Charlty Reglstratlon No. 233335 CONQREQATION OF PRIESTS OP THE SACRED HEARTOF JESUS OF 8EfTriARRAM ANNUAL REPORT AND FINANCIAL STATEPAENT8 FOR THE YEAR ENDED 31 DECEMBER 2023
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM LEGALAND ADMINISTRATIVE INFORMATION Tru8te¢8 The Revèrènd Frederid( Hughe8 The Revtsrtrnd Anthony Madel BrotherAndrow Feths Reverend Vwlfred Joseph Reverend Enrfco Frlgerio Charlty numbor 233335 Prlnclpal addrgs8 The Friary Sl 8ernards Road Ollon Solihull B92 78L ContactAddre Granla Lodge 71 Graham Road Malvem Worcestershlre WR14 2JS Auditor Kendall Wadley LLP Granta L1ge 71 Graham Road M8lvem VVor¢eslgr8hire VVR14 2JS Bankorn Royal Bank of Scofjand PIC 7 Market Slra81 Leigh Lancashire WN7 2EE Sollcltor8 TyndalhNood8 Solidlor8 29 Woodboume Road Bimlngham B178BY Investment advlsors BRI Weatth Management PIC BRI House Elm Court Meridgn Buslness Park Meridon CVS 9RL
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM CONTENTS Page Tru8tees report Statement of Tru8lee$ responsiblllties Independent audltorf8 report Slalem8nl of finandal activ1t$ Balance sheet Statemènt of cash flows 10 Note8 10 thè accounts
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present Ih91r report and accounts for thg yg8r ended 31 December 2023. The finanoi81 statements have been prepared in accordanc8 with thè accounting polides Set out in note 110 th8 flnandal slalemenls and Mpty with the Congregation's Trust Deed dated 28 November 1964, the Char(1Se8 Act 2011 and "Accounllng and Reporting by Charlli8s'. Slalemenl ol Recommended Practlc8 appllcable lo Charl6 preparlng Ihelr accounts In accordance wlth the Finan¢lal Reportlng Standard applicable in the UK and R8public of Irgland IFRS 1021 (effective 1 January 20191" Oblectlves and actlvltl•s Charitable oblectlves The Congregation's objectivè is io apply ¢apilal or income for Such charllable purprises which advanca the rellgious and olh8r charitable work for the lime being carried on in England and Wales by or under the dirodon orwllh the 8UPPOrt of the Congregation as th6 Tru81ees wllh the approval of the Vicarialè Superlor shall from Itmè to time think fit. Inve8tment Pow•r8 Investment powers are governed by Ihe Trust Deed, whieh permlts fund$ to be invested bwlhln the prevailng Charities legislation. Assets are held to 98nerate inve51menl Income for Charllable expendlture, and are hold wllhln the Trustee8 powers. Policy Insplred by our fallh In tha Word of God the Congregation undertake a broad ran9& of Charitable acuvities. The principle areas in which the Congregatlon is invofved are 3el out below: 1. Pastoral and social cartr The members of the Congreg8llon undertake wor* In the communlty and thelr local parfsh Includlng. the performance of the church, wedding and funeral servlcas. Sodal care Includes worf( with the underpriv51eged, poor, drug addiots and mentally111, prodIng care and support both spiritual and financlal. 2. Health car6 Members of thè Congregallon vlsll tho sl¢k, aged. house bound and dying, administering to thelr varSous noeds. Publi¢ benefit ¢ompllan¢o The Congregation confirm that they have complied with the duty in sectlon 4 of tho Charities Act 201110 have due regard to the Charity Commission'8 general guidance on public benefit, 'Charilie8 and Public Benellt.. Achlgvgmonts and perfomianc• The Slalemenl of Financial AGtIVie8 show8 that total InLxJme amounted lo £342,98712022.' £343,215), durlng the year. Thls Includes £92.747 P022.. £95,091) from inSIm&nI incorne and £206,198 12022.. £200,493) from donations and legacles. Tho movements lo fixed assets during the year included the purchase of ftxtures. fittings ond equipment of £2,52112022'. £2,887>. In 2022 a property was also purchased In the year al a cost of £590,487. Al 31 Deoemb&r 2023 the lolal funds of the Congregation were £4,645,775. Of this £2.835,898. represents insImnts genèrallng income lo finance the work Ctf the Congregatbon. The inv88thient portfollo15 managed by BRI Wearth Management Plc. Over many years various members of thg Congregation have glven Ihelr worklng lif8 lo the Order. Now In rellrgmenl. and1081ng Ihelr lied arLommodaUon, a provlslon is rgquired lo meet their future housing, financial and rnèdical needs. Thes& are to be supported out ofthe funds Invesl&d by the Congregallon.
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Flnan¢lal revlew The English VS¢arlale h&8 12 members who have given most of tholr worn9 Ilvgs lo the Chadlablg adlvlli98 of Ihe Congregatlon. Where th18 work is for organisauons Independent of the Congregauon, any gamlngs are received by the Charily. The Congregallon has a entInuIng commllmenl to support 115 members by conlrlbullng to pension fvnds now adminlster6d by Slondard Life and Friends Lif&. The p8nsion recelved helps lo support members, many ofwhom continua to carry out charflable work long past the nomial r6tirement ag&. Reserves policy It Is the pollcy of the Congregation that unre8tri¢tod funds which have not been designated lor o speclfic use should be malnlained al a leval equivalent lo bètween three and six month's expendllure. The Trustees Considgrs that SrveS al Ihls levol wlll ensure that, in the event of a slgnlficanl drop In fvndlng, they wlll b& aNe lo continue the Congregation's current activitses, while considèration is glvgn lo ways In whkh addlllonal fund8 may be rai88d. Thi$18vel of res8Nes has bgon malntsln8d throughout the yaar. Note 20 to the 17nandal statements splfts the Congregation's reserves btheen thos6 designated for speclflc wrposes and th08e available for day lo day requirements. The General reserve fund represents the unreslrlcled frea reserves arfslng from past operallng results. The Trustees are satisfied that the balance of the fund £908,432 is suffici8nl to enable the Congregation lo carry out the oblectlvos of Ihg Charity. Th88e are constsnlly under rewew and will bo amended accordingly. RIBk Managament The Trustees hav8 assessed the major dsk8 to whith the Congr¢98tion is 8xposed. In particular those related lo operaon$ and finance of the Congregation, and ar8 satisfigd that systems are In place lo mitigate exposure lo the majtsr ri8k8. structUrn¥ gov•rnane• and management The Congregation of the Priests of the Safxe¢J Heart of Jesus of Belharram is administored by the Vi¢arfalg Superior togolh8r with four other Tru8lee8. Th9 congregaon 18 govemed by a Trust Deed dated 26 November 1W and is rgg18tered th the Charoty ComrTtlssion. Charity Registration Numb8r 233335. The Trustees who $gJved durfng the year are Shown below= The Revend Frèdeiick Hughes The Reverend Anthony Madel BrolhorAndrew Ferris Rgvgiend Wlfred Joseph Rgverend Enri¢0 Friggrio New Trustees aTe elected by the Board of TTUStees from members ofthe Order and serve until their rellremenl. Trustg9s are nomln8lèd by members of the Board of Trus199s and appolnled where they have the necessary s11$ lo conlrfbule lo the CharW8 development. The slatulory power to appoint now Trustees or lo remove serving Truslg85 1$ ves19d in fh9 M¢arialg Sup9rlor. Audltor A rasolution proposing that Kendall Wadley LLP be reappolnted as audllor8 of th8 charrty wlll be put lo the members.
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Dlsclo$uro of Intorniatlon to audltor Each ol tho Tru81ee8 has ¢onflrmed that Ih8re Is no Informallon of whlth they ara aware whith 18 levant lo thè audit. bul ol which th6 auditor is unaware. They have further confirmed that they havg tsken approprfale $tgps to Identify Such relevant Infomiallon and to e8tab118h that the audhor are aware of such Infom)allon. The Trustees report wa approv8d by the Board of Trustoes. Thg Rov8r•nd Anthony Mad8 Truste& Dated.. 3 Oclober 2024
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustee8 are responsible for preparing the Trust998 R8POrt anL% the financlal statements in Bccordknce wrth applicable law and Unilod Klngdom AccounlSng Stsndards (United Klngdom Generally Accepted Aocountlng Praclicel. The law applicable lo tharilies in England and Wales requires th& Trustee8 Its prepare finanrAal slalemenls for each Ilnanclal year whlch give a true and fair view of the slatè of affalrs of the Congregation and of the incoming resour¢88 and applbcalion of rgsour¢os of th8 Congregation for that year. In preparing these flnanclal slalements, the Trustees are requlred lo.. sgleci 8uilable aceounling policies and then appty Iham consislenlly., observe the m81hods and principles In Ihg CharllSe$ SORP., . make ludgemenls and estlmala8 that are r8a8onable and prudent., slate whether appllcable accounting standards have been followed, subject lo any material departures disdosed and explalned in th8 financlal slalernanls.. and prepare the finandal 8181om6n18 on th8 golng concem basls unless rt is inapproprlal6 to prasume that the charty will continue Sn operation. The Trustees are responsible for keeping sufficient aocounllng records that dlsclose with reasonable accuracy al any lirlle the financial positlon of the Congregation and enable them lo ensure that the ffnanclal slalements comply wllh the Charllies Act 2011, the CharEty {Accounts and Reports) Regulations 2008 and the provi810n5 of the trust deed. They are also responslbla for 8afeguarding the assets of the Gongregallon and hence for laklng reasonable steps for the prevention and detection of fraud and olh8r irregularfllgs.
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM Oplnlon We have audited the flnancial glalemenls of Congregallon of Priests of the Sacred Haart ol Jesu5 of Betharram (the 'Con9r898tion'l for the year ended 31 D8cemb&r 2023 which compiisg the slalelnenl of financial actSvilias, the balance Sheet, the statgmenl of cash flows and notes to Ihg financlal ststemenls, induding 8ignlficanl accountlng pollcles. The financlal raportlng framework that has been applSed In Ihelr preparation Is applicable law and United Ktngdom Accounting Standard8, Including Flnancial Reporting Standard 102 Thg Fln8ncial Reporting Stsndartl appli¢8ble in the UK and Republic ofirnland (United ngdoM Generolly Accepted A¢cL)unllng Praotl¢g1. In our opinion. the financial statement8'. glve a true and fair &W of the slats of the charity's affalrs a8 at 31 Dgc9mber 2023 arid of its Incoming rasourc8s and application of resources, for the y8ar then ended., havg been properfy prepared in accordance wtth United Klng(5om Generaty Accepl8d Accounting Practice.. and have bgen prepared in accordance with the requSrements of the Charities A¢t 2011. 8as18 for oplnlon We conducted our audll In acwrd8nce wllh Internatlon81 Standards on Audlllng IUKI IISAS IUKII and applicable law. Our responsibilitles under those standards ar8 further described in the Auditors Trsponsibllilies for Ihe audll or the fin81JGi81 slalem&nts sectlon of our report. Wè are independent of the Conuregallon In accordance wtth the elhl¢81 r8qulr6menls that are relevanl lo our audit of tha financial slalemenls in the UK, inclijdlng the FRC'S Elhrcal Standard, and we have fulfillad our other &thical responsibilitiès in accordance with these requlremenls. We believg that the aud evldence we have oblalnèd 1$ sufflclent and 8pproprf8te lo provldo a basis for our oplnlon, Conclu¥lon$ r8lafjng to golng concorn In audrtlng the finandal slalemenls, we have concluded that the Trustees use of tho going conceTn ba81s of aUn9 In Ihe preparation of the Ilnancial statements is approprfate. Based on the work we have porforrned, we have not id8nlifl8d any maleiial uncértalnties relatlng to events or condillons that, indbvidually or collectively, may cast significant doubl on the Congregallon's ability to 00nnue as a golnu concern for a pèriod of al least twefvo months from when Ihg flnanclal stalem6nls ara aulhorf8ed for Issue. Our ro8ponslbilities and the responslbllilOe8 of th& Twste88 wlih respect lo goSng concom are described In the r818vant soction8 of this ieport. Othgr Infomiatlon Thg Other Information comprise5 the Infomiolion indud&d in the annual report other than the ffinanelal statements and OUT audito¢8 report Ihereon. The Tru8188s are responslbl8 for the other information contalned within the annual report. Our opinlon on the financial 8talem8tts does not cover the other information and w8 do not express any form of assuranca condusion Ihereon. Our responsibility is to read the other information and, In doing so, consider whether the other informallon Is malerlalty Inconsislenl wllh Ihg financlal statements or our knowledge obtained in the course of the audit, or olhewwise appears to be materially misstated. If we id&nlify such material incon81Stende3 or app8nI material mi551atements. we are requlred lo determine whether Ihls gives rfse lo a materlal mi8stalemenl In the financlal slalemenls themselves. If, tsased on the work we have perfomied. we condudo that Ihero is a material mi561alement of th18 Other infomauon, we are requlred to report that fact. We have nothing lo rgport in this regard.
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM Matter8 on whlch we are r•qulred to rèport by ex¢optlon We have nolhlng to report in re8pgCt of the following maller5 in relation to whlth the Charill88 (Accounts and Report8} Regulation8 2008 roquire us lo report lo you If. In our oplnion.. the Informatlon glven In the financial stslemenls is Inconslstent In any material r88pect th tho Tru8tges report,. or sufficlent 8ccounllng record8 have not begn kept., or Ihe finanoial statement5 aTe not in agreement with Ihg accounllng recoTds', or we have not recelved all the infomialion and explan8tlons we Tequlre for our audtt. Responsibilities of Tru8te•$ As explained More fulty in tho slalernenl of Trustees responslbllllies, Ihe Twslee5 gro r8sponslbl8 for the preparaNon of the finan¢l81 ststemenls and for being SBlisfied that they glve a true and falr vlew, and for 8uoh Inlemal control as the Trust868 determln8 Ss necossary lo enable the preparation of financAal slalemenls that are fr80 from material mlsslalernenl. whether due lo fraud or error. In weparing tha finanaal slalements, the Trusl8e¥ are respc*nsible for assessing the Congregatlon's abllity to contlnue as a going concem, dlsdoslng, as applicable, mallers r8lalad to golng concgrn and using the golng concern basls of accounllng unless the Trustees either Snlend lo cease operations, or hav8 no ie81islic altemalive but to do so. AudIt09 rosponslblllllgs for tho audlt of thg flnan¢lal statsm•nts We havg been appointed a8 auditor under sectSon 144 of th& Charilios Ael 2011 and report in accordance with the Act arbd ralevanl r9gulallons mad8 or haing effect Ihereunder. Our oblectives are lo obtain reasonable assurance about whelhor the financlal slalements as a whole aro fleè from material mis8latsmenl, whether due lo fr#ud or error, and lo issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul Is not a guaranlee that an audlt conduoted In accordance wllh ISAS IUKI wlll atways detect a Malarial misslalemenl when 11 exists. Misslalemenls can arl$8 from fraud or èrTor and are ¢onsid$rerl malarlal tf, individually or in the aggregate, they could reasonably be expected lo Influet)ce Ihe economlc declslon8 of user8 taken on the ba815 of these ffinanGlal slalBments. The oxlenl to whlch our procedures are Qapable of detecting Irregularflley, Includlng fraud, 18 ijetslled below. Extsnt to whlch Ihe audlt wa• con¥iderod eapablo tsf dgto¢llng lrngulariti•s, includlng fraud an underslandlng of the Hsk assessment process fjncluding the assessment of the risk of Iraud} adopl8d by the Tru$tees is obtainod and their altitude lo risk ascertalned. an a8se88rnenl of tho $us¢epllbility lo malemal mi8•8t8temonl of the financtal 8talgmgnts a8 8 r8sull of managom6nl ovar-rfde or fraud Is made. - it is ensured that the engagement le8m h8Vg, ¢ollectiv8ly, the approprfate competence. capabllilles and skllls lo be Involved in the assignment, are fully brlefed and under81and Ihg rl8ks spedfic lo th8 oharfty,
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM Audlt rpOnSe to rlsks Id•ntiflod processes lo lost Ihe outcomes of our assessment indude, analytical review, tha relevaTr¢e and accuracy of 8lgnSficgnl accovnling e8fjmale8, sub51anlive 18sllng of slgnlflcant Iran88Ctlons, work lo Idenlify unusual or un8xptrctod accountlng entries inc4udlng Ihg lesllng of loumal entries, information disclosed In the financlal slalemenls is traced lo supporting documenlallon. In all in51anc8s il is acknowlodged that material rnis-statemenls that arise from fraud may involve dellberala concealment or colluslon and are, Iher&fore, by Ihelr very nature horder lo delgct than Ih08e arlslng from error. an under8tsnding of the legal and regulatory framework 88 applicable to the charity, In partlcular safeguarding, is obtained together wllh knowledue of th8 procedures pul In place by the charity In order lo eAJmply wllh the samè. It Is establlshgd If there havg been any Instances of non-compllance th appll¢abl8 laws and rogulation$, wherg Ihero are such breathes, a full understsnding, Including gathering of relevant documenlallon appertaining to the event is oblalned and assessed. It should be noted that Auditing standards limit the audll prOdureS requlrod to Idenllfy non-complianc* with law5 and regulallons 10 8nquiry of the Trustees and others and the In$p8etlon of ragulalory and legal ¢orrespondence, rf any. A further description of our reBponsibilities is available on the Flnanoial Reporting Council's websltg Ot.. hllps'.11 www.froorg.uklaudllorsre8ponslbllllies. Thls de$criplSon fom)s part of our audilof 8 report. Othèr mattors Your attention Is drawn lo tha fact that Ihg chartty has praporèd IlnaneAal statements in accordance wilh"Aocounling 8nd Reporting by Charllies.. Slal?menl of Rocommended Pr8¢tlce 8ppllcable lo chariti&3 prep8rSng Ihelr accoun18 fjn accordance with the Flnancial Reportlng Standard applicable in the UK and Republlc of Ireland (FRS 1021" las amended) in preference lo the Accounting and Reportlng by Charflies.. Statement of Recommended Practice Issued on 1 April 2005 whl¢h Is referred lo In the extant regulallons bul has now b8en wllhdr8wn. Thls has beèn done In order for the fflnancial statements to provhle a true and fair view in accordance wlth current GenerallyAccepledALrtsuntlng Practlc8. Use of our report This report is rnade solèly to tho charlty's trustees, as 8 ts0(ty, In accordance with part 4 of the Charitfes (Accounts and Reports) Regulallons 2008. Our audit work has been undertaken so that we might slate lo the charity's trustees those matters we are requlr 10 slate to (hem In an audllor's report and for no other purpose. To the fullest gxtenl pemitted by law, we do ccepl or assume resptsnsibility to anyone other than the charity and the charity's Ir slees as a body, for ou work. for this report, or for the oplnlon8 W6 have fomied. au Kendall Wadlgy LLP 3 October 2024 Chartered Accountsnts Statutory Auditor Grants Lodg& 71 Graham Road MatV8m Worcestershlre WR14 2JS Kandall Wadlgy LLP is eligible for appolnlm8nt as auditor of the Congregation by rtu6 of rts ellglbiSily for appolnlmenl a8 audttor of a company under 88¢tion 1212 of the Companles Act 2006.
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unr•¥trlctsd Unr68tr1cted fund¥ fund$ general de8lgnatsd 2023 2023 Total Unrestricted Unresfrfcted nds fund8 g8neral deslgnated 2022 2022 Totsl 2023 2022 Notes om& ondowmonts from.. Donations and legacies Charltable advlle8 Investments Other income 206,198 40,753 92,747 3,289 206,198 40,753 92.747 3,289 200,493 43,364 9S,091 4,267 200,493 43,384 95,091 4,267 Totsl Incom 342,987 342,987 343,215 343,215 Ex •ndl Raising funds 28,776 28.776 34,608 34.608 Charlt8ble ale$ 293,075 293.075 327,384 327.384 Total 0XnltUre 321.851 321,851 361.992 361,992 Nel galnsll1088e81 on Investments 13 103,029 103,029 (392.424) 1392,4241 Net Incom(0xptrrtdItUr0} 124,165 124.165 1411.201) {411,2011 Gross transfors betsjeen fund8 14 362.713 1362,7131 360,328 (380,3281 Net movemgnt In fundg 486.878 1362.7131 124,165 (50,8731 (360.3281 1411,201) Fund balances al I January 2023 421.554 4,100,056 4,521,610 472,427 4,460,384 4.932.811 Fund balances at 31 Dgcembgr 2023 908.432 3,737,343 4,645,775 421,554 4,100.056 4,521.610
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM BALANCE SHEET AS AT31 DECEMBER 2023 2023 2022 Nots8 Flxèd a88•ts Tangible a88els Inv8Stments 16 16 901,445 2,835,898 926,976 3,173,080 3,737,343 4,100.056 Current a88et# Debtor8 Investments Cash al bank and in hand 9,657 50,000 881,044 433,071 940,701 441,619 Crgdltors: amounts fallSng due wlthln on& ygar 20 132,2691 120,065 Ng1 current assets 908,432 421,554 Total ftet assets 4,845,775 4,521,610 In¢ome funds Deslgnaled fund8 General unr88trided fiJnd$ 21 3,737,343 908.432 4,100,056 421,554 4,845.775 4,521,610 The accounts were app d by th TIu8tees on 3 October 2024 The Revergnd Anthony Madel Trnsteè
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flov•8 from 0rnting aGllvlllos Cash absorbed by operatlon8 24 {32,464} 196,551} In¥tIng actlvltl•• Purchase of tangibl8 fixed assets Additions and disposal$ of fixed asset Investments Purchase of current asset Inve81menls Drvidend8 and interest from inve51menl$ (2,S211 (593,1741 440,211 (50.0001 92,747 539,871 95,091 N•t cash g•n•ratsd from Inv•8tlng a¢tlviti•$ 480,437 41,788 Ngt In¢rDaMllde¢rga$o1 In ca$h and cash 8qulvalonts 447,973 {54,763} Cash and cash equivalents at beginning of year 433,071 487,834 Cash and ¢a$h oqulvalents at gnd of ygar 881,044 433,071 10-
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policles Company infomiltion Congr8gaUon of Priosls of the Saued Hoart of Jasus of Belhairam is a charmy reglslered In England & Wales, number, 233335. The conlaet address is Granla Lodga, 71 Graham Road, Malvern Worc&slershire, ]NR14 2JS. 1.1 Accoundng ¢onventlon The financial stslements have bo8n prepared in accordan¢8 wfth the cOngration'S governing document, tha Charits'es Act 2011, FRS 102 "The Financial Reporting Standard applic8bl& In the UK and Republlc of Ir8land fFRS 102.1 and the Charflies SORP "Accounting and Reporting by Charllies.. Statement of Recommended Pradlcg applicable lo charlligs preparfng thelr accounts in accordance wllh the Finandal Reporting Standard appllcable In the UK and Republlc of Iraland {FRS 102). leffe¢lfve 1 January 2019). Thg Congrggauon Is a Public Benefit Enllty a8 defin¢d by FRS 102. The finandal slalemenls have departed from Ihè CharKTe8 IA¢counls and Reports) Regulatlons 2008 only to the extent required lo provlde a true and fair view. This departure has Involved following tho Statement of Recommended Practice for charities apptying FRS 102 rather than th& vewlon of the Slatemenl of Recommended PraGtieE whlch Is referred lo in the Regulations bul whlL* has slnce b68n wSlhdrawn. Th8 Itnancial 8lalemenl8 are prepared In 8leTling, whrch Is the functional ¢urren¢y of the Congregatlon. Monetary amounts In Ihese financAal statements are round8d Its the nearest £. The accounts have been prepared on the hl8lorfcal $t convenllon, modffied to include oertgin flnandal Instruments al fair valuè. The prlncipal accountlng policies adopted ar8 set oyl balow. 1.2 Golng¢onc8rn At the tlme ol approving the finan¢i81 slalements, tho Truslgas have a reasonable exp8clatlon that the Congregation has adoqualo rgsourcas to continue in oporallonal exlslenoe for the foresegable future and th81 Ih9rg are no material uncertainties about ils liability lo continue. Thus the Twslees ¢onllnu8 lo adopt tha going ¢0M basis of Bccounling in proparing the financial slatemenls. 1.3 Charftsble funds Unreslricled funds are available fgr use at thg discretion of the Trustees In furtherancg of thelr tharitable oble¢tfves. Deslgnated fund8 mprISe funds whlch have been set asid@ al the dl$(yetion of the Truslegs for 8pec6fic purposes. The purposes and use5 of the de8lgnaled funds are Bel out In fhe noley lo thg finan81 statements. 1.4 Incomg Cash donallons are recognised on r8ceipl. Other donation8 are recognised once the Congregallon ha5 been nolifled of the donauon, unless perforrnan¢e ¢ondilions require deferral of the amount. Income tax recoverable in rolallon to donations received under Gift Aid or deeds of covenant Is recognlsed at Ihe tfme the aim Is mad&. Lggaues are recognised on receipt or olherwtse if the Congregation has been nolthad of an impending d181rfbullon, the amount is known, and receipt Is expecled. If the amount Is not kr)own, tha legacy 18 treated as a conllngant asset. 1.6 Expenditure Expenditure 18 CognISed In the perfod in whlth tt Is In¢urred. Expenditure indudes attributable VAT. whlch cannot be recovered. 11
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Aecountlng poll¢i {Contlnuodl Expendlture relallng lo charitable activities comprlse #ll expens&8 that are incutryed in the undertaklng of th6 arllablg aCtideS of the Congrogation. Govemance costs Include direct and related support Gosts relating to the govemanca Snfroslructure allowlng the Congregallon to gen8rate Infomallon rgqulred for publSc accountablllty. 1.6 TangibEe flxad assots Tangible fixed assets ar& initially rneasur8d at cost and subsequently mgasur$d al co81 or v8luallon, nel of deprecIaOn and any Impalmenl108ses. Depreciation Is recognised so as lo wtlte off the cost or valuallon of ass&ts l&ss Ihelr re8ldual vafues over their useful IIv08 on the followlnu bases.. Land and buiklings Property improvements Computer equipment Flxture8, flttlngs & equipment Motor vehlclès 2tIA slralghl line 10Qk slr8Sghl Ilne 25°A Slralght lin9 10tsA lo 25Y• slralghl Iln8 25% ¥lrdlghl line Th8 galn or loss arising on the disposal of an asset is determined as tha differenc& b&iween the sal6 proc6ed8 and the carrying value of the asset. and Is recognised In net incomdlexpendlturel for the year. 1.7 Flxed assot Invggtmonts Fixed asset inve8lmen15 are Inllially measurefj at Iransacllon price exdudlng Iransadion costs, and are sub8equenlty measured at fair valu& al èa¢h reporting datg. Chang6s in falr valug are recognised In the 81alement of financial actlvltle8. Tran8actlon costs are oxp8n8ed as incurred. 1.8 Impalm)ont of flxed a8tsots Al each reportlng end dale, the Congregatlon rovlews the carrylng amounts of tts tanglble assets lo det8fmlne whether there is any indication that those assets havè suffered an impaiTment 1055. If any suth indication exists, the recoverable amount of the 888et is estlmaled in order lo determine the extent of the impairment loss {rfany). 1.9 ¢•$h and ¢a8h equlvalents Cash and cash equivalents include cash In hand, depo8118 held at ¢811 wrth banks and other short-term liquid Inv8$lmen18 th orfginal malurilia8 of three months or1888. 1.10 Flnanclal In$trumonts The Congregauon has elected lo apply the provisions of Section 11 'Basl¢ Flnanclal Instruments, and Section 12'01her F1nan¢ial Instruments Is8U88' of FRS 102 to all of ils financlal Inslrurnenls. Financial instruments are recognised in th6 Congregation's balance sheet whgn Iha Congregation be¢omgS party lo Ihe oonlr3¢tual provlslons of the Instrument. Flnancl81 as8els and Ilabililies are offset, with thè nel amounts presented in the financial stslemenls, when Ihere18 a legally en10rrabI right lo set off Ihe recognlsed arnounls and there Is an Irrtenllon 10 settle on a net basis or lo re81i$o tho assal and sellle the Ilabilily $lmullan8ously. 12-
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢countin9 poll¢l¢• (Continuodl Basie financial assets Basic financial as$els, which indude debtors and cash and bank balancgs, are inltfally measured at transgction prlce Including Irgnsactlon costs and ar& 8ubsequenlEy carried al amortlsed cost uslng the effectlve Snlerest method. Flnandal assets da8slfied as recelvabla wllhin ong year are not amortls¢d. Bask flrtan¢lalllabllltles 8a8io financial liabllilies. Sncluding creditors are initialty recognlsed 81 IransatXSon prlce. Financlal liabilthas assKled a8 payabla withln ong yegr are not amortS8ed. Derecognitlon of finoncial Ilaljllitlès Financial liabilities are derecognised when the Congregatton's contractU81 obllgalions exFMr• or are distharged or ogncelled. 1.11 Employee b•nefits Tha co81 of any unused holiday entitlement is recognised in the pgrlod in which the employee's service8 are re¢8ived. 1.12 Rellrement beneflts Payment$ lo defingd (*nlributSon retirement banefll 8¢hemès ara tharged as an expense as thgy fall d. Crltlcal accounllng e8t5matas and Judgomonts In the appli¢allon of tha Congregation's accounllng pollcles, the Trustees are required to make judgements, e8llmales and as8umplSons about the carng amount of assets and 1lab1lles that are not readlly apparent from olPFer sources. The eslimales and associated assumptlons are based on hlslodcal experien and other faolors that are consldored lo b& relevant. Actual results may dlffer from these esllmates. The estimates and underlying assumptions are r¢va8wed on an ongoing basis. Réwslons lo accounting eslimales are re¢ognlsed in the period in which tho oslimale Is r8vlsed where the revislon affects only that perlod, or In the perlod of thè revlslon and future perfods where the rev18ion affècts both current and future perfods. Donatlon$ and l•gaclo¥ 2023 2022 Donations ond glfts 2(6,198 200,493 Donation8 and ui Chaplaincy fee5 Penslon8 Other e9,411 107,274 29.513 56,826 93,062 50,605 206,198 200,493 13-
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitablo *ctivith8 Ma88 Stlpend8Suppty Incomo Chrf8tma$ and and 8tolo fe¢$ Easter Off8rlnuB Total 2023 Totol 2022 Charitabl8 activi11g$ 8.090 17.846 15,017 40,753 43,364 For the year ended 310•cemb•r 2022 Unrestricted funds. general 8,095 16,223 19,046 43,364 Inve8tments Genornl 2023 General 2022 Inoome from Ilsled Investments Interest ro¢elvabl8 88,589 4,158 94,761 330 92,747 95,091 Other In¢omè General 2023 Gonoral 2022 Other Income 3,289 4,287 Ralslng funds 2023 2022 Investment management fees 28,778 34.e08 14-
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltsblg a¢tlvltl•s 2023 2022 Staff pension costs Depreciallon and impairment Pri881s expenses Piovlslons, dolhlng and laundry Travalling motor 8xpenses Telephon6 Slauonery, postag¢ and computer ¢onsumables Nursing care. chemlsts, dentlsl Pllgrfmage and retreat expen8es Staff costs- domestic wage8 9,148 28,052 5,042 50,119 35,736 3,514 4,497 S,399 26,599 11.292 54,459 21,207 5,500 42,357 35,753 4,703 5,688 19,639 14,567 P- 11 Sundries Bank charges Holldays Appoal and regionallg Insuranr Repalrs and malnlenanc6 General Council Rome Donatlons, gifts and charity Missions Serwce tharges and uulrbes 6.827 1,120 2.820 250 4,146 2,525 12,000 2,291 42,078 4,458 8.804 1,299 3,061 200 3.905 1,258 20,340 228 51,503 257,713 298,133 Share of governance costs {se8 llole 91 35.362 29,251 293,075 327,384 Anatysl8 by fund Unreylricled funds- general 293,075 327,384 293.075 327,384 Support costs alloeatsd tr* actlvlttos 2023 2022 Accountancy Audll Profe88lonal fegs 18,307 2.700 16.355 16,221 2,700 10,330 35,362 29,251 Govemance $ts includes payments lo the auditors of £2,70012022- £2.7001 lor audlt fees. 1s-
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Tru8te•# The Trustees of the Congr&galSon aro a180 member8 of the Order and a6 such have tsken vows of pov8rty under whlch they have rgnounced all per80nal rights to income and capllal. The Charlty prod9$ for the e$$enllal needs of all rnembers of the Order within the Engllsh Vloarla18. The Ilg c0818 of the Trustses are therefore borne by the Congregation. 11 Employg•S Numbor oftmployèe¥ The averag8 Month number of employees durfng the year was.. 2023 Numbèr 2022 Numbor Employment oosts 2023 2022 Wages and salarles (Xher pgnslon costs 11,292 9,148 14,567 54,439 20,440 69,026 Thgre were no employees whose annual remunerdlion was £80,000 or morg. The trustees are deemed to be the key managemonl personnel and as noted above, whilst they rec6iv6 no remuneration. Iheii living costs are borno by the Congregation, and includes contiibulions lo a pension plan of £9,148 (2022- £54,459} which aro Ino)rporated in the above ffigures. 12 Rgtlrem9nt bonoflt 8chgmg$ 2023 2022 Defined conttibution schemes Charge lo or loss In resped of defined contribution schemes 9,148 54,459 The Congregation operates a defined contribullon penslon scheme for all qualifying employees. The assets of the $¢heme aro held separately from those of tha Congregatlon in an indapendendy admlnlslered fund. 13 Net galn8lllosse81 on Invesfments 2023 2022 Rsvalualion of inv8Stmenls 103.029 1392,4241 16
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Transfern Durfng the year £362,713 has b8en transferrèd from designated fund8 to unre81rfcted fund8 lo malnlaSn th8 correL* level of de8ignaled funds. 18 Tanglblg flxgd a$¥gts Land and Prop•ty bulldkngB Imwovèm•nls Computer oqulpment FFthro8, ftttlng8 & oqulpm9llt Motor vehl¢k8 Cost At 1 January 2023 Addition8 1,175,872 19,560 S,342 1,750 50.058 771 55,137 1,308,969 2,521 At 31 D8C8mber 2023 1.175,872 19.580 10.092 50,829 55,137 1,311,490 Depreclation and Impalm)ent At 1 January 2023 Depreclauon charged In Ihg yèar 265,370 11,094 7.953 43,103 54,473 381,993 23,286 1.957 584 1,561 28,052 Al 31 Dgc•mber 2023 288,656 13,051 8,537 44,864 55.137 410,045 Carrylng amount At 31 December 2023 687,216 6,509 1,555 6.165 901,445 Al 31 D8cemb8r 2022 910,502 8.486 389 6,955 926,976 16 Flxod 088ot Inv98tsnonts Listed Inv•stments Cash In portfollo Total C05t or valuation Al 1 January 2023 Addillons Valuation changes Ca8h diawn out Ac¢umulaled Income Dlsposals Portfollo management fee 2,784.478 301.698 101.458 388,602 1300,125} 3,173,080 1,573 101,45e {,025) 88,590 {500,0251 88,590 375,307 128,776) <375,3071 128,778} Al 31 Dember 2023 2,812,325 23,573 2,835,898 17 Flnancial in$trnrnonts 2023 2022 Carrylng amount of flnanclal a88ets Instruments measured at lalr value through proft or1088 2,812,325 2,784,478 17-
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Debtors 2023 2022 Amount8 falllng duo wlthln one yèar. Prepayments and accrued income 9,657 19 Current as$•t InYo$tm&nts 2023 2022 Money Market dep0811 50.000 20 Crnditor8: amounts tralllng due wlthln ong year 2023 2022 Accruals and deferred inoomo 32,269 20,065 21 Do$lgnatod fund$ The unreslrfcted funds of the ¢harty comprlse the unexpended balances of Ilon8llon8 and grants whleh are not subject to specific condilions by donors and grantOTS as to how they may bè used. These include designalod fundy which havè been Sel aside out of unrestricted funds by the Iruslee3 for speafi'c purposes. Balanc• at 1 January 2022 Tran8fer8 Balan¢0 at 1 January 2023 Transfors Balan¢0 at 31 Dgcomboi 2023 Tangible fixed assets Inve8lrnenls 355,009 4,105,375 571,967 926,976 {932,295} 3,173,080 12S,5311 901,445 1337,1821 2,835,898 4.460,384 1360,328) 4,100,066 (362.7131 3,737,343 18-
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 22 Anatysl8 of not a&$ots belweon funds Unr•gtrfcted Unre8tr1ctod funds fund¥ general De8lgnated 2023 2023 Total 2023 At 31 Dec•mbgr 2023: Tanglb18 assets Investments Currant assels/Olabilthe51 901,445 2,835.898 901,445 2.835,898 908,432 908,432 908,432 3,737,343 4,645,775 Unr•8trlcted Unrestiictsd fund$ fund¥ goneral Doslgnatgd 2022 2022 Total 2022 At 31 Decèmber 2022: Tanglblo ass&l8 Investments Current a88etsllllabllllle81 926,976 3,173,080 926.976 3,173,080 421.554 421,554 421,554 4,100.058 4.521,610 23 Relat party tran8actlons There were no dlsdo$able relÈled party tran8a&ion8 during the year12022- nonè}. 24 Cash g•n•ratod from opgrations 2023 2022 Surpluslldeflclll for the yèar 124,186 (411.2011 Adjustments for.. Investment income rè¢ognl8&d in slatem&nl of financial actwibes Fair value galns on Investments DepreLxallon 8nd Imp8lrmenl of langlble fixed ass8ts 192,74n 1103,0291 28,052 195,0911 392,424 21,207 Movements in worknng capital= Ilncreasel in debtors Increaselldgcreasel in creditor8 11,109) 12,204 {3,4031 14871 Cosh ab80rbèd by opèratlon8 132,464} 198,551)
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 25 Analy¥l8 of changes In net fund# The Congregation had no material debt durfng the y¢ar. -20-