O.F.M. (Capuchin) GB
Charitable Trust
Annual Report
and Accounts
31 December 2023
Charity No: 231143
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|Whoweare|3|
|---|---|
|Ourwayoflife|4|
|Vocations|4|
|Formation|5|
|Developmentoffriars|7|
|Leadership|8|
|Ourachievements in2023|9|
|Pastoral|9|
|Domestic|10|
|International|16|
|Educational|17|
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|**OurChallengesandAddressingActions**||
|---|---|
|Lackofvocations/agingpopulation&the impact on ministries|19|
|Circumscription structure|19|
|Public Benefit|19|
|OurPolicies|20|
|Governance|2 1|
|Statementoftrustees' responsibilities|21|
|Structureandmanagement reporting|22|
|Key management personnel|22|
|Riskmanagement|22|
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|**OurFuture**||
|---|---|
|Delegation Plan|24|
|**FinancialReporting**||
|Incomeandexpenditure|25|
|Financial report for theyear|27|
|Independent auditor's report|30|
|Statementoffinancial activities|34|
|**Trustees**|BrJamesBonerOFMCap||
|---|---|---|
|The trusteesareincorporated|BrKrzysztofPrzybylskiOFMCap||
|under the Charities Act2011|BrMartin MikuskiewiczOFMCap||
||BrJohn CavanaghOFMCap||
||BrPaulColemanOFMCap||
|**ProvincialDelegateandBursar**|BrJamesBonerOFMCap||
|**Provincialoffice**|Provincial Curia||
||Franciscan Friary||
||Carlton Road||
||Erith||
||Kent||
||DA8lDN||
|**CharityNumber**|231143||
|**Auditor**|BuzzacottLLP||
||130WoodStreet||
||London||
||EC2V 6DL||
|**Bankers**|NatWestBank pie|NatWestBank pie|
||OxfordCentral(B)|1 st Floor|
||43Cornhill|440Strand|
||Oxford|London|
||OXl3HA|WC2R0QS|
|**PrincipalInvestmentManagers**|Waverton Investment Management Limited||
||1 6 Babmaes Street||
||London||
||SWlY6AH||
|**Solicitors**|LaytonsLLP|Clyde &Co(formerlyBLMLLP)|
||Yarnwick|StBotolph Building|
||119-121 Cannon Street|138Houndsditch|
||London|London|
||EC4N 5AT|EC3A 7AR|
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Our way oflife
11
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Our way oflife
T•
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Our way oflife
èhes
li
Tyt
11
41
11111
Durham
13
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30 October 2024
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|Noles|Unrestricted
Restricted
Unrestricted
Restricted
funds
funds
funds
funds
2023
2022
£
£
£
£
£
£|
|---|---|
|Incomefrom:
Donations and
legacies
Investments
2
Charitable activities
3
Other trading activities
4
Surplus on disposal of
freehold land and
buildings
Miscellaneous
5
Totalincome
Expenditureon:
Raising funds
6
Charitable activities
7
Totalexpenditure
Netincome
(expenditure)before
investment**gains**
(losses)
Net gains (losses) on
the revaluationof
investment properties
Netgains(losses)on
the revaluation and
disposalof~sled
investments
Netincome
(expenditure)
Transfers between
18
funds
Netmovementin
10
funds
Reconciliationof
funds
Total funds brought
forward at 1 January
2023
Total funds carried
forwardal31
December 2023|311,622
430,805
742,427
389,229
370,045
759,274
243,596
123
243,719
198,797
123
198,920
1,287
66,384
67,671
43,002
43,002
1,173
17,422
18,595
1,714
1,714
99,408
99,408
22,519
6,552
29,071
5,689
16,994
22,683|
||580,197
521,286
1,101,483
694,837
430,164
1,125,001|
||45,656
**45,656**
57,746
57,746
9TT,804
346,530
1,324,334
1,052,368
359,669
1,412,037|
||1,023,460
346,530
1,369,990
1,110,114
359,669
1,469,783|
||(443,263)
174,756
(268,507)
(415,277)
70,495
(344,782)
1,064,424
49,961
1,114,385
(888,655)
(40,806)
(929,461)|
||621,161
224,717
845,878
(1,303,932)
29,689
(1,274,243)
85,826
(85,826)
90,303
(90,303)|
||
706,987
138,891
845,878
{1,213,629)
(60,614)
(1,274,243)
15,195,408
1,016,717
16,212,125
16,409,037
1,077,331
17,486,368|
||15,902,395
1,155,608
17,058,003
15,195,408
1,016,717
16,212,125|
##
##
||Notes|2023
£||2022
£
4,805,523
10,333,145
15138668|
|---|---|---|---|---|
||Fixed assets
Tangible assets
Investments
Currentassets
Debtors
Cash at bank andinhand
Currentliabilities
Creditors: amounts falling
due within one year
Netcurrent**assets**
Totalnetassets
Thefundsofthecharity:
Restricted funds
Unrestricted funds
. General funds
. Tangible fixed assets
fund
. Designated funds
13
14
15
16
18
19
20|4,734,797
1114181502|||
|||16,153,299|||
|||443,699
6091892||570,979
667 981
1,238,960
165,503
1,073,457
16,212,125|
|||1,053,591
148,887|||
|||904,704|||
|||17,058,003|||
|||1,155,608
3,395,768
4,712,387
7,794,240
17,058,003||1,016,717
2,584,501
4,774,215
7,836,692
16,212,125|
||||||
##
|Cashflowsfromoperating activities:
Net cash providedby(used in) operating activities
Cashflowsfrominvestingactivities
Investment income and interest received
Purchaseoftangible fixed assets
Proceeds from thedisposaloffixed assets
Proceeds from the disposalofinvestments
Purchaseofinvestments
Foreign exchange gains
Netcashprovidedbyinvestingactivities
Changeincash andcash equivalentsinthe year
Cashandcash equivalentsat1 January 2023
Cashandcashequivalentsat31December 2023
Notes
A
B
**B**|2023
£
(329,358)
**244,863**
**(1,479)**
**782,374 **
**(1,024,371)**
1,387
(327,971)
**1,215,593**
**887,622**|2022
£|
|---|---|---|
|||(663,156)
198,920
(14,858)
100,000
2,395,200
(2,381,743)
(11,250)|
|||286,269|
|||(376,887)
1,592,480|
|||1,215,593|
##
|Netincomefortheyear(asperthestatementoffinancialactivities)
Adjustmentsfor:
Depreciation charge
Impairmentoftangible fixed assets
Loss on the disposaloffreehold land and bulklings
Net gains ontherevaluation and disposaloflisted investments
Net gains on the revaluationofinvestment properties
Investment income and interest receivable
Foreign exchange gains
(Increase )/Decreaseindebtors
lncrease/(Oecrease) in current creditors
Decrease in long term creditors
Netcashprovidedby(usedin)operatingactivities|2023
£
845,878
71,213
991
(1,114,385)
(243,719)
127,280
(16,616)
(329,358)|2022
£
(1,274,243)
90,516
400,592
929,461
(198,920)
11,250
(S61,STT)
10,251
(70,486)
(663,156)|
|---|---|---|
|Cash_at_bank and in hand
Cash held by investment managers
Total cashandcashequivalents
2023
£
609,892
2TT,730
887,622|2022
£|
|---|---|
||667,981
547,612|
||1,215,593|
##
##
##
##
##
##
##
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##
##
##
##
##
##
##
##
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##
##
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|Donatons
Appeals
Other donations
Pensionsandsalariesofi~
al
celigiousr~
widerdeedof covenant
orGmAid
Pas:oraloffemgsandrepos;:oryincome
FirstCollection
&!ooodCollear.on
Other dferirQsand,epositoryinoon-~
leg.Des|Unrestricted Restricted
Total lklrestrictedRestricted
funds
funds
funds
funds
funds
2023
£
£
£
£
£
Toia1
funds
2022
£
----
---
----
8.020
8.020
38,054
38.054
57,844
132.318 190.162
55.112
67,977
t23,08Q
83.285
-
83.285
98.442
98.442
2A0,$972A0.$97
-
133.514
133,514
(804)
{804)
62.091
49.870 111.961
69.363
130,304
199,667
108,402
- 108.402
166,312
1.000
\67.312
311.622
43U05742..427
389.229
370,045
759,274|Unrestricted Restricted
Total lklrestrictedRestricted
funds
funds
funds
funds
funds
2023
£
£
£
£
£
Toia1
funds
2022
£
----
---
----
8.020
8.020
38,054
38.054
57,844
132.318 190.162
55.112
67,977
t23,08Q
83.285
-
83.285
98.442
98.442
2A0,$972A0.$97
-
133.514
133,514
(804)
{804)
62.091
49.870 111.961
69.363
130,304
199,667
108,402
- 108.402
166,312
1.000
\67.312
311.622
43U05742..427
389.229
370,045
759,274|
|---|---|---|
||311.622|
43U05742..427|
##
|looomefromEs1e:t
ai•l€51rr.ents
looomefromai..-esuneral
property
IncomefromrrixEdmotive
ll'l'te.51menis
Interestreceivableoncash
managedb'fil'l'V6'tm:nt
manal)el'S|Unrestricted
funds
£
188.086
53,200
2,310|Restricted
foods
£
123|Total
funds
2023
£
188,0SG
**53.200**
2..433|
Unresmi:ted
funds
£
134,635
59.72'1
4,441|Resmcted
funds
£
123|TOlal
funds
2022
£|
|---|---|---|---|---|---|---|
|||||||134.635
59,721
4,564|
||2A3.596|123|2A3.719|198.797|123|198.920|
##
|3
Incomefrom charit|able activiti|es|||||
|---|---|---|---|---|---|---|
|Parishhaandroomhire|Unrestricted
funds
£
1,287
1.287|
Restricted
funds
£
66.384
66.384|
Total
funds
2023
£
67.671
67.671|Unrestricted
hlids
£|Restricted
fr..r.ds
£
43.002
43,002|Total
fl#lds
2-022
£|
|||||||43.002|
|||||||43.002|
##
|5
Income fromother|sources||||||
|---|---|---|---|---|---|---|
|Insurancedaim
Refunds and miscellaneous
income
Forex Oosses)/gains|Unrestricted
funds
£
**42**
22,4TT
2.2,519|
Restricted
funds
£
500
6,052
6,552|Total
funds
2023
£
542
28,529
29,071|Unrestricted
funds
£
16,939
{11,250)
5,689|Restricted
funds
£
8,850
8,144
16,994|Total
funds
2022
£|
|||||||8,850
25,083
{11,250)|
|||||||22,683|
##
|6
Expenditure on rai|singfunds||||||
|---|---|---|---|---|---|---|
|Investment management costs
Investment property costs|Unrestricted
funds
£
45,656
45,656|
Restricted
funds
£|Total
funds
2023
£
45,656
45,656|Unrestricted
funds
£
53,930
3816
57z746|Restric1ed
funds
£|Total
funds
2022
£|
|||||||53,930
3,816
57746|
|Unrestricted
Restricted
funds
funds
£
£
SupportofmembersoftheOrderandtheirministry
Staffcosts
82,203
Premises costs
169,835
Food costs
74,898
Livingand personal expenses of
242,473
friars
Formation, education and
85,583
vocation
Shrine and projects
Depreciation & impairment
63,743
Office expenses
40,761
Othercosls
13,414
TT2,910
Parishesandparochialactivities
Staffcosts
20,144
Premises costs
81,861
Parish expenses
67,566
Han expenses
71,515
Depreciation
7,470
Administration
14,223
Other costs
241697
287,476
Donations (note8)
131,193
59,054
Governancecosts(note9)
73,701
2023totalfunds
977,804
346,5.30|Totalfunds
2023
£
82,203
169,835
74,898
242,473
85,583
63,743
40,761
13,414
TT2,910
20,144
81,861
67,566
71,515
7,470
14,2.23
241697
287,476
190,247
73,701
11324,334|Unrestric1ed
funds
£
91,841
204,937
65,215
2TT,TT9
66,630
76,420
68,566
2842
854,230
101,614
96,524
110521368|Restricted
funds
£
1,547
1 547
42,447
96,278
82,867
19,825
14,027
37,548
9,563
302,555
55,567
359,669|Total funds
2022
£|
|---|---|---|---|---|
|||||91,841
204,937
65,215
2TT,TT9
66,630
1,547
76,420
68,566
2842|
|||||~~s55m~~|
|||||42,447
96,278
82,867
19,825
14,027
37,548
9,563|
|||||302,555|
|||||157,181
96,524|
|||||1.412,037|
##
|Unrestricted
funds
£
Contributionstothe Archdiocese/Diocese_ot_
. Birmingham
. Southwark
.Yortc
Boni Pastors
Capuchin Soupkit
DelegationofGB
Team8Legion
UniversityofDurham - Postal
Doctoral Thesis
Veronica Gui~ani Fund
Warsaw Missions
Warsaw Province - Renovation
ofthe ProvincialC-uria
OFM Capuchin Goa
1,500
Capuchin CustodyofUkraine
515
Capuchin Tertiary Sisters, Sri
3,015
Lanka
Franciscan Sisters
**1,415**
Golgota, Poland
2,315
International Fraternal
3,015
Collaboration ProvinceofSt
Ftde!is India
Pavanatma Formation
6,015
San Tome
Ukraine Formation
980
UniversityofDurham - Capuchin
65,061
Franciscan Scholarship
Vice Province (Lebanon)
**21,865**
Church Mission Society
3,217
otherdonationspayableto
12,095
institutions including secortd
collections
121,008
Donationstoirtdividuals
102185
131~~1~~193|
Restricted
funds
£
7,929
21,602
**4,840**
**800**
2,000
15,8Ba
53,059
51995
591054|Totalfunds
2023
£
7,929
21,602
**4,840**
1,500
515
3,015
2,215
2,315
3,015
6,015
2,000
980
65,061
21,865
3,217
27,983
174,067
161180
**190~47**|Unrestricted
funds
£
20,000
8,015
25,015
5,000
1,354
19,330
1,515
10,015
4,015
1,015
4,015
615
1,710
101,614
1011614|Restricted
funds
£
7,848
28,780
2,015
2,888
1,212
2,015
1,200
9,609
55,567
551567|Total
funds
2022
£|
|---|---|---|---|---|---|
||||||7,848
28,780
20,000
8,015
25,015
2,015
2,888
5,000
2,566
19,330
1,515
10,015
6,030
1,015
4,015
1,200
615
11,319|
||||||157,181|
||||||157.181|
##
|Consultancy fees
otherprofessional fees|Unrestricted
funds
£
36,945
36i156
73z701|
Restricted
funds
£|Total
funds
2023
£
36,945
36l56
73,701|Unrestricted
funds
£
44,212
52,312
96,524|Restricted
funds
£|Total
funds
2022
£|
|---|---|---|---|---|---|---|
|||||||44,212
52,312|
|||||||96,524|
|10 Net(expenditure) income||
|---|---|
|2023
£
This is stated after charging:
Staffcosts (note11)
102,347
Auditor's remunerationOncluding VAT)
. Statutory auditservices
20,900
. Non-audit services
6,768
Gain on disposaloffixed assets
(note13)
Depreciation (note 13)
71,213|2022
£|
||112,915
24,198
4,812
99,408
90,516|
|Wages and salaries
Social security costs
Pension costs|2023
2022
£
£
----
77,381
15,718
**9,248**
102,347
106,260
1,674
4981
112,915|
|---|---|
|Parishes
Support|**Number **
3
5
**8**|Number
3
5|
|---|---|---|
|||**8**|
##
##
||||Fraehold land and buildings
Non
**Motor**
specialised
vehicles.
ft..mitvre&
equipment
£
£
25,000
785,462
1,479
25,000
**786,941**|Fraehold land and buildings
Non
**Motor**
specialised
vehicles.
ft..mitvre&
equipment
£
£
25,000
785,462
1,479
25,000
**786,941**|
Total
£|
|---|---|---|---|---|---|
|||Specieised
£
5,827.686
5,827,686||||
|Costorvaluation
Al1 Jenussy 2023
Additions
Disposals /~airmen!
Al31 Deoember 2023
Cost
**Valuation**- 2001
Disposal
**Oepreci.ation**
Al1 Janua,y 2023
Olargeforyear
**Disposals**
**Al31 Deoember2023**
**Net boofl valves**
**Al31 Deoember2023**
**Al31 Deoember2022**|||||6,638,147
1,479
6,639,627
2.748,:2g4
3.891,333|
|||1,961.353
3,866,333
5,827.686
1,101.028
58ZT7
**1.159.305**
**4,668.381**
**4,726.668**|25,000
**25,000**
**25,000**
**25,000**|786,941
786,941
731.598
**12.936**
**991**
**745,525**
**41,416**
**53,864**||
||||||6,639.627|
||||||1.832,626
**71.213**
**991**|
||||||**1Jl04.830**|
||||||**4.734.797**
**4.805,523**|
|**14Investments**
Listedinvestmentsandcash
heldforre-investment(notea)
InvestmentProperties
a)Listed investments and
cash heldforreinvestment
**Listedinvestments**
Marketvalueat1January2023
Additionsatcost
Disposalproceeds
Realisedlosses
Disposalsatopeningbookvalue
Netunrealisedoosses)lgains
Marketvalueat
31December2023
**Cash **held**byinvestment**
**manager forre-investment**
CostoflistedInvestmentsat
31December2023|2023
£
8,523,502
2,895,000
11z418,502
**2023**
£
**6,890,533**
**1,024,371**
**(782,374)**
**(167,585)**
**(949,959)**
**1,280,827**
**8,245,772**
**277,730**
**8,523,502**
**6,512,013**|2022
£|
|---|---|---|
|||7,438,145
2,895,000|
|||10,3n14s
2022
£|
|||7,832,241
2,381,743
(2,393,990)
(21,551)
(2,415,541)
(907,910)|
|||6,890,533
547,612|
|||7**438 145**
6,330,876|
|Bonds
Commoninvestmentfunds
UKequities
overseas equities
Alternativeinvestments|**2023**
£
1,319,273
**471,419**
**564,296**
**5,426,072**
**464,712**
**8.245.772**|2022
£|
|---|---|---|
|||1,024,100
443,225
4,916,923
506.285|
|||6.890.533|
##
|b)Investmentpr-operties|||
|---|---|---|
||2023|2022|
||£|£|
||----||
|Investmentproperties|||
|Market valueat1 Jsnua,y 2023|2,895,000|**2.895,000**|
|Net**l.WlTeaisedgains**|||
|Msri£
Amounts fallingdueY-i'.hinone_year_
. TaxreooverableonGiftAid
**10,728**
**donstions**
. Prepaymentsandaccrued
**32,971**
**income**
**43,699**
Amounts fallingdueafter_one_yesr
. Proceeds from disposalof
**400,000**
freehold properlies (see belov,)
Total debtors
**443.699**|**2022**
£|
||10,952
160,027|
||170,979
**400,000**|
||570,979|
##
|Accrualsandother creditors
Grantsanddonations payable|2023
£
**54,438**
**94449**
**148,887**|2022
£|
|---|---|---|
|||95,017
70 486|
|||165,503|
##
|Donationspayable|2023
£|2022
£|
|---|---|---|
||||
##
|**At31December 2023**
Parish funds
Capuchin**Missions**fund
**National**ShrineofSaint Pio fund
Secular Franciscan Order fund
Charity fund
Mary Barrett Legacy fund
Pious Union
**SAG**
Pantasaph - Statues
Other funds|**At1**
**January**
**2023**
£
**876,494**
**33,594**
**24,629**
**365**
**29,456**
**5,545**
**18,222**
**3,412**
25,000
1,016,717|**Income**
**and**
**investment**
**gains**
£
**530,613**
**2,664**
**30,168 **
**2,695**
**1,484**
32623
571,247|**Expenditure**
**and**
**transfers**
£
**(418,958)**
**(528)**
(2,565)
**(5,545)**
**(1,389)**
(308)
P1063l
(432,356)|**At 31**
**December**
**2023**
£|
|---|---|---|---|---|
|||||**988,149**
**35,730**
**24,629**
**365**
**57,059**
**19,528**
**4,588**
25,000
560|
|||||1,155,608|
|**_At31December 2022_**
**_P;;rish_**funds
**_Capuchin_**_lvfis..**_l\lationalShrineof_**_Saint_**_Piofund_**
_Secular Franciscan_**_Orderfund_**
**_Chan1ylund_**
Alfaty_Barrett_**_Legacyfund_**
**PiousUnion**
**SAG**
**_Paniaeaph_**-**Statues**
**_Other_funds**|_At1 _
**_January_**
**_2022_**
£
**_933,799_**
**_27,394_**
**_26,176'_**
**_365_**
**_30,489_**
**_9,075_**
**_11,979_**
**_3,412_**
**_25,000_**
**9642**
_1,_~~_on_~~_,331_|_Income_
_and_
_investment_
**_gains_**
£
**_372,983_**
**6,651**
**_2,278_**
**_6,243_**
**_1203_**
**_389,358_**|_E:xpe,dilure_
**_and_**
**bansfers**
£
**_(430,288)_**
**_(451)_**
**_(1,547)_**
**_(3,311)_**
_(3,530)_
_c10_~~_1_~~_845l _
**_(449,972)_**|**_At31_**
**December**
**_2022_**
£|
|---|---|---|---|---|
|||||**_876,494_**
**_33,594_**
**_24,629_**
**_365_**
**_29,456_**
**_5,545_**
**_18,222_**
**_3,412_**
**25,000**|
|||||**_1,016,717_**|
##
##
|19Tangible fixed assetsfund|||
|---|---|---|
|At1January2022
Netmovementin year
At31December2022|2023
£
**4,774,215**
(61,828)
**4,712,387**|2022
£|
|||5,251,296
(477,081 )|
|||4.774,215|
##
|At 31**December**2023
Care_ol_elderlyandinfirm friars fund
Donationsfund
_At31December 2022_
Care_ofefdenyandinfirm friarsfund_
_Donationsfund_|At1January
2023
£
6,000,000
1,836,692
7,836,692
_Al1 JanUaJY_
_2022_
£
_6,000,()0()_
_1,937.002_
_7,937,002_|
New
designations
6,965
6,965
_New _
_designaoons_|
Utilisedor
released
£
(49,41!}
(49.dir}
_Uiifisedor_
_released_
£
_(1oq 3101 _
_(100,3101_|
At31
Deeembe_r
2023
£|
|---|---|---|---|---|
|||||6,000,000
1.794,240
7,794.240
_At31_
December
_2022_
£
**_6,000,000_**
**_1,836,692_**
**_7,836,692_**|
##
|
follows:|||
|---|---|---|
|Unrealisedgainsincludedabove:
On listed investments
On investmentpt"Operties
Totalunrealisedg;ainsat31 December 2023
Reconciliation ofmovementsinunrealisedGains
Unrealisedgainsat1 January 2023
Less:inrespecttodisposalsintheyesr
Add; netglWls(losses) arisingoorevah.rslionoflistedinves1menls
Add: net glilfls arisingoo revaluslionoflf'IVesbnenlproperties
Total unrealisedgains(losses)at31Oe-cember 2023|**2023**
£
**1,733,760**
**2,162,872**
**3,896,632**
**3,336,115**
**{720,312}**
**2.615.803**
**1,280,829**
**3,896,632**|2022
£|
|||1.173,243
**2.162,872**|
|||3.336.115|
|||4,306,578
!62,553}|
|||**4.244.025**
(Q07.910)|
|||3.336.115|
##
##
##
|Amol.l'1tspayable
\/\ffl'linoneyear
Between twoand five yearsCinctusive)|2023
£
12,185
12,902
25087|2022
£|
|---|---|---|
|||3,391
3,957|
|||7348|
##