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2020-12-31-accounts

Charity Registration No. 248388

THE LATIN MASS SOCIETY

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

THE LATIN MASS SOCIETY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Joseph Shaw (Chairman)
Kevin Jones (Secretary)
Paul Waddington (Vice President)
Paul Beardsmore (Vice-President)
Roger Wemyss Brooks
Antonia Robinson
Alisa Dick
David Forster (Treasurer)
Alastair Tocher
Nicholas Ross
Office manager Stephen Moseling
Charity number 248388
Principal address 11/13 Macklin Street
London
WC2B 5NH
Independent examiner Moorgate Accountancy Services Ltd
Crosspoint House
1st Floor
28 Stafford Road
Wallington
Surrey
SM6 9AA
Bankers Barclays Bank PLC
366 Strand
Charing Cross
London
WC2R 0JF
Solicitors Hunters
9 New Square
Lincoln's Inn
London
WC2A 3QN
Investment advisors Brewin Dolphin
12 Smithfield Street
London
EC1A 9LA

THE LATIN MASS SOCIETY

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6 - 7
Balance sheet 8
Notes to the financial statements 9 - 24

THE LATIN MASS SOCIETY

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report and financial statements for the year ended 31 December 2020.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Society's constitution , the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.

Objectives and activities

The Society's objects are:

(a) To uphold the teaching and practices of the Roman Catholic Church as defined by the Council of Trent in obedience to the Holy See in matters pertaining to the liturgy and to religious observance.

(b) To promote the regular and frequent public celebration of Holy Mass, whether as High Mass, Missa Cantata, Dialogue Mass, or Low Mass, and all lawful liturgical offices or services, in the rite codified by the Council of Trent in the Latin language and in a form no later than that published in AD 1962. Such Masses are to be celebrated by priests with faculties from a Bishop or Superior in communion with the Holy See and are to be lawful under the Canon Law of the Church.

(c) To encourage the study, appreciation and use in worship of the traditional music of the Church and

especially of Gregorian chant.

( d) To work for the continued and wider use in worship of the Latin language in the Church's worship, teaching and administration.

(e) To provide a means whereby the laity may communicate to the hierarchy their needs and desires in matters pertaining to the foregoing objects.

The Society has continued to further these aims both directly, through its own activities, and indirectly, through collaboration and financial support provided to other bodies.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Society should undertake.

The trustees confirm that they have complied with their duty under section 17 of The Charities Act 2011 to have regard to public benefit guidance published by the Charity Commission. The board has referred to the guidance contained in the Charity Commission's guidance on public benefit and has planned the Society's activities to avoid the granting of any private benefit other than a private benefit which is purely incidental to carrying out the Society's objectives. The trustees believe they have followed the Charity Commission's guidance in this area.

The Society is committed to enabling as many members of the public as possible to attend Masses in the Extraordinary Form of the Roman Rite. Many of the increasing numbers of Traditional Masses now offered throughout England and Wales would not have been possible without the work of the Society. Examples of the public benefit resulting from the Society's efforts are detailed under the 'achievements and performance' section of this report.

THE LATIN MASS SOCIETY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Achievements and performance

Had someone said to me during 2019 that the following year would see the world plunged into turmoil due to a pandemic, I’d have dismissed them, perhaps even suggesting that they take a lie down!

However, the fact is SARS CoV 2 or Covid-19 did cause much of the world to grind to a complete standstill.

In March, The Catholic Church in England and Wales, abiding by the directives issued by the respective Westminster and Cardiff governments, quickly shut up shop along with most of the country. Sadly, the Sacraments were shockingly relegated to the level of non-essential retail or quaffing a pint of beer in the local public house.

This clearly had ramifications for our usually extensive programme of liturgical events as, one by one, our regular Mass and special events schedule were cancelled. Before restrictions were introduced we held a Requiem Mass for Colin Mawby, for many years a patron of the Latin Mass Society. There were periods of ‘restriction respite’ and some events did take place, albeit without congregations, namely our Annual Requiem Mass live-streamed from Westminster Cathedral and the annual Mass in reparation for abortions, livestreamed from the Shrine of our Lady of Guadalupe in Bedford. People were able to attend Mass on Christmas Eve in St Margaret’s Convent Chapel in Canning Town. Some of the regular Mass venues did recommence; regretfully, some regular Masses did not restart for various reasons.

We had to very quickly make some assessments on how the Society would operate in these circumstances and so a programme of online events took place to go part way to providing some sort of spiritual solace to our supporters. An early initiative was the coordination and publication of a comprehensive listing of streamed Masses and Offices from around England and Wales.

Some notable online events were a one-day Conference on what would have been the day of our AGM in July. This began with Mass live-streamed from St Mary’s Warrington. Speakers during the day included Archbishop Thomas Gullikson, Bishop Athanasius Schneider, Fr Tim Finigan, Mgr Gordon Read, Fr John Zuhlzsdorf and Joseph Shaw. As a substitute for our walking pilgrimage from Ely to Walsingham, we organised a virtual pilgrimage from the Shrine of Our Lady of Willesden to Walsingham, via Cambridge. In addition to these, podcasts were recorded as substitutes for our Iota Unum talks and chant training was undertaken.

Our Macklin Street staff worked from home and, whilst much of the year was a lesson in treading water, we continued to operate; indeed, our online sales have maintained a healthy turnover during the reporting period. I thank the staff for their continued commitment and for maintaining high levels of motivation under testing circumstances.

So, I will conclude this shorter report by making my usual request of support, both financially and in prayer. We need it now as much as we ever did. Perhaps I may quote 1 Peter 5:8-9, used for the Lectio brevis at Compline and so apt for the times in which live.

Fratres: Sóbrii estóte, et vigiláte: quia adversárius vester diábolus tamquam leo rúgiens círcuit, quærens quem dévoret: cui resístite fortes in fide.

Brothers: Be sober and watch: because your adversary the devil, as a roaring lion, goeth about seeking whom he may devour. Whom resist ye, strong in faith.

For those who have passed from this world in the last twelve months:

A porta ínferi. Erue Dómine, ánimas eórum. Requiéscant in pace

From the gates of hell, deliver their souls, O Lord May they rest in peace.

THE LATIN MASS SOCIETY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Financial review

The Society's investment reduced by £12,000 in 2020, mainly due to a reduction in income due to impact of Covid-19 on fund raising activities. Expenditure decreased overall by £58,000 resulting in a deficit before investment revaluations of £91,000.

The aims of the Society's Investment Policy are to ensure that the Society derives a satisfactory level of income from its funds whilst minimising the possibility of cash flow problems, significant financial loss or unethical investment decisions.

The Society holds a number of restricted funds, which are listed at Note 22.

The trustees aim to maintain a minimum of £170,000 in distributable funds to fund ongoing costs and office staff obligations, matching governance costs and magazine and publicity expenses expected to arise in the next twelve months.

It is the policy of the Society that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Society’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Part of the Society's investment holding is at risk to movements in equity values. The Committee has accepted a medium level of risk in pursuing its objective of improving income and obtaining modest capital growth.

The trustees has assessed the major risks to which the Society is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The Society is an unincorporated charitable association. Its chief object is the promotion of the Traditional Roman Rite of Mass as codified by the Council of Trent and in a form no later than that published in 1962.

The Society is governed by a Committee, who are its Trustees. They determine strategic and policy issues. Committee members (other than the Vice-Presidents, who are nominated by the Committee) are elected by the membership. Those holding office during the year were as follows: Joseph Shaw (Chairman) Kevin Jones (Secretary) Paul Waddington (Vice President) Paul Beardsmore (Vice-President) Roger Wemyss Brooks Antonia Robinson Alisa Dick David Forster (Treasurer) Alastair Tocher Nicholas Ross

Committee members (other than the Vice-Presidents, who are nominated by the Committee) are elected by the membership.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The Committee is supported by a network of local representatives throughout England and Wales, and by a small permanent office staff under the leadership of the General Manager. The General Manager's post is occupied by Stephen Moseling. The Committee wishes to record its thanks to these individuals for the excellent work that they carry out on behalf of the Society.

THE LATIN MASS SOCIETY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

No trustee, committee member or local representative received any form of remuneration during the year for his or her services to the Society.

The trustees' r eport was approved by the Board of Trustees.

..............................

Trustee Dated: ......................... 30.7.21

THE LATIN MASS SOCIETY

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LATIN MASS SOCIETY

I report to the trustees on my examination of the financial statements of THE LATIN MASS SOCIETY (the Society) for the year ended 31 December 2020.

Responsibilities and basis of report

As the trustees of the Society you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Society’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Moorgate Accountancy Services Ltd

Crosspoint House 1st Floor 28 Stafford Road Wallington Surrey SM6 9AA

Dated: ......................... 30th July 2021

Total 2019 £ 223,208 59,362 12,318 42,475 5,579 342,942 56,162 236,347 - 292,509 178,009 228,442
Restricted Endowment funds
funds		 2019
2019		 £
£		 6,003
-		 -
-		 -
-		 -
-		 -
-		 6,003
-		 -
-		 9,668
-		 -
-		 9,668
-		 -
67,643		 (3,665)
67,643
TotalUnrestricted funds 2020
2019		 £
£		 49,411
217,205		 35,406
59,362		 15,630
12,318		 40,803
42,475		 2,475
5,579		 143,725
336,939		 51,552
56,162		 190,860
226,679		 (1,835)
-		 240,577
282,841		 78,702
110,366		 (18,150)
164,464
Restricted Endowment funds
funds		 2020
2020		 £
£		 2,532
-		 -
-		 -
-		 -
-		 -
-		 2,532
-		 -
-		 10,450
-		 -
-		 10,450
-		 -
29,907		 (7,918)
29,907
Unrestricted funds 2020 Notes
£		 3
46,879		 4
35,406		 5
15,630		 6
40,803		 7
2,475		 141,193 8
51,552		 9
180,410		 (1,835) 230,127 14
48,795		 (40,139)
Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Other income Total income Expenditure on: Raising funds Charitable activities Material ot her e xpenditure Total resources expended Net gains/(losses) on investments Net movement in funds

228,442 1,267,950 1,496,392
67,643 428,452 496,095
(3,665) 42,929 39,264
164,464 796,569 961,033
(18,150) 1,496,392 1,478,242
29,907 496,095 526,002
Net movement in funds
(40,139)
(7,918)		 Fund balances at 1 January 2020
961,033
39,264		 Fund balances at 31 December 2020
920,894
31,346

THE LATIN MASS SOCIETY

BALANCE SHEET

AS AT 31 DECEMBER 2020

Notes
Fixed assets
Tangible assets
15
Investments
16
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds - general
Income funds
Restricted funds
22
Unrestricted funds		 2020
£
£
16,925
1,432,918
1,449,843
11,141
15,571
61,434
88,146
(59,747)
28,399
1,478,242
526,002
31,346
920,894
1,478,242		 2019
£
£
16,816
1,431,020
1,447,836
9,306
33,836
65,749
108,891
(60,335)
48,556
1,496,392
496,095
39,264
961,033
1,496,392

The financial statements were approved by the Trustees on ......................... 30.7.21

..............................

Joseph Shaw (Chairman) Trustee

THE LATIN MASS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

THE LATIN MASS SOCIETY is a Charity registered in England and Wales No. 248388.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Society's [governing document], the Charities Act 2011 and "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 1 January 2019)". The Society is a Public Benefit Entity as defined by FRS 102.

The Society has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the Society. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Society.

1.4 Income

Income is recognised when the Society is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Society has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Society has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income is allocated to the year which it is intended. Therefore provision is made to match subscriptions received to the calender year they are intended.

Life subscriptions are allocated over a 25 term from the year of receipt.

THE LATIN MASS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.5 Expenditure

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment 10% Reducing balance Cermonial assets 10% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the Society reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE LATIN MASS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.11 Financial instruments

The Society has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Society's balance sheet when the Society becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Society’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Society is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

The Society contracts with its employees that it will pay a fixed percentage of their salary into a pension scheme of their choice. Contributions are charged in the accounts as they become payable.

THE LATIN MASS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

2 Critical accounting estimates and judgements

In the application of the Society’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2020
2020
£
£
Donations and gifts
23,294
2,532
Legacies receivable
23,585
-
46,879
2,532		 TotalUnrestricted
Restricted
funds
funds
2020
2019
2019
£
£
£
25,826
28,707
6,003
23,585
188,498
-
49,411
217,205
6,003		 Total
2019
£
34,710
188,498
223,208

Total 2019 £ 59,362
Gift Aid Subscriptions 2019 £ 18,113
Subscriptions received 2019 £ 26,609
Gift Aid (Transitional relief) 2019 £ 14,640
Total 2020 £ 35,406
Gift Aid Subscriptions 2020 £ 1,799
Subscriptions received 2020 £ 19,806
Gift Aid (Transitional relief) 2020 £ 13,801
4
Charitable activities		 Other income

THE LATIN MASS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

5 Other trading activities

6
7
8		 UnrestrictedUnrestricted
funds
funds
2020
2019
£
£
Net merchandise income
15,630
12,318
Investments
UnrestrictedUnrestricted
funds
funds
2020
2019
£
£
Income from listed investments
40,767
41,755
Interest receivable
36
720
40,803
42,475
Other income
UnrestrictedUnrestricted
funds
funds
2020
2019
£
£
Other income
1,255
3,176
Magazine Income
1,220
2,403
2,475
5,579
Raising funds
UnrestrictedUnrestricted
funds
funds
2020
2019
£
£
Magazine and Publicity expenses
Editor fees
13,715
13,179
Advertising
9,310
13,944
Magazine and Publicity expenses
23,025
27,123

THE LATIN MASS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

8 Raising funds
Gross up of expenses
Magazine printing and distribution
Investment management		 (Continued)
19,569
19,698
8,958
9,341
51,552
56,162
Total 2019 £ 92,561 1,273 9,667 11,082 3,812 3,498 1,440 2,043 2,167 12,652 4,173 144,368 13,967 53,027 24,985 236,347 226,679 9,668 236,347
Support costs 2019 £ 48,834 - - - - - - - 2,167 - 4,173 55,174 - 53,027 24,985 133,186 133,186 - 133,186
Mass running costs 2019 £ - - - 11,082 3,812 3,498 1,440 2,043 - 12,652 - 34,527 - - - 34,527 34,527 - 34,527
Direct expenses 2019 £ 43,727 1,273 9,667 - - - - - - - - 54,667 13,967 - - 68,634 58,966 9,668 68,634
Total 2020 £ 89,857 1,145 10,450 7,838 - 1,496 - - 5,200 1,226 1,997 119,209 6,240 49,664 15,747 190,860 180,410 10,450 190,860
Support costs 2020 £ 44,770 - - - - - - - 5,200 - 1,997 51,967 - 49,664 15,747 117,378 117,378 - 117,378
Mass running costs 2020 £ - - - 7,838 - 1,496 - - - 1,226 - 10,560 - - - 10,560 10,560 - 10,560
Direct expenses 2020 £ 45,087 1,145 10,450 - - - - - - - - 56,682 6,240 - - 62,922 52,472 10,450 62,922
9
Charitable activities		 Staff costs Depreciation and impairment Restricted fund expenditure Music and choir costs Sundry mass expenses Pilgrimages costs net of contributions Latin courses net expenditure Holy week costs from general funds Mass support costs Stipends and expenses paid to clergy Representatives and committee member expenses Grant funding of activities (see note 10) Share of support costs (see note 11) Share of governance costs (see note 11) Analysis by fund Unrestricted funds Restricted funds

THE LATIN MASS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

10 Grants payable

St Walburges ICKSP
Corpus Christi Maiden Lane
St Catherines's Trust
St Benedict's Academy Preston
Corpus Christi - Maiden Lane - Faldstool
Una Voce Russia
St Winifride's shrine Holywell
Juventutem
St Tarcisus
Friends of Withermarch Green
Grants to individuals
St Mary's Shrine FSSP Warrington		 2020
500
-
-
-
-
-
-
2,140
-
2,500
600
500
6,240		 2019
2,500
2,182
3,000
2,000
1,083
662
500
1,870
170
-
-
-
13,967

Direct charitable expenses

These are grants to associated entities assisting with the traditional latin mass.

THE LATIN MASS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

11
Support costs
Support
costs
Governance
costs
£
£
Depreciation
795
-
Exchange Losses
-
2
Hire of rooms and
catering
1,813
-
Rent, service charges
and rates
26,724
-
Insurance
1,160
-
Power, light and heat
799
-
Repairs and
maintenance
494
-
Postage
6,423
-
Telephone and fax
-
-
Travelling expenses
-
-
Printing and stationery
920
-
Computer internet and
software costs
10,536
-
Accountancy
-
3,600
Legal and professional
-
-
Sundry expenses
-
9,645
Subscriptions
-
872
Bank charges
-
1,628
49,664
15,747
Analysed between
Charitable activities
49,664
15,747		 2020
Support
costs
Governance
costs
£
£
£
795
600
-
2
-
43
1,813
3,654
-
26,724
25,810
-
1,160
1,126
-
799
965
-
494
1,446
-
6,423
6,576
-
-
231
-
-
501
-
920
2,079
-
10,536
10,039
-
3,600
-
3,600
-
-
13,295
9,645
-
5,237
872
-
1,000
1,628
-
1,810
65,411
53,027
24,985
65,411
53,027
24,985		 2019
£
600
43
3,654
25,810
1,126
965
1,446
6,576
231
501
2,079
10,039
3,600
13,295
5,237
1,000
1,810
78,012
78,012

12 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but 7 of them were reimbursed a total of £3,660 in travelling and other expenses (2019- 7 were reimbursed £1,597).

THE LATIN MASS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

13 Employees

Number of employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs
Net gains/(losses) on investments
Unrestricted Endowment
funds
funds
general
2020
2020
£
£
Revaluation of
investments
45,392
27,821
Gain/(loss) on sale of
investments
3,403
2,086
48,795
29,907		 2020
Number
3
2020
£
83,676
4,194
1,987
89,857
TotalUnrestricted Endowment
funds
funds
general
2020
2019
2019
£
£
£
73,213
102,429
62,779
5,489
7,937
4,864
78,702
110,366
67,643		 2019
Number
4
2019
£
85,754
5,007
1,800
92,561
Total
2019
£
165,208
12,801
178,009

14 Net gains/(losses) on investments

THE LATIN MASS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

15 Tangible fixed assets

Cost
At 1 January 2020
Additions
At 31 December 2020
Depreciation and impairment
At 1 January 2020
Depreciation charged in the year
At 31 December 2020
Carrying amount
At 31 December 2020
At 31 December 2019
16
Fixed asset investments		 Fixtures,
fittings &
equipment
£
14,538
2,049
16,587
9,155
795
9,950
6,637
5,383		 Cermonial
assets
£
20,743
-
20,743
9,310
1,145
10,455
10,288
11,433		 Total
£
35,281
2,049
37,330
18,465
1,940
20,405
16,925
16,816
Listed
investments
£
Cost or valuation
At 1 January 2020 1,431,020
Additions 103,410
Valuation changes 73,213
Disposals (174,725)
At 31 December 2020 1,432,918
Carrying amount
At 31 December 2020 1,432,918
At 31 December 2019 1,431,020
17 Stocks
2020 2019
£ £
Finished goods and goods for resale 11,141 9,306

THE LATIN MASS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

18
Debtors
Amounts falling due within one year:
Trade debtors
Corporation tax recoverable
Other debtors
Prepayments and accrued income
19
Creditors: amounts falling due within one year
Notes
Credit card balances
Other taxation and social security
Deferred income
20
Trade creditors
Other creditors
Accruals and deferred income
20
Deferred income
Arising from Life subscriptions		 2020
£
2,381
10,153
522
2,515
15,571
2020
£
1,839
2,059
15,245
10,495
16,472
13,637
59,747
2020
£
15,245		 2019
£
2,191
19,479
3,794
8,372
33,836
2019
£
-
2,163
16,472
12,420
14,533
14,747
60,335
2019
£
16,472

Life subscriptions are apportioned over a 25 year life from year of receipt.

21 Retirement benefit schemes

Defined contribution schemes

The Society operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Society in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £1,987 (2019 - £1,800).

22
Restricted funds		 The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: Movement in funds
Movement in funds		 Balance at
Incoming
Gift Aid
Expenditure
Balance at
Incoming
Gift Aid
Expenditure
Balance at		 1 January 2019
resources
Receipts
1 January 2020
resources
Receipts
31 December		 2020 £
£
£
£
£
£
£
£
£		 Seminary fund
17,949
50
388
(4,600)
13,787
75
625
(6,100)
8,387		 Mass offerings
55
240
-
(265)
30
130
-
(910)
(750)		 Priests' training activities
-
120
-
-
120
90
-
-
210		 SCT Bursary support
605
-
-
-
605
-
-
-
605		 Sodality of St Augustine
730
190
319
(670)
569
182
-
-
751		 Confirmations
1,041
1,600
-
(1,442)
1,199
100
-
-
1,299		 Holy week appeal
-
1,053
1,138
(2,191)
-
50
-
(3,040)
(2,990)		 Walsingham support appeal
2,288
415
269
-
2,972
260
445
-
3,677		 J.H. Smith legacy for Extraordinary Form Masses
20,047
-
-
(500)
19,547
-
-
(400)
19,147		 Music fund
-
65
156
-
221
-
575
-
796		 Mission fund
214
-
-
-
214
-
-
-
214		 42,929
3,733
2,270
(9,668)
39,264
887
1,645
(10,450)
31,346		 The purpose of the Seminary fund is to help assist students at traditional seminaries.
22
Restricted funds
(Continued)		 The Sodality of St Augustine exists to pray for the conversion of lapsed Catholics who are friends and family of the Sodality's members. The confirmations fund covers all direct and indirect costs of confirmation ceremonies, such as; music, advertising, refreshments, certificates, etc The Holy week appeal is to raise funds towards LMS's celebration of the Sacred Triduum. Walsingham support appeal is is to provide an opportunity for those unable to undertake the walk to share in the graces of the pilgrimage by sponsoring the pilgrims. J.H. Smith legacy was left for the express intention of Extraordinary Form Masses to be said for the repose of the souls of the testator and his wife. The Music fund is money raised from a special appeal in Mass of Ages for money to pay for music at Masses. The Missions fund is a small fund to help Traditional Catholics in foreign countries. 23
Analysis of net assets between funds		 Unrestricted
Restricted
Endowment
TotalUnrestricted
Restricted
Endowment
Total		 funds
funds
funds
funds
funds
funds		 2020
2020
2020
2020
2019
2019
2019
2019		 £
£
£
£
£
£
£
£		 Fund balances at 31 December 2020 are represented by: Tangible assets
16,925
-
-
16,925
16,816
-
-
16,816		 Investments
906,916
-
526,002
1,432,918
934,925
-
496,095
1,431,020		 Current assets/(liabilities)
(2,947)
31,346
-
28,399
9,292
39,264
-
48,556		 920,894
31,346
526,002
1,478,242
961,033
39,264
496,095
1,496,392

THE LATIN MASS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

24 Related party transactions

There were no disclosable related party transactions during the year (2019 - none).

Transactions with related parties

During the year the Society entered into the following transactions with related parties:

Note 12 to the financial statements shows trustees expenses reimbursed.