Charity Reglstratlon No. 249881 THE ORDER OF FRIARS MINOR CONVENTUAL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE GKEYFRIAIS
THE ORDER OF FRIARS MINOR CONVENTUAL LEGALAND ADMINISTRATIVE INFORMATION Trusttss Rev W Martin- Custos Rev R Doyle- aursar Rev G Han5oy Rev C Edwards IAppDint8d 16 August 20231 (Appointed 16 August 20231 Deflnltorn Rèv C Edwards Rev G Hanley Charfty numb•r 249881 Prlnclpal addrnss Grèyfriar5 St Patsick's Friary 26 Comwall Road London SE1 8TW Audltor Mrtchell CharfesworLh IAuditl Lirnited Suites C.D.E & F 14th Floor, The Plaza Liverpool L3 9QJ Bonkgr National Westminster Bank PIC P.0. Box 7929 91 VSlstl 8ridg8 Road SE17ZB Soli¢itor• Pothecary Witham 10 70 St George's Square London SW1V 3RD Inv•Btmgnt advi¥orn Charfes Stanley & Company Limited 55 Bishopsgate London EC2N 3AS Davy Global Fund Management Limited Dashwood House London EC2M 1QS
THE ORDER OF FRIARS MINOR CONVENTUAL CONTENTS Pag• Trustge5' report Ststernent of trustees, responsibilth"e5 Independ8nt audit5 report 8-10 Statement of finanual athvities Balance shaèt 13 stateffjent ofcash flow5 14 Notes to the financial statements 15-37
THE ORDER OF FRIARS MINOR CONVENTUAL TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustses pres8nt Iheif annual r8port and financi815t8tements for year ended 31 Dember 2023. The finanrial statements have prepared in accordance wth accounting policies set out in nots 1 to the finanaal statements and cornpty with the charity's goveming document, the Charityes Act 2011 and Accounting and Reportsng by Charib"es. St3t8rn8nt of Rowmrnended practi applicati to charities preparing their accounts in accordan with tthe Finana81 Reporting Standard applicable In the UK and Republic of Ilan(j IFRS 1021. (effective 1 January 20191. Introductlon The Ord8r of Fri¥r5 Minor was founded by St Francis ol Assisi in 1209. It h95 maintsined its essential Character through the ntUrieS. Fnars live in eornmunibes. observing the Gospel of Our Lord Jesus Christ, under vows of poverty. celibate chastity 8nd obedience, in acran wilh Ihe 'Rule of 1223. written by the Founder. The Ministsr General s headquartet5 8re in Rome where he is assisted by a General Definitory lor Council), governing the Order Wod(Iwid8. Th8 Order Is divided into provinces and custodie5 of which th8 Prown&al Custody of Great Britain and Ireland I"Engli5h Province") 15 one. The Provincial CustcMYy ol Great Britain and Ireland is known as Thg Order of Friats Minw CwventU81 urKlei the patronage of Blessed Agndlus ol Pisa. IOTdinis Fratrufft Minortjm Convenlu81itJm. Beali Agnelli a Pisis). In publ documents the Provincial cUst(Y 15 known by the Order of Friars Minor Conventual IOFM Conv.). Obl•ctiv•s and activities Thè prinople object of the charity is cLInrned with Ihe training of postulates, novi$ and sbJdent triars of Tha Order of Friars Minor Conventual and the a¢Jvanc8tn8nt of lh& r8lyious and other charitable works caffied out by or under the direction ol The Order. Al of its activitias arè charitable and in accordance with ihe Trust Deed. Ther• have b¥ no chang8s in the objo¢tives Bince the last annual report. In setting objethve5 and planning for activities, the Trustees hav• given duo consKl6rth"on to gènèral guidancé pub115hed by the Charity Comrnission relating to public benefit awj in particular to its supplementary public b&n8fi1 guidBnts on th? advancernent of religion The majority of th& Friars are working in parishes that are part of other charitias and so #thve the public benefit requirement IndI¢y. The trustees have paid duè ragard to guidancg issued by the Charity Cornmission in deoding what activtties the chanty should undertakè
THE ORDER OF FRIARS MINOR CONVENTUAL TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Ibl The new four.year •nd lono4•rm plan At th8 ordinary Custodial Chaptèr of 2017 thg Fria revWed the state of the ministn6s and life ol Ihe Friars was discussgd, examining the past and looking forward for the next five years. A 5-year plan was drawn up wth the friars intending to pla a 9ater emphasis on.. Fraternal Lrf8 Forrnation of th8 Friars 3. Ministrie5 4. Financ8s Ministry Advancernent This plan has batft suporseded by a new remsed 4-y8ar plan vthic* was voted upon at our Chapter meeting in 2022. and which Is nSIdered the same as the long-t8rm plan suggested by the Charitres RegulatoryAuthonty. The plan will evaluated rni&iem) as queSted. The text of the plan is as follows.. At th8 fouThYation of Franciscan spirrtuality is the dassiral Threefold Vwdy of purgation, illumination, and unty. Our Sèraphic Father. Saint Franas. wrote of following in the footyrints of Jesus Christ through boing 'inwardly cl8ans8d, int8riorty enlightened. and enflamed by Ihe firp of the Holy Spirit.. TOger as one brotherhoo. we, the m8rnb8rs gf the Provincial Custody of Blessed Agnellu$ ol Pisa. will pursue this threefold Franuscan 5Plritual way throughout the course of this quadrènniurn. Togelher, we will sorL vision, and build the cornrnon el8rnenis of our life.. oryanlzaUonal. splrltual, and fratemal. The elements contained within this Four-year Plan a p¥esented as each being part of 8 set of concrete steps toward becoming a Provin SORT ORGANIZATIONAL Establsh routine poIje$, procedures, and protocols focusing on matters ol. ances, communIClon, and saleguaiding. VISION ORGANIZATIONAL Th8 Cu5105. and hi5 Definilory. will make Tegular fralernal. Visils lo hear the frbars BUILD ORGANILITIONAL Through a stra18gic le&W of human, anryal. and minislerial resources. lake conciete s18ps lowafd becomlng a piovince SPIRITUAL Gatherfo¥ Molth Friary Chapter, including a wel planned spirftual porlion. SPIRITUAL Pjan comrnon retieals and regional Days of R8co¥edion. SPIRITUAL Commtt io each frSary dèvel(Wng observing, a Sen41aY hoFori4im FRATERNAL Fostei a posilivB lelationshl with the moth81 pronce. FRATERNAL Cebrale bt-annual gIOnal g&therings. with a maloi celebralion on the 10th Sept 2024 FRATERNAL Create COOFdin8tecJ slralegies for.. vocation promotion, mevTrtotshsp in mISty, and continuin9 foFmalion. Investment perfomianc• The Trustees have considered Ihe most appropriate policy for investing funds and h8ve found that specialisecl fixed asset investments and equities st meet their requir8rn8nt to generate both income and eaprtal growth. The rate5 of retum on our vatious investments for 2023 w8re as follows.. Fixed assets - 3.3%, Charle5 Stanley Portfolio 3.56¥ts dividend yield. 5.31Vk capital Inuease, Davy Portfolio - 7.57% capital increase. Therefore. the retum on investments for the Charfes Stanley and the Davy portfolio sligmy gxc88ded expectations.. The trustees wlll continue to compare the perforrnan of each portfolio in 2024 and seek advi on adjustrnents if nec8S5ary. The fix8¢J assets investment retum of 3.3% was considered to be a rea50nabb rate ol tum.
THE ORDER OF FRIARS MINOR CONVENTUAL TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanclal revlew The results for the year and the charity's financial PDsibon 8t the end of the year are shown In the attached financ1 statements. There is a defic4t of £151,660 12022". deficit £111,7761 before investment gains of £238,858 12022". Investsnent losses £444.9541 and leg8ae5 of £nil12022. £8,6481. As at 31 December 2023. Ihe charity had reserves 01 £6.386,582 12022.. £6,423,628). Included within these r8s&N8s are £50,774 12022.. £51.8881 of restricted funds Isse note 231 and £5.048.734 12022.. £4.856,645101 de5vJnat8d funds (see note 241. Included wthin unrestricted funds are fixed assets totalling £1,257.271 12022. £1.415,9891. These funds can only be realised upon sale of these assets. Tha charity had a deficit on tr88 f88grv95 of £38.421 as at 31 Doc8rnb8r 202312022.. surplus of £38,2581. R•s•rv•8 pollcy The chanty aims to maintsin sufficient unrestricted funds Ilree serves) to p8rmrt it to continue for a three to s rnonth period should income ase which would pèm)it tha Trust68S ¢0 put Thg Orders affairs in to a sale situation, how8ver this is not currently being achieved. Rl¥k Manag?ment The Trustees a sab"sfied that systems are in place to mitigate exposu to risks However, Ihe Trustee5 conts"nu• on an ongoing basis to a5S855 thg rnajor risks to which th8 charty is exposed, in particular those 18lat8d to thg 0ratiOnS and finances of the charity both for Cur¢al operations an¢J lorthe individual ministn85 Safeguardlng of Chlldren and Vulnernble Adults The Order of Friars Minor Conventua5 In Great Britain and Ireland is commiited to upholding a duty of care towards rninors and vulnerable adults and to saf8guarding th8 rights and dignity of all people without prejudi. Furthennore, the Fnars will Implement the procedures arKI guidelines established by both Civil and Ecdesial authorities In the r•spectN8 jurisdictions. They also follow the handbook "Policies for Ministry with Minors ancl Vuln&rètil8 Adult5" whieh has be8n tnandated for 811 English language Jurisdictions of the Conventual Fr8ncisean Order. In the p&81 ar, a qualified safeguarding Offir. who is not a m•mbor ol the Order has been employed to assist Us. Plans for future periods It Is the aim of thé ¢harity to continue to undertake Ihe work necessary to train futuie postulates and novices in Ihe Franciscan way ol life in order that Thè Ordar of Friars Minor Conventual may continue. Stru¢tur• gov•rnanc8 and managornent Governance The charty was established by a charitablè trust dE8d dat9d 12 October 1Sffi as arnended by the Stherne on th8 6 March 1970 and the Scheme on the 28 Septernber 2LKIO The Provinual Custody Is adminSstered by a governing body, known as the Definitory, consisting of a Prowncial Custtss, and four other friar5. elected by all the members at their quadrennial chapter. Thre8 of the Definitors lor memb9rs of the Definitoryl are aLw the trustees ol the charity. The Definitory assigns friars tg the various friarEs and parishes served by the Franciscans and appoints officers nèèded for th8 adrninistratKJn ol the whole PrOWn. Each friary has a Guardian. elected at the quadrennial chapter, who has re5ponsibilbty for the friars in hi5 community. The runnlng of each fn.ary is dlscusssd rogularly by tha whole community. As All trusteés are m8mbers ol the Order they have a detailed knOIge of the work of the eh8rity and of rts Structu.
THE ORDER OF FRIARS MINOR CONVENTUAL TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees who served during the year and up to the dats ol signature olth• finanaal statem•nts werè". Rev C Budau Chaii ICusto¥l IResign8d 16Augu5t 20231 Rev W Martin- Custos Rov R Doyl8- 8ur5ar Rev D Dawidowski R8v C l Budau Rev G Hanley Rev C Edwards (Resigned 16 August 20231 IAppoint&d 16Augu5t 2023 and re5vJned 14 October 20241 (Appointed 16Augu$t 20231 (Appointed 16August 20231 Brief biographical detsils cffi each of the trustees who seryed during the year i8 9iven below.. Raverend Clprian Budau OFM Conv Father Ciprian Budau has been a member of Ihe Order since 2001. After his initial fomation he has been involved in pastoral ministry in Ilan{j IFairview and Waxfordl. H8 was the Guardian of th Fary In Wexford and has boen a Definitor since 2013. He was elected as the Provincjal Custos at the Chapter meetings In September 2017 and hek1 thal position until September 2022. He Signed as trustee on 16August2023. R•verend Wayne Martin OFIII Conv Father Wayne Marbn 15 the Prefect of Fomiation in Oxford frorn 2018 uth"I September 2022. He was appointed as Trustee in Septernber 2018 aThJ was ebded Custos al the Chapter in September 2022. R•v•r•nd Rory Doylè OFM Conv Father Rory DOY has b8en a member of the Order since 2013. Atsr his initial formation he has been involved in pastoral ministry in Fairview (Dublinl. H8 is presently th8 Guardian of the Friary in London 8nd also the P8ri5h Prièst there. He was appointad as Bur58r in September 2017 and reappointed at the Chapter in Sepiernber 2022 Rpvgrend Dariusz D4wldowJkl OFM Conv Father Dariusz Dawidowski is currenuy the Guardian of the Friary of St. Clare's in Blackley, Manchester and is also the Parish Pnest. He was appolnted as a Definitor at the Ch8Pter meètings in September 2017. He sIgThed as trust8e Dn 16 August 2023 Reverend Colln Edw•rdg OFM Conv Father Colin Edwards is a member of tho Ordèr since 2015. H6 was appointed as a Definitor in July 2021 and trustee on 16 August 2023. Rèvèr•nd Gaarold IKvinl H4nley OFM Conv Father Kevin is currenlly a member of the Friary in Fairyiew in Dublin. He has ministered in Ireland aThY England and Spent a nurnber of years as a confessor In St. Peters Basilica In the Vatican. He was appointed as a Definitor at the Chapter In September 2022 and a trustee In August 2023. R•v Catalln J•rnmlah Budau OFM Conv Fath8r Jer8mi3h 15 8 rn8rnb8r of the Order who is resident at Si. Clare's friary. Hè was appoint•d as a D•finitor at the Chapter In September 2022 and a trustee in August 2023
THE ORDER OF FRIARS MINOR CONVENTUAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure and management Thè ttustees arg u.atelY responsible for the policies, 8Clivitie3 and assets of the chanty. They meet bi-monthly to review developments with 93rd to the charity and it5 acb'vities and make any Important deuslOn5. VVh&n necessary, the trust8es seek advic8 atyj support from the charity's professional adv15ers Including property consultants. invesfftnt managers. soltOrS and accountants The day to day management of the charity'5 activities, and the impl8rnentation of policies. is delegated lo the appropriate members of the Order (Guardians of Friaries or Diwtors Df Ap05tolates1 Several members of the Chanty involvèd wrth acbvities of other Charrties and thus report to the governing bod$ ol thv5e institution5 18.g.. Friars ministerin9 in parishes which are aSSLKiated to Roman cath1¢ DI09851. Financial decis10ns ar6 overseen by thg Irusiees As of 31 Dècefflbei 2023. the Custody of Great Brrtain and Ilarnd comprises of 25 Friars in Solemn Profession. 9 of whom re51de In the Republic of Ireland. 15 In Britain and 1 in Italy. Canonically 8Stabli5hed Friaries can be found in LivèryJol. London. Oxford. and fvvo In the Gfèat8r Manch8stsr ar88 IBlad(ley and Barton). In addition Friars work and reside in Walsingham, Rye IEast Sussexl, and Cambndge The friaries in Ireland are in Dublin and Wexford The BlaCkY IMaThchesterl, Lwerpool, London. and Ry8 exerc458 parochial responsibi14b.es In collaborth'on with the bishops of the dioceses concèmed. Barton (Manchesterl is the ntre of the printing apostolatts and 5hnne church." Oxford Is the main formation house. Ggring for those men In fomiation. and the Friar living In Cambndge is involved In the education min15tn88. The fnars in Walsingham help out at the national shrin8 under the supervision of the rèctor of the Shrine, who is appointed by the local Bishtsp. Each G3nonicAlly*stablished community ha5 a local Guardian electsd at the quadrennial General Assembly Icustodial Chapter) of the Friars. The IDcal Guatdian is responsible lor both the nee(Js and the care of the friars In is community according to the mandat8 received at the quadrennial General Assembly and as moderatefl by the Provinryal Custos and his Definitory Ith8 Trust88sI. Working with oth•r organl8atlon¥ The fria[5 in the Six parishes served by the Provtncial Custody work very dosely wth the bishops adrninistering the dioceses within which the panshes are situat8d. That wll include membership of the local deanery and helping out in reighbouring parishes where possible. In addition, ol the Communities have a primary sd)ool In the parish and there Is close connection with these sthools as well as secondary schools 59rving the pan5he5 of the fnars Th8 friars are also engaged in workiro with statutory bodS. oth6r Chrislian Churches, other faith communitigs. and other voluntary groups The management ofthe charty is the responsibilty of thè Trustses who are elected and co-opted under the temis of the Trust deed. The trustees meet at gUlar Interva15 during the year to nSider the management of the chairty. Serfous Incldent Report In 2022 the charity was in receipt of a daim arising from an historical intsdent which has be8n settled in November 2024 ond the claim of £205.000 has been paid. Ol$closur• ol 1nlomiat5on to oudltor Each of the trustees has confim)ed that thèrè 1$ no infvrrnalion of which they are aware which is relevant to the audit, but of wttith the auditor Is unaware. They have further confimied that they have taken appropriate stèps to Id8ntify such relevant inforrnab'on and to 6StaNish that the audltor Is awaffj ol such infomiation. Th8 trustees, reFM)rt was approved by th8 Boatd ol Trust8e5. Rev W Martin- Custos Tru8tse Rev Trus oyle- ar
THE ORDER OF FRIARS MINOR CONVENTUAL STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees are responsible for pparing th? Tru5tees' Report and the financial statements in accordance with applicable law and United KiThJdom Accounting Sta1415 (United Kingdom Generally Accepled Accounting Practice). The law applicabb to thrit5 In England and Wal88 requir8s th8 trustees to prepafe f nantial ststements for each financial year which give a tme and fair view of the slate of affairs of the charity and of th8 incoming resDurces and applicatson ol resources of thg charty lor that year. In preparing these finanaal statements. thè trust885 are required tr*. - select suitabl8 accounts.ng policies and then apply them consistonly; observe the methods 8nd prinaples in the Charits"es SORP, - makejudgernents and estirnates that are reasonable and prudent tate whether applicable accounting standards havè bèen followed. subject lo any material departures disclosed and explained In the financial stat8rnents." and ppare the financial st3tern¢nts on the going cOnM ba$1$ unless it Is Inappropriate to presuma that charty will continue In opgiation. The trustees are respon5ibl& for keeping sufficient accounting iecords that disclos8 with reasonable accuracy at any time the financial position of the eharty 8nd enable thern to ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounts and Reportsl Regulab'ons 2008 and the provisions of the trust deed. Tkey are also responsiblts for safgguarding the assets of the tharity and hence for takiro reasonalAe step6 for the prevenknon 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 Oplnlo have audited the financial slaternents of The Order of Friars Minor Conv9ntual (the 'charity'l for the year ended 31 December 2023 which comprise the statement of financial activities. the balanc£ sheet. the statement of cash flows and the notes to the finanaal statements, including a summary of Significant acxounting policies. Th8 financial portsng framework that has been applied in their preparatson is applicable law and United Kingdom Accoullting Stsndard5. including Financial Reportiry Siandard 102 ThE Financial Reporting Standard applioable in Ihe UK an Republic of Ireland (United lQ'rodom GerallY Acc8ptsd Accounting PractiC81. In our opinion, the financial statements.. give a true and fair view of the st*9 gf th8 charity's affairs as at 31 December 2023 and of its incoming resources and appliGglion of resources. for the year then Ènded". have been properfy ppared In accordance with United Kingdom G8narAlly Aceepted Accounting Prath'cA', afid have been prepared in accord8n wth th8 requirem8nt5 ofthe Chants"es Act 2011. Basis for opinlon We conducted our audit in accDrd8nr£ wth Int8rnabong1 Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under Ihose standar¢Js are further described in the Auditors SpOnsIbl11t18S for lh8 audit of tht financial statements sethon of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the finanaal statements in the UK, Including the FRC'S Elhic31 Standard, and we have fulfilled our other ethical ponsIbIlitieS in ac¢ordan¢e with thes8 requ1Ments. We b81ieve that the audit evidence we have obtained is suffiaent and appropriate to prowde a basis hr our opinion. Conclusions relating to going concern In auditing the finanaal statements. we have ¢on¢luded that the tntstèas. uso 0¢ the going concem basi$ of atcounting in the preparation of the finanaal statements is appropriate. Based on the work we have performed. w8 have not identified any material unc£rtaintl85 rÈlating to events or conditions that. Inclividually collectively. may G8St 5gnIfiCant doubt on the charty's ability to wnlinue as a going concem for a penod of at least e1ve months frcffi when the finanoal stattrnents are authorised for Issue. Our responsibilitS and thè responsibilits.es ol the trustees wrth respect to going eoneèrn described in the relevant sections ol this report Oth•r inform¥WoTr The other informats.on comprises the infomiation included in Ihe 8nnual report other than the financial ststsrnents and our audito¢s report th8r8on. The trustses ara sponsIble for the other information ClaInEd within the annual report. Our opinion on the financial statements doe5 not COV8r the other Infomiation and we do not express any form of assurance conclusion theroon. Our responsibility is to read the other information and, in doing $0, consider whether the other Infomab"oTh is rnaterially inconsistent with the financial statements or our knowl8dg8 obtained in the course of the audit, or otherwis8 app8ars to be maierially rnissiated. If w8 idèntify such matenal Inconsist8naès or apparent material misstateFnents. we are required to deterrnin& whethgr this gives nse to a material rnis5taternent in the financial statements themselves. If, based on the work we have perfomied. we condude tmat there is a material misstslernent of thi5 Other infornation. we are reqUId to report that fact. Wg have ni)thing to report in this regafd. Matters on whlch wg are r8qulred to report by exception We havg nothing to report in le5P8Ct ol the following matters in r8lakn.on to which the Charrties IAccounts and Reports) Regulations 2008 require u5 to port to you if. in our opinion.. the Inlormation given in the financial stakments is in15tnt in any rnalerial respecl with Ihe truste8S' report.. or suffiaent accounting records have not been kept". or the financial statements are not In agreement wth the accounting COrdS.. or we have not Yeived all thè inftjmiation and explanabons we raquire for our 9jit.
THE ORDER OF FRIARS MINOR CONVENTUAL INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE MEMBERS OF THE ORDER OF FRIARS MINOR CONVENTUAL R•apon$lbllltles of trustees As eXained more fully in the statsm8nt of tnJste85' responsibilikn"•s. the trustees are responsib for th¢ preparafjon of th8 finanual statements and for being sab$fied thal they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial staterrnnts that are free from m8iwial rn155tatemtnt. whether due to fraud or error. In preparing the finanaal statements, the trustees are responsible foi assessing the chaiity's ability to conbnue as a g01ng cOnrn, disclosing, a5 applicab18, matters lated to going conrem and using the going cOnM basis ol accounting unless the trustees eith9r Int&nd to a$& operats'ons. or have no realistic attemative but lo do 50. Audltorfs r•sponslbllltles for the audit of the financial tat•m•nts We have been appoint8d as audrtor under secbon 144 01 the Charit$ Act 2011 and report in accordan with the Act and Levant regulation5 made or having trffect thereund&r. Our objecbves are to obtain reasonable assurance about whether the financial st8ternent5 as g whole are free fTom material misstatement. whether due to fraud or error. and to issue an auditorfs report that indudas our opinion R8asonabl• assuran is a high level of assurance but is not a guarantee that an audit conductèd in accoldance th ISAS IUKI will always d8tsct a material mi5Statement when Il ex15ts. Misstatements can arise from fraud or error and are considered material if. individually or In the aggregats. they could reasonably be expetsd to influgtlL the economic decisions of use[5 takon on th8 basis ol these financial 51aiernents. Irregularib'e5, including fraud, aro instan5 of non-compliancÈ with laws and regulations. We design prolJUr&S in line with our respon5Ibilitl8s. tsuuined above, to detect material misstatements in re5PgCt of irregularities. Including fraud The extent to whi¢h our proeedures are capable of delectsng Irregularitse5. including trau(J, is detailed bebw. Our approach to Identifying and assessing the risks of material misstalement in respect of irtegularities, indudiro fraud and non-complianco w11h laws and regulations, w85 55 follow5. th8 engagemenl partngr ensur8d that the engagement tearn ¢xJllectivgly had the appropriat• competen, capabilities and skills to identify or recognise nDn-compliance wrth applicable laws and regulations, we identifie¢ the laws and re9ulaty.ons applicabl8 to the cotnpany through discussions with directors and other management". we fDcused on specffjc laws and wulations which we considered rnay have a direct material efFect on th8 financial statements or the operats.ons of ihe company. including the Companies Act 20(b. taxation legislation and daia protection, anb-bribery, employment an(J health and safety legislation., we assessed the extent of compltance with the laws and wulations identified above through makirvJ enquine5 of management and inspecting legal correspontYenc8". and identified law5 and regulation5 wer8 communicated within the audit learn regulaty and the team remained alert to InstsD$ of nOrMplIanc£ throughout the audrt. We assessed the sUSp"bIlity ol the company's finoncial statements to material misstaternent. includirKJ obtaining an unde15tanding ol how fraud might occur, by.. making enquiries of management as to where they consillered there was susceptibilty to fraud. their knowledge ol actual. suspected and alleged fr8ud." and con51dering th8 intemal o)ntrols in place to mitigate r15ks ol traud and non-ccffjpliance wth laws and regulations. To *Jdress the risk of fraud through management bi8S and override of controls. we". P8rformed analyts.cal predureS to identify any unusual or unexpected lat)nShIps." tested journal entritrs to identrfy unusual transactions.. assessed whether judgements and assumptsons made in determining thè accounting estsmates were indicative of potential bias." and Investigated the rationale behind Sunificant or unusual transactions.
THE ORDER OF FRIARS MINOR CONVENTUAL INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE MEMBERS OF THE ORDER OF FRIARS MINOR CONVENTUAL In r85POn5e to the risk of irregularib.es and non-compliance wrth laws aThJ règulations, wa dèsigned procèduras whid) Included. but re not limited to.. agreeing financial ststernent di5c105ur85 to undertying supporting docurn8ntation, reading the minutes ol meetsngs or those charged with govern8n., and enquiring ol managetnent a5 to actual and pOten'al lib'gal'on and daims. There are inherent Iimitstions in our audit prOdureS described abov8. The mole rernoved that law5 and regulations are from financial transactions, the kss likaly it is that wg would becorne aware of non-cornpliance. Auditing standards also limit the audit protsdure5 required to Identyfy non-compliance wilh laws and regulats'ons to enquiry of the dire¢tor5 and oth8r management and the insp8ction of regulatory and legal correspon0Jen. If any Materisl mi5Statemenls that arise due to fraud can be harder to detect than those that arise from error as they may Involve deliberate concealment or collusion. A furth8r dgscwiption of our responsibilities Is available on the Financial Reporting Coundl's website at.. https.'Il www.frc.org.uklauditor8respoThsibilities This description fortns part of our auditorfs PDrt. Other mattery Your attention 15 drawn to the lact that the charity has prèparéd financial 5tat8rn8nt5 in accoTdanc8 Wrth 'Accounting and Reporting by Charities". Statemenl of Recommended Proclice applicable ¢0 ¢haritie$ preparing their accounts in accordance with the Financial ReportiThJ Standard applicable in the UK and Republic of Ireland IFRS 1021" 18S amended) in pref8rence to th8 AccOun'r@ and Reporting by Charitss.. Staternent of Recommended Practi issued on 1 April 2005 whth is referred to in the extsnt regulatsons but has now been withdrawn. This has been done in order for the financial statements to provKle a true aThJ lair view In accordan with current Generally Aptett A¢UntIng practi effective for report+ng riOdS beginning on or aftgr 1 J8nkJary 2019. U80 of our report This port is made solely to the charity's trustaèg. As a body, in aecordance with part 4 of tht Charit18s (Accounts and Reportsl Regulations 2008. Our audit work has been undertaken so that we rnight state to the charty's trustees thostr matters we are required to stat to them in an audito¢s report and for no other purpose. To the fullest ex¢ent permrtted by law. we do not accept or assurne spOnsIbl11ty to anyone other than the charity and the charity's trustse5 a5 a body, fo¥ our audil woth, for this report. or for the opinions we have fonned. klLtLKQLQ (ftttst) Mltchell Charle•worth (Audltl Llmlted 24 January 2025 Ac¢ountsnts ststutory Audltor Surtes C.D.E & F 14th Floor. The Plaza verpool L3 9oJ Mtchell charsworth IAuditl Lirnited is eligible for appointment a$ auditor of the charity by virtye of its eligibility for appointment as auditor ol a company uThJer secllon 1212 01 the Companies Act 26. 10-
THE ORDER OF FRIARS MINOR CONVENTUAL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Curront financial year Unr•strrctod Unrestricted Re8trl¢ted Endowrn•nt funds funds funds funds general desl9nated 2023 2023 Total Total 2023 2023 2023 2022 Note8 Income and •ndov*Ments from.. Donab'ons and le9arie$ Charrtable activth.es Investments other income 72,844 178.812 70,939 1e.216 27,583 1.000 17.696 101,427 196,508 172,139 18,216 84.982 205.725 174.288 29.962 98.290 2.g10 Totsl Income and •ndowm•nts 340,811 125,873 18.696 2.910 488.290 494.937 nditure on= Raisiro funds 27.165 17,321 604 45,090 45.130 Chartsble activib'e 574.975 75 19.810 594.860 552.935 Total oxpgndltu 602,140 17,396 19,810 604 639.950 598.065 Net gainslllossesl on invesfvnts 13 68,241 165,567 5,050 238.858 1444,9541 Not •xpendlturelln¢om• 1193,0881 274,044 7,356 87.198 1548.0821 Othèr rBeognised gains and Io•B8ty Other gains or losses 14 142.2891 181,9551 1124.2441 269.786 Not mo¥•m•nt In fund$ 1235,3771 192,089 11,1141 7,356 137.0461 1278,2961 Fund balanc8s at 1 January 2023 1.454.227 4.e56.645 51.888 60,868 fj,423.628 6.701.924 Fund balan¢•8 at 31 D•e•mb•r 2023 1,218.850 5,048,734 50,774 68,224 S.386.582 8.423,628 The 5tsternent of financial 8ctivOJ"es includes all gains and losses recognised in the year. l ino)me anol expendrture derive from continuing acts"vities.
THE ORDER OF FRIARS MINOR CONVENTUAL STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Prlorfinanclal ygar Unrnstrlcted Unrestsleted Restrlctèd Endovffli8nt funds funds funds fund8 g•n•ral d•81gnatsd 2022 2022 Total 2022 2022 2022 Not•s Incom• and •nd¢)wm•nts frorn: Don8tions and legacies Charitable acbvities Investments Other incomÈ 44.458 178,924 77.338 29.962 35,609 4,915 26,801 84,982 205.725 174,268 29.962 94,119 2,813 Totsl Income and endowmènts 330.680 129,728 31.716 2.813 494.937 Ex ndituro on.. Raising lunds 26,660 17,849 45.130 Charitable activibes 506.628 35,796 10,511 552,935 Totsl expenditure 533,288 53,645 10.511 621 5g8,065 Net g8inslllowsl on investrnents 13 1144.3801 1289,8911 110,6831 1444,9541 Ngt •xp•ndltur•llncom• 1346.9881 1213,8081 21.205 18,4911 1548.0821 Oth•r r•cognli•d galns and I¥?¥ Oiher gains or losses 14 105.c196 164,690 269,7e6 Net mov•m•nt In funds 1241,8921 149,1181 21,205 18,4911 I278,2) Fund balances at 1 January 2022 1,696,119 4,905,763 30,683 69,359 6.701,924 Fund balanc•# at 3108cornbar 2022 1.454.227 4,856,645 51.888 60.868 6.423.628
THE ORDER OF FRIARS MINOR CONVENTUAL BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Not•s Fixed a8set¥ Tangible assets Investments 16 16 147,309 6.192,593 152.380 6.123,743 6,339,902 6,276.123 Current a86ets Dobtors Cash al bank and in hand 39.830 308,942 29,054 409.783 348,772 438.837 CreditOf5'. amounts falllng due wlthln one ygor 19 197,0921 186,3321 Nel current assets 251,680 352.505 Total ass•ts1889 current Ilabllities 6,591.582 6,628.628 Provisions for liabllltl 1205.0001 1205,0001 Net al8 6.386.582 6.423.628 Capltal fund# Endowment funds In¢omv fund¥ R8Stricied funds Unfestiicted fvnds Designated funds General unrestricted funds 68,224 60,868 50,774 51,888 5,048,734 1,218,850 4,856.645 1,454.227 6.267.584 6.310.872 6,386,582 6,423.828 The financi815tat8mants were approved by Ihe Twustsos on ........ . Rev W M8rts"n - Custos Trust•0 RevR Trug yle-B 13-
THE ORDER OF FRIARS MINOR CONVENTUAL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEAIBER 2023 2023 2022 Note8 Cash nows from operallng •¢tlvlUos Cash absorbed by op8ration5 29 1442,6481 172.3401 Invèstlng aetlvltl•s Purchase of tangible fixe(J assets ProceEd5 frorn disP05al of tangible fixgd assets Purchase ol investrnenis Proceeds from disposal ol inve5tsnents Investrnent incorne recèived 13381 11.1461 250 11,094.6251 1.105,969 174,268 1347.2601 427.763 172.139 Net cash generated from Invesllng actlvltles 252.304 184,716 Net ¢agh uged In finan¢lny actlvltles Net Ideerea*eVlnerna88 lth ca8h and eas equivalents 1190,3441 112,376 Cash and Cash tquivalents at beginnin9 of ye?r 3.017,300 2.904.924 Ca8h and cash equfjvalents at end of year 2.826.956 3,017,300
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Aetounting policle8 Charlty inlorniatlon The Order ol Friar5 Minor Conventual is a charity governed by its trust deed dated 12 October 1986 as amended by thè Sch8me on the 6 March 1970 and the Schern8 on the 28 Septernber 2000. The principal office 15 Greyfri8r5. 26 Cornwall Road, London. SE1 8TW 1.1 Aeeountlng eonvèntion The financial statements have en prepared in accordan thè char5 trust deod, Chaiitiès A 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Irelan(r I'FRS 102.1 and the Charib85 SORP "Accounting and Reportsng by Charities. Statement of Remmmended Practice applic8b18 to tharit$ preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. The charrty is a Putilic Benefit Entsty as defined by FRS 102. The accounts have departed from the Charit*s (Accounts and Reports) Regulations 2008 only to the eent requi to provide a true and fair view. This departur8 has involved ftAlowing the Statem8nt of Recommended practi for chariii8s applying FRS 102 rathgr than the version of th8 Statemont of Recommended PracbcÈ which Is referred to In the Re9ul8b"ons but which has %nce been withdrawn The financial ststements are prepared In sterfing, which Is the funthonal currency ol the charty. Monetary 8rnoynts in these finan¢i85 statements are round8d to th8 n8ar85t £. The accounts have been pparad undw the historical cost conv8ntion, rnodified to indudè c•rtain financial instruments at fair valuè. Thè pPaI accountsng poliGigs adopted arg sgt out bg10w. 1.2 Golng eonc•rn At the time of approvin9 the accounts. th8 trustse5 have a rea50nabl8 Exp8cl3ts"on that th8 charity has adeqijate resources to continuo in opeiation81 existen for the loreseeabk (ulu. Thus the trustees continué to adopt the going concern ba515 of accounting in preparing the accounts. 1.3 Charltable funds General funds are unrestricted funds wthich are available for use at the dIsCtion of the Trustees in furtheranct ol th8 general objectives ol the charity and which have not been designated for other purposes. Dosignated funtjs eomprisa Unrestrict funds Ihal havg been ¥et a¥dg by the Tru¥tses for parb'rJJlar piirpos8$. Thé 8irn and use of each designated ftjnd is set out in the notes to the finanryal Statents. Restnct£d funds atp funds whKh are to be used in accordance wilh speryfic restrictions imposed by donors which have en raised by the tharity for particular puryy)se$. The cost of raising and administering such fvn¢s are charged against the speofic fund. The aim and use of each restricted fund is set out in thg notes to the financial statements. Permanènt Endovmient fuThY are inveslments held in perpetuity. Investment incorne. gains and losses are allwAted to the appropriate fund. 15-
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng poll¢l {Contlnuedl 1.4 Incom All Income is indud8d in the Stat8m8nt ol Financial Activits85 whèn tha charity 15 Iggally entItd to th• income and th8 amount Can quantsfied with reasonab aceuraey. Legaae5 are rgnised on receipt or oth8n¥iS8 if the chartty has b88n notifiad of an impending dlstrfbution. 1he amount is known, and receipt is expected. If the amount not known. the legacy IS treated as a conb"ngent asset. Grallts artr rècognis8d in th8 Stat8rn8nt of finanoal activib.es wh8n the conditlQn5 lor ¢alpt have been complied wth. Gifts in kind donatsd ft)r distribution are included at valuafr'on and recognised a$ incofflg whgn they ara distributed to the prqects Gifts donated for resale a included as income when they are 501d Donated farjlities are inclutyed at the value to the charity where Ihis can be quantified and a third party is b88rirKJ th8 cost. No amounts a Included in the financial staternents for Servi donated by volunteers Donated servi9 or faolit¢es. which comprise donated serv¢ces, are included in income at a valuation which 15 an estimate ol the fin8na81 cost bomè by the donor where such a cost is quantrfiable and measurable. No income is recogni58d where there 15 no finanoal cost bome by a third pafty. Income tax recoverable in lab"on to donats'ons received under Gift Aid is recognised at the tirn8 of the donth"on. Inwtne tgx reverable in rolation tg inve5trllent inGgm? is Igcognised at the me the Investment incorne is reIV8b1e 1.5 Expèndltum Expenditure is rerdognised once there is a Kg9al or constructivè oblvJation to translar economic tenefft to a third paty. it i8 probable thal a transfer of economic benefits will be required in saitlement, and the amount of the obligation can be measured reliably. Exp8wwJitvr8 15 dassifiwj by activity. Thg costs of &ach activity are made up ol Ihè total of dirsct costs and shared costs, includin9 SUPFQrt costs involved in undertaking each activity. Direct costs attributable to a single activity are allOted dire¢Uy to that activity. Shared costs which contribuie to more than one 8Ctiwty and support Costs which are not attributable to a single activity are apportioned bebveen those activities on a b13 consistent with the us8 of resources. Central staw costs ara allocated on the basis ol time spent. and depr8ciats.on chaig8s ar& allocate(J on the portion of the asset's use. All expenditure is accounted for on an accruals basis and has been included und8r expènse eatégorias that aggregate all costs for allocation to athvitses Where costs cannot be direcly 8ttribyt8d to P8rticular xctivthès they have been allocated on a basis consistent with the use of resources Costs of raising fijnds are those incurred in se8king voluntary contributs.ons and do not indude the costs ol disseminakn'ng infomation in support of the charitsblg activities. The costs of activit$ in lurtheratK of th$ ¢hanty's otlects comprise axpenditure on the charitys primary charitable purposes. Support costs are those Cost5 incurred directty in support of exFenditure on the objects ol the charity and include project management carried oul at Headquart8r5 Govemancg costs ar? those incurred in ojnneclon with administration of th• chanty and compliaTr(e with nstitutional ar%Y ststutory requirements. All 8xpenditura is inclusive of ir18covaiable VAT. 16-
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policle8 lcontlnuedl 1.6 Tangible fixed a850ts Tangible fixed assets ar& stated al cost18S5 depr8ciab"oTr. Depr8ciatlOn 1s provided at rates calculat8d to writ• off the cost less estimated residual valua of èach as58t ovar its exct*d useful life, 85 follows." Freeholdllea5ehold property Fixturgs, fittings & 9quipfflent Computers Motor vehicles Not depreriated 20°k per annum straight line 20% psr annum straight Iina 20% per annum straight lino Fr88hold land 15 not d8preciated The treeholaSÈ0Id prcperty is included at cost. These assets are not being depreriated because the depreciab.on charge is conside0 to be immatenal to the accounts because of the length ol th8 usefvl li of the assets an¢J their resKlual valLts The gain or Ioss 8tsing on the disposal 01 8n asset is dÈtèmiinÈd as the diffen bett¥een the sak proceed5 8nd the carrying value of Ihe asset, and 18 recogni5&I in net incomellexpenditurel for the year. Historic assets Works of art, treasur85 and plate are not rapitali5ed in the58 accnunts as they are con$id8r8d histoiic. have very long lives and are worth preserving indefinitely. The trustees consider that it would be pr8iudiual to the safe custody of these assets to disdos8 d8tails ol their value and usage in these accounts. School propgrty Land and buildings allY t)wnèd by th8 charity and occupiÉd rènt by thè Catholic voluntary aided schools. which are separate charities and publicly funded, ar8 valu&d 8t nil for the purpose of these accounts. Th8 trust8e5 con$Kler Ihat no rneaningfvjl value can be attributed to thesg 8$s9ts since they ar8 not usad directly by the charity, do not generate any income, and cannot be disposed of in the on market or put to altemative use while such occupatson, which may be infJelinite, continues. 1.7 Flxed assot Invoslmonts Inv8Strn8nts ale stated at market value at the balance sheet dats. The Statement Df Financial ActivItS indudes th9 net gains and losses 8ri5ing on revaluab'ons and disposals throughout the year. 1.8 Impalm•nt ol fix8d as8•ts Al each r&porting end date, the charily reviews the carrying amounts of i& tangible assets to deterrninè wh8ther there is any indir2tion that those assets have suffered an impairm8nt Ios8 If any such indication exists. the recoverable amount of the ass8t is e$tyrnated in order to detemiine the 8Xtent ol the impairm8nt 105$ lif any). 1.9 Cash and cash oqulvalents Cash and c43h equivalents include (ash in hand. deposits held at call with banks, other short-tarm liquid investments wrth onginal matsjntses olthree monihs or 8$. 17_
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ountlng po15¢108 IContlnu8dl 1.10 Flnanclal Instrum•nts Th8 charity has elected to apply tho provisions of Section 11 'Basic Financial Instruments, and Seth'on 12 'Other Financ4al Instruments Issues. of FRS 102 to all of its financ4al instruments. Financial instrurnent5 8re recnIsed in the charitys balan sheet when the tharity becc4nes party to the contradual prov1510ns of th8 instrument. Fin8nci81 assets 8nd liabile5 are offset, vAth the net amounts present•d In the financial Statements, when Ihere is a legally enforable right to set off the recognised amount5 and ther8 is an intention to settb on a net basis or to realise the asset and settle the Ilability simult8neously Baslc flnanclal ass•ts Basi¢ financial assets, which indude debtors and eash and bank balancas, ara inth.ally ma8sufad at transaction pri Including transaction eosts and are subs8qU8nUy c8mwJ at arnorti58d cost Using th8 effective interest method unless thè arrangement constitutes a financing tr8n5action, wheie th& transaction bs measured at the present value of tt)e future teIptS di5count8d at a rnarkat rate of interg3t. Financial awts dassified a5 receivable within one year are not amortised B•slc finèneièl liabilities Basic financial liabilth"es, Induding ieditors bank loan¥ are inrtially rer4nBed at tr8nsacb.on price unles the arrangement COn5btule5 a financing transacb"on, where Ihe debt instrurnenl is measured at the present value of the futufè payments dI5Unted at a market rate of intest. Financial liabilities classified as payab wrthin one year ar8 not amortised. Debt in91ruments are subsequently Carr at amortised cost, using the eflecbve interest rate method. Trade cre(litors are oblyations to pay for goods or seNtès that have been a(4uired in th8 o¥din8ry course 01 OP8rats"ons from supplie. Amoun& payable are c155sified as current liabilities if payment is due within ore year or le58. If not, they are presented as non-currenl liabilrties. Trade crwjitors are wognised inth.ally at transadion pr and subsequently measured at amortis¥d cost Using th8 eff8Ctiv8 Interest fflethod. Dereeognltlon oiffftan¢ial liabilitie5 Financial liabilities a ereaned when the charity's contradual obligations expl or are discharged or G9nlled. 1.11 Provlslons Provisions are recognised when the charty has a legal or constructive pr8S8nt oblvJation as a tesult of a past evènt, It Is prob3ble that the charty will be required to settle thal obligation and a feliable estimate can b8 made ofthe amount of the obligabon. The amount recognised as a provision is ihe best 8Stimat8 of th8 consideration required to setue the present obligation 8t tke reporting end date. taking into account the risks and unTrrtainlies surrounding the obligatson. here the 8ffect of the lime value ol money Is material, the arnount expected to be wuiied to settle th& obligation is recognised at present valuè. a prov1510n is rneasured at pr858llt value, th8 unwiTiding of the di$count 1$ recognised as a financE cost in n8t incornellexpenditurel in the period in whh it arises. 1.12 Employge b*noflts The c05t of 8ny unu58d holiday enltlgment recognised in period in which the employee's servicRs are received. Termination benefits a recognised immediately as an 8xpen58 when the ch8nty 1$ d&mon$trably ¢omtnittgd to temiinate the employmènt of an ernployee or to provide temiination benefits. 18-
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles l¢ontsnu8dl 1.13 Retir•ment beneffts P8yments to fJefine(I contribution tIrement benefit schemes are charg8d 85 an exp8nse as they fall due. 1.14 Foreign exchango Monetary assets and liabilit$ denorninat8d in fOIgn currencvès arg translated into sterfing at rates ol exchange ruling at thts balan sheel dale. Transactions in foreign currenc185 a translated into sterfing 8t thè rate ruling on the dale of the transath"on. Exchange gains and10s8e8 are r8cognised in the Ststement of Finoncial AGt1¥.¢s. 1.16 Taxatlon The charity ben8fftg from various exemptions from taxation afforded by t8x 18g151ath.on and is not liable to corporation tax on Incornts or gains tslling within those exernptions. Recovery is rnade ol tax deducted from income and trcyn receipts under Gift AKI. The charity 15 not abkd to recover Valu8 A(Ide(l Tax. Expenditure is recorded in the acwunts indusive ofVAT. Crity¢al aeeountlng •8tlmat•s and ludggmgnt8 In the application of tha charty's accountr'ro poliuÈs. tF7e trustees are wuired to make judgements, 85ttmates and assumptions about the Carn9 amount of assets and liabilibes that are not readily apparent from oth8r sources. The estirnates and a550aatgd assumpbons are ba5etJ on histori¢81 expgnance and other factOTS that are conside to be relevant Actual may differ frorn these ests"mates. Thè estimates and underlying assurnptions are reviewed on ?n ongoing basis. Revision5 to accounting e$bmate5 ale r8cogniseil in the period in which the estimate is revised where the revision affg¢t¥ only that period. or in Iha penod of the rl$lOn and fuiure periods Whe the revision affects tN)th Current and future periods. The were Consider to bè eritical accounting e5timat95 or judgements appli¢d in th8 preparation of tres8 finanaal statements 19-
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltsbl• aetlvltie8 Tralnlny ol Rollgbou$ wnd po&tulatOS, othgr novlcos and eharttabkg 5tudentMars wa Total 2023 Trnlnlng ol Rgllgl(wB and postulatos, othor rthlc•s and charftablè Total 2022 2023 2023 2022 2022 Pgrfomiance related grants Income trom chaiitable a1¥111 42,098 42.098 37.864 37.864 10,000 144,410 154.410 158.211 167,861 lo,)0 186,508 196.508 9.650 196,075 205,725 Anaty•is by fund Unrestricted funds- general Rgstrictod fund5 10,IJOO 168,812 17.e96 178,812 17.696 6,rx)o 3.650 172,924 23,151 178,924 26,801 10,Tr)0 186,508 196.508 9,650 196,075 205.725 21
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THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Other ineom• Unr8Strlcted UnstriCteLl funds fund5 goneral general 2023 2022 Net1105sllgain on dispo$al of langible fixed a55ets other income 250 29.712 18.216 18.216 29.962 -22-
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THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltsble a¢tbvltle8 Tralnlng ol R•llglous po$tulate$, and other novlcos and ¢harftabl• student work friars Total Tralnlng of Rgllglous 2023 p¢)8fvlate•, and other novl¢e8 and harltable Student work frlars 2022 Total 2022 2023 2023 2022 DepciatIon and Impairment ForrnatiDn Support ol memb•rs Missions and donalions ApostolicJMin15terial costs Masses translerred 5.409 5.409 50,115 427,578 11.991 4,226 18.539 6,401 6,401 63.705 361,892 5,207 23,318 23,135 50,115 76.056 3.405 2,425 1,965 63,705 89.759 2,896 775 7,395 351.522 8.586 1,801 15.574 272.133 2.311 22,543 15,740 133,968 383,892 517.858 164,530 319,128 483,658 Share of support costs (see note 91 Share ot governan costs 1s98 notè 91 8,967 8.967 8.784 8,784 4es 87.570 68.035 4,183 56,310 60.493 134,431 460,429 594.860 168.713 384.222 552.935 Analy$i8 by fund Unrestncted funds- 98neral unstriCted ftJnd$- dosignat6d Restricted fund5 132.394 442.$81 574.975 1S1,318 345,310 506.628 75 17,773 75 19,810 35,796 3,116 35.796 10.511 2,037 7,395 134,431 460,429 594.860 168,713 384,222 552,935 -25-
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THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 10 Audltof• remuneratlon analysis of audrtofs rernuneraOn is as follows.. 2023 2022 Fees payable to the charty's auditor for the audit of the ¢harity'g 8nnu81 aOUnts 7,715 10,8 Non-audlt services Accountancy fees 7.567 18.636 11 Tru8tee8 None of the tmstees lor any persons conne(Xed wilh thgrnl rel¥e(l any rernunerab'on or b8nèfits from the charity during th8 y8ar. 12 employee• The averag8 monthly number of employeès dunng the yearwas.. 2023 Nufflber 2022 Number Fnary worf(ers Employm•nt costs 2023 2022 Wages and salaries Other pen510n costs 9.796 278 10,035 113 10,074 10.148 There wer& no émployaès whosa annual remuneration was mor8 Ihan £60,0(X). -27-
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THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 otr gains or1006 Unrwtri¢t•il Unrestrlcted fund8 lunds g•n•ral deslgnated 2023 2023 Total Unrestncted Unrestriet8d funds lunds general designated 2022 2022 Total 2023 2022 Foreign exthangè losses I Igainsl 42,289 81.955 124.244 1105,0961 1164.6901 1269.7861 16 Tangibl• Xed •Mets Frtoholdllo8 hold propoty Flxtur•s. ftthng6 & gqulpffl•nt ComputOY8Motwv•hlcl4s Tot•1 C08t At 1 January 2023 Addibons 141.292 17.559 338 43,450 211.245 At 31 December 2023 141,292 17,897 8,944 43,450 211.583 Depreciation and iM1rm•nf At 1 January 2023 Deprec4ation ¢har9ed in th8 y8ar 16,890 7.380 877 34.595 4.242 58.865 5.409 At 31 Dernber 2023 17.180 8.257 38.837 64.274 Carrying amount At 31 December 2023 141,292 717 4,613 147,309 At 31 December 2022 141,292 669 8,855 152.380 The fve8holdll8asehold property is included at cost. The58 assats are not being d8prèeiated because the depwation charge is eonsidered to be immaterial to the accounts because of the n9th of the u58ful lives of the assets and their re51dual values. There a propèrties OTh th te5 which a owned by the Charty but are not induded in thg accounts as there Is no eosi attaching to theffl. and Irust88s consider that the costs of their valuation exceed the benefrt ol the information &8 both a used for the ongoing purposes of the charity. .29-
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 16 FlxÈd asset InMtments Listed Logacy Fund Investment• IUSA} R•strl¢t•d Education Fund IUSAI Cash In portrollo Total Cost or valuation At 1 January 2023 Additions Valuation changes Net movement in $h Disposals 3.516.226 347.260 238.856 875,715 1.621,626 110.176 6.123,743 347,260 238,856 189,5031 1427.7631 194,9401 13.4491 8.886 1427,7631 At 31 December 2023 3.674,579 780.775 1.618,177 119.CE2 6,192.593 C¥rrylng amount At 31 Decembw 2023 3,674.579 780,775 1,618.177 119,C62 6,192,593 At 31 Drnber 2022 3,S16.226 875,715 1,621.626 110.176 6.123,743 17 Fln•nclal Instruments 2023 2022 Carrylng amount of flnancial a¥$gts Debt instrurnent5 rn8a5uied at afflortised o)st Equty Instruments m&ured at lair value 2,856,213 3.674.579 3,048.354 3,516.226 Carrylng amount of flnanclal Ilabiliti85 MeasUd at amorbsed cost 97.092 86.332 18 D•btorn 2023 2022 Amounts lalllng ¥thIn one year.. Other debtor5 Prepayments and accrued inccme 29.257 10.573 29,054 39.830 29,054 19 Creditor•: amounts falllng due wrkhln one y•ar 2023 2022 Other Creditors Accruals 5,482 91.610 4,858 81.474 97.092 86,332
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Provl8lon8 for Ilabllltl•s 2023 2022 Court settbmgnt 205.000 205,C¥)O MDvem8nts on provisions.. Court $ètU8rnent At 1 January 2023 and 31 Dernmber 2023 205,CQO 21 Retlrement b¢n•fit sch•m•¥ Deflned contrlbution scheme? The charity operates a ¢Jefine(I contributson p8nsion 5cherne for all qualifying employees Th¢ assets of the scheme are held separately fforn those of the charity in an Independently adrninistod fuTh The charge to profrt or loss in We5ct of defined contributK)n scheme5 was £27B12022- £1131. In addition to this there were pension tr)Sts paid on behalf of the friars trom the USA totalling £012022- £01. There re no outstanding amounts due for repayment as at 31 De¢ember 202312022. £nill. 31
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 23 R8strlcted fund8 The inccne funds of the Charity indud9 restricted funds (xmnprising tho following unexpend8d balarhces of donations aTrY grants held on trust for SpecfiC purp03e3". Movement In fund¥ Incorn• Expondmuro Mo¥8rnent In fund8 Incomo Expondltu BJ14nc• at 1 January 2022 Balanceat 1 January 2023 B•l•nc• at 31 DKgmLr 2023 Mass Fund Ukraine apptral 30,683 26,801 110.5111 46.973 17,896 118.8101 45,859 4,915 4,915 1,000 11,0001 4,915 30,683 31,716 51.888 18.696 119,8101 50,774 Mas8 Fund Mass offenngs represent donations made to the charrty for th8 purpose of M8ss bèing said for the intention. On the Mass being said, the donations are r81*ased lo general funds Ukr•lne oppeal The Ukraine appeal is lo help provkye shelter. food 8fkY walerto Ukrainians. -33-
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THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 26 Op•ratlng l•ai• tommltmento Al the reporting dat8 the chanty had ouistanding commitments for future mlnimum lease paymonts under nOn-CanlIable operating leases. which fall due as follows". 2023 2022 Wthin one year BètW88n and five year5 60,000 30.000 60,OQk) 90,000 90,000 150,00) 27 Ev•nts after tho 1•pOn9 dat8 The Order ol Friats Minor Conventual is in reIpl of a clairn arising trom an histoncal incKlent. The claim was settled in November 2024 and the setdernent of £205.0(K) has been paid. 28 Related porty transactlono Inrjuded within investments is £2.357.42012022. £2,497,341) hgld within a larger investment portfolio by Our Lady of the Angels Pron In the USA on behalf Df the Order Our Lady of the Angels provin Is part ol the worklwde men's r8lvJious Older of the Friars of Minor Conventuals or commonly referred to as Franciscan Friars. of which The Ordei of Friar5 Minor Conventual is a custo(ly of. During the year lh8 Order reived £80.116 12022. £76.9981 which rèlatès tts thèir share of the inve51ment Income retsived on the whole portfolio held by Our Lady of the Angels Province They also reiVed £26, 147 12022". £24.5331 as donations Into tho account held by Our Lady of theAngels Province and expenses totalling £nil 12022.. £162.7641 were paid on their behalf. The forevJn exchange losses on these funds tOtald £122.94412022". gains £268,704). 29 Cash gengr•t•d Irom opttrations 2023 2022 Deficit for the year 87,198 1548,0821 Adjustments for.. Investrment incom8 reugnised in statement of financial activilès Foreign exchange differanees Gain on disposal of tangible fixed a5s8ts Gain on d15posal of invesknents Fair valu8 gains and losses on investm8nts DepreciatH)n and impairrnenl of langible fixed assets 1172.1391 1124,2441 1174,2681 269,786 12501 1121,7961 566,750 6,401 135.2571 1203,6011 5,409 Movements in working capital. (InclSe)IdeCfa5e in debtors Increaselldecreasel in cr8ditors 110.7741 10,760 28,509 199,3901 Cash absorbgd by OPeraon9 1442.6481 172,3401
THE ORDER OF FRIARS MINOR CONVENTUAL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 30 Anatyslo of cash and cash equlvalènts 2023 2022 Cash al bank and in hand Cash held within investment portfolio 308.942 2.518,014 409,783 2,607,517 Totsl ¢a$h and ¢4¥h oquivalents 2.826,956 3,017,300 -37.