Chariiy regiqtraiion numher England dnd Wdles ?211240 scoll￿d SC039530 Sons of the Sacred Heart of Jesus (also known as The Verona Fatherslcovnboni h11￿lonarieS) 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. re￿rt 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 Inforn￿tiO T￿￿tee5 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 %peCific￿lI1Y io Nerve the miN%ionary endeavours of the RO￿￿3￿ Catholic Church in the South of the world. Inspired b}". the Gu4[￿1, ifs ￿lt￿be[S live a lile Ivgeiherand pracliLr lile-lon¥ religivu¥ vow% olFKiverty. Lh￿￿. variou% Roman Catholic Reliuiou% Orde1% and In.%tilute%= the Parishes and Deaneries within B,hich our co￿lnunitIc% are ¥itualed., neighbouring Pati%he% and Deanerie%= Parish Organizatiolls and Group5 for the'Third Il'orld,, Ju%lice and Peace, I[n￿1￿[￿l￿15. rel"u¥ee¥ a¥ylum-%eeker¥- bl Educational Establishments e.g. Faith %Lh(KTr15. third-level colleges and univer*iiy Chaplaincie% which are visired on a regulai ba¥1% or b). inviiaiion- cl Roman Catholic land other) LharitieslA&wciatioLs ihai fund (Jeveluprnenl inilialives in deprived ￿elS of the world e.g. CAFOD, SCIAF. Aid w ihe Church in Need. MIVAISLRVIVE. Si. Francis Leprosy Guild, Ihe Little Way Associaiion, d} Local Councils and other Organizationslcomwanies e.g. Boroughlcounty Councils. Uiility Companies, Ihe Posi Office, priniers an4J mailing house%. PUBLIC BENEFIT The Trustees have consUl￿d the guidance Jnade al'ailable b), the Charii!, CoJnmis%ion for England and Wales on Ihe Pllblic Benefji requirement of the Chariiies Aci ?Dl l. The Trnstees are confideni thai they have eojnplied with their duly under the Chariiie% Act ?nl l in Ihat they have had due regard io the public henefii guidance publi%hed hy the CtimJni%sion. In furiherance of Ihe Trnsi's Charithble purposes for the public benefJL the Trn$￿e￿ give detsils of their activities in ihe fc>llowing paraoraph5. ACTIVITIES During the year ended 31" December 2023. the Charity - consisting of five151 Rolnan Catholic Religious Coinmunities that are home to eighieen1181 pernianent Members and various visiLing Members from abroad- continued to share in the Church's missionary endeaTr'ours thtouoh a life of piaj'ei and the followinLT traditional ap05tolic activilie5'. al Sunningd#le (Berkshirel with four14) Confrères - Pro&incial Adrnini5tration (Provincial Superior. Provincial Trea5uier and the Procure foi the Mi5sions1= ediloTial Office5 for our Quarterly Magazine. 'Comboni Mi5SIOFI Parish Minisiry at the -sacred Heart Church- hospilalit), lo Members in tran51t to and from our Mi5sions-, and TnakiniT 'Mission Appea15 in Roman Catholic PaTi5hes ihroughout England and Wales. bl Bavswater (West London) with six 16) Conlrères - Pasiural ttLilliSlrv. leLluring anLI offering conferences for lellow Rotnan Catholics: huspiialily lu MtTnbetS Siu¢Ji'ing the English Lantsuatst. ui whu following Cuuises in and around London, or who ale jusi passinu Ihruuuh the Uniied Kingdotn: eLiilOTial offiLes foi our Souihworld web-Tnaga£ine www.suuihworld.nel an¢J our reLenil!' launLhe¢J websiie ww'M'.LvThiMJnitnissionaTies.LU.uk," and tnaking -MiSSLun Appeals. in Rornan CaihuliL Patishes ihtuughuul England anLI Wales. cl Roehampton Isouih-wesi Lon¢Junl with Iwo121 c0nlrè￿$- Patish Nlinis1Tr ai 'SI. Joseph's CaiholiL ChuiLh'; Ihe spiriiual Lare of immigranis. refugees and as)'lum-seekers- and making'mission Ap￿a]s. in Roman Caiholic Pari.shes IhrouLTrhoui England artd Il'ales. dl Horsforth ILeeds} wilh Iwo 12} Confrères- Mission O￿l¢e for disiribuiirtg our quarterly magazine. 'Comboiii MiJJivn and main(aining coniaLI Wlth our benefaciors 1hrou￿hoU( England and M'ales,. pastoral ministry for fellow Roman Catholics., and making 'Missiort Appeals in Roman Caiholic Parishes throughoui England artd el Carm>le {Glasgawl with four (41 Confrères- Mission O￿let fDr distribuiijig our quarterly magazine. 'CéjiFthÉJ￿l Mi.¥.iicpn and maintaining coniaci with our benefaciors in Scniland- YouthNocation Ministry., 'Justice and Peace Neiwnrking- care for elderly Menibers. p&sioral ministrj, for fellow, R()Jnan Cathnlics in neighbouring Pari.%he8 and Deaneries- and niaking 'Mission Appeals in Roman Catholic Parishes in Scotland. O OTrerseas - There are & turther four 14) Members of the PmvinLe re%iding or wnrking abniad.. Ireland (31 and Sons of the Sacred Heart of Je5U5 (also known as The lerona Fatherslcomborri m￿s￿onaries) T￿￿tee5 Report REVIEIV AND DE*ELOP￿IE[*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 cau*d 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 F￿1][h[￿l cvnlinued to ￿'](h Iheir Lu%1cirn￿￿. genero%ily. We are plea%ed io report tha( all ￿onIe% LulleLred our MiK%ion Appeal% were di¥ltibuie(l io our fvfi%%icin% ￿1nd NIission￿l￿C¥ ￿lbroad. Mission O￿l£eS- Over ihe year ihe Mi55ion OffiLes in Hot5fonh (Leeds) Catm!,le (Glastrow) maile£l out the four14) qUdTterly issues vf our mag￿l￿t, CoFnboni Mi55ion. io uur Iriends supw)flers ihtuuJJout ihe Lniied Kingdvm. The magazine has a cirLulaiion of approximatel)- eighieen thousand I l¥.(KXII and we distribute some fony ihousand140,tK)O} copies of our Missionary Calendar. As is indiCa￿d in our Audited Accounts. the wonderful response from our readers was rypical of Iheir greai thoughrfulness in our regard. W￿V.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 In￿reSI from as far afield as Eas￿rn Europe, Norih America and South-E&si Asia. During the cour%e of the vear ending 31, December ?0*3. 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 pre￿At]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 le1￿Ying 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 ex￿C(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'ESTMEP*T 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 cU￿ent 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 m￿s￿onaries) T￿￿tee5 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￿￿)de￿iL the inLume uf the LhaTilJ.' are di￿]cult to prediLI, however while we expect Junalion.% ￿1￿LI inve%trnenl inLvrne Iv L￿n11n￿e lo %uller we will able lo cvnlinue vui wutk for the rure%ee￿ible luture a% our Lhintable ex￿ndItute. and in patli¢ular the donaiions io the Mi%¥ion*. is to a large extent de￿￿￿ent 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 In￿nded io provide income for the future needs of aged or infirni Confrères as ihey rewrn io the Lni*d KIn￿d0M 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 MaIn￿nanCe 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 ASSESsME￿T 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 Pro￿rtY, 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 ￿rg￿lLed 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 .CTTMi￿uI 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￿.$e￿Ily cared forby oihers Members of Their￿specI1ve 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 S￿l￿] 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 Tru￿te£.% take their legal res￿nsibIlitieS 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 'DatLx1y, for our audit work, for this re]x)tL or for the opinions we have fornled. Borucki & Co CliarteredArcouniants und Staiiiton. Audilor5 42 Radnoi Road HatTOW Middlesex HAI IRZ Signed on 12 Augusi 2024 BoTucki & Co is eligible to act a5 auditor in tertll5 of Section 1212 of ihe Colnpanies Act 2006. 10 Sons of the Sacred Heart of Jesus lalso known as The Verona Fatherylcomboni mI￿10narllOs) Statement of financial aCti￿tICS (incorporating an income and expenditure account) for the year ended 31 December 2023 General Designated Restricted tund r￿ll￿ 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 J*thu&ry Bknces t￿ried forward 31 D￿*￿be￿ 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 lti￿ng the Thvo finaDcial veaTS. Sta¢eJnent nf total rec(wiised gaiTLS and The chkiriiy h&s recngnised £ain£ nr Insse% (*her than thos¢ shown a￿￿r 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 [n￿ket 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 behvement 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¢Ll￿d 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 g￿n5 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 pe￿410￿50f 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 1nvf*Then¢ incom¢ GE￿ra1 DesIg￿atEd 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 cnntrI￿ti￿Tr$ tothe wnrk tsf th¢ C*nerab* 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 contri￿ti￿n$ tothe mi￿10￿%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 0tTieeex￿nSes Digital archiyc prOj￿E Professional fees 4.478 4.478 33.4?8 5.22? 21.299 21.2 41.671 41.67_ 6 Net ineonjlng loutgol￿￿) resoureesbero￿ ira￿terS 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 Tr￿st¢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 8￿ff C￿tI dunng the )rar w¢re follov•S'. Wages and ￿laries Scridl %ecuriL* c(k%L Pcn.%ion contnblluon l(b539 1.495 95.351 I￿8.74y Noetnplojre earned more than £KJ.(KKJ F¥r annum iin¢luding ben¢fiLs)d￿rin8￿￿ ￿?￿Or w the Pre￿0￿%}￿4r. The averag¢ Dumb¢rrfemploTree& a￿all.5¢d bv fu￿rt￿n Orfice No tsubtee received arty retrtutteiatiort OrTeitthJt*ts*tsi orex￿￿]￿ Its￿¢[ ofsetvittsas dUti￿g tht yeaTOrits the pKtViOUs yeat. All mtrtthtsof the Ordts. Includin￿ the trU￿tee%. are m￿n[alTred by the TnL%t. 8 Other expendiiure EX￿ndItUre 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¢m￿r 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 D￿M￿r 2023 At 31 D￿ernbEr 20?2 7.876 8.422.194 3.416.763 ?4.1kn5 10 Ihvestmejjts 2011 2022 Market %alue ai l January 2023 Additions aicosl D15PD￿l 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]11￿8 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 Incol￿e funds of the charl￿'tr￿l￿Jes 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 a￿d 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￿]D￿J A t￿l thib fund fTum thL gl￿l￿dI 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 Re￿Irilted funds The ine()n￿ furtds of the chgyity I￿l￿dele&￿id￿ fu￿￿ cotiw%ittg f(Altsw"ing of&￿￿10￿5 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$8 13.865 Neke￿lEe Schanl PrThjert Ethinpia St Daniel Cnmbt)ni Se£nndarySchml Nair(Jbi 79.697 17.W 18.379 54.(V)9 0.947 The %￿lfic PUryXY*s which the fundb ayeiobe awbed att &% f(dlows". ThL mi.￿%1￿￿Tr Funilion%i%L% oldonalions ￿CCI¥td lor st￿ri1￿ mi5510￿ 3nd FWJCC The Nekemte Sch(k)I ProJe£tcnn%i%Ls ￿[￿￿&$cO1￿Eed in s￿1b-We￿ Ethi(yi St Daniel com￿1 S￿Tr￿dary Sch(K)l Nairobi re￿￿￿nts d(¥Jail￿5 fora bjs * asec4)ndaryscW in KeThyd. G¢nerwi I)e￿gnated R¢5trict¢d f[￿d run 2023 Fixed tssseL% Current asseL% Crtditot%." al￿ntS 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