Charfty Registration Number: 1135474 Company Registration Number: 07010772 (England and Wales) The Franciscan Mlsslonarles of St. Joseph Accounts For tho Year Endod 31 December 2024 The Franciscan Misslonaries of SL Joseph Accounts for the Year Ending 31 December 2024 Index Charity Information Report of the Trustees 30 Auditorfs Report 34 Statement of Financial Activities 35 Balance Sheet 36 Consolidated Statement of Cash Flows 38 Notes to the Accounts The Franciscan Missionaries of St. Joseph Charity Information For the Year Ended 31 December 2024 Trustees Sister Anne Moore Sister Margaret Nyabongoye Sister Ann Jentrix Murundu Sister Brenda Makokha Sister Frances Slater Congregation Leader Sister Anne Moore Assistant Congregation Leader Sister Margaret Nyabongoye Congregational Bursar Sister Ann Jentrix Murundu Secretary General Sister Fran￿S Slater Registered Office St Joseph's Convent Our Lady's Presbytery Hallstead Avenue Little Hulton Manchester M38 ODL Registered Charty Number 1135474 Registered Company Number 07010772 Accountants John A. Porter & Co. 74 Dickenson Road Manchester M14 5HF Auditors Azets Audit Services Alpha House. 4 Greek Street Stockport SK3 8AB Bankers Royal Bank of Scotland plc 1 Hardman Boulevard Manchester M3 3AQ Investment Wealth Managers Sarasin & Partners LLP Juxon House 100 St. Paul's Churchyard London EC4M 8BU Solicitors Stone King LLP 13 Queen Square Bath BA12HJ The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Re ort of the Trustees The Trustees present their report and audited accounts for the Congregation of the Franciscan Missionaries of St Joseph for the year ended 31 December 2024. Introduction The Congregation of the Franciscan Missionaries of St Joseph of the Third Order Regular of St Francis of Assisi (the Order> was founded in 1883 and is regulated by a Trust Deed dated 27 December 1963. The Order was incorporated by order of the Charity Commissioners sealed on the 2nd day of June 1983 in the matter of a Charity for Roman Catholic purposes administered in connection with the Congregation of the Franciscan Missionary Sisters of St. Joseph of the Third Order Regular of St Francis of Assisi (hereinafter called "the Congregation") which Charity is regulated by a Trust Deed dated the 27th day of December 1963 as varied or affected by Schemes of the Charity Commissioners of the 141h day of December 1982 and the 29° day of August 1996. The Order is registered with the Charity Commission under Charity Registration Number 1135474 and with Companies House as a Charitable Company Limited by Guarantee with no Share Capital {Registered Company Number 07010772 (England and Wales)). The Company was incorporated on 7 September 2009 and the functions and assets of The Order were transferred to the Company on 1 January 2011 by a Transfer Deed dated 18 February 2011. The Congregation is an international Roman Catholic religious congregation supporting 98 Sisters worldwide and it is divided into five distinct regions or administrative areas across the world. Mission The Congregation of the Franciscan Missionaries of St Joseph aims to support the religious and other charitable works carried on by the members of the Congregation and to care for those members throughout their lives within the Congregation. The charitable work of the Congregation is authorised in England and Wales or elsewhere under the direction of the Congregation as the Trustees and this is currently undertaken in England, Ireland, United States of America, Kenya, Uganda, Ecuador and The Netherlands. The ministries of the Sisters of the Congregation are built on and supported by a ministry of prayer and benefit large numbers of the general public. Our ministries fall into the following main areas: The Franciscan Missionaries of St. Joseph Report of the Trustses For the Year Ended 31 December 2024 Social and Pastoral Work Many Sisters of the Congregation are involved in various forms of social or pastoral work, including care of the elderly, the sick and under privileged and chaplaincy in hospitals and universities. eration of Residential Care Establishments During the year the Sisters provided care and assistance to the elderly at two establishments operated by the Charity" Franciscan Convent. Blackburn which provides care for Sisters of the Congregation and some members of the general public and Franciscan Convent, Burnley which provides care for Sisters of the Congregation who are in need of care. Overseas Missiona Work The Sisters are engaged in missionary activity in and beyond our own country or culture. The Charity helps to support Sisters working in healthcare. education, social and pastoral ministries in Kenya. Uganda and Ecuador. Governance Structure and Mana ement In terms of Canon Law, the Congregation is govemed at an international level by the Congregational Leader and her General Councillors in Greater Manchester, UK. They are elected every six years at a meeting of representatives of all the regions of the Congregation. The Congregational Leader and her Council govem the whole Congregation and historically have particular responsibility for the UK, The Netherlands and The United States. Ireland, Ecuador and Kenya are governed by a Regional Leader and her Council but are responsible to the Congregational Leadership Team who are the Trustees of the Charity. Uganda is governed by the Regional Leader and Council in Kenya. The Trustees are elected for their personal qualities, their understanding and experience of the ministries of the Sisters and to secure a good skills mix among them. Each community is governed by a local Leader appointed by the Regional or Congregational Leader. Four communities without a resident local leader are now responsible to one appointed local leader. There is a system of accountability operational throughout the Congregation to ensure that the Congregats'onal Leader and her Councillors are aware of the progress and development of the ministries carried oul by the Sisters of the Congregation. The Congregational Leader visits every community at least once every three years and visrts are also made by the Sisters in the Leadership Team at regular intervals. In terms of Civil Law the Charity is governed by a Trust Deed dated 27 December 1963 and is Registered Charity. The Trustees of the Charity are the Congregational Leader, her four Councillors and the Congregational Bursar. At the present time the Congregational Bursar is also a Councillor and this means there are five instead of the normal six Trustees. As all the Trustees are members of the Congregation they have a detailed knowledge of the work of the Charity and its structure. On being appointed there is a handover period of up to six months during which time the old and new teams work together lo ensure continuity and a full understanding of responsibilities. Trustees are required to take part in on-going training to ensure they are kept up to date with changes in legal, accountancy and investment regulations. The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 The names of the Trustees who served during the year are set out as part of the reference and administrative details which follow. together with brief biographical details on each of the Trustees. Congregation Leader Sister Anne Moore Congregational Councillors Sister Margaret Nyabongoye (Assistant Congregation Leader) Sister Ann Jentrix Murundu Sister Frances Slater Sister Brenda Makokha Congregational Bursar Sister Ann Jentrix Murundu The Trustees. who are all Congregational Councillors, were elected at the 2023 General Chapter. Sister Anne Moore was elected as the Congregational Leader and Sister Margaret Nyabongoye was elected as the Assistant Congregational Leader. Sister Ann Jentrix Murundu, Sister Frances Slater and Sister Brenda Makokha were each elected as Congregational Councillors. The Trustees each serve for a six year term until the next General Chapter in June 2029. Sister Ann Jentrix Murundu was appointed as the Congregational Bursar and Sister Frances Slater was appointed as the Secretary General at the 2023 General Chapter, each of these appointments are for three year terms. The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Sister Anne Moore- Congregational Leader SisterAnne entered the Congregation atthe age of 17. After initial fomation she trained as a teacher in Sedgley Park College of Education and then tsught for one year in St Hilda's Comprehensive Secondary School in Burnley. She then did a diploma in Missiology at the Missionary Institute in London before going to Kenya in October 1976. Sister Anne taught in a Secondary School in Kisii, Kenya, for eight years. From January 1985 till 2011 Sister Anne was the Religious Education Adviser for Kisumu diocese. This involved working with primary school teachers and catechists in the diocese. From 1993 to 2011 she was on the staff of the Mill Hill Missionaries Basic Formation Centre in western Kenya on a part-time basis teaching some classes and helping with spiritual direction. In 1987 she was appointed Regional Superior for Kenya for six years and at the end of this term was reappointed for another six years until 1999. In 1999 she went to the Jesuit Milltown Institute in Dublin for 2 years where she did an MA in Spirituality. She went back to Kenya in 2001 and was appointed Regional Bursar, a position she held until the General Chapter of 2011. Sister Anne was also the Juniorate Directress and Chairperson of the Formation Team. She was elected on to the Regional Council as the Assistant Regional Leader. At the 2011 General Chapter Sister Anne was elected as a member of the General Council and also as the Assistant Congregational Leader for a period of 6 years. Sister Anne was then re-elected as Assistant Congregational Leader at the 2017 General Chapter for a further six year term. Following the 2011 General Chapter Sister Anne was appointed as the Congregational Bursar for a 3 year temi and was reappointed to this position for further 3 year terms in June 2014, June 2017 and June 2020. At the General Chapter in June 2023 Sister Anne was elected as the Congregational Leader for a six year term. Sister Margaret Nyabongoye - Assistant Congregational Leader Sister Margaret joined the Congregation after working for over a year as a qualified nurse and midwife. She finished her initial formation at the age of 27 years and was then appointed to the Holy Family Convent. Kisumu, Kenya, where she did a one year certfficate course in Public Health, and later worked in Communty Based Health Care and Child Survival programmes in the Archdiocese of Kisumu. After some years she was appointed to Marigat Mobile Clinic, a clinic run by the Franciscan Missionaries of St Joseph in a semi-arid area of the Rift Valley, Kenya. In 199811999, Sister Margaret did a one year certificate course in Franciscan Formation and Spiritual Direction at the Franciscan Study Centre, Canterbury. UK. After completion, in 2000, Sister Margaret was appointed to the Nairobi Novitiate as the Assistant Novice Mistress. Ivhile in the novitiate, she also did some more selected studies on Formation in Tangaza College in Nairobi and after two years The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 of assisting in the Novitiate, she was appointed Novice Mistress, a position she held for six years and at the end of 2008 went for a 3 month sabbatical course. Sister Margaret was part of the African Regional Leadership Team for three terms (9 years) and as Formator to the Temporary Professed Sisters in the African Region for 6 years. Sister Margaret was also involved (between 2009 and 2011) in Pastoral Work in the Parish of Luanda in western Kenya and at the same time assisted in the Mill Hill MissionarieslFMSJ Joint Fomiation Programme. mainly in the area of Pastoral Outreach and Spiritual direction. In 2011, Sister Margaret was part of a team of four sisters commissioned in the foundation of a new FMSJ community in Panyangara, Kotido Diocese, Karamoja, which is a marginalized region in the northern part of Uganda. In Panyangara, Sister Margaret engaged in Pastoral work with the local community. During this time Sister Margaret also attended a course organised by the Association of Religious of Uganda on basic Financial Management. At the end of 2016, after 5 years in Uganda, Sister Margaret was appointed back to Kenya to assist in the finance office at a Di0￿san Secondary School in Mpeketoni, Malindi Diocese. At the 2017 General Chapter, Sister Margaret was elected as a member of the General Council for six year term and was subsequently appointed as Novice Mistress in the UK for a period of three years. Sister Margaret was re-appointed to this position for a further period of three years in June 2020. At the General Chapter in June 2023 Sister Margaret was elected as the Assistant Congregational Leader for a six year term. Sister Ann Jentrix Murundu- Congregational Bursar Sister Ann Jentrix Murundu is a bona fide member of the Franciscan Missionaries of St. Joseph an accountant by profession with 12 years of experien￿ in administration, grant management with a range of both local and international donors. human resource. finan￿, and accounting within non- profit organisations. She prides in mentorship of young professionals in the field of finan￿ and administration, especially interns. She is currently the Congregational Bursar and a General council member of the Congregational Leadership of her congregation following the 19th General Chapter of June 2023. currently based at the Congregational Generalate in Greater Manchester, UK. Previously she was the Regional Co- Leader of the Franciscan Missionaries of St. Joseph - Africa Region from 2020 to 2023. assistant Regional Bursar from 2018 to 2023. During this period. she enjoyed mentoring young sisters who had been put in managerial positions without much experience. She worked as Finance Administration Manager at Jesuit Hakimani Centre (JHC) from 2011 to 2020. While at JHC she was the Safeguarding officer for both Jesuits in Eastern Africa and JHC itself. She worked closely with Jesuit projects in East Africa that is Kenya, Uganda, South Sudan, Tanzania. Ethiopia & Sudan supporting them in finance and accounts of donor funded projects. This saw her travel across East African countries and Zambia. Beforejoining JHC sheworked as the administrator of Marigat Mission Dispensary from 2007 to 2010, at Kisumu Urban Apostolate Programs (KUAP)-Health program as a clerk, drug store manager and as an assistant in the pharmacy. The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Sister Ann Jentrix Murundu has a degree in Applied Accounting from Oxford Brookes University, UK., An Advanced Diploma in Business and accounting by Association of Chartered Certified Accountants (ACCA). ACCA Advancedloption level from Strathmore University. Kenya. She has a Certificate in Administration and Management from Marywood University, USA. At the General Chapter in June 2023 Sister Ann Jentrix was elected as a Councillor and appointed as the Congregational Bursar for a six year term. Sister Frances Slater- Secretary General Born in Dublin in 1950 Fran￿S Slater studied for her Leaving Certificate in schools run by the Holy Faith Sisters. She began her novitiate in 1969 and made religious vows two years later in the congregation of Franciscan Missionaries of St. Joseph. From 1972 to 1976 she followed studies at Sedgley Park College and graduated with an honour's degree in Education. Having taught history and religion for two years in Bishop Henshaw's Secondary School in Rochdale, she volunteered for our mission in Mancora, north Peru. Six months were spent learning Spanish in Lima followed by over a year teaching religion in the local secondary school. Illhen a request was made for religious sisters for a new mission in Ecuador, Sister Frances and three companions went there. For over 35 years she would carry out various pastoral and formation ministries while also holding positions of leadership at local and regional levels. Her last ten years in Ecuador were spent as councillor to religious at the Ecuadorian conferen￿ for Religious. She could do this work because of being given opportunities for further study a nine-month residential course on human development in 1987 at St. Anselm's Institute. a three month course on spiritual direction at the Franciscan study Centre in 2001 and two years studying counselling at Kent University from 2003 to 2005. Following the diploma in counselling Sister Fran￿S worked part-time as a Mental HeaRh Support Worker and, as a member of a chaplaincy team, and made weekly visits to St. Martin's Psychiatric Hospital. Having obtained a diploma in counselling she worked at Waymark Counselling Centre, Canterbury for two years after which she returned to Ecuador. In June 2023 Frances was elected to the general council of the Franciscan Missionaries of St. Joseph for a six year term and now resides in Greater Manchester where she carries out the role of secretary general and prefect of formation. At the General Chapter in June 2023 Sister Frances was elected as a Councillor and appointed as the Secretary General for a six year term. The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Sister Brenda Makokha Sister Brenda entered the Congregation in 1997 at the age of 24. After her initial fomation in Kenya, Sister Brenda was appointed to St. Theresa's communrty in Marigat, in the Kenyan Rift Valley and here she was involved in parish work from December 1999 to 2002. working with internally displaced people at St. Francis Centre. From 2002 to 2005, Sister Brenda trained as a social worker at Kobujoi Development Training InstitLrte, obtaining a Diploma in Social Development work. Upon completion of her studies. Sister Brenda was appointed to Witu Parish in Malindi diocese to open a new FMSJ community. In Witu Sister Brenda was involved in working with other denominations in interreligious dialogue on issues of security. She was also involved in working with people living with HIVIAIDS and women's groups. Due to the social dynamic of the ministry, Sister Brenda did a certificate course in Pastoral Counselling from December 2005 to August 2006 at Amani Counselling Centre in Nairobi. From August 2007 to June 2008 the Congregation asked Sister Brenda to do a course in Formation and Administration at Loreto Housellmu in Dublin. She was then appointed pre-Novitiate director for the Congregation for a three year term. During this time Sister Brenda was part of the staff of the FMSJ and Mill Hill Missionaries Joint Basic Formation programme in Luanda. In 2011, Sister Brenda was appointed Regional Superior for Africa covering Kenya and Uganda, for a six year period. During her term as Regional Superior. Sister Brenda also served as a member of the Executive Committee of the Sisterhoods of Kenya (AOSK) for six years, being responsible for formation. From 2013 to 2018 Sister Brenda was on the staff of the Mill Hill Missionaries formation programme in Nairobi accompanying students on their formation journey. In 2013 Sister Brenda also did an online certificate course in Child Protection in Development Practice through the Kimmage Development studies Centre in Ireland. From 2016- 2018, Sister Brenda seNed on the Board of Trustees of Tangaza University College in Nairobi. At the 2017 General Chapter, Sister Brenda was elected as a member of the General Council for a six year term. Following the General Chapter she was appointed as the Secretary General for a term of three years. Sister Brenda was re-appointed to this position for a further period of three years in June 2020. At the General Chapter in June 2023 Sister Brenda was re-elected as a member of the General Council for a six year term. Sister Brenda's term of office as the Secretary General expired at the 2023 Chapter. The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Trustees Res onslbilities The Trustees, who are also the Directors of The Franciscan Missionaries of St. Joseph for the purpose of company law. are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally AC￿pted Accounting Practice). 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 Charity and of the incoming resources and application of resources, including income and expendFture, of the Charitable Company for that year. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP. make judgements and accounting estimates that are reasonable and prudent; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the Maintenan￿ and integrity of the information on Ihe Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Structure and Mana ement Re ortln The Trustees are ultimately responsible for the policies. activities and assets of the Chartty. They meet regularly to review developments with regard to the Charity and to make any important decisions in conjunction with advice from our Professional Advisers. Sisters live in the UK in 7 communities. The majority of houses are in Salford Diocese where the Congregation was founded and one house is in Freshfield, Liverpool. From these various locations the Sisters minister to the poor and marginalised in society. Local leaders, in charge of these communities, liaise regularly with the Trustees. The day to day responsibility for Franciscan Convent, Blackbum, a registered residential care home, rests with the Manager, Mrs Cheryl Weall. Similarly, day to day responsibility for Franciscan Convent, Burnley, rested with the Manager, Mrs Janet Crawford who retired at the end of March 2024 with Mrs Susan Fegen taking over as Manager on 1 April 2024. Both Managers meet regularly with the Congregational Bursar who reports back to the Trustees. The Trustees are part of The Order and receive the same benefits and incur the same expenses as other members of the Congregation. These transactions are not reported separately. The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Overseas Houses There are overseas houses located in Ireland. the United States of America. Kenya, Uganda and Ecuador. In addition there are two Sisters located in The Netherlands. The Dutch Sisters reside in a state run retirement home and their Dutch Pensions are used to pay the retirement home fees. Any surplus personal allowan￿ is periodically remitted to the UK Central Fund. No bank account is maintsined in The Netherlands. Internal transactions of overseas houses are not incorporated in the financial ststements set out on pages 30 to 57. Unaudited accounts for each overseas region or area and notes thereon, are set out on pages 59A to 106A. There is now only one Sister in the United States Area and an accountant is employed part-time to maintain the accounting records. A program to strengthen financial management overseas is ongoing. This program includes regular visits to each Region by the Bursar General and a re-affirmation of the financial guidelines under which each Region operates with particular regard to the requirement to communicate financial changes and planned financial changes to the Bursar General. Inlhere appropriate, the appointment of external Regional accountants will be considered and this has already been actioned in the United States of America Area. The Africa Region have appointed extemal auditors who assist with the preparation of the Africa Region accounts which are set out on pages 76A- 101A. Workin with Other O anisations The Charity works closely with a number of other charities in the field of providing care to the vulnerable and elderly. In some InStan￿S Sisters are employed by these organisations, whilst in other circumstances the relationships are more informal. In all cases, working together with other charrties enhan￿S communication and understanding, thus enabling services to the elderly to be provided more effectively and avoiding duplication of effort. Examples of the organisations for which members have worked and with which the charity has co-operated during the year are as follows: Roman Catholic Archdiocese of Liverpool Roman Catholic Diocese of Salford Caritas, Diocese of Salford Rainbow Family Trust, Salford Mill Hill Missionaries The Medaille Trust L'Arche, Manchester 10 The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Risk Mana ement In line wlth the requirement for Trustees to undertake a risk assessment, the Trustees have identified and reviewed the major risks to which the Charity is exposed and systems have been established to mitigate those risks. The Trustees have identtfied the following areas where risks may occur. Risk Register - Governance Risks These are the This is how we are currently potential impacts reducing the risk on the organisation This is the risk area I topic Priority This is what we need to doto further reduce the risk 06 year plan in second year of operation & has received ratification from Rome. African zone with its own leadership & Alice Ingham zone with leadership in position & are aware of developments to be undertaken Oon-going reviews are undertaken by the Trustees and Leadership Team several times per annum O New structure and developments have been mandated by the Congregation & are now to be communicated OTrustee and Leadership Team meetings held on a regular basis where issues related to direction are discussed 4 Regular communication with all members of personnel via mechanisms such as 'Vthat's App,, 'Zoom' etc OTrustees and senior leadership team now in position until 2029 New Trustees and members of the Leadership Team have been provided wtth training in relation to their roles and personnel who have held the roles previously are available for support. Handover process covering systems & pro￿$Se$ now completed O Organisation operates through consultation and communication across all areas to ensure service delivery is maintained at required levels The organisation has no clear objectives, priorrties or plans • Issues are addressed piecemeal with no strategic reference Needs of beneficiaries not fully addressed • Financial management difficulties Loss of reputation Organisation lacks direction & fonmard planning Monitor & Maintain existing controls Low • Organisation fails to achieve rts purpose • Trustees are bypassed in the decision-making process Resentment or apathy amongst staff & volunteers Poor decision making refiected in poor seDiice delivery Trustee body lacks relevant skills or commitment Monitor & Maintain existing controls Low The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Risk Register - Governance Risks - Continued These are the This is how we are currently potential impacts reduclng the risk on the organisation This is the risk area I topic Priority This is what we need to doto further reduce the risk Trustees body cannot operate effectively as a strategic body • Decisions made outside the Trustee body Conflicts of interest Pursuit of personal agenda Culture of secrecy Arbitrary overriding of control mechanisms OElected representatives in position with suitable personnel for the roles assigned Ostructure and constitution of the organisation now ratified and comprises of Congregational leadership plus 2 Zonal teams covering global operations - 1) Africa and 2) U.K. & other operational areas 4 Regular communication with all relevant personnel & areas to ensure provision of information /Control mechanisms in position and adhered to by all relevant personnel including physical Leadership Team meetings which are held monthly or every 6 weeks 4 Individual trustees committed to the ethos of the organisation - all are members of the organisation OProfile of trustees and organisation raised through personal visits being conducted to areas of operation. Visits undertaken by Congregational Leader to all areas. Zonal leaders only conduct visits to their own zones O Review of operations via extemal auditors would identfy any issues in respect of personal benefrt by a Trustee. Investment committee incorporating extemal personnel meets regularly Owhistleblowing policy & ethos of organis8tion would identify any conflicts of interest /AII aspects of the organisation are considered via Leadership Team meetings - rt reviews actions and requirements through discussion and consuliation O Leadership Team identify the direction based on the strategy established for the organisation. Strategic Plan subject to a formal review every 3 years 4 Reputational risk would be addressed through involvement of legal support as and when required plus invofvement of the Diocese 12 Trustees dominated by one or Iwo individuals (or connected individuals) Monitor & Maintain existing controls Poor reputation. morale & ethos Adverse impact on overall environment Conflicts of interest Possible regulatory action Trustees are benefiting from the organisation Monitor & Maintain existing controls • Organisation unable to pursue its own interests & agenda Decisions may not be based on relevant considerations Impact on reputation Private benefit Monitor & Maintsin existing controls Conflicts of interest The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Risk Register - Governance Risks - Continued These are the This is how we are currently potential impacts reducing the risk on the organisation This is the risk area I topic Prfority This Is what we need to do to further reduce the risk 06-year strategic plan estsblished in June 2023 O Recognition that organisation needed to develop its strategy through changing of constitutions and streamlining to improve effectiveness and address practicaliiies. On-going reviews held in relation to the strategy established OLeadership Team maintain visibility across all operational areas and undertake reviews on an on-going basis with opportunty provided for discussion and consultation Ominimal impact on operations due to several personnel remaining on the Leadership team / Personnel new to the roles still able to obtain coaching and mentoring from previous holder of the role(s) if required Osupport mechanism established in relation to the Care Homes with appointment of Sister Frances as the liaison from the leadershi team OTrustees are also the individuals on the Leadership team ODecision-making is via consultation and communication with feedback mechanisms enabled to ensure information is provided to all relevant parties O'zonal, teams now established & will provide minutes for consideration at Leadership Team meetings. Informal mechanisms in position with regional support available Remoteness from operational activities Uncertainty as to roles & duties Decisions made at inappropriate level to excessive bureaucracy Ineffective organisational structure Monitor & Maintain existing controls Experience I skills are lost Operational impacts on key projects & priorities Loss of contact base & corporate knowledge Monitor & Maintain existing controls Loss of key staff Inadequate information resulting in poor quality decision making • Failure of Trustees to fulfil their control functions Trustee body becomes remote & ill informed Monitor & Maintain existing controls Reporting to Trustees Low 13 The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Risk Register - Operational Risks This is how we are currently reduclng the risk This is the risk area I topic These are the potential impacts on the organisation Priority This is what we need to do to further reduce the risk OThe organisation has limited contracts in position. Compliance with Lancashire County Council contract achieved O The established strategic plan will be subject to an on-going consideration with a formal 'mid-temi' review (2026) to ensure that any issues identified are addressed O Level of contracts felt to be minimal with review of any large building projects at sites outsourced and reviewed by a surveyor prior to commencement 4 New Head Office building in Astley Bridge, Bolton to be operational by ust 2025 Ostaff complaints procedure in place for raising of any issues O Formal policies in relation to employment law requirements being established O Legal assistance obtained to address any disputes if required ONO liabilty claims in recent years ODiocese would deal with any concerns in respect of reputational risk - Safeguarding issues addressed via internal policy plus membership of 2 bodies - Catholic Safeguarding Standards Agency {C.S.S.A.) and Religious Life Safeguarding Service (R.L.S.S). Internal personnel identified as Safeguarding Lead - Sister Maureen • Contract has onerous terms and conditions Contract has penalties for non- performance Contract does not comply with the organisation's objectives Monitor & Maintain existing controls Contract Risk Complaints are made by beneficiaries • Income is lost Loss of significant contracts Claims for negligence Damage to reputation Customer I client dissatisfaction Monitor & Maintain existing controls Further training to be undertaken once all chaNJes to process confimed and coverage wth managers via Project Lead for the organisalion - quarterty meetings held lo ensure ovmer8hip of requiremerbts Y￿th coverage across a range of personneF wbthln the anisation O Projects in Kenya receive percentage of funding from Irish Aid (Overseas Development Fund) through Misean Cara O Member Managed Grants process being introduced & Organisational Capacity assessment undertaken Oon-going reviews with provision of feedback across all operational areas to ensure awareness of situation and any action required. Projects established for a 3-year period & addressed via internal management pr¢xedures Lack of compatibility with objectives & strategies Loss of financial support Loss of relevant skills required for the project or service Lack of project or service development Medium 14 The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Risk Register - Operational Rlsks - Continued These are th• This is how we are currently potential impacts reducing the risk on the oryanisation This is the risk area I toplc Priorlty This is what we need to doto further reduce the risk O Use of surveyor for projects with established supplier relationships /Organisation does not have one key supplier. Voluntary contribution to Misean Cara on an annual basis O Use of an energy broker to obtain bes deal in conjunction with other organisations in Catholic dioceses in England. (Inter Diocesan Fuel Management) O Organisation is financially independent and holds monthly meetings with external financial advisers to enable operational activities to be maintained. Combination of intemal & extemal ersonnel O New Head Office will remain a residential premises but with space still available within for meetings and office work as required 0Hybrid working able to be undertaken by personnel who operate at Head Office 02 care home buildings- 1 is rented, the other is owned O Head Office premises are owned by the organisation / Stsffing at Burnley care home now stabilised Loss of objectives if key supplier is not there Lack of buying power by the organisation Dependency on key supplier Monitor & Maintain existing controls Building & resource capacity unused Underutilised or lack of building space Mismatch of staff allocations Monitor & Maintain existing controls GDPR policy for the organisalion to be reviewed and communicated O Insurance policy with coverage of relevant aspects reviewed annually /Organisation registered wrth Information Commissioners Office (Ico) rfGDPR policy and procedures in position 4 Use of extemal organisation ('Carbonite') in relation to information storage in 'the cloud, O Retrieval of information from in 'the cloud, achieved successfully Dala Pfoleclion training to be considered for personnel al the care homes Security of assets I infomiation Assets are lost or damaged • Assets are stolen Medium Asset Reglsler to be reviewed lo ensure coverage of all relevant uiremenls 15 The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Risk Register - Operational Risks - Continued These are the This is how we are currentty potential Impacts reducing the rlsk on the organisation Thls Is the rlsk area I topic Prlority Thls Is what we need to do to further reduce the risk Establish Cyber Security Policy Condud view of protocols relaled lo IT systems lo en- sure coverage Discussion vAth insurance rsonnel in respect of requirements related to cov- erage of Cyber Secunty risk Provision of infomiation in lation to • Potential Data Breach Fine via ICO Reputstional risk due to identified issue & associated publicty malwa￿ & Ransomware affecting data held by the organisation Osenior Personnel attend W0￿shopS covering relevant issues OAttendance at specific Cyber Security workshops 4 Increased level of awareness of relevant personnel wrthin the organisation Cyber Security Medium • Disputes amongst staff Non-compliance with employment law I heatth & safety law Claims for unfair dismissal etc Perceived lack of equal opportuniiies Lack of staff awareness & training Low Morale O External consuliancy support used for Health & Safety & HR Legal support provision available via the insurance company used by the organisation / Equal Opportunities Policy in position Ocare staff - mandatory training organised by the Care Home Managers O Regular visits to operational care facilrties undertaken by Zonal Leader 4 Regular supervisions and appraisals conducted by the respective Care Home Managers Staff recrurtment is the responsibilty of the Care Home Managers in Blackburn and Burnley respectively / Staffing needs are identified to the Bursar for aLrthorisation of recruitment with involvement of member of personnel from the congregation (Sister Frances) to provide relevant information OTraining needs reviewed and addressed across the organisation by leadership team & Project Co- ordinators through consultation with relevant rsonnel Employment Issues Conduct view of Equal Opportunilies Policy Loss of specialist skills & experience Increase in recruitment costs. Increase in training costs • Decrease in morale High turnover of staff Monitor & Maintain existing controls Low 16 The Franciscan Missionaries of SL Joseph Report of the Trustees For the Year Ended 31 December 2024 Risk Register - Operational Risks - Continued These are the Thls Is how we are currently potential impacts reduclng the rlsk on the organisation This is the risk area I topic Priorlty This is what we need to do to further reduce the risk Injuries to staff, volunteers & members of the public • Damage to reputation Increased insurance premiums Loss of services through lack of personnel Loss of services through enforcement action ouse of exiernal consultancy to provide support and guidance rf No incidents or accidents in recent years 0 Fire risk assessments conducted at each care home annually with recommendations O Policy and procedures subject to regular reviews and updating O Mandatory training requirements established and monitored by the Care Home Manager- training matrices in position Health and safety compliance Monitor & Maintain existing controls Revlew Business Conlinuty Plan acTOSS the organisalion covering Head Office operations aTh1 the two care homes. Consideration to be given to loss of key personnel with- in the plan due to redu staffing levets at Bumle Lack of access to the premises • Loss of information & communication systems Loss of personnel in a keyjob role /Organisational business continuty plan in position rfEach care home has a business continuity plan related to their specific operations and activities O Back-up of information via 'the cloud, Key personnel considered both intemally & externally Business continuty Medium OAny major decision would be subject to the obtaining of agreement and authority being obtained from the leadership team before it could proceed O Procedures and systems revrewed by external auditors annually /Bursar, her support assistant & the Congregational Leader attend IT awareness & security when possible Support provided from extemal sourc in respect of IT systems OAfrican Zonal Bursar provides infomiation 1141y to leadership team meetings Ozonal Bursar is responsible for maintenance of the systems & proc- dures related to projects & seNices O Information stored in 'the cloud, for ease of retrieval Lack of awareness of procedures & systems • Authority not sought for major decisions Poor information technology systems Cyber Se￿rity Policy 8 Procedures to be developed aNJ Implemènted Procedures & systems Medium Test lo be ¢￿)dUcted to ensure Infomation sltsred in the clfAJd can be retrieved as and vtsn requlre(I 17 The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Risk Register - Financial Risks These are the This is how we are currently potential impacts reducing the risk on the oryanisation Thls Is the rfsk area I toplc Priority This is what we need to do to further reduce the risk rf Regular financial report provided at Trustees meetings / Identification of any financial issues raised & discussed Annual budget established and monitored / Involvement of extemal accounlancy organisation to assist with financial planning & reviews / Quarterly review of projected income and ex ndilure a ainst 'actual' O Income and expenditure subject to regular review both internally and with extemal accountants O Production of quarterly accounts in conjunction with exlernal accountancy organisation rf Quarterly accounts review budget established and variance and determines an action re uired • Budget does not match organisational objectives Poor credit control Control of budgets Monitor & Maintain existing controls Low Inabilty to meet commitments Impact on operational activrties Monitor & Maintain existing controls Cash flow Low O Investment commitlee with involvement of an external fund manager who provides advice and guidance rf Spread of investments and ethical investing policy followed with aim of minimising risk 0 Monthly investment committee meeting O Inveslments and financial guidance audited annually by independent auditors Investment committee aims to maximise income & ensure maintenance of operations across the organisation Osale of Head Office & move to smaller premises- review lo be undertaken in conjunction with new Fund Manager related to investment strategy - long- term project with quarterly review meetin O Accounts are submitted to the charity commission annually 0Accounts submitted to Companies House annually O Processes in position - i.e., investment committee and external accountancy involvement ensure management of risk from a reputational and enfor￿ment action perspective O Accounts of organisation subject to inde endent audit annual Dependencies on income sources Monitor & Maintain existing controls • Loss of income Financial loss through inappropriate investment • Unforeseen investment conditions Cash flow difficutties Monitor & Maintain existing controls Investment Low Enfor￿ment action • Reputational damage Monitor & Maintain existing controls Financial guidelines Low 18 The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Risk Register- Flnancial Risks - ContSnued These are the This is how we are currently potential impacts reducing the risk on the organisation This is the risk area I topic Priority This is what we need to do to further reduce the rlsk dProcedures in position to ensure fraud or error cannot occur Ochecking of infonnation by personnel involved and any issues would be raised 4 Independent audit conducted of the accounts of the organisation Double signature requirement in position related to withdrawal of funds OLimit established on debit cards issued to individuals OLimit established of £1000 per cheque wrth signatories required for ch ues in excess of £1000 Enforcement action • Reputational damage Monitor & Maintain existing controls Fraud or error Low Conflict of Interest In order to follow best practice, the Charity requires a register of interests to be compiled and maintained by the Trustees on an ongoing basis. Having completed this register we can report that none of the Trustees of The Franciscan Missionaries of St. Joseph are also Trustees of other Charities and there are consequently no potential conflicts of interest to report. Public Benefit The Charity Commission now requires charFties to make a statement in their Trustees Report about the benefit they provide to the public. We welcome this opportunity to highlight our work because all our ministries are people centred and this applies both at home and overseas. A detailed list of our ministries is given under the section heading Social and Pastoral Work on page 21. In addition to these various works our Sisters strive in their daily living and contact with people to provide a listening ear, kindness and practical help in the form of food and clothing to the many people who come knocking on our doors, a situation which is becoming more frequent as government help decreases and more people need support. We welcome into our homesthose who wish tojoin our communities for prayer and who seek spiritual help and guidance. Many such people are unable to afford to pay for professional help and they welcome the opportunity to share problems and seek solutions through counselling or spiritual direction given by our Sisters. IAlhilst much of our charitable work is highly visible there are also immeasurable benefits to the public which derive from our ministry of prayer. We receive prayer requests from all over the world through our website and people greatly value this service. Our elderly and infirm Sisters remain fully engaged in this ministry long after they become frail and physically disabled and they therefore continue to contribute to the well being of those around them. 19 The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Safe uardin and Protection of Vulnerable Persons The Trustees remain deeply committed to the safeguarding and protection of children and vulnerable adults. All FMSJS,, staff, and volunteers involved in ministry within the UK are required to undergo Disclosure and Barring Setvice (DBS) clearance. The Charity adheres to the Catholic Safeguarding standards Agency's policies and ensures rigorous implementation across all areas of its work. In preparation for the national safeguarding audit, Franciscan Missionaries of St. Joseph undertook a comprehensive review of its safeguarding protocols in 2024. The audit itself was successfully conducted in January 2025. Activities and s ecific ob'ectives As stated above under 'Mission' the activities of the Charity can be divided into 4 principal areas:_ 1. Caring for Members of the Congregation In common with many other religious congregations, the age profile of the Sisters in the Congregation is increasing as existing members grow older and there are fewer religious vocations ex￿pt in our Kenya Region. The age profile. including novitiates is shown below. Age Profile as at 31 December 2024 35 30 31 25 20 15 io 14 li 80 & Over 70-79 60-69 50-59 30-49 Under 30 The Congregation has an obligation, both legal and moral, to care for its members, none of whom have resources of their own and all of whom have devoted many years of their lives to the care of the elderly, poor and marginalized of our society. As the age profile of the Congregation increases so too does the need to provide increasing and increasingly expensive care to the Sisters. At the year end date, 11 Sisters were cared for in our two Care Homes. It remains the aim of the Trustees to: ensure all members of the Congregation are well cared for maintain our existing Care Homes and ensure that the properties continue to provide suitable accommodation enable all members of the Congregation to continue with their individual ministries for as long as possible ensure that funds are available for the training of the young Sisters. particularly in Africa, and that sufficient properties are available for accommodation. Training must include the transition of key roles from older European Sisters to younger African Sisters. 20 The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 2. Soclal and Pastoral Work The following are examples of social and pastoral work undertaken by individual Sisters who play an important role in local communities: nursing and hospi￿ care parish Sisters visiting, running catechetical programmes, prayer groups and parish based organisations teaching and lecturing in paid andlor volunteer roles administrative duties within the Congregation chaplaincy work in hospitals, hospices, care homes, and universities work wrth the homeless spiritual direction and retreat work preventative healthcare work especially with Al DS sufferers Rehabilitation and care of street children Rehabilitation, advocacy and Care of disabled children and youths bereavement counselling missionary awareness through public speaking and Mission Appeals chaplaincy work Philippino community The aims of Trustees in this area include.. enabling the Sisters of the Congregation to continue to carry out meaningful social and pastoral care in the local area, responding to local need. The Sisters who work in these apostolates strive to enhance the dignity and personal seW esteem of each person, irrespective of creed, race, age, sex or religion, believing each human person to be equal in the eyes of God and wrth the same right to benefit from the sepdices we offer expanding our ministries in response to local needs wherever we are able wherever possible, ensuring that the Sisters are remunerated for such work by way of salary or stipend. Their income is donated to the Charity and helps to ensure that the work is continued 3. Care Homes The Charity operates two registered Care Homes for the elderly. The philosophy of care in both hornes aims to provide the residents with a secure, relaxed and homely environment in which their care, well being and comfort are of prime importance. The mission of the Franciscan Missionaries of St Joseph flows from our belief in the sanctity of life and the dignity of the human person. We believe every person is created in the image of God and has an equal right to our respect, care and love. Our Franciscan ethos is the value base of our holistic care expressed in meeting the physical, spirrtual, social and psychological needs of our older, sick and infirm Sisters. We provide this care in collaboration with our co-workers, sharing in the mission of Christ. "I have come that you may have life and have it abundantly" (John 10.10) Franciscan Convent, Blackburn There are thirteen registered rooms, several of which have en-suite facilities. There is also another floor that is not registered and which is used for the Sisters living in the convent but not requiring care. The Home provides care for both our own Sisters and for female members of the general public. The Home has its own chapel, which is open to visitors, and large grounds. 21 The Franciscan Missionaries of SL Joseph Report of the Trustees For the Year Ended 31 December 2024 The last Care Quality Commission Inspection which took place in January 2020 stated that the residents told us "they felt very safe and well cared for in the home and the staff were always kind, caring and respectful of their dignity and privacy" In February 2021 The Care Quality Commission (CQC) undertook a targeted inspection looking at the infection control and prevention measures in place. Their findings stated, among other points, were that kne were assured the provider was promoting safety through the layout and hygiene practices of the premises" and "we were assured the provider was making sure infection outbreaks could be effectively prevented or managed.. HEALTHWATCH Blackburn with Darnven. conducted an announced Enter and View visit on 3 May 2022. This was undertaken by authorised representatives from Healthwatch Blackburn with Darwen who have the authority to enter health and social care premises, announced or unannounced. to observe and assess the nature and quality of services and obtain the view of those people using the services. Healthwatch Blackburn with Da￿en praised the home's environment, faith-based inclusivity, and the compassionate attentiveness of staff. FrancSscan Convent, Burnley The Home has sixteen beds including three which are specffically for those suffering from dementia. Having deregistered. care is provided only for Sisters of the Congregation at the present time. Care could be extended to Sisters of other Congregations in the future although this would require CQC re-registration. The Home has its own chapel, spacious lounges and a library. Its town centre location means that it is easily accessible and ensures that the Residents can avail themselves of local facilities and amenities. In February 2023 the Manager carried OLrt a Qualty Assurance Questionnaire for the Sisters: Sister Maria who was on respite care following knee surgery responded as follows: "The staff seem to have the ability to discern my needs and supported my efforts to get back on my feet. With great support, encouragement and challenge I was making steady progress which I certainly could not have done without their invaluable help, kindness and compassion.. In running these two Homes the Trustees aim to provide excellent residential care, ensuring that Residents needs are fully met and that they enjoy as high a quality of life as possible. Both homes are regularly inspected and any indication of failure or shortcomings is immediately addressed and corrected. 4. Overseas Missionary Work The Congregation has Sisters working overseas in Kenya, Uganda, Ecuador and Ireland. The one Sister in the USA is has now retired but still engages in voluntary work. There are also two Sisters living in retirement in The Netherlands. A tremendous need continues for ministry overseas and the Sisters are engaged in many medical, pastoral. education, social work and catechetical apostolates particularly among the poor. The increased number of Sisters in Kenya has enabled our work there to expand and to respond to further unmet local needs. In promoting Christian values in their mission of evangelisation the Sisters endeavour to encourage confidence in the local people in order to help them to become self sufficient and to undertake leadership roles. We aim to continue to expand our work as needs arise. The novitiate in Nairobi continues to thrive and £14,000 per year is transferred each year from the UK to fund Kenya formation programmes. It is the aim of the Trustees to continue this funding for as long as possible. The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Achievements and Performance - Review of activities We now describe the main achievements during the year in each of our principal activities. Franciscan Missionaries of St. Joseph (FMSJ) remained steadfast in their mission throughout 2024, providing compassionate care, pastoral ministry, education, and communty support across the United Kingdom and overseas. This report outlines the impact of their service, and the lives touched through various ministries rooted in the Franciscan values of dignity, justice, pea￿, and love. 1. Care of the Members of the Congregation Throughout the year the Charity continued to assist the Sisters of the Congregation in their charitable and religious work. The Charty operates two registered care homes for elderly members of the Congregation.. one in Blackbum and the other in Burnley. Each home provides a nurturing and spiritually rich environment, underpinned by the Franciscan ethos of holistic care meeting the physical. emotional, psychological, and spiritual needs of every resident. The Franciscan Convent in Blackburn, with thirteen registered rooms, continues to care for both Sisters and female members of the public. Residents benefit from a welcoming atmosphere, a chapel open to visitors, and large, well-maintained grounds. The 2020 Care Quality Commission (CQC) inspection affirmed the home's high standards. noting residents felt safe, respected, and well cared for. In 2022, Healthwatch Blackburn with Darwen praised the home's environment, faith-based inclusivity, and the compassionate attentiveness of staff. Special occasions such as Sister Ruth's 90th birthday. monthly scripture reflection sessions, outings, and in-house activities like baking and gardening enriched the lives of the residents in 2024. The consistent staff presence and personal attention offered to residents were deeply appreciated by families, contributing to a strong sense of belonging and community. Sister Ruth's 90th Birthday celebration with Sisters, family, and friends The Franciscan Convent, Burnley, currently caring exclusively for Sisters of the Congregation, includes sixteen beds and provides a peaceful, well-staffed environment. In 2023, a Qualty Assurance Questionnaire captured heartfelt feedback from residents, affirming the kindness and competence of the care team. Its town-centre location also ensures residents remain connected to local amenities. The home plays a crucial role in hosting Congregational gatherings, enabling more frail Sisters to participate without travelling far. 2. Social and Pastoral Work In the UK and overseas. Franciscan Missionaries of St. Joseph continued to carry out a wide range of social and pastoral ministries in 2024. Rooted in the Gospel and the values of St. Francis of Assisi and St. Joseph, their ministries are grounded in listening, presen￿, education. empowerment, and service to the most vulnerable. 23 The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 One of the Franciscan Missionaries of St. Joseph's mission in Kenya is the Witu Community Development Platform (WICODEP), communrty based initiative led by Sr. Nancy Mongina, Franciscan Missionaries of St. Joseph. Under her leadership, VIICODEP made transformative strides in improving health outcomes, reducing mother-t(>child HIV transmission, and promoting economic resilience. Over 100 children born to HIV- positive mothers tested negative due to effective intervention. Local women benefited from income-generating activities including a printing service, crafts, and community programmes. Desprte the logistical challenges of operating in a remote region, WICODEP'S decentralised model empowered grassroots support networks. amplifying its reach. Sister Nancy Mongina receiving an award for best community support programme in Kenya Sister Phelesia Ayuko Okwemba, Franciscan Missionaries of St. Joseph, Headteacher of Alice Ingham Primary School in Witu, Lamu County, continued to nurture a thriving educational environment for 301 pupils. In 2024, the school expanded its science curriculum using the region's only modern science laboratory, supported by benefactors from the UK and Ireland. Children engaged in holistic learning that included Eucharistic ￿lebratIOnS, music, and environmental stewardship activities. Desprte limited infrastructure, the school implemented creative solutions such as improvised learning materials and outdoor classrooms to overcome resour￿ gaps. Sister Phelesia and her team engaging in environmental conseNation efforts with students Pupils engaging in creative learning using locally available resources 24 The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 3. Care Homes Franclscan Convent, Blackburn The quality of care provided in the Home is constantly monitored by the Trustees and the Home receives good reports from the Care Quality Commission. The care was recognised by Blackbum with Darwen Social Services and the Home was invited to be part of its Quality Assuran Scheme. All staff have recognised NVQ qualifications and many are now working to attain higher grades. Franciscan Convent, Burnley This home is also constantly monrtored by the Trustees with frequent reports gtven by the House Manager. It is well staffed by dedicated and qualified workers and an internal quality assuran scheme monitors the standard of care achieved The home is used by the Congregation for UK gatherings of the Sisters so that the more frail Sisters who live there, and would otherwise be unable to travel, can still attend. 4. Overseas Missionary Work The FMSJ'S overseas presen￿ remains strong in Kenya, Uganda, Ecuador, and Ireland. In Kenya, the increased number of Sisters has enabled expansion into eleven regions. Their ministries reach street chi5dren, orphans of AIDS victims, widoKE. and individuals living with HIV through clinics and home-based care. The Congregation also manages a home for physically disabled children and continues to support a thriving novitiate in Nairobi. funded through ongoing UK donations. In Uganda, our Sisters serve among the Karamojong people, one of the country's most underserved communities. Their work includes early childhood education, pastoral care, and small-scale economic projects such as a local bakery. In Ecuador, Sister Yenny Arce Penafiel leads impacfful social and pastoral programmes in Puerto Quito. In 2024, her Carrtas team provided support to 61 students, distributed 250 Christmas hampers, offered craft classes for yOLrth with disabilities, and facilitated catechist training in the parish and outstations. With the help of UK benefactors, Sister Yenny's team built five homes and distributed food weekly to families in extreme need. 11 Children receiving gifts and focrfl supplies in Puerto Quito, Ecuador Sister Yenny with her Caritas team supporting families and children 25 The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Investment Polic The Trust Deed dated 27th De￿rnber 1963 does not specify investment powers and the 1961 Trustee Investment Act therefore applied. Under a scheme of the Charity Commissioners dated 29th August 1996 the Trustees were granted wider powers of investment with an 850/0.150/0 split between wider and narrower range investments. The Trustee Act 2000 superseded this scheme and investments are now regulated by the Trustee Act 2000. The Charity's Investments were managed by Amber River True Bearing throughout the year but a change was made in June 2025 to Sarasin & Partners LLP. The investment strategy is set by the Trustees and takes into account income requirements in the short, medium and long term. An investment committee comprising of two Trustees, two Sisters of the Congregation and professional advisers meets monthly to review our investments. The aim is to provide income and capital growth to fund existing and future apostolates of the Congregation, both in the UK and overseas. Funds are also required for initial and on-going training programmes and for the costs of caring for our sick, elderly and incapacitated Sisters. The policy is to maximise total return through a diversified portfolio and a level of income determined by the Trustees. We also endeavour to invest in socially responsible funds consistent with a Roman Catholic ethos in order to avoid investing in organisations or areas which have policies inconsistent with social justice. Our ethical considerations will always take into account the requirement for security and the need to provide an acceptable investment performance but we are mindful of Christian teaching and endeavour to avoid investment in activities contrary to our beliets. 1. Investsnent Performance The conflict in Ukraine has brought both poor performance for our Mill Hill investments and inflation at rates not seen for more than 40 years. This high level of inflation impacts all areas and in particular has made the operation of our care homes very much more expenstve. Ipthilst inflationary pressures remain wrth the rate of inflation being 3.80/0 at the time of writing this report, inflation is reducing making income and expenditure modelling more reliable. Investments were made in accordance with the Trustees Investment Policy refeffed to earlier in this report and in Complian￿ with ethical guidelines. 2. Financlal Review- Results for the Year During 2024 total incoming resources amounted to £1,215,956 (2023 £783,306). Of the incoming resources, a total of £96,700 (2023 £108,388) related to fees receivable and other income of the Charity's two care homes. £1,013,278 (2023 £583,558) was received by way of donations and legacies. This figure includes salaries and pensions of the Sisters amounting to £421.386 (2023 £390.028) covenanted to the Charity. Investment income and interest re￿1vable totalled £19,228 (2023 £20.317) of which £14,136 (2023 £19,468) relates to designated funds. Resources expended totalled £1,495,167 (2023 £1.603,528). The total expenditure on the Charity's two care homes amounted to £1,058.367 (2023 £1,134,769). Total staff costs represent a very significant proportion of expenditure and amounted to £823,835 (2023 £848.812). 26 The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Expenditure incurred on maintaining the members of the Congregation and supporting them in their pastoral work and ministry amounted to £205,369 (2023 £180,828). Expenditure on governance costs and the fees paid to the Charty's investment managers including fees paid to investment platforms during the year amounted to £77,580 (2023 £55,859). Net outgoing reSoUr￿S for the year, were then £279,211 (2023 £820,222). Investment gains of £162,010 (2023 £293,162) resulted in a net oufflow of funds for the year of £117.201 (2023 £527,060). 3. Reserves Policy The reader will discern from the foregoing that the Charity carries out a diverse range of activities and is responsible for care and support of Sisters whose average age is increasing and whose needs are changing. The Trustees have examined the need for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed and endeavour to balance the need for such free reserves with the desire to more fully fund the reserves needed to support Sisters in their retirement. Such free reserves are needed to support the work of the Sisters in the future, in particular the support of the Congregation's missionary and healthcare work overseas. There has been a release from the Maintenance of Retired Sisters Reserve in the year of £80,000 (2023 £Nil) to maintain the level of such free reserves. 4. Financial Position The balan￿ sheet shows total reserves of £4,570.898 {2023 £4,688,099). Of this. £1,316,474 (2023 £1,342,311) is represented by properties and other tangible fixed assets essential for the support and work of the Sisters. The funds set aside to provide for the Sisters in their retirement. none of whom have resources of their own, have been reassessed during the year. The calculation. based on actuarial methods. indicated that £8.02M (2023 £8.08M) is needed to be set aside in order to provide a minimum pension. A minimum pension was set at £5,000 in 2003 and is rebased for inflation thereafter. In these accounts £1.20M (2023 £1.28M) has been set aside for this purpose. These funds embrace and are supplemented by the Mill Hill Pension Fund, a designated fund for the maintenance of retired Sisters created from donations by the Mill Hill Society primarily for that purpose and amounting to £3,069,582 (2023 £3,278,983) at the year end date. In addition, there are investments and monies in bank deposit accounts held within the United States of America Area and Ireland Region totalling £854.270 (2023 £818,235) and £570,429 (2023 £592,669) respectively which are held for the future maintenance of retired Sisters. The Ecuadorian Retirement Fund is held in a UK deposit account. It is intended thatthese monies will be set aside in their own dedicated bank deposit account now that rates have returned to normal. The monies representing the Ecuadorian Retirement Fund amounted to £201.701 (2023 £98,034). 27 The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 The conflict in Ukraine which led to very high inflation - to levels not seen for more than 40 years forced central banks worldwide to raise interest rates to try to bring down the level of inflation. This has brought the unprecedented low interest rates, which persisted for more than 15 years to an end. As inflationary pressures ease it is anticipated that the significant increases in costs maintaining our retired Sisters will lessen. The Trustees hope that, in the medium to long term, investment markets will continue to improve and that they will be able to designate more funds to the Sisters. retirement fund. The calculations show clearly that this is a prudent and sensible policy. Future Plans The Trustees do not anticipate any significant change to the Charity or its activities in the coming year. It is our intention to continue to meet the following objectives: To continue to care for the Sisters and enable them to continue their various ministries among the poor and marginalized of society. To continue to run two Care Homes for the elderly and those suffering from dementia. To meet the requirements of the Care Standards Act 2000 and inspections conducted by the Care Quality Commission. To continue to provide training to all our staff. To continue to expand our work in Kenya and Uganda and to continue the transition of responsibilities to our Kenyan Sisters. To continue to fund the formation training of our Sisters in Kenya. On the advi￿ of our Solicitors to facilitate having Sisters living overseas as Trustees we have registered as a Company and a new Charity (a Charitable Company Limited by Guarantee with no Share Capital (Registered Company Number 07010772 (England and Wales)) (Registered Charity Number 1135474)). The transrtion of the functions and assets of The Order to the new Company and Charity was implemented on 1 January 2011 by a Transfer Deed dated 18 February 2011. 28 The Franciscan Missionaries of St. Joseph Report of the Trustees For the Year Ended 31 December 2024 Our Mill Hill investments have performed satisfactorily so far in 2025 and this is in line with stock markets generally however we remain vigilant as the ￿SE 100 is currently at an all time high. Inflation which rose to rates not seen for more than 40 years in 2022 has eased, though inflationary pressures remain with the rate of inflation being 3.80/0 at the time of writing this report. being far in excess of the government target of 2 /0. The high level of inflation impacts all areas and in particular makes the operation of our care homes very much more expensive. Inflation is anticipated to remain above government targets of 2 % throughout the rest of 2025 and into 2026 at rates in eX￿sS of 3 % before reducing towards 2 % in late 2026. We have to take this into account when budgeting our costs and in particular those relating to the operation of our care homes - the costs of operating said care home has risen very sharply over the last 3 years. As inflation reduces towards the 20/0 target our modelling becomes easier as predictability returns to our costs. We are confident that the financial pressures can be weathered however bve remain vigilant both in measuring these inflationary costs and accordingly planning for the future. The Drywood House which also served for the last 30 years as our Generalate was sold in April 2025. A new house in Astley Bridge, Bolton was bought in May 2025 and once the removal of asbestos and consequential repairs and decorating throughout are complete then this new house will become our Generalate. The Trustees are of the opinion that the financial position is such that we will be able to continue to meet our future planned objectives with no significant change in our operations or activities for the next two years and indeed for the foreseeable future notwithstanding the adverse impact of the conflict in Ukraine on both inflation and on our financial investments. Following a six-year review process initiated at the 2017 General Chapter, the 2023 General Chapter successfully finalized a series of proposals aimed at restructuring the governance of the Congregation. The plans with regard to reorganising and restructuring the governance of the congregation to make it more relevant for our present reality recetved Vatican approval in Spring 2025.. The Congregational Leadership will convene a full congregation meeting later in 2025 to disseminate these changes and offer every member the opportunity to renew their commitment to their calling. Employees, Advisors and Members of the Congregation The Trustees wish to record their recognition and gratitude to all their staff, professional advisors and individual Sisters of the Congregation for their dedication and commitment to the works of the Congregation throughout the year. Approved by the Trustees on 26th September 2025 and signed on their behalf by: L¥2>Cc Sister Anne Moore Trustee and Congregational Leader Slster Ann Jentrix Murundu Trustee and Congregational Bursar Registered Charity Number 1135474 29 Independent Auditor's Report to the Members of The Franciscan Missionaries of St. Joseph For the Year Ended 31 December 2024 Opinion We have audited the accounts of Franciscan Missionaries of St Joseph for the year ended 31 December 2024 set out on pages 1 to 57. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 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 auditors, 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 its members as a body, for our audrt work, for this report, or for the opinions V￿ have formed. In our opinion, the financial statements- give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources. for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. 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 Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity'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. 30 Ilndependent Auditor's Report to the Members of The Franciscan Missionaries of St. Joseph For the Year Ended 31 December 2024 - Continued Other infomiation The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The trustees, are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to material misstatement in the financial statements themselves. 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. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to vthich the Charities Act 2011 require us to report to you if, in our opinion: the inforrnation given in the financial statements is inconsistent in any material respect with the Trustees, Report,. or sufficient accounting records have not been kept; or the financial ststements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the statement of responsibilities. the trustees 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 the 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 charity's ability to continue as a going cOn￿rn, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charrties Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 31 Independent Auditor's Report to the Members of The Franciscan Missionaries of St. Joseph For the Year Ended 31 December 2024 - Continued Auditorfs responsibilities for the audlt of the financial statements - Continued 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 auditors, 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 rf, 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. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https:Ilwbw.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-complian￿ with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entrty, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included: Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; Reviewing minutes of meetings of those charged with governance., Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 32 Independent Auditor's Report to the Members of The Franciscan Missionaries of St. Joseph For the Year Ended 31 December 2024 - Continued Extent to which the audit was considered capable of detecting irregularlties, includlng fraud Continued Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non- compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Use of our report This report is made solely to the charity's trustees. as a body. in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters vle 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Jonathan Ward (Senior Statutory Auditor) for and on behalf of Azets Audit Services Statutory Auditors Alpha House 4 Greek Street Stockport. SK3 8AB Azets Audit Services is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 33 The Franciscan Missionaries of SL Joseph Statement of Financial Activities For the Year Ended 31 December 2024 2024 Total Funds 2023 Total Funds Unrestricted Designated Restricted Funds Funds Funds Note Incoming Resources Voluntary Income Activities for Generating Funds Investment Income Incoming ReSoUr￿S from Charitable Activities Other Incoming ReSoUr￿S 940740 72538 1013278 583558 37 5092 37 19228 1218 20317 14136 97303 86110 97303 86110 108726 69487 Total Incoming Resources 1129282 14136 72538 1215956 783306 Resources Expended Costs of Generating Funds Investment Management Costs Charitable Activities Charitable Activities Governan￿ Costs 16960 16960 18379 1395428 60620 22159 1417587 60620 1547669 37480 Total Resources Expended 1456048 16960 22159 1495167 1603528 Net (Outgoing) Resources before Gains l(Losses) on investments (326766) (2824) 50379 (279211) {820222) ProfiV(Loss) on Sale Inv. Assets M'ment in Value of Inv. Assets Tfr of Ecuadorian R'ment Funds Tfr Kenya Mission Funds Transfer Between Funds 77814 84196 103657 77814 84196 65864 227298 (103657) 368587 (368587) Net Movement in Funds (61836> (105744) 50379 (117201) {527060) Reconciliation of Funds Total Funds Brought Forward 1311072 3377027 4688099 5215159 Total Funds Carried Forward 1249236 3271283 50379 4570898 4688099 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. .The Franciscan Missionaries of St. Joseph IBalance Sheet as at 31 December 2024 2024 2023 Note Fixed Assets Freehold & Leasehold Property Other Tangible Assets Total Tanglble Fixed Assets 1305686 10788 1334604 7707 13 1316474 1342311 Designated Funds Investments 14 3069582 3278983 Investments Quoted Investments Unquoted Investments at Cost 15 280 280 280 4386336 280 4621574 Total Fixed Assets Current Assets Sundry Debtors Cash at Bank - Deposit Accounts Cash at Bank - Current Accounts Cash in Hand 19 30287 122675 94981 3733 251676 8205 88824 20452 2381 119862 Liabilities Creditors: due vrfithin one year 20 67114 53337 Net Current Assets 184562 66525 Total Net Assets 4570898 4688099 The Funds of the Charity: Restricted Funds 50379 Designated Funds 3271283 3376584 Unrestrlcted Funds Maintenance Reserve General Fund 16 1200000 49236 1280000 31515 1249236 1311515 Total Charity Funds 23 4570898 4688099 rAYL￿L Sister Anne Moore Directors Sister Ann Jentrix Murundu Company Number 07010772 Approved by the Directors on 26th September 2025 Registered Charity Number 1135474 35 IThe Franciscan Missionaries of St. Joseph Consolidated Statement of Cash Flows For the Year Ended 31 December 2024.. 2024 2023 Cash flows from operatlng activities Net cash (oufflow) in respect of operating activities {277177} (837940) Cash flows from investing activities Investment income and interest received Proceeds from the disposal of tangible fixed assets Purchase of tsngible fixed assets Proceeds from the disposal of investments Purchase of investments 19228 1521 (5251) 430127 20317 659809 Net cash provided by investing activities 445625 680126 Increasel{decrease) in cash and cash equivalents 168448 {157814) Cash and cash equivalents as at 1 January 2024 388858 546672 Cash and cash equivalents as at 31 December 2024 557306 388858 'The Franciscan Missionaries of St. Joseph ,.Consolidated Statement of Cash Flows - Continued iFor the Year Ended 31 December 2024 Reconciliation of net movement in funds to net cash used in operating activitles 2024 2023 Net movement in funds (as per the Statement of Financial Activities) (117201) (527060) Adjustments for.. Depreciation charge (Profit)ILoss on sale of fixed assets (Gain) on sale of investment assets (Gain)ILoss on movement in value of investment assets 31088 30749 {77814) (65864) (84196) 368587 (103657) (227298) 782204 (9722) (12) (20305) Transfer from MHP Fund to Central Fund Ecuadorian R'ment Fund Movement Africa Regional Fund Movement Investment income and interest receivable Decrease in balance due to MHP ' Lossl{Surplus) on disposal of tsngible fixed assets Decreasel(increase) in debtors {Decrease)lincrease in creditors Net Transfer from Designated Funds to Unrestricted Funds (19228) (1521) (22082) 13777 (5320) (22830) (264930) (772482) Net cash (oufflow) in respect of operating activities (277177) (837940) see note 14a Analysis of cash and cash equivalents 2024 2023 MHP Cash at Bank Fixed Term Deposit ' MHP Cash at Bank Current Account" MHP Monies held on Investment Platforms . Cash at Bank - Deposit Accounts Cash at Bank - Current Accounts Cash in Hand 100000 31959 203958 122675 94981 3733 150000 118066 9135 88824 20452 2381 557306 388858 see note 14a 37 The Franclscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024 Accounting Policles The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below. a) Company Information: The Franciscan Missionaries of St. Joseph is a Private Company Limited by Guarantee incorporated in England and Wales. The registered office was located at St. Joseph's Convent, 150 Greenleach Lane, Worsley. Manchester, M28 2TS throughout the year. The registered office was changed on 20 May 2025 and is now located at Our Lady's Presbytery, Hallstead Avenue, Little Hulton, Manchester, M38 ODL. b) Basis of Preparation.. The accounts have been prepared in accordance wrth the Charit5ls governing document, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102. The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The accounts are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention except as disclosed in the accounting policies certain items are shown at fair value. The principal accounting policies adopted are set out below. c) Critical accounting estimates and areas of judgement: Preparation of the accounts requires the Trustees to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made include: estimating the useful economic life of tangible fixed assets. 38 .,The Franciscan Missionaries of St. Joseph INotes to the Accounts for the Year Ended 31 December 2024 - Continued Accounting Policies - Continued d} Assessment of going concern: The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts. The property located at St. Joseph's Convent, 150 Greenleach Lane, Worsley, Manchester M28 2TS was sold on 1 May 2025 for £2,626,500. The Trustees of the Charity continue to believe that are no particular social or political circumstances which will have a marked structural impact on our operating income and expenditure. If this position was to change in a material way then it would not be realistic to supply future guidance, beyond saying that we remain confident that the financial consequences of such a crisis could be weathered. The Trustees have therefore concluded that there are no material Un￿rtaIntieS related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees are of the opinion that the Charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ended 31 December 2025, the most significant areas that affect the carrying value of the assets held by the Charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management section of the Trustees, Report for more information). e) Income Recognition: Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the rtem(s) of income have been met. it is probable that the income will be received and the amount can be measured reliably. Sisters, salaries and pensions are received under deeds of covenant and are stated net of any deductions for social security payments and contributions to occupational pension schemes if relevant. Donations are recognised on a remittance basis. Receipts of propety, investments or other gifts in kind are included at market value. Government coronavirus (Covid-19) grants are recognised in an appropriate manner that matches them with the expenditure towards which they are intended to contribute. There are no such grants received this year and no further grants are envisaged. In accordance with the Charities SORP and FRS102, volunteer time is not recognised. 39 The Franciscan Missionaries of St. Joseph .Notes to the Accounts for the Year Ended 31 December 2024- Continued Accounting Policies - Continued e) Income Recognition - Continued: Dividends are recognised once the dividend has been declared as becoming payable and notrfication received of the dividend due. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity. this is normally upon notification of the interest paid or payable by the bank. Expenditure Recognition: Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third paty, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings- Expenditure on raising funds includes all expenditure associated with raising funds for the Charity. This includes investment management fees. Expenditure on charitable activities includes the costs of running the Charity's convents as well as all other costs associated with furthering the charitable purposes of the Charity through the provisions of its charitable activities. These costs comprise charitable grants and donations, direct and support costs in respect to the support of members of the Congregation and their ministry. It also includes governance costs. Charitable grants and donations are made where the Trustees consider there is a real need following a review of the details of each particular case. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but not paid over at the year end date. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. g) Support and Governance Costs: Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the Charity, 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 comprise the costs involving the public accountability of the Charity (including audit costs) and costs in respect to its compliance with regulation and good practice. 40 The Franciscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024 - Continued h} Tangible Fixed Assets: Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided in equal amounts each year in order to write off the cost of fixed assets over their useful lives i.e. Buildings and Alterations Fixtures, Fittings and Furniture Office Equipment Motor Vehicles 25 0/0 Buildings are in constant use in furtherance of the Orderfs charitable objeclives and are properly maintained to standards that ensure that their residual value is not less than their book value. Notwithstanding this. the Trustees have decided to depreciate buildings and alterations at the rate of 2 % per annum. i) Quoted Investments: Quoted investments are stated at mid-market value at the balance sheet date. Unrealised investment gains and losses are calculated as the difference be￿een the valuation at the balance sheet date and their valuation at the last balance sheet date or purchase price, if acquired during the year and are reflected in the statement of financial activities. j) Debtors.. Debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. k) Cash at Bank and in Hand: Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Deposits for more than three months and up to 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. l) Creditors and Provisions.. Creditors and provisions are recognised where the Charity has an obligation at the balance sheet date as a result of a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts that may be due. 41 The Franciscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024- Continued Accounting Pollcles - Continued m) Services provided by Members of the Congregation: For the purposes of these accounts, no value has been placed on administrative and other services provided by Members of the Congregation. n) Pension Contributions: Contributions in respect of the Charity's defined contribution pension scheme are charged to the statement of financial activities as they become payable in accordance with the rules of the scheme. The Charity has no liabilty beyond making its contributions and paying across the deductions for the employees, contributions. o) United Kingdom Sister Houses: Transactions of Unrted Kingdom Sister Houses are incorporated in the financial statements. p) Overseas Houses: The overseas accounts are set out on pages 59A - 106A and are not incorporated in the main accounts. There are overseas houses located in Ireland, the United States of America, Africa and Ecuador. There are two Sisters located in The Netherlands. The Dutch Sisters reside in a state run retirement home and their Dutch Pensions are used to pay the retirement home fees. Any surplus personal allowance is periodically remitted to the UK Central Fund. No bank account is maintained in The Netherlands. The program to strengthen financial management, reporting and communication of all overseas regions is continuing. As part of this program the Bursar General makes regular visits to each Region to re-affirm the financial guidelines under which each Region operates with particular regard to the requirement to communicate financial changes and planned financial changes to the Bursar General. Where appropriate, the appointment of external Regional accountants will be considered and this has already been actioned in the United States Area and the Africa Regions. 42 The Franciscan Missionaries of St. Joseph ,Notes to the Accounts for the Year Ended 31 December 2024- Continued Voluntary Income 2024 2023 Donations and Other Voluntary Contributions Other Donations.. Salaries and Remuneration State Benefits Pensions (Great Britain) Pensions (Missions and Houses overseas) . Council Winter and Other Grants Ukraine Homeless Project Legacies Voluntary Contributions for Missions - Mission Appeals ' 10270 8703 94964 36612 204598 85212 3689 10782 434002 118546 14603 83316 15598 199557 91557 8042 3450 93337 64831 15167 1013278 583558 Voluntary Contributions for Designated Funds 1013278 583558 Restricled Funds Designated Funds Unrestricted Funds 72538 940740 583558 1013278 583558 includes overseas pensions relating to Sisters now located in Great Britain. see note 12 43 The Franciscan Mlssionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024- Continued Activities for Generating Funds 2024 2023 Book and Calendar Receipts Other Fund Raising Activities 37 43 1175 37 1218 Investment Income 2024 2023 Dividends and Interest Received on Quoted Investments Interest Received on Unquoted Investments Bank Interest Received 3406 6766 15822 13551 19228 20317 Restricted Funds Designated Funds - see note 14 Unrestricted Funds 14136 5092 19456 861 19228 20317 Incomlng Resources from Charitsble Activltles 2024 2023 Fees and Remuneration - Residential Care Homes Other Miscellaneous Income 96700 603 108388 338 97303 108726 The Franciscan Missionaries of St. Joseph ,Notes to the Accounts for the Year Ended 31 December 2024 - Continued Other Incomlng Resources 2024 2023 Insurance Payout for Medical Expenses Surplus on Sale of Motor Cars Transfers from Regions - see note 12 43463 1521 41126 42998 26489 86110 69487 Investment Management Costs 2024 2023 Investment Advice Fees Investment Platform Fees - see note 14 14621 2339 15844 2535 16960 18379 Restricted Funds Designated Funds Unrestricted Funds 16960 18379 16960 18379 45 The Franciscan Mlssionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024 - Continued 8 Charitable Actlvlties 2024 2023 Education and Tuition Sister House Expenses ' Cont. to Missions External Programs- see note 12 Residential Care Home Expenses Fonnation Support Costs - see note 10 7252 205369 22397 1058367 14003 110199 10025 180828 85097 1134769 14000 122950 1417587 1547669 Restricted Funds Designated Funds Unrestricted Funds 22159 1395428 1547669 1417587 1547669 Governance Costs 2024 2023 Audit Fee Legal and Other Professional Charges 18000 42620 10204 27276 60620 37480 46 .The Franciscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024 - Continued 10 Support Costs 2024 2023 Office Expenses Administration Salaries Insurance Travel Bank Charges Upkeep of Buildings Depreciation - Vehicles and Fixtures & Fittings Depreciation - Buildings & Alterations General Chapter Expenses Other Expenses 25701 13643 9325 28220 1529 14236 17474 8794 26767 1496 2170 28918 1831 28918 22953 481 693 110199 122950 11 Wages & National Insurance 2024 2023 a) Gross Wages Employers National Insuran Employers Pension Contributions - NEST 762744 47391 13700 787537 47178 14097 823835 848812 b) Residential Care Home Employees Sister House Employees Central Fund Employees 797818 10389 15628 809432 20544 18836 823835 848812 c) Average number of full time equivalent employees: Residential Care Home Employees Sister House Employees Central Fund Employees 30 33 32 35 d) No employees had emoluments in excess of £60,000 in either year. 47 The Franciscan Missionaries of SL Joseph Notes to the Accounts for the Year Ended 31 December 2024- Continued 11 Wages & Natlonal Insurance - Continued e) There are no key management salaries. All key managers are Trustees of the Charity and receive no remuneration. 12 MISSIONS This note brings together the UK income and expenditure for sisters based overseas. The overseas accounts for Africa are aud5ted but the overseas accounts for Ireland. USA and Ecuador are not. a) Income for Missions and Other Houses Overseas 2024 Total 2023 Total Re Ireland USA Africa Ecuador Srs. Pensions ' Vol. Contbs. 73451 11255 20125 31380 84706 118546 203252 91556 98421 98421 73451 91556 Mission Appeals . 14603 15167 217855 108723 see note 2 see note 6 b) Monies remitted from Ecuador amounting to £7,720 (2023 £9.279} were for placement in the Ecuadorian Retirement Fund. ** c) Monies remitted from the USA amounting to £33,406 {2023 £17,210> were for the maintenance of a retired Sister, originally located in the USA but now residing in Great Britain. d) Expenditure relating to Mission and Other Houses Overseas 2024 Total 2023 Total Ireland USA Africa Ecuador Overseas House Expenses 2151 2151 1200 2151 2151 1200 Transfer from Central Fund for Exlernal Pgrms. 15105 7292 22397 85097 15105 24548 86297 48 The Franciscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024- Continued 12 MISSIONS - Continued d) In addition to the above there are transfers from the Central Fund to the Africa Region totalling £14,003 (2023 £14,000). These monies are to be used for formation. e) Income and Expenditure for the African Region comprise 12 Houses located in Kenya and Panyangara House which is located in Uganda. 13 Tangible Fixed Assets Freehold Land Office and Buildings Motor Cars Equipmenl Fixtures & Fittings Total a) Cost or Valuation.. As at 1 January 2024 1652702 94752 33014 1036513 2816981 Additions at Cost 3200 2051 5251 Impairment Disposals (7394) (7394) At 31 De￿rnber 2024 1652702 90558 35065 1036513 2814838 b) Depreciation.. As at 1 January 2024 318098 94752 31709 1030111 1474670 Charge for the Year 28918 225 281 1664 31088 Disposals (7394) (7394) At 31 December 2024 347016 87583 31990 1031775 1498364 c) Net Book Value.. As at 31 December 2024 1305686 2975 3075 4738 1316474 As at 31 December 2023 1334604 1305 6402 1342311 49 The Franciscan Missionaries of SL Joseph Notes to the Accounts for the Year Ended 31 December 2024- Continued 13 Tangible Fixed Assets - Continued d) Freehold Land and Buildings include alterations and are stated: At 1 January 2024 At 1987 Valuation At Cost 310000 1342702 Cost or Valuation at 1 January 2024 1652702 At 31 December 2024 At 1987 Valuation At Cost 310000 1342702 Cost or Valuation at 31 December 2024 1652702 e) Fixtures and Fittings are stated: At 1 January 2024 At 1998 Valuation At Cost 908750 127763 Cost or Valuation at 1 January 2024 1036513 At 31 December 2024 At 1998 Valuation At Cost 908750 127763 Cost or Valuation at 31 December 2024 1036513 Motor Cars and Office Equipment are stated at cost. g) Other capital expenditure authorised or contracted for before the year end date for which no provision has been made in the accounts is £Nil. 50 The Franciscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024 - Continued 14A Designated Fund: MHP In 1994 The Congregation created a pension fund for the maintenance of retired Sisters from donations made by the Mill Hill Society primarily for that purpose. a) The Mill Hill Pension Fund account for the year is as follows.. 2024 2023 Balance as at 1 January 2024 3278983 3766948 Mill Hill Donation Net Transfers (to)Ifrom Central Fund Movement on Value of Investments Held Bank Interest Received Investment Income Profit on Sale of Investments Investment Advice Fees Investment Platform Fees (368587) 84196 10730 3406 77814 {14621) (2339) (782204) 227298 12690 6766 65864 (15844) (2535) Balance as at 31 December 2024 3069582 3278983 b) Funds are invested as follows: 2024 2023 Quoted Investments Fixed Short Term Deposits Cash at Bank - Deposit Accounts Monies Held on Investment Platform Net Sundry Debtors 2733665 100000 31959 203958 3001782 150000 118066 9135 3069582 3278983 c) Quoted Investments are incorporated at Market Value i.e. 2024 2023 Cost Surplus on Valuation 2121486 612179 2473800 527982 Market Value 2733665 3001782 51 'The Franclscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024- Continued 14A Designated Fund: MHP - Continued d) The movement in quoted investments during the year is as foll0v￿. 2024 2023 Cost as at 1 January 2024 Disposals Additions Consolidation of Investments 2473800 (352314) 1836344 (593995) 1231451 Cost as at 31 December 2024 2121486 2473800 The consolidation of investments relates to the transfer of existing certificated investments in to the closest class of each particular investment available on the new investment platform. Profit or loss on such transactions has not been recognised, as there is no change in the underlying investment held. e} The Mill Hill pension fund includes the following investments which represent more than 5 % of the value of the portfolio at the start of the year orland at the end of the year. 2024 2023 abrdn UK Ethical Equity CT European Select CT Responsible UK Income Fidelily Sustainable European Equity Janus Henderson US Growth Aegon Ethical Equity Royal London Sustainable Leaders Trust Rathbone Ethical Bond Fund 228122 185191 171656 57397 170521 289032 289109 228685 211739 182264 186492 235408 130654 269943 266328 217876 1619713 1700704 52 The Franciscan Missionaries of St. Joseph 'Notes to the Accounts for the Year Ended 31 December 2024- Continued 14B Designated Fund - Ecuadorian Sisters RetSrement Fund Monies constituting the Ecuadorian Sisters Retirement Fund, previously located and managed in the United States, were transferred to the Central Fund in March 2020. 2024 2023 Balance as at 1 January 2024 98034 88312 Add Annual Supplement 4744 443 Contributions to Fund from Ecuador 7720 9279 Contributions to Fund from Central Fund 91203 Balance as at 31 December 2024 201701 98034 It is intended that these monies will be set aside in their own dedicated bank deposit account, now that interest rates have returned to normal. The annual supplement is calculated in line with deposit account interest rates available to the Order. 15 Investments There have been no quoted investments held in the year or in the previous year. Unquoted investments totalling £280 (2023 £280) related to premium bonds. 53 The Franciscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024- Continued 16 Maintenance of Retired Slsters There is a substantial liability for the future costs of maintenance of Sisters in their retirement. To provide for this Reserves have in the past been created by transfers from the Capital Fund of the Order. It is now necessary to supplement the operating funds by transfers from these reserves Maintenance Reserve 2024 2023 Balance as at 1 January 2024 1280000 1280000 Less Transfer to Capital Account this Year (80000) Balance as at 31 December 2024 1200000 1280000 The Mill Hill Pension Funds support the Retired Sisters Maintenance Fund and totsl £3.069.582 (2023 £3,278,983). Monies transferred to the Capital Fund of the Order from the Mill Hill Pension Fund in the year totalled £368.587 (2023 £782,204). It was also necessary to transfer further funds totalling £80.000 (2023 £Nil) to maintain a positive general fund balance. A full report on the Mill Hill Pension Fund is provided in Note 14. The maintenance of retired Sisters has, as in previous years. been charged as an expense when the cost v￿S incurred. It has been possible in previous years to meet these costs from current income without recourse to the Pension Funds. This practice has not been suslainable Sin￿ 2011 and the release of reserves to supplement current income will continue for the foreseeable future. A pension of £10,684 (2023 £10,379) per Sister is regarded as the minimum target but is significantly less than the current need. The effects of inflation are recognised and the annual pension target is now being indexed accordingly from a base figure of £5,000 in 2003. The Trustees estimate that the funds needed to provide an annual inflation indexed pension of £10,684 (2023 £10,379) per sister from the date of retirement eX￿edS £8.02 million (2023 £8.08 million) of which £3.30 million (2023 £3.37 million) relates to Sisters over the age of 65. The calculations continue the policy adopted in 2010 which incorporates different Regional life expectancy rates. It is intended that further additions, whenever possible, wll be made to the Pension Funds towards ensuring that future costs can be met. The Franciscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024- Continued 17 United Kingdom Slster Houses Transactions of United Kingdom Sister Houses are fully incorporated in the financial statements. 18 Taxation Due to the charitable status of the Company, they are not subject to Corporation Tax. 19 Debtors 2024 2023 Salaries Receivable Legacies Receivable Income Tax Repayable Insurance Payout Awaited Prepayments Other Debtors Settlement of Investments Sold 9224 10000 864 7264 6974 1231 2935 30287 8205 20 Creditors ". Amounts Due Within One Year 2024 2023 Pension Contributions, Social Security and Other Taxes Accruals Dowries Reserve Settlement of Investments Purchased other Creditors Africa Regional Fund 15722 42844 561 14005 30834 561 7987 7932 67114 53337 55 The Franciscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024- Contlnued 21 Lease Commitments At the year end date the Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases as follows 2024 2023 Rental Property 5000 5000 22 Contingent Liability A liability exists for the repayment of legacies inherited by individual Sisters and is contingent on their departure 2024 2023 The total of such legacies were 57479 57479 23 Funds Analysis Asa11 Jan 2024 Asat31 Dec 2024 Received Expended Transfer Restricted Fund 72538 (22159) 50379 Designated Fund Mill Hill Pension Fund Ecuador R'ment Fund Kenya Regional Fund 3278983 98034 10 176146 (16960) (368587) 3069582 103667 201701 (10) Unrestricted Funds Maintenance Reserve General Fund 1280000 31072 (80000) 344930 1200000 49236 1129282 (1456048) 4688099 1377966 (1495167) 4570898 Restricted Fund Donations were received in the year from a respected Catholic fund raiser and were for building works to be undertaken in Ecuador. These monies were substantially paid over to Ecuador in January 2025. The congregation are extremely grateful for these monies and for the difference they will make. Designated Fund A pension fund for the maintenance of retired Sisters has been created from donations made by the Mill Hill Society. See notes 14 and 16 for a full report. 56 .The Franciscan Missionaries of St. Joseph ',Notes to the Accounts for the Year Ended 31 December 2024 - Continued 24 Analysis of Net Assets between Funds Unrestricted Designated Restricted Total Fund balances at 31 December 2024 are represented by.. Tangible Fixed Assets Designated Fund Investments Investments Net Current Assetsl{Liabilities) 1316474 1316474 3069582 280 184562 3069582 280 (67518) 201701 50379 1249236 3271283 50379 4570898 25 Post Balance Sheet Events The property located at St. Joseph's Convent. 150 Greenleach Lane, Worsley, Manchester M28 2TS was sold on 1 May 2025 for £2,626,500. A new property Holy Infant and St Anthony Presbytery, Baxendale St, Astley Bridge, BO￿on BL1 6QH was purchased shortly after and once ready will become our new Generalate. 26 Additional Information The Company is a Charitable Company Limited by Guarantee with no Share Capital and registered in England & Wales. The Registered Number is 07010772. The registered office was located at St Joseph's Convent, 150 Greenleach Lane. Worsley, Manchester, M28 2TS throughout the year. The registered office was changed on 20 May 2025 and is now located at Our Lady's Presbytery, Hallstead Avenue, Little Hulton, Manchester M38 ODL. The Trustees were not re-imbursed for any expenses. There are no other related party transactions to report. Contingent liabilities are reported in Note 22. There are no other contingent liabilities to report. Post balance sheet events are reported in Note 25. There are no other post balance sheet events to report. 57 The Franclscan Misslonaries of St. Joseph 'Unauditsd Overseas Accounts for the Year Endlng 31 December 2024 Index 59A Accounts for the Ireland Region 67A Accounts for the United States of America Area 76A Accounts for the Africa Region 102A Accounts for the Ecuador Region 58 'The Franciscan Missionaries of St. Joseph Income for the Year Ended 31 December 2024 Ireland Region Unrestricted Restricted Funds Funds Total Funds 2023 Salaries and Penslons 35263 136665 Salaries Pensions Benefits 33490 129909 33490 129909 171928 163399 163399 631 Voluntary Contributions 127 127 Financial Receipts Bank and Building Society Interest Received and Other Similar Income Investment Income 390332 Mission Income 548375 548375 Other Income Herald Magazine Sister House Income 562897 Total Income for the Year 163530 548375 711905 59A The Franciscan Missionaries of St. Joseph Expenditure for the Year Ended 31 December 2024 Ireland Region Unrestricted Restricted Funds Funds Total Funds 2023 Education and Tuition Sister House Expenses 25844 166836 192680 Upkeep of Buildings Other Sister House Expenses 55889 155213 211102 55889 155213 211102 Establishment Expenses 2506 2864 403 5773 offi￿ Expenses Travel Donations 2292 1305 178 3775 2292 1305 178 3775 Financial Expenses 81 26199 8302 Bank Charges Exchange Adjustments Investment Management Fees Interest Professional Fees Depreciation 74 32616 7667 74 36137 7667 3521 298 34880 3694 44051 3694 47572 3521 236594 Mission and Other Houses Overseas 697327 697327 Fom)ation 469927 Total Expenditure For The Year 258928 700848 959776 Net Outgoing Resources before Gainsl(Losses) on investments 92970 (95398) {152473) (247871) 60A The Franciscan Missionaries of St. Joseph Balance Sheet as at 31 December 2024 Ireland Region Unrestricted Restricted Funds Funds Total Funds 2023 ProfiV(Loss) on Sale of Investment Assets 52075 Movement in Value of Investment Assets 70731 70731 Transfer Between Funds 145045 Net Movement in Funds (24667) (152473) (177140) Reconciliation of Funds 709542 Total Funds Brought Forward 702114 152473 854587 854587 Total Funds Carried Forward 677447 677447 61A The Franciscan Missionaries of St. Joseph Balance Sheet as at 31 December 2024 Ireland Region 2023 Fixed Assets 12430 1846 13954 Freehold Property Fixtures and Fittings Motor Cars 11659 1678 9982 28230 Total Tangible Fixed Assets 23319 533129 Investments 570193 561359 Total Fixed Assets 593512 Current Assets Sundry Debtors Cash at Bank - Deposit Accounts Cash at Bank - Current Accounts Cash at Bank - Misean Cara Current Account Cash in Hand 59540 76680 152473 4535 293228 236 77647 6052 83935 Liabilities Creditors" due within one year 293228 Net Current Assets 83935 854587 Total Net Assets 677447 The Funds of the Charity: 152473 702114 Restricted Funds Unrestricted Funds 677447 854587 Total Charity Funds 677447 62A The Franciscan Missionaries of St. Joseph -.*frA Notes to the Accounts for the Year Ended 31 December 2024 ,Ireland Region Foreign Currencies Transactions conducted in Euros are converted into Sterling at the average rate of exchange during the year. Assets and liabilities are converted at rates of exchange ruling at the balance sheet date. Tangible Fixed Assets Freehold land and building Motor Cars Fixtures and Fittings Total a) Cost or Valuation At 1 January 2024 Additions at cost Disposals Exchange Adjustments 14692 13954 153025 181671 {679) (645) (7067) (8391) At 31 December 2024 14013 13309 145958 173280 b) Depreciation At 1 January 2024 Charge for the Year On Disposals Exchange Adjustments 2262 201 151179 85 153441 3694 3408 (109) (81) (6984) (7174) At 31 December 2024 2354 3327 144280 149961 c) Nel Book Value At 31 De￿mber 2024 11659 9982 1678 23319 At 31 December 2023 12430 13954 1846 28230 63A The Franciscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024 Ireland Region Tangible Fixed Assets - Continued d) Basis of Valuation Freehold land and building and motor cars are stated at cost. e) Property located in Dublin and Cork totalling £416,116 was paid for by the United Kingdom Central Fund and is accordingly excluded from the Ireland Region Accounts. A grant of £7,295 towards the cost of the extension located at the Blackrock, Cork and received in 1997, has been treated as income of the United Kingdom Central Fund. g) The status of property included in these accounts and property reported in note (e) is reported in Note 14 of the main accounts. h) Depreciation Depreciation is provided in equal amounts each year in order to write off the cost of fixed assets over their useful lives i.e. Buildings and Alterations Fixtures and Fittings Motor Vehicles 15% Buildings are in constant use in furtherance of the Order's charitable objectives and are properly maintained to standards that ensure that their residual value is not less than their book value. Notwithstanding this, the Trustees have decided to depreciate buildings and alterations from 1 January 2013 at the rate of 20/0 per annum and as such this was a change of accounting policy in 2013. Transactions with other Regions Income and expenses of the Region which have been transacted through the United Kingdom Central Fund and which are not therefore included in the Regional account were as follows:_ 2024 2023 Pensions Received 73451 79370 Expenses 64A The Franciscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024 .Ireland Region Investments Davy Group stockbrokers manage a portfolio of equity and bond funds. The Davy Portfolio account for the year is as follows.. 2024 2023 Value as at 1 January 2024 Movement in Value this year Investment Income Interest Profit on Sale of Investments Investment Management Fees Exchange Adjustment 533377 70731 509668 52075 (7552) (26128) (8183) {20184) Balance as at 31 December 2024 570429 533377 Funds are invested as follows.. 2024 2023 Quoted Investments Cash at Bank Sundry Creditors 570193 236 533129 248 570429 533377 Quoted Investments are incorporated at Market Value i.e. 2024 2023 Cost Surplus on Valuation 438078 132115 459291 73838 Market Value 570193 533129 The Davy portfolio include the following investments which represent more than 5% of the value of the portfolio at the start of the year orland at the end of the year. 2024 2023 Davy Funds PLC GPS Moderate Gromrth B EUR ACC 65A 570193 533129 The Franciscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024 Ireland Region Missions Expenditure relates to transfers for missions in Kenya and Ecuador and to donations to missions of other congregations and contributions to external mission programmes. Misean Cara Funds totalling É647,374 (2023 É444,388) were received from Misean Cara Ireland and were banked in a separate Mission bank account together with other private mission donations. These monies are donated to further the specific worf(s of The Order in Ecuador and Kenya and as such are treated as a restricted fund. The Mission bank transactions are summarised as follows" 2024 2023 Balance brought fonNard Amounts Received from Misean Cara Other Donations Bank Refund 152473 548116 259 342 389639 868 700848 390849 Remitted to Ecuador Remitted to Kenya Training Exchange Adjustments 697327 236594 3521 1782 Total Expended 700848 238376 Balance Carried Forward 152473 Total 700848 390849 The Congregation is grateful to Misean Cara for these funds which enabled the Sisters to carry out a number of mission projects and to help many people. 66A The Franciscan Missionaries of St. Joseph Income for the Year Ended 31 December 2024 United States of America Area 2023 Salaries and Pensions Salaries Pensions 5813 5813 5854 5854 Voluntsry Contributions Financial Receipts Bank Interest Received Investment Income 122509 122509 106197 106197 Mission Appeals Sister House Income Other Income 29016 Contribution from Mill Hill Sisters of New York Charitable Trust 24140 157338 Total Income for the Year 136191 67A The Franciscan Missionaries of St. Joseph Expenditure for the Year Ended 31 December 2024 United States of America Area 2023 Education and Tuition 33796 Sister House Expenses 36247 Estsblishment Expenses Office Expenses Travel Donations Financial Expenses Bank Charges Exchange Adjustments Professional Fees Depreciation 63 (6504) 2307 41908 2198 44106 (4134) Missions Contribution to Ecuadorian Retirement Fund Formation 77902 Total Expenditure for the Year 32113 79436 Surplus For The Year 104078 157338 136191 68A The Franciscan Missionaries of St. Joseph Balance Sheet as at 31 December 2024 United States of America Area 2023 Capital Account 756240 Capital as at 1 January 2024 823567 79436 Surplus For The Year 104078 (18766) Transfers to Ecuador Region (17423) Transfer to Mill Hill Sisters of New York Charitable Trust (17424) 816910 892798 Remitted to UK Central Fund (33406> 816910 Capital Fund 859392 Designated Fund 6657 Mill Hill Sisters of New York Charitable Trust Current Liabilities Ecuadorian Retirement Fund 823567 859393 69A The Franciscan Missionaries of St. Joseph Balance Sheet as at 31 December 2024 United States of America Area 2023 Fixed Assets Freehold Property Fixtures and Fittings Motor Cars Total Tangible Fixed Assets Designated Funds Investments 6657 Mill Hill Sisters of New York Charitable Trust Investments 811578 Investments 854269 Ecuadorian Retirement Fund Dedicated Portfolio Current Assets Sundry Debtors Other Cash and Bank Balances 5324 5324 5115 5115 823567 Total Assets 859393 70A The Franciscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024 ,United States of America Area Transactions with other Regions Income and expenses of the Area which have been transacted through the United Kingdom Central Fund and which are not therefore included in the Area account were as follows: 2024 2023 Pensions Received Expenses Foreign Currencies Transactions conducted in US Dollars are converted into Sterling at the average rate of exchange during the year. Assets and liabilities are converted at rates of exchange ruling at the balance sheet date. 71A The Franciscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024 United Ststes of America Area Tangible Fixed Assets Motor Fixtures & Cars Fittings Total a) Cost or Valuation At 1 January 2024 Additions al cost Disposals Exchange Adjustments 11003 1968 12971 186 33 219 At 31 December 2024 11189 2001 13190 b) Depreciation At 1 January 2024 Charge for the Year On Disposals Exchange Adjustments 10995 1968 12963 186 33 219 At 31 December 2024 11181 2001 13182 c) Net Book Value At 31 December 2024 At 31 December 2023 d) Basis of Valuation Motor cars are stated at cost. The Trustees revalued the fixtures and fittings on 30 November 1998. e) Capital Expenditure Capital Expenditure authorised or contracted for before 31 December 2024 for which no provision has been made in the accounts is £Nil. 72A The Franciscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024 United States of America Area Quoted Investments Quoted investments are stated at market value and comprise.. 2024 2023 Christian Brothers CRI Magnus 60140 Alpha Plus Fund 551657 477585 Albany House Investments managed by Wells Fargo 302612 333993 854269 811578 The Albany House investments, managed by Wells Fargo, are substantially invested in fixed interest quoted securities and other cash equivalents. Funds managed by Christian Brothers are invested in a prescribed mix of passively managed equities and fixed interest quoted securities and other cash equivalents. The movement in quoted investments during the year is summarised as follows" 2024 2023 Investments as at 1 January 2024 Transfer to Mill Hill Sisters of New York Withdrawals Missions Transfer to UK Central Fund Bank Charges Management Expenses Investment Surplus Exchange Adjustments 811578 (17424) (5940) (17423) (33406) (63) (2307) 106197 13057 751665 (18766) (2198) 122509 (41632) Investments as at 31 December 2024 854269 811578 Investment income is reinvested. Investment income comprises dividends and interest received, the surpluses on the sale of investments and the movement arising on the value of unrealised investments. 73A The Franciscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024 United States of America Area Designated Fund The Mill Hill Sisters of New York Charitable Trust was established in 1999. Its purpose is the care of the elderly sisters of the community (that is, the Mill Hill Sisters of New YorklFranciscan Missionaries of St. Joseph), and those who regardless of age become disabled or those who for whatever reason become unemployed. The Trust Agreement provides for the return of all residual monies to the Albany Diocese once all the Sisters have been cared for. 2024 2023 Fund value as at 1 January 2024 Transfer to UK Central Fund Transfer from Albany House Investment Funds Withdrawal Management Expenses Bank Charges Movement in value of funds Surplus Exchange Adjustment 6657 52524 (17210) 17424 (24140) (2) (29016) {192) (32) 2211 (1628) 56 Fund value as at 31 December 2024 6657 Income is reinvested. There have been no other additions to the fund in the year. Withdrawals contribute to the maintenance of retired sisters from the United States including those sisters from the United States who now reside in the UK. The funds are managed by Wells Fargo and are substantially invested in fixed interest quoted securities and other cash equivalents. 74A The Franciscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024 ,,United States of America Area Ecuador Reglon The Ecuadorian Retirement Fund investments were held in a dedicated account managed by Wells Fargo. In March 2020 the fund was relocated and is now held in the UK Central Fund. All the unvestments were sold and the resulting cash balance was transferred to the UK on 5 March 2020. Charitsble Status The Region was incorporated on the 21 January 1975 as the Mill Hill Sisters of New York pursuant to section 402 of the Not-For-Profit Corporation Law of the United States of America. In October 2007 the Region was reclassified as an Area. Accounts for the United States of America Area will continue to be reported separately in view of the amount of assets still managed in the United States. 75A FRANCISCAN MISSIONARIES OF SAINT JOSEPH REGISTERED TRUSTEES IAFRICA REGION ANNUAL REPORT AND FINANCIAL STATEMENTS 31 DECEMBER 2024 76A Franclscan Alisslonarles of Saint Joseph Registered Trustees (Africa Regionl Annualrep(xt and financial statements For the ear ended 31 December 2024 CONTENTS PAGE Trust InfoTmats'on Lssl ofcomnities Report of the Trustees Statement ofthe Trustees, Responsibiliti'es Report of the Independent Auditor Financial Stateffents: ststerwnt of Incom and Expendittjre Staterrent of Financial Posthn Statement of Changes in Fund Balances 10 Statewt of Cash Flov 11 Notes 12-20 The following pages do not lomi an integral part of these financial statements: schedu￿ of Incon* and Expen(Iriure 21-24 77A Frnnciscan Missionaries ol SaintJoseph Reglsfered Trustees (Alrica Region) Annual ￿portand fmanclal statements For th• ••r •ndod 31 Docombw 2024 TRUST INFORMATION TRUSTEES I REGIONAL TEAM TRUSTEES Sr. Mar9aret Bradbury Sr. Medrine Mussjndi Sr. Priscah Bonareri Sr. Mary Mona Sr. Benler Alieno Reg￿n31 Bursar Memkr Member Memter meM￿r REGIONAL TEAM Sr. Medrine Musundi Sr PrisLah Bonarer Sr. Mary thnan Sr. Benler Atieno Sr. Angelina Munyao Regional Leader A$￿Stant Regional Leader Member Memkr Member REGISTERED OFFICE Ingham House P.0. Box 21032-Crf)505 Nairobi INDEPENDENT AUDITOR Anchinga and Associates Certrfied Public Accounlants 2nd Floor, Adlile Plaza, Chania Drive P.0. Box 67731- 00200 Nairobi, Kenya. BANKERS NCBA Bank Kenya P NaiTobi Kenya Commefcial Bank Nairobi E￿bank Limtted Nair0￿. AfrI￿n Banking Corw)ratson Nairobi Cenienary Bank Kotido, Uganda 78A Franciscan Misslonaries olSain¢ Joseph Regisfered Tmstees (Africa Region) Annual and linancial statements For the )*ar endtd 31 Decomber 2024 LIST OF COMMUNITIES Commun. Naff 1. Regional OffirE 2. Ingham House 3. Rochdate House 4. Novrtk4le Program- Ingham House 5. Holy F￿llY Convent 6. Our Lady of Divine Providen￿ Convenl 7. Sl. Joseph's Convent 8. St. Francis Conv￿1 9. Sl. Theresa's Cc￿ent 10. Sl Clawe Convent 11. Amani Convent 12. St. Mich&fs Convent 13. Mana Tolo Ngina Ke'ekisii 14. Sl. Bakh￿3 Convent Locatlon Nairobi Nairobi Nairth. Nairoly. Kisumu Nyamira LuaThJa Salawa Maiigal Malindi Wilu M￿kelOn1 Uganda Utr￿1 Slster.In.Cha Sr. Margaret Bradbury Sr. MargJel Tambasi Sr. Medrine MusuThJi Sr. Margaret Tambasi Sr. Bem&lette Neak)n Sr. Margaret Obknogi Sr. Lily Lim Sr. Jacqueline Ngcge Sr. Mary Monari Sr Norah Nyausi Sr. Nancy Omete Sr. AngelIr￿ Munya) Sr. Benler Alier Sr. Rts Ambia Office 15. MissK)n Advan￿Ment Offi Ilana MT Z&haria Chilisswd N3irobi 79A Frnnciscan Alission•ries of SaintJoseph Raglsterod Trustsos (AfrKa Roglon) Annu•l rnport and financlal statgm8nts For the year End￿ 31 Docembw 2024 REP￿ OF THE TRUSTEES The Truslees subnyl their report109elher vAih Ihe auth't8d financtal slalements for the year ended 31 Bec8mber 2024, vknich disclose the stak of affairs of the orgaftization. PRINCIPAL ACTIVITY The prinripal acts'vity of the OTgani2ation is to minister to those mosi in need- the poor, the uneducated, the sick and the dwng. RESUL TS Actual 2024 Ksh 1,254,818 Actual 2024 Actual 2023 2023 Ksh 5,242,374 Surplu$ for the yèar 26,238 TRUSTEES I REGIONAL TEAM The Trustees held office during the year and to the date of this report are shovffi on page 1. INDEPENDENT AUWORS The auditors, Anchinga & Associabs, Certified Public Atcounlants {K) have expressed their willingness lo conbnue in offi￿. BY ORDER OF THE TRUSTEES Sr m(￿und1 Reglonal Leader & Trustee Sr Margaret Bradbury Regional Bursar & Trustee Signature.... SNJnatur 80A Frnncis¢an Misslon•rfes of Saint Joseph Re9iSternd frnste•$ (Afric4 Regmj Annualrnportand financialst•tements Forthe rended 31 D•cwnb•r2024 STATEPIENT OF THE TRUSTEE¥ RESPONSI8ILrrY The Trustee5 are rEquir&J to prepare financial statements yth￿h gNie a true and fair vrdwof the State of affaits of the organiz2t 8 at Ihe enLI 011118 yearand oFthe rewlts A)rLI)al year. The TnJslee5 required lo enswg thal the organjzaton maintains propel ￿nting T￿OrdS disc&)se wsonable a[￿r￿ the financial pO$rt￿ ol the organszation. The Trustses are also responstsle for safeguarding the assets ol the oryantzafijn. Ttte fTrsÉtees acwts resFrfJnstsW lorthe prepar8tioTr p￿￿(3￿¢￿ Of knancial sts+anEnls ¢hal ￿ free frryn m*ri81 misstatement vknether due lo fraud ore￿Or.TheY also accept re¥KinS1￿.lfy lor. i) DesKJnng. implementing and matr.tsining suth internal ccntroL5 as they detennine is necessary to en8bb the p￿sen￿bJTI ofthe financial st*m8nts'. Ill &kdJ'ng Bnd 8ppWg apworyiate acrnunkns ￿ltIes,. and il) Making aco)unling estimatss and jUdgem￿ts that are reaSffja￿ wi the ortumstarn¢2s. 7he Trustaes are olthe opinnn thatlhe finanoal stslemenls gNe a true and law Viewotlhe finanoal posrtm ol the organizthn as al 31 December2024 and of its perfonnance and cash flQW￿ forthe year then ended in aco)rdance with organrLaiKJn's ac&￿n*.ng polrw sel outon12 and 13. In preparAig these financiaE slAements, the Twstees hwe a5sessèJ the ¢Ngantiatsn's atity b Djnlinue as a ￿'n9 ctsnrAn.Nothing has oJrr* to the attentpjn ofthe TTU5tees to old￿ate that the organizat￿n not remaKI a ￿ang c￿C*M for leastthe next mthths frorn the dote ofthi% stst¥nent S) far as the Trustees are awa￿, there is no relevant audit infom*tion vknrh the audrtor is unavrdre of, a￿1 th8 Twstees have tsken ail the Steps that Ought to have taken in ord8r to be(x)me aware ofany rekvant audit infornabon and to estatthh that the auditor ￿ awwe ofthat iifornalh)n. PopDved by the Trustees on.... .. ..... . . ..2025 and s*3n•J on IG behall ty", Sr Medrine Musundi fteglonal Lèader & T￿11¢ Sr Marg¥ei BF¥Jbury R•5t¢￿al Bun•r & Tru*•• Signalure.............. Signatu 81A P.0. 8ox 67731- 00200 Nairobi Office- 0700 16 16 99. 0780 16 16 99 Cell.. 0722 72 15 50 En￿$1.. InfL@pna.cv.k Suite 2E3 2￿ Floor. Adlile Plaza Ring Road- Kllimani Nalrobl, Kenya ANCIIINGA.AND ASSOCIATES REPORT OF THE INDEPENDENT AUDrroRS TO THE MEMBERS OF FRAP4CISCAN MISSIONARIES OF SAINT JOSEPH REGISTERED TRUSTEES (AFRICA REGION) Opinlon We have audited the accompanying fin￿ClaI slalernents of FTanascan Mission*ies ol Sl Joseph, sel out (x) p4es 8 to 20 which comprise Ihe stalememl ol iwe and expenditure, slatemenl ol finanua posibon as al 31 D￿eMber 2024, statem￿1 of charYJes in reserves and siatemeni of cashflows for the year ended. and a summary ol sgnificanl accounting po]ictes and olher explanatory inlomabcffi. In OUT ijpirucii, the acCompan￿n9 financial stslements give a true and f&r view of fin￿14 Fosil'cm ol Fwasc Missi(￿arleS of Sl. Joseph as al 31 tkntw 2024 and of its fina)cial rertoma)ce and cashfhJ¥s ts t1￿ year then en￿j in ordan(* with the ￿c￿UntIng Folicies sel out on paJe 12 ￿)d 13 Basis of Opinion We ccmduthd our audit in &￿rdance with Inlem*ional Stsnd&ds ￿ Auditing (ISAS) Our reSp(￿sibIlItieS under those slandards are luthef deSCn￿ in the ￿dItc 12,048,739> 16.643.369> 2,631 117.2851 (8,3411 110,2541 133.2491 Financlng actlvitie5 [￿e Ildecrea5el in deson*ed funds Nel cash generated from I Iw8ed in) financirYJ act1yrt￿5 26.187,775 195.￿9 1351,8601 11.7611 26.187.775 195.(X)9 1351.8801 11.7611 Increase I Ideereasel In ￿3h and cuh equivatents 31,971,100 238,075 P,479,6721 112,4101 hlo¥*n*nt in ca$h al￿ cash OqUN4leDts Al start (Jl ygai Retranslabcn diffetw IrKreasel lthrea5el in c4sh and cash eqviv*nts Alerkl year 18,011.723 .144 43.976 238,075 371197 20,4￿1. 138.016 135.4621 112,4101 90,144 31,971,1tM) 10. 49,982,323 12,479.6731 18,011223 Noles on p8ges 12 fo 201c¥m an ￿te91&part offt)esefin8na8Islate￿nts Repytollh8 Jndewthnl authlor. page 5.7 Frnntyscan Missionari05 ofSalnlJoseph Reglstered TrySt￿S (Afri¢a R¢glM) Annu¥lreport fln¥ncial stslements Forth•y••r•nd•d 31 Drt•nber 1024 Notes to The Flnancialststwngnts 1, GENERAL INFORMATION Fr￿+S¢8Th misS￿￿S ol Saint W W'sletèj Truste85 ss incorr￿￿ in Kènya under Ihe Tnjslees Suc£ess¥)nl Acl chgpter 164. BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCoUP￿l￿G POLICIES Thef1R￿ClaI Sl*emenls haye b8en prep¥ed in accordan￿ wlh the aCC￿ntIng p)liues as sel oul t￿￿. These &counting pjlws are ift xccllianr* w¥th oic￿ ￿d ￿Kjell￿e$ of Francisc& Missicmes of Saint Joseph. Income Re¢ognillon CknnDr i￿Orne is rwized w￿n the nThelary vaw of Ihe donalv)n can te ￿asUr￿l vAth suffic*nt reli*"h'ty, Ihtre is reasonatrA8 assurarte ol rewpt ¢ondth'ons lor recwpl, il any. have ￿en mel. tknalK)rts in kind those mcnetary value cannot be quanbfied ￿e not WCWi2ed as Vi￿rne I￿¢￿ is mwnly r￿e1Ved Irom lknations. saat*s afKI stit*NJ$ eamed in C(￿rnUnrt￿s ￿￿Ye &"sle worl as nufses ortt8cheTS The Congr￿all0n also receives funds in fonn of contnbul#m$ trom the prop¢ls that &6 under their managemenl. bl Prowty bnd EquSpment All P￿￿[tY arKt equisfftnl * inrtially recD3nized at cosi wd Ihereafter stated al hislorical cost ￿5$ accumulat￿ depreciatK)n His1￿Cal c051 cOr￿}nseS exFendilure init￿lY ineuNed to bring IIE assei lo ils I￿811￿ and conth'lion ready fN ils ￿tended use Land is depr6riated. c*preCiab"￿ cffl other assets is cakulated ￿ a rbkniThJ b*arKe ￿￿IK)d its wnle dcthfft the cosl ol exh assei to it$ fysitknl vaue over tls eslNnalwJ ￿$￿ul life using the Ic4k)wThJ amual raes. Rate % Buildin95 Motor vehides FurThlure ar¥J fiiii Equynent str￿l￿re W*ef lank CNnpuler5 The assets, res¥Jua value useful INes are tevvth￿. and adju51ed Jf appropnate. al the end of each repJrtiNJ dae. Gains and k6ses on thspjsal ol proFerty and equiprrwl are deterrnined by refere￿ lo Ih•r c¥rying ar[￿lnt and deprecia1￿ xe taken into accwnl stsletmt of aThJ expenditure 25 12.5 125 725 125 Translation of loreiyft curren¢t rn curre[K￿$ during the yew are convertwj wto K￿ry3 ShitliThJ5 at lates ruling * the Iransth d*es. Assets aNI lith'h"lies at the dale of this repm are 8xprgss&Y In forei￿ cu￿nCl￿ are Iran51abJ into Kenya Shling5 * rate¥ ruh"ThJ al Ihat dale. T1￿ resulting from cortVW510n are deall *ilh In ts slateffenl ol irmT* ex￿ndfture The rales uwj for lrnnslatily) of Irdn$xthys 8t￿1 convw5in 01 b￿a[￿eS in pc￿TrY lo Kshs as f￿1￿.. 2024 Ksh 134.29 2023 Ksh ISg.80 Aver•p exchan￿ rale 12 89A Fr•nclscan Mission•rfes of S•lntJos8ph Reqlstsred TNsts•s Mfri¢a Rwjlon) Annualreport and finan￿.81 sialwnents For the y•èT ended 31 Dec￿ 2024 Not*s 19 Th8 Financi•l Statements dl Ca$h and cash equivalents For wrposes ol the slatemlml of cash flows. cash and c35h equiv*fils crKnpn'se cash in hand ￿d deposits heky al call wilh banks. Tuatlon No provigon ha$ teen m* l(* lax3tk)A in view ol If* nature ol the OTganllatK)n. Receivable$ ReceiVab￿S cornprise prepaymènl$ and oll*r rec&¥ab￿S and are recofded at nel realisable value No provis￿ have been made in these financial stalen￿ntS However, an asseSsn￿nI is m&Je on the recoveratNlily ol receivables lo det￿Ille wovision5 and wrile-orts rèiiNr 91 Pay￿[08 Payab￿9 are iew18ed Inibally * lar value and $tsWuenlly rneasured at aTTr)￿Sed cost usiry Ihe effecli¥e InleTe51 Tale n￿hr11. R￿Irement benofil obligai*c41$ The swÈty and its employees C(￿1n1￿Jte lo the Natimal Social Seturily FurKI INSSFI. a slalulory d9fined scherne rfr3iStereil under the NSSF Acl. The or9artszation's c￿l￿"bUb"0nS to Il* ddr*d eofttrtlut￿ scheme we chaw to the slatefftnt ol Inco￿ and exwdilure in the year lo they relate Dosi9natod fvndl These are funds held f(v spwrfic pww)ses and only to te used lor Ihal purpw. ComwatEves Where ne￿Ssary, cornparative fyures have been adjusled lo ccw)fom with in presentation in curf year 13 Fr•n¢ts¢•p IV4sloNrf•s ofS•lmJos•M R•wiw¥o* Trn5*•5 IAfr*• R•gh AMy•lrnpDrtvAIfiNn¢i8lstthm•nts Fth-tsTr•r•n￿5l D•c•thr2024 Ilofvs to Th• F&J•KlalStrt•m•rts 2Q24 Ksh 2.817.792 675.421 2024 1023 Ksh 6.?￿.191 t.793.927 3.780,140 I.QS9, 72.417 102.0 193.514 2023 FIU UK er ILmd 20.983 5.030 8.978 18.919 5.302 362 51 nGh•TrF3rn 7,084 &5.937 ASEC Coll￿ SthY8rthii Fond5 1 F￿3￿$ 134.435 428.282 17.775.462 &367.039 s3.￿2 917.C 1.154.137 8.6$8 1.th)1 3,189 131,994 47 473 5.762 7B,716 14,770 15.727.829 2.951.183 16.355 449.384 57J,Q7 115.1 199 07t 5.915.287 192,11)) 40.64?.482 frDmFUSJ Piopds IntetÈ# 2.249 2.671 576 Fryn 9.958 14.402 1.9XW kffto 961 203,4(rfJ Tr￿1 33916.647 252.563 4. •ff aff SaKw SSF 42.9 358.621 3.222.235 109.976 21.5th) 6.1￿] 27.140 3 788.472 215 1,195 Ifj.IZ7 22,032 3,752.4 159.019 164 27.943 t.114 125 t4iiA Ji 21.140 4 0?5 593 K2 977 Totsl peryNnel 18.962 4.1{￿,218 839,694 81.149 1.325.Cfj9 406.541 671,6a4 75.7fj4 255.714 1631.456 1.949.670 2.057.M8 13.331 13.416.Ir 4.IZS. House1￿j Gathil Iwm8xFW885 Pow6T￿OIU•I Securi 4.236 622 124.&52 1.252.614 414,132 .335 103.111 34S.072 9.￿7 2.073 4.8ZI Sf4 Insur ¥￿e￿n$85 Per￿al 12.149 14.516 15,32D 12.277 9.3JO 2,457 1.864.1 49J.894 2.1 1è.985".111 Phy5ra**lbery. Totsl bew 64.991 t.) Il•rt*l rf bevg eynses slperKJ1r* l &JWs How EdrtaL¥) 27.197 117.190 273.512 203 B73 2,037 22.798 91.988 ,839 1.686 27.810 813.r06 355,226 923.6¥2 23.531 X17 6.0 2.615 6.878 39.Th1 533.662 461.J62 2.671 Jn•yarte kymai• 3,165 32.210 %1.549 85.( 9.8 440.141 49 633 2.132 603 S*ws'r**br￿S 1.3Td 80,973 8543 3,983.6BI 25 Tptsl Il•ntslM*ll b•lTrg 29.6&5 2.W,972 91A Fr•n¢ix•n Ili$4on•ri•s olSwnlJoJoph R•giSter•d fiusts•$ IAlrt¢a Regtonl nu•lieport and finan¢MI itstem•nts For the ywf 8n¢l8d31 DK•mbw 2024 Not•$ 10 Th• Flh*RXialSt*tsm￿ts 2024 K8h 2023 Ksh 2023 d.) Spvftualw*ll being 44.171 395,209 161.513 1.220.743 19,Co)0 170.899 6.1C#J 2.020.665 57.255 ,636 228.Q59 l.fS1.466 56.5 160.4 281 1.815 2.965 1.203 9.090 R&Teal and r6Yclknb"r S[A'n￿l dre¢ll &st•7' 5,778 283 1.273 15 Totsi Spirltual wdl ￿n9 15.047 2.022 316 10.122 e.) Sustslnèbility expensE axpw 38.760 114.516 398 800 93.650 1.946 469 Su51aIna￿bty. other 153.476 1.143 482.450 2.41S f.) AdmHIistriiioEb Trwwt ¥thic* runnw exrth58s 1.864.472 1,069.1*6 350.121 65 (184 710.942 14,033 7.961 2607 634 1.932.240 1.358.%3 212.639 185.459 619.8 1.521.261 451.274 210.606 933.930 368.313 249.NJ 112,760 262 9.671 6.7WJ Stabwy l I￿1￿9e I pn￿r￿j 928 3.403 7.614 2.259 1.054 4,614 Prof&smt41 Governm￿1 (*t4rn￿ts tharges 31.019 J6.237 1.042,372 391.B32 4.825 231 7.762 2.918 1.251 to Ro31￿. FMSJ For￿￿ exth¥4Je k05 RepJv5 8nd man1￿￿¢• Total Admithistral*)n 1.6DO 6,377.650 13 47.492 8,217.190 41.125 .} GOV•rn￿ 682.331 5.081 S25.(￿) 10.*8 2.960,919 834.593 203.915 224,746 13.800 4.773.971 2.628 55 14,819 4,171 1,021 1,125 Pknin9 and ￿al￿al Mw'l(fflfQ and waluat 1.286.528 193.067 10.3B3 lundiry nd i*e$ Totsl go¥Mh•Dc• 7.109 2,ll1.7Q8 53 16.491 23.894 h.} Cb•sir• l Ltllilne Fonds ￿m￿ra￿vee1￿5e5 Tr8¥d 8xw6es 18.182 135 19,050 3,OC#) 77.2 99 250 15 386 49, 6B.082 372 5C7 1.> Lu•rtd• widows 384,260 2.861 49.825 249 Tolal expendltsrn 32,661,829 243.091 35.400,107 177,173 92A FTan¢iscan Missionaiies olSaintJo$eph Regisler•d Trn$¢e•s IAfric4 Region) Annualreport and fmanclalstatements For Iheyear ended 31 December 2024 Plot•s to The Financial St•tem¢nts (Continu 2024 Ksh 2024 2023 Ksh 2023 5. Dg519nat•d funds TIIis felates to balan￿ offunts T￿1%￿d Irom don￿5 for a s[￿ Fwose I.) FMSJ Prolerts Cardinal Vouohan Hope Centre M￿196￿ cathd￿ Heaih Centre Saawa Cathok Dispenwy St. Fr￿￿8 R8hthiitak)n Centre St. Joseph Rehabditsb'on Centre Sl. ViN%nl De Paul Charty Piogram Tu¥um1li￿ HIV AIDS Supwrt M'swn AdvancAw)l OffK* b.trto1 3.2t￿,441 4.874,739 2.C97.579 518.C60 5,305,078 86,689 4,6￿,087 23,870 1.033.847 154,8881 2,279, 1209.665) 418,246 645,720 1211,0151 118,649 3,783.476 5,174 {275) 11,411 11,0491 15.620 39.$)5 616 34.970 3.232 {1,0561 20,783,673 154,769 18.936 11.1 Indlvlduals FT. Jim or￿ell Jthn SU￿al 1,159,766 58 1,159.824 8,636 1.209,766 12,436 1,222,202 6.055 62 6,117 8,637 ill.) Regional ¢)ffl¢e 13,318) 1251 13.3181 {171 Iv.1 Plon- FMSJ Prole¢ts c1￿&re Disab.1￿'t8 EtrNJkuya EPIP Feethng Program EMP Kotido NU￿ry EW Lu￿a WKIO EMP ￿'seOn Gara Kisumu l KUAP servicés EMP Nyamira School Am￿1 ca￿)11¢ Acakny AOSK and CRS an CaTa Kwmu l KUAP . Other Sl. Clare Nuw School. Kale Su￿10￿1 272 1.328.276 138,261 83,753 323,534 1.5&￿,547 13.141 99,753 78,776 5,482,314 73,214 1,663 79,157 2.834.820 398,684 lo,652.￿3 11.844 692 419 1,619 743 587 40,824 545 12 35.054 377,￿1 175 1,889 1,719 12.167 21,110 2,969 79,321 2.431,022 418,834 5,480.847 27,430 16 93A Fran¢i$¢an Missionaries ofsaint Jospph Registered Trnstoes (Ath¢a Anftualreport and lin*n¢ialstatèments For the yearended 31 Decembèr 2024 Note$ lo The Financial Statements (Continuedj 2024 Ksh 2024 2023 Ksh 2023 5. De$ignated fund¥ l¢ontinued) v.) Silto Sr Ann Mcore Bemadette Nealon St Maigarel Bradbury &. Felislus Chesang Sub-totsl 589,794 1,553,537 67,670 4,392 11,569 504 737.683 1.326,782 61,189 3,692 6,640 306 2,211.004 16,465 2,125,656 10,639 vi.) FMSJ Rèltrieted Funds Oevelopmenl Fund Rebrement Fund Stsff Severance Car FuntJ med￿01 Fund Sub-total 1.090,095 11.058,725 612,919 276.998 711,934 13.690,671 8,117 82,350 4,564 1,616 5,301 101.948 1,412,229 7,023,716 559.211 216,998 485,123 9,697.277 7,068 35,153 2.799 1.086.05 2,428 48,534 TOTAL 48,493,916 361.116 22,306,141 111.636 2024 Ksh 2024 2023 Ksh 2023 6. Capital Fund As at 01 January Retranstalon drffe￿nce Fixed asset addrtkms during the yeaf DepreciaiK)n charge lor bhe year A8 al 31 December 89.929.507 450.087 219,580 2,874 38.416 634.125 92,545,200 623.338 {160,1601 17,285 30,377 450,087 385.892 5,158.879 85.156,520 3,453.699 6,069,392) 89,929,507 This fijnd represent the purthage •)d depreciabon of property and equipment 17 94A O•r 95A ty C) 96A FTrnc￿éft Plissionari•s ofS•inlJ05•ph Rtylst•rnd Tntsl•os (Africa Rwl ArtnU*r•￿t ￿dIM•ryC￿l$t¥t•M*nts Forlh•y•wtnd•d31 DK¢mbw20?4 Conti 2024 Ksh 2024 Ksh Ksh Prnp•ymeDts. AOSK Ptsz 2.6e6.678 79,856 1,ESS,870 8.311 Ths•txT4fe Trfate loa Det0511ofsh. l.(th,CW and ffloithly paYM￿nts of sh 83,333 In &xcharge ts Sha￿ in ASS￿la￿"0D Of sislef￿x)J dKenya IAOSKI Plaza aftw ts cmrAetKx) Tts Fayments wll te c(ThertèJ to Sha￿ atsa clfve {si ￿r$ 9. R•ceiw•b Stsff debtus Prwmwts 22.502 275,987 298,489 71867 J)9,427 &81,7a4 2.055 2.223 1,549 IQ. Cash and cash •qufvalwts Cash at t*nk Cash In ha 49.763.655 118.E64 370,%9 17.744,669 213.341 &9,610 MPosa 741 372,197 53,1 18,011.223 49,982,323 ),114 F￿ the dtsslatenMt fftJ¥s, fv yw-eThJ ea5h cash qiyvaknts ￿ theatrxydg." 11. Ir*¥estr]ont MtNw mafkel lur>Y This rdates b irNesbMtt in m￿15C• IAW M*et FLThJ. 11 P•Y1￿ 4,573.016 22,887 Acowl fees PAYE NHIF NSSF H￿sir￿j Levy 4.5 32,124 68.740 8,640 10.140 i(b.958 845,478 43 51 535 4,231 5,070 111,Ythg 770,730 fuTh 828 5.739 11 Cath u￿1 in operntions R￿.118t1￿ ofswtkn Iltsficill to ca5hwrabl fr(Yn OFeralm5.' knT ts year Adiustmentslor.. Intpjesi Trarsler frL¥n fLWKts Char¥J85 in ¥*NkirKJ c4ylal OIW r￿e￿at{e5 Othw paya1￿ 1254,818 9.344 5242.374 26.237 1971,082) 1,333,333 (p.zJii 1525.7391 12.6311 82.805 74.748 1,625.126 617 &57 12.102 1318,9441 117,865 4,515.5&S I1,5￿) 14 Cpuntyof r•gislr•tson Fra￿1$￿ ML%swies of Saint Jwh ts rtyisleraj in K8nya Tntslees SLmssKffiIAcl thaoer 164 aTrJ is ¢kn￿led in Kenya. T￿se fin￿81 statenMts we ift Kenya ShilliTrJ (Kshl aTrJ PwThJ. 97A gigii QllllllllllllGIIIIIIIGIIIIIIIIIIIIIKlllllgQlll lliiiiiiiiiiiiiiii&iiioiiiiiiiiiiiEEgoiiiii1l1E lllllgllllllllUllllllllllQllllllUKII IiiiiliiiiiHfioiiiiiiiiiEik14WIIIAEI lllllllllllllllll Iiiiiiliiiiiiiiiii￿iil0l JUIIIIIIIIIIIIBIIIIIII lli £iiiii 1111111 1191 uiiiiiiiii 11111 IIIEIII IIEII lllllllllllllllllllllllllllllQllllllUIIIUlllllgllllE llllllllllllllluIIIIIIIIIIIIIIIIIIEgllllllllllUIII jul￿11111111￿IuIII￿IIIIIIIIII￿&K￿I0￿11 1111111 98A lllllllllllgllllllllllllll lllllllllllllllllllllllllll 11 lllluillllgiiiiiiiiiilliiiiiiii llllllllllll ifjiiiii lliiii£iiiiiiiilligiii giiii lllllllllllllllllllllllllll Iiiaioill 99A Igi 1111 lllllllllEIII£IIIII IEIIIIIII 1111 11111 llllllllllllllllllllllllllllllllll 11 11 Iigiiii lllllllll Iiiiiiiiiiiiiiiiiliiii 1111111111111111111111 111111111 lllllllll 1111111111111111111111111111111 1111111111111 Iipllgiiii￿ililililililil IIIE Iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiggiii llljlllllllllll IEIIIIIIIIIEIIIIIIIIIIIIIIIII lliiiiiii IIGIIIIIIIIIEIIIIIIIIIIIIIIIIIE Ullllllllllllllllllllllllllllllllllllllllll llllllllll Illlllllllllllllllllllllllllll llllllllllllllllllllllllllllll 111111111111 ioiiiiiiiiiiiig ,5J 100A Ulllll¥l llllllllllllllllllllllllllllllllllllllllllllllllll llllllglllllllsIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII llllllllllllllllllllllllllllKIIIIIIQIIIIIIIIIIIIII llllllllllllllllllllllllllllllllllllllllllllllllll llllllllllllllllllllllllllllKIIIIIIIIIIIIIIIIIIIII lllllllllllllllllllllllllllllllllllllllllllllllllll lllllllllllllllllllllllllllllllllllllllllllllllllE lliiiiiiiii llllllQl Iiiiiiiiiiiiiiioiiiiiiiiiiiiiiiiiiii llllllll Iliiiiiiiiiggiiiiiiiii Iiiiiiigiiii IIIIIIIIIIIIIIIIISIGIIIIIIIIIIIIIII gli lllllllllllllllllll1llllllllglllll￿lllllllllllll1 UMIIIIIIIINIIIIII IllllllllllllllHllllllllllllgl61 UllllllllllllllllSIIIIIIIIIIIIIIIIIIIHIIIIIIAglllgll 11 IIIIIIIIE 101A The Franciscan Missionaries of St. Joseph .Income for the Year Ended 31 December 2024 Ecuador Region 2023 Salaries and Pensions 919 Salaries 60003 Voluntary Contributions 3771 Financial Receipts 1534 Bank Interest Received 1704 98 Sister House Income 55 Sale Proceeds from Santa Clara House 62554 Total Income for the Year 5530 102A Yhe Franciscan Missionaries of St. Joseph ',Expenditure for the Year Ended 31 December 2024 Ecuador Region 2023 Education and Tuition 12848 Sister House Expenses 9028 Establishment Expenses offi￿ Expenses Travel Donations 5196 937 6133 1550 792 2342 Financial Expenses 60 1122 {693) 489 Bank Charges Professional Fees Exchange Adjustments 10 (11180) (11170) Fomiation 33246 Contribution to External Programs 57402 52716 Total Expenditure for the Year 57602 9838 Surplusl(Deficit) for the Year {52072} 62554 5530 103A The Franciscan Missionaries of St. Joseph Balance Sheet as at 31 December 2024 Ecuador Region 2023 Capital Account 107784 Capital as at 1 January 2024 127109 18766 Add Transfers from U.S.A. 17423 126550 144532 (9279) Less Transfer to Maintenance Reserve (7720) 117271 136812 9838 Surplusl{Deficit) for the Year (52072) 127109 General Funds 84740 98034 Maintenance Reserve 201701 225143 Total Funds 286441 Represented By 127109 Cash and Bank Balances 84740 98034 Monies Held in UK 201701 225143 286441 104A The Franciscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024 Ecuador Region Transactions with other Regions Income and expenses of the Region which have been transacted through the United Kingdom Central Fund and which are not therefore included in the Regional account were as follows: 2024 2023 Pensions Received Voluntary Contributions 2166 36968 98421 Expenses 2151 550 Voluntary Contributions include monies raised for external programmes. Tangible Fixed Assets The cost of property and other tangible fixed assets purchased by the Region is written off to expenditure in the year in which it is incurred This policy is considered appropriate given the political instability of the region. Foreign Currencies Transactions conducted in American Dollars are converted into Sterling at the average rate of exchange during the year. Assets and liabilities are converted at rates of exchange ruling at the balance sheet date. 105A The Franciscan Missionaries of St. Joseph Notes to the Accounts for the Year Ended 31 December 2024 Ecuador Region Maintenance Reserve The Ecuadorian Retirement Fund investments were held in a dedicated account managed by Wells Fargo in the USA. In March 2020 the fund was relocated and is now held in the UK Central Fund. All the investments vRre sold and the resulting cash balance was transferred to the UK on 5 March 2020. 2024 2023 Balance as at 1 January 2024 98034 88312 Movement in value of funds SurpluslDeficit Add Annual Interest Supplement Contribution from Ecuador Region Transferred from UK Central Fund 4744 7720 91203 443 9279 Balance as at 31 December 2024 201701 98034 106A