RHnsoin, THE GUILD OF OUR LADY OF RANSOM Registered Charity No. 232716 FINANCIAL STATEMENTS For the year ended 31" December 2023
THE GUILD OF OUR LADY OF RANSOM FINANCIAL STATEIKENTS YEAR ENDED 31 DECEMBER 2023 CONTENTS PAGE Truste¢s' Annual Report 14 Statement of Trustees. Responsibilities tndependent Auditors, Report to the Tnistees &9 Statement of Financial Artiviti¢s io Balance Sheet li Statanent of Cash Flows Note8 to the Financial Statements 13-17
YEAR ENDED 31 DECEMBER 2023 TRUSTEES, ANTr4UAL REPORT The Trustees present theirreport for the year ended 3 Igt December 2023. The fin2n¢ial statements have been thawn up in accordance with the accounting policies set out in note I to the fitMicial statements and comply with the charity's constitution, the Chariti¢s Act 2011, as 8mend¢d by the Charities Act 2022. and Accounting and Reporting by Charities.. Statement of Reeommended Practi¢e applicable to chariti¢s preparing their financial ststements ID accordamce with the Financial R¢porting sta[ 102 (effective l January 2015). OWECTIVES The Guild wa8 founded in 1887 by Father Philip Fletcher MA. KCHS and Lister Drummond QC. KSG with the aims of providing support for Roman Catholic paTish¢s in England and Wales. The specifie aims and objectives of th¢ Guild are (a) the conversion of England and Wales in g¢neral, and of individuals in particular Ib) the return of the lapsed (c) the forgotten dea& who, thTough the Ref0MtiOn, or to being isolated converts, or other ¢auses, are without special Masses and PTayers for the r¢pose of their sou]s. The aims and objectiv¢s of the Guild for the year tncluded the raising of mon¢y, primaTily achiev¢d by investing activities, and the making of grants. PUBLIC BEI¥EFrr Th¢ Trustees are aware of thc Clwity Commission guidallce on Public Benefit and confjrni that they have complied with th¢ duty in Section 17 of the Charities Act 2011 to have due regard. aims, activities alld achievements in the areas of int¢r¢$t that the Guild supports which demonstrate5 the benefit to its b¢lleficiaries and through them to the pubjie that arise from those activities. The Guild fulfils this requieryt in that tt provid¢s grants as unconditional gifts to the poo( parishes under the jurisdiction of the Catholic Bishops Conference, of England and Wales. They provide for the maintena¢ and repair of cburch¢s and chapels as plac&8 of worship of Ahlligbty God and the provision of stipend$ or income for the clergy officiating at them. There 18 a furtherpubli¢ b¢nefJt in that so many of th¢ poor parishes reeetving grants from the Guild h&v¢ few other sourees of financial support while the f&ilities provided by these grants are used for community and social purpos¢s as well as for the publi¢ worship of Altnigbty God. Grants are also given to Catholic Charities that support the WO for th¢ New Evangelisation in line with its objectives in PTomoting the Catholic faith. The Trustees are Satisfied that the benefits provided are directlyrelat¢d to the charity's aims, andtheyconfirn] that th¢ opportunity to benefit is r¢strithed solely by the availability of funds. They fiwther confirm that thos¢ in poverty are not exclud¢(Lihat benefits provided outwcigh anydetrimen¢ alld thatthecharity's bellefi¢iaries are entirely appropriate to its ain)s. Finally, whilst the Trustees are unaware of any privat¢ beu¢fit gaine(I they confirni that, were such to occur. it would be purely incid¢lltal. ACTivrriES The PTiEnary activftty of th¢ Gulld is in the maktng of grdnis to the poorest parishe5, wbich enable them to sustain their WO in thepa5toral care of th¢ Catholic andwidercommunityand the promotion of the Catholic faith. Grants are also awesded to Catholic Charities within th¢ jwisdiction of the Catholic Bishops Collferen¢¢ of England and Wales. The charities will be working with young people via University chaplaincies, groups supporting youllg people in the developm¢ut of their Catholic faith, and groups that woTk to promote the Catholic Faith to the genernl public.
THE GUILD OF OUR LADY OF RANSOM YEAR EIYDED 31 DECEMBER 2023 TRUSTEES ANNUAL REPORT (continued) In 2022, anew Dicastery for Ev&nEclisation waq ¢r¢ated by order of Pope Francis to encourag¢ th¢ Catholic Church ill its work of evaDgelisation. The Guild of Our Lady of Ransom (the "Guild") is positioned to support the Catholic Church in England and Wales by distTibuting grants to fin9cla11Y challeng¢d Catholic parishes and charities aeting in the work of evallgelisation. The Gui]d ellabl its mission of support further by parlnering with ¢¢rtain clwities for specific proj¢ds related to ¢vangelisation in England & Wales. Peter's House Ltd acts &8 a project m8mag¢r for the Guild, assisting the M&ster of the Guild in the day-to- day athninistration, communications, strdtegic developm¢n( and mark¢ting. The Master of the Guild also promotes the work of the Guild acTOSS the county in speaking arrangements and in-setviee training in evanE¢lisation for both priests and laity. The Principal work consists in the awarding of grants and other inÉtiatives to enable the Church to spread the Good N¢ws of Jesus Christ through parisbcs. Some of tlLe main activities arc listed below.. l. Ransom Grants Crhe Poor Parl8h Crnt&) Grants to paTish¢s, known as 'Ransorn Grants,. are applied for by the parlsh delegate. This assistallc¢ not only enabl¢8 the Guild to foster the growth of the Catholic faith in piSheS but also fosters connections with local communities, aiding iry understsllding their needs and sharing tIL¢ir stories for inspiration. 2. Dowry Grants The Guild also awards several grants to chartties who embrace th¢ objective of Catholic evangelivdtion and fall within the jwisdiction of th¢ Catholic Bishops Conference of England and Wales. These include the Ordinariate of Our Lady of W8]81ngha the Falkland's Igian Prot¢ctor&te, the B¢da College in ROe, the Choir School of Westminst¢r Cathe¢bal. th¢ Catholic English N&tiond Shrine of Lady of Walsingham and the Webh National Shrine of Our Lady of the Taper in Cardigan. The category also includes s¢v¢ral specific initiatives aimed at ff-evangelizing Britain, such as supporting the wotk of Youth 2000, an organi83tion promoting ¢vangelizatioll among the young. 3. The Dowry Ivjillative This is the terni we use to describe Guild managed projects which sUPPOrt th¢ raising up of new leaders in the Catholic ChuTch of England & w¢S by encouraging and resourcing them. Often, th¢8e projects are coordinated alongside other organisations who help the Guild to facilitate events. onnect with individuals, and promofr the work of the Guild. 4. The Ransomer Digital alld print¢d media produ¢¢d for the members of the Guild of Our Lady of Ransom is disseminated wider the naEne The Ransomer,, either througb th¢ monthly email bulletin or the annual publication. Through this expanding plarforni. the Guild aims to showcase the vitality of the Church and its ¢vangelizing efforts. alongside offering insightful reflections on current affairs. ACHIEVEMENTS AND PKRFOIiMANCE The Exe¢utive Council ts responsible for the gov¢rn8Dce of the charÉtable and fundraising activities of the Guil(L As in previous yeaTS. funds raised through investing and other activities have b¢en distributed at the Ci)uncil's diser¢tion. The Guild is re]iant QD income from donations. legacies and income from invthents. 2023 saw a decline in income from £424,137 to £402,335. which is mainly 8 reflection of th¢ largc volume of legl¢S received tn the prior year. partly offget by higber investment iDcome.
THE GUILD OF OUR LADY OF IL4NSOM YEAR ENDED 31 DECEMBER 2023 TRUSTEES, ANNUAL REPORT (conlinued) The Trustees considerthat tbere are Tho material un¢¢rtainties alxiut th¢ Tnt'S ability to continue as a going concern. INvESTLIN[ POLICY AND PERFORMANCE The investtn¢nt portfolio is managed by Cazenove Capital Management with th¢ investment objeetive to gen¢rat¢ a steady income str¢aTn for the charity, whilst achieving lOng-t¢r capital growth. Although Cazenove Capital Managcment holds discr¢tionary authority over the portfolio, inYestm¢nt dccisions ar¢ typically deliberated and approved by the Investment c0mittee during meeting8. The portfolio generated net eapital gains of £69,688 during th¢ financial year and th¢ TnteeS are Content with the investment portfolio's perfomiance amid a transitioning market ellvironmenL emerwng from a p10d of volatility aud UnCertllty marked by high interest rat¢s aud declining asset prices. The principal risks faced by the Guild lie ITr thc perforniance of investments and operdtional risks from ineffective ltmakIng and the capacityof the Guild to rnake effective grants. The variability of inveslment returns is mitigat¢d by the retention of exp¢rt investtnent matrdgers aDd baving a diversified investment portfolio. As regards gramt niakingth¢ Tw5tees reviewthepaym¢nt of these 8mnually ald r¢ports arereceived from parishes on how the grants have been utilis¢d. Since 1972. th¢ Guild has consistently impl¢ta a policy of accumulating alld maintaining a $uttable level of res¢rves to ensure the payment of grants. enabling it to C2Try Out its clwitable activiti¢8 ¢ff¢ctively alld for the foreseeable thtur¢. STRUCTURE, COVERNANCK AND MANAGEMENT The Guild is governed by a written Coustilution. revised 20th June 2012. and is a Registered Charity Number.. 232716 under the ¢at¢gory 'Religious activities, with the aims of providing support for Roman Catholic parishes itt England ond Wales. The governance of the Guild is v¢st¢d it) Executive CourLciI ('Trustces")" they have power to r¢gulate the work and scop¢ of the Guild's activities in such a mann¢r &s they may deem expedi¢nt. The TnteeS responsible for the governance of the charitable and fundraising activities of tbe Guild and are pre$id¢d over by ihe Master, Monsignor JOI Arniitsge. They meet regularly to discuss and review the uild's affairs. Drring th¢ year the Master incurrewrefunded llo ¢xpcnscs on behalf of the eharity (2022.. none). while the Guild spent £5,487 on the upk¢ep of the Master {2022 £5,487). Detsils are given in note 16. No other Trustees re¢eived ally rcmuneration or IHI any expenses reimbwsed by the Tnt during the year. New Trustc¢s may be appoiThted by the Executiv¢ Council to fill a vacancy but cau otherwise be elected at th¢ Annual Meeting of tbe Guild. N¢w Trus¢c¢s are invited to join the Executiv¢ Council if they are deemed to Possess the prerequisite abilities to discharge their duties &9 Tte¢S effectively and invariably have a sound knowledge of th¢ objectiv¢$ of th¢ Guild Training is by way of induction into the regular meetings of the Executive Council.
THE GUILD OF OUR LADY OF IL4NSOM YEAR ENDED 31 DECEMBER 2023 TRUSTEESY ANNUAL REPORT (eontinued) REFERENCE AND ADMINISTIL4TIVE DETAILS The principal office is located at 79a Barking R London E16 4HB. The names of all thos¢ who were th¢ rharity's TDJStees at th¢ date the report WLS approved or who served in the Exrfutive Council as Tte£S in the reporting pp] were as follows: Chairn of the Executive Council and Master: Monsignor Jol)n Armitage (to whom day to day management and athninistration is del¢g8t¢d) Honorary Treasur¢r: Mr Gregory W]Jead¢y FCA Honorary Secietary: Dr Peter Ryden MA Other Ttee$. Mrs Vanessa Donegan MA Mr Aidan Christie QC Ms Eileen Cole MCIPR Revd Cbri$topher Pearson (resigned 24th June 2023) Mr Charles Livingston (resigncd 24th June 2023) Revd Richard Andrew (resigned 24th Jun¢ 2023) Persons providing services and advice: Investment Advisors and BrokS. Cazenov¢ Capital Management Bajkn.. HSBC Bank UK PIC Solicitors.. Hunters Law Auditors.. Alan Pati¢nt & Co Limited Accountants: Mainsail Accounting 8nd Consulting Limited Title to the freehold property owned by the Guild is held in the name of the Official Custodiati for ChaTities.
THE GUILD OF OUR LADY OF RANSOM YEAR ENDED 31 DECEMBER 2023 STATELIIENT OF TRUSTEES, RESPONSIBILITIES The charÉty's Trnstees are responsibl¢ for preparing the R¢port of the Trust¢¢s of the Guild and the fllmncial stAtfflicnts in accordanee with applicable law and United Kingdo]u Accounting Stsndards (United Kingdom Generally A¢¢ted Accounttng Pwttc¢). The law applicable to chkriti¢s in England and Wales qui8 the Trustees to prepare fillancial statem¢nts for each finAllcial year which giv¢ a true and fair view of the gtate of affairs of the c]wity and of the incoming resources alld application of resources of the charity for thatperiod. In preping these financial ststements, the Tn are requxrcd to.. select suitsbl¢ 8¢¢ounting policies and thcn apply them ¢ou$istently* obserye the methods and ptinclples in the C]wities SORP; make judgements 8nd estimates that are reasonable and prud¢nt. slate whetb¢rapplicable accounting Standards have b¢¢n followed, subj¢¢t to any material depart disclosed and explained ill the financial stat¢meDts" prepare the fUncl8[ $tstements on the goillg concern baqis unl¢ss it is inapproptiat¢ to presutne that th¢ chanty wtll continue in operation. The Trustees are responsible for keeping proper accounting records that are sufficient to sbow and explain the elwity's transactions and disclose wxth &sonable accuracy at any time the financial position of the charity and ¢llabl¢ them to ensur¢ that the fan¢tl stat¢m¢nts comply with the Charities Art 2011, as xm¢nded by the Chariti¢s Act 2022, the applicable Charities (A¢¢ounts and Reportg) Regulations and th¢ provisions of thc tryst dee4L They ar¢ also responsible for safeguardillg th¢ assets of the charity ond hence for taking reasonable steps for the prevention and d¢t¢ction of fraud al other ]egularIties. The Ttee$ 4r¢ sponsIble for the maintenance and integrity of the c]wity and th¢ financial infoMtil>n included the clwity's websile. Legislation in th¢ United Kingdom governing the preparation and diSsemition of finall¢iai ststements may difftr from legalisation in oth¢r jurisdictions. Sign¢d on behalf of the TnW¢¢s on LO June 2024 Monsignor Jobn Armitage
INDEPETr4DENf AUDrroR'S REPORT TO THE TRUSTEL OF THE GUILD OF OiJRLADY OF IL4NSOM YEAR ENDED 31 DECEMBER 2023 Opinion We have audited the financial ststemellts of The Guild of Our Lady of Ransom ('the charity,) for thc year ended 3 IX D¢¢¢mb¢r 2023 which comprise the St8t¢mcnt of Financial Activiti¢$. the Bal1ce SheeL the Stat¢m¢nt of Cash Flows and related Dotu, including a summary of $ignifi¢ant accounting polici. The financial reporting framework that has been applied in th¢ir preparation is applicabl¢ law and United Kingdom Accounting Standards, including Financial Rertillg Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Genernlly A¢Cept Accounting Praetie¢). In our Opinio th¢ financtal statements.. give a tru¢ al fair view of the state of th¢ ¢harity's affairs as at 31. December 2023 and of tts incoming resources and application of resources for the year then ended,. bave be properly prepared in aecordancc with United Kingdom Gen¢rally Accepted Aeeounting Practice. and bav¢ b¢¢n prepared in accordance WAth the requirements of the Chariti¢s Act 2011, as amend¢d by thc Charities Act 2022. BlSOr opinion We conducted our audit in a¢¢ordance with International Standards on Auditing (iJK) USAS IUK)) and applicable law. Our responsibilities under those stalldards are further described ID the Auditors respopmibilitif0r the audii of thefinancEal stalepneKts section of our report. We are independent of the charity in accordance with the ethical rcquircments that are relevant to our audit of the fu)aneial $tat¢mcnts in the UK including the FRC'S Ethical Standard. and w¢ have firIlled our ot1 ethical re5ponsRbilities in accordance with these requirements. We believe ihat the audit evidenrx we have obtained is suffi¢i¢n¢ and appropriat¢ to provide a basis for our opinion. Conclusions reIng¥0 going concern ]n auditing th¢ fin&n¢ial statements, we have coneluded that th¢ trustees, use of the going eon¢¢rn b&sis of accounting in the preparation of th¢ financial statements is approprlatr. Based on the wolk w¢ have perfornied, we have JM)t identified arty tnaterial uncertainties rel8ting to events OT conditions that, individually or coll¢etiv¢ly. may cast signific8nt doubt on th¢ charity's ability to continue &8 a going concern for a period of at least twelve months from when the financial stat¢ments are authorised for issue. Our responsibi]ities and the r¢sponsibTlitics of the di[t0[S with rpe¢t to goiug concern descrlbed in the relevant seclions of this reixirt. Other informltsion Th¢ other infornmtion comprlses the itrfomYdtioninclud¢d in the annual reEx)rL including th¢ Trustee5' repo¢ other than the financial stat¢m¢nts and ow auditor's report thereon. The Trnstees are responsible forthe oth¢r inforn)aLion. Our opinion on the financtal statements does not cover the other infornlltion and, except lo the ¢xt¢nt otherwise explicitly ststed in repor( we do not ¢xpress any forni of &8surnll¢¢ ¢onclu8ioD thereon. Jn eonnection with our audit of the financial statements. our r¢sponsibility is to read the other infomydtioD an¢L in doing so, eonsider whether the other inforn]ation is materially in¢onsistent with the financial statements or our knowledge obtained in the audit or oth¢nvis¢ appears to be materially mis$tat¢d. If we identify such material ineonsi$tcn¢ics or apparent material misstatem¢nt$, we are required to detern)in¢ whether there is a mat¢ria] misstatement in the financial statements or a material misstatement of the other informatiou. If, based on the work we hav¢ p¢rforTne£L we conclude that there is & mat¢Tiat misstatement of thi5 other itJforn)ation. w¢ Ar¢ rquired to rcport that facL We hav¢ notbiug to report in this reg
INDEPENDENT AUDOR's REPORT TO IHE IRusfEES OF THE GUILD OF OUR knIDY OF RANSOM (continued) YEAR ElED 31 DECEMBER 2023 Mattern on which we are regulred ts reportby £rceplion In the light of the knowledge and underst4mding of the charity and its enviroJ]ment obtailled in the cowse of the audit, we bav¢ not identified material misstatements iu the Trustees. r¢port. W¢ have nothing to report in respect of the following matters in relation to which the Cl]xrities (Accounts and Reports) Regulations 2008 require us to r¢port to you if, in our opinion.. adequate and proper accounting rKords have not been kepl or the financial ststements are llot in agreem¢nl witEL the aecounting rttords. or ¢crtain disclosur¢s of Tntees, remuncration speeifi¢d by law are not made. or we hav¢ uot received all th¢ inforniation and ¢xplanations wc rcquire for our audii. Responslbilifyes of TrUstS As explained more fidly in the Trnstees, r¢sponsibilities gtst¢ment set out on page 5. th¢ TTU8tees are responsible for th¢ prq>aration of the financial statement$ and forbeing satisfied that they give a INe and fair view, and for such internal Control as the Trustees deterniine is necessary to ¢nable the prepar#tioTh of financial statements that are free from malerial miss(at¢m¢nt. whether du¢ to fraud or etmr. Jn preparing the financial ststemcj. the Trustees are respotL8ible for &8$essing the cl]Arity's ability to continue as a going concern, disolosing. as applicabl¢, matters related to going conc¢rn and using the going coneern basis of accounting unless the Trnstees either intend to liquidate the charity or to cease op¢rations, or have no realistic a]t¢rnative but to do so. Audifor's responylbillde&for the audit ofthefinaucial stotemÉxts W¢ bave been appoint¢d as auditor under S¢ction 144 Chariti¢$ Act 2011 and report in accordalle¢ with the Act and relevant regulalions made or having effect thereulld¢r. Our objectives ar¢ to obtsin reasonable assurance about whether the financial Statements as a whole are free from material misstatemenl whether duc to fraud or error, and to issue an auditor's report that includes our opinion. R¢asonable assurdnc¢ is a high level of assurance, but is not a guarantee that an audit conduct¢d in acCord0Ce with ISAS (UK} will always detect a materfftal misstatement when it exists. Missfatements call aris¢ from fraud or error and are considered material if, individually or in the aggate, they could rwonably IK expected to ittfluence the economic decisions of users tsken on the ba8is of tbese finauciai Statements. A furt]Ler description of ourresponsibiliti¢s forthe auditofthc fnCial statem¢nts is located on th¢ Financial Reporting CowLciI's w¢bsifr at.. Mvw.ftL.or uklauditorsres auditor's report. nsibilities. This driptIon forn]s part of gur
INDEPENDELYfAi]DITOR'S REPORT TO THE TRusfEES OF THE GUItJ) OF OUR LADY OF RANSOM (continued) YEAR EliDED 31 DECEMBER 2023 Ett¥n¢ to which the atsdii considÉ>Ydcap¢Tble oldeteeling irregulorlties, inclmdinglmtsd Irregularities, including, fraud ar¢ instances of non-mplianee wilh laws and regulations. We identificd and asse&8ed the risks of tnaterial misstatements of th¢ fman¢ial statements from irregultleS, whether due to fraud or ern)r, and discussed these behve¢n our audit team members. We then dc51ed and p¢rfornied audit procedureg responsive to thos¢ risks. including obtaining audit evid¢n¢e sufficient and appropriate to provide a basis for our opiniott. We obtained an understding of the l¢gal and regulatory frameworks withio which the eharity operates, focusing on those laws and regulations that have a direet ¢ffect on the determination of material amounts alld disclosur¢$ in the fanCial stAfrments. The laws and regulation8 w¢ considered in this context were the Charities Act 2011. 08 amended by th¢ ChaTities Act 2022. We assessed the r¢quired complianc¢ with these laws and regulations as part of our audit pr{*¢th OJL the re]at¢d financial statements itcms. W¢ also considered the opportunilies alld in¢¢utives that may ¢xist within the charity for fraud. Auditing standards Iimit the r¢quired audit proce8 to identify non4ompliatiee with these laws al regulations to enquiry of the Truste¢# and other DlagenTht and insp¢¢tion of regulatory And legal corresponden¢¢, if any. We identifi¢d the greatest risk of matsrial impact on the fillancial statements from ]egUlaritieS. including fraud. to be within grallt income. grant expenditu8 and the override of controls by the managemenL Our audit proc¢dur¢s to respond to th¢s¢ ri$ks included enquiri¢s of management, satnple testifLg on the posting ofjournals, leWIng a¢¢ounling estimates for bia8e5 and readingtninut¢s of tneetings of tho8¢ charged with gov¢rnance. Owing to the itih¢r¢nt limitations of an au¢JiL there is an unavoidable risk that we may not have detected some material misstatements in th¢ financial ststements, even though we bttve properly plat]ned attd perfornied our audit in accordance with audiling standards. In addition, as with any audit, tbere remained a l)igh¢r risk of non-detection of irr¢gularities, as there may involve collusioll, forgery, intentional omisstons, 15r¢preSentatiOns, or the override of internal controls. We are not r&%ponsible for preventing non-¢ompliallce and catmotb¢ expected to detect non-¢ompliance with all laws and regulations.
YDEPENDENT ADOR?s REPORT TO THE TRUSTEES OF THE GUI[ OF OUR LADY OF RANSOM (eortinued) YEAR EI¥DED 31 DECEMBER 2023 Use of our report This report is made sol¢ly to the ¢lwity's Trustees, a8 a body. in a¢¢ordance with Charities (Accounts and Reports) Regulations 2008. Our audit work h&q been utthrten 50 that we migbt stste to the charity's Tntee8 those m&tters we ar¢ r¢quir¢d to state to them in all auditor's r¢port and for no otherpurpose. To th fullest extent pern)itted by law, we do not accept or as$um¢ responsibi]ity to allyone Ot1 than the chatity ald th¢ charity's Trustees as a body, for our audit WOTK for this report, or for the opillions we have fornied. Alan Patient & Co Limited is eligible for appointment as auditor of the ¢harity by virtue of its eligibtlity for appoinlment as auditor under section 1212 of the Companies Act 21K)6. Alan Strpben Patient (Senior Statutory Audttor) For and on behalf of Alan Patient & Co Lirnit¢d Ststyiory Auditor 42 High Street. Wanste IAkndo E1121U 10 June 2024
THE GUILD OF OUR LADY OF RANSOM STATEMEIYT OF FINANCIAL ACTivrriES YEAR ENDED 31 DECEMBER 2023 Unrestrtcted Restrffieted 2023 2022 Note Income Amd endoTrvments ILga¢i¢s 32,264 32,264 84,221 Donalions 18282 18.282 11,950 Charitable activities 7,023 7.023 Investtneut iThcome 285,141 342,710 59,625 59.625 344,766 402,335 327,966 424.137 Total Income #nd endDvrniellts Expendltwe Expenditur¢ on rnising f¢mds 38.904 7,773 46.677 64.475 Expenditur¢ on charltable a¢tivities 408,586 408.586 307,013 her &rpendifyre R¢t5ment benefits 7,333 7,333 7,333 Total expellditte 454.823 7,773 462.596 378.821 Net gains (lows) on investsnents 52,421 17267 69,688 (339,355) Net income (expenditure) (59.692) 69,119 9,427 {294,039) Transfers b¢tween Funds 76.864 (76,864) Net movements in fimd$ 17,172 (7.745) 9,427 (294.039) Reeonelll*¢ion of Funds Totsi Funds brought forward 6,913,784 1,617,475 8,531,259 8,825,298 TOTAL FUNDS cARD FORWARD 6,930,956 1,609,730 8,540,686 8,531259 10
THE GUILD OF OUR LADY OF RANSOM BALANCE SHEET 31 DECEMBER 2023 UnrestrSrled Restrlcted 21123 2022 Note FIXED ASSETS Tangible fixed ttssets Inv¢sttnents 14,000 6.639.416 14,000 8.250.681 14.000 8213,044 io 1,611265 Totsl Fixed Assets 6,653,416 1,611,265 8264.681 8,227.044 CURRENT ASSETS Loan re¢¢ivable Debtors Cash at bank 150.IM)O 38,798 131.636 150.000 38,798 131,636 320.434 5,800 342,942 348,742 Total Current assets 320.434 LIABILITIES CreditOTS {42,894) (1.535) (44,429) (44.527) ET CURRENT ASSETS 277,540 {1.535) 276,IK15 304.215 ET ASSETS 6.930,956 1,609,730 8.540,686 8,531,259 12 R¢stricted income fillS 1.609.730 1.609.730 1.617,475 Unr¢stricted income fimds.. Designated Geuerai 159.702 6,771.254 159,702 6,771,254 138,910 6.774.874 6,930,956 1.609.730 8,540,686 8,531259 These fll)ancial statemellts w¢rc approvedby the TnteeS on 10 Jun¢ 2024 and Signed on tbeir bel)a]fby Gregory Wh¢ktl¢y FCA
THE GUILD OF OUR LADY OF IL4NSOM STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2023 2023 2022 Net cash used in operatlng aetlvitie& (438,123) (246,992) Ca5hflowsfrom Inveslingaclivitles.. Investtnent incorne PToceeds from sale of investTn¢nts De¢aSe in uninvested ¢&th Purchase of inveslmcnts Provision of short-lerrn IIMns 344,766 694.350 132,723 {795,022) (150,000) 327,966 1,153.734 50,156 (1,176.776) Net cash provided by investhi8 o¢tivities 226,817 355.080 Change In Cash #od cash equlvalellts the year {21 IJ06) 108.088 Cash and casb equtvalcnts brought fonvard 342,942 234,854 Cash and r#sh equivalents earried forward 131,636 342,942 Reconciliatlon of net moveTnellt in fullds to net cash flow froxn oper*tiDg actitieS 2023 2022 Net movement in fill$ Deduct inve5ttneDt income Deduct gaia81 add back capital losses on illveslments (Incre&s¢) drease in debtors (I)ecrease) increase in cr¢ditors 9,427 (344.766) (69,688) (32,998) (98) (294,039) (327,966} 339.355 24,282 11,376 Net cash used In operatityg #ctivities {438.123} (246,992) 12
THE GUILD OF OUR LADY OF RANSOM NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 I. ACCOUNTING POLICIES Basis of aeeounrfng and a55e55mellt of golng Concern The finallciaL statements have bKn prepared in ¥oordance with A¢¢owiting and Reportit]g by Charities: Statement of Recommended Pradi¢e app]icable to Charities ptrparing their finaneittl statements in accordance with th¢ Firwtcial Reporting standa 102 (effeetive l January 2015), and th¢ Charities Act 2011. as amended by the Charities Act 2022. and applicable regulations. The Guild constitutes a publi¢ benefit entity as defined by FRS 102. Th¢ financial statements hav¢ beenpreparedulth thebistorical costconventionwithitezlls regnised at cost or transa¢tion value unless oth¢nvrse stated in the r¢levaTrt note(s} to th¢s¢ financial statem¢nts. The Trustees consid¢r that there are no materid unc¢rtainties about th¢ Trust's abijity to wntinue as a going conc¢rn. Funds Restricted fidS are fi]ndq which are to be wed in ¥cordaDce with specific instructions imposed by the donor or tnlsc d¢¢d. Unrestricted tncome funds comprise thos¢ fiujds wbich the Tru8t¢es are free to use for any Purpose in the fiJrther8nce of the charitable objwts. Designated fi]nds comprise those fimds which have been Set &5ide by the Trustees for a specific purpose. Further detsils of each fiwd are disclosed in not¢ 10. DepTeci4tion Depreciation is calculated so as to write off the wst of an a55eL less its estimated Tesidual value. over the useful economic ]ife of that &ss¢t as follows: Fumiture and equipment. including refurbishment costs to increase the investment value of the propety- IIP/o straight Itne. Thc Trustees consider tIMt th¢ difference between the cost aud residual value of fr¢chold propety is not material alld on this basis no depreciation is provid¢d. Ineonthig re¥ources and legacle8 ID¢OEning resources are recoglli5ed once the charity IM entitlanent to the resources. it is probable that the resourees will b¢ r¢ceived and the monetary value &lD be reliably measur¢d. L¢gdCy gifts are Tecogllised on a case by case basis fOllOng the grant of probate wb¢n the adn]inistrator l exe¢utor for the estate has Communicated in Thryiting both th¢ amount and settlem¢nt date. Gr#Dts payable Grants payabl¢ ar¢ paytnents to third parties in fiwtherdnce of the elMritabl¢ objects of the Trnst. Grts are recognised when approved by the Trustees. CharltAble fiedtIeS Costs of Charitable activities includ¢ grallts made, governallce costs and support costs, wbich ill¢lu(k the audit fees. Retirement benefits Retirement ben¢fits a expensed when paid (s¢¢ notes 13 and 14). Investments Investtnents ar¢ shown at fair value and includ¢ investment cash held with broke. The sutplus or deficit ari8ing from the revaluali1 is included in the Ststent of Financial Aetivities. tnvesttnent &qgets are valued using the aCceed market ¢losing price, or if unavailabl¢, a qLWted or manufaetltred Jid-price. 13
THE GUILD OF OUR LADY OF RANSOM NOTES TO THE FINANCIAL STATEMENrs YEAR ENDED 31 DECEMBER 2023 2. EXPENDITURE ON RAISING FUNDS Unreytricted Restrlcted 2023 2022 Advertising. printing aJMI postag¢ Property rental costs Inv¢sthient management costs 915 2.844 35,145 915 2,844 42,918 395 36.933 27.147 7,773 38,904 7,773 46,677 64,475 3. EXPENDITURE ON CHARrrABLE ACTIVITIES Unrestrleted Resti7Cted 2023 2022 Grants made (note 4) Other and gen¢ral expenses Sponsorship of events Audit Upkcep of hlaster 222,611 159,477 10,fv13 10,368 5,487 222.611 159,477 10,643 10,368 5,487 211,066 80.092 10,368 5,487 408,586 408.586 307.013 4. GRANfs MADE uleStrICted Restrlcted 2023 2022 Rwal and 1]erCitY parisk¢s Fa]klands Prefecture Ordinariate of Our Lady of Walsiugham Celebrnte TTUSt Art of Dying Well (St Mary's Univcrsity) Catholie Stud¢nt Netwo Catholic Voices Walsinghasn Trust Pontif&cal Beda College Westminster Cath¢dral (music) RcgiTta Caeli UK Wrexham Shrine Our Lady ofthe Taper MariAti Mission Youth 20(X) Rachel's Vinyard Divine Renovation UK Saint Bernadette's Relic Tour National Sbtyn¢ of Our Lady of Wa]singh8m Othcr Dowry Grants 83,893 5,000 10.000 5.000 7,500 9.000 10,000 25.000 6,759 6.909 5,000 [0.000 10,000 10.000 5,000 5.000 52IK) 83.893 5,000 10,000 5.000 7,51H) 55,566 iO,(MKI 10,000 5.000 5,000 7,000 12,000 25,0(Kl I i,IKK) 9.000 10.000 25,000 6,759 6.909 10,000 10,000 10,000 5,000 5,000 521KI 50,000 10,000 1.51K 3,350 3,350 222.611 222,611 211,066 5. RETIREMEiYf BENEFITS Unre8trleted Restrlcted 2023 2022 During the year anlluities were paid totalling (see note8 13 and 14) 7.333 7,333 7,333 14
THE GUILD OF OUR LADY OF RANSOM NOTES TO THE FINANCIAL STATEMElYts YEAR ENDED 31 DECEMBER 2023 6. TANGIBLE FIXED ASSETS Freebold Property Flxture$ & Fittings Totsl COST Opeuing Closing ba]ance 14,000 14.OlXTr 14,IK)O 14,000 DEPRECIATJON Opening balance Closing balance NET BOOK VALUE At 31 Dernber 2023 14.0(N) 14,000 At 31 December 2022 14.000 14.(KJO 7. LOAN RECEIVABLE 2023 2022 Short.terni loan 150,000 On I l N0ver 2023, the charity 8wed to lend £150.tKKI to the Walsinghaln Thl The loan is r¢payable by 30 S¢ptember 2024 and th¢ applicable interest ratc is 5.5Yo per atlnUEri. 8. DEBTOILS 2023 2022 Ppayrnents Accrued income 5,696 33.102 5.81)0 38,798 5,800 9. CREDITORS 2023 2022 Accruals Deferred illcome 41,540 2,889 44,527 44,429 44,527 15
THE GUILD OF OUR LADY OF RANSOM NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ID. FUNDS Restricted The Million Fund was established by trust deed tn 1928 to prothice income to finance grants. Unrestri¢t¢d- des18tted Thc Beda fimd was cstablished to produce income lo finance wts to the Pontifical Beda Coll¢gc in Rome. 11. INVESTMENrs 2023 2022 Fair value at stsrt of year Addttions at cost Disposals at ¢arying value De¢r¢ase irL uninvest¢d ¢2sh Fair value gains (losses) Fair value at end of year Reconciled to historical eost as follows: COSÉ of investments at end of year Fair valu¢ surplus Fair value at ejhd of year 8,213,044 8,579,513 795.022 1,176,776 (694,350) {1.153.734) (132.723) {50,156) 69,688 {339,355) 8,250,681 8,213,044 7,124,32l 1,126,360 8,250,681 7,156,372 1.056,672 8,213,044 luveslments only in¢lude fllwiciai assets measured at fair value through in¢ome and expenditure. 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tan2lble Fixed Assets Investments Net Currettl Assets Total Restricted Funds u]eStriCted Funds 1,611,265 6,639,416 8,250.681 (1,5351 277,540 276.005 1,609,730 6,930,956 8,540,686 14,000 14,000 13. FINANCL4L COMMITMENTS Th¢ Guild is con]mitt¢d to pay retirement b¢nefits of £7.333 tnuually for Itfr to a former employee. 14. CONfir4GENT LIABILrrY The Guild has a liabÉlity to pay unfunded retrrement benefits &$ explaitted in note 13 which canno¢ bc reliably quantified aTJdforwhich, aeeordingiy, rLoprovision hasbeenmade in these flnancial statements. 16
THE GUILD OF OUR LADY OF RANSOM NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEIKBER 2023 15. ANALYSIS OF COMPARATIVE AMOUNTS Unrestricted Restricted 2022 Ststement of Flnanda] Aetiviliey: Legacies Donations tnvegttll¢nl income Expenditure on raising funds Expenditure oll charitsble activiti¢s Retirement benefits Net gains {losses} iuvcsttnents Transfers b¢tw¢ell Funds 84221 11,950 265,958 (58,034) (307.013) (7,333) (270,936) 55,567 84.221 11,950 327,966 (64.475) (307.013) (7J33) {339,355) 62.008 (6,441) {68,419) (55,56D Net movements in funds Total Funds brought forward (225,620) 7,139,404 (68,419) 1,685,894 (294,039) 8.825298 Total fiuth raTtied forward 6.913,784 1,617,475 8,531,259 Balance Sheet.. Tall1¢ assets Jnvestmellts Debto Cagh at bank and in hand Creditors fallitig due within one year Intra fimd balance 14.(MK) 6,612,809 5,800 342,942 (44,527) (17,240) 14,IMJO 8,213,044 5,800 342,942 (44,527) 1.600,235 17,240 Total net a&s¢ts 6,913,784 1.617,475 8,531.259 16. RELATED PARTY TIL4NSACTIONS DuEillg the year the Mast¢r had to meet a number of running costs for the Guild. Nthe of Re]atsd Relationship P*rty Transaction 2023 2022 Mgr. John Arniitag¢ Master Upkcep of the Master 5,487 5,487 17. CONTROLLLYC PARTY In th¢ opinion of the Trustees th¢rc is no overall controlling paty. 17