REGISTERED CHARITY NUMBER: 245644 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS roR THE YEAR ENDED 31 DECEMBER 2024 FOR OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON Kanni Ran]achandrnn Kentwell Associates Limited Beckenham Kent BR34HD
OUR LADY OF FIDELITY ESTABLESHED AT UPPER NORWOOD LONDON CONTENTS OFTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Repim of the Trustees Report of the Independent Audiiors Stat¢ment of Financial Activities Balan¢¢ She¢t 12 to 13 Cash Flow Staternent 14 Notes to the Cash Flow Statcment 15 Notcs to the Financial Statements 16 to 27
OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON REPORT OFTHE TRUSTEES FOR TIIE YEAR ENDED 31 DECEMBER 2024 The ttustees present their report with the fmancial staiements of the charity for the year ended 31 December 2024. The trustees hav¢ adopt¢d the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing theiraccounts in accordance with the Financial Reporling Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objeetlves and alms The general objects of the business are religious and charitable, in conn¢ction with the advancement of the Roman Catholic faith JD England and Wales. Tlie object of the charity is to promote the charitable work of Our Lady of Fidelity and io continue to maintain and develop theUpperNonvood site. The work of the tNstees during ih¢ yearhas played a very large part in Setting up the whole sit¢ of the Charity for the ture. The charity's prin¢ipl¢ a¢tiviti¢$ during the year were the operation of Si Mary's Family Centre at Upper NoTwood and to conlinue to manage the site and secure r¢ntal income fTom 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 dirtiCInor with the support of the Congregalion of Our Lady of Fidelity: with the approval of tbe SupeTior General, Getteral Council and the Trnstees and underthe ditEction of theLo¢al Superior. The Ov¢rnr¢hing Ttust includes.. The buildings of the whole site, Saint Mary's Lodge Saint Mary's WelfaTe Cenlre The Convent, The top residential section, The Church and the Indian ProjecL Public benefit The Trustees have ¢0n5ultcd th¢ guidance made available by ihc Charity Commission for England and Wales on the Public B¢n¢fit r¢quirement of the Charities Act 2011. The Trustees are confident that they hav¢ ¢omplied with their duty Ltnder section 4 of th¢ Charities Act 2011 An that they have had due r¢gaTd to public beD¢fit guidance published by the Commission. Pagel
OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHJEVEMENT AND PERFORMANCE Charitable Activities and Achievements Thc tntst¢es consider that the perforniance 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 objcctives. Thc trustees are however monitoring the work of Si Mary's Family Centrc ill order to ensure future objectives can be met, During the year tbc charity has wntinued to improvc and maintain the whole site of Our Lady of Fidelity. including all associated buildings hel to allow an increase in rental income.. The charity has also continued to piovide support to the Order of Our Lady of Fidelity's r¢ligious CQmmUllities. through the letling of parts of the school and buildings on 51tc. The main activitics of St Mary's Family Centre are: l) Social Work Assessment progrnms forfamilies considered al iisk by the Local Authority Social Se1¢¢8 Department and the Courts. 2) Private andLocal authoritysupervised contactwork-a facility for supervisedcontaci whereitis imperdtive that ¢ontact is maintained between parents and children during court proieedings and where long-temi separation may be an issue. 3) Support for all uscrs of the Centre specifically parents whose learning experiences with regards to parenting is limited and needs to improve to enable more eff¢¢live parenting. Investment performance The Trnst Deed Authorises thetrustees to makeand hold investments using the gcnernl fundsof the charity, but nosuch investments are prcscntly held, apart from a small coin collection. FINANCIAL REVIEW FinAncial position At 315t December2024, the reserves of the Charity were £15.354,130, with £15,386,125 attributable to freehold land and buildings. Thecharity has a net sUlUS for the year of £16.931, however this does include £43,672.00 donation from Our Lady of Fidelity Gcncral Trust to assist with building works on the UppcrNorwood site. Our Lady of Fid¢lAty Lonvent Upper Norwood Trust re¢eived support during 2023 from Our Lady of Fidelity General Trust (Charity number 1002216) for capital works and maintenance. however as th majority of works werecompleted during the year, this support ceased in 2024. As a result of the building works completed. the Trustees havc secured additional letting iTJcome to support costs for the near futurc and ar¢ monitoring the level of expcnditure. The Trustees continue to invest in the improvement and upkccpof the buildings to generate and improve the lettingpotential and future income of th¢ Trust. Page2
OUR LADY OF FIDELITY ESTABLISHED A T UPPER NORWOOD LOIYDON REPORT OFTHE TRUSTFFS FOR THE VEAR ENDED 31 DECEMBER 2024 FINATr4CIAL REVIEW Prineipal funding sources Tlie Convent is funded by the si5tcrs salarics and pensions. and rental income. Saint Mary's Lodge receives funds through rcntal income but is an integral part of the Norwood TTht. The incotue to Saint Mary's Family Centre derives from Par¢nting Assessment and Social work, introduced by the courts. Income from superviscd Contact work is from Local Authorities and private individuals. Income is also generated through rental of the Centre facilitics. The remainder of the income derives from Tnists. donations. local donations and local fvndraising. The Trust remains itnmensely gratcful to all its SUPPOrters and recognises ihe significance of every donatio regardless of size. Thc TTUStccs and Officcrs retnain committed to responding to the needs of the local community to ensure that the Centre remains relevant. effective and flexible. In line with policy? Ihe Trust has implemented all recommendations of its auditors. immediately and in full. Reserves poliey Thc Charity's policyis to Continue to accumulate reserves in order to finance the Charity declared objectives. It is the policy of the trustces to maintain sufficient reserves to ensure the smooth running of the Trust. The reserves aremaintained at a level io finance the Charity's de¢lared objectives and at present 15 bcing T¢viewed continuously. Going concern During the year, the Trust has received a high donation for one off unforeseen capital works. 'I'he trust continues to expetiencc somc ccunoJnic difficulties- bowever ihe tnjstees continue to activcly ievA¢w and monitOF thc financial position of the Trust, and have put into place plans to achieve greater level of income to support the Trusl in the future. Subscqucnt to the Balance Sheet the level minding from the General Trusl of ba8 reduced significantly. The Trust has received the support and is relianl on, Our Lady of Fidelity GenerRI Trust (Charity number 1002216). The trustees are aware Ihat the finan¢ial position Saint Mary's Familycentre is of concry however costs are to bc managed in support of the remaining income the Centre generates and the Centre continues to develop supervised contact work with otherl.ocal Authorities and generate rental income from the Day Care Centre "Witty Kids" Considcration has bccn givcn to the continuance of the Tnt as a going concern. howcvcr thc Iruslees are confident that despite economic difficulties. with incr¢ascd rental income geneT4t by ihe TTht and managemenl of expenditure being Closely monitored, the trustees consider it appropriate to prepare the financial statements on a goffing concern basis. Page3
OUR LADY OF FIDELITY ESTABLISHED A'r UPPER NORWOOD LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FUTURE PLANS The Trustees continue to work to genernte increased income from letting of various buildings aNI oifices on the Norwood site, to cover the maintenance of the buildings. All residential renthls are managed by Streets Ahead Estate Agents who take a percentage of the rental income. There is also additional rental from ihe letting of various parts of St Mary's Lodge, including the new school, under a new 6 year lease, elTective September 2020 and 7 ensuite rooms, which are rnanaged by the Sisters. The majority of the building works and renovations were completed at the Nonvood site, following fih¢[ cxpenditure in 2021, apart from a capital commitment of £120,000 for electrical work to the convent building and New School, which was largely completed, with the final work completed at £46.000. In 2022 £125,000 was spent on pr(w¢rty improv¢m¢nts which included £53,000 on the new car park and £72,000 on the overhaul of electiic works tu bring Ihc convcnt in linc with current compliance. From September 2021, two new schools have occupied the fomcr Virgo buildingGothiC building on a 50 year leaseand they are responsible for the refurbishmenl of the buildings, hence due to the extensive work, no renl will be payable for21 years. The Trust does e1ve 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 slill hope io sell a small part of the land to developers in the ture. The land to be sold with planning perniission for 8 houses. There is also an ¢xciting community project. The value is expected to be around £700,000. St Mary's Famil y Centre have continued with their service for Croydon, to provide PaTenting Assessment and 50¢ial work dnd the Tntst's oificers and Tru5tee5 are confident that strategies are in place for the continuance of this service. Assessment Work, social worK plus Supervised contact work for other Local Authorilies and private individuals is also in operation and all incom¢ and costs of the charity are closely nnItored. The trustees are aware that the financial position of the eharily is of concern.. given the deficil for the year, however, costs are lo be managed in support of ihe remaining income the Centre generates and the Centre continu¢s io d¢velop SUP¢Tvised contact work with other Local Authorities and has secured 1 .8 terni rental income for theearly years premises. STRUCTUKE, GOVERNANCE Af4D MANAGEMENT Cvoverning document The Community of Our Lady of Fidelity, UpperNorwood is governed by trust deed dated I September 1965 asvariedby scheme of 23 Au8ust1990 and is registered with the Charity Commission, Charity Regtstration No 245644. The Congregation of Our Lady of Fidelity was founded in 1831 and aiNonvood in 1848. The other communities and works of the Sisters of Our Lady of Fidelity who providethe tNstees are constituted as separate trusts which are accounted for sepaTately. Recruitment and appointment of new trustees Underthe tern of thetrLtst deed, trnstees are appointed by the Mother Superior. The TnteeS have a policy obtaining training for themselves as and when this is appropriate. Appointment of a trnstee is govemed by the Trust Decd ut. the charity. The board of trustees is auihorised to appoint new trustees to fill vacancies arising through the resignation or d¢ath of an Cxisting trustee. Page4
OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LOIYDOIY REPORT OF THE TRUSTEES OR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT GoveTnance Saint Mary's Family Centre: Secretary-Treasurer- Justin Mu5son, Chairnian- Sistcr Bernadette (Sister S Davcy) Parisb of thc Faithful Virgin.. FatherJ Clark Community of Our Ladyof Fidelity: Superior (accountsble lo Superior Council & General Council-sister S Davey The woA( of the Trustees has played a very large part in setting up the whole site for the tUre. REFERETrICE AND ADMINISTRATIVE DETAILS Registered Charity numbeT 245644 7ncipal address Ourl.ady'sClose Upper Norwood LONDON SEI 93FA Trustees Father Joy Alappat Sister Sarah Davey BA (Hons) William Martin Sisterm RArakkal SisterRe¢tha Koordn Kall(K)karan Paulose Olufemi Olugbenga Audilo AngayarkaYl Ramachandrnn Kentwell Associates Limited 13 Hampden Road B¢ck¢nlwm Kent BR34HD EVENTS SINCE THE END OF T14E YEAR Inforniation relating to events since the eiid of the year is given in the notes to the financial statcmcnts. STATEMENT OF TRUSTEES, RESPOIYSIBILITIES The trnstees are responsible for preparing the Repirt of the Trustees and the financial statements in Page 5
accordance with applicable law and United KiTrgdorn Accounting Stalldards (United Kingdom G¢nernlly Accepted Accounting Practice). Page 5
OUR LADY OFFIDELITY ESTABLISHED AT UPPER NORWOOD LONDON REPORT OF THE TRUSTEF.S FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIFS- continued The law kpplicable to eharities in England and Wales, the Charities Act 2011. Charity (Accounts and Reports) Regulations 2008 and the provisions of th¢ trust d¢¢d r¢quiteg the trustees io prepar¢ financial statement8 for each financial year which give a true and fair view of the slate of affairs of tbe charity nd of the incoming re$ource$ and Application of resources, Including ibe income and expenditure. of the charity for that period. In pr¢paring iho$e finkiicial ststements, the ttustees are required to select suitable accounting policies and then apply them ¢onsistently' observe ihe methods and principles in the Charity SORP. makejudgements and estimates that are reasonable and prudent" state whether applicabl¢ accounliThg standards have been followed, subject to any material departyres disclosed and explained in the financial statement8,' prepare thefinancial statements on the going concern basis unless it is inappropriate to presume thatthe charity will continue in business. The trustees are responsibl¢ for keeping proper accounting records which disclose with reasonable a¢¢ura¢y at any time the financial position of th¢ ¢harity ayjd to enable them to ensure that the financial statem¢nts mply with the Charities ALI 2011, the Charity Ac¢ounts and R¢ports) 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 forthe prevention and detection of fraud and other irregularities. Approved by order of the board of iNstees of 3151 July 2025 and signed on its behalf by.. S Davey BA (Hons)- Trustee Page 6
REPORT OF THE ITrIDEPENDEIYT AUDITORS TO THE TRUSTEES OF OUR LADY OF FIDELITY ESTABLISHED AT UPPERNORWOOD LONDON Opinion We have audited the financial ststements of Our Lady of Fidelity established at Upper Norwood London (the 'charity') for the year ended 31 De¢emb¢r 2023, which compTiS¢ the Stai¢m¢nt of Fitydncial Activities, th¢ 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 applieAJ in th¢ preparation is applicable law and Unii¢d Kingdom Aecounting Standards {United Kingdom Generally A¢¢epted Accounting Practice). In our opinion the financial statementS'. - give a true and fairview of the state of the cbarity's affairs as at 31 December 2024 and of its incoming resources and application of oTr¢S. for the year then ended. have been properly prepared in accordance with United Kingdom Generally A¢¢epted Accounting Practice. havebeeu prepar in accordattce with the requirements of the Chariti¢s Act 2011. Basis for OPRIiiOD We conduct¢d our audit in Accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and appltcable law. Our responsibilities under those standards are furth¢r d¢scribed in the Auditors, r¢sponsAbiliti¢s for th¢ audit of the financial statement8 section of our report. We are independent of the charity in accordance with the ethical requirementq thAt are relevant to our audit of the financial slaÈ¢menis in th¢ UK, including the FRC'S Etbical Standard, and we have lfIlled our other ¢thical responsibilities in accordance with these requircm¢nts. We believ¢ thai th¢ audit evidence we have obtained is sufficient and appropriate to provide a basis for OUT opinion. Conclusions rel&tillg to going eoneern We draw yourattention to notel in th¢ financial statements concerning the charity's ability to continue as a going concern in Telation to the achievement of the cash position and forecast pcrforniance of the Trnst. As stated in note I, th¢s¢ ¢v¢nts or conditions, alonB with the other matters set out in note I, 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 matt¢rs. Other inform8tlOD The trnste¢s are respongible for the other inforn)Ation. The other information comprises ihe information included in the Annual Report, other than the financial statements and our Report of the Independent Auditor5 thereon. Our opinion on the financial statements does not cover the other informalion and, except to the extent othenvise explicitly stat¢d in our rqx)rt. we do not express any form of assurance con¢lusion thereon. In Connection with out audii of the financial statem¢nis. our responsibility is to read the other infornjalion and, indoing so, considerwhetherthe other inforniation is materially inconsistent wtth the financial statements or our knowledge obtained in the audit or otherwise appears to be mat¢rially misstated. If we iderLtify such mat¢rial InconsisttieS or apparent material misstatements, we are required to detcrniine whether this gives rise to a material misstatement in the financial stat¢ment5 themselves. If. based on the work we hav¢ perfomied, we conclude that there is a material misstatcrnent of this other infonnation. we are required to report that fact We have nothing to rcport in thisre6-rd. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THL'I'RUSI'EES OTr OUR LADY OF FIDELITY ESTABLISHED AT UPPF.R IYORWOOD LOP4DON Matters oll which we are required to report by ex¢eption We have nothing lo report An respect of ihe following matlers where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the inforn]ation givenin the Reportof theTrustees is inconsistent in anymaterial respect withthe financial statements- or sufficient accounting records have not been kept. OT the financial statements are not ill agreemelll with the accounting records and returns" or we have not received alJ the information and cxplanations we require for our audit. Re$ponslbilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trnstees are responsible for the preparation of the financial statements which give a true and fair view, and for such inlernal Control as th¢ trustees detelmine is necessary to enable the preparation of fanCIaL ststcmcnts that are fr¢e from material misstatcment, whether duc to fraud or Crror. In preparing the financial statements, the trustee5 are responsible forassessing the clMity's ability lo continue as a going concern, disclosing, as applicablc, niattcrs Iclatcd to going COTk¢ern and using the going coiicern basis of accounting unless the trustees either intend to liquidate thc charity or to cease operations, or have no realistic alternative bul to do so. Page 8
RLPORI. OFTHL INDEPENDENT AUDITORS TOTHETRUSTEES OF OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD I.ONDON Our responsibililies for the audit of the financial statements We have been appointed as auditois undei Section 144 of the Charities Act 2011 and rq)ort in &ecordance with the Act and relevant regulations made OT having effe¢t thereunder. Our objectives Are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstat¢ment, whether due to fraud or error, and to i$$ue 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 misstat¢merLt when it exists. Misstatemenis can arise from fraud or error and ore considered material if, sndividually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the b&sis of the5C financial statements. Explanalion as to whal extent the audit was considtred capable of detectiIL8 irre8ularilies, including fraud Thc objcctlVC5 of our audit are to identify and as8ess the risks of material misstatement of the financi siatements 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 thai material misstatements in the financial statemcnts may not be dctccted, even though the audit IS PToperly planrled and performed in accordance with the ISA'S (UK}. In identifying attd assessing risks of material misstatement iti respect of irregularitl&8)Dcluding, fraud and non-compliance with IAWS and regulations, our procedurcs included the following= We obtained an understanding of ihe legal and regulatory frameworks applicable to the charity and the sectQT in which they operate. We detemined that the following laws and regulations were most significant.. the Cbariiies Act 2011. -we obtained an understandin8 of how thecharity is complyingwith those legal andregulatory frameworks by making inquiries to the management and trustees. We corroborated our inquiries throu8h our review of papers piovided to the audit eng&gemenl team. -we assessed the susceptibility of the Charity's financial statements to material misstatemeni. including how fraud migbt occur. Audit procedure8 performed by the audit cngagcmcnt teAm included: a) Identifyingand assessing the designeffecuveness ofcontrols management ba8 Put ID placetopreventand detect fraud. b) Understanding howthose charged with governance ¢onsid¢red and addre$$ed the potential for oveTride of controls or other inappropriate influence over the financial reporting proce8s; c) Challen8ing assumptions and judgements madeby management in its significant accouJ)tiJ)g e$timates- d) Identifying and testing journal entries. in particular any joumal entries posTrd with unusual accounl combin&tion8'. and e) Assessing the extent of compliance with the relevant laws and regulations. A further description of our respollsibilities for the audit of the fman¢ial stai¢mentS 18 located on the Financial Reporting Council's wcbsite at www.frc.org.uk/auditors Tesponsibililies. -rhi.8 de.%cription fornis part of our Report of the Independent Auditors. Page9
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF OUR LADY OF FIDELITY ESTABLISHED AT UPPERNORWOOD LONDON Use of our repozt This report is made solely to the charity's trustees, as a body. in accordance with Part 4 of the Charities (Account and Reports) Regulations 2008. Our audit work hag been undertaken so that we might State to the charity'8 tnLStees those matters we are Iequired to State to them in an auditors, report and for no other purpose. To the Most extent perTnitted by law, we do not &ccept or as8ume responsibility to anyone other than the ¢harity and the chArity's ttustees as a body, for our audit work, for this report, or for the opinions, we haye fornicd. Angayarkanni Ramachandran Kcntwell Associates Limited 13 Hampden Road Beckenham Kent BR34HD Date: .281712025...................... Page 10
OUR LADY Ob FIDELI'I'Y F.STABLISHED A'r UPPER NORWOOD LONDON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENI)ED 31 DECEMBER 2024 2024 2023 Unrestricted Restricted funds funds Total Total funds Notes tNCOME AND F.NDOWMENTS FROM Donations and legacies 85,335 85,335 Charitable activities Charitable Ine()me Othcr trading activities Investrnent income 213,921 620,498 213,921 620.498 109,629 672,575 Total 919,754 919,754 782,204 EXPENDITURE ON Raising fimds 7220 7.220 10,180 Charitabl¢ activities Charitabl¢ Expeiiditur¢ 926 974 797 951 Total NET fNCOME 16,992 16,992 (30,247) RECONCILIATION OTr FUNDS Total fund5 brought forward 15,337,138 15,337,138 15,370,516 TOT AL FUNDS CARJiIED FORWARD L0 130 15,337,138 CONTINUINQr OPERA1'10NS All income and expendilur¢ has arisen from continuing activities. The not¢b for part of these ftnancial statemenls Page 11
OUR LADY OF FIDELITY ESI'ABLISHBD AT UPPER NORWOOD LONDON BALANCE SHEET 31 DECEMBER 2024 2024 I'otal funds 2023 Total funds Unrestricfrd RestrACto funds funds Notes PIXED ASSETS Tangible assets Investmenis 12 15.118,432 13 3.605 15,118,432 3.605 15,116.032 3.605 15.122,037 15,122.037 15,119.637 CURRENT ASSErs Dcbtors Prepayments and accrned income Cash ai bank and tn hand 14 22,822 1822 71.702 71,702 94,524 94,524 22,554 CREDITORS Amounts falling due within one year (55,545) (55,545) (66,703) NETCURRENT ASSETS 2,213 2,213 {44.149) TOTAL ASSEI'S LESSCURRENT LIABILtriES 15.075,488 15,075,488 15243,106 CREDITORS Amounts falling due after morethan one 16 (44,7491 144,749) (58,070,) NET ASSETS 15 030,739 15 030,739 The notes foTm part of the financial statements Page 12 continued...
OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON BALANCE SHEET- continucd 31 DECEMBER 2024 FUNDS Unrestricied funds 18 15,354,130 15.354,130 15,337.138 15.337.138 TOTAL FUNDS Thc linancial statements were approved by the Board of Trustees and authorised for issue on At's behalf by: S Davey BA (HoDs)- TrLlStee MR Arakkal-'I'rustcc The notes forn] part of these financial statements Page 13
OUR LADY OF FIDELITY ESTABLISHED AI. UPPER NOR WOOD LONDON CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notcs Cash flows from operatingactivities Cash generated from operations Interest element of hire puwhase paymenis paid 71,7021 11.820} {1.820) Net cash provided by operating activities (69,882) (24,374} Cy5h flows from investing activities Purchase of tangLb2e Iixed assets Interest received (o) Net cash used in investing activities Cash flows from financing activilies Loan repayments in y¢ar Capitsl repayments in year Net casli used 3n financing activities Change in Cash and cash equivalents in the reporting period Cask and cash equlvalents at the beginning of the r¢porting perlod Cash and cash cquival¢nls at the end of the reporting period 4,220 1150) 21554 30,337 71,702 22,554 The notes forni p a rt of the financial siatemenls Page 14
OUR LADY OF FIDELETY ESTABLISHED AT UPPER NORWOOD LONDON NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reporting period (as perthe Statement of Financial Activiti&%) Adjustmellts for.. Dcprcciation chargcb Interest re¢¢ived Interest element of hirc purchascand fmance lease rental payments D¢¢rease in debtors (Derrea5e)lincreasein creditors (71,702} (22.554) 7,600 (i) 1,820 7,600 (i) 1.820 (55545)- (54,447): Net cash provided by operations (35.575) (45.028) ANALYSIS OF CHANGES tN NET DEBT At 111124 Cash flow At 3111Y24 Net cash Cash at bank and in hand 35,682 36,020 71,702 35,682 36,020 71,702 Debt Financ¢leases (52.392) (52,392) (52,392) (52,392) Total (16.710) 36,020 19,310 The notes forni part of these financial statement5 Page 15
OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON NO'I'ES 'fo THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basi$ of preparing the financial statements Thc financial statcmcnts of the ¢harityJ which As a publi¢ benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102)'Aecounting and Reporting by Charities.. Statement of Recommended Practice applicable to clwÉties prcpating Ih¢iia¢counls in aordanCe with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102){effective I January 2019),, Financial Reporting Standard 102TheFinancial Reporting Standard applicable in th¢ UK and Republic of Ireland, and thc Charilics Act 2011. The financial stal¢ments have becn prcpared underthe historical cost Conventio with the exception of investments whichare included at market value. Income All income is recognised in the Statementof linancial Activilieson¢e the ¢harityhasentitlement to the funds. it is probable that the income will be received and th¢ amount can be mcasured Teliably. Expenditure Liabilities are recognised as expcnditure as soon as there is a legal or constructive obligation comrnitting the charity to that expenditure, Èl 15 probable that a transler of e¢onomic benefit5 will be required in scttlcmcnt and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under h¢adings that aggregate all c05t T¢laled to the category. Where costs cannot be dir¢ctly attribuled to partlcular headings thcy have beell allocated to activities on a basis consistent with the use of resources. Tangible fixed assets The fr¥ehold land and buildings have been revalued in the accounts since conversion to FRS102 so is carried at d¢em¢d 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 a¢¢ounts. in¢luding improvements £15,386.109 to be lower than the last insurdnce valuation. This continues lo be r¢vi¢wed on an amiual basis and thetruslees are aware that this is a dcparture from FRSIO2. Taxation The charity is ¢xempl fyom tax on its Charitable activities. Fund accounting Unrestrieted ndScan beused in accordance with thecharitsbl¢ obj¢¢tiv¢s Atthediscrelion ofthe. Irustccs. Restricted ndS can only be used forparticular restricted purposes within the objects of the charity. Restrictions arise whcn spccificd by thr donoT or when funds are raised for particular rcstricled purposes. Designated funds are amounls that have been set aside at the discretion of the Trustees. Grants receivable are credited to the Ststement of Financial Activities in ihe year that they are reccived. Deferred income representsamountsreceived forfutureperiodsandisreledscd to illcorning resources in tlie pcriod for which it has been received Page 16 conlinucd...
OUR LADY OF FIDELITY Ls'fABLISHED AT UPPER NORWOOD LONDO NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 AccouwrtNG POLICIES- continued Penslon eosts and olher post-retirement benefis The charily operales a defined cotltribution pension scheme. Contiibulions payable to the charity's pellsion schemeare charged tothe Statement of FinancialActivAties infhe period to which th¢yrelate. Going concern These financial statements are prepared on the going conccrn basis which is dcpendent on the continued support of Our Lady of Fidelity General 'l"rust (Charity number 1002216 and the income potential of the Trust. At 31 December 2024. the charity had a balan¢¢ sheet surplus of £15,354,130. with £15.386,109 representing freehold land and buildings. The trustees have a reasonablc cxpcctation that the chartlywill continue in opcrational existencc for the foreseeable future assuming the CuCnt funding levels and some support from Our lady of Fidelity General Trust. Conelusion$ reltlng to the golng coneern assumptlOD- future performanee of the charity Thc ¢nJstces have continued to develop new strategics to improve the perforniance of the charity. The trustees ar¢ confident Ihat ihe n¢w strategies developed in Ihc last few years will continuc to assist in improving the balance sheet position and surplus of the charity. The current financial position of the charily is suggesling a slight increase in reserves and the trustees are confident that in spitc of cconomic difficulties this will be sustained and the position improvcd during 2023, especially given the Gothic building and forn]erVirgobuildings are now the respon5ibilily ufthe new schools. The final electrical work rcquircd and other works. will not be cornplctcd until funds allow. Conclu$ioJ) Having reviewed the management a¢counls and plans of the charity and having taken into account the current and forecast performance and availability Df support from Our Lady of Fidelity CJeneral Trust, thc trustccs bclicvc thcy have reasonable grounds for stating that the charity has adequate resources to conlinuc in opcrational existence for the foresccablc future and in spite of economic difficultics. the tnjstees consider, it appropriate to prepare thefinancial statement on the going Concern basis. DONATIONS AND LF.GACIES 2024 2023 Salaries, Pensions & Benefits Donalions Donation from GT 46259 2.958 68,777 69.853 60,908 117,994 130,761 Pag¢ 17 continued...
OUR LADY OF FIDELJTYESTABL,ISIRED AT UPPER NORWOOD LONDON NOTES TO THE FINANCIAL STAI'EMENTS - CODtinued FOR TEIE YEAR EI¥4DED 31 DECEMBER 2024 OTHER TRADING AcfivITJES 2024 2023 Fccs Other income Pcnsions inc lump sum 974 202,807 109,629 203,781 109.629 INVESTMENT INCOME 2024 2023 Rtnts received Intercst received Miscellaneous Income 597,920 187 672.575 (120) 597,987 672,575 INCOME FROMCHARITABI.r, ACTIVITIES 2024 2023 Activity Charitable Eixpenditure Grants 7,220 10,180 Grants Telvcd, included in the above, are as follows.. 2024 2023 HMRC Covid Job Rctcntion Scheme Page 18 continued...
OUR LADY OF FIDELITY ESTABLISIIED A'r UPPF.R NORWOOD LOIYDON NOTES TO THE FINALYCIAL STATEMENTS- continued FOR'fHE YF.AR ENDED 31 DECEMBER 2024 RAISING FUNDS Raising donation5 and legacies 2024 2023 Support costs 2024 7,220 10,180 C14ARITABLE ACTIVITIES COS1'S Direct Costs costs (see note 8) Totals Charitable Expenditure SUPPORT COSTS Governance cosL% Raising donations ELnd legacies Charitable Exp¢nditute 7,220 7,220 TRUSTEES, REMUNERATION ANDBENEFITS Therewereno trnstees, remuneraiion orotherbenefits forthe year ended31 December2024 norfor the year ended 31 December 2023. Trustees'expenses The were no trustees, cxpcnse8 paid for the yeorend¢d 3 1 December 2024 nor for the yearended 31 December 2023. Pagc 19 continued...
OUR LADY Ob FIDELI IY ESTABLISHED A'r UPPER NORWOOD LONDON NOTES TO THE FINANCIAL STATEMENTS _ eontinued FOR THE YEAR ENDED 31 DECEMBER 2024 10. STAFF cos'rs Wag¢s Costs forthe group for the year totaled £234.125 (2023 £283,928). COMPARATIYES FOR THE STATEMEwf OF FANcIALAc1VITlEs Unrestri¢t¢d Resttict funds ftinds Totsl funds INCOME AND ENDOWMENTS FROM Dollations and legacies 85.335 85,335 Charitable activities Charil&ble Expenditu 7,220 7220 Other Pading activities Investment income 213,921 620,498 213,921 620,498 Tothl EXPENDITURE ON Charitabl¢ activities Charitsble Expendimre NET tNCOME 16,992 16,992 Transfers betw¢¢n funds Net movement in funds 16,992 16,992 RECONCILIATION OF FUNDS Total funds brought forward 15,337,138 15,337,138 TOTAL FUNDS CARRIED FORWARD 15,354,130 15,354,130 Page 20 continued...
OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LOIYDO NOTES TO THE FILYANCIAL STATEIIIENTS - continued FOR THE YEAR ENDED 31 DECEMBER 21124 12. TANGIBLE FIXED ASSETS Improvements Freehold property Plant and machinery property COST At l Janullry 2024 Additions 13,172,105 2,214.004 At 31 December 2024 13.172,105 2.089,004 DEPRECIATION Ai I January2024 Charge for year At 31 December 2024 NET BOOK VALUE At 31 December 2024 13,172,105 2,089,004 At 31 December 2023 13.172,105 2,214,(MM Fixlures and fitlings Motor vehicles Totals cos'r At l January 2024 Addiiions 854 24,911 15.276.553 i 0,000 i 0,000 At 31 December 2024 34,911 15,286,553 DEPRECIATION At l January 2024 Charge for year 854 74,970 7,600 160,521 7.600 Al 31 December 2024 854 7600 168,121 NET BOOK VALUE Ai 31 D¢Lember 2024 854 27,311 15,118,432 Ai 31 December 2023 24,911 15,116,032 Page 21 continued...
OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDO NOTES TO THE FINANCIAJ. STA TEMENTS - mntinued FOR THE VEAR ENDED 31 DECEMBER 2024 12. TANGIBLE FIXED ASSETS- wntinu¢d The freehold propcrty valuation of£ 13,172,105 reflects ownership ofvarious land and propertie5 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 £45,906,01 O and was carried out by the Insurer on 19 February 2021, which the Trnstees are in agreement with and WAII look to obtain a cutrent valuation in 2022. 13. FIXED ASSET INVESTMENTS 2024 2023 Other 3,605 3,605 There were no investment assets outside the UK. Investroents (neither listed nor unlisted) wer¢ as follows: 2024 2023 Coin Collection 3,605 3,5 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAJi 2024 2023 Other debtors VAT 22,822 Prepayments and accrued income Prepaymcnts 22,822 Page 22 conlinued...
OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON NOTES TO THE FILYANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECLMBER 2024 15. CREDITORS: AMOUNTS FALLING DUE wrrHTN ONE YEAR 2024 2023 Hire purchase(see note 17} Trade ¢Teditors Taxation ond social sectirity Other creditors 22.074 {120) 66.823 44,996 66,703 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 purchase {see note 17) 44,996 M,749 17. LEASNG AGREEMENTS min1u l¢as¢paymentS Llnder hirepurchase fall due as follows". 2024 2023 Net obligations repayable: Within one year Between on¢ and five years 18. MOVEMENr IN FUNDS Net moverntht in funds At 31112124 At 111124 Unrestricted ndS Genernl nd Development lld Frechold PpertY Reserve St Mary8 Family Centre 401,552 1,788,041 13,172,105 58,293 28,069 429.621 1.788,041 13,172,105 46.362 (11.931) 15,419,991 16,138 15,436,129 TOTAL FUNDS 15,419,991 16,138 15,436,129 Page 23 continued...
OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 18. MOVEMENf IN FUNDS- continued Netmovement in fiLnd8. included inthe above aTe as follows.. Incoming sources Resourc¢s expended Movement in funds Unrestricted fid5 General fund St Marys Family Centrc 736,084 190.037 {708.015) (201,968) 28,069 (11,931) 926,121 (909.983) 16.138 TOTAL FUNDS 926,121 (909,983) 16.138 Comparativcs foT rnovement in funds Nel movement in fvnds Transfers b¢tween funds At 31112124 At 111124 Unrestricted funds Gcncral fund Development fiu Freehold Property Reserve St Marys Family Centre 401,552 1,788,041 13,172,105 58,293 28,069 429.621 1,788.041 13.172.105 46,362 (11.931) 15, 419,991 16,138 15,436,129 Restricted fimds Thc Tcrry Spac£ynski fimd TOTAL FUNDS 15, 419,991 16.138 15,436,129 Page 24 continued...
OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON NOTES TO THE FINANCIAL STATEMENfs - continued FOR THE YEAR ENDED 31 DECEMBER 2024 18. MOVEMENT IN FUNDS- ci>ntinued Comparative net movement in funds, included in the above are as follows.. Incoming r¢sour¢es Resourccs expended Movement in fimds UDrcstTiCtcd funds General fimd St Marys Familycentre 728.864 206,891 {700.795) {190.794) 28,069 16,097 935.755 (891,589) 44,166 TOTAL FUNDS 935.755 (891,589) 44,166 A Qu1 year 12 months and prior year 12 months combiThcd wsltion is as follows: Net movement in fimds I"ransfcrs between fiTnds At 31112124 At 111123 UnJcstri¢ted fim(Ls General fund Designmled Development fund Freehold Property Reserve St Marys Family Centre 401,552 28.069 429,621 1,788,041 13.172,105 42,196 1,788,041 13,172.105 46.362 4,166 15,403,894 32,235 15,436,129 Restricted funds The Tery Spaczynski fund TOTAL FUNDS 15,403,894 32,235 15,436.129 Page 25 continued...
OUR LADY OF FIDELITY ESTABLISHED AT UPPER NORWOOD LONDON NOTES TO THE FINANCIAL STATEMENTS - conlinued FOR THE YEAR ENDED 31 DECEMBER 2024 18. MOVEMENT IN FUNDS- continued The current year12 months and prioryear12months combined nel movement in funds, included in the above are as follows.. Incomillg rcsourccs Resources expcnded Movcment in funds Unrestricted fun(Ls General nd St Marys Family Centre 1,435,011 396,928 (1,406.942) {392,762) 28,069 4,166 1.831.939 (1.799.704) 32,235 TOTAL FUNDS 1.831.939 (1,406.942) 32.235 19. CAPITAL COMMITMENrs At Ihe commencement of 2022. the majority of the building works and expenditure is complete at the Nonvood 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 3 l December2021, OurLady of Fidelityconventieceived 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 £5,(KK) (2020 .. £40,000) back to Our Lady of Fidclity General Txust in th¢ ycar, following a donation from the trustee Sandra Dav¢y. 21. POST BALANCE SHEET EVENTS AND GONG CONCERN The Trustees continue to work to generate increased income from letting of various buildings and officcs on thc Norwood sitc, to covcr thc maintcnance of the buildings. All residential r¢ntals are managed by Streets Ahead Estate Agents who takc a pcrccntagc of thc Tcctal income. There is also additional Tental from the letting of various parts of St Mary's Lodge, in¢luding the new preparatory school, under new 6 ycarleasc, ¢trective September 2020 and 7ensuiterooms whAch are managed by the sxstcrs. The n]ajority of the building woiks and renovaltons were completed at the Norwood site, following rthcr cxp¢ndilur¢ in 202 L, apart from a capital ¢ommilm¢nl of £120.000 for electrical work to thc conveni 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 fonner Virgo buildingslGothi¢ building on a 50 year leasc and they are responsible for the refu1,%hMCn1 of the buildings, hence due to the extensive WOTK no rent will be payable foT 21 Ye(s. The Trnst does Tec¢ive an annual rent of 140,000 for a separale parl of th¢ Gothic Building and will no longer bc rcstKinsiblc for the upkeep of those buildings, excepi the roof excluding the gutters). Pagc 26 continued...
OURLADY OFFIDELITY ESTABLISHED AT UPPER NORWOOD LONDON NOTF.S TO THE FINANCIAL STA TEMENTS - conttnued FOR THE YEAR ENDED 31 DECEMBER 2024 21. POST BALANCE SHEET EVENTS AND GOING CONCERN -continued The ttvstees still hope to sell a small part of the land to developers in the future. The land to be sold with planning pern]ission for 8 housGs. There is also an exoiting community project. The value is expected to be around £71K).000. At 31 D¢c¢mb¢r 2024, th¢ r¢serves of the Charity are £15.365.403. with £15.386,109 attributable to freehold land and buildings. St Mary's Family Centre have ¢onlinued wAth their service for Croydon. lo provide Parenting Assessment ana social work and the Trust's Ol¢erS and Trnstees are confident that strategies are in place for the continuance of this service. Assessment Worl Social work* plus Supervised contact work for other Local Authoritses and private individuals is also in operation and all incomc and costs of the charity are closely monitored. The trustees are aware that the finaTJcial p051tion of the charity is of concern, given the deficit for th¢ ycar. howcvcr costs arc kn bc managcd ill support of thc rcmaining illCOllLC thc Centre EeneTates and the center continuesto develop supervised contactwork with other Local Authorities and has secured long tenn rental income for the early years premises. The Charity has continu¢d to Ceive support from Our Lady of Fidelity General Trust (Clwity number 1002216) for capita] work and mainlcnancc during 2022, but this has now ccascd as building works have been ¢ompleted. Pagc 27