REGISTERED CHARITY NUMBER.. 215011 Rèport ofthe Trustses and Flnanclal Statem•nts for thg Year ended 30 Jun$ 2024 for Sacred Heart Fathèrs Trust SB&P Chartgred Accountants & Statutory Audltors Oriel House 218 Oriel Road Bootle Merseyside L20 7EP Sacred Heart Fath•rn Tnmt Contènts of the Flnaneial Statsments for the Year Endpd 30 June 2024 Pagè R•port C*f tha Truste•s R•port of thg Indepèndent Auditors 8 to 9 Statgment of Flnancial Aetivities 10 Balance Sheet Cash Flow Statèment 12 Notes to the Cash Flow Statem•nt 13 Not•$ to the Financlal Statements 14 to 24 Sacred H•art Fathers Trust R•port of the Trustses forthg Ygar Ended 30 Jung 2024 The trusiees près8nt their report with th8 finarKial statements of the charity for the yèar and&d 30 June 2024 The trustees have adopted the provision5 of Accounting and Reporbng by Char￿.e$.. Statement of Fiecommended Pradice applicablè to charities weparing their accounts in accordan￿ with the Financial Reporting Standard applicable in tha UK 8rKJ Republic of Ireland IFRS 1021 (effective 1 January 20191. OBJECTIVES AND ACTIVITIES Obl•ctiv#s and alms The principal objective gf the charity Is tt)8 advan￿rnent of Telvjion. This includes.. Tho p85toral ￿re ol individuals and groups. Tts Pfovh*e pla￿$ of spiritual r8treat. courses in personal developrnentand religious èduc8tK)n Assistance with the on-going education ol chifdren and young adults The relief of poverty and sickness at home and abroad. To assist in the relief ol poverty and consequen areas of the mission of the congre9ats.on and in areas ol natural disasters. Welcoming students trom poorer countries to study at accredited educah.onal facililies in the UK and Ireland. Welcoming students to study at ￿¢09n1$ed Engli8h language sc*)ols to 6nAbl8 thg intemational development ol the Congregation. Providing pla￿ of r8treal open to all. Life- long carè lor the rnembers. To prcthote the spiritual, moral, and Intelléctual wellbeing ol the Members ol the COngregatic￿. To provide seFvices and nursing carè forth8 Sick and elderly Members of thg Congregation in accordan￿ ￿th the core valuè5 and ethos of the Congregati¢￿. P&Je 1 Sa¢red Heart Fathern Trust Report of th• Trv5tee5 for th• Yèar Ended 30 June 2024 ACHIEVEMENT AND PERFORMANCE Charitable activit1è5 Th8 main obj'ect lor which the charity 13 establish& is to advance religion through the educational, social and charitab18 works r2rried on by the Congr8gation ol The Prvasts of the Sacred Heart ol Jesus in Englanis and Wa185, ScJ)tland. Irebnd and throUg}￿￿t Ihe Vvorld in accordance with the ethos. mission and philosophy of F8ther Leo John Dehon and to promde for the Members of the cororegats.on duriro their live5. The Sacred Haart Fathers continue to offar support for students, adults. ￿treats, quiet limes. spiritual diredion and accompanim￿1 for indivKluals and groups in various locations throughout Great Britain and Ireland. By rts very nat￿8 thè Congr8gation is an apostolic insts"tute". and 50 we readily place outsèlves al the seThqce ol the Church in its various pastoral works_ The charity provides f8rilrties where indiwdLu15 and 9roups Gqn gather for periods ol prayer, silence 8nd recoifection. It also provides for Ihg religious neads of paopl? by providing religious ServI￿S and offering spiritua guidan￿. The &Yministrative Centre for the group is al St John's. Storkport, where, as weN as offices for thè Promncè Administration, prowslon is made for older members, assisted by the seTvrEs ol the St John of God Hospit811er Servicè. The Sacrecl Heart Fathers witnesses to the Christian faith in bDlh the local and wder cunmunity through the pro￿Slon ol worship and player Space. While St John's is the administrats've centre and a residen￿ for the the keililies ol the house are also used to enable people to P8rtirypate iTr liturgies and gatherings for prayer. Courses on faith development are offered and groups are ablE to attend for day retreats or days ol raeollection. At Sl John's, the Sacred Heart Fathèrs also provide for the human development of people by providing courses on psyeholo9y spiritU81ity. Visllng members of Ihe cOng￿gation from abroad are also welcomed at St. John'5. M8rnb8r5 c￿e for meetings of the Sacred Heart Fathers and have tha pt>ssibility to spend some time of sabbatical thèrè. St John's is also the setb'ng for the Promotions offi￿ - Ihe function ol which Is to promote the spirituality of the Sacred Heart and to k8ep in contact with benefactors. Various mailings are sent out during the yaar to our b8n8frdclors during thè yèar. A letter is written al least twice a year ￿nfOrmIng benefactors of re￿nt new5 and ev8nts and invil'ng them to make a contribution to the worf( ol the Sscred Heart Fathers. The trustees wvill look at ways to exp8￿ our list of bonefactors. The Sacred Heart Fathtrrs greatly value their benefactors and Iheif g6n8rou5 conlribulions. During the period, the Sacied H88rt Fathers graleftjlly re￿ived a subslanlial tequest which, as the donor requested. wa5 U5Ed to support the apostolate of the Sa¢￿￿ Heart Fathers Currently, th8 Ord8r administers the parish of St John Vianney on behalf of Archd10￿se of Dublin. In Ih8 pastor81 care of those entrusted to us we aim to give concrete expresswjn lo our spiritualty and develop the life of the Church. In the pan5h the Sacred Heart Fathors minister to people of age groups Fxovi¢Jing ￿lIgiouS s8fwL*S, pastoral accompaniment and en8bling people to paitcipatè in liturgies. Where possible, the Sacred Heart Fathets assist in other parrshes In England and Wales, Scolland and Ireland. The Sacred Heart Fathèts are committed to provide support and assistsnce in the safeguarding ol chipjren and vulnerable adults. The Trust implements best pract￿@ in safeguarding, ensuring that children and vulnerable *Jults are safe and well Ii>oked after while in the Ca￿ of any ministry of the CongregatDn. Members attend training In safeguarding and ensure conb'nual professional development. The Charity is affiliated to the nati￿al Religious Lifè Safeguardiny Service in Ergland and Wales, the National Board for Safeguarding Children in the Catholic Church in Ireland and The Scottish Catholic Safeguarding St8nd8rds Agency. It also has the servi￿$ of a safeguarding co-ordinatoi and ha5 a designated liaison peJson. Al mernber5 corning from abroad to engage In any public ministry must provide a tBstitnony ol suitability, agree to pollce Vètting and ¢omply with all safeguarding polKies and procdures. The Sacred Heart Fathers are committed to proparfy resource and finanrE any safeguarding initiative. The Congregatlon ¢ontinues to develop our ministry at Srnilhstone House, KI￿4￿nning, Ayrshire. Scodand. The community org8ni5e religious Ser￿￿5 and adult spiritual fomation courses. Adult faith fomiation courses and days of rètreat arè gwen at varrous bmes. It is possible for peopl8 to spend lime here undistuthd. in Silen￿ and tranquillity. Facilitie5 are developed and improved to provide better sp￿e for wstors on retreat or attending ￿ I'gious semces. This place, foi Silence, prayer and refte¢t￿Thn, is open to all peoplg who seek personal renewal and spa￿. We will continua tr) use our fad1￿9$ forprayer and retreat- t￿th for indiwduaLB and groups. Al Stnilhstong House the communty also $e8ks to prornote the Protec￿On ol the natural enmronment through education and encouraging public aw8rène5s on the irnwrtanee of the protection of the environment. New Shrubs and trees have been planted as part of our thrnrnitrnenl lo ￿re for the environment. To ensure the faalities ate in good order for individuals and groups using Smith8lone House the house and grounds are well Maintai￿d. This is ￿flected in the exrEThlilure ol the period. Py2 Sacrod Hèart Fathers Trust R•port of the Trustees for the Year Ended 30 June 2024 The community at Inehicore Road, Dublin, Ireland, is the rna￿ fomation communty and wel¢£￿e5 new candidates lo the Congregation. 11 is dso a residence for eldedy retired members. As the cèntre of formation it also welcomes St￿￿ents fr(xn th8 CoTrJregation who ccffle from abroad lo study. Members of the Congregahon from Other Provinces are welcomed at Inchicore Road for periods of sabbatical and renewal. Otlpr5 members, particularfy from Europe and South America, join with thè ¢omrnunity while *nding English language courses in Dublin. Thi5 is lo en￿)￿ those members lo develop their ministy to English speakers throughout the wortd - both in tt)6 academic and pastoral settings. Since memb8rs frorn abroad attend various acadern￿ and training courses the cornrnunity at Inchicore Road has higher spending in this area. The communty also welcomes individuals and groups fr(xn the local community for personal dev81opm8nt and spiritual growth. The community at Inchpcore Road a150 a cknlra for the care ol sick. iètiréd 8nd elderfy members fvom Ihe Provin￿. To providè for the care of the elderly bvo staff are employed. Consequenlly, the community at Inchicor8 Road has h￿￿er wage bill than any other community. It also has the assistancè ol qualiffed volunteers availablg to amst in care giving. Ek*rty M￿nber$ in each community housè continue to be availabb to support the WO￿ of the Trust through prayer. being available to listen to and support Indiwduab come to our houses. Often this is an undetvalued ministry since it is quieter but it a real serwre offered to p6opPe. When the comrnunity is unable to provide a lèvel of appropnats ca￿, indwidual sid( aniy elderfy members can become resident in a nursing home. Depending on the needs of the indivKJual, this can be on a temporary or pemianent basi5. This situation is constantly undor Ièvi8w. 11 is our intention that all members should be al￿e to stsy in the Communty for a5 long as possible. However. it is likely that this cost will crease in th6 futUFe- as more professional assistan￿ Is required for the sid( and eldefly. The Trust supports rnembers ol the Sacred Heart Fatt)e¥s who work in some of the poorest parts ol Europe, e.g. Mofdova l Transdnièster and across the wortd in the PhiliDpines and Cameroon. Tha fund for Moldova was set up after the wsit ol th8 Provincial to the area sorne years ago - and is a response lo the extreme povèty of people thwe. The nd is used to help the Congregalon devdop its spiritual and s￿181 mission in Mol¢Jova - providing rnateDal aid and also helping to support the pastoral work of the Congregation in Moldova. The fiJnds wll bè used lo alleviate poverty, give support to local cornmunthes, woviding aduSt and youth f¢rrnation. and provide part contribution towards the building of pastoral tsntre and churches, loral medical ￿￿tr&S and so on. The prqect is part of contribution of the cOng￿￿a￿"0rn to the overall mission of th8 Church in Moldova. The Trust also made a contributlon to the work of the Congregation in Cameroon. Thi% is a slgn international collaboration wlhin the Order and helps to ￿rther Ihe mission of the Sacred Heart Fathers. In line with Catholic SO￿81 leaching. and with the thinking of Popè Francis. Ihe charity wll ￿spOnd in the relief ol povety and its consequéne*s both at home and in areas of the mi55ion of the Congregation and in araa5 of natural di5a$ters. appropriate the Charity will liaise with other bodies involved in charitsble works hamng a main object similar to those ol the Sacred Heart Fathers Trust This i% an expreSS￿n of the philosophy and ethos of Ihe Sacred Heart Fathers. Members are also committed to the philosophy and practice ouuined by Pope Francis in his Encyclical, Laudato Si lour common home is like a sister wrth whom we share our lifel. Each community uses volunteers in various capacib'es. The roles mw Inc￿de assisting in administrati￿, caring for the sid(. elderfy and disabled (including some volunteer retired nurses). hou58k8eping and cleaning. ￿lIst the volunteers, work is greatly appreuated it is not appropriate to place an economic value on il and il is therefore not Ind￿led in the Slalement ol Financi81 Activits'es. Like all Religious Order5 in Europe the CorKJrggation has seen a daclina in mernbership in recent years - manty due lo the death ol elderfy mèmbers. However, priests and brothers fvom other parts of Ihe Order have com8 to live and minister here on a pem7anent or extentjed baws lalways in complian¢8 with visa regulations when required). The intemats.onal ￿adership of the Sacred Heart Fathers in Rome is keen to promote the exchange ol appropriatew qualified personnel. Exchange of personnel is always under review and all must cornpty poli￿ vetting and safeguarding policy. Part of the worf( of Charity is to prc¥rote voratDns and ongoing forrnation. This is to educate and train both current an¢J new Members of the CDngregab"on. In recruiting new membeis, thè Charity hope to carry on its work. In prowding ongoing fomiation lor continual profés$ional development) to current mernbers the Charity aims to maintain a professional st8ThJard of seN1￿. The Older wll continue to look for ways of fvnd raising during thè y88r and seek to attract new donors. 11 wll also continue to davèlop our promotions resour￿ and material. It will continue to develop links wth other règions of the Congwation to foster the exchang8 of personnel. It will also continue lo sUPPOrt the education of futurè priests aThl brothèrs for thè Order. The TrLL%t will continue to use its resources for public benefit The Province wll continue to build on the work 8lreaoy being and seek new and creative ways to prornot¢ and d￿loP the work ofthe Trust. Page 3 Saer•d H•art Fathers Trust Report of the Trustees for the Year Ended 30 June 2024 FINANCIAL REVIEW InveslJnenl policy and objèctives The Investrnent Portfolio is suitably dNersified lo reducè volatility The charivs long tènn titne horizon and the key investmtrnt risk inflation. The Trustees wish to targ8t a tt)tsl return objecbve of inflation plus 4% over the term and $eb¢ted the Charty Mukn".As5et Fund in order to achieve thi%. The tru5te65 would also like a regular, sustainabl& inwrne from their investments and have d)osen to invest in the distributs'Dn units which target a 4Qk dEstnbulron per annum. The charity is ablè to tolerate volaknlrty of capital value in line with the pursiTht ol the long term investment objective, the p￿serVation of the real capital valu8. There are no antKipatsd capital cash flow ne￿5 and Ihe Charity has (apacity to absorb $lN)rt term losses without prejudicAng tt)e long lern susta'nability. Reserves pollcy The total charity fvnds have incrtased from £11.03m to £11.30rn during the year. Included wlthin the lolal funds are roSt￿Clèd funds of £0.20m12023 - £0.20ml. Free reserv98 are defined as Un￿strIcted reservès represented by the total of cuirent assets less creditors. The free reserves at 30 June 2024 were Q.44tn12023- £2.59ml. Tangible assets for use are exclud8d on the gr￿ndS that they are used operat￿nallY and their disposal may adversely mpacl on the charity's ability to deliver its aims. The Pension Augmentats"on fund represented by £6.7rn inves1m￿tS is also •xclud8d on the grounds that the charity is oblvJed to seek a retum on eapital to contribute towards the ongoirKJ personal upk8ep and costs ol elderly and retired pwie5ts. The charity's reserves policy recognises the rsquirgment to rnainlaln a levol of free re8eNes that proV￿Je$ the following to swport its various charitable activities.. Wod(ing Capital Funding of capital proiacts that maintain, improve 8nd develop the charws porttolio of buildings and activi*'es. AVaila￿e furKls that might be required in the event of emergencies and unforeseen events. Betrjeen 5 and 7 years running expenses at a level of approximately £400,000 8re a guide forthese purposes. On this basis actual frge reserves need lo be be￿e0n £2m and £2.8m As well as managing free reserves the chaiity monitors cash flows carefully to ensure that sufficient fvnds are avali abl8 lo meet ongoing opèrating and capital requiremènts. At the end of the year unrèstricted cash at bank was £2.81m 12023 - £3.26ml The trustees review and rnonitor reserves on an annud basis and where they ¥Jèntify roserves rise or fall significandy above or below their targ8( they consider il correctiw actirfft i4 rEcessary. The Provincial Bursar rèports regularly to the Trust89$ and receives finandal reports bi-annually from all the offlrnunitie5 which are then rèM8wed. Cash R•s•rv•5 and Investments From the balance sheet on page fv￿ve ol this reFort it can be seen that there was an Incraasè n th8 value of the trust frorn £11,026,394 10 £11,304,848. Cash hekl in bank accounts 8ThY in hand has marginally de¢roa$ed from £3,468,680 to £3.017,517. The land at Redbouma in Hertfordshire remains let out a5 frdrrn land. We renegotiated tt)a rant a fèw y83rs a90 but we continue lo look into ways th*this resour￿ can Improve it5 r8tum for the tnjst Page 4 Saer•d Heart Fathers Trust Report of the Trustèe5 for the Year Ended 30 June 2024 STRUCTURE, GOVERNANCE AND MANAGEMEh Stru¢¢ure Th6 Congregation of the Prrests of the Sacred Heart ISCJI wa5 founded in Fran￿, in 1878. In Great Bntain and Ireland the Congregation is known as Ihe Sacred Heart Falhar5. In other parts of the world rts rnernbers are known as the Dehonians in r•fèr9n￿ to the Founder. Fr. Leo John Dehon. The Sacréd Heart Fathers is a Religiou5 Congregation of men Mlhin the Roman Catholic Church. 11 is an intemational Ro1igiou8 Congregation of over 2300 priests and brothers living and wothng in 42 countries in five continents. The Congregation is divided into Provinces. Regions and Thstri¢ts. The Great Britsin Ireland provin￿ compiise5 England. Scotland and Irèland. The Congregath"on first rame to England in 1936, to Scotland in 1970 and to Iie18nd in 1978. Wfithin G￿t Bril8in and Ireland Ith8 GBI Prowncel rt op6rales as a charitable tru51 with a single governing body. namely the Prownual Council, which manages the group according to the Iiust deed of the Charity and the Canon law of the Church. The Provincial Council are the bwste8s ofth8 charity togelherwilh the bursar. There are regular meèb.ngs ol the Provind81 Council throughout the year. Financial matters are discvssed by the trustees at rsesignated rneebngs. The Sactyd Heart Fathers operate in acco￿an￿ with th&r Constitutions and also thè Provincial Di￿¢tOry of September 2014. Risk Mana9ernent The trustees accept their respons¢tiilty to cary out and to respond to a regular rèviaw of the risks to whith the Ch￿ty 1$ expose(l. By means of audits aNY expart gtyLdan￿ they SFek to ensure that appropriate finanual controls a￿ in pla￿ to provide ￿aSOna￿A9 assurawe against error and fraud. Management recommendatiON5 arising from the annual audit arè fijlly discussed at a finan￿ me8ting of the trustsès and whenever changes 8Te r9quired to be made these arè im￿eMented ss fully and quickly as possible. Publi¢ Benefit The trustee5 aCknOw￿dge the Charty Cornmission's guldan(% on Public Benefft and have taken this into account when rewewing and planning their acb"vitEs. In their planning for 2023 2024 they considered in part￿ular, how best lo use the resour￿$ ol the Charty in respect of the duty ol carè owèd to the older members. The agreed the imyovement of some facilities al Inchicore Roail to provvje better Ca￿ or thè sick members. The cornrnunity al Inchicore Road welcomed more memb8rs for study and ongoing foTrralion - enabling continuing professional dev8lopment esswtHI to our Ministry to PEople. They also welculled fflembers who wished to develop a professional comp8tency in Engli8h to work in universities in Europe. ALSO, when appropriate, the trustee5 will inwle these members back to the Provin￿ to give retreats or days of recollection to people from other nab.onalilies who may want to avall of our facilities aTrJ servi￿. The trustèè5 also approved the d8velopment of fadlit1&5 8t Srnithstone House to develop our rninisty aThY offer people modern comfortable spaces lor retreat, recollection. prayer and rerewal. A plan for Ihe ongoing ministry at stJohn's Stockportwa8 also agreed. On-Goin9 TrainSng I Professional Developmont New trustees ar6 given induction and trailling a5 appropriate and hava been provK#ed ￿th r&￿vant material. ICC3. & CC35, from the Charty Commission for England and Waksl bursar attends (x)urses and conferenc85 designed to keep him up-ttrdate with best wactiC8 in Britain and Irdand. He has professional assistanco trom a firni of chartw&l accountants wth understanding of thè Charity seclor. The bursar is a mernber of the AsstsciatK)n of Provin￿ Bursars (AP81 and partKipates in [￿0185s1onaI devdoprnent programmes nationally and intemab'onally. REFERENCE AND ADMINISTRATIVE DETAILS Rggistsred Charlty number 215011 Princlpal address St John's 266 Wellin9ton Road North stockport Cheshire SK42QR Page 5 Sacred Heart F#th¢r8 Trust Report of the Trustees forthe Year Ended 30 Juno 2024 Trustees Reverend H Hanley SCJ Reverend J Kelly SCJ Reverend R Mann SCJ Reverend M Szalwa SCJ Reverend M S Temgo SCJ Audltors SB&P charter￿ Accountants & StatutoryALKlitors Oriel House 218 Oriel Road Boolle Merseysde L20 7EP prtnclpal Soll¢ltors Royds RDW 2 Cranè Court Fleet st￿t LorKJon EC4A 28L Prlneipal Bank Lloyds Bank Règ8nt Street tr8xham LL11 1SE Allied Irish Bank Sterling Branch St Helèn's 1 Undershatt London EC3A 8A8 Reglstered In Scotland SC 041571 Registered In Iroland CHY1096 STATEMENT OF TRUSTEES, RESPONSIBILITIES The tIU5tees are responsib16 for preparing the Report ol the Trustges and the financial statements in aect¥d8n¢o wilh law apPI￿able lo charities opèratirw in England and Vva￿S, 8nd in Scotland, namely the ch￿tieS Act 2011, Charty IAccounts and Reports) Regulations 200e, the Charitses and Trustee Investment Iscouandl Act 2005, Charities Accounts IScoOandl Regulations 2006 and the provisions of the trust deed requires the trustees to prepare fnan¢ial statèments for each financial year which give a true and fair view of the stste of affays ol the charty and of the ir￿￿nIng resource5 and application ol resources, including the incomè and expenditure, of the tharity for that P8ri0d. In preparing thosa ffnanual statements. thè Iwstees are required to.. select suitable accounts'ng pokcies and then apply them cons¥tsnYy', observe the methods and prin￿p￿S in the Charity SORP,. rnakejudgernents and estinales that are ￿asOnable and prudent,. prepare the financial ststsments on the goiNJ ￿c¢M basil unless it is inappropriate to presume Ihalthe charity will eonbrnue in business. The trustees are responsible for keeping proper accounbng records w￿Ch disclose wth rèasonablè ac(xJw al any time the financial w51tion of the charity and to anab18 them to ensure that the financial statements rA)rnply with the Charti'es Act 2011, the Charity (Accounts and Reports) Regulations 2008, the Charities and TnJ5tee Investment (Scotlandl Act 2005, the Charities Accounts Iscouandl Regulations 2006. and the provision5 of the trust deed. They are also responsiblè for safeguarding the a5set5 of th8 charity and hen￿ for taking reasonable stèps for the prevention and detecknn of fr8ud and other irregul8fFties. Page 6 Sacred Heart Fathers Trust Report of the Trustses fortht Year Ended 30 June 2024 28￿)4￿025 Approved by order of the board oltrusteas on ............................................. and signed on its b$ha￿tsY.. Rèv9r9nd J Kelly SCJ- Tiuglee Page 7 R•port of th• Independent Audttors to the Trustees of Sacred Heart Fathets Trust Opinion We have audited thè finawial statements of Sacred Heart Fathers Trust (the 'chartyJ for the year ended 30 June 2024 which comprise the Statement of Financi41 Actiwlies, the Balance Sh*l, thè C85h Flow Statement and notes lo the financial stalement5. including a sumtnary of significant accounting policies. The financial reporting framewotk that has been ap￿Ed in their preparation IS 8pplicable kiw a￿d United Kingdom Accounting Standards (Unitad ￿'ngdoM Ger￿rallY Accepted Accounts"ng pre(*￿). In our opinion the finaneid statements.. give a true and fair v￿W ol the state ol the Charity's aflairs as at 30 June 2024 and of its inccffning resources and application ol ￿$0￿r￿s. for the year Ihon tnd8d., - havo baen prop&ily prepared in accoidan(s with Unit& Kingdom Generally Accepted Accounting Practi￿,. and have beén prépared in accordance with the requirement5 of thtr char￿&S Ad 2011 and the Charities and Trustae Investment IScotiqThYI Act 2005 and regulation 8 01 the Charitles Ae¢¢unts {S¢oJ8ndl Regulations 2006. Basls for opiftiort Vvè conducted our audit in accordan￿ with Intemational Stgndards on Audihng (UK) IISAS IUKII and appl￿ble law. Our responsibilities under th058 standards are fvrther desciib8d in th8 Auditors, responsibilitEs for the aLvJtt of th¥ financial slalements section of our report. We are independ8nt of Ihg charity in accordan￿ with th8 ethical requirements that are relevant to our audit of the financial 5talem8nls in the UK. including the FRC'S Ethicsl Standard, and have fvlfilled our oth8r 81hical responsibilitie5 in accordance these requirements. Vve belSeve that Ihe audit evidenc4 we have obtained is Sufficient and appropnate to proV￿e a basis for our opinion. Con¢lu$lon8 relallng to golng con¢ern In auditing the finanual statements, we have concludèd that Ihe trustses, use ol the golng concèrn bgsi$ of a¢counting in the preparation of th8 ffnanrial slalements is appropriate Based on the WO￿ wa h?ve perfomed, we have not identified any material uncertainties ￿lating to avénts or Cond￿On3 that. indiwdually or eollectwely, may cast signifieant doubt on the charity's ability to conts.nue as a goirYJ conc8rn for period ol at least iweFve months from w￿n tt)• financial statements are authori3ed for issue. Our responsibilities and the responsibilities of the trustae5 With re5P8Ct to going concern are described in tha r816vant sections olthis report Other infonnation The trustees are responsible for the other infomiation. The other Infomi8tion comprises the infomation ir￿lUded in the Annual Report, olherthan the financial statements and our Report of tha Indepandent Auditors thereon. (Xjr op￿lOn on the fina￿la1 statements doe5 not cover Ihe other infomation and, ex￿pt to rhe extent otherwise expliryJy stated in our report, wè do notexpress any fomi ol assuranc£ eondusion tlpreon. In connection wth our audit of the finanaal statements. our responsibility is to read the Dther infomiation and, n doing so. consider whether Ihe other informal'on is rnaterially inconsistent vAlh thè financial statements or our knowledge ¢btsined in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencps or apparent material misstaternents, we are required to determine whether this give5 rise lo a matsrial misstatement in the financial statements themselves. If. based on the work we have perfom)ed, we conclude that there is a material misstatement of this other infotrnation. we are required to report that fact. Wè hav8 nothin9 to report in this regard. Matters on which we a￿ required to report by exception Vve have nothing to r6POrt in respect ol the following mattets where Ihe Charthès (Accounts and Reports) Regulations 2008 arKI the Charitses AcrA)unts (Scotlandl Regulations 20Lb requires us to reportto you if. in our opinion.. the inlormalion given in the Report ol the Trustees is inconslstent in any matèrial respect wlh the finanual staiements., - Suffia￿t aco)unting records have not ￿en kept. or - the financial statements are not in agreement wth the accounting ￿CordS and r&tums,' or ~we have not received all the information and explanations we require for our audit. R•sponsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilthes, th6 trustees are responsib￿ for the preparation of the financial stat8rnenls which give a true and falr view, and for such intèm81 control as the trustees detetmine is ne￿$sary to enable the preparation ol financial statèments that ara fraè from material misststernenl, whethor du8 to fraud or èrror. In preparing thè fin8ncial statements, thè trust8è5 ar8 r8sponsibl8 for 8SS8ssing Ihe charivs abilty to continu6 as a goln9 concsrn, disclosing. as applicable, matters related to going conc8rn aThY using the going con￿rn basis of accounth.ng unless the trustees eithar intènd to liquidate ble charty or to •8se oFEratio￿, cr have ￿ raallstic a5tamativè butlo do so. Page 8 Roport of tho Indgpend•ntAudltors to tho Trust•es of Sacr8d Heart Fathers Trust Our responsibilities forthe audTrt of the finaneial statsmonts We have been appointed as audtors under Section 144 of Ihè Charitie5 Act 2011 and under Section 4411k of the Charrties and Trustee Investrnent Iscouandl Act 2005 and report in accL)rdance with those Acts and relevant gulatsons made or hawng effect Ihareundtrr. Our C￿'eCtiveS are to obtsin reasonable assuran￿ about whether the ffnancial statwnents as a wh&e are fro material misstatemen( wh8ther due to traud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonab￿ assuran￿ is a high level of assurancè, bul r6 not a guarantee that an audit conductèd in accordance with ISAS IUKI will always delect a rnaterfal mlsstatemenl when il exists. Misstatefflent5 Ggn arise from fraud or error and are considererl mat8ri81 if, individually or in the aggregate, they coukl raasonabty be expected to influence th8 8cofFomic deosions of us915 taken on the basis of these finanaal statements. The èxtent to which our procedur8s are capable of d￿eCtIng Irregularit￿S, including fraud is detailed below.. The objectwes ol our audit are lo identify and as58ss the risks ol material mlsstatem8nt of the financial statements due to fraud or error., to obtain suffirient appropriate audit eviden￿ regardlng the assessed risks ol material mi5slalement due to fraud or error. and lo respond appropnatety lo those risks. Owing to the inh8rent lirnilalions of an audit there is an unavoidable risk that rnaterial misstatemen15 in the finanaal stat6tnènts may not be detected. even though the 8￿j¢( i8 property plamed gnd rerfO￿ed in accordan￿ with the ISAS (UK). In identfying at¥J assessing risk of rnateryal rnisstatement In respect of Irregularit￿$. ineluding fraud and now0mplian￿ with laws and regulabon5, our proCedU￿S included th8 follc)wing'. We obtain6d an understanding ol thè lègal and regulatory fram8works applicable to the charty and thè se¢ior ￿ which it operates. We deternine¢ that the following laws and regulations were most Significant.. the Charities Act 2011, the Charrties and Trustee Investsnent (Scolandl Act 2005, ragulation 8 of the Charities Accounts Iscollandl Wulations 2006, UK corporate tax laws. UK ernployrnent laws and UK health and safety regulations. - We obtained an understandin9 01 how the Charity is complying with those legal and regulatory framèworks by making enquiries ol rnanagemenl, reVie￿ng Ihe board meeting minutas, and ievwing the legal costs Ineurr8d in th& year and enquirirKJ with management to circumstsn￿s around these leg81 costs. We assessed the sU$￿p￿bIlity of the Charity's finanaal statem8nts to matgriality misstatemrt Including hw fraud might occur. Audit prwedures performed by Ihe audit engagement te8rn induded.. identifying the controls that managernent has in place to prevent and detect fraud., - challenging assumptions andjudgern6nt5 made by management In it5 Significant accountiTrJ e5timates', auditing the ii5k of management override of controls, induding through test1r￿ joumal entries and other a(fiuslm8nts for appropriatenes5, and evaluating the business rationale ol significant transactK)n5 outside the nomial course of business., - assessing the extent of Complian￿ wrth Ihe reknnl laws and regulatiorts. A fvjrther descripdon ol our responsibilities lof the audit of the financial statements is located on the Finanual Repoth"ng Council's website at WbVW.frGorg.ukJauditots respon&bilities. This description fO￿llS part of our Report ol th6 Independent Auditors. Us• of our report This report is rnade to the charitys trustees, as a tody. in accordan￿ wth Part 4 01 Ihe Charities (Acccvnts aThJ Reports) Regulats"ons 2008. Our audit work has b88n und8rtaken so that we might state to the charitrfs trustees those matters we are requlred to slate to them in an auditors. report and for no other purpose. To the tulle3t extent pemiitted by law. we do not accept or assume responsibility to anyone other than the charity and th& eharty's trustees as a body, for our audit wort(, for thi5 report, or forthe opinion5 we have folrned. SB&P Chartered AcLount8nl$ & Statutory Audltors Oriel House 218 Oriel Road 8oode Mersey*de L20 7EP Datè.. Page 9 Sacred Hoart Fathers Trust statèment of Financlal Actlvitie for thg Year Ended 30 June 2024 30.6.24 Total funds 30.6.23 Total nds Unrestricted funds Restnded nds Notes INCOME AND ENDOIPIIJJENTS FROM Donatiors and lega￿88 186,896 186,896 22,794 Charltable activitie$ General 115,387 115,387 90,967 Oll*rlrading actmh.es Investment income 608 294.140 8,608 294,140 4,830 282.473 Total 605.031 605,031 401,(*4 EXPENDITURE ON Raising funds 19A66 19A66 19.470 charltable actNitie8 General Extraordinary item 632,768 157,863 633,768 157,863 s92,￿0 Total 811,097 811,097 612,420 Netgainslllossèsl on investrnents 484,520 484520 1199.5021 NET INCOMEIIEXPENDITUREI 278A54 278.454 1410,8581 RECONGILIATION OF FiJNDS Total funds brought forward 10,820,057 206,337 11,028,394 11.437,252 TOTAL FUNDS CARRIED FORWARD 11.098,511 206.337 11,304,848 11.026.394 The notes form part ofthese financial staternent5 Pagè 10 Sacred Heart Fathers Trust Balance Sheet 30 June 2024 30.6.24 Total lunds 306.23 Trrtal nds Unr8Strict8d fvnd3 R85trict8d nd5 Notès FIXED ASSETS Tangible assèts Investments Investments Investment proFEty 33 1,884,808 1.884,808 1.930.363 14 15 6,719.877 50,000 6,719,877 50,000 6.253.115 50.CM)O 8.654,685 8.654685 8,233,478 CURRENT ASSETS Debtors Cash at and In hand 16 419.411 2,811,181 419.411 3.017,517 130,975 3,468,680 206.336 4230,$92 206,336 3,436,928 3.599,655 CREDITORS Arnounts falliro due within one year 17 1786,7661 17B6,7651 18C6,7391 NET CURRENT AsseTS 2,443,826 206,337 2,650,163 2,792,916 TOTAL ASSETS LESS CURRENT LIABILITIES 11.098,511 206,337 11,304,84B 11,028,394 NET ASSETS 11,098.511 208,337 11,304.848 11,026.394 FUNDS un￿$tnEted funds Restrlcted funds 19 11,098.511 208,337 10,820.05T 206,337 TOTAL FUNDS 11,304,848 11,026,394 Thè fina￿la1 statements We￿ approved by the Board of Trustees and authorised for issue 28￿l￿G2￿.................... and were signed on its ￿h8IfbY.' on J K811y SCJ- Trustee The notes forrn part olthese f nanrial 5taternents Page 11 Sacred Heart Fathers Trust Cash Flow Staternent forthe Year Ended 30 June 2024 30.6.24 30.6.23 Noteg Cash flows frorn op¢ratlng actlvitios Cash generated from operations 75OA391 188,672 Net (used inypro¥Aded by op?rating activitps (750,4391 188,672 Cash ftows from inve¥tin9 actlvlues Purehasè oflangible fixed assets sa￿ of tangible fixed assets Sale of fixed 858et investments lrnteresl rewved D￿ldendS r￿1Ved 113,0721 2,025 17.758 2,422 290,143 18.2501 2,025 278,873 Net cash provided by invests.ng activities 299,278 272,648 change In Cash and eash equlvalents In the repo￿ng period cash and cash 8qulvalents atthe beglnnlng of the raportrng period 1451,1831 461.320 3A68,680 3.007,360 Cash and ￿$h equivalènts at thg gnd of the reportlng period 3,017,517 3,4e8,e80 The notes forrn part olthèsè finants￿ statements PagÈ 12 sacred Heart Fath•rs Trust Notes to th8 Ca8h Flow Statement for thè Year Ended 30 Jun• 2024 RECONCILIATION OF NET INCOMeiiEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 30.6.24 30.6.23 Net lncomelléxp&ndi￿rel forthe reportlng p•riod la¥ perthg Statement of Financlal Ac￿vIll$s) Adjustments for.. Depreciation charges IGainy105ses on investrnants Profit on disposal ol fixed assets Intètgst received DivideThls re￿iVed Incfease in debtors (Decreasellincraasè in creditors 278,454 1410,8581 57,368 1484,5201 17661 {2,4221 I2￿,143) 1288,4361 119,9741 59,357 199,502 12.0251 1278,8731 1130.9031 752.472 Net cash (used Snvprovlded by operaflons 1750A391 188,672 ANALYSIS OF CHANGES IN NET FUNDS At 1.7.23 Cash now At 30.6.24 Net eash Cash at bank and in hand 3,468.680 1451,1631 3,017,517 3,468,680 1451.163) 3,017,517 Tolal 3,46B,680 1451,1831 3,017,517 The notes form part olth9$e fifianoal statements Page 13 Sacred Heart Fath8rs Tr￿1 Notes to the Financlal Statemants for the Year Ended 30 June 2024 ACCOUNTING POLICIES 8asi$ of preparlng the financial ststemènts The financial statements of thè eharity, which B a public Lenefit entty FRS 102, have been Fyepared in accoidance wth the Charib"e8 SORP IFRS 102} 'Accounting and Reporting by Charities.. Staternent of R8comrnended Practf6 ap￿1¢￿ble lo charitP5 preparing thelr aecounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191.. Financial Reporting Standard 102 'Thè Finanual Reportlng Standard applicable in the UK and Republic of Ireland, and thè Charities Act 2011. The financial statement5 have been prepared under thè historical cost convention, wlh the eX￿PIlon ol investrnents which arè included at mafftet vaue, as modified by th9 revauation of certain assets. Income All ineome 13 reccqnised in the Statement ol Financi￿ Actiifjtps cfflce the charity has 8nliUernent to the ￿nds, it 15 probable that the irKome will be re￿iVed and th¢ arDount can be measured ￿1labFy. Expèndituro abilitt'e5 are recognlsed 8$ expenditure as soon as there is a legal or constructive obligation committing th6 charity to that expenditure. il 1$ FKobabk that a transfer ol economic bsnefits will be required in Sett￿ment and the amount of the obligati￿ can be measured reliabty. Expenditu￿ is acojunted for on an accruals basis and has been classified under headings that aggregate all cost rèlalad tts the category. Where costs cannot bè directly attributed to parbcular headings they have be￿ allocateil to activitie$ on a basi8 consistent with the use of resources. Support costs Costs which, while necessary to deliv6r an activity. do not themse￿5 produce the activity. They ￿Clude tho nlral offi￿ function5 of the charity and arè often appo￿oned to activth"È5. Th8 amount shown here is the total arnount ol supp(Kt costs (for Charitable, fundraising and govemancè aets"wi11$51 ￿clUded in resou￿$ expended. They are apportioned al thg following kEr￿ntages. Governance costs Premises costs Communicab'on costs Travel Personnel Financial - 100% -50% -25% -10% Govemance eo$t5 Expenditsjre on the govemancè costs ol the indudes expeTrYiture that relates specifically to the 5trat8gic and fvture development ol the eharity. Tanglble fixèd assets D8pr8cialion is provthd at th8 fdbwng annual rates in ordèr ts ofl eath asset over ils eslmatèd usèftjl rifo. Freehold property Equipment and fvmiture Motorvehicles Cornputerequipment 2Yo on cost 5% on reducing balanc* 25% on cost 25°h on reducing balance Invostmont property The investment pro￿tty has keen valued at£S0,000 by thè LKTr8rd of trustee& Taxation The charity is exampl from tax rts Charitab￿ actNthes. Fund aceounJng Unrestricted funds can be LBed in 8￿rdan￿ witt) Ihe chaiita)lè objective5 atlhe discretK)n of the trustaes. Designated fiJnds comprise unrestricted fiJnds set asidè by the trustses for parti￿lar purposes. Thè tN5tee5 operate each communty and project of the charity as a saparate dè$ignatsd fund. ReslrKted funds can only be used for partthlar restricted purposes within the objects of the Cha￿ty. Reslricti(Ms arise whan specifiad by the donor orwhen funds I￿8￿d k)r partKularrestricted purposes. Page 14 continued... Sacred Heart Fathers Twst Notes to the Flnanclal Stat•mants- Conllnued forthe Year Ended 30 June 2024 ACCOUNTING POUCIES- Continued Fund accountlng Furth8rexplanalion of the naturè and purpose of each fund is included in the notès to th8 finanrRI 51alements. Fund transfets occur biannually in the charty to reallocate finarn¢￿1 resources bewn the desrgnated funds and the general fund of Ihe charity. Funds raised or donats.ons authori58d by the trustees, lor the ￿$trIcted ath'wti8s are also transferred. Forelgn ¢urr•ncias Assets and liabilities in foreign ojrrenries a￿ trawlatad into slerfing at the rates of exchangè ruling at the balance Sheet date. Transaelions in foreign currencies aitr translated into sterling at the rate of exchangE iuling al the dale ol transacts.on Inv•5tm8nt8 Invesbnents a￿ included in the financ4al stateménts al the year erKI maiket valuo. In(x)rne from invesfrnents. bank and otherdeposils are included on an accruals ba3iS. DONATIONS AND LEGACIES 30.6.24 30.6.23 DonatK)ns M8SS Stipends Stde fees Supply fees L8ga¢r&s 6,484 8,639 5,227 8,6QO 157,946 1,081 10.431 5.758 5,524 186,896 22,794 OTHER TRADING ACTIVITIES 30.8.24 30.6.23 Other income 8.608 4.830 INVESTME￿ INCOME 30.6.24 30.6.23 Rents reeoivwj Dimdend income Deposit account interest 1,575 290,143 2,422 1.575 278,873 2,025 294,140 282,473 Page IS continued... Sacred Heart Fathers Trust Notes to the Finaneial Statsments- conunued for the Year Ended 30 June 2024 INCOME FROM CHARITABLE ACTIVITIES 30.6.24 30.6.23 Activity G8neial Contributions from rnemb8rs 115.387 90,967 RAISING FUNDS Investhient management costs 30.6.24 30.6.23 PortFolio rnanagernent 19,466 19,470 CHARITABLE ACTIVlnES COSTS Support costs (see note 81 Direct Costs Totals General Extraonlinary itèm 563.959 69,809 157,863 633,768 157,863 663,959 227,672 791,631 SUPPORT COSTS Goveman costs Management Other Totals General Extraordinary Item 53,785 980 167.863 IS.044 69.809 157,863 53,785 158,843 15,044 227,672 OTHER 30.6.24 30.6.23 SuFPOrt Costs 227,672 92,743 10. TRUSTEES. REMUNEIiATION AND BENEFITS There were no truste8s' rernuneration or other benefits for the year end8d 30 June 2024 nor for the yeer ended 30 June 2023. Trustses, expenses There wèro no trustees, expenses paid forthe yearended 30 JU￿ 2024 nor for1￿ yearended 30 Jwe 2023. Page 16 ¢onlinued... Sacred Heart FatheEs Tru$t Not•s to lh¢ Flnan¢lal Statem•nts- eontlnued for the Year Ended 30 Junt 2024 11. STAFF COSTS 30.6.24 30.6.23 Wages and salaries Social security costs 42,142 4,299 42,777 5,314 46,441 48.091 The averag8 monthly numberOlem￿0Yè&S during the yearwas as follows.. 30.6.24 30.6.23 Charitable Activth"es No ampltsyee8 receiv&J emoluments in excess 01£60.00]. 12. EXTRAORDINARY ITEMS An ex-gralia payment of £157,883 has been made In the year. The amount represents whatlhe trustees consi¢Jered to be a p8Storal and rnoral oblvuation. The payment was intended as compensation in rècognition of the suffering caused to one ol its bènef￿￿arlas by rte￿ased member of thE order. The inadent which dated bad( to 1965 came to light during 2023. The trustees have Sin￿ taken legal advi￿ in ￿spect ofthis matter15ee note 201 TANGIBLE FIXED ASSETS 13. Improvements to Equik4nent and fumibJre Freehold propety COST At 1 July 2023 Additions Disp05als 1,36(046 1.143.576 191,097 At 30 June 2024 1,366,046 1,143.576 191,097 DEPRECIATION At 1 July 2023 Charge for year Elirninaled on disposal 516,548 27,321 261.287 22.874 12,317 539 At 30 June 2024 643.869 284,161 12.856 NET 800K VALUE At 30 June 2024 822,177 859,415 178,241 At30 June 2023 849,498 882.289 178,780 Page 17 continued. Sa¢r¢d H•art Fathers Trust Not85 to the Flnan¢lal Stat•m•nts- ¢On￿nued for the Year Ended 30 June 2024 13. TANGIBLE FIXED ASSETS- eontinued Fixtures and fittings Motor v6hic￿9 Computer equipment Totals COST At 1 July 2023 Ad(lilions Oisp05ab 13,600 1,271 97,212 11,801 143,5511 3.181 2.B14,712 13,072 143,6511 At 30 Jure 2024 14,871 65,462 3.181 1784233 DEPRECIATION At 1 July 2023 Charge for yèar Eliminated on disposal 4,$67 515 86,763 6,040 142,2921 2,867 79 814,349 57,368 1412921 At 30 June 2024 5,082 50,511 2,946 899.425 NET BOOK VALLIE At 30 Jun8 2024 9,789 14,961 235 1,884,808 At 30 June 2023 9,033 10.449 314 1,930,363 Included in Equipment and fvjmiture a￿ paintings and work5 of art Ihat were gifted to d)arity in 2CMJ2. These assets a￿ believed to have residual values not matèrially different to the carrying values and are therefrJre not depreciat￿. These ass8ts were indepeThtenlly valued in March 2002 wrth a value of £168,000. The repla￿ment value for Insuran￿ purp058s at September 2014 was approximately £296.000. At 30 June 2024 Smthstonè House in Kilwinning Swdand, Is diselosed al a carrwng value of £257,467 induding improvement costs of £250.240. in the opinion of the trustéè5 thi5 ha5 an approximate market value ol £750,000. The rnart(et valua of all other freehold property Ss not conskjarsd to be matsrialty different fiom the carrying values. 14. FIXED ASSET INVESTMENTS UK quoted fixed int8rast other listed investrnenls Totals MARKETVALUE Al 1 July 2023 Oisposals Revalua￿On$ 6,227,589 117,7591 490,208 25,526 6,253,115 117,769} 484,521 15,6871 At 30 Juna 2024 6,700.038 15,B39 6,719,877 NET BOOK VALUE At 30 June 2024 6,700,038 19.839 6,719,8TI AI 30 June 2023 6,227,589 25.526 6,253,115 There were no inv6strn8nl a&%ets outshye the UK. Page 18 continued... Sacr•d Heart Fath¥r8 Trust Notss to the Flnanclal Statam•nts- ¢ontlnued forthe Year Endgd 30 June 2024 14. FIXED ASSET INVESTMENTS- conttnued Cost or valuation at 30 June 2024 is rèpre58nted by.. UK quoted rix•d interest othér listed inve8lments T¢)tsl¥ Valuation in 2022 Valuats'on in 2023 Valuation in 2024 4432,874 1205.2851 472,449 19,744 S,782 15,6871 6,4S2,618 1195,5031 466,762 6,700.038 19.839 6.719.877 15. INVESTPJJENT PRopeRTY 30.06.24 30.06.23 Agricultural land- Redboume, Hartfordshire 60,000 50,000 16. DEBTORS.. AMOUNTS FALLING DLIE WITHIN ONE YEAR 30.6.24 30.6.23 otherdebtor3 419,411 130.975 17. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 30.6.24 30.e.23 Othereraditors 786,765 8￿,739 18. L&4SING AGREEMENTS Minimum lease payments under non-cancell8ble cperatiro bases fall due as follows.. 30.6.24 30.8.23 Ihln one year 2,445 7,740 Page 19 eonlinuad... Sacred Heart Fathers Notes to th• Flnartclal Stat8rn8nts. contlnued forthè Year Ended 30 June 2024 19. MOVEMENT IN FUNDS Net mov6m6nt I funds Transfers baiwe funds At 30.6.24 At 1.7.23 Ijn￿$trIctsd funds General fund Pension Augmentatlon Inchicore, Dublln Promotions St. Joseph's, Stod