Chariiy regiqtraiion numher England dnd Wdles ?211240 scolld SC039530 Sons of the Sacred Heart of Jesus (also known as The Verona Fatherslcovnboni h11lonarieS) Report and Accounts 31 December 2023 Borucki & Co 42 Radnor Road Harrow Middlesex HAI IRZ
Sons of the Sacred Heart of Jesus (also known as The Verona Fatherslcomljoni Missionaries) Report and aefounts Contents Legal a[ adjninistratiye illformatioD Trllsiee5' report Auditors. rert Stale]nent of fllwicial actiTritie5 io Bdl£illLe sheet Cash flow statement 12 Accounting policies 13 Notes io ihe accounLS 14
Son5 of the Sacred Heart of Je5U5 (also known as The lerona Fatherslcornborri Mi&5ionariesl Legal and Adrnini5trative InforntiO Ttee5 As Directors of Verona Fathers Limited The Reyerend Ruben Padilla Rocha tTrccj - Chaitfftan The Reverend John Clatk fftccj The Reverend Martin tkveni%h rnccj- Secretary, The Re't[en J()ht] Dvm'ne). In¢Lj The Reverend Alberto Peluc¢M" rnc¢j Provincial Superior The Reverend Ruben Padilla Rocha mccj Provincial Trvasurer The Reverend Martin Devenish mccj Provincial Office The Verona Faiherslcomboni Missionaries. London Road, Sunningdale. Berkshire SL5 OJY Telephone OI>M 691 ?37 Charity Number England and Wale5 Scotland 220240 SC039530 Auditors Borucki & Co., 42. Radnoi Road. HaTrow. London HAI IRZ Bankers Roi'al Bank of Scotland plc. Drutnmond Huuse. l. Redhaughs Aienue. Edinburtsh EH12 9JN Investment Managers Biewin Dolphin Lid.. 12. STniihfield StreeL Londun ECI A 9BD Solicito Poihecary Wiiham Weld Soliciiors, 84. F.LLlesion Square. Fl"mliLI). London SWIV IPX Chartered Survevors Gollld Baxtrr. Haniilion Htpuse, Mabledon Place, Londnn WCI H 9BB
Son5 of the Sacred Heart of Je5US (also known as The lerona Fatherslcomborri Mi&5ionariesl Trustee5 Report The Tru%iee% present their Report and Accounts for the year ended 31° December 2023. INTRODLTCTION The Son% of the Sacred Heart IThe Verona Father51CotnlK)ni Mis%ionarie%l are all illtetnational Roman Catholic Religiou d Mi%%ionary Order of ordained prie%l.% and lai. brothers founded b)" Bi¥hop Daniel Coniboni in Verona {Iialyl in 1867 %peCificlI1Y io Nerve the miN%ionary endeavours of the RO3 Catholic Church in the South of the world. Inspired b}". the Gu4[1, ifs ltbe[S live a lile Ivgeiherand pracliLr lile-lon¥ religivu¥ vow% olFKiverty. Lh<L%tit}' obedience, all in lurtheianLe ol" the CaihuljL Religion. Eveo'ihing i¥ plaLed 41nd held in Metnber% do not ijwn propertv ol. kind or individu(Il AlLunl¥ u'iih bl[]k5 sitnilar financial in¥tilUtions. There Lire pie%ently woildwide one lhousld fi¢ hundred I1.5(X)I Verona F411hercOix)nI Mi%¥ivn1eg of thiMy-%eiJen 1371 different nationalities wvrking in 50me furty-ihree1431 difleret]i ¢OUt]Itie5 thtoughoui Europe. Africa. Asi<l and ihe AnieriLdS. The aims of Ihe Verona Farherslcomboni Missionaries- in the United Kingdom and Overseas- may be summarised as follows.. To bear witness (o the luve olGtKJ lor all. as experienLrd in Jesus Chtisl- To proclairn the GostKI of Christ to those who have not heard it.. To fo%trr- according to Gospel values- jiiSLice. peaee and the iniegriij of creation worldwide; To Promo awareness of the niissionary work of the Roman Catholic Chuwh in the United Kingdom and in the resi of Europe., To promote Ihe missionary viKaiion- To setve dnd suptK)rt voung ChuiLhes. partlLularli' in AItiC<l. as ihe), grow and mature- and To collect and distribute funds for ihe reliel of faniine and dire l'ert5.. GOVERNANCE The Veiona FatheTsIComboni Missionaties are governed al an intetnalional level by a Superior-General and four 14) Geneial CounLiIIoTS who reside al their General Headquartet5 in RoTne. The Superior-General and hi5 CounLi11015 are eleLted foT a 5ix-ye3r tertn of offiLe Ireneii'(7ble upon re-eleciionlor onefvrilicr renn onl).) al a 'General Chdpler, which is held every six 161 years anL1 which is comw)sed of 'Provineial Supetiots. an(1 elecieLI 'tklegates' fiom each of ihe twenty-seven1271 semi-auionomous'Ptovinces' or'CircumsLriptions' inio which ihe Orderis divided along geogiaphical lines. All those who participa(e in ihe 'General Chapier are petlua17& professed mem[5 ol the Older who have freely Lhosen to dedicate their lives. Iheir lime. Iheir enet(Ties and iheir ialents io ihe Chuich's misbionary enLleavours. One of Ihese 'Provinces or 'Circumscriptions' is ihe 'London Province which eonsisis of the Communiiies resident and working in Ihe Uniied Kingdom artd Ireland_ The 'Provin¢e i% governed bl a 'Provin¢ial Superior. and a four-member 'Provin¢ial Council. all of whom are eleLted for a three-l'ear ierni of offi¢e which is renewable upon re*lection, generally for one further terni onl J.. The Provincial Superiorand his Council meei gUlarlY during ihe year io= direct Ihe aLlivities ol Membets in the 'London Province assess and evaluale proyess within ihe 'London PvIt]Ce in ihe lighi of the deeisions of ihe piewious 'Geneial chIPle[ review finance5 and legal developments= mediate with the SuFtrior-General and his Council- co-ordiiiaie and implemerti dILliveS of (he General Council- and plan wiliLieslguidelines for ihe 'London Pn)vince for ihe foreseeable fuiure. In lullilrneni of the objeciives ol Ihe Trusi, li is ihe r}11¢Y of the Charity io undertake a rdnge ol Lharitable acriviiies in the Uniied Kingdom and 10 support Members of ihe conggallort living and working ai home and overseas- in a speLia] way those in Alnca. The Accounts acLnmpanving this Rep()rt are the Accnunis of the Chariiable Trust uwn which the Ls%ets of the 'Lnndnn Province, are held - the Trn81 governed b!. a Trnsi Deed dated 6 April 1959, and laier regisiered under the 'Chariiies A¢1 1960, with Chariiy Number 22()240.
Son5 of the Sacred Heart of Je5U5 (also known as The lerona Fatherslcomborri Mi&5ionariesl Trustee5 Report VERONA FATHERS LIMITED In line with fIn(CIal d leua] developrnents in the United Kingdo the "Son% of the Sacred Heart, or 'Verona FatheThIcob0nI Nli.%¥ionu< ie%' were reui%tered as 'Verona Fathers Limited, in England and Wale% with Company Regi%ir<l1ion Number 594993 in 1959. Under the ternh% of the Trust Deed de¥ignatinir it thu%. -verona Father% Liiniled. Cl% the Tru%tee for the 'Son% of the Sacred Heart of Je%u% or'verona FaiheThlCornboni Mi%%ionarie%' The Provincial Superior. pro ieinpore, i¥ the e.r-iifficio Chairman o( 'Verona Father% Limited" and the other Director.% of the Coinpany e nOlated by the Provincial Supetior with ihe appTh)val of hi% Council. DIRECTORS The DiteLtOfb who setved in the year are the following Verona FaihetsIComlM)ni Missionaties". Rev. Ruben Padilla R(Kha mccj - Provin¢ial.suri0r and Chaimlan of the TNS Rev. Martin Devenish mccj - Prtsi'ineial Treasurer and Seeretho. to the Trusiees Rev. John Clark m¢Lj - Direcrorrtn]siee Rev. John DOneV mccj - DireLtOrrrruse Rev. Alberto Pelucchi mccj - Direciorrrrusiee TRUSTEES, RESPONSIBILITIES IVITH REC.ARD TO THE ACCOUNTS Under chariiy law, the Trnstees are resnSIble for preparing the TnIse, Annual Report and the Financial 8tateiiienLs for each Financial Year, 'hich Show a thie at)d fair view of the sthie of affairs of the Charity and of Ihe excess of income over expenditure for thai ri(l. In pieparing thuse Accounts, (he Trustees are required io= 5eleLt suitdble aLLoun(ing p)licies and then apply them consislenily- ake judgements and estimaies that are reasonable and PTudent= tait whether Ihe recomniendaiions of the Siaienieni of Recommended Practice have been followed, subject to any material departures di%closed and explained in the Financial SiatemenLs,' stale whether the staiemenL% comply wilh the Trnsi Deed. subject to any material depanures disclosed and explained in the Financial Sthten)enLS; and prepare Financial Staiements on ihe 'going concern. basis unless il is inappropriaie io presume ihe Charity will continue ILS activities. The TrusTres are required to aci in ac¢ordan¢e wilh ihe Trnsi Deed of the Chariiy. wiihin (he frarnework of Irust law. They are respoiisible for keepitig proper reLord8. sllffJ¢ieni io disclose ai any lime, with reasonable accuracy. Ihe financial position of the Charity ai that lime, and to enable the Twsiees io ensllre ihaL where an), slemenL5 of accounts are prepared by Ihem under Section 13211) of the Charities ALI 2011. those siaTrmeJits of a¢¢ounts Comply wilh the requiremenis of regulaiiotis ujider thai provision_ Thei have general resp)nsibility for tsking such as are reasot)ably opeji 10 Ihem 10 safeguard the asseis of the Chariiy and io prei'eni and dete¢1 fraud wid other irregularities. MANAGEMENT While rhe Trusiees are ulttrnaiely re.sp)nsible for ihe w)li¢ie& aciiviiies and &ssets of ihe Chariiy. Ihe day-to-day managemeni of ihe Chariiy's a¢iiviiies and Ihe implemenuiion of ii.s w)li¢ies is (he resp)n8ibiliiy of the Provincial Superior and his Council. The ProvinLe's finan¢es are adminisiered and manaL*ed bl, Ihe Proi'incial Treasurer who is accouniable to rhe Provincial Superior. his Coun¢il. Ihe oiher Members of ihe Pro%'ince and Order. and Ihe Chariiy Commission. Whenei'er the Trusiees or managemeni {Proi'incial Superior and Council. artdlor ihe Provincial Treasurer) are in need ot"protessional adviLe ihere are designaied individuals1mpanles w whom they may iurn Isoliciiors, lawyers, accounianLS. audiiors. bankers and Invesimeni managers). OTHER ORGANIZATIONS The Verona Fatherslcomboni Missiiinaries. individuall). and }I]eLlive1). in Ihe five 151 Communiiies that make up ihe 'London Province. in the Urtid Kin(Tdom. have a number olorganizaiions and ixxlies wilh whom ihe}' need to inieracr on a regular basis=
Sons of the Sacred Heart of Je5U5
(also known as The lerona Fatherslcomborri msonaries)
Ttee5 Report
al Ecclesiastleal Bodles e.g. the Roman Catholic Di(Ke%es of Arundel and Brighton. We4trnin%ter. Southwark. Leed
and Gl
Sons of the Sacred Heart of Je5U5 (also known as The lerona Fatherslcomborri msonaries) Ttee5 Report REVIEIV AND DEELOPIE[T5 Misslon Appeals - During ?023 we were able to visit and appeal in &eventi'_four1741 Roman Catholic Pari%he% in the Diocese of Atundel and Briuhion and the Di(Ke of NotliniFham in England and Wales. and a further twent}"'_%ix 126) Pari%he¥ in the Dioce.%e% of Aberdeen. Motherwell and Pai¥le)' with the Atchdioce%e of Gla%gow in Scotland. Notwith%tandinu the difficultieN caud by" the aftetmath of the COVID-19 Pandefftic in lower Sunda) Ma¥% attendance d the Luntinuing 'Lu%t of lii'ing, Lti%i%. the Ptie¥l% in the Pati¥he% wt were able iu visit Lonlinued tu exiend a watm welcorne tv Metnbei%, Ihe F1][hl cvnlinued to '- eighieen thousand I l¥.(KXII and we distribute some fony ihousand140,tK)O} copies of our Missionary Calendar. As is indiCad in our Audited Accounts. the wonderful response from our readers was rypical of Iheir greai thoughrfulness in our regard. WV.SOUlhwor]d.neI- Our non-profii monthly welFmagazine'SovihWorld with news and curreni affairs emanaiing from Afric& Laiin America and Asia is proving i'er). successful and coniinues aitraci InreSI from as far afield as Easrn Europe, Norih America and South-E&si Asia. During the cour%e of the vear ending 31, December ?03. the Trusiees hai'e coniinlled to closely Jnonitor iwo area% of in¢rea%ed expendiiure. Premises, expenditure eoniinued to be a major expense our propertie% grow older and renovations become necessary 10 facilitate the care of our elderl!. Confrères. with other Cominuniiy and persi)nal care co.st% given the rising age profile of the Confrères of the Province which preAt]5' stands at sixty-six 1661 years of age. As a resuli of the ri5ino age profile of the Members. during ?019 the Tn]stee s cominissioned a project to digitalize the Archii'es of the Order s activities in the United Kingdom for fuiure reference. and this has continued during 2023. In the ab.%ence of sufficient fund5 from Mission Appea15 10 sUPPOrt our w'ork abroad and in order io help fjnance the activities of the Generalate it was necessary to draw funds Iroln the investment portfolios. The Ptovince 15 inyolved in applving the Acts of the lasl 'General Chapter. which was held in Rotne from June l.'IlO' 2022. necessiiatitjg Mernbets of the Ptovincial Council to attend a series of Pan-European Meetings and thereafter le1Ying the wlicies and deci5ion5 of those Meelings to the Membe15 in the Province. Ol'ei the coming years. and following the deci5ion5 of the last Chapier. changes ate exC(ed regarding the structures of the Institute and thus also of this Province, however we do not foresee significanl changes regarding ihe type of activity that we undertake in these Isles. TRUSTEES, INI'ESTMEPT AND UTHER POWERS ALLL)Iding iv (he Trusi Deed. Ihe TTUSlees hab'e Ihe w)wer io invesi any money forniing part of ihe Ttusi Fund and io apply inLume and capital foT the chatiiable PUTtK)ses ol Ihe Ttusi here in the Uniied Kingdorn anLI abroad. They are responsible ltsi the upkeep ol land and properties held on Trust and Tnay puiLhase and sell such land and property as seems prudent Loni'enienl. The), ma) alsu IK)ttvw rnonei. lor any ol Ihe loietroints putposes and acLepl dunaiions. INVESTMENT POLICY The Trusiees have an invesimeni rrf)licy primarily aimed ai enhancing Ihe real value of monies invested ihrough having a diver8itied portfolio of bonds and equiiies in addiiion io which income is gerternied io coniribuie iowards the Charity-s on-going gerteral expenses. Our Invesimeni Managers are insiruLied io follow a w)Iicy of 'Moderate Invesimeni Risk,, and 10 avnid investing in companies where their main busiJie&s aciiviiies are in the are&s of arn]aments and military equipmtni, tnbacco, gambling or p()mogrdphy. The general fund pnrttolio remains ai a low level for the tinie being. expendiillre can be. in nnmial year%. funded by cUent incnme. The reiirenieni and building maintrnanLe porttolios are alsi) inve.sied ethiLally bui to pmvide Lx)ih gft)wih and incfime. RAISING FUNDS The Charity manages lis own activities in respect lo rdising funds and does not emplo), the services of professional fund- raisers. It aims to achieve besi practice in the way in that it communicates with its supporters primaril). by taking care with both the tone of lis conimunicaiion5 and the accurdc) of the data it holds to mininiise the pressures upon such individua15. It collecis, stores and uses personal data in accordance with data protection legislation, and 5pecifJcally does
The Sons of the Sacred Heart of Jesus (also known as The lerona Fatherslcomborri msonaries) Ttee5 Report not u%e data Cor other than the putposelNI fot which it collected. ¥ell or swap data to any third party- or profile %uch information for ¥lati%iical analv%i.%. Again. it ensure% that cornmunication preferences can be changed at an). tiine. The Charity utJdenake.% to react io and inYe.%tigate an)- complainL% regarding its actii'itie% for iai%ing fund%. and to learn fro them and irnprove il.% %etvice. During the year. however. the Chatiti, received llo complainL% aiKkut such activitie%. CORONAVIRUS (COVID-IYI PANDEi¥IIC The Lolltinuing effeLls of the COVID-19 P)deiL the inLume uf the LhaTilJ.' are di]cult to prediLI, however while we expect Junalion.% 1LI inve%trnenl inLvrne Iv Ln11ne lo %uller we will able lo cvnlinue vui wutk for the rure%eeible luture a% our Lhintable exndItute. and in patli¢ular the donaiions io the Mi%¥ion. is to a large extent deent on lunds available. RF.SF.RVES POLICY The Trusiees are erV conscious of Ihe wmmiimeni of the Charity. ro coniinue ILS work in ihe fuiure and the need safeguarLI resources, especially wilh an increase in ihe number of Members reaching liremen1 age. Wilh this in view the Trusiees have designaied funds a 'Resene and Reiiremeni Fund-. This fund is Innded io provide income for the future needs of aged or infirni Confrères as ihey rewrn io the Lnid KInd0M afier havinL* served abroad. In view of the faci that all four properties owneLI by the Charii), are over one hundred and fifi!, l'ears old. and despiie the fact ihai ihey have been well niainiained, the 'Building MaInnanCe Fund. is inLended io coN'er any flliure unexpected large expenditure on these propertie%. De%pite the deficit Jnade in the )e, given the level of reserves the Tn]%tee% have ei'ery confjdence that Ihe Tn]si Can coniinue w fllnction within its objects and thai there are no 'going concern, issues. RISK ASSESsMET The Tru%tees have as%essed the major risk% to which ihe Charii!. i.% exp) in the United Kit)gdom. in particular tha.%e related to the operaiion5 and finances of the Trust. and are satisfied thal svstems are iii place lo initigate our exposure to major risks. The TrL]Stees have carried out a thorough review of our insurdnce coyer and established that cover is indeed comprehensive, panicularly in regard to PrortY, vehicle and Employers, Liability insurance. The Trustees regard the health, safety and well-being of eveT)' Fft50n. and particularly of children, young people and vulneiable adults. as an absolute priority giN'en that as Roman Caiholics we believe every human iting has a value dignity which COTne5 directlv frorn havinu been cleated in the itnage and likeness of G(Ml. In the area of Safeguatding, the VeTona Faiherslcotnboni Mi55ionaTie5 in En(pland and Wales are regulaled b), the Catholic Safeguarding Standaids Agency ICSSAI. and ate aligned to the Reli. iOU5 Life Safeguarding Setvice IRLSSI. who provide advice Luid guidance On praciical issues and on lulluwing the naiional Polici. and Ptuce¢Jures ol Ihe Church. 7)i[si in Scoiland Ihe Older is iegulaied by Ihe SLOtlish Catholic Safeguaidints Sianijards AgenLV ISCSSAI and adheies its the stanLiaids, pulicies and PIOLedures as sei uul in ihe InsiruLliun. "In G(Kl-s Imatse- Safeguatding in ihe CaihuliL Church in SLviland-" published by the Bishvps, ConfeienLe ul SLoilan¢J on Sepietnbet 8, 2021. MeTnkTS ul Ihe Province eonlinue lu aiiend ihe iegular safeguarding (raining rglLed by iht ieSPCLlive 'Saletsuarding oifiLes ol Ihe RvTnan Caiholie Diucebes in which Iheii Comtnunily is 5itua(eLI. MeTnbers in Minisit! obiain LlearanLe Irum ihe 'DisLlosure anLI Bartints Seivice. ol Ihe Hotne OftiLe IprevioiiJli' Ihe .CTTMiuI R¥c'oTdJ Btireuii'l. and ihe Proi'inLe Loniinues io address safeguarding praciiLe regularly at Meeiings of Ihe 'ProvinLial Council- and ai vearl), ProvinLial Assemblies. The Trusiees are aware of iheir obligation to repoll any serious incidenis 10 ihe Charity Commission. A number of our Members a infirm and are being p.$eIly cared forby oihers Members of TheirspecI1ve Communiiy. The Trnstets cojitinue 10 en%ure thai there is adequaie monitoring of their health ai)d well-being while at the %amt time having due regard ftir their persnnal dignily and sejise of worth. Where J)ecessary'. iii dialngllt with medical profes%innals and Sl] StrviLe%, those quiring nursing care on a long-trrn) bLsis are otTered places in a %llitable Ii)cal nur%ing home. The major ri%k ari%ing with our investment% ts the instabilit). of the stock market which may lead to reductians in incnme and las%e.% in capital. In an attetnpi io mitigate againsi our exposure to this risk. the Trnstees receive regular quarterly report% on our inve%imenis trotn our InN'efiiment Managers and review ollr'Investment Policy. periodically with Members of the 'Charity Teani, tron) Brewin Dolphin.
Son5 of the Sacred Heart of Je5U5 (also known as The lerona Fatherslcomborri Mi&5ionariesl Trustee5 Report The Trute£.% take their legal resnsibIlitieS seriou.sly and discu.ssed the provisions that wollld be required for the implernenlation of the General Data Protection Regiilation IGDPRI in Mai. ?018. Con%4uenil)'. the Charity now ha.% a written 'Dat<l Protection Policy , 'Cotnplaint% Polic}. and 'Ptivac)' Polici which are ¥ubject to yearly review. and ha% updated it% web.%ite.% to remain cornplianl with thi% legi¥lation. The Tn]%teeN will continue to tnonitor that way in which data 1% held by the Charity and iecognise the imFK)rtance of ptotecting the identity of %UPFK)rters in accordance with GDPR legi%lation. FUTURE DETr'ELOPIIIENTS The Tru%tee% intend lu Lot]tinu¢ the activilies of the Chatit). &* ouilined aiK)ve in ihe 'Review and Development, Section of the RetK)rt. THE CHARITY'S ASSETS Acquisiiions and disEy)sal of fixed asseLS during the )'ear a recorded in the noies to the Accounts. Signed on behalf of the Direcrorsrtrusiees- Rev. Martin Devenish mc¢j DireLIorlTrn%e Approved by the DirectorsnIstees on 12 August 2024
Sons of the Sacred Heart of Jesus (also known as The I'erona Father51Combotll Missionaries) Independent Auditor's Rert Independent auditors, report to the TSteeS of the Sons of the Sacred Heart of Jesus We have dudiied the tjndncial sLitement% ot the so% ot the Sacred Hedn of Je%ll% for the vear ended 31 December 2023 which compri%e the Statement nf Financial Activities. the Balance SheeL Siaiement of cash fl()ws and the relatrd noie%.The finartcial reporiing framewi)rk ihai has been applied in iheir ptyparniion 1% applilable law and Lnired "ngdi)M A¢¢ounting Standards, including Financial Reporting Standard 10? 'The Financial Rewirting SAard applicable in the LK an4J Republic ol" Ireland. ILTniled Kingdom Gtneially ALLep¢td ALtounlit]g PrdLIiLrl.. In ()ur npinion the financial.%tatrmenL%= give a true and fair view of the stale of the charity's affairs as at 31 Decenther 2023 and of it% incomies and eKpenditure for the year then ended; have been pro[rIY prePd in accordan¢e with UK Genernll}' Accepieo Accounting Praetice; have been properly prepared in accoidance the requireujents of the Charitie% Act 2011 and the Chatities and Tru.ste£s Investtnent (Scotlandl Act ?5 and re.11aOn 8 of the Charities Accounts (Scotlandl Regulation5 2006. Basis for opinion We conducted our audit in accordance International Standards on Auditing ILK) IISA5 IUK}l and applicable law. Our responsibilities linder those siandatd5 are further described in the Auditor's resFM)n5ibilities for the audit of the accollnts section of our repon. We are independeni of the charit). in accordance wth the ethical requiretnenis that are relevant to ollr audit of the account8 in the UK, including the FRC'.s Ethical Standard. and we hai'e fulfilled our other ethical respon%ibilitie% in accordance with these requirement%. We believe thai the audit evidence we have obthined is sutTicient and appropriate io provide a ba%is for our opinion. Concl$]05 relating to going wneern Ill auditing the financial %iaiemeni%. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial staiemenis is appropriate. Based on the work we hai'e perford, we have not identified any Tnaterial uncertainties relating to events or conditions that, individually or colleciivelv. may casi si(Ynificani doubt on the charit) s abilit!, to continue as a going concen] for a period of at lea%t 12 inonths from when the financial stalen15 are authorised for is%ue. Our re%pon.%ibilities and the respotlsibiliiies of ihe trnstres with restttL 10 going concern are described in the relevani seciions of ihi.s rep)rL Other ]nforntIOn The trustees are resp)nsible for the other inforniation. The other infOrntIon comprises the inforn]ation included in the report id accounts other than the accoun[% and our auditor's report ihereon. Our opinion on the accounts does not cover the other information and we do not expre%% any forn] of &ssuraJ)ce cojiclusion ihereoj). In ¢onne¢iion with our audii of the ac¢out)Is, our resp)nsibiliiv is io read the other infOrni]n and. in doing so. consider wheiher Ihe oiher inforniation is maierially inconsisieni Th the a¢LounLS or our knowledge obtained in ihe audii or oiherwise appears io be maierially missiaied. If we identify such Marial inconsisiencies or appareni maierial misstaiements. we are required io detemiine whether there is a material miss(aiemeni in Ihe accounts or a material miss(aiemeni of ihe oihei inforniation. Ir. based on Ihe woik we have perfornied. we conclude ihai ihere is a maierial mi5siaien*ni of ihis oiher infomation. we are required io iepoil Ih<il faLt. We have nothinu to report in this iegard. Matters un whiib we are required to repvrt b). exeeptiun We h7Ve nuthing lu ieport in respeLI of the follu7 11¢[5 where the Ch<Wities Aci 2011 ihe ch[1¢5 and Tiuslee Investment ISLotlatJdl Act 2(M)5 iequlres u5 10 trt lo }'ou if. in our opinion.'- Ihe inforniaiion given in the TnLsiees' Annual Rep)rt is inconsisieni in any maierial respeci with ihe financial sthtements: or surricieni aLLounling ieLoid5 hdve not kepl- ur Ihe finanLial siaiemenLS are noi in agreement with ihe a¢Louniing re¢ords and reillrns- or we have not received all the inforniation and explanaiions we require for our audil. Responsibilities of trustees As expl<iined mole fully in the Ttusiees, R¢snsibl1]lleS Sthtement set out on page 6. the TTUStees are reswnsible for the prepirtIun uf finanLial stdteTnent5 which wve a true 4Lnd fair view. and for SULh internal Lontrol as the trustees determine is neLessary to enable the piepatation of accounts that are free from rnaterial rnis5tateTnent, whether due to fraud or error.
Sons of the Sacred Heart of Jesus (also known as The I'erona Father51Combotll Missionaries) Independent Auditor's Rert In preplg the dccoulli%, the tee5 re%poJisible for &%se%%ing the Cht} % dbiliry, to continue going cancern, di%closit)g. as &pplicahle, m&iter% related to going eoneem and usit)g the going cot)cern ba%is of accouniit)g unle%5 the trtee8 either intend to liquidate the chariry or tt) ee&%e 0ratIonS. or have no realisiic alternative bui in dn . Auditor's responsibilities for the audit ofthe aecounts Our c)bjeciive% ale io obiain reasonable &%%uran¢e about wheiher ihe accounL% a whole are free from matrrial mi8siaiemeni, whether due io traud or error. and 10 i55ue an audiiof s tetK)rt ihai inLluJe% oui opinion. Rea%vnable a%%urance is a high level of i%%urdnLe. but 1% not a grn[ec thil an auijil Lun(Jucied it] alLr1nLe lIh ISA% ILK) will alw}y¥ deleLI a rnalerial tni%%tdte]nent when it exi%t%. Mi%slatementS Lan ati%e fTorn frdud or etror and are Lon%idered tnaleridl if, individudlly ijr in the aggregaie. they could rea%0[blY be ex[Cted to infiuence the economic deci%ion¥ of u%ers tsken on the ba%1% of the%e account%. 1tregulLltie. including frlL ud. are insiances of non-compliance with laws and regulations. We design procedllres in line with our responsibilities. OLiilined aboye, to detect maieriai misstatenients in respect of irregularities, inclllding fraud. The extent to which our procedure% are capable of detecting irreglllarities. including fraud is detailed below. To address the risk of fraud through nunagen]ent bias and override of controls, we: performed alMilCa1 procedures to identify. anj. unusllal or unexpected relaiionships; tested and reviewed jollrnal entrie.s to identify llnllsual transaci]o$. iested the authori%ation of expenditure assessed whether judgements and assumpiions made in deiemiining the accounting esiimaies were indicative of kM)teniial bias: and investigaied the rationale behind significani or unusual tyansaciions. How the audit was considered capable of detecting irreglant1¢S including fraud Our approaLh to identifving and assessing ihe risks of maierial mis5thmen1 in respect of irregularities, including fraud and non- LomplianLe with laws and regulaiion5. was as lollows". the engauernent Patinei ensured thal the enuauemeni ieam culleciively had ihe apprupriatr copetence, capabilities and kills to identify 01 recu¥nise nun-Lompliance wilh applicable laws and regulalions- we identified the law5 and regulations applicable to the Charity through discussions with managernenl and truste£s, and from our knowledge and expeTience of the chatiiv sectoi- we focused on stc1fiC laws and regulations which we considered may have a direct nterial effect on the accounts or the activities of the charity. The%e included bui were nol limited io the Charities Aci 2011, Accounting and Reporting by Chariiie%.' Statemeni of Recojnmended Praciice applicable to chariiies prepariJi8 their aceounLs in accordance with the Financial RenIng gtandard applicable io the Lniied Kijigdom and Republic of Ireland (FR% In21 (effeciive l Jaiiuary 2lll 91; and Safeguarding Regulaiion.s as Ihev affe¢1 the direct chariuble aciiviiies of ihe charii!'- and we assessed ihe exieni of compliance ihe laws and regulaiions iden(Ified above through making enquiries of managemeni and those Lharged with governance and reviewed minutes ol Irusiees meeiings. We absessed the SUSLeplibili(y vl Ihe Chatiiy s finanLial siaieTnenlS 10 maierial mibsiaiemeni, includints obthining an understanding of how Iraud Tniuht OLLur, by-. ' rnaking enquiTie5 of tnanagement and ttUStees a5 to where ihe). considered there was Susceptibility to fraud, their knowledge of actual, suspected and alleged fraud-, and considering the itjternal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through nunagement bias and oyerride of controls: we.. perfarmed analytical procedures to identify anj. unu.%ual or unexpected relaiionships: ttsted and revIe.ed journal enirie_s io identif). unllsuaj traJ)saciioJ)s- iested the aurhorisaiion ot expendiiure assessed whether judgemenis and assumpiions made in deiern)ining U)e acwuniing esiimaies were indicaiive of win11a] bias; and invesiigated the rationale behind signifiLani or unusual irdnsaciions.
Sons of the Sacred Heart of Jesus
(also known as The I'erona Father51Combotll Missionaries)
Independent Auditor's Rert
In re%pon%e io the ri%k of irregularitie4 and non-compliance with la and reglllaiions. we designed procedllre% which included,
hllt were not limited to..
agreeing financial %iatement di%c1%re$ io llnderls'ing supy)rting d(uMentation.
reading Ihe minuies of meeiings of truse%- and
enquiring ol. management and In1¢ets as ro aLiual and r)ntIal liiigation and ¢laim¥.
There die inherent limitation% in our audit piiKedure¥ deKribed aEK)ve. The rnore rernoved that law% and regulalion.% dre from
financi<il Irin%<1cliotL%, the le%% likely li i¥ Ihat we would beco¢ aware of non-cotnpliance. Auditing ¥tandard% al%0 limit the
Sons of the Sacred Heart of Jesus lalso known as The Verona Fatherylcomboni mI10narllOs) Statement of financial aCtitICS (incorporating an income and expenditure account) for the year ended 31 December 2023 General Designated Restricted tund rll fwid General fund Designated tund Restricted fund Notfs 2Q23 2022 Incon Vuluntsry incun Dvndtions dnd gifts tkgdciets SalariL% and pcnbion% Ministry Iniestment income 535.632 44.5)7 30.443 49.917 589.731 44.557 30.443 49.917 530.077 494,534 232,66? 41.()3 69.599 35.543 41.00.3 69.599 Divideiid% and intere4t Other income Misc¢llan¢ouN income Tota] incon 1.115 57.449 151.564 108.744 l(FJ.237 59.507 168 81.380 4.189 l.(W).874 4.189 754.83? 57.449 54.( Expenditure Rttising funds InNe%ltnenl miinagets fees Charitable Aetiiities Pastoral actis'ities p[not10nal rnagazine costs Upkeep uf cutnTnunilies Donaiions and tnissions ManaEycmLni and adminisiraiion Other expenditure Governance costs Tots] expenditure 20.579 12,759 33.338 37.045 23,657 13.388 i4.805 840.801 287.337 21.291 54,805 &10.801 298.868 41,241 661.734 3(H.459 41.673 41,241 661,734 293,474 41.673 10.985 10.? 1.2.3.i.O?I 10.?tK) 1?.759 IIJJI l.(Y97.264 1.072.891 13,388 10.985 Totsl less expenditure 1480.1891 44,6 42J68 (3919311 (50,3901 1121,0671 46.119 24.558 Net galTh8 Ilossesl on investments 74.719 10.459 85.178 I1.8.53]I 1655,8491 1352.6821 Net incon lexpenditurel before transfei 1405.4701 55.149 42J68 1307.7531 11.058.921) 1776.916) 1306.5631 24.558 Trawfers between funds 1405,47U} 55,149 42j68 1307,7i3 11,058,9?11 (776,9161 131h,5631 24.55% Balathces broughl forward l Jthu&ry Bknces tried forward 31 Dbe 3.525.023 3.119.ii3 j._j)8.liO j.j83 ? 38.379 80.947 10.l_iO.47_1 9.)1.552 4,301,919 3,i25,02J 5.834.713 5.528.150 8.783.799 38.379 Continuing operations Noiie olthe charity s aaivities were acquired or disconiinued lting the Thvo finaDcial veaTS. Sta¢eJnent nf total rec(wiised gaiTLS and The chkiriiy h&s recngnised £ain£ nr Insse% (her than thos¢ shown ar a]Jd therefore no sep3r* 4tatern¢nL of Lotal gains and Ii>ss¢s ha been prep4red.
Sons of the Sacred Heart of Jesus (also known as The Verona FatherslComlM)ni Missionaries) Balance Sheet as at 31 Deeember 2023 Notes 2023 2022 Fixed Tangible asseis Investfflent% at [nket value 3.4?2.194 5.436.)(P) .1158.-103 3.416,763 5.626,721 9.04.3,484 io Current a&sets Debiors Cash at bank a[ in hand 65J30 -314.3?0 399.850 34,718 480.967 515.685 Creditors: atnounts falling due within one year 12 474.454 1467,6171 Net current (liabilities)la&sets (74.flHI 48,068 8.783.799 9.091.552 Capital and reserves Unrestricted Funds Geneidl funds De5i.q]ated funds 3.1 19.55.3 5,583 ?y9 8.702.852 80.947 3.525,023 5,528.150 9,053.173 -38..379 13 Restricted fund5 14 8.78.1.799 9.091.552 Approved by the Trustees and siuned un their beh<LII ReN'. Martin Devenish mccj DireLtornru%tee Approved by the DireciorrruseS on 12ih August 2024
Sons of the Saered Heart of Jesus (also known as The Verona Fathe/cOmb01 Missionaries) Statement of cash flows for the year ended 31 December 2023 Note 2023 2022 Cash generated in operating activities 1550.7211 1139,321) Cash flow5 from investing acivities Inve.%tnient income Proceeds of inve%tmeni sales Purchases of investsnenLS Purchase of fixed asseis Cash provided lusedl in invesiing acriviries 151.564 2,597.598 12,352.5691 12.7.11101 37.3.413 168,744 2.092,0()6 {1.994,-3WI (21,7801 244,670 tnciease in cash and cash equivalenis in year 1177,3081 105..349 Movejnent in year (Decrease) increase in cash at bank and in hand (Decreasel increase in deposit5 and cash held by inyeslment nagerS for re- investment 1146,6471 184,893 (30.6611 1177.3081 {79,5431 In5,350 A. Reconciliation of net nM>vement in funds to net cash flow from operating 2023 2022 Nei income lexpenditure} DeduLt inveslTnenl inLOtne Add depTeLiation Addl(deducl) net moveTnent on inYestTnent5. Itjcrease Idecreasel it) CTediiors Ilncrease) decrease in debiors 1307,75.31 (151,5641 17,749 185,1781 6,837 (30.8121 1550.7211 (1,058.9201 1168.744) 16.646 1.008.531 778 62.388 1139,321) 13
Sons of the Sacred Heart of Jesus (a150 known a5 The Verona FatherslComboDi Missionaries) Principal aecounting polieies for the year ended 31 December 2023 l Basis of preparation and a&5e5sment of goillg concern The account8 have been prepared under the hisiorical cosi coniTeniion wilh iiems recogniqed at cosi or tranqaciion value unletss oiherwise biaied in ihe relevani noie(sl io Ihese accounis. The financial siaiemenis have been prepared in accoidance with the Statemeni of Recommended Ptaciice= Accounting and Reporting by Charities preparing iheir accounts in accordance with the Financial Reporting Standard applicablc in the UK and Republic of Ireland IFRS 102) issued on 16 July 2014 and the Financial Rewrting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021 and the Chariiies Aci 2011. The Trust con.qiitute8 a public benefii entiiy as defined by FRS 102. The Trusiees consider ihai ihere are no maierial uncenainiies aboui Ihe Trusi's abilily io coniinue as a going concern. 2 Income All income is recognised once ihe chariiy has eniiilemeni io ihe income, il is probable Ihai Ihe income will be received and ihe oUn1 of income ieLcivablc Lan bc ¢Vred rcliably. Donation5 ale rcLugniscd whcn ihc Trnsl bcen notified in writing ot both the amount and sciilemcnt dale. Legacics are recognised on a case by case basis following the granting of probate when the administratorlexecutor for the estate has comtnunicated in writing EK)th the amount and settlement date. Interest on funds held on depiqit is included when receivable and ihe amouni can be me&8ured reliably by the chariiy; Ihis i.s nomally uw)n no¢ifiLation of ihe interesi paid or payable by Ihe bank. Dividends dle feLo¥lli5ed unLe the dividend ha5 b¢cn d¢Lld anil nulifiLalion has been TeLciwed of thc dividend duc. This is normally upon notification by our invcstmeni advisor of the dividend yield in the ini'estment portfolio. 3 Expenditure Liabililie% die ieLugniscd as expenditurc as 500TI a5 Ihcie is a legal 01 constructive ubligation comtnitiing the chariiy 10 that cxpenditurc, it is probable that 5ettlcment will IK rcquircd and the atnount of the obligation can be measurcd reliably. The cost of generating funds includes the fees paid to Anvesitnent tnanagers in respect of the management of the charity's investment portfolio8. Expenditure on ¢hariiable aclivilies Lomprises direci expenses in¢urred on ihe defined charithble purposes of Ihe Lhatity and illLludcs Staff Lusts dttribulable to the dLtivity. GovcrnanLC Losts comprisc of cxpcnditurc on compliancc with. aT]d advicc. on constitutional and statutory mattcrs. As all cxpcnditurc can bc altributcd to spccific catcgorics no apportionmcnt bciwccn hcading has bccn ncccssary. Irrecoverable VAT is included in the items of expenditure to which li relaies. 4 Tangible fixed assets Freehold land and buildings a inLluded ai a valuation based eiiher on a value esiimaied by ihe Trusiees in 1999 or on historical Lost. The Trustees do noi LOnSidei thai ihe expense of a professional valuaiion in ordei io ascertain the Scpdfdte values of the land and buildings 15 justified. The buildings are in constant use in furtherance of the charitable objectives and are maintained to slandards that ensure that their residual value is not less than the book value. Buildings are noi depreciated. for Ihe reason stated above. they have a very long useful economic life such that annual depreciaiion would be immaierial. All assets costing more than £l.O(K) and with an expected life of more Ihan one year are capitalised. Depreciation is provided at the following annual raies in order to wriie off each as8ei over lis estimated u8eful life: Plani, equipmeni, fixiuie.s and filtings ?0% 01 25% on cosi. Motor vehicles 250k cost. After five years plant. equipment. fixtures and fittings with a net IK)ok value of nil are written out of the accounts as in the opinion of the Trustees such assets have a negligible residual value. 14
Sons of the Sacred Heart of Jesus (a150 known a5 The Verona FatherslComboDi Missionaries) Principal aecounting polieies for the year ended 31 December 2023 5 Foreign currencies Transactions in foreign currencies are recorded ai ihe raie ruling ai Ihe dale of Ihe transaciion. Moneiary asseis and liabililies denominaied in loreign currencie5 are tran51aied ai Ihe raie of exchange ruling ai Ihe balance sheei dace. All differenLe5 ale iaken to the piofil and loss account. 7 Investments Investments are a fom of basic financial in%trnmeni and are iniEially recoonised at Iheir tranqaciion value and subsequenily measured ai Iheir fair value as ai ihe balance sheei dale using ihe closing quoied markei price. The statemeni of financial aciivilies includes the net gains and losses atising on revaluation and disp05als throughout the year. The Trust does not acquire put options. derivatives or other complex financial instruments. The main forni of financial risk- faced by the charity is that of volaiiliry An equity ii)arkets and investment markets due to wider economic condilions. the altitude of invesiors 10 invesimen( risk, and changes in seniiment concerning equities and wiihin particular seLior$ 01 sub seciors. All gn5 dnd losses uken lo ihc Sialemcnl ol Financial ActiN'itie5 a5 they 5¢. Rcali5ed gains and 105ses on invcstinents arc calculated as the differencc bel'ten sales procccds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unreallsed gains and losses are calculaied as the difference teiween the fair i'alue at the year end and their carrying value. Realised and unrealiqed invesimeni gains and losses are combined in the Sthiemeni of Financial Aciivilies. 8 Fund accounting The general fund compri.ses Ihose monies, which may be used iowards meeiing the Lharivdble objeciives of ihe chariiy at the di5Lretion OF the Tru5tCC5. The dcsignated funds arc monies scl aside out of gencral fund5 and dcsignatcd for specific pujposcs by the Trustees. The restricted funds are monies raised for. and their use restricted to. a specific purw)se. or donations subject to donor impo.qed conditions. 9 Taxation The Trusi, as a regisiered chariiy. is exempi from tsxaiion on lis income and gains falling wiihin Section 505 of Ihe Taxc5 Act 1988 01 ScLtiun 256 uf ihe Taxation of Chargeable Gains Act 1992 to the extent that they dlc applied to its charitable objectives. No lax charge has arisen in the year. 15
So]]s otthe Sacred Heart otjcsus lalw known as The Verona FatherslCombo))I P¥Iissionari(%) Notes to the Accounts for the year ended 31 December 2023 I Sa]ari¢5ond pe41050f Jnvmlrrs Genpra] De5iEiiatEd fund Restrict fuDd ru 20 202Z Salarieb 1.87) ?8.568 30.443 1%75 ?8j68 30.443 32: 38.379 41.fAJ3 38.179 41.()3 2 1nvfThen¢ incom¢ GEra1 DesIgatEd fund Restrided fuDd 20 202Z Dividends intertsi fiom irtvtsbttnts JJJrtk urtd other ititertr31 Yl.5YI 2.524 91.115 57.419 149.(NlO 167.772 972 168.741 108265 972 l(Y)237 59,5U7 57.449 151.5(A 59.507 3 Charilable actiThitie5 GEnera] rund Designated Re5trirted fuDd rulld 20 202Z Ufvep of tommullitles Sithff ctht Prenuse% Provj¥ion% dnd household Oihercammunity andpeTsnn41 ca5LS Depreciatii)n 105.898 ? J5.524 97.830 383.81Y) 17.749 105.898 )35.5)4 978Jl 383.81 17.749 0.801 98.304 165.610 80.223 3(Xl.951 16.646 1.714 98.304 31)).951 16.640 1.734 4 DODail aknd Genpra] fund DeSiElllItEd fund Reytri¢ted fund furjd 2022 Donatson MiniRlTh' tnr Relllgees cnntrItiTr$ tothe wnrk tsf th¢ Cnerab ContributiTrn4 Mi.%ji)nq ?507 14.370 14.370 ??1.330 63.511) ?B5.956 4.971 54.133 75.031 10.985 287.337 298.868 315.4U 293.474 10.985 contritin$ tothe mi10%0f the VeionaFathu5thToughouitheMYXidaTEseioiiilth". 2023 2021 Brazil 5.945 8.526 2J80 4J64 Kenya Malawi Mexico Portugal Togr) Uganda Contr]110nS of less than £2.5( 4JM3 0,142 23.9)8 2.738 6_ISfJl 4.452 54.133 5 Managem¢nt admini5trution Gcnera] Dcsi%natcd Rcstricted fuDd 202J 2022 0tTieeexnSes Digital archiyc prOjE Professional fees 4.478 4.478 33.4?8 5.22? 21.299 21.2 41.671 41.67_ 6 Net ineonjlng loutgol) resoureesbero iraterS Gcnerg] fund Dcsignatcd fund Rcstricttd nd fund 2023 2022 Staff costs Ino* 71 Auditors remuneTrtion AccountingandithEI DtprcLidliOn 108.749 11%.749 Oh50 3550 17_749 0.8iJ) 4.312 10.(A6 fi.81 3.550 17.749 16.646 7 Staff eostSaDd Trst¢L5. remuneration 20 2022 16
So]]s otthe Sacred Heart otjcsus lalw known as The Verona FatherslCombo))I P¥Iissionari(%) Notes to the Accounts for the year end 31 December 2023 8ff CtI dunng the )rar w¢re follov•S'. Wages and laries Scridl %ecuriL c(k%L Pcn.%ion contnblluon l(b539 1.495 95.351 I8.74y Noetnplojre earned more than £KJ.(KKJ F¥r annum iin¢luding ben¢fiLs)drin8 ?Or w the Pre0%}4r. The averag¢ Dumb¢rrfemploTree& aall.5¢d bv furtn Orfice No tsubtee received arty retrtutteiatiort OrTeitthJttstsi orex] Its¢[ ofsetvittsas dUtig tht yeaTOrits the pKtViOUs yeat. All mtrtthtsof the Ordts. Includin the trUtee%. are mn[alTred by the TnL%t. 8 Other expendiiure EXndItUre incurred in resrKrtof hi5Mcal liabilities lor .h1th in5UtaKec(wercann or .re hiqori¢aJ 11¢} liMiL% inade9ua. Tangiblefixfd a Fr¢¢hrfd daNI buildin85 Motor vebiclE5 Furnityre and equipment Total Ai l JJnuaty 2013 Additii)n 3J91.418 140J5Y 1:.680 3,536,895 3.180 10.51N) Ai 31 t)ec¢mr 2023 3.391.418 1•1.689 3.530.9?5 I)eprwg¢ion Ai l January 2Q23 ChdrEL IOT thL ycar Ort disw)sal Ai 31 2023 3.838 13.845 17,749 I.989 7.742 Net bookialu¢ Ai 31 DMr 2023 At 31 DernbEr 20?2 7.876 8.422.194 3.416.763 ?4.1kn5 10 Ihvestmejjts 2011 2022 Market %alue ai l January 2023 Additions aicosl D15PDl prtxeeds Gain I1) in y¢ar Market vJluc at 31 DEcembcr 2023 5.534.734 2.352.569 12.597.598 6.640.972 1.994.3(K) 11.rKJ8.53? 5.534,734 5.374.883 Cash held by InY¢51tn¢ni rnanagers for re-inv¢5WYni 91.987 5.626.721 5.436.2 Cost of listed in¥estmenisat 31 Decenther 2(Y23 5.267.973 5 67.973 11 Debtors 2023 2022 Olhcrdcbtur Ttepa)Thenis and [ed incoTne 34,718 12 Creditors- 4mowits f4]118 within year 2023 2022 Due tn Provinces. Pr-Te& and Mi55ions Sundry crediw5 Acirnals Duc to GCncraIa in Rv] 389.524 2.426 ?0.682 6_5.787 474.454 467.617 13 DeslgDatsd fuDds The Incole funds of the charl'trlJes the folkn%'ing design*gJ (undk Sei aside fromthe unTesthaed ofthe Tru by trustees for specific purposes.. l7
So]]s otthe Sacred Heart otjcsus lalw known as The Verona FatherslCombo))I P¥Iissionari(%) Notes to the Accounts for the year ended 31 December 2023 Al l Jafftuary Jllconiin8 Utibse4V re&lised Deceinber RLsLfNL RLtirLrnCnt fund Building.MJinienJnce fund The Land &rtd Buildiiigs fiiod 1.651J48 485.184 8U.613 12256 19,9101 469,630 S.5)8.15V 9fj.869 (37.7201 5.583 ? The Re%erve and ReriTeTlleDt fvnd his towmide fiKthe rEriT¢d ad aged the In fvture }Ears. The Building Maintenance fund is intended to co%Eran! LqT.ue Unex[ed cn5(sarisino - from the 4oe Jnd candition ofthe chJntia% propBrries. ThL Jnil Buildings Iund Is LVUJI Iv thL knk %uL. of thL li]DJ A tl thib fund fTum thL glldI fund of thc ihJnty in recognition ofthe fact that the landand liding5 Jre e&fientiJ] to the day-t(H]ayThThi" of thecharity sllch theirvalue should not hE regJrded that .ll1d r¢14 ljsdbl¢ w'ith 14 ReIrilted funds The ine()n furtds of the chgyity Ildele&id fu cotiw%ittg f(Altsw"ing of&105 dtid Olher]fK)nie%hdd ort Ifu%L i(J be upplied for specific putpo4es. At31 At l JJnuury Inc(nrring DELEtnbEr 2023 r&wpurce realised 3.865 26.S$8 13.865 NekelEe Schanl PrThjert Ethinpia St Daniel Cnmbt)ni Se£nndarySchml Nair(Jbi 79.697 17.W 18.379 54.(V)9 0.947 The %lfic PUryXY*s which the fundb ayeiobe awbed att &% f(dlows". ThL mi.%1Tr Funilion%i%L% oldonalions CCI¥td lor stri1 mi5510 3nd FWJCC The Nekemte Sch(k)I ProJe£tcnn%i%Ls [&$cO1Eed in s1b-We Ethi(yi St Daniel com1 STrdary Sch(K)l Nairobi rents d(¥Jail5 fora bjs * asec4)ndaryscW in KeThyd. G¢nerwi I)egnated R¢5trict¢d f[d run 2023 Fixed tssseL% Current asseL% Crtditot%." alntS falling due within one year 3.744.102 1150.(Y)51 .858,403 3W.850 468.W8 80.947 1474.454 l.119J53 (474.4541 8.783.7 5.58.3.299 80.947 18