REGISTERED COMPANY NUMBER: 11080q19 (England and Wales) REGISTERED CHARITY NUMBER: 1170034 REPORT OFTHE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 21b24 FOR MSC CHARITY TRUST Aikinson Fineh & Co Chan¢red A¢countants Central Chambers 4547 Albert Sireei Rugby Warwickshire CV21 ?SG
MSC CHARITY TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR F.NDED 31ST DF.CEMBER 2024 P•ge Report of the Trustees Independent Ex8rnintr's Report Statement of FinAnelal Activitles Balance Sh¢et Notes to the Fln#nci*l Staternents
MSC CHARITY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 The trustees who are also direeiors ofihe Charity for the purp)ses of ihe Companies Aci 2006, preseni iheir report of the financial statements of the chariry for the year ended 3 Isi December 2024. The irustee5 have adopted the provisions of Accounting and R¢porting by Charitio.. Stat¢Tnenl of R¢comm¢nd¢d Practi¢¢ applicable to chariiies preparing iheir accounts in accordance with ihe Financial Reponing Standard applicable in ihe UK and Republic of Ireland IFRS 102) (effective l January 2019). OWF.CTIVES AND AcfiviTIES Objectives and aim5 I he charity's obj¢ciives are lo promote the objectives of The Society of ihe Missionarie5 of the Sacred Heart of Jesus. a voltsniary association ofmen fornied in Ireland for the promotion of Ihe Catholic faith. The tThst is in receipt of property and invesimeni income. which iogether with dOnlon5 are applied to further the object5. The irusttts confirni ihai ihey have refeffed 10 the Chariry Commission's guidance on public benefit when reviewing the Charity'5 aim5 and obj¢¢tiv¢s and in planning future o¢tivitie$. ACHIEVEMENTS AND PERFORMANCE Charitoble arliltieS The Lhariiy makes donaiions io support vulnerable people around the world, although no donations or grant5 have been paid out this year. This year a 5ignificanl amount has been spent on Professional ftts connected wifh the development and sale of variou5 propeflies. This is within the Adminisiraiion costs caiegory. FINANCIAL RF.VIEW Reserves policy I'h¢' trusl¢¢s hav¢ considered the requirement for frtt r¢s¢rves which are those fijnds noi invested in fixed assets. de%i&inaled for specific purposes or oiherwise commilled. Going ¢on¢ern The irusiees confirni thai they are not aware of any maieri41 uD¢ert4inties al)oui the ¢harity's ability io continue. STRUCTURF., GOVERNANCE AND MANAGEMENT Governlng document The ¢harity 15 controlled by its governing documeni. a deed of misi. and consiituies a limiied company, limited by guarantee. as defined b>. the Companies Aci ?006. Reeruitment and appointmtnt of new ¢rus¢tts l-ruElc¢s arc app(?inted the Provincial of The mI10naTIeS of the Sacred Heart of Jesus, such that ihe number of trusiees shall no¢ exceed ten ai any time. R¢l8ted PSTtie$ The Trustees ol- Ihe charitv are members of The Society of the Missionaries of the Sacred Heart of J¢su5, a voluntary associa(ion of men fomied in Ireland for the promotion of the Catholic faith. A summary of the tran5action5 Wlth related parties is sei oui in ne I l of the finan¢tal statements. REFERETr4CE AND ADMINISTRATIVE DETAILS Registered Companv number 11080519 IF.nglond and Wales) Registered Charity nurnber 11766i4 Page I
MSC CHARITY TRUST REPORT OF THE TRUSTEFS FOR THF. YEAR gNDED 31ST DECEMBEA2024 R¢si%tcrrd oifrte PrinrtihoTr¢ Colkge Ltwnin¥tun R Princethotp¢ 'arwtckshi 9PX Trualer• Rev. J J M£G¢¢ Rey M A feny Kev. J P W Bettnett Rrv. D Nixon t4ev. A R Whel Cop••Y S¢¢riiAry Mr P Sbow lod¢p¢pdeDi Ex•ml#ff S (i Bolton FCA Atkinson Finch & Lo Centyal Chbl 45.47 Ahrt Strttl Wwickshirn Sollelt•r• Brlndlty Twtsr T•fft& Jm lwICk Oal¢ 8iskin Dn Covelltry CV3 4FJ I q.[ aoA< _. ott ltsbEh[by. by ofthebwd ortrle o....... ....... Kev J P W BeiiDett. TIE4
INDF.PF.P4DENT EXAMINER'S REPORT TO THE TRUSTEES OF MSC CHARITY TRUST 1ndepelldet examiner's report to the tr5¢$ of MSC Charity Trust ('the Company, l Teport io th¢ charity tru5tee5 on my exaMIn50n of the accowits of the Company for the year ended 31 st December ?024. Responsibilities And b85is of report As the charity'5 trustees of the Company {and a150 its diTlOr$ for the purposes of company law) you are re5ponsibl¢ for the prepardtion of the accounts in accordance with ihe requirements of the Companies A¢t 21M)6 ('Ihe 26 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 respeci of my examination of your eharity's accoun(s as carried out under Section 145 of ihe Chariiic5 Acl ?0 I l {Ihe 2011 Aci'l. In canying out my examinalion I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. Independent examiner's Statement I have compleled Tlly examination. I confirm thal no matters have ¢om¢ to my alleniion in conneciion with the examinaiion giving me Cau to b¢lieve'. accounting records were noi k¢pi in respect of the Company as required by Section 386 of the 2006 Act. or the accounts do noi accord wilh those r¢¢ords,' or the accounts do not comply wilh ihe accounting requirements of Seciion 396 of the 2006 Aci other than any requirement Ihai the accounts give 4 tw¢ and fair vlew which is not a matter con51der as part of an independent examination" or the accounts have not been prepared in accordance with th¢ methods and principles of the Staiement of Recommended Praclice for a¢¢ouniing and rep)rtin8 by chariiies (applicable io charities preparing iheir accounts in accordance wirh ihe Financial R¢portin¥ Siandard applicable in ihe UK and R¢public of IrLland IFRS 10211. I have no concern5 and have corne across no other matters in conneciion with ihe exwnination io which atteniion should be drawn in ihis report in order lo enable a proper und¢r%iandin8 of the accounts to be reached. S G Bolton FCA The Institute of Chartered Accountants in England ond Wal¢s Atkinson Finch & Co Chartered Accountants Central Chambers 45-47 Albert Street RubTby Wanvick5hire CV212SG Date.. 16-0?-zoiS Page 3
MSC CHARITY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024 2024 Unrestricted fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donaiions and Icgacics 7.429 5,515 Investment income 74,860 83,841 Totil 82,289 89,356 F.XPF.NDITURE ON L¢tlithg ol. properties 26,063 39.656 Charit#ble activities Subsisience gyranis for prL¢Sts Pr¢mi5es and support costs Administraiion costs 43,000 8.188 86,296 36.000 8,161 52,305 Total 163.547 136.122 NET INCOMF./(F.XPF.NDITURE) ()th¢r rtcognlsed %ainslllosses) (iains on revaluaiion of fixcd assets (81 J58) (46,7661 125.000 r4ei movement in funds 43.742 146,766) RF.C.'aNC.ILIATION OF FUNDS I'oidl lunds broubhi forward 3,596,337 3,643,103 TOTAL FUNDS CARRIF.D FORWARD 3,640.079 3,596,337 The notes forni pan of these financial stsiements Page 4
CHARITY TRUST BALANCE SHEET 31ST DECEMBER 2024 2024 Unregtrieted fund 2023 Total funds Notes FIXED ASSETS Tangibl¢ a5S¢ts 3,230,000 3.105.01)0 CURRENT ASSETS Debiors Cash at bank 002 679.898 5,606 762,136 685.900 767.742 CREDITORS Amounts lalling due within one year (275.821) 1276.405) NET CURRENT ASSF.TS 410,079 491,337 TOTAL ASSETS LESS CURREP4T .IABILITIES 3.040.079 3.596.337 NET ASSETS 3.640.079 3,596.337 FUNDS IlnrLs(ricted funds 10 3.640.079 3.$96.337 TOTAL FUNDS 3.640.079 3,596.337 Thc charitable company is entiiled to exemption from audit under Section 477 of the Companie$ Act 2006 for the year ended 31 sl December 7024. The members have not required the Company to obtain an audit of it5 frnan¢ial statements for the year ended 31 si December 2024 in accordance with Seciion 476 of th¢ Companies Aci 2006. Th¢ tru51ees acknowledge iheir reswn5ibililie5 for (a} ensuring that the charitable company keeps xcounling re¢ords that comply with Seciion$ 386 and 387 of th¢ Companies Aci ?006 and preparing financial statements which give a true and f¥ir view of ihe sthie of affair5 of the ¢hari1obl¢ company &s ai the end of exh financial year and of its surplu5 or deficit for each financial year in ac¢ordanc¢ with th¢ r¢quiremen15 of Seciions 394 and 395 and which oihenwise comply w iih the requirements of the Companies Aci 20(16 relating lo financial siaiements. so far as applicable to the charitable company. Ib} The rtotes forni pan of these financial sthtements Page 5 continued...
SC Cm.4Ry TRLIST BALAPICE SHEET- 31ST DECEMBEII 2024 Thwe f11] ststaryrths h•v• bEeD thc w0vilit> w11b to ¢h*itabl¢ torn1¢5 sthjt¢¢to thtjmll Tt#im¢. 15YJE . .QKA¥.. ....... on its behxlfby.. RavJPWknctt.fnMt Re¥. A R Whd•n. TrJ51ge
MSC CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POLICIES Basis of preparing th¢ fin¥ncigl sl*iements Th¢ financial statemenis of ihe chariiable company, which is a public benefit entity under FRS 102. have been prepared ITh COrdanCe with the Charities SORP IFRS 102) 'Accounting and Rerting by Charit1¢5.' Statement of Recommended Prdctice applicabl¢ to charities preparing iheir accounts in accordance wilh ihe Financial Reponing Siandard applicable in ihe UK and Republic of Ireland (FRS 1021 leffe¢tive l January 2019),. Financial Reponing Standard 102 'The Financial Rewning Standard applicable in the UK and Republic of Ireland, and the Companies Aci 2006. The financial stsiements have b¢en prepared under the historical cost conveniion. as Tnodified by the revaluaiion of certain &85ets. Ineome Income is re¢ognised in the period in which the charity has eniiilement to the funds. Expenditure Expenditure is recognised on an accruals basis. Costs of generating funds Comprise ihose costs directly a¢tributhble io income frorn letting ih¢ properties. Donaiion5 are charged in the period in which the funds are received. Premises and 5UPFrfJrt COs1S comprise costs in respect of the ¢hariry's activiiies and those in¢urred in running relreais. Administrdtion cosis comprise cosis of running the charity iLs¢lf as an or8anisation. Granis offered subj¢¢i io ¢ondiiions which have not been ihe year end dale are noied as a Commimienl but noi accrued as expcndiiure. Taxfilio I'he ¢harity is exempi from Corporation lax on its charithle activilies. Fut)d accounting Restricted funds Resiricied funds used for specified purp05e5 8$ laid down by the donor. Expendiiure which meets these criteria is allocaied io ihe fund. Unrestricted funds Unr¢stricied funds are donation5 and other income received or generated for the objects of the charity wiihoui further specified purpose and are available as fund5 whtch the chariry may use for its purposes at lis discretion. Designated fynd$ Th¢5e are sums forniing part of lh¢ rharity's unrestricted funds set aside by the InJst¢¢s for particular purposes in the fuiure. The In1¢¢5 have ihe power to r¢allocaie such fvnd5 within unrestricied funds unless and until expended. Pag¢ 7 continued...
MSC CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31ST DECEMBER 2024 INVESTMENT INCOME 2024 2023 Rents received Deposil account ini¢re 55,984 18.876 62,259 21.582 74.860 83,841 LETTING OF PROPERTIES Property ¢0515 2024 2023 Light and heal Rates and waicr Repairs and maintenance GroLtnd rent and service ch8rg¢ Management fees 691 4,140 12,439 3,414 5J79 2.329 3.135 27.049 2.190 4.953 26,063 39.656 TRVSTEES. REMUNERATION AND BENEFITS There w¢re no trustees, rernuneraiion or other benefits for the year ended 3 Isi December 2024 nor for (he year ended 31si tkcember 2023. Tru5tees' expen$¢s There were no irusiees, expenses paid for the year ended 31s1 December 2024 nor for ihe year ended 31 si December 2023. C()MPARATIVES FOR THF. STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM tk)nations and legacies 5,515 Investment income 83,841 Total 89.356 EXPENDITURE ON Leiiing of prop¢rties 39,656 CharitAble activities Subsisience granis for priesis Pr¢rni5es and support costs Administration costs 36.1)00 8.161 52,305 Total 136.122 NET INCOMEI(EXPENDITURE) {46.766) Page 8 continued...
MSC CHARITY TRUST P40TES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted fund RECONCILIATION OF FUNDS Total funds brought fonvard 3,643.103 TOTAL FUNDS CARRIF.D FORWARD 3.596,337 MEMBERS The company is limited by guaraniee and each member has guardnleed io Contribuie £1 in the event of a windin up. At 3 1st De¢ember 2024 there were 612023 - 6) m¢mt*rs. TANGIBLE FIXED ASSETS At valuation Freehold investmeni property in¢ludes lh¢ following: Farniland Easi l.od&>e. Princethorpe The Retreai Cenire. Princethorpe Gardenerfs Collage. Princethorpe 1,200,01)0 425,000 725.1)00 450,1100 £2,800.000 Long leasehold property includes the following.. Community rooms. Princeihorpe College 2 Vita House. Charringion Place. Si Albans 80,1100 350.000 £430.01)0 The properties ar¢ stated ai ihe valualions used for the transfer of the propeTlie$ on 25th May 2022. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 (hher debtors Prepayments and a¢crned income 1,000 5.002 1.000 4,606 6,{2 5.606 Page 9 continued...
MSC CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS-eontlTrued FOR THE YEAR ENDED31ST DECEMBER 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors Accruals and deferred income 270.002 5.819 270,00? 6.403 275.821 276,405 10. MOVEMENT IN FUNDS Nel mowemeni in fvnds At 31.12.24 Ai 1.1.24 Unrestricted fund5 General fund 3,596J37 43.742 3,640,079 TOTAL FUNDS 3.596J37 43.742 3.640.079 Nei movement in funds, in¢luded in the above are as follows= Incoming resour¢¢s Resour¢¢s expended Gains and loss¢s Movement in funds Unr¢5trict¢d funds Qi¢neral fund 82389 1163.5471 125,000 4J,742 TOTAL FUNDS 82389 {163,547) 125,000 43,742 Comp*rattves for movement in funds Nel movement in fund5 At 31.12.23 Ai 1.1.23 Unre5tricttd funds Generdl fund 3,643,103 {46,766) 3.596,337 TOTAL FUNDS 3,643,103 (46.766) 3,596,337 Compardtive net movement in fijnds. includcd in the above are &s follows.. Incoming resources Resources expended Movement in funds Unrestricted fund5 General fund 89.356 (136.122) (46.766) TOTAL FUNDS 89.356 (136.122) (46,7661 Page 10 onlillued...
MSC CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2024 10. MOVEMEP4T IN FUNDS- Contined A current year 12 months and prior year 12 months combined p05iiion 15 as follows= Net movement in funds At 1.1.23 31.12.24 Unrestrieted funds General fund 3.643.103 {3,024) 3,640.079 TOTAL FUNDS 3.643.103 (3.024) 3,640,079 A current year 12 monihs and prior year 12 months combined net movement in funds. included in the above are as follows.. Incoming resources Resources expended Gains and loss¢% Movcment in funds Unrestrirted funds General lund 171.645 (299,669} 125.0 (3,0241 TOTAL FUNDS 171.645 (299.669) 125.000 13.024) RELATED PARTY DISCLOSURES Member5 of ihe charity are individual members of The &Ki¢ty of ihe Missionaries of the Sacred Heart of Jesus. At 31 si December 2024. the charity owed thai organisation £269.¢X)2 {2023 - £269.0021. Pagell