## **Claretian Missionaries Trust**
**Annual Report and Accounts**
31 December 2020
Charity Registration Number: 234026
## **Contents**
|**Reports**||
|---|---|
|Reference and administrative information|1|
|Trustees’ annual report|2|
|Independent auditor’s report|16|
|**Accounts**||
|Statement of financial activities|21|
|Balance sheet|22|
|Statement of cash flows|23|
|Principal accounting policies|24|
|Notes to the accounts|30|
Claretian Missionaries Trust
## **Reference and administrative information**
|**Trustees**|Father Paul Smyth|
|---|---|
||Father Christopher Newman|
||Father Carlos Candeias|
||Father Manuel Segura|
||Father Philip Blandford (Appointed 1 July|
||2020)|
|**Principal Address**|The Towers|
||High Street|
||Buckden|
||St Neots|
||Cambridgeshire|
||PE19 5TA|
|**Charity Registration Number**|234026|
|**Auditor**|Buzzacott LLP|
||130 Wood Street|
||London|
||EC2V 6DL|
|**Bankers**|Santander UK plc|
||2 Triton Square|
||Regent's Place|
||London|
||NW1 3ANg|
|**Solicitors**|Stone King LLP|
||Boundary House|
||91 Charterhouse Street|
||London|
||EC1M 6HR|
|**Property Agents**|Annafield Estates|
||11 Market Square|
||St Neots|
||PE19 2AR|
Claretian Missionaries Trust **1**
**Trustees' annual report** 31 December 2020
The trustees present their report together with the accounts of Claretians Missionaries Trust (the charity) for the year ended 31 December 2020.
The accounts have been prepared in accordance with the accounting policies set out on pages 24 to 29 of the attached accounts and comply with the charity's trust deed, applicable laws and the requirements of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (Charities SORP FRS 102).
## **Introduction**
Claretian Missionaries – also known as ‘Missionaries, Sons of the Immaculate Heart of Mary’, are a religious community of priests and brothers founded in 1849 near Barcelona, Spain by St. Anthony Mary Claret, who was canonised by Pope Pius XII on 7 May 1950.
From January 2019, the membership in the UK has been linked with members of the Congregation living in Spain and Portugal, and is known as the Province of Fatima. The Claretians have a particular devotion to the Immaculate Heart of Mary and in the words of our Founder they are to be “people aflame with the love of God who spread this fire wherever they go“. The whole world is
to be their mission field and they are to make themselves “the helping hands of the bishops of the world”.
Today they number over 3,000 members and continue the work of their saintly Founder in over sixty countries of the world. They are to be found in many of the poorest and most under-developed parts of the globe. They run parishes, schools, and colleges; they serve as university chaplains; they work in radio, television and journalism and publishing - their work is unlimited.
In England, while their numbers are few, they give expression to their ministry working from communities based in Hayes (Middlesex), Leyton (East London) and Buckden (Cambridgeshire). In addition to the parishes they have responsibility for, they have a retreat and conference centre that they operate in their facilities in Buckden. During 2020 they have overseen the refurbishment of facilities in Hayes that will provide a venue for pastoral and social activities.
## **Constitution**
Claretians Missionaries Trust is a charity established and governed by a trust deed dated 28 September 1912 and amended 25 November 1991. It is registered with the Charity Commission, Charity Registration No. 234026 and is the charity which holds the assets of the Congregation in England.
Claretian Missionaries Trust **2**
**Trustees' annual report** 31 December 2020
## **Mission**
The charity’s principal aim is the proclamation of the Christian Gospel in word and action as expressed in the teaching of the Roman Catholic tradition.
The charity’s aims include:
- ♦ Providing its vowed members the wherewithal to exercise their religious obligations and to serve as living examples of Christian discipleship to the people they meet daily;
- ♦ Supporting the Roman Catholic Church in the UK and Ireland;
- ♦ Promoting awareness and responses to issues of social justice at home and abroad;
- ♦ Collaborating with other individuals and agencies concerned with promoting gospel values in our society;
- ♦ Providing support and care for people in need; and
- ♦ Re-organising the members’ presence to be better able to respond to future need.
## **Philosophy and values**
The charity’s philosophy is derived from the Christian Gospel. Members feel called to contribute to the building of a society of justice and equality. All are encouraged to collaborate in the building up of communities which seek to care for all people, especially for those in danger of exclusion and being overlooked.
The values that lie behind this philosophy are expressed in the vows taken by the membership on entering the Congregation and joining religious life.
## _Poverty_
The ideal expressed in this vow is that of living simply and holding all possessions in common. Members have no personal possessions, all resources are shared and used for the good of each other and the work that the charity commits itself to do.
## _Celibate chastity_
In making a commitment not to marry or to engage in sexual relationships, members are committing themselves to be able to work wherever they are needed. They are free to be available and present, offering support and care when needed by individuals or groups. They commit themselves to living in non-exploitative respectful relationships that seek the good of the people with whom they engage.
## _Obedience_
With this vow each individual undertakes to give generously of their gifts and talents in an unselfish way. Through making a commitment for the decisions to be made in common, each member strives not to be individualistic in the way they exercise power and choices. The hope is that power is instead exercised in the service of the greater good and not one’s own personal development and aggrandisement.
Claretian Missionaries Trust **3**
**Trustees' annual report** 31 December 2020
## **Activities and specific objectives**
## _**Objectives and aims**_
The charity's Trust Deed states its principal objective to be "the advancement of the Roman Catholic religion, the education of children, for the medical treatment of poor persons and any religious or charitable work in connection with the Roman Catholic Church."
As stated above under “Mission” the charitable activities of the Claretian Missionaries Trust are undertaken by the members and can be divided into a number of principal areas. Each of these areas is discussed in further detail in the paragraphs which follow.
In setting the charity’s objectives and planning its activities the trustees have given careful consideration to the Charity Commission’s guidance on public benefit.
- ♦ **Supporting the Roman Catholic Church in the UK and Ireland**
- This particular objective is principally met through the UK/Ireland Delegation's responsibility for the pastoral care of three parishes in England: Hayes, Middlesex,
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St Joseph’s RC Church Leyton
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Leyton in London and Buckden, St Neots in Cambridgeshire. The work of the parishes encompasses the normal range of activities found in this country offering accompaniment to people at significant moments in their lives (e.g. birth, marriage, illness, death) through offering spiritual guidance and support. Often responsibility for a parish can result in involvement as Governors in local schools and offering chaplaincy services to local hospitals or
prisons. Some members also involve themselves in other diocesan positions to support the local Catholic Church, or offer support to particular ethnic communities. The parishes are multicultural communities which provide a forum that contributes to the social integration of immigrant groups into British society.
In addition to the parishes, the Retreat and Conference Centre at Buckden also offers a range of facilities and programmes that are used for the benefit of the wider Catholic community. At Buckden, the charity has extensive retreat and conference facilities designed for both youth and adult retreats with residential accommodation offered.
In addition to local responsibilities that are aspects of a particular role and appointment, members are also encouraged to respond to invitations to support broader pastoral initiatives and will support pilgrimages and retreats in the wider community. One member has also been serving as President of the Conference of Religious of England and Wales.
Claretian Missionaries Trust **4**
**Trustees' annual report** 31 December 2020
## **Activities and specific objectives** (continued)
## _**Objectives and aims** (continued)_
- ♦ **Promoting awareness and responses to issues of social justice at home and abroad**
This objective has been mainly carried out through our commitment to the wider missionary work carried out by the Congregation in different parts of the world. Any monies raised for different projects are sent through our Mission Procurator in Seville.
In the UK the members of the charity use the opportunities available to them in the parishes and retreat centre, to encourage people to reflect upon their responsibility for the environment and the wider community, encouraging them to use their time and resources in a responsible manner to help others and collaborating with other individuals and agencies concerned with promoting gospel values in our society.
Networking with other agencies and charities working to promote aims similar to those of the charity would be an important aspect of the charity's ministry. These agencies include the Dioceses where the charity is present, the Conference of Religious, schools, ecumenical bodies and social justice networks. In addition to working with formally recognised agencies, the charity encourages the participation of volunteers and collaborators in the ministry with which the charity is concerned.
- ♦ **Providing support and care for people in need**
The work of the members of the charity means they are available to help and support people in a variety of pastoral situations, for example people coming to terms with bereavement or terminal illness. With respect to the finances of the charity, there are also resources used for the health care of the Missionaries who are elderly or have serious illnesses. The charity seeks to provide resources for the medical needs of all members but especially those in their later years.
- ♦ **Re-organising its presence to be better able to respond to future need**
For the charity to continue its ability to fulfil its mission, the trustees recognise the need to allocate resources for both the ongoing preparation of the present membership and also the recruitment and induction of new members. All members are supported financially from our ministries and the funds of the charity.
With the tremendous change that has occurred in society, the trustees recognise the need for the membership to re-evaluate their presence and the ways they are working towards fulfilling the objectives of the charity. One aspect being explored is the ethnic makeup of our membership. As part on an international organisation, the trustees are investigating ways of renewing the membership through the inclusion of members representing a wider range of ethnicities than the traditional Anglo-Irish group that have made up the membership of the charity. In 2020 we had three members from India, one from Nigeria and one from Poland engaged in the work of the charity.
Claretian Missionaries Trust **5**
**Trustees' annual report** 31 December 2020
## **Activities and specific objectives** (continued)
## _**Objectives and aims** (continued)_
- ♦ **Re-organising its presence to be better able to respond to future need** (continued)
The trustees have been working in collaboration with Claretian Missionaries based in Spain and Portugal to explore how we might be able to adapt our operating structures
as an international organisation to ensure the sustainability and effectiveness of our continued presence in the UK. Since January 2019 the members of the Claretian Missionaries in the UK have formed a region of the Province of Fatima which includes Claretians based in Portugal and the south of Spain, which includes the Canary Islands.
- ♦ **Heritage Project**
In addition to the work of meeting the objectives of the charity, ownership of Buckden Towers, a heritage site with scheduled monument status, also requires time and resources. As a property with a history going back to the Domesday Book, the buildings are recognised by English Heritage as being of national importance.
**----- Start of picture text -----**
The Tower, Buckden
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During the ownership of the site by the Claretian Missionaries, buildings that were in ruin have been carefully restored and reclaimed and are now the facility from which the charity's retreat and conference centre operate. A maintenance plan is in place which continues to be implemented, though the issue of how funding might be generated for the major repairs needed on the property will warrant further investigation.
## _**Review of activities**_
_The impact of Covid 19 on United Kingdom activities_
Like most organisations, the work of the Claretian Missionaries Trust has been impacted by the Covid situation.
- ♦ **Hayes**
With the event of lockdown Claretians working from Hayes have made efforts to expand the use of technology allowing the work of the Claretians to continue.
- Celebrations of Mass have been daily streamed from the parish since March 2020.
Claretian Missionaries Trust **6**
**Trustees' annual report** 31 December 2020
## **Activities and specific objectives** (continued)
## _**Review of activities** (continued)_
- ♦ **Hayes** (continued)
- Catechetical programmes that had begun prior to the lockdown were transformed into online programmes and in summer 2020 120 children completed their 1st Communion programme and 80 teenagers were confirmed through the provision of sessions provided through zoom meetings.
- In 2020/21 80 candidates and their parents participated in the on-line first communion and confirmation programmes that were offered.
- The use of technology was also available to be used by groups the Claretians have links with such as the Conference of Religious, CAFOD and the Romero Society to arrange online services for special occasions such as the 40th Anniversary of the women martyred in El Salvador, and a day for the survivors of abuse.
**The Claretian Oasis**
At our centre in Hayes we are seeking to establish a Pastoral Centre, making use of the facilities that have been created by the Congregation for the Diocese of Westminster. We intend to develop this to further our ability to fulfil the aims of the charity, through the programmes that will be offered and the financial resources that we would seek to generate.
The Claretians at Hayes attempted to establish a couple of programmes to support people during lockdown: a telephone check in system with elderly members of the parish and a food bank service which collected food and distributed it to needy families on a weekly basis - at times this was supporting up to 100 families a week.
- ♦ **Buckden**
During 2020 the trustees were attentive to the impact of Covid-19 on the charity and the charity’s effect on income. Whilst the trustees were confident with respect to the long-term ongoing sustainability of its work, they had to make some short term decisions about the Claret Centre in Buckden and the continued employment of staff in positions where no income was being generated. The trustees continued to monitor **Claret Chapel, Buckden** events and act where necessary.
Claretian Missionaries Trust **7**
**Trustees' annual report** 31 December 2020
## **Activities and specific objectives** (continued)
## _**Review of activities** (continued)_
- ♦ **Buckden** (continued)
The facilities of our Retreat Centre at Buckden continued to be improved through redecoration and refurbishments. Towards the end of 2020, with the completion of the refurbishments an agreement was entered into with Annafield Estates to handle the management of parts of the Buckden property that could be used to generate some income through being let as homes.
The staff were furloughed, and the Centre was closed to operation. It became clear to the trustees as the pandemic progressed that the staff would need to be made redundant and that the systems and operations would be reviewed to see how best the Centre can be developed going forward.
## ♦ **Leyton**
In Leyton, the community maintained operations in the parish as guided by the Diocese, and attempted to support people in need through a foodbank/distribution programme.
- ♦ **Overseas activities**
The charity has continued to support overseas activities through the contributions sent through the Provincial Procurator in Spain. Non-financial commitments on the part of the charity to overseas activities have included:
- ♦ A member of the charity being available to provide workshops and facilitation in support of the members of different religious congregations.
- ♦ Until December 2020 a member remained in the role of President of Solidarity with South Sudan - an international, inter-congregational collaboration which seeks to facilitate and develop programmes in the areas of education, healthcare training and agriculture, in South Sudan.
## _**Protection of Children and Vulnerable Adults**_
Like all other organisations who serve in the Congregation, the trustees recognise the absolute necessity of ensuring the protection and safety of all those the charity serves in any way. This means that members engaged in any ministry must obtain clearance from the Disclosure and Barring Service (DBS). The trustees are fully committed to implementing all policies and procedures of the Catholic Safeguarding Advisory Service (CSAS).
Claretian Missionaries Trust **8**
**Trustees' annual report** 31 December 2020
## **Activities and specific objectives** (continued)
## _**Review of activities** (continued)_
## _**Raising funds**_
The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the charity received no complaints about its fundraising activities.
## **Financial review for the year**
## _**Results for the year**_
A summary of the results for the year can be found on page 21 of the attached accounts.
Total income for the year amounted to £361,352 compared to £440,531 in the prior year. Donations and legacies amount to £150,197 compared to £176,959. The total figures include donations of £25,726 (2019 - £25,750) being monies restricted in their use and mainly represent funds towards supporting the overseas mission work of the Congregation, retired and sick members and training of new members. Income from charitable activities i.e. retreat house income, ministry income and related receipts amounted to £121,643 (2019 – £254,991). The charity received £40,000 from Historic England towards the restoration of its property in Buckden and funding of £38,836 from the Coronavirus Job Retention Scheme.
Expenditure amounted to £391,373 compared to £486,630 in 2020. The costs in relation to operating the retreat centre were £210,325 (2019 – £213,573). The costs in relation to supporting members of the Community and their ministry amounted to £76,447 (2019 - £123,697). Donations, mainly to the Congregation’s work overseas works were £73,922 (2019 - £143,449). Further details of these payments are given in note 8 to the attached accounts.
The net expenditure for the year before losses on revaluation of the charity’s investment properties was £30,021 (2019 –£46,099). When the net losses on revaluation of the charity’s investment properties are accounted for, the overall impact on the charity’s funds is a decrease of £34,928 (2019 – decrease of £51,178).
## **Reserves policy and financial position**
## _**Financial position**_
The balance sheet shows total funds £3,612,398 (2019 – £3,647,326).
These funds include restricted funds of £165,831 (2019 – £151,948). Further details of these funds are included in note 17 to the accounts.
Claretian Missionaries Trust **9**
**Trustees' annual report** 31 December 2020
## **Reserves policy and financial position** (continued)
## _**Financial position** (continued)_
The tangible fixed assets fund equal to the net book value of the tangible fixed assets amounting to £987,607 (2019 – £983,978) has been identified as a separate fund in recognition of the fact that such assets are required to enable the charity to carry out its charitable work and are not available to fund activities or meet future commitments. The investment property fund equals to the value of those properties which are rented out at commercial rates and hence are not readily realisable to meet current commitments.
The unrestricted funds of the charity at 31 December 2020 amounted to £1,598,960 (2019 - £1,761,400) and include funds designated by the trustees for specific purposes amounting to £1,125,068 (2019 – £1,259,498). These funds have been designated to ensure the charity can fulfil its mission to educate future members and to care for those members who are sick or elderly. Further details of these funds are included in note 20 to the attached accounts. The unrestricted free reserves or general funds of the charity amounted to £473,892 (2019 – 501,902).
## _**Reserves policy**_
It is the trustees' current policy to retain free reserves (i.e. those unrestricted funds not represented by tangible fixed assets, investment properties and designated for specific purposes or otherwise committed) of between six months' and 12 months expenditure on unrestricted funds. This equates to approximately £450,000.
At 31 December 2020 the free reserves of the charity amounted to £473,892 (2019 - £501,902). The trustees are of the opinion that these are adequate but not excessive.
## **Going concern**
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.
The trustees do not expect material concerns to arise over the charity’s financial position or for the charity’s going concern to be threatened. Therefore, the trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.
## **Future plans**
At the end of 2020 there were 12 Claretian Missionaries working in the UK. The majority of members give their working lives to the charitable activities of the Order and thereafter rely upon the communities for the care and support they require in illness and retirement. Where work is for organisations independent of the charity, any earnings are covenanted to the charity. The average age of the members continues to rise, now at 62. Monies are held to provide for care and pensions.
Claretian Missionaries Trust **10**
**Trustees' annual report** 31 December 2020
## **Future plans** (continued)
The general outlook is good whilst the majority of the members are able to work. However, reliance on the income received from parishes will be insufficient to meet the long term needs as more members retire and fewer members are entitled to draw a parish salary. Even at present, the income from parish salaries would be insufficient when factoring in the cost of training a few students and the care of the elderly. It is imperative that the members continue to explore new ways of generating income that can meet the needs they will have in the future. One response to this need has been the efforts made in 2020 to establish a pastoral centre in Hayes that will be run with the intention of generating an income to support the missionary work of the Congregation.
Looking forward the trustees would identify the following priorities:
- ♦ The development of a plan to reopen the facilities at Buckden once the impact of the pandemic has sufficiently lifted so as to enable us to reopen in a way that is sustainable.
- ♦ The development and marketing of the facilities in Hayes as a pastoral resource for the work of the Claretians.
- ♦ The in-service formation and training of members to be able to expand their ministerial ability.
- ♦ Participation in the reorganised safeguarding structures of the Catholic Church
Over the coming year the trustees intend to raise money to:
- ♦ Continue the development of the property at Buckden.
- ♦ Continue to support overseas Missions with money raised for the purpose.
- ♦ Meet the ongoing formation, care and administrative needs of the charity.
- ♦ Explore new apostolic outlets in keeping with the philosophy and values of the group.
The trustees will also continue to review the present apostolic commitments and identify our priorities for the coming years.
## **Governance, structure and management**
## _**Governance**_
The charity is governed by a Trust Deed dated 28 September 1912 and amended 25 November 1991. It is registered with the Charity Commission, Charity Registration No. 234026.
Claretian Missionaries Trust **11**
**Trustees' annual report** 31 December 2020
## **Governance, structure and management** (continued)
## _**Structure and management**_
The Claretian Missionaries Trust is part of an international religious order divided into separate Provinces and Delegations. Since 2019 The Trust is responsible for the administration of the region of the Province of Fatima located in England. The Province is administered by the Major Superior together with a Council consisting of four other members. The Superior and Council are elected and recognised by the Order's superiors in Rome. The Major Superior identifies the members who will operate as trustees of the charity.
The names of the trustees who served during the year are set out as part of the reference and administrative details on page 1 of this annual report.
No trustee received any remuneration or reimbursed expenses for services as a trustee, nor had any beneficial interest in any contract with the charity, during the year.
The trustees are all members of the Congregation and, as such, are closely involved with the day-to-day work of the members and directly responsible for all major decisions.
## **Statement of trustees' responsibilities**
The trustees are responsible for preparing the trustees' report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that year. In preparing accounts the trustees are required to:
- ♦ select suitable accounting policies and then apply them consistently;
- ♦ observe the methods and principles of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102);
- ♦ make judgements and estimates that are reasonable and prudent;
- ♦ state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts;
- ♦ prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations and the provisions of the trust deed. 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.
Claretian Missionaries Trust **12**
**Trustees' annual report** 31 December 2020
## **Governance, Structure and Management** (continued)
## _**Key management personnel**_
The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis.
The trustees receive no remuneration or additional reimbursement of expenses in connection with their duties as trustees to the charity. The trustees are all members of the Claretian Missionaries and, as such, their living and personal expenses are borne by the charity.
## _**Risk management**_
In line with the requirement for trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks the charity currently faces and have reviewed the measures already in place, or needing to be put in place, to deal with them. The Covid-19 pandemic has clearly given rise to challenges and threats to the well-being of our charity and its activities which could not have been foreseen.
The key risks for the charity, as identified by the trustees, are described below together with the principal ways in which they are mitigated:
- ♦ The risk arising from the Covid-19 pandemic is potentially two-fold: the greater adverse impact from contracting Covid-19 for the elderly and the ageing membership of the Province; and the dependence of revenue income from the charity’s Retreat Centre.
- ♦ An analysis of the age profile of the members of the Province shows that the average age was 62 years. The trustees are aware that there is both a moral and legal obligation to care for the older members. None of the members have resources of their own. As the age profile increases, so too does the need to provide care for the members, particularly with the risk associated with contracting Covid-19. Key elements of the management of this risk are: (a) ensuring that the charity has the available financial resources to finance this care both now and in the years ahead by setting aside assets in a designated fund, the value of which has been based on actuarial principles; and (b) ensuring that processes are in place to review regularly the ministries and needs of individual brothers encouraging those who need it to take on less demanding ministries and for identifying those who need extra care and help.
Claretian Missionaries Trust **13**
**Trustees' annual report** 31 December 2020
## **Governance, Structure and Management** (continued)
## _**Risk management** (continued)_
- ♦ Safeguarding: Operationally the charity works with vulnerable adults including older people. The trustees recognise the absolute necessity of ensuring the protection and safety of all those that the charity serves. This means that members engaged in any ministry in the UK and all those who work or volunteer for the charity and work with children or vulnerable adults must obtain clearance from the Disclosure and Barring Service (DBS). The trustees are committed fully to participating in the safeguarding structure that is presently being created in the Catholic Church aligning itself with the Catholic Safeguarding Standards Agency (CSSA) and the Religious Life Safeguarding Service (RLSS).
With the present restructuring, a part time safeguarding officer is being sought with responsibility for ensuring this policy is adhered to in respect to all members, employees and volunteers. This person will work with the trustees to ensure that there is on-going safeguarding training; that internal policies are up to date; and to ensure that members, staff and volunteers are kept informed about good practice in work and ministry.
- ♦ The charity donates sums in support of the wider Congregation and other organisations. The vast majority of donations sent overseas are to fund projects administered directly by members of the Congregation. Whether or not the funds are used here in England or elsewhere, the trustees always ensure that they are fully briefed about and familiar with the work of a potential recipient of funds, that funds are transferred via bank transfer, that proof of receipt is obtained and that, wherever possible (and always in the case of monies sent overseas), a full written report of how the monies have been utilised and applied is obtained from the recipient.
- ♦ The charity's principal asset comprises its properties. The charity ensures that these are kept in good order and that health and safety procedures are followed. In addition, the charity confirms that the insurance cover for the properties and for those who visit the property is adequate.
Having assessed the major risks to which the charity is exposed, the trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks.
The trustees review a risk management matrix annually.
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**Trustees' annual report** 31 December 2020
## **Acknowledgements**
The trustees wish to record their recognition of the professionalism and commitment of the individual members of the Congregation, and the volunteers who have given their time to the charity within the individual parishes over the past year and who have provided invaluable assistance.
Their dedication and positive approach are much appreciated.
Approved by the trustees of Claretian Missionaries Trust and signed on their behalf by:
Paul A Smyth cmf
Trustee
Approved by the trustees on: 27 October 2021
Claretian Missionaries Trust **15**
**Independent auditor’s report** Year to 31 December 2020
## **Independent auditor’s report to the trustees of The Claretian Missionaries Trust**
## **Opinion**
We have audited the accounts of The Claretian Missionaries Trust (the ‘charity’) for the year ended 31 December 2020, which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the accounts:
- ♦ give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of its income and expenditure for the year then ended;
- ♦ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- ♦ have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Other matter**
The prior year comparatives are unaudited. As part of our audit work for the year ended 31 December 2020, we have reviewed the restated balances with regards to cash, investments and fixed assets, brought forward at 1 January 2018 and the transactions for the year ended 31 December 2019. No material issues were noted in the restated comparatives.
Claretian Missionaries Trust **16**
**Independent auditor’s report** Year to 31 December 2020
## **Conclusions relating to going concern**
In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. 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 in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- ♦ the information given in the trustees’ report is inconsistent in any material respect with the accounts; or
- ♦ sufficient and proper accounting records have not been kept; or
- ♦ the accounts 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.
Claretian Missionaries Trust **17**
**Independent auditor’s report** Year to 31 December 2020
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the accounts**
Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
## _**How the audit was considered capable of detecting irregularities including fraud**_
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- ♦ The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- ♦ We identified the laws and regulations applicable to the charity through discussions with representatives from the trustees and the Bursar and from our knowledge and experience of the charity sector;
- ♦ We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019) and safeguarding regulations; and
Claretian Missionaries Trust **18**
**Independent auditor’s report** Year to 31 December 2020
**Auditor’s responsibilities for the audit of the accounts** (continued)
- ♦ We assessed the extent of compliance with the laws and regulations identified above through making enquiries of representatives from the trustees and the Bursar and review of minutes of trustees’ meetings.
We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:
- ♦ Making enquiries of representatives from the trustees and the Bursar as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- ♦ Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- ♦ Performed analytical procedures to identify any unusual or unexpected relationships;
- ♦ Tested and reviewed journal entries to identify unusual transactions;
- ♦ Carried out substantive testing of expenditure including the authorisation thereof;
- ♦ Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- ♦ Investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- ♦ Agreeing accounts disclosures to underlying supporting documentation;
- ♦ Reading the minutes of meetings of trustees; and
- ♦ Enquiring of as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
We did not identify any irregularities, including fraud.
Claretian Missionaries Trust **19**
**Independent auditor’s report** Year to 31 December 2020
## **Auditor’s responsibilities for the audit of the accounts** (continued)
A further description of our responsibilities for the audit of the accounts 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 section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to 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.
Buzzacott LLP 29 October 2021 Statutory Auditor 130 Wood Street London EC2V 6DL
Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
:
Claretian Missionaries Trust **20**
## **Statement of financial activities** Year to 31 December 2020
|Notes|**Un-**
**restricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2020**
**Total**
**funds**
**£**|Unaudited and as restated
Un-
restricted
funds
£
Restricted
funds
£
2019
Total
funds
£
151,209
25,750
176,959
254,991
—
254,991
—
—
—
8,581
—
8,581
—
—
—
—
—
—
414,781
25,750
440,531
5,911
—
5,911
122,488
1,209
123,697
213,573
—
213,573
—
—
—
129,518
13,931
143,449
471,490
15,140
486,630
(56,709)
10,610
(46,099)
—
—
—
(56,709)
10,610
(46,099)
(5,079)
—
(5,079)
(61,788)
10,610
(51,178)|Unaudited and as restated
Un-
restricted
funds
£
Restricted
funds
£
2019
Total
funds
£
151,209
25,750
176,959
254,991
—
254,991
—
—
—
8,581
—
8,581
—
—
—
—
—
—
414,781
25,750
440,531
5,911
—
5,911
122,488
1,209
123,697
213,573
—
213,573
—
—
—
129,518
13,931
143,449
471,490
15,140
486,630
(56,709)
10,610
(46,099)
—
—
—
(56,709)
10,610
(46,099)
(5,079)
—
(5,079)
(61,788)
10,610
(51,178)|Unaudited and as restated
Un-
restricted
funds
£
Restricted
funds
£
2019
Total
funds
£
151,209
25,750
176,959
254,991
—
254,991
—
—
—
8,581
—
8,581
—
—
—
—
—
—
414,781
25,750
440,531
5,911
—
5,911
122,488
1,209
123,697
213,573
—
213,573
—
—
—
129,518
13,931
143,449
471,490
15,140
486,630
(56,709)
10,610
(46,099)
—
—
—
(56,709)
10,610
(46,099)
(5,079)
—
(5,079)
(61,788)
10,610
(51,178)|
|---|---|---|---|---|---|---|
|**Income from:**
Donations and legacies
1
Charitable activities
2
Historic England restoration project grant
Investments and interest receivable
3
Other income
.. Coronavirus Job Retention Scheme
.. Miscellaneous income
**Total income**
**Expenditure on:**
Raising funds
..Investment property expenses
4
Charitable activities
.. Support of members of the Community
and their ministry
5
.. Retreat and conference centre
6
.. Historic England grant related
expenditure
.. Donations payable
8
**Total expenditure**
**Net (expenditure) income before**
**transfers and losses on investment**
**properties**
**Transfer between funds**
17
**Net (expenditure) income before losses**
**on investment properties**
Losses on revaluation of investment
properties
13
**Net movement in funds**
**Reconciliation of funds**:
Fund balances brought forward at 1
January 2020 (as previously stated)
14
Prior period adjustment – 2018 (Note 14)
Prior period adjustment – 2019 (Note 14)
Total funds at 1 January (as restated)
**Fund balances carried forward at 31**
**December 2020**|**124,471**
**121,643**
**—**
**7,496**
**38,836**
**3,180**|**25,726**
**—**
**40,000**
**—**
**—**
**—**|**150,197**
**121,643**
**40,000**
**7,496**
**38,836**
**3,180**|151,209
254,991
—
8,581
—
—|25,750
—
—
—
—
—|176,959
254,991
—
8,581
—
—|
||**295,626**|**65,726**|**361,352**|414,781|25,750|440,531|
||**4,843**
**68,067**
**210,325**
**—**
**55,384**|**—**
**8,410**
**—**
**25,806**
**18,538**|**4,843**
**76,477**
**210,325**
**25,806**
**73,922**|5,911
122,488
213,573
—
129,518|—
1,209
—
—
13,931|5,911
123,697
213,573
—
143,449|
||**338,619**|**52,754**|**391,373**|471,490|15,140|486,630|
||**(42,993)**
**(911)**|
**12,972**
**911**|**(30,021)**
**—**|(56,709)
—|10,610
—|(46,099)
—|
||**(43,904)**
**(4,907)**|
**13,883**
**—**|**(30,021)**
**(4,907)**|(56,709)
(5,079)|10,610
—|(46,099)
(5,079)|
||**(48,811)**|**13,883**|**(34,928)**|(61,788)|10,610|(51,178)|
||||||||
||**2,779,282**
**722,847**
**(6,751)**|**151,948**
**—**
**—**|**2,931,230**
**722,847**
**(6,751)**|2,834,319
722,847
—|141,338
—
—|2,975,657
722,847
—|
||**3,495,378**|**151,948**|**3,647,326**|3,557,166|141,338|3,698,504|
||**3,446,567**|**165,831**|**3,612,398**|3,495,378|151,948|3,647,326|
All of the charity’s activities derived from continuing operations during the above two financial periods
The charity has no recognised gains and losses other than those shown above and therefore no separate statement of total recognised gains and losses has been prepared.
Claretian Missionaries Trust **21**
**Balance sheet** 31 December 2020
Unaudited and as restated
|Notes|
**2020**
**£**|**2020**
**£**|2019
£|
2019
£|
|---|---|---|---|---|
|**Fixed assets:**
Tangible assets
12
Investment properties
13
**Current assets:**
Debtors
15
Cash at bank and in hand
**Liabilities:**
Creditors: amounts falling due
within one year
16
**Net current assets**
**Total net assets**
**The funds of the charity:**
Restricted funds
17
Unrestricted funds:
. Tangible fixed assets fund
18
. Investment property fund
19
. Designated funds
20
. General fund
21|
**30,400**
**1,784,684**|
**987,607**
**860,000**|3,000
1,918,525|983,978
750,000|
|||**1,847,607**
**1,764,791**||1,733,978
1,913,348|
||**1,815,084**
**(50,293)**||1,921,525
(8,177)||
||
**1,125,068**
**473,892**||1,259,498
501,902||
|||**3,612,398**||3,647,326|
|||**165,831**
**987,607**
**860,000**
**1,598,960**||151,948
983,978
750,000
1,761,400|
||||||
|||**3,612,398**||3,647,326|
Approved by the trustees of Claretian Missionaries Trust and signed on their behalf by:
## Paul A Smyth cmf
Trustee
Approved by the trustees on: 27 October 2021
Claretian Missionaries Trust **22**
**Statement of cash flows** Year to 31 December 2020
|Notes|
**2020**
**£**|2019
Unaudited
and as
restated
£|
|---|---|---|
|**Cash flows from operating activities:**
Net cash provided by (used in) operating activities
A
**Cash flows from investing activities:**
Investment income received – interest receivable and rental
income
Purchase of tangible fixed assets
Expenditure on investment properties
**Net cash used in investing activities**
**Change in cash and cash equivalents in the year**
**Cash and cash equivalents at 1 January 2019**
**Cash and cash equivalents at 31 December 2020**
B|
**28,055**|(23,363)|
||**7,496**
**(54,485)**
**(114,907)**|(8,581)
(5,820)
(5,079)|
||**(161,896) **|(19,480)|
||**(133,841)**
**1,918,525**|(42,843)
1,961,368|
||**1,784,684**|1,918,525|
## **Notes to the statement of cash flows for the year to 31 December 2020**
## **A Reconciliation of net movement in funds to net cash provided by (used in) operating activities**
|**activities**|||
|---|---|---|
||**2020**
**£**|2019
Unaudited
and as
restated
£|
|**Net movement in funds (as per the statement of financial activities)**
**Adjustments for:**
Depreciation
Loss on revaluation of investment properties
Investment income receivable – interest receivable and rental income
Increase in debtors
Increase (decrease) in creditors
**Net cashprovided by (used in) operating activities**|**(34,928)**
**23,924**
**4,907**
**(7,496)**
**(468)**
**42,116**|(46,099)
17,442
—
8,581
(3,000)
(287)|
||**28,055**|(23,363)|
## **B Analysis of changes in cash and cash equivalents**
||At 1
January
2020|Cash flows|**At 31**
**December**
**2020**|
|---|---|---|---|
|Cash at bank and in hand
**Total cash and cash equivalents**|1,918,525|(133,841)|**1,784,684**|
||1,918,525|(133,841)|**1,784,684**|
No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).
Claretian Missionaries Trust **23**
**Principal accounting policies** 31 December 2020
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.
## **Basis of preparation**
These accounts have been prepared for the year to 31 December 2020 with comparative information provided in respect to the year to 31 December 2019.
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.
The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded to the nearest pound.
## **Critical accounting estimates and areas of judgement**
Preparation of the accounts requires the trustees to make significant judgements and estimates.
The items in the accounts where judgements and estimates have been made include:
- ♦ estimating the useful economic life of tangible fixed assets for the purpose of determining an annual deprecation charge;
- ♦ estimating the fair value of the charity’s investment properties;
- ♦ determining the value of designated funds needed at the year end, in particular in respect to the assumptions made in determining the value of the retirement fund;
- ♦ estimating the value of certain debtors and certain creditors; and
- ♦ estimating future income and expenditure flows for the purpose of assessing going concern (see below).
## **Assessment of going concern**
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.
Claretian Missionaries Trust **24**
**Principal accounting policies** 31 December 2020
## **Assessment of going concern** (continued)
Since March 2020, the Covid-19 pandemic has changed the shape and nature of the world. It has impacted not only the basic nature of social interactions but has also had a significant economic impact at every level in ways which have been outside of the charity’s control.
The full impact on the charity’s income and expenditure and financial position following the emergence of the global Covid-19 pandemic is still unknown. However, the trustees do not consider that there will be any material impact on income or expenditure and, therefore, on the charity’s financial position.
The charity’s income has been impacted due to the need to temporarily cease offering retreats and hospitality to visitors at the Claret Centre. However, there have been compensating falls in related expenditure and the charity has also been able to take advantage of funding from the government’s Coronavirus Job Retention Scheme to offset the cost of salaries for staff that have been furloughed. Donations and income from ministry have fallen.
Throughout the pandemic, the trustees have kept, and will continue to keep, all income and expenditure under review. Whilst there will undoubtedly be challenges ahead, the trustees do not expect concerns to arise over the charity’s financial position. Therefore, the trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.
## **Income recognition**
Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.
Income comprises donations, retreat centre income, ministry income, bank interest, investment property income, grants receivable from Historic England for renovation of the charity’s property, funding from the government’s Coronavirus Job Retention Scheme and miscellaneous income.
Grants and donations, including salaries and pensions of individual religious received under Gift Aid or deed of covenant, are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations and/or grants pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation or grant is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probably that those conditions will be fulfilled in the reporting period.
In accordance with the Charities SORP FRS 102 volunteer time is not recognised.
Claretian Missionaries Trust **25**
**Principal accounting policies** 31 December 2020
## **Income recognition** (continued)
Income from the operation of the charity’s retreat centre is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be reliably measured. It is measured as the fair value of the consideration received or receivable excluding any relevant discounts.
Interest income is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest payable by the bank.
Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.
Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charity.
Rental income is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be measured reliably. It is measured at fair value and accounted for on an accruals basis.
Funding from the Coronavirus Job Retention Scheme is credited to the statement of financial activities when the charity is entitled to the funding and when it can be quantified.
## **Expenditure recognition**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:
- ♦ Expenditure on raising funds includes all expenditure associated with raising funds for the charity. This includes fees and expenses associated with the management of the charity’s investment properties.
Claretian Missionaries Trust **26**
**Principal accounting policies** 31 December 2020
## **Expenditure recognition** (continued)
- ♦ Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include charitable donations and grants, costs in respect to the support of members of the Congregation and enabling their ministry, and costs of running the charity’s retreat centre.
Charitable grants and donations are made where the trustees consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period end.
All expenditure is stated inclusive of irrecoverable VAT.
## **Support and governance costs**
Support costs represent indirect charitable expenditure to enable the members to carry out the primary purposes of the charity it is necessary to provide support in the form of financial procedures, provision of office services and equipment and a suitable working environment..
Support costs include governance costs comprising the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.
Support costs are apportioned using percentages based on the expenditure incurred on the main activities of the charity.
## **Tangible fixed assets**
All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised.
- a. Functional freehold property
Freehold properties used for the direct charitable work of the charity are included in these accounts at deemed cost based on long standing estimates of original cost.
As permitted under FRS 102, the charity has adopted a policy of not revaluing its tangible fixed assets. Tangible fixed assets are stated at cost. Where a valuation has been used in prior periods this has been taken to be deemed cost under the transitional arrangements of FRS 102.
The charity’s property, a heritage site with scheduled monument status, is depreciated at a rate of 1% per annum on a straight line basis.
Claretian Missionaries Trust **27**
**Principal accounting policies** 31 December 2020
## **Tangible fixed assets** (continued)
- b. Other tangible fixed assets
Plant and other tangible fixed assets are capitalised and depreciated at the following annual rates in order to write them off over their estimated useful lives:
- ♦ Plant, furniture and equipment –20% per annum based on cost
- ♦ Motor vehicles – 20% per annum based on cost
Other tangible fixed assets which have been fully depreciated are written out of the accounts as their net realisable value is considered to be negligible.
## **Freehold investment properties**
Properties held for investment purposes are included in these accounts at fair value based on open market value with vacant possession. The valuation has been determined by the trustees, with professional assistance.
Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.
## **Debtors**
Debtors are recognised at their settlement amount, less any provision for nonrecoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.
## **Cash at bank and in hand**
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.
## **Creditors and provisions**
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.
Claretian Missionaries Trust **28**
**Principal accounting policies** 31 December 2020
## **Fund structure**
Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.
The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets.
The investment property fund represents the book value of the investment property.
Designated funds comprise monies set aside out of unrestricted general funds for specific future purposes or projects.
General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objects.
## **Pensions**
Contributions in respect of the charity’s defined contribution pension scheme are charged to the statement of financial activities when they are payable to the scheme. The charity’s contributions are restricted to the contributions disclosed in note 10. There were no outstanding contributions at the year end. The charity has no liability beyond making its contributions and paying across the deductions for the employees’ contributions.
## **Services provided by members of the Congregation**
For the purposes of these accounts, no monetary value has been placed on administrative and other services provided by the members of the Congregation.
Claretian Missionaries Trust **29**
**Notes to the accounts** 31 December 2020
## **1 Income from: Donations and legacies**
||**Un-**
**restricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2020**
**Total**
**funds**
**£**|Unaudited and as restated|Unaudited and as restated|Unaudited and as restated|
|---|---|---|---|---|---|---|
|||||Un-
restricted
funds
£|Restricted
funds
£
—
25,750
—
—
—
25,750|2019
Total
funds
£|
|Pensions and other
income of individual
religious received
under deed of
covenant
Donations
Legacies
Collections and
offertory
Other amounts
receivable from
parishes
administered by the
charity|**33,943**
**51,917**
**—**
**17,135**
**21,476**|**—**
**25,726**
**—**
**—**
**—**|**33,943**
**77,643**
**—**
**17,135**
**21,476**|36,826
39,879
2,000
49,650
22,854||36,826
65,629
2,000
49,650
22,854|
||**124,471**|**25,726**|**150,197**|151,209||176,959|
## **2 Income from: Charitable activities**
||**Un-**
**restricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2020**
**Total**
**funds**
**£**|Unaudited and as restated|Unaudited and as restated|Unaudited and as restated|
|---|---|---|---|---|---|---|
|||||Un-
restricted
funds
£|Restricted
funds
£|2019
Total
funds
£|
|Retreat house and
related income
Ministry income|**37,270**
**84,373**|**—**
**—**|**37,270**
**84,373**|176,633
78,358|—
—|176,633
78,358|
||**121,643**|**—**|**121,643**|254,991|—|254,991|
## **3 Income from: Investments and interest receivable**
||**Un-**
**restricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2020**
**Total**
**funds**
**£**|Unaudited and asrestated|Unaudited and asrestated|Unaudited and asrestated|
|---|---|---|---|---|---|---|
|||||Un-
restricted
funds
£|Restricted
funds
£|2019
Total
funds
£|
|Rental income from
investment properties
Interest receivable|**4,825**
**2,671**|**—**
**—**|**4,825**
**2,671**|4,200
4,381|—
—|4,200
4,381|
||**7,496**|**—**|**7,496**|8,581|—|8,581|
Claretian Missionaries Trust **30**
**Notes to the accounts** 31 December 2020
## **4 Expenditure on: Support of members of the Community and their ministry**
||**Un-**
**restricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2020**
**Total**
**funds**
**£**|Unaudited and as restated|Unaudited and as restated|Unaudited and as restated|
|---|---|---|---|---|---|---|
|||||Un-
restricted
funds
£|Restricted
funds
£|2019
Total
funds
£|
|Premises
Food and supplies
Living and personal
costs
Travel, visas and motor
expenses
Education and formation
Medical
Pension contributions
Allocated support costs
(note 6)|**1,826**
**15,270**
**26,691**
**10,551**
**—**
**3,211**
**—**
**10,518**|**—**
**—**
**—**
**—**
**8,410**
**—**
**—**
**—**|**1,826**
**15,270**
**26,691**
**10,551**
**8,410**
**3,211**
**—**
**10,518**|3,273
12,840
29,888
27,827
20,699
2,198
4,979
20,784|—
—
—
—
1,209
—
—
—|3,273
12,840
29,888
27,827
21,908
2,198
4,979
20,784|
||**68,067**|**8,410**|**76,477**|122,488|1,209|123,697|
## **5 Expenditure on: Retreat and conference centre**
||**Un-**
**restricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2020**
**Total**
**funds**
**£**|Unaudited and asrestated|Unaudited and asrestated|Unaudited and asrestated|
|---|---|---|---|---|---|---|
|||||Un-
restricted
funds
£|Restricted
funds
£|2019
Total
funds
£|
|Staff costs
Premises costs
Food and supplies
Printing, Stationery and
telephone
Travel
Allocated support costs
(note 6)
Other|**109,113**
**56,757**
**6,799**
**3,031**
**4,688**
**28,926**
**1,011**|**—**
**—**
**—**
**—**
**—**
**—**
**—**|**109,113**
**56,757**
**6,799**
**3,031**
**4,688**
**28,926**
**1,011**|82,940
82,218
24,376
5,902
3,801
10,535
3,801|—
—
—
—
—
—
—|82,940
82,218
24,376
5,902
3,801
10,535
3,801|
||**210,325**|**—**|**210,325**|213,573|—|213,573|
## **6 Support costs**
||**Un-**
**restricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2020**
**Total**
**funds**
**£**|Unaudited and asrestated|Unaudited and asrestated|Unaudited and asrestated|
|---|---|---|---|---|---|---|
|||||Unrestricted
funds
£|Restricted
funds
£|2019
Total
funds
£|
|Audit and professional
fees
Printing, stationery, and
telephone
Meetings
Depreciation
Other|**9,360**
**5,585**
**—**
**23,924**
**575**|
**—**
**—**
**—**
**—**
**—**|
**9,360**
**5,585**
**—**
**23,924**
**575**|6,590
6,066
1,126
17,442
95|
—
—
—
—
—|
6,590
6,066
1,126
17,442
95|
||**39,444**|
**—**|
**39,444**|31,319|
—|
31,319|
Claretian Missionaries Trust **31**
**Notes to the accounts** 31 December 2020
## **6 Support costs** (continued)
Allocated as follows:
|||||Unaudited and asrestated|Unaudited and asrestated|Unaudited and asrestated|
|---|---|---|---|---|---|---|
||**Un-**
**restricted**
**Funds**
**£**|**Restricted**
**Funds**
**£**|**2020**
**Total**
**Funds**
**£**|Un-
restricted
Funds
£|Restricted
Funds
£|2019
Total
Funds
£|
|Retreat and conference
centre
Ministry and support of
members of the
Community|**28,926**
**10,518**|
**—**
**—**|
**28,926**
**10,518**|20,784
10,535|
—
—|
20,784
10,535|
||**39,444**|
**—**|
**39,444**|31,319|
—|
31,319|
No costs have been allocated to raising funds or donations, as the costs in relation to these activities are considered to be negligible.
## **7 Governance costs**
Included within support costs are governance costs as detailed below:
||Unrestricted funds|Unrestricted funds|
|---|---|---|
||Total
2020
£|Total
2019
(Unaudited)
£|
|Professional fees|**9,360**|6,590|
## **8 Donations and support of missions**
||**Un-**
**restricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2020**
**Total**
**funds**
**£**|Unaudited and as restated|Unaudited and as restated|Unaudited and as restated|
|---|---|---|---|---|---|---|
|||||Un-
restricted
funds
£|Restricted
funds
£|2019
Total
funds
£|
|Contribution to the
Provincial Administration
of the Claretian
Missionaries, Province of
Fatima, Seville
Contribution to support
the overseas missions of
the Claretian
Missionaries
Missions Procurator -
Hayes Claretian Oasis
HCPT (Hosanna House
and Children's
Pilgrimage Trust)
Donation of food via the
food bank operated by
the charity
Conference of Religious
- Safeguarding
Other donations|**54,434**
**—**
**—**
**—**
**—**
**—**
**950**|**—**
**11,428**
**360**
**3,944**
**2,806**
**—**
**—**|**54,434**
**11,428**
**360**
**3,944**
**2,806**
**—**
**950**|27,643
90,895
—
—
—
10,000
980|—
13,931
—
—
—
—
—|27,643
104,826
—
—
—
10,s000
980|
||**55,384**|**18,538**|**73,922**|129,518|13,931|143,449|
Claretian Missionaries Trust **32**
**Notes to the accounts** 31 December 2020
## **9 Net (expenditure) income before losses on investments**
This is stated after charging:
|**Net (expenditure) income before losses on investments**
This is stated after charging:|||
|---|---|---|
||**2020**
**£**|2019
(unaudited
and as
restated)
£|
|Staff costs (note 10)
Auditor’s remuneration (including VAT)
. Statutory audit services – current year
. Other services – current year
Independent examiner’s remuneration
Depreciation|**109,113**
**7,200**
**2,400**
—
**23,924**|82,940
—
—
6,590
17,442|
## **10 Staff costs, key management and trustees’ remuneration**
|**Staff costs, key management and trustees’ remuneration**|||
|---|---|---|
||**2020**
**£**|2019
(unaudited
and as
restated)
£|
|Staff costs during the year were as follows:
Wages and salaries
Social security costs
Other pension costs
Redundancy costs|
**80,818**
**2,327**
**1,057**|Information
not readily
available|
||**84,202**
**24,911**|82,940
—|
||**109,113**|82,940|
## **Key management**
The average number of employees during the year to 31 December 2020 was 5 (2019: 5).
No employee earned £60,000 (including taxable benefits) per annum or more during the year (2019 - none).
The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis.
Certain of the charity's trustees are members of the Congregation in England and consequently their living and personal expenses, all of which are consistent with the amounts paid in respect to other members of the Community, are borne by the charity. No trustee received any remuneration or reimbursement of expenses in connection with their duties as trustees (2019 – none).
As members of the Congregation, none of the trustees have resources of their own as all earnings, pensions and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant. During the year, the total amount donated by the trustees to the charity was £ 7,172 (2019 – £7,042).
Claretian Missionaries Trust **33**
**Notes to the accounts** 31 December 2020
## **11 Taxation**
Claretian Missionaries Trust is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
## **12 Tangible fixed assets**
|**Tangible fixed assets**|||||
|---|---|---|---|---|
||**Freehold**
**land**
**and**
**buildings**
**£**|**Furniture**
**and**
**fittings**
**£**|**Motor**
**vehicles**
**£**|**Total**
**£**|
|**Cost**
At 1 January 2020 - unaudited
Disposals
Additions
At 31 December 2020
**Depreciation**
At 1 January 2020 – as previously stated
(unaudited)
Prior year adjustment
At 1 January 2020 – unaudited and as
restated
On disposals
Charge for the year
At 31 December 2020
**Net book values**
At 31 December 2020
At 31 December 2019 – unaudited and as
restated|1,000,000
—
—|269,342
(241,034)
27,553|47,556
—
—|1,316,898
(241,034)
27,553|
||**1,000,000**|**55,861**|**47,556**|**1,103,417**|
||—
40,000|254,166
—|38,754
—|292,920
40,000|
||40,000
—
10,000|254,166
(241,034)
11,172|38,754
—
2,752|332,920
(241,034)
23,924|
||**50,000**|**24,304**|**41,506**|**115,810**|
||**950,000**|**31,557**|**6,050**|**987,607**|
||960,000|15,176|8,802|983,978|
The freehold land and buildings is included in the accounts at what the trustees believed to be an appropriate approximation of its market value. No formal professional valuation had been undertaken due to the undue costs that would be incurred in valuing the property.
As permitted under FRS 102, the charity has adopted a policy of not revaluing its tangible fixed assets. Tangible fixed assets are stated at cost. Where a valuation has been used in prior periods this has been taken to be deemed cost under the transitional arrangements of FRS 102.
It is likely that there are material differences between the open market values of the charity’s freehold land and buildings and their book values. These arise from the specialised nature of some of the properties and the effects of inflation. The amounts of such differences cannot be ascertained without incurring significant cost, which, in the opinion of the trustees, is not justified in terms of the benefits to the users of the accounts.
Claretian Missionaries Trust **34**
**Notes to the accounts** 31 December 2020
## **13 Investment properties**
|**Investment properties**|||
|---|---|---|
||**2020**
**£**|2019
(unaudited
and as
restated)
£|
|At 1 January 2020
. As previously stated
. Prior year adjustment (note 14)
. As restated
Additions during year
Revaluation loss
At 31 December 2020|**—**
**750,000**|—
750,000|
||**750,000**
**114,907**
**(4,907) **|750,000
5,079
(5,079)|
||**860,000**|750,000|
Investment properties comprise three residential properties owned by the charity. These are included in the accounts at fair value based on open market value with vacant possession. The valuation has been determined by the trustees, with professional assistance. No information is available of the historic cost of the properties.
## **14 Prior year adjustment**
- a. During the year the trustees have reviewed the use of the charity’s properties and as a result have reclassified as investment properties three cottages that are rented at commercial rents. These properties have been valued by the trustees at fair value based on professional advice at open market value. Renovation work carried out on these properties during the year ended 31 December 2019 has been capitalised.
- b. The trustees have reviewed the depreciation policy applied to the charity’s freehold functional land and buildings and have concluded that these properties should have been depreciated at 1% per annum as the property is a heritage site with scheduled monument status. Depreciation has been charged at £10,000 per annum for the years from 1 January 2016.
- c. The trustees have identified that cash Christmas collections to 31 December were being accounted for in January of the following year hence understating the cash in hand. A prior year adjustment has been processed to record this income in the correct period.
- d. Amounts receivable from parishes administered by the charity had been deducted from expenses. An adjustment has been recorded to gross up both income and expenditure. Income and expenditure for the year ended 31 December 2019 have been adjusted by £16,869.
- e. The trustees have reviewed the classification of income and expenditure and as a result certain changes to categorisation have been processed.
Claretian Missionaries Trust **35**
**Notes to the accounts** 31 December 2020
## **14 Prior year adjustment** (continued)
- f. The trustees of the charity have reviewed the funds of the charity and have reclassified the funds of the charity by establishing the tangible fixed assets fund as required by SORP and have also established the investment property fund as in the opinion of the charity the funds invested are not readily realisable to meet the charity’s commitments. Further details about these funds are provided in notes 18 and 19 below.
The net changes to the funds as a result of prior year adjustments explained above are summarised below:
|**Reconciliation of reported funds**
Notes|Unrestricted
funds
£|Restricted
funds
£|**Total**
**Funds**
**£**|
|---|---|---|---|
|_Fund balances at 31 December 2018 as previously_
_stated_
**_Prior year adjustment – 31 December 2018_**
Investment properties
(a)
Depreciation on functional properties
(b)
Christmas 2018 collections held in cash at 31 December
2018
(c)
**_Fund balances at 31 December 2018 - as restated_**
_Net movement in funds for the year ended 31 December_
_2019 as previously stated_
**_Prior year adjustment – 31 December 2019_**
Christmas 2018 collections held in cash at 31 December
2018
(c)
Christmas 2019 collections held in cash at 31 December
2018
(c)
Church rent receivable at 31 December 2019
Capital expenditure on Investment property expensed
(a)
Loss on revaluation of investment property
(a)
Depreciation on functional properties
(b)
_Net movement in funds for the year ended 31 December_
_2019 as re stated_
**Fund balances as at 31 December 2020(as restated)**|2,834,319|141,338|
2,975,657|
||750,000
(30,000)
2,847|—
—
—|
750,000
(30,000)
2,847|
||722,847|—|
722,847|
||3,557,166|141,338|
3,698,504|
||(55,037)|10,610|
(44,427)|
|||||
||(2,847)
3,096
3,000
5,079
(5,079)
(10,000)|
—
—
—
—
—
—|
(2,847)
3,096
3,000
5,079
(5,079)
(10,000)|
||(6,751)|—|(6,751)|
||(61,788)|10,610|(51,178)|
||3,495,378|
151,948|3,647,326|
Claretian Missionaries Trust **36**
**Notes to the accounts** 31 December 2020
## **15 Debtors**
|**Debtors**|||
|---|---|---|
|Coronavirus Job Retention Scheme funding
Deposit paid on fixture and fittings
Amount receivable from parishes administered by the charity|**2020**
**£**
**3,468**
**26,932**
**—**
**30,400**|2019
(unaudited
and as
restated)
£|
|||—
—
3,000|
|||3,000|
## **16 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2020**
**£**|2019
(unaudited
and as
restated)
£|
|Expense creditors
Redundancy costs
Deposits received in advance
Tax and social security costs
Accruals|**11,763**
**24,911**
**2,688**
**1,331**
**9,600**|—
—
—
1,337
6,840|
||**50,293**|8,177|
## **17 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trusts to be applied for specific purposes:
||**At 1**
**January**
**2020**
**(Unaudited)**
**£**|**Income**
**£**|**Ex-**
**penditure**
**£**|**Transfers**
**£**
911
—
—
—
911|**At 31**
**December**
**2020**
**£**
**—**
**149,661**
**1,976**
**14,194**
**165,831**|
|---|---|---|---|---|---|
|Mission fund
Clergy fund
Training fund
Historic England grant fund|6,132
139,566
6,250
—|11,495
10,095
4,136
40,000|(18,538)
—
(8,410)
(25,806)|||
||151,948|65,726|(52,754)|||
|||Unaudited|Unaudited||
|---|---|---|---|---|
||At 1
January
2019
£|Income
£|Ex-
penditure
£
(13,931)
—
(1,209)
(15,140)|At 31
December
2019
£
6,132
139,566
6,250
151,948|
|Mission fund
Clergy fund
Training fund|4,720
134,363
2,255|15,343
5,203
5,204|||
||141,338|25,750|||
Claretian Missionaries Trust **37**
**Notes to the accounts** 31 December 2020
## **17 Restricted funds** (continued)
The specific purposes for which the funds are to applied are as follows:
- ♦ Mission Fund
This fund represents monies received to send aid to overseas missions for projects, in conformity with the charity’s objectives. The transfer represents expenditure funded from unrestricted funds.
- ♦ Clergy Fund
This fund represents funds raised specifically for the sick, retired members of the Clergy through the Diocese of East Anglia’s “Alive in Faith” initiative.
- ♦ Training Fund
- This fund represents funds raised for the training and education of the members of the Claretian Missionaries.
- ♦ Historic England grant fund This fund represents the unspent balance on the ‘Historic England Repairs Grants for Heritage at Risk’ received from Historic England for the renovation of the charity’s property situated at Buckden, St Neots, Cambridgeshire.
## **18 Tangible fixed assets fund**
|**Tangible fixed assets fund**|||
|---|---|---|
||**2020**
**£**|2019
(unaudited
and as
restated)
£|
|At 1 January 2020 - as previously stated
Prior year adjustment
At 1 January 2020 - as restated
Movement in year
At 31 December 2020|—
**983,978**|—
995,600|
||**983,978**
**3,629**|995,600
(11,622)|
||**987,607**|983,978|
The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets and has been set up in recognition of the fact that the assets are required for the day-to-day work of the charity and are not available to finance current expenditure or meet contingencies.
Claretian Missionaries Trust **38**
**Notes to the accounts** 31 December 2020
## **19 Investment property fund**
This fund represents the carrying value of the charity’s investment properties. The amount has been set aside from the charity’s general funds in recognition of the fact that the assets have been invested for the longer term and will not be available to meet contingencies.
|contingencies.|||
|---|---|---|
|At 1 January 2020 - as previously stated
Prior year adjustment
At 1 January 2020 - as re stated
Movement in year
At 31 December 2020|**2020**
**£**
—
**750,000**
**750,000**
**110,000**
**860,000**|2019
(unaudited
and as
restated)
£|
|||—
750,000|
|||750,000
—|
|||750,000|
## **20 Designated funds**
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
||At 1
January
2020
(unaudited)
£|Net
movement
£|**At 31**
**December**
**2020**
**£**|
|---|---|---|---|
|Pastoral/Apostolic Fund
Sick and Aged Fund
Retreat Centre|85,883
710,833
462,782|
—
(211)
(134,219)|
**85,883**
**710,622**
**328,563**|
||1,259,498|
(134,430)|
**1,125,068**|
|||Unaudited||
|---|---|---|---|
||At 1
January
2019
£|Net
movement
£
—
14,882
(19,117)
(2,752)
(6,987)|At 31
December
2019
£
85,883
710,833
462,782
—
1,259,498|
|Pastoral/Apostolic Fund
Sick and Aged Fund
Retreat Centre
Mass Stipends
|85,883
695,951
481,899
2,752|||
||1,266,485|||
The Pastoral/Apostolic Fund has been established to provide a resource from which the Claretian Missionaries can subsidise a ministry that is in accord with their Constitutions and Trust Deed, but which would not keep the personnel appointed to the ministry. It can also be used to pay for resources needed in one of our apostolates. The trustees are actively trying to find new pastoral connections and funds will be used when the new connections are made.
Claretian Missionaries Trust **39**
**Notes to the accounts** 31 December 2020
## **20 Designated funds** (continued)
The Sick and Aged Fund exists to provide for the healthcare of retired or sick missionaries, including residential care if needed. Each parish community contributes approximately £3,000 a year towards the fund. As the missionaries are an ageing generation, the funds will be used as required when the missionaries are sick and aged.
The Retreat Centre fund represents the movement of funds relating to the activities carried out at Buckden Towers and the up-keep of the existing maintenance on the site.
The Mass Stipends is money set aside for the celebration of Masses. Only when the Masses have been celebrated, usually within the first 3 months following the year end, can the money be used by the charity.
## **21 Analysis of net assets between funds**
||**Un-**
**restricted**
**funds**
**£**|**Tangible**
**fixed**
**assets**
**fund**
**£**|
**Invest-**
**ment**
**property**
**fund**
**£**|
**Restricted**
**funds**
**£**|
**Designated**
**funds**
**£**|
**2020**
**Total**
**funds**
**£**|
|---|---|---|---|---|---|---|
|**Fund balances at 30**
**December 2020 are**
**represented by:**
**Tangible fixed assets**
**Investment properties**
**Net current assets**
**Total net assets**|—
—
**473,892**|**987,607**
—
—|
—
**860,000**
—|**—**
**—**
**165,831**|
**—**
**—**
**1,125,068**|
**987,607**
**860,000**
**1,764,791**|
||**473,892**|**987,607**|
**860,000**|**165,831**|**1,125,068**|**3,612,398**|
||||||||
||Un-
restricted
funds
£|Tangible
fixed assets
fund
£|Investment
property
fund
£|
Restricted
funds
£|
Designated
funds
£|
2019
Total
funds
£|
|Fund balances at 31
December 2019 as restated
are represented by:
Tangible fixed assets
Investment properties
Net current assets
Total net assets|—
—
501,902|983,978
—
—|—
750,000
—|
—
—
151,948|
—
—
1,259,498|
983,978
750,000
1,913,348|
||501,902|983,978|750,000|
151,948|1,259,498|3,647,326|
Claretian Missionaries Trust **40**
**Notes to the accounts** 31 December 2020
## **21 Analysis of net assets between funds** (continued)
The funds of the charity include unrealised gains on the charity’s investment properties as follows:
|follows:|||
|---|---|---|
||**2020**
**£**|2019
(as
restated)
£|
|**Unrealised gains at 31 December 2020 included above:**
Total unrealised gains on investment properties
**Reconciliation of movements in unrealised gains**
Unrealised gains at 1 January 2020
Add: losses arising on revaluation arising in the year
Total unrealisedgains at 31 December 2020|**740,014**|744,921|
||**744,921**
**(4,907)**|750,000
(5,079)|
||**740,014**|744,921|
## **22 Ultimate control**
The charity, which is constituted as a trust, was controlled throughout the period by the Claretians Missionaries by virtue of the fact that the trustees are appointed by the Congregation. The Congregation within the United Kingdom does not hold any assets, incur liabilities or enter into transactions in its own right. Assets and liabilities of the Congregation in the United Kingdom are vested in the trustees of the charity, who undertake all transactions entered into in the course of the Congregation’s charitable activities in the United Kingdom.
## **23 Transactions with trustees and related parties**
Two of the charity’s trustees are members of the Province of Fatima which includes the Congregation’s members based in Portugal, Spain and the United Kingdom. In addition to making a contribution towards the running costs of the Province, the charity makes donations to the Province and to the wider Congregation to support its overseas work (see note 8).
Those trustees who are members of the Province withdraw from discussions concerning the awarding of such donations.
Amounts donated to the charity by its trustees are disclosed in note 10.
There were no other related party transactions during the year (2019 – none).
Claretian Missionaries Trust **41**