Reglstered number: Charfty number. 00371511 1010058 ST JOSEPH'S SOCIETY (A Reglstered Charlty and a Company Llmited by Guarantee) DIRECTORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
ST JOSEPH'S SOCIETY (A Reglstered ChaTIty and a Company Llmlted by Guarantee) CONTENTS Reforence and Adrnlnlstrntlvo D•tall8 of the Charlty. lis Trustees and Adv18er• Tn18tee8' Report Ind•ndefit Examlnetr8 Report 8tat•ment of Flnanclal Actlvllle8 Balance Sh•et Notss to th• Flnanclal Statement• 10-18
ST JOSEPHE SOCIETY (A Ragisterod Charlty and a Company Llrnlted by Guarantee) REFERENCE AND ADMINISTRATIVE DEfAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 Dlrectors and Trustees AJS Adoque. Chaimian THA Acland (resigned 30 September 2023) CA Charles A Dykes CRM Kemball A Mortey Company registered number 00371511 Charlty registsred number 1010058 Regist•r¢d office and principal office St Joseph's House. 42 Brook Green. London, W6 7BW Bankers CAF Bank Lirnited, 25 King's Hill AVUe, King's Hill, West MaNing. Kenc ME19 4JQ Solicitor8 Bates Wells & Braithwaite London LLP. 10 Queen Street Place, London, EC4R 1 BE Stockbrokern Rathbones. George House, 50 George Square, Glasgow. G2 1 EH Independent examiner Mr G J Chapman FCA. on behalf of Warrenew Stewart Limited, Ha00d House. 43 Harwood Road, London. SW6 4QP Page 1
ST JOSEPH'S SOCIErY (A Regl8tered Charlty and a Company Llmlted by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED S APRIL 2024 The Trustees (who are also directors of the charitable company for the purposes of the Companies Act) present their annual report together with the financial statements of St Joseph's Society (the Charity) for the year ended 5 April 2024. The Trustees confim) that the Annual Report and financial statements of the company compty with the Charity's trusl deed. current statutory requirernenls of the Chaiity's governing documenl and the prowsions of the Statemenl of Recomrnended Practice (SORP). applicable to charities preparing their accounts in 8c¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). Governlng Document The Sociéty is a chantable company limited by guaranlee, incorporated on 21 September 1991. and reglslered as St Joseph's Society on 25 March 1992 under charity registration number 1010058 and company number 00371511. The charitable wnpany was established urthr a Memorandum of Association which established the objects and powers of the charitable cornpany and is govemed urKler its Articles of Association. In the event of tha company being wound up members are required lo contribute an amount not oxceeding £1. RecTultmont and Appolnlment of DlrKtor8 The director8 of the company are also charity trustees for the purposes of charity law and under the company'8 Articles are responsible for the managemenl of the business of the Society. Under the requirements of the Memorandum and Articles of Association one fifth of the directors who are subject to retirement by rotation 8hall retire at the Annual General Meeting and offor themselves for revelection. Persons who have expertise in financial management and investmen( and who have shown an interest In and Sympathy with the aims of the Society are invited from time to time to join the Board. Dlr•ctor Inductlon and Tralnlng New directors first have a meeting with the Chairman who explains the history and aims of the Society. Thls is followed by an explanats'on of the governance of the Society, the latest reports and accounts and the investment policy. The new director is also tsken for a tour of the buildings to meet the residents. Page 2
ST JOSEPHE SOCIETY (A Registered Charlty and a Company Limfted by Guarantee) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2024 Achlevements and Perf0MnCe The Society has achieved another year of sattsfactory service to its residents. Flxed Assets The directors have not revalued the Societys freehold land and builthngs as the costs oulweigh the benefrt lo the Society. However, the directors are of the opinion that the marf(et value is in excess of the book value in the financial statements. Revlew of Acitrvibes A summary of the results for the year is given on page 7 of the accounts. The Society made an unrestricted surplus (including unrealised investment gains and k>sses) of £157.561 for the year on the General Fund (2023: deficit £56.630). The Society has improved its underlying operaling surplus. thanks to greater almshouse occupancy and continued control of costs. Grnnt Making Policy In view of the uncertain financial future and the need to save monèy for the future upgrading of the accommodation at its alrnshouse, the trustees have decided to maintain their policy of not making exiemal grants. The Society does not fundraise bul relies on its inveslmenl and maintenance contributions income to achiève its goals. Investment Pollcy and Perfomwnce The Direclors consider that spedaftsed investments dwned for the charity sector best meet the Charity's need for income and capital gfortth. Authorisation has been gNen to the Society's broker lo manage the Society's Investment portfolio. A quarteTty Inveslment report is given to the Society and the investment broker provides periodical reports on the portfolio performance. Reserv•s Pollcy The directors have estsblished a reserve policy wheth unrestricted funds (free reserves) are maintained at levels which allow the directors to support the almshouse through investment income. as well as providing the necessary capital improvements through interest and capital growth. The directors require that free reserves should cover at least six months of fixed costs. approximatsly £200.000. Current levels of free reseNes amounting to £2.608.365 (2023: £2.450,804) of which £515.051 (2023: £515,051 > is presented by tsngbi le fixed assets and £1.892.681 (2023: £1.905,785) by investments held for Iheir potential income in order to fund charitable activities. Given the charity's current reserves and funding model, the directors consider it to be a going concem and have prepared these accounts on this basis. Plans For Futurn Periods Following a Planned Maintenance Survey in October 2023. and a subsequent inspection of the condition of the roof and stone of the 'Old 81ock'. the Directors agreed to undertake the necessary repairs including a new roof as a matter of paramount importan(%. This worf( is to be carried out during 2024. Page 3
ST JOSEPH% SOCIETY (A Registered Chaiity and a Company Umiied by Guarantee) TRUSTEES. REPORT (contlnued) FOR THE YEAR ENDED S APRIL 2024 Strudure. Governance and Management Rlsk Management The directors of the charitable company have considered the major risks to which the charitable company 18 exposéd and hwe revrewed those risks and established systems and procedures to manage those risks. The directors have passed a resolution allowing the inveslment broker to invest funds on behalf of charftable company. A report 18 produced each quarter on the Perfrnance of inveslment portfolio. A presentalion is given by the broker to the directors once each year. Organlsatlonal Structurn The Soclety has a board of directors that meets four times a year and 18 responslble ft>r the strategrc dir•ctbn and policy of the charitable company. The Manager also attends board meelings but has no votlng rights. A scheme of delegation is In place and day to day responslbilty for the operation of the aknshouses and financial admlnistration rest primarily with the Manager who liaises with the Chainnan regarding the needs of the resklents. Between dlreclor3' meetings these tasks are monllored regularfy by the charmn. ObJ8Ctlv•s andAetlvltles The company's obbcts arKI principal aCtN•t are to glve rellaf and care to elderfy Roman Cathollcs who are In The maln objective8 arKI activit8 for the year continued to focus upon the operatlon of 31 athshou88 un118 and the care of its resKlents. In setting tpese objectfves the dlrectors confirm Ihat they have regard to tha guidance Contained in the Charity Corrrfnission's genernl guwJan¢e on public benefft. Thls report has been prepared in accordance wth the provisions applicablè to companies entitled lo the small companies eXernptn. ' report was approved by the Tntslees on nd swned on their behalf by: AJS Acloque Dlrector Page 4
ST JOSEPH'S SOCIErY (A Regl8lered Charity and a C¢xnpany Umlted by Guarantsel INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED S APRIL 2024 Independent Examlnerf8 Report to th• Tnmtees of St Jo8•ph'8 Soclety (th• '¢ompany') I report to the charity Trustees on my examination of the accounts of the company for tha year ended 5 April 2024. This report is made solely to the Company's Trustees. as a body, in accordance with section 145 of th6 Chariti88 Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the company's Trustees those matters l am required to state to them in an Independent Examinerfs Report and for no other purpose. To the fullest extent pernitted by law. I do not accept or assume responsibility to anyone other than the charity arKI the ¢1panY'S Truslees as a body, for my work or for thls reporL Re8pon8lbllltlo8 and Ba818 of Raport As the Trustees of the charity {and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of Ihe Companies Act 2006 ('the 2006 Acv). Having 8ati$fiad ryself that the accounts of the company are not requirnd lo be audited under Part 16 of the 2006 Act and a eligible for Independent examination. I report In respect of my examination of the company's accounts carried out under section 145 of the Charitres Act 2011 (Ihe 2011 Acf). In carrying out my examination I have followed the Directions Ven by the Charity Commission under section 145{5){b) of tha 2011 ACL Indepgndgnt Examln•rf8 Statom•nt Since the cornpany's gross incorne exceeded £250,000 your exarniner must be a member of a body Ilsted In section 145 of the 2011 Act. I confimi that l am qualified to undertake the exarnination because l am a member of ICAEW, which 1$ one of the listed bodies. I have completed my examination. I can confimi that no material matters have come to my attention which giv• me cause to believe that: accounting rerdS were not kept in respect of the company as required by section 386 of the 2006 Act; or the accounts do nol accord with those records; or the accounts do not comply with the a¢untIng requirements of seclion 396 of the 2006 Act other than any requirement that the accounts give a Irue and fair view which Is not a matter Considered as part of an independent examination; or the accounts have not been prepared in accordance with the Charities SORP (FRS 102). Page 5
ST JOSEPHE SOCIErY (A Reg5stered Charlty and a Company Llmrted by Guarantee) INDEPENDENT EXAMINER'S REPORT (contlnued> FOR THE YEAR ENDED 5 APRIL 2024 I have no concems and have me across no other matters in connection with the examination to which attentlon should be drawn in this report in order to anable a proper understanding of the accounts to be reached. Signed: Dated: 7 ZUL+ G J Chapman FCA Warr•n•r Stowart Chartered Accountants HaThvood House 43 Ha00d Road London SW64QP Page 6
ST JOSEPH'S SOCIETY (A Regl$tered Charity and a Company Llmlted by Guarantoe) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unrestrfcted funds 2024 Total fund8 2024 Total fvnds 2023 Note Incom• from: Donations and legacies Investrnents Maintenance contributions (almshouses) (1.180) 62,017 212.789 (1,180) 62,017 212,789 125 55.511 193,654 Total Incomo 273,626 273,626 249.290 Expendlture on: Raising funds: Investrnent management Charitable activities: Cost of Tunning almshouses and other expendilure Governance costs 13,798 13,798 13,172 128.097 24.996 128,097 24,996 143.345 21.131 Total expendlture 166.891 166.891 177,648 Net Income before Investment gains 1 (1088es) Net gains l (losses) on investments Net Income I lexpenditure) before othor rocognis•d galns and losses 106,735 $0.826 106.735 50,826 71,642 (128,272) 10 157,561 1 57.561 (56.630) Net movement In funds 157,661 157.561 (56.630) Reconc115atlon of funds: Total funds brought forward 2.450,804 2,450,804 2,507,434 2,608.365 2,608.365 2,450,804 Total funds carried forward All activities relate to continuing operations. The Ststement of Financial Activities include all gains and losses recognised in the year. In 2023 811 income and expenditure was in the form of unrestricted funds. The notes on pages 10 to 18 form part of these financial statements. Page 7
ST JOSEPHE SOCIErY (A Registered Charity and a Company Limited by Guarantee) REGISTERED NUMBER: 00371511 BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Fixod as80ts Tangible assets Inveslments 515,051 1.892.681 515,051 1.905.785 10 2N07,732 2,420,836 Current assots Debtors Cash at bank and in hand 3,036 211.012 3.405 41.877 214,048 45.282 Creditors: amounts falling due within one year 12 {13.415) (15.314) Net current assets 200,633 29.968 Net assets 2.608,365 2,450,804 Charity Funds Unrestricted funds: Unrestricted fund8 Revaluation reseNe 13 2218.871 389.494 2,069.964 380.840 Total unrestricted funds 2,608.365 2,450,804 Total funds 2,608.365 2.450.804
STJOSEPHE SOCIETY IA Registsred Charity and a Company Umitsd by Guarantee) BALANCE SHEET {continued> AS AT 5 APRIL 2024 The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ('Ihe Act"} and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. The Trustees acknowledge their responsibilities for complying with the requirements of Ihe Companies Act 2006 with respect to accounting records and for preparing financial statements which give a twe and fair view of the stste of affairs of company as at 5 April 2024 and its net incoming resources for the year in accordance with the requirements of secttons 394 and 395 of the P£t and which otherwise comply with the requIreentS of the Companles Act 2006 relating to financial ststements. so far as appltcable to the company. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice appllcable to charities preparing their accounts in accordance viith the Flnanclal Reporting Standard applicable in the UK and Republic of IreEand (FRS 102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements were approved and authorlsed for issue by the Trustees on signed on their behalf. by: and Director 7 (3-Ct 202q The noles on pages 10 to 18 fomi part of these financial statements. Page 9
ST JOSEPH'S SOCIETY (A Reglstered Charlty and a Company Llmlted by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng Pollcies 1.1 Bas1• of prnparatlon of flnanc5al stat•ments The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicabl8 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 2015) - (Charilies SORP (FRS 102)). the Financial Reporting Standard applicable in the UK and Republtc of Ireland (FRS 102) and the Companies Act 2006. St Joseph's Society meets the definition of a public benefil entity under FRS 102. Assots and liabilrties are inltialty recognised at historical cost or tran8aclion valua unless otherwi8e ststed in the relevani accounting policy. 1.2 Company 8tatU8 The company is a company limited by guarantee. The members of the company are the Trustees named on pag8 1. In the event of the cornpany being wound up, the liability in respect of the guarantee is limited to £1 per rnernr of the company. 1.3 Fund accountlng General funds are unrestricled funds whth are available for use at the discretion of the TNstees in furthèran of Ihe general obieclives of the company and which have nol been designated for other purposes. 1.4 Incom• All income is recognised once the company has antitlement 10 tho income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donatlon8 and legacles Donations and legacies are induded in the ststement of financial a¢tivitie8 on a receivable ba81s when evidence exi8ts to confim) the certainty of receipL Malntsnance contrlbutlons Maintenance contributions represent incom8 from residents and are accounted for in the period in which the charity is enliued to reCl Inv•8tm•nt Income Dividends ar8 credited lo the slatement of finanaal ac11ve5 when they fall due for paymenL Interest is rxedited when recelved. Page 10
ST JOSEPH'S SOCIETY (A Reglslergd Chaiity and a Company Umlted by Guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng Pollcf•8 (¢ontInu> 1.5 EXp0ndlre Expendilure is induded on an accwals basis and indudes any VAT whKh cannot be recovered. Resources expended are recognised in the period in which they are incurred. They are allocaled to the particular activty where the cost relates directy to that activity. Governance costs comprise costs involving thè publlc accounlabilty of the charity and Its compliance with regulation and good practice. These costs include costs related to Independent Examlnalion and legal fees together with an apportionment of support costs. Co8t8 of generating funds are costs incurred in attracting voluntary income. and those Incurred in trading aclivlties thal raise funds. Charitsble activities and Govemance costs are cost8 incurred on the companls oporations, including support costs and costs relating to the govemance of the company apportioned to charitable activities. 1.6 R•furt>E8hment of fiats Periodically the company undertakes significant refurbishment w0S to the almshouse unts employed in meeting its charilable objectives. The directors conslder that the most appropriate way to account for these costs is to indude them as a Separate expenditure class within the statement of financial activitses based on costs incuffed during the accounting period. 1.7 Tanglbl• fixgd assets and deproclatlon All assets costlng more than £1,000 are capilalised. Provision is not made for the depreciation of freehold buildings because the directors considor that their residual value are such that any change for depreciatton would be imrnaterial. 1.8 Inve81ments Investrnents held as fixed assets are stated at markel value at the balance sheet date and the gain or loss taken to the Statemenl of Finan¢ial Activibe8. 1.9 Taxatlon The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tsx purposes. Accordingly. the company is potentially exempt from laxation in respect of incorne or capital gains received within categories covered by Chapter 3 Part 11 of the Corpordlion Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent thal such income or gains are applied exclusively to chaiitable purposes. Page 11
ST JOSEPH'S SOCIETY (A Roglstered Charity and a Company Llmlted by Guaranto0) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng Pollcles (contlnuad) 1.10 Forelgn currencles Monetsry assets and liabilities denominated in foreign currencies are translated into 8lerling at rates of exchange rullng at the balance sheet date. Transactions in foreign currencies are translated into Sterling at the rata rullng on the date of the Iransaction. Exchange gains and1088es ar8 recogni8ed in the Statement of Financial Activities incorporating the Income and Expenditure AccounL 1.11 Flnan¢lal Instrumonts The company only has financial assets and financial liabilities of a kind that qualify as basic financlal instruments. Basic financlal instruments are Initialty regniSed at transaction value and subsequentty measured at their settlement value. Income from donatlon8 and l•ga¢la8 Unrestrlcted fund6 2024 Total funds 2023 Leg8cles (repayment to Department of Work & Pensions) Donations (1,728) 125 Totsl donab'ons and legacies (1.180) 125 Totsl 2023 125 Page 12
ST JOSEPH'S SOCIErY (A Reglstsred Charlty and a Company Llmlted by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Income from investments Unrestricted fund8 2024 Total funds 2023 Dividends on UK equities Interest on UK fixed interest securities Interesl on foreign fixed interest securities Interest on UK unit trusts Interest on cash deposit Dividends on foreign equiites 26.526 942 17.842 155 27.679 258 9.577 27.184 523 6,842 62,017 55,511 Total 2023 55.511 Cost of running Almshouses and othor èxpenditure Unrestrlctsd funds 2024 Total 2023 Utilities and insurance Repairs, renewals and inprovements Redecoration of flats Electrical repairs and certification 39.558 17,675 7,874 2,206 37,215 35.356 11.767 1.203 r li Water testing Cleaning Wardens Maintenance of Grounds Sundry expenses Professional fees Wages and salaries National insurance 6.660 6.259 1.086 4,754 4,794 2.702 990 36,750 4.315 3,889 3.096 3.234 37,500 128,097 143,345 Tot812023 143.345 Page 13
ST JOSEPH'S SOCIETY (A Roglstered Chartty and a Company Llmlted by Guarants•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Governanc• co8t8 Unrestrtctsd fund8 2024 Totsl funds 2023 Independenl examiners fees Office busne88 rate8 Printing. postage, telephone. stationery and pubtscations Legal and professional fees Sundry expenses Wages and salaries 4,320 1,613 2,767 3,240 436 12.500 2.823 3.615 373 10.000 24,996 21.131 Audltorn. v•mun•ratlon The Independeni Examinefs ramunara¥on amounts to an Independent Examination fee of £4,440 {2023. £4,320). Staff costs were as folkrws: 2024 2023 Wages and salaries Soclal security costs 60,000 46,750 469 47.219 The average number of persons employed by the company dUrti the year was as follows: 2024 No. 2023 No. Administrative staff No employee received rarnunerath In excess of £60.000 in either year. Page 14
ST JOSEPH'S SOCIETY (A Reglstered Charfty and a Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 DlrectorB' rnmuneratlon The highest pald dlrector received remuneration of £nil (2023: £nil). Directors were not reimbursed for any of their expen8e8 in the year {2023: £nil). Tanglble fixed a88ets Freehold prop•rty Cost or valuatlon Al 6 Aprll 2023 and 5 April 2024 616,061 Depreclatlon At 6 April 2023 and 5 April 2024 Net book value At 5 April 2024 616.051 At 5 Aprll 2023 515,051 The freehold land and buildings are shown at valuation carrled out at 31 December 1975 plus any addltlonal costs since that date. Page 15
ST JOSEPH'S SOCIETY (A Registered Charfty and a Company LlmSted by Guarantse) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 5 APRIL 2024 10. Flxod a880t Invastmonts Ll8ted Cufltles Market value At 6 April 2023 Additions at Cost Disposal proceeds Revaluation8 and realised gains and k)sses 1,905,785 374,261 {438,191) 50,826 At S April 2024 1,891681 Inv08tments at market value cOmprf. 2024 2023 Usied Investment8 I92.681 1.905,785 All the fixed asset inveslments are held in the UIQ 11. Dobtorn 2024 2023 Other debtors Prepayments and aixrued income 648 2.757 3.036 3.036 3,405 12. Croditor8: Amounts falllng due wlthln ono year 2024 2023 Other creditors Accruals and deferred irKow 870 12.545 2,661 12,653 13,415 15,314 Page 16
ST JOSEPH'S SOCIETY (A Regl8tered Charlty and a Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 13. Statemont ol funds Ststsment of fund8 - current yoar Balance at 6 Aprll 2023 Galngl Balance at (Los808) 5 Aprfl 2024 Incom• Expendrturn UnrestrlGted fund8 General Funds 2,460,804 273,626 {166,891) 50,826 2,608,365 Statemant of funds - prlor year Balance at 6 Apnl 2022 Gainw Balance at 5 (Losses) Apnl 2023 Income Expenditurn General Fund8 2.507.434 249.290 (177,648) (128.272) 2,450,804 Totsl of fvnds 2,507,434 249,290 (177,648) {128.272) 2.450,804 Page 17
ST JOSEPH'S SOCIETY (A Reglstsred Chaiity and a Company Limited by Guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 14. Analy818 of nal assets betwun fund8 Analy818 of not a888ts between funds - current year Unr•8trlcted funds 2024 Tanglble fixed a88ets Flxed a&set investments Current assets Credltors due wlthln one year 516,001 1,892,681 214,048 (13,415) 2,608.366 Analy818 of not 488ets botween funds . prlor year Unrestricted funds 2023 Tangible fed assets Flxed asset investments Current assets Creditors due wlthin onè year 515.051 1,905,785 45,282 (15,314) 2,450,804 Page 18