REGISTERED COMPANY IYUMBER: 11080519 (England and Wales} REGISTERED CHARITY NUMBER.. 1176634 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025 FOR MSC CHARITY TRUST Athinson Finch & Co Chanered Accouniants Cenfrdl Charnbers 4547 Albert Street Ru8b)' Warwi¢kshire CV212SG
MSC CHARITY TRUST CONTENTS OF THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31ST DECEMBER 2025 Page Rey)rt of the Truslees Ind¢p¢ndent Exmin¢r's Report Stltement of Fln4nel81 Ac¢ivitle& B4l#nce Sheet Notes to the Flnaneil Sl¥tements 7 to 11
MSC CHARITY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025 The ijustees who are also directors of the charity for ihe PUTposes of the Companies Act 2006, present their r¢port of the financial statements of ihe charity for th¢ year ended 3 December 2025. The trust¢¢5 have adopt ihe provisions of Accounting and Reporttng by Charities= Statement of Recommended Practice applicable io chariti¢s preparing their accounts in COrdanCe with the Financial ReEKTrrting Standard applicable in th¢ UK and Republic of Ireland (FRS 102) (effective l January 2019). OWEcfivES AND ACTIVITIES ObJeetive5 Jnd aims The charity's obj¢ctives are to promote the objectives of The Society of the Missionaries of the S8crd Heart of Jesus. a voluntary association of men formed in Ireland for the promotlOD of the Catholic faith. The trust is in r¢ceipt of property and investment income. which together with donations are applied io rther the objects. The trusiees ¢onfimi that they have ref¢rred to the Charity Commission's Buidan¢¢ on publi¢ benefit when reviewin8 the Charity's aims and objectives and in planning funwe xiivities. ACHIEVEMENTS AND PERFORMANCE Charltgble artlvltles The charity makes donation5 10 SUPPOrt vuln¢rnbl¢ people aTowid the worl4 althou8h no donations or Brants have been paÈd out thi5 year. Thi5 year a significant amount has again been spertl Oll PT0ft1Onal fees connected with th¢ developmeni and sale of various properties. This is wiihin the Adminisirntion costs category. FINANCIAL REVIEW Reserves policy The ttusl¢¢s have considered the requirem¢ni for free reserve5 which are those fun(ts not invested in fixed assets, designJt¢d for 5p¢cific purposes or otherwise committed. Going eoncern The trustees eonfirm that they are not awaTe of any M¢0] un¢¢rtaintie5 about the ¢hgrity's ability 10 continue. STRUCTURE. GOVERNANCE AND MANAGEMENT Goyernlng document The charity is controlled by its governing docum¢nL a deed of trusl and ¢onstitute5 4 limited cornpany, litnited by guJrnntee, a5 defined by the Companies Act 2006. Reeruitrnent and appolntment ol new trnstees Trustees are appointed by the Provincial of The Missionaries of the Sacred Heart of Jesus, such the numb¢r of tm5te¢s shall not excttd t¢n ai any time. Rel8ted partie5 The Trustees of the charity are members of The Society of the Missionaries of the Sacred Heart of Jesus. a voluntary asslatIon of men formed in Ireland for th¢ promotion of the Catholic faith. A summary of ihe trJnsaciion5 Wlth related pantes is set out in not¢ I l of th¢ fmancial Matements. REFERENCE AND ADMINISTRATIVE DETAILS Registered Comp8Ry number 1080519 {England and Wales} Registered Charity number 1176634 Page I
MSC CHARITY TRUST RF.PORT OF THE TRVSTF.ES FOR THE YEAR F.NDED 31ST DECEMBER 202S Registered office PrinLeihorpe College Leamingion Road Piinceihorpe Warwickshire CV23 9PX Trustees Rev. J J McGe¢ Rev. M A Feny Rev. J P W Bennett Rev. D Nixon Rev. A R Whclan R¢v. F P Gallagher Resigned on 16th March 2026 Apwiinted on 29th May 2026 Company Sttret4ry Mr P Shaw Independent Fxaminer S Ci 14olion FCA Aikinson l.iTr¢h & Co Chartered Accounranis Central Charnbers 45.47 Albert 8iree¢ Ru¥by Warwickshire CV212SCJ Solicilo Brindley 'l'wisi Tafft & Jam¢$ Lowick Cjate Siskin Drive Covcniry CV3 4FJ Approv¢d by order of ihe board (Trf trnsiees on and signed on its behalf by: Rev. J McGee- 'frusiee Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MSC CHARITY TRUST IDdependenl ¢xaminer's report to the trSte¢S of MSC Charily Trust ('the Company,) I report to the charity trustees on my examinaiion of the accounts of the Company for the year ended 3 1st December 2025. Responsibilities A Trd basis of report As th¢ ¢harity's irustees of the Company (and also its dire¢tots for the purposes of company law) you we resnsIble for the prepara¢ion of the accounts in accordanc¢ with the requirements of the Companies Act 2006 ('the 21M)6 Act,). Having Sl$fied myself ihai the accounts of the Company are not r¢quired to be auditrd under Part 16 of the 2006 Act and are eligibl¢ for independ¢ni examination, I report in Te5pea of my examination of your charity's accounts as carried oul under Section 145 of the Charities Aci 2011 {'the 201 l Acl,). In canying oui my examination I have followed the Directions given by ihe Charity Commission under Section 145(5) (b) of the 2011 Ad. Independent txaminer's $t8temen¢ I have compl¢ted my examination. I confirni thai no matters have com¢ to my attention in connection with ihe ¢xaminaiion giving me cause lo believe: accounting record5 w¢re noi kept in respeci of the Company as T¢quired by S¢ciion 386 of the 2006 A¢t' or Ihe accounts do nol a¢¢ord wilh those records: or the account5 do not comply with the a¢¢ouniin8 requirements of Se¢iion 396 of the 2006 Act other than any requirement that the ttccounts give 4 true and fair view which is noi a matter ¢onsidered as part of an independent exarnin#tion" or the accounts have not been prepared in a¢cordance with the methods and principles of the Statement of Recommended Practic¢ for accounting8nd reporting by charities (opplicable io chariiies preparing their accounts in accordance with the Financial Rew)rtiDg Stsndard applicable in the UK and Republic of Jreland {FRS 102)). I have no con¢ems and have Come acr055 no oiher matter5 in connection with the examination to which atteniion should b¢ drawn in this r¢port in order 10 enable a prop¢r understhnding of the a¢¢ounts to be rea¢hed. S G Bolton FCA The Inslilute of Chart¢r¢d Accountani$ in England and Waks Atkinson Finch & Co Chartered Accountants Central Chambers 45-47 Albert Street Rugby Warwickshire CV212SG Date- Page 3
MSC CHARITY TRUST STATEMENT OF FINANCJAL ACTIVITIES FOR THE YEAR ENDED31ST DECEMBER 2025 2025 Unrestriet¢d fund 2024 Tolal funds INCOME AND ENI)OWMENTS FROM Donations and legacies 13J96 7.429 Inve5tm¢nt income 70,118 74,860 Total 83,514 82,289 EXPENDITURE ON Letting of properties 30J49 26,063 Charitable activiti¢s Subsistence granis for priests Pr¢mises and supwrt costs Administraiion costs 43,000 8.188 86,296 8,527 49.063 Total 130.939 163.547 NET INCOME/(EXPENDITURE) Other rteo8ni$ed gginsl{10$5es) Gains on revaluation of fixed assets (47.425> (81.258) 125.OLN) Net movement In funds (47.425) 43.742 RECONCILIATION OF FUNDS Total funds brou8hi forward 3,640.079 3.596,337 TOTAL FUNDS CARRIED FORWARD 3,592,654 3,640,079 The notes forni part of these fmancial ststements Page 4
MSC CHARITY TRUST BALANCE SHEET 31ST DECEMBER 2025 2025 UThrestrlcted fund 2024 Tothl funds Not¢5 FJXED ASSETS Tangible assets 3.230.000 3,230,000 CURRENT ASSETS Debtors Cash ai bank 6,630 632,890 6.002 679,898 639.520 685,900 CREDITORS Amount5 falling due within one year (276.866) (275.821) NET CURRENT ASSETS 362.654 410.079 TOTAL ASSETS LESS CURRENT LIABILITIES 392.054 3.640,079 NET ASSETS 3,592.654 3.640,079 FUNDS Unrestrici¢d funds 10 3,S92,654 3.640,079 TOTAL FUNDS 392.651 3,640,079 The charitable company is entitled to exemption from audii under S¢¢tion 477 of the Companies Act 2006 for the year ¢nded 3 1st December 2025. The members have not r¢qtsired the company io obtsin w audit of its fmanci81 statements for the year ended 315t December 2025 in accordance with Section 476 of the Companies A¢1 2006. The trnstees ¥cknowledge their responsibiliiies foT (a) ensuring thai ihe charitable company keeps accryjnting records that compty with Sections 386 and 387 of the Companie5 Aci 2006 and preparing financial 5taiements which give a tsve and fair view of the stale of atTair5 of the charitable company a5 at (he end of each financial year and of its surplu5 or defictt for each financial year in accordance with ihe requirements of Sections 394 and 395 and which otherwis¢ comply with the requirements of the Companies Act 2006 relaiing to rtnancial stal¢men so far applicable to th¢ charithl¢ company. (b) The nrfes foTm part of these flnancial stalem¢nlS Page 5 Continued...
MSC CHARITY TRUST BALANCE SHEET- continued 31ST DECF.MBER 2025 These financial statement5 have been prepared in accordance with ihe provisions applicable io charitable cornpanies subject io ihe small companies regim¢. Th financ al statements were approved by the )ard of Tnttts and auihorised for issue on 2o2L and w¢r¢ signed on its behalf by.. Rev. J McGee - I'ru51ee Rev. A R Whelan. Trusltt The noies forni part of these financial statemen Page 6
MSC CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31ST DECEMBER 2025 ACCOUNTING POLICIES Basis of preparing th¢ finaneigl st#¢em¢nts The financtal statements of the chatiiable company, which is a public beTJefit entity under FI48 102. have been prepared in accordance with the Chariiies SORP (FRS 102) 'ACCoLting and Reporting by Charities.. Sratement of Recommended Practice applicable lo charities preparing th¢ir accounts tn accordance with th¢ Financial Reporting Standard applicable tn ihe UK and R¢public of Ireland (FRS 102) {effective l January 2019}', Financial Reporting Stsndard 102 Financial Reporting Stsndard applicable in the UK and Republic of Ireland, and the Companie5 Aci 2006. Th¢ financial stslements have been prepared under the historical ¢ost convention, &5 rnodified by the revaluation of certain wets. Incorn¢ Income is recognis¢d in the period in whi¢h the charity has entitlement to th¢ fimds. Expenditure Expenditure 15 rwo8nised on an Kcruals bfisis. Costs of g¢neraiin8 funds comprise those costs directly attributable to income from letting the properties. Don&iions are charg¢d in the period in whi¢h ihe fimds we received. Premise5 and support costs comprise Costs in respttt of the charity's O¢tivities and those incurred in running retreats. Administration costs comprise ¢osts of running the ¢hariry itself as an OrganitiOn. Grants off¢red subject to conditions which have not been mei •1 the year end da are noted as a commitmeni bui not accrued as expenditure. Tx#tlon The charity is exempt from ¢oryrnI0n lax on its charitable acliviti¢s. Fund #eeountln8 Re5trleted funds Restri¢i¢d funds are used for specified purposes as laid down by the donor. Expenditure whi¢h meets these ¢riterio is allocated to the fimd. Unrestricted funds Unrestricted funds ar¢ donations and other income r¢¢¢ived or 8enered for the obje¢t$ of th¢ charity without fiJrth¢r specified purpose and ore availabl¢ ¥$ funds which the charity rnay use for its PUTP05es ai its discretion. De5ignted funds These are sums forniing part of the charity's unrestricted fitnds sel aside by the trustees for particular puJyose5 ifl Ihe futur¢. The trusiees hav¢ the Wer to r¢4llocaEe such fuods within wtrestricied fijnds unle55 and until expended. Page 7 continued...
MSC CHARITY TRUST NOTES TO THE Fif4ANCJAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2025 INVESTMEf4T INCOME 2025 2024 Rents received Deposit account intttesi 54,760 15J58 55.984 18,876 70,118 74.860 LEING OF PROPERTILS Property 2025 2024 Lighi and heal Rates and water Repairs and maintenonce Ground rent and service charge Management fe¢5 1,249 5,093 14.690 JJsi 5.966 691 4.140 12,439 3.414 5.379 30J49 26.063 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remunerntion or other benefits for the year end¢d 3 1st De¢ember 2025 nor for the yeor ended 31 st December 2024. Trystees. expeTrses There were no trustees, expenses paid for the year ended 31st December 2025 nor for the year ended 3 1st December 2024. COMPARA TIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fvnd INCOME AND ENDOWMENTS FROM Donations and Icgacies 7,429 Investment income 74,860 Total 82,289 EXPENDITURE ON Letting of properties 26,063 Charitsble aetiviti¢$ Subsistence granls for priests Premises and sitpport costs Administration cosls 43,000 8,188 86,296 Tot81 163.547 NET IIYCOMEIIEXPENDITURE) Other recognised gaillsl(lossu) (81,258) Page 8 coniinued...
MSC CHARITY TRUST NOTESTO THE FINANCIAL STATEMENTS- coAtsDued FOR THE YEAR ENDED 31ST DECEMBER 2025 COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES- continued Unrestricied fund Gains on revaluation of fixed assets 125.000 P4et rnovement In funds 43.742 RECONCILIATION OF FUNDS Total fvnds brotsght forward 3,596.337 TOTAL FUNDS CARRIED FORWARD 3,640,079 MEMBERS The colnpany is limited by guarantee and each member has 8uaran¢eed to contribute £ l in the event of & winding up. At 3 1st D¢¢ember 2025 th¢r¢ were 6 (2024- 6) members. TANGIBLE FIXED ASSETS Al valuation Fr¢¢hold investmenl propery includes the followin8'. Familand East Lodge. Princethorpe The Retreai C¢ntre. Princethorpe Gardenels Cotta8e, Princdhorpe 1,200,000 425,000 725,01)Q 450,000 £2,800.000 Long leasehold property includes the followin8: Community room5, Princethorpe College 2 Vita House, Charrington Place, St Albans 80,QOO 350,01)0 £430,000 The properties are stated ai ih¢ valuations used for th¢ transfer of th¢ projrtIeS on 25th May 2022. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Other debtor5 Prepayments and accrued incorn¢ 5,630 5,002 6,630 6,002 Page 9 continu¢d...
MSC CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS- eontinyed FOR THE YEAR Ef4DED 31ST DECEMBER 2025 CREDITORS.. AMouNfs FALLING DUE WITHIN ONE YEAR 2025 2024 Other creditors Accruals and deferred income 269.972 6,894 270,002 5.819 276.866 275.821 io. MOVEMEf4T IN FUNDS Net movemenl in funds. At 31.12.25 At 1.1.25 Unrestricted funds Genernl fund 3,640.079 (47,425) 3,$92.654 TOTAL FUNDS 3,640.079 (47,425) 3,592.654 Net movement in fund5. in¢luded in the 4bove are as follows: Incomiftg resources Re50UT¢es expended Movement in funds Unrestricted funds Gcneral fund 83J14 {130,939) (47.425) TOTAL FUNDS 8314 (130,939) (47,425) Comp4ratlves for rnov¢ment in funds Nel movernent in funds Ai 31.12.24 A¢ 1.1.24 Unrestricted funds General fund 3.596,337 43.742 3,640,079 TOTAL FUNDS 3.596.337 43.742 3,640.079 Comparative net movement in fvnd5. included in the ave are follows". Incoming r¢sources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 82289 (163,547) 125,000 43,742 TOTAL FUNDS 82289 (163,547) 125.000 43,742 Page 10 continued..
MSC CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS- coDtinued FOR THE YEAR ENDED 31ST DECEMBER 2(125 io. MOVEMENT IN FUNDS- eontiny¢d A current year 12 months and prior year 12 months combined posilion is as follows.. Net movement in funds At 31.12.25 At 1.1.24 UTrrestrieted G¢neryJl fund 3.596,337 (3,683) 3,592.654 TOTAL FUNDS 3.596.337 (3,683) 3,592,654 A cuJTent year 12 months and prior year 12 months combined net movement in thnds. included in the above are as follows: Incoming Resources expended Gains and 10s5¢S Movement in funds Unr¢strlct¢d funds General fund 165.803 {294.486) 125,000 {3,683) TOTAL FUNDS 165.803 (294.4861 125.(KK) (3,683) RELATED PARTY DISCLOSURES Members of the charity are individuAI members of The So¢iety of the Missionaries of the Sacred Heart of Jesus. Ai 31 si December 2025, the charity ow¢d thai organi5ation £268.972 (2024 - £269.002). Pag¢ll