REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 30 September 2023 |
for |
The Missionary Society of St Paul |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 30 September 2023 |
for |
The Missionary Society of St Paul |
The Missionary Society of St Paul |
Contents of the Financial Statements |
for the Year Ended 30 September 2023 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Cash Flow Statement | 8 |
Notes to the Cash Flow Statement | 9 |
Notes to the Financial Statements | 10 | to | 15 |
The Missionary Society of St Paul (Registered number: 05331487) |
Report of the Trustees |
for the Year Ended 30 September 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2023. The trustees have adopted the provisions of 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 |
Objectives and aims |
Our charity's purposes as set out in the objects contained in the company's memorandum of association are to benefit the public and to advance and promote the Christian faith throughout the world by such means being charitable as the trustees shall in their absolute discretion think fit. Our charity engages in the education/training of children, provision of health care to elderly and vulnerable people, provision of relief materials to poor people overseas, and engagement in educative religious activities. |
Significant activities |
The focus of our work. |
Our main objectives for the year continued to be to exercise our ministries as Catholic clerics (Ministers of Religion) in the Catholic Church in the UK. The Ministries include celebrating the Sacrament, leading worship regularly, supporting schools and other development programs for the training and education of young people, providing religious education to adults and children, visiting the sick at home and in hospitals, and providing care for the poor and marginalized. As ordained Catholic Priests, we also celebrate marriages, officiate at funerals, and participate in community prayers and other religious community activities that the Catholic Church and British law permit. Our role as Ministers of Religion is not an employment in the usual sense but a vocation of service to the community by an ordained minister in the Catholic Church, which requires a life-long commitment to our religious order. |
Who used and benefited from our services? |
Children/young people, and elderly/old people used and benefited from our services. Those who participate or attend the Catholic Church and the general public benefit from our services. Also, vulnerable children and adults (both men and women) and people with disabilities within the areas where we carry out our charity work, use and benefit from our services. |
Principal Funding Sources. |
Our primary sources of income include the allowance received by the members of our order from their various ministries and the mission appeals (Fundraising) that we do. We also received a gift of an asset willed to the order as a legacy. The value of the asset is currently worth £325,000.00. We used the funds we generated from the mission appeal for charity purposes and our priest members' allowance to pay their salaries. We rented out the property in December 2023. We hope to use the proceeds from the property for charity purposes. |
Plans for Future Periods. |
The charity plans to continue the activities outlined above in the forthcoming years subject to satisfactory funding arrangements. |
Where does our charity operate? |
Our charity operates in the UK and is also associated with the other operations of its parent Charity, the Missionary Society of Saint Paul based in Nigeria, working in Botswana, Cameroon, Canada, Chad, Ireland, Italy, Kenya, Liberia, Malawi, Nigeria, South Africa, South Sudan, Sweden, Grenada, the Central African Republic, The Bahamas, The Gambia, and the United States. |
The Missionary Society of St Paul (Registered number: 05331487) |
Report of the Trustees |
for the Year Ended 30 September 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The organisation is a charitable company limited by guarantee, incorporated on 13 January 2005 and registered as a charity on 08 February 2005. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10. |
Recruitment and appointment of new trustees |
The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles. |
Organisational structure |
The charity has a Management Committee of up to 11 members who meet quarterly and are responsible for the strategic direction and policy of the charity. At present, the Committee has 11 members from a variety of professional backgrounds relevant to the work of the charity. The Secretary also sits as a trustee of the charity. |
A scheme of delegation is in place and day-to-day responsibility for the provision of the services rests with the Regional Superior who is the Chief Executive of the Order (charity organisation) here in the UK along with the Vice Regional Superior and Regional Bursar who are the Services and Finance and Administration Managers. The Regional Superior is responsible for ensuring that the charity delivers the services specified and that key performance indicators are met. The Regional Superior along with the Vice Regional Superior and Regional Bursar have the responsibility for the day-to-day operational management of the Order, individual supervision of the members of the order, and also ensuring that the members of the order continue to develop their skills and working practices in line with good practice. Related Parties in so far as it is complimentary to the charity's objects, the charity is guided by both local and national policy |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
The Missionary Society of St Paul (Registered number: 05331487) |
Report of the Trustees |
for the Year Ended 30 September 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Independent Examiner |
Kate Haynes |
Kate Haynes Ltd |
129 Woodlands Road |
Little Bookham |
Leatherhead |
Surrey |
KT23 4HN |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
The Missionary Society of St Paul |
Independent examiner's report to the trustees of The Missionary Society of St Paul ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2023. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. |
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: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or |
4. | the accounts 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 accounts to be reached. |
Kate Haynes |
Kate Haynes Ltd |
129 Woodlands Road |
Little Bookham |
Leatherhead |
Surrey |
KT23 4HN |
8 April 2024 |
The Missionary Society of St Paul |
Statement of Financial Activities |
for the Year Ended 30 September 2023 |
30.9.23 | 30.9.22 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Raising funds | 4 |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 260,875 |
The Missionary Society of St Paul (Registered number: 05331487) |
Balance Sheet |
30 September 2023 |
30.9.23 | 30.9.22 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
ACCRUALS AND DEFERRED INCOME | 10 | ( |
) | ( |
) |
NET ASSETS |
FUNDS | 11 |
Unrestricted funds | 260,875 |
TOTAL FUNDS | 260,875 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
The Missionary Society of St Paul (Registered number: 05331487) |
Balance Sheet - continued |
30 September 2023 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
The Missionary Society of St Paul |
Cash Flow Statement |
for the Year Ended 30 September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 299,734 | 12,703 |
Net cash provided by operating activities | 299,734 | 12,703 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (325,000 | ) | - |
Net cash (used in)/provided by investing activities | (325,000 | ) | - |
Change in cash and cash equivalents in the reporting period |
(25,266 |
) |
12,703 |
Cash and cash equivalents at the beginning of the reporting period |
358,618 |
345,915 |
Cash and cash equivalents at the end of the reporting period |
333,352 |
358,618 |
The Missionary Society of St Paul |
Notes to the Cash Flow Statement |
for the Year Ended 30 September 2023 |
1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
30.9.23 | 30.9.22 |
£ | £ |
Net income for the reporting period (as per the Statement of Financial Activities) |
299,634 |
12,502 |
Adjustments for: |
Increase in creditors | 100 | 201 |
Net cash provided by operations | 299,734 | 12,703 |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.22 | Cash flow | At 30.9.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 358,618 | (25,266 | ) | 333,352 |
358,618 | (25,266 | ) | 333,352 |
Total | 358,618 | (25,266 | ) | 333,352 |
The Missionary Society of St Paul |
Notes to the Financial Statements |
for the Year Ended 30 September 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
2. | DONATIONS AND LEGACIES |
30.9.23 | 30.9.22 |
£ | £ |
Donations and Legacies |
Donation of Freehold property |
The Missionary Society of St Paul |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
3. | INVESTMENT INCOME |
30.9.23 | 30.9.22 |
£ | £ |
Bank Interest | 1,409 | 20 |
4. | RAISING FUNDS |
Raising donations and legacies |
30.9.23 | 30.9.22 |
£ | £ |
Staff costs |
Insurance |
Telephone |
Postage and stationery |
Travel and subsistence | 20,723 | 8,022 |
Retreat | - | 12,361 |
Mass stipends | 37,973 | 39,899 |
Holiday allowance | - | 12,950 |
Christmas allowance | 8,288 | 6,475 |
Medical bills | 10,583 | 9,545 |
Disbursement (overseas transfers) | 225,000 | 150,000 |
Car grants | 8,000 | 2,000 |
Charity | - | 146 |
Hospital chaplaincy | 4,676 | 576 |
Bank charges | 104 | 241 |
Accountancy fees | 340 | 200 |
Professional fees | 1,035 | 2,000 |
Immigration/renewal | 12,960 | 3,568 |
Administration | 1,869 | 488 |
Website costs | 317 | 2,317 |
Catholic Missionary Membership Bbp | 313 | 200 |
MSP House | 4,234 | - |
Priest Supply | 4,458 | - |
Regional Superior's office | 6,748 | 7,001 |
582,184 | 414,559 |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 30 September 2023 nor for the year ended 30 September 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 September 2023 nor for the year ended 30 September 2022. |
The Missionary Society of St Paul |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
6. | STAFF COSTS |
30.9.23 | 30.9.22 |
£ | £ |
Wages and salaries |
227,645 | 155,050 |
The average monthly number of employees during the year was as follows: |
30.9.23 | 30.9.22 |
7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 260,875 |
The Missionary Society of St Paul |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
8. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
Additions |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Accrued expenses |
10. | ACCRUALS AND DEFERRED INCOME |
30.9.23 | 30.9.22 |
£ | £ |
Accruals and deferred income | 97,543 | 97,543 |
11. | MOVEMENT IN FUNDS |
Net |
At | movement | At |
1.10.22 | in funds | 30.9.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 260,875 | 299,634 | 560,509 |
TOTAL FUNDS | 299,634 | 560,509 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 881,818 | (582,184 | ) | 299,634 |
TOTAL FUNDS | ( |
) | 299,634 |
The Missionary Society of St Paul |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
11. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
At | movement | At |
1.10.21 | in funds | 30.9.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 248,373 | 12,502 | 260,875 |
TOTAL FUNDS | 248,373 | 12,502 | 260,875 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 427,061 | (414,559 | ) | 12,502 |
TOTAL FUNDS | 427,061 | (414,559 | ) | 12,502 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
At | movement | At |
1.10.21 | in funds | 30.9.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 248,373 | 312,136 | 560,509 |
TOTAL FUNDS | 248,373 | 312,136 | 560,509 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1,308,879 | (996,743 | ) | 312,136 |
TOTAL FUNDS | 1,308,879 | (996,743 | ) | 312,136 |
The Missionary Society of St Paul |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
12. | RELATED PARTY DISCLOSURES |