Charity registration number 81)0119
DAUGHTERS OF THE HEART OF MARY CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

DAUGHTERS OF THE HEART OF MARY CHARITABLE TRUST
LEGALAND ADMINISTRATIVE ll¥FORMATION
Trustees
Miss E McHale
Miss G EasNood
riss M Brogan
Miss M Brenna
Miss MAlphonsc
MissA Boland
Miss G Beg
Charity number
800119
Principal address
41 Murray Road
Wimbledon
London
SW194PD
Independent examiner
Richard Place Dobson Sejvices Limited
Ground Floor
]- 7 Ststion Road
Crawley
West Susscx
RHIO LHT
Bankers
National Wutminster Bank pl¢
98 High Stre¢t
Wimbledon
London
SW19 5ZH
Solicitors
Pothecary Witham Weld
70 St George's Square
London
SWIV 3RD
Investment advisors
Ch8rles Stanley & Company Limited
55 Bi5hopsgate
LA>ndon
EC2N 3AS

DAUGHTERS OF THE HEART OF MARY CHARrrABLE TRUST
CONTENTS
Page
Trustees, rewrt
Indq)endent examinerfs report
Ststetn¢nt of financial activities
Balance sheet
io
Nolcs to the financial statements

DAUGHTERS OF THE HEART OF MARY CHARITABLE TRUST
TRUSTEES, REPORT
FOR THE YE4R ENDED 31 DECEMBER 2023
The trustees present their annual rewrt and financia] statements for the year ended 31 December 2023.
The fitwicial statements have been prepared in accordance with the aeeounting tM)licies set out in note I to the financial
statemerLts artd ¢omply with the charity's Trust De¢& the Charities Act 2011 and "Accounting and Reporting by Charities:
Statement of Rcwmmended Practice appli(2ble to charities preparing their acwunts in accordan¢¢ with the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019)"
Objeetives and artivities
The obje¢t of the TnJsL as stated in the Tn￿t dee4 pag¢ 2, paragrnph 3 is:
{a) "to promote the charitable work for the time being carried ON prOmo￿d or SUPWJrted by the Daughters of th¢ H¢art of
Mary"
(b) To relieve the material or spiritual $uffering of others "through their efforts for human developmenL through edueltional.
ul¢ural and social activities which o)ntribute to the changing of menlalitie5 and attiwdes...parti¢ipating in solidarity with
mankind" (Constitution5- Daught¢rs of the Heart of Mary- Chapter V)
(c) Main Str¥legies - To encourage and support the varÉ+>J a¢tiviti¢s of individual Daughters of th¢ He￿ of Mary 8nd the
OTganisations with which th¢y ¢Qwopcrat¢ and kn support the worldwid¢ charitable work of the Socicty througb:
i) grants in aid of these works;
ii) enabling Daughtsrs of the Heart of Mary from other Provintts to pursue their qualifications and skills in these
works in their own countries;
iii) providing accommodation for DHM students and financing their fomationlfjjrther education here when courses
e not available in their own county. Wc have news from our sisterslstudents who completed the courses and hear
how their periods of study hav¢ helF¢d them stnce ihcir return to their homeland.
Public benefit
The charilics trustees have referred to the gutdance in the Chartty Commissions general guidance on Public Benefit when
reviewing the charitys aims objectives and in planning its fubjre ac¢ivitiC5. In particular, they hai'e considered how
planned aciivitics will contrtbute to the airns and objectives they have seL
B*tkground
In 1790 at the lime that the Constiluuonal As$cmbly decreed the suppressÉon of rcligious orders in France, Peter Jos¢ph de
Cloriviere received the inspiration of a neTh forni of religious life that would be possible in any Gi￿Umst￿Ces. Together with
Maric Adelaide de Cice (who saw her projea in his inspiration) he organised the first members, whom he eallcd Daughter5
of thc Heart of Mary. inlo a religious society.
This Society came to England in 1846 and thls was the first foundation outside France. The Provincial house is 5i¢uated at 41
Murray Road which also serves as th¢ Wimbledon comrnunity house.
The tTus¢ees hav¢ paid due regard to guidance issued by the Charity Commission in deciding what activitiu the charity
should undertake.
This r¢lisious So¢iety came lo England in 1846 and this w&8 the first foundation outside Fran¢¢. Daughters of the Heart of
Mary ¢ontinue to serve th¢ Th¢¢ds of many through clwitabl¢ aaivitics and support the disadvantagcd members of society.
On the 31st March 2009 the status of the Engkndl]reland Province w&8 changed to that of a Rcgiorn The Regional house is
situated at 41 Murray Road which also swes as the Wimbl¢don cotnmunity
page I

DAUGHTERS OF THE HEART OF MARY CHARITABLE TRUST
TRUSTEES, REPORT (coiYfINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Athievements and perforni*llce
Charitable activities
The year 2023 marked by the General Chapter of the CongTegatioTr The mission orientations galvani5e the Sistm to
prioritis¢ their options to reaching out to th¢ n¢¢dy. most vulnerable ènd distressed. Aco)rdingly) the focus of the Trust got
strength¢n¢d fvrth¢r to reach out to the margtnalised groups with cerrain priorities, such as homeless people, w¢lfaTe of the
families and childretu support in building religious harmony* 5UPPQrt to youth. peace building. ¢ollaborniion with the other
like-minded organisations for sustainable developmenl in coth)tries like Afri¢a and Bangladesh. like food se¢urity. water
access, and acce35 to hea]rh services and rebuilding of life in war affected country Ukraine. Awareness of the Climate change
disastas: adopuon of a simple lifestyle. protection and conservation of bio<Thvironment have also become part of the agenda
in iheir list of options.
In particula£.
The sisters at Kirkby continue to work ¢lo$ely with their Parish with regard to f￿nIlY supporL reaching out to the
sick and the housebound, SPiriDJal and matuial care of the pauents in the h05Pitals. eco-friendly lifesryle and
r￿dIng necessary help for the horneless and other needy ittunigrants living in their areas.
The sisters at WimbLedon continue to reaching to thc vuln¢rable women rescued from traffickin8, getting
themselves involved in spiritual and moral education in collaboration with J¢suir Spirituality Centres in London
and Glassgow. Jesuit Re￿gee Service Centr¢ and Marist Refvgee Centre in London . caring for parents with
¢hildr¢n in difficult situations in the neighbouring arA8 of Si Alban. and supporting local Parish in its chuitable
activirles.
We sinccrcly thank God for ail the blessings upon us and on all our Tnst )ctLVltics for the poor and the M￿ginalISed. We
also ask His grace ro help us with His courage and stren8dL to continue to serve the poor and th¢ needy.
Fin#neial Support given
On the 81h February. £10,000 was given lo ZmbrA¢e the Middle E*st In support of earthquake victims in Syria and
Turkey. The decision was taken online through email Circul￿10n.
- On the 13th of Juty. following organisations w¢r¢ given donations:
Juuit Refugee Services UK- £20,000 - To esthblish a Shelter for the Refugees in Brixton, This decision was through
the Circular em8il sent to Trustees after the Ttt￿t Meeting on 29th June. as th¢ rcquest cgme a few days after the meeting.
Now the shelter has been inaugurdted. and it can house at least 10 refugees.
Aid to the Churches ID Need - £5.000 - To ¢x(end help to churches in Syria ond Lcbanon, whith arc in the process of
rcbuilding.
UY4HCR UK- £5,000- To build shelters for the horn¢l¢ss in Ukrain< who arc affccted by the continuing war situation.
SPICMA- £IO,I)00- For the food security ef school children ID Arri￿ esp¢ciaLly in Kenya and Ethiopi&
Archbishop of Southwxrk dioces¢ - £2,000~ in supp)rt of thc diocese's effort to shelter a homeless family in one of th¢
parishes of the diocese.
Marriage C%re- £l,000- in support of Marriage Couns¢lling services rendered in Parishes in IA)ndon. Currently a room in
the premises of the Wimbledon FLouse is also given for the use of couple counselling S￿S1On$.
Sacred Heart Parish, Wijnbledon, ui)00 - towards the financial needs of th¢ Chur¢h and its outrcach activities and io
meet deficit of the Church expenses.
- 19th October 2023..
L. Ar¢b¢ , UK-£5,000- In support of the catt of the disabled in the UK L*ntr¢s.
CAFOD UK - £20,000- In support of climate change prosrdmmes in Banglad￿lL
page 2

DAUGHTERS OF THE HEART OF MARY CHARITABLE TRUST
TRUSTEES, REPORT (CONTINUED)
FOR THE YE4R ENDED 31 DECEMBER 2023
Safeguarding Training
Some of the Trustees underwent safeguarding traintng given by Religious LÈfe Safe8uardin8 Sttyicc IRLSS) during the year
2023.
Mary A]phon3¢: Basic Saf¢guarding Traini￿ on 22Th1 March 2023
Trust¢cs: Trust￿% Safeguarding Tr8iniA& 4a May 2023 ( all Tn￿te¢S att+xded this training and each one r¢ttived thc
certificate of RLSS.
Mary Alphonse: Safeguarding training for Leaders. 4th April 2023
Gloria Beg: Safeguard Lead Trdintn& som¢tim¢ in Mard) 2023
Investment p¢rform•n¢e
Despitc a hi8hcr int¢r¢st rate environment the US economy Surprisingly resilient over the course of the year, buoyed by
significani government sp¢nding programlncs. A short perÈod of maxket volatiliry in the first quarter link￿ regional
bankin8 crisis w&% swiftly forgotten as the emerging theme of generative artificial intelligence started to dominate the
invastmenl landscape. The large•cap t¢￿￿oI08Y companies were the main ben¢ficiaries and delivered oui-sized retums
wFLich in tum pushed US indi¢¢s hi&h¢r. Other global economies and markets wer¢ more sluggish pthiculaJly China which
experienced a sharp contraction in the property se¢tOT. but indices enjoyed a rally h¢ading into th¢ Ye￿ end as sentiment
became more positive. The improvement was prompted by indi¢￿10n5 that infiation w&% falling sharply and that mon¢
policy was therefore having the dcsired effecL This led to a shift in lone frotn the Federal Reserve and the expectation that
intere51 rates would start to fall sooncr in 2024 tharl had fomiuly been 8nii¢ipated
The mtket value of the investments stood at £5.626.300 as at the 31# December 2023. Income generdted durin8 the year
camc to £210,390 which equates to a closing yield of 3.70/0. The total return (including income) from the portfolio during the
year 0.60/0. which compares with fi8ur¢s of 9.1 /• and 10.1 /. for thc MSCI PIMFA In¢om¢ 8nd MSCE PIMFA Bal8meed
Indices respeciively. The disapwinting relative perfonnance is linked to the low US ¢xptssure, discount-widenin8 across thc
inveslment lrnst holdings and poor rettllns from sectors such &8 consumer goods and phamiaceuticals. The breakdown of the
portfolio (230/0 Fixed Inkresi 27 /• UK Equities. IW/• overs￿ Equities, 4Q/o Casl4 270/• Alt¢mative Assets) is deemed
appropria￿ in view of the investment objectiv¢$ and th¢ level of income is satisfactory.
Flngtt¢i*l revlew
The Statement of Financial Activiiies on page I I show$ a net outgoing movcment of Ojnds of £276.098 (2022 nct outgoin8
movement: £723.568). Also. a nct loss on investment &%sets of £139,043 (2022 net loss: £490.459). and withoui these
overJll net loss¢s. th¢ ¢h8rity had net outgoing r¢SOur￿ of£137.055 (2022: £233.109).

DAUGHTERS OF THE HEART OF MARY CHARITABLE TRUST
TRUSTEES, REPORT (coffflNUED)
FOR THE YE4R ENDED 31 DECEMBER 2023
Restrves Polity
It is the policy of the chartty io maintain wrt%tricted fvnds. which arc the free reserv￿ of the charity, at a Icvel which
equates to approximately a yeals exFendifur& In the eveni of a si&nific8nt drop in the in¢xJm¢. the free reserves are lik¢ a
standby or working Capital to help the charity to ￿ntinue its activities. However. this was lower during th¢ 2022 year givcn
the uncertsinty following thc pandemi¢, the clwity aim to gd the funds ba¢k to a Icvel that is in line with policy staled
above.
Investment policy
The charity divested from fossil fjJels from 6 Scptemb¢r 2021 onward8 and a¢￿)rdinglY they have revis¢d thetr Investmcnt
Policy, thanks to the inveslment mzna8er and Charles Stanley.
The charity has an Invcstmcnt Policy which w&$ approved by th¢ Trusttts on 25th August 2022. Reflecting on our role as
Truste¢s, we beli¢v¢ that this poli￿ rnust rcflcct the social and Gospel values of the Catholic Church, both in the way we
invest our money and in the way that it is ￿ed to enhance the qualiry of life for all p￿pIe, spiritually and in their daily lives.
In view of this. no investment should be held in any company ftiiling to ¢vidence signific4nt positive critwia s¢t out within
this poliw,
The Truste¢s will work closely with thcir nominated investment fund manager who will monitor the portfolio in respect of
the ethi￿] guidelines. notify the Tnjstees of any significant developments and provide a full upd8te at the 8nnuai m¢¢tin83.
Future PIAn$
The fvture plans for the ChaTity involvc c8nying on the good work they are doing in the communities that they currently
serv¢.
Audits and Independent examinations
The independently examined accounts and the rcpon of activiiies ftir the year 2021 w¢re su￿¢SsfUllY submitted tt) the
Charity Commission on 31 October 2022, thanks to th¢ tcam at Richard Place Dobson.
DHM Trust accounts submission to Eg2ras¢t from 2021 onwards
On 4 July 2022. 8 zoom meetin8 was held among the following members with r¢gard to enty of Trust aLYounts in the
Egaraset accounting system of Paris. General House team, E8araset tram and some rnembers of the Trutt. It was decided
that from the accouniing year 2021. the Ronan of Treland will submit the Annual Accounts in fjjll detsils to the Provincial
who will then forward to the General Bursar in park. Another d￿lSion was that both the Auditors will us¢ th¢ forn]at
given by the Tnjstee to submit the Annual A¢eounts lo Egaras
Obtaining Irish VISA
In September 2021. with th¢ v¢rbal agreement of the trustees. Miss M AlpF￿nSe received £20.000 into her float account in
HSBC, from the Province AccouThts for the purpose of obtsining one year Irish visa for her travel needs to Dublin. It was a
r¢quirement to show adequate fl￿d3 in her Float accouni of the bank which th¢n was subtnitted for the visa PUTPOS¢.
A¢tivities of the Commoll Houses ill Wimbledon and Kirkby
- The heating system of the Community House in Kirkby w8s r¢furbisheiL
- Several small repair works were undertaken for the Community House at WwnbIedo￿ This seems to be on incre8se as the
house Ès getting older.
Sever¢ Covid restrictions continued thts year too which affected the charitabl¢ adivities. HoM'ev¢r. activities sv¢h as
Retreat Gutdance, telephonic couns¢llin& urgent services to the nccdy ¢ldcrly, handtcapp¢d. house-bound and immigr8nts
were undthaken for the yw 2022 in Kirkby. Blackpool and in knndon. Spiritual support w&% given over the phone by some
members to the house￿u￿d.
- Towards the end of the year. in October. th¢ Province was happy to receive the vislt of the General Superior and her
Council to London and Kirkby. Their presence and encouragement Was very much 8ppre¢iated by everyone.
page 4

DAUGHTERS OF THE HEART OF MARY CHARITABLE TRUST
TRUSTEES, REPORT (CONfINUED)
FOR THE YE4R ENDED 31 DECEMBER 2023
Risk m2nagem¢nt
The trustces have a duty to identify and review the risks to which the charity 15 exposed and kn ensure appropriate Controls
are in place ￿ provide reasonable a%surAnce against fraud and ¢rror.
The trustees are aware of the risks the charity may fa￿ and have estsblished procedures to mitigate known risks where
possible. Covi(k19 has atr¢ady E]ad an impact on operations and investments. However. the trustees are wnfidenc that th¢
chariry will continue to undertake its opcrntions and ￿lfIl ail its financial liabilities and charity obligations.
It was noted that adequate Insurance must be c￿ured for our property and t8k¢n consistently on 8 yearly b&sis.
Our Investments are marLa8ed by Charles Stanley FCA regiskred investment fund so as io achievc the bc5t financial
outcom
The Truste¢s wThtinue to work to ensure complignc¢ with GDPR whith came into effe￿ in August 2022.
GDPR Policy
The GDPR Policy has been drdfted this ye8r. m[￿ M Br¢nn￿4 a trustee reworked the GDPR policy and prepared draft
Privacy Policy according to th¢ r¢quircm¢nts of Charitable Tr￿1 necd% in Ireland. This was then reft￿ed to an expert for the
Jesuit congregation in th¢ UK. Bas¢d on r￿0mMendationS a draft h&$ been prepared for the DHM Charitabl¢ Trust in th¢
UK. It needs to be approved by thc Tr￿lees.
Reglstratltsn of Saftzuxrdinz Seryices in UK
The 10 DHM sisters of England have be¢n rcgist¢red with Religious Life Safeguardin8 Services IRLSS) and with Catholic
Saf¢guwding S¢rvi¢¢s Agency {CSSA) for England and Wales for the year 2022 by paying £200 for each one, Hen¢¢fortl
the DHM sisters their Reunions will be governed by thc safeguarding policies of these organisations. This will be publish
in the website of the Province.
Ev¢Dts Since the end of the year
Lnfonnation relating to ¢vents since the end of the year is given in the t￿te$ to the financial statements.
Strurturej govertt*ttte and mAttxg¢rnent
The name of the charity is Daughiers of Ihc Heart of Mary Charithble Tr￿*t. The chartty w&$ established by a tharitablc tnlst
de￿ on 13 S¢piemb¢r 1988 and is regisiered with the Charity Commission under referen¢¢ number 800119. The address of
the principal officc of the cELarÈty is 41 MurTay Road Wimbledoo London SW19 4PD.
page 5

DAUGHTERS OF THE HEART OF MARY CHARITABLE TRUST
TRUSTEES, REPORT (CONTINUED)
FOR THE FE4R ENDED 31 DECEMBER 2023
The trustees who s¢rvcd during thc year and up to the date of signature of the financia] statements were:
Miss E McHale
Miss G Eastwood
Miss M Biogan
Miss M BrcnTran
Mtss M Alphonse
Miss A Boland
Miss G Beg
Th¢ power to appoint new trustees resLs wtth the Provinci81 Superior.
The trustees, report was approved by the Board of Trustees.
Miss MAlph
Provincial Su
use
erior
pag¢ 6

DAUGHTERS OF THE HEART OF MARY CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF DAUGHTERS OFTHE ￿EART OF MARY CHARITABLE TRUST
l ￿port to the trustees on my examination of the financial statements of Daughters of The Hcart of Mary Cbaritsble Trust
(thc charity) for the year ¢nded 31 December 2023.
Responsibiliti¢s Ind b*sis of report
A5 the trustees of the charity you are rcspon3ible for the preparation of the rtnan¢ial statements in accordancL with the
r4uirctDents of the Charities Art 2011 (th¢ 2011 Act).
I report in r¢spect of my examination of the elwity's financial statements carried out under section 145 of the 2011 Act.
In caTrying out my examinaiion I have follow￿ all the applicable Directions given by the Charity Commission undcr
scGtÉon 145(5)(b) of tbe 2011 ACL
Indtptndent examiD¢r's $tst¢m¢nt
Your atteniion is drawn to the fact that the charity has prepared financia] stalements in accordance with Acwunting and
Reporting by Charities preparing their accounts in accordance with thc Financial Reporting Stsndard applicable in th¢ UK
d Rwubli¢ of Ir¢land (FRS 102) in preference to the Accounting and R¢porting by ch￿itIeS.. Statement of
R¢commended Pra¢iiGe issued on l April 2005 which is referred to in the extant r¢gulations but has now been withdrawn.
l understand that this has IK¢n done in order for fmancial ststernents to provide a true and fair view in accordance with
Generally Accepted ACr￿unting Practtrx effective for rq)oning periods beginning on or dfter l January 2015.
I have ¢omplet¢d my ¢xamination. l ¢¢nfum th* no matt¢rs havc come to my att¢nUon in ￿nnectiOn with the
examination giving mc C8LLS¢ to believe that in any material rtspecL'
accounting records were not kept in rcspeci of the charity as required by section 130 of the 2011 ACL or
the financial s¢atements do not accord with those records; or
the finan¢iai s￿¢¢m¢n￿ do noi comply with the applicable requirements concernin8 th¢ forn and content of
accounis set Out in the Charities (AccounTS and Reports) Regulations 2008 other than any requirement that the
accounts 8ivc a true and fair view which is not a maI￿r comidered a5 Part of gn independenl examination.
I have no concerns and have come a¢ross no other matters in connection with the examination to whi¢h attenlion should
be drawn in ihis report in order to enable a proper und¢rstanding of the financial statements to be reached.
Darren Harding ACA, FCC& DChA
Richard P14¢¢ DobsoD
Ground Floor
1- 7 Station Road
Crawley
West Sussex
RHIO IHT
p4¢7

DAUGHTERS OF THE HEART OF MARY CHARITABLE TRUST
STATEMENT OF FINANCIALACTIvrtIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
Curftnt financial year
Unrtstricted Unrestricted
funds
fullds
geDeral
Design2t¢d
2023
2023
Rutri¢ted
fullds
Thtsl
Total
2023
2023
2022
Notes
Income 2nd eDdowments from:
Donations and legacies
Charitable activities
Investments
Other income
.475
8.665
214.827
6,271
1.475
8,665
214,827
6,271
54,712
11.850
205,909
103
Total Income
231238
231,238
272.574
Expenditutt on:
Raising fijnds
Charitable activities
50.714
261.686
50,714
317.580
54.812
450,871
55,894
Total expenditure
312,400
55,894
368.294
505.683
Net 8ainsl(losscs) on
investments
13
(139,043)
(139.043)
(490,4591
Net expenditurt
(220.205)
{55,894)
(276,099)
(723,568)
Transfers bctwcen funds
314,069
(314.069)
Net movement in funds
io
93,864
(369.963)
(276,099)
(723.568)
Recolleili*tion of futtds:
Fund balances at l January 2023
85.032
9.558.873
8,338
9.652.243
10,375,811
Fund balances at 31 December 2023
178.896
9.188,910
8,338
9,376.144
9.652,243
The statement of financial activities includes all gains and losses recognised in the year. All incom¢ 8nd ¢xp¢nditure derive
from continuing activities.
page 8

DAUGHTERS OF THE HEART OF MARY CHARTTABLE TRUST
STATEMENT OF FINANCIALACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE AccouNr
FOR THE YE4R ENDED 31 DECEMBER 2023
Prior financial year
Unrestricted Unrtstrirt¢d
funds
funds
gelleral
DesiEnated
2022
Restrirted
llds
Totsl
2022
2022
2022
Notes
Income 2nd endowments fn)m:
Donations and le8acies
Charitable activitie5
Investments
Other income
54.712
11.850
205,909
103
54,712
11,850
205,909
103
Total income
272,574
272.574
Expendithre on:
Raising fimds
Charitable activities
54.812
254.807
54,812
450.871
196,064
Total txptnditure
309,619
196,064
505.683
Net gainsl(losses) on invcsiments
13
(490.459)
(490,459)
Net ineome
{527,504)
{196,064)
{723.568)
Transfer5 between fimds
518.071
(518.071)
Net movement in fund5
io
(9.433)
(714.135)
(723,568)
Re¢on¢iligtion of fyDds:
Fund balances at l Jarkuary 2022
94.465
10.273.008
8,338
10,375,811
Fund balantes xt 31 December 2022
85,032
9,558.873
8.338
9.652,243
page 9

DAUGHTERS OF THE HEART OF MARY CHARrrABLE TRUST
BALANCE SHEET
ASAT31 DECEMBER 2023
2023
2022
Not¢s
Fixed asstts
Tangible assets
Investments
15
16
3.338.960
5.420.318
3,386,813
5,547,660
8,759278
8.934.473
Current assets
Dcbtors
C&8h ai bank and in hand
l7
13,761
626.350
9.319
732,161
640,111
741.480
Creditors: amounts falllng due wlthin ott¢
yèar
18
(23245)
(23,710)
Ntt current *ss¢ts
616,866
717,770
Total sssets less cyrrent liabilitles
9.376.144
9,652,243
N¢t #$$¢ts excludinz pension liability
9,376,144
9.652.243
The funds of the charity
Restricted income funds
Unrestricted fijnds - general
Unrestricted fimds . Desigrnaied
20
8,338
178,896
9,188,910
8,338
85,032
9,558,873
21
9.376.144
9.652,243
The financial ststements were approved by the trusttts on ... . .
Miss M Al
ProviD¢i*l Sup¢rior
onse
p4¢ 10

DAUGHTERS OF THE HEART OF MARY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YE4R ENDED 31 DECEMBER 2023
Accounting polici
Charity iDforniatio
Daughtcrs of The Heart of Mary Clwitable Trust is a charity th* promotes charitablc work for the time being carried orL
1.1 Accounting convention
The financial 51at¢ments have been prepared in aC￿rdanCe with the diariry's Tn]st Dce(L the ChaJities Act 2011. FRS
102 "Thc Finèncial Re￿rtIn8 Standard applicable in the UK and R¢public of Ireland" ("FRS 102.) and the CFLarities
SORP "Accounting and Reporting by Chariiics: Stsrcment of Recommendcd Practice applicable to ¢t￿LtIeS preparing
th¢ir attounts in aC￿rdance with the Financial Reporting Standard xpplicable in the UK and Republic of Ireland (FRS
102)" (effectiv¢ l January 2019). The chariry is a Rtblic Benefit Entity a% defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to pr¢par¢ a Statement of CL8h Flows.
The financial statem¢nts have departed from the Chariti¢S (A¢wunts and Re￿rts) Rcgulatlons 2008 only to the &xtent
required ￿ providc a true and fair view. This departure has involved following the Statement of Recomm¢nd¢d Practice
for Ch￿itieS applying FRS 102 rather than the vetsion of the Statemeftt of R¢comm¢nded Practice whi¢h is ref¢rrcd to in
the Regulations bul which h&s since bttn withdraw
Th¢ finan¢ial statcm¢nts are pr¢pared in stsrlin& which is the fi￿CtIOnal ru￿¢Y of the chariry. Monew amounts in
these financial SWqncn¢3 ar¢ rounded to the neaxest £.
The financiat statements have be¢n prepared under the historical ¢o$t Wnventio￿ [modified ￿ include the revaluation of
freehold properties and to include investment properties and ¢¢rtain fllwiciat insmunents at fair valuel. The principal
accouncing policies adopted are set out below.
1.2 Going concern
At the time of approving th¢ financial statements, the trust¢¢s hav¢ a reasonable expectation that the charity has adequate
resources to wntinu¢ in operationat existence for the fores¢eablc ￿ture. Thus the tNst¢es continue to adopt the going
oncem basis of accounting in preparing the fuwicial 5tst¢ments.
1.3 Income
Income is recognised when the charity is le8ally ¢ntitled to it after any perfomian¢¢ ¢onditions havc been m< the
amounts ¢an be me&sured reliably. and it is probablc that income will be r¢¢eiv¢d.
Cash donations arc recognised on receipt. Other donations are Tecognised once the charity has been notified of the
donation, unless perfornian¢e conditions require defeTral of the amount. In¢omc tax rewverable in relalion to donations
received under Gift Aid or deeds of covenant ts re¢ognised at th¢ tim¢ of th¢ donation.
Legacy gifts are rccognised on a c&se by case basis following the granting of probate when the athninistratorlexecutor for
th¢ estate ￿MmunI￿ted in writing both the amount and settletnent date. In the event that the gift is in the forni of an
s¢t oth¢r than ¢ash or # fin￿¢141 asset traded on a recogtiised stock ex¢hang¢. r¢￿EnItiOft is subject to the value of the
gift being reliably m¢&8ur¢d with a d¢gr¢e of rcasonablc accuracy and the title to the ￿et has been tr￿Sferred to the
charity.
Inv¢stm¢nt income which includes dividends receive¢ other listed investment income and interest receivable is includcd
in the statement of financial activitics in th¢ year in whith it Is receivable.
Charitable actlVLties incom¢ in¢lud¢s members, iKJard inwme atLd royaltie5 and 15 included in thc statement of finomcial
activities in the year to which it relat&s.
page 11

DAUGHTERS OF THE HEART OF MARY CHARrrABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTIIYUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting poliei
(ContiDued)
1.4 Expenditure
Expenditure is recognised once there ts a legal or constructiv¢ obligation to trdnsfer ewnomic benefit to a third party, it
is probable that a tr8nsf¢r of e¢onornic b￿efits will be required in settletDenL and the amount of th¢ obligation can be
m¢asur¢d reliably.
Expenditure is cl&8sified by activity. The costs of each a¢tivity are made up of the total of direct Costs arkd sh8r¢d costs,
including support Costs involved in Undertaki￿ each activity. Direct costs attributable to a single activity are allo¢ated
dI￿￿[Y EO that activity. Shared costs which contribute to niore tban orLe activity and support Costs which arc not
attributable to a single activity ￿ apportioned be￿Cen those activities on & basis eonsistcnt with the use of resources.
Central staff costs are allocated on the basis of time spcnL and deprttiation ¢￿g¢S are all0￿ed on th¢ portion of the
&sset'S
Liabilities ar¢ reCo￿aSed as expenditure as soon &s there ts a legat or constructiv¢ obligation committing th¢ rharily to
that expenditure. il is probable that a trnnsfer of economic benefits will be required in settlcm¢nt and the amount of the
obligation can be measured reliably. Expcnditure is accounted for on an accruals basis h&8 been classified under
headings that aggregate all cost related ￿ the ¢at¢gory. Wh¢re costs eanrnot b¢ dir¢¢tly attributed to particular headings
they have been allo￿ted to a¢l1viU￿ on a basis consistent with th¢ us¢ of rcsources.
Costs of raising thds includes inv¢stsnent manager fe￿.
Charitable accivities relate to thc c05t of serving th¢ ¢omtnunkty and supporting t￿￿e¢ approved projects.
1.5 Tangible fjxed assets
Tangible fixed assets are initially measured at ¢ost and subsequendy me&8ured at wst or valuatioN net of depreciation
and any impaiment loss¢s.
All assets costing more than £250 are capitalise
Tangible f￿ed ￿Sets arc scated at eo$i less d¢prwiation. Dcprcciation is providcd at rates Ca1￿lated to write off the ¢ost
less estimated residual value of cach asset over its expected ￿SefUl life. as follows:
Freehold Property
Fixtttres, fittings & equipment
Motor vehicles
150/0 reducing b8lan
2￿/ty on cost
The gain or loss arising on the disposal of an ￿et As dcterniined a5 the difference between the sale proceeds and the
carrying vaEue of the ass¢¢ is recognised in the statement of financial activities.
1.6 Fixed *s$et inv¢stm¢nts
Fixed asset investments a￿ initially mcasured at transaction price ¢x¢luding transaction costs, and are subsequently
m¢asur¢d at fair valuc at cach rcporting date. Chan8es in lair value arc recognised in net incomel(expenditure) for the
year. Transaction costs are ¢xp¢nsed as incurred.
1.7 Cgsh 2nd cash equTvalents
Cash and cash ¢quivalents includ¢ cash in Iwhl. deposits held at oll with banks. other short-tenn liquid investments
with origin3J rnaturities of three rnonths or less. and bank ov¢rdpafts. Bank overdrali8 are shown within borrowings in
current liabilities.
pw12

DAUGHTERS OF THE HEART OF MARY CHARTTABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE FEAR ENDED 31 DECEMBER 2023
Accounting polities
(Colltinued)
1.8 Finaneial instrnmtthts
Th¢ charxty has elected to apply the provisions of Sectton 11 'B8si¢ Financial InstnThents' and Section 12 '0thcr
Financiat Instruments Issues. of FRS 102 to all of its financial instnments.
Financial instrumcnts are reco￿lSed in the charity5 baIance sheet when the ¢harity becomes paty to the contrac￿al
provisions of the instrument.
Financial ￿Sets and liabilities are offsei with the net amounts prcscnted in the financial stst¢m¢nt& when there is a
legally enfor¢eabl¢ right to sct off the rccogniscd amowts and th¢r¢ is an intention to settle on a net b￿1& or to realise
the asset and settle the liability simu1taneAb￿Iy.
Btuicfinancial asjets
Other debtors arc recognised at the settlement arnount du¢ after any trade discount offere<L Prepayments are valued at the
8mtstmt prepaid net of any trade discounts due.
Basicfinanuul liubihttes
Creditors are recognised where the ¢harity has a pres¢nt obliwion resulting from a past eV￿t that will probably results
in the transfer of ￿ndS to a third party and th¢ amount due to settle the obligation can be measured or estimated reliably.
Creditors norma]ly reco￿$S¢d at their settlement amount after allowin8 for any discounts due.
1.9 T*x*tlon
As a charity, the Trust is not subject to corporation w or any Qther ￿¥¢S on income and gains arising from its charitable
objectives,
1.10 Fund accouDtiug
Unrestricted fimds can be used in accordance with the ¢haritable objectives at the discretion of the trustees.
Restricted funds ¢an only be used for particular restricted purwses within the objects of the charity. Restri¢tions Arise
when specified by the donor or whcn fimds are raised for Fwlicular restricted purposes.
Designated furtds are unrestricted funds e&rniarked by the Tnstees for particular purposes.
Further explanation of the nature and purpose of each fund is in¢luded in the notes to the fiTkaThcial SL2tements.
Critical accounting estimates and judgements
In the application of the ¢harity'$ accounting policies, th¢ tswstees are required to mak¢ judgements, estimates and
assumptions about the carrying amount of assets and liabilities that are not rcadily apparent from other sources. The
estimates and associated as8[￿ptionS arc based on htsioricai experlence and other factors th&t are considered to bc
r¢l¢vant. Actyal r¢sutts may differ from th¢s¢ estimates.
The estimates and urkderlying assumptions are reviewed on an ongoing basis. Revisions to accountin8 ¢stimates are
recognised the period tn which the estimatc is reviscd where the revision affects only that perio<L or in the period of
the revision and fvture p¢riods v4h¢r¢ the revision affects both current and futur¢ periods.
page 13

DAUGHTERS OF THE HEART OF MARY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE FE4R EJVDED 31 DECEMBER 2023
In¢om¢ from donations #nd leg2CiLS
Unr¢stri¢ted
funds
2023
Unrestricted
funds
2022
Donations and gifts
L¢8aci¢s receivable
1,475
2,180
52,532
1.475
54,712
Income from chAritable #rtivities
Unrestrlcted
futyds
2023
Unrestricted
funds
2022
Religious services provisio
Rcligious services provision
8,665
11.850
Inv¢stmeDts
general
2023
genera]
2022
Investment Income
Deposit actount interest
210,397
4,430
205.091
818
214.827
205,909
Oth¢r in¢om¢
gener*1
2023
general
2022
Royalties
Other income
132
6,139
103
6271
103
pag¢ 14

DAUGHTERS OF THE HEART OF MARY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR TIIE YEAR ENDED 31 DECEMBER 2023
Raising funds
general
2023
general
2022
Investment man
ernent
50.714
54,812
50,714
54.812
Expenditure cbaritable adivities
Direct
tharitable
expenditure
2023
Direct
charitable
expenditure
2022
Direct eosts
S(aff costs
Depreciation and impairnJ¢nt
Religious servi￿ Provision
Payments to mission
intcnance
41.198
47,853
99.154
87,840
9.761
40,993
47,854
96,001
179.873
59.324
285.806
424,045
Share of support and governance costs (stt ttot¢ 9)
Govemanee
31,774
26,826
317,580
450.871
AD*tysis by fund
Unrestricted ￿rtits- general
UnTcstrict¢d fvnds- Designd
261,686
55,894
254,807
196.064
317,580
450,871
page 15

DAUGITfERS OF THE HEART OF MARY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Support costs
Snpport costs Govtrnance
¢osts
2023
2022
Accountancy and aUdi￿1ndependent examination
Legaj and professional
Bank Charges
16.922
14.536
316
16,922
14.536
316
17,520
9.007
299
31,774
31.774
26,826
Analysed between
Ctrwiuble activities
31.774
31,774
26,826
10 Net rnovement itt funds
2023
2022
The net movement in fimds is Statrd after chargingl{crediting):
Depreciation of owned tangible fixcd assc
47,853
47,854
11 Trustees
Nonc of the trustees (or any persons connected with them) received any remuneration during the year.
The trustees arc also members of the ￿ngregation Some members tre maintained by the ¢haTity the cost of the
premises, meats and other living expenses in resp¢¢t of such mcmbers is paid either to them or on their behalf by the
charity.
12 Employees
Employment costs
2023
2022
Wages and salari¢s
Other pension costs
38,409
2.789
38,340
2.653
41.198
40,993
page 16

DAUGHTERS OF THE HEART OF MARY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13 Gains 2nd losses on investmeots
Unrestricted Unrestricted
nds
funds
2022
2023
Gainsl(losses) arising on".
Revaluation of investments
Sale of investments
(157.374)
18,331
(490,459)
(139.043)
(490,459)
14 Tax￿￿￿￿
The ckjarity is ¢xetnpt from taxation on its activities be￿use all its In￿Me is applied for charitablc purp03es.
15 TAngible fixed 2ssets
Fnebold Flxtur¢& fittiny MotorvthStles
Proptrty & ¢quipth¢Dt
Totil
Cost
At l January 2023
3.839.975
145.061
13.893
3,998,929
At 31 December 2023
3,839,975
145.061
13,893
3,998,929
Depreciatlon and Impaiment
Ai l January 2023
Dcpreciatiork Charg￿ in the year
462,906
46,133
135,317
1,72Q
13,893
612,116
47,853
At 31 DeGembcr 2023
509,039
137.037
13,893
659,969
Carrying amount
At 31 Dccembcr 2023
3.330,936
8.024
3,338,960
At 31 December 2022
3,377,069
9.744
3.386.813
16 Fixed asset investments
Listed
illvesttneDts
Cost orvaluatio
At l January 2023 & 31 December 2023
5,547,660
Carrying amount
At 31 December 2023
5.547,660
At 31 December 2022
5.547.660
page 17

DAUGHTERS OF THE HEART OF MARY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (coiYfINUED)
FOR THE YE4R ENDED 31 DECEMBER 2023
16 Fixed asset investments
(ContÉttued)
Htstorical cost:
2023- £4,322,540
2022: £4.318,301
There were invesknents held at the year end which were valued over 5% of the totsl portfolio markct vaiuc.
Revaluation reserves of £1,097,778 (2022-. 1229J59) are included within the designatcd funds.
17 Dtbtors
2023
2022
Amounts f*lliDg due witbill oue year:
Oiher debtors
Prepayments and accrued income
2,827
10.934
2.556
6,763
13.761
9,319
18 Creditors: amounts falliDg die witbill one year
2023
2022
Other creditors
23,245
23.710
19 Rt¢Srèm¢nt bell¢fit sebemes
2023
2022
Defined contribution scb¢m
Charge to profit or loss in respect of defined ¢ontribution 5themes
2.789
2,653
Thc charity operates a defin¢d contribution pension stheme for all quatifying employees. The assets of the schem¢ ar¢
held separately from thosc of the charity in an independentty administered fijn
20 R¢5trt¢t¢d fuDds
Th¢ r¢strictcd fvnds of the charity comprise the unexpended balantts of donations and grants held on trust subject to
specific conditions by donors as to how they may be use
At l JalluaryAt 31 Dttember
2023
2023
8.338
8,338
page 18

DAUGHTERS OF THE HEART OF MARY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE IFAR ENDED 31 DECEMBER 2023
20. Restrirt¢d funds
(Continued)
Previous ytar.
At l JanuaryAt 31 Deeember
2022
2022
Mission fjjnd
8.338
8.338
The tncome to the missior￿ restrI￿ed fund is rettived in the forni of donaiions from sources outside the charity for the
purpose of donating money to mission work
21 Unrestricted funds- DtsigDated
The income fvnds of the chariry in¢lude the following deS1￿￿t¢d fi￿dS which have been set aside out of unrestrict¢d
fijnds by the trustees for specific purpos&4:
At l January
2023
Resourc¢s
expended
TransfersAt 31 De¢tmbtr
2023
Maintenance fund
Properry fund
Provin¢ia] fimd
Communities fund
Special projects fund
Propety maint¢n8nGe fimd
5,547.660
3J77,069
448.221
15,923
120,000
50,000
(9,761)
(46.133)
(117,000>
5,420,899
3.330,936
351,152
15,923
20,000
50.000
(97,069)
(100.000)
9.558,873
(55.894)
(314,069)
9.188,910
Previous ye4r.
Ai l January
2022
Resourees
expended
Tr*nsfersAt 31 De¢ember
2022
maint￿¢¢ fijnd
Prop¢ny fimd
Provincial fi￿d
Communtties fimd
Special Projects Fund
Property maintenance fund
6,156.775
3.423.202
521,427
1.604
120.000
50,000
(609,115)
5,547,660
3,469,335
448,221
15.923
301,214
168,648
46.133
(73,206)
14.3L9
90,607
59,324
90,607
59.324
10.273,008
(196,064)
(518.071)
9,558.873
pag¢ 19

DAUGHTERS OF THE HEART OF MARY CHARrrABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21 UDr¢stricted funds- Designated
(Continued)
The Maint¢nance fimd is held to provide for the maintenance of members Ls thry grow older 8md inves*d to m8ximis¢
the return on the cFkarÈty's assets. Included within the maint¢nanc¢ fund is unreaiis¢d gains on tnvesrments tsf £1:097,778.
(2022 - £1,229,359).
The Property fund rcprescnts thc fillmls necessarily s¢t aside for the charity's occupation of the land and buildings. The
movcm¢nt in the year rep￿e[lts the depreciation charg
The Provincial fund is set 18ide by the truscees for the financial needs of the Provincial.
The Community fund is s¢t aside for the nec&s of the individual hous¢s.
The Special Pmjects fijnds reprt8ents monies set aside for ￿$[5￿￿¢￿ that the Trustees intend ￿ make to projects.
The Propety Maintenanc¢ fund is set asid¢ for the repairs and mainlenan¢e of the Charities Properties.
22 Analysis of net assets between funds
Unrestritted Designated
funds
funds
2023
2023
Restritt¢d
funds
2023
Total
2023
Fund balances ai 31 December 2023 are represented
Tomgible assets
Investments
Current assetsl(liabilities)
8,024
(127.342)
35.081
3,330.936
5,547,660
573,447
3,338,960
5,420,318
616,866
8,338
(84237)
9,452,043
8.338
9.376,144
Unrestrictd Desi￿ated
fiujds
funds
2022
2022
Restricted
funds
2022
Total
2022
Fund balances at 31 Dcccmber 2022 are r¢present¢d
by:
Tangible &8sets
Investments
Current assetsl(liabilities)
9.744
3 J77,069
5.547.660
634,144
3,386,813
5.547.660
7E7,770
75288
8,338
85.032
9.558.873
8.338
9.652,243
Rtiated party tran32etions
There were no disclosable related party transactions durino the y¢ar (2022- none).
page 20