The Traditional Congregation of the Most Holy Redeemer
Financial Statements for the year ended 31 December 2023
A Charity Registered in England and Wales Charity Registration No 327968 Scottish Charity Registration No SC037869
The Traditional Congregation of the Most Holy Redeemer
| Contents of the Financial Statements | |
|---|---|
| for the year ended 31 December 2023 | |
| Page | |
| General Information | 1 |
| Report of the Trustees | 2 |
| Independent Examiner’s Report | 5 |
| Statement of Financial Activities | 6 |
| Schedule to Statement of Financial Activities | 7 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 |
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The Traditional Congregation of the Most Holy Redeemer
General Information
for the year ended 31 December 2023
Principal Bankers: Royal Bank of Scotland 1 Victoria Street Kirkwall Orkney KW15 1DP
Independent Examiner: Steven J Sinclair BA CA Orcadia, Chartered Accountants 1-3 East Road Kirkwall Orkney KW15 1HZ Solicitors: Vernor-Miles and Noble 5 Raymond Buildings Grays Inn London WC1R 5DD
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The Traditional Congregation of the Most Holy Redeemer
Report of the Trustees
for the year ended 31 December 2023
Constitution
The Traditional Congregation of the Most Holy Redeemer was established by means of a Trust Deed dated 29 September 1988, the Trustees holding the Trust estate for charitable purposes exclusively. The charity is also known by its common name of Transalpine Redemptorists. The charity is registered in England and Wales under the registered charity number 327968 and is a charitable trust.
Trustees
The Trustees who have acted during the year ended 31 December 2023 were: -
Father Gregory Wilson Rae Sim, F.SS.R. – Rector Major Father Anthony Michael Seeber, F.SS.R. – Vicar General Brother Nicodemus Jagga F.SS.R. - Consultor General and Secretary
Address
The address of the charity’s principal office is: Golgotha Monastery Island, Papa Stronsay, Orkney, KW17 2AR
Investment Powers
The Trust Deed states that the Trustees have power to invest the Trust estate without restriction.
Method of Appointment of the Trustees
The Trust Deed allows that the number of Trustees shall always be at least three. The appointment of new Trustees shall be vested in the existing Trustees.
Objects of the Charity
In general, the aim of the members of the Traditional Congregation of the Most Holy Redeemer is to promote the Roman Catholic Faith and in particular to imitate the life and virtues of Our Lord Jesus Christ by living a strict monastic life at home and by preaching Missions abroad.
As stated in the Trust Deed, the objects of the charity are “to promote the Roman Catholic Faith as the Trustees in their absolute discretion from time to time think fit” and secondly “to furthering of the aims and objects of the Traditional Congregation of the Most Holy Redeemer as these are more particularly specified in the Schedule”. Living the religious life at the houses or monasteries as they are established following the rule of Saint Alphonsus Liguori and the preaching of missions attains this last object. Saint Alphonsus described this as being Carthusians at home and Apostles abroad.
Organisational Structure
Since our Canonical Erection within the Catholic Church, under the title of the Congregation of the Sons of the Most Holy Redeemer the organisational structure is now laid out in the Constitutions which were approved permanently in August 2017 by the Roman Catholic Bishop of Aberdeen. The Rector Major has ultimate responsibility for the spiritual welfare of all the members of and aspirants to the Congregation. He takes counsel from his Vicar General and three General Consultors. He appoints Rectors, who have responsibility for the spiritual and temporal welfare of the members of the particular monastery to which he is appointed, and who must answer to the Rector Major. Each member must have a spiritual director who must be a priest. New members or ‘postulants’ and novices who have received the habit of the congregation are looked after and educated in the religious life by the Novice Master.
The Rector Major or Superior General is Fr Michael Mary (Gregory Sim). The Vicar General is Fr Anthony Mary (Anthony Seeber). The Rector Major has the ultimate responsibility for the temporal welfare of the members, as well as for the administration of the Congregation’s goods. In this office his Consultor General and other capable persons advise him. Each monastery is run by a Rector and Minister, all of whom must answer to the Rector Major.
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The Traditional Congregation of the Most Holy Redeemer
Report of the Trustees
for the year ended 31 December 2023
Related Parties
We include as related parties along with the above-mentioned Trustees all those who, having persevered to the making of their vows, are now professed religious. They all reside at one of the Congregation’s houses and their names are as follows: Michael HOLLOWOOD, George ABDEL-AHAD, Ian SMITH, Terence SILAO, Dominic GRIFFITHS, Daniel LEAFE, Giovanni ESCAMMILA, Tyler LUNSFORD, Arden MILLS, Andrew DEMOSS, Alfaard SCHIJFELLEN and Thomas ESTEBAN.
There are two related parties. The first is Transalpine Redemptorists Inc., a charity incorporated in the USA, of which the directors and officers are Father Gregory Wilson Rae Sim, F.SS.R., Father Anthony Michael Seeber, F.SS.R. and Brother Nicodemus Jagga, F.SS.R.. The second is Transalpine Redemptorists which is a charity that was registered on 29th May 2008 in New Zealand. The Trustees are Father Gregory Wilson Rae Sim, F.SS.R., Father Anthony Michael Seeber, F.SS.R. Father Terence Silao, F.SS.R. and Brother Nicodemus Jagga, F.SS.R.
Review
The year 2023 saw many young men either enter the monastery or progress in the various stages of monastic life – we had on Papa Stronsay several brothers make profession of vows, enter the novitiate, or join as postulants. Some of our young men continued their studies for the priesthood.
Much work was done repairing sea walls; as this work progressed, our technique improved, and the sea walls are significantly strengthened and improved. Other works undertaken include further expansion of our agricultural works, such as planting and harvesting local Orcardian barley, and more outdoor planting of potatoes and various vegetables. The greenhouse continued to provide much fresh produce, and flowers for the altar. A second greenhouse of sorts has been created as well, by roofing an old shed with translucent sheets. Some repairs were made to our old boat, the Bl. Charnetsky, and a second boat, the Stella Maris, was obtained and refitted to replace the previous Stella Maris boat. New lights and a new bollard were installed on the Papa Stronsay pier. The warmth and atmosphere of the refectory was improved by the installation of a wood stove. All of these works were of benefit to the support of the works of the charity.
Policies
To achieve the objects of the charity, the Trustees established the monastery on the Island of Papa Stronsay in 1999, thus providing a structure for the Members of the Congregation to live their lives according to the rule of our Holy Father St Alphonsus and our Constitutions. This living out of the vocation is attractive to young men who continually answer the call they feel to it, presenting themselves as candidates for the novitiate. It also attracts others who need time away from the noise of the modern day world in the peace and serenity of our monastic island. Our policies have remained the same since our last report.
Trustees’ Responsibilities
The Traditional Congregation of the Most Holy Redeemer is not only a religious institute governed the general provisions of Canon Law and its own particular Rules and Constitutions, but constitutes simultaneously a Registered Charity in the United Kingdom, which is regulated by the provisions of legislation regarding such organisation. As such, it has Trustees who are responsible for its administration.
Charity Law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the Trust’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed
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subject to any departures disclosed and explained in the financial statements;
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and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
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charity will continue in business.
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The Traditional Congregation of the Most Holy Redeemer
Report of the Trustees for the year ended 31 December 2023
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and which enable them to ensure that the financial statements comply with the Charities Act 1993, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Reserves Policy
The fund balances at 31 December 2023 of £1,585,964 (2022: £1,604,847) (unrestricted) and £159,803 (2022: £159,803) (restricted) represent the funds arising from the operational results of the Trust up to that date. The Trustees have examined the requirement to maintain free reserves and concluded that the most appropriate level is three months of operational expenditure. The funds at the year-end were comfortably in excess of this requirement. Major projects are not undertaken unless there are sufficient funds to cover their cost.
Investment Policy
Given that all funds are likely to be required in the short term, the Trustees consider that the most appropriate investment policy is to hold the Trust’s funds with the bank either as cash or on deposit.
Grant Making Policy
The Trust Deed empowers the Trustees “to direct that (subject to further order) any income of the Trust Fund which it is determined to pay to any charitable institution shall be paid to the current account of that institution at any bank”.
Risk Assessment
The Trustees examine the major risks that the organisation faces each financial year and have developed systems to monitor and control these risks to mitigate any impact they may have on the organisation in the future.
On behalf of the Trustees
Br Nicodemus Jagga F.SS.R.(Trustee)
25 September 2024
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Independent Examiner’s Report to the Trustees of The Traditional Congregation of the Most Holy Redeemer
For the year ended 31 December 2023
I report on the accounts of the charity for the year ended 31 December 2023 which are set out on pages 6 to 13.
Respective Responsibilities of Trustees and Examiner
The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1) (d) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of Opinion
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent Examiner’s Statement
In the course of my examination, no matter has come to my attention
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which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations
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to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations have not been met, or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Steven J Sinclair Orcadia, Chartered Accountants
25 September 2024
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Directors: Doris Hutchison CA, ATT Steven J Sinclair BA, CA Kazia J Watson CA, ATT
Registered in Scotland number SC272848 Registered Office: 1-3 East Road, Kirkwall, Orkney, KW15 1HZ Tel: 01856 872804 Email: accountants@orcadia-ca.co.uk Website: www.orcadia-ca.co.uk
Registered to carry out audit work in the UK by The Institute of Chartered Accountants of Scotland
The Traditional Congregation of the Most Holy Redeemer
Statement of Financial Activities
for the year ended 31 December 2023
| 2022 Total Funds Schedule £ Income Resources Donations, Legacies and Similar 147,894 Incoming Resources 1 40,824 Operational Activities 2 1,258 Investment Income 3 189,976 Total Incoming Resources Resources Expended 44,639 Costs of Generating Funds 4 232,061 Charitable Expenditure 5 276,700 Total Resources Expended Net Incoming Resources (86,724) before Transfers - Transfers Between Funds Net Incoming Resources before (86,724) Other Recognised Gains and Losses (54) Gain/(Loss) on Sale of Fixed Assets 6 (86,778) Net Movement in Funds Fund Balances Brought Forward as at 1,851,428 1 January 2022 Fund Balances Carried Forward as at 1,764,650 31 December 2023 |
2023 Unrestricted Restricted Funds Income Funds £ £ 140,221 - 34,401 - 1,406 - 176,028 - 44,083 - 150,828 - 194,911 - (18,883) - - - (18,883) - - - (18,883) - 1,604,847 159,803 1,585,964 159,803 |
Total Funds £ 140,221 34,402 1,406 176,028 44,083 150,828 194,911 (18,883) - (18,883) - (18,883) 1,764,650 1,745,767 |
|---|---|---|
The notes on pages ten to thirteen form part of these financial statements
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The Traditional Congregation of the Most Holy Redeemer
Schedule to Statement of Financial Activities
for the year ended 31 December 2023
| 2022 Total Funds 1 Donations, Legacies and Similar Income Resources £ 147,894 General Donations - Gift Aid Tax Refund - Legacies and Bequests 147,894 2 Incoming Resources from Operational Activities £ Activities in Furtherance of the Charity’s Objectives:- 120 Mass Stipends 4,755 Purgatorian Archconfraternity 117 Catholic Magazine Subscriptions Activities for Generating Funds:- 31,228 Farming - Rental 4,604 Other Income 40,824 3 Investment Income £ 1,248 Bank Interest 10 Dividends 1,258 Resources Expended 4 Costs of Generating Funds £ 44,639 Farming |
2023 Unrestricted Restricted Funds Income Funds £ £ 129,235 - 9,282 - 1,704 - 140,221 £ £ 100 - 2,188 - 533 - 31,029 - - - 551 - 34,401 - £ £ 1,406 - - - 1,406 - £ £ 44,083 - |
|---|---|
The notes on pages ten to thirteen form part of these financial statements
Page 7
The Traditional Congregation of the Most Holy Redeemer
Schedule to Statement of Financial Activities
for the year ended 31 December 2023
| 2022 Total Funds 5 Charitable Expenditure £ Grants Payable in Furtherance of the Charity’s Objects:- 19,000 Donations – Transalpine Redemptorists 38,112 Other Donations 57,112 Costs of Activities in Furtherance of the Charity’s Objects:- 8,327 Catholic Magazine 71,555 Apostolate 81,329 Golgotha Monastery Expenses 21 Transalpine Redemptorists - Mass Stipends 161,232 Costs of Management and Administration of the Charity:- 806 Motor Vehicle Expenses 2,859 General Administration Expenses 10,052 Amortisation and Depreciation 13,717 232,061 6 Gain/(Loss) on sale of Fixed Assets £ (54) Gain/(Loss) on Sale of Fixed Assets |
2023 Unrestricted Restricted Funds Income Funds £ £ 23,024 - 3,027 - 26,051 - 4,170 - 33,118 - 56,343 - 9,715 - - - 103,346 - 3,108 - 1,087 - 17,236 - 21,431 - 150,828 £ £ - - |
|---|---|
The notes on pages ten to thirteen form part of these financial statements
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The Traditional Congregation of the Most Holy Redeemer
Balance Sheet
31 December 2023
| 2022 | 2023 | ||||
|---|---|---|---|---|---|
| Restricted | |||||
| Unrestricted | Income | ||||
| Notes | Funds | Funds | Total | ||
| £ | £ | £ | £ | ||
| Fixed Assets | |||||
| 1,631,185 | Tangible Assets | 5 | 1,492,933 | 159,803 | 1,652,736 |
| Current Assets | |||||
| 11,000 | Stock | 11,200 | - | 11,200 | |
| 3,282 | Debtors | 6 | 6,355 | - | 6,355 |
| 123,421 | Cash at Bank and in Hand | 79,844 | - | 79,844 | |
| 137,703 | 97,399 | - | 97,399 | ||
| 4,238 | Short Term Creditors | 7 | 4,368 | - | 4,368 |
| 133,465 | Net Current Assets/(Liabilities) | 93,031 | - | 93,031 | |
| 1,764,650 | Total Assets Less Current Liabilities | 1,585,964 | 159,803 | 1,745,767 | |
| 1,764,650 | Net Assets | 1,585,964 | 159,803 | 1,745,767 | |
| Funds | |||||
| 1,764,650 | 1,585,964 | 159,803 | 1,745,767 |
The financial statements on pages six to thirteen were approved by the Trustees on 25 September 2024 and signed on their behalf by:
Br Nicodemus Jagga F.SS.R. (Trustee)
The notes on pages ten to thirteen form part of these financial statements
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The Traditional Congregation of the Most Holy Redeemer
Notes to the Financial Statements
for the year ended 31 December 2023
1. Accounting Policies
(a) Basis of Preparation
The financial statements are prepared under the historical cost convention as modified by the inclusion of investments at market value and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2017). The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), “Accounting and Reporting by Charities” published in 2005 applicable UK Accounting Standards and the Companies Act 2006.
(b) Investment Income
Investment income is accounted for in the period in which the charity is entitled to receipt.
(c) Incoming Resources
Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty.
(d) Resources Expended
All expenditure goes through the ‘Statement of Financial Activities’ and is accounted for on an accruals basis.
Expenditure has been classified under headings that aggregate all costs related to the categories shown in the ‘Statement of Financial Activities’.
(e) Tangible Fixed Assets and Depreciation
All assets costing more than £500 are capitalised.
Depreciation is charged on the following asset groups at the following rates:
| Freehold Land | - is not depreciated |
|---|---|
| Freehold Buildings and Improvements to Freehold Buildings | - is not depreciated |
| Plant and Equipment | - 25% per annum on a reducing basis |
| Fixtures, Fittings and Equipment | - 25% per annum on a reducing basis |
| Motor Vehicles | - 25% per annum on a reducing basis |
(f) Fixed Asset Investments
Investments are included at market value at the balance sheet date. Any gain or loss on revaluation or disposal is taken to the ‘Statement of Financial Activities’.
(g) Stocks
Livestock is valued at the lower of cost or net realisable value in accordance with the Inland Revenue ‘Business Economic Note 19’.
(h) Funds Accounting
Funds held by the charity are:
Unrestricted general funds – these are funds that can be used in accordance with the charitable objects at the discretion of the Trustees.
Restricted funds – these are funds which can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
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The Traditional Congregation of the Most Holy Redeemer
Notes to the Financial Statements
for the year ended 31 December 2023
2. Restricted Funds
| Fund Name | Type of Fund | Purpose and Restrictions |
|---|---|---|
| Aid to Our Lady’s Russia | Restricted Income Fund | The purpose of Aid to Our Lady’s Russia is to receive and distribute purely financial assistance for the poor Catholics of Russia, particularly for those married couples trying to refuse the sinful two-child family anti-life culture, of contraception and abortion. |
| Papa Stronsay Appeal | Restricted Income Fund | Appeal to assist in the purchase of the Island of Papa Stronsay |
3. Movement of the Restricted Funds
| Movement of the Restricted Funds | |
|---|---|
| Papa Aid to Our Stronsay Lady’s Russia Appeal £ £ Expenditure - - Net Movement - - Opening Balance 69,548 90,255 Closing Balance 69,548 90,255 |
Total £ - |
| - 159,803 |
|
| 159,803 |
4. Trustees’ Remuneration
No remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any trustee or to any other person or persons known to be connected with them.
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The Traditional Congregation of the Most Holy Redeemer
Notes to the Financial Statements
for the year ended 31 December 2023
5. Tangible Assets
Details of Movements on Assets
| Cost Balance as at 1 January 2023 Additions Disposals Balance as at 31 December 2023 Depreciation Balance as at 1 January 2023 Depreciation Eliminated Charge for Year Balance at 31 December 2023 NBV at 31 December 2023 NBV at 31 December 2022 |
Freehold Fixtures, Land & Plant & Fittings & Motor Buildings Equipment Equipment Vehicles Total £ £ £ £ £ 1,601,029 220,267 37,612 10,795 1,869,703 - 4,732 21,141 12,914 38,787 - - - - - 1,601,029 224,999 58,753 23,709 1,908,490 - 192,906 35,628 9,984 238,518 - - - - - - 8,023 5,782 3,431 17,236 - 200,929 41,410 13,415 255,754 1,601,029 24,070 17,343 10,294 1,652,736 1,611,301 27,361 1,984 811 1,631,185 |
|---|---|
All fixed assets are used directly for charitable purposes.
6. Debtors
Amounts Falling Due within One Year
Other Debtors
| 2023 | 2022 | 2022 | |
|---|---|---|---|
| Unrestricted Restricted | Unrestricted | Restricted | |
| Fund | Fund | Fund | Fund |
| £ | £ | £ | £ |
| 6,355 | - | 3,282 | - |
| 6,355 | - | 3,282 | - |
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The Traditional Congregation of the Most Holy Redeemer Notes to the Financial Statements for the year ended 31 December 2023
7. Short Term Creditors
Amounts Falling Due within One Year
| 2023 | 2022 | 2022 | ||
|---|---|---|---|---|
| Unrestricted Restricted | Unrestricted | Restricted | ||
| Fund | Fund | Fund | Fund | |
| £ | £ | £ | £ | |
| Other Creditors | 1,848 | - | 1,843 | - |
| Accruals | 2,520 | - | 2,395 | - |
| 4,368 | - | 4,238 | - |
8. Capital Commitments
There were no capital commitments at 31 December 2023 and 31 December 2022.
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