important contribution. This ‘formation’ also extends to the accountants, solicitors and auditors so they can evaluate and give proper advice that coincides with our vowed way of life.

Development of Friars

Continuous Professional Development (CPD)

The continued professional development of the friars is a key part of formation. The brothers are encouraged to keep up to date with developments in their field of speciality. This has included pursuing a master’s degree in Practical Theology and a certified course in hypnotherapy. These varied integration programmes enable us to broaden the social impact of the friars work beyond the borders of our present ministries.

International Fraternal Collaboration (IFC)

A core element of our Strategic Plan is the attention we give the integration of Friars from different countries and cultures. It stems from our strategy to create alliances with overseas Provinces (Lucknow, Pavanatma and Warsaw) to ensure the survival of the Capuchins of Great Britain – both in terms of preserving sufficient numbers of friars and in considering the quality of our way of life. The strategic benefits of IFC are plentiful:

• Enabling greater social impact

• Building a younger demographic which injects fresh thinking into our communities

• Establishing a sound platform for future succession planning

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A series of activities is planned to help us do this:

• Appointment of a Vocations Director and chaplain to the hospitals (Br Krzysztof)

• An inaugural meeting set up in a safe environment to enable the overseas brothers to share their feelings /thoughts regarding their experiences so far

• This will be followed up by local and allfraternity engagement to put ideas into practice

Leadership

The Leadership model in Great Britain changed in July 2021 as we became a Delegation. 2022 has been our first full year operating under the new structure of three Councillors instead of five and we are learning and adapting as we move through the year. Provincial Delegation meetings are now once every six weeks.

The smaller leadership model is more fragile – we have already lost one Councillor through ill health and the process to appoint a replacement highlighted the challenge that we have fewer people to draw upon with the rounded knowledge to undertake the role.

A Delegation under the Province of Ireland The Delegation of Great Britain is under statutes which regulate the life of the delegation under the provincial and council of Ireland. In this first full year of being a Delegation, we are settling into our relationship, and considering how to navigate the change of model. This is as much about overcoming challenges as maximising the benefits. We must address how to preserve our fraternal relationships under the Provincial of Ireland (the Provincial Delegate still undertakes visitations to his leadership and guidance role); consider the effects in our ministry; adapt to different governance procedures (the Constitution of the communities is a decision of Ireland.

How this relates to the wider international leadership model

After consultation with all Provincials of Europe, the General Minister and his council decided to abolish the existing structure and re-constitute it in a different form. This was to recognise the demise of vocations to religious life and to ensure good fraternities. This remerger means joint formation programmes etc.

CENOC has had its last meeting and we see this as a way forward – Europe is coming closer and closer and this will likely mean more amalgamations in the future – which we will need to adapt to – and as Leaders we need to think and prepare for this.

Our achievements in 2022

During 2022 we have continued our mission to assist those to we minister to directly as well as the wider public through many and varied initiatives.

We were delighted when Br Adrian Green made his final profession to the Capuchin Order in Oxford. We believe this sign of commitment and hope will be a catalyst for others to consider our way of life. He will continue his studies, focusing on care of creation and ecology.

Br Pradeep Lakra of the Province of St Fidelis continued his journey to the Sacred Priesthood after making his Perpetual Profession last year. He will complete his studies in 2023 and will be ordained in India in early 2024. His vitality for our life will ensure a successful and fruitful ministry.

The Chapter of the Irish Province took place in July 2022 and since we are now a

Delegation all the brothers were invited to attend and vote. Br James Boner was voted in

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as the fourth definitor of their council. Being an intrinsic part of their decision-making body benefits us all and so this appointment solidifies our relationship as we go forward on this journey together. We have continued our cooperation with the Province of Ireland in the areas of Vocations and Formation.

We were delighted to complete the alienation of our friary at Pantasaph. This sale was ultimately the correct path to take but was an emotive one because of the historical significance of the friars in these isles. The providential hand of God was at work when we were approached by another Catholic religious congregation to sell them the entire property (excluding the surrounding land). The Vincentian Congregation has a wonderful spirit of evangelisation which is in line with the past use of the friary. The Capuchins have a continued involvement with the Padre Pio days.

The Delegation entered into new and updated agreements with the Provinces of Warsaw, Pavanatma & St Fidelis (Lucknow). These were all negotiated in accordance with the constitutions and

ordinances of the Order and approved by our General Minister. The friars from these provinces are intrinsic to our continuation of the life, ministry, and outreach in the Delegation. It is hoped that the provinces will enhance their presence in 2023, which will increase our capacity in key areas of ministry and do so in line with our charism.

Pastoral

As we have weathered the social upheaval of the pandemic and as a society continue to face fundamental challenges of the cost of living, the Capuchins remain committed to working with and ministering to people in all walks of life, and particularly the poorest and most marginalised – which has been at the heart of

our vocation, as it has since our foundation.

Friars work actively with those on the edges of society. This includes, but is not exclusive to, those in prison and their families and traveller communities. Our social and pastoral work is a key part of the formation that takes place for our friars and within our parishes. Friars and lay members of our communities assist in food programmes, such as food banks and soup kitchens, and social engagement, such as working with migrants and refugees.

Our pastoral work and social engagement often work through collaboration and partnership. We carry out our programmes in conjunction with external organisations (both Catholic and non-Catholic) both in the UK and around the world as a constituent part of our Franciscan charism.

Our day-to-day parish work involves the celebration of daily Masses, Sunday Masses, celebrations on holy days of obligation and spiritual direction. The friars provide the sacraments of reconciliation, anointing of the sick and baptisms on a regular basis and first communion and confirmation annually. They also celebrate marriages when requested. We are dedicated to supporting the bereaved during their time of grief and conduct funeral services within the community. Although these sacraments and services are provided largely for Catholics or those intending to become Catholic, services within our parishes are open for all to be present.

Success is measured by the numbers attending Sunday Masses the numbers of young people, the number of those converting to Catholicism within the parish, the variety of parish activities and local engagement, national social engagement and financial viability.

Regular meetings take place between the friars and the priests of the local deanery (the local group of parishes). Here common objectives are set and the solutions to ongoing challenges are discussed.

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During the course of the year, the Order made donations to projects in Poland, Capuchin General Curia (Rome), Indonesia, the Capuchin Tertiary Sisters in Sri Lanka.

Many dedicated volunteers contribute so much to the work of our parishes. Parishioners are part of the welfare and daily running of their own parishes. Some provide pro bono professional advice and others voluntary assistance in order to aid the friars in running programmes of spiritual development, liturgy and catechesis as well as social outreach to establish connections between people, and cement strong bonds of support between them.

Domestic

Parishes

Chester (St Francis)

Our parish in Chester is situated within the ancient city walls and has a particular ministry to those who work in and visit this historic city. We are grateful for the presence of friars from a Polish province and for their introduction of a Polish-language Mass and ministry to the Polish community in the area. Over the years, this community within St Francis parish has grown, creating demand for the introduction of a second Polish Mass. We are grateful to the Capuchin Province of Warsaw for their continued fraternal support with brothers from their Province.

The Polish community now form roughly two thirds of the churchgoers at St Francis and it is their weekly donations that are largely responsible for ensuring the parish continues to be financially viable. The overall attendance continues to gradually increase and notwithstanding pandemic restrictions, around 500 people attend Mass here.

Being a community of faith in a thriving city is a tangible witness of the presence of God, serving the people and enhancing the flourishing of the wider country.

Erith (Our Lady of the Angels)

The parish in Erith is the Delegation’s largest ministerial commitment, with an average weekend congregation of approximately 700 parishioners. Due to this large congregation and a successful Gift Aid scheme, the parish finances are sufficient for the long-term requirements of this community.

The parish has a high proportion of immigrants from the African continent in its congregation, including a high percentage of converts, and a number of young people who maintain a vibrant parish life with social outreach, pastoral activities and choirs.

The Polish community continues to develop under the guidance of Br Krzysztof Przybylski and is now flourishing as increasing number of Polish parishioners integrate and assist in other ministries.

The friars also minister to St Fidelis Catholic Primary School (sited next door to the church) as well as supporting catholic education in local secondaries St Catherine’s Academy & St Columba’s.

The Angelus Centre, attached to the parish in Erith, provides a meeting place essential for the community life of the parishioners. However, it serves the wider public benefit via its use for many local and national groups – not necessarily Catholic. Examples include Scouts, Alcoholics Anonymous (English and Polish), London Borough of Bexley Council, a range of care trusts, the Blood Donor Association, other faith groups, local academies, dancing classes, and a diabetes clinic. We hope the Angelus Centre will be used for milestone events, like baptism celebrations and wedding receptions.

Oxford (St Edmund and St Frideswide)

Our presence at the site in Oxford in recent history dates back to the 1930s. Currently, the parish congregation is around 350 people which during term time includes university students. There is also a thriving global migrant community, including people from East Timor.

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The parish engages in outreach projects to the poor and marginalised, including traveller sites, to address the social needs of Oxford and the surrounding areas.

Greyfriars (Oxford)

The friary at Oxford serves as our house of initial formation for the British and Irish Capuchins. This friary also hosts some younger friars who wish to undertake further studies at the University of Oxford. The house and fraternity host many visiting academics who attend and use the facilities of the University of Oxford. There is a hope that in the future the house could be used as an international hub for the Order, allowing direct access to the University as well as Blackfriars Permanent Private Hall, which awards Pontifical Degrees.

We maintain good relationships with the local clergy and religious congregations. The friars are conscious of being part of the local community and take an active part in local programmes to improve the area which is one of the most deprived in Oxford.

Durham Friary (Lawrence of Brindisi)

‘Lawrence of Brindisi’ is now established in Durham (in a house owned by the Diocese of Hexham & Newcastle). This international initiative is now in the second year of a fiveyear agreement – and is a year of consolidation. CCS continue to support them as they try to fundraise for the St Clare Chair. There is also a strong outreach to the students affording them access to our charism. It is hoped that this will bear fruit in vocations to the Capuchins and benefit society with their commitment to social activities. One of the friars is involved with outreach to the poor and marginalised working alongside the Salvation Army.

While we don’t yet have additional friars from other jurisdictions in permanent residence, we have a Capuchin Friar from St Augustin’s Province, Pittsburgh, Pennsylvania, studying at Durham University and a Dominican Friar

studying for a PhD – both of whom pay rent to reside which provides an income stream.

Chaplaincies

Different forms of chaplaincy are an integral part of the charism of the Capuchins from its inception in the 16[th] Century. Theses chaplaincies are a demonstration of the charity’s commitment to public benefit.

Schools

St Fidelis Primary School in Erith has strong links to the Parish. It is ranked highly in the London Borough of Bexley and nationally, as a faith school. The intake of pupils is almost entirely Catholic. The Provincial Delegate is Chair of the governing body, and the head teacher frequently invites friars to provide pastoral and sacramental ministry within the school, while the school in turn assists the celebration of a Sunday Mass once a month. Both the school and parish are also major contributors to the local food bank. The value placed upon the friars’ ministry, as evidenced by how often they are invited to the schools, is the main measure of success.

In Oxford, the Parish Priest has an increasing involvement with the local secondary school, ministering to both pupils and staff.

Hospitals

We assist several hospitals and hospices in various contexts. One brother completed his chaplaincy course and is now a bank chaplain in St Thomas’ & Guys NHS Trust. The brothers at Chester Friary cover for the chaplain in hospitals in and around Chester. Erith brothers will always assist when called on to attend the sick and dying in hospitals close to the friary as do those in Oxford friary.

Prisons

Prison Chaplaincy is very attuned to our charism. One brother is now a part time chaplain in a prison near Durham. We see this as a way forward in helping us to achieve a regular income to sustain the fraternities.

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Universities

One brother stationed at Erith is a trained psychotherapist and is part time counsellor at the Guild Hall School of Music. He assists parishioners and those referred to him at our Erith fraternity house. To enhance outreach and ministry skills, one brother undertook accredited training in Hypnotherapy.

Virtual Ministry

‘Remote access’ has been commonplace since the global pandemic – and religious worship is no exception. There has been a rise of virtual ministry with Masses as well as other services like weddings, baptisms and funerals being live streamed. This not only benefits vulnerable people who are unable to attend services in person, but has enabled family and friends from around the world to serve as witness to life milestones of their loved ones. Having invested in the technology, parish’s plans for the future are considering how we can maximise this for wider public benefit.

Caring for members of the order

As friars profess a lifelong vow to the Order devoting their lives to serving their community, the Order fulfils a moral and legal obligation to provide care for its members for as long as required.

The trustees are kept informed about and regularly review the current demographic and the projections for the Delegation, in order to make medium to long-term plans.

Currently, the average age of the friars is 59.1. As the average age profile of the Delegation rises, care needs will also increase, as will the

costs of providing them. This will place a substantial financial burden on the charity’s finances – both in terms of increased costs but also because certain income sources will reduce as members become unable to carry out work as they previously had. At present, the costs have been manageable for the Order. Current funds are used to provide care for the friars within the friaries, only resorting to outside care when community care becomes unsustainable or not appropriate. There are a number of infirm friars, needing different levels of care, who are being cared for within their own friaries. There are also a number of elderly friars; three friars over 70 years of age, two over 80 and two over 90.

International

Although no British members of the Capuchin Order are stationed overseas at the moment, we assist overseas development via the General Curia for example Lawrence of Brindisi & the Province of Warsaw.

We also support our brothers in developing countries with grants for education and capacity building, as well as works for the relief of the poor. This is mainly administered via the Office of Economic Solidarity at our General Curia, Rome, however the Provincial Delegate in Great Britain is a member of this Office and he travels extensively to India, Africa and other countries upon as directed by the General Minister in Rome. The social impact of this work is extensive as is the involvement of many friars in deprived communities. This is viewed by the trustees as a valuable contribution to the outreach of the Order.

At this time, the Trustees have also recognised the dreadful humanitarian crisis in Ukraine and responded by providing aid and supporting the Capuchin Order in Krakow and Warsaw where refugees have been assisted with food, clothing and accommodation. We have also been committed to assisting an orphanage in Peru. We also provide advocacy at the United Nations via Franciscans International. During the course of the year, the Order made

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donations to projects in Poland, Capuchin General Curia (Rome), Indonesia, San Tome and the Capuchin Tertiary Sisters in Sri Lanka.

Historically we have had houses and communities to cater for the health and educational needs of people in India, Ethiopia and Papua New Guinea. During the course of this year, the Delegation has donated money to the Order’s central mission fund, administered by our General Curia via the Boni Pastoris Fund & Veronica Guiliana Fund. These funds are utilised in over 100 countries for formation of the friars and Capuchin sisters that serve the local people in these areas who often live in extreme poverty.

Educational

Dr Liam Temple is the Capuchin Fellow in the History of

Catholicism at the Centre for Catholic Studies (CCS) at Durham University. He is currently engaged on a research project exploring the influence of Capuchins in Britain from the seventeenth century to the present day. His passion for this provides support to heritage and rejuvenation projects and our sponsorship for this position affords us access to the public academy, thus influencing contemporary thought and practice.

To further the engagement with CCS, we granted a financial endowment to assist in the establishment of a Chair of St Clare with Durham University. This initiative is still a work in progress until full funding is achieved from the wider International Franciscan Family.

Our challenges and addressing actions

Lack of vocations /aging population & the impact of this on ministries

The Capuchin Franciscans are part of a large and substantial Religious Order numbering approximately 10,500 worldwide. Because of

this it is a concern to the Delegation that our charism continues to be present in more established jurisdictions like Great Britain, where we have had a presence since the sixteenth century. As part of this dedication to a continued presence, the Delegation of Great Britain has a contract with the Capuchin Province of Warsaw which assists us with a supply of personnel. This relationship is seen as a positive response to the falling number of vocations to the Capuchin Order within Great Britain as well as demonstrating an understanding of the changing demographic of the parishes within our care. The primary function of this contract is to enhance fraternal living by supporting our life and ministries. The integration of these Polish friars and their contribution to our ministry is regularly assessed by the trustees.

In addition to this collaboration, the Order’s leadership in Rome suggested that we enter into a similar arrangement with an Indian Province of the Order. After discussions and mutual visits, the Provincial Chapter agreed in principle to a collaboration with St Fidelis Province based in Lucknow (Uttar Pradesh, India). There was a suggestion that the Delegation may also look to house brothers who wish to complete their theological studies in Great Britain. The agreement between the two Provinces has been sanctioned by the General Minister and Council and the Provincial Delegate has met with prospective candidates.

To further ensure we have sufficient brothers to continue our ministries an agreement was signed with the Province of Pavanatma (Kerala India). At present there are three brothers from this Province in a variety of missions. As the Order here is a registered body capable of issuing Tier 2 and Tier 5 visas in accordance with UK Visas and Immigration guidelines, this is administered strictly within the bounds set out in their guidance.

The trustees are conscious of their responsibility to ensure that the integration of the brothers within our communities is

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Annual Report and Accounts 31 December 2022

successful. Solidarity of personnel and the ministries of the Delegation to come out of these collaborations will form part of the strategic plan for the Delegation. The trustees agree that with the enhanced numbers we will be able to maintain a number of our ministries and outreach and are grateful to the Provinces of Warsaw, St Fidelis and Pavanatma.

Circumscription structure

Capuchin circumscriptions vary hugely in size, structure and complexity and their ability to keep pace with a changing environment is increasingly challenged. Coupling this with the lack of vocations, the need to protect the Capuchin charism and way of life has been growing in importance and intensity.

The members of CENOC, of which the Delegation of Great Britain is an experienced and leading contributor, has been considering the nature of these challenges and engaging with the General Minister and his Council in Rome to come up with ways to solve for this.

Public Benefit

In formulating the charity’s aims and in planning the work of members of the Order, the trustees have taken into account the general guidance published by the Charity Commission on public benefit (Charity Commission 14 February 2014).

The trustees believe that the social and pastoral work of the friars demonstrates that the contribution of the friars in these areas has benefited the public. Also, in areas of retreat work and spirituality, the trustees believe that friars have influenced morals and attitudes of people and enhanced the spiritual wellbeing of those with whom they work. The trustees, by giving donations to other organisations, also demonstrate public accountability. Many of the friars dealing with the public are involved in the relief of poverty, the advancement of religion, and the advancement of education. The trustees also acknowledge that ‘unquantifiables’ in relation to ‘public benefit’ such as acts of kindness, hospitality, and

mutual support are demonstrated within and beyond the Order’s statutes and charism.

Our Policies

Safeguarding policy

Along with all other organisations who serve in the community, the trustees recognise the absolute necessity of ensuring the protection and safety of all those the charity serves. This means that all brothers who are in any kind of

ministry in Great Britain have to obtain clearance from the Disclosure and Barring Service with ‘Enhanced Disclosures’. The trustees are committed to implementing all policies and procedures of the National Catholic Safeguarding Service (NCSC). Supervision is also extended to anyone who works within our ministries and those living within our fraternities for an extended period of time. Friars are encouraged to complete relevant certification courses developed by EduCare.

The trustees are aware that the policies and procedures agreed by the National Catholic Safeguarding Commission (NCSC) are now in force in England and Wales. The trustees signed a resolution that they would be bound by the updated policies and procedures. This is in line with the ‘One Church’ approach. The members of the congregation are aware of their individual responsibilities in the area of safeguarding and there are updates by our safeguarding lead who is external to the Order.

The Delegation is aligned to the Archdiocese of Southwark Safeguarding Commission, who are the contact for statutory authorities. As reported last year there is a move from the current structure to a more aligned one in which all religious congregations will come under the remit of the Religious Life Safeguarding Service (RLSS) and National Catholic Safeguarding Service (NCSC). The transition period for all documentation to be transferred from our aligned commission to RLSS is still underway.

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Annual Report and Accounts 31 December 2022

A report from the charity’s safeguarding lead is a standing item at trustees’ meetings, and any problems raised are given a high priority.

Grants, donations and support of

missionary work and ministry policy

Grants, donations and other payments in support of missionary work and ministry are decided on by the trustees in consultation with other members of the Order as appropriate. Largely, the charity supports the work of those organisations whose work is within the objects of the charity. However, the charity does not regard itself as a primarily grant-making entity and so applications for grants and donations are not invited.

Investment policy

Waverton Investment Management Limited has responsibility for the management of the charity’s listed investments. On behalf of the charity, it holds a segregated investment portfolio comprising a mix of bonds, UK and overseas equities, common investment funds and alternative investments.

There are no legal restrictions on the charity’s power to invest.

The investment strategy is set by the trustees and takes into account income requirements, the risk profile and the investment manager’s view of the market prospects in the medium term. The policy is to achieve a balance between income and capital growth, while also avoiding investment in entities whose activities are not consistent with the objectives of the Church.

The performance of the portfolio and the charity’s investment strategy are reviewed by the trustees who receive quarterly management reports from the managers, as well as regular advice from independent investment experts. Regular bi-annual meetings are attended by the Provincial Delegate, a pro bono adviser and investment specialists from Portfolio Review Services.

Governance

In terms of Canon law, the Order within Britain is governed as a Delegation of the Province of Ireland by the Provincial Delegate and two councillors. The Delegation is administered by a governing body i.e. the Incorporated trustees of the Order of Friars Minor Capuchin Province of Great Britain (the trustees in civil law), consisting of the Provincial Delegate and four trustees.

In terms of civil law, the charity is governed by a Scheme of the Charity Commission dated 21 April 2015 and is registered with the Charity Commission, Charity Registration No 231143. As all trustees are members of the Order, they have a detailed knowledge of the work of the charity and of its structure. On being appointed, new trustees are briefed fully on their responsibilities as charity trustees.

The names of the trustees who served during the year are set out as part of the reference and administrative details on page 4.

The Delegation comprises 25 friars in perpetual vows (this number includes three friars assigned from the Warsaw Province and one from St Fidelis Province, India) In addition, as already indicated we have 3 friars from Pavanatma Province, India.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these accounts, the trustees are required to:

• select suitable accounting policies and then apply them consistently

• observe the methods and principles in the Accounting and Reporting by Charities:

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Annual Report and Accounts 31 December 2022

Statement of Recommended Practice applicable to charities preparing the accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)

• make judgements and estimates that are reasonable and prudent

• state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts

• prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

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

Structure and management reporting

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet every six weeks to review developments with regard to the charity or its activities and make any important decisions. When necessary, the trustees seek advice and support from the charity’s professional advisers including property consultants, investment managers, solicitors, and accountants.

The Provincial Delegate and Council assign friars to the various friaries and Parishes served by the Order and appoint the officers needed for the administration of the whole Delegation. Each friary has a Guardian and a Vicar, appointed by the Delegate and Council, who have responsibility for the friars in their community. The running of each friary is discussed regularly by the whole community.

Key management personnel

The trustees (including the Provincial Delegate/Provincial Bursar) consider that they alone comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-today basis.

The trustees (including the Provincial Delegate/Provincial Bursar) are all members of the Order and while their living and personal expenses are borne by the charity they receive no remuneration or additional reimbursement of expenses in connection with their duties to the charity.

Working with other organisations

The charity works closely with a number of other charities and public bodies which work in the fields of education and religion.

Employees, volunteers and members of the order

The trustees wish to record their recognition of the professionalism and commitment of all their staff, volunteers, and the individual members of the Order. Their dedication and positive approach are very much appreciated.

Risk management

The trustees continue working to assess the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity, its investments, and its finances. The trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks. These systems are also frequently reviewed with a view to possible updates and improvements. The key risks for the charity, as identified by the trustees, are described below together with the principal ways in which they are mitigated:

The rising age profile of the Delegation

The risk: The average age at 31 December 2022 was 59.1. The trustees are aware that there is

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Annual Report and Accounts 31 December 2022

both a moral and legal obligation to care for the older members. None of the members have resources of their own as all earnings, pensions, and other income have been donated to the charity under a Gift Aidcompliant Deed of Covenant. As the age profile increases, so too does the need to provide care for the members.

The mitigation: Key elements of the management of this risk are:

(a) ensuring that the charity has the available financial resources to finance this care both now and, in the years, ahead by setting aside assets in a designated fund

(b) ensuring that processes are in place to regularly review the ministries and needs of individual members, encouraging those who need it to take on fewer demanding ministries and to identify those who need extra care and help.

Number of friars reducing within the Delegation

The risk: As older members die and, occasionally, younger members leave, the number of friars in the Delegation is reducing. Vocations to religious orders in Britain remain low, so the trustees need to plan for reduced personnel or find ways to bring in more friars.

The mitigation: The latter objective will be pursued by investing more effort and resources into the vocation’s ministry and by liaising with the General Minister in Rome for friars to be sent to Britain from Provinces richer in personnel. Even with these efforts, there will probably be a reduction in the numbers of active friars in the short to medium term, so the trustees will look to make reductions in ministerial commitments and even in the number of friaries. These considerations will be looked at in the context of our financial planning, becoming a delegation of the Irish Province and with friars arriving from Province of Warsaw, Poland, and with both St Fidelis & Pavanatma Provinces in India.

Working with vulnerable groups

The risk: Operationally the charity works with vulnerable groups including children and the elderly. The trustees recognise the absolute necessity of ensuring the protection and safety of all those that the charity serves.

The mitigation: All members engaged in any ministry in Great Britain and all those who work or volunteer for the charity and work with children or vulnerable adults must obtain clearance from the Disclosure and Barring Service (DBS). The trustees are fully committed to implementing the policies of the National Catholic Safeguarding Service (NCSC) and Religious Life Safeguarding Service (RLSS). The trustees also recognise their duty of care to members of the Order who are accused of mistreating children or vulnerable adults, and they will seek to ensure that support is given to such friars through the process of investigation.

Financial risks

The risk: The charity donates significant sums in support of the worldwide Order and other organisations. The vast majority of donations sent overseas are to fund projects administered directly by members of the Order.

The mitigation: Whether or not the funds are used here in Great Britain or overseas, the trustees always ensure that they are fully briefed about and are familiar with the work of a potential recipient of funds. Funds are transferred via bank transfer, proof of receipt is obtained, and wherever possible (and always in the case of monies sent overseas), a full written report of how the monies have been used and applied is obtained from the recipient.

Property assets

The risk: The charity’s principal asset, apart from buildings, comprises listed investments, the value of which is dependent on movements in UK and world stock markets.

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Annual Report and Accounts 31 December 2022

The mitigation: The investments are managed by reputable investment managers who adhere to a policy agreed by the trustees. The trustees meet bi-annually with the investment managers and the manager’s performance and that of the portfolio are monitored. The investment strategy is assessed regularly to ensure it remains appropriate to the charity’s needs – both now and in the future – and to the charity’s Catholic ethos.

We have developed a clear Delegation Plan to set out tactics to achieve this strategy. The Plan has five core priorities and outcomes (see p21).

Early achievements include a dedicated focus on best practices for assimilating a far more diverse and internationally flavoured community. Providing brothers from overseas provinces the opportunity to reflect on their own previous experiences of moving between disparate provinces has benefits for the IFC.

Our Future

Delegation Plan

Our strategy for the future is simple: ensure our survival and the protection of our charism and way of life – for the benefit of ourselves and the communities in which we live and work.

We have also been undertaking some early planning for milestone events in 2023 and 2024: the 800[th] anniversary of the arrival of the Capuchin friars in Great Britain and 150 years of the Province.

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Annual Report and Accounts 31 December 2022

Financial Reporting

----- Start of picture text -----
Income and expenditure
Income
Pensions and
salaries, £98,442
Parish
Other , collections,
£395,854 £132,710
Other pastoral
offerings and
repository
income,
£199,667
Surplus on disposal of
freehold, £99,408
Investment Income,
£198,920
----- End of picture text -----

----- Start of picture text -----
Expenditure
Expenditure raising
funds, £57,746
Donations,
Support for £157,181
members of the
order and their
ministry,
£855,777 Governance
£96,524
Parish
activities,
£302,555
----- End of picture text -----

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Annual Report and Accounts 31 December 2022

Income and expenditure 2001 vs 2002

----- Start of picture text -----
Income (£000's) 2021 vs 2022
450
400
350
300
250
200
150
100
50
0
Pensions and Parish collections Other pastoral Investment Surplus on Other
salaries offerings and Income disposal of
repository freehold
income
2021 2022
----- End of picture text -----

----- Start of picture text -----
Expenditure (£000's) 2021 vs 2022
1,000
900
800
700
600
500
400
300
200
100
0
Expenditure raising Donations Governance Parish activities Support for
funds members of the
order and their
ministry
2021 2022
----- End of picture text -----

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Annual Report and Accounts 31 December 2022

Financial report for the year

A summary of the charity’s results for the year can be found on page 30 of the accounts.

Total income for the year ended 31 December 2022 amounted to £1,125,001 (2021 - 785,444). Of this total, £759,274 (2021 - £540,640) was received by way of donations and legacies. This figure includes £98,442 (2021 - £85,685) being the pensions and salaries of the friars gifted to the charity and a further £332,377 (2021 - £320,797) being pastoral offerings and repository income. It also includes legacies receivable of £167,312 (2021 - £25,469). Income derived from the charity’s investment properties, listed investment portfolio, social investments and interest on cash balances totalled £198,920 (2021 – £181,659). The charity’s trading activities, generated additional revenues totalling £1,714 (2021 - £3,493).

Total expenditure for the year ended 31 December 2022 amounted to £1,469,783 (2021 - £1,375,277). Expenditure incurred on maintaining the members of the Order and supporting them in their pastoral work and ministry amounted to £855,777 (2021 - £904,078). The expenditure on Parishes and parochial work was £302,555 (2021 - £230,029) and donations made by the charity during the year totalled £157,181 (2021 - £79,771).

The overall net expenditure for the year before gains on investments was £344,782 (2021 – £589,833). The net losses on the revaluation and disposal of the charity’s investments were £929,461 (2021 – net gains of £1,502,355) providing an overall net decrease in funds for the year or net expenditure of £1,274,243 (2021 – net income of £912,522).

Investment performance

Waverton Investment Management Limited has responsibility for the management of the charity’s listed investments. At the year-end date, the investment portfolio had a market value of £7,438,144 including cash held for investment (2021 - £8,650,016).

The total income derived from the listed investment portfolio totalled £134,635 (2021 - £114,516) representing an income yield of 1.7% (2021 – 1.4%) on the average portfolio value. The total realised and unrealised losses experienced in the year were £929,461 (2021 – gains of £953,355) reflecting a capital yield of minus 11.5% (2021 – plus 11.6%) on the average portfolio value.

The investment managers continued to invest in accordance with the trustees’ investment policy set out earlier in this report and in compliance with the ethical guidelines given to them.

The charity also owns four investment properties in Oxford and Pantasaph which have an estimated open market value of £2,895,000 (2021 - £2,895,000). The income derived from the letting of these properties amounted to £59,721 during the financial year (2021 - £66,919).

Properties

There have been repairs and some renovation at our investment properties. The trustees take the view that we should maintain our properties to a high standard. All of our investment properties are manged by external companies, two via a Heads of Terms (Oxford) the other two via an agency (Pantasaph Cottages).

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Annual Report and Accounts 31 December 2022

Reserves policy and financial position

The charity has a number of different categories of fund on its balance sheet which in total amount to £16,212,175 (2021 - £17,486,368) and includes the tangible fixed assets fund at £4,774,215 (2021 – 5,251,296) which represents the net book value of the charity’s tangible fixed assets i.e. land and buildings, motor vehicles and furniture and equipment financed from unrestricted funds. About 38 percent of the total net assets owned by the charity comprise property - churches and friaries. The Order of the Friars Minor Capuchin Province of Great Britain can only carry out the aims set out in the first part of this report if it has the use of such buildings.

Not only are they an essential pre-requisite for their work but certain of this property is also regarded as inalienable. It is not at the complete disposal of the charity; if the trustees were to vacate certain of this property, for example church buildings, they would regard themselves as obliged to offer it to the Bishop or some other religious order that was prepared to carry on the same work with the agreement of regulatory authorities. In these circumstances, therefore, it seems advisable to recognise the property and other essential tangible fixed assets as a separate fund rather than as an available resource.

Designated funds totalled £7,836,692 at 31 December 2022 (2021 - £7,937,002). Full details of these funds are given in note 20 to the attached accounts.

Restricted funds representing monies given to the charity for a specific purpose, or donations subject to donor imposed conditions, including Parish funds, amount to £1,016,717 (2021 - 1,077,331). Full details of these funds and an analysis of their movements during the year are given in note 18 to the attached accounts.

The free reserves available after deducting the above tangible fixed assets fund, the designated funds, the non-charitable trading funds and the restricted funds at 31 December 2022 were £2,584,501 (2021 - £3,220,739).

The trustees consider it prudent to hold an amount equivalent to six month’s expenditure as a free reserve, to allow for unforeseen expenditure. The free reserves at 31 December 2022 represent approximately 26 months’ expenditure which exceeds the amount required under the trustees’ policy. However, given the current macroeconomic and geopolitical situation and the ensuing uncertainties, the trustees are content to hold excess reserves and consider the charity’s free reserves to be adequate but not excessive in the current climate.

The trustees continually monitor the impact of revenue to the restricted funds assessing the ability for us to continue all of our outreach programmes and the viability of the ministries. We believe that with close monitoring of the financial situation the charity are able to fulfil our commitments. In light of this, the trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees will continue to review the reserves situation on a monthly basis and if there are any concerns, this will be discussed with our professional advisers.

The effective governance of the charity, which combines a Religious Order (with falling numbers) with various charitable aims, is being increasingly carried out by lay staff members. Trustees are looking at the possibility of changing the charity’s legal structure by converting to a CIO (Charitable Incorporated Organisation), which would facilitate the appointment of lay trustees.

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Annual Report and Accounts 31 December 2022

Fundraising statement

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of Professional Fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During 2022, the charity received no complaints about its fundraising activities.

Approved by the trustees and signed on their behalf by:

Br James Boner OFM Cap

Trustee

Date: 22[nd] August 2023

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Independent auditor’s report 31 December 2022

Independent auditor’s report to the trustees of O.F.M Capuchin GB Charitable Trust

Opinion

We have audited the accounts of O.F.M Capuchin GB Charitable Trust (the ‘charity’) for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

• give a true and fair view of the state of the charity’s affairs as at 31 December 2022 and of its income and expenditure for the year then ended; and

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

In connection with our audit of the accounts, our responsibility is to read the other information and,

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Independent auditor’s report 31 December 2022

in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

• the information given in the trustees’ annual report is inconsistent in any material respect with the accounts; or

• sufficient and proper accounting records have not been kept by the charity; or

• the charity accounts are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

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Independent auditor’s report 31 December 2022

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:

How 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:

• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• We identified the laws and regulations applicable to the charity through discussions with management and from our knowledge and experience of the charity sector;

• We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011, 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 United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019); and

• We assessed the extent of compliance with the laws and regulations identified above through making enquiries with management and those charged with governance and review of minutes of trustees’ meetings.

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

• Making enquiries of management and those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

• Performed analytical procedures to identify any unusual or unexpected relationships;

• Tested and reviewed journal entries to identify unusual transactions;

• Tested the authorisation of expenditure;

• Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• Investigated the rationale behind significant or unusual transactions.

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

• Agreeing financial statement disclosures to underlying supporting documentation;

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Independent auditor’s report 31 December 2022

• Reading the minutes of meetings of trustees; and

• Enquiring of as to actual and potential litigation and claims.

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 noncompliance. 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.

We did not identify any irregularities, including fraud.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

10 October 2023

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

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Statement of financial activities Year to 31 December 2022

Statement of financial activities Year to 31 December 2022

Notes	Unrestricted funds £	Restricted funds £	Total funds 2022 £	Unrestricted funds £	Restricted funds £	Total funds 2021 £
Income from: Donations and legacies 1 Investments and interest receivable 2 Charitable activities 3 Other trading activities 4 Surplus on disposal of freehold land and buildings Other sources 5 Total income Expenditure on: Raising funds 6 Charitable activities 7 Total expenditure Net (expenditure) income before investment (losses) gains Net gains on the revaluation of investment property 14 Net (losses) gains on the revaluation and disposal of listed investments 14 Net (expenditure) income 10 Transfers between funds 18 Net movement in funds Reconciliation of funds Total funds brought forward at 1 January 2022 Total funds carried forward at 31 December 2022	389,229 198,797 — 1,714 99,408 5,689	370,045 123 43,002 — — 16,994	759,274 198,920 43,002 1,714 99,408 22,683	187,787 181,536 — 3,493 — 24,879	352,853 123 20,522 — — 14,251	540,640 181,659 20,522 3,493 — 39,130
	694,837	430,164	1,125,001	397,695	387,749	785,444
	57,746 1,052,368	— 359,669	57,746 1,412,037	57,535 1,039,102	— 278,640	57,535 1,317,742
	1,110,114	359,669	1,469,783	1,096,637	278,640	1,375,277
	(415,277) — (888,655)	70,495 — (40,806)	(344,782) — (929,461)	(698,942) 549,000 893,013	109,109 — 60,342	(589,833) 549,000 953,355
	(1,303,932) 90,303	29,689 (90,303)	(1,274,243) —	743,071 110,850	169,451 (110,850)	912,522 —
	(1,213,629) 16,409,037	(60,614) 1,077,331	(1,274,243) 17,486,368	853,921 15,555,116	58,601 1,018,730	912,522 16,573,846
	15,195,408	1,016,717	16,212,125	16,409,037	1,077,331	17,486,368

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

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Balance sheet Year to 31 December 2022

Balance Sheet Year to 31 December 2022

Notes	2022 £	2021 £
Fixed assets Tangible assets 13 Investments 14 Current assets Debtors 15 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Creditors: amounts falling due after one year 17 Total net assets The funds of the charity: Restricted funds 18 Unrestricted funds . General funds . Tangible fixed assets fund 19 . Designated funds 20	4,805,523 10,333,145	5,281,773 11,646,226
	15,138,668	16,927,999
	570,979 667,981	9,402 774,705
	1,238,960	784,107
	(165,503)	(155,252)
	1,073,457	628,855
	16,212,125 —	17,556,854 (70,486)
	16,212,125	17,486,368
	1,016,717 2,584,501 4,774,215 7,836,692	1,077,331 3,220,739 5,251,296 7,937,002
	16,212,125	17,486,368

Approved by the trustees and signed on their behalf by:

Br James Boner OFM Cap

Trustee

Date: 22nd August 2023

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Analysis of continued and discontinued operations Year to 31 December 2022

Analysis of continued and discontinued operations Year to 31 December 2022

	Continued £	Discontinued £	Total 2022 £	Continued £	Discontinued £	Total 2021 £
Income Expenditure Net (losses) gains on listed investments Net(expenditure)income	1,111,591 (1,423,142)	13,410 **(46,641) **	1,125,001 **(1,469,783) **	721,723 (1,203,635)	63,721 (171,642)	785,444 (1,375,277)
	(311,551) (929,461)	(33,231) —	(344,782) (929,461)	(481,912) 1,502,355	(107,921) —	(589,833) 1,502,355
	(1,241,012)	**(33,231) **	**(1,274,243) **	1,020,443	(107,921)	912,522

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Statement of cash flows Year to 31 December 2022

Statement of cash flows Year to 31 December 2022

Notes	2022 £	2021 £
Cash flows from operating activities: Net cash used in operating activities A Cash flows from investing activities: Investment income and interest received Purchase of tangible fixed assets Proceeds from the disposal of fixed assets Proceeds from the disposal of listed investments Purchase of listed investments Foreign exchange (losses) gains Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 1 January 2022 B Cash and cash equivalents at 31 December 2022 B	**(663,156) **	(715,821)
	198,920 (14,858) 100,000 2,395,200 (2,381,743) **(11,250) **	181,659 — — 1,386,422 (1,366,736) 4,467
	286,269	205,812
	(376,887) 1,592,480	(510,009) 2,102,489
	1,215,593	1,592,480

Notes to the statement of cash flows for the year to 31 December 2002

A Reconciliation of net (expenditure) income to net cash used in operating activities

	2022 £	2021 £
Net (expenditure) income for the year (as per the statement of financial activities) Adjustments for: Depreciation charge (Gains) losses on disposal of tangible fixed assets Net losses (gains) on the revaluation and disposal of listed and social investments Net gains on the revaluation of investment properties Investment income and interest receivable Foreign exchange losses (gains) Decrease in stock (Increase) decrease in debtors Increase in current creditors Decrease in long term creditors Net cash used in operating activities	(1,274,243) 90,516 400,592 929,461 — (198,920) 11,250 — (561,577) 10,251 (70,486)	912,522 94,691 6,858 (953,355) (549,000) (181,659) (4,467) 5,809 13,392 4,145 (64,757)
	(663,156)	(715,821)

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
	2022 £	2021 £
Cash at bank and in hand Cash held by investment managers Total cash and cash equivalents	667,981 547,612	774,705 817,775
	1,215,593	1,592,480

No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).

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Principal accounting policies 31 December 2022

Principal accounting policies Year to 31 December 2022

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

Basis of preparation

These accounts have been prepared for the year to 31 December 2022. The comparative information reflects the financial results for the year ended 31 December 2021.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

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

Critical accounting estimates and areas of judgement

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

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

• assessing the probability of the receipt of legacy income;

• the judgements made by the trustees and management in estimating the fair values attributed to the charity’s investment properties;

• the estimates of the useful economic lives of tangible fixed assets used to determine the annual depreciation charge;

• the assessment of any impairment provision in respect to tangible fixed assets;

• the assumptions made in determining the likelihood of recovering the debtor balances; and

• the assumptions adopted by the trustees and management in determining the value of any designations required from the charity’s general unrestricted funds.

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Principal accounting policies 31 December 2022

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ending 31 December 2023, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees’ report for more information).

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises donations and legacies, investment income and interest receivable, income from charitable activities, other trading income and sundry income.

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

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charity.

Income from listed investments is recognised once the dividend has been declared and notification has been received of the dividend due.

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Principal accounting policies 31 December 2022

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

Income derived from the letting of the charity’s investment properties and functional freehold properties is recognised as income based on the period to which the letting relates.

Income derived from the charitable activities includes income from Parish hall and room hire. Such income is measured at the fair value of the consideration received or receivable, excluding any discounts and rebates.

Income from other trading activities comprises income from the café at Pantasaph and other lettings income. Such income is accounted for on an accruals basis and measured at fair value.

The surplus on the disposal of tangible fixed assets is calculated as the difference between the sale proceeds net of sale costs and the net book value of the asset immediately prior to disposal. It is accounted for once legal completion of the disposal has taken place.

Other income is measured at fair value and accounted for on an accruals basis.

Services provided by members of the Order

For the purposes of these accounts, no value has been placed on administrative and other services provided by the members of the Order.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses are allocated to the applicable expenditure headings. The majority of expenditure is directly attributable and any apportionment between headings is negligible. The classification between activities is as follows:

• Expenditure on raising funds includes all expenditure associated with raising funds for the charity. This includes investment management fees and costs incurred in connection with the maintenance and administration of the charity’s investment properties.

• Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include charitable donations, direct and support costs in respect to the support of members of the Order and enabling their ministry expenditure in relation to the administering of four Parishes and related parochial activities. Any impairment charge in respect to tangible fixed assets is also included within expenditure on charitable activities.

Charitable donations are made where the trustees consider there is real need following a review of the details of each particular case. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period end.

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Principal accounting policies 31 December 2022

The provision of a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the charity that would permit the charity to avoid making the future payments, settlement is probable and the effect of the discounting is material. The discount rate used is the average rate of investment yield in the year in which the grant is made. This discount rate is regarded by the trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the charity.

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment. Such costs are identifiable in respect to each charitable activity and hence they are allocated to the appropriate heading directly. There has been no apportionment between headings in the statement of financial activities.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice. Governance costs are included as part of the expenditure on charitable activities generally and not allocated out to specific activities.

Pension costs

Contributions in respect of defined contribution pension schemes and contributions to employees’ personal pension plans are charged to the statement of financial activities in the year in which they are payable to the scheme. The charity has no liability beyond making its contributions and paying across the deductions for the employees’ contributions.

Tangible fixed assets

All assets costing more than £2,500 with an expected life exceeding one year are capitalised.

Freehold land and buildings

Parishes

The Parishes administered by the Province of Great Britain are entrusted to the Order’s care by the local Bishop. Although the properties used within these Parishes are owned by the charity, under Canon Law all monies collected by the Parish constitute stable patrimony of the Parish and may not be used for any other purpose.

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Principal accounting policies 31 December 2022

Tangible fixed assets (continued)

Freehold land and buildings (continued)

Parishes (continued)

In the event of the Order ceasing its ministry in a Parish, the trustees would consider either transferring such assets to the relevant diocese or allowing such assets to continue to be used indefinitely and rent free to meet the needs of the Parish for a church and related accommodation. Such assets are therefore excluded from the accounts. Expenditure on such properties is included in the Statement of Financial Activities as expenditure on Parish properties.

The buildings consist of churches, certain presbyteries and Parish Halls and were constructed up to 160 years ago, with additions and improvements since. They are situated at Iffley Road, Oxford; Cuppin Street, Chester, Cheshire; and Carlton Road, Erith, Kent..

Other land and buildings

Both non-specialised and specialised buildings existing at 31 December 2001 and in use are shown on the balance sheet at a valuation determined by the trustees at that date with professional assistance and based on existing use. Under the transitional arrangements set out in FRS 102, this valuation is deemed to be the cost of the relevant assets as at 1 January 2014. Additions to freehold land and buildings since 1 January 2001 are stated at cost.

Non-specialised buildings are those designed as, and used wholly or mainly for, private residential accommodation. Such buildings are not depreciated. Their value and condition are reviewed annually by the trustees, to confirm whether they are satisfied that the residual value is not materially less than their book value. Where the residual value is deemed to be materially less than book value, an impairment provision is made.

Specialised buildings comprise the Order’s large residential friaries and buildings used for its work. Depreciation is provided at 1% per annum on a straight-line basis on completed buildings to write the buildings off over their estimated useful economic life to the Order. The estimated useful life of such buildings is deemed to be 100 years given their age and historic nature. Buildings under construction are not depreciated until such work has been completed fully.

Motor vehicles, furniture and equipment

Such tangible fixed assets are capitalised and depreciated on a 25% reducing balance basis in order to write them off over their estimated useful lives.

Fixed asset investments

• Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

Fixed asset investments (continued)

As noted above the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to

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Principal accounting policies 31 December 2022

investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

• Properties held for investment purposes are included in these accounts at open market value with vacant possession. The valuation has been determined by the trustees, with professional assistance.

• Mixed motive social investments are either included on the balance sheet at their fair value, or where the market price or recent transactions relating to the same asset does not provide a reliable estimate of fair value, the investment is carried at historic cost less impairment.

Realised gains (or losses) on investment listed investments and investment properties are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Debtors

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

Cash at bank and in hand

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

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.

Leased assets

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged on a straight-line basis over the lease term.

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Principal accounting policies 31 December 2022

Fund structure

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

The tangible fixed assets fund comprises the net book value of charity’s tangible fixed assets (excluding those held by individual Parishes), the existence of which is fundamental to the charity being able to perform its charitable work and thereby achieve its charitable objectives. The value represented by such assets should not be regarded as realisable.

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

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

Non-charitable trading funds comprise the accumulated losses on the charity’s subsidiary company.

Pension costs

Contributions made in respect of the charity’s defined contribution scheme are charged to the statement of financial activities in the year in which they are payable to the scheme.

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Notes to the accounts Year to 31 December 2022

Notes to the accounts Year to 31 December 2022

1 Income from donations and legacies

	Unrestricted funds £ — 55,112 98,442 — — 69,363 166,312 389,229	Restricted funds £	Total 2022 £	Unrestricted funds £	Restricted funds £	Total 2021 £ 7,800 100,889 85,685 116,482 (923) 205,238 25,469 540,640
Donations . Appeals . Other donations Pensions and salaries of individual religious received under deed of covenant or Gift Aid Pastoral offerings and repository income . First collection . Second collection . Other offerings and repository income Legacies		38,054 67,977 — 133,514 (804) 130,304 1,000	38,054 123,089 98,442 133,514 (804) 199,667 167,312	— 23,949 85,685 — — 54,684 23,469	7,800 76,940 — 116,482 (923) 150,554 2,000
		370,045	759,274	187,787	352,853

During the year to 31 December 2019, the charity was notified that it had been named as having a residuary interest in the estate of a deceased person. However, at 31 December 2022 probate had not been granted in respect to the estate and, as such, no credit has been made in these accounts for the legacy, estimated to be approximately £40,000.

2 Income from investments and interest receivable

	Unrestricted funds £	Restricted funds £	Total 2022 £	Unrestricted funds £	Restricted funds £	Total 2021 £
Income from listed investments Income from investment properties Interest receivable on cash managed by investment managers	134,635 59,721 4,441	— — 123	134,635 59,721 4,564	114,516 66,919 101	— — 123	114,516 66,919 224
	198,797	123	198,920	181,536	123	181,659
Income from charitable activities Unrestricted funds £		Restricted funds £	Total 2022 £	Unrestricted funds £	Restricted funds £	Total 2021 £
Parish hall and room hire	—	43,002	43,002	—	20,522	20,522

3 Income from charitable activities

4 Income from other trading activities

	Unrestricted funds £	Restricted funds £	Total 2022 £	Unrestricted funds £	Restricted funds £	Total 2021 £
Other lettings income	1,714	—	1,714	3,493	—	3,493

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Notes to the accounts Year to 31 December 2022

5 Income from other sources

	Unrestricted funds £ — 16,939 — (11,250) 5,689	Restricted funds £ 8,850 8,144 — — 16,994	Total 2022 £ 8,850 25,083 — (11,250 22,683	Unrestricted funds £	Restricted funds £	Total 2021 £
Insurance claim Refunds and miscellaneous income Coronavirus job retention scheme Forex (losses) gains				— 15,150 5,262 ) 4,467	— 6,304 7,947 —	— 21,454 13,209 4,467
				24,879	14,251	39,130

6 Expenditure on raising funds

	Unrestricted funds £	Restricted funds £	Total 2022 £	Unrestricted funds £	Restricted funds £	Total 2021 £
Investment management costs Investment property costs	53,930 3,816	— —	53,930 3,816	53,354 4,181	— —	53,354 4,181
	57,746	—	57,746	57,535	—	57,535

7 Expenditure on charitable activities

	Unrestricted funds £	Restricted funds £	Total 2022 £	Unrestricted funds £	Restricted funds £	Total 2021 £
Support of members of the Order and their ministry Staff costs Premises costs Food costs Living and personal expenses of friars Formation, education and vocation Shrine and projects Depreciation and impairment Office expenses Other costs Parishes and parochial activities Staff costs Premises costs Parish expenses Hall expenses Depreciation Administration Other costs Donations (note 8) Governance costs (note 9) 2022 total funds	91,841 204,937 65,215 277,779 66,630 — 76,420 68,566 2,842	— — — — — 1,547 — — —	91,841 204,937 65,215 277,779 66,630 1,547 76,420 68,566 2,842	143,292 225,719 71,953 216,224 82,411 — 81,853 73,318 6,612	— — — — — 2,696 — — —	143,292 225,719 71,953 216,224 82,411 2,696 81,853 73,318 6,612
	854,230	1,547	855,777	901,382	2,696	904,078
	— — — — — — —	42,447 96,278 82,867 19,825 14,027 37,548 9,563	42,447 96,278 82,867 19,825 14,027 37,548 9,563	— — — — — — —	30,005 90,202 48,650 16,876 12,838 28,932 2,526	30,005 90,202 48,650 16,876 12,838 28,932 2,526
	—	302,555	302,555	—	230,029	230,029
	101,614 96,524	55,567 —	157,181 96,524	33,856 103,864	45,915 —	79,771 103,864
	1,052,368	359,669	1,412,037	1,039,102	278,640	1,317,742

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Notes to the accounts Year to 31 December 2022

8 Donations

Donations
	Unrestricted funds £	Restricted funds £	Total 2022 £	Unrestricted funds £	Restricted funds £	Total 2021 £
Donations to institutions Contributions to the Archdiocese/Diocese of: . Birmingham . Southwark Aid to the Church in Need Boni Pastors Capuchin Custody of Ukraine Capuchin Province Warsaw Capuchin Tertiary Sisters, Sri Lanka Capuchin Custody of Belarus Capuchin Soupkit Cuidad Los Ninos; Capuchin of Peru Delegation of GB Franciscan International Geneva Franciscan Sisters International Fraternal Collaboration Province of St Fidelis India Pavanatma Formation OFM Capuchin Goa San Tome St Fidelis Primary School Team 8 Legion Ukraine Formation University of Durham – Postal Doctoral Thesis Veronica Guiliani Fund Warsaw Missions Warsaw Province – Renovation of the Provincial Curia Other donations to institutions including second collections Donations to individuals	— — — 20,000 10,015 — 4,015 — 8,015 — 25,015 — 1,015 — 4,015 1,515 — — — 615 — 5,000 1,354 19,330 1,710	7,848 28,780 — — — — 2,015 — — — — — — — — — 1,200 — 2,015 — 2,888 — 1,212 — 9,609	7,848 28,780 — 20,000 10,015 — 6,030 — 8,015 — 25,015 — 1,015 — 4,015 1,515 1,200 — 2,015 615 2,888 5,000 2,566 19,330 11,319	— — — — — 2,510 5,280 4,015 — — — 10,015 — 5,015 — — — 1,000 — — — — — — 5,426	3,500 24,722 500 — 1,400 — 4,015 — — 5,000 — — — — — — — — — — — — 2,500 — 4,006	3,500 24,722 500 — 1,400 2,510 9,295 4,015 — 5,000 — 10,015 — 5,015 — — — 1,000 — — — — 2,500 — 9,432
	101,614 —	55,567 —	157,181 —	33,261 595	45,643 272	78,904 867
	101,614	55,567	157,181	33,856	45,915	79,771
Governance costs	Unrestricted funds £	Restricted funds £	Total 2022 £	Unrestricted funds £	Restricted funds £	Total 2021 £
Consultancy fees Other professional fees	44,212 52,312	— —	44,212 52,312	36,987 66,877	— —	36,987 66,877
	96,524	—	96,524	103,864	—	103,864

9 Governance costs

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Notes to the accounts Year to 31 December 2022

10 Net (expenditure) income

Net (expenditure) income
	2022 £	2021 £
This is stated after charging: Staff costs (note 11) Auditor’s remuneration (including VAT) . Statutory audit services . Non-audit services Gain on disposal of fixed assets (note 13) Depreciation(note 13)	112,915 24,198 4,812 99,408 90,516	173,297 20,750 4,008 — 94,691

11 Staff costs and remuneration of key management personnel

Staff costs during the year were as follows:

	2022 £	2021 £
Wages and salaries Social security costs Pension costs Redundancy payments	106,260 1,674 4,981 —	141,422 2,852 5,033 23,990
	112,915	173,297

The average number of employees during the year, analysed by function, was as follows:

	2022 Number	2021 Number
Parish Support Shop, Café and Retreat Centre	3 5 —	3 8 1
	8	12

No employee earned more than £60,000 per annum (including taxable benefits but excluding employer pension contributions) during the year (2021 – none).

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis comprise the trustees (including the Provincial Minister/Provincial Bursar). The key management personnel of the subsidiary company comprise the directors.

The trustees (including the Provincial Minister/Provincial Bursar) are all members of the Order and whilst their living and personal expenses are borne by the charity, they receive no remuneration or reimbursement of expenses in connection with their duties to the charity (2021 – £nil).

12 Taxation

Order of Friars Minor Capuchin Province of Great Britain Charitable Trust is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

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Notes to the accounts Year to 31 December 2022

13 Tangible fixed assets

Tangible fixed assets
	Freehold land	and buildings	Motor, vehicles, furniture & equipment £	Total £
	Specialised £	Non- specialised £
Cost or deemed cost At 1 January 2022 Additions Disposals At 31 December 2022 Cost Deemed cost – 2001 valuation Disposal Depreciation At 1 January 2022 Charge for year Disposals At 31 December 2022 Net book values At 31 December 2022 At 31 December 2021	6,285,686 — (458,000)	305,913 — (280,913)	770,603 14,858 —	7,362,202 14,858 (738,913)
	5,827,686	25,000	785,461	6,638,147
	2,131,213 4,154,473 (458,000)	18,913 287,000 (280,913)	785,461 — —	2,935,587 4,441,473 (738,913)
	5,827,686	25,000	785,461	6,638,147
	1,321,650 62,857 (283,481)	54,840 — (54,840)	703,939 27,659 —	2,080,429 90,516 (338,321)
	1,101,026	—	731,598	1,832,624
	4,726,660	25,000	53,863	4,805,523
	4,964,036	251,073	66,664	5,281,773

The Parishes administered by the Province of Great Britain are entrusted to the Order’s care by the local Bishop. Although the properties used within these Parishes are owned by the charity, under Canon Law all monies collected by the Parish constitute stable patrimony of the Parish and may not be used for any other purpose.

In the event of the Order ceasing its ministry in a Parish, the trustees would consider themselves obliged to allow such assets to continue to be used indefinitely and rent free to meet the needs of the Parish for a church and related accommodation. Such assets are therefore excluded from the accounts. Expenditure on such properties is included in the Statement of Financial Activities when incurred.

The buildings consist of churches, presbyteries and Parish halls and were constructed up to 100 years ago, with additions and improvements since. They are situated at Iffley Road, Oxford; Cuppin Street, Chester, Cheshire; and Carlton Road, Erith, Kent.

The book value of other specialised and non-specialised land and buildings held at 31 December 2001 is based on a trustees’ valuation made in 2001 with professional assistance and under the transitional arrangements set out in FRS 102 is deemed to be equal to cost. Subsequent additions and other tangible fixed assets are stated at cost.

An impairment charge was recognised in 2019 in respect to elements of the charity’s estate in Pantasaph. Pantasaph which was sold to the Vincentian Congregation on 25 February 2022 and the carrying value realised.

It is likely that there are material differences between the open market values of the charity’s other land and buildings and their book values. These arise from the specialised nature of some properties and the effects of inflation. The amount of such differences cannot be ascertained without incurring significant costs, which, in the opinion of trustees, is not justified in terms of the benefit to the users of the accounts.

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Notes to the accounts Year to 31 December 2022

14 Investments

Investments
	2022 £	2021 £
Listed investments and cash held for re-investment (note a) Mixed motive social investments (note b) Investment properties (note c) Investment in subsidiary company (note d)	7,438,145 — 2,895,000 —	8,650,016 101,210 2,895,000 —
	10,333,145	11,646,226
a) Listed investments and cash held for reinvestment	2022 £	2021 £
Listed investments Market value at 1 January 2022 Additions at cost Disposal proceeds Realised losses Disposals at opening book value Net unrealised (losses) gains Market value at 31 December 2022 Cash held by investment manager for re-investment Cost of listed investments at 31 December 2022	7,832,241 2,381,743	6,898,572 1,366,736
	(2,393,990) (21,551)	(1,386,422) 61,796
	(2,415,541)	(1,324,626)
	(907,910)	891,559
	6,890,533 547,612	7,832,241 817,775
	7,438,145	8,650,016
	6,330,876	5,688,535

Listed investments held at 31 December 2022 comprised the following:

	2022 £	2021 £
Bonds Common investment funds UK equities Overseas equities Alternative investments	1,024,100 — 443,225 4,916,923 506,285	563,595 — 472,538 5,800,952 995,156
	6,890,533	7,832,241

No individual investment held at 31 December 2022 is considered to be significant in the context of the aggregate value of listed investments at the same date.

b) Mixed motive social investments	2022 £	2021 £
At 1 January 2022 Disposals At 31 December 2022	101,210 (101,210)	101,210 —
	—	101,210

The mixed motive social investment represented deposits with Oikocredit International Share Foundation (Oikocredit).

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Notes to the accounts Year to 31 December 2022

14 Investments (continued)

c) Investment properties	2022 £ 2,895,000 — 2,895,000	2021 £ 2,346,000 549,000 2,895,000
Investment properties Market value at 1 January 2022 Net unrealised gains Market value at 31 December 2022

Investment properties comprise land and buildings of Scotus House, 167 Iffley Road, Oxford; Brindisi House, 184 Iffley Road, Oxford; St Philomena’s, Monastery Road, Pantasaph, Holywell; and St Philip’s, Monastery Road, Pantasaph, Holywell.

The properties are included on the balance sheet at an estimate of their open market value with vacant possession. All four properties were professionally valued during the year ended 31 December 2021, and the above carrying value reflects the valuation as provided at that date.

d) Investment in subsidiary company

The charity held 100% of the issued share capital of £1 of OFM Capuchin Trading Limited. This holding was acquired on incorporation of the company on 24 January 2018.

Following a decision by the Trustees to wind down and strike off the trading subsidiary, there was no activity in OFM Capuchin Trading Limited during the years to 31 December 2022 or 31 December 2021. The trading subsidiary was dissolved on 1 February 2022.

15 Debtors

Debtors
	2022 £	2021 £
Amounts falling due within one year . Tax recoverable on Gift Aid donations . Prepayments and accrued income Amounts falling due after one year . Proceeds from disposal of freehold properties (see below) Total debtors	10,952 160,027	9,402 —
	170,979 400,000	9,402 —
	570,979	9,402

In 2022, the charity disposed of freehold property in Pantasaph, Wales, for agreed proceeds of £500,000. Under the agreed payment schedule £100,000 was received prior to 31 December 2022. The balance will be received in annual instalments of £40,000 for 10 years commencing in 2025.

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
	2022 £	2021 £
Accruals and other creditors Grants and donations payable	95,017 70,486	90,495 64,757
	165,503	155,252

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Notes to the accounts Year to 31 December 2022

17 Creditors: amounts falling due in more than one year

s: amounts falling due in more than one year
	2022 £	2021 £
Donationspayable	—	70,486

18 Restricted funds

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

At 31 December 2022	At 1 January 2021 £	Income and investment gains £	Expenditure and transfers £	At 31 December 2022 £
Parish funds Capuchin Missions fund National Shrine of Saint Pio fund Secular Franciscan Order fund Charity fund Mary Barrett Legacy fund Pious Union SAG Pantasaph – Statues Other funds	933,799 27,394 26,176 365 30,489 9,075 11,979 3,412 25,000 9,642	372,983 6,651 — — 2,278 — 6,243 — — 1,203	(430,288) (451) (1,547) — (3,311) (3,530) — — — (10,845)	876,494 33,594 24,629 365 29,456 5,545 18,222 3,412 25,000 —
	1,077,331	389,358	(449,972)	1,016,717

At 31 December 2021	At 1 January 2021 £	Income and investment gains £	Expenditure and transfers £	At 31 December 2021 £
Parish funds Capuchin Missions fund National Shrine of Saint Pio fund Secular Franciscan Order fund Charity fund Mary Barrett Legacy fund Pious Union SAG Pantasaph – Statues Other funds	897,741 24,861 28,872 365 35,370 12,350 8,451 1,582 — 9,138	402,283 8,940 — — 4,710 — 3,528 1,830 25,000 1,800	(366,225) (6,407) (2,696) — (9,591) (3,275) — — — (1,296)	933,799 27,394 26,176 365 30,489 9,075 11,979 3,412 25,000 9,642
	1,018,730	448,091	(389,490)	1,077,331

The specific purposes for which those funds with significant balances are to be applied are as follows:

 Parish funds

Parish funds comprise monies to be applied towards specific Parishes and parochial activities. The transfers from restricted Parish funds to unrestricted funds represent the reimbursement of expenditure charged against the unrestricted funds in respect to parochial activities and duties by members of the order.

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Notes to the accounts Year to 31 December 2022

18 Restricted funds (continued)

 Capuchin Missions fund

The Capuchin missions fund consists of donations given to support missionary and other work carried out by members of the Order overseas.

•  National Shrine of Saint Pio fund

This fund is for the upkeep of the Shrine together with the running of the Pilgrimage Hall.

 Secular Franciscan Order fund This fund provides resources for specialism in the spirituality of St Francis in conjunction with the normal Christian way of life.

•  Charity fund (previously Starving fund) This fund comprises money collected specifically for distribution in order to assist the starving people of the world.

•  Mary Barrett Legacy fund

This fund comprises of a legacy from the estate of Mary Barrett deceased which is to be applied towards the celebration of Mass. For each mass celebrated, a transfer is made from the restricted fund to the charity’s general unrestricted fund at a notional rate in recognition of the fact that the conditions attached to the initial donation have been partially discharged.

19 Tangible fixed assets fund

Tangible fixed assets fund
	2022 £	2021 £
At 1 January 2022 Net movement in year At 31 December 2022	5,251,296 (477,081)	5,340,544 (89,248)
	4,774,215	5,251,296

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets other than the assets of the Parishes, which are included in restricted funds. A decision was made to separate this fund from the general funds of the charity in recognition of the fact that the tangible fixed assets are essential to the day to day work of the charity and as such their value should not be regarded as funds that might be realisable with ease, in order to meet future contingencies.

20 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.

At 31 December 2022	At 1 January 2022 £	Utilised or released £	New designations £	At 31 December 2022 £
Care of elderly and infirm friars fund Donations fund	6,000,000 1,937,002	— —	— **(100,310) **	6,000,000 1,836,692
	7,937,002	—	**(100,310) **	7,836,692

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Notes to the accounts Year to 31 December 2022

20 Designated funds (continued)

Designated funds(continued)
At 31 December 2021	At 1 January 2021 £	Utilised or released £ — — —	New designations £	At 31 December 2021 £
Care of elderly and infirm friars fund Donations fund	6,000,000 1,966,658		— (29,656)	6,000,000 1,937,002
	7,966,658		(29,656)	7,937,002

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

•  Care of elderly and infirm friars fund

This fund comprises monies set aside to finance the care of friars for the remainder of their lives as they serve as members of the Order.

•  Donations fund

This fund comprises monies set aside to finance donations to other organisations and, in particular, the overseas missions of the Order.

21 Analysis of net assets between funds

	General funds £	Tangible fixed assets funds £	Designated funds £	Restricted funds £	Total 2022 £
Fund balances at 31 December 2022 are represented by: Tangible fixed assets Investments Net current assets Total net assets	— 2,116,953 467,548	4,774,215 — —	— 7,836,692 —	31,308 379,500 605,909	4,805,523 10,333,145 1,073,457
	2,584,501	4,774,215	7,836,692	1,016,717	16,212,125

	General funds £	Tangible fixed assets funds £	Designated funds £	Restricted funds £	Total 2021 £
Fund balances at 31 December 2021 are represented by: Tangible fixed assets Investments Net current assets Non-current liabilities Total net assets	— 3,349,260 (58,035) (70,486)	5,251,296 — — —	— 7,937,002 — —	30,477 359,964 686,890 —	5,281,773 11,646,226 628,855 (70,486)
	3,220,739	5,251,296	7,937,002	1,077,331	17,486,368

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Notes to the accounts Year to 31 December 2022

21 Analysis of net assets between funds (continued)

The total unrealised gains as at 31 December 2022 constitutes movements on revaluation and are as follows:

Charity	2022 £	2021 £
Unrealised gains included above: On listed investments On investment properties Total unrealised gains at 31 December 2022 Reconciliation of movements in unrealised gains Unrealised gains at 1 January 2022 Less: in respect to disposals of listed investments Add: net (losses) gains arising on the revaluation of listed investments Add: net gains arising on the revaluation of investment properties Total unrealisedgains at 31 December 2022	1,173,243 2,162,872	2,143,706 2,162,872
	3,336,115	4,306,578
	4,306,578 (62,553)	3,279,760 (413,742)
	4,244,025 (907,910) —	2,866,018 891,560 549,000
	3,336,115	4,306,578

22 Ultimate control

The charity was controlled throughout the year by the British Province of the Order of Friars Minor Capuchin, members of which elect the Provincial Minister and the four councillors all of whom are trustees of the charity under civil law. The Province does not hold any assets, incur liabilities or enter into any transactions in its own right. Responsibility for the stewardship of the assets of the Province is vested in the trustees of the charity, who undertake all transactions entered into in the course of the Province’s charitable activities.

23 Related party transactions

The total value of donations made by the trustees and the Provincial Bursar to the charity during the year was £7,917 (2021 – £8,783), being pensions and salaries donated to the charity under Gift Aid.

The charity incurred £nil (2021 – £nil) of staff costs on behalf of its trading subsidiary, OFM Capuchin Trading Limited, in the year ended 31 December 2022. As at 31 December 2021, the charity owed its subsidiary £nil. The subsidiary was dissolved on 1 February 2022.

There were no other related party transactions requiring disclosure during the financial year (2021 – none).

24 Operating lease commitments

At 31 December the charity had total future minimum lease payments in respect to motor vehicles under non-cancellable operating leases as follows:

	2022 £	2021 £
Amounts payable . Within one year . Between two and five years (inclusive)	3,391 3,957	3,391 7,348
	7,348	10,793

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Notes to the accounts Year to 31 December 2022

25 Post Balance Sheet Event

As reported in the accounts the Trustees began marketing two cottages in Pantasaph, North Wales in November 2022. Because of current marketing conditions; inflation rises; mortgage rises and a softening of the housing market the Trustees lowered to asking price of both houses. St Philomena’s Cottage is subject to offer and contract; the other St Philip’s has had no substantive offer at present. The Trustees are seeking professional advice on the best strategy for this property.

Images: Thank you to those involved in the work of the Delegation and others for sharing images for use in this report.

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