THE SOCIETY OF THE WORK
REGISTERED CHARITY NUMBER 802099
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
Wenn Townsend Chartered Accountants Abingdon
THE SOCIETY OF THE WORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
| Charity Information Trustees Report Independent Examiner’s Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements |
CONTENTS 2 3 - 6 7 8 9 10 - 15 |
|---|---|
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THE SOCIETY OF THE WORK CHARITY INFORMATION
Charity Registration Number: 802099 Address: Ambrose Cottage 9 College Lane Littlemore Oxford OX4 4LQ Trustees: Miss Birgit Dechant (Chairman) Mr Michael George Pitt-Payne FCA Miss Bianca Feuerstein Miss Ingrid Swinnen Prof. Robert Clarke Miss Monika Mader Mr Tobias Edward Bellhouse Mr Martin Deak Dr Paul Shrimpton Bank: Barclays Bank plc 4 Pound Way Cowley Oxford Independent Examiner: Stuart Bates FCA Wenn Townsend Victoria House 10 Broad Street Abingdon OX14 3LH
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THE SOCIETY OF THE WORK TRUSTEES REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022
The trustees present their report along with the financial statements of the charity for the year ended 31st December 2022. The financial statements have been prepared in accordance with accounting policies set out in Note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities.
Structure, Governance and Management
The Trust was founded by a deed dated 11th September 1989 and is a registered charity, number 802099. Details of trustees, main agents and advisers are set out on Page 2. The Trustees meet at least twice every year. The number of trustees is not to be less than five or more than nine. The power of appointing trustees is vested in the Superior of The Spiritual Family The Work at Littlemore, who is also a trustee of the Charity.
The Trustees receive regular updates of necessary information from the Charity Commission and other matters concerning their responsibilities and tasks as Trustees. They are regularly informed of any more important matters required in the day to day running of the Charity.
Investment Powers
The trustees have absolute discretion to invest resources as they think appropriate.
Objectives and Activities
The Society of The Work aims at ‘the advancement of religion in accordance with the principles of the Roman Catholic Faith’ by embarking on a life of committed faith in the service of the Catholic Church. In addition to an intensive prayer life for the good of the Church, it seeks to provide benefits for the public in the following ways:
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By promoting the works and teachings of Saint John Henry Newman by means of talks, lectures, production and dissemination of relevant literature.
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By maintaining contacts with Christians throughout the world.
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By providing information to visitors about the life and work of Saint John Henry Newman and providing free guided tours of Newman’s College at Littlemore.
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By providing the use of its extensive Newman library to scholars who want to study the life and works of Saint John Henry Newman.
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By providing accommodation and facilities for individuals and groups who wish to spend time in study and prayer.
The Newman Mission provides a valuable contribution to education and culture in the area as the members of The Spiritual Family assist with religious education, visiting the sick and housebound and carry out charitable works in the local parish. The Society of The Work has a 50 year lease of Newman’s College at Littlemore (starting date: 12th September 1997) which involves the care and maintenance of a building with great historical significance for the heritage of England. In addition to developing and preserving the fabric of the buildings, it has developed The College into a centre of Christian fellowship and renewal.
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THE SOCIETY OF THE WORK TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
Achievements` and performance
The financial statements of the charity for the year ended 31st December 2022 are set out on pages 9 to 16.
There has been an increase in the number of visitors over recent months and a number of larger groups from the United States have been welcomed. There has been a regular demand for accommodation (retreats, Newman studies etc.) in the guest cottages.
The annual events (40 Hours of Prayer, May Devotion, Day of Adoration of Vocations, Night Walk) took place and were well attended. The monthly Cor ad Cor meetings continued.
The Garden Party on 9th July was successful, raising about £1,200.
Masses of Thanksgiving for the life of Mother Julia Verhaeghe were held in the Blessed Dominic Barberi Church on 17th and 18th September to commemorate the 25th anniversary of her death. The launch of the second volume of her biography entitled “She served the Church” was held in the parish hall on the afternoon of 17th September.
Dr Paul Shrimpton gave a talk in the library on 9th October on “The foundation of the Catholic University of Ireland by St. John Henry Newman”.
The work on the repairs to The College walls was completed. The College leaflet was reprinted.
Plans for the future
We plan to continue our mission of providing a facility to enable all those who are interested in the life and works Saint John Henry Newman to study, to pray and to discover more about him. This involves maintaining the fabric of the building and the grounds of The College in a good state of repair and providing suitable literature. We aim to provide a member of the community to welcome, escort and talk to visitors every day of the week (Monday to Saturday) throughout the year and on two Sundays a month during the summer. We have a number of standard events linked to the life of Saint John Henry Newman and every year we seek to have fund raising activities to attract people to visit The College and to contribute towards the cost of its maintenance.
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THE SOCIETY OF THE WORK TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
Public Benefit
The Charity seeks to help those interested in the Christian Faith and its culture to work within a framework which leads towards a better society.
We offer help and assistance to everyone who visits the Newman College to obtain a clear understanding of the life and writings of Saint John Henry Newman. The College is open to members of the public from Monday to Saturday throughout the year and on the first and third Sunday of the month during the summer months. We offer guided tours free of charge to everyone who comes to The College and our specialised Newman Library is available to anyone who wants to deepen their knowledge of Cardinal Newman. We give talks and lectures about Cardinal Newman at The College and by invitation at venues elsewhere.
We provide information on the life and writings of Cardinal Newman, on our work at The College, on the events we organise and on other matters of interest on our website www.newmanfriendsinternational.org.
Our guided visits are provided free of charge and we rely on the generosity of our friends and visitors for financial support. There is no set charge for the accommodation we provide for guests who are invited to make an offering within suggested guidelines. Many visitors support us by giving more than the suggested guest offering which compensates for those who cannot give more. Our visitors and guests tell us that they derive a special benefit from the peaceful atmosphere of The College which makes a valuable contribution to their personal well-being.
Access to our chapel is available on request to anyone who wants to use this sacred space for prayer and reflection. The College with its chapel is a place much loved by individuals and groups for days of retreat. Many people come to us seeking help at difficult times in their lives and we are there to help them.
The weekly parish Mass in our chapel continues to take place on Friday mornings and is well attended. Some of our friends come regularly to a Holy Hour on Wednesday evenings while people staying in our guest cottages are welcome to join in the prayer life of our community. We meet at regular intervals during the day for prayer.
We maintain The College which is a listed building of great historical interest and includes a museum, a library, a tranquil garden and a chapel which are available for visits by members of the public. We have friends in Oxford from all walks of life reaching out to members of all faiths.
We visit sick and elderly people at home and in hospitals. We provide instruction to children who are preparing for First Communion in the Catholic Faith.
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We seek to follow Cardinal Newman’s motto Cor ad Cor Loquitur ( Heart Speaks to Heart ) by accompanying people in their spiritual life by talking with them, by writing to them and by praying with them.
We trust that all these activities will help others to find in Jesus Christ a sense of purpose in their lives and to find fulfilment and joy in their relationship with other people and in their involvement in the wider community.
Reserves policy and risk management
The Society of the Work relies on the generosity of its friends and benefactors to maintain sufficient income to support its day to day expenditure and the cost of routine maintenance. In a number of recent years, the income received from friends and visitors has been insufficient to cover these costs and it is only as a result of some generous legacies from benefactors that the trust has been able to remain solvent and to build up its current level of reserves.
The College is an old building with uncertain maintenance requirements and the trustees are of the opinion that the current reserves are needed to meet future maintenance costs and to provide investment income to offset any shortfalls in the level of voluntary income.
Approved by the trustees on 29th April 2023 and signed on their behalf by:
Birgit Dechant
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THE SOCIETY OF THE WORK INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31st December 2022 which are set out on pages 8 to 15.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material 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 charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts 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.
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 accounts to be reached.
Stuart J Bates FCA
……………….
Wenn Townsend Victoria House 10 Broad Street Abingdon OX14 3LH
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THE SOCIETY OF THE WORK
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED
31ST DECEMBER 2022
| Notes INCOME: Voluntary Income 3 Income from investments 4 Charitable Activities 5 Total income EXPENDITURE: Charitable Activities 6 Raising Funds 7 Total expenditure Net Income/(Expenditure) before Transfer Transfer between funds Net Movement Reconciliation of funds Fund balances brought forward Fund balances carried forward |
Unrestricted funds Restricted funds Total Funds 2022 2021 £ £ 47,789 169,273 217,062 36,342 815 487 1,302 970 2,402 - 2,402 401 |
|---|---|
| 51,006 169,760 220,766 37,713 |
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| 83,572 1,214 84,786 67,599 1,731 - 1,731 819 |
|
| 85,303 1,214 86,517 68,418 |
|
| (34,297) 168,546 134,249 (30,705) 10,717 (10,717) - - |
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| (23,580) 157,829 134,249 (30,705) 511,155 - 511,155 541,860 |
|
| 487,575 157,829 645,404 511,155 |
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THE SOCIETY OF THE WORK
BALANCE SHEET AS AT 31ST DECEMBER 2022
| Notes Fixed assets 9 Current assets Stock Debtors 10 Cash at bank Cash in hand Current liabilities Creditors:due within one year 11 Net current assets Total assets less current liabilities Net assets The funds of the charity: Unrestricted funds Restricted funds 13 Total charity funds |
Unrestricted Funds Restricted Funds Total Funds 2022 Prior Year 2021 £ £ £ 236,959 - 236,959 230,388 2,923 - 2,923 2,940 2,114 - 2,114 2,357 245,453 157,829 403,282 275,272 1,146 - 1,146 1,218 |
|---|---|
| 251,636 157,829 409,465 281,787 1,020 - 1,020 1,020 |
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| 250,616 157,829 408,445 280,767 |
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| 487,575 157,829 645,404 511,155 |
|
| 487,575 157,829 645,404 511,155 |
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| 487,575 - 487,575 511,155 - 157,829 157,829 - |
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| 487,575 157,829 645,404 511,155 |
The financial statements were approved by the Trustees on …………………. and signed on their behalf by:
…………………. Michael Pitt-Payne, Trustee
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THE SOCIETY OF THE WORK
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED
31ST DECEMBER 2022
1. Accounting policies
General information
The Society of the Work is a charity in England and Wales. The address of the registered office is given in the charity information on page 2 of these financial statements.
The charity’s main purpose is that of a public benefit entity.
Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with the charities Act 2011, the church accounting regulations 2006 and with the Regulations’ “true and fair view” provisions, together with FRS102 (2016) as the applicable accounting standard and the 2019 version of the statement of recommended practice, accounting and reporting by charities (SORP (FRS 102)).
The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.
Going Concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Judgement and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in the furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific funds.
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THE SOCIETY OF THE WORK
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED
31ST DECEMBER 2022
1. Accounting policies (continued)
Freehold property
The freehold property is shown at its market value on 10th July 1987, the date it was transferred to the charity. No depreciation is provided on the property as, in the opinion of the trustees, its useful life is extended indefinitely by maintenance work carried out.
Depreciation
Depreciation is provided on other tangible assets to write off their cost or valuation over their estimated useful lives. The following basic rates have been applied: Kitchen and household equipment 30% reducing balance Garden equipment 12.5% straight line Office equipment 20% reducing balance Furniture and fittings 20% reducing balance Motor vehicles 30% reducing balance Bicycle 40% reducing balance Visitors’ amenities 20% reducing balance
Depreciation is not charged on items purchased for the Newman Library as, in the opinion of the Trustees, these items are used within the Society for an indefinite period and their residual value is at least cost price.
Gifted assets
Gifts of significant fixed assets are capitalised and shown in the appropriate fixed assets category. The value of such assets is included in income in the period in which the gift is received.
Stock
Stocks are stated at the lower of cost and estimated selling price.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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THE SOCIETY OF THE WORK
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED
31ST DECEMBER 2022
1. Accounting policies (continued)
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost
Voluntary income
Donations and gifts are recognised on receipt by the charity. Income from legacies is accounted for as soon as the Trustees are notified of the Charity’s legal entitlement and of the amount due.
Expenditure and liabilities
Expenditure is accounted for at the time the liability is incurred.
2. Appeal
On 2nd April 2001, the Board of Trustees decided to change the 1997-2000 Appeal to an ongoing appeal as the target of £150,000 had not been met. The appeal is aimed at raising general funds for the Society and is therefore not restricted in nature.
3. Voluntary Income
| Gifts and donations Gift Aid Legacies Appeal 2021 income was all unrestricted 4. Investment Income Bank Interest (Unrestricted) Bank Interest (Restricted) |
2022 £ 18,972 13,833 181,590 2,667 217,062 2022 £ 815 487 1,302 |
2021 £ 15,091 17,841 - 3,410 |
|---|---|---|
| 36,342 | ||
| 2021 £ 970 - |
||
| 970 |
5. Incoming resources from Charitable Activities (all unrestricted)
| Bookstall | 2022 £ 2,402 2,402 |
2021 £ 401 |
|---|---|---|
| 401 |
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THE SOCIETY OF THE WORK
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED
31ST DECEMBER 2022
6. Charitable Activities
| Bookstall Donations & Gift Chapel Library & Museum Community subsistence Upkeep of cottages and gardens: Upkeep and restoration (Unrestricted) Upkeep and restoration (Restricted) Running costs Council tax Insurance Hospitality Gardens (Unrestricted) Gardens (Restricted) Equipment depreciation Administration Cost: Administration and office equipment Telephone and postage Stationery Printing Bank charges Furniture depreciation Vehicle depreciation Consultancy fees Independent Examiners Remuneration (note 8) 2021 expenditure was all unrestricted 7. Raising funds(all unrestricted) Fundraising Expenditure Telephone and postage Stationery |
2022 £ 532 1,278 1,505 631 37,229 2,758 3,923 9,723 5,639 4,806 679 667 716 49 1,531 2,466 2,807 429 6,221 247 3,362 12 - 1,050 84,786 2022 £ 113 1,404 214 1,731 49 1,165 |
2021 £ 216 1,417 954 546 30,837 4,753 |
|---|---|---|
4,753 |
||
| 9,489 5,600 4,558 417 422 |
||
| 422 | ||
| 1,267 634 1,458 180 - 278 2,146 17 1,390 1,020 67,599 2021 £ - 729 90 819 |
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THE SOCIETY OF THE WORK
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED
31ST DECEMBER 2022
8 . Independent Examiners Remuneration
| 8.Independent Examiners Remuneration | ||
|---|---|---|
| Independent Examiners Remuneration Other services (Including VAT at 20%) 9. Fixed assets |
2022 £ 240 810 1,050 |
2021 £ 240 780 |
| 1,020 | ||
| Cost 1 January 2022 Additions Disposals 31 December 2022 Depreciation 1 January 2022 Charge for year On disposals 31 December 2022 Net book value 31 December 2022 31 December 2021 |
Freehold Tools and Furniture Vehicles TOTAL Equipment & Fittings 179,525 25,009 85,586 8,197 298,317 - 2,495 8,979 - 11,474 - - - - - |
|---|---|
| 179,525 27,504 94,565 8,197 309,791 |
|
| - 20,676 39,095 8,158 67,929 - 1,529 3,362 12 4,903 - - - - - |
|
| - 22,205 42,457 8,170 72,832 |
|
| 179,525 5,299 52,108 27 236,959 |
|
| 179,525 4,333 46,491 39 230,388 |
| 10.Debtors Tax recoverable 11.Creditors Accruals |
2022 £ 2,114 2,114 2022 £ 1,020 1,020 |
2021 £ 2,357 |
|---|---|---|
| 2,357 | ||
| 2021 £ 1,020 |
||
| 1,020 |
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THE SOCIETY OF THE WORK
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED
31ST DECEMBER 2022
12. Trustees Expenses and Remunerations
The trustees received no expenses and no remuneration from the Charity. The trustees who are also members of the Community and live at Littlemore receive subsistence in common with all the members of the Spiritual Family The Work in the normal course of the Community’s life.
13. Related Party Transactions
There were no transactions with related parties during the period under review (2021: None)
14. Restricted funds
| 4. Restricted funds | |
|---|---|
| M Hake Legacy | |
| Brought forward | - |
| Income | 169,760 |
| Expenditure | (1,214) |
| Transfer | (10,717) |
| Balance carried forward | 157,829 |
The M Hake Legacy Fund represents amounts received from Mr Hake for the repair, maintenance, restoration or enhancement of the fabric and facilities of Newman’s College at Littlemore. The transfer to unrestricted funds represents fixed asset expenditure.
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