Charfty rgglstratlon number 248388 THE LATIN MASS SOCIETY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE LATIN MASS SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION Tru8t8è8 J Shaw ICh8irmanl Trust•es Joseph Shaw Ichaimianl Paul Waddington (Vice President) Roger Wgmyss Brooks Ivice President Antonia Robin50n (Secretary, until 17 July 20231 David Forgter Isecrelary, from 17 July 20231 David Forster ITreasurer, until 15 July 20231 Paul MacKinnon (freasurer, from 17 July 20231 Neil Addi50n luntil 16 November 20231 Alisa Diek lunlil 15 July 20231 Kevin Jones (from 4 Decembèr 20231 Alasloir Tocher Nicholas Ross Ailoen Seymour (from 17 July 20231 Sarah Ward (from 17 July 20231 Offl¢• m•n•ggr Stephen Mo8eling Iresigned on 31 March 20231 Richard Pickett18ppoinled on 01 April 20231 ChJrlty number 24838B Prlnclpal addrM• g Mallow Street London EC1Y 8QR Independent •xamln•r Moofgale Accountancy Servlces Ltd Oown8view Hou8e 141-143 Slalion Road East Oxled Surrey RH8 QQE 8ank•rs Barclays 8ank PLC 366 Strand Charing Cro88 London WC2R OJF Sollcltor• Hunters 9 New Square Lincoln's Inn London WC2A 3QN
THE LATIN MASS SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION Investment adv180rs Brewin Dolphin 12 Smithfield Street London EC1A9LA
THE LATIN MASS SOCIETY CONTENTS Page Tru8t868' report Independgnl examinerfs report ststemenl of finon¢i81 aGtivlties Balance 8h•et Note8 to tho financial slaternents 9-25
THE LATIN MASS SOCIETY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Iruslees present their annual report and financial stslemenls for the year ended 31 December 2023. The financial slaternonls have been prepared in accordanee with the accounting poliaes Sel out in note 1 to the financial statements and Comply with the society's ¢onslilulion, the Charities Act 2011 and "Accounting and Reporting by Chanlies." Slalernent ol Recommended Pracliee applicable lo charities preparing their accounts in accordance ¥Mlh the Financial Reporting S18ndard applicable In the UK and Republic of Ireland IFRS 1021" leffeclivo 1 Januafy 20191. ObJe¢tlvè• and activitlos The Society's objectives are.. (al To uphold the leachlng and practices of the Roman Catholic Church 88 defined by the Council of Trent In obedience lo the Holy See in mallers pertgining lo the liturgy and lo ligIouS ob8eNance. Ibl To promot8 the regular and frequent public celobraliorb of Holy Mass, whether as High Mass, Misga Canlala. Oialogue Mas8. or Low Mass, and all lawful liturgical offi¢95 or services, in the rile codified by th8 Council of Trent in the Latin language and In a form no later than that publishod in AD 1962. Such Ma88eg are lo be celebrated by prie518 with lacullie5 from a Bishop or Superior in mMuni0n with the Holy See and are lo be18wful under the Canon Law ol th¢ Church. Icl To encourage the Study, appreciation and use in worship of the Iradilional music of the Church and especially of Gr&9orian chant. Idl To work for the Continued and wider use in worship of the Latin language In the Church's worship, leaching ond admin151Talion. 181 To provide a means whereby the lolly may communicate to the hier8rchy Ihelr needs and desires in matte15 pertaining lo the foregoing objects. The Society h88 conlinu8d lo further these aims both directly, through ils own aclivili8s, and indir8elly, through collaboration and financial support provided lo other bodies. The Iruslees have paid due re9ard 10 9uid8nce issue¢J by the Charity Commi$$ion in deciding what activiti05 the Society should undertake. The Iruslees confimi that they have complied wth their duly under seth'on 17 of The Chari1198 Act 2011 to have rggard lo public benefit guidance published by the Charity Commission. The board has referred lo the guidance conlaine¢J in the Charity Commissien's guidance on publi¢ benefit and has planned the Society's aclivilies Io 8vold the granting of 8ny private benefil other than a private b9nefil which is purely incidental lo carrying out the Society's objectives. The Iruslees beligvg Ihoy have followgd the Charity Commission's guidance in this area. The Society is comrnitled to enabling as many members of the public as possible lo attend Masses in the Extraordinary Form of the Roman Rile. Many of the increasing numbers ol Tr8dilional Masses now offered throughout England and Wales would not have been possible without the work of the Society. Examples of the public benofil resulting from the Society's efforts are detailed under the 'achievom8nls and performanco, socts'on of this report.
THE LATIN MASS SOCIETY TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achlav•monts and porfomiance 2023 was a year both of achievement and challenge for the LMS. Many of our regular events are back in place posl-covld, with even greater support especially from young people and families. We were able lo hold our AGM al Weslminsler Cathedral. with sung Mass, buffet lunch and an address by John Smealon on 'Discovering the Traditional Latin Mass., Other significant events were the Sacred Triduurn al Moorfields, an¢ 8 Sung Mass ol the Holy Ghost al Maiden Lane to commemorate the Coronation of His Majesty The King. Unfortunately, il was not possible lo hold our lime-honoured annual Requlem for deceased members al Westminster this year - a sign, Perhaps, of some of th8 challenges of the limes. A number of pilgrimages look place, the flagship being the Walsingham walking pilgrimage from Ely lo Walsingham. This year 200 people walked 59 miles over three days, with over 400 attending High Mass on the final day. Other pilgrimage8 included Ygrk Matyrs. Chideock Martyrs, Snave. Oxford Martyrs, and Reparation Mass in Bedford at the relic image of Our Lady of Guadaloupe. Thank you lo all Ihe organisers and volunteer5 who enable these and other events to lake place. and especially lo all the clergy who have ministered to u8. The Iota Unum series of talks continued, and w&re well Supported. Our Society of Sl Tarcisius held fivg training days for server8 In London. and new members were inducted. The Guild of Sl Clare held ¥0 sewing retrg81$. along with regular veslmenl mending days Across the country. Our annual residential summer seh¢X)l. comprising courses In Latin and NT Greek. was hold al Park Place Pastoral Cenlre. The Society also provided bursaries lor clergy and seminarians undertaking online Latin tuition. Our charitable objects do mention promolitsn of Latin, and also of liturgical music. Many of our members a involved in Ihg provision ol music al Illurgies, often on a weekly ba818. Our In.house choirs the Soulhwell Consort and Houghlon Schola - continue lo provide sacrgd pglyphony and Gregorian chant each week at Maiden Lane. 26 members of the Soulhwell Consort went on a choir lour lo Fonlgombaull Abbey, wheré they rgceived expert luilion In chant, sang al Solemn Mass. 8nd gave a cgncert of Catholic music Irorn the English R8lormalion period. This was followed by the 'Byrd 400 Festival" 12 Masses showcasing the Mass sètting8, 58cred motels, and organ music of William Byrd, on the occasion of Ihg 400th annivgrsary of his death. Our quarterly magazine 'M3ss ol Ages, is distributed to members, and Ihreugh a network of around 150 churches. We also support the work of Un8 Voce Inlornalional through funding the publication and dislribulion of their 'Gregorius Magnus, magazine. Our annual publications, the LMS Ordo and Calendar, were produced. We have onlinued lo sell religious books and items through our online shop and sales continued lo grow throughout the year, Also in publication5, our Chairman Dr Shaw was particularly oclivo. Two book launches were held al the London Oratory for his new books.. 'The Liturgy, the Family, and the Crisis of Modernity. and 'The Latin Mass and the InlellectU818' Ilhe laller also launched in Romel. He algo published 'Sacred and Great.. A brief Introduction lo the Traditional Latin Mas$. The S¢xiely has continuod lo provide support lo traditional Catholic causes, including lour semingrians Studying with FSSP and ICKSP, support for the Fr8nci8can sisters in Dundee, a grant lo the Sl Catherine's Trust summer school whieh was h&ld al Kinlbury, two Guild of Sl Clarg bursaries awarded for a certified course al The Royal School of Negdlework. and five bursaries awarded for young Catholics aged 18 10 35 allending the 2023 Chartres pilgrimage. We have partlcipaled in international links with other similar organi5olion3, induding dunng Ihe annual 'Ad Petri S8dem' pilgrimage lo Rome in Oclobor, and have maintained contact wilh members of the hierarchy wherè Possible to promote our charitable objects. None of this would be possible wilhoul support from our members and supporters, living and dead. As of Decembor 2023 we have 1708 paid up members. During the financial year we received significant bequests, Ic*lalling aboul £700K, May God t4e5s all our supporters in life, and give eternal rest lo the departed. The LMS was hontsured 19 announce two new patrons, both of them distinguished in their field.. the Rl Hon Sir Edward Leigh MP, and Mr John Smeaton. Our General Managèr. Stephen Moseling, relld after a number of years of excellent work, which included developing the online shop, and holding the fort through the Covld experience. He has been made a life member in rocognilion of his contribution. We welcomed our new General Manager. Richard Pickett. who is well-known lo us as a previous employee, and as a highly comp&lenl MC. Thanks are due lo all our paid staff. who keep the show on the road nationally, lo thè Chairman and Trustees, 8nd lo all our volunteers and local represenlalives.
THE LATIN MASS SOCIETY TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanclal revlew The Society's investments has Increased by 31% to £1,752,101 12022,. £ 1,333.3811. During the yeaf £450,000 wa5 invested lo the Inveslmenls. The Income increased by 250% 10 £948,20012022'. £ 270,7171 due to the recelpls of large legacigs. During the year the Sooely received overall lego¢ies of £760,543 12022 £112,513). The gXP8ndilure has decreased by 2% 10 £319.993 { 2022.. £328,092). The nel gains from Ihg investment revaluation was £59,700 12022.. loss of £200,442). The airns of the Society's Investment Policy are lo ensure that the Society derive5 a satisfactory level of income from 11$ funds whilst minimising the po8$ibilily of ¢95h Ilow problems. significant financial loss or unelhic81 investment decisions. The Socioly holijs a number of reslricled fund5, which are listed al Note 25. The Iruslegs aim lo mainlaln a minimum of £170,000 In dislribulable lund8 to fund ongoing costs and office staff obligations, malchlng govemance costs and ma9azine and publicity expenses expected lo arise In thè next twelve months. 11 is Ihe policy of the Soeiely that unfeslricted lunds, which have not been designated for a specific use, should be mainlalned al a level equiv81enl lo between Ihree and $iK month's gxpendilure. The Iruslees consider that reserv&¥ al this level will ensure that, in the event of a significant drop in funding. they 11 be able lo continue the Society's current activities whilst consideralien is giv¢n lo ways in which additional funds may be raised. Thls level of r¢serves has been maintained throughout the year. Part of tho Soclety's investment holding 15 at ii¥k lo movements In equity values. The Committee has accepted a medium level of risk in pursuing ils obje¢tive of improving income and obtaining modest capital growth. The Iruslees has as8es8ed thè major ri8k$ lo which the Society is exposed, and are 8ali$fi'ed that 5yslem8 are in place lo miligale exposure lo the major ri$k$,
THE LATIN MASS SOCIETY TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structuroi go¥•rnanc• and managomont The SDciety 18 an unincorporated charitable assoryalion. Ils chief object is the promotion of the Traditional Roman Rlle of Mass as codified by the Council ol Trent and in a fomi no lalef than that published in 1962. The Society18 govemed by a Committee, who are ils Truslegs. They determine strategic and poSicy i55ues. Committee mernbers (other than the Vi¢e-Pre$idenls, who are nominated by the Gommitteel are eleded by the membership. Tho8& holding office durlng the year were as follows.. Joseph Shaw (Chairman) Paul Waddinglon Ivice Presidenti Roger Wemyss Brooks (Vice Presidenll Antonia Robin50n IS8crelary, until 17 July 20231 David Forster Isecrelary, from 17 July 20231 David Forster ITreasurer, until 15 July 20231 Paul MacKinnon (Treasurer, from 17 July 2023 Nell Addison lunlil 16 November 20231 Aisa Dick lunlil 15 July 20231 Kevin Jones (from 4 December 20231 Alaslalr Tocher Nicholo8 R05S Aileen Seymour lfrom 17 July 20231 Sarah Ward Ifrom 17 July 2023 Non8 of the Iruslees has any benefici81 intere81 in the L811n Mass Soeloly. All ol the Iru8lees are mernbers of the Socigly. The Committee is supported by a neiwork of local representative8 throughout England and Wale8, and by sm811 pemianenl office staff under the leadershlp Ol the General Manager. The General Manager's po81 18 occupied by Richard Pickell. The Committee wishes lo record11s thank8 to the80 individuals for the excellent work that Ihey carry out on behalf of the Society. No trustee, committee memb•r or loc81 repfesenlalive feceived any form of remuneration during the year foT his or her voluntary service lo the Society. The Iruslegs. report was approved by Ihe Board of Trustees. v-,J k,,kn J Shaw (Chairman) Trust8e David Forster (Secretary) Tru•lee 29 June 2024 29 June 2024
THE LATIN MASS SOCIETY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LATIN MASS SOCIETY I report lo the Iru81ees on my exarninalion of the financial 8181ements of THE LATIN MASS SOCIETY (the so¢lelyl for the year ended 31 December 2023. Rè$ponsibilitiès and basis of rnport As Ihe Iruslees of the society you are rg$ponsible for the preparation of the financial slalemenls in accordance vAlh th8 requirements of the Charits'es Act 2011 Ilhe 2011 Acl}. I report in respect of my examination of the society's financial statements carried out under section 145 of the 2011 Ad. In carrying out my examination I have followed all the applicable Oireclions given by the Charity Commission und8r section 145151{bl of the 2011 Act. Ind•p•ndent examln•r'* itatèmont Since the society's gross Incorne excaeded £250.000 your examinèr mu8t be a member of ¥ body listed in 8ection 145 01 the 2011 Act. l eonlirm that l am qualified lo undertake the examinatlon because l am a member of ICAEW which 18 one of the Iisled bodies. Your attèntion is drawn lo the lact that the charity has prepared financial $181emenls in 8ccord8nce with Accounting and R8POrting by Charities preparing Iheif accounts in accordance with the Financial Reporting Standard applicable in the VK and Republic ol Ireland IFRS 1021 in preference lo tha Accounting and Reporting by Charitie5. Slalgm8nl ol Recommended Praclice Issued on 1 April 2005 which 15 relerr9cI lo in the extant re9ulations bul ha5 now been withdrawn. l understand th81 this has been done in order for flnancial stslemenls lo provide a true 8nd falr vlew In a¢cordanc8 with Generally Accepted Accounting Practice eff•¢tive for reporting periods b8glnning on or after 1 January 2015. I have completed my examinolion, I conlimi that no matters have com8 lo my all8nlion in connection wlh th& examination giving me cause lo believe that in any m8ler181 resped.. accounting fecords were not kept in respect of the sr)ciely as requlred by section 130 of the 2011 Act., or the financial slalemenls do not accord with Ihose records., or the financial slalemonls do not comply with the applicable requirements concerning the fom and conlenl of accounts sel out in the Charities IAccounls and Reports) Regulations 2008 other than any requirement that tha aGGounls give a true and fair view which is not a maller considered as part of an inLlependenl examination. I have no concerns and have corne across no other maller8 in connection with the examination lo which attention should be drawn in this report In order lo en3ble a proper understsnding of tha financial slalemenls lo be ached. Signed Peter Seed FCA MoorgaleAccounlancy Services Ltd Downgview House 141-143 Slalion Road East Oxted Surrey RH8 OQE Dated.. 29 June 2024
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THE LATIN MASS SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed a8SOts Tangible assets Investments 17 29,254 1.752.101 18,173 1,333,381 1,781.355 1.351,554 urront as¥gts Sltscks Debtors Cash al bank and in hand 19 20 17,476 58.727 260,188 13,843 43,222 48,572 336.391 105,437 Credltor8: amounts falllng due wlthln onè y•ar 21 170,4311 174,2841 Ngt Gurrent assets 265.980 31.153 Total •8•ot81•88 curr•nt Ilabllltlèl 2,047,315 1,382,707 N•t 4s¥•ts oxcludlng ponjlon Ilablllty 2,047.315 1,382,707 Th• lund8 of tho socloty Endowment funds Restricted ineome funds Unrestricted funds 518.142 37.703 1.491,470 495,931 31,485 855,291 25 2,047.315 1,382.707 The financial Btalements were approved by the Iru61e88 on 29 Jun• 2024 T)-,J k,toS J Shaw (Chaimanl Trustee David Forster ISecrgt8ry} Trusteo
THE LATIN MASS SOCIETY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flow6 from opèrntlng •Ctlvltles Cash generated fromllabsorbed by) operations 541,872 1139,1481 Inv•sting actlvltlgs Purch88e of tangible flxed a¥sel¥ Purchase of investments Proceeds from disposal of investments Invesimonl income received 115.100 1934.479 581.078 38.065 14,533} 1489.172} 473,506 43,453 Not cash Iu8•d Inllgeneratod from Inv••tlng actlvlti 1330,4361 43,254 Net ¢a8h used In flnanclng actlvltl•8 Mot Incr•alI00¢r8*èl In ca•h and calh oqulvalents 211,436 195,8941 Cash and cgsh equivalenly al beginning of year 48,752 144,646 Ca•h and c4•h èqulvaknts at end ofy•r 280,188 48,752
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcies Charity infornation THE LATIN MASS SOCIETY is a Charity registergd in England and Wales No. 248388. 1.1 Accountlng conventlon The financial slalemenls hav8 been prgpared in accordance wllh the society's conslilutson, the Charities AGI 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. l FRS 102.1 and the Charities SORP "Accounting and Rgporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Finaneial Reporting Standard applicablè in the UK and Republic of Ireland IFRS 102} leffectlve 1 January 20191. The ¥ociety i¥ a Publi Benefit Enlily as defingd by FRS 102. The financial slalemenls have departed from tha Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required lo provi¢Ye a true and fair view. This departurg has Involved following the Slalemenl of Recommended Practice for ch8rilies applying FRS 102 rather than the version of the Slalernenl of Recommend8d Practice which is referred lo In the Regulations bul which has since been withdrawn. The financial 51alemenls aro preparetj in Slofling, which is the lunctional currency of the socigly. Mongtsry amounts In these financial slalemenls are rounded lo the near881 £. The financial slalemenls have been prepared under thè historical ¢o¥l convention, Imodified lo include the revaluation of freehold propertieg and lo include investment properlie5 and cgrtain financial instrumen18 al fair V8luel. The principal accountin9 poliaes adopltd are $81 out bglow. 1.2 Golng conc•rn Al the lime of approvin9 the financial slaléments. the Iruslegs havg a reasonable 8xpeclallon that the society has adequate resourc8s lo continue In operational existence for the foreseeable future. Thus the trusleos continue lo adopt the going concern basis of a¢¢ounting in preparing the financial slalemenls. 1.3 Charltabl• fund8 Unreslricled funds are 8vai18ble for usg al the di¥uolion ol the Iruslee8 in furtherance ol their charitsble objectives. Rg8lncled funds are subject lo sp8¢ifi¢ condilion5 by donors or grantor8 a8 to how they m8y be used. The purpo8e8 and uses of the r8slricled lunds are $61 out in the notes lo the financial statements. Endowment funds are subje¢t to specific contjilions by donors that the capital must be maintsined by the 80ciely. 1A Income Income is recognised when the society 15 le9ally gntilled to il after any performance condilions have been mel, the amounts can be measured reliably. and il is probable thal income will be received. Cash don81ic*ns are recognised on receipt. Other (Jonalions are recognised once the society has been notifi'8d of the donation, unless performance conditions require aeferral of the amount. Income lax recoverable in relation lo donations received under GiftAid or deeds of covenant 18 recognised al the lime of th8 donation. Legaaes are recognised on rg¢eipt or otherwise if the society ha5 been notified of an impending distribution, the amount is known, and receipt is expect8d. If the amount is not known, the legacy is treated as conlingenl asset.
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollclos Icontlnuodl 1.6 Expendlture Expenditure is recognlsed once there 1$ a legal or constructive obligation to transfer economic benefit lo Ihird party. il is probable that a transfer of economic bene1115 will bg required in settlement. and the amount of the obligation can be measured reliably, Expenditure is elassified by aclivily. The Costs of each aclivily are made up of the lolal of direct costs and share{1 costs, including support costs involved in undertaking each activity. Direct costs allribulable lo a singl activity are allocated directly lo that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable lo a single activity are apportioned between those aclivilie¥ on a basis consistent with the use of resources. Central staff costs are allocated on the basis ol limè spent. and depreciation charg88 are allocalad on the portion of the asset's use. 1.6 Tanglble flxed a8$•t8 Tangible fixed asse18 are Inillally m8a$urgd al co81 and subsequently measured al cost or valuation, nel of depreciation and 8ny Impairment losses. Depreciation is recognised 80 as to Write off the cost ar valuation of a56els less their residual values over their Useful lives on the following b85e$'. Fixtures and fittings & equlpmenls Ceremonial assgls 100h Reducing 8alance 10Vo Reducing Balance The gain or loss arising on the disposal of an a55el Is delermlned as the difference betwe8n the sale proceed8 and the rryIng value of the asset, and Is recognised in the slalemenl of financial aclivilies. 1.7 Flx•d ass•t Investment• Fixed asset investments are Inillally measured at Iran8aclion price excluding transaction costs, and are subsequently mea¥urgd al fair value al each reporting dale. Changes In lair value are recognised In nel incomellexpendiluiel for the ye8r. Transaction costs are expensed as ineurrad. 1.8 Impalmignl of Ilxgd a•getg Al each reporting gnd dale. the souely revi8w¥ the carrying amounts ol its tangible assets to delermlne whelher thgre is any indic81ion that those assets have guffered an Impairment los¥. If any such indication exists, the recovergble amount of thè as5•1 is ests'maled in order lo determlne the oxtenl of the impairment loss lif anyl. 1.9 Stocks Stock5 are $lalod al the lower of cost and e$lim8led 8elling price less costs to complete and 8ell. Cost comprises dire¢l materials 8nd, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks lo their present loc8lion and condition. Items held lor distribution at no or nominal consideration 8re measured the lower of replacernenl cost and c05t, Net Tealisable value 18 the estimated selling pnce lesg 811 estimated costs ol comF4elion and costs lo be incurred in markellng, 9811ing and dislribulion. 1.10 Cash and cash •quivalents Cash and cash equivalents include cash in hand, deposits held al call wth banks, other short-term liqui investments with original malurilies ol three months or less, and bank overdrafts. Bank tsverdrafts are shown wthin borrowings in current liabilities. 10-
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcl IContlnu•dl 1.11 Flnanclal in5tnirnBnts The society has elected to appty the provisions ol Section 11 'Basic Financial Inslrumenls, and Section 12 '0th8r Financial Inslrumenl8 Issues, of FRS 102 to all of ils financial instruments. Finanaal instruments are recognised in the society's balance sheet when the society becomes paty lo the contractual provisiong of the inslrumenl. Financial assets and liabilitiès Are offsèt, with Ihg nel amounts presented in the financial slalemenls, when there is a legally enforceable right lo sel off the recognised amounts and Iher8 is an intention lo sellle on a net basis or lo realise the asset and selllè the liability simultaneously. Bo¥lc flnJnclal assets Basic financial assets, which include debtors and cash and bank balance8, are inrtially measured at transaction price Including IranBaclion costs and are subs8qu8nlly c8rriei181 amortised cost using the effective Inlerésl method unless the arrongemenl conslilules a financing Iransaclicn, where the transaction 18 measured al the present value ol the future r8ceipls discounted al a market rale ol intere81. Financi81 assets classified as receivablg within one year are not amortised. 8a3lc flnan¢l•l Ilabllltles Basic financial liabililigs. including creditors and bank loans are initially recognisgd 81 Iran50Ction price unless the arrangement conslitules a linancing Iran5aclion, where the debt in51fument is measured 81 the prg$gnt value of the future payments discounted al a market rate of intere81. Financial liabiliti?$ das¥ifled as payable within one y8ar are not amort18ed. Debt instruments are subsequently carried al amortised cost, using the 6ff8dive interg$1 ralo method. Trade creditor8 are obligations lo pay for goods or seNi¢es that h8vè bgen qUired in the ordinary course ol oper81ions from suppliers. Ameunls payable are classified as cufrenl liabilitie$ il paym8nl 18 due within one year or le88. If not, they are psented as non-eurrenl liabili1195. Trade creditors are rgcognised initially at transaction price and 8ub8equenlly measured al amortised cost using tha effective inleresl method. Derncognlllon of flnanclal Ilabllltles Financial Iiabililie$ are derecogni8ed when the society's contractual obligallons explre or are dl8charged or cancelled. 1.12 Employee beneflts The cost of any unused holiday enlillemenl is reco9nlsed in the period in which tho gmployge's Sgrvices are received. Terminatson benefits ale recognised Immediately as an expense when the soryely is demonstrably committed lo temin8te the employment of an 8mployeg or lo provide lerminalion bonefils. 1.13 R•tir•m•nt b•ngfits Payments lo dgfingd contribution retirement benefit schemes 8re charged as an expense as they fall duo. 11
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Crltlcal •ccountlng •8tlm#tes and ludgements In the application of the stXigly'¥ accounting pollcles, the Iruslees are required to make judgements, eslimate5 and assumptions about the carying amount of assets and liabilities that are not readily 8pparenl from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual resulls may difter from these estimates. The eslimal86 and underlying assumptions are reviewed on an ongoing basi8. Revisions lo accounting eslimalos are recognised in the period in which the estimate is revised where thè revislon affects only that period, or In the period of the revision and future periods where the revi8icn affects both current and future peric>d9. ognatlons and1ogacl•• Unrostrlctod Rmtrlctfrd fund¥ lund• Total Unrestricted Reslricled fund8 hjnds Totsl 2023 2023 2023 2022 2022 2022 Donations and gifts Legacies roceiv¥ble 62,902 780,543 19,057 81,959 780,543 38.000 112.514 10,178 48,178 112,514 823,445 19,057 842,502 150,514 10,178 t60,692 12-
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THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Incom6 from other tradlng actlvltles Unrestrlcted Unr•¥trlcted funds fund8 2023 2022 Net merchandi8è inctsme 12,062 17,107 Income from investments UnrMtrlct•d Unrestrlcted fund¥ fund• 2023 2022 Incomo from lislgd investments 38,065 43,453 othgr Incom• Unr•8trlct•d Unreslricled funds fund8 2023 2022 Olhgr income Magazine Income 6,880 3,308 3,932 3,293 10,188 7,225 Ralsing fund• Unr•strlct•d Unre$lriclod fund• lunds 2023 2022 Magazine and publicity oxpenses Editor fees Advertising 15,645 9,534 14,336 14,692 Magazine and publi¢ity expenses 25,179 29,02B Gross up of expenses Magazing prints'ng and di8tribulion 29.081 32.802 Investment man ment 9.044 9,975 63.284 71,605 14-
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THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 10 Grants payabl 2023 17.200 2022 Immaculate Heart Sister8 St Walburge's ICKSP Sl Calhgrine'5 Trust LatinTulion {Mallhew Spencerl Juvenlut8m Other Society of Sl Tarcisius Chartre5 Pilgrimage Bur8arie8 M Beaufort In5tilule Chavagnes Inlemlional Collège 11,000 4,000 4,940 2,625 1,460 4.000 4,968 1.793 777 210 500 600 1.000 30.271 24,025 Dlrect eharltsbl• •xp•n¥eJ These ar8 gran15 to associalod entit$ assisting th the Iradillonal latin ma88. 16-
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Support co¥ts Support Gov•rnanc• costs 2023 Support costs Govomance costs 2022 Staff costs Depreciation Offi'ce move Exchange Losses Hire of rooms and C8tering Rent, service Charge8 and r81e8 Insurance Power, light and heal Repairs and mainlen8n¢g Postage Telephone and fax Travelling expenses Printing and ¥lalionery Computer internet and Software costs 1,590 1.590 1.590 20.672 1,590 20,672 5,033 5,033 1.676 1,676 31,526 1,657 2,534 31,528 1.657 2,534 25.423 2.080 813 25,423 2,080 813 3,694 10,313 3,694 10.313 2,141 7.770 155 506 1,722 2,141 7,770 155 508 1,722 2,594 2.594 11,909 11,909 11.922 11,922 Independonl examination fee Sundry expenses Subscriptions 88nk charges 3,600 1,005 3.600 1.005 3,600 3,600 215 2,807 215 2,807 2,876 2.878 70,850 7,481 76.231 76,471 6,628 83,099 Analysèd between Charitable aclivilles 70,850 7,481 78,331 76,471 6,628 83.099 12 N•t mov•mont In funds 2023 2022 The net movgmgnt in funds 1$ Siatod after chargingllcredilingl.. Exchange losses Dgprecialion of owned lengible fixed a88els 4,019 2.516 13 Trustees None of the trust885 lor any persons connected with thernl received any r8rnuneration or bonefils during the year. bul 6 of them were reimbursed a total of £2,721 in Iravelling and other expenses 12022- 5 were reirnbursed £2,385). 17-
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEM8ER 2023 14 Employ•es The average monthly number of employees during the year was". 2023 Numbar 2022 Number Employment costs 2023 2022 Wages and 8alarigS Social security CO8ly Other pension eosls 98,210 6,965 2,356 90,534 4,539 2,087 107,531 97,160 There were no employee8 wh08e annual rèmunèration was more than £60,000. 10 Galn• and los••• on Inv••tm•nts Unrg¥trlctod Endowment funds funds 2023 2023 Total Unre•trlctsd Endowmfrnt funds lund• 2022 2022 Total 2023 2022 Gain¥llloss•8I arising on.. Revalualion of inveslrnenls Sale of Investments 42,734 (5,2151 25,426 {3,2151 68,160 18.4601 1208.9781 1126,8871 1335,8451 83,950 51.453 135,403 37,489 22,211 59,700 1125,0281 175,4141 1200,4421 16 Taxatlon The charity is exempl from taxation Dn Its activities beeau$g all its income 15 appligd for tharilab19 purposes. 18-
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Tanglble Ilxed assots Flxturo6 and Ilttlngs & oqulpments C•Mmonl•l Total Cost Al 1 January 2023 Additions 21,120 21.692 15.100 42,812 15.100 At 31 December 2023 21,120 38,792 57.912 D•pr•clatlon and Imp•lm•nt Al 1 January 2023 Depreciation ch8rged In th6 year 12,229 1,590 12.410 2,429 24.839 4.019 At 31 Dècernbgr 2023 13,819 14,839 28,658 Carrylng •mount Al 31 Decgmber 2023 7,301 21,953 29.254 Al 31 December 2022 8,891 9.282 18,173 18 Flx•d •Bs•t InVt•tI Ll8tèd Inv••tm•nts Cost or valuatbon Al 1 January 2023 Addition¥ Nel movements in Gapilal and Sncome accounls Re811sed loss Unrealised gain8 Disposals 1,333,381 934,479 5,619 18,4591 68,159 1581,0781 At 31 Decefnber 2023 1,752,101 Carrylng amount Al 31 December 2023 1,752,101 Al 31 December 2022 1,333.381 Flxed Jsset investfnents r•valu•d Historical cost of the investment is £ 1,686,08912022'. £1,325,408) 19-
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Stocks 2023 2022 Fbnished 9oods and good8 for re88le 17,476 13,643 20 D8btor8 2023 2022 Amounts falllng due wlthln one year: Trade dèbtors Gift Aid lax recover8ble other debtors Prepayment$ and 0rue Income 6,114 9,820 27.325 15.668 4,301 9,182 22,935 6,804 58.727 43,222 21 Cr¢dltor•: amounts falllng due wlthln on¢ yejr 2023 2022 Notè• Credit card balances Other laxalion and social securfty Deferred income Trade creditors Awrug18 5.395 2,807 51,186 4,280 10.836 3,425 29.668 24.382 12,956 22 70,431 74,284 22 D•f•rr•d Incom• 2023 2022 Arising from life & annual Subscriptions 29,888 51,186 Lrfe subscTiplions are apportioned over a 25 year lifg from yoar of recgipl. -20.
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 23 R•tlr•mont bgngfit schemes 2023 2022 Doflned contrlbutlon scheme8 Charge lo profil or loss in respect of defined contribution heMeS 2,356 2,087 The 50ci8ly operates a defined eonlribution pension scheme lor all qualifying employees. The asse15 of tha schemg are held separately from thosé of the soryety in an independently administered fur. 24 Endowmont fund• Endowment fund¥ repre8ent a88e18 1¢h musl bg held permanently by the society. Income arising on the $n¢Jowmenl funds c8n be used in accordance with the objects of the 80Cl8ly and 18 included as unreslriclèd income. Any capltal gains or1088è8 arising on the assets form part ol the fund. At 1 J4nuary 2023 G¥ln8 and losses At31 D•comb•r 2023 Pem)an•nt •ndovm70nts 495,931 22,211 518.142 Prnvlou• ye•r'. At l J•nu•ry 2022 Galn• and 10s8•8 At31 D•c•mb•f 2022 P•rman•nt •ndowmonts 571.345 175.4141 495,931 21
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THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 26 Unrestrlctod funds The unreslricled funds ofthe charity compri$8 the unexpended balances of donations and grants which aro not subject lo specific conditions by donors and grantors as lo how they may be used. These include de8ign8ted funds which have been set aside out of unreslricled funds by the trustees for specifie purposes. At 1 January 2023 Incomlng r•$ourcos Resources oxp•ndod Galns and losses At31 0ocèrnb4r 2023 General funds 855.291 929,143 1330,4531 37,489 1,491,470 Pr•vlous year: At 1 January 2022 In¢omlng re•ourcg8 R•sourceJ oxpended Galns and loss•s At31 09cembgr 2022 General funds 1,039,773 260,539 1319.9931 1125,0281 855,291 27 An•lysl• of n•t a•sots betw••n fund* Unr•¥trlct•d funds 2023 Re•trlctod Endowment fund¥ fund• 2023 2023 Total 2023 At 31 Dgcombor 2023: Tangible asset8 Investments Current asselsllliabililie51 29,254 1,233,959 232,701 29,254 1.752,101 265,960 518,142 33,259 1,495.914 33,259 516,142 2,047,315 Per balance sheet 8al•nce to allg¢ale 1.491.470 14,4441 37,703 4,444 518,142 2,047,315 Unrè$trl¢tod funds 2022 Reslrlcted Endowmènt fund¥ funds 2022 2022 Total 2022 At 31 December 2022.. Tangible assets Inveslmenls Current a$selsllliabililiesl 18,173 837,450 13321 18,173 1,333,381 31,153 495,931 31,485 855,291 31,485 495,931 1.382.707 -24-
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2023 28 Operating le88e commitments At the reporting and dalg the society had outstanding cornmilmenls for fvlure mlnimum lease payments under non-eancellable operating leases, which fall due as follows.. 2023 2022 Ihln one year Been two and five year8 In over five years 15.912 60,768 60.048 15,912 60,768 75,960 136.728 152,640 The operating lease5 represent lease8 to third parties. The18ase8 are negotiated over terms of 10 years. Rolated paty trAnsactlon8 Thtre wèrg no discio8able rglaled party Iran88Ction$ durlng the 12022- nonel Tran•a¢tlon• wlth r•lated partl During tho year the Soaely entered Into the following Iran¥adions with related partieg.. Note 12 to the financial slalemenls 8hows trustees expenses reimbursed, 30 C•sh ggn•ratsd from operatlDns 2023 2022 surplu81ldeh.crtl for the y6ar 684,808 1255,8171 Adjustments for.. Investment ineome recognised in slalemenl of Ilnancial activities Nel gains Illoss65$1 on investments Depreclallon and imp8irmenl of tangible fi'xed assets 138,0651 159,7001 4,019 (43,4531 200,442 2,516 Movements in working capital.. Ilncreasel in slo¢k8 Ilncreasel in debtors Increaselldeereasel In creditor5 IDecr8asellincrease in deferred income 13,8331 115,50SI 11,866 121,5181 11.8511 136.9971 18,4841 4,496 Cash ggngratsd fromllab8orbed by) operatlon¥ 541.872 {139,1481 -25-