THE TRUSTEES OF THE SERVITE FRIARS PROVINCE OF THE ISLES (A R¢gisted Charity) ACCOUNTS FOR THP. YF.AR F.NnF.n.11 nFf.F.MRF.R 2n14 Re8lStered Clwity Number: 249148
THE SERVITE FIUAR& PROVIiYLL fHE l&iLES REPORT OF THE TRUSTEES. OFTHE SEKVI'I'L bKIAK FOR THE YEAR Ef4DED 31 DECEMBER 2024 Trust held in ¢onDe¢tion with the Brotbers S¢rvaDts of the Blessed Vl In. REFERENCE AND ADMINisfRATIVE DETAll TTUStees FatherC]]rtstopherO'Brien OSM Father Patrick Ryall OSM Fathercolm McGIyllD OSM Father Vincent Coyne OSM Father Lia Tracey OSM Father Allan Satur OSM Fathtr Paul Addison OSM PriorProvincia] {Chair) Father Co]m McGlynn OSM {resied 9 June 2ff25) Prior Provincial {Ele¢i) Father Ctristopher O'Brien OSM (Chair as from 9 JuDe 2025) Provincial Treasurer rath¢rChristopherO'BrienOSM Principal Addr¢s$ St Mary's Priory 264 Fulham Road London SW109EL Telephone 020 7352 6965 Website Ivw.seNitefriaT5.COrn Charity Registration Number 249148 Auditors Haysmac LLP 10 Queen StreetPlace London EC4R IAG Th¢ Rvyal vf Scotland Relationship Maelent Te3m 6, fiotsr I Princes Street London EC2R8BP tnvestmentmartagers Epworth Inv¢5tm¢nt Manag¢m¢nt Ltmits 9 Bonhill Street L•ttdtsn EC2A4PE Solieito Carter Lernon C.amemn4 Ll.P IOAldersgate Streei London ECIA 414J Stone Kyng LLP Boulld Hou 91 Chartcrhouse btreet London EC.IM 6HR Prop¢ty Advisers Newmark {(3¢fdld Eve LLP) One Fitzroy 6 Mortitner Steet London WIT 3JJ
THE TRUSTEES OFTHE SERVITF. FRIAR8, PRnwNe.F. nFTHF. 1$1.F.S REPORTOF THE TRUSTEES (£ontilllled) FOR THF YEAR ENDED 31 DECEMBER2024 Tliv FUSL Tius( d¢¢d of th¢ S¢rYit¢ OTderwa5 r¢8iSt¢rtd with th¢ co]551¢TS in 1878 uttdtrtht numbcr249158. Then on 4 April 1935 another deed was drawn up under the title The Brothers Servdnis ofihe Blessed Virgin. with ourpresent no 249148. CaLg forward this tradition of service the Tnte¢S now piesent their report for the fmaneial year endins 31 December 2024. INTRODUCTION "Ihe Brothcr5 Servants of Ihe Blessed Virgin more often known as the Servite Friar5 live in nvo ¢ommunittes, on¢ th London artd the other in Salford. In both loc#tJOTJ$ they are responsible for the pastoral eare of g Church and the sujrounding Catholic community. Another friar, living al(me, similaTfespon5ibiliti&s for a Parish Church ill Bath. The Servile Friars have offered pastoral care and support in London since 1864, and in Salford since 1923, although the origins of the Servite Order dat¢ from the thirteenth century. L}llrg 2024 our long-standing ministty and pastordl care continued following the pandemic restrictions of the previous years. Our tradition, derives from the geIte coltitUtiOnS and the Province of the Isles Setvite Directory, together with our Thist Deed dating back to 1935. There sVIte Primary S¢hools in both th¢ London and Salford parishes wh¢re The Servite Friars are Tn]5tees and respnngible forthese Voluntary Aided Schools. The Servite Primary School in London has198 pupils 0023..210). while St Philips Primary School in Salford has 362 pupi15 {2023 ..320). The S¢rvite Friars arc Foundation Gov¢rnor5 to both. In ac¢ordan¢e with a well-founded tradition Èupport waÈ given to our Goneydl Council in Rome, and to th& Pontific41 Universiry, the Marianum. This inrnatIonal servile 15 f¢viewEd every six years and a n¢w Q¢n¢ral Council elected. The next General Chapter will be in 2025 and prepar10$ are already in kand Jn Tecent times the three parishes ill London. SalfLYd and Bath would have a weekly foorfall in excess of1,500. Each Mass, or SICe, would have an att¢ndanr¢ of b¢tw¢¢n 100 and 400. On certain day5 durin8 th¢ yr this figure would be even water marking the highlights ol-the christian calendar such as Christmas and Easl¢r or other S¢18] l¢brtttio¥Js UCh Pirst Communiotss, and conflmiatio. Also, during the year there would be a variety of other community celebrationÈ sueh &4 BaptJsmE, MaTriag¢s and Funetals. These would all drdw a congregation from far and wide and in the case of marriages and funerals need io be arranged in conjuTtction with state registrars. MIAslon The Servit¢ Order in the UK aim to use their r¢sour¢e5 foi religious, educational and oth¢r ¢haritsbl¢ purposes it) connection with the RomaJ) Catholic Church (Trust Deed 1935). + For the PUTP03¢5 of this ryLlrt, thc prin¢ipul scrvi¢¢, at prcstnl would bc thc p&8tordl ¢ar¢ of thr¢¢ parish churches and theircongregatt.ons and the use of the parish centres and facilities forthe people in the surrounding areas in London. Salford. and Bath. (cf Trust Deed clause 5 s¢¢tIo i) 4 The friar4 in the T.nndftn at)d SAlfnrd pari*heR hAVÈ rewinRihility for the local Voluntary Aided #ch(lS botb as Thistees and Governors. •> An integral P8Tt of oiir genTice is to gupport the Order in its eentra] thinistration and to gupport Servit¢ Friars. and the Church genernlly, inthe dev¢lopingworld. Thereisalso a lon%tradition of helpin%otherr¢lat¢d ¢hatilies both at holne and abroa£L •> The care of the sick and elderty amongthe ptrjvince's fri8rs who have Snt a life-time in service of the Church. th¢ Order and Society at large. {cf Twst Deed clause 5 s¢clions vi & vii) The English charity shares this respongibility foT one ofthe In"sh frw5 who is bell cared for In a care home itk the North ot"Ireland.
I'HE TRUSTEES OFTHE.8VRVJTF. FRIARq, PROVINCE OFTHE ISLES KLPVRTOFTHE TRUSTEES (continlled) FOR THE YEAR Ef4DbV JI DbLLMIIER 21124 GOVERNANCE, STRUCTURII AND MANAGEMEiYr From its mcepts.on the Servite Order have followed a rule of Life, the Constitlltions, Ènd these have the approval of the Catholic Church alld are in ¢onfomiity with Canon Law. These have been upgraded and am¢nded periodically, the last time the Constitutions were amended was in September 2015. The local friars also have a Directory which adjugts the Order's Jules to local circumstances and in our c&s4 to be in lin¢ with UK ¢harity law. The Directory was approv¢d and updated in 2017. UK diatiLy"ThJb'i Propcny hcld in connectlon wlth Brother ServaD15 of the Blessed Virgin Servile Fatber5" known &s The servite Frisjro, t(bgpihèT With ]rish fharity"gervits Comrnunty- Rathf2rnbam". eonstitute the Provfftce of the Isles. The Provinee of the Isles has a leadership team consisting of the Prior Provincial and four Provincial Coun¢illor5. Each year there is a Provincial Chapter when the fviaTS tneet to discuss policy and procedur¢s.'I'his ¢an mandate the Vrovincial and h$ Council to implement proposal$ 2nd directives. It can also take the fom of in-serwce training. The Provincial Chuyl¥rappruv¢b Iv6(il by-lilW5 know31 asth¢Directory. ThlsdocumeniTak¢s¢ognisance of Church Law and appropri&e Civil law. F.very fniirth yeAr a Pmvine.iAI fhapter of Elertiot)g tskeg plaee. wh&n elections and appointments to the variou5 office5 arc effected. Betsveen Provin¢ial Chapter5. the responsibility fw th¢ direction of the Province (the Charities) rests with the ProvirtGial and the Coun¢il (¢f D¢ed of Variation 21 Sep 1971). Where wssible the Trllsiees are drawn from the Pmvincial Council. All trustees are TtJeTnbers of the Order and they have a detailed knowledge of the work of the Charity and its Structure. even so n¢w TfusTees when appoin1 are reminded ofthe Charity Commission Gllidallce aDd are given a refreshercourse on the princi1 regponsibilFtieg of the ch9rity its resources and #ilns and the relatioosh¥ with Ourprofe$sion advi$ors' solicitoJ4 auditois, st06kbI'vkkn, the t¢luLivNi&liip ir4uL, iu¥¥¥iuk¥lll pwprily advi¥ris. Risk Management In line with the requ5remeni of tn]stees the Charity has made an assessment of rtsk and identifiedthe following aTeas'. Govem8nce Oy¥ruiivi)al Financial Rwtational Laws, regulations, externul and environme1al Governance 'the Province of the Isles has sevellteen friars and their pr¢sen¢e in r.n#land and Ireland is reported through to the relevant civil authorities and registrations. Each year the friar5 gatheT for a ProvinGi&l Chwter and this 1$ when the AGM of the English Charity is held. All mernber5 continue to receiye copies of the minutrs. OperntloN81 Th¢ Tcspunbibility fur builiknD¥¥ bULh ihe Priuti¢s is dir¥bl r¥bpvll¥ibilily vf PIiuK PivYiiJ¢ial and the Provtncial Council and their delegates. the local Priors. The well-being of the Parish ehurehes and Parish properties are with the appointed parish team. togetb¢r with their lay ¢ommitt¢es under the direction of the Parish Priest who is appointed by the Provincial Council. The worst wssible inlemiplion would b¢ severe darnage to one of the Churches. Th¢ safety net would be to use the nearby school halls on a temporary basis. Finan¢ig1 The overall management of fjnancial policy lies with the Provincial Fill1¢t Council who regulate the local uprratiun. thi puIiLy i) Ld¥r[VI¥W with prvf¥¥biu¥i&l aLIvib¥FS tWLI k¥pl vfllirbf LU*(itigs and conveyed to the Trustees al ea¢h oftheir rneetings. The main Sources of weekly incom¢ arc th¢ ChurGh¢b' por(11 wetkly 1knnaltj. Our Pension and FYe/fare Cover remains a flnancial priority. The care of the elderly is an enduring concern and the internal fund continues to SUPDOrt a friar residing in a care home. An effart bten made to increase this fimd. dedicatedtothehelD oftheelderly. in line with ever incrtasin2 inflationoTV pressures.
THF. TRIJSTF.F.8 nFTHF. SF.RVITF FRIARS, pRnviNf.F. ()F THF. 1$1.F.q REPORT OFTHE TRUSTEES Icontinued) FOR THE YEAR ENDED 31 DECEMBER 2024 LaTrvfj TegulatiQll& exteillal and ¢nVirO¢¢a1. lil ord¢r to fojlow chattses i1 8OV¢lJlUi¢lll pUILLA Udl against the Consequences of non-complion¢¢ with laws and regulations. the fmance team are members of the Asso¢ialion of Provincial Bursars. Methods of holding personal infomiation seek to Comply with GDPR legislation. Volunteers and contrihtttnrq to thÈ parishes are being asked to sign a new forni of acceptance that their details ar¢ h¢ld on file for this purpose. HaVg assessed the major risks to which the chanty Is ¢xy)s¢¢ the rruste¢$ bclieve that by monitoring levels ot'tinan¢ial rerVes, ensurins controls exist over key f]nallcial systems. and by examining th¢ operations and business r2sks fa¢¢d by the clwiry, th¢y have ¢stabllsh¢d ¢ff¢¢tive SySTems w lI]gatethOse risks. The Risk assessment Policy wa5 revised in Mar¢h 2022. PmteetinA c.hildren 2nd vulnerAhle Adults. F.ach thiqtEe meÈting tr.h.k$ nn the Pr(thIreS being followed iti the order's communities. and among the parishioner5 and other lay help¢rs under the guidallte of the r¢¢¢ntly crea1 RLSS. R¢li£ious Lit¢ Saf¢guarding Service. supported by supetvisory web meetings. THE PRIORPROVINCIAL AND COUNCIL ITRUS'TELSJ Besides the regular Cout)cil tneeting4 the Prior Ptovincial together with the Provineial Se¢retary are responsible for communieations both within the Prnvince and with niir fTenerk)l%iÈ in Rnrnp., 8$ well as other Priorg Provincia]. On a day-to-day basis tbis is by way of ¢mails and online newslctters. English continlles to be amuch-used language through-out the Order and a variety of tasks involving translatson wi)rk come io the Province. The Provinclal Secretary eontinu¢s to b¢ much involved in this initiative. The Trustee8 Fr Colm Alenyly>Fn . PriorPrnviMeloVChtilpof Tnisl&o Fr ColTn joined the Order in 1980. Coljn lias served in all paits uf thE Provinc¢, Dublin, the North of Irelan4 Scotland and England and he has served as Parish Priest in Dllblin and Dundee. He bas also had experience W07n8 with the Ord¢r in th¢ Philippin¢s. Colm served for severdl term5 on th¢ Provincial Council. He was awaed a BA i Humanities trom Dublin City University in 2(K)5. He Serv as Assigtant Provincia] and is now in his secondtern) as Provincial. Liam joincd th¢ S¢rvites in 1980. Fl¢ ha5 STB from Dublin and a Doctorate in Liwrgy from tbe Allselmnianum. Rome 1996. For 20 years be was the Litiirgy Pmfcgsor in Ma00th University. He also acted &s Conventual l¥ior ott several o¢¢asions aDd h&$ now &ssum¢d the role of Parish Prie* IA the Marley Grdng& parish in Dublin. ]n Septeber 2021 he was elecied as Assistant Provincial and member ofthe Provincial Council. r PaulAddi¥on.' Provincio13ecrelary. Pr Paul joined the servite Order in Au8U3t 1958. Aft¢r studic5 h¢ had two ttmlts 5crYills oil tli¢ G¢lltsal dalui)IralLvll in Rome. Fr Paul bas beell responsibl¢ for the educatiotj and formation of student friars. As part of this ministy he h&8 given courses and lectures in Italy, the USA. France. India and Ugand& He had a first period as Prior Provin¢iaJ (chair of the charity) in 1991-1997. During thai lim¢ he also served on the Board of the Servil¢ Houses thousing wo¢iation) ow known &s Optivo. He continues to serve on the Couneil as Provincial Secretary. Fr Christopher O BriÈA.. PrforProvlh¢thlele¢ andProvthclol Tre&wrer Fr ChriyttsphGr joincd thc Scrvitc Ord¢r in 1965. In hi5 &irly ye3 li¢ was irj i¥aLhin¥ in both ordinary and special schools. From 1982-1996 h¢ wa5 engaged in educating S¢rvite5 in Dublin, Oxford. Lesotho and Nomandy in France. He hat been a meTnber of the Provincial Ftnance Council Bince 1980, and &%kum¢d th¢ Offitt of PmvinGtal Treasurer in th¢ Y 2000. Since 2007 he has been a member of th¢ Serytie Genera] Council of Administralion which setsthe budget forthe Setvite General Council. B¢sade$ financingtheGeneralate,the Council oveT5eestheadmini8tration of the servi Univ¢voity in Rome. the Marianum.
THE TRUSTEES OFTHF.8ERVTTF. VRTARS, PRnVtNC.F. nF THF. TSI.F.S REPORT OFTHE TRUSTEES {eontiDu¢d) VK'I'llb YLAX bf4DLD 31 DELmIlER 21124 rrAllan Sal Fr Allan entetrd ihe Servite Order in 1994. He 5ttJdied in C¢bu and Rorn¢ and began his PaStt>ral ministy in the Philippines. He joined the London tommurtity iyj 2012 and was award¢d a Most¢rs ID Postornl Th¢ology io 2018. In October2021 he was appoint¢d Parish Priest in London aft¢rhaviDgbe¢n ¢le¢t¢dto the Provincial Council and ThJstee5 in Septernber of that year. Fr Patrickfyall FL Palribk juillrd th¥ S¢rvil¥ Ord¥r 1963. H¢ tsp¥nL (w¥Iv¥ Y¥d ill L(Plldull Patibty llill¥ uf th¥ Patith Pri[. He hA8 21gn gerved qhjdent mAqtEr; nine yeArt in ()xf(brd 2nd three in R(bme. In 1997 he again qerved Pariqh T4iegt in London before serving as the first Prior Provincial of the newly foTmed Proytnce of the Isles from 2000 untd 2009. He also served on the ix)ard of Servite Houses now known as Optivo. From 2010-2021 he was once more elected Prior and Parish Priest of the London Community. Fr Vincent Coyné Fr Vincenijoined the SeTVti¢ Order in September 1959. After P¥din¥ hib STL dt¥rer with a Crrlifiknatr vfEthi¥aLivll, he tsisght at 81 Pe.teT'q High qr.hn()I, M%nr.h&.<t@r frnm 1971_1979. Fmm l QRS _1991 he 4erved as Prior Provincial and ¢hair of the Tht. Since 1997 he has again been involved Parisb rnini5ty aTLd is at present Pn"or and Parish priest at Our lady of Dolours Church. Kersal. Salford. Public benef]t In selting the charity's objective& the Trustees have given due considerntion to the Charity Commission's guidallce OJJ public benefit. These requirements are addressed in this report. Statement of 'l'rn$tee$' Kesponsibilities Tht Trn3t¢cs arc r¢5POnoible for pr¢parins the TTUSte¢s' Arxnual Roport and the fJnan¢ial 8tatementB in aecordattce i¥ith applicable law and United Killgdom Accounting Standards (SORP). The law applicable to charities in England and Wale5 requires the T¢¢5 of the charity to prepare flnancial ststements for ¢ach fu)an¢i41 ycar Ivhi¢h giv¢ a tN¢ aDd foir view of the .-tat¢ of a}YaS of the charity artd of the net incorne or expenditt]re of the charity forthal period. In preparin th05¢ financial statements. the trusi¢¢s are required to.. select Sultable a¢counrin£ policies aDd then apply th¢m consistclldy,. observe the principles in the Charities SORP,. make judgements and estimates that are reasonable at)d pdent., state wh¢th¢r applscable a¢ctsunting standards hav¢ been follow¢d. subject to any material dePar¢S diwlosed and explained im the financial statements. prepare the financial statements on thE'going concern, basis unless itis inappropriate to presum¢ that this b&8is applies. The Trnstees are responsÈble for keeping proper accounting records which disclos¢ with reasonable accuracy at any time the financial position of the Charity and to enable them lo ensuTe that the f]nancial statements comply with the Lharities A¢t 2011, the Charity (Acwunts reports) R¢8ulations 2008 and with th¢'fru5t D¢¢d. They are also resyy)t)sible for safeguarding the assets of the c.harity and hence for iak]ng r¢asonable steps for the prevention and detection of fraud gna irre8ularitLg8. ActivitlCS Sy¢ifi¢ Objectivities Rel*vant Policies Ift &¢¢ordan¢¢ with o Ions stomdtng tradjtion the Province ¢ontinlles to cot)tribute towardg and SiiDlWt the iTrtem2tion21 Servit¢ Generalate based in Rome, and the Marianum, th¢ S¢rvite UtiiveTsity in Rome. Activities are agr¢ed and budgeted atthe General Council of Administrdtion durmg the spring of each ye, when a fi]11 detailed reporl is givcn ai the Council of Adrninistration of the it)Coe and expenditure of the previous calendar year. The Treasurer of the Province is member of this GeTreral Council of Athnini5tration. The 2024 rneetsng took place in the Order's Priory In Ottaw
THETRUSTEES OF THE SERViTE FRIAILS, PRovThr.v. nFTHE ISLES REPORT OFTHE TRUSTEES{eontinued) FOR THE YEAR F.NDED 31 DECEMBER2024 The Benburb Llbrary? Muieujll ProYill¢lalAIThiv¢ This facility whil¢ ¢xistiD8 within th¢ Northem Ireland Thjst {Order of Mary Servite TTrt) conlerves a]1 the English nd Jrith clwitabl¢ trusts, archives. )d go hag been siippnrtfta hy PrnvTncixl thnd%. In particular. durinE 2024 the LondoD bas trust provid¢d £01,000 {2023 ,. £109,370) toward5 a Service Level Agr¢¢mcnt for the Library and Archive in combitmtion with the related frtsh Charity"Servile Community- Rathfarnham". based in th¢ Republic offftiand. Servite Missions and Variou$ eharitie5 SUPPOrttd by our Trusi Our Servite Communities in Englalld alongwith the supportof th¢ Parishes have continued ¢0 Support other S¢rvite friors workin8 in more thallenging pxrt.< nf the world. 2024 saw our continued Support tor the student programme in the Phil¥pin¢4 £18,179 (2023 . £14,030), which in recent years h&s recruited gnd trained students. Th¢ Charity C¢)ntinued its long-temi support ofefforts towards relief from poverty and hunger in the worl(Lwith support forCAFOD in 2024totalling£4,000 (2(U3,'L6,1(iGJI. (lther int¢rnationa] areas ofneed haveprompteddonadonstovariou5 app¢a15 during 2024, wtd) Serykte support for a variety of Èmallercharities amounted in 2024 to £6,000 (2023 . £10,300) VoluDtOeTS (Frirs) ArÈA SÈrvicÈ Number of Volunteers Hours per year Preparing and celebrating berviC¢S Pastoral plann8> t¢a¢hingy meetiDSS? Study Home visil Ot elderly and si¢k Adminibtrati(m On¢ to one direction and guidance H05Pital Visits School Meetin 5. teachino Community Care and Servicc 4,(K)O 1560 050 1000 1200 850 (A)0 Throughollttheyearthe friars give theirtirne alld energy seryingthe airng ofihe Charity. They eitherreceivedno specific financial reward ¢1s'tr pay their eamillgs or stipends into the common fund. Nlost of the friars have passed retiring age bui continue to setve accordingto thtirability and fitness. These friars have stiY¢d the Cl)artty fi>r the wholt of th¢ir adult lif¢. Some of the members an heavity involved in the work of admillistering the Charity and without their service the chaxity would noi b¢ ablc to function ¢ff¢¢tiv¢ly or a¢torditi8 to the nornis of the Charity ComTnission. If this service were Chaed at ardte of £3(K) aday this would amount to over£550,000 of dedication and seryice lfil the aims at)d purposes of the charity. Both the London and SalfordParith Cornmunitie5can b(Trth a large group oflayv01untee who gÉve theirtime, expertise and cnergy on & rcguldt bdb'iS.
THE TRUSTEES OTr Ill bERVITE FRIARS. PROVINe.V. OF THE ISLKS
REPORT OF THE TRUS"I'bUb IcoDtinued)
FOR THE YEAR Ef4DED 31 DKCEMUK Z(124
Our Lady of Dolours Parish and St Mary$ Priory identified 130 reglllar lay volunteers during 2024 (2023 ,.
130). These included clctmcrs, flower aTrangus alld InaiiilwwtiLe pvople along with money couniers and others helping
wilh administration. Alongside these are those involved in the a¢] Chur¢h services whi¢h include Choir member5,
Altar servers, Readers and ministers of the Eucharist. Outside the services and worsbip tEmes there are catechists who
prepare parents. ¢hildren at)d young penplÈ fnr thp. sa(rnLents,' plus a faithful few who visit tho housebouTrd to brin8
Holy Communion or h¢lp with household chores. During 2024 over 20.000 hours were donat towards k¢¢p charitable
activities {2V23 ' 17.755 hours). The choir, for example. whose music animates the main I l o'clock M&8s each Sunday
even achieva a short tour to sing at two Marian shTines during 2024, one in krattce and the other in Spain.
The monihly s0tvi¢e for c4nKr suff¢r¢r5 and their faniilie5, took ILY usual plaGe ¢a¢h month, and was appreCted by the
dispardte group that gathers from a¢ros$ the Itiocese and occ&8ionally from fi)rther afield.
In 1991 one of the frIats baptised a boby Our Lady of Dolour5 Scrvite Chuxch iu 1991 with the name of Carlo Acwis.
AILhough born here in London his parents returned to Milan b¢fore the end of the year and CrIn grnw lip tbere In 2006
h&. dlllgnosed with an aggressive fontt of leukaemia from which h¢ dicd that autumn. F4c displaye¢J ex(t
THE TRUSTEES THE S'bKVI I'L FRIARS PROVINCE OF THE ISLES RF.PnRT OF THE TRUSTEES (eotttinued) FOR T ED 31 np.c.EMBER2024 FINANCIALREVIEW Incorne in 2024 amounted to £850,578 {2023.. £1,114,974). Exp¢Dditure in 2024 £843.195 {2023." £967,880. Additionally ui 2024 there were nei gains on invesllnents of £319,080, and a revalltation of the inyeslment property by £160.000, leading to net income for the yearof £486,464. The pr¢v&ou5 year. 2023, saw a fall in market valiiè. fiw invegtsDents held, of £ (455,34g), and wKth o d¢valuatlQD of £{850,000) for th¢ %llvestrnen¢ property, du¢ to weakness in the renial market for olyice space, combining to deliver a result for that year of n¢t expenditur¢ £(IU3.470). A revaluation of the inVie.T1I proptrty at the end of 2024 partia]ly restored its book value, to £2.160.000. Reserves PoIiey . policy was rcvicw¢d and in JauY 2022. The$é11esludextr Trmsi FMndi$ a rrstrict¢d r'und inv¢sted lliruu¥h the g¢neroslry ofTWO donors. The principal donor stipulated that th¢ interest should be used exclusively for the edllcatinn rkf gervite Students. During ?4 300/. {•0?3 480/0) of the fuDd's dividends were used to educate our own 5tud¢nt, while 650/6 {2023 .. 52/0) of th¢ dividends eorned in th¥ y¥dT by th¢ fid weni io th¢ education of tntcrnalional bervite students. Thc G¥nernlFw¥d i¥ a LUlltiTJgellry ftmd to underpin the ccntrdl administratt.on ot'the Charity and ensure continuity in the event of it)¢ome variation. Il is largely the reslllt of some benefa¢tot5 and fund raising in th¢ ¢arly and middl¢ part of the 20th ¢¢ntury. It ¢¢mprists 22% of tli¢ toial pwiLfvliu (2023= 18/f). Ideally it should be stronger to help tund lay assistants who will be needed to help maintain the level af %prvi¢.e that h92 been offered over recentyears. Funds that have been held u) Custodianship on behalf of the former community in N4)rthern Irel8nd. now forni part tsf the Provincial Generdl Fund because there 15 no longer a Servite Community resident ai Benburb Priory. The Redremeni Welfare Fundcontinuestoplay Apivotsl role in the charity's finances a5 onc friar is receiving long teTm caTe in the North of ITeland. This fund received a much-neededboost from the generosity of a deceased parishioner. nver 17 yeAr< thp. 8iipport for eaeh of the elderly has more than trebled to art aY¢rag¢ of £660 p¢r month for tad? fi.1. This yaym¢nt is made to tb¢ wnununity fuT]d in which the friar resides. The Proptty Fundwas realised at the sal¢ of one of the Charity's properties and the fulld is used io maintain the other propert]¢s in good repair. In 2012 this fund stood at £442k and wL% Tull right baek to £9k when buying back the 264 Fujham Road frolltage. It is now being built up r¢ady for the nex¢ r¢alignmenL 2024 £295,700, (2023 £259,369). 1be Strmory's Pplory is a ¢Otstiency for the oldest and m05t ¢omplcx Of thc Chartty's pfoEKrti¢5 at 204 Fua Road in Lond(m. The Churcb Restoration Fund was sel up as a sepate chartty in the 1980s torai5e fidS fortherepairand maintenance of the fabric of Our Lady of Dolours Church. Fulham Rorf. a e 11 listed building. At the beginnirtg of 2016 the charity was dissolved and the remaining ndS becoming a R¢stri¢ted fund within the main cbariry. By the end of 2022 it had reached £1 Iok. N¢ce58ary repairs io some of the external stone-work urgenily required during 2023, consumed ¢opitsl sroTrith, and 30m¢ of thc capital itself, so that th¢ fiuld stood at £99,009 ai tti¥ LIvb¢ of 2024. (2023 . £78,909). The speel4lPrtsCfy FuThdThi8 fut)d accumulatsd from a p¢ro¢nthse of r¢nt sifts and bcqucsts. Th¢ fid is uKd to Spond tg appeals for aid from S¢rvites in other parts of the world or other lat¢d charities and gfy)d causes ano so safeguards ordinary income streams. . Inyestment Strategy The new inVe.ttent policy work¢d outtowards th¢ Gnd of 2021 and rtcciY¢d ap]xoval di¥ Ill JanuaTV 2(I22. The Provincial Finance Couo¢il will tske the advi of qualified financiol ¢xpcrt3, thc r¢$pcctiYc brok¢rs in cath of th¢ th¢ Inv¢5tmonts, but o]tso througb motllbor3hip of the Church KDvGJtorJ Group, and A$slatsuI] ufpruvin¥idl Bursars in the IIK and IrelaDd.EDvironmental, social and govem3n¢e fa¢to]s are core to ollr investtnent strategy and Should be analysed and fully integrated within tbe inv¢stm¢nt pre$s. This includ<s active cngagement, part5cipation in voiing and helping to promote best prdctice in each of these areas. The trust preclud¢5 inv¢$lm¢nt in any companies that derives more than IO°h of theirttyenlle from tobacco, gamblin& pornography. or armaments.
THE TRUSTEES OFTHE SERvrrE FRIARS PROVINCE OFTHE ISLES REPORT OF THE TRUSTEES (Lulldiuued) FOR THE ITAR LNDID 31 DECEMBER 2024 The Finpnt.p. P.niJncil are requested to look into the moral status and opcraiin2 methods of the dIffet ¢ompani¢s to scertain that they are broadly in line with our Servite and Christian ethos. We are totslly committed to the protection of human life from ¢oncq)hon to death, theretore, special care needs io be (aken To protea human lifs ¥vvii ili¢ W0b. This should be bome in mind when investing sn phamiaceutical$ or medical research. It 15 also requ63t¢d that a COTnpany's international r¢¢ord is Monitore especially where ithas dealill85 WTth tollntries where UN recognised human rights are severely restrictrd. A failure in this area would be taYJt8mount tts tondoning smd ¢oop¢rntins in the oppression of the ordiny eitizetis and the ¢omJnon good. Because of the urgency of the pregentmoment COTnpÈnies Jnust be carefully checked as to their transparency in disclosing thciT Larboft footprini their plans to decrea5¢ IL the 8UStainability and fair empltsym¢nt involved in ¢h¢ir supply lines. It is envisaged that all portfolios will have no investment In catts)n fuels by 2025. Jmpact inv¢5ting is part of our overall strategy. It allows us to align more closely io our charitsble Objects and promote a morG 3UStaitiabl¢ ¢¢onorny in line with our Christian beliefs #nd ministy wbile still being am g.e.nnnmic2lly snund inv¢stynent. The Investmellt Properties Ohana Centre Ltd has assumed the day to day running of the specialised nutsery, they have exwided their lease to ?027 The fronia¥¥ (m Fulliwji Road, (Tblock) h&5 b¢cn l¢t to Narnrnu workpl Ltd. When they Jtgned the leastr in Mgtth 2023 they promptly set about a refigurati¢)n ot the ternal rooms. Nammu workplace Lid hold a five year 1¢8se, with an option to ¢xtGnd by a similar t¢rn). John Yianni of Nlay & Co, estate agents, ¢ontinues to use the basen)ent of 262 Flllbaln Road for storage. Mryianni's le&se is until 2032. FUTURE PLANS The year 2025 will b¢ an eventhl yw for th¢ parish of Our Lady of Dolour$, Fultwn Road. It will mark 150 years SiD¢e th¢ Church was built and opencd In beptember 1875 by Lardinal Henry MaDning. Archbishop of WestsniDs(er. A pldnnill mmittee is in pla¢¢ $0 that this si8nificaDt event cat) be properly commemorated and celebratcd. t is confid¢ntly expected that BI¢s5¢d Carlo Acutis will be GanoDised in Rome, during 2025 and again a group, representing the paTish of his baptism. are saving and plannmg to be present In Kom¢ for that significant morneni. Auditors On 18 November 2024 thecompany's auditor ¢hanRed its name from haystnacintye LLP lo Haysmac LLP. A r¢solution proposing the rtrappotntment of HaysMa¢ LLP as auditors to the chartty was approved at the annual general meeting. Approved by the TTUSte¢s on l2 Nov¢mlxr 2025, and signed on their behalf by." F¢iLliti Allaii M Satur OSM (trustee) Fathcr Patrick M Ryall ('rrusiee)
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE SERVtTE FRIARS, PROVINCE OF THE ISLES Opinion We have audited thc financial staternents of The Servite Friar4 Province of the Isles for the year ended 31 December 2024 which comprise the Balance SheeL Statement of Financial Activities, Statement of cash F]ows and notes to the fin8ncial sta[emen, including a sumlnary (yf 5ignificani a¢couniing policies. The fmallcial reportmg framework that has been applied their Preption is applicable law gnd United Kinsdom Atcounting Stsndards, includiDg Finan¢i&l Reporting Stat)dard 102 The R¥purling Siandard applicable in Éhe UK and Republi6 (pf Jreland (United Kinodnm fJe.ne.rxlly Are.e.pte.A Ae.effjiintittg Prxc.ticp) In our QPiDiOT4 the financial stateTn¢nts.' give a true and fair view of the state of the chaTity'S affairs as at J l December 2024 and of the charity's net movem¢nt in fimds for the year then ended" have been properly prepared ]n accordance with Unit¢d Kingrtom li¢n¢fdlly Accepted A¢¢ountmg Practice. Imvr iJLtll yitpated ill aLwIalli¢ [r4li11ls CILUtiilr Abl 2011. Ba$Ès for opinion We have been appointed &5 auditor under secllon 144 of the Chariiies Aci 2011 alld report ill accordance wilb Ihe Act alld rel¢vant re¥ulations made or having eff¢¢t thereunder. We condueted our audit in accordan¢¢ wtth Jntemaiional Swidards on Audltlng (UK) (ISAS (UK)) and appllcable law. OUT responsibilities under those standards are fiuther des¢ribed u) the Allditor's responsibilitie$ for the audit of the fJnan¢ial ststetnents section of our report. We are iua¥yrlld¢u( of ihaEity ill aciuidallit witb rthi¢al 1¢4UUWJL¥iil¥ rrl¢vdul Iv vut ¢tudil uf Lh¥ r]ndn¥ial qtstEmentf in the IJK. including the FRC.'q F.thical standard. we hve fiilfilleA (Jijr nrhè.r èthitxl rpqpnnqibilitieg t accordance witb these requirements. We believe that the audit ¢vi¢J¢Dce we have obtained is suffici¢nt and appropriate to provide a basis tor our opinion. Con¢lu$ion$ relatlttg to golng eoneern Ln auditing the fancial statements, we have concluded that th¢ tsustees. use of the going concern basis of counting in the preparation of Éh¢ finaacial statements is appToprkate. B&s¢d on th¢ work w¢ heve pcrforni¢d, w¢ hav¢ not id¢ntifi¢d any material uncertainties relating to events or conditions that. individually or collectively. May c&st signiticant dollbt on th¢ charity's ability to continue &$ a going concern for a period of at least twelve months from when the financial statements are authoris¢d for isSUC. Our responsibilities and the tEsponstbtlitie$ of th¢ ¢Nste¢s with r¢$pect to goin8 eoncern are d¢s¢rib¢d in th¢ relevant section5 of this report. Other infomatio The truste&% are re%w%ible for the nther infi)rmatian. The other infnmtinm r.fimpri¢ the infiwmxtion incliidd in the Trustees. Annual Report. Our opinion on the financi ststements does not cover the other infonllation alld, except to the extent otherwise explicitly stated in our report, we do not express any foTm of assurance conclusioD thereon. In connection with our audii of the flnancial statement5, our r¢sponsibility is to read the other infomiation an¢ in doing so con8ider whether the other infomation IÈ matenally inconsistent with the fm&ntial stotem¢nts or our knowlcd8C obtained in the audit or otherwise appears to be materially misstated. If we ideniify such material inconststencies or 8PPgrpnt rnaterial miggtstementg, we are reqllired to dÈterniine whether there i$ A Tnaterial misstatement in the fin9Cial statements or a matetial misststement of th¢ other iE]fomiation. If, bas¢d on the work we have perfomjed, we conclude that there is a material misst&t¢m¢nt of thÉs oth¢r infomiation, we are r¢quir¢d to Feport timt fact. We have Rothin8 report in this regard. Mattr& on whielt we Are required to report by exceptlo We have nothing to report in respect of the following matters in relation io which the Charities (Accounts and Reports) Re.snilArinn¢ ?aflR reqijire. ti¢ tn report to yoii if. in our opinion.. adequate aecounting records have not been keptby the ehority. or rettoi)s adequate for our audit have not been received from branches not V13itcd by us,. or ¥urALI¥JIL UL¥UUIILIJI¥ J'1.¥ IIIIVV IIUI U¥¥ll K¥PI' ur the charity financial statements are not in 2greein¢ikt witb the accountitig r¢¢ords and returns.. or we hav¢ not rxeiY¢d a]1 the information and explati1)nS we requirc for our audit. iu
DEPENDRNT AIIDITORSJ REPOttT TO THE TRUSTEES OF THE SERVITE FRIARS. PROVINCE OF THE ISLES (eoDtlt)lled) RponsIbl11t1¢s of truste¢s foi" th¢ flnallcial stattklltllts As explained more fully in the trustees, responsibilities statement set out on page 5. the trustees are re5PODsible for the preparation of the f]nallcial 5tatem¢nts and for being satisfi&d that they give a alld fait vi, and foi such illtcnjal ¢ontrol as ihe trustees dete2rnine is necessary to enable the preparation of fll)ancia] statements th ar¢ free from material misstat¢menL wh¢tber due to fraud or error. Jn preparing the financial statements, the trustees are responsible for assessingth¢ ¢harity's ability to continue as a going concern, disclosing, as applicable, matters r¢lai¢d to going ncern and using the going concern ba515 of accounting unless the trustees either intend w liqutde the ¢harity or to ¢ease op¢ratiot)s, or have no realistic altemattve but to do Auditor's respoiistbltities for the audit of the financial staternents Our obj¢ctives ar¢ to obtain reasonable assurance alx)ut whether the finan¢ial stsiem¢nts as a whole ar¢ free from materia] misstatetnenL whether due to fraud or emir, and to issue on auditor's report that includes our optnion. Reasonable assurdnce is a hlgh level of assurance but is not a guaraniee thai an audii conducted in accordance with ISAS (UK) will always detect a material misslaiemut wheD it exists. Misstatements can lse from fraud or error aDd are ci)nsidered iiidL¥ridl if, indiviijudlly ur th¢ awegai¢, th¢y rould aSOnablY bc expected io influence the economic deci5ion5 of llqerq taken nn the haRiq nf tha%e finxnLixI ¢iatè.mèn Irre2ul8rities. including fraud are instances of non-cornpLiance with laws and regUl10n5. We design procedures in line with ow responsibilit1¢5. Outlincd above. to detect material misstatejnents ID respect of irre8ularkties, including fraud. The ¢xt¢nt to which our pro¢¢dur¢s arc capabl¢ of d¢tccting irr¢gulariti¢s. including fraud is detail¢d below.. Ba5¢d on our und¢rsthnding ofthc charity and the environment In which Itoperates, we Idendfled thaithe prInctpal rlsks nf n(sn-e.nmpliane.p. with 18wq And re.8iIIAtionq re.1gted to ¢.nmpliant.e with n.annn law employment l•w healih and safGty Ksulatlolls, and w¢ ¢onsid¢r<d th¢ ¢Atent to which tton-compliance migbt hav¢ a material tffect th¢ fmancial statements. We also considered those laws 2nd reglllations that have a direct impact on the preparation of the flnancl siateTnents Such as Canon Law. the Charitie5 Act 2011, Thc Sement of Recommended Practice for Chariti¢5 (SORP 2015). FRS102 and payroll tax¢s. We evaluated ManeMent'S incentives and opportunities for frauduleni rnanipulation of the financial sTat¢ments {includingthe risk of override of controls), and determined that the pnncipal riskg were related to recogtiitiott of income and management bias ID C¢TtaiTJ accounTing estitnates. Audit procedures perfomied by the engagetneni ieam Included.. Insp¢¢iing Irusi¢¢s' mDiuL¢s ]nspecting correspondence with regulatOTS andtsx authoritie*; DisLussions witb Maementin¢1llding consideration of known orsusp¢cted instsDces of non-compliance with laws and regulation and fraud., Evaluating management's controls d¢sign¢d to pr¢v¢nt and detect irre8u]aritie5' Identitying and testing Journals. and Challenging (Lsjumptiorts at)d judsetnents maéeby manasement in their critical accounting eÈtimatés. Because of the inher¢nt lÈmitstions of an audiL there is a rtsk we will not detect all IJTegularitie% including those leading to a material misstatemcni in thc fjThanciai statem¢T)ts or non-CQTnplianGe with regullition. This risk £ncreas¢s the more that eomplisnce with a law or regulation is removed from the events and traM%aetions reflecied in the fancial statements, as we w511 be less likely to becom¢ awarc of instsnrKs of non-cotnpliancc. Thc ti3k ulw 8Ulr rrytrdiTig irregulariti¢s oc¢urring due to tsaud rather than em)r, as traud involves Intentional conc¢aJm¢nL forgery, collusio omi33itsn or mi3r¢pres¢ntation. A rthÈraesCrlptIOn of our regponsibilities for the au<lit of the Fjnartcial gtatetnents is located OD the FJn#tteial lieporting Coun¢il's website at.. wvw.frc.o .uklauditorsres nsibilities. This dc5ffiPtion fonns part of OUT auditor's report.
TNDEPBNDENT AUDfToRS? REPORT TOTHE TRUSTEES OV THE SERVITE FRIARS, PROVINCE OF THE ISLES (continued) Use olour port This report is made solely to the charity's trustees, as a tM)dy, in aecordance with section 144 of the Charities Act 2011 and regulations made under secTlon 154 of thaE ACT. Our audii WQTk un¢J¢rLakw bu I114t wr Illi¥hL bLaLr LO the eharity's trustee5 thos¢ matters we are required to state t(k thern in an Auditotrs report and for no other purpose. To the fv11¢st extent pcrniitt¢d by law, we do not ac¢¢pt 01 &ssume responsibility to anyon¢ oth¢r than tb¢ ¢harity'S trust¢es as a body for our audit work, ftsrthis report. or for tILe OPitiiLY)s we hAVP fnrnipAI. Ho. Uf Haysmac LLP Statutory Auditors 10 Queen Street Place LvllduIi F.fAR I ACT Dtr.. 1711112025 Haygmac LLP is e.ligible. tn xet An xiithtar in ternis of %ectihn 1212 of the Compani&q Act 2(Kk6 12
THE TRUSTEES OFTHK SERVNE TrKIAK& PROVINCE OFTHE ISLES BALAiYCE SHEET, AS AT 31 DICEMBER 2024 Not& FLXED ASSETS Tanglble fixed Inv&tm¢nt Promy TnvethieTrts 2J20.893 2,160,01)0 5,165,496 2.38R.66 2,0(h).o 4,840,413 9.646.389 9.21fj,n78 CIIMRENT ASS&TS Debtors Lh at b&)k 219.280 220.705 137.601 252_560 43Y.YO5 JYl.161 CREDITORS: AmDunLg fAllin2 ¢hip. within oneyear 1510261 {78 ?161 NETCURREPU ASSETS 387,Q59 311.945 TOTAL ASSK'lb LUIUWYT IJABILITIES 10.034.348 9.547.023 CREDITORS: Amounts failing d more thall i>ne yegr 160243) 159.3821 NET ASSETS 9,974,105 9,487,641 Restritttd.. - StudentTNgt - Patish F]d - Church Re&torttion Fund 1 ?32,5511 131J6 84.414 78.9) 1.464,173 .331,514 Unrtstricied.. Dlted - rixed Assets Puttd - Investment Property - Pmrwry T)p.vplopmeni fiund -RdiremeRt and welfa Fuiid - Schi)ol CJov¢rnors' Fus - Special Projects Fund - St Mary's PTiQry Fund CernI Pund ? 320.893 2.100,(XIO 295.7(M) 1.862.232 137,415 251,829 414,458 1,067,405 1,388,665 l(KX),(KX) 1,709,411 104.815 228.734 396.675 8.5CO,93 8.156.127 'JIYI'AL D'UP4LIti 9,974.105 9.487,641 Approved by1he Trustees and authoris and Sign on thcir b¢haif by or is$u¢ on 12 Nov¢Inb 2025 ther Satur OSM (TTUS¢) Father Patrick M Ryall ITiu¥t¥¢l 13
THE TRUSTEESOFTItE SERVITE FRIARS,PROVINCE OF THE L5LLb STATEMENT OF FtNANCIAL ACTIVITIES FOR THF. YF.AR ENDED31 DECEMBER 2024 Unrestrieted Fullds Tofal fvnds T•al 2023 Funds INCOME FROM: Dona¢lons Vmd legaclu.. Salaries 2nd petygions Donats'ons and legacies 52.192 116576 52.192 408.014 2.372 694234 291,438 her Trud¥ftgAdiviliu.' Rent alld service ¢harges 228.448 47,859 276J07 131.734 Charilubleacllvitiu.. Locol ¢ommunitie5 and paTishe$ InvlMents 89,739 24J26 114.065 176.614 Total 486.955 363,623 850.578 1,1 14,974 EXPENDITURE ON: Communities> parishes andtheir ministy (607,472) (235,722) (843,194) (967,880) Total {607,472) (235,722) {843,194) (967,880) Net (expEnditsreViDeome before gaiDs o (120,517) 251,283 127,901 7.384 319.080 147,094 I(.792 Net g8inOon investments 67,797 Gain on valuatIon of investsneDtproperty ioo(hy) irfQ(KK) Net income/(expendlture) 290,766 195,698 486,464 253,886 Trnnsfers between funds 63,041 (63,041) Net movernent in funds 353.807 132.657 486,464 253,886 Reeoncllladon olf¥nds." Flld Balances brou2ht forward (as reststed) fl,156,127 lJ31,514 9,487,641 9233,755 Fund Bi#llces carrl¢d forward 8,509,934 1,464,171 9,974.105 9,487,641 All the charity's activities over the two finanGia5 y¢ars above are derived from continuing actsvittes. Thcrc are no other recognised gains and losses other than those included above. 'rhe ac¢ompanyin% notes form part of these a¢counts. 14
THE TRusfEEs OFTHE SERVITE FR[AKl. PROVINCE OFTItF. TST.V. STATEMENT OF CASH FLOWS FOR TIIC YEAR ENDED 31 DECEMBER 2024 Notes C$h Ilows for operating aetfvtties: Net cagh used in operdting activities 14 (423,089) (1412391 CAsh flow from investing activities: Divtdends, interest and rent froTU investments Proceeds from 3alc of illyll¢nts Purchase of invesknents Purchase of fjxed a 390.3T2 328,368 1.845,ti19 3,120.'112 {1.810,649) (3,986,?16) Net eAih PTovided by investing activities 425,342 68,364 Change in cash and cash equivalents in the year Cash Jd Cash equiva]entg at thE beginning oftbe ye&T (31,855) 252,560 (72.875) 325,435 Is CÈsh and cash equivalents * the end of the year 220,705 252,560 15
THE TRIJSTEES of4 THE SERVJTE FRIARS, PROVINCE OFTHE TqI.F.S AccouNr FOR THE YEAR ENi)ED 31 DECEMBER 2024 ACCOUNTING POLICIES The princ8pal accounting litie$ adnpte& judgements and key sources of estjmation uncertainty in the preparauon of the accounts are laid out below. (%) Jknilq nf prepxrntion The financial statements havebe¢n prepared in accordat)cewith the Statement of Recommended Prnctice for Charities ISORP 2015) (S¢¢ond Edition, ¢ffective l January 2019) alld the Charities ACÈ 2011. The ch8rity meets the detinition ot apublic b¢n¢litenll"ry und¢rFR5102. Ass¢T8 and Ilabiliticb inilially rt¢(rgni3cd tst hsstori¢al Cost 0rtrQt¢tion value ulllegs othenvise gtated iti the rtrlewdtttaccoijntimg ]Iry noit(s). (bl Critical accountlng estimate$ and areas of judgtmet)t Preparation of the accounts requires the TSlee$ to make signiticant Judg¢m¢nts and estimares. The ittms in the accounts wh¢rc these judgements and eiatr$ bave been made includ¢ ¢stimatin8 the economic usefvl life ot"taDgible tixed asKts. {clAssessment of going concern The Trn8tee8 hav¢ as$egsed whether the uge of the. goine cAtern I8mptIOn is appropriate in preparing these aceounts. The Trustees have mad¢ this assessment in pect to a pericKI of one year fmm the date of approval of these accounts. The Trllstees of the charity have concluded that there are no Jnat¢rial uncenainttes related to evenrs OT onditiot)s that may cast sl8nlfi&t doubt on the ability of the ¢hgrity to continue as a going concern. The Trustees are of thc opinion that the chariry will have sufflcient rcsources u) liabiliLi¢b LIL¢y fall duv. The most signtficant Are of judgement that affect itemg in the. >JcerbiiiR gre detailed above. With regard to the nexi two accounting periods, th¢ y¢aTS ending 31 Ik¢¢mber 2024 and 2025, thc Tnost qignifitant areas that affect the caTrying value of the assets held by the charity are the level ot Inv¢stsvent Fen]rn and the performance of th¢ inv¢stmeni markets {see the inveslment policy and the risk management se¢tions of the Trustees, Report tor morc tOrn)atiOn). (d) Investments InYe-.tments are a forn) of baÈic fJnaDcia] instrument. They are initially recognised at their transartion value and subseou¢nily valued at their fair value atthe balance sheet date using the closing quoted market prjce. The Statement of Finattcta] Activities includes the tt ggins and losse# ariging OM vAll]n And disposa]s throughout the ye. Investment propertie5 ate ¢rried at f8ir value. No depreciatioll is chaTged on investment proirti&s. lel Tangible FIX A&fjets Lattd and buildirtgs are sh0N? at l¢M of th¢ir itisuronee valuation plus additions sin¢8 January 1999 at cost. Depreciation IÈ provided ¢v¢nty overthe esttmated useful lives of eaeh asset. BuiliJill¥s Fixtures & FttIngS Motor vehicles - 2% rytr - I10 per year (fj FiDaDcial iDStrutyh¢ttts The charity only has financial assets and financi&l liabilities of a kind that qualify &8 basic financial instruments. Basis financial instrum¢nls ar¢ initially recogDised at tr8llsa¢tion value and subsequentty rnea4ured at their settlernent value. Debtors Trade and i)ther debtors are ¢]Sed at the settlement amount due aftu any trade dis¢ouni offered. Prepayments are valued at the amount pr¢p8id net of any trade dtscounts due. {h) CAsh At bgnk in hand Lash at bank and in hand includes bank aecounts. cash and shon temi highly liquid investsnenTS wlth a short maturity of three months or less from the dat¢ of a¢quisitign or opening of the deposit or similar account. 16
THE TRUSTEEsnFTHE SERVITR FRIARS, PROVINCE OF THE ISLE4 S NOTES TO AccouKrs FOR'I'HL YLAR ENDED 31 DECEIIIRER2024 ACCOUNTING POLICIES (continued) Creditors and provisions Creditor5 aDd provisions are re¢ognis¢d where the charity has a present obligation rebultiug from a past v¥lll will probably result in thc trdnsf¢r ot" tunds to a third paty and the amount due to settle the obligation c3n bemeasured orestimat¢d reliably. Creditors provisions ar¢ noEmally reeogttistd atth¢ir ttl¢mtnt amount allvwing for any Trade discounts due. (i) Restricted Funds The restrict¢d fvnd r¢presents donations received with specifit rè.gtrictiong placed by the donors whieh have not yet been spent. (k) Designated Funds Tiic desi8fJaLrd fuults rw¢b¢llt amounLS Set aside ty ihe Trusteesto mltil specitic ¢haritable objtttives. Income Income i5 included in the SOFA onee the eharity hx< entitlement to the inconte, 1¢ 18 probable that the incorne will be received and the amount ol income ¢ivable ¢aD be measured Teliabty. The following specific policies apply to cafr2ories of income. Cvll¥biions donalloDS are Included in the ac¢ounts when received. Memher8' AlxThp.R- the.re are no friarOmembers re¢eivin8 sal8rios durins 2044. Rentsl income is stated Eroi tjf any feeo de.diicted and is rOrded on an a¢en b4si8. Investment income ts credited lo income when it is receivable and the amollnt can be measured reliably by th¢ charity. thi5 is nomially upon notifjcation of the int¢rest paid or payabl¢ by thc bank. Dividends are recognised once the dividend has been declared and notification been re¢eived of the dividend due. (Ill) EndItre Liabilities 4t¢ rQgnised as expcnditure as soon as there i5 legal or constNcuve obligation committitig the charity to that expenditure, it is probable tIt settlement will be required and the amount of obligation can b¢ me&sur¢d r¢liably. Expenditu is re¢ognisedonaD aceTuals basis as a liability is incurr¢(L inclusive of It1¢YAT. Charitsble expendifvT¢ nSISts of oll exp¢nditur¢ r¢latins to thc objc¢ts of tht Charity. All costs directly attributable to the activities under which they have been analys¢d. Govemdnce c(bsts in¢lude expendith on the governance of the cbaTity and its assets and are primari]y 30ciattd with ¢on5titutional and statutory qU1c11ts. 17
THE TRUSTfl4S OF THE SERVITE PRIARS PROVINCE OFTHE ISLES NOTES TO ACCOUNTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 FIXED Abbb'l'S Lalld aud buildin83 ar¢ mainly io ust by thc ProYin¢e at at* not generally available foT sale. Land and Fixtures & Motor Duilding8 ttings Vehie]ps TotAI A$ at l JÉtlluary ?O?A Additions 3J27.932 5.099 57,399 3.39),430 A5 at 31 December 2024 3.327,932 fj,(199 57.399 3J90.430 DEPRECIATION As at l January 2024 Charge for the. yp.Ar 945,394 66,559 1,785 510 54,586 703 1.001,765 67,772 As at 31 December2024 1.011,953 2295 35289 1,069,337 NETBOUK VALU - at 31 December 2024 2,315 Q79 ?..gn4 Iiin 2,320.893 As at 31 December 2023 2J82.538 3,314 2.813 2.388,665 INVESTMENf PROPERTY The part of the charity's premises at 262a Fu]ham Road Iknown as the 'T-Block') is all iDV¢Stment prop¢rty 8S it is let out for commercial use. It was revalued at 31 December 2024 by the TTUgtee8 at a fair value of £2.160.0(K). At l January 2024 Revaluatlon At 31 December2024 1160.000 18
THE TRugrEES OFTHE sfRVITE FRIARS, FROcE OFTHE ISLES NOTES TO ACCOUNTS Icontinlled) FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTME[s Unrestrltled RLgtrieted 21123 MArkFetValue as Qt l January Additiotss Disposa]s Net invcstment gallis (Tea]ised& Ullreali 3,609,415 1.319.8V8 {1,346,144) 277,621 1236,998 490.841 (499,475) 76.432 4,840,413 4,479,617 1.811).fv19 q Q86,716 (1,845.619) {3,726.712) 354.053 lo6.72 Market Valu¢ as at 31 D¢¢¢]nb¢r 2ff24 3,860,700 I J04,796 3,165,496 4,846.413 r.05 ag at31 December 2024 3,284,536 1,189,961 4,474,497 4,440,728 2024 2023 Analysis of Investmtnts Unit I njsts Cash hold Qs port of on inv¢attn¢nt p)rtfolio 5,121,470 44,026 4,813,121 33292 5,165,496 4,846,413 DEKfoRS 2024 21123 Other Debtors Prepayn)ents and a¢¢rued income VATrecove]thle 7,451 102,544 27,606 219280 219280 137,601 CREDITORS: Amounts falliDg due within one ythr 2024 2.787 49,238 1.619 76,597 Ae¢NalB and prepaid income 51025 78,216 CREDITORS: Amounts falling due oftwrnorc th oncy 2024 21123 Reni deposit 60.243 59,3f2 19
THE TRUSTEESOFTHE SERVITE FRIARS, PROVINCE OFTHE tSLES r4oTES TO ACCOUNTS (Conllnued) R THE YEAR ENDED 31 DECEMBER 2024 R THE YEAR ENDED EMBER 2024 MOVEMENT tN FUNDS- 2024 The restrioted and Utjrestrict¢dfidS of the tharity (which tnclude deSig[ted and general fijnds) are set out below.. Resknj & Dalanct at l January 31 Restricted Funds . Students Patith¥b - Church Restorn 1.168,191 84,414 78.909 23225 320J92 20.006 (lQ,469) (190,717) (25.536) 62.740 (8.Ang) (143264) 19,896 {13i.977) 1,22A,ll7 70,825 98.332 lj95 J35 5,057 R¢strlctsd Total 1,22 1,514 67,797 De5igNated Funds - FixedAssets vtstmt ProF¢rty -Property& Devt -Retiremt & Weltgre -S¢hool Governors, -Special ProJe¢LS -Priories 2,388.665 2,000,000 2)9,3t*9 1.700411 104,815 228,734 396,675 (67.772) 2,320.893 2.160.000 206,437 1.851.890 137,414 250,375 40¥,163 22,433 .,967 (31,243) (1(1.525) 17275 118.790 32,59) 15,147 24,451 (1,397) (18.753) Il294 102,672 (4,800)) 1153,7561 38.121 Designated Totsl 7.087.669 209,366 (288,1)96) 368262 17,971 7,395,172 Genernl Vund 1,068,458 277,589 (319J76) 43.021 114,006 1.183,698 Unrestrlcted Total 8.156.127 486.955 1607.472) 411.283 131.977 8,578.870 TOTAL FUNDS 9.487,641 850,578 (843,194) 479,080 9.974,lOJ 20
THE TRUSTEES OF THE SERVITE FIUARS PRUVIIYCL UFTHE ISLES NOTES TO Accouf4TS (CoDtiDlled) FOR THE YEAR Ef4DED 31 DECEMBER 2024 MOV&MEiYTIN FlJf4DS-2023 TrArJsfer8 and gaill$ on Investments l January 31 Dettmber 2023 Income Expendithre R¢stribrttd Fw. - Students - Pari5hcs - Church Restn Fwid .185.963 288,095 110,4R7 25,954 369,682 39,645 {32,610) (142,141) 8,891 1,168,191 &4,414 78,909 (431222) (80.114) 1.584.545 435281 (522.452) {165,860) 1,331.514 Dr¥iyaivdFuod5 Fixed A<*Èt. Inv¢st]n¢nt Prop -Propertv& Development -Retiremellt& Welfare -school Governors. -SF¢cial Projects -Priorles 2A56,671 iooo,000 24R.-392 1,618,983 100.670 213,829 J)1.) 12 (68,(M)6) 2?88,665 2,000,000 259,369 1,709,411 104.81$ 228,734 396.675 37,IQA 39,069 1.737 5,501 IIY,631 (37.44Q) (10.100) (883) (150) (109,373) 11.030 61.459 1.291 9,554 34,845 0,990,1 L7 659.093 203.334 476.359 (225,901) (219,467) 120,179 152,473 7,08'1.bb9 1,068,458 cneal hind 9,233,755 1.114.974 (967.8801 106.792 9.487,641 The Servile TrniFundJepItstyJis JliUlli¥b f¢L¢iv¢d furthe Wdinrng and educlon of FrlaTS. Thls balance Is held as part of the investtnent portftslio. Th¢ PlIk Fwid represents monies raised by the PaTisb worshipping comEnunity and can ¢)nly be used in tht local parish to meet the needs of that commimlty. The Ckn4r¢h RlOall0 Fund represents rnonies set aside to raise fi]n(Ls for the repair and maintenance of the fabric of Our Lady of Doloursservitr Church. London . Tlkr Fi¥vdA¥bets Fwidib maintll¢d b(K)k value andrepr¢s¢nts thenei invesunent in red &%sets. The 1¢Mentpr(1Perty Fundw&s realised on the sal¢ of on¢ of the Charity's properti¢8 and th¢ fund i¥ usrd io majntain the other properties in g(KMI repaw. TheRerirementdI Fyelfare Fwidwas begun in 1993 to fund Servite Friars in their retirernent M(fft friars receive no state pension or less than the basic pension despite having spent all their adult life in service of the publit. In 1999 the lullJ brwi puyill¥ paY¥t tv till LoJnmunitiesthathave senior members among thetr number. Th¢ Spe¢ltslProjcGts fwid This fund was accwiiulated fi"onTr a p61£¢1Jtsse ofititiit gills wja b¥4urs15. Th¥ fun is US to respond to appeals for aid from Servites in other parts of the world or other related charitieg. The &Mary'sPrioryFundisa¢onlingency forthe oldestand mostcomplex of the Charity's properties atFulham Roaa in London. 21
THE TRUSTEES OFTHE SERVITE FRIARS, PROVINCE OF THE ISLES NOTES TO ACCOUNTS (Colltlllued) FOR THE YEAR ELYDED JI DECEMBER 2024 ANALYSIS OF NET ETs BETWEEN FUNDS- 2024 Flxed Assets Invtents Net Lurrent Assets Debtors Creditors Creditors due after I year Total Restricted Students Thist fund Ish fund Church Restoration nd 1220,897 9,484 66.256 3.176 66.032 1.233,557 131.546 (742) 83.900 7.729 7,440 99,069 Totsl Rc5tricted I J04,797 76,648 (742} 1,464172 Designated Fixed Assets fund Investment Etrop¢ty Prop¢ny D¢rt fi]nd Retirement & Welfare filud S¢hool 2,320.893 2,320.893 2.160,0(X) 160,000 276,054 3.638 l&765 {757) 295.YOO 1,821,663 2.393 39,843 (1,667) 1,862232 Covcrnor3' fund Special Projects fimd Mary's Priory fimd lJl.41) 137,415 242,007 2,5 14 7,662 (354) 251,829 390,723 10,183 14,702 (1,150) 414.458 Tut*l 1320093 Designated 5,027062 1&728 7&972 (3,928) 7,442A27 Gener&1 fund 992,838 118,508 63.660 (47.357) (60.243) 1,067,405 Total Unr¢$trk 22093 &020,700 137236 142,632 (S138SJ (60,243) 8.S09,933 Total A&5ets 2J20.893 7J25497 220.705 21948Q (5ai)27) (60.243) 9,974,105
THE TRUS'1'bESUFTHE SERVTfE FRIARS, PRnvtNCF. (IF THV. ISI.F.S NOTES. TO ALLUUTh'lb (Contilluel FOR THE YEAR ENDED 31 DECEMBER21123 ANALYSIS OF NET ASSETS BETWEEN FUNDS- 2023 Net CtTditors Due after One year Flx¢d Curr¥llt Investments Total Restrleted FuNd - StudentTrngt Fund - Parish Fund - Church Restoration Fund Scryitc Friars ljesignated.. -Fixed Assets Fund .Investment Property Fund -Propety & Development FLmd -Retiremell( Welftir¢ Fund -school Cyovernors, Fund -Spe¢ial Projects Fund -st Mary's& Kersal PTiOry Fund G¢n¢rol 1.158,157 10,034 84,414 67 1,168,191 84,414 78,909 78.842 2.388,665 2,388,665 2.000.000 259,369 1.709.411 104,815 228.734 396.675 1,068,4i8 2.000,000 258,779 1,702,873 104.815 226,859 366.273 949,815 6,538 1,875 30.402 178,025 (59?82) 2.388.665 6.846,413 311,945 {59,382) 9,487,641 Jo. INVESTMENT INCOME In¢om¢ froln UK quoted investhjents Bank interest 113,125 940 175,410 1,204 114.(10) I-10.b14 11. TRANSACTIONS WtTH TRUSTEBS AND RELATED PARTIES The trustees of the Charity are also memb¢rs of the Province and as such have taken vows of poverty under which they have renoun¢¢d all personal rights io income and capital. The Chlty provides for the essential needs of all embers of the Congregation within the Provin. The living wsts of th¢ fiv¢ trust¢¢s or¢ th¢r¢for¢ born¢ by th¢ Charity. DuriDg 2024, P M U'Bri¢n, Ihc brother of a trustee. Fathcr Lhristopher ()'Biien, was pa]d £4.)31 (2Q23.' £4,379). There were no amounts owins or owed at the yeaT-end.
TItETRUSTEES OFTHE SERVITE FRL4R& PROVINCE OFTHK ISLES NOTES TO ACCOUNfs (Continued} FOR THE YEAR EfffjED 31 DECEMBER 2024 12. ANALYSIS OV EXPENDITIIRE- 2024 Stsff Costs Do110$ Other 2023 CU1)itI¢Sl Parishes and their mini5try'. Communiti¢S'. . KersAL - IAmdon 10.657 38,116 29.960 75.022 40.617 113,138 16,123 94,250 - KcJ5al - London 9,424 25.1) 39,462 114.842 48,886 141.ilJl 105,893 32).329 1.799 Province 94.640 95379 308,802 498,721 426,285 178.027 97,078 568,088 843,193 967,880 11 eostg are diTP.r.Ily attrihutahle to the activities under whi¢h they have been anafystd. Included in the above gwe the following. Fees paid to the audit(n'. Aiidit fr.% Other fees Depreciation Donatiolls 2U,4UU 34,958 t7,772 97.078 14.ot 5,3(M) 68,6 119225 ANALVSIS OF EXPENDITURE- 2023 Stsff Costs DDrthtions Other 2023 2D22 Charllable4clivirfe&' Collllnuniti¢s, Tr4TiShc3 attd th¢ir mlsty.. Communities.. - K¢rsal . London Pari5h¢s". Kepsal - LonthTr 8,173 26,077 7J50 59.573 16,123 94250 31,053 130,034 8,600 8.16) 37,179 6.211 9278 91.522 278,872 105.893 325,329 56.509 217,689 Provin¢¢ 60J75 94,536 271,374 46.28S 770.064 139.964 119225 708.691 967.880 1205.349 ]ncluded in the above the following.. Fee5 paid to the auditQTS'. . AuditorJ' rernuneration Oiher fre5 Depreciation Donations 14,0(K) 5,300 68,006 119,225 12.6SO 7.000 74,040 142.572 24
THE TRUSTEES OFTHE SLKVI'I'E FRIAR& PROVtNC.F. nFTHF ISLES NOTES TO ACCOUNTS (Couthly1) FOR THF. YF.AR F.NDED 31 DECEMBER2024 13. sfAFFCOSTS 2023 Gross sa]aTies Employer's NI 151.658 10243 133.458 6.506 161,901 139,964 No lrnstees (who are the charities key anagernent personnel) received remuneration f(>r their services dllring the current or prinr yeAr. ffiistees ceIVed any re]Mbued expenses durin8 the evcnt or prior y¢ar. DuTinR theyetr we had apart-time cleaner in the c(Jmrniinity of St fvIary's Pyiory but 8h¢ al80 did som¢ ¢leanin8 for the Parish, which the London PiSh ae¢ount refunded to St Mary's awounts. Dursng 2024 there w&.re. l fiilltime g part tim¢ employeeg for the full year {2023- 1 fijll timc and 9 w time employcc$ for part of the y&gr). 14 RECONCILIATION OF NVT tNf.nMP. TONETCASH FLOW FOROPEIL4TING ACTIVtTJES N¢t (expenditur¢y income for the y¢ar a5 per th¢ Statemrnt of Financia] Activities 488.108 253,886 Adjustments tor. Dèpreciation ¢hwges Gains on revaluation olinvestmentproperty Gains ott investments Divid¥nd¥, interest and rents from investtnents (Incre&4eydecrease in debtOTS (Decit&8e) ill ¢r¢ditors 67,772 (IfKI,(W) {319,08J) (390.372) (81,679) (27,835) 68,000 {106,792) (328,368) 20,409 (48.3801 Nct cash used in operating activities (423,089) (141239) IS ANALVSVS OF CASHAND CASH EQUIVALENTS 21123 220,705 252,560 25
THETRUSTEES OF THL sVI.1. FRIA PROVINCE OFTHE IS15 NOTES TO ACCOUNTS {Continued) FOR THE YEAR ENDED 31 DECEMBER2024 16. .YfATEMENT OF FINANCIALAC7'IVIT 2023 Unrestrieted Futtds Re5trictvJ pud8 INCOME FROM: Sa1¢s and Fgi00s Douatioiis aod Icgactes 92.372 3f2.364 92,372 311,870 her TradingAclivldes." Rcnt and scryice chorges 91.942 SQAI? 1fj1,754 Lo1 COuli1v¥ p&is]Ks 113,015 63,599 176,614 Tijtsl 679.693 435,281 1,114,974 EXPENDITURE ON: Ch&rliablea¢rtvlth.. r.iJrnrnJJnitie& p2rishes and theÈrministy (445.4281 {522,452) {YOl.1480) Totsl (445.428) (522,452) (967,880) Net in¢omel{expenditsre) before(lossesygxin$ on thylments 234,265 (87,171) 147,094 Net( gains 1)n inv¢sttti¢Iti¥ 84.285 22,507 106,7 Net iniorne/(upenditure) Transfers between fuDds 318,550 188,367 (64,664) {188,367} 3,886 506,917 (253.031) 53,886 Reeoneill&Étsn offund%.' Fund Balan¢e$ brought forward 7.64921Q 1.584.545 9233,755 Fund BAIAnces e#rrltd forward 8.156.127 1,331,514 9,487,641
THB SERVITE FRIARS, PROVINCE OFTHE ISL&S DETAILED INCOME APID EXVLP4VI'I'URE ACCOLwr FOR T 31 nF.fF.MBER 21124 Thi$ pttge doe$ not ftsr part vf th¢ audited accounts Ordillary Payments (in¢lMdiD8 sUbl1¥r1e5) Ordinary Rrt¢ipts Community 48,091 173,380 London Pariyh Ker8aI 1532711 11¥1,1631 15.180) 17,783} 1,888 8370 85.204 235,495 181.834) 12514531 3.370 116.958) 135.4551 153.1381 Surplus of Communities. Parish htherq 541170 1568,7211 {26,551} 178,3351 PRovllYciAL FUTr4D OTrJiTrgry Keceipts Dividends 2nd inter£ Donation.. &IRgocie¥ Salari¢s & pu]¥iotLS RLrtt incom¢ ProvInci Contributiorl 107,150 111fy5YJ4 26.AllS IR6.855 53.459 107,91J 361.(7 37,103 IiS07 493.820 625.660 ORDINARY PAYMEr(rs qtudi¢sand sbata]S Tivrl wpenSeS ()ttict costs ChApter Wages EofclOnai Gcner 1760} 17.5381 IIOJ641 13.0641 1112911 13,2161 {32.666) 1101.9271 133,61Ql 12UOI {94.5361 13.6761 1194,3581 12,0(M)I 170,054) {.$1.358} 147.1991 Dvnations Bank char2¢s and inittegE RepaiTS and maintcnance Curi In5urnnce Deprcciation 1952791 13,7851 {45,406) {21.443) {42,792} {07,772) 19.649 146.7SY)I I68,0() 117.7(NS1 Hcalthcare R&W Penjon Rtrdistribution of fid5 cXndit 121.5481 241337 1459.8851 14(K),231) (Deficitysurplos ofprovillcial FuThd 133.9351 225.429 C.hrity (DefititYsrplU& before IVS¢t Il¢wqsygaiD8 7.384 147,094 (De¢re#sellincre4se in market value of investsnents 319,080 IlkS.792 IDe£reaseyill¢reas¢ in v*luation of investment prfiwty I(1X> Surplus for th¢ rran$f¢T5 b¢twe¢n Funds 48&464 253.S86 Net Movemttht in Funds 486.404 9 487 641 253.886. 9.233 755 Fund bal2nces brought fomrd Fund batsnees carried forward 9,974,] 9,487.641 27