# **RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP**
**Registered Charity No. 228365**
**Trustees' report and financial statements for the year ended**
**31 August 2025**
**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 Auditor|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Cashflow Statement|8|
|Notes to the Financial Statements|9 - 14|
**RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Charity Information**
**Board of Trustees** Sister Catherine Vincie RSHM Sister Margaret Mary Hoyne RSHM **Registered Office Address** Marymount International School George Road Kingston Upon Thames Surrey KT2 7PE **Solicitors** Stone King LLP 13 Queen Square Bath BA1 2HJ **Independent Auditor** Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP **Insurance Brokers** Hettle Andrews Ltd 11 Brindley Place 2 Brunswick Square Birmingham B1 2LP **Charity number** 228365
Page 1
## **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.
Page 2
## **RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Trustees' Report**
## **OBJECTIVES AND ACTIVITIES**
## **Objectives**
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.
The Charity received a contribution of £1,132,615 from the Generalate Order in relation to the School's Defined Benefit Pension Scheme, covering a Buy In transaction with Just, and ongoing administrative costs to reach Buy Out. The cost of the Buy In settlement totalled £901,440, direct trustee advisory costs to the Scheme totalled £11,590, and a contribution to the School towards administrative costs totalled £219,585. The Charity is committed towards covering any further settlement costs due on completion of scheme windup, from which point there will be full exit and end of the covenant.
## **Financial Review**
The total income generated for the year amounted to £1,332,615 (2024: £200,000).
Total expenditure for the year amounted to £1,386,920 (2024: £249,815)
Total expenditure related to depreciation of assets held of £47,355 (2024: £47,355), a grant to the Generalate of the Order of £200,000 (2024: £200,000), and a contribution in relation to the Retirement Benefit Scheme of £1,132,615 (2024: £0)
The net expenditure for the year amounted to £54,305 (2024; £49,815).
Page 3
RELIGIOUS OF THE SACRED HEART OF MARY
IMMACULATE VIRGIN, EAP
Trustees, Report
Reserves Pollcy
The Charity operate5 a Yeserles policy based on Ilie prudent managemenl prinThple of having adequate resources to
sÈllsfy all oulslandlng liabiliiies artd cetnmilm8nls. The ChariVscurr8niievel of reserves is £965,085. Folltiwng Ihtr
Iransf6rof 811 n81 assets lexcludingpiop8ilyl 10 lh8 n8w company Nlarymount Inl8rnallonal Schoos. th8 Charilyh8s no
outsl8ndlng1l8billlles or commllments olh8r than gran18 commiim8n18 and 8 gu8ranl8e lo m881 th8 d8ficll in lh8 School's
Defin8d Benefit P8nsion Sch8m8 8ccc*dlng to 8 Reeov8ry Plan 8pproved by th8 Pensions Regulator.
Future Devolopmèiit8
Folknwing Ihe Ir8nsler of the Scliool business to fvlgrymount Inleinalional School ICh8llly 11177861, this Charily
122B2651 ¥wll conlinue ils religiou5 and cliarF13ble ¥vorks indudiThJ the support of Ihe Ircal religious r.ommunily of the
sisters of Ihe Religious of the Satred Hearl of Mary and Iheworks of the religlovs congregation in Ihe Uniled Kingdom
and missionary counlrias, pÈrliculartyAfricÈ. Tha rÈligbus ivork ivlll conlinua lo Includa (*ganisalion ol prayer artd
rnÈdiiallon grottp8 open lo IhÈgÈneral ptsbiit, vEsilalion ol the Èld8rW. voluntsry assisLanca ai a lotrAI primary sc11tl,
voluntary l&achiny of Engfjsh 10 immigrants and fundralsing for lh& supwrl of overs8as MISSrts. The Charity wll also
assisl Marymthinl In18rnalional School in fundra¢sing lo linance needs based BurEaries.
statèmènt Of Truslees, Responslbllltles
The TfU51ees are responsible preparing Ihe Trustees, RepoFI and the fiDano81 sl8lefflents in C(dance wlh
applicable lalv and United Kingdom Accounting S18nd8rds (Uniled Kingdofft Generalty Accepted Ac¢ounlin9 Practice).
The18w 8ppIic8ble lo charlll8s in England & Wales r84uires th8 Trusi888 lo prepar8 financial slal8ment8 lor &ach
finanuÈl year whith give a true and fair wew of Ihe siale of aWÈirs d the Charity and trfthe intome and 8xpendilure of
lh8 eh8rily for that perbd. In préparing Ih8s6 lin8ncial st818ffl8nls, lh8 fru8te&s 8rè f8quii8d lo-.
Se1ècl sullable 2Ctounlimg policiès and Ihèrt apptylhèm consi8tènlly,
- ObseNe the m8lhods and prinuples in the Chari118s SORP,.
M8ke judgements and eslim8les Ih81 are reasonab end prudenl.,
Slate ivhelher 4pplicable accouolillg standard have been followed, 5ubjecl lo any mater1 depariures disclosed
and explained in Ihe lingnclal sl8lemenls'. gnd
Prepare the finanaal sialemenls on Ilie going concern basis iinless11 is inappiopri8le lo preSnie Ihal Ihe Charity
11 continue in business.
Thé frus18è8 are resportsltAè for kèeping proptrr 2tt0unling racord8 th81 disclosa vAlh rèasonabla atcuracy at 8ny Ilmé
the financial wsillon of Ihtr charity 8nd ènablè them ioènsurè that Ihè financial $181èniÈnls coTllptyiwlh thè Charilias Act
2011, the Ch8rlly (Atwunls and R8porLsl R8gul8lions 2008 and the provisions of lh8 Iru81d88d daled 26 April 1963.
Thèy are 8180 rÈ8ponsiblÉ for safeguarding thÈ 88sals of thè Chanty and hènce for laklng rÈasonablè slaps lor tha
pr8v8nlion and d8ledion ol fraud aiTd olhar Irf8gularili8s.
Slgn8d on bÉlialf ot thè Trosté•s'.
Si51er Catherine Vincie RSHM
Truslee
..2026
Pag8 4
## **RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Independent Auditors' Report to the Trustees of Religious of the Sacred Heart of Mary**
## **Opinion**
We have audited the financial statements of Trustees of Religious of the Sacred Heart of Mary Immaculate Virgin, EAP for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 August 2025, and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the 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.
## **Other information**
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 financial statements themselves. 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 where the Charities Act 2011 requires us to report to you if, in our opinion:
- the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
- the charity has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we required for our audit.
Page 5
**RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Independent Auditors' Report to the Trustees of Religious of the Sacred Heart of Mary**
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 4, 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.
## **Auditor’s Responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
- Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Page 6
**RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Independent Auditors' Report to the Trustees of Religious of the Sacred Heart of Mary**
## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud**
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.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.
Our approach was as follows:
- We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.
- We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance.
- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected noncompliance with laws and regulations.
- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
**Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. 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 any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.
Jonathan Aikens
For and on behalf of Moore Kingston Smith LLP, Statutory Auditor
9 Appold Street London EC2A 2AP
> Date 29 June 2026
Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.
Page 7
**RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Statement of Financial Activities**
## **for the year ended 31 August 2025**
|**Note**
**Income**
Rent receivable from Marymount International School
**2**
RBS Donation Contribution
**Total Income**
**Expenditure**
**Charitable activities**
Grant payable
**3a**
Premises costs
**3b**
Support costs
**Total Expenditure**
**Net loss**
Total funds brought forward at 1st September 2024
**Total funds carried forward at 31st August 2025**|**2025**
**£**
200,000
1,132,615
**1,332,615**
1,332,615
47,355
6,950
**1,386,920**
**(54,305)**
1,019,390
**965,085**|**2024**
**£**
200,000
-
**200,000**
200,000
47,355
2,460
**249,815**
**(49,815)**
1,069,205
**1,019,390**|
|---|---|---|
All funds are unrestricted.
Page 8
RELIGIOUS OF THE SACRED HEART OF MARY
IMMACULATE VIRGIN, EAP
Balance Sheet
As at 31 August 2025
Noto
2025
2025
2024
2024
FIXED ASSETS..
Tangible Ass8ts
977,441
1.024.796
CURRENT ASSETS..
Cash al bank and in hand
1,410
1,410
1,410
1,410
CREDITORS:
Acciuals
13,766
6,816
Net Current Assets
12.356
15.406
Net Assets
965,085
1,019,390
Funds
Unreslricled Funds
General
965.085
1,019,320
965,085
1,019,390
Tlie financial slalemenls were approved by (he Trustees on N4xJl2*4nd were signed on Iheir behalf by.
Trustee.. Sister Cath8rill8 Vine+8 RSHM
Page g
**RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Cashflow Statement**
## **As at 31 August 2025**
|**Reconciliation of operating result to net cash inflow from**
**operating activities**
Net movement in funds
Depreciation
Increase/(Decrease) in creditors
**Net cash inflow from operating activities**
Cash and cash equivalents at
the beginning of the reporting
period
Cash and cash equivalents at
the end of the reporting
period
**Analysis of cash and cash equivalents:**
Cash in hand|**2025**
**£**
(54,305)
47,355
6,950
**-**
1,410
**1,410**
1,410|**2024**
**£**
(49,815)
47,355
2,460
**-**
1,410
**1,410**
1,410|
|---|---|---|
Page 10
**RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Notes to the Financial Statements**
**for the year ended 31 August 2025**
## **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.
## **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.
Page 11
**RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Notes to the Financial Statements for the year ended 31 August 2025**
## **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**
**2025**
**£**
200,000
1,132,615
**1,332,615**
47,355
-
**47,355**|**2025**
**£**
200,000
800,000
15,350,000
200,000
**Total**
**2025**
**£**
200,000
1,132,615
**1,332,615**
47,355
-
**47,355**|**2024**
**£**
200,000
800,000
15,350,000
200,000
**Total**
**2024**
**£**
200,000
-
**200,000**
47,355
**47,355**|
|---|---|---|---|
**4 STAFF COSTS**
There were no employees during the current or prior year.
The aggregate amount of reimbursed expenses paid to Trustees was nil (2024: Nil).
## **5 TANGIBLE FIXED ASSETS**
|**COST**
At 31 August 2024
Additions
Disposals
**At 31 August 2025**
**DEPRECIATION**
At 31 August 2024
Charge for the period
Disposals
**At 31 August 2025**
**NET BOOK VALUE**
**At 31 August 2025**
**At 31 August 2024**|**Building**
**Improvements**
**£**
1,806,280
-
-
**1,806,280**
1,806,280
-
-
**1,806,280**
**-**
**-**|**Land**
**£**
223,735
-
-
**223,735**
-
-
-
**-**
**223,735**
**223,735**|**Science**
**Centre**
**£**
214,407
-
-
**214,407**
175,598
4,288
**179,886**
**34,521**
**38,809**|**Sports**
**Centre**
**£**
454,092
-
**454,092**
357,072
9,082
**366,154**
**87,938**
**97,020**|**Our Lady**
**Hall**
**£**
754,741
-
-
**754,741**
488,623
15,095
-
**503,718**
**251,023**
**266,118**|**St. Joseph's**
**Hall**
**£**
944,522
-
-
**944,522**
545,408
18,890
-
**564,298**
**380,224**
**399,114**|**Total**
**£**
4,397,777
-
-
**4,397,777**
3,372,981
47,355
-
**3,420,336**
**977,441**
**1,024,796**|
|---|---|---|---|---|---|---|---|
Page 12
**RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Notes to the Financial Statements for the year ended 31 August 2025**
## **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 2024/25 rent of £200,000 (2023/24: £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 Pension**
The Religious of The Sacred Heart of Mary Immaculate Virgin, EAP is the principal employer for The Marymount International School Retirement Benefits Scheme. The scheme is a defined benefit scheme and was available for employees of the Marymount School to join up to 31 August 2002. The Scheme was closed to new entrants on 1 September 2002 and the Scheme closed to future accruals on 31 August 2012. Upon the transfer of business undertaking, Marymount International School became a participating employer in the scheme with Religious of the Sacred Heart of Mary, Immaculate Virgin, EAP (Charity number 228365) remaining the principal employer. The Charity (228365) has given a guarantee to meet any potential deficit in the scheme. An actuarial review undertaken on 1 September 2020 showed the scheme had a deficit of £188,000 (2015: £1,111,000). FRS 102 allows results to be updated to estimate scheme assets/liabilities at the reporting date. The updated valuation as at 31 August 2025 shows the scheme to have an overall surplus of £78,000 (2024: £998,000).
Accounting rules require the charity to disclose additional information as follows:
|**The amounts recognised in the balance sheet are as follows:**
Fair value of plan assets
Present value of defined benefit obligations
Effect of asset ceiling
**Net asset recognised in the balance sheet**
**Analysis of amounts charged in the Statement of Financial Activities**
Net interest (expenses)/income Changes in defined benefit obligation:
Defined benefit obligation at beginning of period
Interest expense
Remeasurement arising from changes in assumptions
Remeasurement arising from experience
Benefits paid
**Defined benefit obligation at end of period**
**Changes in plan assets**
Assets at beginning of period
Interest income
Actual return on plan assets, excluding interest income
Participating Employer contributions
Benefits paid
**Assets at end of period**
**Reconciliation of movements in present value of plan liabilities and assets**
Net assets at beginning of period
Net interest (expense)/income
Employer contributions
Remeasurement arising from changes in assumptions
Remeasurement arising from experience
Actual return on plan assets, excluding interest income
**Net assets at end of period**
Asset class split
Insured Assets
Corporate Bonds
Gilts
Cash
The assets of the scheme are held under a Scottish Life branded insurance contract Insurance Society Limited (i.e. an insura
administered o allows access to a wide range of available funds.|**2025**
**£**
4,757,000
(4,679,000)
(78,000)
**-**
(30,000)
5,176,000
250,000
(410,000)
(24,000)
(313,000)
**4,649,000**
6,174,000
330,000
(2,347,000)
913,000
(313,000)
**4,757,000**
998,000
80,000
913,000
410,000
24,000
(2,347,000)
**78,000**
98%
0%
0%
2%
nce contract). The c|**2024**
**£**
6,174,000
(5,176,000)
(998,000)
**-**
-
4,833,000
257,000
206,000
183,000
(303,000)
**5,176,000**
6,244,000
334,000
(101,000)
-
(303,000)
**6,174,000**
1,411,000
77,000
-
(206,000)
(183,000)
(101,000)
**998,000**
0%
27%
63%
10%
ontract is|
|---|---|---|
Page 13
**RELIGIOUS OF THE SACRED HEART OF MARY IMMACULATE VIRGIN, EAP Notes to the Financial Statements for the year ended 31 August 2025**
|Actual return on plan assets:
Actuarial assumptions used:
Discount rate
Retail price inflation
Consumer price inflation
Increases in deferment
Increases in payment|**2025**
£
(2,017,000)
5.80%
2.90%
2.40%
2.40%
2.90%|**2024**
£
233,000|
|---|---|---|
|||5.00%
3.10%
2.60%
2.50%
3.10%|
The charity's contributions to the Scheme during the year were £nil (2024: £nil). In 2019 the Trustees of the Marymount Retirement Benefit Scheme carried out their triennial Actuarial review. The Marymount International School reached an agreement with the Trustees to cover the technical deficit.
For new employees from 1 September 2002 to March 2020, the Marymount International School participated in a Group Personal Pension scheme (GPPS) - a money purchase scheme managed by Scottish Equitable and for teaching staff, from 1 April 2013 to December 2019, the Marymount International School participated in the Teachers' Pension Scheme (see below); Teachers were auto-enrolled in the TPS and support staff were auto-enrolled in the GPPS. Contributions to the GPPS are in the range from 6% - 12% from the school and a minimum of 3% from the employees.
## **9 RELATED PARTY DISCLOSURES**
During 2024/25 grants of £200,000 (2023/24: £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 2025 (2024: £nil).
## _**Marymount International School Retirement Benefits Scheme**_
The charity is the Principal Employer of the Marymount International School Retirement Benefits Scheme. The Scheme is governed by an interim trust deed dated 31 August 1977 and subsequent deeds, including the deed and rules. No employer contributions were recognised as an expense in the year, and at the year end there were no contributions payable to the Scheme but not yet paid. The Trustees of the Scheme have resolved to wind up the Scheme and, on 7 January 2025, the Scheme entered into a buy-in policy with Just Retirement Limited. During the year, these comprised trustee advisory costs of £11,590, administration and actuarial fees of £219,585, and legal and other advisory fees, including wind-up and buy-in work, of £901,440, giving total Scheme-related expenses borne by the charity of £1,132,615. These amounts were not recharged to the Scheme. At the balance sheet date, there were no balances outstanding with the Scheme, and all related party transactions were settled in cash
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