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2024-12-31-accounts

Charity registration number England and Wales 220240 Scotland SC039530

Sons of the Sacred Heart of Jesus

(also known as The Verona Fathers/Comboni Missionaries)

Report and Financial Statements

31 December 2024

Page 1 of 20

Sons of the Sacred Heart of Jesus

(also known as The Verona Fathers/Comboni Missionaries) Report and Financial Statements Contents

Page
Legal and administrative information 3
Trustees' report 4
Inependent Auditors' report 10
Statement of financial activities 13
Balance sheet 14
Principal Accounting Policies 15
Notes to the financial statements 18

Page 2 of 20

Sons of the Sacred Heart of Jesus

(also known as The Verona Fathers/Comboni Missionaries) Legal and Administrative Information

Trustees

As Directors of Verona Fathers Limited

The Reverend Alberto Pelucchi mccj - Chairman The Reverend John Clark mccj The Reverend Martin Devenish mccj - Secretary The Reverend John Downey mccj Rev. Ruben Padilla Rocha mccj Provincial Superior The Reverend Rubén Padilla Rocha mccj Provincial Treasurer The Reverend Martin Devenish mccj Provincial Office The Verona Fathers/Comboni Missionaries London Road Sunningdale Berkshire SL5 0JY Telephone 01344 621237 Charity number England and Wales 220240 Scotland SC039530 Auditors Williams Chartered Accountants Jade House 67 Park Royal Road London NW10 7JJ Bankers Royal Bank of Scotland plc 36 St Andrew Square Edinburgh EH2 2YB Investment Managers Brewin Dolphin Ltd 12, Smithfield Street London EC1A 9BD Solicitors Pothecary Witham Weld Solicitors, 84 Eccleston Square, Pimlico. London SW1V 1PX Chartered Surveyors Gould Baxter Hamilton House Mabledon Place London WC1H 9BB

Page 3 of 20

Sons of the Sacred Heart of Jesus

(also known as The Verona Fathers/Comboni Missionaries) Trustees' report

The Trustees present their Report and Financial Statements for the year ended 31st December 2024

INTRODUCTION

The Sons of the Sacred Heart (The Verona Fathers/Comboni Missionaries) are an international Roman Catholic Religious and Missionary Order of ordained priests and lay brothers founded by Bishop Daniel Comboni in Verona (Italy) in 1867 specifically to serve the missionary endeavours of the Roman Catholic Church in the South of the world. Inspired by the Gospel, its Members live a common life together and practice life-long religious vows of poverty, chastity and obedience, all in furtherance of the Roman Catholic Religion. Everything is placed and held in common: Members do not own property of any kind or possess individual Accounts with banks or similar financial institutions. There are presently worldwide some one thousand five hundred (1,500) Verona Fathers/Comboni Missionaries of thirty-seven (37) different nationalities working in some forty-three (43) different countries throughout Europe, Africa, Asia and the Americas.

The aims of the Verona Fathers/Comboni Missionaries - in the United Kingdom and Overseas - may be summarised as follows:

•To bear witness to the love of God for all, as experienced in Jesus Christ;

•To promote awareness of the missionary work of the Roman Catholic Church in the United Kingdom and in the rest of Europe;

GOVERNANCE

The Verona Fathers/Comboni Missionaries are governed at an international level by a Superior-General and four (4) General Councillors who reside at their General Headquarters in Rome. The Superior-General and his Councillors are elected for a sixyear term of office (renewable upon re-election for one further term only) at a ‘General Chapter’ which is held every six (6) years and which is composed of ‘Provincial Superiors’ and elected ‘Delegates’ from each of the twenty-seven (27) semiautonomous ‘Provinces’ or ‘Circumscriptions’ into which the Order is divided along geographical lines. All those who participate in the ‘General Chapter’ are perpetually professed Members of the Order who have freely chosen to dedicate their lives, their time, their energies and their talents to the Church’s missionary endeavours.

One of these ‘Provinces’ or ‘Circumscriptions’ is the ‘London Province’ which consists of the Communities resident and working in the United Kingdom and Ireland. The ‘Province’ is governed by a ‘Provincial Superior’ and a four-Member ‘Provincial Council’ - all of whom are elected for a three-year term of office which is renewable upon re-election, generally for one further term only. The Provincial Superior and his Council meet regularly during the year to:

•direct the activities of Members in the ‘London Province’;

•assess and evaluate progress within the ‘London Province’ in the light of the decisions of the previous ‘General Chapter’;

In fulfilment of the objectives of the Trust, it is the policy of the Charity to undertake a range of charitable activities in the United Kingdom and to support Members of the Congregation living and working at home and overseas - in a special way those in Africa.

The Financial Statements accompanying this Report are the Financial Statements of the Charitable Trust upon which the assets of the ‘London Province’ are held – the Trust governed by a Trust Deed dated 6th April 1959, and later registered under the ‘Charities Act 1960’ with Charity Number 220240.

Page 4 of 20

Sons of the Sacred Heart of Jesus

(also known as The Verona Fathers/Comboni Missionaries) Trustees' report

VERONA FATHERS LIMITED

In line with financial and legal developments in the United Kingdom, the ‘Sons of the Sacred Heart’ or ‘Verona Fathers/Comboni Missionaries’ were registered as ‘Verona Fathers Limited’ in England and Wales with Company Registration Number 594993 in 1959. Under the terms of the Trust Deed designating it thus, ‘Verona Fathers Limited’ acts as the Trustee for the ‘Sons of the Sacred Heart of Jesus’ or ‘Verona Fathers/Comboni Missionaries’. The Provincial Superior, pro tempore, is the ex-ufficio Chairman of ‘Verona Fathers Limited’ and the other Directors of the Company are nominated by the Provincial Superior with the approval of his Council.

DIRECTORS

The Directors who served in the year are the following Verona Fathers/Comboni Missionaries:

Rev. Rubén Padilla Rocha mccj - Provincial Superior and Chairman of the Trustees Rev. Martin Devenish mccj - Provincial Treasurer and Secretary to the Trustees

Rev. John Clark mccj - Director/Trustee Rev. John Downey mccj - Director/Trustee Rev. Alberto Pelucchi mccj - Director/Trustee

TRUSTEES' RESPONSIBILITIES WITH REGARD TO THE FINANCIAL STATEMENTS

Under charity law, the Trustees are responsible for preparing the Trustees’ Annual Report and the Financial Statements for each Financial Year, which show a true and fair view of the state of affairs of the Charity and of the excess of income over expenditure for that period.

In preparing those Financial Statements, the Trustees are required to:

The Trustees are required to act in accordance with the Trust Deed of the Charity, within the framework of trust law. They are responsible for keeping proper records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the Charity at that time, and to enable the Trustees to ensure that, where any financial statements are prepared by them under Section 132(1) of the Charities Act 2011, those financial statements comply with the requirements of regulations under that provision. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Charity and to prevent and detect fraud and other irregularities.

MANAGEMENT

While the Trustees are ultimately responsible for the policies, activities and assets of the Charity, the day-to-day management of the Charity's activities and the implementation of its policies is the responsibility of the Provincial Superior and his Council. The Province's finances are administered and managed by the Provincial Treasurer who is accountable to the Provincial Superior, his Council, the other Members of the Province and Order, and the Charity Commission. Whenever the Trustees or management (Provincial Superior and Council, and/or the Provincial Treasurer) are in need of professional advice there are designated individuals/companies to whom they may turn (solicitors, lawyers, accountants, auditors, bankers and investment managers).

Page 5 of 20

Sons of the Sacred Heart of Jesus

(also known as The Verona Fathers/Comboni Missionaries) Trustees' report

OTHER ORGANISATIONS

The Verona Fathers/Comboni Missionaries, individually and collectively in the five (5) Communities that make up the ‘London Province’ in the United Kingdom, have a number of Organizations and bodies with whom they need to interact on a regular basis:

PUBLIC BENEFIT

The Trustees have consulted the guidance made available by the Charity Commission for England and Wales on the Public Benefit requirement of the Charities Act 2011. The Trustees are confident that they have complied with their duty under the Charities Act 2011 in that they have had due regard to the public benefit guidance published by the Commission. In furtherance of the Trust’s charitable purposes for the public benefit, the Trustees give details of their activities in the following paragraphs.

ACTIVITIES

During the year ended 31st December 2024, the Charity - consisting of five (5) Roman Catholic Religious Communities that are home to eighteen (18) permanent Members and various visiting Members from abroad - continued to share in the Church’s missionary endeavours through a life of prayer and the following traditional apostolic activities:

Page 6 of 20

Sons of the Sacred Heart of Jesus

(also known as The Verona Fathers/Comboni Missionaries) Trustees' report

REVIEW AND DEVELOPMENTS

Mission Appeals - During 2024 we were able to visit and appeal in forty-three (43) Roman Catholic Parishes in the Diocese of Hexham and Newcastle in England and Wales, and a further twenty-eight (28) Parishes in the Dioceses of Aberdeen, Argyll and the Isles, and Galloway with the Archdioceses of Glasgow and St. Andrews and Edinburgh in Scotland. Notwithstanding the difficulties caused by the aftermath of the COVID-19 Pandemic in lower Sunday Mass attendance and the continuing ‘cost of living’ crisis, the Priests in the Parishes we were able to visit continued to extend a warm welcome to Members, and the Faithful continued to respond with their customary generosity. We are pleased to report that all monies collected from our Mission Appeals were distributed to our Missions and Missionaries abroad.

Mission Offices - Over the year the Mission Offices in Horsforth (Leeds) and Carmyle (Glasgow) mailed out the four (4) quarterly issues of our Magazine, Comboni Mission, to our friends and supporters throughout the United Kingdom. The magazine has a circulation of approximately fifteen thousand (15,000) and we distribute some twenty thousand (20,000) copies of our Missionary Calendar. As is indicated in our Audited Financial Statements, the wonderful response from our readers was typical of their great thoughtfulness in our regard.

www.SouthWorld.net - Our non-profit monthly web-magazine ‘SouthWorld’ with news and current affairs emanating from Africa, Latin America and Asia is proving very successful and continues to attract interest from as far afield as Eastern Europe, North America and South-East Asia

During the course of the year ending 31st December 2024, the Trustees have continued to closely monitor two areas of increased expenditure. Premises’ expenditure has continued to be a major expense as our properties grow older and renovations become necessary to facilitate the care of our elderly Confrères, as with other Community and personal care costs given the rising age profile of the Confrères of the Province which presently stands at sixty-six (66) years of age. As a result of the rising age profile of the Members, during 2019 the Trustee’s commissioned a project to digitalize the Archives of the Order’s activities in the United Kingdom for future reference, and this has continued during 2024. In the absence of sufficient funds from Mission Appeals to support our work abroad and in order to help finance the activities of the Generalate and the Order worldwide it was necessary to draw funds from the investment portfolios.

The Province is involved in applying the Acts of the last ‘General Chapter’ which was held in Rome from June 1st/30th 2022, necessitating Members of the Provincial Council to attend a series of Pan-European Meetings and thereafter relaying the policies and decisions of those Meetings to the Members in the Province. Over the coming years, and following the decisions of the last Chapter, changes are expected regarding the structures of the Institute and thus also of this Province, however we do not foresee significant changes regarding the type of activity that we undertake in these Isles.

TRUSTEES' INVESTMENT AND OTHER POWERS

According to the Trust Deed, the Trustees have the power to invest any money forming part of the Trust Fund and to apply income and capital for the charitable purposes of the Trust here in the United Kingdom and abroad. They are responsible for the upkeep of land and properties held on Trust and may purchase and sell such land and property as seems prudent and convenient. They may also borrow money for any of the foregoing purposes and accept donations.

INVESTMENT POLICY

The Trustees have an investment policy primarily aimed at enhancing the real value of monies invested through having a diversified portfolio of bonds and equities in addition to which income is generated to contribute towards the Charity’s ongoing general expenses. Our Investment Managers are instructed to follow a policy of ‘Moderate Investment Risk’, and to avoid investing in companies where their main business activities are in the areas of armaments and military equipment, tobacco, gambling or pornography.

The general fund portfolio remains at a low level as, for the time being, expenditure can be, in normal years, funded by current income. The retirement and building maintenance portfolios are also invested ethically but to provide both growth and income.

Page 7 of 20

Sons of the Sacred Heart of Jesus

(also known as The Verona Fathers/Comboni Missionaries) Trustees' report

RAISING FUNDS

The Charity manages its own activities in respect to raising funds and does not employ the services of professional fundraisers. It aims to achieve best practice in the way in that it communicates with its supporters primarily by taking care with both the tone of its communications and the accuracy of the data it holds to minimise the pressures upon such individuals. It collects, stores and uses personal data in accordance with data protection legislation, and specifically does not use data for other than the purpose(s) for which it was collected, sell or swap data to any third party, or profile such information for statistical analysis. Again, it ensures that communication preferences can be changed at any time. The

Charity undertakes to react to and investigate any complaints regarding its activities for raising funds, and to learn from them and improve its service. During the year, however, the Charity received no complaints about such activities.

RESERVES POLICY

The Trustees are very conscious of the commitment of the Charity to continue its work in the future and the need to safeguard resources, especially with an increase in the number of Members reaching retirement age. With this in view the Trustees have designated funds to a ‘Reserve and Retirement Fund’. This fund is intended to provide income for the future needs of aged or infirm Confrères as they return to the United Kingdom after having served abroad. In view of the fact that all four properties owned by the Charity are over one hundred and fifty years old, and despite the fact that they have been well maintained, the ‘Building Maintenance Fund’ is intended to cover any future unexpected large expenditure on these properties. Despite the deficit made in the year, given the level of reserves the Trustees have every confidence that the Trust can continue to function within its objects and that there are no ‘going concern’ issues.

RISK ASSESSMENT

The Trustees have assessed the major risks to which the Charity is exposed in the United Kingdom, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to mitigate our exposure to major risks.

The Trustees have carried out a thorough review of our insurance cover and established that cover is indeed comprehensive, particularly in regard to property, vehicle and Employers’ Liability insurance.

The Trustees regard the health, safety and well-being of every person, and particularly of children, young people and vulnerable adults, as an absolute priority given that as Roman Catholics we believe every human being has a value and dignity which comes directly from having been created in the image and likeness of God. In the area of Safeguarding, the Verona Fathers/Comboni Missionaries in England and Wales are regulated by the Catholic Safeguarding Standards Agency (CSSA), and are aligned to the Religious Life Safeguarding Service (RLSS), who provide advice and guidance on practical issues and on following the national Policy and Procedures of the Church. Whilst in Scotland the Order is regulated by the Scottish Catholic Safeguarding Standards Agency (SCSSA) and adheres to the standards, policies and procedures as set out in the Instruction, “In God’s Image: Safeguarding in the Catholic Church in Scotland”, published by the Bishops’ Conference of Scotland on September 8th 2021. Members of the Province continue to attend the regular safeguarding training organized by the respective ‘Safeguarding Offices’ of the Roman Catholic Dioceses in which their Community is situated. Members in

A number of our Members are infirm and are being presently cared for by others Members of their respective Community. The Trustees continue to ensure that there is adequate monitoring of their health and well-being while at the same time having due regard for their personal dignity and sense of worth. Where necessary, in dialogue with medical professionals and Social Services, those requiring nursing care on a long-term basis are offered places in a suitable local nursing home.

The major risk arising with our investments is the instability of the stock market which may lead to reductions in income and losses in capital. In an attempt to mitigate against our exposure to this risk, the Trustees receive regular quarterly reports on our investments from our Investment Managers and review our ‘Investment Policy’ annually with Members of the ‘Charity Team’ from Brewin Dolphin.

Page 8 of 20

Sons of the Sacred Heart of Jesus

(also known as The Verona Fathers/Comboni Missionaries) Trustees' report

The Trustees take their legal responsibilities seriously and discussed the provisions that would be required for the implementation of the General Data Protection Regulation (GDPR) in May 2018. Consequently, the Charity now has a written ‘Data Protection Policy’, ‘Complaints Policy’, and ‘Privacy Policy’ which are subject to yearly review, and has updated its websites to remain compliant with this legislation. The Trustees will continue to monitor that way in which data is held by the Charity and recognise the importance of protecting the identity of supporters in accordance with GDPR legislation.

FUTURE DEVELOPMENTS

The Trustees intend to continue the activities of the Charity as outlined above in the ‘Review and Development’ Section of the Report.

THE CHARITY'S ASSETS

Acquisitions and disposal of fixed assets during the year are recorded in the notes to the Financial Statements.

Signed on behalf of the Directors/Trustees:

Rev. Martin Devenish mccj Director/Trustee Approved by the Directors/Trustees on 25th September 2025

Page 9 of 20

Sons of the Sacred Heart of Jesus

(also known as The Verona Fathers/Comboni Missionaries)

Independent Auditors' Report

Independent auditors' report to the Trustees of the Sons of the Sacred Heart of Jesus

We have audited the financial statements of Sons of the Sacred Heart of Jesus (the ‘charity’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing ((UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Financial Statements and Reports) Regulations 2008 requires us to report to you if, in our opinion: -

Page 10 of 20

Sons of the Sacred Heart of Jesus

(also known as The Verona Fathers/Comboni Missionaries) Independent Auditors' Report

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditors under Section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills t identify or recognize non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the Charity through discussions with management and trustees, and from ou knowledge and experience of the Charity sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements o the activities of the charity. These included but were not limited to the Charities Act 2011, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019); and Safeguarding Regulations as they affect the direct charitable activities of the charity; and

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of managemen and those charged with governance and reviewed minutes of Trustees’ meetings.

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management and trustees as to where they considered there was susceptibility to fraud, their knowledge o actual, suspected and alleged fraud; and

•considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

Page 11 of 20

Sons of the Sacred Heart of Jesus

(also known as The Verona Fathers/Comboni Missionaries) Independent Auditors' Report

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Financial Statements and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Denver Dias (Senior Statutory Auditor)

For and on behalf of Williams Chartered Accountants Statutory Auditors Jade House 67 Park Royal Road London NW10 7JJ

Date 25th September 2025

Williams Chartered Accountants is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006

Page 12 of 20

Sons of the Sacred Heart of Jesus

(also known as The Verona Fathers/Comboni Missionaries)

Statement of financial activities (incorporating an income and expenditure account) for the year ended 31 December 2024

Notes
Income
Voluntary income
Donations and gifts
Legacies
Salaries and pensions
1
Ministry
Investment income
Dividends and interest
2
Other income
Miscellaneous income
Total income
Expenditure
Raising funds
Investment managers fees
Charitable Activities
Pastoral activities
Promotional magazine costs
Upkeep of communities
3
Donations and missions
4
Management and administration
5
Other expenditure
8
Governance costs
Total expenditure
Total income less expenditure
Net gains (losses) on investments
Net income (expenditure) before transfers
Transfers between funds
Net movement in funds
Balances brought forward 1 January
Balances carried forward 31 December		 General
Designated Restricted
fund
fund
fund
2024
£
£
£
£
608,155
-
143,167
751,322
322,308
-
-
322,308
62,685
-
-
62,685
67,721
-
-
67,721
88,191
53,901
-
142,092
377
-
-
377
1,149,437
53,901
143,167
1,346,505
19,208
13,147
-
32,355
50,638
-
-
50,638
943,226
-
-
943,226
195,390
-
170,452
365,842
22,557
-
-
22,557
-
-
-
-
22,118
-
-
22,118
1,253,137
13,147
170,452
1,436,736
(103,700)
40,754
(27,285)
(90,231)
269,619
209,592
-
479,211
165,919
250,346
(27,285)
388,980
-
(100,000)
100,000
-
-
65,919
350,346
(27,285)
388,980
3,119,553
5,583,299
80,947
8,783,799
3,185,472
5,933,645
53,662
9,172,779		 General
Designated
Restricted
2023
fund
fund
fund
£
£
£
£
589,731
535,632
-
54,099
44,557
44,557
-
-
30,443
30,443
-
-
49,917
49,917
-
-
151,564
94,115
57,449
-
168
168
-
-
866,380
754,832
57,449
54,099
33,338
20,579
12,759
-
54,805
54,805
-
-
840,801
840,801
-
-
298,868
287,337
-
11,531
21,299
21,299
-
-
-
-
-
10,200
10,200
-
-
1,259,311
1,235,021
12,759
11,531
(392,931)
(480,189)
44,690
42,568
85,178
74,719
10,459
-
(307,753)
(405,470)
55,149
42,568
-
-
-
-
-
(307,753)
(405,470)
55,149
42,568
9,091,552
3,525,023
5,528,150
38,379
8,783,799
3,119,553
5,583,299
80,947

Continuing operations

The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities

Statement of total recognised gains and losses

The charity has no recognised gains or losses other than those shown above and therefore no separate statement of total gains and losses has been prepared.

Page 13 of 20

Sons of the Sacred Heart of Jesus

(also known as The Verona Fathers/Comboni Missionaries) Balance Sheet

as at 31 December 2024

Notes
Fixed assets
Tangible assets
9
Investments at market value
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due
within one year
12
Net current (liabilities)/assets
Capital and reserves
Unrestricted Funds
General funds
Designated funds
13
Restricted funds
14
Approved by the Trustees
and signed on their behalf		 2024
£
3,424,639
5,440,493
8,865,132
326,088
439,260
765,348
(457,701)
307,647
9,172,779
3,185,472
5,933,645
9,119,117
53,662
9,172,779		 2023
£
3,422,194
5,436,209
8,858,403
65,530
334,320
399,850
(474,454)
(74,604)
8,783,799
3,119,553
5,583,299
8,702,852
80,947
8,783,799

Rev. Martin Devenish mccj Director/Trustee Approved by the Directors/Trustees on 25th September 2025

Page 14 of 20

Sons of the Sacred Heart of Jesus

(also known as The Verona Fathers/Comboni Missionaries) Principal Accounting Policies for the year ended 31 December 2024

1 Accounting Convention

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these financial statements. The Trust constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.

The financial statements have been prepared in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Financial Statements and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Donations are recognised when the Trust has been notified in writing of both the amount and settlement date. Legacies are recognised on a case-by-case basis following the granting of probate when the administrator/executor for the Estate has communicated in writing both the amount and settlement date. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared, and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield in the investment portfolio.

3 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. The cost of generating funds includes the fees paid to investment managers in respect of the management of the Charity's investment portfolios. Expenditure on charitable activities comprises direct expenses incurred on the defined charitable purposes of the Charity and includes staff costs attributable to the activity. The contribution to the Generalate is calculated annually and represents the excess of the budgeted net expenditure for the year over the free reserve at the end of the previous year, as adjusted for the purchase or sale of land and buildings. Administration costs comprise expenditure on compliance with and advice on constitutional and statutory matters. As all expenditure can be attributed to specific categories no apportionment between heading has been necessary. Irrecoverable VAT is included in the items of expenditure to which it relates.

Page 15 of 20

(also known as The Verona Fathers/Comboni Missionaries) Principal Accounting Policies for the year ended 31 December 2024

Sons of the Sacred Heart of Jesus

4 Tangible fixed assets

Freehold land and buildings are included at a valuation based either on a value estimated by the Trustees in 1999 or on historical cost. The Trustees do not consider that the expense of a professional valuation in order to ascertain the separate values of the land and buildings is justified. The buildings are in constant use in furtherance of the charitable objectives and are maintained to standards that ensure that their residual value is not less than the book value.

Buildings are not depreciated, for the reason stated above, they have a very long useful economic life such that annual depreciation would be immaterial.

All assets costing more than £1,000 and with an expected life of more than one year are capitalised. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant, equipment, fixtures and fittings 20% or 25% on cost. Motor vehicles 25% on cost.

After five years plant, equipment, fixtures and fittings with a net book value of nil are written out of the accounts as in the opinion of the Trustees such assets have a negligible residual value.

5 Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

6 Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire Put Options, Derivatives or other complex financial instruments. The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

7 Fund accounting

The general fund comprises those monies, which may be used towards meeting the charitable objectives of the Charity at the discretion of the Trustees. The designated funds are monies set aside out of general funds and designated for specific purposes by the Trustees. The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donorimposed conditions.

Page 16 of 20

Sons of the Sacred Heart of Jesus

(also known as The Verona Fathers/Comboni Missionaries) Principal Accounting Policies for the year ended 31 December 2024

8 Taxation

The Trust, as a registered charity, is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a Charitable Trust for UK income tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 17 of 20

(also known as The Verona Fathers/Comboni Missionaries)

Sons of the Sacred Heart of Jesus Notes to the Financial Statements

for the year ended 31 December 2024

1
Salaries and pensions of members
Salaries
Pensions
2
Investment income
Dividends and interest from investments
Bank and other interest
3
Charitable activities
Upkeep of communities
Staff costs
Premises
Provisions and household
Other community and personal costs
Depreciation
4
Donations and missions
Donations
Ministry for Refugees
Contributions to Missions
Contributions to the work of the		 General
Designated Restricted
fund
fund
fund
2024
£
£
£
£
5,727
-
-
5,727
56,958
-
-
56,958
62,685
-
-
62,685
General
Designated Restricted
fund
fund
fund
2024
£
£
£
£
85,088
53,901
-
138,989
3,103
-
-
3,103
88,191
53,901
-
142,092
General
Designated Restricted
fund
fund
fund
2024
£
£
£
£
98,308
-
-
98,308
320,860
-
-
320,860
91,977
-
-
91,977
412,946
-
-
412,946
19,135
-
-
19,135
943,226
-
-
943,226
General
Designated Restricted
fund
fund
fund
2024
£
£
£
£
2,235
-
-
2,235
-
-
-
-
156,905
-
-
156,905
36,250
-
170,452
206,702
195,390
-
170,452
365,842		 General
Designated
Restricted
2023
fund
fund
fund
£
£
£
£
1,875
1,875
-
-
28,568
28,568
-
-
30,443
30,443
-
-
General
Designated
Restricted
2023
fund
fund
fund
£
£
£
£
149,040
91,591
57,449
-
2,524
2,524
-
-
151,564
94,115
57,449
-
General
Designated
Restricted
2023
fund
fund
fund
£
£
£
£
105,898
105,898
-
-
235,524
235,524
-
-
97,830
97,830
-
-
383,800
383,800
-
-
17,749
17,749
-
-
840,801
840,801
-
-
General
Designated
Restricted
2023
fund
fund
fund
£
£
£
£
2,507
2,507
-
-
-
-
-
-
221,580
221,330
-
-
75,031
63,500
-
11,531
299,118
287,337
-
11,531

Contributions to the Missions of the Verona Fathers throughout the world are set out below:

Brazil
Ethiopia
Italy
Kenya
Malawi
Mexico
Portugal
Togo
Uganda
Contributions of less than £2,500		 2024
£
500
5,033
1,911
-
1,500
3,095
4,254
-
18,130
1,827
36,250		 2023
£
3,000
1,000
5,945
8,666
600
4,043
8,600
5,000
23,908
2,738
63,500
5
Management and administration
Office expenses
Digital archive project
Professional fees		 General
Designated Restricted
fund
fund
fund
2024
£
£
£
£
2,820
-
-
2,820
-
-
19,737
-
-
19,737
22,557
-
-
22,557		 General
Designated
Restricted
2023
fund
fund
fund
£
£
£
£
4,478
4,478
-
-
10,131
10,131
-
-
5,222
5,222
-
21,299
21,299
-
-

Page 18 of 20

Sons of the Sacred Heart of Jesus

(also known as The Verona Fathers/Comboni Missionaries) Notes to the Financial Statements

for the year ended 31 December 2024

6
Net incoming (outgoing) resources before transfers
This is stated after charging (crediting)
General
Designated Restricted
fund
fund
fund
£
£
£
Staff costs (note 7)
102,508
-
-
Auditors remuneration
7,200
-
-
Accounting and other
14,918
-
-
Depreciation
19,135
-
-
7
Staff costs and Trustees' remuneration
Staff costs during the year were as follows:
Wages and salaries
Social security costs
Pension contributions		 2024

£
102,508
7,200
14,918
19,135
2024
£
98,308
1,334
2,866
102,508		 General
Designated
Restricted
2023
fund
fund
fund
£
£
£
£
108,749
108,749
-
-
6,650
6,650
-
-
3,550
3,550
-
-
17,749
17,749
-
-
2023
£
105,898
1,495
1,356
108,749

No employee earned more than £60,000 per annum (including benefits) during the year or in the previous year.

The average number of employees, analysed by function was:
Office
Domestic		 2
2
3
3
5
5

No trustee received any remuneration or reimbursement of expenses in respect of services as a trustee during the year or in the previous year. All members of the Order, including the trustees, are maintained by the Trust.

8 Other expenditure

Expenditure incurred in respect of historical liabilities for which insurance cover cannot be traced, or where historical policy limits are inadequate.

9 Tangible fixed assets

Cost
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
10
Investments
Listed Investments
Market value at 1 January 2024
Additions at cost
Disposal proceeds
Gain (loss) in year
Market value at 31 December 2024
Cash held by investment managers for re-investment
Cost of listed investments at 31 December 2024		 Freehold
land and
buildings
Motor
vehicles
£
£
3,391,418
123,889
-
13,180
-
-
3,391,418
137,069
-
100,989
-
14,410
-
-
-
115,399
3,391,418
21,670
3,391,418
22,900		 Furniture
and
equipment
Total

£
£
15,618
3,530,925.00
8,400
21,580
-
-
24,018
3,552,505
7,742
108,731
4,725
19,135
-
-
12,467
127,866
11,551
3,424,639
7,876
3,422,194
2024
2023
£
£
5,374,884
5,534,734
1,812,824
2,352,569
(2,264,726)
(2,597,598)
479,211
85,178
5,402,193
5,374,883
38,300
61,326
5,440,493
5,436,209
4,881,712
5,267,933

Page 19 of 20

Sons of the Sacred Heart of Jesus

(also known as The Verona Fathers/Comboni Missionaries) Notes to the Financial Statements

for the year ended 31 December 2024

11
Debtors
Other debtors
Prepayments and accrued income
12
Creditors: amounts falling due within one year
Due to Provinces, Procures and Missions
Sundry creditors
Accruals
Due to Generalate in Rome		 2024
2023
£
£
313,065
39,557
13,023
25,973
326,088
65,530
2024
2023
£
£
387,573
389,524
1,316
2,426
17,000
16,717
51,812
65,787
457,701
474,454

13 Designated funds

The income funds of the charity includes the following designated funds, set aside from the unrestricted funds of the Trust by the trustees for specific purposes:

Reserve and Retirement fund
Building Maintenance fund
The Land and Buildings fund		 At 1 January
2024
£
1,722,251
469,630
3,391,418
5,583,299		 Transfers
Incoming
resources
Utilised/
realised
At 31 December
2024
£
£
£
280,776
161,744
(10,153)
2,154,618
(180,776)
101,749
(2,994)
387,609
-
-
-
3,391,418
100,000
263,493
(13,147)
5,933,645

The Reserve and Retirement fund has been setup to provide for the retired and aged members of the Province in future years.

The Building Maintenance fund is intended to cover any large unexpected costs arising from the age and condition of the charities properties.

The Land and Buildings fund is equal to the book value of the land and buildings A decision was made to separate this fund from the general fund of the charity in recognition of the fact that the land and buildings are essential to the day-to-day work of the charity and as such their value should not be regarded as funds that would be realisable with ease.

14 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and other monies held on trust to be applied for specific purposes:

Mission donations
Nekemte School Project Ethiopia		 At 1
January
2024
Incoming
resources
Utilised/
realised
At 31 December
2024
£
£
£
£
1,250
3,575
(300)
4,525
79,697
139,592
(170,152)
49,137
80,947
143,167
(170,452)
53,662

The specific purposes for which the funds are to be applied are as follows: The Mission Fund consists of donations received for specific missions and projects. The Nekemte School Project consists of funds collected to build a school in South-West Ethiopia.

15

Analysis of net assets between funds
Fixed assets
Current assets
Creditors: amounts falling
due within one year		 General
Designated
Restricted
fund
funds
funds
2024
£
£
£
£
3,880,014
4,985,118
-
8,865,132
(236,841)
948,527
53,662
765,348
(457,701)
-
-
(457,701)
3,185,472
5,933,645
53,662
9,172,779

Page 20 of 20