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2023-12-31-accounts

REGISTERED CHARITY NUMBER: 245644

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

Kanni Ramachandran Kentwell Associates Limited

Beckenham Kent BR34HD

OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Page
Report of the Trustees 1 to 6
Report of the Independent Auditors 7 to 10
Statement of Financial Activities 11
Balance Sheet 12 to 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to 27

OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS l 02) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The general objects of the business are religious and charitable, in connection with the advancement of the Roman Catholic faith in England and Wales.

The object of the charity is to promote the charitable work of Our Lady of Fidelity and to continue to maintain and develop the Upper Norwood site. The work of the trustees during the year has played a very large part in setting up the whole site of the Charity for the future.

The charity's principle activities during the year were the operation of St Mary's Family Centre at Upper Norwood and to continue to manage the site and secure rental income from lettings.

Such Charitable purposes which advance the religious, educational and other charitable work carried on in England and Wales and also in India and Europe or wherever there is a need. This is under the direction or with the support of the Congregation of Our Lady of Fidelity: with the approval of the Superior General, General Council and the Trustees and under the direction of the Local Superior.

The Overarching Trust includes: The buildings of the whole site, Saint Mary's Lodge Saint Mary's Welfare Centre The Convent, The top residential section, The Church and the Indian Project,

Public benefit

The Trustees have consulted the guidance made 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 regard to public benefit guidance published by the Commission.

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OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

ACHIEVEMENT AND PERFORMANCE

Charitable activities and achievements

The trustees consider that the performance of the charity this year has been satisfactory. It continues to develop to meet the needs of the local community, and indicates that through its activities it is achieving its aims and objectives. The trustees are however monitoring the work of St Mary's Family Centre in order to ensure future objectives can be met.

During the year the charity has continued to improve and maintain the whole site of Our Lady of Fidelity, including all associated buildings held, to allow an increase in rental income..

The charity has also continued to provide support to the Order of Our Lady of Fidelity's religious communities, through the letting of parts of the school and buildings on site.

The main activities of St Mary's Family Centre are:

I) Social Work Assessment programs for families considered at risk by the Local Authority Social Services Department and the Courts.

2) Private and Local authority supervised contact work-a facility for supervised contact where it is imperative that contact is maintained between parents and children during court proceedings and where long-term separation may be an issue.

3) Support for all users of the Centre specifically parents whose learning experiences with regard to parenting is limited and needs to improve to enable more effective parenting.

Investment performance

The Trust Deed authorises the trustees to make and hold investments using the general funds of the charity, but no such investments are presently held, apart from a small coin collection.

FINANCIAL REVIEW

Financial position

At 31[s][t ] December 2023, the reserves of the Charity were £15,361,698, with £15,386,125 attributable to freehold land and buildings.

The Charity has a net surplus for the year of £33,378 however this does include £60,908.00 donation from Our Lady of Fidelity General Trust to assist with building works on the Upper Norwood site.

Our Lady of Fidelity Convent Upper Norwood Trust did continue to receive support during 2023 from Our Lady of Fidelity General Trust (Charity number I002216) for capital works and maintenance, however as the majority of works are in the completion stage, this support is likely to cease in 2024.

As a result of the building works completed, the Trustees have secured additional letting income to support costs for the near future and are monitoring the level of expenditure. The Trustees continue to invest in the improvement and upkeep of the buildings to generate and improve the letting potential and future income of the Trust.

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OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

REPORT OF THE TRUSTEES FOR THE VEAR ENDED 31 DECEMBER 2023

FINANCIAL REVIEW

Principal funding sources

The Convent is funded by the sisters salaries and pensions, and rental income.

Saint Mary's Lodge receives funds through rental income but is an integral part of the Norwood Trust.

The income to Saint Mary's Family Centre derives from Parenting Assessment and Social work, introduced by the courts. Income from supervised Contact work is from Local Authorities and private individuals. Income is also generated through rental of the Centre facilities.

The remainder of the income derives from Trusts, donations, local donations and local fundraising. The Trust remains immensely grateful to all its supporters and recognises the significance of every donation, regardless of size.

The Trustees and Officers remain committed to responding to the needs of the local community to ensure that the Centre remains relevant, effective and flexible. In line with policy, the Trust has implemented all recommendations of its auditors, immediately and in full.

Reserves policy

The Charity’s policy is to continue to accumulate reserves in order to finance the Charity declared objectives.

It is the policy of the trustees to maintain sufficient reserves to ensure the smooth running of the Trust. The reserves are maintained at a level to finance the charity’s declared objectives and at present is being reviewed continuously.

Going concern

During the year, the Trust has received a high donation for one off unforeseen capital works. The trust continues to experience some economic difficulties; however the trustees continue to actively review and monitor the financial position of the Trust, and have put into place plans to achieve greater level of income to support the Trust in the future. Subsequent to the Balance Sheet the level minding from the General Trust of has reduced significantly.

The Trust has received the support and is reliant on, Our Lady of Fidelity General Trust (Charity number 1002216).

The trustees are aware that the financial position Saint Mary's Family Centre is of concern, however costs are to be managed in support of the remaining income the Centre generates and the Centre continues to develop supervised contact work with other Local Authorities and generate rental income from the Day Care Centre "Witty Kids".

Consideration has been given to the continuance of the Trust as a going concern, however the trustees are confident that despite economic difficulties, with increased rental income generated by the Trust and management of expenditure being closely monitored, the trustees consider it appropriate to prepare the financial statements on a going concern basis.

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OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

FUTURE PLANS

The Trustees continue to work to generate increased income from letting of various buildings and offices on the Norwood site, to cover the maintenance of the buildings. All residential rentals are managed by Streets Ahead Estate Agents who take a percentage of the rental income. There is also additional rental from the letting of various parts of St Mary's Lodge, including the new school, under a new 6 year lease, effective September 2020 and 7 ensuite rooms, which are managed by the Sisters.

The majority of the building works and renovations were completed at the Norwood site, following further expenditure in 2021, apart from a capital commitment of £120,000 for electrical work to the convent building and New School, which has largely been completed, with the final work remaining at £46,000. In 2022 £125,000 was spent on property improvements which included £53,000 on the new car park and £72,000 on the overhaul of electric works to bring the convent in line with current compliance.

From September 2021, two new schools have occupied the former Virgo buildings/Gothic building on a 50 year lease and they are responsible for the refurbishment of the buildings, hence due to the extensive work, no rent will be payable for 21 years. The Trust does receive an annual rent of £40,000 for a separate part of the Gothic Building and will no longer be responsible for the upkeep of those buildings, except the roof (excluding the gutters).

The trustees still hope to sell a small part of the land to developers in the future. The land to be sold with planning permission for 8 houses. There is also an exciting community project. The value is expected to be around £700,000.

St Mary’s Fami1y Centre have continued with their service for Croydon, to provide Parenting Assessment and social work and the Trust's Officers and Trustees are confident that strategies are in place for the continuance of this service. Assessment Work, social work, plus Supervised contact work for other Local Authorities and private individuals is also in operation and all income and costs of the charity are closely monitored.

The trustees are aware that the financial position of the charity is of concern,, given the deficit for the year, however, costs are to be managed in support of the remaining income the Centre generates and the Centre continues to develop supervised contact work with other Local Authorities and has secured 1 •8 term rental income for the early years premises.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Community of Our Lady of Fidelity, Upper Norwood is governed by trust deed dated 1 September 1965 as varied by scheme of 23 August 1990 and is registered with the Charity Commission, Charity Registration No 245644. The Congregation of Our Lady of Fidelity was founded in 1831 and at Norwood in 1848. The other communities and works of the Sisters of Our Lady of Fidelity who provide the trustees are constituted as separate trusts which are accounted for separately.

Recruitment and appointment of new trustees

Under the terms of the trust deed, trustees are appointed by the Mother Superior. The Trustees have a policy obtaining training for themselves as and when this is appropriate. Appointment of a trustee is governed by the Trust Deed of the charity. The board of trustees is authorised to appoint new trustees to fill vacancies arising through the resignation or death of an existing trustee.

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OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governance

Saint Mary's Family Centre: Secretary -Treasurer - Justin Musson, Chairman - Sister Bernadette (Sister S Davey)

Parish of the Faithful Virgin: Father J Clark

Community of Our Lady of Fidelity: Superior (accountable to Superior Council & General Council-Sister S Davey

The work of the Trustees has played a very large part in setting up the whole site for the future.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number 2456t4

Principal address Our Lady's Close Upper Norwood LONDON SE193FA

Trustees

Father Joy Alappat

Sister SDavey BA (Hons) William Martin

Sister M RArakkal

Sister Reetha Kooran Kallookaran Paulose

Olufemi Olpugbenga Oresanya

Auditors Angayarkanni Ramachandran Kentwell Associates Limited 13 Hampden Road Beckenham Kent BR34HD

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in

Page 5

accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees io prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees of 28[th] October 2024 and signed on its behalf by:

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

Opinion

We have audited the financial statements of Our Lady of Fidelity established at Upper Norwood London (the 'charity') for the year ended 31 December 2023, which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in the preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

Basis for opinion

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

Conclusions relating to going concern

We draw your attention to note1 in the financial statements concerning the charity's ability to continue as a going concern in relation to the achievement of the future cash position and forecast performance of the Trust.

As stated in note 1, these events or conditions, along with the other matters set out in note 1, indicate uncertainties exist that may cast doubt on the charity's ability to continue as a going concern. Our opinion is not modified in respect of these matters.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact We have nothing to report in thisre6-rd.

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the financial statements are not in agreement with the accounting records and returns; or

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees dete1mine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

Our responsibilities for the audit of the financial statements

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

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA's (UK).

In identifying and assessing risks of material misstatement in respect of irregularities including, fraud and non-compliance with laws and regulations, our procedures included the following:

-We obtained an understanding of how the Charity is complying with those legal and regulatory frameworks by making inquiries to the management and trustees. We corroborated our inquiries through our review of papers provided to the audit engagement team.

-We assessed the susceptibility of the Charity’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included:

a) Identifying and assessing the design effectiveness of controls management has put in place to prevent and detect fraud;

b) Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

c) Challenging assumptions and judgements made by management in its significant accounting estimates;

d) Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations: and

e) Assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the Most extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions, we have formed.

Angayarkanni Ramachandran Kentwell Associates Limited 13 Hampden Road Beckenham Kent BR34HD

Date: .22/10/2024......................

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OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
INCOME AND ENDOWMENTS FROM
Donationsand legacies
2
Charitable activities
CharitableIncome
Other trading activities
3
Investment income
4
Total
EXPENDITUREON
Raising funds
6
Charitable activities
7
Charitable Expenditure
Total
NET INCOME
RECONCILIATIONOFFUNDS
Total funds brought forward
TOTAL FUNDSCARRIEDFORWARD		 Unrestricted
funds
£
109,629
672,575
782,204
10,180
617,776
617,776
(30,247)
15,370,516		 Unrestricted
funds
£
109,629
672,575
782,204
10,180
617,776
617,776
(30,247)
15,370,516		 2023
2022
Restricted
Total
Total
funds
funds
funds
£
£
£
118,926
109,629
118,321
672,575
548,182
782,204
785,429
17,725
797951
797951
815.676
815.676
(30,247)
(30,247)
15,370,516
15,268,545		 2023
2022
Restricted
Total
Total
funds
funds
funds
£
£
£
118,926
109,629
118,321
672,575
548,182
782,204
785,429
17,725
797951
797951
815.676
815.676
(30,247)
(30,247)
15,370,516
15,268,545
15,337,138 15,337,138
15,370,516

CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities.

The notes for part of these financial statements

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OUR LADY OF FIDELITY ESTABLISHED AT

UPPER NORWOOD LONDON

BALANCE SHEET

31 DECEMBER 2023

BALANCE SHEET
31 DECEMBER 2023
Notes
PIXED ASSETS
Tangible assets
12
Investments
13
CURRENT ASSETS
Debtors
14
Prepayments and accrued income
Cash at bank and tn hand
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one
year
16
NET ASSETfi		 Unrestricted
funds

£
15,116,032
3.605
15,119,637
0
0
22,554		 Restricted
funds
£
2023
Total
funds
£
2022
Total
funds
£
15,116,032
15,272,858
3.605
3,605
15,119,637
15,276,463
0
0
0
13,831
22,554
30.337
22,554
44,168
(66,703)
(77,525)
(44,149)
(33,357)
15,075,488
15,243,106
(44,749) (58,070')
-
15 030,739
15,185,036

22,554
(66,703)
(44,149
15,075,488
(44,749)
15 030,739 -
15 030,739

The notes form part of the financial statements

continued...

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OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

BALANCE SHEET- continued 31 DECEMBER 2022

FUNDS 18 Unrestricted funds 15,337,138 15,370,517 TOTAL FUNDS 15,337,138 15,370,517

The financial statements were approved by the Board of Trustees and authorised for issue on it’s behalf by:

S Davey BA (Hons) - Trustee

2 .......... . 1 ......................................... ) MR Arakkal -Trustee

The notes form part of these financial statements

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OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Cash flows from operating activities
Cash generated from operations
Interest elementofhire purchase
paymentspaid
Net cashprovided byoperating activities
Cash flowsfrominvesting
activities Purchaseoftangible
fixed assets
Interest received
Netcashused in investingactivities
Cash flowsfromfinancing
activitiesLoan repaymentsin year
Capitalrepaymentsin year
Netcashusedin financingactivities
Changeincash and cash
equivalentsinthe reportingperiod
Cask and cash equivalents at
the beginning of the reporting
period
Cash and cash equivalents at the end
of the reporting period		 2023
£
2022
£
(22,554)
(30,247)
(1,820)
{1,820)
(24,374)
(32,067)
(125,000)
1
1
0
(124,999)
0
(14903)
0
(14903)
(150)
(20,242)
_30,337
33,998
22,554
30,337

The notes form p art of the financial statements

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OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

  1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net income for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Net cash
Cash at bank and in hand
35,832
35,832
Debt
Finance leases
(52,392)
(52,392)
Total
(16,560)
Depreciation charges
Interest received
Interest element of hire purchase and finance lease rental payments
Decrease in debtors
(Decrease)/increase in creditors
Net cash provided by operations
ANALYSIS OF CHANGES IN NET DEBT
At 1/1/23		 2023
2022
(22,554)
(30,247)
(150) 35,682
(150)
35,682
0
(52,392)
0
(52,392)
(150)
(16,710)
7,600
10,854
(1)
(1)
1,820
1,820
0
15,189
(54,447):
(84,042):
(45,028)
(86,427)
Cash flow
At 31/12/23
  1. ANALYSIS OF CHANGES IN NET DEBT

The notes form part of these financial statements

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OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)(effective I January 2019)', Financial Reporting Standard 102'TheFinancial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

The freehold land and buildings have been revalued in the accounts since conversion to FRS102 so is carried at deemed cost. The freehold land and buildings have not been depreciated as the trustees consider the value of the Upper Norwood site as recorded in the accounts, including improvements of

£15,386,109 to be lower than the last insurance valuation. This continues to be reviewed on an annual basis and the trustees are aware that this is a departure from FRS102.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the. trustees.

Restricted funds can only be used for particular restricted purposes within theobjects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds are amounts that have been set aside at the discretion of the Trustees.

Grants receivable are credited to the Statement of Financial Activities in the year that they are received. Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received

continued...

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OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Going concern

These financial statements are prepared on the going concern basis which is dependent on the continued support of Our Lady of Fidelity General Trust (Charity number 1002216 and the income potential of the Trust.

At 31 December 2023, the charity had a balance sheet surplus of £15,337,138, with £15,386,109 representing freehold land and buildings.

The trustees have a reasonable expectation that the charity will continue in operational existence for the foreseeable future assuming the current funding levels and some support from Our lady of Fidelity General Trust.

Conclusions relating to the going concern assumption- future performance of the charity

The trustees have continued to develop new strategies to improve the performance of the charity. The trustees are confident that the new strategies developed in the last few years will continue to assist in improving the balance sheet position and surplus of the charity. The current financial position of the charity is suggesting a slight increase in reserves and the trustees are confident that in spite of economic difficulties this will be sustained and the position improved during 2023, especially given the Gothic building and former Virgo buildings are now the responsibility of the new schools. The final electrical work required and other works, will not be completed until funds allow.

Conclusion

Having reviewed the management accounts and plans of the charity and having taken into account the current and forecast performance and availability of support from Our Lady of Fidelity General Trust, the trustees believe they have reasonable grounds for stating that the charity has adequate resources to continue in operational existence for the foreseeable future and in spite of economic difficulties, the trustees consider' it appropriate to prepare the financial statement on the going concern basis.

2. DONATIONS AND LEGACIES

2023
Salaries, Pensions & Benefits
69,853
Donations
Donation from GT
60,908
130,761		 2022
68,498
50,428
118,926

continued...

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OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

3.
OTHER TRADING ACTIVITIES
2023
Fees
Other income
109,629
Pensions inc lump sum
109,629
4.
INVESTMENTINCOME
2023
Rents received
672,575
Interest received
I
672,576
5.
INCOME FROM CHARITABLE ACTIVITIES
2023
Activity
£
Grants
Charitable Expenditure
10,180
Grants received, includedinthe above, are as follows:
2023
HMRC Covid Job Retention Scheme
0		 2022
62,428
55,893
118,321
2022
548,181
1
548,182
2021
£
17,725
2022
0

continued...

Page 18

OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

6. RAISING FUNDS
Raising donations and legacies
2023 2022
Support costs 2023 10,180 17,725
7. CHARITABLE ACTIVITIES COSTS
Direct costs (see
Costs note 8) Totals
Charitable Expenditure 777,177 10,180 787,357
8. SUPPORT COSTS
Governance
costs
Raising donations and legacies
Charitable Expenditure		 10,180
10,180

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023nor for the year ended 31 December 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2023.

continued...

Page 19

OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

10. STAFFCOSTS

Wages costs for the group for the year totaled £283,928 (2022 £279,836).

11. COMPARATIYES FOR THE STATEMENT OF FINANCIALACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
CharitableExpenditure
Other Pading activities
Investment income
Total
EXPENDITURE ON
Charitable activities
Charitable Expenditure
NET INCOME
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
Restricted
ftinds
143,187
10,180
94,466
481,709
729,522
777,177
33,378
33,378
15,370,516
15,337,138		 Total
funds
143,187
10,180
94,466
481,709
729,522

continued...

Page 20

OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

NOTES TO THE FINANCIAL STATE1\1ENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

12. TANGIBLE FIXED ASSETS

COST
At 1 January 2023
Additions
At 31 December 2023
DEPRECIATION
At IJanuary2023
Charge for year
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022
COST
At1January 2023
Additions
At 31 December 2023
DEPRECIATION
At I January 2023
Charge for year
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022		 Freehold
property
13,172,105		 Freehold
property
13,172,105		 Improvements
to
property
2,214,004		 Plant and
machinery
0
13,172,105
0		 2,214,004 0
0 0
0 0
13,172,105 2,214,004
13,172,105 2,214,004
Fixtures
and
fittings
854
854
854
0
854
0
854		 Motor
vehicles
Totals
28,816 15,272,858
3,695
3,695
32,511 15,276,553
67,370
152,921
7,600
7,600
74,970
160,521
24,911 15,116,032
28,816 15,272,858

continued...

Page 21

OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE VEAR ENDED 31 DECEMBER 2023

  1. TANGIBLE FIXED ASSETS - continued

The freehold property valuation of£ 13,172,105 reflects ownership of various land and properties on the Upper Norwood site. A property reserve for the same value is included at note 18. The latest insurance value of the freehold properties is £45,906,010 and was carried out by the Insurer on 19 February 2021, which the Trustees are in agreement with and will look to obtain a current valuation in 2022.

13.
FIXED ASSET INVESTMENTS
Other
There were no investment assets outside the UK.
Investments (neither listed nor unlisted) were as follows:
Coin Collection
14.
DEBTORS: AMOUNTS FALLINGDUEWITHIN ONEYEAR
Other debtors
VAT
Prepayments andaccruedincome
Prepayments		 2023
2022
3,605
3,605
2023
2022
3,605
3,605
2023
2022
0
8,205
0
5,626
0
13,831

continued...

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OUR LADY OF FIDELITY ESTABLISHED AT

UPPER NORWOOD LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023

15.
CREDITORS: AMOUNTS FALLING DUE WITHTN ONE YEAR
Hire purchase (see note 17)
Trade creditors
Taxation and social security
Other creditors
16.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023
Hire purchase (see note 17)
44,749
17.
LEASING AGREEMENTS
Minimum lease payments under hire purchasefalldue as follows:
2023
Net obligations repayable:
Within one year
Between one and five years
18.
MOVEMENT IN FUNDS
Net
movement
At 1/1/23
in funds
Unrestricted funds
General fund
Development fund
Freehold Property Reserve
St Marys Family Centre
TOTAL FUNDS
368,174
33,378
1,788,041
13,172,105
42,196
15,370,516
33,378
15,370,516
33,378
2023
22,074
(120)
44,749
66,703		 15.
CREDITORS: AMOUNTS FALLING DUE WITHTN ONE YEAR
Hire purchase (see note 17)
Trade creditors
Taxation and social security
Other creditors
16.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023
Hire purchase (see note 17)
44,749
17.
LEASING AGREEMENTS
Minimum lease payments under hire purchasefalldue as follows:
2023
Net obligations repayable:
Within one year
Between one and five years
18.
MOVEMENT IN FUNDS
Net
movement
At 1/1/23
in funds
Unrestricted funds
General fund
Development fund
Freehold Property Reserve
St Marys Family Centre
TOTAL FUNDS
368,174
33,378
1,788,041
13,172,105
42,196
15,370,516
33,378
15,370,516
33,378
2023
22,074
(120)
44,749
66,703		 2023
22,074
(120)
44,749
66,703		 2022
8,754
1,948
66,823
77,525
2022
8,373
2023 2022
Net
movement
in funds
33,378		 At
31/12/23
401,552
1,788,041
13,172,105
0
15,370,516 33,378 15,361,698
15,370,516 33,378 15,361,698

continued...

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OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

18. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
St Marys Family Centre
TOTAL FUNDS		 Incoming
resources
tLL
729,522
161,496		 Incoming
resources
tLL
729,522
161,496		 Resources
Movement
expended
in funds
(696,144)
33,378
(161,496)
0
891,018 (857,640)
33,378
891,018 (857,640)
33,378

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
The Terry Spaczynski fund
TOTAL FUNDS
Development fund
Freehold Property Reserve
St Marys Family Centre		 0
15,370,517
33,378
Net
movement
At 1/1/23
infunds
368,174
33,378
1,788,041
13,172,105
42,196
0
15,370,517
33,378		 0
Transfers
between
funds
0
0		 At
31/12/23
401,552
1,788,041
13,172,105
0
15,361,698
15,361,698

continued...

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OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

18. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
St Marys Family Centre
TOTAL FUNDS		 Incoming
Resources
Movement
resources
expended
in funds
719,342
(685,964)
33,378
199,246
(199,246)
0
918,588
(885,210)
33,378
918,588
(885,210)
33,378

A current year 12 months and prior year 12 months combined position is as follows:

Unrcstricted funds
General fund
Designated
Development fund
Freehold Property Reserve
St Marys Family Centre
Restricted funds
The Terry Spaczynski fund
TOTAL FUNDS		 At 1/1/23
368,174
1,788,041
13,172,105
42,196		 Net
movement
Transfers
between
At
in funds
funds
31/12/23
33,378
401,552
1,788,041
13,172,105
0
0
15,370,516 33,378
15,361,698
15,370,516 33,378
15,361,698

continued...

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OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

18. MOVEMENT IN FUNDS - continued

The current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestrictedfunds
General fund
St Marys Family Centre
TOTAL FUNDS		 359,718
(359,718)
0
I,794,729
(1,761,351)
33,378
1,794,729
(1,761,351)
33,378
Incoming
resources
Resources
expended
Movement
in funds
1,435,011
(1,401,633)
33,378

19. CAPITAL COMMITMENTS

At the commencement of 2022, the majority of the building works and expenditure is complete at the Norwood site, apart from a capital commitment of £120,000 for fire panel and associated emergency lighting, to which a final expenditure of £46,000 is due to be made.

20. RELATED PARTY DISCLOSURES

During the year to 31 December 2021, Our Lady of Fidelity Convent received a donation of £196,861 (2020: £236,146) from Our Lady of Fidelity General Trust to assist with the building works at the Convent site. The convent repaid f5,000 (2020 : £40,000) back to Our Lady of Fidelity General Trust in the year, following a donation from the trustee Sandra Davey.

21. POST BALANCE SHEET EVENTS AND GOING CONCERN

The Trustees continue to work to generate increased income from letting of various buildings and offices on the Norwood site, to cover the maintenance of the buildings. All residential rentals are managed by Streets Ahead Estate Agents who take a percentage of the rectal income. There is also additional rental from the letting of various parts of St Mary's Lodge, including the new preparatory school, under new 6 year lease, effective September 2020 and 7ensuite rooms which are managed by the sisters.

The majority of the building works and renovations were completed at the Norwood site, following further expenditure in 2021, apart from a capital commitment of £120,000 for electrical work to the convent building, and New School which has largely been completed, with the final work remaining at [46,000.

From September 2021, two new schools have occupied the former Virgo buildings/Gothic building on a 50 year lease and they are responsible for the refurbishment of the buildings, hence due to the extensive work, no rent will be payable for 21 years. The Trust does receive an annual rent of 140,000 for a separate part of the Gothic Building and will no longer be responsible for the upkeep of those buildings, except the roof excluding the gutters).

continued...

Page 26

OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023

  1. POST BALANCE SHEET EVENTS AND GOING CONCERN -continued

The trustees still hope to sell a small part of the land to developers in the future. The land to be sold with planning permission for 8 houses. There is also an exciting community project. The value is expected to be around £700,000.

At 31 December 2023, the reserves of the Charity are £15,361,698, with £15,386,109 attributable to freehold land and buildings.

St Mary’s Family Centre have continued with their service for Croydon, to provide Parenting Assessment and social work and the Trust's Officers and Trustees are confident that strategies are in place for the continuance of this service. Assessment Work, social work, plus Supervised contact work for other Local Authorities and private individuals is also in operation and all income and costs of the charity are closely monitored.

The trustees are aware that the financial position of the charity is of concern, given the deficit for the year, however costs are to be managed in support of the remaining income the Centre generates and the center continues to develop supervised contact work with other Local Authorities and has secured long term rental income for the early years premises.

The Charity has continued to receive support from Our Lady of Fidelity General Trust (Charity number J 002216) for capital work and maintenance during 2022, but this is likely to cease now that building works have been completed.

Page 27