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2024-12-31-accounts

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Charity Registration Number: 222508

INSTITUTE OF CHARITY

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Docusign Envelope ID: 7C093A46-2ED5-44E3-BEA5-B5C84248F2A2

INSTITUTE OF CHARITY

CONTENTS

Page
Reference and Administrative Details 1 - 3
Trustees' Report 3 - 17
Statement of Trustees Responsibilities 18
Independent Auditor's Report on the Financial Statements 19 - 22
Statement of Financial Activities 23
Balance Sheet 24
Statement of Cash Flows 25
Notes to the Financial Statements 26 - 48

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INSTITUTE OF CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees Rev Father Antonio Belsito I.C., Provincial Administrator
Rev Father Tom Thomas I.C., Provincial Superior
Rev Father David J Myers I.C., Trustee
Rev Father Anthony J Furlong I.C., Trustee
Rev Father Chris Fuse I.C., Trustee
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 Tom Thomas I.C. (Appointed Provincial 6th January 2025)
Rev Father Antonio Belcito I.C.
Independent Auditor
RBK Audit UK Limited
Chartered Accountant and Statutory Audit Firm
Termini
3 Arkle Road
Sandyford
Dublin
D18 C9C5
Ireland
Bankers
Investment Managers
Royal Bank of Scotland Plc
Cardiff Roath
Liverpool Csc
Stephenson Way
Wavertree
Liverpool
L13
1HE
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 House Cardiff CF10 3ZP Wales Farrer & Co LLP 66 Lincoln's Inn Field London WC2A 3LH United Kingdom

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INSTITUTE OF CHARITY

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the audited financial statements of the Institute of Charity for the year 1 January 2024 to 31 December 2024.

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 2024, there were 34 members of the Institute of Charity (Rosminians), English Province, living in England and Wales. During that period the Congregation was responsible for 7 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:

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 2024

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 seven Parishes, seven of which are part 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.

Feast of the Founder (Blessed Rosmini) on the 1st July 2024.

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Activities, Achievements and Performance (continued)

Corpus Christi processions at St Maries Rugby .

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:

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 2024

Activities, Achievements and Performance (continued)

Bishop Patrick Mackinney consecrating St Mary's church at Loughborough

Chaplaincy

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

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

Retreat & Renewal Ministry

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

Few, perhaps, know that the Rosmini Centre was initially a private aerodrome which belonged to the Everards Family. Subsequently, at the start of WWII, it was taken over and became the 10th busiest military airport in the UK. It was after the war that the Institute of Charity purchased the airbase primarily due to its proximity to the Ratcliffe College and thus transformed it into a peaceful farm. Inspired by the beautiful location, the 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 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

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Activities, Achievements and Performance (continued)

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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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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.

Some of our students with the future Pope Leo XIV

Social and Pastoral Work

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

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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:

St.Peters Wednesday Club for Seniors

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.

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 Tom Thomas 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

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Activities, Achievements and Performance (continued)

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.

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.

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.

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Activities, Achievements and Performance (continued)

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.

A group of our Seminarians at Calvario Shrine, North Italy

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 2024, total income amounted to £1,234,545 (2023: £882,584). £890,124 was received by way of donations and legacies (2023: £736,198). This figure includes salaries and pensions of the brethren amounting to £334,743 (2023: £327,741) covenanted to the Charity. Investment income and interest receivable totalled £141,429 (2023: £129,666). There was also an additional £200,000 during the year from a sale of property.

Expenditure for the year totalled £786,141 (2023: £884,929). Expenditure incurred on maintaining the members of the Congregation and supporting them in their pastoral work and ministry amounted to £567,679 (2023: £537,421). Grants and donations (other than amounts payable to related charities (see below) totalled £158,453 compared to £283,823 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 29 to the attached accounts.

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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 surplus for the year before net investment gains, therefore, was £448,404 (2023: net deficit of £2,345). Net investment gains totalled £59,715 (2023: net gains of £224,507). Thus, net income for the year and the net increase in funds for the year after accounting for investment gains and losses was £508,119 (2023: net increase of £222,162).

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 2024, the Charity’s investments had a market value of £4,564,522 (2023: £4,510,231).This includes listed investments with a market value of £813,202 (31 December 2023: £766,090).

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 18 to the attached accounts.

The Charity also owns a number of properties for investment purposes with a value of £3,740,000 (2023: £3,740,000). Further details of the properties are provided in note 18 to these accounts. The Trustees aim to maximise the investment return on these properties by renting them out at market rates.

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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 £7,367,549 (2023: £6,859,430). £1,010,133 (2023: £1,031,366) 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.

In addition, the Trustees have set aside £3,500,000 (2023: £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 (2023: £10,910) comprise monies which must be held indefinitely and are detailed in note 21 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 £2,846,506 (2023: £2,317,154).

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.

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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.

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 Chris stepped down as Provincial of the English Province in January 2025.

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.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, Governance and Management (continued)

Father Anthony J Furlong

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

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.

Fr.Tom Thomas was appointed Provincial of the English Province in January 2025.

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.

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, Governance and Management (continued)

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 six 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.

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.

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INSTITUTE OF CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, Governance and Management (continued)

Protection of Children and Vulnerable Adults

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

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

Employees, Volunteers and Members of the Congregation

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

Approved by the Trustees and signed on their behalf by:

_________ Rev Father Antonio Belsito I.C. Trustee

Date: 10/10/2025 | 12:35 AM PDT

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INSTITUTE OF CHARITY

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024

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:

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 board of Trustees and signed on its behalf by:

_________ Rev Father Antonio Belsito I.C. Trustee

Date: 10/10/2025 | 12:35 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 2024 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' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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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Docusign Envelope ID: 7C093A46-2ED5-44E3-BEA5-B5C84248F2A2

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:

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

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

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

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Docusign Envelope ID: 7C093A46-2ED5-44E3-BEA5-B5C84248F2A2

INSTITUTE OF CHARITY

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

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.

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 Audit UK Limited Chartered Accountant and Statutory Audit Firm Termini 3 Arkle Road Sandyford Dublin D18 C9C5 Ireland

Date: 10/13/2025 | 6:56 AM PDT

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Docusign Envelope ID: 7C093A46-2ED5-44E3-BEA5-B5C84248F2A2

INSTITUTE OF CHARITY

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Donations and Legacies
4
Charitable Activities
5
Investments and Interest Recievable
6
Other Income
7
Total Income
Expenditure on:
Raising Funds
8
Charitable Activities
9
Total Expenditure
Net Surplus / (Deficit) for the Year
Before Movement on Investments
Net Gains on Investments
12
Other gains on Revaluation of
Investment Properties
18
Net Movement in Funds
Reconciliation of funds:
Total Funds Brought Forward
Net Movement in Funds
Total Funds Carried Forward		 Unrestricted
funds
2024
£
890,124
450
141,429
202,542
1,234,545
39,072
747,069
786,141
448,404
59,715
-
508,119
6,848,520
508,119
7,356,639		 Endowment
funds
2024
£
-
-
-
-
-
-
-
-
-
-
-
-
10,910
-
10,910		 Total
funds
2024
£
890,124
450
141,429
202,542
1,234,545
39,072
747,069
786,141
448,404
59,715
-
508,119
6,859,430
508,119
7,367,549		 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

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

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Docusign Envelope ID: 7C093A46-2ED5-44E3-BEA5-B5C84248F2A2

INSTITUTE OF CHARITY CHARITY NUMBER: 222508

BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed Assets
Tangible Assets
17
Investments
18
Current Assets
Debtors
19
Cash at Bank and in Hand
25
Creditors: Amounts Falling due Within one
Year
20
Net Current Assets
Total Net Assets
Charity Funds
Endowment Funds
21
Unrestricted and Designated Funds
21
Total funds
21		 24,620
1,800,104
1,824,724
(31,830)		 2024
£
1,010,133
4,564,522
5,574,655
1,792,894
7,367,549
10,910
7,356,639
7,367,549		 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

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: 10/10/2025 | 12:35 AM PDT

The notes on pages 26 to 48 form part of these financial statements.

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Docusign Envelope ID: 7C093A46-2ED5-44E3-BEA5-B5C84248F2A2

INSTITUTE OF CHARITY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Cash Flows from Operating Activities
Net cash generated by/(used in) operating activities
24
Cash Flows from Investing Activities
Purchase of Tangible Fixed Assets
17
Proceeds from the Disposal of Listed Investments
18
Purchase of Listed Investments
18
Investment Income and Interest Recieved
6
Net Cash generated by Investing Activities
Change in Cash and Cash Equivalents in the Year
Cash and Cash Equivalents at the Beginning of the Year
25
Cash and Cash Equivalents at the End of the Year
25		 2024
£
374,370
(23,439)
807,617
(795,014)
141,429
130,593
504,963
1,295,141
1,800,104		 2023
£
(13,123)
(9,250)
255,197
(255,307)
129,666
120,306
107,183
1,187,958
1,295,141

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Docusign Envelope ID: 7C093A46-2ED5-44E3-BEA5-B5C84248F2A2

INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024.

Institute of Charity is a Charity registered 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 (FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK (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 2025, 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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Docusign Envelope ID: 7C093A46-2ED5-44E3-BEA5-B5C84248F2A2

INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 the Charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the Charity.

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

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

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

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.

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

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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:

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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Docusign Envelope ID: 7C093A46-2ED5-44E3-BEA5-B5C84248F2A2

INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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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Docusign Envelope ID: 7C093A46-2ED5-44E3-BEA5-B5C84248F2A2

INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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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Docusign Envelope ID: 7C093A46-2ED5-44E3-BEA5-B5C84248F2A2

INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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

The Charity has chosen to apply the provisions of Sections 11 and 12 of FRS 102 to account for all of its financial instruments

(i) Financial assets

Financial assets, including trade and other debtors, cash and cash equivalents, short-term deposits and investments in government and corporate bonds, are initially recognised at transaction price (including transaction costs).

At the end of each financial period financial assets measured at amortised cost are assessed for objective evidence of impairment. If there is objective evidence that a financial asset measured at amortised cost is impaired an impairment loss is recognised in the statement of financial activities. The impairment loss is the difference between the financial asset’s carrying amount and the present value of the financial asset’s estimated cash inflows discounted at the asset’s original effective interest rate.

If, in a subsequent financial year, the amount of an impairment loss decreases and the decrease can be objectively related to an event occurring after the impairment was recognised the previously recognised impairment loss is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment loss not previously been recognised. The impairment reversal is recognised in the statement of financial activities.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of ownership of the financial asset are transferred to another party or (c) control of the financial asset has been transferred to another party who has the practical ability to unilaterally sell the financial asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as due within one year if payment is due within one year or less. If not, they are presented as falling due after more than one year.

Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting Policies (continued)

2.10 Financial Instruments (continued)

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

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.

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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.

4. Income from Donations and Legacies

Salaries and Pensions of Individual Religious
Contributions from Ratcliffe College
Legacies
Mass Offerings, Stole Fees and Clergy Offerings
Other Donations
Total
Total 2023		 Unrestricted
funds
2024
£
334,743
201,679
203,727
74,441
75,534
890,124
736,198		 Total
funds
2024
£
334,743
201,679
203,727
74,441
75,534
890,124
736,198		 Total
funds
2023
£
327,741
244,607
-
55,525
108,325
736,198

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. Income from Charitable Activities

Rosmini Centre
Total
Total 2023
6.
Income from Investments and Interest Recievable
Rental Income from Investment Property
Listed Investments
Interest Received
Total
Total 2023
7.
Other Incoming Resources
Other Income
Sale of Properties		 Unrestricted
funds
2024
£
450
450
16,720
Unrestricted
funds
2024
£
88,695
27,886
24,848
141,429
129,666
Unrestricted
funds
2024
£
2,542
200,000
202,542		 Total
funds
2024
£
450
450
16,720
Total
funds
2024
£
88,695
27,886
24,848
141,429
129,666
Total
funds
2024
£
2,542
200,000
202,542		 Total
funds
2023
£
16,720
16,720
Total
funds
2023
£
92,990
21,741
14,935
129,666
Total
funds
2023
£
-
-
-

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Docusign Envelope ID: 7C093A46-2ED5-44E3-BEA5-B5C84248F2A2

INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Expenditure on Raising Funds

Listed Investment Management Expenses
Investment Property Expenses
Total
Total 2023		 Unrestricted
funds
2024
£
5,385
33,687
39,072
26,847		 Total
funds
2024
£
5,385
33,687
39,072
26,847		 Total
funds
2023
£
5,371
21,476
26,847

9. Expenditure on Charitable Activities

Grants and Donations (see note 10)
Support of Members of the Congregation and
their Ministry (See note 11)
Rosmini Centre
Total
Total 2023		 Unrestricted
funds
2024
£
158,453
567,679
20,937
747,069
858,082		 Total
funds
2024
£
158,453
567,679
20,937
747,069
858,082		 Total
funds
2023
£
283,823
537,421
36,838
858,082

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Grants and Donations Expenditure

Donations to the Congregation's Dependent Houses
Donations to Newport and Cardiff Roman Catholic Parishes
Donations to East Africa Missions
Donations to India
Other Donations
Total
Total 2023		 Unrestricted
funds
2024
£
138,877
-
-
-
19,576
158,453
283,823		 Total
funds
2024
£
138,877
-
-
-
19,576
158,453
283,823		 Total
funds
2023
£
142,567
11,044
100,000
16,230
13,982
283,823

11. 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
Wages & Salaries (Note 14)
Total 2024
Total 2023		 Unrestricted
funds
2024
£
-
367,307
-
-
39,150
14,135
125,035
22,052
567,679
537,421		 Total
funds
2024
£
-
367,307
-
-
39,150
14,135
125,035
22,052
567,679
537,421		 Total
funds
2023
£
74,780
167,327
59,765
2,550
64,549
15,640
131,667
21,143
537,421

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Docusign Envelope ID: 7C093A46-2ED5-44E3-BEA5-B5C84248F2A2

INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. Gains on Investments

Unrealised (losses)/ gains on listed investments
Realised gains on listed investments		 2024
£
(45,006)
104,721
59,715		 2023
£
41,399
3,108
44,507

13. Net movement in Funds

This is stated after charging / (crediting):

Auditor's remuneration - Statutory Audit Only
Depreciation		 2024
£
15,640
44,672
60,312		 2023
£
15,640
64,281
79,921

14. Staff Costs

During the year to 31 December 2024, the Charity employed 2 part time employees (2023: 2) with staff costs in total amounting to £22,052 (2023: £21,143). 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		 2024
Total
funds
£
19,795
1,650
607
22,052		 2023
Total
funds
£
19,027
1,534
582
21,143

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Staff Costs per Function were as follows:

Support of members of the Congregation and their ministry 2024
Total
funds
£
22,052
22,052		 2023
Total
funds
£
21,143
21,143

15. 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 (2023 – £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 (2023 – none).

16. 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 2024

17. Tangible Fixed Assets

Cost or Valuation
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
property
£
1,343,153
-
-
1,343,153
361,817
26,863
-
388,680
954,473
981,336		 Leasehold
Improvements
£
533,189
-
-
533,189
533,189
-
-
533,189
-
-		 Motor
vehicles
£
203,877
23,439
(4,000)
223,316
165,012
15,576
(4,000)
176,588
46,728
38,865		 Furniture,
Fixtures and
fittings
£
65,225
-
-
65,225
54,060
2,233
-
56,293
8,932
11,165		 Total
£
2,145,444
23,439
(4,000)
2,164,883
1,114,078
44,672
(4,000)
1,154,750
1,010,133
1,031,366

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 2024

18. Fixed Asset Investments

Listed Investments (see below)
Investment Property (see below)
Cash Held by Investment Managers for Re-investment		 2024
£
813,202
3,740,000
11,320
4,564,522		 2023
£
766,090
3,740,000
4,141
4,510,231

Movement on Investments During the Year were as Follows:

Listed
investments
2024
£
Market Value at 1 January 2024
766,090
Additions at Cost
795,014
Disposals Proceeds
(807,617)
Net investment Gains
59,715
Market Value at 31 December 2024
813,202
Investment Property
2024
£
Market Value at 1 January 2024
3,740,000
Revaluations
-
Disposal
-
Market value at 31 December 2024
3,740,000		 Listed
investments
2023
£
721,473
255,307
(255,197)
44,507
766,090
2023
£
3,640,000
180,000
(80,000)
3,740,000

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 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 12 July 2024.

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.

19. Debtors

Due within one year
Other Debtors
Prepayments and Accrued Income		 2024
£
8,924
15,696
24,620		 2023
£
9,276
31,717
40,993
20. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Accruals 31,830 18,301

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Docusign Envelope ID: 7C093A46-2ED5-44E3-BEA5-B5C84248F2A2

INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. Statement of Funds

Statement of Funds - Current Year

Designated Funds
Ministry and care fund
Unrestricted Funds
Tangible fixed asset fund
Unrestricted funds
Total Unrestricted funds
Endowment Funds
Ely Place fund
Total of Funds		 Balance at 1
January
2024
£
3,500,000
1,031,366
2,317,154
6,848,520
10,910
6,859,430		 Income
£
-
-
1,234,545
1,234,545
-
1,234,545		 Expenditure
£
-
(21,233)
(764,908)
(786,141)
-
(786,141)		 Net Gains/
(Losses)
£
-
-
59,715
59,715
-
59,715		 Balance at
31
December
2024
£
3,500,000
1,010,133
2,846,506
7,356,639
10,910
7,367,549

There were no restricted funds held at 31 December 2024 or 31 December 2023.

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.

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:

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Docusign Envelope ID: 7C093A46-2ED5-44E3-BEA5-B5C84248F2A2

INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. Statement of funds (continued)

Statement of Funds - Prior Year

Designated Funds
Ministry and Care Fund
Unrestricted Funds
Tangible Fixed Asset Fund
Unrestricted Funds
Total 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
6,626,358
10,910
6,637,268		 Income
£
-
-
882,584
882,584
882,584
-
882,584		 Expenditure
£
-
(55,031)
(829,898)
(884,929)
(884,929)
-
(884,929)		 Gains/
(Losses)
£
-
-
224,507
224,507
224,507
-
224,507		 Balance at
31
December
2024
£
3,500,000
1,031,366
2,317,154
3,348,520
6,848,520
10,910
6,859,430

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

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.

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:

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Docusign Envelope ID: 7C093A46-2ED5-44E3-BEA5-B5C84248F2A2

INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

22. Summary of Funds

Summary of Funds - Current Year

Balance at
Balance at 1 31
January Gains/ December
2024 Income Expenditure (Losses) 2024
£ £ £ £ £
Designated funds 3,500,000 - - - 3,500,000
Unrestricted
Funds 3,348,520 1,234,545 (786,141) 59,715 3,856,639
Endowment funds 10,910 - - - 10,910
6,859,430 1,234,545 (786,141) 59,715 7,367,549
Summary of Funds - Prior Year
Balance at
Balance at 31
1 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

23. Analysis of Net Assets Between Funds

Analysis of Net Assets Between Funds - Current Period

Unrestricted
funds
2024
£
Tangible Fixed Assets
1,010,133
Fixed Asset Investments
4,564,522
Current Assets
1,813,814
Creditors Due Within One Year
(31,830)
Total
7,356,639		 Endowment
funds
2024
£
-
-
10,910
-
10,910		 Total
funds
2024
£
1,010,133
4,564,522
1,824,724
(31,830)
7,367,549

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Docusign Envelope ID: 7C093A46-2ED5-44E3-BEA5-B5C84248F2A2

INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

23. Analysis of Net Assets Between Funds (continued)

Analysis of Net Assets Between funds - Prior Period

Tangible Fixed Assets
Fixed Asset Investments
Current Assets
Creditors Due Within One Year
Total		 Unrestricted
funds
2023
£
1,031,366
4,510,231
1,325,224
(18,301)
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

24. Reconciliation of Net Movement in Funds to Net Cash Flow from Operating Activities

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation Charges
Investment Income and Interest Recievable
(Gains) on investments
Gains on disposal of Investment Property
Decrease/(Increase) in Debtors
Increase/(Decrease) in Creditors
Unrealised Gains on Investment Properties
(Increase) / Decrease in Cash Held by Investment Manager for re-
investment
Net cash generated by/(used in) Operating Activities		 2024
£
508,119
44,672
(141,429)
(59,715)
-
16,373
13,529
-
(7,179)
374,370		 2023
£
42,162
64,281
(129,666)
(224,507)
80,000
(24,208)
(6,683)
180,000
5,498
(13,123)

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

25. Analysis of Cash and Cash Equivalents

Cash at Bank and in Hand
Total Cash and Cash Equivalents		 2024
£
1,800,104
1,800,104		 2023
£
1,295,141
1,295,141

26. Analysis of Changes in Net Debt

Cash at Bank and in Hand
Cash held by investment managers for re-investment		 At 1
January
2024
£
1,295,141
4,141
1,299,282		 Cash flows
£
504,963
7,179
512,142		 At 31
December
2024
£
1,800,104
11,320
1,811,424

27. 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 .

28. Custodian Funds

At 31 December 2024, the Charity was holding £348,000 on behalf of St Peter’s Parish, Cardiff (2023 – £348,000). These funds are not included in the accounts of the Charity.

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INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

29. 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.

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.

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:

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Docusign Envelope ID: 7C093A46-2ED5-44E3-BEA5-B5C84248F2A2

INSTITUTE OF CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 Tom Thomas 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 year .

30. Related Party Transactions

During the year ended 31 December 2024, 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 2023.

During the period the Charity received voluntary contributions of £201,679 (year to 31 December 2022 – £244,607) from Ratcliffe College.

There were no other related party transactions during the year.

31. Post Balance Sheet Events

There were no post balance sheet events.

32. 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.

33. Approval of Financial Statements

The Board of Trustees approved these financial statements for issue on

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