Charity Registration No. 1127151
## MARIA ASSUMPTA TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **MARIA ASSUMPTA TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Sr Catherine Cowley r.a. (Chair)|
|---|---|
||Sr Maureen Connor r.a. (Secretary)|
||Sr Catherine Jones r.a.|
||Sr Veronica Ann Rowley r.a.|
||Sr Cecile Franquin r.a.|
||Sr Isabelle Roux r.a.|
|**Charity number**|1127151|
|**Principal address**|20 Kensington Square
London|
||W8 5HH|
|**Auditor**|Haysmacintyre LLP|
||10 Queen Street Place|
||London|
||EC4R 1AG|
|**Solicitors**|Russell-Cooke|
||2 Putney Hill|
||London|
||SW15 6AB|
|**Investment advisors**|Quilter Cheviot Ltd|
||Senator House|
||85 Queen Victoria Street|
||London|
||EC4V 4AB|
||Epworth Investment Management Ltd|
||9 Bonhill Street|
||London|
||EC2A 4PE|
## **MARIA ASSUMPTA TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Statement of trustees' responsibilities|4|
|Independent auditor's report|5 - 7|
|Statement of financial activities|8|
|Statement of financial position|9|
|Statement of cash flows|10|
|Notes to the financial statements|11 -17|
## **MARIA ASSUMPTA TRUST**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
The trustees present their annual report and financial statements for the year ended 31 December 2023.
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 charity's 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 charity's objects are to advance the religious and other charitable work of the Religious of the Assumption, anywhere in the world, as the trustees thinks fit. ·
The charity was formed in October 2008 and received its first funds from the related charity the 'Religious of the Assumption" in May 2009.
The trustees have paid due regard to the public benefit guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Fundraising standards information**
The charity does not actively fundraise and does not hold any agreements with professional fundraisers or commercial participators.
## **Grant making policy**
The trustees give priority to requests for funds from the various provinces of the Congregation and make grants as they judge appropriate. The trustees have established a Grant Making Policy and procedures and guidelines for grant applications to achieve its objects for the public benefit.
## **Achievements and performance**
During the year, the charity made donations to the Religious of the Assumption Provinces of India, France and Central America. Trustees approved a grant of £226,000 (260,000 euros) to the _Campus de la Transition_ to fund fire safety improvements to the Forges property, the renovation of the east aisle bathroom and other capital costs such as office equipment, hospitality furnishings, tools and equipment. This will enable the organisation to welcome more students and professionals in reasonable conditions. The _Campus de la Transition,_ supported by the Assumption Province of France, continues to renovate the estate and to promote fundamental work in the service of education and research in environmental sustainability.
Trustees approved a donation of £21,000 (23,500 euros) to the Central America Provincial Council. The grant will enable the province to deliver transformative education to the most vulnerable communities across the province’s territories (Nicaragua, Guatemala and El Salvador) over 3 years. They will provide pastoral support to 7 communities and access to online learning. Through the year, communities have designed their pastoral projects with children and women to better respond to their needs post-pandemic. Two communities have attended participatory pastoral planning workshops, and a pastoral team is being trained in systematisation. 3,500 students and 300 educators from eight schools currently use the online learning platform, which has helped continue teaching children and young people throughout the academic year. This new kind of pastoral planning is helping to increase the impact of the pastoral work in communities.
The Assumption Public School in Thelpara (India) was awarded £51,000 (51,586 euros) to buy a 42-seat bus so that they can provide transport to pupils who live too far and have no other means of transport. The school will also invest in 12 smart boards as part of their ongoing plan to make education creative, interactive and experiential.
- 1 -
## **MARIA ASSUMPTA TRUST**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
Projects funded in previous financial years were continued or completed. The extention of the Assumption School in Pandripani is ongoing despite some disruptions caused by the monsoon season and workers’ absence during harvest. The school now has a stage for the auditorium; smart classroom equipped with computers; solar panels; labs for chemistry, biology and physics. The toilet block was completed and material for the labs purchased at the end of the year. In El Salvador, 17 students from families with limited resources who received a 3-year scholarship have completed their secondary education. The students were immensily grateful for the opportunity to graduate from Colegio la Asunción and prepare to go to university. This project has been successful because of the academic results of the students who graduated from high school and entered university to become professionals who will contribute to society.
## **Investment Performance**
The market value of the investments increased during the year with the value of the portfolio being £21,352,000 at the yearend in comparison to £20,417,000 in the previous year.
The investments which consist primarily of UK equities and Investment funds, are selected on the advice of the investment managers.
The trustees are satisfied with the performance of the Investments and with the advice received from the investment managers.
## **Financial review**
The charity's work is entirely reliant on income and investment returns from its endowments. Income for the year comprised £595,000 in investment income (2022: £529,000). Expenditure amounted to £380,000 (2022: £654,000). When combined with the gains on investments, the resulting net increase in funds for the year was £1,216,000 (2022: net decrease in funds of £3,392,000). This resulted in a increase in reserves to £21,917,000 (2022: £20,701,000) as shown in the statement of financial position.
## **Reserves Policy**
As at the year end, the charity held £21,917,000 in reserves (2022: £20,701,000). It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level of not less than six month's estimated income. The trustees consider that reserves at this level will ensure that, in the event of a prolonged significant drop in income, they will be able to continue the charity's current activities. Free reserves at 31 December 2023 were £565,000 (2022: £284,000) which were above six month’s estimated income in line with the charity’s reserves policy but not considered excessive.
## **Investment policy**
The charity’s investment powers are prescribed under the terms of the trust deed. The trustees are permitted to invest in investments in the form of Government and the shares and fixed interest securities of public companies, investment, financial or unit trusts.
The charity’s investment policy is set by the trustees and the investments are divided in roughly equal proportions and managed by Quilter Cheviot Limited and Epworth Investment Management Limited.
Our investment choices seek to be a practical implementation of the social consequences of the Gospel. We do this through our ethical investment policy and by positive choices, as well as negative exclusions, in our asset allocation. The investment managers are instructed to approve the return on the investments over the medium term within these parameters.
- 2 -
## **MARIA ASSUMPTA TRUST**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Risk management**
**Investments:** One of the principal risks faced by the charity lies in the performance of investments and therefore the capacity of the charity to make grants. The trustees consider the variability of investment returns on the expendable endowment to constitute the charity’s major financial risk. This is mitigated by retaining two expert investment managers to manage the investment portfolio.
**Donations oversight:** The charity primarily makes donations to overseas Provinces of the Assumption further to their grant making policy. The trustees accept that although it is not possible for charities to protect themselves completely from all risk of fraud and financial abuse, they can implement strong safeguards in the charity to reduce vulnerability and lessen the likelihood of an occurrence.
Charities working Internationally face an increased risk of financial abuse from fraud or theft because of the complexity of working overseas as local conditions may make it harder to enforce controls.
The trustees rely upon a variety of methods to address these particular challenges, for example:
- ensuring there is a clear audit trail established when transmitting funds overseas
- carrying out banking due diligence
- involvement of the general bursar on projects as necessary
- obtaining photographs and other evidence of charitable work undertaken overseas
- working with partners overseas to ensure the proper monitoring and verification of the end use of funds
- visiting the projects to ensure the existence of the works along with emails and debriefs provided on the status of the charitable expenditure
## **Plans for the future**
The financial markets are continuing to suffer a lot of turbulence. The trustees are monitoring the situation carefully and conclude that despite changes in income, they can safely honour the commitments in funding they have already made for 2024 and continue accepting new applications.
## **Structure, governance and management**
The charity was established by a charitable trust deed on 28 October 2008.
The charity can have a maximum of six trustees and the initial trustees were appointed by the trust deed. New trustees can be appointed by resolution of the existing trustees. The current trustees are part of the Congregation of the Religious of the Assumption, an international Roman Catholic Order. They have detailed knowledge of the charity’s activities and were appointed for their experience in the affairs of the order.
The trustees who served during the year were: Sr Catherine Cowley r.a. (Chair) Sr Maureen Connor r.a. (Secretary)
Sr Catherine Jones r.a.
Sr Veronica Ann Rowley r.a. Sr Cecile Franquin r.a. Sr Isabelle Roux r.a.
The charity employs no staff, but enjoys the part-time services of Ms Celine Gagnon, who is employed by the Religious of the Assumption, as Fund Administrator.
- 3 -
MARIA ASSUMPTA TRUST
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
The irusiee5 ar8 re5ponsilJe for pr¥pdiiiig TIublttb. R¥pvil ¢iiid Iliv fiiitlllLidl bLdleiii¥iilb 111 dutyuiijoiiw willi oppliGoblE
law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practi).
The law applicable to charities in England and Walès réquires thè trustees to prepar6 financi815t8temenls for 88ch financial
year which give a true and fair view ol the slate ol affairs ol the charity and ol the income ancf expenditure ol t charity for
Ihal year.
In préparing thpse finanrial q121p.mg.nt£ th* #rg> r*qiJirAd tr).
select Suitable accounting policias and then apply them eonsistently",
- obsor¥e tnethods ènd yincipleJ in Charit*8 0p..
- makejudgewnlS and eslitnatès that ar6 reasonable ard pruden(.
state whether 8ppIlc8b 8ccounting standards have been followed, subject to any matèrial departures disclosed and
explained in thè finanual statements,. and
prepgrp Ihp. finAnr.IAI 4txtkm*nt8 on the going toncem basis unless it is inappropriato trj pr**iJm¥> trhAt r.hArity KMII
conlinug in op8rats"on.
The Iru&tees are responsible for keeping 3ufficient accounting records th8t di8clo3e with rea3on)ble a¢GuraGy at any time
the finaKial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act
2011, th9 Ch&rity IAccDunts an£J Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible
for saleguaiding the a55ets of the charity and hen for taking reasonable steps for the prevention 8t detscts.on of fraud
an(J other Irrsguianiies.
Siqned on behalf of the trustees..
Sr Maureen Connor r.a. Isecretaryl
Trustee
Dated.. 16 May 2024
## **MARIA ASSUMPTA TRUST**
## **INDEPENDENT AUDITOR’S REPORT**
## **TO THE TRUSTEES OF MARIA ASSUMPTA TRUST**
## **Opinion**
We have audited the financial statements of Maria Assumpta Trust (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the notes to the financial statements, Including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
- In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2023 and of the charity’s net movement in funds for the year then ended;
- have been properly prepared in accordance with United -Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorized for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described In the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
- 5 -
## **MARIA ASSUMPTA TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE TRUSTEES OF MARIA ASSUMPTA TRUST**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- adequate accounting records have not been kept by the charity; or
- sufficient accounting records have not been kept; or
- the charity financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees for the financial statements**
As explained more fully in the statement of trustees’ responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to Charity law, and we considered the extent to which non- compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and the Charities SORP.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the approval of grants. Audit procedures performed by the engagement team included:
- Inspecting correspondence with regulators and tax authorities;
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluating management’s controls designed to prevent and detect irregularities;
- Identifying and testing journals; and
- Challenging assumptions and judgements made by management in their critical accounting estimates
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
- 6 -
## **MARIA ASSUMPTA TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE TRUSTEES OF MARIA ASSUMPTA TRUST**
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an Auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.
Haysmacintyre LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG
## Date: 30 August 2024
Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
.- 7 -
## **MARIA ASSUMPTA TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
|**Unrestricted**
**Funds**
**2023**
**£000**
**Notes**
**Income from:**
Investments
2
595
**Expenditure on:**
Investment
management
costs
3
-
Grant funding
4
314
**Total**
**expenditure**
314
Net gains /
(losses) on
investment
9
-
**Net movement in**
**funds**
281
Fund balances at
1 January 2023
284
**Fund balances at**
**31 December**
**2023**
**565**|**Endowment**
**Funds**
**2023**
**£000**
-
66
-
66
1,001
935
20,417
**21,352**|**Total**
**Funds**
**2023**
**£000**
595
66
314
380
1,001
1,216
20,701
**21,917**|**Unrestricted**
**funds**
**2022**
**£000**
529
-
592
592
-
(63)
347
**284**|**Endowment**
**Funds**
**2022**
**£000**
-
62
-
62
(3,267)
(3,329)
23,746
**20,417**|**Total**
**Funds**
**2022**
**£000**
529|
|---|---|---|---|---|---|
||||||62
592|
||||||654|
||||||(3,267)|
||||||(3,392)|
||||||24,093|
||||||**20,701**|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 8 -
MARIA ASSUMPTA TRUST
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
2023
2022
Notes
£000
£0
£000
£000
Flxed a*>et•
Investments
10
21,352
20,417
Current assets
Debto
11
31
C38h 51 bank and in harKI
700
572
821
572
Current Ilabilities
12
12501
12031
Net Gurrent assets
571
Totsl assets less Current liabilitl•s
21.923
20,786
Non-currènt Ilabllltles
13
161
1851
Nat assets
21,917
20,701
Capltal Funds
Endowment funds- general
Incomè funds
Unresliictsd fund5
14
21.352
20,417
565
21,917
20,701
16 May2024
Thefwia1Livd1lI1Ii5IvplEdw1IT(uSt¥esthl.............................................
Sr Cathenne Gowky r.a.IChair
Trustee
Sr Maureen Connor r.a. Isecretaryl
Trustee
## **MARIA ASSUMPTA TRUST**
## **STATEMENT OF CASH FLOWS**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
|**2023**
**2022**
**Notes**
**£000**
**£000**
**£000**
**Cash flows from operating activities**
Cash absorbed by operations
**16**
(443)
**Investing activities**
Purchase of investments
(6,593)
(1,865)
Proceeds on disposal of investments
6,659
1,929
Investmentincome
595
529
**Net cash generated from investing activities**
661
**Net increase/(decrease) in cash and cash**
**equivalents**
218
Cash and cash equivalents at beginning of year
572
**Cash and cash equivalents at end of year**
790
**=========**
**=**|**£000**
(614)
593
(21)
593
572
**========**|
|---|---|
- 10 -
## **MARIA ASSUMPTA TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1 Accounting policies**
## **Charity Information**
Maria Assumpta Trust Is a charitable trust established by deed on 28 October 2008. The principal address is 20 Kensington Square, London W8 5HH.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's 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)" (as amended for accounting periods effective from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £000.
The financial statements have been prepared on the historical cost convention, modified to include Investments at fair value. The principal accounting policies adopted are set out below.
The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The trustees therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.2 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
The endowment fund is expendable at the discretion of the trustees.
## **1.3 Income**
Income is recognised when the charity Is legally entitled to it and the amounts can be measured reliably, and it is probable that income will be received.
Investment income is credited to income when it is receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
## **1.4 Expenditure**
Basic financial liabilities, including trade and other payables, are recognised at transaction price.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award.
## **1.5 Non-current investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs and are subsequently measured at fair value at each reporting date. Changes In fair value are recognised in net income/(expenditure) for the year.
- 11 -
## **MARIA ASSUMPTA TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1 Accounting policies**
## **(Continued)**
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash In hand. deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
## **1.7 Financial instruments**
The charity 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 charity's statement of financial position when the charity 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 trade and other receivables 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.
## _**Basic financial Iiabilities**_
Basic financial liabilities, including trade and other payables are initially recognised at transaction price.
Trade payables 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.
## _**Derecognltlon of financial liabilities**_
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.
## **2 Investment income**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2023**|2022|
||**£000**|£000|
|Income from listed investments|595|529|
||595|529|
||**========**|**========**|
- 12 -
## **MARIA ASSUMPTA TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
|**3**|**Investment management costs**|||
|---|---|---|---|
|||**Endowment**|Endowment|
|||**funds**|funds|
|||**general**|general|
|||**2023**|2022|
|||**£000**|£000|
||Investment management|66|62|
|||66|62|
|||**========**|**========**|
|**4**|**Grant funding**|||
|||**2023**|**2022**|
|||**£000**|**£000**|
||Cost of grant funding activities|4|9|
||Grant funding of activities (see note 5)|298|570|
||Share of governance costs (see note 7)|12|13|
|||314|592|
|||**========**|**========**|
|**5**|**Grants payable**|||
|||**2023**|**2022**|
|||**£000**|**£000**|
||Grants to institutions:|||
||Religious of the Assumption Rwanda|-|19|
||Religious of the Assumption India|51|427|
||St Joseph Pontifical Seminary|-|103|
||Religious of the Assumption France|226|-|
||Religious of the Assumption Nicaragua|21|21|
|||298|570|
|||**========**|**========**|
## **6 Trustees**
None of the trustees (or any persons connected with them) received any remuneration during the year (2022: none).
## **7 Auditor’s remuneration**
Governance costs includes the following:
||**2023**|**2022**|
|---|---|---|
||**£000**|**£000**|
|Fees payable to the auditor for the audit of the annual accounts|12|11|
||**========**|**========**|
- 13 -
## **MARIA ASSUMPTA TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Employees**
There were no employees during the year (2022: none).
## **9 Net gains / (losses) on investments**
|**9**|**Net gains / (losses) on investments**|||
|---|---|---|---|
|||**Endowment**|Endowment|
|||**funds**|funds|
|||**general**|general|
|||**2023**|2022|
|||**£000**|£000|
||Revaluation of investments|1,001|(3,267)|
|||**========**|**========**|
|**10**|**Fixed asset investments**|||
||||**Total**|
||||**investments**|
||||**£000**|
||**Cost or valuation**|||
||At 1 January 2023||20,417|
||Additions||6,593|
||Net gains on investments||1,001|
||Disposals||(6,659)|
||At 31 December 2023||21,352|
||||**========**|
||**Carrying amount**|||
||At 31 December 2023||21,352|
||||**========**|
||At 31 December 2022||20,417|
||||**========**|
||Listed investments included above:|**2023**|**2022**|
|||**£000**|**£000**|
||Listed investments carrying amount|20,915|20,245|
||Cash held within the investment portfolio|437|172|
|||**========**|
**========**|
The historic costs of the charity’s fixed assets investments as at 31 December 2023 was £18,596k (2022: £17,858k)
- 14 -
## **MARIA ASSUMPTA TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
|**11**
**Debtors**
Accrued income
**===**
**12**
**Current liabilities**
Grants payable
Accruals
**===**
**13**
**Non-current liabilities**
Grants payable
**==**|**2023**
**£000**
31
-----------
31
**=====**
**==**
**2023**
**£000**
220
30
-----------
250
**=====**
**==**
**2023**
**£000**
6
6
**======**
**==**|**2022**
**£000**
-
-----------
-
**======**
**2022**
**£000**
169
34
-----------
203
**======**
**2022**
**£000**
85
85
**======**|
|---|---|---|
- 15 -
## **MARIA ASSUMPTA TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **14 Endowment funds**
Endowment funds represent assets which are held to generate income for the charity and utilised for the payment of grants. Income arising on the endowment funds fund.
|**Balance at**
**1 January**
**2022**
**£000**
**Permanent**
**Endowments**
Endowments
From the
Religious of
the
Assumption
23,746
23,746
**==========**
**==**|**Movement in funds**
**Income**
**Expenditure Transfers**
**Revaluations**
**Gains and**
**losses**
**Balance at 1**
**January**
**2023**
**£000**
**£000**
**£000**
**£000**
**£000**
-
(62)
-
(3,267)
20,417
-
(62)
-
(3,267)
20,417
**========**
**========== ==========**
**==========**
**==========**
**==**|**Movement in funds**
**Balance at**
**Income**
**Expenditure Transfers**
**Revaluations**
**Gains and**
**losses**
**31**
**December**
**2023**
**£000**
**£000**
**£000**
**£000**
**£000**
-
(66)
-
1,001
21,352
-
(66)
-
1,001
21,352
**========**
**========== ==========**
**==========**
**==========**|**Movement in funds**
**Balance at**
**Income**
**Expenditure Transfers**
**Revaluations**
**Gains and**
**losses**
**31**
**December**
**2023**
**£000**
**£000**
**£000**
**£000**
**£000**
-
(66)
-
1,001
21,352
-
(66)
-
1,001
21,352
**========**
**========== ==========**
**==========**
**==========**|
|---|---|---|---|
||||21,352
**========**|
- 16 -
## **MARIA ASSUMPTA TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **14 Analysis of net assets between funds**
|**Unrestricted**
**funds**
**Endowment**
**funds**
**2023**
**2023**
**£000**
**£000**
Fund balances at 31 December
2023 are represented by:
Investments
-
21,352
Net current assets
571
-
Non-current liabilities
(6)
-
565
21,352
**==========**
**========== ==**|**Total**
Unrestricted
funds
Endowment
funds
Total
**2023**
2022
2022
2022
**£000**
£000
£000
£000
21,352
-
20,417
20,417
571
369
-
369
(6)
(85)
-
(85)
21,917
284
20,417
20,701
**=======**
**==========**
**========== =========**|
|---|---|
## **15 Related party transactions**
Grants totaling £298,000 (2022 - £570,000) were made to related charities during the year, as shown in note 5 to the accounts. There were no other related party transactions in the current or preceding year.
|**16 Cash generated from operations**
Surplus / (loss) for the year
Adjustments for:
Investment income recognised in statement of financial
activities
(Gains) / losses on investments
Movements in working capital:
Increase in debtors
(Decrease) / increase in creditors
Cash absorbed by operations
**=**|**2023**
**£000**
1,216
(595)
(1,001)
(31)
(32)
(443)
**=========**
**=**|**2022**
**£000**
(3,392)
(529)
3,267
-
40
(614)
**=========**|
|---|---|---|
- 17 -