Charlty R•glstratlon No. 233335 CONQREGA710N OF PRIESTS OF THE SACRED HEART OF JESUS OF BEThARRAM ANNUAL REPORT AND FINANCIAL 8TATEMENT8 FOR THE YEAR ENDED 31 DECEMBER 2024
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM LEGALAND ADMINISTRATIVE INFORMATION Trustws Th6 Reverend Frederlck Hughes The Roverend Anthony Madel BrolherAndTew Ferris Reverend Wilfred Joseph Reverend Enrico Frigerio Chgrfty numbor 233335 Princlpal address Thg Friary Sl Bernards Road Ollon Sollhull B92 7BL Raglst•red addMs8 Granla Lodgg 71 Graham Road Malvem Worceslershlre R14 2JS Audltor Kendall Wadley LLP Granla Lodg9 71 Graharn Road Malvem Worcestershirè INR14 2JS Bankers Royal Bank of Scotland PIC 7 Market Street Lelyh Lat)C8shlre WN7 2EE Solicltgrs Tyndaliwoods Solldtors 29 Woodbourne Ro8d Blmiingharn B17 8BY Invgstsngnt advlsor8 BRI Wealth Management PIC BRI House Elm Court Meriden 8u81ness Park Meriden CV5 9RL
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM CONTENTS Pag Trustees report Slalemenl of Trustees responslbi111Ses In(1opgndenl audftorfs report Statement ol financial aolivilies Balanr£ shget Statement of cash flows Notes lo the accounts 10-18
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Twstees present their report and accounts for the yèar ended 31 December 2024. The financial slalemenls have been prepared in accordan¢e with the accounting pollcles Set out In note 1 to the finanal slalem¢nis and comply wllh the Congrggatlon's Trust Deed dated 26 November 1964, the Charfties Acl 2011 and "Accounting and Reporting by Charflies.. Slalement of Recornmended Practice applicable lo charllles preparing their aontS in accordance with the Financial Reportlng Standard appli(xble In the UK aTrJ Republic of Ireland IFRS 1021 leffeclive 1 January 20191" Obl&ctlvè8 and a¢tlvltl Charftable oblectlve8 The Congregalioft's objectiv8 is to apply cspilal or income for suoh charitable purposes which advance the religious and other charitable work for th& tsmo being carried on in England and Wales by or under the d1ctiOn or with the support of the Congregallon as the Trustees wllh the approval of the Vicariale Superlor shall from time lo Ilme think fil. Invo$tment Powgr¥ Investment power8 afe govefned by tho Trust Deed, whlch permits funds to be invested wilhln the prevailing Charities legislation. Assets are held to genarate investment income for Charilablg 6xpendilure. and are held within the Trustees pow&rs. Poll¢y Inspir¢d by our faith In the Word of God the Congregation undertake a broad range of Charitable arvities. The principle areas in which the Congregallon is invglvad are set out below.. 1. Pastoral and 80cial care The members of the cOngregan undertake work In th8 community and their local parish inoluding, the performan of the church. weddlng and funeral seryke8. Social care Indudès wort( wRh th& underprivileged, poor, drug addicts and mentslly111, prowdlng care and support bLilh splrilual and flnandal. 2. Health care Members of thè Congregallon wslt thè slck, aged. house bound and dylng. administering lo thelr varlous needs. Publ1¢ ben11 ¢ompllan¢e Thg Congregation confirm that they have cornplied with the duLy In sepAion 4 of the Charilles Act 2011 to have due regard to the Charity Commission's gener81 guanCe on public benefit, 'Charitigs and Publ5¢ Bonefrt,. Achlovoments and porformance The Statement of FinanrAal Activities shows Ih8t total Income amounted lo £362,19512023: £342,987), during the year. This Includes £88,791 12023.. £92,747) from investment income and £224,469 12023.. £206,198> from donations and legacies. Al 31 Da¢ember 2024 the total funds of the Con9regalSon werg £4,689,136. Of this £2,143,494, represonts investments genarating Income to finance the w¢rk of the Congregation. The inve31ment portfolio is managed by BRI Weatth Management Plc. The value of tangible fixed assets was £2,144,99312023'. £901,44SI giving free reservos of£400,84912023'. £ 908.432). Over many years v8rious memb&r8 of the Congreyallon have given their working life lo the Order. Now in retirement, and losing their lied acojmmodatton, a provision is required lo mgel their future housing, flnancial and medical needs. These Bre to be supported oul of tha funds Invested by the Congr8gallon.
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal revlew Tho English Vbcarlale has 12 member8 who have gnien mo81 of their worlung lives lo the Ch8rttable aetivih&s of the Congregation. Where this work is for organisations Independent of the Congragallon, any earnlngs are received by the Charity- The Congregation has a Continuing Comment to 8UPPOrt its mambers by contributing to penslon fijnds now adminlstéied by Standard Lrfe and FendS llfe. The pension received helps lo support members, many of whom conllnue to carry out Charllable work long past the nomial retirement ag8. Resèrves pollcy It Is Ihg pollcy of th8 Congr8gatlon th81 unr88lrlcled funds which have not been designated for a specSfic use should ba maintained al a level equwalenl to between three and srK month's expenditure. Tho Trusleos ¢onslders that r8seTves at this level will ensure that, in the event of a significanl drop in fundlng, they wll be 8ble to continue the Congregation's current acdvStles. while consideratlon is gSv8n lo ways In which additional funds may be raised. This level of rgS@rves has b6&n maintained thloughoul the year. Note 22 to tha financial statements splits the Congregation's r¢s9rvo$ bgfv4e&n those deslgn816d for spooKIc purposes and those available for day to day requirements. Th8 Gangral rgservo fund reprgsenls the unr8slri¢led ffae reserves arising from past opgraling results. The Trustees arg $alisfied that the balance of the fund £400,849 is sufficient to enable the Congregation to carry out the objectives of the Charity. These are constantly under review and will be amended a¢¢ordlngly. Rl$k Manayomènt The Tiustees have assessed the major risk5 to which the Congregation is exposed, In partlcular those related lo operallons and finance of the Congregation. and are satisfied that syst8ms are in place lo mlllgate exposure to the major rl$ks. Structuro, govèman¢8 and managemènt The Congregallon of the Prfe8ts of the Sacred Heart of Jesus of Betharram is administerad by tha Vi¢ariata Superior togelherwilh four othef Trustees. The Congregation is governed by a Trust Deed dated 26 November 1W and Is reglstered wllh the Charlty Commission, Charity RegiStratn Number 233335. Tha Tiustee8 who served during the year are shown b810w'. The Reverend Fr@d8rtck Hughgs The Reverend Anthony Madel BrolherAndrew Ferris Reverend Wilfred Joseph Revgrtsnd Enrico Frigerio Now Trustees are elected by the Board of Tru81ees from members of the Order and serve until their rellrernenl. Tru8tees are nominated by members of the Board of Trustees and appoinlgd where they have the necessary sk(Ils lo contrlbute to tha Charity's dgvelopment. Th6 8ts1utory power to appoint new Trustee5 or to remove serving Trustees is vested in the Vicariale Superlor. Audltor A resolullon proposlng that Kendall Wadley LLP be reappointed as auditors of the charty will be put lo Ihg members.
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM TRUSTEES REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Dlsclo$uro of 5nfomiatlon to auditor Each of the Trusleas has conlSrmed that thero is no infomiallon of whlch they are aware which is relevant lo the audit, bul of which the auditor is unaware. They have further confirmed that they have taken appropriate steps lo idontify 8uth relevant information and to establish that the auditor aft aware of such infomiallon. The Tru@8$ report was approved by the Board of Trustees. Tho Rever•nd Anthony Madel Twsle Dated: 1 O¢tob8r 2025
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are responslble for pr8p8rlng the Tru818&8 Report and the financial statements in acwrdance with applicable law and United lfjngdtsm Accounting Standards (United Kingdom Generally Accepted Accounllng PTactlcel- Tho law applicable to d)arilies in England and Walgs requlres the TTuslees lo prepare financlal slatomenls for each financial year whlch give o true and faSr view of the slate of affairs of the Con9regalion and of It In¢omlng resources and applicallon of resources of the Congregation for that year. In preparing these financial slalemenls, the Trustees are requlred lo.. s$locI suitable accounting polici6s and thgn apply thom conslslenlly., observe the methods and prlnciples in th& Charilles SORP., make judgements and eslimal88 that are reasonable and prudent.. slate whether applicable 8¢couiiling standards have been followed, sublgct lo any materlal departures disctosed and explained in the financlal slalemenls.. and prepare the financial slalemenls on the going conogTn basis unless1118 Inappmpriate to presume that the ohartty will continue in opeTalion. The Trusl¢&g are rgspon8ibla for ke8ping sufficlenl accounting recoriis that dls¢lo8e with reasonable accuracy al any lim6 the finan¢lal position of the Congregation and anable them lo ensure that the financial slalements comply with the Charttles Act 2011, the Charty (Accounts and Roports} Regulallons 2008 and the provlsions of thè trusl deed. They are also responsible for safeguardlng the assets of the Congregation and hence for laklng r8a80nable steps for the prevention and d@le¢tlon of fraud and other irregUlareS.
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 Wa have audiled the finan¢181 statemènts of Congregation of Priests tsf the Sacred Heart of Jesu5 of Belharram (the 'Congregation') for the year ended 31 De¢ombèr 2024 whlch comprise the statement of financial activiti85, the balance Sheet and nolos lo the financial slattsments, including significant accounting polides. Thè financial reportst)g framework that has b8gn applied in their preparatlon Is applicable law and United Kingdom A¢counling Standards, In¢luding Financial Rèportlng Standard 102 Th& Finanual Reporting standa applicable in th8 UK and Republic ol 1Tr18nd Iunitad Kingdom GenerallyAccepled Accounting Practice). In our opinion, the financi818lalements'. give a true and falr eW of the slate of the djarills affair8 a8 at 31 December 2024 and of Its Incomlng resources and application of resources, for the year th&n ended., have been property prepar8d acwrdan¢a with United Klngdom Generally Aptfjd Accounting Pra., and have been propored in acrLTrrdan with the Charfllgs Act 2011. Basls for opinlon W& conducted our audll In aco)rdAnca with Inlemational Sland8rds on Audlllng (UK) (ISA5 {UK)18nd appllcable law. Our responsibi111185 under those standards ara further described in the Audito$ Trsponsibililies for the audlt ol thg financffal slalem&nts seclion of our report. We are ind&p6ndent of the congregsOn in accordan wllh the ethical requlrem6nts that are relevant lo our audlt of the financlal slalemenls in the UK, includlng the FRC'S Elhical Standard, and we have fulfilled our other elhlcal responsibilities In accordanco wSlh thase requiretnenls. We believe that the audit eidence we have oblain8d is suffirienl and appTopriale lo provid8 a basis for our opinion. Conclu81on8 relatlng to golng concern In audlling the financial slalernenls, w6 have condude(I that Iha Trustees u8& of the golng conc8m basis of accounting in Ihg preparation of the financial slalements Is approprfal&. Based on the work wè have parformed, we havo not identified any material uncèrtalnlies relating to events or conditlons that, indiwdually or collectively, may east slgnificant doubl on the Gongregallon's abilty lo continue as a going concem for a period of al least iwelve months from when the financial statements ara authoris8d for Issue. Our responsibilibes and the responsibllhles of the Trustees with respect lo golng concem are described In the relevant sections of this report. Othgr Infom)atlon The olhor Snfomialion cornprises the infomalion Sncluded in tho annual report other than th8 linawial statements and OUT audllo¢s report Ihereon. The Trustees are responsible for the other information contained wllhln the annual report. Our oplnlon on the finan¢Sal slalemonts does not cover th8 other InfOrMaOn and wg do not expre85 any form of assurance conclusion Ihereon. Our responsibllty Is to rgad the other informallon and, in doing so. consider whether the other infom)ation is materially inconsislenl wllh the ffin8n¢ial statements Dr our knowlodge obtained in the course of the audlt, or othe1$@ appears to be rnalerially misslal8d. If we idenlfy such material incon8islen¢i@s or apparent material misslalernenls, we ai8 requlred lo datsrmine whether this givès ri$e10 8 material misstatement in the flnancial statements themselves. If, basèd on the work we have perfomied, w8 condude that thgre is a malerfal mi881atem8nl of this other Infomiation, we are required lo report that fact. We hav8 nothing to report 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 Matters on which we are requlrgd to report by •xc•ptlon We have nothing Its report in respect of the following matters in relation lo whi¢h tho Charities {Aount8 and Reports) Regulallons 2008 requires us lo report to you if, in our opinion.. the informallon glven in the financial statements is inconsistent in any matarial respect with thg Trusl89S report., or suffl¢1anl acwunllng record8 have not been kept., or the financial 8lal8menls are ntst in agreement with the accounting records- or we have nol recèlv9d all tho informallon and explanations we requlre for our aud Re$ponilbllltle8 of Tru8teo8 As explalnèd more fully In the slalemenl of TTU81ees responsibilities, the Trustees are responsible for the preparation of the financial slalemen15 and for being satisfigd that Ih¢y givg a true and falr vlew, and for such internal control as the Trustees determine is necessary to enablè Iho preparalk)n of finanual $18lemenls that are free from malerlal mlsslatemenl, whelh&r due lo fraud or error. In preparing the financial s1818ments, the Trustees gra responsiblè for assesslng the Congregation's ability lo continue as a going concem, disclosing, as applicable, matt&r8 related lo golng concern and using thts going conceTn baslB of accounung unless the Trustees elther Intend lo cea88 operations, or have no Fealislic allernalive bul to do so. AudStorfs responslbllFtles for tho audSt ol tho flnan¢lal statèments We have been appointed as auditor under section 144 of tho Charitie8 Act 20118nd report In a¢Idance wlth the Ad and rolevanl regulations made or hang effect Ihereunder. Our objective8 are to oblaln rea8onable ?sBurance about whether the financlal slalemants as a Who are free from material mlsslalernenl, whether du9 to fraud or $rror, and to issue an audllor's report that Includ88 our oplnlon. Reasonablg assurance is a high level of assurance bul Is not a guarantee that an audit conducted in accordance with ISAS IUKI will always dtrlecl a material mis81alemenl when il exists. Misstatements can ari8e frorn fraud or error and are consided material if, individually or in the aggregalg. thèy could roasonably bo expeoted to Influence the econornic decisions of users taken on the basis of these financlal sta19mgnls. Th9 extent lo whlch our procedures aro c¥pabl& of detecling IegUlar[lies. Including fraud, is detailed balow. Extentto whlch th8 audlt was consld8r8d capabl• of dgtO¢tlng Irrogularltlo8, Includlng fraud an understanding of the risk assessment process linduijing the assessment of tho risk of Iraud) adopted by the Trustees Is obtalned and Ih8lr altitudo lo rfsk ascertalned. an asso$8ment of tho SupIlb1llty lo malerlal mis-slalemenl of the financAal statemen15 as a result of m8n8g&menl ov8r-rlde or fraudls made. il Is ensured that the 8ngagemenl team have. collGQtIvgty, the approprlale competenc&. capabllllies and skllls to be involved in the assignment, aro lully brigfad and und&r8land the rf$ks specific to the th8rity.
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 respon89 to r18ks Identlfied proeesses to lesl th& outcomes of our ass8ssmtsnl Indude, anatytl¢al r6view, tha rèlevance and accuracy of significant a¢counllng 08llmal88, sUbStanve t8sling of signlficanl Iransadlons, work lo idenlrfy unusual or unexpected accounting entries including the testing of journal 9n1rS, information disclosed in the financial statements is traced to supporting documentation. In 811 instances it is acknowledged that material mis4tatemenls that arise from fraud may involve dellberate concealment or collusion and are, Iherafore, by Iheir very nature harder lo dalecl than thosa arlsing frtsm orror. an understandbng of the legal and regulatory framework as applicable to the charity, in particular safeguardlng. Is obtained together with knowledga of the proCedUS pul In place by the charity In order lo oomply with the same. is establlshed if there have been any instances of non-compliance with applieable laws and regulations, whore there are such breache5, a full understanding. including gathering of relevant documentation appertaining to the event Is oblalngd and assessod, It should be noted that Audiling standards Ilmit Ihg audit pro¢edur8s required lo identify Don-mplisn¢8 with laws and regulallons lo enquiry of the Trustee8 and othe and the Inspection of regulatory and lagal correspondence, If any. A futlher doscriplion of our re8ponsibllttles 18 8vallable on th8 Flnanclal Reportlng Council's webs6 al.. hilp8.'11 WWw.fOrg.uk]audorsrespon$ibIlltl&s. This descripllon fon5 part of our audilorfs r8POrt, Othgr matters Your allenllon Ss drawn lo the fa¢t that the charity h85 prepared financial slalements in accordance with 'Accounting and Reporting by Charllies.. Slalemenl of Recommended PractSce applicable to charities preparing their accounts In accordance with the Financial Reportlng Standard applicable In thg UK and Republlc of Iraland IFRS 1021 {as arnendedl in preference to the Accounting and Raporting by Charities.. Statemant of Recommended Pra¢lioe issued on 1 Aprll 2005 whioh Is r&ferrad to in the exlanl regulallon8 bul has now been wllhdrawn. This has been done in order fw the finanaal ststements lo provide a true ond fair view In Bccordancg th current GenerallyA¢cgpled Accounting Praotlce. Use of our report Thls report is rnade solely lo the charitys trustees. as a body, in accordance with part 4 of the Charilies (ArLounts and Rgports) Regulallons 2008. Our audit work has been undertakon so that we might slate lo th& charfly's trusl8es those mallers we are required lo state lo them in an auditor's report and for no other purpose. To the fullest exl&nl permllled by law, we do not accept or assume responsibility to anyonè other than the charity and the charity's Irusleo b dy, for our audit work. forthI8 report, or for the oplnion8 we hav8 formed. Elizabe gedham ACA CTA IVAn Isgnlor StatutoryAudltorl For and on behalf of Kendall Wadley LLP, Statutory Auditor Chartered Accountants Granta Lodge 71 Graham Road Malvarn VVorcesl8rshlre VR14 2JS 1 October2025 Kendall Wadley LLP is eligible for appoinlrnent 4$ auditor ol the Congregation by virtue of its elwdibility for appolnlment as audllor of a company under 88ctlon 1212 ofthe 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 DECEAIBER 2024 Unr•strictsd Unrestricted fund$ fund8 gan8ral dg$lgnat•d 2024 2024 Totsl Unreslrfcted Unrestrictgd funds funds general deslgnated 2023 2023 Total 2024 2023 Donations and lagaci&s Charitable aclivilies Investments Other Income 224,469 45,703 88.791 3.232 224,469 45,703 88,791 3,232 206,198 40,753 92,747 3,289 206,198 40,753 92.747 3,289 Totttl incom• 362,195 362,195 342,987 342,987 Raising fund8 25,772 25.772 28,776 28,776 Chadlable actlvlties 342,413 342,413 293,075 293,075 Total &xpendlthre 368,185 368,185 321,851 321,851 Nel gainsluosses) on investments 12 49,351 49,351 103.029 103,029 Nèt Income 43,361 43,361 124.165 124,165 Gross transfors bolw&8n funds 13 1551,144) 551.144 382,713 (362,713) Net movemgnt In fub)d8 1507,783} 551.144 43,381 486.878 1362,713} 124,165 Fund balances al 1 January 2024 908,432 3,737,343 4,645.775 421,554 4,100,OSS 4,521,610 Fund balances at 31 Dtscember 2024 400,649 4,288,487 4.689,136 908,432 3,737,343 4,845,775
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM BALANCE SHEET AS A T 31 DECEAIBER 2024 2024 2023 Notss Flxed assets Tangible assets Investments 14 15 2,144,993 2,143,494 J1,445 2,835,898 4,288,487 3,737,343 Currnnt assets Debtors Investments Cash at bank and In hand 17 11,928 9,657 50,000 881,044 511,689 523,617 940,701 Credltors.. amounts IAlllng dua TthIn one year 19 1122,968) 132,2691 Nel rront assets 400,649 908.432 Total not assets 4,889,136 4,645,775 Income lund$ Designated funds General unreslrrcted funds 20 4,288,487 400,649 3,737,343 9D6,432 4.689.136 4,645,775 The account8 were 8 ved by the Trustees on 1 Septèmber 2025 The Rev@rendAnlhony Made Tntre
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounung pollc108 Company information Congreyallon of Priests of the Sacr8d Heart of Jesus of Belharram is a charity regislared Sn England & Wales, number, 233335. The Te9islered office address Is Grants Lodge, 71 Graham Road. Malvern Worcestershire. WR142JS. 1.1 Accountlng conventlon The financial statemen18 have been prepared in accordance with the CongTegation'8 governing document. th6 Chartllos Act 2011, FRS 102 The FinancSal Reporting Standard applicable In the UK and Republio of Ireland" C'FRS 102.1 and the Charities SORP Ac¢ountlng and Reporting by Charilig$'. Slalemonl ol Recommended Prdctlce applicable to charltses proparlng Ihelr accounts in accordanc8 with the Financigl Reporting Standard applicable in the UK and Republic of Ireland {FRS 102}'18ffectivo l January 2019}. The Congre9alion Is a Publio B&nefit Entoty as defined by FRS 102. The finan81 statements hav6 departed from the Charities (Accounts and Reports) Rggulallons 2008 only lo the extent required lo prov7de a tru6 and falr vlew. This departure has involved followSng the Stslem8nl of Recommendad Practice for charilles applying FRS 102 rather than tho verslon of the Slalemenl of Recommended Pra¢ti¢e which is ieferred to in the R6gulalions bul whlch ha8 since been wllhdrawn. The financlal Slalements aro propared In 81erllng, which is the functional Curren of the Congregallon. Monetary amounts in thes& finanal 8ts1ements are rounded to tha nearest £. Thg accounts have been prepared on Ihg hlstorical cost convenllon, modified to Indud@ certain finanolal instruments al fair value. The principal accounting pollcies adopted are set out below. 12 Golng con¢om At the Ilme of approvlng the fflnanrAal slalements, the Trus1998 have a reasonable expectation that the Congregation has adequate resources to continuo In operallonal existence for the foreseeable fulurg and that there ara no material uncertainties about 118 liablllly to wnllnue. Thu3 the Trustees continug Its adopt the going concern basis of accounllng in preparing the llnanclal slalemenls. 1.3 Charftablg fund$ unrestcted funds ar6 availabl8 for u88 at the dlscrelion of the Trustees in furth8rane* of their charitable objectives. Designalfyd fvnd8 ¢omprt88 fiJnd8 whlch have been sel aslde al the d18¢retOon ¢f the Trustees for SCtriC purpos8s. The purposes and usas of the desSgnaled funds ar8 sel out in the notes lo the financial 8lalements. 1A Income Cash dtsnallons are recognised on rec8ipI. Other donaflon8 are recognised onca Ihg Congrggalion has been notified ol the donallon, unless p&rfom)ance condllions requlre deferral of the amount. Income lax recoverab19 in rolalion lo donations received under Gift Ald or dee(Is of covenant 18 racognised al the Ilme the clalm Ss made. Legacies arè recognised on receipt oi oth0ls8 If the Congrègation has bean notle of an Impendlng dlstribullon, the amount is known, and recelpt 1$ expècted. If the amount is not known, the legacy is Irealed as a Conngent asset. 1.5 Exp•ndltur• Expgndilure Is rocognised in the period in which it Is Incuried. Expenditure indudes allrlbLrtable VAT, whlch cannot be recovered. 10-
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ountlng pollcl•s Icontlnuadl Expendllure relalbng lo ch8ritsble actIlIeS oomprfse all expen8es that are inourred In the undertaking of the charitable aclFvlli&s of thè Congregation. Governan costs include direct and related support costs relating lo the govemancè Infrastructure allowing tho Congregation to goneiale informallon requir8d for public accounlablltty. 1.6 Tangible fixèd •$$ets Tangible fix9d assets are initially me&surad al cost and subsequentty m8asurgd at cost or valuation, ntrt of depreciallon and any impalnnent10s8e8. Dgpreciation is recognised so as 19 write off the cost orvaluation of assets less their resldu81 values ovgr their U88ful lives on tho following basgs.. Land and bulldings Prop8rty Improvements Cornpuler equlpmenl Fixtures, fittings & equlpment MoloT vehicJè$ 2% straighl lina 10010 Straight lina 250h straight line 10Yo lo 25tsA straight Ilne 25'h straight line The gain or loss arising on th8 disposa] of an asset Is dtslermined as the difference beiween the sale proceeds and the carrying value of the asset, and is recognised in nel incomellexpenditure) for thè year. 1.7 Flxod a$$gt Invgstments Fixed as5el investments are inblally measured at transaction prlce excluding tran8actlDn co818, and are subsgquonlly measurgd al fair value al gach reporting dale. Changas in faSr value are recognised in thg statement of financlal aotlvilies. Transaction c08t8 are eXnsed a8 incurred. Impalmient OffiX a88•ts Al each reporbng end dale, Ihg Congregallon revlew8 the carrying amounts of Its tangible 8ssg18 to determine whelhBI there is any indlcalion that Ih05e assets have suffered an impairment 1088, If any such Indralion exlsls, the racovgrablo arnounl of Ihg assol is eslimalgd in order to d8lermin9 th• extent of Ihe impairment 10&8 Irf any). 1.9 Cash and ¢a$h equival8nts Cash and cash equlvalenls Include cash In hand, deposlts held al call with banks and other short-term liquid invesimenls wilh original m8lurFties of three months or less. 1.10 Flnanclal In8trnments The Congr8galion has &leoted to 8pply tho provi8ions of Section 11 'Basic Financiql Instruments. atKi Section 12'01her Financial Instrumenlslssues, of FRS 102 to all of ts financial instrument8. Flnanclal instruments ar& recognlsgd in th& congragatn,S balanc& she91 whon the Congregallon becomes party lo the Conlradual provisions of thè Inslrumenl. Financlal asseis and Ilabili118s aro offset, with tho n81 amounts presented in the financ?al statements, when there 1$ a legally enfore6abl8 right to sol off the recognised amounts and there is an intention to setde on 8 nel basls or lo ieallse th8 8sso1 and s8tt18 th6 Ilabilily simultanoou81y.
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aocountlng poll¢l IContlnu•dl Ba$1¢ finan¢lal as$ets Ba$1¢ finan¢Sal assets, whl¢h include debtor5 and cash and bank balances, are initially measured at tran8a¢tion prfce Indudlng transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets dassthed as rgoeivabla wllhin one year arg not amortl8ed. Baslc flnanclal Ilabllftles Basic financial liabilities, includlng crodilors ara Initially re¢ognl$ed at Iran8action wice. Financial liabilities classified as payable withln one year are not 8mort18ed. Dere¢ognltlon of flftan¢lal liabilitles Finan¢lal liabilllies are derecognised when the Congregation's contractual obligations gxplro or are dlschargéd or cancelled. 1.11 Employaè b•n•flts The cost of any unused holiday enlitl&mènl is re¢ognlsod In tho pèriod in which the employee's 8eNces are reogived. 1.12 Retirement benefits Payments lo defined contribution retirement benefft schemes are Charged as an expen$8 as they fall due. Crltt¢al accountlng o$tlmats$ and Judgem&nts In the appllcalion of the Congregallon's acrA)unting poliaes. the Trustees are required to make ludgemenl8. eslimales and assumptions about the carrying amount ol assets and Ilabllilles that are not readlly apparent from other sources. The estimates and associated a8sumplions are based on historical experience and other factors that are con8ld8red to be relevant. Actual re8ull3 may differ from these estirnales. The eslimales and undertying assumptions are wMoW6d on an ongoing basis. Revision8 to accounting esllmales are recognlsed in Ihg pgriod In whlch the esllmale Is revlsed where the revision affects onty that pèriod, or in tha period of the r6vlsion and future periods where the revision affects both current and fvlure periods. Donatlon¥ and 19ga¢l 2024 2023 Donations and gifts 224.469 208,198 Donatlon8 and glft8 Chaplaincy lee8 Penslons other 48.967 f21,210 54,292 69.411 107,274 29,513 224,469 206,198 12-
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charltablg actlvltlo8 Mwss SUpond8Suppty Inme GhTlJtmas and d Stola f¢ Total 2024 TotNI Off*rlngs Charflable activllies 9,517 20,271 15,915 45.703 40.753 For th• ygar •nded 31 Do¢¢mbgr 2023 Unreslriclgd funds- general 8,090 17,646 15,017 40,753 Investments Ggngral 2024 Gen8ral 2023 Income from Ilsted investments Inler8s1 receivabl8 88,790 88,589 4,158 88,791 92,747 Other income Gfrngral 2024 General 2023 Olh9r income 3,232 3,289 Ral8lng fvnds 2024 2023 Inv8slM8nl management f888 25,772 28,776 13-
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activltles 2024 2023 Staff penslon cos18 Depreclallon and Impalm)et)t Pri&sls expenses Provisions, clothing and laundry Travelling and motor axpensas T&lephone Slallon6ry, postage and computer consumables Nur8ing care, chem1818, denllsl Pilgrlmage and relre81 expenses Pension contributions Funeral cost Staff costs- domestlc wages Sundrfes Bank charges Holidoys Appeal and regional levy Insurance Repairs and maintenance General Coun¢ll Rome Donations, gifts and charfly Missions Service charges and utilities 124 41.372 4.233 48,902 37,632 3,209 4,076 7,464 19,971 5,880 5,183 10,662 3,719 1,049 2,630 293 3,043 3,460 62,000 1,922 36,783 13,018 97 28,052 5,042 50,119 35,738 3,514 4,497 5,399 26,599 9,051 11,292 6,827 1,120 2,820 250 4,146 2.525 12,000 2,291 42,078 4,458 318,805 257.713 Share of govgrnancg costs Ise8 note 9) 25.808 35,362 342,413 293,075 Analy8iB by fund Unrestrtctod funds- genaral 342,413 293,075 342,413 293,075 Support Costs allocated to actlvltlgs 2024 2023 Aecountancy Audit Prof9ssion81 f99$ 15,424 2,700 7,684 16,307 2.700 16.355 25,808 35,362 14-
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs allocatgd to actlvlllos Icontlnuodl Governan¢6 c0818 indud88 payrnenls lo the auditors of £2,7(K)12023- £2,700> for audll f998. 10 Trustgos The Trusltses ol the Congregation are also members of the Order and as such hav8 taken vows of poverty undar which they have renouncgd all personal rights lo In¢rime and ¢apilal. The Charity providas for the essential needs of all m&mber$ of the Order within the English Vicariate. Tho livfng costs of the Twslees ar& therefor8 borne by the Congregation. 11 Employe Numbor of gmployo&$ The average monthly numb¢r of ernployees durfng the year was: 2024 Number 2023 Number Employmont costs 2024 2023 Wage$ and salarles other pgnsion costs 10,662 124 11,292 97 10,786 11,389 There were no employees whose annual rernuneralion was £60,000 or more. Th6 Iruslge$ are deomod to be the key managomant p8rsonnel and as noted above, whllsl they rece0 no remunerallon, their living costs are bome by the Congregation, and includes conlribulions lo a pension plan of£5.880 {2023- £9.0511 12 N¢t g8lnsl{Ios898) on Investm•nt8 2024 2023 Revaluallon of inv88lmenl8 49,351 103,029 13 Tran$for8 During the year £551,144 has been Iransferr8d from unrestricted funds lo designated funds lo malnlain the correct level of dosignatfjd funds. 15-
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 14 Tanglble fixed a88ets Land and Property bulldlngs knprovom•nts Comput8r èqulprngnt Flxttsrey, fIIng5 & equlpment Motor v8hlclos Total Co$t At 1 January 2024 Addillons Dlsposals 1.175,872 1,264,138 19,560 10,092 1,138 17,7581 50,829 55,137 1.311,490 6,722 13,269 1,285,267 140,4031 128,2441 176,40• At 31 December 2024 2,440,010 19,560 3,472 17,148 40.182 2,520,352 Deprnclatlon Al 1 January 2024 Depreciation charg@d in the year Eliminated in respect of disposals 288,856 13.051 8,537 44.884 55,137 410,045 34,310 1,957 834 2.059 2,212 41,372 17,7581 140,056) {28,2441 176,0581 At 31 December2024 322,966 15,008 1,613 6,667 29,105 375,359 Carrylng amount At 31 December 2024 2,117,044 4,S52 1,859 10,481 11,057 2,144,993 Al 31 December 2023 887,216 6.SQ9 1,555 6.165 901.445 15 Flxgd a88•t Investments Ll8t9d Investm•nts Cash In portlollo Total Co$t or valuation Al 1 January 2024 Addltions Valuation ohanges Cash drawn out Accumulated incomo Disp05als Portfollo manag8menl fa& 2.812,325 462,708 45.848 23,573 {482.7081 3,503 {800,0001 84,017 1.241,171 (25,772) 2,835,898 49,351 (800.0001 84.017 11,241,171) 125.772) Al 31 Decemb8r2024 2,079.710 63,784 2,143,494 16 Financlal Instrunwnts 2024 2023 Carrylng amount of flDan¢lal assets Inslruman18 measured al fair value through proff( tsr1088 2,079,710 2.812,325 16-
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Debtor8 2024 2023 Amounts falling duo wlthin ono yaar: P1opaymts and accrued incomo 11,928 9,657 18 Current a88Ot Investments 2024 2023 Money Mark¢t depos 50,000 19 Creditorn: amounts falling due within one year 2024 2023 Other creditors Accruals 50,000 72,968 32,269 I22,8 32.269 20 Doslgnated funds Thè unreslri¢l¢d funds of tho ¢harily MprISe the unexpended balan¢es of donatSon$ and grants which are not Subject lo specific condillons by donors and grantors as lo how Ihby may be used. Thesa Includ& de$ignal8d fijnds which have been $91 aside out of unreslrtcted funds by the Irusloes for specific purposes. B818llC8 at l Jonuary 2023 Balanc& ot 1 J8nu*ry 2024 Thn8fer8 BHINIo 4t 31 Dmber 2024 Tanglbl8 flxed assets Investments 926,976 3,173,080 125,531) 901,445 1,243,548 2,144.993 {337,1821 2,835,898 (692.4041 2.143,494 4,100,056 1362,7131 3.737,343 551.144 4.288.487 17-
CONGREGATION OF PRIESTS OF THE SACRED HEART OF JESUS OF BETHARRAM NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Analysis of net a$8ets between fund8 Unrestrictsd Unrotstricted funds funds 98noral Doslgnat8d 2024 2024 Total 2024 At 31 Decembgr 2024: Tanglblè assets Investments Current assetsllllabililie$) 2,144,993 2,143,494 2,144.993 2.143,494 400.649 400,649 400.649 4,288,487 4,889,136 Unrestrl¢tèd Unrostrf¢tsd fund8 fvnd8 general Deslgnated 2023 2023 Total 2023 At 31 Decembgr 2023: Tangible assets Investments Gurrenl a8selsl{Ilabllltles) 901,445 2.835,898 901,445 2.835,898 908,432 908.432 908,432 3,737,343 4,645,775 Rèlatsd party tranBa¢tlon8 Therewew no dI9do8ablo related party tr8n8a¢tions durln9 the yrI2023- none). Evonts aftèr tho reporting dat• An opOrt Agr8ement has bèen enl8red Into with a Ihird party in respect of land at Sacred Heart C(Alege, 208 Worcester Road, Droiiwich, WR9 8AZ. An Option Sum of £50,000 was received In the year. The Option Sum Is non-returnable bul following exercise of the Option the Opllon Surn will be credited in full towards the Purchase Prlce. Thg Opllon Sum is Shown as a crgdSlor In note 1910 these flnancial $talemgnts. 18