Charily Regislration No. 1127151 MARIA ASSUMPTA TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
MARIA ASSUMPTA TRUST LEGAL AND ADMINISTRATIVE INFORMATION rrustees Srcatherine cthey r.a {Chairl Srmaureen Connor r.a Isecretsry) Sr Catherine Jones r.a srVer0n Ann Rowley r.a Sr Ceule Franquin r.a Sr Isabelle Rwx r.a (Res[gn 11 thAarch 20251 Sr Lella Montan8 PaanDh r.a IApw"nted 11 Marth 20251 Charity number 1127151 Principal address 20 Kensii)gton Square Lond W8 SHH Auditor Haysmac LLP 10 Queen Street Place Lfftdon EC4R 1AG Sollcltors 2 Putney Hill London SW15 6AB Investment advlsors auiltercheviot Ltd Senalor House 85 Queen Vjctoria Streel Lond EC4V 4AB Epworth Investment ManagementLtd 25 TaV10¢k Pla, London. WC1H 9SF
MARIA ASSUMPTA TRUST CONTENTS Page Trustees, rewrt Slalement of knstees, reswnsibilsties Independeni auditorfs reF ststement of financial actMtse5 Statement of financial posil>on Statement of cash 10 Notes to the financial statements 11-17
MARIA ASSUMPTA TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The tmstees present their annual report and financial statements forthe yearended 31 Dember 2024. The financial statements have been prepared in accordan wlh the accounti pdiaes set out in note 1 to the financial stalernents and comply with the charity's tnJs¢ deed. the Charities Act 2011 and "Accounting and R8POrtillg by Charities.. Statement ol Recommended Practice apIcable to charibes preparing their accounts in accordar¢e with the Financial Reth)rfir4J Standard apble in thè UK and Republic of Ireland IFRS 1021 l$ffectiv$ 1 January 20191". ObJectSves and a¢tivltie$ The charitys objects are to advance the religious and other charilable worf( of Ihe Religious ol the Assumption. anywhere in Èhe world. as the trustees thinks fit. The charity was formed in October 2008 and recewed its first fttnds from the related chaiity Ihe'Religious of the A5surnption' in May 2(K)9. The trustees have paid due regard to the public benefit guidance issued by Ihe chtty Commi$8ion in decidiThJ whal activities the charity shwld undertake. Fundralslng standards infom)atic*n Th8 charity does not actively fundraise and does not IKJld any agreements with professional fundraiser5 or commercial parb¢tpators. Grant maklng polky The trustees give priority lo requests for funds from the various provin$ of Ihe Congregation and make grants as they judge appropriate. Th8 trustees have established a Gran( Making PL4iGy and tHoGedures aThJ guidelines for grant applications to achieve its objects for Ihe publtc benefit. Achlevements and performance During the year. the charity made donations to the Religious of the Assumption Prtmnces of India. France antj Central America. Trustees approved a grant of £51.797160,IJOO euros)12023.- £226,0001260.000 eurosll lo the Campus de la Transition to fund fire safety improvements lo the Forges property, the renovation of the east aisle bathrotsm and other capital costs such as office equipment. hospitality lumishtngs, tooL8 and equipment. Thss will enable the organisation towelcome MO students al professionals in ieasonable conditN)ns. The Camp&s de 18 Trènsilion, supported by the Assumption Province of Fran, continues to rerK)vate the estate an¢J to promote fundamental work in the service of education and iesearch in environmental sustainability. Tntste85 approvè(J a donation of £6,389 {7,500 eurosl12023.. £21.IKM)123.500 eurosll Éo the Central AmÈrii Provincial Council. The grant hwll enable the province to delNer transformative education to Ihe rTrost vulnerable communities across the province's territ(>ries INicArdgua. &Jalemala and El Salvador) over 3 years. They wll provide pastoral support to 7 cornmunitFes and ae$S to online leaming. Through Ihe year. rA)rnmunits have designed their pastoral projects with thildren and women lo better res[ to their needs post-pandemic. Two communities have attended participatory pastoral planning workshops, and a pastoral team is being trained In systetnali58tion. 3.500 students and 300 edlr$ eight schools currentty use the online leamiNJ plaifom, which has helped continue leaching chil¢Jren and young people throughout the academic year. This new kn.nd of pastoral planning is he5ping to Increase the impact of the pastoral w(xk in communi. The Assumption Public SchcKJI in Thelpara Ilndial was awafded £120.935 1140.433 euros) 12023.. £51.000 151,586 eurosll to buy a 42-seal bus so that they can provkje transport to pupils who live too f3r and have no olher means of transport_ The school will also invest in 12 smart boards as part of Ihesr ongoirrfJ pkn to make education creaknve. interactive and experientsal.
MARIA ASSUMPTA TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Projects funded in prevK)us financial years We nty"nued or ¢ompleled. The extenlKJn of the Assumption Schod in Pandripani is ongoing despite Some disruplions caused by the mSL)n seastsn and workers. absence during harvest. The sehcM)I now has a stage for the auditorium". srnart das5roorn equipped with corrputers." solar panels,. lab5 for chemistry. lyology and physi¢s. The to11 b1k was completed and material for the labs purchased at the end of the year. In El Sa30r. 17 Sludents from families with limited resources who receNed a 3-year scholarship have completed Iheii secondary e(lucation. The students were imrrensdy grateful for the tspptsrtunity to graduate frorn Colegio la Asunoon and PTepare to go to university. This project has been successful because of the academic results of the students who graduated from high school and ealered university lo become professH)nals who wll contribute lo sooety. Inveslment PÈrfom)ance The market value of the investments increased during the yeai 7th the ¥ae of Ihe t[0110 being £22.055.000 at the year-end in comparison lo £21,352,000 in th8 prior year. The investments which consist primarily of UK equibes Investment funds. 8re selected on the adwce of the investment managers. Th8 Iru5tees a satisfied with the perf0rrnae of the Investments and the advice receNed frorn the investm8nl managers. Fbnancial review The charity's woirk is enbrely ]13Th1 on income and investment retums Irom its endowments. Incrxne for the year comprised £738.000 ¢n iavestrnent irKome12023". £595.0(X)l- ExpeThYitu amounted io £845.00012023.. £380.0001. When combined with the gains on inveslrnents. the resulting net increase in funds for the year was £670,000 12023. £1.216.(X)01. This resulted in a increase in ¥eseryes to £22.587,0(XJ12023". £21,917,000) a5 shown in Ihe statemenl of finawal [M)knn. Reserves Policy As al the year end. the charity held £22.587.000 in reserves12023". £21.917.(N)01. It the poliLy of the tharity that unreslricled funds which have not been designated for a specific use shoukl be rnaintsined al a level of not less than six month's e5titnaled income. The trustees consider that reserves al Ihis level wll ensure that. in the event of a prolonged significanl drop in income, they wll be &e lo continue Ihe charity'5 current actDiities. Free reserves at 31 December 2024 were £S32.00012023.. £565.0001 which were atx)ve six fflonth'5 estimaled income in line with the ch3rity's sene$ policy but not eA)nskYered excessNe. Investment policy The clrIty.S invesltllent powers are prescribed under the lernis of the trust deed. The irustees are permitted to invesl in investments in the fom ol Govemment and the shares and fixed interest s8eurities of publ Cotnpanies. investment. financial or unit trusts. The charity's investment policy 15 Set by the trustees and the investments are dNided in rOhlY equ proportions and managed by Ouiller cheVt Limited and Epworfh Investment Management Linited_ Our investment choice5 seek to be a pr3¢b¢al implementation of the Sla1 conseqvences of the Gospel. We do 1$ rough ourethical inve5tmenl policy aTKJ by p0511ive ¢hoi¢es. as well as negab.ve exclusions. in our asset allocalion. The investment managers are in5tnJcted lo approve Ihe luM on ibe irtveslmenls over the medium term within these parameters.
MARIA ASSUMPTA TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Risk rnanagement Inv8Stments.. One ofthe printspal risks faced by thè charity Iw in Ihe [erf0mn of inveslments and Iheretore the capacity of the charFty to rnake grants. The trustees consrdei the variabli ity of investrnent retums on Ihg expend8ble endowmenl to constitute the charrty's major Iinan(aal ii5k. This rnfjJ"gal&l by relaining 10 expert investment managers to manage the invest[net porttolio. Donations oversight.. The charity primarily makes donats.ons lo overseas provin ofthe Assufflption fvrther to their grant making policy. The Irustees accept that alU)ough it 15 not possible forcharities to protect thernselves ¢ompletety from all risk of fraud and financial abuse. they can impIerNentstrg safeguards in the charity lo dlICe vulnerability and lessen Ihe likelihood of an occurrence. Charities worting In18rnation81ty face an increased risk of finaal abuse frorn fraud or theft because of the cotnplexity ofworking overseas as I(al condition5 may rnake it harder lo enfor controls. The trustees rety upon a vatiety of meth(j$ lo address these paitioJlar challeroes. for eXae.. - ensuring there 15 a clear aud trail established whert transmifty)g lunds o¥etseas carrying DUI banknng due rfiligen - involvement oflhe general bursai onproie¢ts as nery - obtainiTrg pholc¥raphs and Othereviden oftharilable wTr* undetsken overseas - working with partners overseas to ensu the proper monit¢ying and Veriftcation of the end use of tunds Visng the projects to ensure the eStence of the WO along emwL8 and debrief5 prowde(l on the status of th8 charitable eXPerltU Plans for the fLrture The financial market5 a continuing losvffer a bt0ftsjVIeJKe. The tnJstees a fft)nrtoring Ihe Situan carefully and condude that despite changes in ino)me. they can safely honour the comffuknents in fulld1 they have already rnade fof 2025 and conb"nLe ac¢epb"ng new appti¢ab"ons. Structure, governance and management The challty was established by a charilable bust deed on 28 October 2LVJ8. The charity can have a tnaximum of six trustees and the inFbal trustees We apwnted ty Ihe tDJsl de£d. N8W trustees can be appointed by resoluti<)n of Ihe existing Iruslees. The oJrrent truslees are part of the congregati of the Rel10S of the A8sumplion, an inlemational Roman Catholic Ordef. They have detailed knowledge oflhe charity's activiltes and were appointed for their experience in the affairs of tlie (Kder. The trust8e5 who seNed during the yeai kwe: Sr Cathefine Cowley r.a (Chairl Sr Maureen Connor ra (Secretary} Sr Catherin8 Jones r. Srveronica Ann Rowley r. Sr Cecile Franquin r.a Sr Isabelle Roux r.a {Resrned 11 Marth 20251 Sr Lemia Mclana Par¥Jantihon r.a inted 11 Marrh 2025} The chartty employs no staff. but enjoys the part-lirne Servi of Ms Celine GagTh)n. wrt is employed by th8 Religious of the Assurnption. as Fund Adrninistralor.
MARIA ASSUMPTA TRUST STATEMENT OFTRUSTEES. RESPoNSIBILlEs FOR THE YEAR ENDED 31 DECEMBER 2024 The Iiuslee$ are r8sponsible for preparing the TrLKstees' Repyt and Ihe financia statements in accordance with applicable law and United Kingdom Accounting Slandards Iuniied ltingdorn Generdlly Accepted Accounting Praclicel. The law applicable lo charib.es in England and Wales requires the bitstees to prepare financial 5taletnent5 for eath financial year which give a true and fair view of the slate of affaits of the ¢hari¢y and of the in(x)me and expenditure of the charity lor that year. In preparing these financial statements. the trustees are required io.. select suitable accounting policie5 and Ihen appty Ihern consistenty.. ob5eNe the methods and prinriples in the Charities SORP., make judgements and estimates that are reasonable aThJ prudenL slate whethei applicable accounting standards have been fdlowed. subj.ect lo any material depariures di8closed and explained In the financial statements., and prepare the financial 51atemenls on the going corscem basis unless il is iThappropriale lo presume that the charity will continue in operatK)n. The trustees are responsible for keeping suffiuent accounting iecords that ijisdose with ieasonable a¢¢ur¥y at any time the financial posilioll of the charity and enable them to ensure that the financial slalements coffiply with the Chanlies Act 2011. the Charity (Accounls and Reportsl Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the asseis of the chanty ao¢J hence for taking 8$onable sleps for Ihe prevenb'on and detection of fiaud Jnd other irregularities. Signed on behalf of the trustees- Ill. Gz_L-Gf- Sr Maureen Connor r.a Isecretaryl Trustee Daled." 14 May2025
MARIA ASSUMPTA TRUST INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF MARIA ASSUMPTA TRUST Opinion We have audited the financial statements of Maria Assutnpta Trust (the 'thariVI for the year ended 31 Decernber 2024 which COTnPriSe the statem[ of finan¢iJ actiwties. statement of financial position, the statement of cash flows and th8 notes lo the financial stalemenls. Incl119 svJnthcant a(xounb"ng poliaes. The finanual reKM)thng fr8m8work that has been applied in their pparatiOn is applicable law United Kingdom Ac(x)unting Standards. including Financial Reporng Stan¢ard 102 Yhe Financial Rewb"ng Slandattl aFwiCab in Ih8 UK and Republic of Ireland" (United Kingdom Generalty Apted Accounting PracticÈl. In our opEn)n. the financiJ state3nents= give 2 true and fair view of the state of chartws affairs as al 31 December 2024 and of the (arity's n8t movement in fLJnds for the yearthen en¢Jed- have b8en property prepared in aCran will Ullited 4fjwdom Generaty Accepted Acaxntirg Practice". and havebeen ppared in accordance the reQuirentS ofthe Charities Act 2011. Basls foroplnlon We have been appointed as audr(or under s8CtK)n 144 of the ChatÈbes Act 2011 and report in accordance wth the A¢1 and relevant regulations made or having effect thereunder_ We cor¥Jucted our audit in accordance wth International Standards on Auditing IUKI IISAS IUKII and applKatAe law. Our responsibilities under those standards are further descnbed in the Auditorfs responsibil"eS for th8 audit of the financial 5tsterfients sÈ¢tion of our repofL W8 &re ind8pendenl of the ch8rity in accordance wth the ethical requirements that are relevant to our audit of the finan¢ial Statements in the UK. induding the FRC'S Eth1 Slandard. and W have fulfilled our other eth1 responsibilities in accordan vthh these requ1Ments. We beleve that the audit evidents we have obtained is sufficient and appropriate to prowde a b5 lor Jr opinKJn. Conclusions relating to going concem In auditing the financial statements. we have concluded that the trustees. use of the going bas or accounting in the PrePatIon of the fin5n81 statements is approptiate. Based on the work we have perfomed. we have not idenlified any maierial uneertainlres rdatiTrJ to events or conditions that. IndidallY or collectwety, rnay casl significant doubt on the charivs ability lo continue as 8 going concern for a peri of at least twelve months from when the finanaal statemenls aro authorized for issue. Our responsibilities and the re5ponsibilibes of the twsiees with reSPtIO gxng COnm2{jeStbed In the levant sections ef this report. Other Infomiatlon The trustees are responsible for Ihe other informab"on. The other infomHIN)n comprise5 the infornialion indude(l in the Tnjstees. Report. Our opinion on the financial slalements dCS not cover the othw infortnation and. except lo the exlenl oU)eMise &xpli¢illy slated in our repor¢ we do not express any fomi ofassurance conclusion thereon. In connection with ourauditoflhe financial statements. pOnsibty is to read the othwinfortnation 2nd. in d(Ar so, consider whether the other infom)aIn is malerialty inconsistent wlth Ihe finantial 5taternents or our knowfedge obtained in the audit or olheMse appears to be rnaterially misstated. If we identify such material ino)nsi$tenaes or apparent malerid mE5talemenls, we are required to detemiine wfvelher the is a matenal misstsletnent in the financial sL3tements or 8 malerial misstatement of the other inforrnation. If. based on the WQTk we have perfomied. we conclude that ere is a material misslalement of this other infonnalion. we a require(I to report that fact. We have nothing lo report in this regard.
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 lo port in respect of the following rnatters in relan to which the Charities (AunIS and Reports) Regulations 2008 require us io r8FK)rt to you if. in our opinion." 8dequale accounling records have not been kept by the chanty., or sufficient accounting records have not been kept- the charity financial slatetnents are not in agreement with the accounting record5 and ¥etums'. ¢x we have nol r1Ved all the tnfomialKJn and expLgnabons we require for our audit. Responsibilities of trustees forthe financial statements As explained morÈ fully in the statement of trustee5 responsibilities. the trustees are responsible for the preparabon Df the financial statements and for betng satisfied that they give a Irue and fair view. for su¢h inlemal conirol as the trustees determine 15 ne$sary to enable the preparation of financial statements that are free frorn material miss1aieffnt. wther due lo fraud oy error. In pparIng the financial statetnenfs. the trustees are responsible for assessing Ihe charity's ability to continue a5 going con¢em, disdosing. as applicable. arterS re131ed to g¢yng ¢on¢em ar using the going concem basis of accounb'ng unless the trustees eilher intend to IKiuidate the chanty w cease ora"0n$, 01 have no aliStiC allernalive bul to do so. AudÈtor's respon5ibilitie$ ftsrlhe auditof the financial statements Our objectives are to oblain reasonalYe assuraft ab1 whelher the finanaal statements a5 a whole are free from material fflisslaternenl, whether due lo fraud or eOr. and to issue an auditorf5 report that indudes our opinion. Reasonable assurance is a hKJh levd Of assurance but is Th)1 a guarantee that an audit ttjnducled in accordance with ISAS IUKI wll always deled a material misstatement when it e51s. Misslaletnent5 can arise Irotn fraud or 8rror and ale considered material if. individually or in the aggregate. they coutd 8$onablY be Èxpected lo inlluence the economic deci5ion5 of users laken on Ihe basis of these fInarla1 staternents. Irregu18rities. including fTaud. ale instances of non-cornpliance wilh laws and regUtiOns. We design procedures in line with our responsibililies. oulTined above. lo delect material rnissiaternents in respect of irregularities. including fraud. The Èxtent lo which our procedures a Capable of delecting irregularities. including fraud is detailed b81ow'. Based on our understsnding of the charity and the envi¥onment in whith it operaie5. we Njenithed that the prinopal risks ol non-complian with Iws and regulabons related to Charity law, and we considered the exlenl lo which non- cotnpliance might have a material effecl on Ihe financial statements. We also considered those laws and regulations thal have a direct impact on the preparation of the finanual statements su¢h as the Charities Act 2011 and the Charities SORP. We evaluated management's incentives and opportunities lor fraudulent maniputabon of the financial statements (including the risk tsf override of tontrolsl. and detemiined that the principal risks were lated lo the approval of grants. Audit procedures perfomed by the engage•t ieam indvded: Inspecting correspondente wth regulators and lax aulhotrties". Discussions with management including consideration of known or suspected instances of n-coMla[e with laws and regulation and fraud". - EvalvatirwJ managgment's conlrds designed to povent aThJ dete¢l IrWan.e5.. Identifying ané testing journals.. a - Chalknging assumption5 arvj judgetnenls rnade by managernenl in their critiixl accounting esb"rnale5 Because of the Inhe1 limitations of an audit. there 15 a risk that we will not deieci all irregularities. induding those leading lo a material tnisstslemenl in the finan¢ial slalernents or non-compliance wlh regulation. This n5k increases the more Ihat ¢omplian¢e with a law or regulation is retnoved from the evenls and transactions reflected in the fin8ncial slatemenls. a5 we will be less likdy lo becorne aware of InStanS of non-cotnpliance. The risk is also greater regarding Irrulant1es occurring due lo fraud rather than error. as fraud involves intentK)nal cOnaIrent. forgery. Collusion. omission or misrepre5entslion.
MARIA ASSUMPTA TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE TRUSTEES OF MARIA ASSUMPTA TRUST A further des¢ripb"on of our spOnSibl11tieS available on the Finanrial ReportiTrJ Cwnral's webstte al httysjl WwW.fr¢.g.UKlaudiI0rSrÉSINjnslhll1fjes. This description fomis part of our auditorfs repo USÈ of our report This port is made 801Éty lo the charity's trustees. as a body, in ac£ordance section 144 of thè Charities A 2011 and regulations made under sectron 154 of that Act. Our adi1 )rk has been undertaken $0 that we might slat8 to the charity's Iru51ees Ihose matters we are requi to stsle to them in an Audttorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assutne responsibility to anyone other than the charity's bus8 as a body for our audr( work. for this report, or for the opirwns we have fonned. HOO. Uf H8ysMac LLP Statutory Auditors 10 Queen Street 8¢e Ltsndon EC4R 1AG Date.. 17 luly 2025 Haysmac LLP is e1ible to act as an auditor in terrns of5ecbon 1212 oflhe COMpank Act 2.
MARIA ASSUMPTA TRUST STATEMENT OF FINANCIAL AcTIVlEs FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrfcted Funds 2024 £000 Endowment Funds 2024 £000 Total Funds 2024 £000 Unrestricte funds 2023 Éooo Endowment Funds 2023 £000 Total Funds 2023 £000 Notes Income from.. Investments 738 738 595 595 Expenditure on.. Inveslrnent management costs 74 74 66 Grant funding 771 771 314 314 Tot81 expenditure 771 74 314 66 380 Nel gains 1 Ilossesl on investments 1,001 1,001 Net movement in funds 1331 703 670 281 935 1,216 Fund balances at 1 January 2024 565 21.352 21.917 20.417 20,701 Fund balances at 31 Dgcember 2024 532 22.055 22.587 565 21,352 21.917 The slaternenl of financial activities includes all gains and losses recognised in the year. All income and expenditur8 derive from conlinuing a¢bvilies.
MARIA ASSUMPTA TRUST STATEMENT OF FINANCIAL posrrioN AS AT 31 DECEMBER 2024 2024 2023 Notes £000 Flxed assets Investments 10 21.352 Currentassets Debtors Cash at bank and in hand 31 691 7T4 821 CurrentliabllStle$ 12 {2421 12501 Net curr&nt assets 532 571 Total a55ets less Current IlabllitSes 22.587 21.923 Non•¢urrent liabiliti8s 13 161 Net assets 22,587 21.917 Capital Funds Endowment funds - general Income funds Unrestricted funds 14 21,352 532 565 22.587 21.917 14 May 2025 The finanoal StatlS 8rvoved tylhe T[tee5 .................................................... Sr C8th8rine CoeY r.a (Chairl Tnrstee Sr Maureen Connor r2 (Secretary) Trustee
MARIA ASSUMPTA TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 £000 NotÈs £000 Cash flows from operating activf(ie5 Cash absorbed by operations 16 19111 14431 Investing activities Purchase of investments Proceeds on disposal of investments InveslnEnl income 17861 860 16.5931 6.659 595 Net cash generated from investing activitie5 812 661 Net increaselldecreasel in cash and cash equivalent$ 1991 218 Cash and cash eouiv21enls al beginning of year 572 Cash and cash equivalents at end of year 691 79) -10-
MARIA ASSUMPTA TRUST NOTES TO THE FINANCIAL STATEMEPs FOR THEYEAR ENDED 31 DECEMBER 2024 Accounting poll¢l¢s Charity InlorniaUon Maria Assumpts Trusi Is a ch8ritabl8 trust 8stalS1 by deed 28 October 2008. The printspal address is 20 Kensington Square. London W8 SHH. 1.1 A¢¢ounting convention The finanoal slalernents have been wepared in 8¢wrdan wlh the charitrfs Irust deed. the Charitpes Act 2011 and-Ac¢ounhng and Reng by Charities". Ststernent of Recomrnended Prtti applicable to (*arities preparing their accounts in ac¢ordan¢e Trmth the Financial Report]"ng Standard arwicable in the UK and Republic of Ind IFRS 1021" las amended foraccounting period5efftsVe trom 1 January20191. The charity is a Public Benefit Entsty a5 defined by FRS 102. The financial statements are prepared in sterting. which is the functional oJrTBnLy of the charity. Monetary arnounts in these financial staiements are rounded to the nearest £000. Thefin8nci81 slaternents have been prepared on Ihe hisiori costnvention. modnled to indud8 Investments at falr value. The wncipal arUting Pol&S jOple a set out bekn¥. The1rn8lees have a reasonable expectation that the charity has adequate r¢e$ io rrjntinue in operational exIstere for the foreseeable futhre. The InteS therefore continue to adopt the going conceffl basis of awunting sn preparing the finanoal ststements. 1.2 Char¥table funds Unrestricted funds are av8ilabl8 for us8 at the ditron of tho tnJstees in furtheranee of thattae objectives. The endowment fund is expendable at the dis(xeth)n of the tsuslees. 1.3 Income Income is nISed when the ch8rity Is legalty enmed to rt Ihe amwnts can be measured 1[abty. and it is probable that incorne 11 be weived. Investm&nt incotne is credited to inwnewhen it i8 receivab and the b8 measured reliably by the chanty." this is normally upon notificabon of the Inte$t paid or payable ty the bank. Dividends are recognised once the div5dend has been de¢lared and notsficaliorb has b8en r81%Ned of the dNrdend due. 1.4 Expenditure Basic fiftanc1 liabllities. induding tra¢Jeand other payables. a recognised attransadion prir?. Gr8nts payable are paytnents made lo third parbes in the further8re of the charitable 04ecls of the Trust. In case of an uncondrtional grant offer thi5 is accrued once the recipient has been notified of the grant award. 1.5 Non-current investments Fixed asset investrnents a initially rneasured at transon price exdlwthng transaction costs and are subseouenlly measured al fair value at each reportiThJ date_ Changes In fwr vJue are recognised in net ¢ncomellexpendilurel for the year.
MARIA ASSUMPTA TRUST NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continuedl 1.6 Cash and cash equivalents Cash cash equivalenis include cash in hand. dÈpo&ts held at call vAth banks. oiher short-terni liquid investments with original rnaturilies of Ihree months (* less. 1.7 Financial in$tTuments The charity has elected tci apply the provisi$ of secb.on 11 'Basic Finartial rnstnjments. and seCtn 12 'Other Financial Instruments issues, tsf FRS 102 10 all of its finanoal instruments. Financial instruments are recognised in Ihecharity'5 5ts1ement of financial wsibon when the charity becomes party to the contractual provisrons of the instrument_ Financial assets and llabililies a offset. with Ihe net aftnints presented in the financaal statements, when there is a legally enforceable right to sel off Ihe reeognised amounts and there is an intents'on lo settle on a net basis or to realise the asset and setlle the liability simultaneously. Basic financialassets Basic financial assets. which indLwJe trade and Olher re1VableS and cash bank balances, are initially measured altransaclion pnce Induding transaction costs and are subsequently rarried al amortised cost using the effedive interest method unless the arrdngemenl constibjtes a financing Iransacbon. vthere the ITansa¢tion Is measured at Ihe present value of the future receipts discounted at a rnarkel rale of interest. Finanoal assets classified as receivable within one year are afflortised. Basic financial Valjilitiès Basic financial liabilities. in¢luding trade and other payabks are initialty recognised at transacti price. Trade payabl8s are obligatK)ns to pay for goods or 5enrices that have been acquired in the ordinary Course el operations from suppliers. Amounts payable are dassifEd as current liabilibes if payment is due within one year or less. If nol. Ihey are presented as non4utteni liabilibes. Derecognition of financialliabilities Finan¢ial liabilitiès are derecognised when Ihe drity's contractual rt)IwatK)ns expire or are discharged or anolled. Inve$tsnents Unrestricted Unrestricted fund$ funds 2024 £000 2023 £000 Inc(Hne from listed investments 738 595 738 595 12-
MARIA ASSUMPTA TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTJNUED} FOR THE YEAR ENDED 31 DECEMBER 2024 3 Investment managernent costs Endo¥mient EJX*)t tunds general 2024 2023 Investrnent rn8nag8ment 74 74 Grant hJnding 2024 £000 2023 £000 Costof grant funding aeS Granl funding of activttses (see note 51 Share of governance costs Ise8 nol8 7) 749 15 12 771 314 5 Grants payable 2024 £000 2023 £000 Grants to insbtulK)ns'. Rellgious of the Assumplion ltsty Religious of the Assumpl"on I18 Religious of the A5surnption Phil¢ppines Religious of the Assumption Fon ReligKIu5 of the Assumption l¢aragua ReligKiUS of the Assumpb"on Tanzwia 51 271 131 226 21 749 298 Twustees None of the trustees lor 8ny persons connected with them) re¢eive(l any TemuneTation during the year12023- none). Audito¢$ remunerallon Govemance costs incltkyes the fdiowng.. 2024 2023 Fees payable to Ihe au¢Jitor for1 au¢Jit of Ih8 annual acc(Nts 15 12 13-
MARIA ASSUMPTA TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees Therewere noernployees during the year12023-. non81. Net gairbs I Ilos$e$l on inveslments Endowment funds general Endowtnent funds gener 2024 2023 Revaluation of inve5ttnents 777 1.001 10 Fixed a$$et Investments Totsl investments £000 C05t or valuation At 1 January 2024 Additions Nel g8rs on invesknenls Disposals 21,352 786 777 18601 At 31 December 2024 22,055 Carying amount At 31 DeCemr 2024 22.055 At 31 December 2023 21,352 Listed ifjvestments included ats.. 2024 £000 2023 £000 Listed investrnents carrying *Th)unt Cash held within the investrnent 21.715 20.915 340 437 The historic costs of the charity s fixed assets investrnents as at 31 Oecember 2024 was £18.640k12023.. £18.596kl -14-
MARIA ASSUMPTA TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Debtor5 2024 2023 £000 Accrued Iorne 31 31 12 Cuffent liabilitfjes 2024 2023 Grants payatAe Accrua 242 250 13 Non-cuffent1obllth$ 2024 £000 £000 Grants payab -15-
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MARIA ASSUMPTA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Analysis of net assets belween fw Unreskncted funds 2024 Endowment funds 2024 Unrestricted Endovmient fvnds funds Total 2023 £000 2024 2023 2023 £000 Fund balance8 at 31 Dernbel 2024 are represented ty- Investments Net current assets Non-uJrrent li8biliti8S 22.055 T2,055 532 21.352 21.352 571 161 571 {61 22.055 22.587 565 21.352 21.91T 15 Related party transactions Grants tolaling £749,011)12023- £298,000) were m8de lo re181ed charities during the year. as shown in note 5 to the account5. Th8re w8re no other related party trarctionS in Ihe IrTent or preced11 year. 16 Cash generated frorn operations 2024 £000 670 2023 £000 1.216 &jrpS fttheyear juslments for. Inv8stm8nt incom8 recognised in statement offinanci 17381 IS951 Gains on investhnts Movements in working capttal". Incre3se in debtor5 Decrease in credrfcors 11,0011 1521 1311 Cash absorbed by operations 14431 17-