RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Regi5ter•d Charlty No. 228365 Trustees. report and financial statements for the year ended 31 August 2023 **RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Contents** ||**Page number**| |---|---| |Charity Information|1| |Report of the Trustees|2 - 4| |Report of the Independent Examiner|5| |Statement of Financial Activities|6| |Balance Sheet|7| |Notes to the Financial Statements|8 - 11| RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN. EAP Charity Information Board of Trustees Si8ter Catherine Vincie RSHM Stster Mary Martin RSHM Sister Rosamond Blanchet RSHM Sister Susan Gardella RSHM R•glstor•d Offie• Addrèss Marymount International Sthool George Road Kingston Upon Thames Surrey KT2 7PE Sollcitors Stone King LLP 13 Queen Square Bath BA12HJ Independent Examiner Moore Klngston Smith LLP g Appold Stre8t London EC2A 2AP Insurance Brokers Hettle Andrews Ltd 11 Brindley Pla 2 Btunswick Square Birrningham B1 2LP Chartty number 228365 ## **RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Trustees' Report** The accounts have been prepared in accordance with the requirements of the Charities Act 2011, the Statement of Recommended Practice "Accounting and Reporting by Charities" SORP (FRS 102) second edition effective 1 January 2019 and the Charity's governing document. On 29 February 2008, the School operating activities and the assets (excluding property) of the Religious of the Sacred Heart of Mary (RSHM), Marymount International (Charity number 228365) were transferred to Marymount International School (Company number 5325717 and registered Charity number 1117786). The Incorporated Trustees of the Religious of the Sacred Heart of Mary (Charity number 228365) also donated 20% of the value of the School premises to Marymount International School; no reduction in the holding value of property has been included in these accounts as the premises are still owned by RSHM. On 12 May 2008, Incorporated Trustees of the Religious of the Sacred Heart of Mary contracted to lease the School premises to Marymount International School on a 99 year lease. From May 2008 to May 2018 rental commitments were peppercorn rent and in May 2018 the school started paying rent at £200,000 per annum. This Charity continues to hold legal title to the property. Following the transfer of undertaking of the School to the new company and charity, Marymount International School (registered charity number 1117786; registered company number 5325717), this Charity continues to support the School by being involved in the advancement of religious and other charitable work, both within the school and worldwide. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Board of Trustees** The Board of Trustees is responsible for determining the overall conduct of the Charity. ## **Status and Administration** Marymount International School, Kingston, is conducted by the Religious of the Sacred Heart of Mary, a congregation founded in 1849 in Beziers. France by the Reverend Jean Antoine Gailhac and Mother St Jean Cure. The School is under the specific jurisdiction of the Eastern American Province of the Religious of the Sacred Heart of Mary which maintains its Provincial Office in New York, U.S.A. Prior to 1 March 2008, the School was registered as a Charity in England & Wales (number 228365) under the name of the "Institute of the Religious of the Sacred Heart of Mary Immaculate Virgin" and operated under the name of Marymount International School (Marymount). On 29 February 2008, the business of the School and its assets (excluding property) and liabilities were transferred as a gift to Marymount International School, a registered Company limited by guarantee (number 5325717) and registered Charity (number 1117786), both registered in England & Wales. The ownership of the School site is retained by the Religious of the Sacred Heart of Mary with the Board of Governors being the Directors of the new Company and Trustees of the new Charity responsible for the strategic oversight of the School's operations. ## **Recruitment and training of Trustees** The Trustees have due regard to the skills required to manage the asset held by the charity and its activities. They will appoint new Trustees to fill any identified skills gaps. Appropriate training and induction would be provided to any new Trustee. ## **Risk Management** The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that there are systems in place to mitigate exposure to such risks. 2 ## **RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Trustees' Report** ## **OBJECTIVES AND ACTIVITES** ## **Objects** The object of the Charity is to promote such charitable purposes as shall advance religious and other charitable work of the congregation and if at any time the congregation shall cease to exist or shall cease to carry on religious or other charitable work then such other lawful charitable purposes connected with the advancement of the Roman Catholic religion as the trustee shall determine. ## **Aims** Following the transfer of undertaking of the School to the new company and charity, Marymount international School, this Charity continues to support the School by being involved in the advancement of religious and other charitable work. both within the School and in the wider community. Inextricably linked with this object is the aim of providing public benefit to the local, national and International community. ## **Objectives for the year** The Charity will continue to support Marymount International School by leasing premises on favourable rental terms and assisting in the advancement of education and religion. In setting their objectives and planning their activities the trustees have given careful consideration to the Charity Commission's general guidance on public benefit. ## **Principal Activity** Following the transfer of the business on 29 February 2008, the Charity supports the education of girls by leasing its property to the Marymount international School and continues its own work in advancing the religious and other charitable works of the congregation. ## **Review of the Achievements and Performance** The Charity made its property available to Marymount International School for the education of girls. During the year, rent of £200,000 was charged to the school (2022: £200,000). ## **Financial Review** The total income generated for the year amounted to £200,000 (2022: £200,000). Total income for the year was due to rent received from Marymount International School. Total expenditure for the year amounted to £282,343 (2022: £249,344). Total expenditure related to depreciation of assets held of £48,288 (2022: £48,288) and a grant to the Generalate of the Order of £200,000 (2022: £200,000). The net expenditure for the year amounted to £82,343 (2022: £49,344). 3 RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Trustees, Report Resewv85 Policy The Charityq)eratÈs a rtsèrvés rx)Iw bHsed on the prudent managernent of h8ving adequate ￿SoUrceS to satisfy all outstanding I￿￿litieS ¥nd cotnmitfflgnts. The CharSlls ojrrenl Iwal of r&servès is £1.069,205. Fallomng the transfer of all nel assets lexduding propetyl lo the newcoryany Marymunl Int8mational Schthl, the Charity has na outstanding h'4bilities (K coMmi￿nIS other than grants comnNbrents and a guarantee to trEet the def￿1t in the Schwl's DefirEd Benefit PerK%￿n Schem6 according to 8 R8COV8ry F18n approv￿ by PenSI￿S Regulatcf. Futurè Dtrvtlopmthrrts Followlng th8 transfer of the sc￿01 bJsiness to Marymunl Iniemational Sthaol (Charity 11171861, th18 Charfty 12283651 wll conbnue Its rdigious and Charitab￿ works including the sutportof Ihe lacal religK)Us comrwnity of the skslers of the Religious of the Sacred He8rtof Mary and th8 works of the religious (x)ngregabw in the United Kwgdom and rrisslonary o)untDes. parti￿LirtY Africa. The rtlKJiou5 work Mll wnlinue lo include organis8tron of pr8￿r and meditation gr(xJps O￿n to thè gÈneral puNiG. visitstion (rf the ekjerfy, voluntary as￿8￿nce at a Eocal prfmary Sd)￿1, voluntsry leaching of English to Immlgrdnts 8nd fundr8Islng th8 SUPPtrtof ovÈrsèas mis￿on$. ThÈ Charitywill also assist mar￿TrI Internati￿81 Seho(A in fundraising to ffnan(* ne￿5 bssed Bur5ariéY. ststement Of Tyustees, Responsibiltties The Tru8k88 ar8 r8sw>nsiblè for preparing Ihe Trustees, Rewrt and the financKg18t8tements in 8ccordgnce ap￿d¢ab￿ lawand United King(k)m Acc(yJnb'ng S￿￿jards IUnlt8d Kngdom Gen8rallyAttep￿ Acix)unting Pra¢tiol. The law aptAi13ble to charflE5 in Eryland & Wales requlres th& Tru¥le8$ lo prepaw financial statements for each finanu81 year wh￿h give a tru8 f8ir vi&w of IhÈ stale of affair5 af the Charity and of the incorrE and expenditure of the tharityfor that period. In prep8rfng IfÉs& finanoal ststements. the Tru5tee5 are required to.. - S818cl sull*la ￿lUnting rKJliciÈs and thÈn appty Ih£rn wisistenuy., - Obs8rvt ￿ M8U)￿S and princip￿5 in the Charibes SORP.. - Make judgen*nts estitnales that are reasonab￿ and prudent,. - st81e whètherappliGable accounting 5tand8rd have been folk)w&l. sublectto material dep8riures disd05ed and explai￿￿ in the financial statements,. and - Prep8re the financlal stat@m8nts on thé going corrAm bass unle55 il is inappropriat8 to presu￿* Ihat Ih8 Ch8rfty will xfitinu8 In bjslntss. The Trustee5 are re5wnS1b￿ for keeping pr£per accounting records that di4d05e V￿1h rea5{]nab￿ a¢￿￿Y at any ti tIE finanual wsition of the charity enablè Ihetn to enSUTe that the financial slaternent5 comply wryth the Charities Act 2011. Ihe Charity and R&rortsl Regulations 20CO and Ihe provi5ioris of the tDJStdeed dated 26 April 19￿. They are also reS￿n$lL￿e for safeguarding the 855ets of Charfty and h8nct for taking reasonab￿ steps forlhg pmèntion and dètection of froud aT¥J other kr8gularf088. Signed on behalf of the Trustees: Sislw Catherine Vir￿￿ RSHM Trusts8 #t2..'..1.....2024 RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Independent Examiner's Report to the Trustees of Religious of the Sacred Heart of Mary I report to the Trustees on myexarninallon of the accounts of the Rel￿￿)Us of the Sacred Heart of Mary Imma(xJlale Virgin, EAP for tha year ended 31 August 2023. Rèsponsibilities and basis of r•port As tho ch￿ty trustees of the Tiust you are responsbble for the preparation of the acc¢)unts in accordance with the requiremènts of CharilEs Act 2011 1.the ACYI. I reput in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out rny examination I hav8 folJow8d all the applicable directions gwen by th8 Charity Commission under section 14515llbl of th8 Act. Independent examinerfs statomènt I have completed tny examination. I confimi that rK) material mattérs have come to My altention in connection with the examination giving rne cause to believe that in any materk41 r8SP8Ct.. 1. accounting records were not kept in respect of th8 TnJ8t as required by seclh)n 130 of thè Act- c 2. the accounts do not accord with tho8e reco￿5,. or 3. the accounts do not compty with the applicable requirèmènts conceming the form and contènt of accounts set out in th6 Ch8rities {A￿ounts and Reports) RegulatK)ns 2008 other than any requirernenl that the acounts give a tnje fa￿ view which is not a matter (xJnsNJered as part of an independent gxaminalion. I have m COn￿mS and have come across no other rnatters in connection with the examination lo which attention should b8 drawn in this t8port in order lo enable a proper understanding of the accounts to be reached. ocrt Adam Fu118rton IFCA DChAI Fu and on behalf of Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP Dale.. 2210312024 **RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Statement of Financial Activities for the year ended 31 August 2023** |**Note**
**Income**
Rent receivable from Marymount International School
**2**
**Total Income**
**Expenditure**
**Charitable activities**
Grant payable
**3a**
Premises costs
**3b**
Support costs
**Total Expenditure**
**Net loss**
Total funds brought forward at 1st September 2022
**Total funds carried forward at 31st August 2023**|**2023**
**2022**
**£**
**£**
200,000
200,000| |---|---| ||**200,000**
**200,000**| ||200,000
200,000
80,003
48,288
2,340
1,056| ||**282,343**
**249,344**| ||**(82,343)**
**(49,344)**
1,151,548
1,200,892| ||**1,069,205**
**1,151,548**| All funds are unrestricted. 6 RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Balance Sheet As at 31 August 2023 Note 2023 2023 2022 2022 FIXED ASSETS: Tangible Assets 1,072,151 1.152.154 CURRENT ASSETS: Cash at bank and In hand 1,410 1,410 1,410 1.410 CREDITORS: AcGwals 4,356 2.0161 Not Currènt Assèts 12,946 606 Net A55ets 1,069,205 1,151,$48 Funds Unrestricted Funds General 1.069.205 1,151,548 1.069,205 1,151,548 For the year ended 31 August 2023 the Charity was enlilled lo exernption frorn audit under Charities A¢1 2011. Tho financi81 st8tèm8nts were approved by the Trustees on 1910312024 and Wa￿ sKJn8d on their behalf by. Trustee.. Sister Catherine Vincie RSHM **RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Notes to the Financial Statements for the year ended 31 August 2023** ## **1. ACCOUNTING POLICIES** The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Practice applicable in the UK and Republic of Ireland (FRS 102) second edition effective 1 January 2019. The functional currency of the Charity is considered to be GBP because that is the currency of the primary economic environment in which the Charity operates. The Charity is a Public Benefit Entity registered as a charity in England and Wales charity number: 228365. ## **a) Basis of preparation** The accounts are prepared under the historical cost convention. ## **b) Going concern** The Trustees have a reasonable expectation that the Charity has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the Charity's financial viability. Accordingly, they also continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees' Responsibilities on page 4. ## **c) Critical accounting judgements and key sources of estimation uncertainty** In the application of the accounting policies, Trustees are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual result may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. 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 affected current and future periods. The key estimate in the charity's financial statements is depreciation, which is based on an estimation of each asset's useful economic life. In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. ## **d) Tangible fixed assets** Fixed assets are stated at cost or deemed cost less accumulated depreciation and impairment losses. Depreciation is calculated by the following methods at the following rates:- Building improvements 10% p.a straight line Science and Sports Centres, Our Lady's Hall and St Joseph's Hall 2% p.a straight line ## **e) Debtors** Rent receivable is measured at transaction price. ## **f) Cash at bank and in hand** Cash is made of solely cash at bank. ## **g) Creditors** Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount. ## **h) Funds** Unrestricted general funds are funds which can be used in accordance with the charitable objects at the discretion of the Trustees. 8 ## **RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Notes to the Financial Statements for the year ended 31 August 2023** ## **i) Income recognition** All income is recognised once the chanty has entitlement to income, it is probable that income will be received and the amount of the income receivable can be measured reliably. ## **j) Expenditure recognition** Expenditure consists of grants, premises support and financing costs, which are allocated areas of activity in line with the level of direct costs for each area of activity. Grants payable are accounted for when either the recipient has a reasonable expectation that they will receive the grant or the Trustees have agreed to pay the grant without condition. 9 **RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Notes to the Financial Statements for the year ended 31 August 2023** ## **2 OPERATING LEASE INCOME** Total future minimum lease receipts under non-cancellable operating leases for each of the following periods: |Within 1 year
After 1 year but before 5 years
After 5 years
Lease receipts recognised as income
**3a GRANTS PAYABLE**
Grants payable can be further analysed as:
Grant to the Religious of the Sacred Heart of Mary Eastern American Province
Grant to Marymount International School
**3b ANALYSIS OF EXPENDITURE**
Total expenditure includes:
Premises - depreciation
Loss on disposal of fixed assets|**Unrestricted**
**2023**
**£**
200,000
-
**200,000**
48,288
31,715
**80,003**|**2023**
**2022**
**£**
**£**
200,000
200,000
800,000
800,000
15,550,000
15,950,000
200,000
200,000
**Total**
**Total**
**2023**
**2022**
**£**
**£**
200,000
200,000
-
-
**200,000**
**200,000**
48,288
48,288
31,715
-
**80,003**
**48,288**| |---|---|---| ## **4 STAFF COSTS** There were no employees during the current or prior year. The aggregate amount of reimbursed expenses paid to Trustees was nil (2022: Nil). ## **5 TANGIBLE FIXED ASSETS** |**COST**
At 31 August 2022
Additions
Disposals
**At 31 August 2023**
**DEPRECIATION**
At 31 August 2022
Charge for the period
Disposals
**At 31 August 2023**
**NET BOOK VALUE**
**At 31 August 2023**
**At 31 August 2022**|**Building**
**Improvements**
**£**
1,937,589
-
(131,309)
**1,806,280**
1,937,589
-
(131,309)
**1,806,280**
**-**
**-**|**Land**
**£**
223,735
-
-
**223,735**
-
-
-
**-**
**223,735**
**223,735**|**Science**
**Centre**
**£**
214,407
-
-
**214,407**
167,022
4,288
-
**171,310**
**43,097**
**47,385**|**Sports**
**Centre**
**£**
500,731
-
(46,639)
**454,092**
352,899
10,015
(14,924)
**347,990**
**106,102**
**147,832**|**Our Lady**
**Hall**
**£**
754,741
-
-
**754,741**
458,433
15,095
-
**473,528**
**281,213**
**296,308**|**St. Joseph's**
**Hall**
**£**
944,522
-
-
**944,522**
507,628
18,890
-
**526,518**
**418,004**
**436,894**|**Total**
**£**
4,575,725
-
(177,948)| |---|---|---|---|---|---|---|---| ||||||||**4,397,777**| ||||||||3,423,571
48,288
(146,233)| ||||||||**3,325,626**| ||||||||**1,072,151**| ||||||||**1,152,154**| 10 ## **RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Notes to the Financial Statements for the year ended 31 August 2023** ## **6 TRANSFER OF ASSETS** On 29 February 2008, the business of the school and its assets (excluding property) and liabilities were transferred as a gift to Marymount International School, a registered Company limited by guarantee (number 5325717) and registered Charity (number 1117786), both registered in England & Wales. The trustees also donated 20% of the value of the school premises to the new charitable company at that date. On 12 May 2008, Incorporated Trustees of thc Religious of the Sacred Heart of Mary (charity number 228365) contracted to lease the school premises to Marymount International School on a 99 year lease. Rental commitments are peppercorn rent payable (if demanded) for the first ten years of the lease term. Following the conclusion of this period, in 2022/23 rent of £200,000 (2021/22: £200,000) was charged to the school. ## **7 GUARANTEE** On transfer of the business of the school and its assets (excluding property) and liabilities to Marymount International School, the Charity made a guarantee to meet the liability in the school's defined benefit pension scheme according to a recovery plan approved by the Pensions Regulator. ## **8 RELATED PARTY DISCLOSURES** During 2022/23 grants of £200,000 (2021/22: £200,000) were made/pledged to the Religious of the Sacred Heart of Mary Eastern American Province, a related American organisation. A balance of £nil was outstanding between the two organisations at 31 August 2023 (2022: £nil). 11