IRIS Accounts Production v24.1.4.33 Other Company accounts True false Pounds 1.1.23 31.12.23 31.12.23 FY Rev. J J McGee Rev. A R Whelan Rev. C R Tranter Rev. M A Serrage Rev. M A Ferry Rev. J P Fitzgerald Rev. M J O'Connell Rev. J A Nolan Rev J P W Bennett Rev D Nixon FRS 102 Independent examiner Small companies regime for accounts Full Charities SORP true true true true false true false false 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh110805192022-12-31110805192023-12-31110805192023-01-012023-12-31110805192021-12-31110805192022-01-012022-12-31110805192022-12-3111080519ns0:CharitableCompanyLimitedByGuarantee2023-01-012023-12-3111080519ns15:PoundSterling2023-01-012023-12-3111080519ns0:Trustee12023-01-012023-12-3111080519ns0:Trustee32023-01-012023-12-3111080519ns0:Trustee42023-01-012023-12-3111080519ns0:Trustee52023-01-012023-12-3111080519ns0:Trustee22023-01-012023-12-3111080519ns0:Trustee62023-01-012023-12-3111080519ns0:Trustee72023-01-012023-12-3111080519ns0:Trustee82023-01-012023-12-3111080519ns0:Trustee92023-01-012023-12-3111080519ns0:Trustee102023-01-012023-12-3111080519ns11:FRS1022023-01-012023-12-3111080519ns11:IndependentExaminationCharity2023-01-012023-12-3111080519ns11:SmallCompaniesRegimeForAccounts2023-01-012023-12-3111080519ns11:FullAccounts2023-01-012023-12-3111080519ns11:CharitiesSORP2023-01-012023-12-3111080519ns16:EnglandWales2023-01-012023-12-3111080519ns11:RegisteredOffice2023-01-012023-12-3111080519ns11:CompanySecretary12023-01-012023-12-3111080519ns0:Activity92023-01-012023-12-3111080519ns0:Activity92022-01-012022-12-3111080519ns0:Activity102023-01-012023-12-3111080519ns0:Activity102022-01-012022-12-3111080519ns0:Activity112023-01-012023-12-3111080519ns0:Activity112022-01-012022-12-3111080519ns10:WithinOneYear2023-12-3111080519ns10:WithinOneYear2022-12-3111080519ns0:TotalUnrestrictedFunds2023-12-311108051922023-01-012023-12-311108051942023-01-012023-12-311108051942022-01-012022-12-311108051952023-01-012023-12-311108051952022-01-012022-12-311108051962023-01-012023-12-311108051962022-01-012022-12-3111080519ns10:LandBuildingsns10:OwnedOrFreeholdAssets2022-12-3111080519ns10:LandBuildingsns10:ShortLeaseholdAssets2022-12-3111080519ns10:LandBuildingsns10:OwnedOrFreeholdAssets2023-12-3111080519ns10:LandBuildingsns10:ShortLeaseholdAssets2023-12-3111080519ns10:LandBuildingsns10:OwnedOrFreeholdAssets2022-12-3111080519ns10:LandBuildingsns10:ShortLeaseholdAssets2022-12-31
REGISTERED COMPANY NUMBER: 11080519 (England and Wales)
REGISTERED CHARITY NUMBER: 1176634














REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

MSC CHARITY TRUST

MSC CHARITY TRUST






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 11

MSC CHARITY TRUST (REGISTERED NUMBER: 11080519)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report of the financial statements of the charity for the year ended 31st December 2023.

The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's objectives are to promote the objectives of The Society of the Missionaries of the Sacred Heart of Jesus, a voluntary association of men formed in Ireland for the promotion of the Catholic faith.

The trust is in receipt of property and investment income, which together with donations are applied to further the objects.

The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity makes donations to support vulnerable people around the world, although no donations or grants have been paid out this year.

This year a significant amount has been spent on the repairs and maintenance of various properties.

FINANCIAL REVIEW
Reserves policy
The trustees have considered the requirement for free reserves which are those funds not invested in fixed assets, designated for specific purposes or otherwise committed.

Going concern
The trustees confirm that they are not aware of any material uncertainties about the charity's ability to continue.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees
Trustees are appointed by the Provincial of The Missionaries of the Sacred Heart of Jesus, such that the number of trustees shall not exceed ten at any time.

Related parties
The Trustees of the charity are members of The Society of the Missionaries of the Sacred Heart of Jesus, a voluntary association of men formed in Ireland for the promotion of the Catholic faith.

A summary of the transactions with related parties is set out in note 11 of the financial statements.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
11080519 (England and Wales)

Registered Charity number
1176634


MSC CHARITY TRUST (REGISTERED NUMBER: 11080519)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2023

Registered office
Princethorpe College
Leamington Road
Princethorpe
Warwickshire
CV23 9PX

Trustees
Rev. C R Tranter (resigned 01.08.23)
Rev. J J McGee (appointed 01.08.23)
Rev. M A Serrage (resigned 01.08.23)
Rev. M A Ferry
Rev. J P Fitzgerald (resigned 01.08.23)
Rev. M J O'Connell (resigned 01.08.23)
Rev. J A Nolan (resigned 01.08.23)
Rev. J P W Bennett (appointed 01.08.23)
Rev. D Nixon (appointed 01.08.23)
Rev. A R Whelan (appointed 01.08.23)

Company Secretary
Mr P Shaw

Independent Examiner
S G Bolton FCA
Atkinson Finch & Co
Chartered Accountants
Central Chambers
45-47 Albert Street
Rugby
Warwickshire
CV21 2SG

Solicitors
Brindley Twist Tafft & James
Lowick Gate
Siskin Drive
Coventry
CV3 4FJ

Approved by order of the board of trustees on 5th July 2024 and signed on its behalf by:





Rev. J J McGee - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
MSC CHARITY TRUST

Independent examiner's report to the trustees of MSC Charity Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2023.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








S G Bolton FCA
The Institute of Chartered Accountants in England and Wales

Atkinson Finch & Co
Chartered Accountants
Central Chambers
45-47 Albert Street
Rugby
Warwickshire
CV21 2SG

19th August 2024

MSC CHARITY TRUST

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 5,515 15,270

Investment income 2 83,841 43,433
Total 89,356 58,703

EXPENDITURE ON
Letting of properties 3 39,656 7,256

Charitable activities
Subsistence grants for priests 36,000 15,000
Premises and support costs 8,161 3,301
Administration costs 52,305 33,535
Total 136,122 59,092

Net gains on investments - 3,643,492

NET INCOME/(EXPENDITURE) (46,766 ) 3,643,103


RECONCILIATION OF FUNDS
Total funds brought forward 3,643,103 -

TOTAL FUNDS CARRIED FORWARD 3,596,337 3,643,103

MSC CHARITY TRUST (REGISTERED NUMBER: 11080519)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Unrestricted Total
fund funds
Notes £    £   
FIXED ASSETS
Tangible assets 7 3,105,000 3,105,000

CURRENT ASSETS
Debtors 8 5,606 4,529
Cash at bank 762,136 811,137
767,742 815,666

CREDITORS
Amounts falling due within one year 9 (276,405 ) (277,563 )

NET CURRENT ASSETS 491,337 538,103

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,596,337

3,643,103

NET ASSETS 3,596,337 3,643,103
FUNDS 10
Unrestricted funds 3,596,337 3,643,103
TOTAL FUNDS 3,596,337 3,643,103

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


MSC CHARITY TRUST (REGISTERED NUMBER: 11080519)

BALANCE SHEET - continued
31ST DECEMBER 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 5th July 2024 and were signed on its behalf by:





Rev. J J McGee - Trustee





Rev. M A Ferry - Trustee

MSC CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income
Income is recognised in the period in which the charity has entitlement to the funds.

Expenditure
Expenditure is recognised on an accruals basis.

Costs of generating funds comprise those costs directly attributable to income from letting the properties.

Donations are charged in the period in which the funds are received.

Premises and support costs comprise costs in respect of the charity's activities and those incurred in running retreats.

Administration costs comprise costs of running the charity itself as an organisation.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Restricted funds
Restricted funds are used for specified purposes as laid down by the donor. Expenditure which meets these criteria is allocated to the fund.

Unrestricted funds
Unrestricted funds are donations and other income received or generated for the objects of the charity without further specified purpose and are available as funds which the charity may use for its purposes at its discretion.

Designated funds
These are sums forming part of the charity's unrestricted funds set aside by the trustees for particular purposes in the future. The trustees have the power to reallocate such funds within unrestricted funds unless and until expended.


MSC CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. INVESTMENT INCOME
2023 2022
£    £   
Rents received 62,259 36,641
Deposit account interest 21,582 6,792
83,841 43,433

3. LETTING OF PROPERTIES

Property costs
2023 2022
£    £   
Light and heat 2,329 1,123
Rates and water 3,135 1,289
Repairs and maintenance 27,049 1,275
Ground rent and service charge 2,190 1,044
Management fees 4,953 2,525
39,656 7,256

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st December 2023 nor for the year ended 31st December 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2023 nor for the year ended 31st December 2022.


5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£   
INCOME AND ENDOWMENTS FROM
Donations and legacies 15,270

Investment income 43,433
Total 58,703

EXPENDITURE ON
Letting of properties 7,256

Charitable activities
Subsistence grants for priests 15,000
Premises and support costs 3,301
Administration costs 33,535
Total 59,092


MSC CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
fund
£   
Net gains on investments 3,643,492

NET INCOME 3,643,103

TOTAL FUNDS CARRIED FORWARD 3,643,103

6. MEMBERS

The company is limited by guarantee and each member has guaranteed to contribute £1 in the event of a winding up. At 31st December 2023 there were 6 (2022 - 6) members.

7. TANGIBLE FIXED ASSETS
Freehold Long
property leasehold Totals
£    £    £   
COST
At 1st January 2023 and
31st December 2023

2,675,000

430,000

3,105,000

NET BOOK VALUE
At 31st December 2023 2,675,000 430,000 3,105,000
At 31st December 2022 2,675,000 430,000 3,105,000

At valuation
£
Freehold investment property includes the following:
Farmland1,200,000
East Lodge, Princethorpe425,000
The Retreat Centre, Princethorpe725,000
Gardener's Cottage, Princethorpe325,000
£2,675,000

Long leasehold property includes the following:
Community rooms, Princethorpe College80,000
2 Vita House, Charrington Place, St Albans350,000
£430,000

The properties are stated at the valuations used for the transfer of the properties on 25th May 2022.


MSC CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,000 -
Prepayments and accrued income 4,606 4,529
5,606 4,529

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 270,002 269,002
Accruals and deferred income 6,403 8,561
276,405 277,563

10. MOVEMENT IN FUNDS
Net
movement At
At 1.1.23 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 3,643,103 (46,766 ) 3,596,337

TOTAL FUNDS 3,643,103 (46,766 ) 3,596,337

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 89,356 (136,122 ) (46,766 )

TOTAL FUNDS 89,356 (136,122 ) (46,766 )


Comparatives for movement in funds

Net
movement At
At 1.1.22 in funds 31.12.22
£    £    £   
Unrestricted funds
General fund - 3,643,103 3,643,103

TOTAL FUNDS - 3,643,103 3,643,103

MSC CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

10. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 58,703 (59,092 ) 3,643,492 3,643,103

TOTAL FUNDS 58,703 (59,092 ) 3,643,492 3,643,103

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.1.22 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund - 3,596,337 3,596,337

TOTAL FUNDS - 3,596,337 3,596,337

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 148,059 (195,214 ) 3,643,492 3,596,337

TOTAL FUNDS 148,059 (195,214 ) 3,643,492 3,596,337

11. RELATED PARTY DISCLOSURES

Members of the charity are individual members of The Society of the Missionaries of the Sacred Heart of Jesus. At 31st December 2023, the charity owed that organisation £269,002 (2022 - £269,002).