## 

|Reports||
|---|---|
|Referenceandadministrativedetails||
|ofthecharity,itstrusteesandadvisers|1|
|Trustees'report|3|
|Independentauditor'sreport|19|
|Accounts||
|Statementoffinancialactivities|23|
|Balancesheet|24|
|Statementofcashflows|25|
|Principalaccountingpolicies|26|
|Notestotheaccounts|32|





## 

|Trustees|RevPeterCorcoran|
|---|---|
||RevKevinDuffy|
||RevDesmondHanrahan|
||RevIvanVodopivec|
||RevAlanWilliams|
|NationalAdministrator|RevIvanVodopivec|
|Charity Correspondentand|MrsMargaretStevenson|
|ChiefFinanceOfficer|margaret@maristfathers.karoo.co.uk|
|Administrationoffice|NewmanHouse|
||729BeverleyRoad|
||Hull|
||HU67ER|
|Telephone|01482801360|
|Charityregistrationnumber|1179085|
|Auditor|BuzzacottLLP|
||130WoodStreet|
||London|
||EC2V6DL|
|Principalbankers|HSBCBankplc|
||WestEndCommercialCentre|
||70PallMall|
||London|
||SW1Y5EY|
|Investmentmanagers|QuilterCheviotLimited|
||SenatorHouse|
||85QueenVictoriaStreet|
||London|
||EC4V4AB|





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## 

|||||Yearto31|||Yearto31|
|---|---|---|---|---|---|---|---|
|||||December|||December|
|||Unrestricted|Restricted|2023|Unrestricted|Restricted|2022|
|||funds|funds|Totalfunds|funds|funds|Totalfunds|
||Notes|£|£|£|£|£|£|
|Incomefrom:||||||||
|Donationsandlegacies|1|297,675|43,636|341,311|293,860|27,736|321,596|
|Investmentsandinterestreceivable|2|615,332|-|615,332|371,922|-|371,922|
|OtherIncome|3|764|—|764|78,465||78,465|
|Disposaloftangiblefixedassets|4|258|-|258|1,200||1,200|
|||914,029|43,636|957,665|745,447|27,736|773,183|
|ProceedsfromthedisposalofSt.||||||||
|Mary'sCollegeSiteBlackburn|5|||-|5,300,000||5,300,000|
|Totalincome||914,029|43,636|957,665|6,045,447|27,736|6,073,183|
|Expenditureon:||||||||
|Raisingfunds|6||||56,552||56,552|
|Charitableactivities||||||||
|SupportofmembersoftheSociety||||||||
|andtheirministry|7|449,344|37,652|486,996|653,138||653,138|
|.Grantsanddonations|8|330,899|363,258|694,157|1,095,903|205,834|1,301,737|
|Totalexpenditure||780,243|400,910|1,181,153|1,805,593|205,834|2,011,427|
|Netincome(expenditure)before||||||||
|investmentlosses||133,786|(357,274)|(223,488)|4,239,854|(178,098)|4,061,756|
|Netinvestmentlosses|14|(277,867)||(277,867)|(1,838,061)|-|(1,838,061)|
|Net(expenditure)income||(144,081)|(357,274)|(501,355)|2,401,793|(178,098)|2,223,695|
|Transfersbetweenfunds|18|(31,880)|31,880||(5,514)|5,514||
|Netmovementinfunds|10|(175,961)|(325,394)|(501,355)|2,396,279|(172,584)|2,223,695|
|Reconciliationoffunds||||||||
|Totalfundsbroughtforwardat1||||||||
|January2023||15,472,517|340,018|15,812,535|13,076,238|512,602|13,588,840|
|Totalfundscarriedforwardat||||||||
|31December2023||15,296,556|14,624|15,311,180|15,472,517|340,018|15,812,535|





|||2023|2023|2022|2022|
|---|---|---|---|---|---|
||Notes|£|£|£|£|
|Fixedassets||||||
|Tangibleassets|13||1,014,972||1,031,990|
|Investments|14||14,073,023||15,380,487|
||||15,087,995||16,412,477|
|Currentassets||||||
|Debtors|15|117,331||31,370||
|Cashatbankandinhand||317,275||408,770||
|||434,606||440,140||
|Liabilities||||||
|Creditors:amountsfallingdue||||||
|withinoneyear|17|(191,421)||(1,040,082)||
|Netcurrentassets(liabilities)|||243,185||(599,942)|
|Creditors:amountsfallingdue||||||
|Aftermorethanyear|||(20,000)|||
|Totalnetassets|||15,311,180||15,812,535|
|Thefundsofthecharity||||||
|Incomefunds||||||
|Restrictedfunds|18||14,624||340,018|
|Unrestrictedfunds||||||
|.Tangiblefixedassetsfund|19|1,014,972||1,031,990||
|.Designatedfunds|20|10,572,432||12,649,924||
|.Generalfund||3,709,152||1,790,603||
||||15,296,556||15,472,517|
||||15,311,180||15,812,535|
|Approvedbythetrustees||||||
|andsignedontheirbehalfby:||||||





## 

|||Yearto31|Yearto31|
|---|---|---|---|
|||December|December|
|||2023|2022|
||Notes|`£`|`£`|
|Cashflowsfromoperatingactivities:||||
|Netcash(usedin)providedbyoperatingactivities|A|(1,679,454)|4,708,364|
|Cashflowsfrominvestingactivities:||||
|Investmentincomeandinterestreceived||578,084|368,360|
|Proceedsfromthedisposaloftangiblefixedassets||258|1,200|
|Purchaseoftangiblefixedassets||(16,298)|(9,990)|
|Proceedsfromthedisposaloflistedinvestments||5,228,875|2,183,322|
|Purchaseoflistedinvestments||(4,503,812)|(6,144,795)|
|Netcashprovidedby(usedin)investingactivities||1,287,107|(3,601,903)|
|Changeincashandcashequivalentsintheyear||(392,347)|1,106,461|
|Cashandcashequivalentsat31December2022||1,898,397|783,152|
|Changeincashandcashequivalentsduetoexchangerate<br>movements||(3,683)|8,789|
|Cashandcashequivalentsat31December2023|B|1,502,369|1,898,397|
|Notestothestatementofcashflowsfortheperiodended31December2023||||



|Reconciliationofnetincomefortheyeartonetcashprovidedby|operatingactivit|ies|
|---|---|---|
||Yearto31|Yearto31|
||December|December|
||2023|2022|
||`£`|`£`|
|Net(expenditure)incomefortheyear(asperthestatementof|||
|financialactivities)|(501,355)|2,223,695|
|Adjustmentsfor:|||
|Depreciationcharge|33,316|34,628|
|Netlossesoninvestments|277,867|1,838,061|
|Surplusondisposaloftangiblefixedassets|(258)|(1,200)|
|Investmentincomeandinterestreceivable|(615,332)|(371,922)|
|Foreignexchangelosses(gains)|3,683|(8,789)|
|Increaseindebtors|(48,714)|(21,794)|
|(Decrease)increaseincreditors|(828,661)|1,015,685|
|Netcash(usedin)providedbyoperatingactivities|(1,679,454)|4,708,364|



|Analysisofcashandcashequivalents|||
|---|---|---|
||2023|2022|
|Cashatbankandinhand|317,275|408,770|
|Cashheldbyinvestmentmanagers|1,185,094|1,489,627|
|Totalcashandcashequivalents|1,502,369|1,898,397|





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## 

|Incomefromdonationsand|legacies||||||
|---|---|---|---|---|---|---|
||||Yearto31|||Yearto31|
||Unrestricted|Restricted|December|Unrestricted|Restricted|December|
||Funds|Funds|2023|Funds|Funds|2022|
||£|£|£||||
|Salariesandpensionsofmembersof|||||||
|theSocietyreceivedundergiftaid|||||||
|and/ordeedofcovenant|292,791||292,791|263,375||263,375|
|Otherdonations|4,884|43,636|48,520|30,485|27,736|58,221|
||297,675|43,636|341,311|293,860|27,736|321,596|



## 

||||Yearto31|||Yearto31|
|---|---|---|---|---|---|---|
||Unrestricted|Restricted|December|Unrestricted|Restricted|December|
||Funds|Funds|2023|Funds|Funds|2022|
|Incomefromlistedinvestments|<br>613,041|-|613,041|371,600||371,600|
|Interestreceivable|2,291||2,291|322||322|
||615,332||615,332|371,922||371,922|



## 

|Incomefromothers|ources||||||
|---|---|---|---|---|---|---|
||||Yearto31|||Yearto31|
||Unrestricted|Restricted|December|Unrestricted|Restricted|December|
||Funds|Funds|2023|Funds|Funds|2022|
|Rentreceivable||||66,667||66,667|
|Miscellaneousincome|764||764|11,798||11,798|
||764||764|78,465||78,465|



## 

|||||Yearto31|||Yearto31|
|---|---|---|---|---|---|---|---|
|||Unrestricted|Restricted|December|Unrestricted|Restricted|December|
|||Funds|Funds|2023|Funds|Funds|2022|
|Surplus|ondisposalofmotor|||||||
|vehicles||258||258|1,200||1,200|



## 

||||Yearto31|||Yearto31|
|---|---|---|---|---|---|---|
||Unrestricted|Restricted|December|Unrestricted|Restricted|December|
||Funds|Funds|2023|Funds|Funds|2022|
|Proceedsfromsaleofthe|||||||
|siteofStMary'sCollege,|||||||
|Blackburn||||5,300,000||5,300,000|





## 

|Expenditureonraisi|ngfunds||||||
|---|---|---|---|---|---|---|
||||Yearto31|||Yearto31|
||Unrestricted|Restricted|December|Unrestricted|Restricted|December|
||Funds|Funds|2023|Funds|Funds|2022|
||£|£|£|£|£|£|
|Investmentmanager'sfees|-|-|-|56,552||56,552|



## 

|Supportofthemem|bersofthe|Societyan|dtheirmini|stry|||
|---|---|---|---|---|---|---|
||||Yearto31|||Yearto31|
||Unrestricted|Restricted|December|Unrestricted|Restricted|December|
||Funds|Funds|2023|Funds|Funds|2022|
||£|£|£|£|£|£|
|Staffcosts(note10)|129,245||129,245|152,712||152,712|
|Propertyexpenses|58,174||58,174|63,292||63,292|
|Personallivingcosts|128,587||128,587|130,272||130,272|
|Training|3,590|—|3,590|1,950||1,950|
|Expensesofministry|64,914|37,652|102,566|62,561||62,561|
|Depreciation|33,316|-|33,316|34,628||34,628|
|Lossonforeignexchange|4,112||4,112|—|||
|Disposalandothercosts|1,089||1,089|191,230||191,230|
|forSt.Mary'sCollege,|||||||
|Blackburn|||||||
|Governancecosts(note9)|<br>26,317||26,317|16,493||16,493|
||449,344|37,652|486,996|653,138||653,138|



|Grantsanddonations|||||||
|---|---|---|---|---|---|---|
||||Yearto31|||Yearto31|
||Unrestricted|Restricted|December|Unrestricted|Restricted|December|
||Funds|Funds|2023|Funds|Funds|2022|
||£|£|£|£|£|£|
|TheGeneralateoftheSociety|64,183|-|64,183|1,006,141|-|1,006,141|
|Maristmissionsoverseas||36,325|36,325|-|33,250|33,250|
|Overseasmissionsgrant|||||||
|funding|—|326,933|326,933|15,000|172,584|187,584|
|MaristWayLaity|—||—|8,398|-|8,398|
|TheSalvationArmy|—|—|—|5,000|-|5,000|
|OpenDoors|15,000|—|15,000|5,000|-|5,000|
|EternalBenefits|5,000|-|5,000|5,000||5,000|
|SVP|10,000|-|10,000|5,000|-|5,000|
|HullFoodbank|5,000|-|5,000|—||—|
|WelcomeHouse|7,200|—|7,200|—|—|—|
|StJohnBoscoCamp|60,000|—|60,000|—||—|
|DioceseofSalford|150,000|-|150,000|||—|
|NotreDameRefugeeCentre|3,000|—|3,000|45,000|-|45,000|
|NotreDameDeFranceCIO|10,000||10,000|—|—|—|
|Otherdonationsoflessthan|1,516|-|1,516|1,364||1,364|
|£1,000|||||||
||330,899|363,258|694,157|1,095,903|205,834|1,301,737|





## 

||||Yearto31|||Yearto31|
|---|---|---|---|---|---|---|
||Unrestricted|Restricted|December|Unrestricted|Restricted|December|
||Funds|Funds|2023|Funds|Funds|2022|
||£|£|£|£|£|£|
|Professionalfees|26,317||26,317|16,493||16,493|



## 

||Yearto31|Yearto31|
|---|---|---|
||December|December|
||2023|2022|
||£|£|
|Staffcosts(note11)|129,245|152,712|
|Auditor'sremunerationincludingVAT|||
|.Statutoryaudit—currentyear|10,200|9,600|
|.Non-auditservices—Taxconsultancy|1,782|1,944|
|.Non-auditservices-TrusteeInvestmentservices|6,600|-|
|Depreciation(note13)|33,316|34,628|



## 

||Yearto31|Yearto31|
|---|---|---|
||December|December|
||2023|2022|
||£|£|
|Wagesandsalaries|115,973|120,770|
|Socialsecuritycosts|4,599|5,089|
|Pensioncosts|6,673|26,853|
|Terminationpayments|2,000|-|
||129,245|152,712|





## 

## 

|Tangiblefixedassets||||||
|---|---|---|---|---|---|
||Freeholdland|andbuildings||||
||||Furniture|||
||Non-||and|Motor||
||specialised|Specialised|equipment|vehicles|Total|
||£|£|£|£|£|
|Cost||||||
|At1January2023|375,620|1,208,268|47,304|43,202|1,674,394|
|Additions|-|-|16,298|-|16,298|
|Disposals|||-|(5,800)|(5,800)|
|At31December2023|375,620|1,208,268|63,602|37,402|1,684,892|
|Depreciationandimpairment||||||
|At1January2023|-|568,652|39,792|33,960|642,404|
|Depreciationcharge||24,165|4,903|4,248|33,316|
|Ondisposals|||-|(5,800)|(5,800)|
|At31December2023||592,817|44,695|32,408|669,920|
|Netbookvalues||||||
|At31December2023|375,620|615,451|18,907|4,994|1,014,972|
|At31December2022|375,620|639,616|7,512|9,242|1,031,990|



## 

|Fixedassetinvestments|||
|---|---|---|
||2023|2022|
||£|£|
|Listedinvestments|12,887,929|13,890,856|
|Cashheldbyinvestmentmanagersforre-investment|1,185,094|1,489,627|
||14,073,023|15,380,483|
||2023|2022|
|Listedinvestments|£|£|
|Marketvalue1January2023|13,890,856|11,767,445|
|Additionsatcost|4,503,815|6,144,794|
|Disposalatbookvalue(proceeds:£5,228,875;losses:£252,013)|(5,480,888)|(2,479,724)|
|Netunrealisedinvestmentgains|(25,854)|(1,541,659)|
|Marketvalueat31December2023|12,887,929|13,890,856|
|Historicalcostoflistedinvestmentsasat31December2023|12,347,549|13,405,202|





## 

||2023|2022|
|---|---|---|
||`£`|<br>`£`|
|UKfixedinterest|5,193,091|3,059,433|
|Overseasfixedinterest|1,139,336|1,375,184|
|UKequitiesandunittrusts|1,075,393|1,215,861|
|Overseasequitiesandunittrusts|2,885,524|3,194,583|
|Commodities, absolutereturnandinfrastructure|2,398,678|4,069,949|
|CashProducts|195,907|975,846|
||12,887,929|13,890,856|
|Debtors|||
||2023|2022|
||`£`|<br>`£`|
|Investmentincomereceivable|110,105|8,827|
|Prepaymentsandaccruedincome|7,226|22,543|
||117,331|31,370|
|Creditors:amountsfallingduewithinoneyear|||
||2023|2022|
||`£`|<br>`£`|
|AmountduetotheGeneralateoftheSociety(seebelow)||950,000|
|Othercreditorsandaccruals|171,421|90,082|
|Grantspayable|20,000||
||191,421|1,040,082|



## 

## 

## 

|Creditors:amountfallingdueafteroneyear|||
|---|---|---|
||2023|2022|
||`£`|`£`|
|Grantspayable(seebelow)|20,000||
||20,000||





## 

||At1||||At31|
|---|---|---|---|---|---|
||January||||December|
||2023|Income|Expenditure|Transfers|2023|
||£|£|£|£|£|
|Overseasmissionsfund|—|4,445|(36,325)|31,880|—|
|Overseaslegacyfunds|340,018|-|(326,933)|-|13,085|
|MaristWayConference|—|39,191|(37,652)|-|1,539|
||340,018|43,636|(400,910)|31,880|14,624|
||At1||||At31|
||January||||December|
||2022|Income|Expenditure|Transfers|2022|
||£|£|£|£|£|
|Overseasmissionsfund|-|27,736|(33,250)|5,514||
|Overseaslegacyfunds|512,602|-|(172,584)|-|340,018|
||512,602|27,736|(205,834)|5,514|340,018|



## 

|Tangiblefixedassetsfund|||
|---|---|---|
||2023|2022|
||£|£|
|At1January2023|1,031,990|1,056,627|
|Netmovementsinyear|(17,018)|(24,637)|
|At31December2023|1,014,972|1,031,990|





## 

## 

|setasidebythetrustees|forspecificpu|rposes:|||||
|---|---|---|---|---|---|---|
|||At1||||At31|
|||January||New|<br>Utilised/|<br>December|
|||2023|designations||<br>released|<br>2023|
|||`£`||`£`|<br>`£`|<br>`£`|
|Retirementreserve||8,500,000||-|(1,800,000)|<br>6,700,000|
|Grantmakingfund||4,050,000||-|(270,000)|<br>3,780,000|
|Pilgrimagesfund||99,924|||(7,492)|<br>92,432|
|||12,649,924||-|(2,077,492)|<br>10,572,432|
|||||||At31|
|||At1January||New|Utilised/|December|
|||2022|designations||released|2022|
|||`£`||`£`|<br>`£`|<br>`£`|
|Retirementreserve||8,500,000||—|—|8,500,000|
|Grantmakingfund||—||5,000,000|(950,000)|4,050,000|
|Pilgrimagesfund||109,478||3,095|(12,649)|99,924|
|||8,609,478||5,003,095|(962,649)|12,649,924|
|Theretirementreserverepresentedfundssetaside|||toprovidefor||membersof|theSociety|
|intheirretirement.Thereservehadbeencalculated||||usingactuarialprinciples,butwas|||
|adjustedasnecessaryinthelightofavailableresources.|||||||
|ThegrantmakingfundcomprisesfundsfromthedisposalofthesiteofStMary'sCollege,|||||||
|Blackburnwhichwillbe|appliedbythe|trusteestowardsfuturegrantmakingactivities.|||||
|ThePilgrimagesfundrepresentedmoniessetasidebythetrusteestobeappliedindue|||||||
|coursetowardsthemissionoftheMaristFathers.|||||||
|Analysisofnetassetsbetweenfunds|||||||
|Thefollowingassetsandliabilitiesrepresentthefundbalances:|||||||
||Unrestrictedfunds||||||
|||Tangible|||||
|||fixed|||||
||General|assets|Designated||Restricted|Total|
||funds|funds||funds|funds|2023|
||`£`|<br>`£`||`£`|`£`|`£`|
|Fundbalancesat|||||||
|31December2023are|||||||
|representedby:|||||||
|Tangiblefixedassets|—|1,014,972||-|-|1,014,972|
|Investments|3,487,506|-|10,572,432||13,085|14,073,023|
|Currentassets|433,067|||-|1,539|434,606|
|Creditors:amountsfalling|||||||
|duewithinoneyear|(191,421)|||||(191,421)|
|Creditors:amountsfalling|||||||
|Dueafteroneyear|(20,000)|||—||(20,000)|
|Totalnetassets|3,709,152|1,014,972|10,572,432||14,624|15,311,180|



## 



## 

## 

||Unrestrictedfunds|Unrestrictedfunds|Unrestrictedfunds|||
|---|---|---|---|---|---|
|||Tangible||||
|||fixed||||
||General|assets|Designated|Restricted|Total|
||funds|funds|funds|funds|2022|
||£|£|£|£|£|
|Fundbalancesat||||||
|31December2022are||||||
|representedby:||||||
|Tangiblefixedassets|-|1,031,990|-|-|1,031,990|
|Investments|2,390,545|-|12,649,924|340,018|15,380,487|
|Currentassets|440,140||-|-|440,140|
|Creditors:amountsfalling||||||
|duewithinoneyear|(1,040,082)|-||-|(1,040,082)|
|Totalnetassets|1,790,603|1,031,990|12,649,924|340,018|15,812,535|



||2023|2022|
|---|---|---|
||£|£|
|Totalunrealisedgainsat31December2023|541,484|485,654|
|Reconciliationofmovementsinunrealisedgainsonlisted|||
|investments|||
|At1January2023|485,654|2,403,300|
|Add:net(losses)gainsarisingonrevaluationarisingintheyear|(25,854)|(1,541,659)|
|Less:inrespecttodisposalsintheyear|81,684|(375,987)|
|Totalunrealisedgainsat31December2023|541,484|485,654|



## 



##