CONGREGATION OF BROTHERS OF THE SACRED HEARTS OF JESUS AND MARY AND OF PERPETUAL ADORATION OF THE MOST BLESSED SACRAMENT OF THE ALTAR ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2023 CHARITY NUMBER 232406
CONGREGATION OF BROTHERS OF THE SACRED HEARTS OF JESUS AND MARY AND OF PERPETUAL ADORATION OF THE MOST BLESSED SACRAMENT OF THE ALTAR YEAR ENDED 31ST DECEMBER 2023 CONTENTS R•f?rnnc? and Adrnlnl?tr•tl D•tall• 4toS Tru8tg0• R•port Indepondont Examlnern Report ststement of Fin•n¢l•l A¢¥1•* Balanc• Sho•t 9t014 Not•• to th• Fln•n¢l•l Stst•m•nt•
CONGREGATION OF BROTHERS OF THE SACRED HEARTS OF JESUS ANO MARY AND OF PERPuAL ADORATION OF THE MOST BLESSED SACRAMENT OF THE ALTAR REFERENCE AND ADMINISTRATIVE DETAILS YEAR ENOED 31ST OECEMBER 2023 CHARITY NO. 2324C CONSTITUTION Adopt 20th Novomber 1982 and the New Conslrtutvjns were promulgated on 22nd May 1989. TRUSTEES The Rev. Chnstopher McAneny The Rev. Derek Laverty DELEGATION SUPERIOR IPr•vlously Provlnclal Superlorl Th& Rev. Mi¢h8el Ruddy, SS.CC. VICAR IPreviou¥ly Vlct Provln¢i•ll The Rev. Vlncant Fallon. SS.CC. ECONOME BURSAR The Rev. Chri8topher McAnony PRINCIPAL ADDRESS 372 Uxbridge Road Ealing London W5 3LH BANKERS Lloyds Bank PLC 3 Chandos Placo Blelthley Milton Keynes MK2 2SL SOLICITORS SBP Law Glade House 52-54 Carter Lane London EC4V 5EF INDEPENDENT EXAMINER Brown Warner LLP 38 Northgate New8rk-on-Trent NG24 IEZ Page 3
¢ON(JIEGATION OF BROTHERS OF THE SACRED HEARTS OF JESUS AND Ity AND OF PERPETUAL ADORATK)N OF ThE MOST BLESSED SACRAJAENT OF THE ALTAR YEAR ENDe0 31ST DEGEIffjER 2023 The trustees annual reF4)rt aTrJ fin8nrJal for the yearerthd 31st Deikr >)23. The finanaal 5Iatwnts habe teen tyepawd in ac£cfdarts the accounb.ng poIits•s sai out in not8 1 to tho financial stat8monts and compty wth Ihe charrty'5 con51itulwJn. Ihg Chantss Ad 20113nd'Accounling and Reporting by Chantyes Stalemenl of Re(xffiThnded pract in chariis prepanng Iher accounts in accordance wth Ihe Finafiosl Reportin9 Standard aWKable In the UK and Repu of IreLgTrd IFRS 1021, leftecti¥e 1 JaAuary 20191 OWECTS ANDACTIVITIES. ACfr#EVEMÉNTS. PERFORIIAIKE AND FUTURe Thg objects ofthe chaity are to folbxf ts CMsbtutK)ns aThJ Statukns of thè Cor¥Jre9abw 8$ and appro¥d by Ths CorwJr•gabcffj lor ol CMseuaknJ Lrfè aTrJ Socaetss of4tdt grven at Ron• on 9th day of Jyty 199) Th• truste continutrj the1Trk ol adm07 th• trt fvrJJ durirJ y•w to enable the work ol the Rel#Jw)US ¢knr to continue. The truste confirm Ihai they ha referred 10 the guanc¥ on public bertfit wh•n revrg TnJsf$ aThl aTrJ in pl•r futurn actNI. The CorgregaiN?n works rnairrtainirvj aThJ suFwra mi5wns arj fr( rts E#lir¥J house thich ' de8¥n8ted 88 a fomabon hous•, trJks lo troin futur prsts and o used as a hous• of Support lor th8 wthr Cengregalion wh¢n Ity cem• to London frcffl Owr8eas Wrth th• Broth•rn Van0 panshe$ in 2022. 5abbalic81 twne w8$ tak•n dunry 2023 With one 8rothor ¢rffjffler 010 sthool In Dec8mbgr •nd on• Brolh•r comrn•rw an gthnK dwincy lor fv D>wo of IAosknwt•r in 2024. Gazo. Tho Irustsos havg consK1&r•a IM charity Ferfomianvj arkl thgt it fvrth, itr•ngth lo enat4e thfr eharty lo carry oul Ihe ch8nty's Ill the fvture tw8t• wll c4nlinwJ lo •ncourg0 th c340.8 urgiThJ Ihe knth•rs into ev•ry•kJ'NJ for whith Ihey enler Into Ihe Innor oynamtsm ol Chnsfs Love lor hi$ Father and for the Wodd. allY for th• poor. th• afflicted. the Mar91ntry aTrJ ¢ho¥e hav• not heard GWJ Ne ol J•sus Chn•t. FINAN¢M REWEW Ineome con$i$le(l of $mal rnoular donations frm) IndryJuaL4 lo Ihe Irusl lunds. mass sbpend$. P$8 in res ol the 8rolhers who aro now of rets'f8m8nl age and lary incoffffj ty rgc•i%d for on• brother ¢omm•nc•d work at a in Dec•mb•r. Th• oNMII inc•nw lecm•sthJ due lo from pari$. Expenditure Increaaed dunNJ tP y•8r due lo repair maintsnance work lo chanty pr•nes. Iowih•f 5atthtJcal fJ)Sts. The tharity donated to th• Sacrnd Heart C(mmuoty in IrelaTrd. CAFOD for Gaza and an indivJual in ne•d. RM•rv•• Policy Th¢ tru$to•s earny an 4nnyo1 re¥w ol rts fv•• poly lth•t ts ih¢J5è fuTrJ$ nol up in fiyAd 835ets. de$vJnated or resttl bjndsl In thelghl of rtsks arJ fubjre F48. Th• trustees hs¥e establish8d a to havo a Minin fr89 reser¥e of behveen 3 10 6 months of rSr oyrthd. which equates to £17,0(KJ lo £35,th) Thi5 wll enable the chanty 10 conts'nue to rrfftt ts ot("ves rf Il la loss of incx)rntr. inueases In costs or delay$ in receyts At the fTee reser¥es afe th knol. Shoukl the charty tsce ss of infY>M tho tknr in Ireland woubJ support any shortlam. Ri•k Mana9•m•nt The tyustsas h8ve 8yAmin¢d the m4orstrarffjK. busirw oThJ CPW8b(wl nsks whK* the cha¥rty fa and ¢TIrM that systsrns estabthsh•d to the wnrfKanl rtsks. P•3e 4
CONGREGATION OF BROTHERS OF THE SACRED HEARTS OF JESUS AND MARY ANO OF PERPETUAL ADORATION OF THE MOST BLESSED SACRAMENT OF THE ALTAR TRUSTEES REPORT IContlnu•dl YEAR ENDED 31ST DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Documgnt The cOng98110n of Brothers ofthe Sacred Hearts ol Jesus and Mary and ol Perpetual Adoratn of Ihe Most Blessed Sacrament of the Attar Is a Roman Catholic Religious Order of Pnests and Lay Brothers carrying on cttaritable work in England The formal Charitab trust deed establishing the chanty wa5 created on the 20th day tsf November 1962 The Congregation is an Apostolic Religious Congregation ol Pontifical right founded by Pierre Coudrin and Henriette Aymer de la Cheyalerie. Brothers and Sisters united in the Same chari8rn and the same mission, lomi a single congregation approved as such in 1817 by Pope Plus Vll. Rècrullmgnt and Appolntm•nt ol Tru8ts•8 A Provincial Council consisting ol the Provincial Superior and three oth8r brolhars nominate and appoint the trustèes of the charty. Organlsatlonal Structurn The Congregation all meet tog8th•r &very three years for a Chapter which decides the policies and prin¢lples lo be lollowed for the three years ahead A Provincial sUperT is appoinlad by the Chapter to ensura thè do¢ision8 of the Ch8Pter are camed out gntj the Provincial Superior will also d¥¢ide all ¢Jay lo day managem¥nl decisions for the three year period. STATEMENT OF TRUSTEES, RESPONS181LITIES The trustees are responsibltr for preparing the Trusl•8s' Rèport and the accounts in accordance with appllcabl law and United Kingdom A¢counting Standard (United Kingdom Generally Accepted Pra¢li¢el. The law applubl8 to ¢h8ntie8 in England & Walas rèq[Jis the trustee5 to prepare a¢counts for each linoncial year which give a true and fair viw of the stste ol affairs ol the Charity 8nd ol the incoming resources and appli¢aiion of resources ol th• chanty for Ihe year. In preparing thasa ac¢ounts. the truste65 gr6 roquired to.. select suitabl& accounting policies and then appty Ihem con$i81enUy. observe the methods and pnnciples In thè Charities SORP, m8ke judgements and estirnales Ihat are reasonable and prudent.. 8t8te whether applicable UK Arxounting Standards have been followed subject lo any d&partures discbsed and explained in the accounts." and pr&p8r8 the accounts on tho going e¢nc•m basis unless It 1$ in8ppropriate to presum& that the charity will continu¢ In operation. The trustaes are responsible lor keeping sufficient accounting records whi¢h disclose with rèason8ble accuracy at any time the financial posits'on ol th8 chanty 8n(t lo enable them to ensure that the accounts comply with the Charib'es Act 2011 and the Charty (Accounts and Reports) Regul8tiOnS 2CM)8 and the provisions of the conslitubon. They are also responsible lor $aleguardin9 Ihe assets and hence for taking reasonable st¢p8 ltsr the preVen1n and detecty'on of fraud and breachès of law and offter irregularitiès. The trustees report was approv8d by the Board ol Trustees. •liS Th? Rev. Chrt8toph•r McAn•ny k,L,, q'/>, D•te 19th September 2024 P8gè 5
CONGREGATION OF BROTHERS OF THE SACRED H&4RTS OF JESUS AND MARY AND OF PERPETUAL ADORATION OF THE MOST BLESSED SACRAMENT OF THE ALTAR INDEPENDENT EXAMINERS REPORT YEAR ENOED 31ST DECEMBER 2023 Ind•pèndent Examiners, Report to the Trustees of Congregation of Brothers of the Sacred Hearts of Je¥u¥ and Mary and of Perpetual Adoration of the Most Blessed Sacrament of the Altar. I rept to the trustees on my eKamination of the fin8n¢ial slalements of Congregation ol the Sacred Heart of Jesus and Mary and of Perpetual Adoration of the Most Blessed Sauament of the Allai (the charity) for the year ended 31 DeGember 2023. ReJp¢)n#ibiliti•s and basis af réport As the trustees of the charrty you are responsible foi the preparation of the financial statements in accordance wrth the requirements of the Charities Act 2011 Ithe 2011 Act). I report in respect of rny examination of the charity's financial slalemenls ¢arned out under section 145 of the 2011 Act. In carrwng out my examination I have followed all the applicable Directions give by the Charity Commission under section 14515llbl of the 2011 Act Independent examlneVs statement Your attention is drawn io the fact that the charty has prep8ied finanekgl statements in acrdSn¢e with Accounting and Reporting by Charities preparing their accounts in aOrdanCe wrth the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in prelerence lo the Accounting and Reporting by Charities.. Statement of Recommènded Pradite issued on 1 April 2005 which is referred to in the extent regulations but has now been wrthdrawn. l understand that this h8s been done in ordei for fin8ntyal $18lements lo prov¢de a true 8n6 fair view in accordance wth Generally Accepted Accounting Practi for reporb'ng periods beginning on or after 1 January 2015. I have completed my examination. I confimi that nts rnatters have come to my attenb.on in connection th the examination giving me cause to believe that in any rnaterial respect. 111 accounting CordS were not kept in respect of Ihe charity as required by se(*on 130 of the 2011 Act". or 121 the financial sla¢ements do no¢ accord wth those records,. or 131 the finanaal statements do not comply wth applicable requirements concèrning the form and content of accounts set out in the Charrties IA¢wunts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have cxjnwns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding ol the financial statements lo be leached. David Brown FCA 8rown Warner LLP Chartered Acu)untants 38 Northgale. Newark-on-Trent. Englan¢J NG24 1 EZ Date Page 6
CONGREGATION OF BROTHERS OF THE SACRED HEARTS OF JESUS AND MARY AND OF PERPETUAL ADORATION OF THE MOST BLESSED SACRAMENT OF THE ALTAR STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31ST DECEMBER 2023 Designated Funds Unrestricted Fund¥ 2023 2022 Not• Incom• and endowments from.. Donatlons & appoals 5,386 1,591 8.977 45,840 L•gachs Ch•ritsble •¢tlvltl$ Stipends Salary income Pansions 2.745 2,745 2,500 24,032 11,210 4,689 21,581 24.032 Inv•stmont Incom• Intèrèst receivable 132 132 78 Total Income 5,516 30.868 36.388 83,398 Exp•ndltur• an: Ralslng funds Fundraising and publicity Charltable ACtIrieS Provision ol charitablo acisvili•s Oonallon8 133 5.000 69.2 105,79) 89,423 110.750 47,514 15,000 Totsl •xp•ndltur• 5,133 175.040 180,173 82,514 N•t in¢omdl•xp•ndltur•l beforn Tr¥n•ler 385 1144,1721 1143.78n 20.884 Trnnsfer Bthe?n Fund• N•t Incom•ll•xp•ndltur•l for th• y•ar 385 1144,1721 {143,78n 20,884 Oth•r ylna & Ilo•a••l Net m0Mnt of fund8 385 1144.1721 1143,78n 20,884 Balance* at 1•t J4nu•ry 2023 61,145 929,0 990,241 969.357 Balanc at 31st December 2023 61,530 784,924 846,454 990,241 The statement of financial activities indud6s 811 gains and losses recognised in the year. All income and expendrture derive from continuing activrties. P¥Je 7
CONGREGATION OF BROTHERS OF THE SACRED HEARTS OF JESUS AND klARY AND OF PERPETUAL ADORATION OF THE MOST BLESSED SACRAMENT OF THE ALTAR OF THE MOST BLESSED SACRAMENT OF THE ALTAR 8ALANCE SHE YEAR ENDED 31ST DECEM8ER 2023 2023 2022 FIXED ASSETS 59),352 598.258 CURRENT ASSETS Debtors Cash at Bgnk & in H8nd 2.547 266.818 269,363 2.264 405.300 407.564 CREDITORS: Amounls falling due wilhin one year 13.261 13,581 N•t Curr•nt A••et• 256.102 393.983 NET ASSETS 846,454 990.241 FUNDS D•slgnat•d Funds G•n•r*l Unr••trlct•d Fund 61,530 784.924 81,145 929,098 846.454 990,241 The notes at pages 9 to 14 form part of these accounts. The finanaal staloments were approvod by the Trustees on 19th September 2024 a<,,W,.y'&, The Rev. Chii8lopher MeAneny Page 8
CONGREGATION OF 8ROTHERS OF TrIE SACRED HEARTS OF JESUS AND MARY AND OF PERPETUAL ADORATION OF THE MOST BLESSED SACRIMENT OF THE ALTAR NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2023 1 ACCOUNTING POLICIES Charlty Informatlon COnggatIon of the Sacred H8art ol Jesus and Mary and of Perpetual Adoratron of the Most Blessed Sacrament ol Ihe Altar is a th8rty whkh foll¢>ws the Constitutions and Slalues of the Congregalvjn as renewed and approved by The Congreg8llon for Inslltules of the Consecrated Life and Soci8ties of Apo$tollc Life as given at Rome on 9¢h day of Juty 1990. The charty is regi$lefed wth the Charity Commission of England and W8le3 vllh Ihe charity rtUmr 232406. The princip81 address is 372 Uxbridge Road, Ealing. London. W5 3LH. nv The financial statements have be¥n praparod in a¢cordanc8 the charitys conslitulion, the Chari116s Act 2011. FRS102"The Finanrial Reporting Sland8fd applicable in the UK and Republic ol Ireland IFRS 1021" and the Charrtie$ SORP"Accounting and Reporting ty Chanties.. Statement of Recommended Practice applicable in charities preparlng their accounts In accordance wlh Republic ol Irgland IFROS1021" 18ffoctiv8 1 January 20191. This is a Publlc Benefit Entity as deflned by FRS 102. TM charty h88 taken a¢fvontsge of Ihe provisions in the SORP for charities not to prepare • Statement ol Cash FbvA. rhe flnanclal statam&nl have departed from the Charities (Accoun18 and Reportsl Rtgulalions 2CQ8 onty lo the extent required to provide a Irue and falr view. This departure has involved following the Sl8tement of RecommeThJed Pr8cticE for Charities applying FRS 102 rather than the version of the Slalemenl Rmmended Pracllce vthlch 1$ referred lo In Ihe rggulatjons but whlch has slncA been wrthdrawn. The financial slalemenls are prepared In 8lerflng vthlch Is thg functional cvrrenry for the charity and rounded to the nearest £ Thè fln8nd818latemtsnls have been prepared under th& hl$lort81 cost CAJnventlon. modlfled to Indude the revaluation of freehold prcy)8ty and to in¢lud8 certaln flnanclal Instrum8nts at lalr value. Al the lime ol approving the finan¢i81 statements, the trustees have a reasonable expectation that the charity has adequate resources lo ntInue in operational existence for the foreseeable futu. Thus the trustees continue to adopl the golr¢g ¢on¢em basis for accounting in preparing the finandal statements. 1.3 Ch leF General Fund repr888nts Ijnrestrfcled Income whlch may be spenl genw81ty lor fvrthedng thtr religlous and charilable work of the Congregalion. Oesignaled Funds repSnt funds sel aside by the truslees for specrfic purpos&$. Pag& 9
CONGREGATION OF BROTHERS OF THE SACRED HEARTS OF JESUS AND hWIY AND OF PERPETUAL ADORATION OF THE MOST BLESSED SACRAMENT OF THE ALTAR NOTES TO THE FINANCIAL STATEMENTS YEAR ENOED 31ST DECEM8ER 2023 1.4 Incomin Resources ASI Income a included in the statemenl of financi81 artNitV bthen the th8rty is onliued to the income and the amount can be quantified wth reasonable 8ccur8cy. The follo%%Tng $C¢ polic$ are applied to particular categories of income.. Cash donations are recognised on receipt. other donations are recognised tsnce thè charity has b8Èn notffied tsf the donation, unkss perfomiance conditions require deterral of the arnounl. Legacies are recognised on fe¢etpt or otheThwse if the charity ahs been nth.fied of an Impending distribution. the amo¢Jnts is kn. and receipt is expe(ed. lKome recewed by %Yay of the Fathers. pension in, stipends and salaries gamed are included when receNable. Investment income is induded when receN8ble. 1.5R Ex nd All expenditure is togl$ed once there is a legal or constNctive obligation to that expenditure, rt is probable settternent is required and the ar(K)unl can b8 measured lably. All costs are allocated to the applicable expendrture heading that 89gregate similar costs tr) that category. Whère costs cannot be (Jirectty attributed to partilar headings they have been allocated on 8 b8515 consistent wrth the use of resources. Costs of raising funds comprise the costs asSQCl8led wth attr4¢ting incon. Charitable expenditure comprises those ¢o$ts incurred by the charty in the delivery of rts a<xivities and services for rts beneficiaries. 11 include5 both wsls Ihat can be allocated direGIty10 such a¢tivit*s and Ihose ¢osts of an indirect natu ne$sary to support them. GovÈmancè eosts includès those costs associated with meeting the constrtuts.onal and statutory requirements ol the chartiy and Indude the independent examination fees and costs linked to the Strateg management ol the charity. 1.6 De reciats'on of Ta ble Assets Depreciation is provtsled on all tsngible assets at rate5 calculated to lte off the cost, less estimated residual value, ol each asset over fts expected useful lrfe, as follows.. FhOld buildings Fumiturè and uIpment Motor vehicles 2% on valuation 25% on cost 25% on feducing balance The trustees 05 the freehold premises 81 Ealing Common, London, W5 1¢h are used to house and train students sthojoin the Congregation wth a yW tts reaching ordination into the westhood. 1.7 Im airmenl o¥ Fixed A5setS Al each porting end date, the chanty re¥$ the carrying anKJunts of rts tangible assets to detenninè whèther thère is any indication that those assets have suffered an impairment1058 If any such indi¢ation exi$ts, the recoverable anUnt ol the asset is estirnated in ordei to delerrnine Ihe extent ol the impairment loss Irf anyl. Page 10
CONGREGATION OF BROTHERS OF THE SACRED HEARTS OF JESUS AND PaARY AND OF PERPETUAL ADORATION OF THE MOST BLESSED SACRAMENT OF THE ALTAR NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2023 sh and Cash and cash equiv818nts include cash in hand. deposrts heky at call wth banks. other 8hort-tern) liquid inveslmenls wrth original maturities of threè months or less. and bank overdrafts. Bank overdrafts are shown vthin borTosMng$ In Curn1 llablll6s. 1.9 Financial Instrument The charity onty has financi81 a3$ets and fin8nci81 li8bllities of a klnd that qualty as baslc financi81 inslrnmenls. Basic financial instruments are inrtially r6¢ognised gt transaction value and subsequentty measured at their 88ttlem8nl value. 1.10 Creditors and rovisions Creditors and provisions a Tecognised bthere the charity has 8 Pfesent obligation SUlting from P8St event Ihat wll probably result in the transfer of funds to a Ihlrd party and the amount due to settle the obligation can bts m089ured or estimated reliabw. Credrtors and provisions 8re normalty recognlsed al their ettment 8mount 81ter 811owing for any dls¢ounts due. 1.11 The charity is tsxtsmpl from tax on fts ¢harftabl& ocllvlll8$. A substantial contribution to advi11o$ of the Con9regation 1$ supplied In the fomi ol voluntary services and donated f8cilitva¥. Thè financial benefit of the inlangible income has not been recognised in these a¢¢ounts 0$ by th811 nalure rt %Ksuld be impractical to quantify in monetary terns. 2 OONATIONS PAID 2023 2022 M1881on Fund Donation- CAFOD- Gaza Donation- Carllas Internationalis Ukraino Appeal Donation- UK Mlssion DSDI Indla 5,OC(J 5,rx)o 10,000 5,0Tr) 15.WO G•n•rnl Fund P8yments made to Sacred Hearts Communlty Ireland Payment lo an IndNidual 100,000 5,750 Total donalN)ns paKI 110,750 15,rx)o P89¢11
CONGREGATION OF BROTHERS OF THE SACRED HEARTS OF JESUS AND MARY AND OF PERPETUAL ADORATION OF THE MOST BLESSED SACRAMENT OF THE ALTAR NOTES TO THE FINANCIAL STATEMENTS YEAR ENOED 31ST DECEMBER 2023 3 EXPENDITURE TOTAL 2023 TOTAL 2022 Staff costs Depreciation ProfiULtss$ on disposal Mission Costs Educational & House Rijnning Repairs & Maintenance Travel and Motor Telephone Examinerfs Remuneration Awuntancy, tax & Consolidation 11,678 8.208 11,678 8,208 12.837 8.124 85 17,519 553 1.271 1.145 2.4(N) 3.580 24,448 13,624 4.255 1,002 24,448 13,624 4,255 1,002 2,400 3,808 2,400 3.808 63,215 6,208 69.423 47.514 2023 2022 ff C05t5 Wages & Salaries Biothers Alowances Pension Health Insurance Costs 3,480 3,850 1.458 6,740 11,678 1,457 7,530 12.837 No employee eamed from than £60,000 per annum12022-nill. The key management personnel of thè charity cornprisè trLtstees. the principal supefsor arÉd the econome bursar. The total iemunerats.on including employer nath)nal insurance and pension of key management personnel during the year was Nil12022 Nil). The average number of employees during the yearwas 412022.. 41 wth 811 staff involved in providing either support to the govemanee of the chanty or support Se1$ lo charitable actVIti&$. Page 12
CONGREGATION OF BROTHERS OF THE SACRED HEARTS OF JESUS AND MARY AND OF PERPETUAL AOORATION OF THE MOST BLESSED SACRAMENT OF THE ALTAR NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2023 4 TANGIBLE FIXED ASSETS Freehold Premi Motor Vehicle* Furniture & Equipment Dlrect Charitable Totsl Cost or Valuatioft At 1st January 2023 Additions Disposals At 31st December 2023 700,000 23.400 1.600 5.970 702 530 6,142 729,370 2,302 530 731,142 700.000 25.000 D•pr•clatlon At 1st January 2023 Charge for year Disposals At 31 st December 2023 115,000 5,000 12,254 2,920 5,858 288 530 5,616 133,112 8,208 530 140.790 120,000 15,174 Net Book Values At 31st December 2023 At 31st Decembef 2022 580.000 585.000 9,826 11,146 526 112 590,352 596,258 The Freehold prtspèrty was valuèd on 2nd February 20CN) by Derek F Grimshaw F.S.V.A. of Grimshaw & Co at a value of £700,000 (Historic cA)st £16,500). 5 DEBTORS 2023 2022 Prepayments 2,547 2,547 2.264 2.264 6 CREDITORS - Amounts fallin9 due within one year 2023 2022 Accruals 13.261 13,261 13.581 13,581 Page 13
CONGREGATION OF BROTHERS OF THE SACRED HEARTS OF JESUS AND MARY ANO OF PERPETUAL ADORATION OF THE MOST BLESSED SACRAMENT OF THE ALTAR NOTES TO THE FINANCIAL STATEMENTS YEAR ENOED 31ST DECEMBER 2023 7 ANALYSIS OF CHARITABLE FUNDS Balance 1.1.23 In¢omlrtg Outgolng Resou¥$ Rèsour$ Trnnsfern Balance 31.12.23 Deslgnated Funds Mission FurMI 61.145 5,518 15,1331 61.530 Gerter•l Unrn8trlet•d Fund 929.096 990,241 30.868 175,040 180.173 784,924 846,454 Analysls of Net Assets between Funds Gener41 Fund Deslgnated Fund Total Funds Int•r Fund Tangible Fixed Assets Cuffent Assets CunEnl Lièbilrties 588,885 209.3(X) 13,261 784.924 1.467 60,[3 590.352 269.363 13.261 846.454 61,530 b Purpose of Funds G•n•rdl Unrestricted Funda Incon* and expendrture arising Irom the day to day running of the premises used to house and Ir8in students joined the Congregation with a view to reaching ordinatK)n into the priesthood and to support the exbsting Brothers, living costs to enable them lo Gatry oul their work on behall of the dlity. Mi$$ion Fund The purpose of the fund is to provide general support of misslons abroad as needs are identified and requests iecewed. 8 TRUSTEE'S REMUNEPATION AND EXPENSES The truslees feceived no munerab.0n(2O22.. nill, Irustees Father Christopher MrAneny and Father Derek Laverty have Ihe use of the chantys motor vehides and all nThitor. living and other expenses are parfl by the charity to gnable them to cafry Out thair w)¢tr on behalf gf Ihè chanty. 9 PENSION SCHEME The charity operates a define<J contribution pension scheme. The assets of the scheme are held separalely trom those of ttte charity in an ndependentlY administered fund. The pension cost charge represents contributKJns payable by the charity to the fund and arTUted to £1.45812022.. £1.4571. 9 CONNECTED CHARITIES The Congregation maintains close links wth other rrembers of the Ordèr èstablished and Constrtuted in other countries. These links en4ble the communitiès to support onè another depending on needs as and when they arise. Page 14