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—..... eee —_ SSS SSS MS NSSSSATS FOR THE YEAR ENDED 31ST DECEMBER 2024
CONTENTS: PAGE: Trustees’ report 9-4 Statement of financial activities 5 Balance sheet 6 Notes to the accounts 7-8 Independent Examiner's report 9
ST BERNADETTE TRUST TRUSTEES’ REPORT TRUST PARTICULARS
REGISTERED NUMBER
510981
REGISTRATION DATE
6th February 1981
TRUSTEES Maria Hill (Chair) Paul O'Donnell _ (Treasurer) Peggy O’Donnell (Secretary) June O'Donnell Barry Dean Tracey McAtamney Rebecca Boulton Lucy Kennedy Liam Kennedy Tina Hastings
REGISTERED ADDRESS OF TRUST
39 Lychgate Close, Burbage, LE10 2ES.
INDEPENDENT EXAMINER
Ciaran Fawcett 103 Hinckley Road Coventry CV2 2ES
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ST BERNADETTE TRUST TRUSTEES’ REPORT
OBJECTS
To provide financial assistance to enable sick and disabled persons to visit Marian shrines.
RESPONSIBILITIES OF TRUSTEES
The law requires the Trustees to prepare financial accounts for each financial year, which give a true and fair view of the state of affairs of the Trust and of the deficit or surplus on the Trust for the year. In preparing those financial accounts the Trustees are required to:
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i. select suitable accounting policies and then apply them consistently.
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ii. | make judgements and estimates that are reasonably prudent.
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ii. | state whether applicable accounting standards have been followed, subject to any material departures disclosed as explained in the financial accounts.
The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time, the financial position of the Trust and to Enable them to ensure that the financial accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust and hence taking reasonable steps for the prevention and detection of fraud or other irregularities.
FINANCIAL RESULTS
(a) UNRESTRICTED FUND
Total income this year was £14,997 consisting of £196 Interest Received, £13,562 in Dividends and Interest and £1,028 in Donations, the Lourdes Pilgrimage receipts being sale of sweatshirts. Expenditure on Grants in the year was £15,663, investment management fees increased as fund managers were changed in the year, incurring extra one-off portfolio establishment fees This left an excess of expenditure for the year of £8,081 after deducting other expenses. Sales of investments realised a loss of £4,087 and the unrealised increase in the value of holdings in the — investment portfolio was £23,201. The overall increase in the value of the unrestricted fund was £11,033. A transfer was made to the restricted fund, representing the change in the value of the investments that could be attributed to holdings in that fund since it’s inception. This amounted to a £25,840 growth in value over the life of the fund. .
(b) RESTRICTED FUND (Lourdes St. Bernadette Trust Pilgrimage Fund) The Trust organised its thirty seventh annual pilgrimage to Lourdes in 2024, on which there was an excess of expenditure of £3,702. A transfer to the fund was made, representing the attributable growth in the value of investments held in the fund since inception. The net growth in the value of investments was £4,549 for the year, realised losses (£666) and valuation growth £5,215.
GRANTS
Grants made in the year were £8,303 to St. Bernadette Trust Pilgrims, £1,075 to HCPT, £620 to Birmingham Diocesan Pilgrimage and £5,665 to Across Pilgrims.
Since formation, the Trust has made grants totalling £283,001 to a total of 878 pilgrims.
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ST BERNADETTE TRUST TRUSTEES’ REPORT
INVESTMENTS
The market value of the Trust's investment portfolio at 1st January 2024 was £295,419. There were £68,305 investments purchased and £115,680 of disposals in the year. At the end of the current financial year, the value of the Trust's portfolio of non-cash investments was £276,460. The value of the investments increased by £23,663 in the year, £4,753 losses realised on disposals and £28,416 unrealised changes in the value of investments. Gross revenue generated from investment accounts was £13,562 with associated costs of £7,059, giving net income of £6,503. The investment management fees were higher this year due to the transfer of the portfolio to a new firm of investment managers and initial set up fees. The lower ongoing fees will result in lower investment charges going forward. A transfer from the unrestricted fund to the restricted fund was made in the year. This amount represents the rolled-up investment gains, based on the balance of the restricted fund, over the years since its creation.
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GOING CONCERN
The Trust remains in a strong financial position.
The Trustees therefore consider that the Trust will continue as a going concern into the foreseeable future.
On behalf of the Trustees:
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P. V. O'Donnell — I rustee
Signed date Aico lo~6
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ST BERNADETTE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024
| Note | Unrestricted Funds £ |
Restricted Funds £ |
Total 2024 £ |
Total 2023 £ |
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|---|---|---|---|---|---|
| INCOME | |||||
| Interest received | 196 | - | 196 | 306 | |
| Dividendsand interest | 13,562 | - | 13,562 | 13,814 | |
| Donations | 1,028 | - | 1,028 | 2728 | |
| Lourdes | |||||
| Pilgrimage receipts |
2 | 211 | 25,218 | 25,429 | 15,241 |
| Total income | a 14,997 25,218 40,215 32,089 |
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| DIRECT CHARITABLE | EXPENDITURE | ||||
| Lourdes | |||||
| Pilgrimage expenses |
2 | 211 | 28,920 | 29,131 | 16,171 |
| Grants | 15,663 | - | 15,663 | 13,571 | |
| Administration | 145 | - | 145 | 123 | |
| InvestmentFees | 7,059 | - | 7,059 | 3,798 | |
| Totalexpenditure | a ec 23,078 28,920 51,998 33,663 |
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| Excess ofincome over expenditure | (8,081) | (3,702) | (11,783) | (1,574) | |
| Profit/(loss) on investments: | |||||
| Realised | (4,087) | (666) | (4,753) | (1,597) | |
| Unrealised | 23,201 | 5,215 | 28.416 | (7,321) | |
| Netmovement | 11,033 | 847 | 11,880 | (10,492) | |
| Fund Transfers | (25,840) | 25,840 | “ | - | |
| Fund balances at 1stJanuary2023 | 324,575 | 22,744 | 347,319 | 357,811 | |
| Fund balances at31stDecember | 309,768 | 49,431 | 359,199 | 347,319 | |
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| ST BERNADETTE TRUST | ST BERNADETTE TRUST | ST BERNADETTE TRUST | |||||
|---|---|---|---|---|---|---|---|
| BALANCE | SHEET | ||||||
| AS AT | 31ST DECEMBER 2024 | ||||||
| Note | 2024 | 2023 | |||||
| £ | £ | £ | £ | ||||
| FIXED ASSETS | |||||||
| Investments | 3 | 276,460 | 295,419 | ||||
| CURRENT ASSETS | |||||||
| Stock | 3,489 | 3,700 | |||||
| Bank balances | 70,776 | 36,725 | |||||
| Debtors | 8,474 | 11,745 | |||||
| Net Current | 82,739 | 51,900 | |||||
| Net assets | 359,199 | 347,319 | |||||
| Represented by: | |||||||
| FUNDS | |||||||
| Unrestricted funds | 4 | 309,768 | 324,501 | ||||
| . | |||||||
| Restricted funds | 4 | 49,431 | 22,818 | ||||
| 359,199 | 347,319 |
The accounts on pages 2= toROS8 wereES BPEapproved BESby the trusteeses On .................:eceeeeeeeeeeeee JV O'DONNELL P V O’DONNELL
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ST BERNADETTE TRUST NOTES TO THE ACCOUNTS 31ST DECEMBER 2024
4. ACCOUNTING POLICIES
(a) General convention
These accounts have been prepared under the historic cost convention as modified by the revaluation of Investments and in accordance with applicable accounting standards and the Statement of Recommended Practice: Accounting and Reporting by Charities.
(b) Investments
Investments are included in the accounts at their market value at the end of the financial year, capital gains and losses both realised and unrealised are reflected in the Statement of Financial Activities.
(c) Funds
__ Surpluses (Losses) arising on pilgrimages are treated as Restricted Funds - Lourdes Fund. Other unrestricted funds are regarded as General Funds to be applied in accordance with the Charity's objects. Investment gains (Losses) are apportioned to the funds in proportion to the relative valuation of the funds during the year. There are no designated funds.
2. SURPLUS (DEFICIT) ON LOURDES PILGRIMAGE
| 2024 | 2023 | |||
|---|---|---|---|---|
| £ | £ | |||
| Receipts | 25,218 | 15,167 | ||
| Expenses | 28,920 | 16,097 | ||
| (3,702) | (930) | |||
| 3. | INVESTMENTS | 2024 | 2023 | |
| z | £ | |||
| : | ||||
| Quoted investments | ||||
| Marketvalue at 31st December 2023 | 295,419 | 283,766 | ||
| Additions | 68,305 | 47,716 | ||
| Disposals | (115,680) | (28,742) | ||
| Net unrealised investment gains/(losses) | 28,416 | (7,321) | ||
| Market value as at 31st December2024 | 276,460 | 295,419 | ||
| Historiccostasat31stDecember2024 | 251,168 | 298,736 |
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ST BERNADETTE TRUST NOTES TO THE ACCOUNTS 31ST DECEMBER 2024
4. FUNDS
| £ | £ | £ | £ | £ | £ | |
|---|---|---|---|---|---|---|
| Balance 31st | ||||||
| Balance 1st January2024 |
Income | Expenditure | Transfer | Gains/ (losses) |
December 2024 |
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| Unrestricted - | ||||||
| General Fund | 324,575 | 14,997 | 23,078 | (25,840) | 19,114 | 309,768 |
| Restricted - Lourdes | ||||||
| Fund | 22,744 | 25,218 | 28,920 | 25,840 | 4,549 | 49,431 |
| 347,319 | 40,215 | 51,998 | - | 23,663 | 359,199 |
5. SUMMARY OF NET ASSETS BY FUNDS
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Fixed assets | 227,029 | 49,431 | 276,460 |
| Net current | |||
| assets | 82,739 | - | 82,739 |
| Netassets | 309,768 | 49,431 | 359,199 |
6. OTHER INFORMATION
| 2024 | 2023 | |
|---|---|---|
| Numberofemployees | Nil | Nil |
| No trustee received any remuneration. | ||
| IndependentExaminer'sfee | Nil | Nil |
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST BERNADETTE TRUST
| report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31% December 2024.
Responsibilities and basis of report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act’). | report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
- _[Ihave][ completed][my][ examination.] | confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect: e the accounting records were not kept in accordance with section 130 of the Charities Act; or e the accounts did not accord with the accounting records; or e the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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Ciaran Fawcett
Date: 31/07/2025
Address 103 Hinckley Road Coventry CV2 2ES
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