CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK FINANCIAL STATEMENTS FOR THE YFAR ENED 31 DECEMBER 2023 CONTENTS PAGE TRUSTEES AND OTHER INFOF<MATION 34 TRUSTEES, REPORT 5-8 TRUSTEES, RESPONSIBILITIES STATEMENT INDEPENDENT AUDITOR'S REPORT 10-13 STATEMENT OF FINANCIAL ACTIVITIES 14 BALANCE SHEET 15 NOTES TO THE FINANCIAL STATEMENTS 16-25
CDNGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK FINANCIAL sfATEMENTS FOR THE YEAR ENED 31 DECEMBER 2023 TRUSTEES AND OTHER INFORMATION TRUSTEES: Provincial Superior Reverend Peter Dowllng Provlnclal Vicar Reverend Melville Wright Provincial Treasurer Reverend Darren Maslen Appolntèd Trustee Reverend Geor8e Dunne All role5 appointed.. 18th May 2022 ADDRESS,, 4 Dawson Street, Liverpool, LI ILE Unlted Kingdom INDEPENDENT AUDITOR: CRS Accountants Limited Charted Accountants and Statutory Audit Firm 14 Clanwilliam Square Dublin 2 D02 FK23 BANKERS: Allied I ri5h Ba nks PIC Dlrect Banking PO Box 73306 London W5 9PB Bank of Ireland l Marsden Street M21HW Manchester
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK FINANCIAL STATEMENTS FOR THE YEAR ENED 31 DECEMBER 2023 TRUSTEES AND OTHER INFORMATION Bank of Ireland 26 West Nlle Street G47AG Glasgow Royal Bank of Scotland 2139 Paisley Road Glasgow G52 31W SQUCITORS: PWW Solicltors 84 Eccleston Square Plmlico London SWIV IPX CHARITY NUMBER: 802092
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK FINANCIAL STATEMENTS FOR THE YEAR ENED 31 DECEMBER 2023 TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together with the audited fina ncial statements for the year ended 31 December 2023. The financial statement5 are prepared In accordance with the Charities Art, 2022, FR5 102 "The Flnancial Reporting Standard applicable in the U K and Republic of Ireland, and Accounting and Reporting by Charities., Statement of Recomrnended Pracilce appllcable to charities preparing their finincial statements in accordance with the Financlal Reporknng Standard appllcable in the UK and Republic of Ireland IFRS 1021. The Trustees Report contalns the Information requlrèd to be provided in the Trustees, Annual Report under the Statement of Recommended Practise ISORPI guidelines. The Trustees of the charity are also charity Trustees for the purpose of chsrlty law and under thè charlty's constrtution are known as members of the board of Trustees. In this report, the Trustees of Congregation of The Blessed Sacraments Charitable Trust UK present a summary of its purpose, governance. activities, achlevements and frnances for the frnancial year 2023. The charity is a registered charity and although not obllged to comply wlth the Statement of Recommended Practise applicable in the UK and Republlc of Ireland FRS 102. the organlsation has implemented Its recommendations where relevant in these financial statements. Mlsslon, Objectives and Strategy Mission Statement The Trugc was established under a deed of Trust dated 18th of August 1989. The objettlves of the Trust are charitable in nature with official charitable Status granted (Charitable status number: 8020921, The Trust is comprised of an Apostollc group of men whose rnission is: To assist the church in its efforts to form Christian communities whose centre of life Is the Eucharist. To allow the mystery of the Eucharist to take hold of their lives so completely that they live this mystery fully and proclaim its meanlng through variou5 ap05tolates; To respond to the hungers of the hu man family with the riches of God'5 love manifested in the Eucharist. To strive to rnake Christ in the Eucharist better known and loved through prayer in the presence of the Eucharist and an active Apostolic Ilfe,. To proclaim the Eucharist as a powerful fortr of renewal for Churth and soclety, They commit themselves to carry out this mission In collaboration with the laity, They combine prayer and work in order that the entire world may be totally transformed i nto people of God, the body of the Lord and temple of the Holy Spirit. In solidarity with those who are worklng for genuine hurnan advancement, they are alert to the social implications of their actions.
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK FINANCIAL STATEMENTS FOR THE YEAR ENED 31 DECEMBER 2023 TRUSTEE5' REPORT-CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 They carry out thelr Eucharistic mission especlally in clty centre shrines and parlshes, Thelr shrines are centres for EucharIs¢ community and evangelisation, places of adoration, celebration and reconclllation, oasis's of peace in the heart of the city. They make our p3rlshes into authentic communities shaped by the Eucharlst, source and centre of Ilfe. There have been no slgnificant changes In these activities durlng the financlal year ended 31st of December 2023. Composition of the Board of Trustees and Board Appointment Process The Trustees who served at any tlme during the flnancial year were as follows.. Provincial Superior Reverend Peter Dowling Provincial Vlcar Reverend Melvllle Wright Provlncial Treasurer Reverend Darren Maslen Appointed Trustee Reverend George Dunne thof On the 18 May 2022 the Trustees as listed above were appointed to thelr role5. These roles had previously been filled as follow5: Provincial Superior Reverend James Campbell Provincial Vicar Reverend Raphael O'Halloran Provincial Treasurer Reverend Peter Dowling Appolnted Trustee Reverend Darren Maslen Under the Trust Document the Trust Cannot have less than three nor more than five Trustees. The Trustees that are appointed must Include the ft)Ilowing'. The Provincial Superior The Provincia l Treasurer The Provincial Vicar In order for the appoIntIernts to be ratifi'ed, each Trustee Must sign his consent In the minute book.
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK FINANCIAL STATEMENTS FOR THE YEAR ENED 31 DECEMBER 2023 TRUSTEES, REPORT-CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Volunteers The Trustees are very grateful to the unpald volunteers for their time, dedication and enthusiasm. It is imposslble to q uanknfy the thousands of hour5 given to the Trust by these volunteers each year. Flnanclal Revlew The results for the financial year are set out on page 14 and additional notes are provlded showlng Income and expendlture in greater detsll, Results The surplus for the financial year after providing for depreciation amounted to £85,47312022: £83,752 deficit). At the end of the fi'nancial year the charity has assets of £2,320,33712022 - £2,338,621) a nd gross Ilabllities of £4,34612022 £108,103). The net assets of the charity as at 31 December 2023 were £2,315,991 {2022: £2,230,518) an increase by £85,473. Achievements and performance The Trustees are satisfied with the performance of the Trust in the year ended 31 December 2023 and its performance is in keepln£ with their expectations and the aims of the Trust. Health and Safety The wellbeing of the Trust'5 employees is safeguarded through strict adherence to health and safety standards. Health and safety legislaOn imposes certain requirements on employers and the Trust has taken the necessary atOn to ensure compllance wlth the legislation, including the adoption of a safety ststement, Compliance wlth Sertor Wlde Legislation and Standards The charity engages proactively with leglslalon, standards and codes which are developed for the sector, CongreEation of the Blessed Sacrament Charitable Trust UK subscribes to and is compllant with the following,. The Charlties SORP (FR5 1021 General Economlcs Risk The demand for the Trust's charitable activltfes and con8regation numbers are dependent on general economlc conditions. The Trustees manage this risk through their work In the community.
CONGREGATION OF THE BLESSEO SACRAMENT CHARITABLE TRU UK FINANCIAL STATEMENTS FOR THE YEAR ENE0 31 DECEMBER 2023 TRUSTEES, REPORT-CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Golng Concern The Trustees are satisfied, havlng madR the approprlate enquirles, that the Trust has sufficient funds, assets and support available to It to contlnue its charltable activlties, In the coming flnancial year. The flnanclal statements have been prepared on a going concern ba515. The Trustees actively review the risks which the Trust faces and believe that any risks Identified are addressed by themselves In a tlmely basis, Such review5 include ensurlng approprlate controls are in place to provide reasonable assurance against fraud and error, Auditors The Trustees appointed CRS Atcountants Limlted as auditors for the year ended 31 December 2023, These flnancials 5tstements are their first year as auditors. Books of Account To ensure that proper book5 of account are kept, the Trust have employed approprlately qualified accounting personnel and have maintained computerised accounting systems, The books of account are located at 20 BacheSors INalk, Dublin l. Subsequent Events There are no subsequent events that need to be noted. Approved by the Board of Trustee5 on 23 October 2024 and 518ned on Its behalf by: Provlnclal Vicar Ileverend Melvllle Wrlght Trustee Provinclal Treasurer Reverend Darren Maslen Trustee
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UI< TRUSTEES, RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustee5 are responslble for preparlng the Financial Statement5 in accordance with appllcable law and regularfons. The law applicable to charitie5 in En8land and Wales requires the Trustees to prepare financlal Statements for each financial year whlch give a true and fair vlew of the assets, liabilities and financial positlon of the charlty as at the financial year end date and of the surplus or deficit of the charity and otherwlse comply wlth the Charlties Act, 2011. In preparing these financlal statements, the Trustees are required to: select sultable accounting policies and apply them consistentlv,, make judgements and accountlng estimates that are reasona ble and prudent; state whether the flnancial statements have been prepared In accordance with 4ppllcable accounting standa rds, identify those standards, and note the effect and the rea50n5 for any material departure from those standards,. and prepare the financial Statements on the going concern basis unless It Is Inappropriate to presume that the charity will continue to operate, The Trustees confirm that they have complied with the above requirements In preparing the financial statements, The Tru5tses are responsible for keeplng adequate accounting records that are 5uffi'clent to show and explaln the charity's transacttons and disclose with reasonable accuracy at any time the financial poSIOn of the charity and enable them to ensu re that the financial statement5 comply wlth the Charlties Act 2011. They are a150 responsible for safeguarding the assets of the charlty and hence for taklng reasonable step5 for the prevention and detecknon of fraud and other Irregularities. Approved bythe Board of Trustees on 23 October Z024 and signed on Its behalf by: Provinclal Vlcar Reverend Melvllle Wrlght Trustee Provincial Treasurer Reverend Darren Maslen Trustee
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE Trusr UK FINANCIAL STATEMENTS FOR THE YEAR ENED 31 DECEMBER 2023 INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF THE COfrJGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UI( REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Oplnlon We have audited the charlty financial statements of Congregatlon of the Blessed Sacrament Charitable Trust UK (the 'Charity'l for the fi'nancial year ended 31 December 2023 which comprise the Ststement of Financial Actlvlties, the Balance Sheet and the notes to the financlal statements, Including the summary of slgnificant accounting policles set out in note 2. The financlal reporting framework that ha5 been applied in thelr preparation is UK law and FRS 102"The Financlal Reporting Standard dpplicable in the UK and Republlc of Irelanca" applylng Section IA of that Standard and Accounting and Reporting by Charltres: Statement of Recommended Practice applicable to charities preparlng their accounts In accordance with FRS 102. In our oplnlon, the fln3nclal 5tstements: -give a trLte and fair view of the assets, Ilabllltles and financlal positlon of the trust as at 31 December 2023, end of its surplus for the year then ended; and -and have been properly prepared in accordance wlth FRS 102 "The Flnancial Reporknng Standard applicable In the UK and the Republic of Ireland" Basls for oplnlon We conducted our audit In accordance wlth International Standards on Auditing Ilrelandl IISA5 Ilrelandll and appllcable law. Our responsibilities under those Standards are further described below In the Auditor's responslbllities for the audit of the financial statements sethon of our report. We are independent of the charlty In accordance with the ethical requirement5 that are relevant to our audit of financlal statements in Ireland, Including the Ethical Standard for Auditors Ilreland} Issued by the Irish Audlting and Accounting Supei50rY Authority IIAASAI, and we have fulfilled our other ethical respon5ibiliknes in accordance with these requirements. In keeping with Ethical Standards provlslon available to Small enknties our cllent engages us as auditors to 8SSlSt with the draftlng of financial statements, returns to the Charities Regulator and adhoc queries. We believe that the audit evldence we have obtained is 5ufficlent and approprlate to provide a basis for our oplnlon. Concluslon5 relating to golng concern We have nothing to report in respect of the following matters In relation to which ISA IUKI require us to report to you where: The Trustees, use of the going concern basls of accounting In the preparation of the financial statements is not appropriate; or The Trustees have not disclosed in the financial statements a ny identr'fled materlal uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounti ng for a period of at least twelve month5 from the date when the fi'nancial statements are authorlzed for issue. 10
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK FINANCIAL STATEMENTS FOR THE YEAR ENED 31 DECEMBER 2023 INDEPENDENT AUDITORS RIPORTTO THE MEMBERS OF THE CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Other Information The Trustees are responsible for the other informadon. The other informatlon comprlses the information included in the innual report, other than the financlal statements and our Auditor's Report thereon. Our opinion on the financial statements does not cover the other Information and we do not express any form of assurance concluslon thereon. Our responsibility 15 to read the other Information and, in doing so, consider whether the other information 15 materially inconslstent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materlally misstated. If we identify such material incon515tencles or apparent material misstatements, we are required to determine whether there is 8 materlal mlsstatement In the flnancial statements or a material mi55tatement of the other information. If, based on the work we have performed, we conclude that there is a material mi55tatement of thls other informatlon, we are required to report that fact, We have nothlng to report in this regard. Respecknve Respon51bllltles Responsibilities of Trustees for the financial Statements explained more fuSly in the Trustees, Responsibllity Statement set out on page 9, the Trustees are responslble for the preparaon of the financial statement5 in accordance wlth the applicable financlal reporting fra mework that give a true and fair view, and for such Internal control as they determine is necessary to enable the preparation of financial 5tatement5 that are f ree from materlal misstatement, whether due to fraud or error. In preparing the financlal statements, the Trustee5 are responsible for a55e5sing the charity's ablllty to cOrnnue as a golng concern, disc105ing, as applicable, matters related to golng concern and uslng the going concern basls of accounting unle55 they either intend to liquidate the charity or to cease operations, or have no realiSC alternative but to do so, Audltor's responslb11111es for the audit of the financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi5ststement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion, Reasonable assurance is a high level of assurance, but it is not a guarantee that an audlt conducted in accordance wlth ISAS Ilre13ndl wlll always detect a material misstatement when it exlsts. Misststements can 11
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRU. UK FINANCIALSTATEMENTS foR THE YEAR ENED 31 DECEMBER 2023 INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF THE CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK REPORT ON THE AUOIT OF THE FINANCIAL STATEMENTS arlse frorr fraud or error and are considered material if. indivldually or in the aggregate, they could reasonably be expected to influence the economlc decislons of users taken on the basis of these financlal statemÈnts, Further Informatlon re8ardlng the scope of our responslbllltles as auditor As part of an audlt In accordance wlth ISAS Ilrelandl, we exercise profes51onal judgement and rnalntain professional scepticism throughout the audit. We also: Ident1fy and as5e55 n the rlsks of materlal misstatement of the financlal statements, whether due to frdud or error, desi8n and perform aiidlt procedures responsive to those rlsks, and obtain audit evldence that Is sufficient and approprlate to provlde a basis for our oplnlon. The rlsk of not detecting a material mlsstatement resulting from fraud is higher than for one resulting f rom error, a5 fraud may Involve collusion, forgery, intentional omissions, misrepresentations, or the override of Internal control. Obtsin an understanding of internal tontrol relevant to the audit In order to deslgn audit procedures that are appropriate in the circumstances, but not for the purpose of expresslng an opinion on the effectiveness of the charity's internal control. Evaluate the appropriateness of accounting pollcies used and reason3bleness of accounttng est(mates and related dlsclosures made by Trustees. Conclude on the approprlateness Df the Trustees, use of the going concern basls of accounting and, based on the audit evidence obtalned, whether a material uncertainty exlsts related to event5 or condidons that may cast signlficant doubt on the charity's ability to ConnUe as a golng contern. If we conclude that a materlal uncertalnty exists, we are required to draw attention In our auditor's report to the related dlsclasures In the financial statements or, if such dlsclosures are inadequate, to modlfy our opinion. Our concluslons are based on the audit evidence obtalned up to the date of our Auditor's Report. However, future events or condition5 may cause the tharlty to cease to continue as a going concern. Evaluate the overall presentatlon, structure and content of the financlal Statements, including the disc105ures, and whether the financlal statement5 represent the underlying transactions and events In a manner that achleves fair presentstion. We communicate with those charged with governance regardlng, among other matters, the planned scope and ming of the audit and signlflcant audit flndlngs, including any significant deficlencies in internal control that we Identfy during our audlt, 12
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK FINANCIAL STATEMENTS FOR THE YEAR ENED 31 DECEMBER 2023 INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF THE CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS The purpose of our audlt work and to whom we owe our responslblllttes A report is made solely to the charity's members, as a body, in accordance with our en8agement letter dated 15 August 2024. Our audit work has been undertaken 50 that we might state to the charitie5 members those matters we a re required to state to them in an Auditor's Report and for nc other purpose. To the fullest extent permitted by law, we do not accept ar assume responsibility to anyone other than the charity and the charity'5 members, as a body, for our audit work, for thls report, or for the oplnions we have formed. CRS Accountants Limited Chartered Accountants and Statutory Audit Firm 14 Clanwilliam Square Dublin 2 D02 FK23 Ireland 24 Ortober 2024 13
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Restrlcted Funds 2023 Unrestrlcted Funds 2023 Total Funds Total Funds Note 2023 20 Income Legacles & Wills Ch8ritsble Athvities Investments Total Income Resources 8,478 230,851 8,478 230,851 234,539 ioi 24 Resources Expended Charitable Activities Operattonal Costs Governance Costs Total Resources Expended 230,721 19,314 230,721 19,314 206,820 11,2371 112 8Q9 318,392 157A31 15,7431 Net Incomlng loutgolng Resour¢es Transfer Between Funds Other galnsllosses Unrealised galnsllosse5 on Investments Net movements In funds Reconclllatlon of funds Total funds brought forward Fund Balances Carrled Forward 85,604 85,6t14 183,75ZI 131 131 85,473 85,473 183,752) 351483 351483 Z67 731 83 14
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK BALANCE SHEEf AS AT 31 DECEMBER 2023 Note 2023 2022 Assets Employed Flxed Assets Tanglble Fixed Asset5 Investments 12 13 2,019,666 171669 2,191,335 2,009,180 2,010,908 Current Assets Debtors Bank 14 22 86 128 916 129,002 85 327 628 327,713 Creditors: (amounts fallln8 due wtthln one year) Net Current Assets Total Net Assets 15 108 103 219 610 124 656 2 315 991 Financed By; Revaluadon Reserve Other Reserves Retsined Surplus 21 21 140,000 2,442,001 266 010 140,000 2,442,001 351483 TRUSTEES Provlncial Vicar Reverend Melville Wrlght Trustee Provlncial Trèasurer Reverend Darren Maslen Trustee 15
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 l. General Informatlon The flnancial statements comprlslng the Statement of Flnancial Activities, Balance Sheet and the related notes constitute the Indlvldual financlal Statements of the Congregatlon of the Blessed Sacrament Charitable Trust UK for the fin£ncla1 year ended 31 December 2023, Congregation of the Blessed Sacrament Charlts ble Trust UK ig a Charitable Trust registered In the United Kingdom under charity nurnber 802092. The reglstered offlce is located at 4 Dawson Street, Liverpool LI ILE. This is also it5 princlpal place of buslness. The principal activltles of the Trust are set out In the Trustee's report. The flnancial statements havè been presented1n Sterllng which is also the functional turrency of the Trust. 2. Accounting Pollcies The significant accounting policies applled In the preparation of these financial statements are set out below, These policie5 have been conslstently applied to all years presented unless otherwise Stated. Statement of Compllance The charity is a registered charlty and although not obliged to comply wlth the Statement of Recommended PracSe appllcable In the UK and Republic of Ireland FRS 102, the organisatfon has implemented its recommendations where relevant in these financial statements. Basls of Preparation The financial statements have been prepared on the golng contern basis under the historlcal cost convendon, mDditied to include certain items at falr value. The financial Statements have been prepared In accordance with Statement of Recommended Practice ISORPI "Accountlng and Reporting by Charitie5 preparing their accounts In accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland FRS 102.. The charity ha5 applied the Charlties SORP on a voluntary basis as it5 appllcatiDTh is not a requirement of the current regulations for charitie5 reglstered In the UK and Republlc of Ireland, Going Concern The Trustees have reasonable expectation5, having made appropriate inquiries, that the Trust has adequate resources to continue In operational existÈnce for the foreseeable future. For this reason, they continue to adopt the golng concern basls. Income Income is included in the statement of flnancial activities when the Trust Is legally entitled to it. its flnancial value 15 quantifled wlth reasonable certainty and there Is reasonable certaintv of Its ultimate recelpt. Entitlements to legacie5 Is considered ostablished when the Trust has been notifled of a distribution to be made by the executor. 16
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Giftsand donations Gifts and donations are inc5uded in full in the statement of financial actlvltles upon receipt. Income Is being treated as belng general and unrestricted unless a donor has specified the manner in which the donations are to be spent, in whlch case it is treated as a restrictive income, Resource Expended All expenditure is accounted for on an accruals basis and has been Included under expense categorles that aggregate all costs for allocation for activities. When costs can not be directlv attrlbuted to particular headings, they have been allocated to activities on a basis consistent with resources. Support costs are those costs Incurred directly in support of expenditure on the charitable activities of the Trust. Governance costs are those Incurred in connection with the ad ministration of the Trust and compliance with constltutional and regu latory requirement5. Investment Income Interest income is recognlsed using the effectrve interest rate method. Flnanclal Instruments The Trust only has financial assets and liabilities of a kind that qualify as basic financial Instruments. Basic financial instruments are initially recoEnised at trdnsaction v8lue and subsequently measured at their settlement value wlth the exception of banklogns which are subsequently measured at amortised c05t uslng the effective interest method, Tangible Flxed Assets and Depreciation Tanglble fixed assets are stated at CQSt less accurnulated depretiatlon and accumuSated impairment losses. Depreciation is provided so as to write down the cost of the assets to their estimated useful lives as follows: Fixtures, fittings and equipment Mobile Home Motor Vehicles Freehold land and buildlngs are not depreciated. 5% straight line 5% straight line 20% straight Ilne The carrying value of fixture5, fittlngs & equlpment are revlewed annually for impairment In periods if events or changes in circumstances indicate that the carrying value may not be recoverable. 17
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees obtalned a professlonal valuatron on one of the properties as at 30 November 2022. The valuation was carrled out by Paul Burns of Scothsh Property Centre. The valuation of the property as a result of this valuation was £150,000. Revaluation of Tpnglble Flxed Assets Indivld ual f reehold properdos are carried at current year value at falr value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impalrment losses, Revaluation5 are undertaken wlth sufficient regularity to ensure the carrying amount does not differ materially from that whlch would be determlned using fair value at the reporting date, Fair values are determlned from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and 1055es are recognised In other comprehensive income unless losses exceed the previously recognlsed gains or reflect a clear consumption of economlc benefits, in which case the excesslosses are recognised in profit or loss. The exception to this 15 there the galns reverse prevlous revaluation losses that were recognised In profit or loss. The reverse is credlted to profit and Ioss to the extent of losses wrltten off after adjusting notional depreciation based on the c05t mode. 2.10 Investments Investments held as fixed assets are stated at cost provislon for any permanent diminution in value. Income from investments together with any related tax credit is recognised In the Statement of Financial Activities in the year in whith It is receivable. Current asset investments are stated at the lower of cost and net realisable value. z.ii Cash and Cash Equlvalents Cash and cash equivalents In the balance Sheet comprlse cash at bank and in h8nd, depostts held with financial institutions repayable wlthout penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature and no more than three month5 from the date of acquisition and that are readily convertible to known amounts of cash with Inslgnlficant risk of change in value, 2.12 Trdde and Other Credltors Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, unless the effect of discountfng would be immaterlal, in whlch case they are stated at cost, 2,13 Taxation The Trust is a not for profit Ofganisation and Is not subject to taxation on its surplus of income. 18
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2.14 Forel8n Currencles Monetary assets and Ilablllties denominated in foreign currencie5 are translated at the rate of exchange ruling at the statement of financial position date, Non-monetary items are measured in terms of hlstorical cost in a foreign currency are translated at the rates of exchange rullng at the date of the transaction. Non-monetary Items that a measured at fair value In a foreign currency are translated using the exchange rates at the date when the fair value was determlned, The resulting exchange dlfferences are dealt wlth in the Statement of Flnancial Acttvltie5, 2.15 Uablllties and Provisions Liabilities are recognised when there is an obllgadon at the Ba lance Sheet date as a result of a past event, it is probable that a transfer of economlc benefit will be required in settlement and the amount of settlement can be esrnated readily. Liabilities are recognised at the amount that the Trust anttclpates that it will pay to settle the debt. Provi5ion5 are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts. discounted at the pre.tax discount rate that reflects the rlsks specified to the liability. The unwinding of the discount is recognlsed within interest payable and similar charge5. 2.16 Fund Accounting General funds are unrestricted funds which are available for use at the dISctIon of the Trusteos in furtherance of general objectives of the Trust and which have not been designated for other purposes. Unrestrirted funds consist of funds recelved which the charity can Spend based at its own discretion to enable it to achieve Its objectlves. Designated funds comprise of unrestricted funds that have been set aslde by the Trustees for parcular purposes, The aim a nd use of each deslgnated fund is set out in the Trustees, Report, Restricted funds are funds which are to be used in accordance with specific restrlctions imposed by donors or which have been raised by the tharity for particular purposes. The costs of raising and adminlstering such funds are charged against the specific fund. The aim and use of each restrlcted fund is set out in the notes to the financial statements, Investment income, gains a nd105ses are allocated to the approprlate fund. 2.17 Exemption from the production of a Statement of Cash Flows The Trust has availed ofthe exemptions underS3.18 under FRS 102 to not produce a statement of cash flows. 19
CONGREGATION OF THF. BLESSED SACRAMENT CHARITABLE TRUST UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Critical Accountln8 Ethmates & Judgements The preparation of these financial statements requlres the Trustees to rmake judgments, esttmates and assum Ption5that affect the application of policles and reported amounts of assets and liabilliies, income and expenses, Judgements and estlmates are continually evaluated and are based on hi5torica1 experlences and other factors, Including expectations of future events that are belleved to be reasonable under the circumstances, The Trust makes esdmates and assumptions concernlng the future. The resulting accountinB esdmate, will by deflnition, seldom equal the actual results. The estimates and underlying assumpifjons are reviewed on an ongolng basis. Revision5 to accounting eSMateS are recognised in the period in which the estimate Is revlsed if the revision affects only that perlod, or in the period of the revision and future periods if the revision affects both current and future periods. 3.1 Crltical Judgments made in applying the Trust's Accountlng Pollcles The Trustees are of the opinion that there are no crltical judgments lother than those Involving estimates) that have a signlflcant effect on the amounts recognised in the ftnanclal statements. 4. Operaiing SurpluslDeflclt 2023 2022 Dpernting 5urplus/deficit stated after charging., Depreciation 20
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRusf UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income Rèstrlcted 2023 Unrestricted 2023 Total 2023 Total 2022 Income from legacies and wllls Total voluntary Income Income from h4rltable acttvltles Religiou5 Activitie5 Collections Donations & Gifts Sundry Income Pen5i0n Income Parish Contract Income Piety Recelpts Exchange Account Total Mass Income 13,343 94,068 30,310 1,612 2,115 13,343 94,068 30,310 1,612 2,115 9,913 85,734 39,640 12,337 1,218 27,810 30,152 37,070 28,960 37,070 28,960 85 234 539 5.1 Investment Income Investment I ncome ioi Charitable Actfvltles Restrlcted 2023 Unrestricted 2023 Total 2023 Total 2022 Religious Activities Rome Masses Volunteers Insurance Repairs & Maintenance Community Expenses Medical & Nursing Home Expenses Piety Expenses Telephone Training Motor & Travel Expenses Subscri ptions Advertislng Exchange Account Chapter Expenses Refunds 7,970 8,815 5,880 15,528 11,315 119,040 5,024 7,970 8.815 5,880 15,528 11,315 119,040 5,024 10,208 15,140 10,605 10,976 98,906 2,232 19,529 11,227 2,024 20,212 273 809 19,529 11,227 2,024 20,212 273 809 16,236 11,784 2,953 12,428 345 580 6,800 7,402 225 3,075 3,07S 21
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK NOTES TO THE FINANCIAL STATEMENTS FDR THE YEAR ENDED 31 DECEMBER 2023 7. Operatlonal C05tS Restricted 2023 Unre5trlcted 20Z3 Totsl 2023 Total 20Z2 Administratlon General Expenses Office Prlnilng & StaOnerv & Office Costs 12,154 12,154 8,371 16A09 16,409 11,647 Support Servlces ank Charges 1.538 1,538 2,428 Other operational costs Interest Paid ProfitlLos5 on Dlsposal of Fixed Assets 1,367 1,367 295 19 237 8. Governance Costs Restrlrted 2023 Unrestricted 2023 Total 2023 Total 2022 Legal & Professional Fees Audit Fees Depreclaiion 1105,9601 5,000 1105,9601 5,000 108,235 9. Employees Restrlcted 2023 Unre5trlcted 2023 Total 2023 Total 2022 Employees Emplonent Costs The aggregate payroll costs of these person5 were as follows., Employees & Trustees 10. Trustees Emoluments The Trustees are not remunerated by the Trust for thelr role a5 Trustees. 11. Trxation As the Trust is a not.for-profit organlsatEon, it is not subject to taxation on its surplus of income. 22
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Tangible Assets Freehold Land & Buildings Mobile Home Flxtures & Equlpment Motor Vehicles Total Current Year Cost l January 2023 Addltions Disp05als Revaluation 31 December 2023 1,934,914 39,995 316,120 2,291,029 18,914 18,914 91 2 309 943 Depreclatlon l January 2023 Charge for the year Charge disposal 31 December 2023 2,000 2,000 279,921 2,574 281,921 8,356 3,782 on 290 277 Net Book Value 31 2023 31 2022 2 019 666 December 1934 914 2 009 108 13. Investments Llsted Investments l January 2023 Addittons Revaluationslmovements 31 Decembor 2023 Net Book Value 31 December 2023 31 December 2022 1,800 170,000 131 14. Debtors 2023 2022 VAT 86 23
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Credltor5 2023 2022 Amount5 falllng due wlthln ane year Trade Creditors Accruals Other Credltors 11,0541 5,000 400 11321 108,235 16. Capital Commitments The Trust had no materlal capltal commltments at the year ended 315t of December 2023. 17. Provlslon for Small Eniltles In common wlth other entities of this size we use our Auditori to assist with the preparation of the fi'nanclal statements. 18. Events after End of Reporting Perlod There have been no slgnlflcant events affecting the Trust Since the financlal year end. 19. Controlllng Party The Trust is ultimately controlled by the Board of Trustees acting in concert. 20. Going Concern A5 of 31st December 2023, there was a surplu5 of £85,47312022.. deficit £83,7521 and assets in exce55 of Ilabilities of £2,315,99112022.'£2,230,5181. Durin8 the period under review the Trustees continued to work to control costs and increase the income streams of the Trust with a view to returning to pre COVID levels. The Trustees are of the opinlon that the Trust has sufficient liquid assets and tash flow available to it to meet its day-to-day operational costs for the foreseeable future. The Trustees have assessed whether there are any 5ignlficant doubts règarding the Trust's ability to continue as a going concern and are unaware of any material untertalnties relating to events or condltions that may cast si£nificant doubt on the Trust's ability to continuo as a going concern. Thls assertion is made for a period of not less than twelve months from the signing of the financlal statements. The financial statements are prepared undergoing concern basis. 24
CONGREGATION OF THE BLESSED SACRAMENT CHARITABLE TRUST UK NOTES TO THE FINANCIAL 5fATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Reserves Included wlthln other resee$ s a special reserve totalling £280,08612022: £280,086). Thls represents the patrimony records and is a restricted fund, There was no movement on thls reserve durlng the period under review, During the year ended 31, December 2022 one of the propertes was revalued at £150,000, rhe revaluatton surplus arising on this rever531 was £20,000, This surplu5 was taken to the revaluation reserve. 22. Cash & Cash equlvalents 2023 2022 Cash & Bank Balances 23. Related Party Transactions The Congregation of the Blessed Sacrament Charitable Trust UK and the Congregation of the Blessed Sacrament Charitable Trust Ireland are related by vlrtue of the same Trustees and are governed by the same Trust deed, Durlng the perlod under review an amount of £28,960 was paid to the Trust by the Congregatton of the Blessed Sacrament Charlts ble Trust I reland to fund their day-to-day running costs, The I rlsh Trust also discharged a legal settlement a nd associated legal fees of the UK Trust totalling £108,235. The Irish Trust also discharged the audit fees for the UK Trust totalling ,600 for prior year audit fees, These funds are not repayable and therefore there is no corresponding related party debtor booked in for the flnancial statements. 24. Approval of Flnancial Statements The financial statements were approved by the Board of Trustees on 23 October 2024. 25