REGISTERED COMPANY NUMBER: 11080519 (England and W¥les) REGISTERED CHARITY NUMBER: 1176634 REPORT OFTHE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED31ST DECEMBER 2023 FOR MSC CHARITY TRUST Aikinson Finch & Co Chartered Atcountsnts Central Chambers 4547 Albert Street Rugby Warwickshire CV212SG
MSC CHARITY TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDF,D JIST DF.CEMBER 2023 Page Report of the Trystees Independent Examlner's Report Statement of Finaneial A¢tlvltles B81?nee Sheet Notes to the FiD*nelg1 Statements
MSC CHARITY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED31ST DECEMBER 2023 The trnstees who ar¢ also direciors of the chariry for the purposes of the Companies Acl 2006, present their report of th¢ financial statements of ihe charity for ihe year ended 3 I Dec¢miw 2023. The irusiees hav¢ adopied the provisions of Accounting and Reponing by Chariiies.. Statement of Recomrnended Pra¢tice applicable to charittes preparing their accounts in accordance with the Financial Reporting Standard applicable Én the IIK and R¢public of Ireland (FRS 102) leff¢ctive l January 2019). OWECTIVES AND ACTIVITIES Objeetives and im$ The charity's objeciives are io promote ihe objeciives of Th¢ &Iety of the Missionaries of the Sacred Heart of Jesus, a voluntary association of men fonned in Ireland for the promotion of the Caiholic faith. The trusl is in receipt of proiw and investhieni income. which thgetheT with donaiion5 are applied to further th¢ objecis. The trustees confinn that they have referred to the Chwity Commission'5guidonce on public b¢nefit when revi¢wing ihe Charity's aims and objeciiyes and in planning fvre aciivities. ACHIEVEMENT AND PERFORMANCE Charitable activiti The charity make5 donations io support vulnerable people around the world. Although no donation5 or granis have been paid oui ihis yeaT. This year a significant amouni has been spent on the Tepairs and maintenanc¢ of various properties. FINANCIAL REVIEW Re5trves policy The trustees have Considered the requirement for frtt reserves which are those funds not invested in fixed Lsseis. designated for specific purposes or oih¢n¥ise committ. Golng concern The trustees confirm that they are not aware of any man&] uncert4inii¢s about the ¢harity's ability io continue. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document Ihe Charity is Controlled by its governing do¢ument. a deed of tTusL and constilute5 a limited compgny, limited by guarant¢¢, as defined by the Compani¢s Aci 2006. Re¢rultrnent 8nd Appointmenl of new ¢rwslees Trustee5 are appointcd by the Provincial of Th¢ Missionaries of the Sacred Heart of Jesus. such th#t the number of trusiees shall not exceed ten al any lime. Rel8ted par¢i¢s The Tru5t¢es of ihe rhariry are m¢mbers of The Society of the Missionaries of the Sacred Heart of Jesus. a voluntary association of men formed in Ireland for the promotion of the Cholic faith. A summary of ihe transathions with reled partT¢s is set out in note I l of the fmancial 510tements. REFF.RENCE AND ADMINISTRATIVE DETAILS Registered Company number 11080519 (England and Wales) Registered Charity nwrnb¢r 1176634 Page I
MSC CHARITY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 Reglstered office Princethorpe College Leamington Road Princethorp¢ Warwickshire CV23 9PX Trustees Rev. C R Tranter Rev. J J McGe¢ R¢v. M A Serrage Rey. M A F¢rry Rev. J P Fiizgerald Rev. M J O'connell Rev. J A Nolan Rev. J P W Bennett Rev. D Nixon Rev. A R Whelan (resigned 01.08.23} (appoinied 01.08 23) (resigned 01.08.23) (resigned 01.08.23) (resigned 01.08.?3) (resigned O1.08.23) lappoinied 01.08.23) {appoinied O1.08.23) (apFointed O1.08.231 Company.Secret*ry MT P Shaw Independent Ex#mlfter S G Bolton FCA Atkinson Finch & Co Chartered Accountants Central Chambers 45-47 Albert Sireet Rugby Warwickshire CV212SG Solieitors BriDdl¢y Twist Tafft & James Lowick (late Siskin Driv¢ Coventry CV3 4FJ slil Approved by order of ih¢ board of trustees on ................. . signed on its behalf by". . J J McGee- TTUStee Page 2
INDEPENDENT EXAMINER'S REPORT TOTHE TRUSTEES OF MSC CHARITY TRUST Independent exarniner's report to ihe tn15ttts of MSC Charity Trust ('Ihe Company.) report to the charity trust¢es on my examination of the ac¢ounis of ihe Company for the year ended 3 1st D¢(ember 2023. Responsibilities and b#sFS of report As the chariry's trnsiees of the Company (and also its directors for the purposes of company law) you are responsible for Ihe preparation of the a¢counts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having saiisfied myself that the accounts of the Company aTe not required io be audit¢d under Part 16 of the 2006 Act and are eligible for ind¢p¢ndeni examinaiion. I rewrt in respect of my examination of your charity's accounts as carried out under Section [45 of th¢ Chariiies Ait 2011 ('th¢ 2011 Act'l. In canying out my examination I have follow¢d ihe Directions given by the Charity Commission und¢T Section 145(5) {b) of the 201 l Act. Independent examirter's st*l¢ment I have completed my examination. l confirm that no matters have come io my attention tn connectTOn with the examination giving me cause io believe.. accounting records were noi kept in resped of the Company as required by Section 386 of the 2006 Aci.. or the accounts do not aicord wilh ihose records: or th¢ accounts do noi comply wilh the #ccouniing Tequirements of Section 396 of the 2006 Aci oiher than any requir¢m¢ni ihat the accounts give a true and flir view whi¢h is not a maryer considered as part of an tndependent examination: or the accounis have been prepared in accord¥n¢¢ with the method5 4nd principle5 of ihe Stalcm¢nt of Recommended Praclice for accounting and repirting by charities (appli¢able io chariti¢s preparing their account$ in accordan¢¢ with the Financial R¢portin8 Siandwd applicable in the UK and Republic of Irelond (FRS 102)). I have no conc¢rns and have ¢ome across no other matters in conne¢tion with th¢ examination ¢0 which attention should be drdwn in this report in order to enable a proper understandin8 of th¢ accounts to be reached. S G Bolton FCA The Insiilute of Chartered Accounthnts in England and Wales Atkinson Finch & Co Ch?rtered Accouniants Central Chambers 45-47 Alben Street Rugby Warwickshire CV212SG Date.. Page 3
MSC CHARITY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023 2023 Unrestricted 2022 Totsl funds Note5 INCOME AND ENI)OWMENTS FROM Donations and legwies 5,515 15,270 Invesm?enl income 83.841 43.433 Total 89J56 58.703 EXPENDITURE ON Letting of prortieS 39,656 7256 ChArtt4ble 8etivilie5 Subsistence grants for pries¢S Pre¥ni5es and support cosis Administrdtion costs 15,000 3.301 33,535 8,161 $2?05 Total 136,122 59,092 Nei gains on investrnen 3.643,492 ET INCOMEI(EXPENDITURE) (46,766) 3,643.103 RECONCILIATION OF FUNDS Tothl funds broughi forward 3,643,103 TOTAL FUNDS CARRIED FORWARD 3J96?37 3,643,103 The not¢s fom) part of these filW1¢131 Sements Page 4
MSC CHARITY TRUST BALANCE SHEET 31ST DECEMBER 2023 2023 Unrestricted fund 2022 Total funds Notes FIXED ASSETS Tangible assets 3.105.000 3.105.000 CURRENT ASSETS Debiors Cash ai bank 4,529 811.137 762.136 767.742 815,666 CREDITORS Amounts falling due wiihin one y (276,405) {277,563) NET CURRENT ASSETS 491 J37 538.103 TOTAL ASSETS LESS CURRENT LIABILITIES 3J96J37 3.643,103 NET ASSETS 3,596J37 3.643,103 FUNDS Unrestricted funds 3A96337 3,643.103 TOTAL FUNDS 3,596,337 3.643.103 The charitabl¢ company is eniitled to exemption from audii under Section 477 of the Companies Act 2(M)6 for the year ended 3 Is( Decemb¢r 2023. The members hav¢ not r¢quir¢d the company to obthin an audit of its finan¢Tal ststements for the year end 3151 D¢cember 2023 in accordanre with Section 476 olthe Companies Act 21)06. The Nslees acknowledge their responsibiliiies for (a) ensurin8 thai the charitable company keep5 a¢¢ounttng records that comply with Sedions 386 and 387 of th¢ Companies Act 2006 and preparing financial siatemcnts which give a true and fair view of th¢ of affair5 of ihe charitable company as al the end of each financial year and of ils Sltrplus or deficit for each fmancial year in accordance with ihe requircments of Sections 394 and 395 and which oiherwise comply with ihe requirements of the Compani¢s Act 2006 relatlng to financial 5ts1ements, $0 far as applicable io the charitable company. Ib) The notes forni part of these financial staternents Page 5 continued...
MSC CHARITY TRUST BALANCE SHEET- contiTrued 31ST DECEMBER 2023 These financial statemenis have been prepared in accordance with the provisions applicoble io charitabl¢ companies subjeci io the STnall companies regime. The financial St¢mentS were approved by the Board of Trnstees and authorised for issue 1.712DZ.*........ and wer¢ signed on its behalf by.. on . J J M¢Gee- Tru51ee Rev. M A Ferry - Tru51ee The notes forn part of ihe5e fmancial statements Page 6
MSC CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 ACCOUNTING POLICIES Basis of prerIng the fJn#ncial 51atemtnts The financial 5tatemenis of ih¢ charithble company. which is a public benefit entity under FRS 102, have been prepared tn accordance with th¢ Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Stat¢rneni of Recommended Prnctice applicable to chariiie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in ihe UK and Republic of Ireland IFRS 102) (effective l January 20191.. Financial RerrtTrrting Stsndard 102 'The Finwjcial Reporling Stsndard applicable in th¢ UK and Republtc of Ireland. and the Compani¢s Aci 21KJ6. The financial swements have been prepared under ihe hisiorical c05t onvention. Income Incom¢ is recognised in the period in which the charity has eniiilemeni io the funds. Expenditure Expenditure is rognised on th accruals b&%is. Co%is of generniing funds Comprise those costs directly allributable ¢0 income from letting the properties. Donations are charged in ihe period in which the fvnds are received. Premises and support costs comprise ¢osis in re5pe¢¢ of ihe charity's activilies and those incurred in running retreats. Administration costs compris¢ costs of running the ¢lwity itself as an or8&ni5ation. Grants offered subjecl to condition5 which have noi been md ai the year end dale are noted as a commitrneni but not accrued as expenditure. Taxation The charity 1$ exempl from corporniion Eax on its charitable a1¥111tS. Fund 8¢eouTrting R¢5trlcled funds ReslTi¢ied funds are used for SFttified pury)ose5 as laid down by the donor. Expenditure which meets ihese Criteria is allocated to the fund. Unre51ricted fund$ Unresiricted funds are donations and other income received or generated for the obj¢¢is of the charity Without further specified pu05¢ and are available as funds which the charity may use for its purposes at its discretion. DesiEll8ted fund5 These are sums fonning part of th¢ chariry's unrestricied fund5 set aside by ihe trustees for particular puwses in Ihe future. The tnlee$ have ihe power io reallocate such within unrestricted funds unless and until expended. Pag¢ 7 continued...
MSC CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS- e0n¢in¢ FOR THE YEAR ENDED 31ST DECEMBER 2023 INVESTMENT INCOME 2023 2022 Rents rec¢ived Ikposit account interest 62.259 21.582 36.641 6.792 83.841 43,433 LETTING OF PROPERTIES Property ¢o$ts 2023 2022 Light and heal Raies and water Repairs and mainienance Cjround rent and scrvice char8¢ Managemeni fees 2J29 3,135 27,049 2.190 4,953 1,123 1.289 1,275 1.044 2,525 39,656 7,256 TRUSTEES, REMUNERATION AND BENEFITS There were no misttts, remuneration or other benefits for the year ended 51 Decernber 2023 nor for the year ended 3 Isi Decemb¢r 2022. Trusttts, exptnsej There were no Intstees. exptnse5 paid for the y¢gr ended 31st December 2023 nor for the year ended 31 si De¢¢mber 2022. COMPARATIVES FOR THE STATEME]YT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donaiion5 and legacies 15,270 Investh)eni income 43.433 Totsl 58,703 EXPENDITUR£ ON Letting of prnpenies 7,256 Charitable aetivities Sub51Stence granis for priesls Premises and support rosis Administraiion costs 15.000 3.301 33,535 Total 59,092 Net gains on investments 3,643,492 Page 8 continued...
MSC CHARITY TRUST IYOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 31ST DECEMBER 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricied fund NET INCOME 3.643,103 TOTAL FUNDS CARRIED FORWARD 3.643,103 MEMBERS The company is limited by guardDt¢e and each m¢mber has guarnnieed to ¢ontribute £1 in ¢h¢ eveni of a windin8 up. At 3 Isi December 2023 there were 6 (2022 - 6) m¢mbers. TANGIBLE FIXED ASSETS Freehold Long leasehold Totals COST At I st January 2023 and 3 Isi Deccrnber 2023 2.675,O(Kl 430.000 3,105,01)0 NET BOOK VALUE Al 3 1st Decemb¢r 2023 2,67S(KNfr 430,000 3,105,000 Ai 3 Isi De¢ember 2022 2.675.{xI 430.000 3.105,000 A¢ valuatio Freehold investment property includes the following.. Famland Easi Lodge, Princeihotpe The Retreat Centre. Princethoryye Gardencls Cottage, Prtncethorpe 1,200.000 425,000 725.000 325.000 £2.675,000 Long leasehold protsxrty includes the following- Community room5, Prin¢dhoTpe College 2 Viia House, Charringlon Place, St Albans 350,000 £430.000 The properties are siaied at the valuations used for the transfer of the properties on 25th May 2022. Page 9 continued...
MSC CHARITY TRUST ]YOTES TO THE FINANCIAL STATEMF.NTS- eontinued FOR THE YEAR ENDED 31ST DECEMBER 2023 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other debtors Prepayments and accrned income 4.606 4,529 4.529 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other crediior5 Accruals and deferred income 270.1)02 6,403 269.002 8,561 27A405 277.563 MOVEMENT IN FUNDS movement in fitnds Ai 31.12.23 Ai 1.1.23 Unresirlcted fuDd$ General fund 3.643,103 {4A766) 3,596J37 TOTAL FUNDS 3,643,103 (46.766) 3,$96J37 Nei movement in funds, included in ihe above w¢ as follows.. Incoming resources Resour¢es expended Movement in funds Unrestri¢ied funds General fund 89JY) {136,122) (40,766) TOTAL FUNDS 89JS6 (136,122) 146.766) Comp*ratives for movement fundi Net movement in funds At 31.12.22 At 1.1.22 Unrestricted funds Generdl fund 3,643,103 3.643.103 TOTAL FUNDS 3.643.103 3,643,103 Page 10 continued...
MSC CHARITY TRUST NOTES TO THE FINANCIAL grATEmEfS- contiDued FOR THE YEAR ENDED 31ST DECEMBER 2023 io. MOVEMENT JN FUNDS- tontinu¢d CoMpalye net movemenl in funds. included in the above arc Is follow5.. Incoming Resources ains and losses Movement in funds Unreslrieted funds G¢neral fund 58,703 (59.092) 3.643.492 3,643.103 TOTAL FUNDS 58,703 (59.092) 3.643.492 3,643,103 A current year 12 months and prior year 12 monihs combined position is &% follow5: Net movement in funds Ai 31.12.23 At 1.1.22 Unreserleted funds General nd 3.596.337 3,596,337 TOTAL FUNDS 3.596.337 3.596,337 A Current year 12 months and prior year 12 months combined net rnovem¢ni in funds. included in the above are as follows.. In¢omin8 resources R¢sources expend¢d Gains and losses Movemenl in funds Unrestricted fundi General fund 148,059 (195,214) 3,643.492 3,596,337 TOTAL FUNDS 148.059 (195,214) 3,643,492 3.596.337 RELATED PARTY DISCLOSURES Memb¢r5 ofthe charity are individual members of The Society of the Missionaries of the Sacred Heart of Jesus. At 31 st Deceml*r 2023, the charity ow¢d that Organi110n £269,(K12 (2022 - £269,002). Page 11