Registered Charity Number: 234409 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR SHERBURNE HEATLEY TRUST SHERBURNE HEATLEY TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Pago Refemnce and Adminlstrative Detalls Report of the Trustees 2104 Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8t011 SHERBURNE HEATLEY TRUST REFERENCE AND ADMINISTrATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024 Address of Ihe Charity St Joseph's Presbwery Harpers Lane Chorley PR6 OHR Trustees Fr Bernard Hlgham (Chairman) CanDn Peter Stanley (Secretary) Canon Aidan Prescoll Canon Kevin McLoughlin Canon John Goman Fr Joseph Kendall Fr Anthony Kelly Registered Charity Number 234409 Solicitors Kevills Solicitors Astley House 5 Park Road Chorley PR7 1QS Investment Managers Sarasin & Partners Juxon House 100 St. Paul's Churchyard London EC4M 88U Independent Examiner Accounlanls Adam Calvert ACA Rushlons Chartered Accountants Shorrock House 1 Faraday Court Fulwood Preston PR2 9NB Bankers HSBC pl¢ 331 Lord Street Southport PR8 1NJ SHERBURNE HEATLEY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Sherburne Heatley Trust is a Charitable Trust, established by a Trust Deed dated 12 Augusl 1845. The Trust Is registered with the Charity Commission for England and Wales, Registered Number: 234409. Appointment of trustees The Trust Deed provides that each Trustee must be a Roman Catholic secular priest and a British subjoct, and that the power of appointing new Trustees (when required) is vested in the existing Trustees. Risk management The Trustees have considered possible risks to the Charity and conclude that, by the nature of the activities etc, no significant exlernal risks exisl. OBJECTIVES AND ACTIIVITIES Aims The principal aims of the charity are the education of young men for the Roman Catholic priesthood, and the support of the schools, places for religious worship, education. and charitable purposes in England and Wales "of His Majesty's subjects professing the Roman Catholic religion., The original funds of the charity were provided by variou5 ground rents, legacies, and properties, as outlined in the Trust Deed. These have been largely converted over the years into stocks and securllies, detsils of which are provided within the accounts. Following the restoration of the Roman Catholic Hierarchy in 1850, together with its dioc8ses, grants from the Trust have been directed lo those dioceses in order lo assist their work, in accordance with the aims of the Trust. Actlvltles Because of its very specific aims, the charity does nol atlempt to raise fund5 frotn public sources. but administers the income which becomes available through its investrnents and rents. In earlier years il was customary for individual students to approach the Trust for grants. Today, although applications for assistance in particular cases will always be considered, the beneficiaries of the charity are now helped by block grants from the Trustees to the Priests, Training Funds administered at diocesan level. Grants lo needy parishes are made either directly or through diocesan channels. The Trustees hold an annual meeting for the distrlbulion of grants, and such other ffteetings, e.g. with financial advisors. as may become necessary in the course of the year. One of the Trustees. who acts 8s Secretary, is responsible for liaising with the professional advisors of the TTUSt. Public benefit The Charily makes grants to assist with education in parishes, schools and colleges. In addition support is given lo needy parishes. The Trustees have referred to the guidance contained within the Charity Commission's general guidance on public beneflt when reviewing the charily'5 aims and objectives. SHERBURNE HEATLEY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE The distribution of grants was made according to a formula derived from the requirement of the Trust Deed that the Trust should have a particular, though not an exclusive, concern for the support of ecclesiastical education of students from the (old) county of Lancashire. Hence the Archdiocese of Liverpool, and the Dioceses of Lancaster and Salford were once again our major beneficiaries, together with the Di0￿se$ of Shrewsbury and Wrexham. During the year a totsl of £20,00012023.' £20,000) was granted in support DI ecclesiastical education. Annual grants lolaling £Nil (2023: £Nill were made, £Nil12023'. £200) was granted in response to specific requests and £35012023: £200) was granted for Trust Fund masses. FINANCIAL REVIEW ReseNe5 Policy The Trustee5 aim to maintain the reseNes of the Charity, so as to ensure that income available to meet future grants is maintained in real terms. The reserves held at 31 December 2024 were unreslricled £160,360 and endowed £855,213. Investment policy and performance Regular reports from Sarasin & Partners, a firm of professional investment managers authorised by the financial Conduct Authority, have kept the Trustees informed of the progress of their investments. Policy and disclosure statements have been approved and signed in compliance with Ihe rules of the Financial Conduct Authority. Key management and personnel remuneration The trustees consider the board of trustees to be key management of the charity in charge of directing and controlling the charity and running the operation of the charity on a day lo day basis. All trustees give their lime freely and no trustee remuneralion was paid in the year, or previous year. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees present their report and the unaudited accounts of the charity for the year ended 31 De￿mber 2024. The truslees have adopted the provisions of the Statement of Recommended Practice (SORPI "Accounting and Reporting by Charities" in preparing the annual report and financial slalements of the charity- The financial slalemenls have been prepared in accordance with the accounting policies set out in not8s to the accounts and comply with the charities governing document, the Charities Act 2011 and Accountin9 and Reporting by Charities.. Statement of Recommended Practice applicable to charÈti8s preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191- SHERBURNE HEATLEY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES Cont. The Trustees are responsible for keeping proper accounting records thal disclose with reasonable accuracy, at any time, the financial posilion of the charity and enable them to ensure that the financial statements comply with the Charities Act 20118nd 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 UK and Republic of Ireland {FRS1021 (effective 1 January 2019), 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. This repori was approved by the Trustees of the charity on behalf. and signed on its Father Bernard Higham Trustee Canon Peter Stariley Trustee SHERBURNE HEATLEY TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Independent examiner's report to the trustees I report to the charity trustees on my examination of the accounts of Sherburne Heatfey Trust (the Gharity) for the year ended 31 December 2024. Responslbillties and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance wlth the requirements of the Charilies Acl 2011 ('the Act,). I report in respect of my examination of the Trusvs accounts carried out under Section 145 of the Act and in carrying out my examinalion I have followed all applicable Directions given by the Charity Commission ur)der Section 14515llb) of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention iii connection with Ihe examination giving me cause to believe that in any material respecl.. accounting records were not kept in respect of the Trust as required by Section 130 of the Act,. or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which 15 not a maller considered as part of an independent examination I have no concems and have come across no other matters in connection with the examination lo which allenlion should be drawn in this repoTt in order to enable a proper understanding of the accounts to be reached Adam Calvert Chartered Accountant Rushtons Shorrock House, 1 Faraday Court Fulwood Preston PR2 9NB Date= SHERBURNE HEATLEY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrgstricted Endowment Fund Fund Total 2024 Total 2023 Notes Incoming Resources Nel rental income Investment income Bank interest (gross) ProfiUILossl on sale of investments Donation 11,178 22,133 516 11.178 22,133 516 48,830 (841 21,456 411 31,939 48,830 Total incoming resources 33,827 48,830 82,657 53,722 Charitable expendlture Trust fund masses EcclesiastlC81 educatlon Annual grants Requests Support costs 350 20,000 350 20,000 200 20,000 200 2,444 2,382 2,382 Total resources expended 22,732 22,732 22,844 Net incoming1{outgoing) resources 11,095 48,830 59,925 30,878 Fund balances brought foTward 149,265 806,383 955,648 924,770 Fund balances carried forward 160,360 855,213 1,015.573 955,648 SHERBURNE HEATLEY TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Flxed assels Properly Investments 208,865 760,929 208,865 712,099 969,794 920,964 Current assets Cash at bank 48,639 36,784 Creditors Amounts falling due within olle year (2,8601 12,1001 Net current assots 45,779 34,684 Net assets 1,015.573 955,648 Funds Unreglricted fund- Accumulated income Relricted fund - Endowment fLtnd 160,360 855,213 149,265 806,383 1,015,573 955,648 The fi'nancial statement5 were approved by the Tru51ees on . behalf by: and signed on their Father Bernard Higham Canon Peter Stanley SHERBURNE HEATLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 LEGAL FORM The trust is a registered charity, established by a Trust D88d dated 12 August 1845. 2 ACCOUNTING POLICIES Basis of accounting The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 1021 'Accounling and Reporting by Charities- Slalement of Recommended Practice applicable to charities preparing their accounls in accordance with the FinaFicial Repc)rting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019),, Flnancial Reporting Standard 102 'The Financial Reporting Slandard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial slalements have been prepared under the historical cost convention, with the exception of inveslmenls which are included at market value, as modified by Ihe revaluation of certain assets. The financial statements are presented in sterfing which is the funclional currency of the charity- The signific3nt accounting policies applied in the preparation of these financial slalements are set out below. These policies have been consistently applied lo 311 years presented unless otherwise stated. Income, dividend and deposit interest Dividend income is accounted for on the date Ihe dividend 15 payable. Deposit interest is accounted for on a receipts basis. Rental income is included when due lo be received by the charity. Investments Investments are initially recognised al their transactional value and subsequently measured at their market value as al the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation, additions and disposals Ihroughtout the y8ar. The increase in their value this year of £48,830 has been added lo the value of the Capital Fund. Expendlture All expenditure is accounted for on an accruals basis, grant5 are accounted for when they have been approved by the Trustees. Cost of generating funds The cost of generating funds consists of inveslmenl managemellt and certain legal fees. Allocation of support costs Support costs are those costs which have not been directly allocated lo an activity of the charity but nevertheless support those actlvities. These costs have been allocated between Charitable Activities and Governance Costs. The basis on which support cos15 have been allocated are sel out in note 5. Property The property is inGluded wilh the financial statements al market value, this market value of 43 Friargale as at 31 December 2024 is considered to be £208.865. The valuation has not been performed by an independent expert al the balance sheet dale. A schedule of the properties is shown in note 3. SHERBURNE HEATLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 3 SCHEDULE OF PROPERTIES AND RENTAL INCOME Market Markot Value at value at 3111212023 3111212024 Income re¢elvable Locatlon 43 Friargale, Preston 208,865 208,865 13,000 208,865 208,865 13,000 Less: Property èxpenses Insuran Bailiffs fees Parking fees Repairs 1795} 19671 (601 Net rental In¢ome for the year 11,178 SHERBURNE HEATLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 5 ANALYSIS OF SUPPORT COSTS Charltable activities Governance costs Total 2024 Administration expenses Independent examiner's fees Bank charges 400 1.920 62 400 1,980 64 2,382 2,444 6 CREDITORS., AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Owing to St Joseph's Church Rushtons Rents in advance Trust fund masses 880 1,980 2,100 2.860 2,100