CHARITY REGISTRATION NUMBER.. 238229 Trust Property Administered In Connection With The Religious Of Mary Immaculate Unaudited Financial Statements 31 December 2023 BURGESS HODGSON LLP Chartered accountants Camburgh House 27 New Dover Road Canterbury Kent CT13DN Trust Property Administered In Connection With The Religlous Of Mary Immaculate Flnan¢lal Statements Year ended 31 December 2023 Page Trustees, annual report Independent examinerfs report to the trustees ststement of financial a¢tivtties Statement of financial posrtion Statement of cash flows Notes to the financial statements The following pages do not form part of the financial ststements Detailed statement of financial activities 17 Notes to the detailed statement of financial activities 18 Page 1 Trust Property Administered In Connection With The Religious Of Mary Immaculate Trustees, Annual Report Year ended 31 December 2023 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2023. Raference and administrative detsils Reglstered charity name Trust Property Administered In Connection Wth The Relig¢ous Of Mary Immaculate Charlty reglstration number 238229 Principal office 15116 Southwell Gardens London SW7 4RN The trustees Sr L Alvares Sr C Arenaz Sr l M Gregis Sr A B Araujo SrA R Torres Sr E E Fabic (Retired 3 January 20231 (Appointed 3 January 2023) Accountants Burgess Hodgson LLP Chartered accountants Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN Solicitors Hunters Law LLP 9 New Square Lincoln's Inn London WC2A 3QN Banking HSBC 1 Cenlen8ry Square Birrningham United Kingdom B1 1HQ Natwest 36 StAndrew Square Edinburgh United Kingdom EH2 2YB Revolut 7 Westtery Cir¢us Canary Wharf London United Kingdom E14 4HD Page 2 Trust Property Administered In Connection With The Religious Of Mary Immaculate Trustees, Annual Report f¢ontinuedJ Year ended 31 December 2023 Structure, governance and rnanagernent The financial statements comply wf(h the statutory requirements, the governing document and the SORP (revised 2015 IFRS102)} of accounting and reporting by charities. The goveming document regarding the charrty's constttution is 8 declaration of Charitable Trust dated 14th October 1957. No fomial method has been adopted by the challty for the appointment and training of trustees. Trustees are appointed inlemally based upon their experience and knowledge. Strategic decisions are taken by the trustees with the main day-t(Hlay management decisions taken by the sisters. The Provincial House is in Paris and the Sisters, convent in London is one of the many houses throughout the world. The Sisters have established a hostel for girls providing lodging and spiritual care. Ri$k Management The Charity is dependent on i(s functional property and any unforeseen damage lo this propety, such as fires, represents the largest risk lo the charity's ability to continue operations. The Trustees ensure that the property is adequately insured in the event of any such catastrophe and the levels of insurance are reviewed on a regular basis. which incorporates health and safety reviews. The trustees also have in place policies and procedures to cope with any beneficiaries requiring shelter and spiritual Care. Objectives and activities The principal activity of the Charrty as defined in the goveming document is the advancement of the Roman Catholic religion in England & Wales. The trustees ar$ free to invest the funds of the charity as they feel is appropriate. Public benefit The Tru51ees confirm that they have corllplied with their duly as prescribed the Charf(ies Act 2011 to have due regard to the Charity Commission's guidance on public benefit. Achievements and perfomance Southwell Gardens had all rooms in the building available. This totals 43 rooms providing 67 beds. The estimated usage of the hostel compared to maximum capacrty is as follows'.- Soulhwell Gardens 86.040A12022.. 80.010/0} The occupancy in the year has increased compared to the prior year. Page 3 Trust Property Admlnistered In Connection With The Religious Of Mary Immaculate Trustees. Annual Report (continued) Year ended 31 December 2023 Flnanelal review During the year, there was a deficit in funds lolalling £803,22412022'. £6,521.108 deficit). The charty made donations to Provincial House of £Nil 12022.. £19,000) during the year. The Charity made the donation of £783,909 to the Congregation of the religious of Mary Immaculate of Milan. Italy (2022".£Nill during the year. The total bank balance was £863,53512022'. £1,659,123) al the year end. Reserves The Trusfs reserves at the year end totslled £2,014,564 {2022'. £1,619,492), which is arrived al after removing the value of the functional property and its fittings. There are no restricted or designated funds. The Trustees continued to rnaintain reserves during the period appropriate to meet the future eharitable objectives of the charty, with the aim of maintsinin9 the fund to enable the charity to continue lo provide spiritu?[ care and hostel services. In the prior year as a result of the impact of Covid and other outside influences on the charity, the Trustees deemed it appropriate to reconsider the policy of holding reserves. The previous policy to maintain reserves sufficient lo meet 3 - 6 months expenditure was insufficienlly conservative, and as a result the period was exlended. The new policy was approved and came into effect in June 2021. 8nd 1$ to hold sufficient reserves to meet 2 years expenses without budgeting any additional in￿me. The charity is dependent on rts functional property in South Kensington and any unforeseen damage to this property, such as a fire, ￿preSentS the largest risk to the charity's abilty to continue operations. The Trustees ensure that the property Is adequalety insured in the event of any such catsstrophe and the levels of insurance are reviewed on a regular basis. Plans for future pedods The main strategy for the foreseeable future is the further advancemerbt of the Roman Catholic religion and in direct connedion to provide shelter and spirftual care for visitors. Trustees, responslbilltles statement The trustees are responsible for prepanng the trustees. report and the financial ststements in accordance with applicable law and United Kingdom A￿o￿ntIng Standards (United Kingd¢)m Generally A￿epted Accounting Practice). The18w applicable to charities in England and Wa5es requires the charty trustees to prepare financial statements for each year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. Pry•4 Trust Property Admlnlstered In Connectlon Wlth The Rellglous Of Mary Immaculate Tru8tao•' Annual Report Yoar onded 31 D•cemb•r 2023 In yep8rfng thest finandal 31Mtfjffl￿ts. Ihe truslees ère requlT•d to: seled sullBbl8 accounlng pullcley arKI then apply them consl8tenty, ob80p￿ the meth¢xts and prfndplos In the 8ppIl￿b10 Chgduos SORP; makè ludgmanls and 8WJunUng 0sUmat•s that aro r•8son8bl• and prndant: slats Mththr 8ppk*8 UK l(uunting Stsndards have been follTh8d, subject to ary matsrtal dePartu￿S dlsdosed and explalned tn the flnandal statements; preparg the financial ststements on the going ¢>Jn¢*m basis unless it i8 In￿propriat8 to presiima Ih8t the {• V*ill cjjntinue in PAJsln8ss. Th8 truste6s arg rosponsibl8 fry kwtrvj adoqu819 B¢counting r8¢ords Ih8t ar8 Suffidanl lo show arml ain th• ¢hariWs transacbons and discljse with reasonable accuracy al any timè the financlaj p0s￿n of the chaTTty and enable them lo ensure that the finanual statemwts QJmFty wilh the char￿eS Acl 2011. the applicable Chanlies (Accounts and Reports) Regulations. aNI the FmMsw)ns of the Tnjst Deed. They ?re algo respon&bl8 for s8legu8rrTrs TNst¢e Page 5 Trust Property Administered In Connection With The Religious Of Mary Immaculate Independent Examiner's Report to the Trustees of Trust Property Administered In Connection With The Religious Of Mary Immaculate Year ended 31 December 2023 I report to the trustees on my examination of the financial slalemenls of Trust Propety Administered In Connection With The Religious Of Mary Immaculate (the charity'l for the year ended 31 December 2023. Responsibilities and basis of report As the trustees of the charty you a￿ responsible for the preparatiorb of the financial statements in accordance wf(h the requirements of the Charf(ies Act 2011 I'the Act,). I report in respect of my examination of the charity's financial slalements out under sedion 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 1451511bl of the Ad. Independent examinefs statement Since the charty's gros5 income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confimi that l am qualified to undertake the examination be¢ause l am a member of the Instf(ute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bcxjies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the charty as required by section 130 of the Act., or the financial statements do not accord with those records., or the financial statements do not compty 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 'lrue and fail view which is not a matter considered as part of an independent examination. I have no wncerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understsnding of the accounts to be reached. Colin Reid Independent Examiner Camburgh House 27 New Dover Road Canterbury Kent CT130N Paga 6 Trust Property Administered In Connection With The Religious Of Mary Immaculate Statement of Financial Activities Year ended 31 December 2023 2023 Unrestrictsd funds Totsl funds Totsl funds 2022 Note Income and endowments Donations and legacies Investrnent income Other ir)come 490,731 11,296 3,585 505,612 490,731 11,296 3.585 414.030 3,104 213 Total in¢ome 505,612 417,347 Expendlture Expend((ure on charitable activities Total expenditure 1,308,836 1.308,836 1,308,836 1.308.836 6.938,455 6.938,455 Net expendlture and net movement In funds 1803,224) 1803,2241 16,521,108) Recon¢i1Sation of funds Total funds brought fo￿ard Total funds carried forward 2,817,788 2,817,788 2,014.564 9,338,896 2,817.788 2,014,564 The Slalement of financial activities indudes all gains and losses recognised in the year. All income and expendyture derive from continuing activf(ies_ Thè notes on payes 9 to 15 fomi part of these flnanclal statements. Page 7 Trust Property Administered In Connection With The Rellgious Of Mary Immaculate Statement of Financial Posltlon 31 December 2023 2023 2022 Nots Fixed assets Tangible fixed assets 14 1,191.970 1.198,298 Current assets Debtors Cash al bank and in hand 15 157 863,S35 2.585 1,659,123 863,892 1,661,708 Creditors.. amounts falling due within one year Net current assets 16 41,098 42,216 822,594 2.014.564 1,619,492 2,817,788 Totsl assets less current liabillties Npt a$$ets 2.014.564 2,817,788 Funds ofthe charity UnrestrKled funds 2.014,564 2,817,788 Totsl charity funds 18 2.014,564 2,817,788 These financial statements were approved by the board of trustees and authorised for issue on and are signed on behalf of the board by.. SrA R Torres Trustee The notes on pages 9 to 15 fom) part of these financlal ststements. Page 8 Trust Property Administered In Connection With The Religious Of Mary Immaculate statement of Cash Flows Year ended 31 December 2023 2023 2022 Cash flows from operattng activltie$ Net expenditure 1803,2241 16,521,308) Adjustments for Depreciation of tangible fixed assets Other interest recetvable and similar income Interest payable and similar charges Accrued expenses 6,326 111.296} 908 1.331 8,486 (3,104} 6,687,935 14,387 Changes in.. Trade and other debtors Trade and other creditors 1.675 11.6961 (805,9761 6,814.292 6,617,449 10.247 Cash generated from operations Interest paid Interest received 19081 16,687,935) 11,296 3.104 Nel cash (used inllfrom operating 8etivilies 1795,5881 129,461 Cash flows from investing activities Purchase of tangible assets Nel cash used in investing activities 1419) 14191 Net Idecreasellincrgas8 in cash and cash oquivalents Cash and cash equivalents at beginning of year Cash and cash equivalants at end of year (795,5881 1.659,123 863,53S 129.042 1,530,081 1,6S9,123 The notss on pages 9 to 15 fomi part of these financial statements. Page 9 Trust Property Administered In Connection With The Religious Of Mary Immaculate Notes to the Financial Statements Year ended 31 December 2023 General infom]ation The Gharrty is a public benefit entty and a registered ¢har'ty in England and Wales and is unincorporated. The address of the principal office is 15116 Southwell Gardens, London, Swt 4RN. Statement of complianGe These financial statements have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practicè appliGable to char((ies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {Charities SORP IFRS 10211 and the Charities Act 2011. Accounting policies Basls of prepara￿on The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured al fair valLte through income or expendf(ure. The financial statements are prepared in sterling, which 1$ the functtonal currency of the entity. Going concern They have considered the polenb.al business impact of the events in Ukraine with particular referen￿ to how these may disrupt their business model, strategy and operations. The trustees are satisfied that these reviews showed no material risks to the business and conclude that the finan¢ial statements should continue to be p￿pared on a going concern basis. Overall, the trustees are satisfied that the ￿VIeW showed no material risks to the business and conclude the financial statements should continue lo be prepared on a going concern basis. Judgements and key sources of estimation uncertainty The preparation of the financial slalemenls requires management to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and aTe based on experience and other factors, including expectstions of future events that are believed to be reasonable under the circumstances. Fund accounting Llnrestricted funds are available for use at the discretion of the twstees to fvrther any of the charity's purposes. Designated funds are unreslricled fijnds eamarked by the trustees for particular future project or commitment. Reslricled funds are subjected to reslriclions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of subonalion$ and legacies Unrestricted Totsl Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Donations ~ Provision of She￿&r Donations- General Pensions Income Laundry Charges 426,279 30,685 30.732 3,035 426,279 30.685 30.732 3.035 376,942 16,708 18,677 1,703 376,942 16,708 18,677 1,703 490,731 490,731 414,030 414,030 Page 12 Trust Property Administered In Connection With The Religious Of Mary Immaculate Notes to the Financial Statements {conUnuedJ Year ended 31 December 2023 Investrnent income Unrestricted Total Funds Unrestricte(f Total Funds Funds 2023 Funds 2022 Bank interest recewable 11,296 11,296 3,104 3,104 Other income Unreslricled Total Funds Unrestricted Total Funds Fund5 2023 Funds 2Q22 other income 3,585 3,585 213 213 Expenditure on charitable activities by fund type Unrestricted Totsl Funds Unrestricted Total Funds Funds 2023 Funds 2022 Provision of hostel and support services Advancement of the Roman Catholic Re5igion Support costs 226,115 226,115 100,964 100,964 899,296 183,425 899,296 183,425 6,680,640 156,851 6.680,640 1 56.851 1,308,836 1,308,836 6,938,455 6.938,455 Expendlture on charitable actlvltjes by actlvity type Activities undertaken directly Support Total funds costs 2023 Total fund 2022 Provision of hostel and support services Advancement of the Roman Catholic Religion Governance costs 226,115 154,535 380,650 215,925 899,296 899.296 28.890 6.680,640 41,890 28,890 1,125,411 183.425 1,308.836 6.938,455 Anatysis of support costs SLSPPOrt sts Totsl 2023 Total 2Q22 Governan￿ costs Wages 8nd salaries Telephone Office wsts Shoes and clothes 28,890 113.442 11,442 563 2,518 28.890 113.442 11,442 563 2.518 41,890 88,102 14,546 1,946 Page 13 Trust Property Administered In Connection With The Religious Of Mary Immaculate Notes to the Financial Statements f¢ontinuedJ Year ended 31 December 2023 c￿Ckery Health Bank charges Books, magazines and newspapers Support costs - Heaf(h & safety 13.095 908 2.030 10.515 13,095 908 2,030 10,515 5,454 824 1,288 2,796 183.425 183.425 156,846 10. Net expenditure Nel expenditure is st*ed after ¢hargingl{creditingl.' 2023 2022 Depreciation of tangible fLKed assets Fees payable for the audrt of the financial statements 6,326 8,486 2,200 11. Independent examination fees 2023 2022 Fees Payab￿ to the independent examiner for.. Independent examination of the financial ststements 3,500 12. Staff costs The total staff costs and employee benefits for the reporbng period are analysed as follows.. 2023 2022 Wages and salaries Employer contributions to pension plans 112,035 1,407 113,442 87,101 1,001 88,102 The average head count of employees during the year was 11 (2022.. 9}. The average number of full-time equivalent employees durin9 the year is ana￿Sed as follows.. 2023 No. 2022 No. Operational 11 No employee re￿IVed employee benefits of more than £60.000 during the year12022: NIQ. 13. Trustee remuneration and expenses No remuneration, benefrts from employment or expenses were paid by the charity or a related enlily lo the tnjstees. Page 14 Trust Property Administered In Connection With The Religious Of Mary Immaculate Notes to the Financial Statements (contlnued) Year ended 31 December 2023 14. Tangible fixed assets Lar7d and Fixtures and buildings fittings Equipment Total Cost At 1 January 2023 and 31 Decefflber 2023 1,183,232 88,739 317.301 1.589.272 Depr&¢latlon At 1 January 2023 Charge for the year At 31 December 2023 81.169 1,748 82,917 309,807 4,578 314,385 390,976 6.326 397.302 Carrying amount At 31 December 2023 1.183,232 5,822 2.916 1.191.970 At 31 December 2022 1.183,232 7,570 7,494 1,198,296 The Trustees regularty review the condition of the propoty. In view of the ongoing maintenance work invested in the functional assets the Trustees believe that a dep￿ciatIon charge would not be signrficant. The carrying value of the property in the accounts is consKlered to be appropriate. 15. Debtors 2023 2022 Prepayments and accrued income Other debtors 157 910 1,675 157 2,585 16. Creditors: amounts falling due within one year 2023 2022 A¢cruols and deferred income Hostel Room Deposits Other creditors 21,657 9.600 9.841 21,079 10,650 10,487 41.098 42,216 17. Pensions and other post retlrement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £1,40712022'. £1,001). Page 15 Trust Property Administered In Connection With The Religious Of Mary Immaculate Notes to the Financial Statements (conunued) Year ended 31 December 2023 18. Analysis of charitable funds Unrestricted funds At 1 January 20 23 At 31 Decembe r 2023 Income Expendf(ure General funds 2,817,788 505,612 11,308,836) 2,014,564 Al 1 January 20 22 Al 31 December 2022 Income Expenditure General funds 9,338,896 417,347 {6.938,4551 2.817,788 19. Analysls of net assets between funds Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Not assets 1.191,970 863,692 141,0981 2,014,564 1.191,970 863,692 141,0981 2.014,564 Unrestrrted Total Funds Funds 2022 Tangible fixed assets Current assets Credtiors less than 1 yeaT Net assets 1,198.296 1,661,708 142,2161 2.817,788 1,198,296 1,661,708 {42,2161 2,817,788 20. Anatysls of ehanges In net debt At At 1 Jan 2023 Cash flows 31 Dec 2023 Cash at bank and in hand 1.659.123 {795.5881 863,535 21. Related parties Religious ¢f Mary Immaculate made donations of £Nil 12022.. £19,000} lo the Provincial House during the year. The Provincial House is considered lo be the head office of hundreds of charities worfdwide advancing the Roman Catholic religion. During the year, the charty donated £783,909 to The Congregation of the Religious of Mary Immaculate of Milan,ltsty in order to aid their renovation costs of their hostel. Pago 18 Trust Property Administered In Connection With The Religious Of Mary Immaculate Management Infonnation Year ended 31 December 2023 The followlng page$ do not form part of the financial statsments. Page 17 Trust Property Administered In Connection With The Religious Of Mary Immaculate Detsiled Statement of Financial Activities Year ended 31 December 2023 2023 2022 Income and endowments Donations and legacies Donations- Provision of shelter Donations- General Pensions Income Laundry Charges 426,279 30,685 30,732 3.035 490,731 376,942 16,708 18,677 1,703 414.030 Investment income Bank interest receivable 11.296 3,104 Other Income Other income 3.585 213 Totrl incoma 505.612 417,347 Expenditure Expenditure on Charitable activities Purchases Wages and salaries Pension costs Rent Rates and water Light and heat Repairs and maintenance Insurance Other molorllravel costs Legal and professiortal fees Telephone Other Offi￿ costs Depreci81ion Bad debt write off Other interest payable and similar char9es Studies and conferences Other charitable donations Books, magazines and newspapers Staff We￿re 24,756 112.03S 1A07 18,117 87,101 1,001 (71,3991 2,962 27,452 31.687 8,504 20,222 41,890 14.546 1.946 8.486 6,687,111 824 11,555 41.406 1.288 3,756 6,938,455 3,122 32,379 134,916 13.082 27,092 28,890 11,442 563 6,326 908 12,551 883.285 2,030 14,052 1.308.836 Total expenditure 1,308.836 6,938,455 Net expenditure 1803.224) 16.521.108) Page 18 Trust Property Administered In Connection With The Religious Of Mary Immaculate Notes to the Detailed Ststement of Financial Activities Year ended 31 De¢ember 2023 2023 2022 Expenditure on charftsble activities Provision of hostel and support seNices Activities undertaken dirèctly Hostel - Food and provisions Hostel - Rates and water Hostel Light and heat Hostel - Repairs and maintenance Hostel - Insurance Hostel - Depreciation Hostel - Cleaning 24,756 3,122 32.379 134,916 13,082 6,326 11.534 18,117 2,￿2 27,452 31,687 8,504 8,486 3,756 226,115 100,964 Support costs Support Hostel - Wages and sataries Support Hostel - Pension costs Support Hostel - Health & safety costs Support Hostel - Telephone Support Hostel - Office costs Support Hostel - Bank charges Support Hostel - Crockery Support Hostel - Health Support Hostel - Books, magazines arbd newspapers Support Hostel - Shoes and c&*hes 112,035 1,407 10,515 11,442 563 908 22 13,095 2,030 2,518 87,101 1,001 2,796 14,546 1,946 824 5,454 1,288 154,535 114.961 Advancement of the Roman Catholic Religion Activides undertaken direcdy Advancement- Foreign exchange Advancement- Travel costs Advancement- Loans wrrtten off Advancement- Studies and COnferen￿S Advancement- Other charitable donations {71.3991 17,426 6,687,111 11,550 35.952 16,577 12,529 870.190 899.296 6,680,640 Governance costs Governance costs - aud({ fees Governance costs - legal and other professional fees 2,200 39,690 41.890 28.890 28,890 Expenditure on Charitable a¢tlvitles 1,308,836 6,938,455