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← The Sisters Of The Poor Child Jesus

2024-12-31-accounts

The Sisters of the Poor Child Jesus

Annual Report and Financial Statements

Company Limited by Guarantee Registration Number 06624629 (England and Wales) Charity Registration Number 1125866

Contents

DRAFT

Reports
Reference and administrative details of the
charitable company, its trustees and advisers 1
Trustees’ annual report 2
Independent auditor’s report 12
Financial statements
Statement of financial activities 17
Balance sheet 18
Statement of cash flows 19
Principal accounting policies 20
Notes to the financial statements 25

The Sisters of the Poor Child Jesus

Reference and administrative details of the charitable company, its trustees and advisers

Trustees Sister Sharon Peters
Sister Susilowati Pitono
Mr Thomas Sajovec
Principal address 1 The Cloisters
Daventry Road
Southam
Warwickshire
CV47 1FE
Company Registration Number 06624629 (England and Wales)
Charity Registration Number 1125866
Auditor Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
Principal bankers Lloyds Bank plc
25 Gresham Street
London
EC2V 7HN
HSBC Bank plc
126 The Parade
Leamington Spa
Warwickshire
CV32 4AJ
Solicitors Pothecary Witham Weld
84 Eccleston Square
London
SW1V 1PX
Investment managers BlackRock Investment Managers Limited
12 Throgmorton Avenue
London
EC2N 6DL

The Sisters of the Poor Child Jesus 1

Trustees' annual report 31 December 2024

The trustees, who are directors of the company for the purposes of company law, present their report together with the financial statements of The Sisters of the Poor Child Jesus (the “charitable company”) for the year ended 31 December 2024.

The report has been prepared in accordance with Part 8 of the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Introduction

The Congregation of the Sisters of the Poor Child Jesus (the “Congregation”) is an international Roman Catholic religious congregation, founded in Aachen in Germany, where its Generalate is located. The Congregation has provinces or communities in 10 countries worldwide. The financial statements accompanying this report are the financial statements recording the assets, liabilities and transactions of The Congregation of the Sisters of the Poor Child Jesus in England.

Constitution

The Sisters of the Poor Child Jesus is a company limited by guarantee, Company Registration No. 06624629 (England and Wales), and a charity registered with the Charity Commission, Charity Registration No. 1125866. The charitable company was incorporated on 19 June 2008.

Objects

The Sisters of the Poor Child Jesus aims to support such charitable purposes which advance the religious and other charitable work for the time being carried on by or under the direction of the Congregation as the trustees with the approval of the Superior shall from time to time think fit.

Activities, specific objectives and relevant policies

Activities and specific objectives

The activities of the charitable company consist of caring for members of the Congregation who do its charitable work, supporting such work, and donating monies to assist the Congregation’s overseas charitable activities and other charities or organisations whose work is consistent with the charitable objects of the charitable company.

1 Caring for members of the Congregation

In common with many religious congregations in Great Britain, the age profile of the members of the Congregation is increasing as existing members grow older and there are no new vocations.

The Congregation has an obligation, both moral and legal under Canon law, to provide care for its members, none of whom have resources of their own and all of whom have devoted a significant part of their lives to the care of the elderly, poor and marginalised in society. As the age of the Sisters within the Congregation increases so too does the need to provide increasing and increasingly expensive care for them.

The Sisters of the Poor Child Jesus 2

Trustees' annual report 31 December 2024

Activities, specific objectives and relevant policies (continued)

Activities and specific objectives (continued)

In this regard, the aims of the trustees over the forthcoming years are to ensure that all members of the Congregation receive the high level of care they require to provide them with the quality of life they should rightfully expect and providing this increases the overall cost of care to the Congregation. All members of the Congregation are encouraged to continue with their individual ministries for as long as their age and health allows.

2 Supporting the charitable work of the sisters

This includes:

Retreat House

One sister runs a retreat house in Southam, Warwickshire. This is a centre for retreats and spiritual direction for groups and individuals. It is staffed by one sister and one lay woman. They are responsible for the provision of individually guided retreats and personal spiritual direction to a number of individuals. These individuals may be Catholics or members of other Christian denominations. Groups are led by the permanent staff as well as by visiting group leaders.

Parish ministry

Some pastoral work was undertaken by the sisters in the year.

Witness to spiritual and religious values

The sisters continue to be actively involved in various ministries. Whilst an increasing age profile and smaller numbers have led to some inevitable reduction in active ministry in recent years, witnessing to spiritual and religious values remains important. These values include a life of faith, hope and prayer; care and respect for the vulnerable and weak in our society, especially the poor, children and elderly; commitment to a life of simplicity and solidarity with the poor; and the acceptance of the diminishment inherent in the process of ageing and reduction in numbers.

3 Relief of poverty, suffering and the promotion of education or religion in connection with the Roman Catholic faith through the provision of grants and donations

The charitable company makes regular contributions to its Generalate for the support of the Generalate itself and the Congregation’s work overseas. It also makes donations to other charities and organisations whose work is consistent with its own objects.

Public benefit

In formulating the charitable company’s aims and in planning the work of members of the Congregation, the trustees have had regard to the general guidance published by the Charity Commission on public benefit.

The Sisters of the Poor Child Jesus 3

Trustees' annual report 31 December 2024

Activities, specific objectives and relevant policies (continued)

Raising funds

The charitable company aims to achieve best practice in the way in which it communicates with donors and other supporters. The charitable company takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data. The charitable company does not actively fundraise. The charitable company undertakes to react to and investigate any complaints regarding its activities for raising funds and confirms that it received no complaints about these activities during the year.

Grants and donations

The trustees in consultation with other members of the Congregation decide on the grants and donations it makes. In the main, the charitable company supports the work of the Congregation in overseas countries where the need is greater. However, the trustees also give financial support to charities within the United Kingdom whose work is within the objects of the charitable company.

Additionally, the trustees from time to time make donations to individuals for the relief of financial distress and suffering.

Investment policy

The charitable company’s investments are managed by BlackRock Investment Management (UK) Limited, which operates within guidelines which are set by the trustees. There are no restrictions on the charitable company’s power to invest.

The main objective of the trustees is to maximise the long-term total return of the fund while being mindful of the responsibility to manage risk.

The charitable company’s portfolio is invested in the BlackRock Catholic Charities Growth and Income Fund, a registered Charity Authorised Investment Fund (CAIF). The CAIF seeks to exclude investments that are contrary to Christian ethos and teaching whilst seeking to avoid companies with significant involvement in controversial armaments (such as cluster munitions) and military related activities, pornography, tobacco and activity contrary to the sanctity of life (as defined by MSCI). The Fund also ensures that it does not engage with companies which breach International Labour Organisation policies – whether it be based on sex, disability, race, colour, religion or political opinion.

The Sisters of the Poor Child Jesus 4

Trustees' annual report 31 December 2024

Achievements and performance

Review of activities

1 Caring for members of the Congregation

Throughout 2024 the charitable company continued to care for the members of the Congregation and to assist them in their charitable and religious work.

2 Supporting the charitable work of the sisters

In 2024, the Retreat house had 58 individuals who came every 4-6 weeks for spiritual accompaniment incorporated within a quiet day. It also had 4 people who came regularly for quiet days with no accompaniment. 9 people came for individually guided retreats of 6-8 days and 4 people for retreats of 3-5 days each.

Mrs. Berridge has 3 individuals bi-weekly for the Ignatian 19th Annotation Exercises.

Sister Sharon Peters has an Enneagram follow up group of 8 members which meets monthly. She also led 2 one week Enneagram Seminars ( a basic and an advanced seminar) in Germany, the income from which comes to the Olde House Retreat.

In December Sister Sharon also met with the new headmistress of the parish school to discuss reinstating the mini retreats we had previously done with groups of children from the school. She agrees that these should begin again in 2025.

The number of adult groups have been cut down to 8 in 2024.

Both Mrs. Berridge and Sister Sharon Peters have kept up to date with Safeguarding courses and Certificates as well as Police Certificates.

The Olde Retreat House continues to be the only dedicated Catholic Retreat Centre in the Archdiocese of Birmingham and the Anglican Diocese of Coventry. The Retreat house is the only retreat house whose had focused (and continue to focus) mainly on individual spiritual accompaniment.

3 Relief of poverty, suffering and the promotion of education or religion in connection with the Roman Catholic faith through the provision of grants and donations

Financial contributions were made to a number of charities registered in the United Kingdom and whose work is similar to the objects of the charitable company.

While we are not a grant making charity, the trustees after careful consideration made donations to a number of charities whose work is similar to our objectives, e.g. charities that support vulnerable children and women. This allows the sisters to continue to support the type of work they once were involved in but no longer can participate due to reduced numbers and given the age and infirmities of the present members.

The Sisters of the Poor Child Jesus 5

Trustees' annual report 31 December 2024

Future plans

The charity will continue to ensure that the sisters who need care will continue to receive the appropriate care needed. The trustees will also continue to review our existing community houses regarding their suitability to meet the needs of the sisters and if appropriate adaptations will be made to ensure sisters can move around safely and be independent for as long as possible.

The Trustees have decided to sell in 2025, Flat 3, Jim Laker Place, Shipley, as it no longer required.

The one remaining Sister in the UK, will be encouraged and supported to remain in the wider community, continuing her ministries among the people for as long as her age and health allow. This includes the ministry of spiritual direction and retreat giving.

The Trustees will at their July 2025 meeting discuss and review the future of the Charity, its objectives, mission and commitments going forward.

Financial report for the year

Income and expenditure

A summary of the year's results can be found on page 17 of the attached financial statements.

Total income for the year amounted to £344,035 (2023 – £266,318). The principal component of this is income from investments and bank interest of £244,942 (2023 – £234,610). Donations totalled £17,158 (2023 – £21,722) and included the pensions of individual religious received under Gift Aid compliant deeds of covenant which totalled £16,940 (2023 – £21,320). The operation of the charitable company’s retreats continued throughout the year and the income from these amounted to £9,349 (2023 – £9,986).

Expenditure during the year totalled £152,508 (2023 – £231,397). The costs of supporting members of the Congregation and their ministry amounted to £108,900 (2023 – £122,943). The costs in connection with the relief of poverty, suffering and the promotion of education or religion in connection with the Roman Catholic faith through the provision of grants and donations was £43,608 (2023 – £108,454).

Net income before investment gains amounted to £191,527 (2023 - Net income before investment gains £34,921). After net investment gains of £499,933 (2023 - net investment gains £173,765), the net increase in funds for the year amounted to £691,460 (2023 - net increase of £208,686).

Listed investments

At the end of the year the charitable company’s investment portfolio was valued at £7,948,073 (2023 – £7,448,140) and comprised units in the BlackRock Catholic Charities Growth and Income Fund.

The investment managers continued to invest in accordance with the trustees’ investment policy set out earlier in this report. Further details of the investment portfolio are included in note 10 to the attached financial statements.

The trustees believe their investment policy remains appropriate.

The Sisters of the Poor Child Jesus 6

Trustees' annual report 31 December 2024

Financial report for the year (continued)

Financial position and reserves policy

The balance sheet shows total reserves of £8,929,940 (2023 – £8,238,480). Of this, £512,745 (2023 – £573,926) represents the net book value of the charitable company’s tangible fixed assets and an equivalent amount has been designated as a tangible fixed assets fund in recognition of the fact that the assets are required for the charitable company’s operations and are not available as a reserve to fund activities or meet future contingencies.

The trustees have set aside £6,472,392 (2023 – £5,016,000) in order to produce sufficient income and gains to finance the charitable company’s grant making activities. This is necessary as the trustees expect that they will be called upon to provide increasing financial support to the Congregation’s Generalate and the missionary work of the sisters overseas.

A further £500,000 (2023 – £1,300,000) has been designated by the trustees to provide for the sisters in their retirement. The value of the fund has been calculated using actuarial principles to provide for the Congregation’s one sister in the UK, but is not meant to guarantee sufficient resources. It is merely an estimate designed to recognise, and make some provision for, the financial undertaking implicit in the relationship between a religious congregation and its members.

The trustees consider that a basic level of free reserves should be equivalent to several years’ expenditure, to provide for contingencies and unevenness in future income.

General funds amounted to £1,444,803 at 31 December 2024 (2023 – £1,348,554) and comprise funds which are available, therefore, to support the work of the sisters in the future i.e. “free reserves”. The trustees consider that this level of reserves is deemed appropriate and they are content that the charitable company is a going concern.

Structure, governance and management

Governance

In terms of Canon law, the Congregation is governed at an international level by the Superior General and her General Council.

In terms of civil law, the charitable company is constituted as a company limited by guarantee (Company Registration No. 06624629 (England and Wales)) and is a charity registered for charitable purposes with the Charity Commission (Charity Registration No. 1125866).

The charitable company is governed by the trustees, who are also members of the charitable company. The trustees are chosen by the Superior for their personal qualities, their understanding and experience of the ministries.

The Sisters of the Poor Child Jesus 7

Trustees' annual report 31 December 2024

Trustees

The trustees are appointed by the Superior. At any one time, when complete there shall not be less than three nor more than six trustees.

The following trustees were in office during the year:

Trustee Sister Sharon Peters Sister Maire Morris RIP 17[th] July 2024 Sister Mary Fitzpatrick FMM Resigned 29[th] July 2024 Sister Susilowati Pitono Appointed 1[st] October 2024 Mr Thomas Sajovec Appointed 1[st] October 2024 Company secretary Sister Mary Fitzpatrick FMM Resigned 29[th] July 2024 Mrs Sheree A Rowland Appointed 29[th] July 2024

No trustee received any remuneration or was reimbursed expenses for services as a trustee during 2024, nor had any beneficial interest in any contract with the charitable company, during the year.

Continuing efforts are being made to recruit Trustees from the UK. Sister Susilowati Putono and Mrs Thomas Sajovec are from the congregations Generalate in Germany and were appointed in the year.

Liability of the members

In the event of the charitable company being wound up during the period of membership, or within the year following, company members are required to contribute an amount not exceeding £1.

Organisation

The trustees are ultimately responsible for the policies, activities and assets of the charitable company. They meet during the year to review the developments with regard to the charitable company, its activities and make any important decisions. When necessary, the trustees seek advice and support from the charitable company’s professional advisers including solicitors and accountants.

Statement of trustees’ responsibilities

The trustees (who are also directors of The Sisters of the Poor Child Jesus for the purposes of company law) are responsible for preparing the trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Sisters of the Poor Child Jesus 8

Trustees' annual report 31 December 2024

Structure, governance and management (continued)

Statement of trustees’ responsibilities (continued)

Company law 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 charitable company and of the income and expenditure of the charitable company for that period. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the trustees confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

The trustees are responsible for the maintenance and integrity of financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Sisters of the Poor Child Jesus 9

Trustees' annual report 31 December 2024

Structure, governance and management (continued)

Key management

The trustees consider that they comprise the key management of the charitable company in charge of directing and controlling, running and operating the charitable company on a day to day basis.

One trustees are members of the Congregation and whilst their living and personal expenses are borne by the charitable company, they receive no remuneration or reimbursement of expenses in connection with their duties as trustees or their work as key management.

Risk management

In line with the requirement for trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks the charitable company currently faces and have reviewed the measures already in place, or needing to be put in place, to deal with them.

The key risks for the charitable company, as identified by the trustees, are described below together with the principal ways in which they are mitigated:

Having assessed the major risks to which the charitable company is exposed, the trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charitable company, they have established effective systems to mitigate those risks.

Employees, volunteers and members of the order

The trustees wish to record their recognition of the professionalism and commitment of all their staff, volunteers and the individual members of the Congregation. Their dedication, enthusiasm and positive approach is very much appreciated.

The Sisters of the Poor Child Jesus 10

Trustees' annual report 31 December 2024

Approved by the trustees of The Sisters of the Poor Child Jesus, Company Registration No. 06624629 (England and Wales) and Charity Registration No. 1125866 and signed on their behalf by:

Sister Sharon Peters Trustee

Date: 4 July 2025

The Sisters of the Poor Child Jesus 11

Independent auditor’s report Year to 31 December 2024

Independent auditor’s report to the members of The Sisters of the Poor Child Jesus

Opinion

We have audited the financial statements of The Sisters of the Poor Child Jesus (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

The Sisters of the Poor Child Jesus 12

Independent auditor’s report Year to 31 December 2024

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

The Sisters of the Poor Child Jesus 13

Independent auditor’s report Year to 31 December 2024

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities 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 misstatement, 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 is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The Sisters of the Poor Child Jesus 14

Independent auditor’s report Year to 31 December 2024

through making enquiries of trustees and review of minutes of trustees’ meetings.

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The Sisters of the Poor Child Jesus 15

Independent auditor’s report Year to 31 December 2024

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Mackereth, Senior Statutory Auditor for and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

8 July 2025

The Sisters of the Poor Child Jesus 16

Statement of financial activities (incorporating an Income and Expenditure account) Year to 31 December 2024

Notes Total funds
2024
£		 2023
£
Income from:
Donations
1
Investments and bank interest
2
Charitable activities
. Retreat house
Other sources
. Surplus on disposal of tangible fixed assets
Total income
Expenditure on:
Charitable expenditure
. Support of members of the Congregation and their ministry
3
. Relief of poverty, suffering and the promotion of education or religion
in connection with the Roman Catholic faith through the provision of
grants and donations
5
Total expenditure
Net income before gains on investments
6
Net gains on investments
10
Net income for the year and net movement in funds
Reconciliation of funds:
Total funds brought forward at 1 January 2024
Total funds carried forward at 31 December 2024		 17,158
244,942
9,349
72,586		 21,722
234,610
9,986
—
344,035 266,318
131,400

21,108		 132,943
98,454
152,508 231,397
191,527
499,933		 34,921
173,765
691,460
8,238,480		 208,686
8,029,794
8,929,940 8,238,480

All activities of the charitable company derived from continuing operations during the above two financial periods.

All of the charitable company’s funds were unrestricted in the above two financial periods.

The Sisters of the Poor Child Jesus 17

Balance sheet 31 December 2024

Notes 2024
£		 2023
£
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
12
Net current assets
Total net assets
The funds of the charitable company:
Unrestricted funds
. Tangible fixed assets fund
13
. Designated funds
14
. General fund		 512,745
7,948,073		 573,926
7,448,140
8,460,818 8,022,066
62,829
424,350		 60,092
307,112
487,179
(18,057)		 367,204
(150,790)
469,122 216,414
8,929,940 8,238,480
512,745
6,972,392
1,444,803		 573,926
6,316,000
1,348,554
8,929,940 8,238,480

Approved by the trustees of The Sisters of the Poor Child Jesus, Company Registration No. 06624629 (England and Wales) and Charity Registration No. 1125866 and signed on their behalf by:

Sister Sharon Peters

Trustee

Approved by the Trustees on: 3 July 2025

The Sisters of the Poor Child Jesus 18

Statement of cash flows Year to 31 December 2024

Notes
2024
£		 2023
£
Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities:
Investment income and bank interest received
Proceeds from the disposal of tangible fixed assets
Purchase of tangible fixed assets
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January 2024
B
Cash and cash equivalents at 31 December 2024
B
(249,297)		 (146,026)
242,500
124,035
—		 232,168
—
—
366,535 232,168
117,238

307,112		 86,142
220,970

424,350		 307,112

Notes to the statement of cash flows for the year to 31 December 2024.

A Reconciliation of net movement in funds to net cash used in operating activities

2024
£		 2023
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Gains on investments
Investment income and bank interest receivable
Surplus on disposal of tangible fixed assets
Increase in debtors
(Decrease)/increase in creditors
Net cash used in operating activities		 691,460
9,731
(499,933)
(244,942)
(72,586)
(294)
(132,733)		 208,686
9,732
(173,765)
(234,610)
—
—
43,931
(249,297) (146,026)

B Analysis of cash and cash equivalents

2024
£		 2023
£
Total cash and cash equivalents– Cash at bank and in hand 424,350 307,112

No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).

The Sisters of the Poor Child Jesus 19

Principal accounting policies 31 December 2024

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 December 2024 with comparatives provided in respect to the year to 31 December 2023.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitable companies preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The charitable company constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the trustees to make significant judgements and estimates.

There are no significant judgement and estimates in these financial statements.

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these financial statements.

During the year the most significant areas that affect the carrying value of the assets held by the charitable company are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees’ report for more information).

The trustees are of the opinion that the charitable company will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the financial statements are detailed above.

The Sisters of the Poor Child Jesus 20

Principal accounting policies 31 December 2024

Income recognition

Income is recognised in the period in which the charitable company has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises donations, investment income, bank interest, retreat house income, and income from other sources, including the surplus on disposal of tangible fixed assets and miscellaneous income.

Donations, including salaries and pensions of individual religious received under Gift Aid or deed of covenant, are recognised when the charitable company has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charitable company is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charitable company and it is probably that those conditions will be fulfilled in the reporting period.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Income from the operation of the charitable company’s retreat house is recognised to the extent that it is probable that the economic benefits will flow to the charitable company and the revenue can be reliably measured. It is measured as the fair value of the consideration received or receivable excluding any relevant discounts.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid of payable by the bank.

Investment income is recognised once the dividend or similar distribution has been declared and notification has been received of the amount due.

The surplus on the disposal of tangible fixed assets is calculated as the difference between the sale proceeds and the net book value of the relevant asset immediately prior to disposal (less any costs of disposal).

All other income is recognised to the extent that it is probable that the economic benefits will flow to the charitable company and the revenue can be measured reliably. It is measured at fair value and accounted for on an accruals basis.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charitable company to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. The majority of expenditure is directly attributable to specific activities and any apportionment between headings is negligible. All expenditure is applied towards charitable activities and the classification between activities is as follows:

The Sisters of the Poor Child Jesus 21

Principal accounting policies 31 December 2024

All expenditure is stated inclusive of irrecoverable VAT.

Support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charitable company it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs are the costs associated with the governance arrangements of the charitable company including audit costs and the necessary legal procedures for compliance with statutory requirements.

All expenditure on support and governance is attributed directly to the charitable activities of supporting members of the Congregation and their ministry and hence there has been no apportionment between headings. Any support and/or governance costs in relation to the provision of donations and grants is considered to be negligible.

Tangible fixed assets

All assets costing more than £1,500 and with an expected useful life exceeding one year are capitalised.

The Sisters of the Poor Child Jesus 22

Principal accounting policies 31 December 2024

Tangible fixed assets (continued)

Specialised freehold buildings comprise the charitable company’s retreat centre. This is stated at a trustees’ valuation made in 1997 based on replacement cost for existing use. Under the transitional arrangements of FRS 102, this valuation is now deemed to be cost. Depreciation is provided at 2% per annum on a straight-line basis to write the building off over its estimated useful economic life to the charitable company.

Long leasehold buildings are depreciated over length of the lease remaining at the date of acquisition.

♦ Motor vehicles

Expenditure on the purchase of motor vehicles is capitalised and depreciated over a four year period on a straight line basis.

Fixed asset investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charitable company does not acquire put options, derivatives or other complex financial instruments.

As noted above the main form of financial risk faced by the charitable company is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for nonrecoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

The Sisters of the Poor Child Jesus 23

Principal accounting policies 31 December 2024

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charitable company anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund structure

The funds of the charitable company are unrestricted and therefore are available for use in furtherance of the charitable company’s objectives at the discretion of the trustees. Within the total unrestricted funds of the charitable company are amounts representing tangible fixed assets and funds the trustees have designated for specific purposes. Details of these are provided in notes 13 and 14 respectively.

Services provided by members of the Congregation

For the purposes of these financial statements, no monetary value has been placed on administrative and other services provided by the members of the Congregation.

The Sisters of the Poor Child Jesus 24

Notes to the financial statements 31 December 2024

1 Income from: Donations

Income from: Donations
Unrestricted funds
2024
£		 2023
£
Pensions of individual religious received under deed of covenant or
Gift Aid
Other donations		 16,940
218		 21,320
402
17,158 21,722

2 Income from: Investments and bank interest

Income from: Investments and bank interest
Unrestricted funds
2024
£		 2023
£
Investment income receivable
Bank interest		 244,134
808		 234,369
241
244,942 234,610

3 Expenditure on: Support of members of the Congregation and their ministry

Unrestricted funds Unrestricted funds
2024
£		 2023
£
Premises
Sisters' living and personal expenses
Administration and support costs
Governance (note 4)		 45,235
44,639
22,788
18,738		 45,004
60,656
11,895
15,388
131,400 132,943

4 Governance costs

Governance costs
Unrestricted funds
2024
£		 2023
£
Professional fees 18,738 15,388

The Sisters of the Poor Child Jesus 25

Notes to the financial statements 31 December 2024

The charitable company makes grants and donations, principally in support of the work of the Congregation and other organisations whose work is consistent with its objects.

Grants and donations during the year comprised:

Grants and donations during the year comprised:
Unrestricted funds
2024
£		 2023
£
Grants to institutions
Generalate and overseas provinces of the Sisters of the Poor Child
Jesus, in support of the Congregation’s overseas charitable work
. Annual donation
Other donations of £1,000 or more
. Catholic Trust for England and Wales
. Fosse food bank
. L’Arche
. Myelome Uk
. Lost Chord
. Emmaus Bradford
. Family Fund
. Mary’s Meals
. The Medaille Trust
. Acorns Children’s Hospice
. Coventry Haven Women’s Aid
. Our Lady and St Wulstan Church
. Refuge Against Domestic Violence
. St Gerard’s School, Rotherham
. St Mary’s Catholic School, Southam
. The Friendship Project for Children
. Action for Children
. The Honeypot Children’s Charity
. The Prison Advice and Care Trust
. Marie Curie Hospice
. Bluebell Wood Children’s Hospice
. Southam United Charity
. Galanos House, Southam
Other donations (all less than £1,000)		 —
—
500
1,000
—
—
—
—
2,000
—
2,500
3,000
1,000
3,000
—
2,000
1,000
2,000
2,000
—
—
1,000
(2,000)
1,000
1,108		 50,000
5,000
1,500
1,000
1,000
1,000
3,000
2,000
2,000
3,000
2,500
3,000
—
3,000
1,000
1,500
1,000
2,000
2,000
3,000
7,000
—
1,000
1,000
954
21,108 98,454

6 Net income before gains on investments

This is stated after charging:

2024
£
15,257
12,000
1,260
5,478
9,731		 2023
£
Staff costs (note 7)
Auditor’s remuneration (including VAT)
. Statutory audit services – current year
. Statutory audit services – previous year
. Other services: payroll administration and general advisory
Depreciation		 15,318
10,740
440
2,772
9,732

The Sisters of the Poor Child Jesus 26

Notes to the financial statements 31 December 2024

7 Staff costs, key management and trustees’ remuneration

Staff costs, key management and trustees’ remuneration
2024
£		 2023
£
Staff costs during the year were as follows:
Wages and salaries
Social security costs
Other pension costs		 15,257
—
—		 15,318
—
—
15,257 15,318

All staff costs relate to support of members of the Congregation and their ministry.

On average, there was 1 employee during the year (2023 – 1 part time employees) .

Key management

The trustees consider that they comprise the key management of the charitable company in charge of directing and controlling, running and operating the charitable company on a day to day basis.

One trustees are members of the Congregation and whilst their living and personal expenses are borne by the charitable company they receive no remuneration or reimbursement of expenses in connection with their duties as trustees or work as key management.

8 Taxation

The Sisters of the Poor Child Jesus is a registered charitable company and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

9 Tangible fixed assets

Freehold land and buildings Leasehold
land and
buildings
£		 Furniture
and
equipment
£		 Motor
vehicles
£		 Total
£
Non-
specialised
£		 Specialised
£
Cost
At 1 January 2024
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Disposal
Charge for the year
At 31 December 2024
Net book values
At 31 December 2024
At 31 December 2023		 263,233
(51,450)		 341,915
—		 137,673
—		 7,771
—		 22,395
(10,895)		 772,987
(62,345)
211,783 341,915 137,673 7,771 11,500 710,642
—
—
—		 164,988
—
6,838		 5,100
—
1,700		 6,578
—
1,193		 22,395
(10,895)
—		 199,061
(10,895)
9,731
— 171,826 6,800 7,771 11,500 197,897
211,783 170,089 130,873 — — 512,745
263,233 176,927 132,573 1,193 — 573,926

As permitted under FRS 102, the charitable company has continued to adopt a policy of not revaluing its tangible fixed assets.

The Sisters of the Poor Child Jesus 27

Notes to the financial statements 31 December 2024

9 Tangible fixed assets (continued)

It is likely that there are material differences between the open market values of the charitable company’s land and buildings and their book values. The amount of such differences cannot be ascertained without incurring significant costs, which, in the opinion of trustees, is not justified in terms of the benefit to the users of the financial statements.

10 Investments

Investments
2024
£		 2023
£
Listed investments
Fair (market) value at 1 January 2024
Net unrealised investment gains
Fair (market) value at 31 December 2024
Cost of listed investments at 31 December 2024		 7,448,140
499,933		 7,274,375
173,765
7,948,073 7,448,140
7,068,292 7,068,292

At 31 December 2024, the charitable company’s listed investments consisted entirely of units in the BlackRock Catholic Charities Growth and Income Fund managed by BlackRock Investment Management (UK) Limited.

All listed investments were dealt in on a recognised stock exchange.

11 Debtors

Debtors
Investment income receivable
Other accrued income		 2024
£		 2023
£
61,034
1,795		 58,592
1,500
62,829 60,092

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024
£		 2023
£
Grants and donations payable
Social Security costs
Accruals		 5,000
301
12,756		 137,500
—
13,290
18,057 150,790

Grants and donations payable in 2023 include £50,000 plus £75,000 being a donation awarded to the Congregation’s Generalate during the year and paid in 2024.

13 Tangible fixed assets fund

Tangible fixed assets fund
Total
2024
£		 Total
2023
£
At 1 January 2024
Net movements in year
At 31 December 2024		 573,926
(61,181)		 583,658
(9,732)
512,745 573,926

The Sisters of the Poor Child Jesus 28

Notes to the financial statements 31 December 2024

13 Tangible fixed assets fund (continued)

The tangible fixed assets fund represents the net book value of the charitable company’s tangible fixed assets and has been established in recognition of the fact that the assets are required for the charitable company’s operations and is not available as a reserve to fund activities or meet future contingencies.

14 Designated funds

The income funds of the charitable company include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

At 1
January
2024
£		 New
designations
£		 Utilisation
£		 At 31
December
2024
£
Retirement reserve
Grant financing fund		 1,300,000
5,016,000		 —
1,500,000		 (800,000)
(43,608)		 500,000
6,472,392
6,316,000 1,500,000 (843,608) 6,972,392
At 1
January
2023
£		 New
designations
£		 Utilisation
£		 At 31
December
2023
£
Retirement reserve
Grant financing fund		 1,500,000
4,950,000		 —
173,500		 (200,000)
(107,500)		 1,300,000
5,016,000
6,450,000 173,500 (307,500) 6,316,000

Retirement reserve

The retirement reserve consists of monies set aside by the trustees in order to provide for the sisters in their retirement. The value of the fund has been calculated using actuarial principles, having regard to the resources actually available to provide for the Congregation’s two sisters.

Grant financing fund

The grant financing fund has been designated by the trustees in order to produce sufficient total return to finance the charitable company’s grant making activities. This is necessary as the trustees expect that they will be called upon to provide increasing resources to support the Congregation’s Generalate and the missionary work of the sisters overseas.

15 Analysis of net assets between funds

Tangible
fixed
assets
fund
£		 Designated
funds
£		 General
fund
£		 Total
funds
2024
£
Tangible fixed assets
Investments
Net current assets		 512,745
—
—		 —
6,972,392
—		 —
975,681
469,122		 512,745
7,948,073
469,122
512,745 6,972,392 1,444,803 8,929,940

The Sisters of the Poor Child Jesus 29

Notes to the financial statements 31 December 2024

15 Analysis of net assets between funds (continued)

Tangible
fixed
assets
fund
£		 Designated
funds
£		 General
fund
£		 Total
funds
2023
£
Tangible fixed assets
Investments
Net current assets		 573,926
—
—		 —
6,316,000
—		 —
1,132,140
216,414		 573,926
7,448,140
216,414
573,926 6,316,000 1,348,554 8,238,480

The total unrealised gains as at 31 December 2024 constitute movements on revaluation and are as follows:

and are as follows:
2024
£		 2023
£
Total unrealised gains included above:
On investments
Reconciliation of movement of unrealised gains
Unrealised gains at 1 January 2024
Net gains (losses) arising on revaluations in the year
Total unrealisedgains at 31 December 2024		 879,781 379,848
379,848
499,933		 206,083
173,765
879,781 379,848

16 Liability of the members

In the event of the charitable company being wound up during the period of membership, or within the year following, company members are required to contribute an amount not exceeding £1.

17 Transactions with trustees and related parties

One (2023 – two) of the trustees is members of the Congregation, they have no resources of their own as all earnings, pensions and other income have been donated to the charitable company under a Gift Aid compliant Deed of Covenant. During the year, the total amount donated by two trustees to the charitable company was £16,940 (2023 – two trustees donated £21,320).

Sister Mary Fitzpatrick was a trustee of the English Province of the Institute of Franciscan Missionaries of Mary Charitable Trust (Charity Registration No. 249515) to which a donation of £2,500 was made (2023 - £10,000). Sister Mary Fitzpatrick was not involved in the trustees’ decision to make this donation and withdrew from the trustees’ meeting when approval for the donation was given. Sister Mary Fitzpatrick resigned as a Trustee on 29[th] July 2024.

There were no other related party transactions requiring disclosure (2023 – none).

The Sisters of the Poor Child Jesus 30