Charlty Reglstration Mo. 249881 THE ORDER OF FRIARS MINOR CONVENTUAL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 THE GREYFRIAIIS C•pr4J
THE ORDER OF FRIARS MINOR CONVENTUAL LEGALAND ADMINISTRATIVE INFORMATION Tru¥ts• Rev W Mar'n- Custos Rev R Doyle- Bursar Rev G Hanley Rev C Edwards (Appointed 16 August 20231 IAppotnt8d 16 August 20231 Dgllnltor¥ Rev C Edward5 Rev G Hanley (Appointed 19 January 20221 Charfty numb•r 249881 Prlneipal addr9$8 Greyfriats St Patrid('s Friary 26 Comwall Road London SE1 8TVV Audltor Mitchell charsworth IAuditl Limited Suites C,D,E & F 14th Flooi, The Plaza Liverpool L3 90J Bankers National Weslrninster Bank Pk P.0. Box 7929 91 Wtr51minstèr Bridge Road SE17ZB Soll¢itorg Pothecary Wtharn IAbid 70 St G8orge's Square London SW1V 3RD Inve$tment •dvisorn Charles Stanley & Company Lirnited 55 Bishopsgale London EC2N 3AS Davy Global Fund Managem8nl Limited Dashwood House London EC2M 1QS
THE ORDER OF FRIARS MINOR CONVENTUAL CONTENTS Page Trustees, reptsrt Stat8ment of trustees, responsibililies Independent audito¢s report 8-10 Stafrnt of fi'nancial acts'vities Balance sheet 13 Statement of cash flows 14 Notes to the finanrial statements 15-37
THE ORDER OF FRIARS MINOR CONVENTUAL TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The trusts8s prgsent their annual report and financial statem8nts for tr ygar ended 31 DeMtser 2022. The financial 5tat8mants ha been prèpared In accor(lance wth thè accounJng policies stt out in note 1 to the financial statements and comply with th8 charity's goveming document. the Chariti85 Act 2011 and "Accounting and Reporting by Charpties. Staternent of RecommendeLY Practi applicable to charits'es praparing their a¢counts in accordan with the Financial Reporttng Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. Introductlon The Order of Friars Minor was founded by St Francis of A5S15i in 1209 It has maintsined rts essential character through Ihe ¢enturie5. Friars liv8 in cornmunities. observing t1 Gospèl of Our Lord Jesus Christ. under vows ol poverty, tslibate chaslity and obedience. in accordan with the 'Rule of 1223. written by the Founder. The Minister General's headouatlers are in Rome where he Is 85SlStecl by a General D&finrtory lor Council). goveming the Order Workywide The Order is dM(Jed into provinces and custodies of which the Provincial Custody of G¥eat Britain and Irgland I"English Provinc8°1 is one. The Provincial Cuslo(ty of Great Britsin and Ireland Is known as The Order of Friars Minor ConventU81 under the patronage of Blessed Agnellus of Pisa. (Ordinis Fr&trum Minofuffl Conventualium, 8eati Agnelli a Asis). In public documents the Prowncial Cu5tL¥Jy is known by the tille Or¢Jer of Friars Minor Conventual IOFM Conv l. ObJactive8 and o¢tJvlties The prinapl8 object of Ihe chanty is concerned with the training ol postul8ks, novices and student fn'ars of The Order of Friars Minor Conventual and the advancem6nt of the rdigious and other chantab works camed out by or under the directw of The Ordèi. All ol its 8ctiwties are charrtable and in accordan with the Trust DeeLY. There been no changes in thg objectives sineè the last annual reporL In setting objectiV8s and planning for activth"ès. the Trustees have given due consideration to general guidancè pub115hed by the Charity Cornmission relab.ng to public benefit and in particular to it5 supplementary public bentsfft guidan on the advantement of religion. The rnajority of the Fwiars are working in panshes that are part of other charitses and so achievo ts public b8n8fft requirement inclirectly. The trustees have paid du8 regard to gtwdancè issued by the Chanty Commissign in ¢Jding what aCtive$ thè charity should undgrtak6.
THE ORDER OF FRIARS MINOR CONVENTUAL TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2022 A¢hlevèments and performance lal The prnviou8•ar Goals for2022 Evaluation of 2022 o care for rnembers of the OrdBr enabling them t continue to promde servic8 to the public fo¥ 8$ long a hey arg able in all the areas listod above. Ongoing. the age profile of the community Increas8s so t es the need to provKJ8 increasing and incteasingl xwnsive car8 for the sick and elderly Fnars. Furthe inveslment in this aa 15 requirod to me&t future needs. chiaved . he locatH)n of our Prograrnme has been established xtord aThJ a five year lease has been agreed upon with he owners of the property that W8 are currently tIng he lease ex ires In 2025 ngoing. consutstion with various professional servicos nae¢Ys ave bè8n aSrtaIned. An urgent ned to have a mo imely subrnission of finana81 report5 has been identified. o this end a layper50n has bBen hired iecently120241 elp the Buisar with the day to day runniry of the ustody o stabilise the Fomiats'on Prograrnme and its location o evaluate th& financial operation5, reior¢J-keeping nd physical structu$ of the d)arity. standardising e prosseS of evaluation. preservation an aintenanc•. o re-evaluate the fund_raising activltvas ol th8 charity. ehieved and OngThng. e Trustoes have engaged professional assistance and invested In various fvnds antj equItS, cieating ltsw ris ortfo1105. These Investmènts Secu an annual retur hich contributè to the runnin Costs of the Cuslcd chi8ved and Ongoing. strong academic piogram has been Secu in Oxfor s well a5 seeking out programs of higher leaming, i 6. ollaboration with Durham University. A student friar from broad is also ojrrentl stud at Oxford. onb'nue to $8ek out educational opportunities and rograms that will best prepare m8rnbers to offe updated Servi in the various areas in which th harity 1$ involved (bl Th• newtour-yeai and lon9-tgrrn plan At the ordinary Custodial Chapter of 2017 the Friars reviewed the state ol thè ministri65 and life of the Friars was discussed, èxamining the past 8n¢J looking fotward for thè next fiv9 years. A 5-yeai Fd8n was drawn up wth the friars intending to place a grtrater emphasis on." Fratem31 Life 2. Fomiation of the Friars 3. MITTriStries 4 Finances 5. Ministry Advancement This plan ha5 been supersed8d by a nèw revtsed 4year plan which was voted upon at our Chapter meeting In 2022. and which is considered the same as the long-term plan suggested by the Charitps R8gulatory Authorty. The pian will ovaluated rnid-terrn as requ9Sted. Th8 text of the plan 15 as folknws. At the foundation ol Franryscan spirrtuality is tho dassical Thr8efoPJ Way of purgation, illuminsthon. and unity. Our Seraphic Father. Saiftt Francis. wrote ol following in thè foo¢srints of Jesus Christ thiough being 'inwaidly Cleansed interiorty enlightened, and enflamed by the fire ol the Holy Spirit" Together as one brotrhoOd. we, the members of the Provincial Cu8tody of Blessed Agnellus of Pisa, will pursue this thrèefold Francis¢an spiritual way throughout the course ol th15 quadrennium. Togethor, we will 80rt, Vl8ion, and bulld the common elements ol our li". oryanlzatlonal. $plrltual, and fratem#l The elements contained within this Four-year Plan ar@ presonted as each L)oing part of a set of ¢oTTruet& 518PS toward becominy a Provin.
THE ORDER OF FRIARS MINOR CONVENTUAL TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2022 SORT ORGANIZATIONAL Establish roulwte polides, procedures, and protocols focusing on matlers ol, finances, communication, and Safuard1Tr9. VISION ORGANIZATIONAL Thè Custos. 8nd his Defmilory. wlll make regular fratèmal. Vh5 to heal the frfars BUILD ORGANIZATIONAL Through a $lrategic ¥eview ol human. financial. and mlnislèttal resources, lakè concrete sleps toward becoming a province SPIRITUAL Galhei for monthly Frlary Chaptei, including a wel planned S161al portlon. SPIRITUAL Plan comrTh)ri Ketrèals and regional Days of Recolleclion. SPIRITUAL Commil to each lrfary devewng and Obseing, a seven4ay horariLrm FRATERNAL Foster a posilive Felationsh wlth the mother provlTrce. FRATERNAL Cebrate l-annUal Fegion gathing5, with a maior celebralion on the 10th Sept. 2024 FRATERNAL Creatè coordinated slrategies fw". vocation promotion. mentorship In ministry, and conlfnuwsg fomiation. Thè ongolng Impact of thè Covld pandemic on tho eharlty The pandefflic has had a 5vJnificant ifflpact on the running ot the charity over th8 past number of years which was sts"Il being fplt in 2022 Our chanty has experienced a significant redvctson In the colle¢b"ons tsken up at our churches. in somè instances by as much as a 50¥0. Many of the volunteers who used to work in our parishes have also stopped coming resulting In an In¢ased work load for the friars. Some of these volunlee¥s used to help our eldedy triars wrth the finances The result has been a delay in the compiling and the submission of some of the fnary finanual reports. Due to restrictions in travel the bursar was unab18 to visit all the fnaries during the year which a150 contributed to this delay. Our Investment porttolio has been adversely effected wth the laige sell off In stock5 which o(xurred at the start ol the pandemic. The 5todi market bounr£d bad( in 2021 bul continued to decrease again for rnuch of 2022. The inflatn tngged by the financial policios pursuèd during the pandernic sts"Il effects the Cost of Imng for the fn.ats wth very high utility bi115 being of partscular ¢one6rn. Investment p•rforn)aneo The Trustees have considered Ihe most appropriate policy for inv8sb.rg funds and hav8 found that spocialised fixed asset investments and equities best meet their r6yuiremant to gènerate both income an(J capita19rowth. Th6 rates ol tUrn on our various investments for 2022 were as follows. Fixed assets - 3.04/0. Chados Stsnley Portfolro . 3% dividend yield. 11.7% capital dec#se. Davy Portrolio 10,10kn capital decrease. Therefor& the retuin on Inve5tment5 for the Charfes Stsnley wrtrolio und8r-pertonMed expectstions, while portfolio established with Davy In 2019, ha$ also un¢Jer-P8rfonned expectations. The trustèes will continue to ¢ompar8 the performance ol each portfolio in 2023 and seèk advice on adjustments Il neSsary. The fixed ass8ts investment lu{ of 3.0% was considered to be a reasonable rats of rrn Ipaht of the curront economic condits"ons. Flnan¢lal roview The results for the yea¥ and th8 charity's finanaal posthn at the end of the year a Stn in Ihe attached financ4al statements. There is a defiut of £111,776 12021. deficit £295.8181 b8fore investsllent 10959s of £444.954 12021. investm&nt gains £394.77918nd legacies of £8.64812021'. £233.9311. As at 31 December 2022, the charity had reserv65 01 £6,423,628 12021.. £6.701,9241. Inclu¢Jed within these reserves are £51.888 12021.. £30,683) of ie5tncted funds (see note 231 and £4.856.645 12021". £4,905.7631 Df designatecl funds Iseo note 241. Indtsded within unr8stricted funds are fixed assets lotalling £1.415.989 12021.. £1,660,6691. These fvnds can only be realis8d up)n sale of these assets. The chanty had a surplus on free r88erve5 of£38.258 as at 31 Dember 2022121." sUlUS of £s.6351.
THE ORDER OF FRIARS MINOR CONVENTUAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Res•r¥ poll¢y The charity aims lo maintain sufficient unrestricted funds (tree res•rve51 to permit it to continue for a three to six month period should incorne ase which would permit Ihe Trust6e5 to put The Order's affairs in to a safe srtuats"on, however this is not cutrenly being achieved. Rl$k Managoment rh8 Trustees ar8 Sa'sfied that systems are in pla to mitigate exposu to risks. How*v8r. th8 TnJstees conty'nue on 8n ongoing basis to a5ses5 the rnajor risks to which the charty is exposed. In particular those related to the operations and finances of the charity both for Curial operab'ons and for ihe indiviolual ministri?s, Safeguarding of Chlldr•n and Vuln•rabl8 Adults The Order of Friars Minor Conventual in Great Britain and Iland is cornrnitted to upholding a duty of ear8 towards rninors and vulnerable adults and to safè%uarding tho rights and dignty of all peOe wthout prejudic8. Furthermor6, the Friars will imp16m8nl the procedures and guidelines estab115hed by both Civil and Ecclesial authorit$ in the spèctive jurisdictions They also fdlow the handbook "PolicJ8s for Ministry wilh Min0 and Vulner8ble Adults" which has been mandated lor all English language iunsdictions of the Conv8ntual Franuscan Order. In thè pa3t year. a quallfiéd safeguarding officEr. who is not a m•mb8r of Ihe Order has been employed to assist us. Plan$ lor luturg p¥rlod8 It is the aim of thè tharity to conUe to undèrtake the wortf necessary to tiain luture posbjlates and novi9 in the Franciscan way of life in order Ihat Th• Order of Friars Minor Conventual may contr'nue. Stru¢1•, govemance and management Gov8rnanc¢ Th8 tharity was 8Stabli$hed by a charitable trust deed dated 12 October 19e6 85 amended by lh8 Scheme on tha 6 March 1970 and the Scheme on the 28 September 2000. Tha Prowncial Custody is administèrèd ty a gtsveming body. known as the D8finitory. consisfjThJ of a Prownoal Custos. and four other triars, elected by all the rnernb&rs at th8ir qua(Irennial thapter. The of the Definitor5 lor members ol th8 Definiloryl are also the trustse5 of charity. The Definrtory asstgns friars to the vanous friaries aThJ parishes served by the Frano5cans and appoints officers needed lor the administration of the whole Provin. Each friary has a Guardian, electsd at the quadi8nnial chaptef. who has responsibility for the lriars in his community. The running of aach fnary is discusseoj guladY by the w)1• community. As all trustees are mernbers ol thg Order thay have a detailed knowledge of the WO of the charty and of it5 5tructur&. The trustees who served during the year and up to the date of $ignatur8 of the financial statements wera". R8v C Bltdau - Chair Icustosl IResigned 16August 20231 Rev W Martin- Custos Rev R Doyl8- Bursar Rev D Dawidowski Rev C l Budau Rev G Hanley Rev C Edwards (Resigned 16August 20231 (Appointed 16August 2023 and r8signeLJ 14 October 20241 (Appointed 16 August 20231 (Appointed 16 August 20231
THE ORDER OF FRIARS MINOR CONVENTUAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Brief biographical detaiLs on each of the trustsès who served dunry year is given below.. Rovgr&nd Clpdan Budau OFM Conv Fathei Cipnan 8udau ha5 been a rnember of the Ordèr Sin 2001. After his initial forrnation he has been involved in pastoral ministry In Ireland (Fairview and Wexfor¢l. H$ was the Guarclian of the Friary in Wexford an<J has been a Definitor since 2013. He was elected a5 th8 Provincial Cusios al the Ch8Pter methrgs in S8Ptember 2017 and hehy lthat poSitn until September 2022. He rpsigned as trust&e on 16August 2023. Roverend Wayng M4rtln OFM Conv Father Wayne Martin is tho Pf8¢t of Fonnatson in Oxford from 2018 until September 2022. He was appointed as Tnjstee In Saptember 2018 and was elect8d Cvstos 8t the Chapter in September 2022. R•vgrend Rory Doyh OFM Conv Father Rory Doyle ha8 be8n a member ol the Order 5inc8 2013. Aftèr hi5 initial fr*rmatson he has been invtsfved ID pastoral ministry In Fairview (Dublinl. He is presenuy the Guardian of the Fiiary in Lonclon and a159 the Parish Priest there He was appointed as Bursar in Septernber 2017 and reappointed at the Chaptsr in September 2022. Reverend Darlu5z Dawldow8ki OFM Conv Father Dariusz Dawidowski is currenly the Guardian of the Friary of St Clare's in Blackley, Manchester and is also th6 Pansh Priest He wa5 appoinled a5 a Definitor at the Chapler tneetings in September 2017. He osigned as truste8 on 16 August 2023. R8ver&nd Colin Edwards OFM Conv Father Colin Edwards Is a m8mber of the Order since 2015. He was appointed as a Definitor in July 2021 and trust on 16 Au9USt 2023. R•vgrend Gearoid IK?vlnl Hanley OFM Conv Father K&vin is currently 8 mernber of the Friary in FaIleW in Dublin. He has rninistgred in Irel8nd and England and SP8nt a number of year5 as 8 confessor in Sl. Peters Basilica in the Vatiogn. He was appointed as a Oefinitor at the Chapter In September 2022. Rèv Catalln J•¥emlah Budau OFM Conv Father Jeretniah Is a member of the Order who 15 resident at St. Clare's frrary. He was appointed as a Deflnitor at the Chapter in Septsmber 2022 Structurg and managgment The trustees are ulb'rnately SpOnSibl& for the poliryes. activities and assèts of the charity. They meet bi-monthly to review d&veloprneMts with regard to the charity and its activities al Make any important deci$M)n¥. When necessary, the truste83 sèek advice and support from the tharity'5 professional advisers including propetty consultants, inveslmenl rnan3gers, solicitors and accountants. The day to day rnanagement of the charitys activities. and the 1mplementab.on of policie5, is delegated to Ihtr appropriate membèrs of the Order IGu8rdians of Frianes or Directors of Apostola1651 Several membgr5 of the Charity ale involved with activities of other Charitie and thus pOrt to the governing bodie5 01 thos6 insth'tudons le.g., Friars ministering In parishes whrch are associated to Roman Catholic DI0Se5). Fin8ncial decisions ar8 overseen by the trustee3. A5 of 31 Deietnber 2022, the Custody of Great Britain and Ireland eomprise5 of 25 Friars in Solemn Profession 9 of whom reside in the Republic of Ireland, 15 in Brrtain and 1 in Italy. Canonically established Fnaries can be foul in Lirp1. London. Oxford. and iwo in the Great8r Manch851&r a5 IBlarJ(ley an¢J Barton). In addition Friar5 work and resid8 In Walsrngham, Rye (East Su5sexl, and Cambndge. The friari8s in Ireland a in Dublin and Wexford.
THE ORDER OF FRIARS MINOR CONVENTUAL TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 The Blackley IManche5terl. LNerpool, London. and Rye ex8ros8 parochial rt5PDnsibilities In collaborats.on with the bishops of the dioceses concerned. Barton IMan¢hesterl 15 the ntre ol the pnnb'ng apostolate and shrine church.. Oxford Is the main fomation house. cari for those m8n In formation, and tha Friar liwng in Cambridg8 is involved in the educab.on ministries. The friars in lsinghaM help out at the nation815hrine unr the 5up8rvision of the rector of thg Shrine. who is appointed by the local Bishop Each canonicallystablish8d Gornmunity has a IoGg1 Guardian dected at the quadrennial G8n8r?l Asssmbly (Custodial Chapter) of the Friars The local Guardian is responsible for both the needs and the care Df the friars In his cornmunity according to the mandat6 received at the quadrennial General Assembly and as moderated by the Provinu81 Custos and his Definitory Ithe Tfu5teesl. Worklng wlth othèr org•nlsatlon8 The friars In th8 six parishes served by the Prowncial Cugtody wort( very closely with the bishops lrnini3tering the dioceses within which the parish8s are situated. That will include m8mbership of the local doanery and helping out in nèighbouring panshes where possible. In addibon, two ol th6 Cornmunities have a piim8ry school in the pansh and there Is close connection with Ihose schools as well as secondary schools serving the parishes of the fnar5. The friars are also ewJaged in wothing wlh statutory b¢yJie$, other Christian Churctt8s, olhér tsith Cornmunlts. and other voluntary groups. Th8 management of the charity is the responsibility of the Tiustees who are ected and co-cpted under the terms ol the Trust deed. Tha trustees meet at f•gular inlervals durfng thg year to consKler thè m8na9ement ol the chanty. Serious Incld•nt Report During thè yèar, the charity was in rEpt ol a claim ansing from an historical inckI8nt which has b8&n sètU8d in Novembw 2024 and the dairn of£205.iX)O ha5 been paid. Dl8c108uro of infornial¥tin to audltor Each of the trustee5 has confimied that there is no rnlormation of which they are aware which is relevant to th8 audit, but of which the auditor 15 unaware. They have further confirmed that they have taken apwopn8te Steps to Klents"fy such relevant infomialon and to estsblish that the auditor is awa ol such inforrnatson. The truste8s' report W35 approved by the Board ol Trustaès. Rev W Martin- Custos Truatg9 RevR Tru¥tse ar
THE ORDER OF FRIARS MINOR CONVENTUAL STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 The trustee5 are responsible for preparing the Trustses. Report and the financi815tatements in accordan wrth applicable low and Unit8d Kingdom A¢counting Standards Iunrted Kingdom Generally Accepted Accounting Praetsr£l. The law applicablè to ¢hantS in EnglarY and Wales requires the trust8e5 to prepare financial statem8nts for each finanaal year which give a true and fair VEW of the $18tg of affairs 01 th8 charity and of the incoming resourctr5 and applicabon of iasour¢gs ol the charty for that year In preparing the58 finanaal statemenis. the trust885 are requi to.. - Se¢t suitable accounbng policies and Ihen apply them eon5k4tently'. - observe the methods and principles in the Chanties SORP.. - make judgements and estimates that ar• r8850nable and prudènt". state wh8th8r applicable accounting standards have b8en folbwed. suty'act to any material tjepartures di5cIoBed and explaine<l In the financial slatBrnents, and - prepare the finanual statements on the going coneèrn ba51¥ unless It is inappropriats lo pSuM that the charty will continug In 0ratIon. The tWU5tees are respon51ble for keeping sufficient accounb"n9 records that disclose with reasonable accuracy at any "ma the financial p051tion ol the Charity and enable them to ensure that the financial staiernents comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and lh8 provisions of the trust deed They are also rasponsible for safeguarding the asset5 of the charity and hence for taking reasonable steps lor tha prevention and detection of fraud and other irregularities.
THE ORDER OF FRIARS MINOR CONVENTUAL INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ORDER OF FRIARS MINOR CONVENTUAL Oplnlon We hava auditsd the financial statements of The Ordw of Friars Minor Conventual (the 'charity'l for the yèar ended 31 December 2022 which cornprise the ststèrnent of financial activities. th8 balance she8t. the statement of cash flows arTroJ the notes to the financial statements. includin9 a summary of significant accounh'n9 policies. The financial porbng framework that has been 8pplied In their pRparation is applrcable law and Unite(l Kingdom Accounting stan¢Jards, including Financial Reporting Standard 102 The Financial Reporting StarKlard applicab18 Ill the UK and Republic trf Ireland (United KiJvJdorn Generally Accepted Accounting Practice). In our oplnion, the finanual statements. give s tru8 and fair view of the state of the charity s affairs as at 31 Dember 2022 and of rt5 incoming reSoUS and applicats.on of reSoUs, fw the year then anded," have been proparty prepared in accordanca wth United Kingdom Generally Accepted Accounting Prath"cL, and have been prepared in aordan with thg requirements of the Ch8rrties Act 2011. 8a818 for opinlon conducted our audrt in accordancè with Intema*"onal Standards on Auditing IUKI IISAS IUKII and applicable law Our responsibilities under those standards are fvrther described in tt)e AudrtoKs responsibilities for th& audit of the financi81 S18tements section of our report We arg independent of the charrty in accordan wth the èthical quirements that are relevant to our audit of the financial 5taternents in the UK, Including the FRC'S Ethical Standard. and we have fulfillecl our other èthical raspon5ibilibes in accordance with these iequlrnents believe that the audft eM(Jenee wè havè obtsined 1$ suffio8nt and appropriate to provide a basis for our opinion. Conelu81on8 reJ•ting to 90ing eonc•rn In auditing the finanrial statèments. we have concluded that the trust88S' Use of the going conrnrn basis of accounting in th8 pr8paration of the financial statements is appropriat&. Basad on the w¢)fr we havè performed, we have not i¢Jentified any matenal unrtaine$ relating to events or con¢Jition5 that. indiwdually or Co1CtIvE1y. rnay cast significant doubt on the charitys ability to continuts as a 90ing concgm for a period of al least e1ve months from when th8 financial Statements are authorised for issue. (hjr respDnsibilib"es and the responsibil&S of the trust88s with resptsct to going concem arè describad in the relavant sections of thi$ rewrt. Oth•r Irrforniation The other information compr1s8S th# Information included in the annual rtrport other than th& financial ststements and our audrtorfs report thereon The tru51ees a responsible for tho other inlornation contained within the annual report. Our opinion on the frnancial statemènts does not cover the other information and we do not express any fomi of •s$urano condusion thereon. Our responsibility is to read th6 other infomiation and, in doing so, consid8r whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be malenally misstatecl. If wa identify such fflatsrial inconsistenoes or 8pparent rnaterial misstatements. we are requi to detenlline wheth8r this give5 rise to a material misststement in the finanaal st8t&ment5 thernselves. If. based on the wofft we have performed. we conclude that there is a m8tenal misstat8rnent of this other infotmab"on. we a required lo report th3t fact have nothing lo report in thts regard. Mattw8 on which w• arg roqulr•d to rgport by gxeèptlon We have nothing to report in respect of the following matters in relation to which the Chaiilie5 (Accounts and Reports) Regulation5 2008 require us to report to you If. in our opinion the Infonnation given in thè financial statements is inconsistent in any mateTral respect with the trust8es' report.. or sufficient accounting records have not been kept.. or the financial stateménts are not in agreement with the accounting cOrdS, or we have not recaived 811 the inforrnation and explanab.ons we require for our audrt.
THE ORDER OF FRIARS MINOR CONVENTUAL INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE MEMBERS OF THE ORDER OF FRIARS MINOR CONVENTUAL R•sponslbilitl•# of tItr As explaine(I mort fully in thg 5taiernent of trustees, iespon5ibilrtie8, the trustees are spOnsible lor the prtparation ol the financial statements and for being satisfie(I that they give a Irue and fair view, and for such Internal control as the trustees determine 15 rceSSary to enable the preparation of finanual stalements that are free trom rnaterial misstatement, whether due to fraud or error. In preparing the financial statements, the trustees arè r8spon51bl8 for assessing the charity's ability to continue as a going conrErn, diso4osing, as applicable, matters related to going concern and using th& going concem basis of accounting unless the trustees either Intend to tsase operaty'ons, or have no realistic alternalve but to do so. Audltorf8 r•8pon81bllllle8 for th• audit of the flnanclal statèmènts Wè hav8 b88n appointed as auditor Uj01 sech'on 144 of the Charrtses Aet 2011 and report in accordanct with the Act and relevant gUlationS made or having effect thereunder. Our objectives are to obtain raasonable assuran about wheth•r the finanri81 statements as a ¥hole are free from rnaterial misstaternant. whether due to fraud or error. and to issue an auditorfs r8POrt that includes our opinion. Reasonable assuiance is a high level of assuran but is not a guarantee that an audit ¢ondu¢led In accordance with ISAS IUKI will ahvay5 d8tect a material misstatement whèn it exisis. Misstatemonts can arise Irom fraud or error an(J are considered tnat8rial if. indiwdually or In the aggregate, they coukl reasonably be expected to influen the economic dÈusion5 of users taken on th• ba515 of these financial statements. 1uln'e$. including fraud. are Instances of non-complian with laws and rgulab"on5. design prodUreS in lire with our r&spon5ibilities. outlined above, to delect materia5 misstat8rn8nts in respect of irregularilies, Includir traud. The trxtent to whith our procedUS are capable ol detecting Irre9ularityes. induding fraud. Is detailed below. Our approach to identifying and asse5siry ihe risks of material rnisstatement In respeet of IrUl8tI&s. including fraud and non<0mplian with laws and regulaiions. wa$ as follows. the engagernent partn8f 8n5ured that the engagement team collectively had lh8 appropriate competence. apabilth"@s and skills to identify or renISe non-complian with applicable laws and r8gulations'. we Identified the laws and regulations applicable to the cornpany through discussion5 With directors and other management". we focused on specific laws and regulatsons which we considered may have a direct material effect on thè financial st8lements or the op6fatsons of the Mpany. including the Compani8s Act 20C6. taxation 18gislation and data protection. anti-bribery. employment aThY heamh and 5af8ty legi51ation", we assessed th8 extent of compliance with the laws and regulations idenlified abovg through making enquines ol managem8nt and inspecting legal corrtspondence., and Jenth"fiod laws and regulations We cotnrnunicat8d within the audit t¢am regularly and the team remalned alart to Install5 of non-compliancè throughout thè xud Vve assessed th8 suscepty'bility of the company's financial statwnents to matefial rnisstatement, induding obtaining an w)dèt5tsnding of how fraud might occur, by". making enquiries of man8g8ment a5 to where they consKl•r•d there was SUSCePtibilrty to fraud. their knowledge of aGtuo1. suspectsd and alleged fraud". and onsidenng the internal controls In place to rnitsgate risks of fraud and non-compliance wth law5 and regulations. To addi958 the risk of fraud through management blas ènd override of controls. we. IErfomied analytical prOdur&S lo identify any unusual or unexpected relationships," teste(l journal entries to id8nlify unusual transactions.. as5e5sed wheth8r judgements and assumptions mad8 in detemiining the arUntIng estimates were Indicative of potential bias,. and iDVe5tigated the ratsonale behind signlficant or unusual transactions.
THE ORDER OF FRIARS MINOR CONVENTUAL INDEPENDENT AUDITOR'S REPORT {CONTINUEDI TO THE MEMBERS OF THE ORDER OF FRIARS MINOR CONVENTUAL In respons• to the risk ol irregularrfigs and non-cL)mpli8nce with laws and regulations, we designed procedu which Included. buiwere not limited to. agreeing fin8nc481 statement disclosures to underlying supporting dDcumentstion.' * r8ading the rninutes of m8etir@s of thos6 chatged with governanc". and enquiring ol managèmènl as to actuAI and potential litigth.on arKI claims. There are inhèrgnt limrtations in our audit procedures dgscribed above. The more rarnoved that laws and regulatlons are from finanaal transactions. the lèss likely it 15 that we would become aware of non-complianct. Auditing Standards also limit the audit procedure5 required to identify non-complian¢e with laws and regulations to ènquiry of the directors and otkEr management and the inspection ol regulatw and legal correswndanc8. if any. Matsrial misstatements that arise dutr to fr8ud can be harder to ¢Jet8Ct than those Ihat aris8 Iiotn grror as they may involve delibeiate Concealment or collusioTh. A further description of our reSponsilitya9 is available on Ihe Financt81 Reporbng Counal's website 8t. h¢tys'.11 .trc.org.uklaudit015responsibilthes. This deSrption fom)s part of our a08 report. Other mattgrs Your attention is drawn to th8 fact that the charity has Pfepared financial statements In accordance with"Accounbng and Reporting by Charit18s Staiement ol R8comrn8nded practi apPIable to charityes preparing their accounts in accordanc8 with the Financial Repothng Standard applicable in the UK and Republic of Ireland IFRS 1021 las amended) in preferen to the Accounting and Reporting by CharitEs'. Stalem8nt of R8comrnended Pracli¢8 issued on 1 Apnl 2005 which is raf8rred to in the extsnt wulabon¥ but has now been wrtlvjrawn. This ha5 been done In oid8r for the financial 51aternents to provide a truè and fair view in awordance with current G8nerally Arxepted Accountsng Practi effectivè for reporbThJ FEnods beginning on or after 1 January 2019. Use of our report This report is made SOlY to the ¢harity'5 $t¢e8. as a body, in accordance with part 4 of thè Charibès (Awounts and Reports) RUlatt.0nS 2008. Our audit work has been undertaken so that we m¥ght stat8 to the ¢harity's trusteas those matters we are required to state to thtrm in an audilorfs report anfj for no oth8r purpose. To the fullèst 8xient P8miitted by law, we do nol awpt or assume responsibility to anyone other than the chanty 8nd the charity's trustees as a body. for our audit woth, for this report, or for the opinions we have form8d. Mltrh•ll Charlèsworth (Audltl Llmlt•d 24 January 2025 Accountants statutory Audlt Suit95 C.D.E & F 14th Floor, The Plaza Liverpool L3 9QJ Mrt¢h811 Char$wOrth IALklitl Lirnited is eligibk for appointment as auditor ol the charity by virtue ol its e1ibl1ty for appointrnent as auditor of a cThmpany under section 1212 of the Compani8s Act 2C(J6. 10-
THE ORDER OF FRIARS MINOR CONVENTUAL STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Currgnt flnanclal y•ar Unr•8trl¢tsd Unrgstrfcted R•strleted Endowment lunt16 fuThd8 fund8 lunda genoral deslgnatsd 2022 2022 Total Totsl 2022 2022 2022 2021 Notes Incom• and endovmients from.. Donations ats legacies Charilable activrties Inv•stsnents Other income 44,458 178,924 77,336 29,2 35.609 4,915 28.801 84.982 205,725 174,268 29,962 296,995 333.9 151.474 56.432 94,119 2.813 Total In¢omt and •ndovTnents 330,680 129.728 31,716 2.813 494,937 838.897 endlturn on- Raising ftjnds 26.660 17,849 621 45.130 58,323 Charitable 8cb'vitEs 506.828 35,796 10.511 552.935 842,461 Total oKndItUre 533.2e8 53,645 10,511 621 S98,065 900,784 Net gainslllossesl on investment5 13 1144,3801 1289.8911 110,6831 1444,9541 394.779 N•t 0xnty11n¢ome 1346.9681 1213,8081 21,205 IB.4911 1548,0821 332.892 Oth•r rn¢ognls•d galna and 10•ges Other gains or Ios585 14 105,098 164,69) 269,786 24.220 N•t mo¥•mènt in fund8 1241,8921 149.1181 21,205 18,4911 1278,2961 357,112 Fund balances at 1 January 2022 1.e96,119 4,905,763 30,683 69,359 6,701.924 6.344,812 Fund balancos at 31 Decembor 2022 1.454,227 4,856,645 51,888 60,868 6.423,626 6.701.924 Tha ststemènt ol financial activthes Include5 all gains and losses recognised in thè year. All incom8 and expendrture derive from torntinuing 8ctivrtie5.
THE ORDER OF FRIARS MINOR CONVENTUAL STATEMENT OF FINANCIALACTIVITIES (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 Prior financial ygar Unrestrlctsd Unre8trlctsd Re8trlcted Endobvm•nt fund8 fund• fvnds fund$ ggn?ral d?$lgnotsd 2021 2021 Total 2021 2021 2021 Nots8 Ineomè and •ndowmonts from.. Donations and legaaes Charitsble acbvitias Inve5trn8nts Oiher inCx 273.108 316.757 64.324 56.432 23,887 296.995 333,996 151.474 56,432 17,239 84,416 2,734 Total Income and endowments 710,621 108,303 17.239 2,734 838,897 Ex ndlture on: Raising lunds 39,458 18,206 659 58,323 Charitable actiwties 825,652 113 16,696 842,461 Total oxponditur• 865.110 18,319 16,696 659 9)0.784 Net gainlI08$e5I on inve$tm8nts 13 111,129 275,427 8,223 394,779 N•t expendlturellncome 143.3601 365,411 543 10,298 332,892 Other r•eognl#•d galn8 and 1088•8 Other gains or losses 14 tO.144 14.076 24,220 Ngt mgvgrnent In fund• 133,2161 379.487 543 10,298 357,112 Fund balanc85 at 1 January 2021 1.729,335 4,526.276 30,140 59.061 6.344.812 Fund balancoa at 31 Decembor 2021 1.696,119 4.905.763 30,683 69.359 6,701,924 12-
THE ORDER OF FRIARS MINOR CONVENTUAL BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Fixed assets Tangible assets Inve3tm8nts 15 16 152.380 e,123.743 157,635 6,370,685 6,276,123 6,52e.320 Current assets Debtors Cash at b4nk anol In hand 29,054 409,783 57,563 506.763 438.837 564.326 Cr•dltoYs: •mounts fallln9 due vdlthln one y•ai 19 186,3321 1185,722) Net current assets 352,505 378.604 Total a8s•ts lejs eurront Il¥bllitie# 6,628.628 8.906,924 Provl8lons for Il¥blllties 1205,0001 1205.OIXJI N•t as8ets 8.423.628 6,701.924 CopTtal fund• Endowrnent fun¢Js Incorne fund• Restncted funds Unrestri funds Designatgd lunds Ggneral unrestricted futvjs 22 60.868 69,359 23 51.888 30,683 4,856,645 1.454.227 4.9)S,783 1,696.119 6.310,872 6,801.882 8.423,628 6,701.924 The financlal staiements w•re approvgd by the Trustees on Rev W Martin- Custos Tru$to• Rev Tn oyle- 13-
THE ORDER OF FRIARS MINOR CONVENTUAL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 Nots$ 2021 Cash Ifow8 from opgratlng a¢tfvltie$ Cash absoed by operatrons 29 172.3401 Inve#tlng actlvltl•¥ Pu¥chase of tangible lixed assets Proceeds frorn Oi5PDsal of taryjible fixed assets Purchase of investmontS praed5 from ¢Jisposal of investments Investment ineorné rer£jve(I 16.9881 11,1461 12,9641 250 {1.094.6251 1,105,969 174,268 1,350 1122,3231 162,598 151,474 Net caah g•ngrated from Invesn? *etlvitlo# 184.716 190.135 N•t Incr•as• In cash and •quivalents 112.376 Cash and rash equivalents at bgginning of year 183, 147 2,904,924 Cash And rA8h oqulvalents at •nd of year 2,721.777 3.017.300 2,904.924 14-
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollcl•• Charity infonnatlon The Order ol Friar5 Minor Conventual is a tharity governed by its trust deed dated 12 October I6 as amended by thè Stheme on the 6 March 1970 and the Scheme on the 28 September 20QN). The prinupal Offi is GyfrI8r$, 26 Cornwall R08d. London. SE1 8TVV. 1.1 Ac¢ountlng eonv•ntion The financial staternents have been prepared in SCrdanCe w¢th the charity's trust deed. the Chanties Act 2011. FRS 102 'The Financial Reporting Standard appliG3ble in the UK and Republic ol Ireland. I'FRS 102.1 and the Charities SORP "Accounting and Reporting by Chanties.. Statement of Recommended Prathee applicable to charthe5 preparing their arxounts in a¢danCe W[ the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021" 18ff8Ctive 1 January 20191. Th8 charity is 8 Publ Benefil Entity as defined by FRS 102. The acctyjnts have departed from the Chants'es (Accounts and Reportsl Regulatsons 2008 only to the extent required to provide a Iru8 and fair view This departu has Involved following the Statsment of Recommendad PractlC8 for charities applying FRS 102 rather than the version ol the Statement of Rècommended practi which is refèrre(I to in the Regulations but which has sincè b8en withdrawn. The financial Statements are prepare¢J in steding. which is the fvnctional eurrency of the charity. Monetary amounts in Ihese finanrjal $tatsm&nts ar8 rounded lo the n&aresl £. The 8ccounts have been pPared undtrr the historical cost convention, modified to indude certain finanrial instruments at lair value. Tha prin¢ipal accounbng policies adopted are set out below. 1.2 Going concom At the time ol approving th8 accounts, the trustees have a reasonable expectalion that the charity has adequate rosource5 to continue in operational existen for the foreseeable future. Thus the trustees contsnue to adopt the going concem basis of accounb'ng in preparing the accounts. 1.3 Charll4ble funds General funds are unrestri¢ted funds which are ava51able lor uso at the ¢Jiscrets"on Of lh8 Tru5te85 In furtheranrA ol the general objectives ol the charity and which hava basn de5ignat8d for other purposes. Dèsignatad fund5 comprise unrestricted funds that have been set asKle by the Trntee$ for particular purposes The 3irn and use of each designated fund is set out In Ihe notes to the financAal statements. Restricted funds are funcls which a to be used in accordance with specific ie5tiicti0ll5 irnPQS8d by dollDIS which have been raised by the chanty lor partscular pUDSe5. The c05t of raising and administering such funds are charged against the spaafic luThJ. Thè aim and of r&stricted fvnd is Set out In the notes 19 the financial statèments Pernanent Endowment knnd are investhients held in pe¥petuty. Investment income, gains and lossès arè alILted lo Ihg 8ppropri8tg fund.
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Aecountlnq poli¢108 {Contlnuedl 1.4 Ineom• All income is induded in the Statement ol Financial Activities when the charty Is legally entit18(I to the InM• and the amount can be quanb.fied with reasonable acoJr8¢y. Lega(xes ar8 recognisEd on rgceipt or otherwis8 if Ihe charity has been notified of an irnpending dI5tribution. the amount is known. and reIpt is expected. 11 th8 amount 15 nol known, the 18gacy Is treated a5 a conhngent asset Grants are recognised in the ststement of financial actiwt1•5 when the condifyons for receipt ha been ¢Thmpld with Gifts in kind donated for distribution ar8 included at valuation and Cc£nI$ed as Tnwme when they are distributed to the proiects. Gifts donated for resale a included as income when they are sold. Donated f8¢ilV(ies a includad at the value to the charity where this can be quanh'fied and a third paty Is bearing the cost. No amounts are included in the financial ststernents for servi$ donat6d by volunteers. Oonated seTr7 or faulities. which compr15e donated servits5, a incJuded in ITme at a valuats.on wh Is an estimate ol the financial cost borne by the donor where such a cost is quantffiable and measurable. No iwme is reeognised where there is no fin8n¢ial cost borne by a third party. Income tax recoverable in relation to donats.ons reeeived under Gift Aid is reeognised at the tim8 ol the donation. Income tax recoverabla in rolaD'on to investment incowTre is rOniStd at the time the investsn8nt Income Is receivabl8. 15 Exp•ndlturp Expenditure is regniSed On thère is a legal or ¢onstructiv8 obligakn'on to transfer eeLvTromic benefit lo a third pany, it Is probable that a transfer of econornic benefits will be required in satuement. and the amount ol the obligation can b8 measured reliably Exponditure 18 classifie(I by adiwty. costs ol each a(vity ar8 made up of the total of direct costs and shad costs. including support costs Involved in undertaking each activity. Oirect cost5 attnbutsble to a single athvity are allocated fjiredy to that actrvrty. Shared cost5 which contribute to more than one activity and suprort costs which aro not attributable to a single activity are apportioned ben those activities on a basi$ consisten¢ wth the u58 of resources. Central staff costs ara allocated on the b85is of brne spent, and depreeiation charge$ are albcated on the portion of the ass8t's use. All expenditura Is accountad for on an 8(Lru8ls basis aTrJ has bn included under expensa categ¢)ries th8t 99regaie all cgsts lor allocatson to activities. Where o)sts cannot be direcuy attributgd lo partscular actrvities they have btsen allocated on a basis consistent with the use of re50ur¢es. C05t5 of raising lunds are those Incur In seeking vthuntary contributions and do not include the COS1$ of dissèminating informats.on in support of the chantae aL*vtties. The costs of actiwb"e$ IT? furthe[an of the chanty's objects comprKsè expenditum on the charitys primary chantsble purposes. Support Costs a those costs in(xJrred direcdy in support of expendrture on thè obj'ects of the charity and include project management carried out at Headquart6t5 Govemance costs a thosa incurrod In connection wrth adrninistraiion of the charity and complianc8 With consbtutsonal and statutory requirements. All expendrture is indusive of Irrecoverab VAT.
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 A¢¢ountlng pollclgs 1.6 Tangible flxgd as$•lB Tangible fixed assets are slated al c9St less depr8ciab'on. Deprec13tion is provided at rates cakulated to write ofF cost less 8Stirnated residual valtse of each asset ow its expected usofvl lif8, as follows". Fh0jd1Ieaseho1d property Fixtures. fitb.ngs & equipment Cornptrters Motor v6hieles Icontlnugdl Not depreuated 200k per annum Straht line 20Qh per annum 51raight line 20% per annurn Straight line Feh0j land Is not depreciated. The freeholdlleasehold property 1$ included at cost. Th83e assets are not Ling ¢Jeprec4ated because th8 depreciatson charg6 is considered to be immaterial lo the accounts because of thè leTrJth ol the usofvl lives of the a5set¥ and their r8sidu81 values. The gain or loss ansing on the disposal of an asset is determined as the differen beeen the Sale proceed8 and the carrying value olthe asset. and ts recojnlsed in net incomellexpenditurel for the year Hlstorlc 498•t8 ¥thrks ol art, tr6asures and pl¥to are not capitalised in these accounts as they are consider8d historic, have V8ry long lives aThJ are worth preserviTTrg indefinitely The Irusle&s consider that it would be prejudicial to th• safe custody o1th6se assets to disdose details of th6ir vBlue and usage In these accounts. School property Land and buildings lagally owned by the charity and Or£Up rènt fre8 by the Catholic ¥Untary aed schools. which are separate charities and publicly fvnded, are valued at nil for the puTpose of these accounts. The tru5ts8s consider that no rneaningful value can be atttibuled lo these ass6ts since they aro not Used direclly by the charity, do not ne[sta any income. antj cannot be dispos of Ih the open market or put to altemab.ve us8 while such occupation, whith rnay be indefinite, continu. 1.7 Flxed asset invesknonts Inv68trnents are stated ?t mark&t value at the balance gheèt dal8. The Statement of Financial Activify'es indudes the net gains and losses 8rising on revaluatyons and dispossls throughout Ihe year 1.8 Impirn78nt of flxed a98•ts At 83ch r8porting end date, the charrty rtsMew5 the carrying arnounts ol its tsngible a5$ets to detemiine whether there is any indub.on that thosè a55ets have suffered an impairment loss. If any such Indication ex15ts, the recoverable amount ol the assot Is es)'mated in orrjer to detemiine the extent of the impainant loss lil any). 1.9 Ca$h and ea8h equlvalents Cash and cash equivalents include cash in hand, deposrts h8ld at call wth banks, other short.tsrm liquid investments with original maturithes of three months 0118SS.
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounng polleie• (Continuedl 1.10 Flnan¢lal Instruments The charity has elected lo apply th8 provisions of Section 11 'Basic Financial Instruments. and Sethon 12 'Olher Finanoal Instrurnents 1s5ues' of FRS 102 to all of its financ4al instruments Financial instruments are rscognis8d in th8 charitys balan sh88t wh8n the charity becckngs party to th8 contractual provisions of the instrurnent Financial asset5 and liabilits'es are offset. with the n&t amounts pS•nted In Ihe financial stataments, when there Is a legally enforceable right to set off the recognised arnounts and there is an intention to settla on a net basis or to realise the as*t an(J setle IhÈ liabilrty simulianoously. Baslc Iln•n¢lal ass•ts Basic finanoal assets, which include debtors an¢J cash and bank balancés, are Inib'ally rneasur8d at tran5acty.on price including transaction c05t5 and are sub58quentty carrd at amortised cost using the effective interest method unless the arrangement con5trtutes a finanung transaction. where the transaction is rneasure(l at the present valug of the fubjre reiptS discounted at a market rate of intèrest Financial assets cJa55ified as re1vable within one year ar8 nQt ?mortised. Baslc Ilnanclal Ilablllll•s Basic financial liabilib"88. including crèditors and bank loans arg initsally recogni5ed at transaction pric8 unless tha arrangernent eonstitLrte5 8 financing transathon, Whe the debt instrutnent is measured at the present value of the firture payments discounted 8t a market rate of inte$t. Financial liabilities dassifi8d as payable within ong year are not amortiwj. Debt instrurnents are subsequently carried at amortised ¢>)5t, Ung the effective interest rate method. Trade creditors are obligth.ons to pay for goods or seNices that have b8en acquire(l in the ordinary cours& of operations from suppliers. Amounts payab are dassilied as current liabilfb"e5 if payrnent is due wrthin one yèar or less. If not, they are psnted as non-current liabilities. Trade creditors are recognised Initially at transactvjn pn and stsbsequenvy measured at arnorbse(I cost using the elleCt interest mathod. D•r•cognthon of Ilnan¢lal li4bllftffes Financial liabilities a derecognised when tho charitys contractual obligabons expire or arè discharged or cance118d. 1.11 Provlslon8 Provisions are reeognisÈd when the chanty has 8 legal or constructive present obligation as a result of 8 past event, It is probable that the eharity will be qUired to settle that cèligation and a reliable estirnate Ggn b& made of the amount of the oblig8ty'0n. The amount recogni5ed as a provision 1$ the best estimate of the consKler8tion required to settkd the present obligation al the reporting end dat8. taking into account the risks and Unrtainti9$ stsrrounding the obligatson here Ihe 8ffect of the lirne value of rnoney is mattsrial, the amount expecbJ to be required to Settle the obligab.on Is recognised at present value. n a provision is measured at present value, the unwinding or the discount is rècognised as a fin8ft cost in net incomell•xpenditur61 in the period in which it an5e5. 1.12 Employee b•nefils The cost ol any unused holiday entiuement Is reCOgned in the perH)d in which the employee's services are reiVed. Temiination bènofits aig reo)gnised Imrnedialety as an èxpense when th• th8rity is demonstrably eomrniited to terrninat8 the employment of an èmployee or to provide terminat'Dn b8nefits.
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEAIBER 2022 Aceounling poliele8 (Cgntlnu8dl 1.13 Rgurgrngnt bgn¢llts Paytnent5 to d8fin8d contribution retir8rnent benefit schernes are charged a5 an expen88 as they fall du8. 1.14 Foreign exchange Monetary assets and liabilrties denorninated in foreign currenrie5 a translated into slerting at rale5 of exchange ruling at the balan sheet date. Transactions in forei9n currenciès afe translatsd into stèrling at thè ratè rullng on the date of the transacts'on. Exchange gains and losses are recognised in the Statsment of Financial Acb'vitkqs. 1.15 Taxation The charity benefits from various exemth.ons from taxatson afforded by tsx legislab.cffi and is not liable to corporats'on lax on incorne or gains falling within those exempts"ons. Recovery Is made ol tax deducle¢J from InMe and from reiptS under Gift Aid. The chanty is not able to ¢0Ver Value Added Tax. Expenditure is r8corded in thts accounts inclusive of VAT. Crilical accounting estimate• and jud9ements In the applicatfon ol the charity's accounting policies, the trustees are required to make judgements. estimateg and as5umptlOn5 about the carrying arnount of a5S8ts and liabilities that are not 8llY apparent fvorn other sources. Thè estitnate5 and associated a55urnpts"on8 are based on historical expen and other factors that are considered to be relevant. Actual resulis may differ frorn Ihe5e estirnates. The e8timates and underlyiro assumpty'ons are revwd on an or*Joing basis. Revisions to aceounting esbmaies are recognised in the rI1)I in which the estimale is revised where the revision affects only that period, or in the period of the revision and fvlu pericmys where the rev15ion affects both curr8nt and futut periods. There were considered to be nts cnts"c81 accounting ests"mates or judgements apled In the preparatr'on of financial stotgments. 19.
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THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 Charitabl• ctlvlUe# Trainin9 01 R•llgku8an poBtulJtes. O¢hèr ovleos at)d ¢harttabl• 6tuden¢lilarB 2Q22 Total 2022 Tiairilnp of Religlou$ and po$tulates, other novicos and chawithble studeTrt Ia work 2021 2021 Toial 2921 2022 Perfomiance related grants Income Irom charitabl& activib8S 37,884 37,864 141,073 141.073 g.650 158,211 167,861 13.615 179,308 192,923 9,650 196,075 205,725 13.615 320,381 333,996 Analysi8 by unStrICted funds. general Restricted funds 6.000 3,650 172.924 23,151 178.924 26,801 307.757 12.624 316.757 17,239 4,615 9,650 196,075 205.725 13,615 320.381 333,996 -21
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THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Oth•r Incom8 Unr•¥trlctsd Unresthcted fvnds funds general general 2022 2021 Net Ilos$Vg8in on disposal of tangible fixed as58ts other income 250 29.712 1.350 55,082 29.962 56,432 -23-
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THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Charltablè activlti Tralning of RIgIouS postulates. and other novl¢es and charltab Sdent Vrk frlar8 2022 Total Tralnlng of Rollglou$ 2022 po$tulates. ond other novrce8 and charitsble Student work friars 2021 Total 2021 2022 2021 Depreaabon and irnpairment Fomiab'on Support of marnbers Missions and donations Aposloliclministèrial costs Masses transferred 6,401 6.401 63,705 361,892 5.207 23,318 23,135 9,444 9.444 69.831 474.184 1,646 2,911 16,1 83.705 89,759 2,896 775 7.395 69,837 101.912 272, 133 2.311 22.543 15.740 372,272 1,646 2.126 13,186 78S 2,970 164.530 319,128 483,658 175,504 398.674 574.178 Share of s¢Jpport cL)sts Isee note 91 Share ofgovemance costs (see note gi 8.784 8.784 1.527 1,527 4.183 56.310 60,493 3.669 263,087 266,756 168.713 384.222 552.935 179.173 663.288 842.461 Analysls by fund Unrestricted funds- 98neral Unrestncted fvnd8- designated Rastricted fun¢s 161.318 345.310 506.628 176.203 649.449 825,652 35,796 3.116 35.796 10.511 7.395 113 13,728 113 16,6 2,970 168,713 384.222 552,935 179.173 663.288 842,461 -25-
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THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 10 Audltof* remun•ration The analysis of a1t0S remungration is as lollows. 2022 2021 Fees payable lo the charitys auditor fr)r the audit of the charity's annual accounts 10.800 6,680 Non4udlt sep4le•¥ Accountaney lees 18,636 9,146 11 TnMtse¥ None of the trustees lor any p8ts0n$ conneca8d with them) receN•d any remunerab'on or benofits from tl charity dunng the year 12 Employees The avèra9e monthly numbèr of employ905 dunng th8 year was". 2022 Numbgr 2021 Nrnr Friary workers Employrnent co$ts 2022 2021 Wage5 and salarigs Other p8n5ion costs 10,035 113 9.593 103 10,148 9,696 Ther8 were no ernployees whose annual remunèraty'on was more than £60.(M)O. -27-
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 14 Other gains or los¥•s Unre8trictad Unrestrl¢ted lund8 funds general deaignated 2022 2022 Total Unrestricted Unrgstneted fvtK15 funds 9eneral designated 2021 2021 Total 2022 2021 FOign exchange108$85 I Igainsl 1105,0961 1164.8901 1269,7861 110,1441 114,0761 124,2201 15 Tongibla flx•d •èts Frepholdllea80 hold propprty FixtUlBS, fftbngs & gqulprnent Computer¥hlotw vehicle Totsl Cost Al 1 January 2022 Addibons Di5posa15 141,292 17.559 7,798 1,146 52,445 219,094 1.146 18.9951 18,9951 At 31 December 2022 141,292 17.559 8.944 43.450 211.245 Dopree1aon and Impalrrnent Al 1 January 2022 Depreciation charged in thè year Eliminated in r85P8et of disposaL8 15.948 942 6,163 1.217 39,348 4,242 18.9951 61,459 6,401 18,9951 At 31 D•mber 2022 16.89) 7,380 34.595 58.865 Carrylng arntsunt At 31 Dmber 2022 141,292 669 8,855 152.380 At 31 Deckmber 2021 141,292 1.612 1,634 13.097 157.635 The freeholdlle85ehold property Is induded at cost. These assets are not being depreciated because tha depraeiab.on charge is considered to be immatenal lo Ihe accounts because of the length of Ihe useful lives of the a358ts and their residual values. Tre are properties on Sites which a owned by the charity but are not included In the accounts as the is no c05t attaching to them, and the trustees consider that the costs of their valuatitsn exed the berfft of the infomiahon 85 both a used for the ongoing purposes ol the Charity. -29-
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 16 Flx•d asset inveslrnents List•d Legacy Fund Invg8lJn8nts IUSAI R•strleted Education Fund IUSAI Cash In portlolio Total Cost or valuatlon At l January 2022 Additions Valuatson chang8S Ngt movèment in cash Disposals 3,972.524 1,094.625 1444.9541 2,501 1,387,369 108,291 6,370.685 1,094.625 1444,9541 209,356 11,105,9691 126.7861 234,257 1.885 11.105,9691 At 31 D0mber 2022 3,516,226 675.715 1,621,626 110,176 6,123.743 Carrying amount At 31 Deeember 2022 3,516.226 875,715 1.621.626 110,176 6.123,743 At 31 December 2021 3.972,524 902.501 1.387,369 108,291 6.370.685 17 Flnancial instrum•nts 2022 2021 C•rylng arnount of financlal assets Debt Instruments measured at arnorts.sed cost Equity instrurnents rneasured at lair value 3,046,354 3,516,226 2,962,487 3,972.524 Carrying amount of financlal IlabJlltl•8 Measured 81 amorb88d cost 86,332 185,722 18 Dgbtor 2023 2021 Amounts falllng due withln one year: Other debtors 29.4 57.563 19 Creditor¥: amounts lalllng duo wlthln on• yoar 2022 2021 Othèr creditors A¢eruals 4.858 81,474 130,g64 54.758 86,332 185.722 -30-
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 20 Provisions for Ilabllltl•¥ 2022 2021 Court settlem8nt 205.000 205,0(K) Movemènts on promsions.. Court ••ttlem&nt At 1 January 2022 ar¥J 31 Decomber 2022 205.000 21 Rglfrgment benèfit 8¢home• Defingd contrlbuljon sehernes The charity operat85 a defined contnbution pension sthemè for all qualifying employeès. The assets of the sc*•mè are held 58parataly from those of the chanty in an Indepenckntly administered fund The charge to profit or loss In resp6ct of defin8d eontributlon sthemes was £11312021 - £1031. In addition to thk8 the wer• pen510n cos1$ paid on behalf of th8 friars from the USA totalling £O12021- £1.5271. There were no outstanding amounts dua lor payMnI 85 at 31 Dtrmber 202212021.. £nill. 31
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 RtrIcted funds The incne fvnds of the Charty indude restrided ndS Comprising lollowing unaxpended balancts5 of donatlOn5 and grants held on trust foi Specif purposes.. Mov•m•nt In fund$ Incomg Expend6tUT• Mov•ment In lund8 Incomo EXnttr• Balan¢0 at 1 January 2021 Bal•tice at 1 January 2022 8olanco at 3100¢gmber 20 Mass Fund Ukraine app8al 30,140 17,239 116,6961 30,683 26,801 110.5111 46.973 4.915 4,915 30.140 17.239 116,6961 30.683 31.716 110.5111 51,888 Mass Fund Ilass offenngs represent donabons rnade to the charity for thè purpose of Ma53 bèing said k)r the intents"on. On the Ma¥s being said. th8 donations are released to general furvjs. Ukralne appeal Th8 Ukraine appeal is to help prowdè shelter. food and watsr to Ukrainians.
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THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 26 Op•rallng l•a8• cornmltments At the 16porting end (Jate the charity had outstanding commitrrents for future minimum16ase payments under non<ancellable OPBrating leases, which fall due as follows.. 2022 2021 Wthin onè year Befvfftn and years 60.000 ),DOO 60.(X)O 150.OC4) 150,)0 210,000 Evtnts afterthe r#porling dat• The Order of Friars Minor Conventual is in celpt of a claim arisin9 from an historical inudent. The claim was settled In November 2024 an¢J th8 settrnent of £205,Th)O has been paid. 28 Related party tran$actloNs Inclu¢Jed wthin investments is £2.497,34112021." £2.289.8701 held within a larger inve81ment porttolio by Our Lady of th8 Angels Provinca in the USA on behalf of the Order. Our Lady of the An9e15 Province 15 part of the worfdwkye men's religious Order of the Friars of Minor Conventua15 or cornffjonly relerred to 0$ Franoscan Friars, of which The Order of Friars IAinor Corlventual 15 a custody of. During the y8ar Ihe Ord6T receiv&Y £7e,99812021 £68,669) which relatss to their sharÈ of the investrnent Incotne ieceived on the whole portfolio held by Our Lady of the Angels Provinee. They also re1Vd £24,533 12021". £22.8111 as donations into the account held by Our Lady of the Angels Province and expen585 totalling £162,76412021. £nill were paid on their bghalf. The foreign exchange gains on these funds totalled £268,704 12021.. gains £25,677) 29 Cash gonrated from operation8 2022 2021 (Deficitysurplus for thè year 1548.0821 332.892 Adjustments for.. In¥estsnent income recognised in statement of financial activities Forèign exchange differenc$ Gain on disposal ol tangible fix asset5 Gain on dispos81 of investments F81r value gains and1055es on InStMents Depwation and impaimient ol tangible fixed assets 1174.2681 269.786 12501 1121,7961 566.750 6.401 1151.4741 24,220 11,3501 124,3491 1370.4301 Movarn8nts in working capital". Dec&$8111crease} in ¢Jebtors IDecreasellincra858 in ueditors Ilkcreasg) in prowsions 28,509 199.3901 155.7S61 24,815 205,000 Cash abgorbod by operatlons 172.3401 16,9881
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2022 30 Analys1• of ¢ash and cash •qulvwl?nts 2022 2021 Cash at bank and in hand Cash held within investment portfolio 409,783 2.607,517 S(.763 2.398.161 Total ca$h and ¢•sh •quivalents 3.017,300 2,904.924 -37.