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2021-12-31-accounts

Institute of Charity

Annual Report and Accounts

31 December 2021

Charity Registration Number 222508

Contents

Reports

Reports
Reference and administrative information 1
Trustees’ report 3
Independent auditor’s report 25
Accounts
Statement of financial activities 30
Comparative statement of financial
activities 31
Balance sheet 32
Statement of cash flows 33
Principal accounting policies 35
Notes to the accounts 42

Institute of Charity

Reference and administrative information

Trustees Rev Father Chris Fuse I.C.
Rev Father David J Myers I.C.
Rev Father Anthony J Furlong I.C.
Rev Father Antonio Belsito I.C.
Rev Father Tom Thomas I.C.
Provincial Superior Rev Father Chris Fuse I.C.
Provincial Administrator Rev Father Antonio Belsito I.C
Correspondence address Rosmini Centre
433 Fosse Way
Racliffe-On-The-Wreake
Leicestershire
LE7 4SJ
Telephone 01509 813078
Website www.rosminians.org.uk
Charity registration number 222508
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Investment Managers Barclays Wealth
2ndFloor
Windsor Court
1-3 Windsor Place
Cardiff
CF10 3BX
Bankers Royal Bank of Scotland plc
RBS Corporate Services 1stFloor
62-63 Threadneedle Street
London
EC2R 8HP
Solicitors Geldards LLP
4 Capital Quarter
Tyndall Street
Cardiff
CF10 4BZ

Institute of Charity 1

Reference and administrative information

Property Agents BTF Partnership LLP Euston House 82 High Street Heathfield Sussex TN21 8JE Jeffrey Ross Limited 38 Westfield Road Penylan Cardiff CR24 3PB

Institute of Charity 2

Trustees’ report 31 December 2021

The Trustees present their report together with the accounts of the Institute of Charity (the Charity) for the year to 31 December 2021.

The accounts have been prepared in accordance with the accounting policies set out on pages 35 to 41 of the attached accounts and comply with the Charity’s trust deed, applicable laws and the requirements of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102).

INTRODUCTION

The Institute of Charity (Rosminians) (the Congregation) is a Roman Catholic religious congregation of Priests and Brothers. The Congregation was established by Blessed Antonio Rosmini-Serbati (1797-1855) in 1828 at Monte Calvario, Domodossala, in the Piedmont area of northern Italy. Blessed Rosmini was well known in Italy as a critical thinker and writer on matters political, philosophical and theological. He wanted members of his Congregation to be at the service of the Roman Catholic Church and to dedicate themselves to their own spiritual growth and to improving the lives of people in need. The Rosminians are an International Religious Congregation divided into a number of separate Provinces and Regions and have foundations in Italy, Tanzania, Kenya, Venezuela, India, the UK, Ireland, the USA and New Zealand.

The accounts accompanying this report are those of the charitable trust in which the assets of the Congregation in England and Wales are held. The trust is governed by a trust deed dated 1 April 1927 and is registered with the Charity Commission, Charity Registration Number 222508.

As at 31 December 2021, there were 38 members of the Institute of Charity (Rosminians), English Province, living in the England and Wales. During that period the Congregation was responsible for 8 parishes, one retirement house and one Centre of Rosminian Study. The Congregation also supported a school.

The Congregation has been facing the continuing decline in the number of its members and a steady increase in their average age. The Congregation continued to be supported in the UK by members of the Congregation from India and Kenya, whose presence enabled to the Congregation to continue to operate a number of commitments. In the face of greatly reduced energies and resources, the Congregation continues to do its best to live by faith, hope and love.

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Trustees’ report 31 December 2021

MISSION

The Charity aims to support the religious and other charitable works carried on in the name of the Congregation and to care for the members of the Congregation throughout their lives. The works of the Charity are as follows:

When setting the objectives and planning the work of the charity for the year, the Trustees have given careful consideration to the Charity Commission’s guidance on public benefit.

ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE

As noted above under Mission , the activities of the charity can be divided into nine main areas and these are expanded on below. While COVID-19 continued to impact on the Charity’s activities in 2021, it had a lesser impact than in 2020.

Rosminian Parish Ministry

The Charity administers eight Parishes, seven of which are part of the Charity:

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Trustees’ report 31 December 2021

ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (continued)

Rosminian Parish Ministry (continued)

Members of the Charity also administer a parish in St Joseph’s, Leicester, which is independent of the Charity.

Rosminians are passionate about the Gospel and equally passionate about sharing the Gospel message of God’s love for all people with all sectors of society, but especially with those who live on the edges of church and society. There is a special place in the Rosminians hearts for those who feel abandoned and who have difficulty in finding their way in Life.

As noted earlier, COVID-19 continued to impact on the Charity’s activities, including the Rosminian Parish Ministry . Churches were closed at the start of the year as part of the Third National Lockdown . As part of the Roadmap out of lockdown, they were gradually reopened in June and July 2021, albeit initially with restricted numbers. In 2021, the Charity continued to follow both Government and Church guidance for the safe use of places of worship.

St Theresa of Lisieux in Birstall: a Baptism

The Churches in our parishes are first-and-foremost a place of welcome and sanctuary. They are open seven days a week for worship, private prayer and reflection. In a nonCOVID year, the average combined Sunday mass attendance is about 2,400 each week, drawn from every section of the community. The range of Church Ministry carried out in each location includes the celebration of Mass and general pastoral ministry:

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Trustees’ report 31 December 2021

ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (continued)

Rosminian Parish Ministry (continued)

St Theresa of Lisieux in Birstall: First Holy Communion children choir

Throughout the year the Parish Churches operated by the Charity ministered effectively, providing daily and weekly sacramental services; along with counselling and support services as appropriate.

The Parishes responded to requests for baptisms and marriages. Attendance on a daily and weekly basis remains consistent. Efforts were made at local level to ensure relevant preaching and to encourage a more welcoming atmosphere in all our churches.

The St Peter's Parish, Cardiff, continue to offer the Community Hall to the Winter Homeless Project. The Hall is also open for local residents and parishioners to meet over tea and coffee on a weekly basis and the improved facilities are starting to appeal to other groups looking for a reasonably priced local venue.

It is the aim of the Trustees to continue to provide the Rosminian Parish Ministry.

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Trustees’ report 31 December 2021

ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (continued)

Chaplaincy

Members of the Congregation work as Chaplains in the following educational establishments:

It is the aim of the Trustees to continue to provide the Chaplaincy Ministry.

Retreat & Renewal Ministry

The Charity operates the Rosmini Centre, which is based at Ratcliffe-on-the-Wreake, Leicester. The following is an extract from a short article which was published in the Catholic News (Nottingham Diocese):

Few, perhaps, know that the Rosmini Centre was initially a private aerodrome which belonged to the Everards Family. Subsequently, at the start of WWII, it was taken over and became the 10th busiest military airport in the UK. It was after the war that the Institute of Charity purchased the airbase primarily due to its proximity to the Ratcliffe College and thus transformed it into a peaceful farm. Inspired by the beautiful location, the vision of the Rosmini Centre House of Prayer soon became a reality. Some 15 years ago more than 40,000 trees were planted, which have since matured and offer guests a most tranquil and healthy environment, close to nature boasting an abundance of wildlife.

The Rosmini Centre offers peace and serenity and is truly an ideal place for prayer. The Chapel, dedicated to Blessed Antonio Rosmini, and at the heart of the complex, is available for the celebration of Mass, the sacrament of penance, and for adoration before the Blessed Sacrament as well as for private prayer.

Many visitors come for days of quiet reflection, for lectures, meetings, or planning. Our Hutton Hall is available to groups for lectures and for sharing. It has a kitchen and will soon have video conferencing facilities. Tea/coffee and biscuits are provided by the Centre, but guests are welcome to bring their own food. The Watson Library is ideal for meetings and lectures, and it has all the usual facilities.

The Hangar, where once Spitfires, Hurricanes and other war planes were once repaired and scrambled back into battle, now offers a peaceful, more spacious, and welcoming area for larger groups for lectures, the celebration of Mass, and other devotions. It also has a library and stores the books written by Blessed Antonio Rosmini which are now distributed worldwide by Rosmini Publications.

The Rosmini Centre is the ideal place for parish retreats, for small parish groups or for groups who wish to meet in pleasant surroundings for planning, assessing, sharing, discussing.

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ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (continued)

Retreat & Renewal Ministry (continued)

Moreover, the Gentili House at the Rosmini Centre has 8 single rooms for guests, each having ensuite facilities, and a communal kitchen and lounge. We welcome small groups or individuals who may wish to stay for a night, for a week, for retreats, meditation, or simply for a time of prayerful discernment in quiet and peaceful surroundings. Groups or individuals are free to bring their own food and should they wish can arrange for spiritual direction, confession, or Holy Mass from the Rosminian priests here at the Centre.

Come and visit us. You can be assured of a warm welcome.

Rosmini Centre

It is the aim of the Trustees to continue to operate the Rosmini Centre.

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Trustees’ report 31 December 2021

ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (continued)

Overseas missionary work and donations

The Charity is mindful of very poor parts of the world where Rosminians have had historical links. In the past Rosminians from the UK have worked in East Africa and South India. These ‘missions’ are now in the hands of local Rosminians and Rosminians from the UK aim to support other members of the Congregation in India, Tanzania and Kenya and their charitable works carried on in the name of the Congregation. The Charity received approval in 2016 to participate in Mission Awareness programmes under the auspices of the Catholic Missionary Union in support of Rosminian missions.

Whilst the Trustees give occasional support to United Kingdom organisations whose work is within the objects of the charity, the charity does not regard itself as a grant making entity and applications for grants and donations are not invited.

Fr William Stuart working with the educational aid outreach in Lebanon.

It is the aim of the Trustees to continue to support overseas missionary work.

Social and pastoral work

The following are examples of the social and pastoral work undertaken by individual members of the Congregation:

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ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (continued)

Social and pastoral work (continued)

The members aim to help, in particular, the poor and marginalised in society regardless of their personal background, faith, gender or individual circumstances.

St Theresa of Lisieux in Birstall: ladies new craft and friendship group

An area of special ministry is that of outreach to international communities of people working in the UK. The tradition of outreach to Irish and other communities of people who moved to live and work in the UK is continued today. Helping people towards enculturation into UK society is a very valuable service of society building and the avoidance of social tensions. In particular, Father Antonio Belsito is the official chaplain to the Italian community in The Midlands. Father Antonio provides a range of ministry and service to the Italian community. Also, in The Midlands and in Wales, Rosminians from south India support people from Kerala, Tamil Nadu and Karnataka who are living and working in the UK.

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Trustees’ report 31 December 2021

ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (continued)

Social and pastoral work (continued)

St Theresa of Lisieux in Birstall: free car parking marking during lockdown. WJ is national company which undertake major contract in lining the roads and car parking. They as part of their repaying to the community, they voluntarily marked the unmarked car parking for the parishioners.

The aims of the Trustees in this area include:

Education

Rosminians ran several schools in the past which are now independent Trusts. Individual Rosminians still support these schools as Trustees as well as providing a tangible historical link for past-pupils.

Ratcliffe College is an Independent Co-educational Catholic Boarding and day School, located in Leicestershire. A member of the Province, Fr Philip Sainter, is both a Governor and Father President.

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ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (continued)

Education (continued)

Grace Dieu Manor School (GDMS) was a Catholic Independent Day school in Leicestershire for boys and girls aged 3 – 11 years and an English registered charitable company (Charity Commission 1115976). In 2018 and 2019 the Charity provided financial support by way of interest free loans to GDMS. The amounts provided totalled over £1.2m and there is no interest payable on the majority of the loans.

The school closed in 2019 and the school land and buildings were marketed for sale. Subsequent to the year end, in 2022, the property was and the IOC Trust loans have been repaid, in full, from the proceeds.

Parishes - in each parish where Rosminians work they also support the local schools working to ensure that young people are developed to become mature members of society.

Communications

At the Centre for Rosmini Publications, Mansfield, Father Antonio Belsito works at translating the writings of Blessed Antonio Rosmini into English. This work is undertaken by Rosmini Publications Limited, a separate charitable company limited by guarantee (Company Registration Number 10779496) and registered charity (Charity Registration Number 1178409). Two of the Trustees of the Institute of Charity (Father Chris Fuse and Father Antonio Belsito) are also directors of Rosmini Publications. In addition to translating, the work of the Centre has a particular focus on promoting the books and writings by and about Blessed Rosmini in the English speaking world. Such books are printed in the UK and are sent to colleges, schools, professors and individuals all over the world

One of the Rosminians, Brother Nigel Cave has a special ministry in writing on World War I. Brother Nigel has worked as an editor for hundreds of books and articles on various aspects of WWI, in particular the battlefields of France and Belgium. Brother Nigel provides guided tours of the battlefields and speaks at many occasions of remembrance of WWI. Every year on November 11th, the ceremony at the Cenotaph in Whitehall is led by Brother Nigel, in his capacity as Chaplain to the Western Front Association.

Brother Nigel Cave

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ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (continued)

The safeguarding of children and vulnerable adults

In addition to the work of supporting victims, Rosminians in the UK have a Safeguarding Committee which meets at least twice a year to consider aspects of its work, including the implementation of good practice, training and awareness raising and the management of those who have been disciplined.

The members of the Commission are Father Chris Fuse, Father David Myers and Father Anthony Meredith and Mrs. Clare McKenzie. In matters relating to the Safeguarding of Children and Vulnerable Adults, the Congregation is aligned to the Safeguarding Commission in the Diocese of Nottingham. All matters of concern relating to the Safeguarding of Children and Vulnerable Adults must be reported to this Safeguarding Commission, in addition to the statutory authorities. All the parishes where Rosminians work operate under the policies of the relevant Diocese and all Rosminian parishes have a safeguarding coordinator.

In 2021, the Catholic Church in England and Wales are restructuring their system of safeguarding within the Church and Church Institutions. This will impact on Religious Congregations, like this Charity.

Support of members of the Congregation and their mission

Those members of the Congregation who earn income or receive pensions donate them to the Charity and therefore have no independent means of support. They have devoted all of their adult years and their earnings to the furtherance of its charitable objectives. Many also give their services free in their various ministries and continue to do so well beyond retirement age. Hence the work of the Charity includes both the upkeep and up-skilling of the members so that they will be able to continue in their service to the public. In addition, the Charity must care for the elderly members who are now themselves in need of care.

Indian Rosminian priests working in the IOC English Trust

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ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (continued)

Support of members of the Congregation and their mission (continued)

The Trustees are giving careful consideration to the age profile of the members and the impact of this on the work of individual members of the Congregation, the property requirements of the Congregation and the financial implications.

In this regard, the objectives of the Trustees over the current year are summarised below. All of these objectives will continue to be applicable for the next few years also.

In common with many religious congregations in England and Wales, the age profile of the members of the Congregation is increasing as existing members grow older and the number of new vocations becomes minimal. The Trustees continue to make provision for ageing members, including care in a nursing home when required.

Derryswood was purchased from the Courage brewing family in 1952 to become a student community for brethren studying for the priesthood at Wonersh seminary located nearby. It eventually housed the novitiate as well as a number of retired brethren. The block closest to the camera was constructed in the 1950s to accommodate greater numbers, but today, it is this section which has been retained by us for retired brethren only. The rest of the building (to the right in this photo) has been sold as a number of self-contained flats.

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Trustees’ report 31 December 2021

ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (continued)

Support of members of the Congregation and their mission (continued)

Over the next decade, the Trustees expect the number requiring professional care to increase. The Trustees are giving careful consideration to the impact of this on the work of individual members.

Whilst there is a decrease in vocations to our Province there has been an increase in candidates wishing to join our Congregation in Kerala (India), Tanzania and Kenya together with the Venezuelan region. As a result, the Trustees have had to respond to and assist with these developments.

The funding of these Dependent Houses and the Curia Offices in Rome is borne in mind when budgeting arrangements are being considered and agreed for the UK Region.

In October 2021, the Rosminian delegates gathered at S. Monte Calvario, Domodossola, North Italy for a Chapter to elect a new Fr General. Here is the African delegation with the newly elected Italian Fr Marco Tanghetti in the centre. He had been a missionary in Venezuela for many years.

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Trustees’ report 31 December 2021

FINANCIAL REVIEW

Results for the year

A summary of the year’s results can be found on page 30 of this report and accounts.

During the year ended 31 December 2021, total income amounted to £804,412 (2020: £694,210). £628,293 was received by way of donations and legacies (2020: £575,053). This figure includes salaries and pensions of the brethren amounting to £301,213 (2020: £292,506) covenanted to the Charity. Investment income and interest receivable totalled £125,314 (2020: £107,508).

Expenditure for the year totalled £712,139 (2020: £788,953). Expenditure incurred on maintaining the members of the Congregation and supporting them in their pastoral work and ministry amounted to £494,761 (2020: £509,257). Grants and donations (other than amounts payable to related charities (see below) totalled £20,886 compared to £175,695 in the previous period. Further details of grants and donations are provided in note 3 to the accounts.

In the year to 5 April 2017, a decision was made by the Trustees to transfer or donate responsibility and control of certain assets to two related charitable companies established by the Congregation’s Generalate. Where the application of such assets was restricted, the new charity would continue to adhere to the original restrictions. Further details of the new charitable companies can be found in note 20 to the attached accounts.

Any income, expenditure, gains and losses in connection with the control of these fund balances up until the point of transfer has been recognised in the Charity’s accounts and an adjustment has been included within expenditure to reflect the consequential impact of the value of transfers made.

Net income for the year before net investment losses, therefore, was £92,273 (2020: net expenditure of £94,743). Net investment gains totalled £385,477 (2020: net losses of £13,671). Thus, net expenditure for the year and the net decrease in funds for the year after accounting for investment gains and losses was £477,750 (2020: net expenditure of £108,414).

Fundraising

The Charity on occasions receives donations and voluntary income. It aims always to achieve best practice in the way in which it communicates with parishes, donors and other supporters. It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on parishioners, parochial church councils, donors and supporters. It applies best practice to protect their data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The Charity manages its own activities in respect to raising funds and does not employ the services of professional fundraisers. 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, the Charity received no formal complaints about its activities for raising funds.

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Trustees’ report 31 December 2021

FINANCIAL REVIEW (continued)

Investment policy and performance

At 31 December 2021, the charity’s investments had a market value of £4,267,524 (2020: £3,887,732). This includes listed investments with a market value of £828,024 (31 December 2020: £757,840).

Barclays Wealth manages the Charity’s listed investments. There are no restrictions on the Charity’s power to invest. The investment strategy is set by the Trustees and takes into account income requirements, the risk profile and the investment manager’s view of the market prospects in the medium term. The policy is to maximise total return through a diversified portfolio whilst providing a level of income advised by the Trustees from time to time. There is also an Ethical Policy precluding investment in any company which, after reasonable enquiry, clearly has significant profits from an activity which is contrary to the objectives of the Christian Church. The performance of the portfolio and the Charity’s investment strategy are reviewed by the Trustees who meet with the investment managers. The investment managers continued to invest in accordance with the Trustees’ investment policy set out earlier in this report. Further details of the Charity’s investments are given in note 10 to the attached accounts.

The Charity also owns a number of properties for investment purposes with a value of £3,435,000 (2020: £3,125,000). Further details of the properties are provided in note 10 to these accounts. The Trustees aim to maximise the investment return on these properties by renting them out at market rates.

Reserves policy and financial position

Reserves policy

The Trustees have examined the requirement for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The Trustees consider that, given the nature of the Charity’s work, the Charity’s continuing commitment to the care of members of the Congregation and the need to respond to unforeseen emergencies, the level of free reserves should be equivalent to at least six months’ expenditure.

The Trustees are of the opinion that this provides sufficient flexibility to cover shortfalls in income, adequate working capital to cover core costs, and will allow the Charity to meet its commitments to its charitable work and to members of the Congregation and will enable the Charity to cope and respond to unforeseen emergencies.

Financial position

The balance sheet shows total reserves of £6,258,817 (2020: £5,781,067). £1,133,038 (2020: £1,414,414) is represented by the tangible fixed assets of the Charity held within unrestricted funds which are used for the support of the members and their ministry. A decision was made to separate this fund from the general fund in recognition of the fact that the tangible fixed assets are used in the day to day work of the charity and the fund value cannot be realised easily if needed to meet future contingencies.

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Trustees’ report 31 December 2021

FINANCIAL REVIEW (continued)

Reserves policy and financial position (continued)

Financial position (continued)

In addition, the Trustees have set aside £3,500,000 (2020: £3,500,000) to provide for the members in their retirement. Given the increasing age profile of the members and the relatively low level of vocations directly from the UK Region, this sum will provide only modest resources to look after the members, many of whom will need increasing and increasingly expensive support in the years ahead. A further £94,000 (2020: £94,000) has been designated for use on specific projects by the Trustees. Full details of these funds and the movements in the year are given in note 16 to the attached accounts.

The endowment funds amounting to £10,910 (2020: £10,910) comprise monies which must be held indefinitely and are detailed in note 13 to the attached accounts.

Finally, restricted funds comprising monies given for specific work or projects totalled £nil (2020: £nil) at the end of the year. Details of these funds and their movements are given in note 14 to the attached accounts.

Funds available to support the work of the members of the Congregation in the future are shown as general funds on the balance sheet and amount to £1,520,869 (2020: £761,743).

As noted earlier, the Charity has provided financial support to Grace Dieu Manor School by way of a loan, which at 31 December 2021 amounted to £1,259,533 (2020: £1,257,533). There is no interest payable on the majority of the loan. The loan has been repaid in full since the balance sheet date. The Charity has also received loans from Ratcliffe College (£250,000), a registered charity in England (1115975) and the Institute of Charity, Irish Province £517,500 (2020: £554,225) a registered Charity in the Republic of Ireland (Irish Charity Number 20004699). These loans, which totalled £767,500 (2020: £804,225), were to assist the facilitation of the support of GDMS by the Charity. The loans to the Insittue of Charity, Irish Province and Ratcliffe College have been repaid since the balance sheet date.

As at the balance sheet date, the unrestricted general funds balance is greater than the target as set out in the reserves policy above.

The Trustees acknowledge that the unrestricted general funds balance needs to be considered and managed carefully in the light of annual expenditure (excluding any further exceptional costs), the increasing age profile of the members and the need for the charity to continue to support the work of the Congregation, both in this country and overseas. The Trustees are also aware of the importance to the charity of the investment assets and the income generated therefrom, which are affected by volatility in the stock markets.

Given the challenges that will arise in the short to medium term as a result of the aftermath of Covid-19, the current macroeconomic and geopolitical climate, and in the light of the commitment to support members for the long term, this level of reserves is deemed appropriate, and the Trustees are content that the charity is a going concern.

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FINANCIAL REVIEW (continued)

Contingent liability

The tenants of the Mount Farm investment property in Wadhurst have carried out certain improvements to the property at their own expense and under the terms of the tenancy agreement are entitled to compensation at the end of the tenancy. The Trustees are unable to estimate the amount of such financial compensation at the present time.

FUTURE PLANS

The Charity intends to continue to review its spending plans and needs and to make every effort to manage its existing assets as efficiently as possible in order to generate the income necessary to achieve the Charity’s aims.

Nevertheless, insofar as possible, the Charity plans to give ongoing support to the various works of the UK Region, to the members who work in them, as well as to their colleagues and collaborators with whom they work.

GOVERNANCE, STRUCTURE AND MANAGEMENT

Governance

In terms of Canon law, the Congregation is governed at an international level by the Superior General and his General Council in Rome. The UK Region is governed by the Father Provincial and his Provincial Council. Members of the Provincial Council are chosen for their personal qualities, their understanding and experience of the ministries of the brethren throughout the United Kingdom, and to secure a good skills mix among them.

Each community in the UK Region is governed by a Religious Superior who is appointed by the Provincial Superior. The Provincial Superior is required to visit each community at least once a year and throughout the year there is a system of accountability operational throughout the Region. This ensures that the Provincial Superior and his Councillors are aware of the progress and development of the ministries carried out by the Brethren of the UK Region.

In terms of Civil law, the charity is governed by a Trust Deed dated 1 April 1927 and is a registered charity (Charity Registration No 222508). The Trustees of the charity are members of the UK Province. As all Trustees are members of the Congregation, they have a detailed knowledge of the work of the charity and of its structure.

The names of the trustees are set out as part of the reference and administrative details on page 1 of this annual report, and brief biographical details on each of the Trustees are given below.

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GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Father Christopher J Fuse

Father Chris Fuse was received into the Common Life on 8th September 1967 and was ordained priest at St Peter’s Cardiff on 28th June 1980. He has worked in teaching, school governorship, parish ministry and the accompaniment and professional development of church students. His teaching ministry has involved him in the UK comprehensive school system. Since leaving teaching, Father Chris has been a parish priest in a number of our Rosminian parishes in the UK and for a period of time was a member of the Generalitial Curia in Rome. Until his appointment at Provincial of the English Province in January 2019 he worked in Florida USA at the Blessed Sacrament Parish, Seminole Florida. He is also a Trustee/Director of Ratcliffe College, Leicester.

Father David J Myers

Father David Myers joined the Congregation in 1959 and after novitiate was sent to teach in New Zealand. On his return he commenced his studies for the priesthood and was ordained at Ratcliffe College on 20 June 1970. He then went to teach at All Saints, Huddersfield and became the Head of Religious Studies and then Chaplain to the School. This was followed by a period at Holy Family Parish, Slaithwaite, before becoming parish priest of St Peter’s Parish, Cardiff where he undertook a renovation programme of the Church. In March 2007 Father General appointed Father David as Provincial of the English Province and then in October 2010 as Provincial of the newly formed Gentili Province of the Rosminians.

Father Anthony J Furlong

Father Anthony Furlong was born and raised in Liverpool, joining the Congregation in 1979 shortly after graduating from Loughborough University. Following novitiate, he returned to Loughborough for teacher training and taught at Ratcliffe College, Leicester, until 1983. Priestly studies were then undertaken in Rome, finishing with ordination at Ratcliffe College in 1987. After a further five years on the staff of the college, he worked in the South Wales parishes for eleven years. There followed a period of six years in Formation work in Rome where he was also Rector of Porta Latina. Following his ministry in Rome, he returned to the classroom at Ratcliffe College for one year. He was parish priest at St Marie’s, Rugby until September 2015 was parish priest of St Peter’s, Cardiff from September 2015 to October 2018. He is now in retirement at the Rosmini Centre. He is also a trustee of Ratcliffe College and Grace Dieu Manor School.

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GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Father Antonio Belsito

Father Antonio Belsito was born and raised in Italy. He joined the Minor Seminary in Rovereto in 1956, and did his novitiate at Calvario. After his theological studies, he was ordained priest in 1973 and was sent to Tanzania as a missionary. From there he arrived to England, and after completing a University degree in Education with the University of London, became a teacher for many years at the prestigious school owned by the Priests of the Oratory in London. From there, he was sent to Ratcliffe College as the Rector, and he was a Trustee of Ratcliffe College and Grace Dieu Manor school, and a Foundation Governor at Ratcliffe. He planned and developed the Rosmini Centre House of Prayer on over 100 acres of land owned by Ratcliffe College, as a place offering the College and the wider community in UK guided spiritual retreats, lectures on the philosophy, theology, and spirituality of Antonio Rosmini, and the formation of a large group of Ascribed members or friends of the Institute of Charity. After a year as parish priest in Bilton near Rugby, he became the Director of Rosmini Publications, translating into English the works of Antonio Rosmini, and spreading his teaching worldwide by means of lectures, books, articles, and a website www.rosminipublications.com From 2002 he was also the spiritual and pastoral chaplain of the large Italian Community in the Midlands.

Father Tom Thomas

Tom Thomas was born and bought up in Kerala (India). He joined the Institute of Charity in the year 2000 and after Novitiate in 2002 went to Italy for further years of Formation and studies. After completing studies in Rome in the year 2006, he went to Dublin, Ireland for MA in Pastoral ministry. In the year 2007 he returned to India for three months and went back to Cork, Ireland to do Chaplaincy training, after three months retuned to India and was Ordained a priest in the year 2008. He worked as Assistant novice master and administrator at the Novitiate in India. He was asked to come to help the IOC missions in the UK in the year 2010. For a few months he was at the parish of St. Joseph’s RC Church, Cardiff and at the end of 2010 moved to St. Alban’s RC Church as Parish Priest and was there until 2013. In 2013, he moved to Rugby and became parish at St. Marie’s RC Church Rugby from 2015 to 2019. Now he is at St. Etheldreda’s RC Church, London and he is studying Christian Spirituality at St. Mary’s University, Twickenham. He is also a trustee of Ratcliffe College and Grace Dieu Manor School.

As members of the Congregation, certain of the Trustees’ living expenses during the year were borne by the charity. The trustees received no remuneration for their services.

Institute of Charity 21

Trustees’ report 31 December 2021

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Statement of Trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Members of the Congregation

At year end, the UK Region has 38 brethren who live in thirteen communities. In South Wales there are three communities. The Midlands has eight and there are two in the South East of England. The Religious Superior is responsible for both the needs and care of the communities and ensuring good communications exist between the Father Provincial, the Regional Administrator and the trustees. Regular Area Days are being held in the various regions to review our works and use the time for in-service training.

Institute of Charity 22

Trustees’ report 31 December 2021

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Structure and management reporting

The Trustees are ultimately responsible for the policies, activities and assets of the charity. They meet regularly to review developments with regard to the charity or its activities and make any important decisions. When necessary, the trustees seek advice and support from the charity’s professional advisers including property consultants, investments managers, solicitors and accountants. The day to day management of the charity’s activities, and the implementation of policies, is delegated to the appropriate members of the Congregation.

Key management personnel

The Trustees consider that they alone comprise the key management of the Charity and are in charge of directing and running the day to day operations of the Charity. None of the Trustees receive any remuneration from the Charity in respect to their services.

Risk management

In line with the requirement for trustees to undertake a risk assessment exercise and report on the same in their report, the Trustees have looked at the risks the charity currently faces in England and Wales and have reviewed the measures already in place, or needing to be put in place, to deal with them. The Trustees have identified the following main areas where risks may arise.

Institute of Charity 23

Trustees’ report 31 December 2021

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Protection of children and vulnerable adults

Along with all other organisations who serve in the community, the Trustees recognise the absolute necessity of ensuring the protection and safety of all those the charity serves. This means that all brethren in any kind of ministry in Great Britain are required to obtain clearance from the Disclosure and Barring Service. The Trustees are committed to implementing all policies and procedures of the Catholic Safeguarding Advisory Service (CSAS).

As noted earlier, the Catholic Church in England and Wales are restructuring their system of safeguarding within the Church and Church Institutions in 2021. This will impact on Religious Congregations, like this Charity.

EMPLOYEES, VOLUNTEERS, AND MEMBERS OF THE CONGREGATION

The Trustees wish to record their recognition of the professionalism and commitment of all their staff, volunteers and the individual members of the Congregation. Their dedication and positive approach are very much appreciated.

Approved by the trustees and signed on their behalf by:

Father Antonio Belsito

Trustee

Approved by the trustees on: 11th July 2022

Institute of Charity 24

Independent auditor’s report 31 December 2021

Independent auditor’s report to the Trustees of the Institute of Charity

Opinion

We have audited the accounts of Institute of Charity (the ‘Charity’) for the year to 31 December 2021, which comprise the statement of financial activities, the comparative statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

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 auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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 accounts, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Institute of Charity 25

Independent auditor’s report 31 December 2021

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 there is a material misstatement in the accounts or a material misstatement of the other information. 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 in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees’ responsibilities, the Trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, 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.

Institute of Charity 26

Independent auditor’s report 31 December 2021

Auditor’s responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.

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 non-compliance with laws and regulations, was as follows:

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

Institute of Charity 27

Independent auditor’s report 31 December 2021

Auditor’s responsibilities for the audit of the accounts (continued)

How the audit was considered capable of detecting irregularities including fraud (continued)

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.

We did not identify any irregularities, including fraud.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Institute of Charity 28

Independent auditor’s report 31 December 2021

Use of our report

This report is made solely to the Charity’s Trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. 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.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

21 September 2021

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Institute of Charity 29

Statement of financial activities Year to 31 December 2021

Notes
Unrestricted
funds
£		 Restricted
funds
£		 Endowment
funds
£		 2021
Total
funds
£		 2020
Total
funds
£
Income from:
Donations and legacies
1
Investments and interest receivable
2
Charitable activities
. Rosmini Centre
. Publications
Other sources
. Gain on foreign exchange transactions
. Miscellaneous income
Total income
Expenditure on:
Raising funds
. Listed investment management expenses
. Investment property expenses
Charitable activities
. Donation of net assets to related charities
20
. Grants and donations
3
. Support of members of the Congregation and
their ministry
4
. Rosmini Centre
Loss on foreign exchange transactions
Total expenditure
Net income (expenditure) for the year
before investment gains (losses)
Net investment gains (losses)
10
Net movement in funds
5
Reconciliation of funds
Fund balances brought forward at
1 January 2021
Fund balances carried forward as at
31 December 2021
628,293

125,314
4,687
—
36,725
9,393		 —
—
—
—
—
—		 —
—
—
—
—
—		 628,293
125,314
4,687
—
36,725
9,393		 575,053
107,508
6,451
2,810
—
2,388
804,412 — — 804,412 694,210
5,685
52,054

—

120,886

494,761
38,753
—		 —
—
—
—
—
—
—		 —
—
—
—
—
—
—		 5,685
52,054
—
120,886
494,761
38,753
—		 5,014
37,268
(4,034)
175,695
509,257
35,274
30,479
712,139 — — 712,139 788,953
92,273

385,477		 —
—		 —
—		 92,273
385,477		 (94,743)
(13,671)

477,750
5,770,157		 —
—		 —
10,910		 477,750
5,781,067		 (108,414)
5,889,481
6,247,907 — 10,910 6,258,817 5,781,067

All the charity's activities derived from continuing operations during the above two financial periods. All recognised gains and losses are included in the above statement of financial activities.

A full comparative statement of financial activities is shown on page 31.

Institute of Charity 30

Comparative statement of financial activities Year to 31 December 2020

Notes Unrestricted
funds
£		 Restricted
funds
£		 Endowment
funds
£		 2020
Total
funds
£
Income from:
Donations and legacies
1
Investments and interest receivable
2
Charitable activities
. Rosmini Centre
. Publications
Other sources
. Gain on foreign exchange transactions
. Miscellaneous income
Total income
Expenditure on:
Raising funds
. Listed investment management expenses
. Investment property expenses
Charitable activities
. Donation of net assets to related charities
20
. Grants and donations
3
. Support of members of the Congregation and
their ministry
4
. Rosmini Centre
Loss on foreign exchange transactions
Total expenditure
Net expenditure for the year before investment
gains
Net investment losses
10
Net expenditure for the year
Transfers between funds
14
Net movement in funds
Reconciliation of funds
Fund balances brought forward at
1 January 2020
Fund balances carried forward as at
31 December 2020		 575,053
106,591
6,451
2,810
—
2,388		 —
917
—
—
—
—		 —
—
—
—
—
—		 575,053
107,508
6,451
2,810
—
2,388
693,293 917 — 694,210
5,014
37,268
(4,951)
175,695
509,257
35,274
30,479		 —
—
917
—
—
—
—		 —
—
—
—
—
—
—		 5,014
37,268
(4,034)
175,695
509,257
35,274
30,479
788,036 917 — 788,953
(94,743)
(13,671)		 —
—		 —
—		 (94,743)
(13,671)
(108,414)
17,083		 —
(17,083)		 —
—		 (108,414)
—
(91,331)
5,861,488		 (17,083)
17,083		 —
10,910		 (108,414)
5,889,481
5,770,157 — 10,910 5,781,067

Institute of Charity 31

Balance sheet 31 December 2021

Notes
2021
£		 2021
£		 2020
£		 2020
£
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors
. Amounts falling due within one year
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
12
Net current assets
Total net assets
The funds of the charity:
Capital funds
Permanent endowment funds
13
Income funds
Restricted funds
14
Unrestricted funds
. Tangible fixed assets fund
15
. Designated funds
16
. General funds


1,272,162
397,122		 1,133,038
4,267,524		 1,261,934
387,263		 1,414,414
3,887,732
5,400,562
858,255		 5,302,146
478,921
1,669,284

(811,029)		 1,649,197
(1,170,276)


—

1,133,038

3,594,000
1,520,869		 —
1,414,414
3,594,000
761,743
6,258,817 5,781,067
10,910
6,247,907		 10,910
5,770,157
6,258,817 5,781,067

Approved by the trustees and signed on their behalf by:

Father Antonio Belsito

Trustee

Approved on: 11th July 2022

Institute of Charity 32

Statement of cash flows Year to 31 December 2021

Notes
2021
£		 2020
£
Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities:
Investment income and interest received
Purchase of tangible fixed assets
Proceeds from the disposal of investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January 2021
B
Cash and cash equivalents at 31 December 2021
B
(121,140)		 (6,228)
125,314
—
359,817
(354,524)		 107,508
(21,061)
88,619
(91,859)
130,607 83,207
9,467

392,155		 76,979
315,176

401,622		 392,155

Notes to the statement of cash flows for the period to 31 December 2021

A Reconciliation of net movement in funds to net cash used in operating activities

2021
£		 2020
£
Net movement in funds(as per the statement of financial activities)
Adjustments for:
Depreciation charge
(Gains) losses on investments
Investment income and interest receivable
Losses on disposal of tangible fixed assets
Foreign exchange gains (losses)
(Increase) decrease in debtors
(Decrease) increase in creditors
Net cash used in operating activities		 477,750
62,083
(385,477)
(125,314)
219,293
(36,725)
(10,228)
(322,522)		 (108,414)
79,273
13,671
(107,508)
—
—
2,142
114,608
(121,140) (6,228)
2021
£		 2020
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 397,122
4,500		 387,263
4,892
401,622 392,155

Institute of Charity 33

Statement of cash flows Year to 31 December 2021

C Analysis of changes in net debt

1 January
2021
£		 Cash flows
£		 Non-cash
movements
£		 31
December
2021
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents
Loans
Total		 387,263
4,892		 9,859
(392)		 —
—		 397,122
4,500
392,155
(804,225)		 9,467
—		 —
36,725		 401,622
(767,500)
(412,070) 9,467 36,725 (365,878)

Institute of Charity 34

Principal accounting policies 31 December 2021

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 31 December 2021 with comparative information provided in respect to the year ended 31 December 2020.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the Trustees to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Institute of Charity 35

Principal accounting policies 31 December 2021

Assessment of going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees confirm that they have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

The Trustees of the Charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The trustees are of the opinion that the Charity will have sufficient resources to meet its liabilities as they fall due.

In forming their assessment the Trustees considered the aftermath of the coronavirus pandemic and the current macroeconomic and geopolitical climate on the Charity’s operations, with a particular focus on its effect on the Charity’s financial position including the Charity’s income, expenditure and reserves; the Charity’s beneficiaries; and the Charity’s employees. Whilst they acknowledge that there may be challenges ahead, the Trustees do not consider there to be any material uncertainty in respect to the Charity’s ability to continue as a going concern.

In addition, the Trustees are satisfied that there are sufficient resources to maintain and continue their charitable objectives in light of the loans provided by the Charity to Grace Dieu Manor School and the loans to be repaid by the Charity to Ratcliffe College and the Institute of Charity Irish Province. The Trustees continue to monitor the financial situation of the Charity at their regular Trustee meetings with the assistance of their advisors.

The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ending 31 December 2022, the most significant areas that may affect the carrying value of the assets held by the Charity are the level of investment return and the performance of the investment and property markets.

Income recognition

Income is recognised in the period in which the Charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises donations and legacies, investment income and interest receivable, income from charitable activities, the surplus from the disposal of tangible fixed assets and income from miscellaneous sources.

Donations, including pensions of individual religious received under Gift Aid or deed of covenant, are recognised when the Charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that those conditions will be fulfilled in the reporting period.

Institute of Charity 36

Principal accounting policies 31 December 2021

Income recognition (continued)

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Legacies are included in the statement of financial activities when the Charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the Charity.

Entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the Charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the Charity.

Income from charitable activities and income from miscellaneous sources is recognised to the extent that economic benefits will flow to the Charity and the revenue can be reliably measured. It is measured as the fair value of the consideration received or receivable.

Dividends from listed investments are recognised once the dividend has been declared and notification has been received of the dividend due.

Income derived from the letting of the Charity’s investment properties is recognised in the period to which the tenancy relates.

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.

The surplus (or loss) on disposal of tangible fixed assets is defined as the difference between the net sale proceeds (gross proceeds minus direct costs of disposal) and the net book value of the asset disposed of. Such surpluses (or losses) are accounted for on an accruals basis once the disposal has been completed.

Services provided by members of the Congregation

For the purposes of these accounts, no value has been placed on administrative and other services provided by the members of the Congregation.

Institute of Charity 37

Principal accounting policies 31 December 2021

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is stated inclusive of irrecoverable VAT and accounted for on an accruals basis.

Expenditure comprises direct costs and support costs. The majority of expenditure is directly attributable to specific activities and any apportionment between headings is negligible. The classification between expenditure headings is as follows:

Governance costs comprising the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice are allocated wholly to the cost of the support of members of the Congregation and their ministry.

Institute of Charity 38

Principal accounting policies 31 December 2021

Tangible fixed assets

All assets costing more than £500 and with an expected useful life exceeding one year are capitalised.

The freeholds of the land and buildings legally owned by the Charity and occupied rent free on behalf of the trustees of the governing bodies of Catholic voluntary-aided schools, which are separate charities and publicly funded, are valued at £nil. The Trustees consider that no meaningful value can be attributed to these assets, since they are not used directly by the Charity, do not generate income and cannot be disposed of in the open market or put to alternative use while such occupation, which may be indefinite, continues.

The Trustees are the legal owners of churches and other parish land and buildings including churches, presbyteries and parish halls many of which were constructed up to 150 years ago. It is the Trustees’ intention that these properties will be used as long as needed and rent free by a parish in which a Rosminian Community ministers or a Diocese in which the Rosminians minister, in order to meet the needs of that parish or Diocese for a Church and related accommodation. As such assets, therefore, are not susceptible to meaningful valuation, they are excluded from the accounts.

In circumstances where the above assumptions regarding the availability of such properties to a parish or Diocese do not apply, such properties are included in the accounts at a valuation, with subsequent additions being recognised at cost.

Other freehold land and buildings are included in the accounts at cost and are depreciated on a straight line basis over a period of fifty years in order to write off their cost over their estimated useful economic lives.

Leasehold improvements relate to the cost of capital works carried out at the Rosmini Centre in Leicestershire. The Rosmini Centre, owned by Ratcliffe College (see note 20), is occupied by the Institute of Charity under an informal arrangement rent free. Whilst the legal title to the property is held with Ratcliffe College, the Institute of Charity is financing the cost of any improvement works currently as per the historic arrangement and are responsible for the operation of the Centre. The Charity and College expect that this arrangement will continue indefinitely. As such, the cost of any improvement works are capitalised and depreciated over the estimated useful economic life of the works carried out. All existing works are being depreciated over a period of 10 years.

Institute of Charity 39

Principal accounting policies 31 December 2021

Tangible fixed assets (continued)

Fixed asset investments

Fixed asset investments, including investment properties, are included in the accounts at their market value as at the balance sheet date. Realised and unrealised gains (or losses) are credited (or debited) to the statement of financial activities in the year in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Institute of Charity 40

Principal accounting policies 31 December 2021

Fund accounting

Endowment funds comprise monies which must be held indefinitely as capital. Income therefrom is credited to general funds and applied for general purposes unless under the terms of the endowment such income must be used for specific purposes in which case it is credited to restricted funds.

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.

Designated funds comprise monies set aside out of unrestricted general funds for specific future purposes or projects.

The tangible fixed assets fund comprises the net book value of Charity’s tangible fixed assets which belong to unrestricted funds, the existence of which is fundamental to the Charity being able to perform its charitable work and thereby achieve its charitable objectives. The value represented by such assets should not be regarded, therefore, as realisable.

General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the Charity’s charitable objects.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.

Institute of Charity 41

Notes to the accounts 31 December 2021

1 Income from: Donations and legacies

Unrestricted
funds
£		 Restricted
funds
£		 2021
£		 Unrestricted
funds
£
Restricted
funds
£
2020
£
301,213
176,556
63,741
—
**86,783 **
—
—

—

—

—		 301,213
176,556
63,741
—
86,783		 292,506
154,851
56,837
26,912
43,947
—

—

—

—

—
292,506

154,851

56,837

26,912

43,947
**628,293 **
—		 628,293 575,053
—
575,053

2 Income from: Investments and interest receivable

Unrestricted
funds
£		 Restricted
funds
£		 2021
£		 Unrestricted
funds
£		 Restricted
funds
£
917
—
917
—
917		 2020
£
Investment income
. Listed investments
. Rental income from
investment property
Interest receivable		 23,864
99,435		 —
—		 23,864
99,435		 27,202
77,255		 28,119
77,255
123,299
2,015		 —
—		 123,299
2,015		 104,457
2,134		 105,374
2,134
125,314 — 125,314 106,591 107,508

3 Expenditure on: Charitable activities – Grants and donations

Unrestricted
funds
**£ **
Restricted
funds
£

2021
£		 Unrestricted
funds
£		 Restricted
funds
£
2020
£
Donations to the
Congregation’s dependent
houses
Donations to the East Africa
Missions
Donations to Newport and
Cardiff Roman Catholic
Parishes
Other donations		 79,158
—
17,000
**24,728 **
—

—

—

—
79,158

—

17,000

24,728		 137,700
8,224
17,000
12,771		 —
—
—
—
137,700

8,224

17,000

12,771
**120,886 **
—
120,886		 175,695 —
175,695

Institute of Charity 42

Notes to the accounts 31 December 2021

4 Expenditure on: Charitable activities - Support of members of the Congregation and their ministry

Unrestricted
funds
£		 Restricted
funds
£
2021
£
Unrestricted
funds
£		 Restricted
funds
£		 2020
£
50,397
183,917
69,710
36,818
1,350
63,903
88,666		 —
—
—
—
—
—
—
50,397

183,917

69,710

36,818

1,350

63,903

88,666
45,209

228,476

119,983

6,607

780

58,155

50,047
—

—

—

—

—

—

—
45,209

228,476

119,983

6,607

780

58,155

50,047
494,761 —
494,761
509,257
—
509,257

5 Net movement in funds

This is stated after charging:

2021
£		 2020
£
Auditor’s remuneration
. Audit services
Depreciation		 26,700
62,083		 20,100
79,273

6 Staff costs

During the year to 31 December 2021, the Charity employed two part time employees (2020 – two) with staff costs in total amounting to £16,138 (2020 - £16,752). No employees received employee benefits of more than £60,000.

2021
Total
funds		 2020
Total
funds
£
Staff costs during the year were as follows:
Wages and salaries
Social security costs
Other pension costs
Staff costs per function were as follows:
Support of members of the Congregation and their ministry		 14,921
752
465		 15,549
714
489
16,138 16,752
16,138 16,752

7 Remuneration of key management personnel

The Trustees consider that they alone comprise the key management of the Charity and are in charge of directing and running the day-to-day operations of the Charity. None of the Trustees received remuneration from the Charity in respect to their services during the year (2020 – £nil).

As members of the Congregation, certain of the Trustees' living and personal expenses during the year were borne by the Charity, but they received no remuneration (2020 - none).

Institute of Charity 43

Notes to the accounts 31 December 2021

8 Taxation

The Institute of Charity is a registered charity and, therefore, is not liable to income tax or corporation tax on income or gains derived from charitable activities, as they fall within the various exemptions available to registered charities.

9 Tangible fixed assets

Tangible fixed assets
Freehold
land and
buildings
£		 Leasehold
improve-
ments
£		 Motor
vehicles
£		 Furniture,
fixtures and
equipment
£		 Total
£
Cost
At 1 January 2021
Additions
Disposals
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the period
Disposals
At 31 December 2021
Net book values
At 31 December 2021
At 31 December 2020		 1,590,688
—
(247,535)		 533,189
—
—		 210,405
—
(15,098)		 65,225
—
—		 2,399,507
—
(262,633)
1,343,153 533,189 195,307 65,225 2,136,874
314,646
26,863
(33,417)		 480,978
16,064
—		 146,052
14,794
(9,923)		 43,417
4,362
—		 985,093
62,083
(43,340)
308,092 497,042 150,923 47,779 1,003,836
1,035,061 36,147 44,384 17,446 1,133,038
1,276,042 52,211 64,353 21,808 1,414,414

It is likely that there are material differences between the open market values of the charity’s land and buildings and their book values. These arise from the specialised nature of some properties and the effects of inflation. The amount of such differences cannot be ascertained without incurring significant costs, which, in the opinion of trustees, is not justified in terms of the benefit to the users of the accounts. As explained in the principal accounting policies, the charity is the legal owner of certain assets comprising churches and other parish land and buildings. These properties will be used as long as needed rent-free by a parish or Diocese in order to meet the needs of that parish or Diocese for a church and related accommodation. As such assets, therefore, are not susceptible to meaningful valuation; they are excluded from the accounts.

Institute of Charity 44

Notes to the accounts 31 December 2021

10 Fixed asset investments

2021
£		 2020
£
Listed investments (see below)
Investment property
Cash held by investment managers for re-investment		 828,024
3,435,000
4,500		 757,840
3,125,000
4,892
4,267,524 3,887,732

Listed investments

2021
£		 2020
£
Market value at 1 January 2021
Additions at cost
Disposal proceeds
Net investment (gains) losses
Market value at 31 December 2021
Cost of listed investments		 757,840
354,524
(359,817)
75,477		 768,271
91,859
(88,619)
(13,671)
828,024 757,840
724,699 733,587

All listed investments were dealt in on a recognised stock exchange.

Listed investments held at 31 December 2021 comprised the following:

2021
£		 2020
£
UK fixed and variable bonds
UK equities and managed funds
Overseas fixed and variable bonds
Overseas equities and managed funds
Other investments		 59,100
255,877
63,757
308,689
140,601		 55,566
473,888
8,687
106,452
113,247
828,024 757,840

At 31 December 2021, listed investments included the following individual holdings deemed material when compared with the overall portfolio valuation as of that date.

2021
Market
value of
holding
£		 2021
Percentage
of portfolio
%
Artemis Income Fund Shs
Barclays Multi-Manager Global Access
J O Hambro Capital Mgmt Umbrella Fund
Jupiter Investment
Blackrock Continental European Income Fund
Findlay Park Funds
Xtrackers ESG MSCI USA UCITS		 50,400
66,688
37,688
37,985
41,750
60,745
54,687		 6.09%
8.05%
4.55%
4.59%
5.04%
7.30%
6.60%

Institute of Charity 45

Notes to the accounts 31 December 2021

10 Fixed asset investments (continued)

Investment property

31
December
2021
£		 31
December
2020
£
Market value at 1 January 2020
Revaluations
Market value at 31 December 2021		 3,125,000
310,000		 3,125,000
—
3,435,000 3,125,000

No figure is available for the cost of the investment property, which was acquired many years ago. The trustees are of the view that the costs of acquisition would have been negligible.

Investment property comprises the land and buildings of Mount Farm, Faircrouch Lane, Wadhurst; 9 to 11 Richmond Road, Roath, Cardiff; 145 and 147 Cromwell Road, Newport; 30 Fairfax Road, Newport, 12a St Peter’s Street, Roath, Cardiff and St Marie’s Convent, Oak Street, Rugby.

Mount Farm is occupied and operated by tenant farmers and is included on the balance sheet at an estimate of its open market value based on agricultural use with the existing tenant in situ. The valuation was determined by the trustees with professional assistance as at 31 December 2019. The trustees considered there was no significant changes on the valuation of Mount Farm at year end 31 December 2021.

The remaining investment properties, all of which comprise residential properties occupied by (or to be occupied by) tenants, are included on the balance sheet at an estimate of their open market value with vacant possession. Except for 9 to 11 Richmond Road, the valuations of these properties were determined by the trustees with professional assistance from local property agents as at 31 December 2021. The value of 9 to 11 Richmond Road was determined by the trustees with professional assistance from local property agents as at 31 December 2019. The trustees considered there were no significant changes on the valuation of 9 to 11 Richmond Road at year end 31 December 2021.

Institute of Charity 46

Notes to the accounts 31 December 2021

11 Debtors

2021
£		 2020
£
Amounts falling due within one year:
Prepayments and miscellaneous accrued income
Loan to Grace Dieu Manor School (see below)		 12,629
1,259,533		 4,401
1,257,533
1,272,162 1,261,934

At 31 December 2021, a total of £1,245,000 (2020 – £1,245,000) had been advanced to Grace Dieu Manor School (Charity Registration No 1115976) in order to provide the School with financial support and to enable an orderly closure with a view to the site being disposed of. In addition, invoices totalling £7,634 had been settled by the Charity on behalf of the school. It was agreed that interest would be charged on £100,000 of the overall principal at a rate of 2% per annum. At 31 December 2021, interest amounting to £6,899 (2020 – £4,899) had accrued which remained unsettled. The loan is unsecured. The loan has been repaid in full since the year end, following the disposal of the school site.

Grace Dieu Manor School is a connected charity – see note 20 for further details.

12 Creditors: amounts falling due within one year

2021
£		 2020
£
Accruals
Other creditors
Amounts due to the related charities (note 20)
Loan from Irish Province of the Institute of Charity
Loan from Ratcliffe College		 22,800
20,729
—
517,500
250,000		 26,100
125,833
214,118
554,225
250,000
811,029 1,170,276

During the year ended 31 December 2018, advances totalling £539,514 were received from the Irish Province of the Institute of Charity. Further advances of £250,000 were received from Ratcliffe College (Charity Registration No. 1115975). The amounts were advanced in order to enable the charity to finance a loan to Grace Dieu Manor School (Charity Registration No 1115976) (see note 11).

The loan from the Irish Province is unsecured and interest free and will be repayable only when the charity has the funds available to do so. The loan from Ratcliffe College is unsecured and interest free. It is anticipated that these loans will be repaid once the Charity has received repayment of the loan made by it to Grace Dieu Manor School (see note 11). The loans to the Irish Province and Ratcliffe College have been repaid in full since the year end. .

Both the Irish Province and Ratcliffe College are connected entities to the charity – see note 20 for further details.

Institute of Charity 47

Notes to the accounts 31 December 2021

13 Permanent endowment funds

Permanent endowment funds
At
1 January
2021
£


Income
£

Gains,
losses and
transfers
£
At
31
December
2021
£
Ely Place fund 10,910
—
—
10,910
At
1 January
2020
£

Income
£
Gains,
losses and
transfers
£		 At
31
December
2020
£
ElyPlace fund 10,910 —
—		 10,910

14 Restricted funds

There were no restricted funds as at 31 December 2021.

At 31 December 2020, the income funds of the Charity include restricted funds comprising the following unexpended balances of donations and grants held on trusts to be applied for specific purposes:

At
1 January
2020
£		 Income
£		 Expenditure
(excluding
donation to
related
charitable
companies)
£		 Transfers
between funds
£		 Donation to
related
charitable
companies
(note 20)
£		 At
31 December
2020
£
Book Fund
Curia Missions Fund
Formation Fund
Vocation Sisters
Fund
Parish Funds		 —
—
—
9,284
7,799		 —
285
632
—
—		 —
—
—
—
—		 —
—
—
(9,284)
(7,799)		 —
(285)
(632)

—
—		 —
—
—
—
—
17,083 917 — (17,083) (917) —

The restrictions are as follows:

Institute of Charity 48

Notes to the accounts 31 December 2021

14 Restricted funds (continued)

During the year to 5 April 2017, a decision was made by the Trustees to transfer certain restricted funds to the ownership of two charitable companies established under the control of the Congregation’s Curia. The charitable companies will continue to apply the funds in line with the restrictions imposed originally (see note 20).

During the year ended 31 December 2018, the assets held by the Charity in respect to the Book Fund has been transferred to Rosmini Publications Limited, the first of two new charitable companies formed by the Congregation’s Curia (see note 20).

During the year ended 31 December 2019, the assets held by the Charity in respect to the Curia Missions Fund and Formation Fund has been transferred to Calvario Limited, the second of the two new charitable companies formed by the Congregation’s Curia (see note 20).

Up until the point of transfer, any income, expenditure, gains and losses in connection with the control of these fund balances had been recognised in the Charity’s accounts and an adjustment has been included within expenditure to reflect the consequential impact of the value of transfers made.

15 Tangible fixed assets fund

Tangible fixed assets fund
2021
Total
£		 2020
Total
£
At 1 January 2021
Net movement in year
At 31 December 2021		 1,414,414
(281,376)		 1,472,626
(58,212)
1,133,038 1,414,414

The tangible fixed assets fund equates to the net book value of the Charity’s tangible fixed assets which are represented by unrestricted funds. A decision was made to separate this fund from the general funds of the Charity in recognition of the fact that the tangible fixed assets are essential to the day-to-day work of the Charity and as such their value should not be regarded as funds that might be realisable with ease, in order to meet future contingencies.

Institute of Charity 49

Notes to the accounts 31 December 2021

16 Designated funds

The income funds of the Charity include the following designated funds which have been set aside, out of unrestricted funds, by the Trustees for specific purposes:

At 1
January
2021
£		 New
designations
£		 Utilised/
released
£		 At 31
December
2021
£
Ministry and Care Fund
Rosmini Centre		 3,500,000
94,000		 —
—		 —
—		 3,500,000
94,000
3,594,000 — — 3,594,000
At 1January
2020
£		 New
designations
£		 Utilised/
released
£		 At 31
December
2020
£
Ministry and Care Fund
Rosmini Centre		 3,500,000
94,000		 —
—		 —
—		 3,500,000
94,000
3,594,000 — — 3,594,000

The funds have been designated for the following purposes:

This consists of monies and assets set aside by the Trustees to enable the provision and development of the ministry of the members of the Institute in the future and to provide funds to support members as they grow older and their needs increase.

 Rosmini Centre

This money is set aside for the running and administration of the Rosmini Centre set up by the Trustees to promote the works of Antonio Rosmini and to be a place of study for these works.

17 Analysis of net assets between funds

General
funds
£
Designated
funds
£
Tangible
fixed
assets
fund
£
Restricted
funds
£
Endowment
funds
£
2021
Total
funds
£
Fund balances at 31 December
2021 are represented by:
Tangible fixed assets
Investments
Net current assets (liabilities)
Total net assets		 —
3,435,000
(1,914,131)
—
832,524
2,761476		 1,133,038
—
**— **
—

—

**— **
—

—

10,910		 1,133,038
4,267,524

858,255
1,520,869
3,594,000
1,133,038
**— **
10,910		 6,258,817

Institute of Charity 50

Notes to the accounts 31 December 2021

17 Analysis of net assets between funds (continued)

General
funds
£		 Designated
funds
£		 Tangible
fixed assets
fund
£

Restricted
funds
£		 Endowment
funds
£		 2020
Total
funds
£
Fund balances at 31 December
2020 are represented by:
Tangible fixed assets
Investments
Net current assets (liabilities)
Total net assets		 —
3,125,000
(2,363,257)		 —
762,732
2,831,268		 1,414,414
—
—		 —
—
—		 —
—
10,910		 1,414,414
3,887,732
478,921
761,743 3,594,000 1,414,414 — 10,910 5,781,067

Total funds balances above include the cumulative impact of unrealised gains in respect to the charity’s listed investments. As at 31 December 2021, the difference between the market value of listed investments against their historic cost amounted to £103,325 (2020 - £24,253).

18 Contingent liabilities

The tenants of the Mount Farm investment property in Wadhurst have carried out certain improvements to the property at their own expense and under the terms of the tenancy agreement are entitled to compensation at the end of the tenancy. The Trustees are unable to estimate the amount of such financial compensation at the present time.

A contingent liability arises in respect to potential further claims against the charity concerning child welfare. Further investigation is ongoing to validate the potential claims and no legal proceedings have yet commenced. Consequently, the amount of any compensation payable, if any, cannot be quantified.

19 Custodian funds

At 31 December 2021, the charity was holding £348,000 on behalf of St Peter’s Parish, Cardiff (2020: £nil). These funds are not included in the accounts of the charity.

20 Connected charities and related parties

Registered charities

The following registered charities are considered to be connected to the Institute of Charity because they have common, parallel or related objects and activities and/or common control.

Institute of Charity 51

Notes to the accounts 31 December 2021

20 Connected charities and related parties (continued)

Registered charities (continued)

The charitable company "Ratcliffe College" (Charity Registration No 1115975) was incorporated on 9 August 2006. From 1 September 2006, the company took over certain of the net assets and operations of the charity "Trustees of Ratcliffe College" (established by a Trust Deed executed in 1923) which related to Ratcliffe College, a school at Fosse Way, Ratcliffe on the Wreake, Leicestershire, founded in 1847.

On 1 September 2006 also, the remaining net assets and operations of the charity "Trustees of Ratcliffe College" were transferred to a second charitable company "Grace Dieu Manor School" (Charity Registration No 1115976) which operated a school of the same name in Thringstone, Leicestershire, founded as the Preparatory School for Ratcliffe College in 1933.

Four of the Trustees of the Institute of Charity who served during all or part of the year (Rev Father David J Myers, Father Tom Thomas, Rev Father Anthony Furlong and Rev Father Christopher J Fuse) were trustees of both Ratcliffe College and Grace Dieu Manor School. Other Trustees of both charities are appointed by the Father Provincial of the English Province of the Institute of Charity in consultation with the existing Trustees of the relevant charitable company.

"Trustees of Ratcliffe College" no longer has any assets or operations and is now a dormant subsidiary or linked charity (Charity Registration No 222508-5) to Institute of Charity.

The other two linked charities referenced above act as custodian trustees in respect to various properties but have no income or expenditure of their own. The properties in respect to which they act as custodian trustees are included on the balance sheet of Institute of Charity in accordance with the relevant principal accounting policies.

The principal contact in respect to the above connected charities is: Reverend Antonio Belsito 200 Leeming Lane North Mansfield Woodhouse Nottinghameshire NG19 9EX

Institute of Charity 52

Notes to the accounts 31 December 2021

20 Connected charities and related parties (continued)

Registered charities (continued)

The charity is also connected with two charitable companies incorporated on 17 May 2017. The two companies are as follows:

Company name Company
Registration Number		 Charity Registration
Number		 Principal activity
Rosmini
Publications
Limited		 10779496 (England
and Wales)		 1178409 (England and
Wales)		 Publication and
dissemination of
religious material
and related
activities
Calvario Limited 10776281 (England
and Wales)		 1184056 (England and
Wales)		 Furtherance of the
Roman Catholic
faith and related
activities

Father Antonio Belsito and Father Chris Fuse act as directors of these two companies. They also acted as trustees of the Institute of Charity English Province during all of the year of report.

Related party transactions

During the year ended 5 April 2017, the then trustees of the charity committed to donating to the two companies, Rosmini Publications Limited and Calvario Limited, certain assets to include the balances on a number of restricted funds (see note 14) and a freehold property.

During the year ended 31 December 2019, net assets totalling £1,216,290 were transferred to Calvario Limited fully discharging the original commitment originally made during the year ended 5 April 2017.

During the year ended 31 December 2018, net assets totalling £1,479,414 were transferred to Rosmini Publications Limited. A balance of £214,118 remained payable at 31 December 2020 representing the carrying value of Rosmini House. This property was transferred during the year ended 31 December 2021, thereby discharging fully the original commitment made during the year ended 5 April 2017.

Institute of Charity 53

Notes to the accounts 31 December 2021

20 Connected charities and related parties (continued)

Related party transactions (continued)

During the year ended 31 December 2021, the Charity occupied property owned by Ratcliffe College under an informal agreement rent free. Further information is provided within principal accounting policies. The same arrangement applied during the year ended 31 December 2020.

During the year, the Charity received voluntary contributions of £ 176,556 (2020 - £154,851) from Ratcliffe College.

As disclosed in note 11 to the accounts, as at 31 December 2021, a balance of £1,259,533 (2020 - £1,257,533) was owed to the Charity by Grace Dieu Manor School in relation to a financial support loan. Interest accrued on the loan totalled £6,899 (2020 - £4,899) was unsettled at the balance sheet date.

As disclosed in note 12 to the accounts, during the year ended 31 December 2018, a loan of £250,000 was received from Ratcliffe College, the full balance of which was outstanding as at 31 December 2021.

Father David Myers, Father Chris Fuse and Father Anthony Furlong were trustees of Grace Dieu Manor School, Ratcliffe College and the Institute of Charity during all or part of the period.

As disclosed in note 12 to the accounts, during the year ended 31 December 2018, a loan of £554,225 was received from the Irish Province of the Institute of the Institute of Charity, the full balance of which was outstanding as at 31 December 2021.

The total value of donations made by the Trustees to the Charity during the year was £ £21,506 (2020 – £20,690), being pensions donated to the Charity under Gift Aid.

There were no other related party transactions (2020 – none).

21 Ultimate control

The Charity, which is constituted as a trust, was controlled throughout the period by the Institute of Charity (the Rosminians), by virtue of the fact that the Father Provincial of the English Province appoints the Trustees. The Congregation in England does not hold any assets, incur liabilities or enter into any transactions in its own right. Assets and liabilities of the Congregation in England are vested in the Trustees of the Charity, who undertake all transactions entered into in the course of the Congregation’s charitable activities in England.

Institute of Charity 54

Notes to the accounts 31 December 2021

22 Post balance sheet events

The following events have taken place subsequent to 31 December 2021:

Institute of Charity 55