RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Registèred Charity No. 228365 Trustees. report and financial statements for the year ended 31 August 2024 RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Contents Pago numbor Gharity Information Rewt of th8 Truste8S Report of the 1nde￿ndeTrt Examiner statemènt of Financial Activities Balance Stwt Notes lo the Financial Stslgmenls 8-11 RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Charity Information Board of Trustees Sister Catherine Vincie RSHM Sister Mary Frances Timoney RSHM (appointed 1 August 20241 Sister Nqargarel Mary Hoyne RSHM lapppoinled 1 August 20241 Sister Mary Nlartin RSHM Iresigned 1 August 20241 Sistèr Rosarnond Blanchet RSHM (resigned 1 August 20241 Sister Susan Gardella RSHM Iresigned 1 August 20241 Registered Office Addross Marymount International School Gèorge Road Kingston Upon Thatnes Surrey KT2 7PE Solicitors Stone King LLP 13 Queen Square Bath BA1 2HJ Indepèndent Examiner Moore Kingston Smith LLP 9 Appold Str￿t London EC2A 2AP Insurance Brokers HettSe Andrews Ltd 11 BrirKlley Place 2 Brunswick Square Birrningham B12LP Charfty number 228365 RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Trustees. Report The accijunts havt been prepared in ac£ordance ￿1th lh8 r￿uIre[￿e￿ts of tt)8 Ch8ritKs AGt2011. the St8lem8ntof Rècommended PrÈc1￿&.Acc0u￿tiTrg and ReporbTrg by Charit￿5. SORP IFRS 10218alxJ￿ edllion effective 1 January 2019 and Lhe Charity's goveming document On 29 February 2ts)8. Ihe School opwalng actiwties and the ass&ts (excluding propBrlyl of Ihe Religious ofthe Sacred Haart of Mery IRSHMI. maryr￿vnt Inlern81￿￿8I (Charity number 2283651 were transferred lo Marymount 1nthab.on School (Company ntsmber 5325717 and regislered Charity number 11177861. The Incorporated Twslees of thÈ Rdiglou5 of Ihe Sacred H&arl of bAgry (Charity number 2283651 also donated 20% of the w81ue of the School premises 10 Marymunl International scho￿.. no reducli(x) in the hoWing value of propety hÈs baen included in IhÈs8 accounts as Ihe pr8mises are still owned by RSHM. On 12 May 2008. Incorroraled Trustees of the R&lwJious of the Saued Heart of Nl8ry c(miracted lo lease the Schcol prerrisès to Maryrwunl International Sch￿1 on 8 99 year lease. From May 2008 to bhay 2018 r8ntsl commithenls were peppertom renl and in May 2018 the school stsrted paying rent at £200,000 per 4tsnum. This Charfty conbnues lo hold legsl tille to Ihe prop8ty. FollowtyJ th8 tran8f8rof undertaking of Ihe Schod to the new company and charity, Maryrnounl 1nlem8b.onal Sthod Ir8gislgr£d charity number 1117786", r&9lslered comp2ny number 53257171. this Charity wntinues to suppcrt Ihe School by baing involved in th8 advancwnenl of rÈligious and other tharitable work. both vAthln the and woddKryde. STRUCTURE, GOVERNANCE AND MANAGEMENT Board of Trustees Th& Board of Trus￿8 ts responsible fardetorn)ining the 0￿[811 conduct of the Charity. Status and Administration Maryrnount Inlemalional Sthwl. Kingsloft, is ￿nduded by the Religious of the SÈcred H8arl of Mary, 2 congregalion founded in 1849 in 8&2iers. France by tha R8v8rend Jean Antoin& Gallhac and Mother Sl Jtan Cure. The School is under the sp8crfIcjuri8dK￿￿ of thè East8m Arnerican Province of the Re1￿lOuS of the Sacred Heart of Mary rnainloins its ProvlncLg10ffi(% in New York, U.S.A. lo 1 Marth 2008, School was registered as a CharEiy in England & Wale$ Inumb8r 2283851 undw If* name ol Ih8"In8ti1ul8 of the Refigioijs of the Sacred Heart of Mary Imftwculale Viroin. 8nd operabj under Ihe naFr* of Marymount International Sthool IM8r)lrnUntl. On 29 FebTU8ry 2008. the bu51ness of thè Sd)ool its aSSÈts l&xclthJlng property) and liabilities were transferreA as 8 giflto MaryrrKxJni lntemau￿sl School. a rÈgi818r8d Company limited by guarantee Inymber 53257171 and registered Charity InumbÈr 11177861, bokn registered in England & Wales. The ownership of the School sile 1$ rètairF8d by the RaligSous of the Sacred Heart Of Mary wlth the Board of Governors beiry the Diredors of the new Company and Truslee5 of the new Charity resFonsible for the slr818gic urfer5KJht of Ihè School's operolions. Recruitsnont and tr8lnlng of Twstaes The TrLLStee8 have dufr regard to the 5ki115 r84uir8d lo manage the as$el held by ihe charity ils aCti￿lIes. They vrill appoint new Trustees lo fll any idenbfied ski115 g895. Appropri2ts training snd iD¢Ju¢tK)n would b8 provided tr) any new Trustee. Rlsk Managomont The Tnjsiees have assessed the major risks to w*FiGh th& Charity is exwsed ar¥J are 8al8fBd that there arè syst8ff& In Pla￿ lo mitigat& exposure to Such risks. RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Trustees. Report OBJECnVES AND ACTIVITES Objects The objÈcl of the Charity rs to pr(xnole such charitable wrpose5 as shall 8dvaft￿ rdigious and other charltabl& work of )& Co￿￿gation and If al any bme the congr&g81ion shall ￿38e to exi81 or shall ce8se to esrry on rei¥Jious orother charitalje work then suth other lawful charitabl& purposes wnnected ￿￿th the 8dv8ncemenl of the Roman Catholic rdigion as the trustee shall determlne. Aims FollMng lh& transfer of undertakirKJ of the Schcol to Ihe new ￿)[r￿anY and charity, ljarymunl International s￿￿1, Ihls Chartty Continues to 8upwt Schwl by bgng Involvd in the adv8rthr*nl of religious other ch&Trtable work. both within the SchcK)18nd In U)& vKdÈr cotrynunily. InextriC8￿y linked Ihis object ￿ lh8 aim of provid￿9 publk benefit lo ttEe Ioc81, national aThJ Intem8tioTrHI community. Objectives forth8 yoar The CharSly wll u>ntinue to 5uppLYI M8ryrMunt InternalK)nal Sch￿1 by leasiT¥J pr￿￿￿eS on faVoUra￿e ren181 terr￿ and assisting in the advan￿MeDI ol 8dutatiotF and rdvjion. In setting treir objectives arKJ planning Ihdr aclwilEs ttE trustess hav8 gwen careful con8kleration to th8 Charity Comrrw$slon'$ gtrner￿ guKlance on publi¢ btnefit. Principal Actlvlty Following the Iransler of the bjsiness on 29 February 20l￿, th8 Charity supports the 8duc£ban of girt8 by1&8$ing 115 property to the Marwnl inlemalional Schooi and ￿ntInu&S its 0￿7 work In ￿vantIng the religious and other aritable work8 of the congregètian. Rèvièw ofthe Achievements and Performanc8 The Charity made its property availabb io Marymount InIemati￿8I School ftr the educalon OF girts. DLring the year. rent ot £200.IX)O vas charged to the sth(KJl12023.. £2(Q.0001. Financial Rèview The total income generated for ihe year amunbj to £200,DW12023.. E200,OCh)l. Total in(ximefor ihe year was due to r8nl ￿￿ved from Marymount Intematit)nal Sch¢w)l. Totol expeftdiknrt forlhe year arr￿UTrted lo £249.81512023.. £282.3431. Totsl expendilura re1216￿ to dtsprèciab￿ of as88ts of £47.355 la)23.. t48.2881 and a gf8nl to Ihe GeneraL918 of the Order of£200,QOD12022. £200.OODI. The n81 exp8ndilure for the year am¢un￿d to £49,81512023. £82.3431. RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Trustees. Report Re60ry8s Policy The Ch8rily operal&s a reserves pollcy b8sed on the pDJJent managerrenl pfKifitAe of having adequate rewurc88 10 salisfy all outstsnd1ngl￿bil1Iies and comm[lm8n￿. Th8 Ch8ri1y's curr8nl level of restrrves is £1,019,320. Foll￿n9 Ihe tr8nsfer of all n8tassels lèxtluding propgtyl to the new comp8ny Marymunl International SC￿01. the Charity has no outslanLling liaNllJ8s or con￿ltMents alher than granls Gommilments 3nd a guardnlee kn me8t the deficit in the SchoDI's D&fln8d Benefit P8nslon Schetne according to g Rewvery R8n approved by thv P8nsions R&wIal￿. Future Developments Following iha Ir4n5ferof ts Schwl businéss lo MaryrrKJunt Internation81 Sthwl (Charity 11177861. this Charity 12283651 will conllnue its religious and charitabl& works indudirKJ the support of ll)e local rèligious comtnunily of Ihe sisters of Ihe Religious of Ihe Sacred Heart of Mary and theworks of the rel¥ious fX)ngregation in th8 United Kingdom and mission3ry countries. parhcularfy Africa. Tht ￿11 ￿Qu5 work ￿11 conlinue to ind￿e orgaDi53tion of prayer 8nd meditstion groups open to the genÈr81 publK. visitatien of the elderfy. voluntary assi%lance ata lo(al prim8ry SGhool, vduntsry teaching of Eftgllsh to imtnigranls and fundraislng for the support of overseas tnis&ons. The Ch￿tY wll g1$0 88SlSt Marymunt International Schwl in fU￿raI￿ng to finÈn¢* needs b8sed Burs8ries. Ststemenl Of Tru$te85' Re$ponsibiltti8S The TFUStee8 are re5ponsiNe for preparing th& Trustees, Rewrtand the financlal 818teffEnLs in acwrdance arplicable law and United Kingdom Accounting Standards n of the accounts of the Relwious olthe Sacred Heart of Mary Immaculate Virgin. EAP for the year endéd 31 August 2024 Responslbilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accovnts in a¢cordan¢e with the requirements of the Ch8ri1ies Act 2011 I'thè Acl'l. I report in rèspect of my exarnination of the Trusvs accounts carried out under sech.on 145 of the 2011 Act and in carrying out my examinah'on I have followed all the applicable dlrections gwen by the Charity Commission undar section 14515llbl of the Act. Indèpendent axamine￿S ststem•nt I havè completad My examin8tion. I confirm that no material matt6rs have come to my attentKJn in connection with the èxarninalion giving me cause to believe that in any material respect= 1. accounting r6c0￿S were not kept in respect of the Trust as required by Section 130 of the Act.. or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirernents concerning the form and conteftt of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requI￿rnent that the acounts gwe a true and fair view which is not a malter considetEd a5 part of an independent examination. I have no concern5 and have come across no other matters in connection with the examination to which attention should be drawn In this r8POrt in ord8r to enable a proper understanding of the accounts lo be reached. Adarn Fullerton IFCA DChAI For and on behalf of MooFe Kingston Smith LLP g Appold Street London EC2A 2AP Date-. RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Statement of Financial Activities for the year ended 31 August 2024 2024 2023 Notè Income Rent recewable frorn Marymount Inlemational SchocA 200.000 200.000 Total Income 200,000 200,000 ExpendSture Chariiablo activities Grant payable Premises costs Support costs 200,000 47.355 2,460 200,000 80,003 2,340 3b Total Expènditurè 249,815 282,343 Mel loss 149.815) 182,343} Total funds L￿￿ght forward at 1st September 2023 Total funds ¢arrlod forward at 31st August 2024 1,069,205 1,151,548 1,019,390 1,069,205 All funds are unrestrictèd. RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN. EAP Balance Sheet for the year ended 31 August 2024 Note 2024 2024 2023 2023 FIXED ASSETS.. Tangible Assets 1,024.796 1,072,151 CURRENT ASSETS: Cash at bank arKJ in hand 1.410 1,410 1,410 1,410 CREDITORS: Acctuals 16,816 14,3561 Net Current Assets 15,4061 12,9461 Net Assets 1.019,390 1,069,205 Funds Unrestncted Funds - General 1,019,390 1,069.205 1.019,390 1,069205 For the year ended 31 August 2024 the Charty was entitled to exeThpbon frorn audit under CharitE5 Act 2011. The financial statements were approved by the Trustees on and were signed or* 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 2024 I. ACCOUNTING POUCIE8 Thefinan(ial *alernents have weparod ID awytsnce Finoncwl Rop)rtI￿9 2pplieAè￿ IDlhpUK and Republicof Ir810 (FR8 1021. the WEtT*nt ol Rectmmonded PraCts￿ app1￿$ble io ChanI￿S prgparing IhairatJratlan Theacwutts ￿*￿ePared underthe histoncd cGstCww￿l￿. blGthVJ cofLc•m TheT￿5 have a rEa8on*Iee4je￿atl￿ uialthe ￿arnty hasadwuale re8owce$ to continuè rts *ivit16s fort￿lOr￿Se9*10 foturè and otsider that thefe v￿e no rnelenal uncertaIT￿leS0W¢rlhEchsffly¥ finaicid v￿bIllY. Ac0D￿l￿91y, they IISO (YmnUgtDsdWI Ihe ba*$ In wep8nrwJ the firAncial stslemwtsg¥ oulined InthESl2iemwlof Tw5te8s' Ra8￿$1￿11￿5 on page4. ¢1 cr￿cal I￿a￿￿tIn￿l￿￿U8marts and kEy sources of estlmatton uncgrtainty In the applicatson of accwnling pohoes, TtustEesare wured lo m*eiudg8mpnts, Pstima￿S. 8nd o56Utnoons aboul carr￿￿ wa￿e of ossEts8nd I1￿￿1￿1e8 ￿8t£re readily8PP8rent fThn 01h￿ sow(9s. Thè Èsbmaies ar￿ undgrtwng assurnpi￿nS are based ￿ hi￿()r￿1 expwènf* andotmr factors Ihot are ￿[￿d￿re4 tobB ￿k¥a￿t. re>Jtt maydÈfferfrwth8SB Ègtlmale5. TheesiJmalE5 ￿ undedwno 8￿M￿￿$Bre rèviewed on an ongoing b3sL¥ RtVL%ions10 ac￿￿11￿ oSt1rna￿ are recowised In thè r*r In Vffiichthe èstsmat&is revised If IrÈ affec4s onlyth￿l ppnots, or In thè wrlodof the rew6v)n andfulur& F￿n0d$ If Ihe rWsiC￿ afected Frent and p9nods The k8y9s￿Mat&inV￿thafil1S financ￿1 siatsments 16 d￿p￿(VabO￿, ￿11th IS Dased on w 8slimalion ofeach assel's w9ful Iifg In tho ¥iewoftre Twtegs. ￿ 9ssurnpII(fft5 wn(¥min9th8f￿￿r£ orÉstimatson uncsrtèinty8ffeGling a#dÉ orli*lii￿5 Bllb&balaroe sheet d￿l￿are Iikdytoresull In a material a￿v51M￿li01h0lr Earryng *wnL8 In ￿e rÈxtiinanaa dl Tanglbl•flxsd ass•ts Fiypd ass*swg8laW *iThl LYd9wll9cIc051knacw￿L9ted deF￿￿tiOna￿l Impamenl105Ees DFpIB￿a￿￿ ¢#￿1￿l￿d bylhFfollEwng m8th￿¥ * the follOvJrvJ rates.'- Building Imwovements S￿5 C￿E￿. OurL&y's Hall and Sl JDsephbHall IO% p.0 strai￿1 line 2% p.a slraightlin& el Debtois RONI recewdble 15 moB5ured Attr￿s8clth pri￿. n Cash at bank ohdln hand 1$ martè Of￿￿￿￿h￿tbank. gl credttors cr￿lI0r5￿ro tBugnisBd ￿￿&the a preBeniobIigai￿n resulling frotn a pa51wgnllhsi￿1l piobabty resull hi t￿ I￿a￿￿e[or tund$ toa third patyand amwntduètts the￿lIga￿On m8a5uredor Fstytn*d rella￿y. Credihy5 are nDrThallyTEirynL%&I * their *) FuDd$ Unres￿led general funds arefundswhich u¥wJ In YAih the dis¢re1k￿0*Itt0 TtuslEes. RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Notes to the Financial Statements for the year ended 31 August 2024 il Incorn•iecognltWJn Al Income Is recLgniSEd en111km￿l to Inwme, It IS probable that be reiwved and thBainoLbiiof YlelllLXJrna le￿Vab￿c￿￿ bpffleasured ￿lab￿. j) Expen¢ffture¥ecognrtk)n EV￿lIU[eC￿ns1sts rfgwis. yemtses SupptsrtandfirHnong Wsts, @reos ofacliwtyin I1￿￿{hI￿&•¥eraIdired¢ts5i1 forwh area of adiwly Grdnts ￿Y￿ble aTracCr•Jnhdf￿hthe￿ ￿￿￿]here￿￿￿thos a r￿￿￿*19 ewe£*￿0￿ rereNethe uwtorihe Ttu¥levs have 89reed lo ￿1￿8 gr0ni¥Ydf￿th WnLIIIon. RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Notes to the Financial Statements for the year ended 31 August 2024 2 OPERATING LE4SE INcofAE Total ftrfwerni￿rnuM ￿sse receipls under i*￿5 for8*1 of Ihefollolww perio¢s 2024 2023 200.0 00.0 1S.S50,000 Witr*n 1 yw After 1 prbul befo￿ 5yeBrs After Syears 2rn.wo 15,3XI,C Leasa rEceipts m￿ni¥d￿S IFWrn 2W.ts)O 200.000 3a ORANT3 PAYABLE nr¢strlct•d 2fj34 Tot 2024 Totsl 2023 Gtan16 pgyabl8 (%n kfvrIhBr*M1￿ a*" Grantts the Re￿gL{￿Oflhe HeartofMaryEastemAmwc￿ pr￿￿nCe Grdffllo Pkrs4MUnl Internab￿al Sch￿1 200,0 0.000 200.￿0 2Tr),frJO 3b PWALYSLSOF EXPEtrJDITURE Tolql EN￿rture IDdudeS". Prtmise5- dppretiath L05son I￿spo$al olfixd as6&tS 47,355 47.355 48.288 31.715 47J5S 4 STAFF COSTS Th￿P￿Er8 noernpbyBsS dunng 1*9 currèntorpri¢Yyear. Thè8ggregatssmothilof reimbursed expenses tKAldtoTrwkeswas nil120r6'. Ni51. 6 TANGIBLE FLXED ASSEtS SciB￿0 C•ntsè Sport6 Céntr• rLady St. Joseph's Total ImprovemgDts Land COST At 31 Aug￿ 2023 1.W6.28D 3,735 214.407 454,(Yk2 754.741 944.522 4,397.777 SP05*s At 31 Awu$t 2024 I,B06 223,ns 4S4.092 754,741 944,522 4397,TT7 DEPRECIATION 131 Au9U6l2￿3 Charge lorlh8 Disp(6W8 1,U06,280 171,310 4.28 347.99D 9.062 473,528 15,0 526,518 18.890 3,325,626 47.3S5 t 31 Au9U6t2024 1004280 175 72 486.623 545N WET BOOKVALUE 31 August W24 Z23,735 38,809 268.11B 399.114 1.024,79S 131 August 2023 223.735 43.097 106.102 281,213 41B,004 1.072,1S1 10 RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Notes to the Financial Statements for the year ended 31 August 2024 6 7RANSFER OF ASSETS Ckn 29February 2￿6 Ihe buwness of the stM¢I It5asseLs 1Èxd￿￿9 Pr￿Tty) and liabilitie5 y￿retranSfer[èd as a giAto Int&M￿O￿al Sethoi, s rggistered Companylimltfjd byguaramee InuthbeT 532571718nd reg15ter& CbaMylnumbÈr 11171861, rè¥*rgd in England & WaiÈg. Iwsle6s£L%odC￿a￿d 2ts% oflhe valuedlhp8ch￿l wemises ￿ thE wchwiabeecthp8nyal Lbal On 12 May2008. IW[￿al￿d Trwlees of Reiiwous Sacred He3rt of ltsry Ich8nlynumbEi228365leoniraLt8d tD le*eihe scmoi PT&mises 10 M3rytt%)unt In*8m3lion* str￿ on a 99y8sr1gase. Re￿al commitmwls a￿ pepp￿￿r￿ rent pas?0￿ lif tkmandedl forth&fiist yews leasetenn. Fciio￿￿91hBOj[1C1u&on clhls pènott ITr2￿3124 rbnlofW,WO IZUE2123'. £?￿.￿0) wasCh￿& itst1￿ SCI￿1. 7 GUARANTEE ontran￿erOf Ihe bu&ness ollhe and rts assets lexciuding prupety}a￿11Iabi1￿éS to Mar￿0￿￿ Intem*i￿al SthorA. IhE charity madea gu¥tantee to meeithe li&iiityin th8 L*fined b6nalit SL*emè to a re￿￿p18Th YppryyKd èythe PetL8iory% Rewkior. RELATED PARTY DISCLOSURES DUMO 2022124 wantsof£ZQO,00012022123' QQO.OWlwer& m8de1je￿•d toth9 Religii)LÈ5 DfthÈ SELfg0 H8artofM8ry Epstsm Amwrc8n Province, o rel￿￿ Amerpcon tyoanLSaiOn A balanceof £nll waSthts￿din9 b9￿￿￿en Ihe tYJoooanisabons 8t 31 Auyust 20Z412023'. £nill.