Charity registration number. 235703 The Little Way Association Annual Report and Financial Statements for the Year Ended 31 August 2023 MG Audit SerVi￿s Limited Chartered Accountants and Registered Auditors 166 College Road Harrow Middlesex HA1 1BH The Little Way Association Contents Reference and Adminislralive Details Trustees, Report 2to10 Independent Auditors, Report 11 to13 Statement of Financial Activities 14to15 Balan￿ Sheet 16 Cash Flow Statement 17 Notes to the Financial Statements 18to47 The Little Way Association Reference and Administrative Detsils Trustees Mr Dennis Charlick Mr Peter John Beynon Mr David Joseph O'Brien Miss Maria Grcar, President Mr Angelo Manorajah, Chief Financial Offi￿r Senior Management Team Principal Office Sacred Heart House 119 Cedars Road Clapham Common London SW4 OPR Charity Registration Number 235703 Sollcltors Druces LLP Salisbury House London Wall London EC2M 5PS Bankors Bank of Ireland UK PO Box 2124 Belfast BT19RS Barclays Bank PIC 7 Sl John's Hill Clapham Junction London SW11 Allied Irish Bank PIC 219 Crumlin Road Dublin 12 Auditor MG Audit servI￿s Limited Chartered Accounlanls and Registered Auditors 166 College Road Harrow Middlesex HA1 18H Page 1 The Little Way Association Trustees, Report The trustees present the annual report together with the financial statements of the charity for the year ended 31 August 2023. Introductlon The Little Way Association is govemed by a trust deed dated 1 Oth April 1964 and Is registered on 5th ALJgust 1964 with the Charity Commission for England and Wales, Charity Registration Number 235703 and a prior constitution (amended in 19621. The accounts in this report cover all the activities carried OLJt by the Association, being religious and charitable work and the upkeep of the Association's religious cenlres at Lourdes, Fatima, Knock and Walsingham. The legal and administrative information in the financial statements form part of the trustees, annual report. Public benefit The Trustees have consulted the guidance available by the Charity Commission for England and Wales on the Public Benefit requirement of the Charities Act 2011. The Trustees are confident that they have complied with their duty under section 4 of the Charities Act 2011 in that they have had due adherence to public benefit guidan￿ published by the Commission. In furtherance of the Irusl's charitable purposes for the public benefit the Iruslees give details of their activities in the following.. Aims and objectives of the Little Way The Association is a lay Association established to promote devotion lo Sl Therese of Lisieux and lo help priests and missionaries in their work of making Christ known and loved. To endeavour lo follow the little way of St Therese, emulating her love of God and all humanity, and imilaling her childlike simplicity and perfect confidence in God our Father. To help the missionary work of the Roman Catholic Church in all parts of the world by funding the building of chapels, simple houses, schools and wells in areas of need., by supporting Roman Catholi priests with Mass Offerings, maintaining religious sisters and Calechisls., and by giving grants for food, medicines and other aid for hungry, sick and deprived people, internally displaced people, needy children and victims of wars and natural disasters. Principal activities The Association's principal activity during the year continued to be the spiritual and financial support of Catholic missionaries undertaking religious and humanitarian work for needy and deprived people in Africa, Asia and Latin America. This activity is underpinned and inspired by a devob'on to St Therese of Lisieux and 8 commitment lo her spirituality. Page 2 The Little Way Association Trustees, Report The origins and development of the Association The Little Way Association dales back to the middle of the 20th century, when a young Irish woman, Mary Doohan, left her family home in rural Ireland to live and work in London, following the end of the second world war. She was a devoLJt Catholic and initially wanted to devote her life to nursing. However, in order to eam a living, she took an office job, continuing her spiritual, hLJmanitarian and Church interests in her spare time. She made many contacts with like-minded Catholics in London and, when one of her brothers who was a Catholic missionary priest in the Philippines told her of his parish's urgent need lo replace the roof of their church following a typhoon, Miss Doohan tried her hand al fundraising. She quickly discovered a great talent for this. gathering willing helpers from her parish and from the church associations of which she was a member. When the roof in the Philippines was successfully funded, Mary and her helpers widened their scope and continued lo fundraise for a succession of projects in needy parishes in the missions. Word spread amongst British and Irish missionary priests and religious working overseas, and this led to an increasing number of requests for financial help. It was not long before the volume of requests, the demands of fundraising, and the organisalion of a large number of volunteers, became so great that Mary had lo devote all of her lime lo her new vocation. She gave up her Offi￿ job and, after fulfilling the legal requirements, The Little Way Association was sel up as a registered charity. Mary was adamant that all the money given by donors for missionary projects musl be sent lo the projects in full, so she had lo find another way of paying for the inevitable costs of administration. Mary felt a guiding providence In her life. A generous supporter was inspired to give her the means lo make an Initial payment on a disused convent, with a chapel, in south London, to serve as the new Association's headquarters. The building was large enough lo provide office space and also had outbuildings which Mary and her helpers converted into a hostel for priests and students temporarily in London. The income from the hostel provided the money needed to pay off the remaining debt on Sacred Heart House. A yearly raffle was organised to cover administration costs. This was replaced by the dedicated administration fund which still exists and for which regular appeals are made. Mary s deletmination that all donations for the missions were sent out lo them without deduction is still scrupulously adhered to. As the 20th century progressed, the number of requests from missionaries for grants continued lo increase and, fortunately, the number of generous donors also grew. The volume of work and the need for continuity eventually led lo the recruitment of paid staff lo join her volunteers. A few helpers who had initially worked as volunteers in their spare time were able to become full time workers when offered a modest salary. Little Way cenlres were opened in Walsingham, Lourdes, Fatima and Knock, to provide information on St Therese and on missionary needs, and in some cases to offer accommodation lo pilgrims. These ￿ntreS continue to be an important aspect of the Association's outreach. Religious congregations, Myanmar In her final years, Mary Doohan collaborated with Rt Rev Nicholas Mang Thang, Bishop of Hakha Diocese, Myanmar, lo found and establish the Little Way Sisters of Sl Therese ILWSTI and also the Little Way Missionary Priests of Sl Therese ILWMTI, both religious congregations based in Myanmar and also working in neighbouring countries. Bishop Mang Thang subsequently became Archbishop of Mandalay, a post from which he has now retired. Page 3 The Little Way Association Trustees, Report The Association supported the construction in 1995 of a building for the sisters in Kalaymyo and the LWST were established as a public association in 1997. In 2000, the Association supported the building of a mother-house and novitiate, also al Kalaymyo, and in 2004 the sisters, constitution and rule were approved. For the sisters, the establishment of an LWST convent in the Philippines to serve as a base for participation in advanced training and the attainment of professional qualifications opened the doors to a wider range of apostolate for the Sisters. They now have many small convents in Myanmar, usually of four or five Sisters, that serve people in rural areas, providing education or medical care. Some convents have been dedicated to an exclusively contemplative way of life, too, especially in busy cities, providing a haven of prayer and Eucharistic Adoration in the hustle and bustle of urban life. There are now more than 200 Little Way Sisters in various dI0￿se5 in Myanmar. Perhaps the most consequential milestone for the Little Way priests was when the LWMT were chosen by the Catholic Bishops, conferen￿ of Myanmar officially as their National Missionary Society. By that lime, there were several young men who had achieved priestly ordination, and some 34 LWMT priests now worf( in Myanmar, Cambodia, the Philippines and Papua New Guinea. The LWMT has been able lo choose a Father General Superior, a Procurator General and six Priesl-counsellors, as the numbers are now viable for a degree of self-gOVernan￿ as Congregation. Fundraising and administration The main fundraising activity is the mailing of a booklet and newsletter to supporters twice a year. There are also advertisements in the Catholic press in Britain and Ireland. The Association's website promotes the cause online and enables online donations. The hands-on, labour intensive methods of 8dminislralion of the second half of the 20th century have been replaced by 21 st century technology. Computerisalion enables the sm811 team of volunteers and paid staff to handle a large volume of wotk efficiently. Mary Doohan died in 2008 and was succeeded by the vice president, Dr Norman Waldron. who died in 2012. He in turn was succeeded by the Cur￿nt president, Maria Grcar, who worked closely with the late Miss Doohan and the late Dr Waldron. Plans for future periods The Little Way Association intends to continue its work of assisting many Roman Catholic projects in Africa, Asia (including Indial and Latin America and also in making the spirilualily of Sl Therese of Lisieux more widely known, loved and followed. We are implementing a strategy of contacting Roman Catholic Archbishops and Bishops in Latin America who have not recently, or who have never, sent project proposals for consideration by the Association. The Association will inform, or remind, the Archbishops, or Bishops, of the work of the Association and give general guidelines as to the genre and size of projects the Association assists. This will hopefully encourage them to contact the Association if they have projects in need of help. Page 4 The Little Way Association Trustees, Report Organisation and Governance of the Association The Association is governed by the Trustees with the assistance of a small number of full and part time staff and a number of unpaid volunteers both in the UK and overseas. The executive Committee, currently consisting of President, Vice-Presidenl, Treasurer and Secretary, are also officers of the Associab'on under the terms of the Conslitub'on. The day to day running of the Association is d1￿Cted by the President, who consults the executive Committee when appropriate. She liaises with the Trustees and attends their meetings, which tske place al Sacred Heart House. The paid staff work in various administrative roles at Sacred Heart House. The activities carried out by the UK volunteers are administrative or clerical at Sacred Heart House, and include hospilalily, encouraging prayer for the missions, and promoting the message of St Therese at the Association's Centre in Walsingham. Grant making policy The projects for which The Little Way Association fundraises and allocates grants are missionary, religious or humanitarian projects under the auspices of the Roman Catholic Church. The allocation of grants is made in accordance with the charitsble purposes and objectives of the charity. Priorities for support The number of projects that can be supported is ne￿sSarilY limited by the amount of funds that are available for distribution each year. The priorities for support will be reviewed from time to lime and may be changed depending upon circuMstan￿S and the perceived effectiveness of the application of funds. Any change to these priorities musl still fulfil the charitable purpose and objectives of the charity. The Association will consider any requests or known situations that are eligible for consideration.. . from any geographical area overseas,. from organisalions. Each request or situation will be considered on its own merits. Sufficient due diligen￿ will be carried out lo ensure that the request or situation meets both the charitable purposes, and the objectives of the charity. Applicant due diligence Sufficient due diligence will be carried out on any potential beneficiary lo ensure.. The Identity of the beneficiary., That funds are applied In accordan￿ with the charity's charitable purpose,. That funds are not knowingly used for.. o Money laundering in accordance with the operative Money Laundering regulations o Tetrorisl financing in accordance with the Terrorist Act 2000", o Bribery in accordance with the 2010 Bribery Act. A risk-rated approach to due diligence will be adopted. Risk faelors will include". the size of the grant the country of residence of the proposed ￿t1plent the geographical location in which the grant will be applied the nature of the relationship be￿een the charity and the applicant. Grant size will be an important risk factor and, the larger the grant, the greater will be the likely level of due diligence undertaken. Where the proposed beneficiary is well known lo the Association and the relationship has been long standing and well established, the amount of due diligence undertaken is likely to be reduced. The results of any due diligence will not last indefinitely. In cases where beneficiaries are supported for a significant period of time, additional due diligence will be undertaken if there is a change of circumStan￿S that might impact the beneficiary. Page 5 The Little Way Association Trustees, Report Administration For smaller grants, requests may be made informally. Where specific needs or situations are known, grants may be made at the discretion of the President without any form of request. For larger grants, the charity should be confident.. Of the purpose of the proposed grant including an understanding of the work and the way in which the gonl will be managed and applied", Of the personlsl responsible for the management of the grant and for overseeing the work", That all local applicable laws and working practices associated with the work are fully and properly applied, That suitable safeguarding policies a￿ in place in cases where the applicant works with children or vulnerable adults. Applicants are required lo complete a form, which has a number of undertakings to sign up to. Unless satisfactory responses lo our slipulalions are received, a grant will not be allocated. With the agreement of the charity and the beneficiary, grants will be provided by means of an electronic banking transfer or a cheque. The charity's normal payment aulhorisalion prO￿sS will be applied to any payments. Where the grant is for a specified project or purpose, and in situations where that project does not proceed or where any grant or part thereof remains unused, unused funds musl be returned. Where formal written applications have been received, or other records maintained, these will be stored and subsequently disposed of in accordan￿ with the charity's policy on data protection and prevailing Data Protection legislation. Decision making The decision of the President on whether lo award a grant Is final. The Association Is not obliged to provide an explanation to applicants in the event that their application is not successful Review of the Year Income Our income for the financial year in question was £3,206,770. 11 can be calegorised in this way.. Particulars AmountlQ Donation for specific wrposes 844,579 General donations 2,362,191 Page 6 The Little Way Association Trustees, Report General donations allow us the freedom to use the funds when and where there is the greatest need, so we have been able to supplement every one of OLJr project categories. Our income can also be calegorised in this way.. Particulars Amounrf£) Non-legacy income, e_g, postal appeals, a(fverstising, online 1,535,729 Legacies 1.671.041 Legacies are a fitting testimonial to our supporters, generous cOn￿M for people in need and will enable us to continue funding missionaries and their projects for a number of years. Expenditure Most of the requests for grants that we receive come from archbishops, bishops, priests and religious of the Catholic Church in Africa, Asia and Latin America. Grants are only made lo projects that not only have the endorsement of the local Church hierarchy, but also which will be monitored and overseen by them. Fund Needs of missionaries and evangelisation Hungry. sick. dewNed and re￿geeS IHSDI StaNn abandoned and nee children Mission cha els Little Way Priests and Sisters of St Therese Seminarians, upkeep and training Mass stipends Wells and water projects Sanitation wo ects Natufal disasters Arnount 655.576 366.126 302,488 494.862 240.135 223.108 478.476 165.833 39.267 67,690 The IHSDI fund Is for people in great povety, who are unable lo eam a living wage, who are sick but who cannot afford essential medicine, who have had to flee their homes because of warfare or intoleran￿, or who have become frail through age but have no family to support them, including leprosy sufferers. The Needy Children fund benefits orphanages, schools, and feeding programmes for the malnourished. This category also includes nurseries and care-homes for children who have lost both parents to the AIDS epidemie in developing countries, abandoned and street children Page 7 The Little Way Association Trustees, Report The Needs of Missionaries and Evangelisation fund assists with the financial costs of the missionary outreach of priests and religious sisters, to help with the training and maintenance of calechists, who play a vital role in large missionary parishes, and to provide facilities for the care for sick and retired missionaries. The Wells and water fund SUPF)Orts projects which provide safe, clean water lo villages, schools, parish houses, and ￿ligIouS communities. The Sanitation fund helps to build toilets for schools and other buildings seNing the community especially where children and vulnerable people were forced to use insanitary shacks, or even open ground, for their needs. The Little Way Priests and Sisters of St Therese fund supports the maintenance and training of the novices, sisters, seminarians and priests of the missionary congregations and the upkeep of their religious houses. The Mission Chapels fund supports isolated villages or groups of Calholics who were trying to build chapel for their community and who were loo poor to buy some or all of the materials needed. In many cases, the local people build the foundations and walls bul come lo us for the roofing, which can be the most expensive part of the project. Communities are thus provided with a dignified pla￿ for the celebration of Mass, which can also be used for devotions, catechesis and other parish activities. The Seminarians fund helps with the rna1ntenan￿ costs of young men who wish to train for the priesthood but whose families are loo poor to contribute. The Mass stipends fund sends money to priests working in parishes which are unable lo support them. The priests who receive the stipends offer the Mass for the donors, inlenlions. Mass offerings help priests in mission lands lo meet basic needs such as food, clothing and shelter. Also, the poor and deprived people often turn lo their clergy for assistance. As well as conveying our donors, individual intentions and stipends to mission priests. we have been able lo ensure that we fulfil our promise lo have Mass offered regularly for all our supporters, living and deceased, both in our chapel and around the world. Natural Disasters Fund Turkeylsyria Earthquake: Funds were sent through the Apostolic Nuncio lo Syria lo provide relief for the suffering victims. AVSI Foundation distributed blankets, winter clothing, food kits and medicines lo those living in tempoory shellerslcamps. Also to the Marist Foundation where volunteers distributed food parcels lo people left homeless," provided hol meals for lonely elderly people, and milk for over 3,000 children. North India Floods.. Unprecedented rainfall caused severe flooding in low-lying villages and slums in Mulugu District, Telangana causing many thousands lo lake refuge in temporary shelters and make-shift camps. Crops, houses and cattle were washed away. Funds were sent to the Brothers of the Sacred Heart to provide non-perishable food items, medical kits, protective clothing to affected families, freshly cooked food to eldedy and disabled persons., educational supplies for children. Flash floods eaused by Tropical Cyclone Freddy- Funds were sent through the Archd10￿se of Lilongwe, Malawi for the distribution of food, clothes and water, and to the vin￿ntian Fathers for re-building of homes severely damaged by flood waters. Page 8 The Little Way Association Trustees, Report Ethos and trends Since the Association's foundation, Catholic practice in Britain and Ireland has declined, making our future less than assured. We continue to receive notifications of our donors, deaths and, while such sad events may yield legacy income, it obviously indicates the permanent end of a donor-charity relationship. Glob81 events Sin￿ the conclusion of the year upon which we are reporting have confirmed the importance of charities, reserves to meet new, unexpected needs. As covid appeared to be coming under control, so the wodd economy look a further turn for the worse. That, combined with international conflict, means that pri￿S are rising and some populations are displaced. In this un￿rtain worfd, the Association's resetves are being drawn upon lo help the needy, and we continue to petition our loyal donors Ilhemselves no doubl feeling the pinch) for assistance. Prayer for the Missions and devotion to St Therese of Lisieux The Association is not just an overseas aid charity. 11 also exists to foster knowledge of, and devotion to, Sl Therese of Lisieux. Our publicity material contains many references lo her and lo her spirituality. Realising how much missionaries need the support of prayer, The Little Way Association helps lo fulfil this need by regular Mass, recitation of the Rosary and Adoration of the Blessed Sacrament at Sacred Heart House, and by encouraging prayer for the Missions al the Little Way Theresian Centres. As well as having Mass offered daily for all our supporters, living and de￿ased, we encourage requests for St Therese's protection and Intercession for our benefactors, staff and beneficiaries. We confidently entrust our future to our patroness and to God's providence. Reserve Policy It is the policy of the trustees to maint2in reserves at a sufficient level to meet missionary needs 2nd to provide help in the event of natural disasters and wars. The charity aims lo achieve a level of resetves lo approximately a minimum of twelve months of average expenditure. The charity has also kept sufficient liquidity in ils long term commitment towards the continuing financial support for the upkeep of the Little Way Missionary Sisters of Sl Therese, seminarians and priests. Trustees The current Iruslees are listed on page 1. Appointment of trustees is governed by the Trust Deed., the Board of Trustees is authorised lo appoint new Iruslees or to fill vacancies arising through the resignation or death of an existing Iruslee. Page 9 The Little Way Association Trustees, Report Statement of Trustees. Responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordan￿ with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable lo charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resoLJrces of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitsble accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent", slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is Inappropriate to presume that the charity will continue in business. 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 lo ensure that the financial ststemenls comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the conslilulion. The trustees are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Risk assessment In line with requirements for Iruslees lo undertake a risk assessment exercise and report on the same in their annual report, the Iruslees have looked al the risks the Association currently faces in Britain the measures already in place, or needing lo be pul in place, lo deal with them. Having assessed the major risks lo which the Charity is exposed, the trustee believe that by monitoring reserve level, by ensuring controls over key financial systems, and examining the operational and business risk faced by the charity, they have established effective systems lo mitigate those risks. Approved by the trustees of the charity on 25 June 2024 and signed on its behalf by.. Mr Dennis Chadick Trustee Page 10 The Little Way Association Independent Auditor's Report to the Members of The Little Way Association Opinion We have audited the financial statements of The Little Way Association {Ihe 'charity'l for the year ended 31 August 2023, which comprise the Statement of Financial Aclivilies, Balance Sheet, Cash Flow Statement, and Notes lo the Financial Slalements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and applicable law (United Kingdom Generally A¢￿pted Accounting Practi￿1. In our opinion the financial statements.. give a true and fair view of the stale of the charity's affairs as al 31 August 2023 and of ils results for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounb'ng 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 Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Elhic81 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 lo provide a basis for our opinion. Conclusions relating to going concern We have nothing lo report in respect of the following matters in relation to which the ISAS IUKI require us to report to you where". the Iruslees use of the going concern basis of accounting in the preparation of the financial slalements is not appropriate., or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue lo adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other infomiation The trustees are responsible for the other information. The other infomalion comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any fotm of assurance conclusion thereon. Page 11 The Little Way Association Independent Auditor's Report to the Members of The Little Way Association In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or Othe￿￿lse 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 financial statements or a material misststemenl of the other informstion. If, based on the work we have performed, we conclude that there is a material misststemenl 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 In the light of our knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not identified material misslalemenls in the Trustees. Report. We have nothing lo report in respect of the following matters where the Charities A¢1 2011 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been eeived from branches not visited by us, or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Iruslees remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of TrLJStees' Responsibilities (set out on page 101, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inletnal control as the Iruslees determine is necessary lo enable the preparation of financi81 statements that are free from m8teri81 misstatement, whether due to fraud or error. In preparing the financial stalemenls, the Iruslees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo 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 bul lo do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtsin reasonable assuran￿ about whether the financial statements as a whole are free from material misslatemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assuran￿ is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo Influence the economic decisions of users taken on the basis of these financial slatemenls. As part of an audit in accordan￿ with ISAS IUKI, we exercise professional judgement and maintain professional scepticism throughout the audit. We also". Identify and assess the risks of material misstatement of the financial slatemenls, whether due lo fraud or error, design and perform audit prO￿dureS responsive lo those risks, and obtain audit eviden￿ that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Page 12 The Little Way Association Independent Auditor's Report to the Members of The Little Way Association Obtain an understanding of internal control relevant lo the audit in order to design audit procedures that are appropriate in the circumstances, bul not for the purpose of expressing an opinion on the effectiveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Iruslees. Conclude on the appropriateness of the trustees use of the going concern basis of accounting and, based on the audit eviden￿ obtained, whether a material uncertainty exists related lo events or onditions that may cast significant doubt on the charity's ability lo continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report lo the related disclosures in the financial statements or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up lo the date of our auditorfs report. However, future events or conditions may cause the charity lo cease lo continue as a going concern. Evaluate the overall presentstion, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit eviden￿ regarding the financial information of the entities or business activities within the charity to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the charity audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and liming of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our rgport This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our work has been undertaken so that we might slate to the trustees those matters we are required to slate lo Iruslees in an auditors, report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed. Gavin Fernandes FCA, CTA (Senior Statutory Audilorl For and on behalf of MG Audit Services Limited, Statutory Auditor 166 College Road Harrow Middlesex HA1 1BH 26/06/2024 Date............................... Page 13 The Little Way Association ststement of Financial Activities for the Year Ended 31 August 2023 Unrestricted funds Restricted funds Total 2023 Note Incomg and Endowments from: Donations and legacies Other income Investment income 2,362,191 12,955 90,267 844,579 3,206,770 12,955 90,267 Total income 2,465,413 844,579 3,309,992 Expenditure on: Raising funds Charitable activities Mass offerings Upkeep of religious cenlres Supports costs Governance costs 147,2811 11,917,700) 1318,9441 120,2031 1179,4231 29,9951 147,2811 12,589,105) 1478,4761 120,2031 1179,4231 29,995 1671,4051 1159,532} Total expenditure Gainsllosses on investment assets 2,513.546 319 830,937 3,344.483 319 Net movement in funds 148,4521 13,642 134,8101 Reconciliation of funds Total funds brought forward Total funds carried forward 9,600,764 62,570 9.863,334 17 9,552,312 76,212 9,628,524 IAS Restated) Total 2022 Unrestricted funds Restricted funds Note Income and Endowments from: Donations and legacies Other income Investment income 1,303,698 15,292 7,022 886, 133 2,189,831 15,292 7,022 Total income 1,326,012 886, 133 2,212,145 Expenditure on- Raising funds Charitable activities Mass offerings Upkeep of religious cenlres Supports costs Governance costs 142,3061 12,354,896) 1100,9231 129,2451 1160,8501 24,104 142,3061 12,937,993) 1363,3511 129,2451 1160,8501 24,104 1583,097} 1262,4281 Page 14 The Little Way Association ststement of Financial Activities for the Year Ended 31 August 2023 {As Restated) Total 2022 Unrestricted funds Restricted funds Note Total expenditure Net movement in funds 12,712,324) 1845,5251 13,557,849) 11,386,312) 40,608 11,345,704) Reconciliation of funds Total funds brought forward Total funds carried forward 10,987,076 21,962 11,009,038 17 9,600,764 62,570 9,663,334 All of the charity's activities derive from continuing operations during the above periods. The funds breakdown for 2022 is shown in note 17. Page 15 The Little Way Association (Registration number: 235703) Balance Sheet as at 31 August 2023 2023 2022 Note Flxed assets Tangible assets Investments 79,680 1,001,301 1,080,981 86,633 1,001.621 1,088,254 12 Current assets Debtors Cash at bank and in hand 13 189,919 8,638,772 251,120 9,043,727 8,828,691 9,294,847 Creditors: Amounts falling due within one year 14 281,148 719,767 Net current assets 8,547,543 8,575,080 Net assets 9,628,524 9,663,334 Funds ofthe charity: Restricted funds 76,212 62,570 Unrestricted income funds Unreslricled funds 9,552,312 9,600,764 Total funds 17 9,628,524 9,663,334 The financial statements on pages 14 to 47 were approved by the Iruslees, and authorised for issue on 25 June 2024 and signed on their behalf by.. Mr Dennis Chadick TrLJStee Page 16 The Little Way Association Cash Flow Ststement for the Year Ended 31 August 2023 2023 2022 Note Cash flows from operatlng actlvltles Net cash expenditure 134,8101 11,345,704) Adjustments to cash flov￿ from non**via Windows from 3.124.246.220.**| |**06/25/2024 15:46 +00:00**|**Dennis Charlick (dennis.charlick@ntlworld.com) was emailed a link to sign.**| |**06/26/2024 09:46 +00:00**|**Dennis Charlick (dennis.charlick@ntlworld.com) viewed the document on Microsoft Edge via Windows from**
**80.7.70.58.**| **06/26/2024 09:47 +00:00** **Dennis Charlick (dennis.charlick@ntlworld.com) viewed the document on Microsoft Edge via Windows from 80.7.70.58.** ## **TIMESTAMP** ## **AUDIT** **06/26/2024 09:47 +00:00 Dennis Charlick (dennis.charlick@ntlworld.com) authenticated via email on Microsoft Edge via Windows from 80.7.70.58. 06/26/2024 09:47 +00:00 Dennis Charlick (dennis.charlick@ntlworld.com) signed the document on Microsoft Edge via Windows from 80.7.70.58. 06/26/2024 09:47 +00:00 Gavin Fernandes (gavin.fernandes@mggroup.co.uk) was emailed a link to sign. 06/26/2024 10:26 +00:00 Gavin Fernandes (gavin.fernandes@mggroup.co.uk) viewed the document on Microsoft Edge via Windows from 195.224.42.254. 06/26/2024 10:27 +00:00 Gavin Fernandes (gavin.fernandes@mggroup.co.uk) authenticated via email on Microsoft Edge via Windows from 195.224.42.254. 06/26/2024 10:27 +00:00 Gavin Fernandes (gavin.fernandes@mggroup.co.uk) signed the document on Microsoft Edge via Windows from 195.224.42.254.**