REGISTERED CHA]UTY P4UMBER: 241963 ort of the Tru5tee5 8nd Audite Finantial StatemeBts for the Year End¢d 31 Dteember 2023 for The Montfort Mi5510Da Soci¢ Ton & Forcsi (1)arted Atwuntsnts & Statutory Audiiors PiT5t FI(KIT, New Bames Mill Coiionrnill Lane St Albans ALI 2HA
Th¢ M Dtfort Mi5SiOlli Sool Contents of tht FinanciaI StateThent for the I'eir Ended 31 D¢r¢mbtr 2023 PY4g¢ R¢port of the Trustee5 I to 4 Report of tb¢ Imd¢pettdeDt Auditor5 Statement of FIDan¢l•l Activities StgtemeDt of Financi¥l Positlon Notu to the Finantial Statemot$ 10 to 16 Dttlled Stattment of FiDanci*l Attivities 17 to 19
The Monrfort Missiona rt ofthe Trn51e¢s for tht Year Ended 31 Decembtr 2023 The ITusiees preseni thcir rewrt with the financial sialements of the ch2rit)' for the )'ear eDded 31 December 2U23. The rirtancial ststemenls haNe been prepared in accordance with the aecounting policie% Sel out in notes to the a¢¢ovnts and compl}. with th¢ Lharily's 8oveming docum¢nL the Charities Act 2011 and the relevant version of the Staiement of Recommended Practice applicable to tharities preparing theÉr ac¢ounts in accordance with ihe Financial Rewrting Siaodard applieablc in the UK and Republic of Ireland IFRS 102). The Montfort Missionary SIety is an international Teligious arder with a General Delegation in Great Britain and Treland. The Gencral Delegaiion is administcrcd by th¢ Delegation Leader together with a Council consisting of three Councillors. sll of whorn should k Trustte5. Th¢ Delegaiiott Lvdder and his Council are elecied bv members vf the Society for a term usually of six, or three ycars al art open meeting of the Ci¢neral Delegation. The (ien¢Tal I)elegation's charity, The Montfort Missionary qociety I'thc Charity.), 15 Tegi8leTed w'ith thc Charity. c.ommission under No. 241963 2nd caleS out ihe General Delegations's exclu5iN'cly chaTitable a¢llitie$, as well as holdin¥ its assets. OWEcfivES AND ACTIVITIES Policy. Objectives and AttivRtit$ Ii remains th¢ tx>lio' of the Charity to continue ils ¢ore central aclivities; th¢ r¢li¢f of suflering, maintsining the three pastoral c¢ntr¢s li owns, together with proi'idinB and prornoting p05ilive Caiholic social leaching. The need for iVOTk undertaken by the Montfort Missionaries ha5 perhaps Dever been greater than il is today. We are dITl}Y involved in providing practical ¢ommunipi suppon across 5ei.eral key areas we operat¢ in. In-deed, we continue to provid¢ help and assjStance to our communilies not only in the IJK, bui also in Malawi and ljganda. Malawi has several uniqlle challenge5 il faces, whieh the Montfort C'.haTity here in the UK have been supwrting for a good number of years. The work undertaken in lJ8anda is primarily health thiven,. sizeable tangible benefits being at the fofront of activitl¢5 there. The Chariiy also maintsins and ensures those wishing to join the Montfort's are afforded the oppominity to do so. Fornialion is at the heart of whai we sei out to achieve,. the wulis of which continue ¢0 provide much n¢¢d¢d personnel to help even grcater numbers of those in need moving fotward. ACHIEVEMENT AND PERFORMANCE The pa51 fciv years have been er>. ¢h?Ilenging for the Charity here in the IIK. Thc Charity has fewer reli8ious individuals it ¢an call on thcse days. and this has in turn impact¢(J whai ean be achie¥ed overall. We conlinuc to work closely wilh other community interest grollps, providing pra¢lical help for a foodbank, narnely lih personnel, making fa¢ilities available and tran5POrt PTovision. Although nurnbets hai'e dropped within the Chariiy. everyone involved ivith the Montfort's ha5 noi lo$1 focus on Mhat the organisation stsnds tor and those it aims to See. Fundrs)ising activit1¢5 to provide much needed educational opp)rtunities for young people in Malawi remains a high priority. Re-dislribotion of household gix)ds io those less fortunate in the ¢ummunitics w¢ operaie in ¢¢)ntinues to go from strengih ¢0 Slrength. I'he ChaTit> has benefitcd from sev¢r31 religious mernbe from oth¢r entities joining u5 here in the UK. in addition to s¢v¢ral new 0[unteers. such personnel helping enorniousl). with new Projects and ensurin8 existing comTnitments are fulfilled. Economic challeng¢5 in what the Charity provide and sustain 15 perhap5 one (>f the lar8CSt hurdl¢s li faces at the pres( time. Rising utilit5 costs. IoTh¢T r¢tUTnS on investmcnts and falling relianee on legacies coming into the Charity real onttms. Th¢ ability ofthe Chariiy to carry out its mission is our primary focu5, and we believe we are aF>le to providc real suPrt in the 8rtr&s we arc located. We haN'e been ver> fonunale over reL¢nl )'ears in being able to Call on other Montfort enliti¢s in other parts of the World. rt4U¢$¢ing SUFVOrt in lenn5 uf nei4. persottnel for th¢ work und¢rtdken within the IIK Mi5S10n. Page
The Motttfort Mifsiona Sori rt f tbe Tru5tee5
r Ended 31 Dec¢mber 2023
for tb¢ FINANCIAL REVIEW ReseThes policy I'he commith)cni to PTOI'id¢ for th¢ care of member5 of the General Delegation in sirkness and old age ha% profound implications for the finances of the Society. Memb¢rs of the General I)elegation have all tsk¢Th a vow of 5x)ertY which means thai 011 rights to assets and incgme hai'e been given UP generally in favour of the General Delegation. W)ere embcrs eam a 5alarv, stipend or pension, this is paid into the charitable trust under a deed of covenant. In most cases mcmber5 have deK'oied the whole of their working lii'es lo thc tieneral D¢le8ation and are depcndenl it for all theiT temporal needs. Although meTnbeT5 inTrariabli' coniinue Io PeTtomi charitable long pasi nornial TeliTernent gge. ifihes are health) enough to do s(), thc work i5 oftcn not Temunerative and the tien¢ral Delegation must wovide for their upk.eep and in some Cases nursing care. The total funds of the charity 51and ai a little under £3m. The Truses consider thi5 1$ sufficient for the Societv's fuluTe needs. Fin4D¢ial revitw Although rescrves hav¢ undoubtedly been reduced in recenl years, we ha.¢ been r(¥rtunale in locating Se.traI new incorne streams. Invesimenls, ii is accepted, will noi al present PToNidc r¢tums seen in previous years, though as the economy bounces back: e are hopeful our returns will also gTOW. The or8anisation continues io look at operatiun costs and ma have to look al how besi li manages Ccrtain locations. This year. employmeni ¢osis have increased compared to 2022, and we beli¢ve this has been one area that has been effectivel) managed on behaifof the Ltharity. Inroming resources of£297,3l2 showed an increase of £70.622 compared with 2022. Resources expeoded of £51M),672 decrta5ed by £26,030 compared with 2022. Net 8ains on investmenis were £15,693 compared with losses of £75,395 in 2022. Net outgoing rcsources were thus £187,667. against ntt oui8oing resources of £375,407 in 2022. Inv¢sim¢nis held at thc Cnd of the year toialled £700,959 12022 - £806.6791. Income frvm investmeTrts IiK)th listed and unlisted) totalled £1,176 {2022- £2,492). FUTURE PLANS Wc b¢liei"e the Charity can continuc setwe and provide spiritugl suM)ort and guidance in all it undertakes. R¢ligioUS members rcmain active in a number of diocests acrus5 the counlry and together with others offer much necded pastoral supporl. We hope to expand acliNitie5 in th¢ 5012th of Fngland ovcr th¢ next 12 10 18 months, en¢ouragin8 Breaier use of the facilities we have and sctting oul a rnthTt detsiled retrcat prograTnme moi'ing forward. STRUCTURE, GOVERf+iANCE AND MANAGEMENT Governing docum¢nt I'he charity is controlled by its governing do¢umen(, a deed of trus( and LM)ns¢ituies an uninCorT8ied charity. OrgaD15a¢ioD#l sirutturt 'rhi5 15 an area we do not anticipate to ¢han8e over th¢ forthcoming y&qr. A numbcr of policy decisions have been #ffirmed ovcr receDi months, safcguarding a55et5 the Ch#Tity holds and those thai have access to them. We are confident and we aTe also PTo2ciive in ensuring correcl tnanaeemenl decisions arc tak"¢tJ wiihin the organisation. REFFRENCE AND ADMINISTtL4TIVE DETAILS Registered Charity Dub¢r 241963 Pag¢ 2
The Monrfort Mtssion Soti ort of the Trus for the Year End¢d 31 Dettmber 2023 Prineipal address Si. Jvsephs 8 L}'ndhuTSt Road Ashursi Souihampion Hampshire S040 71)11 TnLs¢ee5 MrJK Flynn Rei,. Fr. D J F Connolly ITe$igD¢d 16.5.231 Rei.. J P Brad}. Ir¢sigtted 16.5.23) Mr A W Murph) Rei,. Fr. B Kata {apTted 16.5.231 MT R MagarnTU lappoinied 28.10.24} Auditors TO1 & Forest Lhartered Ae¢ountants & Statut(Trrv Auditors First FIooT. N¢w Bames Mill Cotlonmill Lane S¢ Albans AL12FIA ADMINIST114TIVE DETAILS A clcar and informed administrntive funetion ensues wrythin th¢ organigation. The need til ¢onsull with protC55ional bodies oTrer a range 015cenarios th¢ Chariiy faces, has and alayS i%'ill bc the case. Well versed compliance PTocedures are in place Ihrou8hout lh¢ Monifort Missionaries, and w¢ are tonfidenl in our abFlity to enstsre this continucs. Mmagerial re5ponsibili¢J and diT¢r¢ion is at the centrc of all our operation5 and fun¢tiorts that the Charity is involXI with here in the UK. STATEMENT OF TRUSTEES, RESPONSIBILITIES The irustees are resw)n5ibl¢ for prcparing the Report of the Trustees and the financial ststements in #ccordanee with applicable law and Ilniied Kin8dom Accounling Standards Illnited King(Jom Generally Acceplcd Actouniin8 Practice). The law applicable to ¢hatiiies in England and Illal¢s, the Charities Act 2011. Charity. (Accounts and Rep)rts) Regulations 2008 and the pN)i'isions of the trust d¢cd Tequires thc twsie¢5 lo prepare fjnancial stht¢m¢nt5 for each financial year whi¢h give a tTue 2nd fair i'ieii of ihe stale of affairs of lh¢ ¢h8ril)' and of the incoming res(>urces and applicalivn of resources. including the inrome and expenditur¢, of the charit! for Ihal period. In prqMrin8 those financial ststements. Ihe truslees #re r¢quiT¢d to select 5uilabl¢ accouniing wlicieb and then appl) them consistent]y' obseTV¢ ihe method5 and PTinciples in thc C'.harily SORP; make judg¢menls and estimates that are reasonable and PTudenl: prepare ihc tinancial s¢ateJnenis on ihc going con¢etn basis unless It is inappTopriate 10 presume that th¢ charity will conlinuc in bu$in<$s. The irustees are re5ponsibl¢ for keeping proper ar¢ountin8 records which disclose wilh reasonable aLcuracv at any time the rinancial p051tion of ihc charity and io enable them to ensur¢ thai ihe financial slalemeDls wmply with th¢ Chariti¢s Ael 2011. Ihe Charity IAccounis and Reportsl Regulations 2008 and Ihe provisions gf the tnjsi deed. They are glso reSFM)nsiblc for safeguarding ihe tt5 of the charity and hence for taking reasonable steps for thc Prevention and deteclion of friwd and other iTr¢gul¥ities. Page 3
Tbe Morttfort Missionx OTt of tbe Trustee5 xr Ended 31 Dec¢m forth Y er 2023 Approked by order of the iK)anl of tNsi¢es on ... QCZS, and signed on its behaifby.. Rei.. Fr. B Kats- Trusiee Pag¢ 4
Re ort of the Inde eDdent Auditors to the Trustee5 of The Montfort Mi55iona Socit Qwslified opinion We hav¢ audited the fjnancidl statements of The Monifon Mi55ionary Societ). {the'charity'l tor the year end¢d 31 December 2023 which comprise the Statement of Financial Aelivilies, thc Statement of Financial Position and note$ to the financial statements, including a surnrnxry of signiticani accounting lItieS. Thc financial reporliDg framework thai has been applied in iheir preparation is applicable law Ilniied Kin8dom Accounting Siandards IUni(d Kingdom Generally Aceepted Accounting Praclicel. In our opinion, except for the possible Side effeas of the matter described in the Msis for qualified opinion seciion of our Teport, thc financial statements.. give a true and fair view ot. Ihe state of the ¢harily's affairs as ai 31 Dccember 2023 and of 115 incoming Tesourtts and applicdlion of resources, for the y¢aT then ended. havc been properlv prepared in a¢¢i)rdance ivith Ilniled KiDgdom CJenerallN Accepted Accounting Practiee,. and have beer) PTep8red in accordance with the rwuiTements of the Chariiie5 Act 2011. Basis for qualified opillio DuriDg ihe cc)UTse of our audit were noi pn)vided with Suprting evidence for some of our in¢ome and exnSeS samples. and onc iriTrial bank aL(x)uni. This lack of evid¢nc¢ was due 10 a chan8e in personnel, and ihe current mernbers were unable lo provide the missin8 infornation. Cc>nsequently we W¢Te unable io deiemiine whcthcr any adjustmen1% K4'ere ncce55ary. We conducted our audit in accordance with Internativnal Siandards on Auditing IIIKI IISAS {IIKII and applicable law. Our respotjsibiliiies und¢T thosc 5tandaTds are further described in ihe Auditors. responsibiliiie5 for th¢ audit of the financial sialements section of our report. We are independenl ol- the chariN in accordance the ethical requirernent5 that are relevant to our audit of the financial $teMentS in the UK. including the FRC'S Eihieal Siandard, and we have fLJifJlled our other ethical re5ponsibiliti¢s in 8tci)rdanee %%ith these requir¢menis. We believe that th¢ audit evidence we have obtained is surrjcient and appropri3* to pttsvide a basis for OUT qualified opinion. Contlusions relating to goittg tontern In auditing ihe financial ststements, Ive have concluded ihat the trustees, 115¢ of the going concem ba515 of a¢couniin8 in the pr¢paralion ofihe fjnancial 5tatern¢nt5 is appropriale. Based on the work we have P¢Tfortned, we have not idenliti¢d any material uncertainties relating to events or condition5 thai. individually or coll¢¢livelv. ma}. cast significani doubl ort the charity s abilit). to ci>ntirtue as a going concern for a period of at least Iw¢lve months frorn when th¢ financial stotcments are authoTis¢d for issue. Our responsibilitieb 3nd the responsibililie5 of the irusiees with respect to going ront¢m are described in the relevant 5¢ciion5 of Ihis report. Otbtr inform#tio The trusiees are Sponsible for ihe oiher information. The other infomiaiion comprises the infomialion included in the Annual Rew)rt. other than the fjnancial statements and out Report of (he Independent Auditois ihereon. l)ur opinii)n on the financial statements doe5 not tr the oiher information and, exc1 to ihe extent othwi5e expli¢iil> stated in our T¢porl, we do not expre55 any fonn ofassurance conclusion th¢reon. In connection 74.iih audit ot'thc tinaneial si8iements, our responsibility i5 10 read the other infonnation and, in doing so. onsider wheiher Ihe other infoallOn is materiall>' incon5isl¢nl wilh ihe linancial statements or aUT knowltd8e obtaina in Ihe audii or oihenvi5¢ appeaTS LO be materially missthl¢d. If we identifv such material inconsistencies or apparent material misslatement.s, we arc rcquired to det¢miine M.hethcr ihis giTre5 rise tts a material misstatement in the firtattcial siatements themselves. If, based on the wort( we hal'e PeTf()rn)ed. we conclude Ihal Ih¢Te is 8 maietial missiaiernent of thi5 oiher information, we are required lo reporl that fart. We have nothing to report in this regard. Page 5
ort oftbe Inde tlldent Auditors to tbe Tru$¢¢e$ of The Montfort Mis5i0n Sotie Matt¢r$ wbith we gre required to report by ex¢eptio ln respect solely of the limitsliort ot) our work rclaling to 50me missing supporting eVid¢r¢.. we h?v¢ not obtained dll the infomation and explanations that we considered ne¢essary for the purw5e of our audit., - we unable io dctermine wheiher adequatc accounting re¢ords have been kept., accounting records for our audit haye not been r¢c¢ived; and - the financial $ts)tements ar¢ not in agre¢m¢tti with the acwunting r¢wrds and retums. In th¢ light of the knowledge and undersianding of (he chariiy and its environmeni obtained in the course of the audit, we have noi identilied malerial mi55L8iements in Iht trustees rtporL RespoD5ibilitits of trustees As explaincd morc fullv in the 8tsiement of Trusi¢e5' Reswnsibilities, the tru¢¢5 are r¢5ponsibl¢ for ihe preparation of the financial 5tal¢rnents which gii'e a true and fair NieH. and for such internal control as thc Irusiees delerniine is necessary to enable th¢ pteparaiion of fjnaneial slaletn¢nts that are trce frorn material rnisstat¢mertl. Nvhcther due to frnud or ¢rror. In prq)aring th¢ financial statements, the trusiees are responsible for assessing ihe Lharity's abilit) to tt)ntittue as a 80ing concern. disclosing, as appliuble, mailers related io going contem and using the g02ng con¢eTn basis of accounting unl$ Ihe Irus(ce5 ¢ltheT iniend 10 liquidate the charity or cease operations, or have no Tealis¢ic alternative but to do so. Oknr responsibilities for the *ud5t of the fmancial statem¢Jhts We have been apwinled as auditors under Section 144 of the Lharities A¢¢ 2011 and rwrt in accordan¢e wilh the Act and relevant rc8ulaiions made OT having elleti ihereunder. Our objeaives are to obtain reasonable assurance aknut iYh¢ther ihe financial statements a5 a whtsle ore free from material missiatemeni. whctheT du¢ Ic? fraud or error, and to 15su¢ a Rewrt of the Independent AudilOTS ihai includes our opinion. Rea50nable assur2nce is a high leN'el of a.%%uranee, but is not a guarantee thai an audii conducted in a¢¢ordance ii'ith ISA5 IIJKI Iv)11 always delect a maierial misstatem¢nl 'hen li exisis. Misstalements can arise Irom Iraud or eor and aTe considered Ma]#1 if, individually or in the 288regaic, the) could rea50nHbty br expected to influence ihe e¢onomic decisiuns of users takcn on the basis of thest financial ststements. Irregulariiies. including frdud. are instances ol non-compliance with laws and rc8ulations. W¢ dc5ign pn)cedur¢s in line with our responsibilities, outlined aVe. to detect m3t¢rial missialements in respect of irregularities, including fraud. The extent to whi¢h our procedures arc capable of detecting iegulatICS, including fraud is dctsiled below.. We obtained gn understhnding of the legal and Tegulalory fraMe.ork5 that are applicable to the entity al determined that the tnost stgnilicanl are those ihal relate 10 the Charit1¢5 Act 2011 and FRS 102. We As$¢ssed the risks of material rnissts¢emeni in respect of fraud as follow$.' we made 11 enquirie5 with management and those charged with goveTllartce. As part of our fraud discussions wc discussed particulaT ?reas we belicved to be 5usc¢plible to misstatem¢nt. Also during our audit we paid particular aitention to looking lor arty related party transactions, however there wert no related partv transodions in this cntity. A furtber description of our r¢spon5ibililies for the audit of the finan¢ial statements is located on the Fitjancial Rcporting C'.ouncil's website 21 tt74w.frc.org.uklaudiior$re8pDnsibilitjCs. Thi5 descriplion fomis part of our Report tsf ihe Independent AuditOTS. Page 6
rt of the Inde eudent AdItorS to the Trust¢¢s of The Montfort Missiona Socie Vse of our report This Teporl is made solely to the charity's trusiee8, as 2 body. in accordance with Part 4 of the Ch3rities IAccounts and Reports) Regulations 2008. OUT audii work has been undertaken so that wc might sthie io the eharity's trustees those mailers we aTe required t(> st2tc 10 ihcm in an auditors, reFknrt and lor no other PUTW)se. To the lullest eKl¢nt pemiitied b). law.. we do not u¢¢epi or assume rcspon5ibility to anyone other Ihan the charity and ihe charitJ'5 Iru5tte5 as a btsd)., for our audit ivork, ror this rerort. or for lh¢ tspinion$ we have formd. TO1 & Foresi Chartered Accountants & Sthiutory Auditors First Floor. New Barnes Mill Cottonmill Lane St Alban5 AL12FIA Datc.. 5 August 2025 Zara Dunmer FCA ISenioT Staiuiory AudiloTI Page 7
The Montfort Mtssiona Soci Statement of Finxntial Attivitie5 for fht Year Ended 31 Decembtr 2 31.12.23 rotsl tunds 31.12.22 Totsl fund5 Ilnreslricied runds RerItted fund Nol¢s Ir4COME AND ENDOWMEP4TS FROM Donation$ and le8acies 138,133 138.133 154,661 Inv¢stTnenl inc4)me Other income 1,176 158003 1.176 158,003 2.492 69,537 Total 297312 297312 226 690 EXPENDITUREON Ttsisittg funds Other trading activili¢s Investment managcment Costs 455,063 4.661 455.063 478,216 459,724 459,724 485,760 Other 40.948 40.948 40.942 Total 500.672 500.672 526,702 Nct gainsll105sesl on inl'esiments 15.693 15.693 75,3951 NET INCOMEI(EXPENDITURE} Il87:6671 1187,6671 {375,4071 Tran$f¢rs bttwten funds 10 47 9801 Net movtment fulld$ 1139,6871 147,9801 Il87,6671 1375,4071 RECONCILIATION OF FUNDS Total fund$ broughi forn'ard 2,994,741 47.980 3,042,721 3.418,128 TOTAL FUNDS CARRIED FORWARD 2,855.054 2.855,054 3.042.721 The noies form part of th¢s¢ financial ststements Page S
The Mothtfort Missiona Soci Statement of Finalltigl Position 31 Dtoember 2023 31.12.23 Total tunds Jl.12.22 Toial fund5 Ilnresiricied tund5 Re5trieted fund No¢e5 FIXED ASSETS Tangible assets Investments 2,072.780 700,959 2,072,780 71KI,959 2.137.107 806,679 2.773.739 2.773,739 2,943,786 CURRENT ASSETS Debiors C&8h at bank and in hand 27,434 90.874 27,434 90.874 24,959 124.740 118.308 118,308 149,699 CREDITORS Amounts fallin8 due within one year 136,9931 136,993) 150,7641 NET CIJRRENT A&SETS 81,315 81.315 9¥.935 TOTAL ASSETS LESS CURREIYT LIABILITIES 2,855,054 2,855.054 3,042,721 NET ASSETS 2 855 054 2,855,054 3 042721 FUNDS Unre5trict¢d funds Resirieted funds 10 2.855.054 2.994.741 47,980 TOTAL FUNDS 2 855 054 3 042.721 The financial statements ere approved b), the Board uf Tnjsiees and authori5ed for 15sue on and We signed on its behalf by. Rev. Fr. B Kats- Tusttt The notes fomi pari ofihcse financial sia¢¢m¢nts Page 9
The MoDtfort Mlssiona Soci Notes to the Finantil Siattmtnt5 for the Y ded 31 Dteember 202 AccoufYTINC POLICIES Basis of preparing tht finallthal stgttments Thc accounts (fin¢12] sthtementsl haN'¢ b¢¢n pr¢pared in accordanc¢ ivith lh¢ relevant version of the Statement of R¢¢ommended Practic¢ applicabl¢ Iu Lharilies preparing their accounts in aecordanc¢ with the Financial Rcporting Sian¢Jard applicable in the IIK and Republic of Ireland IF'RS 1021 and lh¢ Financial Re]x)rtin8 Siandard appli¢Jble in the Llniied Kirtgdorn and Republic of Ireland IFRS 102) and the Charities Ael 2011 and UK Gener311y AeLePted Accouniing Practice. Th¢ dccounts (financial siaternentsl have been prepared kn give a 'true and fair i'iew and hai'e departed from the Chariiies (Accounts and R¢ports1 Regulations 2008 onl>. ¢0 ihe extent required to proid¢ a 'true and fair vie Thi5 departure has In"0]Ve4 fi)Ilo%ving thc rel¢vanl iersion of the Stalern¢nl ()f Recommended Practice applicable to thariiies preparing their accounls in accordance with ihe FinLia1 Reporting Standard applicable in the UK and Republic of Ire13nd (FRS 1021 rather than the Accounting and R¢portiDg by Charities.. Siat¢meni of Rtcomrnended Prn¢li¢e effeciiTre IJDM l April 2005 whi¢h has sincc bcen withdrawn. They are prepared on th¢ historiL#l ¢05L basis of accounting a5 rnodified lo inelude ihe revalualion of fixed assets including inv¢slrD¢nlS which are carried at market value. The ¢h*riry ha5 taken advaniage of the following disclosure ¢x¢mpiion it) preparing th¢5¢ financial statement5, a5 pemitted by FRS 102 Th¢ Financial Rewrting SiandaTd applicable in the IIK and Republic of Ireland,: Èhe requirements of Sedion 7 Statement of Cash Flows. Intome All Income is r¢co8nised in the Siaternent of Trinancial Aciii'ities once the charity has et)titlement io the funds, il IS probable ihat the incomc Bill be re¢¢l.ed and Ihe amount can b¢ rneasored reliably. Exp¢Dditurt Liabililies are recogni5ed as ¢xpenditure as x)on as there is a legol or constructive obligation ¢ommillin8 the charity to that expendiiure, it is probable that a transfer of economic benefits will be re4uired in settlement and the amount ofthe obligation can be tneasured reliabl).. Expenditure 15 a¢rounied lor on an accruals basis and has been classified under headings that d88re¥ale all c05t related to lh¢ raiegoTr. Wthere c0515 cannot he directly attributed to particul h¢4dings ihey have bcen allocaied io a¢iikiti¢s on a basis con5iSt¢nl ivith ihc use of r¢50urce5. T8Dgibl¢ flxtd Assets Depreciation is proN'id¢d at the followin8 annual Tat¢s in Order to off eaeh asset over 118 estimated useful lite. l.-re¢hold property Long lea5¢hold Plant machinery ixiures and titting5 Motor vehicles Cumpuler equiprnent 2Y• on cosl 150/0 reduttn8 balance 150A on reducing balance 250/4 tosi Slrai8hi line over 3 years A%sets arc shown in the linan¢i21 siatemenls ai historic cosl less accumulated dcpreciation. The charity has adopted a polic> of not capiialisin8 a55e15 which have an OTl8inal eosi of le55 than £50. Items bclow thi5 figure are tr¢aied as repairs and renewals. Tax#tlo The charitv is eX¢M lir>m tax on ils charitable activiti¢s. Fund atcounting Unre5trtLied funds can be used in acwrdan¢¢ wilh Ihe eharitable obj¢¢iii'es ai ihc discretion of the trustees. Page 10 coniinued...
The Montfort Mi5510111 Sotit to the FinaDeial Statem¢nts- totttillued for the Year Ended 31 Detember 2023 ACCOUNTING POLICIES- contithu¢d Fund ateouthtlng Resiricied fund5 can only be us¢d for particular restricted PUTPOS¢S Within thc object5 of th¢ charily. RerictiOnS arise when sFKcified by the donor or when funds Are roised for partieular rcstr2Cted PUTposes. Further explanalion vf ihe nature and purpose of each fund 15 included in the noles io the financial SLqtements. Fortigtt turrenties Assets and liabilitl¢5 in fureign currencies are translatcd inlu srling at the rates of exchan8¢ ruling ai the slatement of financial pvsilion date. TransaLli()ns in fvTeign currencies are translated in¢0 sterlin8 at the rate of exchange ruling ai the date ot'transaction. Exchan8c differenc¢5 ar¢ takeD into a¢¢ouni in arriving at the tsperaiing result. PeD51011$ The charity operales a defined pension contribution 5chem¢. Cnntribuiions are Chaed to the profit and 1055 account as the> become pavable in accordanc¢ M'i¢h the rules of ihe scheme. Invtstments Investrnent5 are showi the financial stalem¢nls at the markei value at 31 December. MoTrements on a5ts held in foreign currencies aT¢ converted i() sicrling at the exchange raie pr'allIng at thc date of iransaction, the closing balancc is based on lh¢ exehangc rate at the year end. All protils or losses on cxchange are realised al the year end. All gains or losses on the revaluation of iovesthieni a55ets are shown in the SOFA. FRDancial in5truwtthts A finanLial asset or a fJnancial liability i$ recognis¢d only M'hen the Charity becomes a party ¢0 the contractual proi'ision5 of the inrumen1. Basic financial in5trurnent5 are iniiially reeo8nised ai the transa¢iiotJ price, unless the a]Thng¢m)i constitutes a financing Iran$8¢1ion, where il is recognised #t the preseni value of the fvture ymentS discounted at a mark¢¢ rate uf inierest for a similar debi in5trumenl. Debt instruments are subsequently mEJSUTed ai amortised cost. ere inNesttnents in non-coni'ertible pr¢fer¢nrt shares and non-puttable ordinar). Ihares or preference shaTes are publicly Ifdded or their fair v&lue can othcrntse bc measured reliably. the invesiment is sub5equenily measured al fair K'aluc ivith changes irt foir value rceogni5cd in th¢ ststem¢nt of financial actLVltie5. All oiher such investments ar¢ sub5equ¢rtily mvdSured at C05t lebs irnpaimieni. Oiher financial inStMents, including derivatives. #re ini11211y recognised at fair value. vnless paymeni for an asset is dtfeTred bevond normal busin¢s$ tems or financed at a raie of inl¢rest that is not a market ral¢, ID whiLh case the assei is measured at ihe present valuc of the futur¢ pa}'ments discounted ai a market rate of interest for a similar debt instrurnent. Other linan¢ial in$iruments are 5ubseqveDily measured at tair valuc, with any chartges reco8nis¢d in the statement of financial activitie5. Wlth the excepiion of hed8ing in5truTn¢nl% in a desigrtated hed8ing relationship. Financiol asseis that aye measured 81 ¢OSt or amortlsed c05t are r¢vi¢w¢d for objeciive evidence of impairmenl at the end of each reporting dale. If ihere 15 objective evidthtt of impairm¢nL an impairm¢nt loss is reeognised in ihe stat¢menl ol. financial activitl¢5. For all equitN' insiruments regardless vfsignifit2nce. and other financial a5S¢ts thai are indiiidually significanL ihesc are asscssed individually fur impaimicnl. Other financial 35sei8 are either assessed individually or groupcd on the basis of similar ¢redii risk characteristics. Page 11 continued...
The Montfort Mi5510Da Sotit Not¢s to the FinaDcial St8tem¢nt tontinued for the Year Ended 31 Dtttmber 2023 INVESTMEP4T INCOME 31.12.23 31.12.22 Deposit 4¢¢0unt interest Dii'idends received .176 257 2,235 1.176 INVESTMENT MANAGEMENT COSTS 31.12.23 31.12.22 Portfolio manag¢m¢nL 4.661 7,544 TRUSTEES, REMIINERATION AND BENEFITS Th¢ toial remuneration paid io trujees in T¢5pect of Temulleraiion for tht ycar ended 31 Dccember 2023 was £28,42012022.. £28,000). The other trustees, whts are members of the communily, receive food, accornmodation and clothing as part of their normal communily living. In addition. they hav¢ access lo motOTing Hnd iravellin8 facilities diTe¢ily related to th condu¢l of their charitable aCtIl¢l¢s. Trust¢ts' ¢xpenses In the year ended 31 December 2023, Aidart Murphy received expynse reimburstmcnts totslling £32 for motor expenses. Th¢re ivere no other tru5tee5' ¢xpert$es paid in the year. For lh¢ v¢#r ¢nded 31 DeceMr 2022, Aidan Murphy r¢¢eii'ed expense reimbur¢15 toiallin8 £526 for repairs and r¢neivals, Iraiel and subsislence, moior expenses and sundries. STAFF COSTS Th¢ avera8e monthly numb¢rof ¢mployees during the year was as follow5.. 31.12.23 31.12.22 Direa Charitablt No emplo>'ees received emolurnents ID excess of £60,000. Page 12 ¢orttinucd...
Tbe MoDtfort Mts$iorta Sotie Note5 to the Fina]Jeial Statement tokntinued for the Year ETbd¢d 31 Detember 2023 TANGIBLE FIXED ASSETS Frechold property Lort8 leahOld Plant and machinery COST At l .lanuary 2023 Addiiion% DiSSalS 1.284,662 10,213 33,5921 1.643.823 6,189 At 31 December 2023 1,261283 1,643.823 6.189 DEPRECIATION At l January 2023 Charge for year Eliminatcd on di5ws)I 334.087 20.502 469.734 17,642 4,113 At 31 ik¢ember 2023 354,649 487 376 4.424 NET BOOKVALUE Al 31 December 2023 906.634 1 156,447 1,765 Ai 31 December 2022 950 575 1 174.089 2,076 Fixtures and rJE(ings Motor vehicles Computer equipment Totals COST Al l January 2023 Additions Disrrf)sals 75.409 34,589 14.630 3,059,302 10,213 756} Ai 31 Detember 2023 74.653 34,589 5.900 3.026.437 DEPRECIATION At l Januarv 2023 Char8¢ for v¢aT Eliminal¢d on disp)sal 72,634 398 6331 27,171 .854 14,456 58 8.730) 922,195 40,825 9.3631 Ai 31 Deeember 2023 72.399 29,025 5.784 953.657 NET BOOK VALUE At 31 December 2023 2,254 5,564 2,072,780 Al 31 Dec¢mb¢r 2022 174 2.137.107 Pag¢ 13 continu¢d...
¢ Montfort Mi5siou So¢1 Notes to the FithaknciAI Statements- continued for the Yeir Ended 31 1)¢ce er 2023 FIXED ASSET INVESTMENTS Listed investments investments Totsls rL4RKET VALUE Al l Januar) 2023 DiSpOlS Rcvaluations ExchaDge ditTerenees 436 14361 806.243 1103,793) 15,693 17.1841 8116,679 {I04,2291 15,693 17,1841 At 31 December 2023 700 959 700.959 r4ET BOOK VALUE At 31 December 2023 700,959 700.959 At 31 December 2022 436 806,243 806,679 'rhe Unlied investment a55ets represents ihe charity's Share of th¢ Vi¢e Province of (yreat Britain and Ir¢land held in Rom¢. DEBTORS: AMOUNTS FALLINC DUE WITHIN ONE YEAR 31.12.23 31.12.22 Oiher debtors preYentS and accrued in¢om¢ 10,024 CREDITORS.. AMOUNTS FALLINC DUE WITHIN ONE YEAR 31.12.23 31.12.22 Trade ¢rediiors Soiial security and other taxes Other creditor$ Deferred thncomc Accrued expen.E¢s 15.360 908 3,003 2,549 28,944 1.880 3.570 31,543 36.993 50.764 Pag¢ 14 continued...
The Montfort Missiokn* N tts to the FinaDeial St¥i¢menls- continued for the Year Ended 31 December 2023 io. MOVEMENT IN FUTrIDS Net movement in fund5 Transfers Al 31.12.23 At 1.1.23 funds Unrt$tritted funds General fund 2,994,741 {187.6671 47,980 2,855,054 RtStri¢ted funds Mission Fund 47,980 147,9801 TOTAL FUNDS 3.042.721 187,6671 2.855.054 movement in funds, included in the above art as follow5.. Incomin8 resources R¢source5 ¢xpended Gains and losses Movemenl in funds UreStri¢ted funds General fund 297.312 1500,672} 15,693 1187,6671 TOTAL FUNDS 297.312 500.6721 15,693 187.6671 CoTrparatfves for movement in fuDds Net moNemeni in funds At 31.12.22 At 1.1.22 Ilnrestricted funds General fund 3.370,148 {375.4071 2.994,741 Restricted fuDd5 Mission Fund 47,980 47,980 TOTAL FUNDS 3.418,128 375.4071 3.042.721 Page IS continu...
The Montfort Missiona Soti Nott5 to tht Financial Stat¢mtnts- Continued f r the Year End¢d 31 Dtctmber 2023 io. MOVEMENT IN FUNDS- tontlDued Comparative nei movement in funds. included in ihe above are as follows.. Incoming resources R¢siiurce$ expended Gains and losses Movem¢nl in fund5 UDrtStricted fund$ (ieneral fund 226,690 1526,7021 175,3951 (375.407} TOTAL FUT4DS 226 690 526,7021 175 3951 375 4071 RELATED PARTY DISCLOSURES There werc related party tran5a¢¢i()ns in thc >'ear as well as 2022 of salaries and expense5 paid to Aidan Murphy. as detsiled in note 4. There ivere no other relaied party tran5action$ for the year ended 31 Detember 2023. 12. DESIGNATED FUP4DS The injstees have designated funds oul of the unrestricted fwds as follow5.' Fixed Assets Fund In order to fulfil its charitable objectives th¢ Society needed a lar8e number of pr()p*rti¢s. These properties, although ihev are unrestTiCt¢d assets cannot b¢ realised without undermining the Society's VlOTk and the trustee5 therefore feel ihat il is appropriatc to reflect ¢h¢ inlestment in tixed a55e15 b>. means of a designat¢d fund. Support of Older Members Fund A fund has been designat¢d in respeci of the Charily's commitment to provide for the rctirement i?f the Society's rnemkrs aDd the serviccs they continue to perforni when remuneratiC actiN'ity has ceased. The lund als() proNides for tart of Societ>. member5 in old age and sickn¢5s. Aciuarial calcul¥tions in 2002 shoived that a secure fund of ai least £4.5m lai todaj 's i'alue51 w()uld be needed as man). Si?ciet> mcmbers had no p¢n$ions or pension Tighis. The Trustees have reviewed this fund lo ensLEre it is adequaic but nol excessive and in eonsideration of a declining number ofmembBrs have r¢duced it at the yeAfwend. Page 16
The Montfort Mi55ion# So¢le Detailtd Statement of Financial A¢tivitles for the Year Ended 31 D¢c¢ er 2023 31.12.23 31,12.22 INCOME AND ENDOWMENTS Donation5 And legacies MembeTS' salaries and pension T)onalions and Icgaeies Othcr incorne Gift aid 10.256 64.347 52.939 10.5YI 10,709 103.371 30,354 10,227 138,133 154,661 Invt5tment Ineome Deposit accounl inter¢si Dividends receiv¢d 1,176 257 1,176 2,492 Other llltome Gait) on Sale of tangible fixed assets Exchange gains 158,003 9.872 59.665 158,003 69.537 Total incoming ruourtes 297,312 226,690 EXPENDITURE Other trading attivlties Mission donations 85,488 142.432 Ihv¢stmetLt m#Dagement tost5 Portfolio management 4.661 7.544 Other Depn OrrchOI property Depn of long le¢hOld Depn ot'plant & mathinery Depn of fixtures & fiiiin8S Depn of motor vehicles Depn of compuier equipjnent Loss on disposal of tsngibl¢ fJx¢d assets 20,562 17,642 18,979 17.642 366 490 2,472 87 906 398 1,854 58 123 40,948 40.942 Support Costs Management Wa8eS Carried ton¥ard 73.348 73.348 59,2QO 59,2(10 This page docs not forni parl of ihe staiutory financial Statements Page 17
The Monffort MisSiOll4 otie Dttailtd Stattnhent of Finaneial Attivities for the Year Ended JI Dttember 2023 31.12.23 31.12.22 Mxttagement Brought torward Social se¢urily Pensions Care cosls InsuTance l elcphone P051ag¢ and siaiionery Sundries Auditors, remunerniion Lcgal l'ees Subscriptions and f¢¢s Bookk¢eping N4ontfort press cxpcnditur¢ Profe55iunal fees Masse5 said Funeral eX5¢S Fincs and p¢n#lties Computer costs Consultsncy f¢e5 Lat¢ payment irtteresl 73.348 ,527 ,732 59.200 1,432 1,402 4,858 15.167 11.332 997 10,750 14.400 6,509 4,864 9,032 1,370 5,209 150 250 160 9,000 1,6A9 14.172 16.5(10 8,899 5.052 8,765 293 3,000 160 3.036 7,493 165 172,440 147.247 Finance Bank charges Pa>pal fee5 59 32 41 15 91 56 Other Houses.. Food House5'. IIou5¢hol Ilouses-. Personal Houses.. Recreation House5'. Motor Expenses Houses." Tr2vel Houses.. Rent Huu¥es-. Repairs and maint¢n3rt¢e Houses.. Fquipm¢ni Mainlenanee Hou.4¢5.' Ratcs Houses.. Energ). Exchange losses C31erin8 lor funclions 18.263 3,877 5,106 17.313 128 7,392 21,778 19,594 9,919 3,200 23.568 9,086 12,020 64,483 17.703 15.030 37 21,717 17.063 13.659 53.645 17,346 I97.4 188.481 Totsl r¢sour¢es expended 51KI.672 526 702 Net txpenditUT¢ (re ¥*in$ and losses 1203,3601 131)0.0121 This pa8e does not fomi part ofthe statutory financial stAiemenis Page 18
Th tfort Mi551011a otit Detail¢d Stxtement of Financial Attivities for the Year Ended 31 Dettmber 2023 31.12.23 31.12.22 Reali5ed re¢ognis¢d galS And 1055e5 Realised 8ainslllosses1 on fixd asset invesiments 15.693 75,3951 r4et expeDdi¢ur¢ 1187,6671 375,407} This p2ge does not form p#rt of the slalutory financial statements Pag¢ 19
REGISTERED CHA]UTY P4UMBER: 241963 ort of the Tru5tee5 8nd Audite Finantial StatemeBts for the Year End¢d 31 Dteember 2023 for The Montfort Mi5510Da Soci¢ Ton & Forcsi (1)arted Atwuntsnts & Statutory Audiiors PiT5t FI(KIT, New Bames Mill Coiionrnill Lane St Albans ALI 2HA
Th¢ M Dtfort Mi5SiOlli Sool Contents of tht FinanciaI StateThent for the I'eir Ended 31 D¢r¢mbtr 2023 PY4g¢ R¢port of the Trustee5 I to 4 Report of tb¢ Imd¢pettdeDt Auditor5 Statement of FIDan¢l•l Activities StgtemeDt of Financi¥l Positlon Notu to the Finantial Statemot$ 10 to 16 Dttlled Stattment of FiDanci*l Attivities 17 to 19
The Monrfort Missiona rt ofthe Trn51e¢s for tht Year Ended 31 Decembtr 2023 The ITusiees preseni thcir rewrt with the financial sialements of the ch2rit)' for the )'ear eDded 31 December 2U23. The rirtancial ststemenls haNe been prepared in accordance with the aecounting policie% Sel out in notes to the a¢¢ovnts and compl}. with th¢ Lharily's 8oveming docum¢nL the Charities Act 2011 and the relevant version of the Staiement of Recommended Practice applicable to tharities preparing theÉr ac¢ounts in accordance with ihe Financial Rewrting Siaodard applieablc in the UK and Republic of Ireland IFRS 102). The Montfort Missionary SIety is an international Teligious arder with a General Delegation in Great Britain and Treland. The Gencral Delegaiion is administcrcd by th¢ Delegation Leader together with a Council consisting of three Councillors. sll of whorn should k Trustte5. Th¢ Delegaiiott Lvdder and his Council are elecied bv members vf the Society for a term usually of six, or three ycars al art open meeting of the Ci¢neral Delegation. The (ien¢Tal I)elegation's charity, The Montfort Missionary qociety I'thc Charity.), 15 Tegi8leTed w'ith thc Charity. c.ommission under No. 241963 2nd caleS out ihe General Delegations's exclu5iN'cly chaTitable a¢llitie$, as well as holdin¥ its assets. OWEcfivES AND ACTIVITIES Policy. Objectives and AttivRtit$ Ii remains th¢ tx>lio' of the Charity to continue ils ¢ore central aclivities; th¢ r¢li¢f of suflering, maintsining the three pastoral c¢ntr¢s li owns, together with proi'idinB and prornoting p05ilive Caiholic social leaching. The need for iVOTk undertaken by the Montfort Missionaries ha5 perhaps Dever been greater than il is today. We are dITl}Y involved in providing practical ¢ommunipi suppon across 5ei.eral key areas we operat¢ in. In-deed, we continue to provid¢ help and assjStance to our communilies not only in the IJK, bui also in Malawi and ljganda. Malawi has several uniqlle challenge5 il faces, whieh the Montfort C'.haTity here in the UK have been supwrting for a good number of years. The work undertaken in lJ8anda is primarily health thiven,. sizeable tangible benefits being at the fofront of activitl¢5 there. The Chariiy also maintsins and ensures those wishing to join the Montfort's are afforded the oppominity to do so. Fornialion is at the heart of whai we sei out to achieve,. the wulis of which continue ¢0 provide much n¢¢d¢d personnel to help even grcater numbers of those in need moving fotward. ACHIEVEMENT AND PERFORMANCE The pa51 fciv years have been er>. ¢h?Ilenging for the Charity here in the IIK. Thc Charity has fewer reli8ious individuals it ¢an call on thcse days. and this has in turn impact¢(J whai ean be achie¥ed overall. We conlinuc to work closely wilh other community interest grollps, providing pra¢lical help for a foodbank, narnely lih personnel, making fa¢ilities available and tran5POrt PTovision. Although nurnbets hai'e dropped within the Chariiy. everyone involved ivith the Montfort's ha5 noi lo$1 focus on Mhat the organisation stsnds tor and those it aims to See. Fundrs)ising activit1¢5 to provide much needed educational opp)rtunities for young people in Malawi remains a high priority. Re-dislribotion of household gix)ds io those less fortunate in the ¢ummunitics w¢ operaie in ¢¢)ntinues to go from strengih ¢0 Slrength. I'he ChaTit> has benefitcd from sev¢r31 religious mernbe from oth¢r entities joining u5 here in the UK. in addition to s¢v¢ral new 0[unteers. such personnel helping enorniousl). with new Projects and ensurin8 existing comTnitments are fulfilled. Economic challeng¢5 in what the Charity provide and sustain 15 perhap5 one (>f the lar8CSt hurdl¢s li faces at the pres( time. Rising utilit5 costs. IoTh¢T r¢tUTnS on investmcnts and falling relianee on legacies coming into the Charity real onttms. Th¢ ability ofthe Chariiy to carry out its mission is our primary focu5, and we believe we are aF>le to providc real suPrt in the 8rtr&s we arc located. We haN'e been ver> fonunale over reL¢nl )'ears in being able to Call on other Montfort enliti¢s in other parts of the World. rt4U¢$¢ing SUFVOrt in lenn5 uf nei4. persottnel for th¢ work und¢rtdken within the IIK Mi5S10n. Page
The Motttfort Mifsiona Sori rt f tbe Tru5tee5
r Ended 31 Dec¢mber 2023
for tb¢ FINANCIAL REVIEW ReseThes policy I'he commith)cni to PTOI'id¢ for th¢ care of member5 of the General Delegation in sirkness and old age ha% profound implications for the finances of the Society. Memb¢rs of the General I)elegation have all tsk¢Th a vow of 5x)ertY which means thai 011 rights to assets and incgme hai'e been given UP generally in favour of the General Delegation. W)ere embcrs eam a 5alarv, stipend or pension, this is paid into the charitable trust under a deed of covenant. In most cases mcmber5 have deK'oied the whole of their working lii'es lo thc tieneral D¢le8ation and are depcndenl it for all theiT temporal needs. Although meTnbeT5 inTrariabli' coniinue Io PeTtomi charitable long pasi nornial TeliTernent gge. ifihes are health) enough to do s(), thc work i5 oftcn not Temunerative and the tien¢ral Delegation must wovide for their upk.eep and in some Cases nursing care. The total funds of the charity 51and ai a little under £3m. The Truses consider thi5 1$ sufficient for the Societv's fuluTe needs. Fin4D¢ial revitw Although rescrves hav¢ undoubtedly been reduced in recenl years, we ha.¢ been r(¥rtunale in locating Se.traI new incorne streams. Invesimenls, ii is accepted, will noi al present PToNidc r¢tums seen in previous years, though as the economy bounces back: e are hopeful our returns will also gTOW. The or8anisation continues io look at operatiun costs and ma have to look al how besi li manages Ccrtain locations. This year. employmeni ¢osis have increased compared to 2022, and we beli¢ve this has been one area that has been effectivel) managed on behaifof the Ltharity. Inroming resources of£297,3l2 showed an increase of £70.622 compared with 2022. Resources expeoded of £51M),672 decrta5ed by £26,030 compared with 2022. Net 8ains on investmenis were £15,693 compared with losses of £75,395 in 2022. Net outgoing rcsources were thus £187,667. against ntt oui8oing resources of £375,407 in 2022. Inv¢sim¢nis held at thc Cnd of the year toialled £700,959 12022 - £806.6791. Income frvm investmeTrts IiK)th listed and unlisted) totalled £1,176 {2022- £2,492). FUTURE PLANS Wc b¢liei"e the Charity can continuc setwe and provide spiritugl suM)ort and guidance in all it undertakes. R¢ligioUS members rcmain active in a number of diocests acrus5 the counlry and together with others offer much necded pastoral supporl. We hope to expand acliNitie5 in th¢ 5012th of Fngland ovcr th¢ next 12 10 18 months, en¢ouragin8 Breaier use of the facilities we have and sctting oul a rnthTt detsiled retrcat prograTnme moi'ing forward. STRUCTURE, GOVERf+iANCE AND MANAGEMENT Governing docum¢nt I'he charity is controlled by its governing do¢umen(, a deed of trus( and LM)ns¢ituies an uninCorT8ied charity. OrgaD15a¢ioD#l sirutturt 'rhi5 15 an area we do not anticipate to ¢han8e over th¢ forthcoming y&qr. A numbcr of policy decisions have been #ffirmed ovcr receDi months, safcguarding a55et5 the Ch#Tity holds and those thai have access to them. We are confident and we aTe also PTo2ciive in ensuring correcl tnanaeemenl decisions arc tak"¢tJ wiihin the organisation. REFFRENCE AND ADMINISTtL4TIVE DETAILS Registered Charity Dub¢r 241963 Pag¢ 2
The Monrfort Mtssion Soti ort of the Trus for the Year End¢d 31 Dettmber 2023 Prineipal address Si. Jvsephs 8 L}'ndhuTSt Road Ashursi Souihampion Hampshire S040 71)11 TnLs¢ee5 MrJK Flynn Rei,. Fr. D J F Connolly ITe$igD¢d 16.5.231 Rei.. J P Brad}. Ir¢sigtted 16.5.23) Mr A W Murph) Rei,. Fr. B Kata {apTted 16.5.231 MT R MagarnTU lappoinied 28.10.24} Auditors TO1 & Forest Lhartered Ae¢ountants & Statut(Trrv Auditors First FIooT. N¢w Bames Mill Cotlonmill Lane S¢ Albans AL12FIA ADMINIST114TIVE DETAILS A clcar and informed administrntive funetion ensues wrythin th¢ organigation. The need til ¢onsull with protC55ional bodies oTrer a range 015cenarios th¢ Chariiy faces, has and alayS i%'ill bc the case. Well versed compliance PTocedures are in place Ihrou8hout lh¢ Monifort Missionaries, and w¢ are tonfidenl in our abFlity to enstsre this continucs. Mmagerial re5ponsibili¢J and diT¢r¢ion is at the centrc of all our operation5 and fun¢tiorts that the Charity is involXI with here in the UK. STATEMENT OF TRUSTEES, RESPONSIBILITIES The irustees are resw)n5ibl¢ for prcparing the Report of the Trustees and the financial ststements in #ccordanee with applicable law and Ilniied Kin8dom Accounling Standards Illnited King(Jom Generally Acceplcd Actouniin8 Practice). The law applicable to ¢hatiiies in England and Illal¢s, the Charities Act 2011. Charity. (Accounts and Rep)rts) Regulations 2008 and the pN)i'isions of the trust d¢cd Tequires thc twsie¢5 lo prepare fjnancial stht¢m¢nt5 for each financial year whi¢h give a tTue 2nd fair i'ieii of ihe stale of affairs of lh¢ ¢h8ril)' and of the incoming res(>urces and applicalivn of resources. including the inrome and expenditur¢, of the charit! for Ihal period. In prqMrin8 those financial ststements. Ihe truslees #re r¢quiT¢d to select 5uilabl¢ accouniing wlicieb and then appl) them consistent]y' obseTV¢ ihe method5 and PTinciples in thc C'.harily SORP; make judg¢menls and estimates that are reasonable and PTudenl: prepare ihc tinancial s¢ateJnenis on ihc going con¢etn basis unless It is inappTopriate 10 presume that th¢ charity will conlinuc in bu$in<$s. The irustees are re5ponsibl¢ for keeping proper ar¢ountin8 records which disclose wilh reasonable aLcuracv at any time the rinancial p051tion of ihc charity and io enable them to ensur¢ thai ihe financial slalemeDls wmply with th¢ Chariti¢s Ael 2011. Ihe Charity IAccounis and Reportsl Regulations 2008 and Ihe provisions gf the tnjsi deed. They are glso reSFM)nsiblc for safeguarding ihe tt5 of the charity and hence for taking reasonable steps for thc Prevention and deteclion of friwd and other iTr¢gul¥ities. Page 3
Tbe Morttfort Missionx OTt of tbe Trustee5 xr Ended 31 Dec¢m forth Y er 2023 Approked by order of the iK)anl of tNsi¢es on ... QCZS, and signed on its behaifby.. Rei.. Fr. B Kats- Trusiee Pag¢ 4
Re ort of the Inde eDdent Auditors to the Trustee5 of The Montfort Mi55iona Socit Qwslified opinion We hav¢ audited the fjnancidl statements of The Monifon Mi55ionary Societ). {the'charity'l tor the year end¢d 31 December 2023 which comprise the Statement of Financial Aelivilies, thc Statement of Financial Position and note$ to the financial statements, including a surnrnxry of signiticani accounting lItieS. Thc financial reporliDg framework thai has been applied in iheir preparation is applicable law Ilniied Kin8dom Accounting Siandards IUni(d Kingdom Generally Aceepted Accounting Praclicel. In our opinion, except for the possible Side effeas of the matter described in the Msis for qualified opinion seciion of our Teport, thc financial statements.. give a true and fair view ot. Ihe state of the ¢harily's affairs as ai 31 Dccember 2023 and of 115 incoming Tesourtts and applicdlion of resources, for the y¢aT then ended. havc been properlv prepared in a¢¢i)rdance ivith Ilniled KiDgdom CJenerallN Accepted Accounting Practiee,. and have beer) PTep8red in accordance with the rwuiTements of the Chariiie5 Act 2011. Basis for qualified opillio DuriDg ihe cc)UTse of our audit were noi pn)vided with Suprting evidence for some of our in¢ome and exnSeS samples. and onc iriTrial bank aL(x)uni. This lack of evid¢nc¢ was due 10 a chan8e in personnel, and ihe current mernbers were unable lo provide the missin8 infornation. Cc>nsequently we W¢Te unable io deiemiine whcthcr any adjustmen1% K4'ere ncce55ary. We conducted our audit in accordance with Internativnal Siandards on Auditing IIIKI IISAS {IIKII and applicable law. Our respotjsibiliiies und¢T thosc 5tandaTds are further described in ihe Auditors. responsibiliiie5 for th¢ audit of the financial sialements section of our report. We are independenl ol- the chariN in accordance the ethical requirernent5 that are relevant to our audit of the financial $teMentS in the UK. including the FRC'S Eihieal Siandard, and we have fLJifJlled our other ethical re5ponsibiliti¢s in 8tci)rdanee %%ith these requir¢menis. We believe that th¢ audit evidence we have obtained is surrjcient and appropri3* to pttsvide a basis for OUT qualified opinion. Contlusions relating to goittg tontern In auditing ihe financial ststements, Ive have concluded ihat the trustees, 115¢ of the going concem ba515 of a¢couniin8 in the pr¢paralion ofihe fjnancial 5tatern¢nt5 is appropriale. Based on the work we have P¢Tfortned, we have not idenliti¢d any material uncertainties relating to events or condition5 thai. individually or coll¢¢livelv. ma}. cast significani doubl ort the charity s abilit). to ci>ntirtue as a going concern for a period of at least Iw¢lve months frorn when th¢ financial stotcments are authoTis¢d for issue. Our responsibilitieb 3nd the responsibililie5 of the irusiees with respect to going ront¢m are described in the relevant 5¢ciion5 of Ihis report. Otbtr inform#tio The trusiees are Sponsible for ihe oiher information. The other infomiaiion comprises the infomialion included in the Annual Rew)rt. other than the fjnancial statements and out Report of (he Independent Auditois ihereon. l)ur opinii)n on the financial statements doe5 not tr the oiher information and, exc1 to ihe extent othwi5e expli¢iil> stated in our T¢porl, we do not expre55 any fonn ofassurance conclusion th¢reon. In connection 74.iih audit ot'thc tinaneial si8iements, our responsibility i5 10 read the other infonnation and, in doing so. onsider wheiher Ihe other infoallOn is materiall>' incon5isl¢nl wilh ihe linancial statements or aUT knowltd8e obtaina in Ihe audii or oihenvi5¢ appeaTS LO be materially missthl¢d. If we identifv such material inconsistencies or apparent material misslatement.s, we arc rcquired to det¢miine M.hethcr ihis giTre5 rise tts a material misstatement in the firtattcial siatements themselves. If, based on the wort( we hal'e PeTf()rn)ed. we conclude Ihal Ih¢Te is 8 maietial missiaiernent of thi5 oiher information, we are required lo reporl that fart. We have nothing to report in this regard. Page 5
ort oftbe Inde tlldent Auditors to tbe Tru$¢¢e$ of The Montfort Mis5i0n Sotie Matt¢r$ wbith we gre required to report by ex¢eptio ln respect solely of the limitsliort ot) our work rclaling to 50me missing supporting eVid¢r¢.. we h?v¢ not obtained dll the infomation and explanations that we considered ne¢essary for the purw5e of our audit., - we unable io dctermine wheiher adequatc accounting re¢ords have been kept., accounting records for our audit haye not been r¢c¢ived; and - the financial $ts)tements ar¢ not in agre¢m¢tti with the acwunting r¢wrds and retums. In th¢ light of the knowledge and undersianding of (he chariiy and its environmeni obtained in the course of the audit, we have noi identilied malerial mi55L8iements in Iht trustees rtporL RespoD5ibilitits of trustees As explaincd morc fullv in the 8tsiement of Trusi¢e5' Reswnsibilities, the tru¢¢5 are r¢5ponsibl¢ for ihe preparation of the financial 5tal¢rnents which gii'e a true and fair NieH. and for such internal control as thc Irusiees delerniine is necessary to enable th¢ pteparaiion of fjnaneial slaletn¢nts that are trce frorn material rnisstat¢mertl. Nvhcther due to frnud or ¢rror. In prq)aring th¢ financial statements, the trusiees are responsible for assessing ihe Lharity's abilit) to tt)ntittue as a 80ing concern. disclosing, as appliuble, mailers related io going contem and using the g02ng con¢eTn basis of accounting unl$ Ihe Irus(ce5 ¢ltheT iniend 10 liquidate the charity or cease operations, or have no Tealis¢ic alternative but to do so. Oknr responsibilities for the *ud5t of the fmancial statem¢Jhts We have been apwinled as auditors under Section 144 of the Lharities A¢¢ 2011 and rwrt in accordan¢e wilh the Act and relevant rc8ulaiions made OT having elleti ihereunder. Our objeaives are to obtain reasonable assurance aknut iYh¢ther ihe financial statements a5 a whtsle ore free from material missiatemeni. whctheT du¢ Ic? fraud or error, and to 15su¢ a Rewrt of the Independent AudilOTS ihai includes our opinion. Rea50nable assur2nce is a high leN'el of a.%%uranee, but is not a guarantee thai an audii conducted in a¢¢ordance ii'ith ISA5 IIJKI Iv)11 always delect a maierial misstatem¢nl 'hen li exisis. Misstalements can arise Irom Iraud or eor and aTe considered Ma]#1 if, individually or in the 288regaic, the) could rea50nHbty br expected to influence ihe e¢onomic decisiuns of users takcn on the basis of thest financial ststements. Irregulariiies. including frdud. are instances ol non-compliance with laws and rc8ulations. W¢ dc5ign pn)cedur¢s in line with our responsibilities, outlined aVe. to detect m3t¢rial missialements in respect of irregularities, including fraud. The extent to whi¢h our procedures arc capable of detecting iegulatICS, including fraud is dctsiled below.. We obtained gn understhnding of the legal and Tegulalory fraMe.ork5 that are applicable to the entity al determined that the tnost stgnilicanl are those ihal relate 10 the Charit1¢5 Act 2011 and FRS 102. We As$¢ssed the risks of material rnissts¢emeni in respect of fraud as follow$.' we made 11 enquirie5 with management and those charged with goveTllartce. As part of our fraud discussions wc discussed particulaT ?reas we belicved to be 5usc¢plible to misstatem¢nt. Also during our audit we paid particular aitention to looking lor arty related party transactions, however there wert no related partv transodions in this cntity. A furtber description of our r¢spon5ibililies for the audit of the finan¢ial statements is located on the Fitjancial Rcporting C'.ouncil's website 21 tt74w.frc.org.uklaudiior$re8pDnsibilitjCs. Thi5 descriplion fomis part of our Report tsf ihe Independent AuditOTS. Page 6
rt of the Inde eudent AdItorS to the Trust¢¢s of The Montfort Missiona Socie Vse of our report This Teporl is made solely to the charity's trusiee8, as 2 body. in accordance with Part 4 of the Ch3rities IAccounts and Reports) Regulations 2008. OUT audii work has been undertaken so that wc might sthie io the eharity's trustees those mailers we aTe required t(> st2tc 10 ihcm in an auditors, reFknrt and lor no other PUTW)se. To the lullest eKl¢nt pemiitied b). law.. we do not u¢¢epi or assume rcspon5ibility to anyone other Ihan the charity and ihe charitJ'5 Iru5tte5 as a btsd)., for our audit ivork, ror this rerort. or for lh¢ tspinion$ we have formd. TO1 & Foresi Chartered Accountants & Sthiutory Auditors First Floor. New Barnes Mill Cottonmill Lane St Alban5 AL12FIA Datc.. 5 August 2025 Zara Dunmer FCA ISenioT Staiuiory AudiloTI Page 7
The Montfort Mtssiona Soci Statement of Finxntial Attivitie5 for fht Year Ended 31 Decembtr 2 31.12.23 rotsl tunds 31.12.22 Totsl fund5 Ilnreslricied runds RerItted fund Nol¢s Ir4COME AND ENDOWMEP4TS FROM Donation$ and le8acies 138,133 138.133 154,661 Inv¢stTnenl inc4)me Other income 1,176 158003 1.176 158,003 2.492 69,537 Total 297312 297312 226 690 EXPENDITUREON Ttsisittg funds Other trading activili¢s Investment managcment Costs 455,063 4.661 455.063 478,216 459,724 459,724 485,760 Other 40.948 40.948 40.942 Total 500.672 500.672 526,702 Nct gainsll105sesl on inl'esiments 15.693 15.693 75,3951 NET INCOMEI(EXPENDITURE} Il87:6671 1187,6671 {375,4071 Tran$f¢rs bttwten funds 10 47 9801 Net movtment fulld$ 1139,6871 147,9801 Il87,6671 1375,4071 RECONCILIATION OF FUNDS Total fund$ broughi forn'ard 2,994,741 47.980 3,042,721 3.418,128 TOTAL FUNDS CARRIED FORWARD 2,855.054 2.855,054 3.042.721 The noies form part of th¢s¢ financial ststements Page S
The Mothtfort Missiona Soci Statement of Finalltigl Position 31 Dtoember 2023 31.12.23 Total tunds Jl.12.22 Toial fund5 Ilnresiricied tund5 Re5trieted fund No¢e5 FIXED ASSETS Tangible assets Investments 2,072.780 700,959 2,072,780 71KI,959 2.137.107 806,679 2.773.739 2.773,739 2,943,786 CURRENT ASSETS Debiors C&8h at bank and in hand 27,434 90.874 27,434 90.874 24,959 124.740 118.308 118,308 149,699 CREDITORS Amounts fallin8 due within one year 136,9931 136,993) 150,7641 NET CIJRRENT A&SETS 81,315 81.315 9¥.935 TOTAL ASSETS LESS CURREIYT LIABILITIES 2,855,054 2,855.054 3,042,721 NET ASSETS 2 855 054 2,855,054 3 042721 FUNDS Unre5trict¢d funds Resirieted funds 10 2.855.054 2.994.741 47,980 TOTAL FUNDS 2 855 054 3 042.721 The financial statements ere approved b), the Board uf Tnjsiees and authori5ed for 15sue on and We signed on its behalf by. Rev. Fr. B Kats- Tusttt The notes fomi pari ofihcse financial sia¢¢m¢nts Page 9
The MoDtfort Mlssiona Soci Notes to the Finantil Siattmtnt5 for the Y ded 31 Dteember 202 AccoufYTINC POLICIES Basis of preparing tht finallthal stgttments Thc accounts (fin¢12] sthtementsl haN'¢ b¢¢n pr¢pared in accordanc¢ ivith lh¢ relevant version of the Statement of R¢¢ommended Practic¢ applicabl¢ Iu Lharilies preparing their accounts in aecordanc¢ with the Financial Rcporting Sian¢Jard applicable in the IIK and Republic of Ireland IF'RS 1021 and lh¢ Financial Re]x)rtin8 Siandard appli¢Jble in the Llniied Kirtgdorn and Republic of Ireland IFRS 102) and the Charities Ael 2011 and UK Gener311y AeLePted Accouniing Practice. Th¢ dccounts (financial siaternentsl have been prepared kn give a 'true and fair i'iew and hai'e departed from the Chariiies (Accounts and R¢ports1 Regulations 2008 onl>. ¢0 ihe extent required to proid¢ a 'true and fair vie Thi5 departure has In"0]Ve4 fi)Ilo%ving thc rel¢vanl iersion of the Stalern¢nl ()f Recommended Practice applicable to thariiies preparing their accounls in accordance with ihe FinLia1 Reporting Standard applicable in the UK and Republic of Ire13nd (FRS 1021 rather than the Accounting and R¢portiDg by Charities.. Siat¢meni of Rtcomrnended Prn¢li¢e effeciiTre IJDM l April 2005 whi¢h has sincc bcen withdrawn. They are prepared on th¢ historiL#l ¢05L basis of accounting a5 rnodified lo inelude ihe revalualion of fixed assets including inv¢slrD¢nlS which are carried at market value. The ¢h*riry ha5 taken advaniage of the following disclosure ¢x¢mpiion it) preparing th¢5¢ financial statement5, a5 pemitted by FRS 102 Th¢ Financial Rewrting SiandaTd applicable in the IIK and Republic of Ireland,: Èhe requirements of Sedion 7 Statement of Cash Flows. Intome All Income is r¢co8nised in the Siaternent of Trinancial Aciii'ities once the charity has et)titlement io the funds, il IS probable ihat the incomc Bill be re¢¢l.ed and Ihe amount can b¢ rneasored reliably. Exp¢Dditurt Liabililies are recogni5ed as ¢xpenditure as x)on as there is a legol or constructive obligation ¢ommillin8 the charity to that expendiiure, it is probable that a transfer of economic benefits will be re4uired in settlement and the amount ofthe obligation can be tneasured reliabl).. Expenditure 15 a¢rounied lor on an accruals basis and has been classified under headings that d88re¥ale all c05t related to lh¢ raiegoTr. Wthere c0515 cannot he directly attributed to particul h¢4dings ihey have bcen allocaied io a¢iikiti¢s on a basis con5iSt¢nl ivith ihc use of r¢50urce5. T8Dgibl¢ flxtd Assets Depreciation is proN'id¢d at the followin8 annual Tat¢s in Order to off eaeh asset over 118 estimated useful lite. l.-re¢hold property Long lea5¢hold Plant machinery ixiures and titting5 Motor vehicles Cumpuler equiprnent 2Y• on cosl 150/0 reduttn8 balance 150A on reducing balance 250/4 tosi Slrai8hi line over 3 years A%sets arc shown in the linan¢i21 siatemenls ai historic cosl less accumulated dcpreciation. The charity has adopted a polic> of not capiialisin8 a55e15 which have an OTl8inal eosi of le55 than £50. Items bclow thi5 figure are tr¢aied as repairs and renewals. Tax#tlo The charitv is eX¢M lir>m tax on ils charitable activiti¢s. Fund atcounting Unre5trtLied funds can be used in acwrdan¢¢ wilh Ihe eharitable obj¢¢iii'es ai ihc discretion of the trustees. Page 10 coniinued...
The Montfort Mi5510111 Sotit to the FinaDeial Statem¢nts- totttillued for the Year Ended 31 Detember 2023 ACCOUNTING POLICIES- contithu¢d Fund ateouthtlng Resiricied fund5 can only be us¢d for particular restricted PUTPOS¢S Within thc object5 of th¢ charily. RerictiOnS arise when sFKcified by the donor or when funds Are roised for partieular rcstr2Cted PUTposes. Further explanalion vf ihe nature and purpose of each fund 15 included in the noles io the financial SLqtements. Fortigtt turrenties Assets and liabilitl¢5 in fureign currencies are translatcd inlu srling at the rates of exchan8¢ ruling ai the slatement of financial pvsilion date. TransaLli()ns in fvTeign currencies are translated in¢0 sterlin8 at the rate of exchange ruling ai the date ot'transaction. Exchan8c differenc¢5 ar¢ takeD into a¢¢ouni in arriving at the tsperaiing result. PeD51011$ The charity operales a defined pension contribution 5chem¢. Cnntribuiions are Chaed to the profit and 1055 account as the> become pavable in accordanc¢ M'i¢h the rules of ihe scheme. Invtstments Investrnent5 are showi the financial stalem¢nls at the markei value at 31 December. MoTrements on a5ts held in foreign currencies aT¢ converted i() sicrling at the exchange raie pr'allIng at thc date of iransaction, the closing balancc is based on lh¢ exehangc rate at the year end. All protils or losses on cxchange are realised al the year end. All gains or losses on the revaluation of iovesthieni a55ets are shown in the SOFA. FRDancial in5truwtthts A finanLial asset or a fJnancial liability i$ recognis¢d only M'hen the Charity becomes a party ¢0 the contractual proi'ision5 of the inrumen1. Basic financial in5trurnent5 are iniiially reeo8nised ai the transa¢iiotJ price, unless the a]Thng¢m)i constitutes a financing Iran$8¢1ion, where il is recognised #t the preseni value of the fvture ymentS discounted at a mark¢¢ rate uf inierest for a similar debi in5trumenl. Debt instruments are subsequently mEJSUTed ai amortised cost. ere inNesttnents in non-coni'ertible pr¢fer¢nrt shares and non-puttable ordinar). Ihares or preference shaTes are publicly Ifdded or their fair v&lue can othcrntse bc measured reliably. the invesiment is sub5equenily measured al fair K'aluc ivith changes irt foir value rceogni5cd in th¢ ststem¢nt of financial actLVltie5. All oiher such investments ar¢ sub5equ¢rtily mvdSured at C05t lebs irnpaimieni. Oiher financial inStMents, including derivatives. #re ini11211y recognised at fair value. vnless paymeni for an asset is dtfeTred bevond normal busin¢s$ tems or financed at a raie of inl¢rest that is not a market ral¢, ID whiLh case the assei is measured at ihe present valuc of the futur¢ pa}'ments discounted ai a market rate of interest for a similar debt instrurnent. Other linan¢ial in$iruments are 5ubseqveDily measured at tair valuc, with any chartges reco8nis¢d in the statement of financial activitie5. Wlth the excepiion of hed8ing in5truTn¢nl% in a desigrtated hed8ing relationship. Financiol asseis that aye measured 81 ¢OSt or amortlsed c05t are r¢vi¢w¢d for objeciive evidence of impairmenl at the end of each reporting dale. If ihere 15 objective evidthtt of impairm¢nL an impairm¢nt loss is reeognised in ihe stat¢menl ol. financial activitl¢5. For all equitN' insiruments regardless vfsignifit2nce. and other financial a5S¢ts thai are indiiidually significanL ihesc are asscssed individually fur impaimicnl. Other financial 35sei8 are either assessed individually or groupcd on the basis of similar ¢redii risk characteristics. Page 11 continued...
The Montfort Mi5510Da Sotit Not¢s to the FinaDcial St8tem¢nt tontinued for the Year Ended 31 Dtttmber 2023 INVESTMEP4T INCOME 31.12.23 31.12.22 Deposit 4¢¢0unt interest Dii'idends received .176 257 2,235 1.176 INVESTMENT MANAGEMENT COSTS 31.12.23 31.12.22 Portfolio manag¢m¢nL 4.661 7,544 TRUSTEES, REMIINERATION AND BENEFITS Th¢ toial remuneration paid io trujees in T¢5pect of Temulleraiion for tht ycar ended 31 Dccember 2023 was £28,42012022.. £28,000). The other trustees, whts are members of the communily, receive food, accornmodation and clothing as part of their normal communily living. In addition. they hav¢ access lo motOTing Hnd iravellin8 facilities diTe¢ily related to th condu¢l of their charitable aCtIl¢l¢s. Trust¢ts' ¢xpenses In the year ended 31 December 2023, Aidart Murphy received expynse reimburstmcnts totslling £32 for motor expenses. Th¢re ivere no other tru5tee5' ¢xpert$es paid in the year. For lh¢ v¢#r ¢nded 31 DeceMr 2022, Aidan Murphy r¢¢eii'ed expense reimbur¢15 toiallin8 £526 for repairs and r¢neivals, Iraiel and subsislence, moior expenses and sundries. STAFF COSTS Th¢ avera8e monthly numb¢rof ¢mployees during the year was as follow5.. 31.12.23 31.12.22 Direa Charitablt No emplo>'ees received emolurnents ID excess of £60,000. Page 12 ¢orttinucd...
Tbe MoDtfort Mts$iorta Sotie Note5 to the Fina]Jeial Statement tokntinued for the Year ETbd¢d 31 Detember 2023 TANGIBLE FIXED ASSETS Frechold property Lort8 leahOld Plant and machinery COST At l .lanuary 2023 Addiiion% DiSSalS 1.284,662 10,213 33,5921 1.643.823 6,189 At 31 December 2023 1,261283 1,643.823 6.189 DEPRECIATION At l January 2023 Charge for year Eliminatcd on di5ws)I 334.087 20.502 469.734 17,642 4,113 At 31 ik¢ember 2023 354,649 487 376 4.424 NET BOOKVALUE Al 31 December 2023 906.634 1 156,447 1,765 Ai 31 December 2022 950 575 1 174.089 2,076 Fixtures and rJE(ings Motor vehicles Computer equipment Totals COST Al l January 2023 Additions Disrrf)sals 75.409 34,589 14.630 3,059,302 10,213 756} Ai 31 Detember 2023 74.653 34,589 5.900 3.026.437 DEPRECIATION At l Januarv 2023 Char8¢ for v¢aT Eliminal¢d on disp)sal 72,634 398 6331 27,171 .854 14,456 58 8.730) 922,195 40,825 9.3631 Ai 31 Deeember 2023 72.399 29,025 5.784 953.657 NET BOOK VALUE At 31 December 2023 2,254 5,564 2,072,780 Al 31 Dec¢mb¢r 2022 174 2.137.107 Pag¢ 13 continu¢d...
¢ Montfort Mi5siou So¢1 Notes to the FithaknciAI Statements- continued for the Yeir Ended 31 1)¢ce er 2023 FIXED ASSET INVESTMENTS Listed investments investments Totsls rL4RKET VALUE Al l Januar) 2023 DiSpOlS Rcvaluations ExchaDge ditTerenees 436 14361 806.243 1103,793) 15,693 17.1841 8116,679 {I04,2291 15,693 17,1841 At 31 December 2023 700 959 700.959 r4ET BOOK VALUE At 31 December 2023 700,959 700.959 At 31 December 2022 436 806,243 806,679 'rhe Unlied investment a55ets represents ihe charity's Share of th¢ Vi¢e Province of (yreat Britain and Ir¢land held in Rom¢. DEBTORS: AMOUNTS FALLINC DUE WITHIN ONE YEAR 31.12.23 31.12.22 Oiher debtors preYentS and accrued in¢om¢ 10,024 CREDITORS.. AMOUNTS FALLINC DUE WITHIN ONE YEAR 31.12.23 31.12.22 Trade ¢rediiors Soiial security and other taxes Other creditor$ Deferred thncomc Accrued expen.E¢s 15.360 908 3,003 2,549 28,944 1.880 3.570 31,543 36.993 50.764 Pag¢ 14 continued...
The Montfort Missiokn* N tts to the FinaDeial St¥i¢menls- continued for the Year Ended 31 December 2023 io. MOVEMENT IN FUTrIDS Net movement in fund5 Transfers Al 31.12.23 At 1.1.23 funds Unrt$tritted funds General fund 2,994,741 {187.6671 47,980 2,855,054 RtStri¢ted funds Mission Fund 47,980 147,9801 TOTAL FUNDS 3.042.721 187,6671 2.855.054 movement in funds, included in the above art as follow5.. Incomin8 resources R¢source5 ¢xpended Gains and losses Movemenl in funds UreStri¢ted funds General fund 297.312 1500,672} 15,693 1187,6671 TOTAL FUNDS 297.312 500.6721 15,693 187.6671 CoTrparatfves for movement in fuDds Net moNemeni in funds At 31.12.22 At 1.1.22 Ilnrestricted funds General fund 3.370,148 {375.4071 2.994,741 Restricted fuDd5 Mission Fund 47,980 47,980 TOTAL FUNDS 3.418,128 375.4071 3.042.721 Page IS continu...
The Montfort Missiona Soti Nott5 to tht Financial Stat¢mtnts- Continued f r the Year End¢d 31 Dtctmber 2023 io. MOVEMENT IN FUNDS- tontlDued Comparative nei movement in funds. included in ihe above are as follows.. Incoming resources R¢siiurce$ expended Gains and losses Movem¢nl in fund5 UDrtStricted fund$ (ieneral fund 226,690 1526,7021 175,3951 (375.407} TOTAL FUT4DS 226 690 526,7021 175 3951 375 4071 RELATED PARTY DISCLOSURES There werc related party tran5a¢¢i()ns in thc >'ear as well as 2022 of salaries and expense5 paid to Aidan Murphy. as detsiled in note 4. There ivere no other relaied party tran5action$ for the year ended 31 Detember 2023. 12. DESIGNATED FUP4DS The injstees have designated funds oul of the unrestricted fwds as follow5.' Fixed Assets Fund In order to fulfil its charitable objectives th¢ Society needed a lar8e number of pr()p*rti¢s. These properties, although ihev are unrestTiCt¢d assets cannot b¢ realised without undermining the Society's VlOTk and the trustee5 therefore feel ihat il is appropriatc to reflect ¢h¢ inlestment in tixed a55e15 b>. means of a designat¢d fund. Support of Older Members Fund A fund has been designat¢d in respeci of the Charily's commitment to provide for the rctirement i?f the Society's rnemkrs aDd the serviccs they continue to perforni when remuneratiC actiN'ity has ceased. The lund als() proNides for tart of Societ>. member5 in old age and sickn¢5s. Aciuarial calcul¥tions in 2002 shoived that a secure fund of ai least £4.5m lai todaj 's i'alue51 w()uld be needed as man). Si?ciet> mcmbers had no p¢n$ions or pension Tighis. The Trustees have reviewed this fund lo ensLEre it is adequaic but nol excessive and in eonsideration of a declining number ofmembBrs have r¢duced it at the yeAfwend. Page 16
The Montfort Mi55ion# So¢le Detailtd Statement of Financial A¢tivitles for the Year Ended 31 D¢c¢ er 2023 31.12.23 31,12.22 INCOME AND ENDOWMENTS Donation5 And legacies MembeTS' salaries and pension T)onalions and Icgaeies Othcr incorne Gift aid 10.256 64.347 52.939 10.5YI 10,709 103.371 30,354 10,227 138,133 154,661 Invt5tment Ineome Deposit accounl inter¢si Dividends receiv¢d 1,176 257 1,176 2,492 Other llltome Gait) on Sale of tangible fixed assets Exchange gains 158,003 9.872 59.665 158,003 69.537 Total incoming ruourtes 297,312 226,690 EXPENDITURE Other trading attivlties Mission donations 85,488 142.432 Ihv¢stmetLt m#Dagement tost5 Portfolio management 4.661 7.544 Other Depn OrrchOI property Depn of long le¢hOld Depn ot'plant & mathinery Depn of fixtures & fiiiin8S Depn of motor vehicles Depn of compuier equipjnent Loss on disposal of tsngibl¢ fJx¢d assets 20,562 17,642 18,979 17.642 366 490 2,472 87 906 398 1,854 58 123 40,948 40.942 Support Costs Management Wa8eS Carried ton¥ard 73.348 73.348 59,2QO 59,2(10 This page docs not forni parl of ihe staiutory financial Statements Page 17
The Monffort MisSiOll4 otie Dttailtd Stattnhent of Finaneial Attivities for the Year Ended JI Dttember 2023 31.12.23 31.12.22 Mxttagement Brought torward Social se¢urily Pensions Care cosls InsuTance l elcphone P051ag¢ and siaiionery Sundries Auditors, remunerniion Lcgal l'ees Subscriptions and f¢¢s Bookk¢eping N4ontfort press cxpcnditur¢ Profe55iunal fees Masse5 said Funeral eX5¢S Fincs and p¢n#lties Computer costs Consultsncy f¢e5 Lat¢ payment irtteresl 73.348 ,527 ,732 59.200 1,432 1,402 4,858 15.167 11.332 997 10,750 14.400 6,509 4,864 9,032 1,370 5,209 150 250 160 9,000 1,6A9 14.172 16.5(10 8,899 5.052 8,765 293 3,000 160 3.036 7,493 165 172,440 147.247 Finance Bank charges Pa>pal fee5 59 32 41 15 91 56 Other Houses.. Food House5'. IIou5¢hol Ilouses-. Personal Houses.. Recreation House5'. Motor Expenses Houses." Tr2vel Houses.. Rent Huu¥es-. Repairs and maint¢n3rt¢e Houses.. Fquipm¢ni Mainlenanee Hou.4¢5.' Ratcs Houses.. Energ). Exchange losses C31erin8 lor funclions 18.263 3,877 5,106 17.313 128 7,392 21,778 19,594 9,919 3,200 23.568 9,086 12,020 64,483 17.703 15.030 37 21,717 17.063 13.659 53.645 17,346 I97.4 188.481 Totsl r¢sour¢es expended 51KI.672 526 702 Net txpenditUT¢ (re ¥*in$ and losses 1203,3601 131)0.0121 This pa8e does not fomi part ofthe statutory financial stAiemenis Page 18
Th tfort Mi551011a otit Detail¢d Stxtement of Financial Attivities for the Year Ended 31 Dettmber 2023 31.12.23 31.12.22 Reali5ed re¢ognis¢d galS And 1055e5 Realised 8ainslllosses1 on fixd asset invesiments 15.693 75,3951 r4et expeDdi¢ur¢ 1187,6671 375,407} This p2ge does not form p#rt of the slalutory financial statements Pag¢ 19
Your Ref
Our Ref
Date 5 August 2025
The Board The Montfort Missionary Society St. Josephs 8 Lyndhurst Road Ashurst Southampton Hampshire S040 7DU
Dear Sirs,
The Montfort Missionary Society Audit of the Financial Statements for the Period Ended 31 December 2023 Management Letter
Further to our recent audit of the financial statements, we are writing to summarise various matters that came to our attention during our work.
The appendix to this letter sets out in columnar format points noted together with our recommendations. The points raised have already been discussed with A W Murphy and, where relevant, his initial responses have been included.
You will appreciate that our work during the audit included an examination of some of the enterprise’s transactions together with those procedures and controls necessary to help with forming a view, and expressing an opinion, on the financial statements for the period.
This work was not directed primarily towards discovering weaknesses, or towards the detection of fraud (other than those that would materially affect our opinion). We have therefore only included in this letter those matters that have come to our attention as a result of our normal audit procedures and tests. Consequently, our comments should not be regarded as a comprehensive record of all weaknesses that may exist or of all improvements that might be made.
If you should require a special exercise or report on the enterprise’s systems please let us know.
We should appreciate receiving your formal considered responses on the matters raised in this report in due course. If you require any further information or detail please do not hesitate to contact us.
This report is to be regarded as confidential to the enterprise to which it is addressed and is intended for use by that enterprise only. Consequently, no responsibility is accepted to any other person in
respect of this report or any part of its contents. Before this report or any part of it is disclosed to a third party our written consent must first be obtained.
We would take this opportunity to thank you and your staff for your help, hospitality and cooperation during the course of our work.
Yours faithfully,
Zara Dunster FCA Senior Statutory Auditor
For and on behalf of Town & Forest Chartered Accountants & Statutory Auditors
Appendix
| Matter | Consequence | Recommendation | Initial response |
|---|---|---|---|
| Assets in use but written off The company has a policy of reducing balance for the following fixed assets: • Computer Equipment The fundamental objective of depreciation is to reflect in operating profit the economic benefit consumed by using the asset. (The value of the asset is not relevant for this purpose). |
FRS 102 (Tangible fixed assets) requires the remaining useful economic life of each asset to be reviewed at the end of each financial period. As a consequence, no asset should be written down to a residual amount, such that no charge arises in the period. During our fieldwork we noted that a number of assets that were still in use (total cost £3,408.23) were written down to nil, this is as a result of not revising the effective lives of the assets in question. The policy adopted is therefore too aggressive and offends against FRS 102. It also understates profits (or overstates losses) in the earlier years of an asset’s life but overstates profits (or understates losses) in later years. |
The effect is not yet material but increases each year. We recommend that no adjustment be made to the existing assets (on the grounds of immateriality) but that the remaining useful lives of the assets that still retain a value be reconsidered to allow assets that are still in use to be depreciated for the remainder of their lives. It may be helpful to change the estimation technique for calculating depreciation from straight line to reducing balance. This will pre-empt any re-occurrence of the matter. |
We will take note of it and we will do the needful. |
| Bank statements We were not provided with a copy of bank statements to cover 31 December 2023 for one of the bank accounts. |
Complete bank statements would help to analyse each and every transaction that has been entered by the charity. In the absence of these, it made it difficult to verify the closing balances and to trace some other transactions as well. |
We recommend that more up to date bank statements are held to ensure compliance with the Charities Act 2011. |
We are unable to trace the existence of one of the accounts. We will employ a lawyer to find out this with the bank. |
Appendix
| Payroll reconciliation Payroll reconciliations between the accounting records and payroll records were not performed regularly. |
Reconciliations would help to highlight errors and anomalies. In their absence the entity could potentially be charged interest or fined. |
All reconciliations should be performed on a regular basis and at suitable intervals. |
OK. |
|---|---|---|---|
| Incomplete accounting records During our fieldwork we were not provided with evidence to verify some of the income, expense and fixed asset additions necessary to complete our testing. |
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. |
We recommend that sufficient detail of transactions and adequate accounting records be maintained in order to ensure the appropriate accounting treatment and also to ensure compliance with the Charities Act 2011. |
We have asked our communities to record all the income and expenses, and keep the bills. We have undertaken the valuation of the fixed assets. It is good to inform us 2 months in advance about the valuation of fixed assets. |
| Opening balances During our audit work, we noted that the opening balances were not posted correctly in Xero. |
This could result in the incorrect statement of account balances. |
We recommend that the audit journals are posted in Xero. |
Thanks for the suggestion. We are doing it on excel spreadsheet. Kindly excuse us for 2024. We will do it from 2025. |
| Cash transactions During the audit work it was noted that cash transactions are not maintained properly. |
This could result in the incorrect statement of account balances and transactions. |
We recommend that the cash transactions are maintained in a spreadsheet and monthly balances are reconciled on Xero. |
We will take note of it and we will try to do it. |
Appendix
| Employment contracts Employees do not have agreed, up to date employment contracts in place. There is a legal requirement for the main terms and conditions of employment to be evidenced in writing. These terms do not have to be in a formal contract – but such a contract is useful both legally and commercially. |
Lack of clear evidenced and agreed terms can increase the risk of misunderstandings and disputes. In the event that the entity is taken to a tribunal, a clear contract will help to support the entity’s position. |
A professional employment consultant should be employed to draft appropriate contracts for all members of staff, including directors, together with a staff handbook to address all procedural issues. |
We will approach the lawyers to legalize the contracts. |
|---|---|---|---|
| Gift Aid returns During the audit work, we noted that no gift aid returns had been filed for 2022 and 2023. |
This could result in a delay in receiving the gift aid claims and could potentially cause legal issues. |
We recommend that the charity should duly complete its filings on a regular basis. |
Thank you for the suggestion. |
| Rent agreements During the audit work, it was noted that the updated rent agreement terms had not been signed. |
Lack of clear evidenced and agreed terms can increase the risk of misunderstandings and disputes. |
We recommend that the updated signed contracts are maintained. |
We have done it in 2024. |