THE MARJST BROTHERS ANNUAL REPORT - 31 DECEMBER 2024 Scottish Charity Number SC018168
THE MARIST BROTHERS TRUSTEES. REPORT F(br the YearEDded 31 December 2024 The Trusiees present their report with the financial statements of the charity for the year ended 31 December 2024. The Trugtees hav¢ adopted the provisions of Accounting and Reporting by Charities Ststement of R¢commended Pra¢ti¢e applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS102) {effeclive I January 2019). Reference and Administrative Details Charitv Nuin SCOl8168 Princi al Otyice 29 { l F2) Havelock Strc¢L Glasgow. Gl15HA Trustees The trustees who served during the year and since the year end were.. The above persons were trustees of the charity on the date this report wa5 approvcd. Chief Executive Inde cnd¢nt Examiner O'HardS. Chartered Accountants, l Golf Road, Glasgow. G76 7Etu Solicito Le & McRae LLP {incotTrorating Giusti Martin) Pacific House 70 Wellington Street, Glasgow G2 6UA PrinLi al Banker Bank of Scotland. 91 High StreeL Dumfries. DGI 2BN Investment Man ers Invest¢¢ Wealih & Investment (UK), 10 George Street, EdiT]burgh, EH2 2PF Structure, Governanee and Man2g¢ment Governin Document The Marist Broihets. operating under deed of trust. have conducted religiou% educational and other charttable activities in the Uniied Kingdom since 1852. Trustees Thc trustees are those members of the b)ard of management of the British activities of the West Central European District of the Province of L'H¢miitage of the Institute of the Marist Brother5. New trustees mav be appointed or assumed by resolution of the trust¢¢s. All new trustees are informed of their legal obligations under charity law. They are intrimjuced to the ¢mployees of the charity and are briefed on its objectives, strategic plans. finances and key activities. The trustees ar¢ encouraged to attend to their continuing professional development in all areas which will assist them in exe1$1ng their role as trusfres.
THE IVIARIST BROTHERS TRUSTEES, REPORT (Continued) For the Year Eoded 31 Deeember 21124 anisation Thc board of tn15tees has overall responsibility for the strategic direction and administration of the charity. Day tn da>. operations are managed by an ExeLLltive DIrtOr (chief exLJeutive officer) who works clos¢ly with the chainnan of the board of trustees and who, tog¢th¢r with the chairn)an, hag dele8at¢d authority for all operational matters. Ke Mana ement Remuneration All trusts¢s givc of their time frccly and do not [¢1¥¢ rcmuneration for th¢ir role. The Lhief executive otTicer is rcmuncrated commensurate with his role within the organisation. The remuneration of 211 stsff is dependent on the skills, experience and qualifications they bring to their role and is matched as far &$ possible with local market levels. Rel Partics The charity ha5 5uprM)rted the development ofthe Kinharvie Institute. a charity which is concerned wtth personal devclopment and 8rowth. One of the current trustees is also a trustee of the Kinharvie Institute and of the Marisl Brothers (Ireland). Another is a trustee of the Marist Broth¢r5 (Ireland) and another is a Trustee of the Marist Brothers HFNN (Netherlands) and of th¢ Medaill¢ Trust. Thc relationships with th¢ Kinharvie Instityte, Marist Brothers (Ireland tNetherlaThds) and the Medaille Trust do not in any way inhibit the charity from pursuing Its ow) separate interests. The Marist Brvdi¢rs {Gemianyl have supported the charity throu¥] allowing retired brothers to live reni-free in prop¢rtics purchased by them. Risk Mana ment The trustees have examined the major risks which the charity fa$ and have actsd to ¢nsuT¢ that the risks are effectively monitored and their impact mitigatcd al far &$ possible. Objectives and Activities The overriding purpose of the charity is to enable the Marist Brothers to conduct religiou8, edu¢ational and other charitable work in Britain and elsewhere, for the benefit of individuals and groups regardless of Cree age, sex or any other expression of discrimination. The charity aims to work closely with the px)or and the needy offering care, education, training and support as the circumstances r¢quire. This work is conducted in an atmosphere of acceplanc¢ and challenge with a view to ¢ncouraging the personal development and growth of all with whom w¢ WOTk and serve. Aebievements and Perforniance In 2024 the charity continued with its core services and maintained its focus on reaching out to the ry)or and needy from all sections of the community". We conducted and supported a range of counsellinglcoaching, training and support services and provided a range of opportunities for personal and spirittjal welfare itLcluding workshops and other religious services. A range of groups and individuals in need have been supwrted. We remain committed to the support of the provision of fornial and AnfoTmal education in developing Countries as well as in Britain and we have provided support for the brothers who are retired and infim. We have continued research in safeguarding matters and th¢ development of training and workshops in this area.
THE MARIST BROTHERS TRUSTEES, REPORT (Continued) For the Year Ended 31 December 2024 Financial R¢view. The financial statements are presented on pages six to fourte¢n. Total fimds decreased in the year by £108,147 (2023 £15,371) and th¢ balance on the general fimd at 31 D¢cember 2024 15 £2.638.115 (2023 - £2.746,262). Thc trnst¢¢s arc satisfied willi the finan¥ial wsition ofthe charity and continue to monitor and review the income. expenditure and assets of the charity with a view to ensuring that the harity's financial affairs are conducted in a prudent and effective manner. The principal funding sources in the year were the covenant¢d pensions income of individual Marist brothers and donations. The principal expenditure in the year wa5 in respect of the delivery of the charitable activities described above. Reserv¢s PoliL It is the poli¢y of the charity to maintain unrestricted funds at a level to m¢et the current and future activities of the Marist Brothers and to support work whi¢h fvrthers the objectives of the ¢harity. All of the charity's fvnds are cuThentty unrestricted and contained in one general fund. Investment Polt The tn]stees have considered the most appropriafr policy for investing funds and have instructed the charity's investm¢nt m8magers to develop and run a relatively d¢fensive portfolio of fixed interest and equity stocks suitsble for the charity sector. The investment managers monitor and adjust the portfolio from time to time in accordance with their view of th¢ markets and apprdise the ttust¢¢s r¢gularly. The portfolio produced a total return (net) in the year of 5.520/0. against a FTSE 100 Index return of 9.66% and a return in the Govcrnment All Stock Indcx of-3.32 %. PlaDS for Future Periods The care and health needs of th¢ ageing brothers will continue to be a major focu5. and we will VieW and adapt on art ongoing basis to mcct the particular nccds arising. Responding positively to both fornial and informal education r¢quests and the provision and support of c0un5ellinOWhIng, Irainin spiritual welfare and other support Services will be maintained. Research and training in Safeguarding will 50 continu¢ to be a specifi¢ foGus. Funds Held as Custodian for Others From tirne to time the charity acts as custodian of certain Brothers, personal bank accounts and funds. Procedure5 and checks are in place to safeguard such thnds and to ensure these are only used for appropriate purposes.
THE MARIST BROTHERS TRUSTEES, REPORT (CoDtinucd) For ¢he Year Ended 31 Dec¢mber 2024 Trustees, Respon5ibililies in relation to the Financial Stat¢m¢nts The Trustees are responsible for preparing the Trustees. Report and the financial stafrments i accordance with applicable law and UK Accounting Stsndards (UK Generally Accepted Accounting Practice) includin8 FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Iland-. Th¢ law applicabl¢ to charities in Scotland, the Charities and Trustee Investtnent (Scotland) Act 2005. Charities Accounts (scot1pd) Regulations 2006 (as amended) and the provisions of the charity's nstitution. requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the incorne and expendire, of the charity for that period. In preparing ihose fmancial statements. the trustees are required to: select suitable accounting policies and then apply them con5istsntly' observe the methods and principles in the Charity SORP. make judgements and estimates th are reasonable and prudent. state whether appli¢able accounting standards have b¢¢n follow¢i( subje¢t to any material deparbjres disoloscd and cxplained in the financial statm¢nts' prepar¢ th¢ fmancial statetnents on the going concem basis unless it is inappropriate to presume that the Charity will continue in business. The trustees are responsible for keeping prOr accounting records which disclose with reasonable accurydcy at any time the financial position of the charity and to enable th¢m to ¢nsure that the financial statemetlts cotnply with the Charities and TnJste¢ Investment (Scotland) Act 2005, the Charitie5 Accounts (Scotland) Regulations 2006 {a8 amended) and the provisions of the charity's constitution. They are also responsible foT safeguarding the assets of th¢ charity and h¢noe ftir laking reasonable Steps for th¢ Prevention and detection of fraud or other irregularities. Approved by order of the board of tsus*es on 29 May, 2025 and signed on its behalf ty..
THE MARIST BROTHERS INDEPENDENT EK4MINER'S REPORT TO THE TRUSTEES OF THE MARIST BROTHERS We report on the accounts of the Chariry for the year ended 31 tkeember 2024, which are sel oui on pages6iv 13. Respective responsibilities (trf (ntee5 and examlqeT The Charity's t are responsible for the preparation of the 4¢¢ount5 in rdance with the ternis of the Charities and Tee Investment IS¢otland) Act 2005 and th¢ Charities Accounts (Scotlandl Regulations 2006 (&8 4mend¢d). The Charity's trwtees consider that the audit requiremeni of Regulation l(Kl) la) to (¢) of the 2006 Ac¢ounts Regulations doc5 not apply. It is our responsibility to examine the accounts as required under section 4411) (¢) of the Act 8nd to state whether particular matters have Come to attention. Basts of independent examiner's statemettt Our &xamination is carried out in a¢u)rdance with Regulation I l of the 2006 Accounts Regulations. An examination include5 a review of thB accounting records kept by the Charity and a comparison of the accounts presented with thos¢ records. It also includes consideration of any unusual items or disc]0911res in the accounts and Seeks ¢xplanations from the trustee5 concerning any such matters. The procedures undertaken do not provide all the ¢vid¢ncc that would be required in an audit. and consequently we do not express an audit opinion on thc VI given by the accounts. Independenl examiner'5 5tatem¢nt In the course of our examination. no matter has come to our attention.. which gives us reanable ca¢ to believe that in mattrial Tespect the qUireMents. to keep accounting records in accordance with Seeiion 44{1) (a) of the 2005 A¢t and Regulation 4 ofthe 2006 Accounts Regulations, and to prepare awounts which a¢¢ord with the accoLnting rec1$ and Comply with Regulation 8 of the 2006 Accounts Regulation5 have not been meL or to which. in our opinioty 4tt¢ntion should be drawn in order to enable a proper UndtandIng of the xcounts to be #¢he 0'14aras Chartered Accountaiii Radieigh House l Golf Road Clarkston Glasgow G76 7HU 6 June 2025
THE MARIST BROTHERS STATEMENT OF FINANCIAL ACTIVITIES For ¢h¢ Year Ended 31 December 2024 2024 2023 Note lllcome from: Donations and legacies Investments her 217J99 72*839 25,883 233.224 71.929 51.576 Total Ineome 316,121 356,729 Expenditure on: Raising funds Charitablc activiti¢5 (5.678) (5.371) (453,032) (398,005) Totsl expelldithre (458,710) (403,376) Net Gains l 008se$) oll illvestment assets l.v, 7 34,442 31276 Net income l (expenditure) (10&147) {15,371) Other rew)gDised gains1oaes). Gainsl(losses) on revaluation of Fixed Assets Ntt movemeDt in funds {108,147) (15.371) Reeoncilialion of funds Total funds brought forward 2,746,262 2,761,633 Totsl funds Carried forward 2.638,115 2.746.262 All funds are unrestrirted. The Statement of Financial Activiti¢s has been prepared on the basis that all operntions are continuing opcrations. The ac¢ompanyillg notes are an integral part of ih¢s¢ f&¢1&1 slat¢m¢nts.
THE MARIST BROTHERS BALANCE SHEET 8 At 31 De¢ember. 2024 2024 2023 Nole Flxed a&qets TAngible assets- Land and buildings Investhients i.fv, io l.v. 7 697,777 697,777 1008250 1,817,953 TO red awts 2JII027 2.515.730 Current gssets Debtors Cash at bank and in hand li 5.878 236,294 13@496 Totsl current guets 142J95 242,In Liablllties Creditors: Amounts falling due within one year (IOA07) (11,640) Net curreDt ets 132.088 230,532 Totsl tssets ¢urremt IiAbilities 2W8,115 2,746262 2ffj3&115 2,746262 Total charlty funds (Unrestrict 2ffj38.115 2.746262 All funds are unrcstricted. Thc aOpanY1g Aotcs an integral part of these financial Statnts. Approved by the Trust¢¢s on 29 May 2025 and sign¢d on their behalf by:
THE MARIST BROTHERS NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 Dec¢mb¢r 2024 l. Accounting policies The principal a¢counting policies are.. L Basls of preparatlon The financial ststements are prepared under the historical cost convention (except in relation lo the revaluation of land and buildings and the iocorw)ration of the Managed Investment Portfolio at markel value) and in accordance with th¢ Charities SORP (FRSI 02) 'Accounting and Reporting by Charities: Staiement of Recotnmended Practicc applicablc to charitics preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102) (cffcctive l January 2019), Financial Rew)rting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, th¢ Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The Marist Brothers charity is a public benefil entity as defined by FRSI 02. Going Concern- Thc Trustccs consider annual budgcts and tnanagcmcnt accounts lo monitor the Charity. They continue to believe the going concern basis ofaccounting appropriate in preparing the f]nan¢ial slatements. There are no material uncertainties about the charity's ability to continue as a going Concern. Critical accounting judgements and key sources of estimation uncertainty- The prepaTation of the financial statements requires management to make judg¢m¢nts, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for incom¢ and ¢xp¢nditure during the year. However, the nature of ¢stimation mcans that actual outcomes could diffcr from thosc cstimatcs. The estimates and underlying asSUTnptions are reviewed on an ongoing basis. Revisions lo accounting estimates are r¢cogni5ed in the period in which the eslimare is revised if the revision affects only that periol or in the period of the revision and fijture riodS if the revision affects both current and future periods. No significant judgements have had to be made by management in preparing these fillancial statements. Income All incomitlg resources ar¢ included when the charity is l¢gally ¢ntitled to the resou¢s, it is probgAblc that the resources will be received. and th¢ monetary value of incoming resourccs can be measured wlth sufficient reliability. No incoming resources are defeed. iii. Expeoditure Liabilities are recogllised as exp¢nditure as soon as there is a legal or constructive obligation Committing the charity to that expenditure. it is probable that a transfer of economi¢ benefits will be required in settlement and the amount of the obligation can be measured reliably. All ¢xpendire is included on an a¢cwals basis and relates directly to charitsble activities except for the expenditure on rdising funds which is the investment managers. fees.
THE MARIST BROTHF.RS NOTES TO THE FINANCIAL STATEMENfs (Continued) For th¢ Year Endtd 31 December 2024 iv. Tangible fixed assets Land and Buildings are accounted for as langibl¢ fix¢d assets roth¢r than investment properties as they are held in pursuit of the charity's primary objlIves, rather than for their investmenL potential. Such asscts arc initially mcasurcd at thcir histDrical cost on thc Balan¢c Sheet but then revalued to fair mark¢t valu¢. Land and Buildings are not depreciated as they are valued annually by the trustees. who consider their residual value to be equal to th¢ir fair value. Any change in value from the previous year is made by way of a revaluation gainlloss adjustrnent through the Statement of Financial Activities. In the trustees, opinion. the use of a policy of revaluation provides more relevant inforniation alK)ut the value of sueh &ssets owned by the charty. Other tsngible fixed assets are written off at the time of pllrcha and any further capital expenditure on the assets is wiitten off when incurrcd. Investments The investments of the charty comprise a managed portfolio of listed share5 and securities. Also, funds ar¢ held in short terni bank dewsit / investment a¢¢ovnts. As not¢d in i. above. the Managed Invesknent Portfolio is included in the Balance Sheet at market value. The income from this wjrtfolio is included in InvesthLents income and both realised and unr¢altsed gains are in¢lLtded in Net GainO(losses) on investment assels. The inveslments asset and the general fund in the Balancc Shcct arc incrcascd / dccrca5cd by thc Net investment portfolio gains l]osses and income. 2. gaI status of the eharity The charity operates under a Deed of Trust. 3. Donations and legacies illwme This comprises the covenanted p¢nsions of individual Marist brothers and donations and legacies. received as follows." 2024 2023 Covenanted income Donalions and legacies 184.399 130,224 33.000 103,000 217,399 233.224 4. IDves¢ment income This comprises interest receivable on charity bank a0Unts and income from the manag¢d investment portfolio as follows: 2024 2023 Bank interest Portfolio income (Note 7) 1,306 71,533 1,874 70.055 72,839 71,929
THE MAIUST BROTHERS NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Year Ended 31 D¢c¢tnb¢r 2024 S. Other Income 2024 2023 Gain on sale of a55cts Sundry F¢es 25,883 51.576 25,883 51,576 6. Charitable activlties expenditure 2024 2023 CommunitieslProjects Insurdnc¢s/Rat¢s Course fees Travel PrOfelOnal Fees Repairs l Refijtbishellt oth Expenses 231,212 204,951 7,066 7,043 3.300 10.094 38.015 22.117 124.357 112.485 14,180 76.217 453.032 398,005 7. Gaills l 0055e5) OD Iiivestmellt a&8ets The movements in the Manag investment portfolio of listed shares and securities in the peri(xl were as follows.. 2024 2023 Opening Valuation at l January 1,817,953 1,721,993 Funds withdrawn iio,o Investment income (reinvested) 71,533 70.055 Realised losses Unr¢alised gainsl{losses} (8.436) 42.879 4.190 27.086 Total gains/(losses) in year 34.442 31,276 Raising funds costs- Investment managers fees {5.678) (5,371) Closing Valuation at 31 DeCemr I,808,250 1,817,953 8. Taxation Givell the recognised charitsbl¢ stas, no provision is considered necessary for taxation. io
THE MARIST BROTHERS NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Year Ended 31 December 2024 9. stsff Costs 2024 2023 Wages and salaries Social security ¢0st5 Pension costs 93.791 7,564 12,497 75.958 5.634 11,902 113,852 93,494 Averdge number of employees One st2ff member was paid emoluments above £60,000. Emolum¢nts of £78,780 (2023 - £64.800) and th¢ abov¢ pension costs w¢re paid in r¢spe¢t of th¢ chief executive otTicer. No r¢mun¢ration or expenses were paid to the trustees of the charity. 10. Tangible rued Assets As stated in Accounting Policies l.iv. no depreciation provision is made in respect of tand and Buildings 2nd other tangible fixed assets are written down to NIL value . This is not in a¢¢ordan¢e with generally accepted #ceounting practice but is considered appropriats in the context of the charity's activities. Mov¢ment in Land and buildings: Valuation at 31 December. 2023 Purchases Disposals lncrease/(decre) in valuation £ 697.777 Valuation at 31 December, 2024 £ 697,777 iii. In addition to the Land and Buildings included in the Balance SheeL the charity owns properties at Dowanhill St. and Havelock Si., Glasgow whi¢h are lei on long leases to the charity Kinharvie. These assets have not been included in the Balance Sheet primarily because their use by the charity is restricted on a long tem) basis and the trustees do not believe that the cost of valuing them would be commensurdte with the benefit derived from including them in the Balance Sheet. iv. Land and Building5 are valued annually by the Trnsfres. based on independent valuations sought from e51ale agents and surv¢yor5. li
THE MARIST BROTHERS NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Year Ended 31 December 2024 11. D¢btor8 2024 2023 Other debtors 6.099 5,878 6.099 5.878 Other debtors ar¢ recognis¢d at thc 5cttlemenl amouni due less any impairnieni losses for bad and doubtful debts. 12. Creditors Amounts falling due within one year: 2024 2023 Generdl creditors Accrued costs 1.592 8,915 1,291 10,349 10,507 11.640 Creditors and provisions are reco8nised where the charity has a present obligation resulting from a past event that will probably result in th¢ transfer of funds to a third party and the amount to settl¢ the obligation can be me&sured or estimated reliably. 13. Related party transactioll& The charity supported the Kinharvie Instite in the year principally through the lease at a nominal rent of premises in Glasgow. An aggregate contribution of £17.9511 (2023 - £17,958) wa5 Tnade by the charity to Kinharvie Institule in respect of personnellother costs. Other Income includes £15,598 of sundry services fees from Kinharvie Institute. The Marist Brothers (Gemiany) have allowed the use rent-free of retirement pmperties owned by them. The charity m¢ets living and tnaintenance costs of all British brothrrs including those who are trustees. There are no other transactions with tnL%fres. 12
THE MARlt>T BROTHERS NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Ye&r Ended 31 December 2024 l& Independent examiner's fees Fees paid to the independent examiner in the y¢ar ¢nded 31 December 2024 were £1,920 (2023 - £1,920). IS. Contingent Liabilities In the pas¢ the Marist Brothers charity has operated schools and boarding schools and a number of historical allegations have been made which could give rise to litigation against the charity. All claims are being responded to by insurance solicitors. Some cases huve been closed and it is not wh¢ther any other claims may proceed to litigation or be s¢ttl¢d. Given the level of uncertainty to whether any such claitns will result in any (ulurc liability to be met by the charity. the pjtential financial etTect is unqUantirbl¢. 13