Docusign Envelope ID: C7869F35-12E8-44DF-B15B-39B9C6F5A07A
Charity Number: 232406
Congregation of the Sacred Hearts - UK Area
Annual Report and Audited Financial Statements
for the financial year ended 31 December 2024
Docusign Envelope ID: C7869F35-12E8-44DF-B15B-39B9C6F5A07A
Congregation of the Sacred Hearts - UK Area
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Information | 3 |
| Trustees' Report | 4 - 5 |
| Statement of Trustees' Responsibilities | 6 |
| Independent Auditor's Report | 7- 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 - 15 |
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Docusign Envelope ID: C7869F35-12E8-44DF-B15B-39B9C6F5A07A
Congregation of the Sacred Hearts - UK Area REFERENCE AND ADMINISTRATIVE INFORMATION
Trustees The Rev. Christopher McAneny The Rev. Derek Laverty Delegation Superior The Rev. Michael Ruddy, SS.CC Vicar The Rev. Vincent Fallon, SS.CC Charity Number in England and Wales 232406 Principal Address 372 Uxbridge Road Ealing London W5 3LH Auditors Keveny Monahan Limited Chartered Accountants and Statutory Audit Firm Herbert House 18-22 Pembroke Road Dublin 4 Principal Bankers Lloyds Bank PLC 3 Chandos Place Bletchley Milton Keynes MK2 2SL Solicitors SBP Law Glade House 52 - 54 Carter Lane London EC4V 5EF
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Docusign Envelope ID: C7869F35-12E8-44DF-B15B-39B9C6F5A07A
Congregation of the Sacred Hearts - UK Area TRUSTEES' REPORT
for the financial year ended 31 December 2024
The trustees present their Trustees' Report and the audited financial statements for the financial year ended 31 December 2024.
The financial statements are prepared in accordance with the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Trustees' Report contains the information required to be provided in the Trustees' Annual Report under the Statement of Recommended Practice (SORP) guidelines. The trustees of the charity are also charity trustees for the purpose of charity law and under the charity's constitution are known as members of the board of trustees.
In this report the trustees of Congregation of the Sacred Hearts - UK Area present a summary of its purpose, governance, activities, achievements and finances for the financial year 31 December 2024.
The charity is a registered charity and although not obliged to comply with the Statement of Recommended Practice applicable in the UK and Republic of Ireland FRS 102, the organisation has implemented its recommendations where relevant in these financial statements.
Mission, Objectives and Strategy
Objectives
The objects of the charity are to follow the Constitutions and Statutes of the Congregation as renewed and approved by The Congregation for Institutes of the Consecrated Life and Societies of Apostolic Life as given at Rome on 9th day of July 1990.
The trustees continued their work of administering and looking after the trust funds during the year to enable the work of the Religious Order to continue. The trustees confirm that they have referred to the guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities.
The Congregation works maintaining and supporting missions abroad. While from its Ealing house which is designated as a formation house, looks to train future priests and is used as a house of support for the wider Congregation when they come to London from Overseas. One Brother continued the work commenced at a school in December 2023 and one Brother commenced an ethnic chaplaincy for the Diocese of Westminster during the year.
The trustees continued their assistance from the mission fund with donations made during the year to CAFOD for Gaza and to the Indian Congregation
The trustees have considered the charity performance and considers that it has funds' strength to enable the charity to carry out the charity's objectives in the future.
The trustees will continue to encourage the Congregation's mission urging the Brothers into evangelizing action for which they enter into the interior dynamism of Christ's Love for his Father and for the World, especially for the poor, the afflicted, the marginalized and those who have not heard the Good News of Jesus Christ.
Structure, Governance and Management
Governance
The Congregation of Brothers of the Sacred Hearts of Jesus and Mary and of Perpetual Adoration of the Most Blessed Sacrament of the Altar is a Roman Catholic Religious Order of Priests and Lay Brothers carrying on charitable work in England. The formal charitable trust deed establishing the charity was created on the 20th day of November 1962.
The Congregation is an Apostolic Religious Congregation of Pontifical right founded by Pierre Coudrin and Henriette Aymer de la Chevalerie. Brothers and Sisters united in the same charism and the same mission, form a single congregation approved as such in 1817 by Pope Pius VII.
Board Appointment Process
A Provincial Council consisting of the Provincial Superior and three other brothers nominate and appoint the trustees of the charity.
Organisational Structure
The Congregation all meet together every three years for a Chapter which decides the policies and principles to be followed for the three years ahead. A Provincial Superior is appointed by the Chapter to ensure the decisions of the Chapter are carried out and the Provincial Superior will also decide all day to day management decisions for the three year period.
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Docusign Envelope ID: C7869F35-12E8-44DF-B15B-39B9C6F5A07A
Congregation of the Sacred Hearts - UK Area TRUSTEES' REPORT
for the financial year ended 31 December 2024
Income
Income consisted of small regular donations from individuals to the trust funds, mass stipends, pensions in respect of the Brothers who are now of retirement age and salary income received by both Brothers. The overall income increased due to salary income received by both Brothers. Only one Brother received one month of salary in the prior year.
Expenditure
Expenditure increased during the year due to repair and maintenance work to the charity premises, together with sabbatical costs. The charity donated to the Indian Congregation and CAFOD for Gaza.
Results and Dividends
At the end of the financial year the charity has assets of €866,095 (2023 - €859,715) and liabilities of €6,642 (2023 - €13,261). The net assets of the charity have increased by €12,999.
Reserves Position and Policy
The trustees carry out an annual review of its free reserves policy (that is those funds not tied up in fixed assets, designated or restricted funds) in the light of risks and future plans. The trustees have established a policy to have a minimum free reserve of between 3 to 6 months of resources expended, which equates to £13,000 to £26,000. This will enable the charity to continue to meet its objectives if it faces loss of income, increases in costs or delays in receipts. At present the free reserves are within this level. Should the charity face loss of income the Order in Ireland would support any shortfall.
Principal Risks and Uncertainties
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to mitigate the significant risks.
The key priorities are as follows:
- The Congregation of the Sacred Hearts of Jesus and Mary - UK Area plans to continue the activities outlined above in the forthcoming years subject to satisfactory level of income and donations.
Compliance with Sector-Wide Legislation and Standards
The charity engages pro-actively with legislation, standards and codes which are developed for the sector. Congregation of the Sacred Hearts - UK Area subscribes to and is compliant with the following: ▪ The Charities SORP (FRS 102)
Future Developments
The Congregation of the Sacred Hearts of Jesus and Mary - UK Area plans to continue the activities outlined above in the forthcoming years subject to satisfactory level of income and donations.
Approved by the Board of Trustees on 25[th] June 2025 and signed on its behalf by:
________The Rev. Christopher McAneny Trustee
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Docusign Envelope ID: C7869F35-12E8-44DF-B15B-39B9C6F5A07A
Congregation of the Sacred Hearts - UK Area STATEMENT OF TRUSTEES' RESPONSIBILITIES
for the financial year ended 31 December 2024
The trustees are responsible for preparing the financial statements in accordance with applicable law and regulations.
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the assets, liabilities and financial position of the charity as at the financial year end date and of the surplus or deficit of the charity and otherwise comply with the Charities Act 2011.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees confirm that they have complied with the above requirements in preparing the financial statements.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Board of Trustees on 25[th] June 2025 and signed on its behalf by:
________The Rev. Christopher McAneny Trustee
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Docusign Envelope ID: C7869F35-12E8-44DF-B15B-39B9C6F5A07A
INDEPENDENT AUDITOR'S REPORT to the Members of Congregation of the Sacred Hearts - UK Area
Report on the audit of the financial statements
Opinion
We have audited the charity financial statements of Congregation of the Sacred Hearts - UK Area ('the charity') for the financial year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including the summary of significant accounting policies set out in note 2. 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" and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102.
In our opinion, when reporting in accordance with a fair presentation framework the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its surplus for the financial 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 ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the Provisions Available for Audits of Small Entities, in the circumstances set out in Note 3 to the financial statements, 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 the date 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 this gives rise to 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;
-
adequate accounting records have not been kept; 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 require for our audit.
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Docusign Envelope ID: C7869F35-12E8-44DF-B15B-39B9C6F5A07A
INDEPENDENT AUDITOR'S REPORT to the Members of Congregation of the Sacred Hearts - UK Area
Responsibilities of trustees for the financial statements
As explained more fully in the Statement of Trustees' Responsibilities set out on page 7, 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 they 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 management either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of Our Report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustee’s those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
__________ Barry Griffin for and on behalf of KEVENY MONAHAN LIMITED Chartered Accountants and Statutory Audit Firm Herbert House 18 - 22 Pembroke Road Dublin 4 Ireland
25[th] June 2025
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Docusign Envelope ID: C7869F35-12E8-44DF-B15B-39B9C6F5A07A
Congregation of the Sacred Hearts - UK Area STATEMENT OF FINANCIAL ACTIVITIES
for the financial year ended 31 December 2024
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | Funds | Funds | ||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | ||
| Notes | € | € | € | € | € | € | |
| Income | |||||||
| Charitable activities | |||||||
| ▪ Grants from governments and | 4.1 | 74,301 | 1,060 | 75,361 | 30,868 | 5,386 | 36,254 |
| other co-funders | |||||||
| Investments | 4.2 | 359 | - | 359 | - | 132 | 132 |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Total income | 74,660 | 1,060 | 75,720 | 30,868 | 5,518 | 36,386 | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Expenditure | |||||||
| Charitable activities | 5.1 | 52,354 | 367 | 52,721 | 69,290 | 133 | 69,423 |
| Other expenditure | 5.2 | - | 10,000 | 10,000 | 105,750 | 5,000 | 110,750 |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Total Expenditure | 52,354 | 10,367 | 62,721 | 175,040 | 5,133 | 180,173 | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Net income/(expenditure) | 22,306 | (9,307) | 12,999 | (144,172) | 385 | (143,787) | |
| Transfers between funds | - | - | - | - | - | - | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Net movement in funds for | 22,306 | (9,307) | 12,999 | (144,172) | 385 | (143,787) | |
| the financial year | |||||||
| Reconciliation of funds: | |||||||
| Total funds beginning of the | 13 | 784,924 | 61,530 | 846,454 | 929,096 | 61,145 | 990,241 |
| year | |||||||
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Total funds at the end of the | 807,230 | 52,223 | 859,453 | 784,924 | 61,530 | 846,454 | |
| year | |||||||
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ═══════ |
The Statement of Financial Activities includes all gains and losses recognised in the financial year. All income and expenditure relate to continuing activities.
The notes on pages 11 to 15 form part of the financial statements
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Docusign Envelope ID: C7869F35-12E8-44DF-B15B-39B9C6F5A07A
Congregation of the Sacred Hearts - UK Area BALANCE SHEET
as at 31 December 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Notes | € | € | |
| Fixed Assets | |||
| Tangible assets | 9 | 582,719 | 590,352 |
| ─────── | ─────── | ||
| Current Assets | |||
| Debtors | 10 | 2,998 | 2,547 |
| Cash at bank and in hand | 280,378 | 266,816 | |
| ─────── | ─────── | ||
| 283,376 | 269,363 | ||
| ─────── | ─────── | ||
| Creditors: Amounts falling due within one year | 11 | (6,642) | (13,261) |
| ─────── | ─────── | ||
| Net Current Assets | 276,734 | 256,102 | |
| ─────── | ─────── | ||
| Total Assets less Current Liabilities | 859,453 | 846,454 | |
| ═══════ | ═══════ | ||
| Funds | |||
| Restricted trust funds | 52,223 | 61,530 | |
| General fund (unrestricted) | 807,230 | 784,924 | |
| ─────── | ─────── | ||
| Total funds | 13 | 859,453 | 846,454 |
| ═══════ | ═══════ |
Approved by the Board of Trustees and authorised for issue on 25[th] June 2025 and signed on its behalf by
________ The Rev. Christopher McAneny Trustee
The notes on pages 11 to 15 form part of the financial statements
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Docusign Envelope ID: C7869F35-12E8-44DF-B15B-39B9C6F5A07A
Congregation of the Sacred Hearts - UK Area NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2024
1. GENERAL INFORMATION
Congregation of the Sacred Hearts - UK Area is a charity incorporated in the United Kingdom. The registered office of the charity is which is also the principal place of business of the charity. The financial statements have been presented in Euro (€) which is also the functional currency of the charity.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity’s financial statements.
Basis of preparation
The financial statements have been prepared on the going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102".
As permitted by the Companies Act 2006, the charity has varied the standard formats in that act for the Statement of Financial Activities and the Balance Sheet. Departures from the standard formats are to comply with the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP.
Statement of compliance
The financial statements of the charity for the financial year ended 31 December 2024 have been prepared on the going concern basis and in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102".
Fund accounting
The following are the categories of funds maintained:
Restricted funds
Restricted funds represent income received which can only be used for particular purposes, as specified by the donors. Such purposes are within the overall objectives of the charity.
Unrestricted funds
Unrestricted funds consist of General and Designated funds.
▪ General funds represent amounts which are expendable at the discretion of the board, in furtherance of the objectives of the charity.
▪ Designated funds comprise unrestricted funds that the board has, at its discretion, set aside for particular purposes. These designations have an administrative purpose only, and do not legally restrict the board's discretion to apply the fund.
Income
Income is recognised by inclusion in the Statement of Financial Activities only when the charity is legally entitled to the income, performance conditions attached to the item(s) of income have been met, the amounts involved can be measured with sufficient reliability and it is probable that the income will be received by the charity.
Income from charitable activities
Income from charitable activities include income earned from the supply of services under contractual arrangements and from performance related grants which have conditions that specify the provision of particular services to be provided by the charity. Income from government and other co-funders is recognised when the charity is legally entitled to the income because it is fulfilling the conditions contained in the related funding agreements. Where a grant is received in advance, its recognition is deferred and included in creditors. Where entitlement occurs before income is received, it is accrued in debtors.
Grants from governments and other co-funders typically include one of the following types of conditions:
▪ Performance based conditions: whereby the charity is contractually entitled to funding only to the extent that the core objectives of the grant agreement are achieved. Where the charity is meeting the core objectives of a grant agreement, it recognises the related expenditure, to the extent that it is reimbursable by the donor, as income.
▪Time based conditions: whereby the charity is contractually entitled to funding on the condition that it is utilised in a particular period. In these cases the charity recognises the income to the extent it is utilised within the period specified in
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Docusign Envelope ID: C7869F35-12E8-44DF-B15B-39B9C6F5A07A
continued
Congregation of the Sacred Hearts - UK Area NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2024
the agreement.
In the absence of such conditions, assuming that receipt is probable and the amount can be reliably measured, grant income is recognised once the charity is notified of entitlement.
Grants received towards capital expenditure are credited to the Statement of Financial Activities when received or receivable, whichever is earlier.
Expenditure
Expenditure is analysed between costs of charitable activities and raising funds. The costs of each activity are separately accumulated and disclosed, and analysed according to their major components. Expenditure is recognised when a legal or constructive obligation exists as a result of a past event, a transfer of economic benefits is required in settlement and the amount of the obligation can be reliably measured. Support costs are those functions that assist the work of the charity but cannot be attributed to one activity. Such costs are allocated to activities in proportion to staff time spent or other suitable measure for each activity.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible fixed assets, less their estimated residual value, over their expected useful lives as follows:
| Land and buildings freehold | - | 2% Straight line |
|---|---|---|
| Fixtures, fittings and equipment | - | 25% Straight line |
| Motor vehicles | - | 25% Reducing balance |
Debtors
Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Income recognised by the charity from government agencies and other co-funders, but not yet received at financial year end, is included in debtors.
Cash at bank and in hand
Cash at bank and in hand comprises cash on deposit at banks requiring less than three months notice of withdrawal.
Taxation and deferred taxation
No current or deferred taxation arises as the charity has been granted charitable exemption. Irrecoverable valued added tax is expensed as incurred.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the charity's taxable profits and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. PROVISIONS AVAILABLE FOR AUDITS OF SMALL ENTITIES
In common with many other charities of our size and nature, we use our auditors to assist with the preparation of the financial statements.
| 4. | INCOME | ||||
|---|---|---|---|---|---|
| 4.1 | CHARITABLE ACTIVITIES | Unrestricted | Restricted | 2024 | 2023 |
| Funds | Funds | ||||
| € | € | € | € | ||
| Grants from governments and other co-funders: | |||||
| Income from charitable activities | 74,301 | 1,060 | 75,361 | 36,254 | |
| ═══════ | ═══════ | ═══════ | ═══════ |
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Docusign Envelope ID: C7869F35-12E8-44DF-B15B-39B9C6F5A07A
continued
Congregation of the Sacred Hearts - UK Area NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2024
| 4.2 | INVESTMENTS | Unrestricted | Restricted | 2024 | 2023 | |
|---|---|---|---|---|---|---|
| Funds | Funds | |||||
| € | € | € | € | |||
| Investments | 359 | - | 359 | 132 | ||
| ═══════ | ═══════ | ═══════ | ═══════ | |||
| 5. | EXPENDITURE | |||||
| 5.1 | CHARITABLE ACTIVITIES | Direct | Other | Support | 2024 | 2023 |
| Costs | Costs | Costs | ||||
| € | € | € | € | € | ||
| Expenditure on charitable activites | - | 46,921 | - | 46,921 | 63,215 | |
| Governance Costs (Note 5.3) | - | 5,800 | - | 5,800 | 6,208 | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ||
| - | 52,721 | - | 52,721 | 69,423 | ||
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ||
| 5.2 | OTHER EXPENDITURE | Direct | Other | Support | 2024 | 2023 |
| Costs | Costs | Costs | ||||
| € | € | € | € | € | ||
| Other expenditure | - | 10,000 | - | 10,000 | 110,750 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ||
| 5.3 | GOVERNANCE COSTS | Direct | Other | Support | 2024 | 2023 |
| Costs | Costs | Costs | ||||
| € | € | € | € | € | ||
| Charitable activities - governance costs | - | 5,800 | - | 5,800 | 6,208 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ||
| 6. | NET INCOME | 2024 | 2023 | |||
| € | € | |||||
| Net Income is stated after charging/(crediting): | ||||||
| Depreciation of tangible assets | 7,633 | 8,206 | ||||
| Auditor's remuneration: | ||||||
| - audit services | 2,400 | 2,400 | ||||
| ═══════ | ═══════ | |||||
| 7. | INVESTMENT AND OTHER INCOME | 2024 | 2023 | |||
| € | € | |||||
| Other interest | 359 | 132 | ||||
| ═══════ | ═══════ |
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Docusign Envelope ID: C7869F35-12E8-44DF-B15B-39B9C6F5A07A
continued
Congregation of the Sacred Hearts - UK Area NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2024
8. EMPLOYEES AND REMUNERATION
Number of employees
The average number of persons employed (including executive trustees) during the financial year was as follows:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Administration | 4 | 4 |
| ═══════ | ═══════ | |
| The staff costs comprise: | 2024 | 2023 |
| € | € | |
| Wages and salaries | 3,150 | 3,480 |
| Pension costs | 12,657 | 8,198 |
| ─────── | ─────── | |
| 15,807 | 11,678 | |
| ═══════ | ═══════ |
No employee earned from than £60,000 per annum (2023-nil).
The key management personnel of the charity comprise trustees, the principal superior and the econome bursar. The total remuneration including employer national insurance and pension of key management personnel during the year was Nil (2023 Nil).
The average number of employees during the year was 4 (2023: 4) with all staff involved in providing either support to the governance of the charity or support services to charitable activities.
9. TANGIBLE FIXED ASSETS
| 9. | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Land and | Fixtures, | Motor | Total | ||
| buildings | fittings and | vehicles | |||
| freehold | equipment | ||||
| € | € | € | € | ||
| Cost | |||||
| At 31 December 2024 | 700,000 | 6,142 | 25,000 | 731,142 | |
| ─────── | ─────── | ─────── | ─────── | ||
| Depreciation | |||||
| At 1 January 2024 | 120,000 | 5,616 | 15,174 | 140,790 | |
| Charge for the financial year | 5,000 | 176 | 2,457 | 7,633 | |
| ─────── | ─────── | ─────── | ─────── | ||
| At 31 December 2024 | 125,000 | 5,792 | 17,631 | 148,423 | |
| ─────── | ─────── | ─────── | ─────── | ||
| Net book value | |||||
| At 31 December 2024 | 575,000 | 350 | 7,369 | 582,719 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| At 31 December 2023 | 580,000 | 526 | 9,826 | 590,352 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| 10. | DEBTORS | 2024 | 2023 | ||
| € | € | ||||
| Prepayments and accrued income | 2,998 | 2,547 | |||
| ═══════ | ═══════ | ||||
| 11. | CREDITORS | 2024 | 2023 | ||
| Amounts falling due within one year | € | € | |||
| Accruals and deferred income | 6,642 | 13,261 | |||
| ═══════ | ═══════ |
14
Docusign Envelope ID: C7869F35-12E8-44DF-B15B-39B9C6F5A07A
continued
Congregation of the Sacred Hearts - UK Area NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2024
12. RESERVES
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| € | € | |||||
| At the beginning of the year | 846,454 | 990,241 | ||||
| Surplus/(Deficit) for the financial year | 12,999 | (143,787) | ||||
| ─────── | ─────── | |||||
| At the end of the year | 859,453 | 846,454 | ||||
| ═══════ | ═══════ | |||||
| 13. | FUNDS | |||||
| 13.1 | RECONCILIATION OF MOVEMENT IN FUNDS | Unrestricted | Restricted | Total | ||
| Funds | Funds | Funds | ||||
| € | € | € | ||||
| At 1 January 2023 | 929,096 | 61,145 | 990,241 | |||
| Movement during the financial year | (144,172) | 385 | (143,787) | |||
| ─────── | ─────── | ─────── | ||||
| At 31 December 2023 | 784,924 | 61,530 | 846,454 | |||
| Movement during the financial year | 22,306 | (9,307) | 12,999 | |||
| ─────── | ─────── | ─────── | ||||
| At 31 December 2024 | 807,230 | 52,223 | 859,453 | |||
| ═══════ | ═══════ | ═══════ | ||||
| 13.2 | ANALYSIS OF MOVEMENTS ON FUNDS | |||||
| Balance | Income | Expenditure | Transfers | Balance | ||
| 1 | January | between | 31 December | |||
| 2024 | funds | 2024 | ||||
| € | € | € | € | € | ||
| Restricted funds | ||||||
| Mission Fund | 61,530 | 1,060 | 10,367 | - | 52,223 | |
| Unrestricted funds | ||||||
| Unrestricted General | 784,924 | 74,660 | 52,354 | - | 807,230 | |
| ─────── | ─────── | ─────── | ─────── | ─────── | ||
| Total funds | 846,454 | 75,720 | 62,721 | - | 859,453 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ||
| 13.3 | ANALYSIS OF NET ASSETS BY FUND | |||||
| Fixed | Current | Current | Total | |||
| assets | assets | liabilities | ||||
| - charity use | ||||||
| € | € | € | € | |||
| Restricted trust funds | 1,100 | 51,123 | - | 52,223 | ||
| ─────── | ─────── | ─────── | ─────── | |||
| Unrestricted general funds | 581,619 | 232,253 | (6,642) | 807,230 | ||
| ─────── | ─────── | ─────── | ─────── | |||
| 582,719 | 283,376 | (6,642) | 859,453 | |||
| ═══════ | ═══════ | ═══════ | ═══════ |
14. POST-BALANCE SHEET EVENTS
There have been no significant events affecting the Charity since the financial year-end.
15. TRUSTEE REMUNERATION
Whilst members of the Congregation living and personal expenses were paid by the charity during the year, they received no remuneration or reimbursement of expenses in connection with their duties as trustees during the year.
16. APPROVAL OF FINANCIAL STATEMENTS
The financial statements were approved and authorised for issue by the Board of Trustees on 25[th] June 2025.
15