2023-12-31-accounts

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Charity Registration Number: 222508

INSTITUTE OF CHARITY

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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INSTITUTE OF CHARITY

CONTENTS

	Page
Reference and Administrative Details	1 - 2
Trustees' Report	3 - 16
Statement of Trustees Responsibilities	17
Independent Auditor's Report on the Financial Statements	18 - 22
Statement of Financial Activities	23
Balance Sheet	24
Statement of Cash Flows	25
Notes to the Financial Statements	26 - 47

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INSTITUTE OF CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees	Rev Father Antonio Belsito I.C., Provincial Administrator
	Rev Father Chris Fuse I.C., Provincial Superior
	Rev Father David J Myers I.C., Trustee
	Rev Father Anthony J Furlong I.C., Trustee
	Rev Father Tom Thomas I.C.
Charity Registration Number 222508 Telephone Website Registered Office 01633 672334 www.rosminians.org.uk 200 Leeming Lane North Mansfield Woodhouse Mansfield Nottinghamshire NG19 9EX United Kingdom Provincial Superior Provincial Administrator Rev Father Chris Fuse I.C. Rev Father Antonio Belcito I.C. Independent auditor RBK Business Advisers Chartered Accountant and Statutory Audit Firm Termini 3 Arkle Road Sandyford Dublin 18 Ireland Bankers Investment managers Royal Bank of Scotland plc RBS Corporate Services 1st Floor 62-63 Threadneedle Street London EC2R 8HP United Kingdom Barclays Wealth 2nd Floor Windsor Court 1-3 Windsor Place Cardiff CF10 3BX Wales

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INSTITUTE OF CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS (CONTINUED)

Solicitors

Geldards LLP Dumfries House Dumfries Place Cardiff CF10 3ZF Wales

Farrer & Co LLP 66 Lincoln's Inn Field London WC2A 3LH United Kingdom

Property agents BTF Partnership LLP Euston House 82 High Street Heathfield Sussex TN21 8JE United Kingdom

Jeffrey Ross Limited 38 Wellfield Road Penylan Cardiff CF24 3PB Wales

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INSTITUTE OF CHARITY

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 January 2023 to 31 December 2023.

The accounts have been prepared in accordance with the accounting policies set out on pages 26 to 32 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 2023, there were 37 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.

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: • Rosminian Parish Ministry

• Chaplaincy

• Retreat & Renewal

• Overseas missionary work and donations

• Social and pastoral work

• Education

• Communications

• Safeguarding of Children and Vulnerable Adults

• Support of members of the Congregation and their mission

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.

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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.

Rosminian Parish Ministry

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

• St Theresa of Lisieux, 53 Front Street, Birstall, Leicester

• St Mary's Loughborough, Ashby Road, Loughborough

• St Marie’s Rugby, Oak Street, Rugby

• St Peter's, St. Peter's Street, Cardiff

• St Joseph's, New Zealand Road, Cathays, Cardiff

• St Patrick's, 151 Cromwell Road, Newport

• St Etheldreda's, 14 Ely Place, Holborn, London

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.

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. 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:

• Confessions

• Devotions

• Baptism, marriage and funeral services

• Other liturgical services as appropriate

• Bereavement groups

• Preparation of Children and their families for the Sacraments

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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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Activities, Achievements and performance (continued)

Mass at St Mary's Loughborough - The parish church is the first church given to the Rosminians in UK in 1842, at the time of Fr Luigi Gentili.

Chaplaincy

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

• Ratcliffe College, a co-educational Catholic independent school based in Leicestershire for boys and girls aged 3-19.

• University Hospital of Wales, Cardiff, a major 1,000-bed teaching hospital of Cardiff University School of Medicine. A member of the Congregation works as a chaplain on a part-time volunteer basis.

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 vison 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

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Activities, Achievements and performance (continued)

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 world-wide 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.

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.

The Rosmini Centre, Leicestershire

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

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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.

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

Indian members of the Institute of Charity with guests

Social and pastoral work

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

• Chaplaincy / pastoral care of those in hospitals, nursing homes and prisons

• Advocacy and support for asylum seekers and refugees

• Community social work with the homeless

• Outreach to international communities of people working in the UK

• Bereavement counselling/support groups

• Support of people with addiction problems

• Support of elderly people

• Preparation of couples for marriage and assistance with marital difficulties

• Spiritual direction and pastoral care to anyone who asks

• Promoting justice and peace in society

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Activities, Achievements and performance (continued)

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

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.

The aims of the Trustees in this area include:

• Enabling members of the Congregation to carry out meaningful social and pastoral work within the community after assessing their skills and the needs of the local area;

• Encouraging and motivating members of the Congregation to work with and assist the poor, elderly and marginalised

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.

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. The property was sold in 2022 and the IOC Trust loans were 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.

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Activities, Achievements and performance (continued)

The safeguarding of children and vulnerable adults

The matter of safeguarding is taken very seriously and is prominent on our website and parish publicity. Safeguarding is a standing agenda item at every Trustee Meeting and every Province Council meeting with the attendance of our Province leadership group.

The new arrangements of the Catholic Safeguarding Standards Agency, CSSA, is that religious congregations as we are, are no longer linked with a diocese but with the recently established Religious Life Safeguarding Service which advises and guides religious in these important areas of Church life. All matters of concern relating to the Safeguarding of Children and Vulnerable Adults must be reported to this RLSS in addition to the statutory authorities.

All the parishes where Rosminians work operate under the policies of the CSSA adapted by us in our own Safeguarding Booklet 2023, and all Rosminian parishes have a safeguarding coordinator.

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 upskilling 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.

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.

• Enabling all members of the Congregation to continue working in line with the charism of the Congregation for as long as possible

• Ensuring all members of the Congregation receive the level of care they require.

• Reviewing the Charity’s properties used as community houses and assessing their suitability as homes. Those identified as being unsuitable will be adapted.

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.

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.

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Activities, Achievements and performance (continued)

Scholastics in formation before priesthood for a week on Rosmini Heritage. Porta Latina

Financial review

Results for the year

A summary of the year’s results can be found on page 23 of this report and accounts.

During the year ended 31 December 2023, total income amounted to £882,584 (2022: £1,522,402). £736,198 was received by way of donations and legacies (2022: £1,389,902). This figure includes salaries and pensions of the brethren amounting to £327,741 (2022: £301,266) covenanted to the Charity. Investment income and interest receivable totalled £129,666 (2022: £129,184).

Expenditure for the year totalled £884,929 (2022: £1,253,023), 97% of which related to Charitable activities. Expenditure incurred on maintaining the members of the Congregation and supporting them in their pastoral work and ministry amounted to £537,421 (2022: £522,616). Grants and donations (other than amounts payable to related charities (see below) totalled £283,823 compared to £648,747 in the previous period. Further details of grants and donations are provided in note 9 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 28 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 expenditure for the year before net investment losses, therefore, was £2,345 (2022: net income of £269,379). Net investment gains totalled £224,507 (2022: net gains of £109,072). Thus, net income for the year

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

and the net increase in funds for the year after accounting for investment gains and losses was £222,162 (2022: net increase of £378,451).

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.

Investment policy and performance

At 31 December 2023, the charity’s investments had a market value of £4,510,231 (2022: £4,371,112).This includes listed investments with a market value of £766,090 (31 December 2022: £721,473).

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 17 to the attached accounts.

The Charity also owns a number of properties for investment purposes with a value of £3,740,000 (2022: £3,640,000). Further details of the properties are provided in note 17 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 £6,859,430 (2022: £6,637,268). £1,031,366 (2022: £1,086,397) 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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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

In addition, the Trustees have set aside £3,500,000 (2022: £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.

The endowment funds amounting to £10,910 (2022: £10,910) comprise monies which must be held indefinitely and are detailed in note 20 to the attached accounts.

Finally, restricted funds comprising monies given for specific work or projects totalled £nil (2022: £nil) at the end of the year. Details of these funds and their movements are given in note 20 to the attached accounts.

Funds available to support the work of the members of the Congregation in the future are shown as unrestricted funds on the balance sheet and amount to £2,317,154 (2022: £2,039,961).

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.

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.

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance 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.

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. Since 2016, he has been Rector of the Derryswood Community and he is also Chaplin to the Franciscan Missionaries of the Divine Motherhood at Ladywell.

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

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management (continued)

also a trustee of Ratcliffe College and Grace Dieu Manor School. He is also currently vice-rector of the Derryswood community and is involved in convent chaplaincy and assisting in the diocese of Arundel and Brighton.

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.

In 2020, while studying at St. Mary’s University he moved to St. Theresa’s Birstall parish. He completed his MA in Christian Spirituality in the September 2021. He was transferred from St. Theresa’s parish to St. Etheldreda’s RC Church, London in September 2022.

He is also a trustee of Ratcliffe College, St Etheldreda’s and Grace Dieu Manor School.

Fr. Tom Thomas is appointed as the Apostolic Administrator of the Falkland Islands and the Ecclesiastical Superior of the mission (sui iuris) of St. Helena, Ascension and Tristan da Cunha on the 18th July 2024 by Pope Francis. He is also the chair of trustee of the prefecture of the Falkland Islands and St. Helena.

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.

Members of the Congregation

At year end, the UK Region has 37 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.

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance 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.

• Governance and management: consider the efficiency of the Trustee body. Risks considered include a lack of planning, a Trustee body which lacked sufficient skills or appropriate decision-making procedures. Such risks could include a lack of training / induction or poor stewardship of resources – human, financial and property. The Trustees have addressed these risks by operating both annual and longer-term plans, holding regular Trustee meetings which include the monitoring of actual performance against these plans, having meaningful induction / handover for incoming Trustees, attending Trustee training days, seeking third party advice as required, etc.

• Financial: considers the financial capacity of the Charity and ensuring it has the available financial resources to continue to carry out its activities both now and in the years ahead. This incorporates the management of the operating (day-to-day) position, capital or building requirements and the returns earned on the Charity’s investment portfolios. These risks are mitigated in a variety of ways, including budgeting, the setting of an investment strategy / investment objectives that consider diversity, prudence and liquidity criteria, regular financial and investment reporting against budget, cashflow planning, the appointment of a Stewardship advisor, etc.

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.

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management (continued)

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:

________ Rev Father Antonio Belsito I.C. Trustee

Date: 10/17/2024 | 11:29 AM PDT

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INSTITUTE OF CHARITY

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees are responsible for preparing the Trustees' Report and the financial statements 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:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

The Trustees are responsible for keeping adequate 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 financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provision 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.

Approved by order of the members of the Trustees and signed on their behalf by:

_________ Rev Father Antonio Belsito I.C. Trustee Date: 10/17/2024 | 11:29 AM PDT

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INSTITUTE OF CHARITY

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE INSTITUTE OF CHARITY

Opinion

We have audited the financial statements of Institute of Charity (the 'Charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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 financial statements:

• give a true and fair view of the state of the Charity's affairs as at 31 December 2023 and of its income amd expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

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 financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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 financial statements 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.

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INSTITUTE OF CHARITY

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE INSTITUTE OF CHARITY (CONTINUED)

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:

• the information given in the Trustees’ report is inconsistent in any material respect with the accounts; or

• sufficient and proper accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the Trustee's Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error.

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

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INSTITUTE OF CHARITY

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE INSTITUTE OF CHARITY (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

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

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

How the audit was considered capable of detecting irregularities including fraud

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

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

• We identified the laws and regulations applicable to the charity through discussions with management and Trustees and from our knowledge and experience of the charity sector;

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

• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and those charged with governance and review of minutes of Trustees’ meetings.

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

• Making enquiries of management and representatives from the Trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

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

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

• Performed analytical procedures to identify any unusual or unexpected relationships;

• Tested and reviewed journal entries to identify unusual transactions;

• Carried out substantive testing of expenditure;

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• Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• Investigated the rationale behind significant or unusual transactions.

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

• Agreeing disclosures in the accounts to underlying supporting documentation;

• Reading the minutes of meetings of Trustees; and

• Enquiring of as to actual and potential litigation and claims.

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.

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INSTITUTE OF CHARITY

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE INSTITUTE OF CHARITY (CONTINUED)

The purpose of our audit work and to whom we owe our responsibilities

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.

______ Ronan Kilbane RBK Business Advisers Chartered Accountant and Statutory Audit Firm Termini 3 Arkle Road Sandyford Dublin 18 Ireland 10/21/2024 | 1:28 AM PDT Date:

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INSTITUTE OF CHARITY

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

Note Income from: Donations and legacies 4 Charitable activities 5 Gain on disposal of tangible fixed assets Investments and interest recievable 6 Total income Expenditure on: Raising funds 7 Charitable activities 8 Loss on foreign transactions Total expenditure Net (deficit)/ gain for the year before movement on Investment Net gains/(losses) on investments 11 Gains on revaluation of Investment Properties 17 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2023 £ 736,198 16,720 - 129,666 882,584 26,847 858,082 - 884,929 (2,345) 44,507 180,000 222,162 6,626,358 222,162 6,848,520	Endowment funds 2023 £ - - - - - - - - - - - - - 10,910 - 10,910	Total funds 2023 £ 736,198 16,720 - 129,666 882,584 26,847 858,082 - 884,929 (2,345) 44,507 180,000 222,162 6,637,268 222,162 6,859,430	Total funds 2022 £ 1,389,902 2,716 600 129,184 1,522,402 30,160 1,210,966 11,897 1,253,023 269,379 (95,928) 205,000 378,451 6,258,817 378,451 6,637,268

The Statement of Financial Activities includes all gains and losses recognised in the year.

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INSTITUTE OF CHARITY CHARITY NUMBER: 222508

BALANCE SHEET AS AT 31 DECEMBER 2023

Note Fixed assets Tangible assets 16 Investments 17 Current assets Debtors 18 Cash at bank and in hand 24 Creditors: amounts falling due within one year 19 Net current assets Total net assets Charity funds Endowment funds 20 Unrestricted and Designated funds 20 Total funds 20	40,993 1,295,141 1,336,134 (18,301)	2023 £ 1,031,366 4,510,231 5,541,597 1,317,833 6,859,430 10,910 6,848,520 6,859,430	16,785 1,187,958 1,204,743 (24,984)	2022 £ 1,086,397 4,371,112
				5,457,509 1,179,759
				6,637,268
				10,910 6,626,358
				6,637,268

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

---

Rev Father Antonio Belsito I.C. Trustee Date: 10/17/2024 | 11:29 AM PDT

The notes on pages 26 to 47 form part of these financial statements.

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INSTITUTE OF CHARITY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Note Cash flows from operating activities Net cash (used in) operating activities 23 Cash flows from investing activities Purchase of tangible fixed assets 16 Proceeds from the disposal of listed investments 17 Purchase of listed investments 17 Investment income and interest recieved 6 Net cash provided by investing activities Cash flows from financing activities Repayment of borrowings Receipts in respect to loans granted Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 24 Cash and cash equivalents at the end of the year 24	2023 £ (13,123) (9,250) 255,197 (255,307) 129,666 120,306 - - - 107,183 1,187,958 1,295,141	2022 £ (62,752) (20,855) 156,097 (145,474) 129,184 118,952 (529,397) 1,259,533 730,136 786,336 401,622 1,187,958

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. General information

These financial statements comprising the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including significant accounting policies constitute the financial statements of Institute of Charity for the financial year ended 31 December 2023.

Institute of Charity is a Charity incorporated in the United Kingdom. The registered office is 200 Leeming Lane North, Mansfield Woodhouse, Mansfield, Nottinghamshire, NG19 9EX. The nature of the Charity's Operations and its principal activities are set out in the Directors' Report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 UK and Republic of Ireland (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.

Institute of Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

Currency

The accounts are presented in GBP sterling (£) which is the functional currency of the Charity, and rounded to the nearest pound.

2.2 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 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.

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 2024, 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.

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.3 Income recognition

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income comprises donations and legacies, investment income and interest receivable, income from charitable activities, the surplus from the disposal of any 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.

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 them 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.

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.3 Income recognition (continued)

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.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 Expenditure

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 of raising funds and charitable activities. The majority of expenditure is directly attributable to specific activities and any apportionment between headings is negligible.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities includes expenditure on the Charity’s primary purposes as described in the Trustees’ report and includes:

• Grants and donations payable: Grants and donations include an amount in respect to the donation or transfer of assets to two charitable companies under the control of the Congregation’s Curia. Grants and donations also include amounts payable to support the Congregation’s dependant houses and donations to other charitable bodies with objects consistent with those of the Charity. All donations are made only in cases where the Trustees have reviewed the details of each particular case. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the year end.

• Support of members of the Congregation and their ministry: Expenditure on the support of members of the Congregation and their ministry enables the members to carry out the charitable work of the charity in the areas of the advancement of the Roman Catholic Religion and the spread of Christian values. Such expenditure comprises premises costs, members’ living and personal expenses, training and spiritual renewal costs and other related miscellaneous expenses.

• Rosmini Centre: Expenditure on enabling the work of the Centre.

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.

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Voluntary aided school properties

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.

Churches and similar properties

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

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

Leasehold improvements relate to the cost of capital works carried out at the Rosmini Centre in Leicestershire. The Rosmini Centre, owned by Ratcliffe College, 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.

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.5 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property - 2% straight line Leasehold Improvements - 10% straight line Motor vehicles - 25% on written down value Furnitures, fixtures and fittings - 20% on written down value

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Impairment

Assets not carried at fair value are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.

2.6 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.

2.7 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.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 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.

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.9 Creditors and provisions

Creditors 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 are recognised at the amount that the Charity anticipates it will pay to settle the debt.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.10 Financial instruments

Financial assets comprise of investments. Investments are initially measured at fair value which usually equates to the transaction price and subsequently at fair value where investments are listed on an active market or where non listed investments can be reliably measured. Movements in fair value are measured in the statement of financial activities.

When fair value cannot be measured reliably or can no longer be measured reliably, investments are measured at cost less impairment.

2.11 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 unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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.

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.12 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

3. Critical Accounting Estimates and Areas of Judgement

The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Fixed assets

Long-lived assets, consisting primarily of property, represent a significant portion of the total assets. The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values. The trustees regularly review these asset useful economic lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful economic lives are included in the accounting policies.

Accruals and provisions

Various accruals and provisions are recorded in the Financial Statements, The estimates used to establish accruals and provisions are based on historical experience and other facts and reasonable assumptions under the circumstances. If the historical date of the Charity used to establish it's accruals and provisions does not reflect the Charity's ultimate exposure, accruals and provisions may need to be increased or decreased and future results of operations could be materially affected.

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. Income from donations and legacies

Salaries and pensions of individual religious Contributions from Ratcliffe College Donation from an individual religious following the sale of a property Mass offerings, stole fees and clergy offerings Other donations Total 5. Income from charitable activities Rosmini centre Total 6. Income from investments and interest recievable Rental income from investment property Listed investments Interest recievable Total	Unrestricted funds 2023 £ 327,741 244,607 - 55,525 108,325 736,198 Unrestricted funds 2023 £ 16,720 16,720 Unrestricted funds 2023 £ 92,990 21,741 14,935 129,666	Total funds 2023 £ 327,741 244,607 - 55,525 108,325 736,198 Total funds 2023 £ 16,720 16,720 Total funds 2023 £ 92,990 21,741 14,935 129,666	Total funds 2022 £ 301,266 108,924 321,114 70,178 588,420
			1,389,902
			Total funds 2022 £ 2,716
			2,716
			Total funds 2022 £ 101,914 26,889 381
			129,184

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Expenditure on Raising funds

Listed investment management exepnses Investment property expenses Total Expenditure on charitable activities Grants and donations (see note 9) Support of members of the Congregation and their ministry (See note 10) Rosmini Centre Total Grants and donations expenditure Donations to the Congregation's dependent houses Donations to Newport and Cardiff Roman Catholic Parishes Donations to IoC Ireland Donations to East Africa missions Donations to India Other Donations Total	Unrestricted funds 2023 £ 5,371 21,476 26,847 Unrestricted funds 2023 £ 283,823 537,421 36,838 858,082 Unrestricted funds 2023 £ 142,567 11,044 - 100,000 16,230 13,982 283,823	Total funds 2023 £ 5,371 21,476 26,847 Total funds 2023 £ 283,823 537,421 36,838 858,082 Total funds 2023 £ 142,567 11,044 - 100,000 16,230 13,982 283,823	Total funds 2022 £ 5,540 24,620
			30,160
			Total funds 2022 £ 648,747 522,616 39,603
			1,210,966
			Total funds 2022 £ 108,883 17,000 513,516 - - 9,348
			648,747

8. Expenditure on charitable activities

9. Grants and donations expenditure

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10. Support of members of the Congregation and their ministry

Care of elderly members Members’ living and personal expenses Premises Spiritual renewal and vocations Legal and safeguarding related costs Governance costs Other support costs Total	Unrestricted funds 2023 £ 74,780 167,327 59,765 2,550 64,549 15,640 152,810 537,421	Total funds 2023 £ 74,780 167,327 59,765 2,550 64,549 15,640 152,810 537,421	Total funds 2022 £ 50,956 235,332 77,218 38,320 46,729 24,240 49,821 522,616

All income from investments and interest receivable was unrestricted during both the year ended 31 December 2023 and the year ended 31 December 2022.

11. Gains/(losses) on investments

Unrealised (losses) gains on listed investments Realised (losses) gains on listed investments	2023 £ 41,399 3,108 44,507	2022 £ (98,964) 3,036
		(95,928)

12. Net movement in funds

This is stated after charging:

Auditor's remuneration Depreciation	2023 £ 15,640 64,281 79,921	2022 £ 24,240 67,496
		91,736

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Staff costs

During the year to 31 December 2023, the Charity employed 2 part time employees (2022: 2) with staff costs in total amounting to £21,123 (2022: £17,782). No employees received employee benefits of more than £60,000.

Staff costs during the year were as follows:

Wages and salaries Social security costs Other pension costs	2023 Total funds £ 19,027 1,534 582 21,143	2022 Total funds £ 14,909 1,635 1,238
		17,782

Staff costs per function were as follows:

Support of members of the Congregation and their ministry	2023 Total funds £ 21,123 21,123	2022 Total funds £ 17,782
		17,782

14. 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 (2022 – £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 (2022 – none).

15. 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.

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. Tangible fixed assets

Cost or valuation At 1 January 2023 Additions Disposals At 31 December 2023 Depreciation At 1 January 2023 Charge for the year On disposals At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022	Freehold property £ 1,343,153 - - 1,343,153 334,955 26,862 - 361,817 981,336 1,008,198	Leasehold Improvements £ 533,189 - - 533,189 513,106 20,083 - 533,189 - 20,083	Motor vehicles £ 205,472 9,250 (10,845) 203,877 161,312 14,545 (10,845) 165,012 38,865 44,160	Fixtures and fittings £ 65,225 - - 65,225 51,269 2,791 - 54,060 11,165 13,956	Total £ 2,147,039 9,250 (10,845) 2,145,444 1,060,642 64,281 (10,845) 1,114,078 1,031,366 1,086,397

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. Such assets are therefore not susceptible to meaningful valuation and as such, they are excluded from the accounts.

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. Fixed asset investments

Listed investments (see below) Investment property (see below) Cash held by investment managers for re-investment	2023 £ 766,090 3,740,000 4,141 4,510,231	2022 £ 721,473 3,640,000 9,639
		4,371,112

Movement on investments during the year were as follows:

Listed investments 2023 £ Market value at 1 January 2023 721,473 Additions at cost 255,307 Disposals proceeds (255,197) Net investment gains/(losses) 44,507 Market value at 31 December 2023 766,090 Investment property 2023 £ Market value at 1 January 2023 3,640,000 Revaluations 180,000 Disposal (80,000) Market value at 31 December 2023 3,740,000	2022 £ 828,024 145,474 (156,097) (95,928)
	721,473
	2022 £ 3,435,000 205,000 -
	3,640,000

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 (disposed of during the year) 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 2023.

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. The values of all remaining investment properties were determined by the Trustees with professional assistance from local property agents as at 31 December 2023.

18. Debtors

Due within one year Other debtors Prepayments and accrued income	2023 £ 9,276 31,717 40,993	2022 £ - 16,785
		16,785

19. Creditors: Amounts falling due within one year

Other creditors Accruals	2023 £ - 18,301 18,301	2022 £ 119 24,865
		24,984

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

20. Statement of funds

Statement of funds - current year

Designated funds Ministry and care fund Unrestricted funds Tangible fixed asset fund Unrestricted funds Endowment funds Ely Place fund Total of funds	Balance at 1 January 2023 £ 3,500,000 1,086,397 2,039,961 3,126,358 10,910 6,637,268	Income £ - - 882,584 882,584 - 882,584	Expenditure £ - (55,031) (829,898) (884,929) - (884,929)	Net Gains/ (Losses) £ - - 224,507 224,507 - 224,507	Balance at 31 December 2023 £ 3,500,000
					1,031,366 2,317,154
					3,348,520
					10,910
					6,859,430

There were no restricted funds held at 31 December 2023 or 31 December 2022.

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:

• Ministry and Care Fund: 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.

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

20. Statement of funds (continued)

Statement of funds - prior year

Designated funds Ministry and care fund Rosmini centre Unrestricted funds Tangible fixed asset fund Unrestricted funds Total Unrestricted funds Endowment funds Ely Place fund Restricted funds Rosmini centre Total of funds	Balance at 1 January 2022 £ 3,500,000 94,000 3,594,000 1,133,038 1,520,869 2,653,907 6,247,907 10,910 - 6,258,817	Income £ - - - - 1,500,797 1,500,797 1,500,797 - 21,605 1,522,402	Expenditure £ - (94,000) (94,000) (46,641) (1,090,777) (1,137,418) (1,231,418) - (21,605) (1,253,023)	Gains/ (Losses) £ - - - - 109,072 109,072 109,072 - - 109,072	Balance at 31 December 2022 £ 3,500,000 -
					3,500,000
					1,086,397 2,039,961
					3,126,358
					6,626,358
					10,910
					-
					6,637,268

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

20. Statement of funds (continued)

The restrictions are as follows:

The Rosmini Centre Fund represented a donation made to support the work of the Rosmini Centre and was fully expended during the year.

The funds have been designated for the following purposes:

• Ministry and Care Fund: 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 was 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.

21. Summary of funds

Summary of funds - current year

					Balance at
	Balance at 1				31
	January			Gains/	December
	2023	Income	Expenditure	(Losses)	2023
	£	£	£	£	£
Designated funds	3,500,000	-	-	-	3,500,000
Unrestricted
funds	3,126,358	882,584	(884,929)	224,507	3,348,520
Endowment funds	10,910	-	-	-	10,910
	6,637,268	882,584	(884,929)	224,507	6,859,430
Summary of funds - prior year
					Balance at
	Balance at				31
	1 January			Gains/	December
	2022	Income	Expenditure	(Losses)	2022
	£	£	£	£	£
Designated funds	3,594,000	-	(94,000)	-	3,500,000
Unrestricted funds	2,653,907	1,500,797	(1,137,418)	109,072	3,126,358
Endowment funds	10,910	-	-	-	10,910
Restricted funds	-	21,605	(21,605)	-	-
	6,258,817	1,522,402	(1,253,023)	109,072	6,637,268

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2023 £ Tangible fixed assets 1,031,366 Fixed asset investments 4,510,231 Current assets 1,325,224 Creditors due within one year (18,301) Total 6,848,520	Endowment funds 2023 £ - - 10,910 - 10,910	Total funds 2023 £ 1,031,366 4,510,231 1,336,134 (18,301) 6,859,430

Analysis of net assets between funds - prior year

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2022 £ 1,086,397 4,371,112 1,193,833 (24,984) 6,626,358	Endowment funds 2022 £ - - 10,910 - 10,910	Total funds 2022 £ 1,086,397 4,371,112 1,204,743 (24,984) 6,637,268

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

23. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Investment income and interest recievable (Gains) on investments Gains on disposal of Investment Property Foreign exchange losses (Increase) in debtors (Decrease) in creditors Unrealised gains on investment properties Decrease/ (increase) in Cash Held by Investment Manager for re- investment Net cash (used in) operating activities 24. Analysis of cash and cash equivalents Cash at bank and in hand Total cash and cash equivalents 25. Analysis of changes in net debt	2023 £ 42,162 64,281 (129,666) (224,507) 80,000 - (24,208) (6,683) 180,000 5,498 (13,123) 2023 £ 1,295,141 1,295,141	2022 £ 173,451 67,496 (129,184) (109,072) - 11,897 (4,156) (268,545) 205,000 (9,639) (62,752) 2022 £ 1,187,958 1,187,958

Cash at bank and in hand Cash held by investment managers for re-investment	At 1 January 2023 £ 1,187,958 9,369 1,197,327	Cash flows £ 107,183 (5,228) 101,955	At 31 December 2023 £ 1,295,141 4,141
			1,299,282

Page 44

Docusign Envelope ID: 1FE1CAE5-AC8D-401C-B631-D3C8C728E504Docusign Envelope ID: 0EDE287D-EA47-4182-8EB3-A60BDC5618E1

INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

26. 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.

27. Custodian funds

At 31 December 2023, the Charity was holding £348,000 on behalf of St Peter’s Parish, Cardiff (2022 – £348,000). These funds are not included in the accounts of the Charity.

28. Connected Charities and related charities

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.

• Ratcliffe College (Charity Registration No 1115975)

• Grace Dieu Manor School (Charity Registration No 1115976)

• Trustees of Ratcliffe College (Linked Charity – Charity Registration No 222508-5)

• St Marie’s Rugby (Linked Charity – Charity Registration No 222508-3)

• St Mary Magdalen’s Mission (Linked Charity – Charity Registration No 222508-1)

• St Etheldreda Trust (Charity Registration No 1154426)

The charitable company "Ratcliffe College" (Charity Registration No 1115975) was incorporated on 9 August 2006. From 1 September 2006, the company took over 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 operates 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, Rev 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 Gentili 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.

Page 45

Docusign Envelope ID: 1FE1CAE5-AC8D-401C-B631-D3C8C728E504Docusign Envelope ID: 0EDE287D-EA47-4182-8EB3-A60BDC5618E1

INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

The principal contact in respect to the above connected charities is:

Reverend Antonio Belsito 200 Leeming Lane North Mansfield Woodhouse Nottinghamshire NG19 9EX

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 the entirety of the financial reporting yearr.

29. Related party transactions

During the year ended 31 December 2023, the Charity occupied property owned by Ratcliffe College under an informal agreement rent free. Further information is provided within the principal accounting policies. The same arrangement applied during the period ended 31 December 2022.

During the period the Charity received voluntary contributions of £244,607 (year to 31 December 2022 – £108,924) from Ratcliffe College.

During the year ended 31 December 2023, donations to the congregation’s dependent houses were channelled through Calvario Limited. Payments made during the year to Calvario Limited to be distributed to dependent houses amounted to £nil (2022 – £108,883).

During the year, a further donation of £30,000 was received from Grace Dieu Manor School (2022 – £500,000). 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.

The total value of donations made by the Trustees to the Charity during the year was £nil (year to 31 December 2022 – £22,544), being pensions donated to the Charity under Gift Aid.

There were no other related party transactions during the year.

Page 46

Docusign Envelope ID: 1FE1CAE5-AC8D-401C-B631-D3C8C728E504Docusign Envelope ID: 0EDE287D-EA47-4182-8EB3-A60BDC5618E1

INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

30. Post balance sheet events

There were no post balance sheet events.

31. Ultimate controlling party

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.

32. Comparatives

Comparative figures have been reclassified for consistency with current year. There is no impact on the results for the year.

33. Approval of financial statements

The Board of Trustees approved these financial statements for issue on 10/17/2024.

Page 47

Certificate Of Completion

Envelope Id: 0EDE287DEA4741828EB3A60BDC5618E1 Status: Completed Subject: ROS-UK Complete with Docusign: IOC FS ye 31 12 2023 Final Signed by Fr Belsito.pdf Document Type: Source Envelope: Document Pages: 49 Signatures: 1 Envelope Originator: Certificate Pages: 5 Initials: 0 Sarah Reilly AutoNav: Enabled 110 E. 59th Street EnvelopeId Stamping: Enabled New York, NY 10022 Time Zone: (UTC) Dublin, Edinburgh, Lisbon, London [e-mail] IP Address: 3.251.41.18

Record Tracking

Status: Original	Holder: Sarah Reilly	Location: DocuSign
18-Oct-2024	11:56	[e-mail]
Signer Events	Signature	Timestamp
Ronan Kilbane		Sent: 18-Oct-2024
[e-mail]		Viewed: 21-Oct-2024
Security Level: Email, Account Authentication		Signed: 21-Oct-2024
(None)
	Signature Adoption: Pre-selected Style
	Using IP Address: 82.141.230.2
Electronic Record and Signature Disclosure:
Accepted: 21-Oct-2024	09:28
ID: a54c7a43-8349-40c2-bb11-c18270002af6
In Person Signer Events	Signature	Timestamp
Editor Delivery Events	Status	Timestamp
Agent Delivery Events	Status	Timestamp
Intermediary Delivery Events	Status	Timestamp
Certified Delivery Events	Status	Timestamp
Carbon Copy Events	Status	Timestamp
Carolyn Cope		Sent: 18-Oct-2024
[e-mail]
CFI Group
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
Derek O'Neill		Sent: 18-Oct-2024
[e-mail]
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
Witness Events	Signature	Timestamp
Notary Events	Signature	Timestamp

Envelope Summary Events	Status	Timestamps
Envelope Sent	Hashed/Encrypted	18-Oct-2024
Certified Delivered	Security Checked	21-Oct-2024
Signing Complete	Security Checked	21-Oct-2024
Completed	Security Checked	21-Oct-2024
Payment Events	Status	Timestamps
Electronic Record and Signature	Disclosure

Electronic Record and Signature Disclosure created on: 12-Apr-2022 | 14:32 Parties agreed to: Ronan Kilbane

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