CHARITY REGISTRATION NUMBER: 252222 The Community Trust of the Blessed Virgin Mary Unaudited Financial Statements 31 December 2024 HA Chartered accountants 168 Church Road Hove East Sussex BN3 2DL UN ED
The Community Trust of the Blessed Virgin Mary Financlal Statements Year ended 31 December 2024 Page Trustees. annual report Independent examiner's rewrt lo the trustees Statem6nt of financial activities Statement of financial position Notes to the financial stalements
The Community Trust of the Blessed Virgln Mary Trustees, Annual Report Year ended 31 December 2024 The trustees present their report and the unaudited financial stalemenls ol the charity lor ihè year erKled 31 December 2024. Reference and admlnlstrative detalls Registered charity nam8 The Cofflmunty Trust ol the Blessed Virgin Mary Charity reglstrallon number 252222 Principal offlce 9 Russell Place Brighton BN12RG The truslees Avway T Foot AGPeel Flev R 8 Tus8t C Phelan T Potter R A Milchener J M R Prichard MA MBA (Rosigned 31 December 2024) IAppoinled 17 October 20241 (Appointed 17 October 20241 Independent examiner P Tuffin- UHY Hacker Young IS.E.l Limited 168 Church Road Hove East Sussex BN3 2DL Structure. govemance and management Community Trust ol th& Blessed Virgin Mary is an unincorporated body governed by a Scheme rnade by the Charity Commissioners for England and Wales dated 16 Novgmber 2007.
The Community Trust of the Blessed Virgin Mary Truslees, Annual Report fcorJtlntJ8d) Year ended 31 December 2024 Oblectlves and activities The Trust's objectives are lo advance the ieligious and other charitable work of the Ghurch ol England parishes within Brighton and Hove connected with ihe Reverend Arthur Douglas Wagner., lo advan thg religious and olhei educational work of the Church ol England Voluntary SchrM)Is in Brighton and Hove., lo relieve children and young people in Brighton and Hove in need by reason of ill health, disability or financial hardship,. and lo further any other char¢table purpose lor the beneth ol the inhabitants of 8righlon and Hove as thg trustees decido. Publlc beneflt The Trustees have paid due regard to guidan¢@ issued by the Charity Commission in deciding what activf(ies the Trust should undertake. Actlvltle5 The charitys main activities arè grant making to other charities and organisations in the Brighton and Hov& area, particulady those involving impoverished or disadvantaged women and chlldren, and the local Church ol England Primary Schools.
The Community Trust of the Blessed Virgin Mary Trustees, Annual Report (coniinued) Year ended 31 December 2024 A¢hievernents and performance 2024 was a year ol consolidation lor the Trust. As rewrted last year the Revd Stèven Foster joined as C18rk lo the Trustees and sellled in immedia161y slr¢ngthening all adminislralivg aspect8 ol the Trust's acliMIy. Sadly, al the spring m&eling both Lucy Ruller and Flhr Ben Eadon offered their resignations. Lucy has developed her business and fell she might not have lime lo devote lo the Trust as she would like. Fihr Ben had been appointed Shrine Administrator al Walsingham $0 would be leaving Biighlon later in the year. Both wer& thanked lor their especial contribution lo th& Trust and the recipients of grants. One of the longest standing Irustees Tony Foot who had served Ihg Trust for some 48 years deced not lo seek reappoinlmenl. Tonys memory of Ihe early days and foundation ol the Twst are invaluabte lo the history of the ComrrTrunity's contribution to Brighton and Hove. He was asked to commit them lo paper lor the Trust's archive. The Trust. local organisations and thousands ol individuals owe Tony a huge debt for his gift of time. experi8nce and expertise. His wise and knOedgeab1e counsel wll be sorely missed. Two new Iruslees were identified and invited to attend a Iru51ees' meeting to see whether they would be inleiesled in joining. Our regular twice-yearly meetings of trustees lo consider applications continued. During the year, grants were agreed for.. Brighton Women's Cenlre.. £3,500 lor three years totalling £10,500.. Community Advice SeNice Education ICASEI.. a one-ott grant of £1,000." Good New5 Brighton.. awarded £3,000 lor three years amounting lo a £9,000 eommilment." St Luke's Athice Service.. awarded a total 01 £14,000 representing £3,500 a year for four two years. Sl Paul's CofE S¢hotsl.. awarded £3,500. Parish Christmas grants lo allow paiish clergy lo otter help lo children, famllies and rndividuals at a lime when financial pressure may be al ils most intense werp taken up through a number of parishes mainly in Brighton Deanery. General grants to Church schools, especially those associated with our founder, Father Wagner, were welcomed by the schools. Further work was undertaken in designing an application form lor schools lo use for specific piojects planned and in need of funding. Work eonlinued on developing a website for the charity. A web desoner was appointed, and draft designs were developed. Flnancial review The charity's income Is derived from ils investments. JM Finn manages the Trusys funds, providing r8gular repons throughout Ihg year. 11 remains the Iruslees, alm to maximise income while minimising the risk to the capital base. As was expected, investment income from JM Flnn inerèased a little in 2024 1£52,3711 over the previous year1£52.0111 and in line with projections. The Iruslees reiterated their intention lo Continue lu distribute all income unless financial circumstan¢es change(1 dramali¢ally. Capital markets have been disrupted by a number of global events resulting rn a small increase in JM Finn investment vaue to £1,915,43612022 £1,818.1041.
The Community Trust of the Blessed Virgin Mary Trustees, Annual Report (conllnu8dJ Year ended 31 December 2024 F(nancial review {conllnid) Rlsk Management The appointment of a part-time derk with wide exporience of working wlh and in the charitable sector has ensuTed continuity of adrninistration. The ident1CatIOn ol potentia replacement INstees wtth Specif expwience and expertise ensure5 that the Iwstee body has the requisiie skills to ensure proFer management ol the Trust. In addition, the trustees, poli¢y to Ut*ortake visits to both applicants and recipienls ieinforces their knowledge ol organisalions and needs within the lo¢ community thus fulfilling the objects of the Trust. An audit of the Charills accounts is not required under section 144 01 the Charities Act 2011 and tho Iruslees have elected under section 34511llal that the accounts be examined by an independent examiner. No indlvldual trustee has the rlghl to change investments or sign cheques. li is the trusiees, FXili¢y 10 consider the allwation of granls for future years on the basis of estimated income available. In past years they have allowed a margin over and above that allocaiion with a view lo enabling further grants lo be made in the current year from that margin. With any slabilisation and increase in income the Irusteos will bo looking to make grants covering more than the current yearfs income where appropriate. Public benefft The Iruslees have reviewed their actiwlies and are content that they concur wlh the Chaiily Commission's guidelines on public benefit. The liustees, annual rèport was approved on ......................... trustees by.. and signed on behalf of the board ol J M R Prichard MA MBA Trustee
The Community Trust of the Blessed Virgin Mary Independent Examiner's Report to the Trustees of The Community Trust of the Blessed Virgin Mary Year ended 31 December 2024 I report io the Iruslees on my examinalion of the financial slalement5 of The Comfflunity Trust of the Blessed Virgin Mary Ilhe charily'l tor the year end8d 31 Dmber 2024. Responsibilitles and basls of report As the Irusl8es of the charity you are responsible lor the preparation of the financial statements in accordance with the requirements ol the Charities Act 2011 I'lhe Acl'l. I report in respect of my examination ol the charitys financial slalements carried out under section 145 of the 2011 Act and in carwng out my axaminalion I have lollow¢d all the applicable Directions given by the Charity Commission under section 145151{bl ol the Act. Independeni enIn83 statement I have compl&led my examination. I conflrm that no material matters have Come lo my attention in conneclion with the examlnation giving me cause to believe that in any material respect.. accounting records were not kept in respect ot the charty as required by secliun 130 01 the Act.. or the linancid slalements do not accord with those records., or the financial slalem¢nts do not comkly with the applicable requirements concerning the form and content ol accounts set out in the Charities IAccounts and Reports) Regulations 2008 other than any r8quiremenl that the accounts give a true and lairf view which is not a matter ¢onsidered as part ol an Iependent examination. I have no concerns arKI have come across no other matters in connection wth the examinatton lo wht¢h attention should be drawn in this POrt in order lo enable a proper LJnderstandSng of the accounts to be reached. P Tullin . UHY HackeF¥gbM Independent Examiner 168 Church Road Hove East Sussex BN3 2DL
The Community Trust of the Blessed Virgin Mary Statement of Financial Activities Year ended 31 December 2024 2024 Unrestricted funds Totsl funds Total funds 2023 Note Income and endowments Investment income 66,468 66,468 66,468 66,468 55.486 55,486 Total Income Expendlture Expenditure on raising funds.. Investment managemeni costs Expenditure on ¢hafilable aGlivilies Total expendlture 13,277 57,315 13,277 57,315 13.635 71,688 70.592 70,592 85,323 Nel gains on investments 10 1O2.4S9 102.459 70,525 Net Income and net movement In funds 98,335 98,235 40,688 Reconclllailon of funds Total funds broughl forward Total funds carrled torward 1,938,722 1,938,722 2,037,057 1,898,034 2,037,057 1.938.722 Th8 statement of financial activities includes all gains and losses recL¥nised in the year. All incomg and expenditure derive from continuing activities. The notes on pages 8 to 15 forrn part ol these flnancial statemonts.
The Community Trusl ot the Blessed Virgin Mary Statement of Financial Position 31 December 2024 2024 2023 Note Fixed assets Investments 14 1,898,685 1,803,297 Current assets Debtors Cash at bank and in hand 15 894 137,531 138,425 141,372 141,372 Credltors: amounts falllng due wlthin ong year Net current assets 16 3,000 3,000 135,425 138,372 Total assets les¥ current Ilabllktles 2,037,057 2,037,057 1,938,722 Net assets 1,938,722 Fund$ of the eharlty Unrestricted lunds 2,037,057 1,938,722 1,938,722 Total charlty funds 17 2,037,057 The e financlal lemenls were apFxovgd by the t*)aid ol trustees and aulhorised for issue on and are signed on behalf ol the board by., eel TrLJStee J M R Priehard MA MBA Trustee The notes on pages 8 to 15 forni part of Ihese flnanelol slatements.
The Community Trust of the Blessed Virgin Mary Notes to the Financlal Slatements Year ended 31 December 2024 General information Community Trust ol the Blessed Virgin Mary is an UnlorpOrated body governed by a Scheme made by the Charity Commissioners for England and Wales dated 16.11.2007. Statemenl of compllance These financial statements have been prepared in compllance with FRS 102, 'The Financial ReFX)rting Standard applicable in the UK and the Republic of Ireland,, the Slalemenl ol Recommended Practice applicable to ¢harilies preparing thoir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Charities Act 2011. Accountlng pollcles Basis of preparation The financial slalements have been prepared on the historical cost basis, as modified by the revaluation ol certain financial assets and liabilities and investment properties measured al l&r value through income or expenditure. The financial slalements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainlie8 about the charity's ability lo continue. Judg¢menls and key sources of estlmatlon uncertalnty In the application ol the Trust's accounting policies, the Trustees are required lo make judggments, eslimales and assumptions about ihe carrying amount of assets and liabilities ihat are not readily appaienl from other sources. The estimates and associated assumptions are based on historical experience and other factors that arÈ considered io be leVartI. Actual results may diffor from these eslimales. Thè eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in whlch the estimate is revised where the revision aff6¢1s only that period, Or in the period ol the revision and future periods where the revision affects both current and lulure periods. Fund a¢¢ounting Unreslricled lunds are available for use al the discretion of the trustees lo further any of the charivs purposes. Designated funds are unreslrict8d fund8 earmarked by the truste8s for particular future project or commitment. Restricted furnls are subjected lo reslriclions on their expenditure declared by the donoi Of through the lerms ol an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds.
The Community Trust of the Blessed Virgin Mary Noles to the Flnancial Stalements (ttonlinu•d) Year ended 31 December 2024 Accountlng polkles leonllnuad) Incoming resources All in¢oming resources a included in the statement of financial activities when enlillemenl has passed to thg Charity,. il is probable Ihat the economic benefits associated with the transaction will flow to the charity and the amount can b& reliably measuied. The following specrfie poli¢ies are applied to particular calegorias ol income: InMe from donations or grants is recognised when there Is evldence ol enliilement to the gift, receipt18 probable and its amount Can be measured ¥eliably. legaw income is recognised when r8ceipl is probable and enlillement is established. income from donated goods is measured at the fair vaue ol the goods unless this is impractical lo measure rellably, in whi¢h Case the value is derived from the cost lo the donor or tho estimated resale value. Donated facilities and services are recognised in the a¢¢ounis when received il the value can be reliably measuied. No amounts are included for the Contribution of general volunteers. income from contracts for the supply ol setvices is iecognised with the delivery of the ctsnira¢ted servi. This is classified as unreslricled funds unless there is a conlraclual requirement lor it to be spent on a particular purpose and relurned il unspent, in which case it may bo regarded as restricted. Resources expended Expenditure is recognised on an aecruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings ol the statement ol financial activities to whlch il relates.. expendilu¥e on raising funds includes the costs of all fundraising actimlies, events, non- charitable trading aclivilies, and the sale ol donated goods. expenditLJre on ¢harilable activities includes all costs incurred by a charity in undertaking activities that further ils charitable aims lor the benetii of its beneli¢iaries, including those support costs and costs relating to the governance of the charity apportioned lo charitable acliwlies. Dther expendilurg includes all expenditure Ihal is neither r¢lated t¢ raising funds for the charity nor part of its expenditure on charitable activities. Al costs are allocated lo expenditur& categories rellecting the use ol the resource. Direct costs attiibutable lo a single activity are allocated directly to that activity. Shared costs are apportioned belween the a¢livilies they contribute lo on a reasonable, justifiable and consistent basis. Investments Unlisted equty investments are initially recorded at cost, and subsequently measured at lair value. 11 lalr value eannot be reliably measured, assets are measuied at cost less impairment. Listed investments are measufed at fair vu8 with changes in lair value being recognised in income or exrknditure.
The Communlty Trust ot the Blessed Virgin Mary Notes io the Financlal Statements (oontlnu8d) Year ended 31 December 2024 Accounting pollcles (contimmd? Investments Sn associatès Investments in associates accounted for in accordance with the cost model are recorded al cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the lalr value model are initially recorded the transaction price. Al each reporting dale, thè investments are measured at fair value, with changes in lair value taken through income or expenditure. Wh¢re tt is impracticable lo measure fair value reliably wlhout undue ¢osl or ettort, the cost model wll be adopted. Dividends and other distributions received from the investment are recognised as income without regard lo wheiher the dislribulions are from accumulaied profits ol the associate arfslng before or after the date ol acquisition. Investrnents In joint ventures Investments in jointly controlled enthles accounted for in accordance the cost mcéel are recorded at Cost less any a¢wmulated impairment losses. Investments in joiniiy controlled entities accounted for in accordants wlh the lair value model are initially recorded at the Iransaaion price. Ai each reporting date, the investments are measured al lair value, with ¢hanges in fair value taken through income or expenditure. Where il is impracticable to measure lair value liablY wilhoul undue cost or effort, the cost model will be adopied. Dividends and other dislribulions received from the Invèstment are recognised as income withoLJt regard lo whether the distributions are from accumulated proltts of the joint venture arising before or after the date of acquisition. Impalrment of fixed assets A review for indicators ol impairment is carried out al each leporting dale, with the recoverable amount being estimated where su¢h indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed lor possible reversal al each reporting dale. For the putposes of impaiimenl testing, when il is not posslble to Èslimale the recoverable amount ol an individud asset, an estimat8 is made of the recoverable amount ol the cash- generating unit lo which the asset belongs. The cash-generating unit is the smallest identifiable group ol assets that includes th8 asset and generates Cash inflows that largely independent of the ash inflows from other assets or groups ol assets. For impaimienl testing of goodwill, the goodwill acquired in a business combination is, from the acquisition dale, allocated to each of the cash-generating units that ara expected to benefit from the synergies of the combination, irrespeGlive of whether other assets or liabilities ol the charity are assigned lo those units, 10
The Community Trust of the Blessed Virgin Mary Notes to the Financial Ststements (conNnu8dJ Year ended 31 December 2024 Accounting pollcles fcortinuedj Financlal Instruments A financial asset or a financial liability is recognised only when the entity becomes a party lo the conliactual provisions ol the instrument. Basic financial instruments are Inill1Y recogni8ed al the amounl receivable or payable including any r¢laled transaction costs, unless the arrangement ¢rJnsiituies a financing transaction, where il is recognised al the present value of the lulure payments discounted al a market rate ol interest for a similar debt inslrumenl. Investment income Unroslri¢led Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Income from listed investments Bank interest receivable 61,606 4.862 61,606 4,862 e6.468 52,164 3,322 52.164 3,322 66,468 55,486 55,486 Investment managemenl costs Uniesiri¢l¢d Total Funds UnrestriGled Total Funds Funds 2024 Funds 2023 Investment management 13,277 13,277 13,635 13,635 Expenditure on charltable activitles by fund type Unreslricled Total Funds Unrestricted Total FLtnds Funds 2024 Funds 2023 Grant funding ol activitres Support costs 51,610 5,705 57,315 51,610 5,705 57,315 67,075 4,613 67,075 4,613 71.688 71.688 Expendifure on ¢haritable a¢tivities by activlty type Grant funding of activities Support costs Total funds 2024 Total fund 2023 Grant furKling of activities Governance costs 51,610 2,587 3,118 54,197 3,118 68,687 3,001 71,688 S1,610 5,705 57,315 11
The Communlty Trust ol the Blessed Virgin Mary Notes lo Ihe Financial Stalements (eontlnuedj Year ended 31 December 2024 Analysls of support costs Charitable aclivili&s Total 2024 Tota 2023 Premises Generd office Governance cosis Inveslrnent management 12 1,575 3,120 14,277 12 1,575 3,120 14,277 18,984 37 1,575 3,0 13,635 18,247 18,984 Analysls of grants 2024 2023 Grants to Institution8- educatlon St. Bartholomew's CE S¢hool Primary School St. Andrew's CE Primary School St. Paul's CE Primary School Sl. Martln's CE Primary School Aldrington CE Primary School Si. Mark's CE Primary School Sl. Maroarel's CE Primary School Si. Ni¢olas' CE Primary School 2.500 1,000 6.000 2.500 1,000 1,000 1,000 1,000 16,000 6,GM)O 1,000 3,500 3,500 1,000 1,000 1,000 1,000 18,000 Grants to In$titution8- soct81 welfare Oasis Project Brighton Unemployed Centre Families Project Cornerstone Community Foodbank Briohlon Parent Infant Psychology Therapy Fareshare Exlralime Off The F8nce Whoopsadasy Lunch Posilive Sl. Mark's PCC (Playgroupl The Annutxiation PCC Sl. Bartholomew's PCC Sl. Mar$ Kemp Town PCC Sl. Martin's PCC St. Matthias PCC St. Luke's Advice Gentre St. Ancfrew's PCC Community Advice SeNice Education Brighton Women's Centre Good News Brighton Sl. John's PCC 3,000 2,000 2,310 3,500 5,000 6,000 4,000 2,200 3,500 10,000 3,500 3,500 4,000 7,000 500 500 100 300 500 475 3,000 4,000 3,500 500 500 3.500 100 1,000 3,500 3,000 200 35,610 49,075 Total grants 51,610 67,075 12
The Community Trust of the Blessed Virgin Mary Notes to the Financial Statements (contlnued? Year ended 31 December 2024 10. Net galn$ on investments Unrestricted Total Funds Unreslricled Tolal Funds Funds 2024 Funds 2023 Gainslllossesl on revaluation ol listed investments Gainslllossesl on sle ol investments 37,981 64,478 1 J2,459 37,981 64,478 92,748 122,2231 70,525 92,748 122,2231 70,525 102,459 11. Independenl examination fees 2024 2023 Fees payable lo the indep&ndent examiner for.. Independent examination of the financial slalements 3,120 3.000 12. Slall costs The average head count ol employees duri the year was Nil12023.' Nill. No employee received employee knefits of more than £60,000 duri[ the year12023'. Nill- 13. Trustee remuneratlon and expenses None ol the Trustees lor any persons connected wlh them received any remuneralian c)r benefits from the Trust during the y8ar. 14. Investments Listed invemments Cost or valuation Ai 1 January 2024 Additions Disposals Fair value movements 1,803,297 306,511 1249.1041 37,981 1,898,685 At 31 D8¢ember 2024 Impairment At 1 January 2024 and 31 December 2024 Carrylng amount At 31 December 2024 1,898,685 At 31 Decamber 2023 1,803.297 All investments shown above are held al valuation. 13
The Community Trust of Ihe Blessed Virgin Mary Notes to the Financial Statements {contlniMd) Year ended 31 December 2024 14. Investments (conrfnuod) Flnancial assets held at falr value Inveslmgnts have In valued using Iho tid markel value at the year end. 15. Debtors 2024 2023 Prepayments and accrued income 894 16. Crèditors- amounts falling due withln one year 2024 2023 Accruals and deferred income 3,000 3,0 17. Analysis of charltable fundg Unrestrkted funds Ai 1 JanUY 202 At Gains and 31 December losses 2024 Income EXnditUre General funds 1,938.722 66,468 170,5921 102,459 2,037,057 Al 1 January 202 At Gains and31 Docember k)sses 2023 Income Expendtkure General funds 1.898,034 55,486 185,3231 70,525 1,938,722 14
The Community Trust of the Blessed Virgin Mary Notes to the Flnancial Statements (ttontimi¢d) Year ended 31 December 2024 18. Analysls of net a8set$ between funds Unrestricted Total Funds FutKIs 2024 Investments Current assets Creditors less than 1 year Net assets 1,898,685 141,372 13,0001 2,037,057 1,898,685 141,372 13,0001 2,037,057 Unrestricted Total Funds Funds 2023 Investments Current assets Creditors less than l year Nel assets 1,803,297 138,425 {3,0001 1,938,722 1,803,297 138,425 13.0001 1,938,722 15