Charity Registration No. 266263
THE CANON LAW SOCIETY TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
THE CANON LAW SOCIETY TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 12 |
THE CANON LAW SOCIETY TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their annual report and financial statements for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust deed , the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The Canon Law Society Trust is a charity, which exists to foster and promote the study of and interest in the Canon Law of the Roman Catholic Church.
When planning our objectives and activities for the year the trustees have given due consider ation to the Charity Commission’s guidance on public benefit, and in particular, the specific guidance on charities for the advancement of religion.
The work of the Trust is conducted through the production of –
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The Newsletter of the Canon Law Society of Great Britain and Ireland, which is available to the members of the Society, and is provided as part of their subscription .
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Canon Law Abstracts – a review of articles on Canon Law .
Canon Law Abstracts is provided to the members of the Society as part of their subscription. Canon Law Abstracts of Great Britain and Ireland are available for sale.
The Canon Law Society Trust has, in co-operation with Canon Law Society of Australia and New Zealand, translated the Code of Canon Law into English and arranged for its publication. The Trust has also, in cooperation with the Canadian Canon Law Society, arranged for the publication of “The Code of Canon Law – Letter and Spirit”, a commentary on the Code.
Both these publications are on general sale and the Trust is in receipt of royalty income from them and from permitted use of our English translation of the Code.
The Trust has, in association with the Ecclesiastical Law Society of the Church of England, hosted the Lyndwood Lecture.
The Trust holds an annual conference for the benefits of the members of the Society.
The Trust has arranged for an annual residential course of training for the judges of ecclesiastical tribunals.
Arrangements have been made through HSBC bank for the Trust to receive credit and debit card payments for subscriptions, conference fees and purchase of the Society’s publications.
Achievements and performance
Canon Law Abstracts is provided as a part of a subscription to 348 members, 3 life members and 43 other bodies in exchange agreements. A mailing list of 188 provided additional income of £3,801 to offset the cost of publication which amounted to £8,689. It is practice that mailings cease when there are arrears of over 2 years.
The expenses of the Committee and the Research Sub Committee for travel and accommodation were £nil compared with £3,930 in 2020.
The Annual Conference took place over Zoom on 5th May 2021, due to the Coronavirus Pandemic. Any income received in respect of the conference has been carried forward as a credit against future conference registration fees. The next conference is due to take place in Rome in 2022.
The Matrimonial Jurisprudence Course was not held this year due to an insufficient number of applicants.
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THE CANON LAW SOCIETY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Financial review
The accounts for 2021 show an Accumulated Fund surplus of £6,485 (£14,825 in 2020). The cost of running the Society excluding the Conference and Canon Law Abstracts was £26,006 (2020 costs were £23,626).
The ordinary income of the Society comes from member’s subscriptions. The subscription is £100 and includes the society Newsletter and Canon Law Abstracts which sell for £9 each. At present there are 348 full members. Subscriptions received in 2021 were £36,770 including arrears (2020 subscriptions were £38,582).
These accounts have converted balances of US dollars and Euros held at the year-end into Sterling at the following rates: £1 sterling = 1.3497 US dollars and 1.1911 Euros.
Reserves Policy
The charity has considered the reserves required and have taken into account their current and future liabilities. The charity trustees have decided that a minimum reserves level of £100,000 is appropriate to maintain the annual running of the charity. The trustees consider that this level will provide sufficient funds to promote the study of and interest in the Canon Law of the Roman Catholic Church and ensure support and governance costs are covered.
Plans for the future
The trust plan to continue to run the annual conference, for the foreseeable future, and to maintain and increase subscription levels so that the trust can continue to fulfil its objectives.
Risk Management
The principal risks faced by the Trust are that Conference attendance reduces from its current levels and that subscription levels may drop , both of which w ould lead to a significant reduction in income. The committee actively reviews the major risks which the charity faces on a regular basis and believes that maintaining reserves at current levels, combined with regular reviews of controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The committee has also examined other operational and business risks faced by the charity and confirms that it has established systems to mitigate the significant risks.
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THE CANON LAW SOCIETY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Structure, governance and management
The trust is a registered charity in England, number 266263, and is constituted under a trust deed dated 10th August 1973, as amended by special resolutions dated 5th January 1977, 20th May 1992 and 10th May 2007.
The body of Trustees consists of four members of the Canon Law Society of Great Britain and Ireland, elected by the members at an Annual General Meeting; and the members of the Executive Committee of the Canon Law Society of Great Britain and Ireland, who are elected in accordance with the Constitution of the same Society.
The induction and training of the Trustees is carried out during their term of service on the Management Committee.
Key management personnel remuneration
Key management personnel of the trust are the President, Rev Francis Bradley, the General Secretary, Rev. James O’Kane, the Treasurer, Rev. Brian McLean and the three ordinary executive committee members.
The key personnel give up their time freely and do not receive any remuneration for the work they undertake in ensuring that the Trust continues to run smoothly.
Legal and Administrative Information
The Board Members who served during the year were as follows: -
Trustees
Rt. Rev. Mgr J Conneely Rt. Rev. Mgr D Cousins Rt. Rev. Mgr D Hogan Rt. Rev. Mgr G Read Rev. F Bradley Rev. J O'Kane Rev. B McLean Rev. S Blakesley Rev. K Paver Rev. J Rooney
Charity Number 266263
Principal Address St John Vianney's Presbytery 16 East Stirling Street Alva Clackmannanshire FK12 1HA
Bankers HSBC 91 High Street Brentwood Essex CM14 4RU
AIB Bank 140 Lower Drumcondra Road Dublin 9
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THE CANON LAW SOCIETY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' r eport was approved by the Board of Trustees.
Rev. B McLean
Trustee & Treasurer Dated: 12 May 2022
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THE CANON LAW SOCIETY TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE CANON LAW SOCIETY TRUST
I report to the trustees on my examination of the financial statements of The Canon Law Society Trust for the year ended 31 December 2021.
Responsibilities and basis of report
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
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the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Alan Mitchell, BSC (Hons), CA Thomson Cooper Accountants 3 Castle Court Carnegie Campus Dunfermline Fife KY11 8PB
Dated: 12 May 2022
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THE CANON LAW SOCIETY TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ |
£ | |
| Income from: | |||
| Charitable activities | 2 | 41,166 | 43,846 |
| Investments | 3 | 14 | 452 |
| Total income | 41,180 | 44,298 | |
| Expenditure on: | |||
| Charitable activities | 4 | 31,988 | 31,362 |
| Net income for the year/ | |||
| Net incoming resources | 9,192 | 12,936 | |
| Other recognised gains and losses | |||
| Other gains or losses | 8 | (2,707) | 1,889 |
| Net movement in funds | 6,485 | 14,825 | |
| Fund balances at 1 January 2021 | 199,630 | 184,805 | |
| Fund balances at 31 December 2021 | 206,115 | 199,630 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE CANON LAW SOCIETY TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2021
| Notes Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Income funds Unrestricted funds |
2021 £ 1,396 223,209 224,605 (18,490) |
£ 206,115 206,115 206,115 |
2020 £ 1,396 222,618 224,014 (24,384) |
£ 199,630 199,630 199,630 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on 12 May 2022
Rev. B McLean Trustee & Treasurer
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THE CANON LAW SOCIETY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
Charity information
The Canon Law Society Trust is a charitable trust and is registered with the Charities commission for England and Wales. The registered office address is St John Vianney's Presbytery, 16 East Stirling Street, Alva, FK12 5HA.
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the trust . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
At the date of approval of the accounts, the t rustees are aware of the potential impact on the charity of the Coronavirus pandemic and the trustees are actively takings steps to mitigate the impact.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. The charity had no restricted or designated funds during the year.
1.4 Income
All incoming resources are recognised in the year to which they relate, when there is sufficient evidence to provide the necessary certainty that the income will be received and the value of the incoming resources can be measured with sufficient reliability.
Income from trading activities includes income earned from events and trading activities to raise funds for the charity. Income is received in exchange for providing goods and services in order to raise funds and is recognised when entitlement has occurred. Interest on funds held on deposit is included when receivable and the amount can be recovered reliably by the Charity; that is normally upon notification of the interest paid or payable by the bank.
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THE CANON LAW SOCIETY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Expenditure is accounted for on an accruals basis as a liability is incurred. It is classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified as follows:
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs including the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to the independent examination together with an apportionment of overheads and support costs.
Governance costs and support costs relating to charitable activities have been apportioned on a direct basis.
1.6 Cash and cash equivalents
Cash at bank and cash in hand includes cash and all amounts held within bank current and National Savings & Investment accounts.
1.7 Financial instruments
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust 's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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THE CANON LAW SOCIETY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust ’s contractual obligations expire or are discharged or cancelled.
1.8 Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2 Charitable activities
| Other Activities Conference 2021 2021 £ £ Subscriptions 36,770 - Conference Registration - 595 CLA Sales 3,801 - Conference Sale of Papers - - 40,571 595 |
Total 2021 Other Activities Conference 2020 2020 £ £ £ 36,770 38,582 - 595 - - 3,801 3,842 - - - 1,422 41,166 42,424 1,422 |
Total 2020 £ 38,582 - 3,842 1,422 43,846 |
|---|---|---|
3 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds |
|
| 2021 | 2020 |
|
| £ | £ |
|
| Interest receivable | 14 | 452 |
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THE CANON LAW SOCIETY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
4 Charitable activities
| Other Activities Other Activities Conference 2021 2020 2020 £ £ £ Bank charges 1,488 1,679 - CLA costs 8,689 8,688 - Conference costs - - (952) Committee costs - 263 - Newsletter 6,812 2,195 - President - 2,946 - Research sub-committee - 3,667 - Other expenses 1,460 1,488 - 18,449 20,926 (952) Share of support costs (see note 5) 10,299 8,868 - Share of governance costs (see note 5) 3,240 2,520 - 31,988 32,314 (952) |
Total 2020 £ 1,679 8,688 (952) 263 2,195 2,946 3,667 1,488 19,974 8,868 2,520 31,362 |
|---|---|
5 Support costs
| Support costs Governance costs £ £ Office expenses 10,299 - Accountancy fees - 3,240 10,299 3,240 Analysed between Charitable activities 10,299 3,240 |
2021 Support costs Governance costs £ £ £ 10,299 8,868 - 3,240 - 2,520 13,539 8,868 2,520 13,539 8,868 2,520 |
2020 £ 8,868 2,520 11,388 11,388 |
|---|---|---|
6 Trustees
The Trustees all give of their time and expertise freely without any form of remuneration or other benefit in kind (2020 – £nil). Expenses paid to the Trustees in the year totalled £nil (2020 – £2,755)
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THE CANON LAW SOCIETY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
7 Employees
The trust had no employees during the year (2020 -nil).
8 Other gains or losses
| 8 | Other gains or losses | |||
|---|---|---|---|---|
| Unrestricted | Unrestricted | |||
| funds | funds |
|||
| 2021 | 2020 |
|||
| £ | £ |
|||
| Foreign exchange (gains)/losses | 2,707 | (1,889) |
||
| 9 | Debtors | |||
| 2021 | 2020 | |||
| Amounts falling due within one year: | £ | £ | ||
| Prepayments and accrued income | 1,396 | 1,396 | ||
| 10 | Creditors: amounts falling due within one year | |||
| 2021 | 2020 | |||
| Notes | £ | £ | ||
| Deferred income | 12,727 | 15,015 | ||
| Trade creditors | 2,883 | 6,849 | ||
| Accruals and deferred income | 2,880 | 2,520 | ||
| 18,490 | 24,384 |
11 Unrestricted funds
Unrestricted funds
| Movement in funds | Movement in funds | Movement in funds | Movement in funds | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at | Incoming | Resources | Balance at | |||
| 1 | January 2020 | resources | expended | 1 |
January 2021 | resources | expended | 31 December | |
| 2021 | |||||||||
| £ | £ | £ | £ | £ | £ | £ | |||
| Unrestricted | |||||||||
| funds | 184,805 | 46,187 | (31,362) | 199,630 |
41,180 | (34,283) | 206,527 |
12 Related party transactions
There were no disclosable related party transactions during the year (2020 - none) .
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