2021-03-31-accounts

Annual Report and Consolidated Financial Statements

31 March 2021

Charity Registration Number 1149326 Company Registration Number 07638065 (England and Wales)

Contents

Reports

Reports
Reference and administrative details of	the
charitable company, its Trustees and
advisers	1
Trustees’ report	2
Independent auditor’s report	23
Financial Statements
Consolidated statement of
financial activities	28
Comparative consolidated statement of
financial activities	29
Balance sheets	30
Consolidated statement of cash flows	31
Principal accounting policies	33
Notes to the financial statements	41

The Daughters of Charity of St Vincent de Paul Services

Reference and administrative details of the Charitable Company, its Trustees and Advisers

Trustees	Sister Ellen T Flynn (Chair)
	Sister Mary T Bain
	Mr James O’Connor
	Mr John Drury
	Sister Sarah King-Turner
	Father Paul Roche
	Sister Theresa Tighe
	Sister Barbara C Quilty
Registered office	Provincial House
	The Ridgeway
	London
	NW7 1RE
Telephone:	020 7931 8738
Charity registration number	1149326 (England and Wales)
Company registration number	07638065 (England and Wales)
Auditor	Buzzacott LLP
	130 Wood Street
	London
	EC2V 6DL
Bankers	HSBC Bank plc
	Fenton House
	85-89 New London Road
	Chelmsford
	Essex
	CM2 0PP
Solicitors	Womble Bond Dickinson
	4 More London Riverside
	London
	SE1 2AU
Investment managers	Sarasin & Partners LLP
	Juxon House
	100 St Paul’s
	Churchyard
	London
	EC4M 8BU

The Daughters of Charity of St Vincent de Paul Services

1

Trustees’ report Year to 31 March 2021

The Trustees present their statutory report together with the consolidated financial statements of The Daughters of Charity of St Vincent de Paul Services (DCSVP Services) and its subsidiaries, St Vincent’s Family Project, Out There Supporting Families of Prisoners, Vincentian Care Plus, St Joseph’s Services Limited (and its subsidiary, St Joseph’s Homes Limited) and the Louise Project, for the year to 31 March 2021.

This report has been prepared in accordance with Part 8 of the Charities Act 2011 and constitutes a directors’ report for the purposes of company legislation.

The financial statements have been prepared in accordance with the accounting policies set out on pages 33 to 40 of the financial statements and comply with the charitable company’s Memorandum and Articles of Association, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Principal aims

The Daughters of Charity of St Vincent De Paul (the ‘Congregation’ or the ‘Daughters of Charity’), a Roman Catholic religious congregation, established DCSVP Services in order to create a new charity and company structure for services and projects the Congregation runs currently or with which it has a founding relationship. DCSVP Services will help ensure that the long term future of the subsidiaries is secure.

As appropriate, projects which already have limited company and/or charity status will be invited to become subsidiaries of DCSVP Services, thereby creating a group structure and allowing for greater co-operation and an enriched relationship between subsidiaries. The Trustees of each subsidiary are responsible for directing and controlling the operation of the subsidiary to fulfil its charitable objects.

It is intended that DCSVP Services will safeguard and deepen the Vincentian character and values of the Congregation’s projects and services, assist in planning for long term sustainability, and assist with infrastructural needs and best practice in governance.

The objects of the charitable company as set out in the governing document are: “…..in the spirit of St Vincent de Paul, the objects of the charity are such charitable purposes as shall advance charitable work of the Congregation anywhere in the world as the Trustees with the approval of the Provincial shall from time to time think fit, provided that if at any time the Congregation shall cease to exist or shall cease to carry on any charitable work then for such other lawful purposes connected with the advancement of such similar charitable purposes as the Trustees shall determine”.

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Trustees’ report Year to 31 March 2021

Achievements and performance

The challenges of this past year, with all of the issues surrounding the Covid-19 pandemic and the associated societal restrictions, have seen the members of Daughters of Charity Services outperform all expectations with regard to innovation, creativity, and a determination to be of the most practical service to those in need. The commitment to living out the Vincentian charism across the group has been made clear through the actions of all those who have found new ways to be of service to those in need, the protections put in place to ensure the safety of the most vulnerable among us, and the demonstration of the central importance of dignity and love to all of our services in the work they carry out.

Organisational Development

Developing a Memorandum of Understanding

A significant piece of work was begun this year, finally seeking to formalise the relationship between Daughters of Charity Services and the front-line organisations which make up our group of charities, and which deliver the work which helps to realise our Mission. A core purpose of this living document is to make clear the link between the Mission we share and the work undertaken on the front line with people in need by our group charities. Through more clearly setting out our expectations of, and commitments to, one another, we are better positioned to collaborate to continue to grow the services we offer in response to emerging need, in line with our founding Vincentian Charism. We will continue to engage with stakeholders across the group in the year ahead as we seek to make further progress in developing what represents a significant step for our whole group.

Expansion of the Group

A major area of work over the past year has been the preparation for Daughters of Charity Services to welcome Marillac Neurological Care Centre to our group of charities, which took place on 1 April 2021. The Daughters of Charity have been involved in delivering a service at Marillac since 1921, with the service over recent years developing a very strong reputation, both local and further afield, for its work with people with neurological conditions. Furthermore, the commitment within the project of offering holistic support and pastoral care to the families of the residents, as well as providing comprehensive care to the residents themselves, reflects the character of the service. The team in place and the work undertaken at Marillac Neurological Care Centre exudes the Vincentian ethos, not only through their longstanding commitment to the Vincentian Values Today programme of training for all staff, long prior to becoming a subsidiary of Daughters of Charity Services, but through the approach to the delivery of care, and to the fulfilment of their mission. Daughters of Charity Services will be greatly strengthened for the addition of this project, and we look forward to closer collaboration in the years ahead.

Team Development

Early in 2020 we filled two new positions within the team: a VIVAT Co-ordinator, to lead on our Vincentian Values Today programme of training and development; and a Group Communications Manager, to lead on our campaigns and communications efforts. Both postholders have made an immediate and sustained positive impact to the work of our group and continue to develop new ways of enabling us to work towards our mission.

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Trustees’ report Year to 31 March 2021

Achievements and performance (continued)

Organisational Development (continued)

Team Development (continued)

The VIVAT Co-ordinator demonstrated our commitment to maintaining a focus on our shared values through the development of a more targeted and concise online Vincentian Values training programme to replace the in-person programme, as we switched to working from home. A further, more in-depth, Vincentian Values training programme has also been developed, and will be piloted in due course when face-to-face training is a more practical reality again.

The Group Communications Manager has made significant strides in improving the scope and consistency of our communications within and beyond our group of charities. Regular newsletters have been launched to engage not only those within our group, and other interested parties within the Vincentian Family, but also to more actively engage all those Daughters of Charity within the newly expanded Province.

Both the Group Communications Manager and the VIVAT Co-ordinator, through their work for the Province of Rosalie Rendu, have helped to further improve the working relationship between the wider community of the Daughters of Charity within the Province and our own organisation and projects.

We have also improved our engagement with the wider Vincentian Family, actively seeking opportunities for collaboration, and improving our working relationships with those working in the campaigning arms of Vincentian organisations in Great Britain, as we seek to develop our own work in speaking out against structural injustice.

Mission-Led Growth

Over the past year, we have taken the opportunity to reflect upon how we can best communicate the importance of our Catholic history and heritage to our work today, incorporating both our commitment to the principles of Catholic Social Teaching and our determination to meet new needs as they arise with practical support at a local level.

Part of this process resulted in the revision of our Mission and Vision statements, in order to more clearly and succinctly express our overall organisational purpose. These are:

Our Mission

Our family of Vincentian charities stand in solidarity with the most vulnerable people in our society, responding practically to present and emerging poverties and working to challenge structural injustice

Our Vision

To live in a just society where the most vulnerable people are served with dignity, love and justice in the spirit of St Vincent de Paul

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Trustees’ report Year to 31 March 2021

Achievements and performance (continued)

Mission-Led Growth (continued)

In looking to how this will shape our work in the years ahead, the development of a new business plan for the period 2021-24 has been built upon three strategic aims:

1. The Development of a Vincentian Resource Hub

2. Building Vincentian collaboration in the service of those living in poverty

3. A Vincentian response to emerging poverties

Whilst our focus in previous years has been more on the development of our services within the central team, and the support we provide to our projects, we are now particularly eager to ensure that we are well-equipped and ready to respond to new and emerging poverties, particularly given the extent of need that has been made clear across our society over the past year.

Challenges and New Opportunities

By far the most notable challenge faced this past year has been that of the Covid-19 pandemic and associated lockdown, and the ways in which this has exacerbated the challenges already faced by those we serve.

From the perspective of the central team, the inability to visit and be present at the projects has been extremely difficult, as this service to those in need is where our collective energy is drawn from, and the impact of our own work made real. However, the willingness and ability of our team to adapt to a much more flexible approach to their roles through homeworking, without letting our standards of service slip, is a testament to the collective dedication to the mission. Whilst we expect to continue to utilise homeworking going forward, a partial return to the office and the beginnings of reintroducing face-to-face meetings has proved beneficial all round. We look forward with great anticipation to returning to undertake project visits, and to be able to bring together stakeholders across our group for a broader assembly at some point in the future, when doing so is both safe and appropriate.

As noted above, one thing exposed by the past year of operating under significant societal challenges and restrictions has been the extraordinary dedication to our shared mission across our family of charities, and through their innovative approaches to respond to both longstanding and emerging needs over this past year, we have seen the reach and impact of the Vincentian ethos in practice today.

As we ourselves look further ahead, we will seek to draw on such commitment and innovation as we commit ourselves to finding the best and most impactful ways of being of service to those in need, including new and emerging poverties, in order to more fully live out our newly defined, yet in reality centuries-old, mission.

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Trustees’ report Year to 31 March 2021

Achievements and Performance across the Group

Out There Supporting Families of Prisoners

Throughout the pandemic, Out There switched from having always primarily worked in the homes of families they support to remote working, with 1:1 support available over the phone and group activities delivered online. With many families not having access to the internet, Out There secured laptops and phones for 10 families, to enable them to engage with the range of support available. Financial demands significantly rose also, with Out There spending over £13,000 on welfare support, such as emergency food provision or utility payments – a three-fold increase on last year, and a reflection on the increased need.

The past year saw a significant increase in the number of support requests from families; in total 70 families and 185 family members received support. Requests for emotional support and wellbeing tripled over the course of the year; in response, Out There developed a range of online activities, including yoga, mindfulness activities, and creative art workshops.

Particular focus was paid to the increasing needs of children and young people. Partnership working was developed, and activities included themed family cooking sessions, family art sessions, an online magic show and pantomime, and even an interactive online event with Chester Zoo. Activity packs were delivered to young people who could not attend the online sessions, allowing for still further engagement.

Impact

R was referred to us at the beginning of 2021 by her son’s school following concerns for H, her son, age 5, about the impact his father’s life imprisonment was having on him. A family support worker spoke with R. Since the incident that had led to imprisonment, the family had experienced ostracization from family members and stigmatisation within the community. The family had initially contacted a national charity that supports prisoners’ families that was useful for information, but R wanted something more community based and local to support her.

The Out There Family Support worker was able to tell R about the 1:1 support for her and the activities and support that would be available to her son. R reported being immensely relieved that the local support was available and that she had a local community organisation that would listen to them and support them without judgement.

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Trustees’ report Year to 31 March 2021

Achievements and Performance across the Group (continued)

Out There Supporting Families of Prisoners (continued)

Impact (continued)

As is often the case our support for R has been directed by their needs as a family and has included:

• Regular telephone contact to support R and deal with the emotional impact of her partner’s imprisonment

• Financial support: helping the family to secure a new washing machine

• Liaison and support around schooling - H has had a range of challenges in school relating to his own educational needs but also the impact of imprisonment and the family support worker has supported R’s relationship and work with the school to help them put in place support

• Family activities - online activities for R and son including cooking and a live session with Chester Zoo. After the latter R texted the family support worker to say the positive impact the activity had had on him:

• “H enjoyed yesterday’s session. Afterwards we went into the back-garden to fill the bird feeder and put a bowl of fresh water out and some tuna for the hedgehogs today – we are going to make a little pond for the frogs.”

Taking part in family activities is a huge step for the family as previously H was very withdrawn. We will continue to support the family holistically and in partnership with others.

St Joseph’s Services

Through the dedication of the whole staff team, St Joseph’s Services was able to continue to support adults with learning disabilities to live independently in their own homes and to be citizens in their community. The pandemic impacts all aspects of the service, particularly in the disconnect felt within the community as visiting restrictions limited the opportunity for contact with family and friends for the people supported by St Joseph’s Services.

The Pastoral Team played a significant role in keeping up morale for both those supported by the services and the staff members too, with a wide range of activities including Zoom bakes, Desert Island Discs, parties, quizzes and singalongs. St Joseph’s recognises that pastoral care for the people they support, staff members and families remains at the heart of pastoral care practice, and has worked to develop the understanding amongst the staff teams of the pastoral responsibility of everyone within the organisation.

St Joseph’s Services did not allow the pandemic to halt the progress of significant developments within the organisation. One of the most significant of these was the creation of a new subsidiary charity, St Joseph’s Homes, established to purchase suitable and adaptable properties to enable adults with a learning disability to live independently in their own homes. St Joseph’s Homes is committed to sharing the Christian and Vincentian values which form the foundation of St Joseph’s Services. The CEO of St Joseph’s Services has also been appointed CEO of St Joseph’s Homes, with a Trustee Committee having also been recruited. St Joseph’s Homes purchased the portfolio of properties owned by the Daughters of Charity that are currently used by St Joseph’s Services.

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Trustees’ report Year to 31 March 2021

Achievements and Performance across the Group (continued)

St Joseph’s Services (continued)

Impact

At present, St Joseph’s provides support to 79 people with learning disabilities, including 5 adults in a Registered Care Home and the other 74 in their own homes. All support is based upon the Person Centred principle of care, taking on board an holistic view of what care means.

St Joseph’s is committed to ongoing staff development, and this past year saw 10 candidates achieve their SVQ Level 2/3 award, and another complete their SVQ Level 4.

St Vincent’s Family Project

St Vincent’s Family Project was able to continue to provide services through the last year’s Covid-19 pandemic. Innovation and effective risk management resulted both in the utilisation of online support sessions and the development of Covid-19 safe spaces, through which blended programmes were able to be offered. Key programmes included the Positive Parenting Programme (PPP), respite sessions, one to one support and ‘community bubbles’, a fixed group of 3 families who would come together and meet. This was introduced because of the pressure on young families unable to have other social contact.

A significant shift came in moving creative arts therapies online; this provided an opportunity to work with families, whilst following schools’ guidelines as to when the service could go back into schools. This also created a flexible option for families who might struggle bringing themselves to regular appointments, which can be hard, especially for single parents with limited childcare resources.

More generally the year has created an opportunity to develop services focused on mental and physical health, both of which have been impacted by the pandemic, which features in our future goals.

Impact

St Vincent’s Family Project supported 51 families last year. By comparison, during the year before the first lockdown they received 376 families as visitors using the project and 176 receiving support, indicating that many families did not seek support throughout the pandemic.

The most popular services included the parenting programme as well as 1:1 support. Using the Parenting Scale, all participants significantly improved their behaviour in the ‘hostility’ category, and most improved also with regard to ‘laxness’ and ‘over-reactivity’. Further, questionnaires reflected a significant reduction in parents experiencing depression, anxiety and stress. Questionnaires also reflected improvements in children’s behaviour on a wide range of scales.

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Trustees’ report Year to 31 March 2021

Achievements and Performance across the Group (continued)

St Vincent’s Family Project (continued)

Impact (continued)

Most parents rate very highly for the quality of services received, confirming this program helped them to deal more efficiently with their children’s behaviour. One said the programme helped her see parenting under a completely new and more positive perspective and find more joy in doing it. Partner relationship improved overall, with one saying it had improved a lot. All parents stated that the program helped them to develop their skills which can be applied to other family relationships.

“ You are all amazing!”

‘’It was great!’’

“This course really helped me reconsider my parenting style and look at things more positively. It has made the communication with my children better.”

The Louise Project

This was a year like no other. The overarching aim was to provide support to a community that was thrown into crisis as a result of a global pandemic and the unintended impact of restrictions and national lockdowns. During this period, The Louise Project demonstrated immense creativity and flexibility as they adapted their services (several times) and embraced new models of working to comply with restrictions, safeguard staff and meet the needs of the community.

This reflection at the height of the pandemic illustrates the importance of the project:

A Ministry of Presence

There was no furlough, for furlough was only for those with legal contracts.

There was no understanding of what was happening, for they could not read.

There was no support, for they could not communicate.

No doctors, no schools, no housing associations, no benefit officers, no work and no money. No one.

When others closed their doors, we remained open.

During a time of grave uncertainty, intense anxiety, and global health concerns we remained a presence.

They were already poor; we knew them well; we knew their poverty and we knew what had to be done.

We set aside our plans and we evolved, and we adapted, and we responded to a new world.

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Trustees’ report Year to 31 March 2021

Achievements and Performance across the Group (continued)

The Louise Project (continued)

Key achievements include:

• Maintaining a presence in the community throughout the year to support families in crisis. Locally, we were the only charity who continued to keep our doors open.

• Deepening of relationships with the Roma community and across other ethnic groups as families trusted the team to help them at a time when support was difficult to access.

• Supporting 256 families to meet their crisis needs for material support, integrate into community, and supporting a cohort to move out of a crisis mindset to re-engage with their learning.

• Restructuring the project to better respond to emerging needs. This has been an ongoing process as we were operating in a very fluid environment.

• Development of a Welfare Benefit service and Digital Inclusion service, including provision of devices and internet access for families.

• A strategic review undertaken in December to take account of the long-term impact of Coronavirus and Brexit with the aim of developing a sustainability plan to steer The Louise Project for the next 3 years through what is expected to be the hardest recession in centuries.

• In partnership with the Daughters of Charity, a Pastoral Care Line was developed for people struggling with anxiety, loneliness and material need.

New front-line services were developed in line with government restrictions and safeguarding in response to the pandemic, including:

• Crisis Support Service: dedicated telephone help line; doorstep delivery of essential food; supermarket vouchers and utility vouchers.

• Online Information Service: using social media to communicate with beneficiaries to demystify government briefings, keep people safe by explaining restrictions and updates.

• Digital Inclusion Service: beneficiaries provided with digital devices and data allowance to encourage people to move out of a crisis mindset and enable them to re-engage with their learning. A dedicated YouTube channel was also created so that beneficiaries could participate in a range of activities, i.e., literacy classes, wellbeing sessions, cooking, and art classes.

Impact

Over the year, 256 families were supported to solve a total of 1,507 issues. Key issues included health, housing, education, financial support, and supporting people in crisis.

42 families became digitally active and 23 re-engaged in their literacy and numeracy classes (everyone obtained an email account and learned about the internet and their device), 6 were supported to attend an online college course and 4 were supported into employment. Digital literacy was offered two days a week, combining numeracy, literacy, and digital skills in one lesson.

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Trustees’ report Year to 31 March 2021

Achievements and Performance across the Group (continued)

The Louise Project (continued)

Impact (continued)

27 beneficiaries were enabled to enhance their long-term prospects by developing transferable skills and obtaining supported employment. Across these cases enhanced levels of emotional wellbeing were expressed as an increased ability to manage at such difficult times and less anxiety.

Fear, anxiety, worry, and restlessness are just some of the symptoms the beneficiaries and team expressed during the pandemic. The Louise Project delivered an in-house wellbeing program facilitated by a long-standing volunteer and focused on expressing concerns, learning breathing techniques and participated in guided meditation to combat and manage anxiety. One participant said: “I hadn’t realized how much tension I was carrying… I feel like I’m starting to thaw.”

Vincentian Care Plus

Throughout the pandemic, Vincentian Care Plus has been committed to providing safe care delivery and treatment to all service users. All members of the staff team demonstrated their commitment to the organisation’s core values through their willingness to make the Covid-19-related adjustments required in order to ensure the safety of those they serve.

Significant efforts were also made to ensure the successful implementation and rollout of ‘Birdie’, a new digital care delivery system, which the organisation hopes will further improve the consistency of care, transparency and accountability. This system is now fully in place, with all team members fully trained in its use.

Vincentian Care Plus was delighted to receive a grant from the City of Westminster Charitable Trust to bring about a temporary additional befriending service, which allowed service users to undertake experiences beyond their care packages, and enjoy some extra pampering and fun. Vincentian Care Plus was also delighted to collaborate with the Daughters of Charity to set up a telephone befriending service, allowing for the development of friendships and relationships of support for service users with a number of Daughters of Charity who, despite the restraints of lockdown, wished to more actively engage with those receiving care.

Impact

Through collaborating closely with Westminster City Council, Vincentian Care Plus was able to secure the additional resources required, such as a significant volume of Personal Protective Equipment (PPE) items in order to allow those supported by the organisation to continue to receive care.

Over the past year, Vincentian Care Plus has continued to work with residents of a hostel for adults with experience of homelessness. During this period, a course of expert training was sought out and delivered to all care staff working in this project, in order that those providing support were enabled to deliver trauma-informed care, in keeping with best practice in homelessness services.

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Trustees’ report Year to 31 March 2021

Achievements and Performance across the Group (continued)

Vincentian Care Plus (continued)

Impact (continued)

Vincentian Care Plus supports more than 160 individuals to remain living in their own homes across Westminster, and through seeking to expand it’s range of services, hopes to provide support to a still larger number of people in the area.

Future plans

Within Daughters of Charity Services, we are hopeful of achieving agreement across the group for our Memorandum of Understanding, through which we hope to both reflect the shared 400-year history of the Vincentian movement which drives all that we do, along with the potential for effective, targeted and collaborative new initiatives to tackle new and emerging poverties which hold the Vincentian Charism at their heart. This would represent a significant step for our group of charities and is something we are highly hopeful for in the year ahead.

Out There has noted its plans for further collaboration with suitable local organisations dedicated to improving lives in Manchester, and to making more effective use of the premises from which they operate.

St Joseph’s Services has a great many plans in place for the year ahead, including registering it’s New Lodge Care Home as a Housing Support residence, continuing to support the development of St Joseph’s Homes, working towards a chartermark, launching a new website following the successful launch of their new logo, and exploring the potential for the development of a specialised dementia service for adults with a learning disability.

St Vincent’s Family Project is hoping to see a further return to face-to-face sessions with families, and is also looking to increase its offer of support regarding physical and mental health, including a focus on oral health. Further, an additional investment in their therapy services is intended to increase the offer of support for children in early years and their families.

The Louise Project has restructured over the past year in order to better respond to emerging needs, including Mental Health and Wellbeing initiatives, a dedicated Welfare Benefit Worker and a Digital Co-ordinator, and expects to see the benefits of these investments in the year ahead. The Louise Project has also completed a strategic review, and is ready to further expand its range of services and support as it continues to seek to break down social barriers and obstacles to inclusion.

Vincentian Care Plus is actively seeking to more widely expand its offer of befriending support, to ensure that what was once at the heart of its service offer can again be available to all. It is also preparing for a fundamental shift in the commissioning of domiciliary care services, as it anticipates a sectoral move towards direct payments and client choice, a move which has the potential to reinforce the organisation’s values of dignity, choice and respect.

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Trustees’ report Year to 31 March 2021

Future plans (continued)

Daughters of Charity Services also looks forward with great anticipation to welcoming the Marillac Neurological Care Centre into our group, particularly as it marks its 100[th] year of service. As lockdown restrictions ease, we look forward once again to resuming our project visits, returning to face-to-face sessions for the Vincentian Values Today training programme, and hopefully, to once again bringing together representatives from all services across the group and beyond, as we look to the next several years of organisational development and growth.

Financial review

A summary of the results of the charity and its subsidiaries for the year to 31 March 2021 is given on page 28.

During the year, income totalled £9,518,784 (2020 - £7,932,229).

Expenditure amounted to £8,059,886 (2020 - £7,597,281).

Net income for the year was £1,968,630 (2020 – £240,064) after accounting for investment gains of £509,732 (2020 – losses of £94,884).

Reserves policy

The Trustees have examined the requirement for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The Trustees consider that, given the nature of the charitable company’s work, and the need to respond to unforeseen emergencies, the level of free reserves should at least be equivalent to between six and twelve months’ expenditure. The Trustees are of the opinion that this provides sufficient flexibility to cover shortfalls in income, adequate working capital to cover core costs, and will allow the charitable company to meet its commitments and respond to unforeseen emergencies.

Financial position

The balance sheet shows total funds of £6,831,980 (2020 - £4,863,350).

The investment fund amounting to £2,505,351 (2020 - £2,006,682) is represented by investments acquired from monies donated by The Daughters of Charity of St Vincent de Paul Charitable Trust with a principal objective of investing the funds and of at least maintaining the absolute value of the capital at all times and with a secondary objective of generating income. The capital may be applied towards meeting expenditure should the financial position of the charity require this and provided there is consultation with the Trustees of The Daughters of Charity of St Vincent de Paul Charitable Trust.

Other restricted funds held for specific purposes, as specified by the donors, amounted to £183,578 at 31 March 2021 (2020 - £162,211) (note 14).

In addition, the Trustees have identified the net assets held by each subsidiary which represent unrestricted funds, and set them aside at group level as designated funds. The amounts set aside are £3,477,296 (2020 - £2,402,891) for the work of St Joseph’s Services, £87,307 (2020 - £66,549) for the work of The Louise Project, and £357,531 (2020 - £113,993) for the work of Vincentian Care Plus.

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Trustees’ report Year to 31 March 2021

Financial review (continued)

Financial position (continued)

At 31 March 2021 St Vincent’s Family Project had net assets of £60,443 (net liabilities 2020 - £55,663). The Trustees put systems in place to ensure an improvement in the financial position in 2020 which has proven effective as the net assets in 2021 show.

At 31 March 2021 Out There Supporting Families of Prisoners had net assets of £5,843 (2020 - net liabilities of £21,198). Although general funds still remain a concern, the Trustees note that a lot of work has been done to generate free reserves and this will continue. The priority going forward is to build general reserves to meet the requirement of the reserves policy and provide sufficient flexibility for the charity to move forward.

Free reserves available to support the work of the charitable company in the future are shown as general funds on the balance sheet and amount to £154,631 (2020 - £187,885). This figure needs to be considered in the light of the charity’s annual expenditure. The Trustees are of the opinion that this level of free reserves meets the requirement of the reserves policy. Over the next couple of years it is the intention of the Trustees to build up these reserves as the charity’s work develops, through raising funds and controlling expenditure.

The Trustees have been in consultation with the Trustees of the Daughters of Charity of St Vincent de Paul Charitable Trust (the Charitable Trust) regarding the future of the DCSVP Services. The Charitable Trust has acknowledged and reaffirmed its commitment to support the work of DCSVP Services and its core purpose to sustain our Vincentian Values throughout its family of subsidiary Vincentian charities.

The Charitable Trust has agreed to make available to DCSVP Services as from Spring 2022, an additional grant in the form of an investment portfolio to the value of £2.6 million. DCSVP Services would be able to draw down both capital and income from the portfolio up to an annual amount of £250,000 to meet its annual operational costs for the next 10 years. Additionally, the terms of the original restricted grant made by the Daughters of Charity referred to in note 13 to these accounts was varied such as to allow DCSVP Services to draw on the capital gains earned on that grant to meet its operational expenses.

Investment policy

The charity has a portfolio of listed investments with a market value of approximately £2.5 million.

Sarasin & Partners LLP are the charity’s sole investment managers.

There are no restrictions on the charity’s power to invest.

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Trustees’ report Year to 31 March 2021

Financial review (continued)

Investment objectives

•  The charity seeks to produce the best financial return within an acceptable level of risk.

•  The investment objective for the long-term portfolio is to generate a return of 3.5 % in excess of inflation, as measured by the UK Consumer Price Index (CPI), over rolling five year periods, in order to protect the real value of the investment portfolio so that it can fund the future activities of the charity. In this context, long-term is taken to be five years plus. This level of growth ought to allow for income to be withdrawn, whilst allowing for the capital value to keep pace with inflation, after deduction of the investment managers’ fees.

Ethical policy

The policy is required to reflect the following concerns and to exclude direct, and where possible indirect, exposure to:

•  any company earning more than 10% of its turnover from sale or production of alcohol, armaments, gambling or pornography

•  any company involved in the production of tobacco

•  any company involved in the production of single-purpose abortifacients, contraceptives, or engaged with scientific research on human foetuses.

The Trustees would also wish the investment manager to be sensitive to the ethics and religious principles of the Trustees and to try to avoid any investments in contravention of these and to highlight areas of potential sensitivity. Particular concern will be attached to issues related to the protection of human life and human rights, as well as discrimination against any sectors of society and the company’s overall environmental impact. The Trustees expect the managers to apply Environmental, Social and Governance (ESG) criteria when selecting investments.

Management, Reporting and Monitoring

The Trustees have appointed Sarasin & Partners LLP to manage the investments on a fully discretionary management agreement in line with this investment policy.

Once a year (at a minimum) the investment manager will be required to present in person to the Trustees. All recommendations are required to be ratified by the Trustees.

Investment performance

During the year the charity’s listed investments achieved an income yield of 2.2% (2020 – 2.3%). The capital yield for the year was 16.3% (2020 – minus 0.6%). Throughout the year the Trustees have continued to liaise closely with the charity’s investment advisers and seek their advice.

The Daughters of Charity of St Vincent de Paul Services 15

Trustees’ report Year to 31 March 2021

Fundraising policy

The charity and each of its subsidiaries aim to achieve best practice in the way in which they communicate with donors and other supporters. They take care with both the tone of communications and the accuracy of data to minimise the pressures on supporters. They apply best practice to protect supporters’ data and never sell data, never swap data and ensure that communication preferences can be changed at any time. The group members do not employ the services of professional fundraisers. They undertake to react to and investigate any complaints regarding fundraising activities and to learn from them and improve service. During the year, no complaints about fundraising activities were received by the charity or its subsidiaries.

Governance, structure and management

Governance

The Trustees of DCSVP Services work to ensure that, in keeping with the Articles of each subsidiary, there are two Daughters of Charity of St Vincent de Paul, with relevant experience, on the Board of Trustees. These are currently all in place. Our Articles of Association require us to ensure that the majority of our Board of Trustees are members of the Company of the Daughters of Charity of St Vincent de Paul. Those Trustees proposed by the Daughters of Charity will undergo the same screening process as lay Trustees joining our Board; that is, meeting with existing Trustees and, as appropriate, attending a Board meeting, before the existing Trustees vote on their prospective membership of the Board. A quarterly reporting system has been established, each subsidiary providing a report and any relevant supporting documentation for the quarterly DCSVP Services Trustees’ meetings.

The names of the Trustees who have served since 1 April 2020 are as follows:

Trustees	Appointed/Resigned
Sister Ellen T Flynn
Sister Mary T Bain
Mr James O’Connor	Appointed 22 December 2020
Mr John Drury
Sister Sarah King-Turner
Father Paul Roche
Sister Theresa Tighe
Sister Barbara C Quilty

Brief biographical details on each of the Trustees who were in office at the date of approving the financial statements are given below:

Sister Ellen T Flynn

Sister Ellen is a member of The Daughters of Charity of St Vincent de Paul and formerly worked as the CEO of The Passage for nine years, helping homeless people in Central London. During that time she developed skills in charity management, governance, fundraising and project development as well as networking across London in all sectors of business and society. Prior to this, Sister Ellen has a background in education, initially working with disadvantaged young people in inner city schools, and later in adult formation including group facilitation, liturgy, music and management with the Christian Church.

The Daughters of Charity of St Vincent de Paul Services 16

Trustees’ report Year to 31 March 2021

Governance, structure and management (continued)

Governance (continued)

Sister Mary T Bain (Sister Moira)

Sister Moira entered The Daughters of Charity of St Vincent de Paul in 1968. Her early ministry was child care and she worked in various residential school settings and children’s homes. A short period of three years was spent in Romania overseeing five children’s homes for children who were HIV positive. Sister also has experience in Parish ministry and is trained in Pastoral Leadership. She was instrumental in setting up and managing an organisation offering pastoral care to families of prisoners.

James O’Connor

Jim, a qualified accountant, spent his professional career with British Rail, latterly as the Finance Director of a train operating company. He has been a member of the Society of St Vincent de Paul, an international Catholic charity supporting people in poverty, since 1978 and was elected National President of the Society in England and Wales in 1997. Jim was Chief Executive of NOAH Enterprise, a Luton-based charity working in support of people who are homeless. He retired in 2020 after 20 years privileged service. His broad experience enables him to make a contribution to strategic and financial management, governance and the Christian objectives of Daughters of Charity Services.

Jim was appointed Trustee on 22 December 2020.

Mr John Drury

Qualifying as a solicitor in 1980, John moved from private practice in 1990 to work as an in-house lawyer for a multi-national organisation, COFRA Holding AG, where he is still engaged. He has broad corporate experience, including the financial regulatory sector and private equity fund formation, but now has assumed a wider portfolio role across the COFRA group.

John holds two other trusteeships in UK charities and has also worked with a UK charity assisting in change management including strategic focusing, business plan development and enhancing trustee engagement.

Sister Sarah King-Turner

Sister Sarah King-Turner entered the Daughters of Charity of St Vincent de Paul in 1980. Her early ministry was in running a day centre for the elderly and then a hostel for students. After training as a Social Worker she had experience working with families and children. Sister went on to set up a new project for homeless young people, the Depaul Trust, followed by several years in Community administration both in London and later in the Community's Mother House in Paris. She was Provincial from 2002-2008.

Father Paul Roche

Father Paul is a Vincentian Priest with long years of experience as a missionary in Africa and Eastern Europe.

He is a well-practised founder of charitable activities and accomplished in all aspects of project management. He currently leads on international community taking care of minority groups in Central London. His work has taken him into areas of conflict demanding clear vision and commitment to values.

The Daughters of Charity of St Vincent de Paul Services 17

Trustees’ report Year to 31 March 2021

Governance, structure and management (continued)

Governance (continued)

Sister Theresa Tighe

Sister Theresa has been a member of the Daughters of Charity of St Vincent de Paul for many years. Her training is in youth and community work and she provides a short counselling course as a way of supporting young people. Most of her experience has involved working with young people with disabilities and their families. She has also engaged with children and families through parish ministry.

Sister Barbara C Quilty

Sister Barbara C Quilty joined the Daughters of Charity of St Vincent de Paul in 1958 after being educated by the Daughters at secondary school for seven years. After training to be a teacher in Coloma College, she taught in a primary school (Carlisle Place) for one year before going on to teach blind children in Glasgow for eight years, and after a year’s sabbatical went to Ethiopia to teach and eventually be involved in Formation with the young Ethiopian Sisters. All in all this lasted 17 years. Sister Barbara was also involved with adults who were losing their sight for six years, in Christopher Grange, and then eventually became the Director of Services there for 10 years. For the last nine years Sister Barbara has been Director of Service at a residential home for elderly Sisters in Southport.

Statement of Trustees’ Responsibilities

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the group and of the income and expenditure of the group for that period. The Trustees (who are also directors of the Charity of St Vincent de Paul Services for the purpose of company law) are responsible for preparing the Trustees’ report and financial statements in accordance with applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

•  select suitable accounting policies and then apply them consistently;

•  observe the methods and principles of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102);

•  make judgements and estimates that are reasonable and prudent;

•  state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

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Trustees’ report Year to 31 March 2021

Statement of Trustees’ Responsibilities (continued)

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

Each of the Trustees confirms that:

•  so far as the Trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and

•  the Trustee has taken all the steps that she or he ought to have taken as a Trustee in order to make herself or himself aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Group structure

At 31 March 2021 DCSVP Services had five subsidiaries one of which has a subsidiary of its own:

1. St Vincent’s Family Project, (Company Registration Number 07638620 (England and Wales) and Charity Registration Number 1142095).

2. Out There Supporting Families of Prisoners, (Company Registration Number 6239170 (England and Wales) and Charity Registration Number 1120342).

3. Vincentian Care Plus, (Company Registration Number 5321333 (England and Wales) and Charity Registration Number 1112473).

4. St Joseph’s Services Limited, (Company Registration Number SC500182 (Scotland) and Charity Registration Number SC045482 (Scotland).

St Joseph’s Services Limited has one subsidiary – St Joseph’s Homes Limited (Company Registration Number SC659936 (Scotland) and Charity Registration Number SC050125 (Scotland)).

1. The Louise Project, (Company Registration Number SC555365 (Scotland) and Charity Registration Number SC047316).

The assets, liabilities and activities of these charitable companies have been consolidated into these financial statements.

The Daughters of Charity of St Vincent de Paul Services 19

Trustees’ report Year to 31 March 2021

Key management personnel

The Trustees consider that they together with the Director of Mission and the Finance and Business Director comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis.

During the year the Chair of Trustees has been personally directing the charity and as a Trustee no salary has been drawn. The Director of Mission receives a salary based on market rates for commensurate roles. The Finance and Business Director’s time is donated by the Daughters of Charity of St Vincent de Paul Charitable Trust.

Key management personnel of subsidiaries

St Joseph’s Services - The Trustees consider that the Trustees, the CEO, the Head of Services, the Finance Manager, and the Practice Development Leaders form the Senior Leadership Team covering Finance, Operations and Service Development are the key management team being those with the authority and responsibility to direct and control the charity.

Vincentian Care Plus – The key management personnel are the Trustees, and the Registered Manager. The Registered Manager is responsible for the day-to-day management of the Service, the service users and its staff and is accountable to the Trustees.

St Vincent’s Family Project – The Trustees consider that they together with the Chief Executive comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis.

Out There Supporting Families of Prisoners – The Trustees consider that they together with the Director comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis.

The Louise Project - The Trustees consider that the Trustees and the Chief Executive Officers are the key management team being those with the authority and responsibility to direct and control the Charity.

The remuneration policy for employees of all subsidiaries is to match the skills, experience and qualifications of each position consistent with a framework allowing for market levels in the locality of the employment base. Pay is reviewed annually by the Trustees of each subsidiary.

Employees

DCSVP Services and its subsidiaries have always been, and remain, committed to opposing discrimination in its many forms. To further this commitment, the management teams throughout DCSVP Services and its subsidiaries ensure that recruitment and selection policies avoid direct or indirect discrimination and comply with all relevant legislation. The aim is to ensure that all employees are aware of and understand the charities’ equal opportunities policies and are familiar with the legal framework.

The Daughters of Charity of St Vincent de Paul Services 20

Trustees’ report Year to 31 March 2021

Risk management

In line with the requirement for Trustees to undertake a risk assessment exercise and report on the same in their annual report, the Trustees have looked at the risks the charity currently faces in Britain and have reviewed the measures already in place, or needing to be put in place, to deal with them. The Trustees have identified five main areas where risks may occur:

•  Governance and management

•  Operational

•  Financial

•  Reputation

•  Laws, regulations, external and environment

Governance and management looks at the risks in relation to the skills and training of its Trustees and staff and the good use of its resources.

Operational looks at the risks inherent in the charity’s activities – staff and volunteers engaging in inappropriate activities, shortcomings in the service provided, difficulties with staff, poor health and safety, lack of a disaster recovery policy, etc.

Financial risks include those arising as a result of poor budgetary control, inappropriate spending, poor accounting, inappropriate investment policies, global downturn in markets, etc.

Reputation looks at possible damage to the charity’s reputation.

Laws, regulations, external and environment look at the effect of government policies, the consequences of non-compliance with laws and regulations and poor risk assessment.

The Trustees regularly review the measures already in place, or needing to be put in place, to establish policies, systems and procedures to mitigate those risks identified in the annual review and ensure that action is taken to implement changes to those policies, systems and procedures should they be needed to minimise or manage any potential impact on the charity should those risks materialise.

This work has identified a number of key risks for the charity which are described below together with the principal ways in which they are mitigated:

Risk 1: Funding challenges of the Group

Daughters of Charity Services is committed to the development of sustainable funding strategies for both the charity and the group, and continues to seek to diversify its income streams. Daughters of Charity Services employs a fundraising manager to lead on fundraising efforts for the charity, and to provide guidance, support and advice to the leadership of each subsidiary. Further, Daughters of Charity Services has recently committed to a new fundraising strategy, through which new avenues of income generation will be developed.

The Daughters of Charity of St Vincent de Paul Services 21

Trustees’ report Year to 31 March 2021

Risk management (continued)

Risk 2: Reputational Exposure

The Trustees of Daughters of Charity Services are very aware of the reputational harm than can be caused if adverse publicity occurs in respect of either itself or one of the subsidiaries. As such, Daughters of Charity Services and each subsidiary have developed risk management practices to regularly review potential risks of reputational impact, along with mitigation measures designed to minimise the likelihood of such risks arising. There has also been progress made in developing a group handbook to more clearly set out expectations on both the charity and the subsidiaries, and to help facilitate consistent and clear communication. The importance of clear and well understood safeguarding policies and processes across the group is integral to this.

Risk 3: Impact of Covid-19 and restrictions

As highlighted above, both the charity and subsidiaries across the group have responded with innovation, creativity, and a renewed commitment to our shared mission throughout the Covid-19 pandemic. The risk highlighted here relates more to the reduced presence we have been able to have within the projects, the absence of in-person Values training, and the inability to bring together the leaders of the projects around one table to share their experiences. These risks have been mitigated through the development of an onlinespecific Vincentian Values Today training course, the utilisation of online meetings to bring people from different projects together, and increased communication through other formats. However, we are eager to return as soon as it is safe and practical to visiting the projects, seeing the work first-hand, and meeting face-to-face with team members from across the subsidiaries in the delivery of our Values training programme.

Public benefit

The Trustees have referred to the guidance contained in the Charity Commission’s guidance on public benefit and demonstrate in detail throughout this report the ways in which the charity and group has been faithful to this. The Trustees also wish to highlight the priority which is being given to ensuring that all charities across the group recognise the importance of ensuring that safeguarding is understood to be an essential element of service provision, and to ensure that there are appropriate policies, procedures and practices in place across the group to help ensure the safety of all those being supported, the transparency of actions, and the timely reporting of any situations which may arise, as well as effective learning from such incidents. The Trustees commit to maintaining this issue as a matter of priority in the governance of the charity.

Concern for the environment

Conscious of the need for a sustainable environment and the responsibility each person and organisation has to care for the environment, the Trustees actively encourage the recycling of waste and reduction in energy consumption throughout the charity’s services, its subsidiaries and locations.

Approved by the Trustees and signed on their behalf by:

Sister Ellen T Flynn Trustee

Approved by the Trustees on: 6 December 2021

The Daughters of Charity of St Vincent de Paul Services 22

Independent auditor’s report Year to 31 March 2021

Independent auditor’s report to the members and Trustees of The Daughters of Charity of St Vincent de Paul Services

Opinion

We have audited the financial statements of The Daughters of Charity of St Vincent de Paul Services (the ‘charitable parent company’) and of The Daughters of Charity of St Vincent de Paul Services and its subsidiaries (the ‘group’) for the year ended 31 March 2021 which the comprise the consolidated statement of financial activities, the comparative consolidated statement of financial activities, the group and charitable parent company balance sheets, the consolidated statement of cash flows, the principal accounting policies and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

•  give a true and fair view of the state of the group’s and of the charitable parent company’s affairs as at 31 March 2021 and of the group’s income and expenditure 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.

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Independent auditor’s report Year to 31 March 2021

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts 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 accounts 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.

Other information

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

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

•  the information given in the Trustees’ report, which is also the directors’ report for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•  the Trustees’ report, which is also the directors’ report for the purposes of company law, has been prepared in accordance with applicable legal requirements.

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Independent auditor’s report Year to 31 March 2021

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the charitable parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

•  adequate accounting records have not been kept by the charitable parent company, or returns adequate for our audit have not been received from branches not visited by us; or

•  the charitable parent company financial statements are not in agreement with the accounting records and returns; or

•  certain disclosures of Trustees’ remuneration specified by law are not made; or

•  we have not received all the information and explanations we require for our audit; or

•  the Trustees were not entitled to take advantage of the small companies’ exemption from the requirement to prepare a strategic report.

Responsibilities of Trustees

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

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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Independent auditor’s report Year to 31 March 2021

Auditor’s responsibilities for the audit of the accounts (continued)

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

•  the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

•  we obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and its subsidiaries and determined that the most significant frameworks which are directly relevant to specific assertions in the accounts are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006) and safeguarding regulations.

•  we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

•  identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.

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

•  making enquiries of management (of both the charity and its subsidiaries) as to their knowledge of actual, suspected and alleged fraud; and

•  considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

•  performed analytical procedures to identify any unusual or unexpected relationships;

•  tested journal entries to identify unusual transactions;

•  assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

•  used data analytics to investigate the rationale behind any significant or unusual transactions.

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

•  agreeing accounts disclosures to underlying supporting documentation;

•  reading the minutes of meetings of those charged with governance of both the charity and its subsidiaries; and

•  enquiring of management of both the charity and its subsidiaries as to actual and potential litigation and claims.

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Independent auditor’s report Year to 31 March 2021

Auditor’s responsibilities for the audit of the accounts (continued)

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

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

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

Use of our report

This report is made solely to the charitable parent company's members, as a body, and to its Trustees, 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 parent company's members and Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company, the charitable parent company's members as a body, and the charitable parent company’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Amanda Francis, Senior Statutory Auditor 16 December 2021 for and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

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Consolidated statement of financial activities Year to 31 March 2021 (incorporating an income and expenditure account)

Notes	Un- restricted funds £	Restricted investment fund £	Other restricted funds £	Total funds 2021 £	Total funds 2020 £
Income: Donations and grants 2 Investment income and interest receivable Charitable activities . Crèche and Contact Centre fees . Fees for home care visiting services . Fees for supporting people with learning disabilities Other Total income Expenditure: Expenditure on charitable activities . Charitable services and the safeguarding and deepening of the Vincentian character of those services 3 Total expenditure Net income (expenditure) for the year before investment gains (losses) Net investment gains (losses) . Listed investments .Derivatives . Foreign exchange Net income (expenditure) for the year before transfers 5 Transfers between funds 14 Net income and net movement in funds for the year Reconciliation of funds: Balance brought forward at 1 April 2020 Balance carried forward at 31 March 2021	1,236,997 56,167 — 2,173,434 5,264,934 99,732	— — — — — —	683,319 — 4,201 — — —	1,920,316 56,167 4,201 2,173,434 5,264,934 99,732	694,613 60,271 21,975 1,936,967 5,212,369 6,034
	8,831,264	—	687,520	9,518,784	7,932,229
	7,368,430	—	691,456	8,059,886	7,597,281
	7,368,430	—	691,456	8,059,886	7,597,281
	1,462,834 — — —	— 470,058 1,892 37,782	(3,936) — — —	1,458,898 470,058 1,892 37,782	334,948 (55,520) — (39,364)
	1,462,834 (14,240)	509,732 (11,063)	(3,936) 25,303	1,968,630 —	240,064 —
	1,448,594 2,694,457	498,669 2,006,682	21,367 162,211	1,968,630 4,863,350	240,064 4,623,286
	4,143,051	2,505,351	183,578	6,831,980	4,863,350

All of the group’s activities were derived from continuing operations during the above financial years.

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Comparative consolidated statement of financial activities Year to 31 March 2020 (incorporating an income and expenditure account)

Notes	Un- restricted funds £	Restricted investment fund £	Other restricted funds £	Total funds 2020 £
Income: Donations and grants 2 Investment income and interest receivable Charitable activities . Crèche and Contact Centre fees . Fees for home care visiting services . Fees for supporting people with learning disabilities Other Total income Expenditure: Expenditure on charitable activities . Charitable services and the safeguarding and deepening of the Vincentian character of those services 3 Total expenditure Net income for the year before investment losses Net investment losses . Listed investments . Foreign exchange Net income (expenditure) for the year before transfers 5 Transfers between funds 14 Net income (expenditure) and net movement in funds for the year Reconciliation of funds: Balance brought forward at 1 April 2019 Balance carried forward at 31 March 2020	249,103 60,271 — 1,936,967 5,212,369 6,034	— — — — — —	445,510 — 21,975 — — —	694,613 60,271 21,975 1,936,967 5,212,369 6,034
	7,464,744	—	467,485	7,932,229
	7,236,136	—	361,145	7,597,281
	7,236,136	—	361,145	7,597,281
	228,608 — —	— (55,520) (39,364)	106,340 — —	334,948 (55,520) (39,364)
	228,608 22,717	(94,884) (5,428)	106,340 (17,289)	240,064 —
	251,325 2,443,132	(100,312) 2,106,994	89,051 73,160	240,064 4,623,286
	2,694,457	2,006,682	162,211	4,863,350

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Balance sheets 31 March 2021

Notes	Group	Group	Charity	Charity
	2021 £	2020 £	2021 £	2020 £
Fixed assets: Tangible assets 8 Investments 9 Total fixed assets Current assets: Debtors 10 Cash at bank and in hand Total current assets Liabilities: Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Creditors:amounts falling due after one year 12 Total net assets The funds of the charity: Restricted investment fund 13 Other restricted funds 14 Unrestricted funds . Designated funds 15 . General fund	2,094,821 2,505,351	340,807 2,006,682	3,540 2,505,351	3,392 2,006,682
	4,600,172	2,347,489	2,508,891	2,010,074
	841,236 2,810,067	779,491 2,774,777	87,589 164,720	87,444 203,606
	3,651,303 (899,495)	3,554,268 (928,407)	252,309 (15,218)	291,050 (20,557)
	2,751,808	2,625,861	237,091	270,493
	7,351,980 (520,000)	4,973,350 (110,000)	2,745,982 —	2,280,567 —
	6,831,980	4,863,350	2,745,982	2,280,567
	2,505,351 183,578 3,988,420 154,631	2,006,682 162,211 2,506,572 187,885	2,505,351 86,000 — 154,631	2,006,682 86,000 — 187,885
	6,831,980	4,863,350	2,745,982	2,280,567

Approved by the Trustees and signed on their behalf by:

Sister Ellen T Flynn Trustee

Approved by the Trustees on: 6 December 2021

The Daughters of Charity of St Vincent de Paul Services – Company Registration Number 07638065 (England and Wales)

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Consolidated statement of cash flows Year to 31 March 2021

Notes	2021 £	2020 £
Cash flows from operating activities: Net cash provided by operating activities A Cash flows from investing activities: Investment income and interest received Proceeds from the disposal of investments Purchase of investments Net cost of settlement of foreign exchange contracts Purchase of tangible fixed assets Disposal of tangible fixed assets Net cash (used in) provided by investing activities Cash flows from financing activities: Cash inflow from loans Repayment of loans Loans written off Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 1 April 2020 B Cash and cash equivalents at 31 March 2021 B	1,337,443	478,187
	56,167 600,310 (668,074) 52,270 (1,769,383) —	60,271 2,694,293 (2,565,745) (53,106) (7,578) 704
	**(1,728,710) **	128,839
	500,000 (40,000) (60,000)	60,000 (60,000) —
	400,000	—
	8,733 2,844,791	607,026 2,237,765
	2,853,524	2,844,791

Notes to the consolidated statement of cash flows for the year to 31 March 2021.

A Reconciliation of net movement in funds to net cash provided by operating activities

	2021 £	2020 £
Net movement in funds (as per the statement of financial activities) Adjustments for: Depreciation charge (Gains) losses on investments, derivatives and foreign exchange Investment income and interest receivable Increase in debtors (Decrease) increase in creditors Net cashprovided by operating activities	1,968,630 15,369 (509,732) (56,167) (61,745) (18,912)	240,064 16,247 94,884 (60,271) (9,306) 196,569
	1,337,443	478,187

B Analysis of cash and cash equivalents

nalysis of cash and cash equivalents
	2021 £	2020 £
Cash at bank and in hand Cash held by investment managers Total cash and cash equivalents	2,810,067 43,457	2,774,777 70,014
	2,853,524	2,844,791

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Consolidated statement of cash flows Year to 31 March 2021

C Analysis of changes in net debt

nalysis of changes in net debt
	At 1 April 2020 £	Cash flows £	At 31 March 2021 £
Cash at bank and in hand Cash held by investment managers Loans falling due within one year Loans falling due after more than one year Total	2,774,777 70,014 (60,000) (110,000)	35,290 (26,557) 10,000 (410,000)	2,810,067 43,457 (50,000) (520,000)
	2,674,791	(391,267)	2,283,524

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Principal accounting policies 31 March 2021

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

Basis of preparation

These financial statements have been prepared for the year to 31 March 2021 with comparative information provided in respect to the year to 31 March 2020.

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

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

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

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

Critical accounting estimates and areas of judgement

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

The items in the financial statements where these judgements and estimates have been made include:

•  estimating the useful economic life of tangible fixed assets for the purpose of determining the depreciation charge;

•  assessing the probability of the receipt of legacies;

•  assessing the recoverability of fees receivable and the need for any related bad debt provision;

•  estimating future income and expenditure flows for the purpose of assessing going concern.

As set out in these accounting policies under “assessment of going concern”, the Trustees have considered the impact of the Covid-19 pandemic on the group and charity and have concluded that although there may be some negative consequences, it is appropriate for the group and charity to continue to prepare its financial statements on the going concern basis.

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Principal accounting policies 31 March 2021

Assessment of going concern

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

The Trustees have been in consultation with the Trustees of the Daughters of Charity of St Vincent de Paul Charitable Trust (the Charitable Trust) regarding the future of the DCSVP Services. The Charitable Trust has acknowledged and reaffirmed its commitment to support the work of DCSVP Services and its core purpose to sustain our Vincentian Values throughout its family of subsidiary Vincentian charities.

The Charitable Trust has agreed to make available to DCSVP Services as from Spring 2022, an additional grant in the form of an investment portfolio to the value of £2.6 million. DCSVP Services would be able to draw down both capital and income from the portfolio up to an annual amount of £250,000 to meet its annual operational costs for the next 10 years. Additionally, the terms of the original restricted grant made by the Daughters of Charity referred to in note 13 to these accounts was varied such as to allow DCSVP Services to draw on the capital gains earned on that grant to meet its operational expenses.

The Trustees acknowledge and recognise the continuing impact of the Covid-19 pandemic on the charity and its subsidiaries into 2021/22. However, the Trustees are of the opinion that the charity and its subsidiaries will have sufficient resources to meet their liabilities as they fall due.

The most significant areas of judgement that affect items in the financial statements are detailed above.

With regard to the next accounting period, the year ending 31 March 2022, 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 sections of the Trustees’ report for more information).

The next few years will be challenging for two of the charity’s subsidiaries in particular.

Vincentian Care Plus Limited will face challenges from a financial perspective with a need for careful budgeting and the monitoring of cash flows. This subsidiary charity’s financial position will also be reliant on it meeting its targets as set out within its contractual agreement and on the social care funding climate generally. In particular, the finances of Vincentian Care Plus are impacted directly by the number of service users referred or transferred to it by Westminster Borough Council and on the contract price it is paid. The Trustees of Vincentian Care Plus acknowledge also the continuing impact of the Covid-19 pandemic on the charity but have concluded that there may be some continuing negative consequences such as availability of staff and loss of income due to the reduced number of hours of care provided. The Trustees of the Daughters of Charity of St Vincent de Paul Charitable Trust (Charity Registration Number 236803) have confirmed that they will continue to provide financial and other support to Vincentian Care Plus in the short to medium term, to enable it to remain a going concern.

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Principal accounting policies 31 March 2021

Assessment of going concern (continued)

The next few years will be challenging also for St Vincent’s Family Project from a financial perspective. The financial position of the charity needs improving and the financial performance will be highly dependent on the charity being able to generate future grants and donations. The Trustees of St Vincent’s Family Project acknowledge and recognise the continuing impact of the Covid-19 pandemic on the charity such as loss of income due to the cancellation of planned programmes and the physical absence of key personnel. The Trustees of the Daughters of Charity of St Vincent de Paul Charitable Trust (Charity Registration Number 236803) have confirmed that they will continue to provide financial and other support to the charity in the short to medium term to enable it to remain a going concern.

The principal financial risks for the other charitable subsidiaries are the continuing impact of Covid-19, the general economic conditions, the resulting financial pressures on each charities’ funders and relationships with commissioners for services. Whilst the current level of funding for 2021/22 and that projected for 2022/23 suggests that each charity will reach its income targets, the Trustees remain mindful of the need for good budgetary control and the need for vigilance also.

Basis of consolidation

At 31 March 2021, DCSVP Services had five wholly owned subsidiaries, one of which had its own wholly owned subsidiary:

• St Vincent’s Family Project (Company Registration Number 07638620 (England and Wales)) (Charity Registration Number 1142095),

• Out There Supporting Families of Prisoners Limited (Company Registration Number 6239170 (England and Wales)) (Charity Registration Number 1120342),

• Vincentian Care Plus (Company Registration Number 05321333 (England and Wales)) (Charity Registration Number 1112473)

• St Joseph’s Services Limited, (Company Registration Number SC500182 (Scotland)) (Charity Registration Number SC045482 (Scotland).

St Joseph’s Services Limited has one subsidiary – St Joseph’s Homes Limited (Company Registration Number SC659936 (Scotland) and Charity Registration Number SC050125 (Scotland)).

• The Louise Project ((Company Registration Number SC555365 (Scotland) Charity Registration Number SC047316 (Scotland))

The subsidiaries’ results have been consolidated into the financial statements on a line by line basis.

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Principal accounting policies 31 March 2021

Basis of consolidation (continued)

In accordance with the exemption under S408 of the Companies Act 2006, a Statement of Financial Activities for the charity alone has not been prepared. The charity had total income for the year of £277,767 (2020 - £205,365) and total expenditure of £322,084 (2020 - £205,538), resulting in net expenditure of £44,317 (2020 - £173). Net investment gains of £509,732 (losses 2020 - £94,884) resulted in a net increase in funds of £498,669 (2020 net decrease – £95,057).

Income recognition

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

Income comprises donations and grants, investment income, interest receivable, Crèche and Contact Centre fees, fees receivable for home care visiting services, fees receivable for supporting people with learning difficulties and other income.

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

Donated services and facilities provided to the charity are recognised in the period when it is probable that the economic benefits will flow to the charity, provided they can be measured reliably. This is normally when the service is provided/the facilities are used by the charity. An equivalent amount is included as expenditure. Donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain facilities or services of equivalent economic benefit on the open market.

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

Grants from government and other agencies have been included as income from charitable activities where these amount to a contract for services, but as donations where the money is given in response to an appeal or with greater freedom of use, for example monies for core funding.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

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Principal accounting policies 31 March 2021

Income recognition (continued)

Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution.

Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charity.

Investment income is recognised once the dividend or similar income has been declared and notification has been 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.

Fees receivable for home care visiting services and fees receivable for supporting people with learning difficulties are accounted for on an accruals basis. Income is recognised at fair value when the charity becomes entitled to the funds under its contractual agreements.

Crèche and contact centre income is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be reliably measured. It is measured at fair value of the consideration received or receivable, excluding any discounts and value added tax.

Other income is measured at fair value and accounted for on an accruals basis.

Expenditure recognition

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

All expenditure is stated inclusive of irrecoverable VAT.

All expenditure is accounted for on an accruals basis. The costs of charitable activities comprise expenditure on the primary charitable purposes of each charity in the group as described in the Trustees’ report. Such costs include:

•  the provision of a safe and stimulating environment where parents and children can take part in activities together and as individuals;

•  the provision of a home care visiting service;

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Principal accounting policies 31 March 2021

Expenditure recognition (continued)

•  the provision of support to adults with a learning disability enabling them to live independently in their own homes and be integrated into the community;

•  the provision of a supportive, compassionate and caring service to prisoners’ families;

•  the provision of support to enable families to live flourishing lives; and

•  safeguarding and deepening the Vincentian character and values of the projects and services that are run or have been founded by the Daughters of Charity of St Vincent de Paul through the VIVAT programme and assisting them in planning for long term sustainability, assisting them in infrastructural needs and best practice in governance through organisational development services.

Allocation of support and governance costs

The provision of charitable activities in each of the subsidiaries and the charity requires expenditure on support and administrative services. In addition, in order to carry out the primary purposes of each charity within the group it is necessary to incur expenditure on support in the form of accounting, office services and a suitable working environment.

Governance costs comprise the costs involving the public accountability of the charity and subsidiaries (including audit costs) and costs in respect to compliance with regulation and good practice.

The governance and support costs relating to the charity and each subsidiary are included within the relevant expenditure category described above.

All costs are directly attributable to specific activities.

Tangible fixed assets

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

Depreciation is provided at the following annual rate in order to write off each asset over its estimated useful life:

•  Freehold property Over 50-60 years  Furniture and equipment 20-25% on cost  Computer equipment 25% on cost  Motor Vehicles 25% on cost  Building improvements 20% on cost

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Principal accounting policies 31 March 2021

Fixed asset investments

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

Management of the charity’s investment portfolio includes the use of foreign exchange contracts including forward contracts. These are a form of complex financial instrument. They are recognised initially at their transaction value and subsequently measured at their fair value as at the balance sheet date, using the prevailing exchange rate at that date. Changes in fair value are credited (or debited) to the statement of financial activities in the year in which they arise.

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

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

Debtors

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

Cash at bank and in hand

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

Creditors and provisions

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

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Principal accounting policies 31 March 2021

Fund structure

The general fund comprises those monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the Trustees.

The designated funds are monies set aside and earmarked for specific purposes by the Trustees. Each designated fund equates to the net assets which represent the unrestricted funds held by the respective charitable subsidiary. Details can be found in note 15 to these financial statements.

The restricted investment fund comprises monies donated to the charitable company and held with a principal objective of investing the funds and of at least maintaining the absolute value of the capital at all times and with a secondary objective of generating income. The income therefrom is credited directly to unrestricted funds. The capital of the fund may be applied towards meeting expenditure should the financial position of the charitable company require this and provided there is consultation with the Trustees of the Daughters of Charity of St Vincent de Paul Charitable Trust, the charity which gave the original donation.

Other restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions. Details can be found in note 14 to these financial statements.

Pension contributions

Contributions in respect of the charity’s defined contribution pension scheme and auto enrolment schemes are charged to the statement of financial activities when they are payable to the scheme. All amounts are treated as unrestricted. The charity’s contributions are restricted to the contributions disclosed in note 6. There were no outstanding contributions at the year end. The charity has no liability beyond making its contributions and paying across the deductions for the employees’ contributions.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.

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Notes to the financial statements 31 March 2021

1 Activities of the subsidiary charities

A summary of the financial statements of the subsidiary charities for the year ended 31 March 2021 is as follows:

March 2021 is as follows:
	Vincentian Care Plus £	Out There Supporting Families of Prisoners £	St Vincent's Family Project £	St Joseph's Services £	The Louise Project £
Income Expenditure Net income Tangible fixed assets Current assets Creditors: amounts falling due within one year Creditors: amounts falling due after one year Total net assets Represented by: Restricted funds Unrestricted funds . Designated funds . General funds	2,310,604 (2,067,066)	180,205 (157,622)	372,035 (269,027)	6,103,207 (5,026,489)	274,966 (217,598)
	243,538	22,583	103,008	1,076,718	57,368
	5,096 548,343 (125,908) (70,000)	— 60,585 (1,560) —	1,275 112,160 (52,992) —	2,084,910 2,379,576 (529,404) (450,000)	— 298,330 (174,413) —
	357,531	59,025	60,443	3,485,082	123,917
	— — 357,531	53,182 — 5,843	— — 60,443	7,786 2,304,123 1,173,173	36,610 — 87,307
	357,531	59,025	60,443	3,485,082	123,917

On 27 April 2020, St Joseph’s Homes Limited was incorporated as a subsidiary of St Joseph’s Services Limited (Company Registration Number 659936 (Scotland)) and was registered with the Office of the Scottish Charities Regulator (OSCR) as a charity (Charity Registration Number SC050125 (Scotland)). Its income for the year amounted to £1,335 with expenditure of £16,780. Total net assets amounts to £734,990. These amounts are included within the St Joseph’s Services figures above.

A summary of the financial statements of the subsidiary companies for the year ended 31 March 2020 is as follows:

	Vincentian Care Plus £	Out There Supporting Families of Prisoners £	St Vincent's Family Project £	St Joseph's Services £	The Louise Project £
Income Expenditure Net income (expenditure) Tangible fixed assets Current assets Creditors: amounts falling due within one year Creditors: amounts falling due after one year Total net assets (liabilities) Represented by: Restricted funds Unrestricted funds . Designated funds . General funds	1,954,988 (1,795,940)	112,757 (140,444)	214,403 (277,854)	5,229,144 (4,986,462)	215,572 (191,043)
	159,048	(27,687)	(63,451)	242,682	24,529
	4,166 308,418 (88,591) (110,000)	— 43,820 (7,378) —	2,550 66,178 (111,293) —	330,699 2,643,573 (565,908) —	— 201,229 (134,680) —
	113,993	36,442	(42,565)	2,408,364	66,549
	— — 113,993	57,640 — (21,198)	13,098 — (55,663)	5,473 762,548 1,640,343	— — 66,549
	113,993	36,442	(42,565)	2,408,364	66,549

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Notes to the financial statements 31 March 2021

2 Donations and grants

Donations and grants
Group	Unrestricted funds £	Restricted investment fund £	Other restricted funds £	Total funds 2021 £
Legacies Non-government grants Donations and gifts in kind	2,000 202,126 1,032,871	— — **— **	— 651,831 31,488	2,000 853,957 1,064,359
	1,236,997	**— **	683,319	1,920,316
Group	Unrestricted funds £	Restricted investment fund £	Other restricted funds £	Total funds 2020 £
Non-government grants Donations and gifts in kind	43,883 205,220	— —	417,320 28,190	461,203 233,410
	249,103	—	445,510	694,613

3 Charitable services and the safeguarding and deepening of the Vincentian character of those services

of those services
Group	Unrestricted funds £ 145,839 1,935,408 5,026,489 18,755 7,855 234,084 7,368,430	Restricted investment fund £	Other restricted funds £	Total funds 2021 £
Services to vulnerable families and children Home care visiting services Support for people with learning disabilities Support for families of prisoners Enabling families to live flourishing lives Organisational development services		— — — — — **— **	123,188 131,658 — 138,867 209,743 88,000	269,027 2,067,066 5,026,489 157,622 217,598 322,084
		**— **	691,456	8,059,886

Group	Unrestricted funds £	Restricted investment fund £	Other restricted funds £	Total funds 2020 £
Services to vulnerable families and children Home care visiting services Support for people with learning disabilities Support for families of prisoners Enabling families to live flourishing lives VIVAT services Organisational development services	136,166 1,778,428 4,986,462 105,400 32,849 1,000 195,831	— — — — — — —	141,688 17,512 — 35,044 158,194 — 8,707	277,854 1,795,940 4,986,462 140,444 191,043 1,000 204,538
	7,236,136	—	361,145	7,597,281

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Notes to the financial statements 31 March 2021

3 Charitable services and the safeguarding and deepening of the Vincentian character of those services (continued)

Group	Staff costs £	Premises £	Welfare, support and office costs £	Govern- nance costs £	VIVAT prog- ramme costs £	Total funds 2021 £
Vulnerable families and children Home care visiting services Support for people with learning disabilities Support for families of prisoners Enabling families to live flourishing lives Organisational development services	205,363 1,836,485 4,549,339 118,032 141,561 263,937	31,436 48,531 70,706 8,321 28,011 10,000	25,604 176,350 397,277 31,029 44,547 32,013	6,624 5,700 9,167 240 3,479 16,134	— — — — — —	269,027 2,067,066 5,026,489 157,622 217,598 322,084
	7,114,717	197,005	706,820	41,344	—	8,059,886

Group	Staff costs £	Premises £	Welfare, support and office costs £	Govern- ance costs £	VIVAT prog- ramme costs £	Total funds 2020 £
Vulnerable families and children Home care visiting services Support for people with learning disabilities Support for families of prisoners Enabling families to live flourishing lives VIVAT Services Organisational development services	210,077 1,577,032 4,535,884 104,949 136,718 — 137,822	40,203 61,080 75,158 12,610 30,016 — 10,000	24,874 152,308 366,520 21,799 19,509 — 43,091	2,700 5,520 8,900 1,086 4,800 — 13,625	— — — — — 1,000 —	277,854 1,795,940 4,986,462 140,444 191,043 1,000 204,538
	6,702,482	229,067	628,101	36,631	1,000	7,597,281

4 Governance costs

Governance costs
Group	Unrestricted funds £	Restricted investment fund £	Other restricted funds £	Total funds 2021 £
Statutory audit services Independent examination services Bank charges 2021 Total funds	38,480 2,720 144	— — —	— — —	38,480 2,720 144
	41,344	—	—	41,344

Group	Unrestricted funds £	Restricted investment fund £	Other restricted funds £	Total funds 2020 £
Statutory audit services Independent examination services Bank charges 2020 Total funds	35,420 1,086 125	— — —	— — —	35,420 1,086 125
	36,631	—	—	36,631

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Notes to the financial statements 31 March 2021

5 Net income (expenditure) for the year before transfers

This is stated after charging:

Group	Total 2021 £	Total 2020 £
Staff costs (note 6) Auditor’s remuneration (excluding VAT) . Statutory audit services – current year .. Principal auditor .. Component auditor . Independent examination services – current year . Independent examination services – previous years Lease payments Depreciation(note 8)	7,114,717 25,113 13,367 1,580 1,140 96,317 15,369	6,702,482 21,720 13,700 1,086 — 115,068 16,247

6 Staff costs and remuneration of key management personnel

Group	Total 2021 £	Total 2020 £
Staff costs during the year were as follows: Wages and salaries Social security costs Pension costs Secondment costs Contract workers	6,361,559 447,094 149,143	6,080,277 407,777 124,126
	6,957,796 130,364 26,557	6,612,180 61,000 29,302
	7,114,717	6,702,482

Staff costs per function were as follows:

Group	Total 2021 £	Total 2020 £
Services to vulnerable families and children Home care visiting services Support for people with learning disabilities Support for families of prisoners Enabling families to live flourishing lives Organisational development services	205,363 1,836,485 4,549,339 118,032 141,561 263,937	210,077 1,577,032 4,535,884 104,949 136,718 137,822
	7,114,717	6,702,482

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

exceeded £60,000 was:
Group	2021 No.	2020 No.
£80,001 - £90,000	1	1

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Notes to the financial statements 31 March 2021

• 6 Staff costs and remuneration of key management personnel (continued)

The average number of employees, analysed by function, was:

Group	Total 2021 7 99 250 6 7 4 373	Total 2020 9 95 257 6 6 2 375
Services to vulnerable families and children Home care visiting services Support for people with learning disabilities Support for families of prisoners Enabling families to live flourishing lives Organisational development services

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis comprise the Trustees, the Director of Mission and the Finance and Business Director. The total remuneration (including taxable benefits and employer’s pension contributions) of the key management personnel for the year was £50,000 (2020 - £21,000).

The total remuneration (including taxable benefits and employer’s pension contributions) of the key management personnel of the group for the year was £656,873 (2020 - £599,034).

None of the Trustees received any remuneration in respect of their services during either of the above years. Expenses were not reimbursed to the Trustees (2020 – none).

7 Taxation

DCSVP Services and each of its subsidiaries are registered charities and, therefore, they are not liable to income tax or corporation tax on income derived from their charitable activities, as it falls within the various exemptions available to registered charities.

8 Tangible fixed assets

Tangible fixed assets
Group	Freehold Property £	Furniture and equipment £	Computer equipment £	Motor vehicles £	Total £
Cost At 1 April 2020 Additions Disposals At 31 March 2021 Depreciation At 1 April 2020 Charge for year Disposals At 31 March 2021 Net book values At 31 March 2021 At 31 March 2020	335,000 1,763,310 —	23,033 — —	12,692 6,073 (1,507)	16,295 — —	387,020 1,769,383 (1,507)
	2,098,310	23,033	17,258	16,295	2,154,896
	6,700 6,700 —	17,055 4,703 —	6,163 3,966 (1,507)	16,295 — —	46,213 15,369 (1,507)
	13,400	21,758	8,622	16,295	60,075
	2,084,910	1,275	8,636	—	2,094,821
	328,300	5,978	6,529	—	340,807

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Notes to the financial statements 31 March 2021

8 Tangible fixed assets (continued)

Tangible fixed assets(continued)
Charity	Computer equipment £
Cost At 1 April 2020 Additions At 31 March 2021 Depreciation At 1 April 2020 Charge for year At 31 March 2021 Net book values At 31 March 2021 At 31 March 2020	6,506 2,067
	8,573
	3,114 1,919
	5,033
	3,540
	3,392

9 Investments

Investments at 31 March 2021 comprised:

	2021 £ 2,506,097 (746) 2,505,351 2021 £	2020 £ 1,992,940 13,742 2,006,682
Listed investments Foreign exchange contracts
Group and charity		2020 £
Listed investments Market value at 1 April 2020 Additions Disposals on opening book value (proceeds £600,310, gains £81,129) Net gains (losses) on revaluation Market value at 31 March 2021 Cash held by investment managers Cost of listed investments at 31 March 2021	1,922,926 668,074 (519,181) 390,821	2,106,994 2,565,745 (2,678,777) (71,036)
	2,462,640 43,457	1,922,926 70,014
	2,506,097	1,992,940
	2,091,095	1,993,962

Gains on derivatives of £1,892 (2020 - £nil) are included within the above analysis.

Listed investments held at 31 March 2021 comprised the following:

	2021 £	2020 £
Government Bonds Non-Government Bonds UK Equities Global Equities UK Property and Unit Trusts Alternative Investments	88,479 189,878 444,409 1,438,880 88,972 212,022	116,961 181,041 318,075 1,060,976 91,421 154,452
	2,462,640	1,922,926

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Notes to the financial statements 31 March 2021

9 Investments (continued)

At 31 March 2021 listed investments included the following holding which is deemed a material holding in the context of the entire portfolio valuation as at that date:

	2021	2021	2020	2020
	Market		Market
	value of holding £	Percentage of portfolio %	value of holding £	Percentage of portfolio %
Sarasin Responsible CorpBond Inc	189,878	7.71%	181,041	9.41%
All listed investments were dealt in on a recognised stock exchange.

Gains on foreign exchange contracts for the year ended 31 March 2021 consisted of the following:

following:
	2021 £	2020 £
Foreign exchange contracts Fair value losses (gains) on settlement (settled cost: £1,515,564; market value: £1,477,036) Fair value (gains) losses on unsettled contracts (unsettled cost: £473,410; market value: £474,156) Total losses (gains) on foreign exchange contracts	38,528 (746)	(53,106) 13,742
	37,782	(39,364)

Nature and extent of risks arising from financial instruments

The aim of investment risk management is to minimise the risk of an overall reduction in the value of the portfolio and to maximise the opportunity for gains.

The trustees monitor the underlying risks to which the investments are exposed through reviews with the investment managers. The risks to which the investments are exposed include market and credit risk. The exposure to market risk is mitigated by the charity investing in a diverse portfolio of investments across various markets. Bonds and bond like instruments are exposed to credit risk but exposure to credit risk is minimised by only investing in bonds that are subject to a minimum credit rating.

Liquidity risk represents the risk that the charity will not be able to meet its financial obligations as they fall due. The trustees monitor cash flows and take steps to ensure that there are adequate cash resources to meet the charity’s commitments.

Currency risk represents the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The fund is exposed to currency risk on financial instruments that are denominated in any currency other than the functional currency of the fund (UK sterling).

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Notes to the financial statements 31 March 2021

10 Debtors

Debtors
	Group		Charity
	2021 £	2020 £	2021 £	2020 £
Prepayments and accrued income Fees receivable Other debtors	170,658 611,140 59,438	194,221 537,341 47,929	87,589 — —	87,444 — —
	841,236	779,491	87,589	87,444

11 Creditors: amounts falling due within one year

	Group	Group	Charity	Charity
	2021 £	2020 £	2021 £	2020 £
Sundry creditors Accruals Social Security and other taxes Expense creditors Interest free loan from the Daughters of Charity of St Vincent de Paul Charitable Trust to St Vincent’s Family Project Other loans (note 12) Deferred income	218,957 142,281 181,985 111,590 — 50,000 194,682	255,588 159,727 159,609 112,213 60,000 — 181,270	— 12,600 2,618 — — — —	— 12,240 3,050 5,267 — —
	899,495	928,407	15,218	20,557

The movement in deferred income during the year was:

	Group	Group	Charity	Charity
	2021 £	2020 £	2021 £	2020 £
At 1 April 2020 Released during the year Deferred during the year At 31 March 2021	181,270 (181,270) 194,682	144,867 (140,802) 177,205	— — —	— — —
	194,682	181,270	—	—

12 Creditors: amounts falling due after one year

	Group	Group	Charity	Charity
	2021 £	2020 £	2021 £	2020 £
Loans from the Daughters of Charity of St Vincent de Paul Charitable Trust to Vincentian Care Plus Loans from the Daughters of Charity of St Vincent de Paul Charitable Trust to St Joseph’s Homes	70,000 450,000	110,000 —	— —	— —
	520,000	110,000	—	—

Bridging loans totalling £90,000 were advanced to Vincentian Care Plus from the Daughters of Charity of St Vincent de Paul Charitable Trust. On 31 March 2019, the trustees of the Daughters of Charity of St Vincent de Paul Charitable Trust agreed to convert £20,000 of these loans into donations. The balance of these loans i.e. £70,000 will be repayable as soon as funds are available or on demand (but see below). The bridging loans carry an interest rate of 1% above the Bank of England base rate.

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Notes to the financial statements 31 March 2021

12 Creditors: amounts falling due after one year (continued)

Given the challenges presented by the Covid-19 pandemic, Vincentian Care Plus does not expect to be in a position to repay any of the outstanding loans before 31 March 2022 and the Daughters of Charity of St Vincent de Paul Charitable Trust is not expected to request repayment before 31 March 2022. Therefore, the loans have been classified as amounts falling due after more than one year.

A loan of £500,000 was advanced to St Joseph’s Homes Limited to enable the Charitable Company to purchase property from the Daughters of Charity of St Vincent de Paul Charitable Trust. This loan is repayable over a 10-year period, and carries interest at 1% above Bank Rate. £50,000 has been classified as a creditor falling due within one year, the remaining £450,000 has been classified as amounts falling due after more than one year.

13 Restricted investment fund

This fund comprises a grant from the Daughters of Charity of St Vincent de Paul Charitable Trust and is held with the principal objective of maintaining the absolute value of the grant. A secondary objective is to generate income to be applied towards the cost of the charitable company’s expenditure.

Group and charity	Restricted investment fund 2021 £	Restricted investment fund 2020 £
At 1 April 2020 Movement in year At 31 March 2021	2,006,682 498,669	2,106,994 (100,312)
	2,505,351	2,006,682

The capital of the fund may be applied towards meeting expenditure should the financial position of the charitable company require this and provided there is consultation with the Trustees of the Daughters of Charity of St Vincent de Paul Charitable Trust, the charity which gave the original donation.

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Notes to the financial statements 31 March 2021

14 Other restricted funds

The income funds of the group and charity include the following other restricted funds comprising the following unexpended balances of donations and grants held on trust to be applied for specific purposes:

	At 1 April 2020 £	Income £	Expenditure £	Core costs transfers £	At 31 March 2021 £
Salaries fund Charity other restricted funds Staff costs funds Family Space Project Creative Arts Therapy Project Covid funds Rent fund Building Refurbishment fund Families Flourish and Communities Thrive fund Supporting Families in Crisis fund Miscellaneous restricted funds Group other restricted funds	86,000	88,000	(88,000)	—	86,000
	86,000 31,142 — 13,098 — — 24,248 — — 7,723	88,000 217,729 63,112 18,988 109,880 21,778 — 52,397 24,603 91,033	(88,000) (210,284) (65,572) (57,616) (109,880) (21,778) (1,500) (52,397) (18,005) (66,424)	— — 2,460 25,530 — — — — — (2,687)	86,000 38,587 — — — — 22,748 — 6,598 29,645
	162,211	687,520	(691,456)	25,303	183,578

	At 1 April 2019 £	Income £	Expenditure £	Core costs transfers £	At 31 March 2020 £
VIVAT Project Salaries Charity other restricted funds Staff costs fund Family Space Project Creative Arts Therapy Project Sensory Room Rent fund Building Refurbishment fund Miscellaneous restricted funds Groupother restricted funds	8,707 —	— 86,000	(8,707) —	— —	— 86,000
	8,707 5,137 — 33,659 15,651 — — 10,006	86,000 185,566 75,095 45,375 — 17,512 25,760 32,177	(8,707) (159,561) (72,339) (60,380) (8,969) (17,512) (1,512) (32,165)	— — (2,756) (5,556) (6,682) — — (2,295)	86,000 31,142 — 13,098 — — 24,248 7,723
	73,160	467,485	(361,145)	(17,289)	162,211

Where restricted funding includes amounts towards meeting “core costs” a transfer is made to unrestricted funds to reflect this.

The specific purposes for which the significant funds during the year are or were to be applied are as follows:

Salaries Fund

The other salaries etc fund comprises monies given towards the salaries of the Fundraising Manager, the Campaigns/Communication Manager and the VIVAT Co-ordinator together with funds towards the cost of computer equipment for them to use.

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Notes to the financial statements 31 March 2021

14 Other restricted funds (continued)

Staff costs fund

The staff costs fund comprises monies given towards various salaries borne by the charitable subsidiaries.

Family Space Project

Funds provided to assist with the Family Space Project at St Vincent’s Family Project.

Creative Arts Therapy Project

Funds provided specifically as a contribution towards costs associated with the Creative Arts Therapy Project at St Vincent’s Family Project.

Covid funds

Funds provided to assist with the pandemic in the domiciliary care service.

Rent fund

The Rent fund represents funding received towards the rent payable by Vincentian Care Plus.

Building Refurbishment fund

The Building Refurbishment fund represents monies given for the external refurbishment of the charity’s building.

Families Flourish and Communities Thrive fund

Funds provided specifically as a contribution towards costs associated with the Families Flourish and Communities Thrive project at the Louise Project.

Supporting Families in Crisis fund

Funds provided specifically as a contribution towards costs associated with the Supporting Families Flourish in Crisis project.

15 Designated funds

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

Group	At 1 April 2020 £	New designations £	Utilised/ released £	At 31 March 2021 £
St Vincent’s Family Project Vincentian Care Plus St Joseph’s Services Out There Supporting Families of Prisoners The Louise Project	(55,663) 113,993 2,402,891 (21,198) 66,549	289,935 2,178,946 6,098,207 45,796 28,613	(173,829) (1,935,408) (5,023,802) (18,755) (7,855)	60,443 357,531 3,477,296 5,843 87,307
	2,506,572	8,641,497	(7,159,649)	3,988,420

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Notes to the financial statements 31 March 2021

15 Designated funds (continued)

Group	At 1 April 2019 £	New designations £	Utilised/ released £	At 31 March 2020 £
St Vincent’s Family Project Vincentian Care Plus St Joseph’s Services Out There Supporting Families of Prisoners The Louise Project	(28,424) (45,055) 2,160,209 58,188 38,291	108,927 1,937,476 5,229,144 26,014 61,107	(136,166) (1,778,428) (4,986,462) (105,400) (32,849)	(55,663) 113,993 2,402,891 (21,198) 66,549
	2,183,209	7,362,668	(7,039,305)	2,506,572

The funds have been designated for the following purposes:

St Vincent’s Family Project

This fund comprises the net assets representing unrestricted funds of St Vincent’s Family Project.

Vincentian Care Plus

This fund comprises the net assets representing unrestricted funds of Vincentian Care Plus.

St Joseph’s Services

This fund comprises the net assets representing unrestricted funds of St Joseph’s Services Limited and St Joseph’s Homes Limited as subsidiary of St Joseph’s Services.

Out There Supporting Families of Prisoners

This fund comprises the net assets representing unrestricted funds of Out There Supporting Families of Prisoners Limited.

The Louise Project

This fund comprises the net assets representing unrestricted funds of The Louise Project.

16 Analysis of net assets between funds

Group	General fund £	Designated funds £	Restricted investment fund £	Other restricted funds £	At 31 March 2021 £
Tangible fixed assets Investments Net current assets Creditors: amounts falling due after one year	3,540 — 151,091 —	2,091,281 — 2,417,139 (520,000)	— 2,505,351 — —	— — 183,578 —	2,094,821 2,505,351 2,751,808 (520,000)
	154,631	3,988,420	2,505,351	183,578	6,831,980

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Notes to the financial statements 31 March 2021

16 Analysis of net assets between funds (continued)

Group	General fund £	Designated funds £	Restricted investment fund £	Other restricted funds £	At 31 March 2020 £
Tangible fixed assets Investments Net current assets Creditors: amounts falling due after one year	3,392 — 184,493 —	337,415 — 2,279,157 (110,000)	— 2,006,682 — —	— — 162,211 —	340,807 2,006,682 2,625,861 (110,000)
	187,885	2,506,572	2,006,682	162,211	4,863,350

Charity	General fund £	Designated funds £	Restricted investment fund £	Other restricted funds £	At 31 March 2021 £
Tangible fixed assets Investments Net current assets	3,540 — 151,091	— — —	— 2,505,351 —	— — 86,000	3,540 2,505,351 237,091
	154,631	—	2,505,351	86,000	2,745,982
Charity	General fund £	Designated funds £	Restricted investment fund £	Other restricted funds £	At 31 March 2020 £
Tangible fixed assets Investments Net current assets	3,392 — 184,493	— — —	— 2,006,682 —	— — 86,000	3,392 2,006,682 270,493
	187,885	—	2,006,682	86,000	2,280,567

The total unrealised gains as at 31 March 2021 constitute movements on the revaluation of investments.

Group and charity	Total 2021 £	Total 2020 £
Unrealised gains (losses) included above Listed investments Foreign exchange contracts Total unrealised gains (losses) at 31 March 2021 Reconciliation of movements in unrealised (losses) gains Total unrealised (losses) gains at 1 April 2020 Disposal in the year Gains (losses) arising on revaluations in the year Total unrealisedgains(losses)at 31 March 2021	371,545 (746)	(71,036) 13,742
	370,799	(57,294)
	(57,294) (510) 428,603	106,994 (106,994) (57,294)
	370,799	(57,294)

All unrealised gains (losses) included within the group accounts relate to the charity.

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Notes to the financial statements 31 March 2021

17 Leasing commitments

Operating leases

At 31 March 2021, the group and charity had the following future minimum commitments under non-cancellable operating leases in respect to property as follows:

	Group	Group	Charity	Charity
	2021 £	2020 £	2021 £	2020 £
Leases which expire: . within one year . between one and two years	44,479 —	56,505 36,505	— —	— —
	44,479	93,010	—	—

Operating leases

At 31 March 2020, the group and charity had the following future minimum commitments under non-cancellable operating leases in respect to equipment as follows:

	Group	Group	Charity	Charity
	2021 £	2020 £	2021 £	2020 £
Leases which expire: . within one year . between one and two years . between two and five years	50,877 21,524 —	50,877 46,966 16,272	7,200 — —	7,200 7,200 —
	72,401	114,115	7,200	14,400

18 Connected organisations and related party transactions

The charitable company is related to the Daughters of Charity of St Vincent de Paul Charitable Trust (the Charitable Trust) (Charity Registration No. 236803) by virtue of the fact that four of its Trustees are also Trustees of the Charitable Trust.

Included in donations and grants are gifts in kind of £140,364 (2020 - £71,000) representing facilities and staff costs donated by the Charitable Trust.

The charitable company holds a restricted investment fund which may be applied towards meeting expenditure should the financial position of the charitable company require this, and provided there is consultation with the Trustees of the Charitable Trust, the charity which gave the original donation. At 31 March 2021, the value of the restricted investment fund was £2,505,351 (2020 - £2,006,682) (see note 13).

Connected organisations of subsidiaries

Detailed below are the transactions with connected organisations of the subsidiaries.

St Vincent’s Family Project

St Vincent’s Family Project is related to the Methodist Central Hall by virtue of the fact that one of its Trustees is a Trustee of Methodist Central Hall, a further Trustee is a Trustee and senior employee of the Methodist Central Hall, and a third Trustee is a member of the Methodist Central Hall.

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Notes to the financial statements 31 March 2021

18 Connected organisations and related party transactions (continued)

Connected organisations of subsidiaries (continued)

The transactions between the two organisations during the year were as follows:

• During the year the Project contributed service charges to the Methodist Central Hall of £5,844 (2020 - £5,844), £487 (2020 - £487) of which was accrued at the year end. In addition, the Project paid rent to the Methodist Central Hall of £22,800 (2020 - £22,800), £1,900 (2020 - £1,900) of which was accrued at the end of the year.

• During the year the Methodist Central Hall gave a donation of £16,680 (2020 - £45,290) to the Project for use in meeting core costs.

St Vincent’s Family Project is related to the Daughters of Charity of St Vincent de Paul Charitable Trust by virtue of the fact that certain of the Trustees of the Charitable Trust are also Trustees of DCSVP Services, the parent organisation of St Vincent’s Family Project.

•  At the end of the previous financial year, the charity had a £60,000 interest free loan from the Daughters of Charity of St Vincent de Paul Charitable Trust. This loan was converted into a donation in the year.

Out There Supporting Families of Prisoners

Out There Supporting Families of Prisoners Limited is connected to the Daughters of Charity of St Vincent de Paul Charitable Trust by virtue of the fact that Out There Supporting Families of Prisoners Limited was initiated by the Congregation and the fact that two of the trustees of Out There Supporting Families of Poisoners Limited who served during the year were Daughters of Charity of St Vincent de Paul, one of which was also a trustee of the Charitable Trust.

•  There were no transaction between the two Charities in the year (2020 – none).

St Joseph’s Services Limited

St Joseph’s Services Limited is connected to the Daughters of Charity of St Vincent de Paul Charitable Trust by virtue of the fact that one Trustee of St Joseph’s Services is also a Trustee of the Charitable Trust. A further two trustees are members of the Daughters of Charity of St Vincent de Paul.

The transactions between the two organisations during the year were as follows:

• During the year St Joseph’s Services Limited paid £21,370 (2020 - £20,200) in respect of rent to the Daughters of Charity of St Vincent de Paul Charitable Trust.

• During the year the Charitable Trust donated property to the value of £763,310 to St Joseph’s Services Limited. This property remained in the ownership of the Daughters after St Joseph’s Services became an independent entity. Its ownership has subsequently been transferred to St Joseph’s Homes Limited, a wholly owned subsidiary of St Joseph’s Services Limited.

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Notes to the financial statements 31 March 2021

18 Connected organisations and related party transactions (continued)

Connected organisations of subsidiaries (continued)

The Louise Project

The Louise Project is connected to the Daughters of Charity of St Vincent de Paul Charitable Trust by virtue of the fact that one Trustee of the Louise Project is also Trustees of the Charitable Trust. A further one trustee is also a member of the Daughters of Charity of St Vincent de Paul.

The transactions between the two organisations during the year were as follows:

• During the year The Louise Project paid £15,000 (2020 - £17,500) in respect of rent to the Daughters of Charity of St Vincent de Paul Charitable Trust.

• During the year The Louise Project received a donation of £5,000 (2020 - £30,000) from the Charitable Trust.

Vincentian Care Plus

At 31 March 2021, Daughters of Charity of St Vincent de Paul Charitable Trust was owed £70,000 (2020 - £110,000) by Vincentian Care Plus, the detail of which can be seen in note 12.

At 31 March 2021, Vincentian Care Plus owed the Daughters of Charity of St Vincent de Paul Charitable Trust £700 (2020 - £1,200) interest on the outstanding loan balance.

The Trustees of the Charitable Trust have confirmed they will provide financial and other support to Vincentian Care Plus in the short to medium term to enable going concern, and to give time to meet contractual arrangements.

19 Liability of members

The charitable company is constituted as a company limited by guarantee incorporated in the United Kingdom. In the event of the charitable company being wound up, its members are required to contribute an amount not exceeding £1.

20 Ultimate control

The charitable company was controlled throughout the period by the Daughters of Charity of St Vincent de Paul.

21 Post balance sheet event

With effect from 1 April 2021, the activities, assets (excluding the freehold land and buildings) and liabilities of Marillac Neurological Care Centre were transferred from the Daughters of Charity of St Vincent de Paul Charitable Trust (Charity Registration Number: 236803) to an independent Charitable Company limited by guarantee and incorporated in England and Wales (Charity Registration Number:1184495 and Company Registration Number 12085591). The new independent charitable company is a subsidiary of the Daughters of Charity of St Vincent de Paul Services. The assets and liabilities transferred as at that date comprised the following:

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Notes to the financial statements 31 March 2021

21 Post balance sheet event (continued)

	1 April 2021 £
Tangible fixed assets . Cost . Depreciation Debtors Cash at bank and in hand Creditors: amounts falling due within one year Creditors: amounts falling due after one year	1,129,433 (546,434)
	582,999 727,970 536,685 (348,376) (24,731)
	1,474,547

The assets and liabilities were represented by the following funds:

	1 April 2021 £
Restricted funds General funds Tangible fixed assets fund	23,425 938,394 517,728
	1,474,547

In addition, the Trustees of the Charitable Trust agreed to transfer an additional £600,000 to the new charitable company with effect from 1 April 2021.

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