Charfty regSgtratlon number 248388 (England and Wales) THE LATIN MASS SOCIETY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE LATIN MASS SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION Tru$t••s Joseph Shaw Ichalmianl Paul Waddinglon (Vioe President) Roger Vvernyss Brooks (Vice PreBtdenl) Paul MaeKinnon ITr8asLJrer ,rtssigned,26 May 2024} Alas¢8ir Toeher I,co-opled as Treasurer, 27 May 20241 Oavid Forster (Secretary) Kevin Jonas Antonia Robinson (from 29 Jun8 20241 Nicholas R05$ Aile8n Seymour Sarah Ward G•n•ral MAnag•r Richgrd Plckett Chirlty numb•r 248388 Prfnclpal addre•s 9 Mallow Street London EC1Y8QR Indopgndent ex•mlner Moorgata Accounlan¢y Servi8 Lld Downsview House 141-143 Slalion Road E8s1 Oxled Surrey RH8 OQE B•nk•rs Barclays 88nk PLC 366 Strand Charing Cros9 London WC2R OJF Soll¢ltor• Hunters 9 New Square Llncoln's Inn London WC2A 3QN Inveslmfrnt advlsors Brewin Dolphln 12 Smithfitsld Streèt London EC1A9LA
THE LATIN MASS SOCIETY CONTENTS Pag• Twslee8' report Stslamènl of 1ru8leé8' re8pon81blli1188 Independent examlnels report Stslemenl of financlal activit4 Balance 8heel 10 Ncle8 Ic* the financlal stalemenl8 12-28
THE LATIN MASS SOCIETY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the y&ar 6nded 31 Dember 2024. The financlal slalgmenis have bgen pr&pafed In accord8nce wllh the accounting pollcles Sel out In nola 1 to the financial slalemenls and comply wilh tha society's conslilulion. th8 Charilitss Act 2011 and 'Accounting and R8POrtlng by Char51ies.' Slalemenl ol Recommended Pfaclice applicable lo charitie5 preparbng their accounts in accordance with the Financlal R8portlng Standard applicablo In th8 UK and Rapublic of Ireland IFRS 1021" leffectiva 1 January 20191. Obl•ctSvo• and actlvlti Thè Society's objectives are= lal 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 mallers pertaining to the lilurgy and lo religious observance. Ibl To promote the regular and Irequènl public celebration ol Hoty Mass. whether as High Mass, Mi$sa Canlala, Dialogue Mass, or Low Mass, and all lawful liturgical offices or Services, In the rile codi118d by tha Council ol Trent in the Latin language and In a form no later than that published in AD 1962. Such Masses are lo bg celebrated by prf8s1s wSlh faculties from a Bishop or SuptrSor In ¢omrnunlon wllh the Holy See and are lo be lawful under the Canon Law ol the Church. Icl To encourage the study. appreciation and use in worship of the tradltional music of the Church and especlally of Gregorlon chant. Idl To worf( for the continued and wlder use In worshlp of the Latin language In the Church's worship, leaehlng and adminislrallon. lel To provlde a means whereby the lally may communicate lo the hl8r8rchy th6Sr needs and deslrés In mallèr8 pertalnlng lo thè forègolng objects. The Society has contsnued lo further IheBe alm$ both dlreclly, through Its own acllvllles, and Indlreclly, through collaborallon and financial support provided lo other bodle5. Th? Iruslegs hav& paid du8 ragard lo guldanc8 15SU8d by the Charlly Commlssion in de¢ldlng what acllviliès Ihg Sociely should unrjertake. The Iruslees confirm that th8y have cornplled with their duly under section 17 01 Tre Charllles Act 2011 to have regard lo publlc benofil guidance published by the Charity Commission. The board has ielerred lo thé guldance contained In the Charity Commlsslon's guldancg on public ben¢fbt And has planned the Society's activities lo avoid the granting ol any private benefit other than a private benefit which Is purely incldental to carrying out the Sodety'8 objective5. The Iruslees believe they have followed the Charlly Commisslon's guldance In this area, The Socioty is committed to onabling as rnany rnembers ol the public a8 possible lo attend Masses in the Extraordinary Form of the Roman Rite. Many of the increasing numbers of Traditional Masses naw offered throughout England and Wales would not hava been possible without the work of the Sociely. Examples of the public benefit resulting from the Society's efforts are detailed und•r tha 'aehi&vements and perforrnance. section of this report.
THE LATIN MASS SOCIETY TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Achi•v•m•nts and pèrformancè The year 2024 was one ol both growth and resilience for the Latin Mass Soclety. In the fac¢ of ongoing challanges regarding the place of the Iradilional liturgy within the broader life of the Catholic Church, the Society remained resolule in 11$ mission.. lo preserve and foster the celebration of the traditional Latin Mass and it5 associaled iiles Ilhe Usus Anliquioil across England and Walès. Whilst recenl legislallon eman8llng from the Holy See has plac9d restriclSons on the celebration ol the Iradilltsnal Latin Liturgy, the overall iTllpact of this in England and Wale5 has, lo dalè, bèen 16ss severe than many had feared. Acro55 the country, clergy have continued lo oller the traditional riles. with the sUPPOrt-explicil or implicit of most bishops. Nonetheless, some significant limitations have emerged. In the Diocese of Weslmlnsler, lor èxamplè, Cardinal Vinnt Nichols declined permission in 2024 lor tha biannual Solemn Masses al Weslmlnslei Calh¢dra Masses which had been celebrated since the original Heenan Indull and for the celebration of the Sacred Triduum HI Sl Mary Moorf181ds. While most existing cel6bralions have been allowed to conlinue, sornelimes pending clarillcalion Irom Rome, èstablishing new celebrations has becomè increasingly difficutt. In addition, new clergy assignrnenls are beglnning lo erode previously stable provislon for the traditional liturgy. Agalnsl Ihis backdrop, the LMS has continued lo mount a robust delenc8 ol the traditional Lalbn Ma88, not only through advocacy bul also through education and practlcal support. The summer saw a leller published in The rimes which was orchestrated by LMS Patron Sir James Macmillan,. 48 promlnenl figures from British national life appealed to the Holy Father to preserve the traditional Latin Mas5. The Soclely held 8 dlnner In Ihelr honour In Sep19mb&r. En¢ouraglngly, interest in the Iradlllon81 Lalln M858 conlSnues to grow, partlcularly among ytsung people and familie5. Many regions have seen an incrèase in allendance, wSlh som& are3$ gxperigncing notable vilalily. The Society's annual walking pilgrimage Irorn Ely lo Walsingham was a slèndoul 8uccess, wilh a rgcord 230 pll9rirns mo81 of them younTrpartlclp81ing throughout Ihrge d8y5 and morg than 600 people presenl for the final Hlgh Mass and Pro¢èsslon In Walsingham. Tho SocSely'$ edu¢allonal and cultural outreach has also continued apace. Mass ol Ages, the Society's quarterly magazine, r8m8ins centr81 lo our communlcalion strategy, reaching members directly and bein9 distributed through 8rounrl 150 churches. Our digital prasence further amplifies thi5 mission and message. In 2024, the Soclety supported the Sl Catherfne'$ Tw$1 Summer School, which prOdeS chlldren and young peoplg with a lormation grounded in the traditional liturgy. 118180 conlribuled lo Cambrldge University'5 Margaret Beaufort Instilule's publication of Towards a Theology of Catholic Experiences of the Llturgy and hosted the book launch olA Defence ol Monarchy.. Cathollcs under a Protestant King al the Lor)don Oratory. Together with the Internalional Federallon Una Voce IFIUVI11 funded the forthcoming publication of Th8 Latin Mass and the Inlellecluals in Gerrnan and Italian editions. A progTamrre ol lola Unum Talks look place in London and was made available via podcast. Tho SocIets afflllate bodles continue lo augment ils work. The Soulhwell Consort and Houghlon Schola provided weekly music for Sung Mass at Corpus Chrisli, Maiden Lane, including programmes ol Franco.Flemistt and Venellan renaissance polyphony. The Society of Sl Tarcisius held setvei Iraining days. Tha Guild of Sl Clare eslablished new chapters and awarded Ihroo bursaries for the Royal School of Needlework'5 Certificate Course. The Sodality of St Augustine held its annual Mass in the summer. Grants weTe made lo the Friend5 ol the Immaculate Heart Sisters (Marian Franciscan518nd the Inslilule of Christ the King Sovereign Priest lor ils House ol Discernment al Preston. The Society continued 118 SUPPOrt ol Juvenlulem London. The SorAety also paid lor the music al sung R&qul&m Masses held for Ihe Catholic Polic? Guild and the Catholic Military Association.
THE LATIN MASS SOCIETY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Society held a special appeal for seminarians training lor the priÈ51hood within traditional Institutes. Over the course of the year, the So¢iely provifjed financial support lo ten seminarialls. Legacies remain the berlrock of the Sodely's long-lerm financlal stability. Thanks to generous bequests, our Investments exceed8d £2 million for the first time. A legacy appeal was induded In the autumn issue ol Mass of Ag8s. Th8 Stsciety 1$ gratef1 to its deceased benefactors and wishes lo acknowlèdg8 in particular Joan Dixon, Helen Jimack. and Graham Wilding, whos& Blgnifieant legBci8s were realised in 2024. All bentrf8¢lors are remembered al a weekly Ma8s. and deceasad benefactors are eornmomoralad especially al th8 Society's annual Solernn Requiem Mass each November. Thè LMS Online Shop contlnues lo provSde Catholic books and devolional resources. ln 2024, Ihe shop fulfilled 1,670 older5. The Society published the LMS Ordo and the FIUV Ordo for the year, alonuslde Ils Charity Calendar. Chrfslmas cards, and other printed malarlals. Susl8Snlng a stable and eng8ged membershlp base remaln5 a priority for the Iruslees. Llke many volurilary organisalions. the Soclety laces the challenge of member r818nlion. In 2024. we slreamlinerl m8mbership cal&gories and launched a new online membership syslern wllh the ability lo sel up Oirecl Debil subscriptions, Including aulom811c renewals. Th1$ was accompanied by the first phase ol a mernbarshlp campaign. whlch included advertising In national and C8lholic publicallons such as The Speclalor, The Tablet, The Catholic Herald, and The Oldie, as well as targeled dlgilal rnedla. As a result, membership numbers have slabili5ed, and further phases ol the campaSgn are planned lor 2025. We also Introduced a free 'Supportor' category lo broaden our ongagemenl. The Iruslees gre gr8lelul lo the Soclely's neork of over 50 Loc81 Represenlalivgs and other volunteer5 who make Ils work possible. They also wish lo pul on rgcord their gralilude lo the Society's staff. Addrtlonal Inllialivos and gvenl¥ throughout the year. such as our national pllgrlmage lo the 5hrSn& of Sl John Henry Nowman at the Birmin9ham Oratory. underlined the Society'3 commitment lo preserving the 5pirilual, thèological, and Curtural rlcttne88 ol the Iradlllonal Roman Rlte. 2025 will wllness the Soclely's slxtlelh anniversary and plèns have been made lo mark Ihls Importonl momanl In the Society's hi81tsry.
THE LATIN MASS SOCIETY TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review The Society's inv8stm8nts havè incrèasad by 15Qh lo £2,012,337 12023., £ 1,752,101. During the year 8n additional £190,000 12023..£450.0001 was invested wllh Bfewin Dolphin. The Society overall incorne ha5 decreased by 62Q/¢ 10 £358,70212023." £ 948,2001 due to the re¢&ipl of few81 lègacies compar8d to previous year. During the year the So¢iely received overall legacies of £175,753 12023 .' £760.543). The expenditure has increased by 19/. 10 £408,601 12023,. £343,292) due to increases in wages and additional staff and other iunning costs. The deficit (before th8 n81 inv8slmanl gain I was £49,899 12023,. surplus £ 604.9081. The net gain$ from the invèstmonl revaluallon w6r8 £149,058 12023.. loss of £59,700>. The nel Current assets ware £97,52912023.' £265,960). Thè aims of Ihfr Society's Investment Policy are lo ensure that the Society derive5 a 5811s18dory level of income from 115 funds whi181 minitnising the p0581billly of cash flow problems, 8ignifi¢anl financial 1055 or unethical Investment decSsion$. The SocSely hold8 a number of reslrlcted funds, whlch are Ilsled al Note 25. The Iru51ees aim lo maintain a minirnum of £170,000 In dlslrlbulablg funds lo fund ongoing costs and office staff obligallons, matching governance c051s and magazine and publi¢lty expenses expected lo arise in the next twelvg months. 1115 the poliw of the Society that unfeslricled lund8, whlch have not been design81gd for a specific use, should be malnlalned al a level equlvalenl lo boen three and Six month's expenditure. The Iruslees consider that reserves al Ihls level will ensure that, in the event ol a Significant drop in funding, they will be able lo conlbnue the Society's current activlties whilst consideration is given lo ways Sn whlch addlllonal funds may be rgl$ed. Thls levgl of reserves has b8gn maintainad throughout Ihg year. Part of the Soclely'$ Investment holdlng 1$ al rfsk lo movements In equlty values. Thè Comm11199 has accepl8d a rredium level ol risk in pursuing rt$ objective of improving income and oblainlng modest pital growth. The Iruslèes has as8t$sèd thè major rf8k$ lo whl¢h the Society Is exp08ed, and arg satisfied that system$ are in place lo rniligalo exposur8 lo Ihe rnalor risk5.
THE LATIN MASS SOCIETY TRUSTEES, REPORT (CONTINUED> FOR THE YEAR ENDED 31 DECEM8ER 2024 Struttur•i gov•rnane• and managèmènt The Society is an unincorporated charitable associalion. Ils chief object is the promotion of the Tr8diliono1 Roman Rite of Mas$ as codified by the Gguncil ol Trent and In a fomi no later than that published in 1962. The Society is govemed by a Commilte8. who are ils Trustees. They determlne slrateglc and pollcy Is5ue5. Cornmille8 members lolhel than the Vice•Presidenls, who aTe nomlnalad by the Commltleel are elgc¢8d by tha m8mb8rship. Thoso holding offic& during the y&ar were as follows.. Jos8ph Shaw Ichalrrnanl Paul Waddinglon Ivice Pre$ldent} Roger Wemyss Brooks Ivlce Pr&sidenll Paul M8cKinnon (Treasurèr, resS9ned,26 May 20241 Ala8lalr Tocher Ico-opled 88 Tre8surgr, 27 May 20241 Davld F0151er IS8crglaryl Kevin Jone8 Anlonia Robinson (from 29 Jun8 20241 Nlchol88 Ross Aileen Seymour Sarah Ward None of the Iruslees has any benefidal Interest In the Latln Mas6 Soclely. All ol the Irusloes or8 mèrnbers ol the Society. Th9 Commltte8 1$ supported by a network of loe*l rèpregenlalives throughout England and Wales, and by small pefmanenl office Staff under the18adershlp of th8 General Manager. The Genèr81 Man8gerf8 post Is o¢¢uplgd by Rlchard Plckett. Thg Comrn1tt98 wishes lo rgcord ils Ihankg lo these individua15 lor the excellent work that they carry out on behalf of the Society. No Irusleè, commillee momber or local r&pre8enlalive rgceived any form ol remuneration during the year for hls or her voluntary service lo the Sodety. The Iruslegs, report was approvgd by the Board ol TNslees. v-,J A,,t25 J Shaw {Chalmanl Trusts• David For51er (Secretary) Tfu$te• Dale.. 2410612025....................................... Dot8.' 2410612025... ..
THE LATIN MASS SOCIETY STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Th8 trustee$ are responsible for preparing the Truslee5' Report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounllng Pracucel. The law 8ppIIc8ble lo charities In England and Wales require8 the Iruslees lo prepare finanaal slalemenls for each financial year which give a true and fair vlew of the 51ale of affairs of the sodety and of the Incornlng r8Bourc85 anij application ol resour5 of the society for that year. In praparlng thèsè financial slat8ments, Ihe trus18ès arè requlrèd lo.. select suitable accounting policie8 and then apply them con51slenlly: observa the methods and principlas in Ihg Charitios SORP.. make judgements and èstimatès that ar8 r&asonabl& and prudenl.. $1818 whether appllcable 8¢counling $18nd8rds have been followed, subjed lo any m91erto1 depgrture$ disclosed and explained in the flnancial slaternen15', and prepai8 th8 financial 3lalemenl8 on the golng concèm baBIS unle88 tt 18 Inapproprlate lo presume Ihgt the ohorily wlll continue In operallon. The Iru$te83 are responsible lor keeplng $uffl¢ienl accounting records that disclose with reasonable accuracy at any Ilm8 the financlal position of the soclely and enable them lo en5uie that the financial statements comply with the Charities Acl 2011, the Charity (Accounts and Report51 Regulations 2008 and the provlslon$ ol the trust dèed. They are also responsible lor sgfeguarding tho a$$¢ls ol the Sooiely and hence for taking reasonablè steps for the prevgnllon and delecllon ol fraud and olher Irregularille5,
THE LATIN MASS SOCIETY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LATIN MASS SOCIETY I report to the trustèes on my èxamination of thè ffinÈncial slatÈm8nls of THE LATIN MASS SOCIETY (the socielyl for Ihe year ended 31 Decerllber 2024. Responsibilitie5 and basls of report As tha Irusleès of thè society you ale responsible for the preparation of the financial slalemen15 in 8ccord8ncg with the requlrernenls ol the Charslles Act 2011. I report in respect of my examination of the society's linandal slalemenls carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directlons given by th8 Charlly Commlsslon nder section 14515llbl of the 2011 Act. Indepttndent examlnorfs statgmgnt Since the soelely'8 gro88 incorlle exeeedad £250,000 your examSner musl be a membef ol a body li$led In section 145 01 the 2011 Act. I confirrn Ihal l am qualified lo underlake the examlnallon because l am a member of ICAEW which 18 one of the listed bodies. Your allenlion is drawn lo the fact Ihal Ihe charlly has prepared finan¢lal slal?m8nls In accordance with Accounting and Reporting by ChaTllies preparing their account8 in a¢eordance wllh th8 Flnanclal Reporting Slandard applicable In the UK and Republic gf Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charllies.. Statement ol Recommended Pr8clice issued on 1 April 2005 which is r&ferred lo in Ihe exlant regulations bul has now been wllhdrawn. l understand Ihal thi5 has been d¢ne in order for flnancial slalernenl8 lo provide a true and fair vigw in accordance wllh Gengrally Accepted Accounllng Pracllce gffgcllve for reporting periods beglnning on or after 1 January 2015. I have completed my examlnallon. I conflrm that no m811eis have coma lo my altentlon in connecllon wllh the èxaminaliorn giving me eause lo believe that in any material respect, accounting records W8r8 not kept In respect of the so¢lely as requSred by seclSon 130 of Ihe CharllSes Act 2011. the financlal Slalemenls do not accord wllh Ihose records.. or th& flnan¢ial $18lemenlg do not comply with th& opplicablg raquSrgmonts concernlng the form and conl8nl of financlal 81alemenl8 sel out in Ihe Charflie8 (Accounls and Reporlsl Regulations 2008 other than any requirernent that the financial 8lalemenls give a true 8nd falr viw, whlch 1$ not 8 matter con3idered ag part of an Independent examinatlon. I have no ¢oncerns and havg corng across no other matters in connèdlon wllh the èxamination to whlch attention should be drawn this report In or r to onable a proper underslandlng of Ihe financial slalements lo be reached. Slgned Peter Seed FCA MoorgBt8 Accountancy Lld Downsview House 141-143 Slalion Road Ea$1 Oxled Suirey RH8 OQE Daled..
Qi O rV)r C* X Ibl
THE LATIN MASS SOCIETY BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Nots$ Flxed a$Bets Tangible a55elb Investments 17 74,474 2,012,337 29,254 1,752,101 2,066,811 1.781.355 Curront ass•ts Stocks D&blors Cash al bank and in hand 19 20 29,424 67,580 86,523 17,478 58,727 260,188 183,527 336,391 Credltor¥: amount¥ lalllng du• wlthln one year 21 185,9981 170,4311 N•t ¢urr•nt a•••t• 97,S29 265,980 Total a••ot• l••1 current Ilabllltl•8 2,184,340 2,047.315 Net a8••ts •x¢ludlng pen•lon Il&blllty 2,1B4,340 2,047,315 Th• fund• ofth• •ocl•ty Endowment funds R83trfcted Income funds Unrestdcled funds 24 26 518.142 29,273 1,638,925 518.142 37,703 1,491,470 2,184,340 2,047,315 Thg fln8ncl818t8temenls were approved by the tru8lee$ on 2410612025.. -,J A,,tR5 J Shaw Ichaimian) Tru•tg• David Forslar Isecrelaryi Tru¥ts• 10-
THE LATIN MASS SOCIETY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Not Cash flows from operating a¢tlvltlo¥ Cash (absorbed byllgeneraled from OP8rallon8 30 195,9561 541,872 Investing actlvltl•s Purchase of tan9ible fixed assets Pur¢ha$e of investments Pro¢eed5 from disposal ol Inv95lmgnls Invaslmenl Incomè received 18,1731 1873,6801 750,919 53,225 115,1001 {934,4791 581,078 38,065 Net G••h usod In Inv••tlng actlvltle• 177,7091 1330,4381 N•t ci•h u••d In flnanclng a¢tlvllle• Net Idocre•¥•lllncr•ai• In cash and ¢••h oqulvolents 1173,8851 211,438 Cash and cash equlvalen18 al beginnlng Df year 260.188 48,752 Calh and ¢•¥h •qulval•nts It end of y•ir 86.523 260,188 11
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Aecountlng pollci•s Charfty Informatlon THE LATIN MASS SOCIETY 18 8 Charily registered in England and Walfjs No. 248388. 1.1 A¢¢ountlng ¢onvèntlon The financial statements have been prepared in accordance with the 50ciely's conslilulion, the Charities Act 2011. FRS 102 "The Financlal Reporting Standard applicable in the UK and Republic ol Ireland" l FRS 102.1 nd the ChariliÈs SORP Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charllles prep8rlng their accounts In accordance wllh the Finandal Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021" lèffaetiv• 1 January 2019}. The society is a Public Benefit Enlily gs d&fined by FRS 102. The financial slalemen15 have departed from the Charities IAc¢ount$ and Report51 Regulallons 2008 only to the exlenl requirèd to provide A true and fair view. Thi3 departure has involved following the Stalernenl of Recornrn8nded Practlce for charilles applylng FRS 102 rather than the version of Ihg Slalemenl of Re¢omrnended Pra¢ti¢e whlch is fef&rred lo in tho Règulalions bul which has since been withdrawn. The financlal slalemenls are prepared in slerting, which is the functlonal currency of the society. Monetary amounts in these financial slalemenls are rounded to the nearest £. The financial $181gm9nts have been prepared under the hislori¢al cost convèntion, Imodified lo include tho revaluation of freehold properlles and lo include investment propertl88 and certaln Ilnancial inslrurnenls al fair valuel. The prlnclpal 8ccounllng polid8s adopled are sel OLJI below. 1.2 Qolng conc•m Al the Ilme ol apprtsvSng the financlal statèrnenls. the Iruslees have a reasonable expectation that the soclely has adequate resource5 to conllnue cperallonal exislence for the loreseeable lulure. Thus the trustees conllnue lo adopt the going ccncern basi5 of accounllng In preparing th8 financial slalemenls. 1.3 Ch*rliabl• fund• Unreslrlcted funds are avallgblg for u50 al Ihe diBcrellon of the Iruslees In fvrtheran¢e tsf their ¢h8rltabl objectives. Reslrlcled lunds are sublecl to sp8cific conditions by donois or grAntors as to how they rnay be u$eil. The purposes and use8 of the reslricltrd fun¢Js are set out in the note5 to the financlal statements. Endowment funds are subject lo speclfic conditions by donors that the capital musl b8 maintained by Ih society. 1.4 Incom• Income Is recogn5s9d when the soclèly Is legally enlttled to It aftgr any performance ¢ondllion$ havg been rnel, the amounts can bg megsurgd reliably, and il Is probabl? that income will be received. CAsh don8tlons are recognised on receipt. Other donation5 are recognised once the soclely has been notified ol the donation, unlèss performance conditions requir@ deferral of the amount. Income lax recoverable in relation lo donallons recelved under Grft Aid or deeds of covenant Is recognised al the Ilme of the donation. Legaaes are recogni5ed on receipt or otherwise if the sodely has been notified of an impendlng dislrlbulS0n. the amount is known. and re¢eipl Is expeclad. If the amount is not known, thg legacy is Irealed a5 0 conlingenl asset. 12-
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles IContlnu•dl 1.$ Exp•ndllurg Expenditure 18 recoynlsed once there Is a legal or ¢onstru¢tiv& obligation lo Iransler gconomic benefil lo a Ihiid party,11 is probable that a transfer of economlc benèfits will be requirèd in setllernenl. and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs ol each aclivity are made up of thè lolal ol dlr6Ct costs and Shared c0515. including SLJPPOrt cos18 involved in undertaking each activity. Oirecl costs allribulable lo a 8lnule aclivlly are allocated dlrtctty lo that acllvily. Shared ¢o$ts which contribute lo more than one activity and 5UPPOrt costs which are not allributable lo a single activity ale apptsrtiontsd b¢lween Ihosa activities on a basis consi$lent with the use ol resources. Central staff costs are allo¢aled on the basis ol time spent, and dapreclalion charges ar8 alloca18d on th& portion of Ihe assel's use. 1.6 TangSble Ilx•d a•••ts Tangible lixed ass81s are initially meBsured al co31 and subsequently measured al cost or valuallon. nel of depigdplion and any impairrnonl lo$s&$. Depreclalion15 recogniseij so 88 lo wrlte off the cost or valuation of ossels less their resldual v8lue8 Ovgr their Useful IIv86 on the followlng bases.. Fixtures and filllngs & equSpmenl8 Cerernonial asset3 Vtslmenls Herllage A$s818 100A Reduclng Balance 1¢h Slraighl Line Straight Line No Depreciation The galn or10sg arfsing on the dlsposBI ol an asset 15 determined a5 Ihe difference between Ihg Sale proc88ds and the carrylng value of the asset, and is fecognised in the slalemenl of financial aclivilies. Herltage Asyet5 Iwhlch meet the ttilerla gel out Sn the SORPI wlll bg revalued on an annual bas15 and will not bg depreaated 1.7 Flx•d aBs•t Inv•8tment8 Flxed asset Investments are Inltlalty measured al Iransacllon p¢lca èxcluding Iran$actlon c051s, and are subsequently m6asured al lalr value al each réporting dale. Changes in fair value ore rgcognis8d in n81 incornelloxpendilurel loi the year. Transaction cosls are expensad as incurred. 1.8 Impglmiont of flxed asset# Al each reporting end dale, the society reviews the carrylng amounts of its tangible assets lo delermlne whether there is any indication that those assets have suffered an imp8irmonl loss. 11 any such indication exists, the recoverable 8mount ol the assat is estimated in order lo determine the extent of th8 impairmenl 1055 Irf any). 1.9 Stock¥ Slo¢ks are statèd al the lower of cost and eslimaled selling price less costs to complete and sell. Cosl comprises dlrect malerials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks lo IhoSr present location and condition. Ilems held for distribution al no or nominal consideration are measured the lower of replacement oosl and cost. Nel realisable valuo 1$ the estimated selling price less 811 estimated costs ol cornplelion and costs to bè incurred in marketing, selling and distribution. 13
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnugdl 1.10 Cash and ¢a¥h •qulvalonts Cash an¢J cash equivalenls include cash in hand, deposits held al call with banks, other 8hort-leim liquid invèstmènts with original maturities ol thre? months or less, and bank overdrafts. Bank overdr8ft3 are shi)wn wilhln borrowlngs in current Ilabililie8. 1.11 Flnan¢l•l Instruments The society has elected to apply the provisions of Section 11 '6asic Financlal Inslrumenls, and Soction 12 'Other Flnancial Instruments Issues, ol FRS 102 lo all of ils financial inslrurnenls. Financial inslrumènls are re¢ognlsed In the soc1è15 balance sheet when the society become$ party lo thé contra¢tual provislons of the inslrumenl. Flnanclal 88sels and liabllilles are offset, with the nel amounts presented In the financ4al s18lemenls, when there Is alegally enforceable right10 581 off the recognlsad arrounls and ther915 on inlenlbon lo sellle on 3 nel basis or lo realise Ihe asset and selue thè Ilabilily simultaneou5ty. Baslr flnanclal asJets B88lc fin8ncl81 a35819, whlch Includ& dabtors and cash and bank balances, are inlliplly meBsur*d al transaction prictt including Iransaclion costs and are sub8equenlly carried al amorlised cost using the effective interest method unless the arrangement consliluleg a flnanclng Irans8Ction, where the transaction 1$ rneasurgd al Iho present value gf the future rec8Spls discounted al a market ral& ol interest. Flnancial asset$ classifled 98 reiv?b1e within one year are not amortlsed. B•$l¢ Iln•n¢lal Ilabllitl•$ Baslc financial liabl111ies. includlng credllors and bank loans are Inillally recognised al transaction prfce unless Ihe arrangement conslilules a financing Iransacllon, where the debt instrument is rnea8ured al the pre$enl value of the lutur6 pgyments dlscounled al a market rale of Intere81. Financ181 Ilablllllg8 dassSh8d 85 payable within ona year are not amortlS8d. Debt in8lrumen18 ar6 8ubsequenlly carrled al amortlsed cost, uslng th8 effective Interest rate method. Trade creditors are obllgalions lo pay lor goods or services that havg been acqulred in the ordlnary course of operations from supplier5. Arnounls payable are classified a$ curr&nt liabilities if payment Is due within ona year Ctr le$$. If not, they are pr88ented as non.currenl Ilabilllie3. Trade credllors are recognlsed Snilially al Iransacllon pM¢e and subsequenlly measured al amortised cost using the effective interest rnelhod. D•recognlllon of Iln4nclal Ilabllltles Financial liabilities are derecognised when the sociely'5 conlr8cIu81 obligations explre or are diKharged or cancelled. 1.12 Employee beneflts The cost o)f any unused holiday entitlement is recognised in the period In whS¢h the employee's seNice8 are received. Termlnatlon benefits are recognlsed immediately as an expense wh8n Ihe society Is demonstrably committed lo lemilnale Ihé amployment of an employee or lo prowde lerminallon ben¢fil$. 1.13 Retlremenl beneffts Payments to defined conlrtbullon rellr&menl benefrt schemes are Charged as an expensè as they fall due. 14-
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Critical aceountinu •stimato8 and judg•m•nts In the application of the sorAety'5 accounting policies, the Iru51ees are required lo make judgemènts, 8slimales nd assumptions about the carrying amount of assets and liabili1185 that are not readlly apparent Irom other sources. The estirnales and associated assumptions are based on historical experience and other laclors that are consid&red lo bo relevant. Actual results may drffer from these eslimales. The eslimales and underlylng a55umplions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate 15 revised where the rev181on 8ffecl$ only that period, or In the peiiod of the rev15ion gnd lulure pgriods wher8 the revislon affeds both current and lulure perlods. Don•tlon4 and l•gacl Unr•¥trlctsd Rt8trl¢t•d funds funds Total Unre8trioled fijnds Rostrtctod funds Tolal 2024 2024 2024 2023 2023 2023 Donallon8 and gift8 Legacie8 recelvable 48,093 175,754 24.447 72,540 175,754 62.902 760.543 19,057 81,959 760,543 223,847 24,447 248,294 B23.445 19,057 842.502 15
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THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 In¢om• from oth•r tradlng activities Unro8tricted Unr#strfcied nds lund8 2024 2023 Not morchandise incorne 8,997 12.062 Incom• from Invo¥tmonts UnrtrICtod Unro•trlcted lunds funds 2024 2023 Income frorn li3led inve8tmen15 53,225 38,065 Other Incom• Unrostrlcted Unre8lrS¢ted fund• funds 2024 2023 Othèr Income Mapazlne Income 8,273 4,817 8,880 3,308 13,090 10,188 Ralslng fund# Unr•strlcted Unreslricled fundi lunds 2024 2023 M8g8zing and publicity expenses Editor feas Advertising 16.868 15.348 15,645 9,534 M898zlne and publicity expenses 32,216 25,179 Gr05s up of expensas Magazine prinllng and distribution 27.327 29,061 nv tment na 12,047 9,044 71,590 83,284 17
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THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Granls payablè 2024 6,000 2,400 4,000 2023 17.200 Immaculatg Heart Si$lers ICKSP- House of Discernment Sl Ggtherine's Trust Chavagn85 Inlernlional College LalinTutk)n (Matthew Spencer} Juvanlulom Translation 'Lalin Mas$ and Ihe Inl8llecluals' Soclety ol Sl Tarcisius Chartres Pilgrlmage Bursarl88 M Beaufort Inslllule Other grants 4,000 1,000 4,968 1,793 720 3,199 3,119 1.359 700 210 500 600 914 22,411 30.271 Dlr•¢t ¢harStabl• 0Xn••• The8e are grants lo assoGialed enlilles ass1311ng wllh the Ir8dllional Latin Ma3B and as8ocSal8d activi11o$. 11 Support co$t• Support Governance costs oBt8 2024Support ¢o$ls Govemane8 C0318 2023 Depreclallon Hlro ol rooms and catèring Rent, servlce charges ond rates Insurance Power, light and heal Repair8 and maintenancè Postago Prfntin9 and slalSonery Computer inlernèl and software co$ls 1,057 1,057 1.590 1,590 2.470 2,470 5.033 5,033 38,758 1,761 1,69 38,758 1,761 1,690 31,526 1,657 2,534 31,528 1,657 2,534 3,369 10,638 2,531 3.369 10.638 2,531 3,694 10,313 2,594 3,894 10,313 2,594 27,354 30.838 11,909 11,909 Independenl 8xaminalion fee Sundry expenses Bank charges 3,600 1.332 3,484 3,600 1,332 3,484 3,600 1,005 2,876 3.600 1.005 2,876 101,e75 8.416 98,044 70,850 7,481 78,331 Analy5ed between Charitable acliwlies 89,628 8,416 98,044 70,850 7,481 78,331 19-
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 N•t mov•ment in fund• 2024 2023 Tho n8t movefflenl In ftjnds Is slated aft&r charging1{cr6dilingl'. Inves1rn8nl Man89emenl feo Independent examingtion & a)unIS preparallon lee linc VAT) Depreciation ol owned tangible ffx8d a8sel8 12.047 3.600 1,057 9,044 3,600 4,019 13 Trustse¥ None of the Iruslees lor any persons connected wllh them} recelvad any remuneration or beneflls during the year, bul 8 01 Ihern were reimbursed a total of £8.724 in Iravelllng and other expenses12023.' 6 Irusleas were reimbursgd £2,721). 14 Employ••• Th8 averag8 monthly number of gmployg98 during Ihe year was.. 2024 Numb•r 2023 Number Employmont ¢o•t• 2024 2023 W8ga5 and $alari08 Social security costs Other p8n5ion costs 113,708 3,127 2,871 99.514 6,965 2,356 119.508 108,835 TheTè wore no employ88s whose annual remunerallon was more than £60,000. 15 Galns ind108iei on Inv•$tm•nts Unt•strlcted Endowmtnl funds funds 2024 2024 Total Unrejtrictsd Endowment funds lund¥ 2023 2023 Total 2024 2023 GalnslllosBe31 ar6slng on.. Revaluation of Invèslmenls Sale of Snv8slmenl8 143,119 5,939 143,119 5.939 42,734 15.2451 25,426 13,21S1 68,160 18,4601 149.058 149.058 37,489 22,211 59,700 -20-
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 16 Toxation Th8 charity 15 gX8mpl from laxalion on 11$ actimlios becaus8 all ils income is applied for charitable purposes. 17 Tanglblo fixed a3??ts Flxturgj •nd ¢•r•monlil fltdncs & •qulpmontJ Vo•lm¢ni• Horltaqo Total Colt or valuatlon Al 1 January 2024 AddSllon8 R&valu811on 21,120 2,637 1,109 844 9,488 9,634 2e,049 4,892 12,751 57,912 8,173 23,265 1,048 Al 31 D8cembèr 2024 23,757 11,221 10,680 43,692 89,350 Depreclatlon and Impalrnient Al 1 January 2024 D6pr8clallon charged In Ihg year Rev8luallon 13,819 1,057 087 7,436 6,738 28,658 1,057 114.8391 16871 17,438} 16,73ei Al 31 Decèmbèr 2024 14,878 14,876 C4rrylng amount Al 31 Do¢¢mber 2024 8,881 11,221 10,680 43,692 74,474 Al 31 De¢amber 2023 7,301 442 2,198 19,313 29,254 The 80clety condueled a ravaluation ol its Assets during Ihe period, r88ulling In the Incr&a$ed valu8 01 Tangiblg As$el$ shown on the Balanco Shèal. 11 was daterrnined ihal some of Ih8se 888els m881 th6 crileria lor Herllage Assets sal out in the SORP IFRS 1021. Herltage Assets will be revalued on an annual basis and will not be depreclaled. 21
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Flx•d as8•t Inv•stmgnts Llst•d Investments Cost or valuatlon At 1 January 2024 Additions Nel movements In Fund8 Accoun18 Reali$8d loss Unrealised gains Dlsposals 1,752,101 873,680 110.4471 14,848 133.074 (750,9191 Al 31 December 2024 2,012,337 Carryln9 omounl Al 31 December 2024 2,012,337 Al 31 Dacomber 2023 1,752,101 Flxtd a¥••t Inve•tmgnts rgv•lu•d The market value of the Inveslmgnt was £2.012,337 12023.. £1,752,101) Thg C0510l the investment was £1,832,752 12023., £1.686,0891 19 Sto¢k• 2024 2023 Flnl$h8d goods and goods for resale 29,424 17,478 20 Debtor• 2024 2023 Amounts falllng due wlthln on• yo•r: Trade debtors GrfIAid lax recoverable Olher debtors Prepayments and aoGrued income 7.940 14,869 30,293 14,478 8,114 9,fj20 27.325 15.668 67,580 58.727 -22-
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 21 CredIto. amounts falllng duo wlthln on9 y•ar 2024 2023 Notgs Other laxallon and social security D8farr8d income Trade creditors Olhgr creditors AGGruals 2.999 53,481 15,184 2,508 11,848 3,425 29,668 24,382 22 12,958 85,998 70.431 22 0gl•rrgd Incomg 2024 2023 ArlsSng from lifo & annual 8ub8¢rSpllonJ 53,481 29,668 Llfe 5ubscrlpllons are apporuoned over a 25 year Ill? trom y8ar of receipl18eè Note 41. 23 Retlr•m•nt b•n•fit schemei 2024 2023 Dgfingd contrfbutlon •¢hemos Ghafga to profil or loss in resped of definod ¢onlribulion schemes 2,671 2,358 The society opeTales a d8fined contribution pension scheme for all qualifylng employees. The assets of the Scheme arg held separatèly from those of the society in an independenlly administered fund. 23-
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Endowmènt fvnds Endowment funds represent a5se15 which rnusl b* hald pemianenlly by the soclely. Income arising on the endowment funds can be used in accordance wllh the objects of the society 8nd is included as unrestricted income. Tha Endowment Fund was ¢rgat8d at the discrellon of the Trustees, and there are no known reslrictsons on the Fund arising from legacies or other gifts. At 1 January 2024 Galn$ and At31 Docember 2024 P•mian•nt •ndowmont• 518,142 518,142 Pr•vlou• y•ar'. At l J•nuary 2023 Galn• and lo••e$ At31 DeGomber 2023 P•mMn•nt •ndowm•nt• 495.931 22,211 518,142 24-
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THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 26 Unrestrictsd fund$ The unrestricted fund5 of the charity ¢omprise the unexpended b8lan¢es of donations and grants which are not Subject lo speclfic condS1ions by donors and grantors as to how they may be used. These include designal8d funds which have been Sel aslde out of unreslrlctad lunds by the Iruslees ftsr specific purp08e8. At 1 January 2024 Incomlng resources R•sourco$ expendèd Galns and losses At31 De¢emb¥r 2024 General funds Revaluallon res88 1,491,471 334.255 1375,7241 149,056 37.866 1.599.059 37,866 Pr•vlou• Ar. At 1 J•nu•ry 2023 Ineomlng r•$ourceg Rè•ourc•s •xptrnd•d Galns 108s•• At31 D¢¢•mber 2023 General funds 855,291 929,143 (330.4531 37,489 1,491,470 27 An*ly818 ol n•t •$$ets be0n funds Unr¢•trlct•d funds 2024 R•8trlcted Endowm•nt funds fund# 2024 2024 Totsl 2024 At 31 De¢•mbor 2024.. Tangible assets Inve8lmenls Current assetsllllabilities) 74,474 1,494,195 68,133 74,474 2,012,337 97,529 518,142 31.396 1,634,802 31,396 518,142 2.164,340 Per balance sheet Ba14nce to allocale 1.e38,925 2.123 29,273 12,123) 518,142 2.184.340 Unrestrlcted fund$ 2023 Re•trlctod Endowment funds lunds 2023 2023 Total Z023 At 31 Dg¢ember 2023: Tangible assets Investments Currgnl as5elsllliabilibes} 29.254 1,233,959 228,257 29,254 1,752,101 265,960 518.142 37,703 1.491.470 37.703 518.142 2,047,315 -27-
THE LATIN MASS SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 28 Operating laase commitments Le8Beo Al the reportlng end dale the society had oulslanding commilmenl$ for future mlnlmum laase payments undèr non<ancellable operalln918ases. which fall due as follows.. 2024 2023 Wllhln one year Between two and flve yaars In over fivè year8 32,272 161.382 32,272 32,272 161,362 64,545 225,906 258,179 The operallng lèa88S fepresenl lease$ lo third parties. Th8 leasès Are negolialed over lerrn$ of 10 years. 29 Relit•d party nIaCtIOnS There were no disclos8ble related party Iran5acllon8 durlng Ihg year 12023- none) 20 Ci¥h g•n•ratsd from oporat5on• 2024 2023 Surplus for the year 99.159 64,808 Adjuslmenls for.. Investment incorne recognised In 81at8menl of financial actlvlligs Galn on disposal ol inve$lmenls Depreclalion and impairment of tangiblè fixed ass&ls 153,2251 1149,0581 1,057 138,0651 159,7001 4,019 Movements in worklng capKal'. Ilncrea5el in stock Ilncreasel in debtors (Decrtraseifincrease In creditors Increaselldecreasel in deferred Income 111,9481 {3,6041 {2,1501 23,813 13,8331 {15,5051 11.86fj 121,5181 Co$h lab¥orbed byllgeneratsd from op•ratlon8 195.9561 541,872 -28-