2024-03-31-accounts

Companies House

Annual Report and Financial Statements

31 March 2024

Charity Registration Number 1149326

Company Registration Number 07638065 (England and Wales)

Contents

Part 1: Consolidated financial statements

Reports

Reports
Reference and administrative details of the
parent charity, its Trustees and advisers	1
Trustees’ report	2
Independent auditor’s report	25
Financial Statements
Consolidated statement of financial activities	30
Comparative consolidated statement of financial
activities	31
Consolidated balance sheet	32
Consolidated statement of cash flows	33
Principal accounting policies	35
Notes to the financial statements	42

Part 2: Separate financial statements of the charity

Reports

Reports
Reference and administrative details of
the charitable company, its Trustees
and advisers	61
Trustees’ report	62
Independent auditor’s report	78
Financial Statements
Statement of financial activities	83
Comparative statement of financial
activities	84
Balance sheet	85
Statement of cash flows	86
Principal accounting policies	87
Notes to the financial statements	92

The Daughters of Charity of St Vincent de Paul Services

Annual Report and Consolidated Financial Statements

31 March 2024

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

The Daughters of Charity of St Vincent de Paul Services

Contents

Reports

Reports
Reference and administrative details of the
parent charity, its Trustees and advisers	1
Trustees’ report	2
Independent auditor’s report	25

Financial Statements

Financial Statements	Financial Statements
Consolidated statement of financial activities 30
Comparative consolidated statement of financial
activities	31
Consolidated balance sheet	32
Consolidated statement of cash flows	33
Principal accounting policies	35
Notes to the financial statements	42

The Daughters of Charity of St Vincent de Paul Services

Reference and administrative details of the Parent Charity, its Trustees and Advisers

Trustees	Sister Ellen T Flynn (Chair)
	Sister Mary T Bain
	Sister Margaret Barrett
	Mrs Louisa Collyer-Hamlin
	Sister Kathleen Hogg
	Sister Sarah King-Turner
	Mr James O’Connor
	Sister Kathleen Page
	Father Paul Roche
	Mr Gareth Rowe
	Sister Theresa Tighe
Registered office	St Vincent’s Centre
	Carlisle Place
	London
	SW1P 1NL
Telephone	020 7931 8738
Charity registration number	1149326 (England and Wales)
Company registration number	07638065 (England and Wales)
Chief Executive Officer	Mark Choonara
Business Executive Officer	Sheree Rowland
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 LLP
	4 More London Riverside
	London
	SE1 2AU
Investment managers	Sarasin & Partners LLP
	Juxon House
	100 St Paul’s
	Churchyard
	London
	EC4M 8BU

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Trustees’ report Year to 31 March 2024

The Trustees present their statutory report, which is also the directors’ report, including the strategic report, together with the consolidated financial statements of The Daughters of Charity of St Vincent de Paul Services (DCSVP Services) (the parent charity) 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), The Louise Project and Marillac Neurological Care Centre), for the year to 31 March 2024. These financial statements do not include separate disclosure of the balance sheet and related notes of the parent company. A separate annual report and financial statements of the parent company only has been prepared and is at pages 59 to 100 of this document.

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 35 to 41 of the financial statements and comply with the parent charity’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, whose vocation is to serve Jesus Christ through serving those on the margins of society, established DCSVP Services in order to create a new charity and company structure for services and projects which the Congregation runs currently or with which it has a founding relationship.

The objects of the parent charity 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”.

DCSVP Services currently provides support to six subsidiaries, often referred to as our Group Charities, of which summary reports of each of their activities over the past year are provided below. These charities provide a diverse range of support to marginalised communities and people in need in areas across Great Britain, and we serve to ensure that their long-term development remains true to the Vincentian character of the Daughters of Charity.

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Trustees’ report Year to 31 March 2024

Principal aims (continued)

By Vincentian character, we speak of the ethos established by St Vincent de Paul, a Catholic priest in 17[th] century France who, along with St Louise de Marillac, founded the Daughters of Charity to serve people experiencing poverty and those in need. This service was, and remains to be, inspired by the teaching of Jesus Christ, most succinctly expressed in Matthew 25:40, “Whatever you did for one of the least of these brothers and sisters of mine, you did for me.” Further information on our origins can be found at - www.dcsvpservices.org/our history

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

In addition to supporting the work of our group charities, we seek to live out our mission through actively seeking out emerging poverties and needs in order to provide an appropriate response, and through challenging structural injustice, advocating for systemic reform on behalf of and alongside those who are on the margins of society.

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.

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 Values

We work with and serve people of all faiths and none, drawing inspiration from our Christian roots and our Vincentian heritage. Our Vision and Mission are reflected in five core values, which are the driving force of all works within Daughters of Charity Services:

1. Serving people who are experiencing the effects of poverty

2. Respecting each person’s dignity

3. Being compassionate and kind

4. Enabling choice and change

5. Acting in solidarity for justice

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Trustees’ report Year to 31 March 2024

Achievements and performance

The past year has seen both significant challenges and achievements both within the team and across our group of charities. Working against three strategic aims, we have made substantial progress against each of these, as highlighted below.

Organisational Development

♦ Strategic Aim 1: The Development of a Vincentian Resource Hub

At the heart of our work remains our commitment to ensuring that the charities operating within our group remain living examples of the Vincentian Charism in action. This Charism, emphasising the dignity of each individual person, and anchored by the preferential option for the poor as understood in Catholic Social Teaching, is the common bond between our diverse range of services, from large residential care organisations to small, outreach-based services, and all those in between. In addition to the tailored support available from our team to each charity, is our core Vincentian Values Training programme, which we expect every employee and volunteer across our group to undertake. This programme has developed and grown over the years and is deliberately designed to balance the history and heritage of our Charism with the practical application and its impact on a day-to-day basis.

Training

The roll out of the Vincentian Values Today (VIVAT) training programme has continued, with each group charity taking on greater responsibility for the development and delivery of this, in order to tailor it to the needs of their own staff teams. We work closely with other Vincentian organisations in sharing ideas and learning from our training, but remain committed to the particular approach of the VIVAT model, insofar as it both celebrates the heritage and faith basis of our Vincentian Charism, whilst also actively seeking to engage those joining our services from a diverse range of backgrounds, helping to unpack both our unwavering commitment to our Charism of service and also our inclusive approach to people of all faiths and none.

This year, we organised an online governance training and development day for trustees from across our group of charities, which received very positive feedback, including a call for further such cross-group training and development opportunities, which will we seek to pursue.

Advocacy and Communications

Our commitment to the development of a Vincentian resource hub has included a focus on further developing our work in the field of advocacy and campaigns, seeking to strengthen our resource here for our group charities, and the people and issues they serve. In addition to supporting our individual group charities, our wider efforts included a focus on issues such as improving adult social care and campaigning for the national roll-out of free school meals.

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Trustees’ report Year to 31 March 2024

In developing our resource hub, we have also sought to work more closely with a number of partners from across the wider Vincentian Family. In particular, over the past year we developed a Vincentian Family Advocacy Group, actively encouraging other members from across our Vincentian Family in Great Britain to seek common ground and to pool our efforts in speaking out together on issues we share a commitment too. Whilst progress on this front has faced its challenges, this work also led to the first Vincentian Manifesto ahead of the 2024 General Election, reflecting the beginnings of a movement which has the potential to become more unified still.

♦ Strategic Aim 2: Building Vincentian collaboration in the service of those living in poverty

Group Assembly

A significant step forward was our first whole group assembly, bringing together leaders and practitioners from across the group for a residential gathering to explore how we can both draw more deeply on our common values in looking to the future, and how we can better collaborate as we seek to face new challenges and respond to emerging needs.

With a particular focus on our growth in the field of advocacy, we were delighted to welcome speakers from across and outwith the Vincentian Family, including those well experienced in values-based group development and in developing effective, community-led advocacy. We also explored the overlap between our Vincentian and the core tenets of Catholic Social Teaching, and discussed models on which we might seek to base our own collaborative growth. In particular, the assembly was inspired by with insight of Sir John Battle, a former Member of Parliament and Minister of State, who led the assembly through a workshop on empowerment and community-based approaches to truly effective advocacy, an approach which echoes so closely the intention of our Vincentian Charism.

Annual Values Week

This year saw our third annual Vincentian Values Week, held as part of our celebrations around the feast day of St Vincent de Paul in September. Following the programme of research outlined above, this year’s Values Week saw the focus of the week being on social care, and the issues facing those working and living within the sector.

We welcomed speakers from across our group of charities, as well as those representing care providers founded by the Daughters of Charity in Australia. We were delighted to welcome a range of leaders, practitioners, and people who are supported by our services, and to gain an insight into the diverse range of settings in which our group charities provide essential and person-centred support with dignity, respect and love at the heart of all services.

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Trustees’ report Year to 31 March 2024

Vincentian Manifesto

Early 2024 saw us prepare a ‘Vincentian Manifesto’, along with other organisations from within the wider Vincentian Family who share our mission, in anticipation of the General Election which was to be called later in the summer.

This manifesto broadly reflected our overall strategic aims, and highlighted the need for any incoming government to address the following areas:

• Tackling child and family poverty

• Investing in and improving adult social care

• More humane treatment of refugees and asylum seekers

• Improving inclusion and reducing isolation

• Improving access to housing and tackling homelessness

This built upon our first formal submission to the government for the Spring Budget, another step in our journey to becoming a stronger voice on behalf of those we seek to support, and in our desire to help bring about systemic change in pursuit of a more just society.

♦ Strategic Aim 3: A Vincentian response to emerging poverties

Social Care

Over the past year, we have undertaken a programme of research into the state of the adult social care sector. We spoke to over 200 care organisations operating across England, to gain a better understanding of the challenges currently being faced, and to seek an insight into the potential solutions that could address some of the structural challenges facing the sector.

The programme of research culminated in a report, published in early 2024, entitled Searching for Consensus: Surveying Social Care in England . The report outlines a number of key recommendations. The first is that the ongoing challenges faced by organisations in the recruitment of carers will not be overcome without a governmentled drive to develop care as an attractive career. This would include a comprehensive review of contract rates, regional differences, and a greater openness to international recruitment. The second recommendation addresses the issues of poor retention within the sector, recognising the need for a greater investment in training resources accessible to care providers, and clearer pathways for carers to earn promotion and develop a career in the sector. The third recommendation highlights the desperate need for funding if the sector is to be able to come close to meeting the increasing demand being placed upon it. The report endorses the Health Foundation’s call for an £18.4 billion investment as being necessary to keep the social care sector safe, viable, and equipped to face the increasingly complex needs of an aging population. In addition to these recommendations, the report calls for care providers themselves to be brought into decision-making on the future of the sector, to help drive the policy reforms that are required, and to ensure that best practice lies at the heart of the strategy.

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Trustees’ report Year to 31 March 2024

Collaboration on Wider Issues

As part of our efforts to tackle child poverty, we have joined a number of alliances campaigning on issues which we feel require our voice or support, and to which we believe we can lend our experience and credibility.

We have been proud participants in the Free School Meals For All and the No Child Left Behind campaigns, facilitated by the National Education Union, seeking to raise awareness of the need to address child poverty in Great Britain and ensure that all primary school aged children across the country are able to access free school meals.

We have also supported a number of initiatives which align with our values and our mission, including:

• Guarantee Our Essentials campaign, led by the Joseph Rowntree Foundation and the Trussell Trust

• Together with Refugees campaign

• Let’s End Poverty campaign, led by the Methodist Church

• Children at the Table campaign, led by the Children’s Charities Coalition.

In addition to this, we made further progress in the development of our advocacy work through making a formal submission to the Treasury ahead of the 2024 Spring Budget, and through the development of a Vincentian Manifesto for the first time ahead of the 2024 General Election.

Challenges and New Opportunities

Over the course of the past year we have celebrated a number of successes, as well as facing notable challenges. As we look to the year ahead, we can forecast likely further challenges ahead.

The funding environment has become exceptionally challenging, particularly for small organisations, and we have seen some of our group members face the tough reality of that over the past year. Looking to the year ahead, we would not expect the situation to become any less challenging, either for them or for ourselves. For the group charities, we will continue to offer the support and experience of our Group Fundraising Manager. For ourselves, we are undertaking a comprehensive review of our own fundraising strategy, with an intention to shift out fundraising efforts towards a more diverse range of income streams, including legacies and individual giving.

As highlighted in our social care research, the care sector remains woefully underfunded and, as of yet, we have seen no proposals for a clear or comprehensive national strategy to resolve the structural deficiencies of a system that is no longer fit for purpose. We will support our group charities operating in the care sector to continue to support some of the most vulnerable individuals and communities, and will also continue to seek to develop a strong and respected voice in the field of advocacy for a more effective and just social care system.

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Trustees’ report Year to 31 March 2024

Achievements and Performance across the Group

Marillac Neurological Care Centre

Marillac Neurological Care Centre, based in Brentwood, Essex, is a residential facility providing nursing and personal care to adults with acquired brain injury, degenerative neurological disorders and complex physical disabilities. The Centre has three units, in which 52 residents live.

In addition to the care of residents, led by registered nurses, with the assistance of health care support workers and care assistants, there is a multi-disciplinary therapy department which includes occupational therapists, speech and language therapists and physiotherapists. The clinical and therapy teams work very closely together, enhancing and striving to maintain residents’ optimum potential, through coordinating a range of therapeutic activities, exercise or positioning by improving seating, coordinating speech therapy and other therapies as required. Social care is provided by lifestyle and activity coordinators who work closely with the nursing and therapy team.

The high quality of the services provided at Marillac Neurological Care Centre have led to another year of high occupancy levels, running at over 96%, above the NHS occupancy average. The complexity of the services offered is recognised as being extremely high. Services continue to develop in line with service need; in addition to the analysis of all referrals, a bed management meeting is hosted with all clinical parties represented, in order to ensure that the needs of all patients are being appropriately met.

A significant initiative over the past year was the installation of air conditioning into all resident rooms and communal areas, which can make a significant difference to the health and wellbeing of residents during periods of extreme heat. This past year has also seen the installation of an emergency generator, a critical addition to the estate given that many residents require mechanical assistance.

There has been a continued focus on staff training and development, with several team members supported through their nursing and care apprenticeships, along with others on management apprenticeships. All new staff receive Vincentian Values Training.

Out There Supporting Families of Prisoners

Operating in Trafford, Manchester, Out There provides support to families of prisoners. Over the past year, the organisation has seen a 15% increase in the number of families supported, providing assistance to over 160 families over the course of the year. The core support of helping with families understanding an access to prisons, supporting visits and advocating on their behalf remains key to the work of the charity, but alongside this there has been an increased focus on supporting those with complex circumstances, and providing additional practical and emotional support.

Through the support provided, Out There aim to reduce the impact of imprisonment on the wider family. Family days are one way in which Out There provides support, allowing opportunities to developed wellbeing and resilience, as well as offering a fun day for all

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Trustees’ report Year to 31 March 2024

involved. The most recent family survey provided highly positive feedback, including some examples below:

“I felt supported and heard with no judgment and could express how I felt and was safe do this in the way I needed to.”

“I feel less depressed, and I have been helped practically by the good advice.”

“Days out with my kids and support when I am out with them. It’s like a mini break for me.”

“Having somebody to talk through things, and being aware of what support can be offered when/if it is needed. Having support with navigating a very new and difficult situation. Being able to talk through what's happening without fear of judgment and the understanding of why you might feel certain emotions.”

Given the current growth of the prison population, Out There sadly anticipates continued demand for their community support. They want to continue to provide the best support possible, working with families and other partner organisations to build the resilience of families.

The separate development of the Hub Space in Trafford will continue, including the joint project being undertaken in partnership with the Big Life Group, funded by Greater Manchester Combined Authority (GMCA), to support men on probation in Trafford. This is the first commissioned project from GMCA, and it fits with Out There’s ethos of supporting whole families that are engaged with the criminal justice system.

The Hub will also continue to be a welcoming space for other organisations that use it and complements the work of Out There, including Women Matta, part of Women in Prison, and the Counselling and Family Centre.

St Joseph’s

St Joseph’s Services provides support to adults across Midlothian who have a learning disability, enabling them to live independently and engage with their local community, promoting social integration and co-operation, providing diversity within the community and building relationships between neighbours.

2024 has been a significant year for St Joseph’s Services, as they celebrated their centenary. This was marked throughout the year by a series of joyful events, all reflecting St Joseph’s strong ethos of ensuring that the people they serve remain at the heart of all that happens within the organisation, from design to delivery. A Centenary Mass was held in March, led in part by the people supported by St Joseph’s, and a large Centenary Party held in May to bring together hundreds of people involved in the organisation, both past and present. On the day of the centenary itself, the Board of Trustees signed a document amending their constitution, to formally recognise the strategic role of the Board of Advisors, a representative panel of people supported by the service, in advising on the running of the organisation.

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Trustees’ report Year to 31 March 2024

Over the past year, the development of an Activities Co-ordinator role has been of real benefit, creating a diverse programme of meaningful activities for people supported by the service, including: music therapy; a fortnightly social club; a gardening circle; a choir and a range of arts therapies.

Whilst not immune from the significant challenges facing the care sector, St Joseph’s continues to enjoy strong long-term staff retention, with a number of the team celebrating 25 and 30 years’ service with the organisation. The Pastoral Care team at St Joseph’s continue to assist both the people supported by the organisation as well as the staff teams and their families, providing a listening ear, advice and support as is needed.

The introduction of a Learning and Development Co-ordinator in 2023 has led to an improved capacity to assess and support staff members as they undertake their SVQ. Over the past year, 11 candidates successfully achieved their SVQ 2/3 aware, with a further 18 people working towards this qualification.

Over the past year, St Joseph’s has supported 70 people with learning disabilities through Person Centred Planning and service delivery across Midlothian.

St Vincent’s Family Project

St. Vincent’s Family Project supports families of young children in South Westminster with young children aged from 0-5. St Vincent’s Family Project aims to support vulnerable families to develop resilience through reducing social isolation, family conflict, stress, anxiety and depression, and improving parental confidence and the social and language skills of children. The Project provides a welcoming, safe and diverse community for families to play, relax and take part in activities, whilst offering programmes on parenting and different aspects of health. As well as individual advocacy and support, it specialises in creative arts therapy, which has principally been used for children in local Primary Schools.

Over the course of the past year, St Vincent’s Family Project has supported 180 families. Throughout the year, the project offers a range of parent and health courses designed to fit different needs, in group settings, which help parents to realise they are not alone in the many challenges and responsibilities facing them. The Family Space offers support to families on low incomes who may be having problems with housing, debt, schools, relationship or legal issues. The cost of living crisis has been a consistent theme over the past year, with an increasing number of families requesting support with multiple needs. Over the past year, a wide range of support has been made available to families, including:

• Positive parenting programmes

• Healthy living sessions

• Welfare support

• Creche

• Community events, trips, and family days out

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Trustees’ report Year to 31 March 2024

Another key area of support has been the provision of creative arts and drama therapy to children across eight primary schools in Westminster, as well as a new project based within a youth club. 37 children were supported through this initiative, benefitting greatly from the service.

St Vincent’s Family Project continues to receive highly positive feedback from those utilising their service, including on themes of reducing social isolation, reducing stress and anxiety, improving parenting, and supporting children’s development. Client feedback included:

• “St Vincent’s Family Project has been invaluable for myself & my children. I attend the stay & plays and have completed both positive parenting programme and mellow parenting and both have been extremely helpful. The environment that the staff have created is one of family & inclusion. I am always made to feel welcome & valued! I love it here.”

• “It is so hard to find the place where we can be safe with children and talk and exchange the information with other mums. But here is the place at St Vincent.”

• “The best project which changed our life!”

Over the summer of 2024, the charity experienced a cashflow shortfall, leading to a suspension of operations. After taking on external advice, working closely with ourselves, and revising their staffing structure, the charity was able to secure sufficient funding to reassure the Board of Trustees of its ability to operate as a going concern, and operations were resumed in September 2024. The financial situation, with particular regard to cashflow, will continue to be closely and regularly monitored to ensure that operations are sustainable heading into the future.

The Louise Project

The Louise Project operates in Govanhill, Glasgow, enabling people living with persistent poverty to transform their own lives and become active participants in the transformation of their community. The biggest element of their service is a community centre known as The Space. The Space supports the migrant community of Govanhill, of which the dominant group are the European Roma community. This year they supported families from a diverse range of backgrounds, of which: 55% are Romanian Roma; 15 % are Slovakian/Czech Roma; 20% Pakistani; and the remaining 10% are people from Afghanistan, China, and Syria.

Over the course of the past year, the project supported 213 families, with 189 families supported through advocacy to integrate into life in Glasgow. 62 adults were supported through their literacy and numeracy programmes, 21 of whom went on to attend a college access course. Over the year, almost 5,000 visits were made to the project, with over 2,000 issues addressed, many of which are becoming increasingly complex. A notable change has been seen in a 50% decrease in crisis support, with a corresponding 50% increase in issue-specific support, including challenges with the EU Settlement Scheme and in applying for welfare benefits. Many families who have participated in the Community Advocacy programme have reported enhanced confidence, reduced isolation, and reduced anxiety as a result.

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Multicultural social and information events are also held throughout the year. This year, events have included: a visit to the University of Glasgow; a cancer awareness event; a dental hygiene awareness event; an EU Citizen Advice Project event; and a Literary Celebrations and Awards Ceremony. The project has developed strong working collaborations with a number of key partners across the city, including: City of Glasgow College; Health and Social Care Partnership; Poverty Alliance and Child Poverty Action Groups; Glasgow City Council Social Work; and the Society of St Vincent de Paul.

The Louise Project continues to invest in ensuring and strengthening the sustainability of the organisation, with a number of changes made at both operational and governance levels, and an intentional diversification of their funding portfolio. The Model of Enablement, which seeks to break the intergenerational cycle of poverty through tackling systemic issues, is becoming a key workstream of the charity.

Poverty manifests and affects people in many ways and its impact can be hard to witness as well as devastating to bear. Consequently, as the team endeavour to be alongside and support some of the poorest people in our society, so the work can place significant emotional demands on them. To support staff to keep our values at the centre of the work, the team participate in a weekly Vincentian Values reflection, in which team members volunteer to write on how the project lives its Christian values in support of the beneficiaries. These vignettes are shared, and the team have an opportunity to discuss them at the weekly team meeting.

Feedback from people using the project is extremely positive, with examples including:

“I always wanted to come back to say thank-you. You have changed my life. I can’t believe this is my life now. I am so happy. I am free.”

“I spend my whole week looking forward to my Friday class”.

• “When I am here, I feel like a normal woman.”

Vincentian Care Plus

Vincentian Care Plus provides domiciliary care for people across Westminster, enabling older people to live more independently in their own homes.

Over the past year, Vincentian Care Plus has continued to extend the reach of their support. Delivering around 3,000 hours of care each week, the organisation has also built on their work in temporary residential accommodation for people with lived experience of homelessness, providing a trauma-informed care service, and exploring opportunities to work in partnership with additional residential facilities to extend this work. This initiative earned Vincentian Care Plus a High Commendation in the 2024 Home Care Awards in the ‘Best for Specialist Care Expertise’ category.

The Vincentian Values which helped shape the development of the organisation continue to drive the central focus on dignity and compassion in the quality of care that is delivered, as well as the focus on the whole person being supported, and this focus on values remains a key element of what differentiates Vincentian Care Plus from other care providers in the sector.

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Progress has been made through the implementation of One Touch systems; a homecare management tool designed to provide better visibility over the care and support of vulnerable adults. A focus on improving both communication and quality assurance have been beneficial this year, with improvements in both processes and outcomes.

A comprehensive training matrix has been developed and implemented, with on ongoing focus on ensuring that all staff are best equipped to support those they are caring for. Two key office staff have been trained as Dementia Champions; senior care staff have been upskilled to undertake risk assessments and spot checks; and there are opportunities to undertake short courses, with enrolment onto the Qualifications and Credit Framework and National Vocational Qualifications encouraged.

Looking to the future, Vincentian Care Plus is eager to build further on their residentialbased support, providing additional support to people with multiple complex needs. They are also eager to extend their offer of domiciliary care to people living beyond Westminster, exploring the potential to deliver care in other London boroughs, and are also exploring opportunities to develop new services tailored to specific demographics, including neurological injury, dual diagnosis, dementia care and palliative care.

In 2024, Vincentian Care Plus will be marking 20 years of service in Westminster, and plans to mark this special occasion with celebrations bringing together the care team with those who receive support.

Financial review

A summary of the results of the group for the year to 31 March 2024 is given on page 30.

During the year, income totalled £17,740,017 (2023 - £18,349,227). Last year a donation of investments with a value at the date of the gift of £2.6 million was given by the Daughters of Charity of St Vincent de Paul Charitable Trust to secure the long term future of the Parent charity, no such donation has been received in the current year. However a donation of £500,000 was given to MNCC towards the cost of a new electrical supply going into the Centre, by The Daughters of Charity of St Vincent de Paul CIO.

Expenditure amounted to £16,671,287 (2023 - £15,436,249). Staff costs of the group amounted to £13,840,910 (2023 - £12,873,223)

Net income for the year was £1,544,306 (2023 – £2,620,855) after accounting for net investment gains of £475,576 (2023 - losses of £292,123).

Reserves policy

Each Charity with the group has its own reserves policy and the support role of the parent Charity is not anticipated to extend to the provision of financial support. Each subsidiary is shown in these group accounts as designated or restricted funds, in recognition that these funds cannot be freely distributed across the group. The general unrestricted funds and free reserves of the group belong to the parent Charity only and are in line with its reserves policy (see page 68 of these accounts).

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Financial position

The balance sheet shows total funds of £13,482,285 (2023 - £11,937,979).

At 31 March 2024, restricted funds amounted to £2,134,525 (2023 - £2,178,725). Included in restricted funds is an investment fund of £2,000,000 (2023 - £2,000,000) which is represented by investments acquired from monies donated by The Daughters of Charity of St Vincent de Paul with a principal objective of investing the funds to meet future needs..

Other restricted funds held for specific purposes, as specified by the donors, amounted to £134,525 at 31 March 2024 (2023 - £178,725) (note 13).

Designated funds of £11,189,501 (2023 - £9,608,648) include an investment fund of £3,101,325 (2023 - £2,763,976) representing funds received from the Daughters of Charity of St Vincent de Paul in prior periods which have been invested. DCSVP Services is able to draw down both capital and income from the portfolio to meet future needs.

The net assets held by each subsidiary are reinvested within each entity and are therefore not distributable amongst other subsidiaries within the group. To distinguish these funds from restricted funds held by subsidiaries and the free reserves of the parent entity, such net assets are shown as designated funds. The amounts set aside are £4,036,411 (2023 - £3,788,734) for the work of St Joseph’s Services, £288,093 (2023 - £247,517) for the work of The Louise Project, £2,997,446 (2023 - £2,157,189) for the work of Marillac Neurological Care Centre, £2,747 (2023 - net liabilities of £3,667) for the work of Out There Supporting Families of Prisoners and £807,301 (2023 - £687,517) for the work of Vincentian Care Plus.

At 31 March 2024 St Vincent’s Family Project had net liabilities of £43,822 (2023 - net liabilities of £32,618). The trustees acknowledge that this is a major shortfall, with the charity finishing the year in a deficit. A reduced budget has been actioned over the next twelve months, and trustees will look closely at the progress and make any necessary further cutbacks to reduce costs.

Free reserves available to support the work of the DCSVP Services in the future are shown as general funds on the balance sheet and amount to £158,259 (2023 - £150,606). 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.

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Trustees’ report Year to 31 March 2024

Financial review (continued)

Investment policy

The charity has a portfolio of listed investments with a market value of approximately £5.2 million.

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

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

• ♦ 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, longterm 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 2.6% (2023 – 2.33%). The capital yield for the year was minus 12.5% (2023 – minus 3.23%). Throughout the year the Trustees have continued to liaise closely with the charity’s investment advisers and seek their advice.

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Trustees’ report Year to 31 March 2024

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.

Structure, governance 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 2023 are as follows:

Trustees	Appointed/Resigned
Sister Ellen T Flynn
Sister Mary T Bain
Sister Margaret Barrett	Appointed 13 May 2024
Mrs Louisa Collyer-Hamlin	Appointed 11 December 2023
Sister Kathleen Hogg
Sister Sarah King-Turner
Mr James O’Connor
Sister Kathleen Page	Appointed 13 May 2024
Father Paul Roche
Mr Gareth Rowe
Sister Theresa Tighe
Sister Barbara C Quilty	Resigned13May2024

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Trustees’ report Year to 31 March 2024

Structure, governance and management (continued)

Governance (continued)

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 Board notes that Sister Ellen Flynn has exceeded nine years of continuous service as a Trustee of DCSVP Services. Given the in-depth knowledge, insight and experience which Sister Ellen Flynn brings to the Board, along with her deep understanding of the Vincentian Charism in application to service, and the ability to both provide both oversight of and support to the work of those Trustees leading each of our group charities, we express our view that any concerns over excessive length of service are far outweighed by the benefits of her continued work on our Board.

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.

Sister Margaret Barrett

Sister Margaret Barrett joined the Daughters of Charity in 1965. Her ministry has included. Secondary School teaching, Formation, Leadership at local, Provincial and General Level CEO of Daughters of Charity Services, Mentoring of Leaders, Facilitation, leading a Vincentian Research Group and Translation. She is a qualified teacher. AI Facilitator, and General Group Facilitator.

Mrs Louisa Collyer-Hamlin

An external affairs professional with over twenty five years’ experience working in the thick of it, including representing care homes during the pandemic. A good insight into the workings of Government, Parliament and Whitehall with the proven ability to work proactively to influence policy.

Louisa currently works as Head of External Affairs at the Catholic Union.

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Trustees’ report Year to 31 March 2024

Structure, governance and management (continued)

Governance (continued)

Mr 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 DCSVP Services.

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.

Mr Gareth Rowe

Gareth Rowe combines roles in finance, theology and charity senior leadership. He is currently the chief financial officer at Your Voice Counts, a learning disability and advocacy charity in the North East of England and the inaugural CAFOD-Durham Research Fellow working with CAFOD’s Theology Team on projects exploring the role of Catholic social teaching in our response to climate, Covid and conflict. He is a member of the Institute of Chartered Accountants in England and Wales, a third order Carmelite and a deacon in the Catholic Church.

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.

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Trustees’ report Year to 31 March 2024

Structure, governance and management (continued)

Governance (continued)

Sister Kathleen Hogg

Sister Kathleen Hogg is a member of the Daughters of Charity of St. Vincent de Paul. Having qualified as an Occupational Therapist, she has experience working with people with disabilities across the age spectrum, children and adults. Over the last 20 years she set up and managed a Charity in Scotland offering a Personal and Spiritual development programme for people with special needs, involving managing and training staff, teams of volunteers, trust fund applications and general fund-raising.

Sister Kathleen Page

Sister Kathleen Page joined the Daughters of Charity in 1986. Her ministry has engaged her in a variety of work with families, homeless people and people with disabilities within the contexts of residential care, community organising and project management. She is trained in community and youth work, social care and pastoral care. Since 2005 she has undertaken pastoral care within a social care setting, most recently within one of the DC Services projects.

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 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 parent charity will continue in operation.

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

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Trustees’ report Year to 31 March 2024

Structure, governance and management (continued)

Each of the Trustees confirms that:

• ♦ so far as the Trustee is aware, there is no relevant audit information of which the parent charity’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 parent charity’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 2024 DCSVP Services had six 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).

2. Marillac Neurological Care Centre, (Company Registration Number 12085591 (England and Wales) and Charity Registration Number 1184495).

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

Key management personnel

The Trustees consider that they together with the Chief Executive Officer and Business Executive Officer 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 Business Executive Officer’s time is donated by the Daughters of Charity of St Vincent de Paul Charitable Trust.

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Trustees’ report Year to 31 March 2024

Structure, governance and management (continued)

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 CEO 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.

Marillac Neurological Care Centre – The Trustees consider that they, together with the CEO, Director of Finance, Director of Clinical Services, Director of Therapies and the Director of Estates comprise they key management of the parent charity in charge of directing and controlling, running and operating the parent charity on a day to day basis .

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.

Along with the wellbeing of the people we support, employee wellbeing is central to the ethos on which our group of charities is based. We take our commitment to pastoral support seriously, and seek to provide support, guidance and assistance to those working for us as required. All employees are provided with Vincentian Values Training, in order to better understand the wider Vincentian family and community which they join when working for us or any of our charities.

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Trustees’ report Year to 31 March 2024

Structure, governance and management (continued)

Given the diverse nature of our subsidiaries, their organisational size and types of service provision, each subsidiary will have in place their own organisational procedures to ensure effective and appropriate employee engagement and instruction as best suits their service.

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:

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Trustees’ report Year to 31 March 2024

Risk 1: Reputational Exposure

The Trustees of DCSVP 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, DCSVP 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. The Memorandum of Understanding we hold with each subsidiary, and the practice set out within it, provides clear expectations on both the charity and the subsidiaries, and on the need for consistent and clear communication. The importance of clear and well understood safeguarding policies and processes across the group is integral to this. A further focus on good governance and clear reporting processes will also help to mitigate this risk.

Risk 2: Funding Challenges

DCSVP 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. DCSVP 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. We recognise that as a parent organisation operating as a central resource hub, there are additional challenges to securing funding for our work, given the preference of a great many funders to directly support the frontline work of our subsidiaries. To address this, we are seeking to diversify the sources of our income, including the development of a legacies programme and an initiative to explore the potential for individual giving.

Risk 3: Mission Drift across the Group

Perhaps the single most important strategic aim of DCSVP Services is to ensure that the Vincentian Charism, as lived out by the service and dedication of the Daughters of Charity for 400 years, is carried forward into the future under lay, professional leadership. We are incredibly fortunate to have such dedicated teams across the group at present, with excellent and committed leaders across our family of charities, but we recognise that the following generations will be pose new challenges to the sustainment of this Charism.

As such, our Vincentian Values Today programme is intended to embed our ethos, Charism and values throughout all of organisations, our Memorandum of Understanding is clear in the central importance of the Charism to all of our work, and in ensuring the sustainable future and meaningful vitality of this, we have sought to ensure that our Charism can be identified with and fully lived out by people of all faiths and none, whose priority is the loving and dignified service and care of some of the most vulnerable and excluded communities in our society.

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Trustees’ report Year to 31 March 2024

Structure, governance and management (continued)

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.

Where possible, a great deal of our work has moved towards being paperless, and substantially reducing the use of paper where it is not necessary. Flexible and online working has allowed us to reduce the carbon impact of regular staff travel, and where projects visits are undertaken, considerations are made to balance the need to seek out affordable forms of transport with our commitment to lower carbon travel. When large inperson meetings are held, we seek to identify locations which will allow and encourage people to use public transport rather than private vehicles.

This Trustees’ Report, including the Strategic Report contained therein, has been approved by the Trustees and signed on their behalf by:

Margaret Barrett ……………………………………… Trustee

Approved by the Trustees on: 16 December 2024

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Independent auditor’s report Year to 31 March 2024

Independent auditor’s report to the members 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 and its subsidiaries (the ‘group’) for the year ended 31 March 2024 which comprise the consolidated statement of financial activities, the comparative consolidated statement of financial activities, the group balance sheet, the consolidated statement of cash flows, the principal accounting policies and notes to the consolidated 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 affairs as at 31 March 2024 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.

Conclusions relating to going concern

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

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

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

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Independent auditor’s report Year to 31 March 2024

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, and includes the strategic report, 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, and includes the strategic report, has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report, including the strategic 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 group, or returns adequate for our audit have not been received from branches not visited by us; or

• ♦ the group 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.

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Independent auditor’s report Year to 31 March 2024

Responsibilities of Trustees

As explained more fully in the statement of Trustees’ responsibilities, the Trustees (who are also the directors of the parent charity 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 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 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.

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);

• ♦ 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.

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Independent auditor’s report Year to 31 March 2024

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

We assessed the susceptibility of 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;

• ♦ used data analytics to investigate the rationale behind any significant or unusual transactions; and

• ♦ enquiring of component auditors of subsidiaries of their findings in relation to the above.

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.

• ♦ enquiring of component auditors of subsidiaries of their findings in relation to the above.

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

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

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

The Daughters of Charity of St Vincent de Paul Services 28

Independent auditor’s report Year to 31 March 2024

Use of our report

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

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

Date: 17 December 2024

The Daughters of Charity of St Vincent de Paul Services 29

Consolidated statement of financial activities Year to 31 March 2024 (incorporating an income and expenditure account)

Notes	Un restricted funds £	Restricted funds £	Total funds 2024 £	Total funds 2023 £
Income: Donations, grants and legacies 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 . Accommodation for people with learning disabilities . Fees for nursing care and related services Other Total income Expenditure: Cost of raising funds . Investment manager’s charges 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) gains Net investment gains (losses) . Listed investments .Derivatives . Foreign exchange Net income for the year before transfers 5 Transfers between funds 13 Net income (expenditure) and net movement in funds for the year Reconciliation of funds: Balance brought forward at 1 April 2023 Balance carried forward at 31 March 2024	766,936 196,689 — 2,889,248 5,369,926 121,845 6,842,213 244,693	1,230,082 51,190 9,264 — — — — 17,931	1,997,018 247,879 9,264 2,889,248 5,369,926 121,845 6,842,213 262,624	3,761,193 153,131 5,291 2,386,064 5,251,899 120,214 6,360,532 310,903
	16,431,550	1,308,467	17,740,017	18,349,227
	25,964 15,895,779	— 749,544	25,964 16,645,323	22,992 15,413,257
	15,921,743	749,544	16,671,287	15,436,249
	509,807 278,416 1,707 9,842	558,923 185,611 — —	1,068,730 464,027 1,707 9,842	2,912,978 (255,506) 4,761 (41,378)
	799,772 788,734	744,534 (788,734)	1,544,306 —	2,620,855 —
	1,588,506 9,759,254	(44,200) 2,178,725	1,544,306 11,937,979	2,620,855 9,317,124
	11,347,760	2,134,525	13,482,285	11,937,979

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

The Daughters of Charity of St Vincent de Paul Services 30

Comparative consolidated statement of financial activities Year to 31 March 2023 (incorporating an income and expenditure account)

Notes	Un restricted funds £	Restricted funds £	Total funds 2023 £
Income: Donations, grants and legacies 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 . Accommodation for people with learning disabilities . Fees for nursing care and related services Other Total income Expenditure: Cost of raising funds . Investment manager’s charges 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) gains Net investment (losses) gains . Listed investments . Derivatives . Foreign exchange Net income for the year before transfers 5 Transfers between funds 13 Net income (expenditure) and net movement in funds for the year Reconciliation of funds: Balance brought forward at 1 April 2022 Balance carried forward at 31 March 2023	3,135,309 104,160 — 2,386,064 5,251,899 120,214 6,360,532 310,825	625,884 48,971 5,291 — — — — 78	3,761,193 153,131 5,291 2,386,064 5,251,899 120,214 6,360,532 310,903
	17,669,003	680,224	18,349,227
	22,992 14,789,496	— 623,761	22,992 15,413,257
	14,812,488	623,761	15,436,249
	2,856,515 (148,322) 4,761 (41,378)	56,463 (107,184) — —	2,912,978 (255,506) 4,761 (41,378)
	2,671,576 504,746	(50,721) (504,746)	2,620,855 —
	3,176,322 6,582,932	(555,467) 2,734,192	2,620,855 9,317,124
	9,759,254	2,178,725	11,937,979

The Daughters of Charity of St Vincent de Paul Services 31

Consolidated balance sheet 31 March 2024

Notes	2024 £	2023 £
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 funds 13 Unrestricted funds . Designated funds 14 . General fund	2,805,944 5,201,325	1,917,474 4,863,976
	8,007,269	6,781,450
	1,833,676 5,292,150	1,865,263 4,902,110
	7,125,826 (1,350,810)	6,767,373 (1,260,844)
	5,775,016	5,506,529
	13,782,285 (300,000)	12,287,979 (350,000)
	13,482,285	11,937,979
	2,134,525 11,189,501 158,259	2,178,725 9,608,648 150,606
	13,482,285	11,937,979

Approved by the Trustees and signed on their behalf by:

Margaret Barrett

Trustee

Approved by the Trustees on: 16 December 2024

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

The Daughters of Charity of St Vincent de Paul Services 32

Consolidated statement of cash flows Year to 31 March 2024

Notes	2024 £	2023 £
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 proceeds from settlement of foreign exchange contracts Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Net cash used in investing activities Cash flows from financing activities: Repayment of loans Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 1 April 2023 B Cash and cash equivalents at 31 March 2024 B	1,140,966	2,637,440
	221,965 2,340,070 (2,160,746) 20,014 (1,062,100) 982	149,573 2,106,804 (4,613,394) (41,149) (253,858) —
	(639,815)	(2,652,024)
	(50,000)	(100,000)
	(50,000)	(100,000)
	451,151 4,993,119	(114,584) 5,107,703
	5,444,270	4,993,119

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

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

	2024 £	2023 £
Net movement in funds (as per the statement of financial activities) Adjustments for: Depreciation charge Net (gains) losses on investments, derivatives and foreign exchange Investment income and interest receivable Decrease (increase) in debtors Increase (decrease) in creditors Net cashprovided by operating activities	1,544,306 172,648 (475,576) (221,965) 31,587 89,966	2,620,947 170,962 292,123 (149,573) (247,766) (49,253)
	1,140,966	2,637,440
Analysis of cash and cash equivalents	2024 £	2023 £
Cash at bank and in hand Cash held by investment managers Total cash and cash equivalents	5,292,150 152,120	4,902,110 91,009
	5,444,270	4,993,119

B Analysis of cash and cash equivalents

The Daughters of Charity of St Vincent de Paul Services 33

Consolidated statement of cash flows Year to 31 March 2024

C Analysis of changes in net debt

Analysis of changes in net debt
	At 1 April 2023 £	Cash flows £	At 31 March 2024 £
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	4,902,110 91,009	390,040 61,111	5,292,150 152,120
	4,993,119	451,151	5,444,270
	(79,500) (350,000)	(25,000) 50,000	(104,500) (300,000)
	4,563,619	476,151	5,039,770

The Daughters of Charity of St Vincent de Paul Services 34

Principal accounting policies 31 March 2024

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

Basis of preparation

These financial statements have been prepared for the year to 31 March 2024 with comparative information provided in respect to the year to 31 March 2023. These financial statements do not include separate disclosure of the balance sheet and related notes of the parent company. A separate annual report and financial statements of the parent company only has been prepared is at pages 59 to 100 of this document.

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; and

• ♦ assessing the recoverability of fees receivable and the need for any related bad debt provision.

The Trustees have also estimated future income and expenditure flows for the purpose of assessing going concern (see below).

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 Daughters of Charity of St Vincent de Paul Services 35

Principal accounting policies 31 March 2024

The Trustees have been in consultation with the Trustees of the Daughters of Charity of St Vincent de Paul Charitable Trust (the Charitable Trust) and, from 31 December 2023, its successor Charitable Incorporated Organisation (CIO), 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.

In April 2022, the Charitable Trust gave DCSVP Services a grant in the form of an investment portfolio with a value of circa £2.6 million at the date of the gift to contribute towards the annual operational costs of the charity for the medium-term future.

The Trustees have considered the potential impact of the current macroeconomic and geopolitical climate on the charity and its subsidiaries into 2024/25. 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 2025, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the Trustees’ report for more information).

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

The Trustees of Out There supporting Families of Prisoners acknowledge and recognise the impact of the current macroeconomic and geopolitical climate and associated cost of living crisis. They have concluded that there may be some negative consequences such as a greater challenge in acquiring income at a time when there are increased needs from its beneficiaries and increased pressure on costs due to inflation. However, the Trustees will continue to monitor income, expenditure and cash flows closely and they are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

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 impact of the current macroeconomic and geopolitical climate and associated cost of living crisis on the charity which may result in the loss of income due to the cancellation of planned programmes and the physical absence of key personnel.

The principal financial risks for the other charitable subsidiaries are the general macroeconomic and geopolitical conditions, the resulting financial pressures on each charities’ funders and relationships with commissioners for services. Whilst the current level of funding for 2024/25 and that projected for 2025/26 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.

The Daughters of Charity of St Vincent de Paul Services 36

Principal accounting policies 31 March 2024

Basis of consolidation

At 31 March 2024, DCSVP Services had six 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)),

• ♦ Marillac Neurological Care Centre, (Company Registration Number 12085591 (England and Wales)) (Charity Registration Number:1184495).

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

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, income from providing accommodation for adults with learning disabilities, fees receivable for nursing care and related services and other income.

Donations and grants are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations and/or grants pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation or grant 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.

The Daughters of Charity of St Vincent de Paul Services 37

Principal accounting policies 31 March 2024

Income recognition (continued)

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.

Investment income is recognised once the dividend or similar income has been declared and notification has been received of the dividend due. Investment income and gains or losses on listed investments are apportioned between restricted and unrestricted funds based on the market value of restricted and unrestricted listed investments at the year end.

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, supporting people with learning difficulties, nursing care and related services and income receivable from providing accommodation for adults with learning disabilities 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.

The Daughters of Charity of St Vincent de Paul Services 38

Principal accounting policies 31 March 2024

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;

• ♦ 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 accommodation for adults with learning disabilities;

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

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

• ♦ the provision of nursing care and related services; 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 £5,000 and with an expected useful life exceeding one year are capitalised, although each subsidiary has its own capitalisation policy which may be lower. As a result of this, certain subsidiaries capitalise all assets which cost more than £500.

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

The Daughters of Charity of St Vincent de Paul Services 39

Principal accounting policies 31 March 2024

• ♦ Computer equipment 25% on cost ♦ Motor Vehicles 25% on cost ♦ Building improvements 10% on cost

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.

The Daughters of Charity of St Vincent de Paul Services 40

Principal accounting policies 31 March 2024

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. The net assets held by each subsidiary are reinvested within each entity and are therefore not distributable amongst other subsidiaries within the group. To distinguish these funds from restricted funds held by subsidiaries and the free reserves of the parent entity, such net assets are shown as designated funds. Further details on designated funds can be found in note 14 to these financial statements.

The restricted investment fund comprises monies donated to the parent charity 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 original capital of the fund may be applied towards meeting expenditure should the financial position of the parent charity 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 13 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.

The Daughters of Charity of St Vincent de Paul Services 41

Notes to the consolidated financial statements 31 March 2024

1 Activities of the subsidiary charities

A summary of the financial statements of the subsidiary charities for the year ended 31 March 2024 is as follows:

	Vincentian Care Plus £	Out There Supporting Families of Prisoners £	St Vincent's Family Project £	St Joseph's Services £	The Louise Project £	Marillac Neurological Care Centre £
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 Represented by: Restricted funds Unrestricted funds	3,006,923 (2,893,801)	244,917 (271,225)	329,098 (340,302)	5,604,057 **(5,356,380) **	303,180 (248,655)	7,962,666 (7,139,414)
	113,122	(26,308)	(11,204)	**247,677 **	54,525	823,252
	11,350 978,307 (182,356) —	47,092 34,237 (2,949) —	1,347 14,593 (59,762) —	1,271,500 3,696,396 (622,699) **(300,000) **	— 401,230 (85,946) —	1,472,661 1,910,541 (362,841) —
	807,301	78,380	(43,822)	**4,045,197 **	315,284	3,020,361
	— 807,301	75,633 2,747	— (43,822)	8,786 **4,036,411 **	27,191 288,093	22,915 2,997,446
	807,301	78,380	(43,822)	**4,045,197 **	315,284	3,020,361

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 £121,845 (2023 - £120,214) with expenditure of £71,042 (2023 - £69,440). Total net assets amount to £904,034 (2023 - £853,231). 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 2023 is as follows:

	Vincentian Care Plus £	Out There Supporting Families of Prisoners £	St Vincent's Family Project £	St Joseph's Services £	The Louise Project £	Marillac Neurological Care Centre £
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 Represented by: Restricted funds Unrestricted funds	2,417,545 (2,285,351)	287,700 (209,311)	313,399 (355,665)	5,539,533 _(5,411,882) _	300,362 (246,395)	6,638,242 (6,591,057)
	132,194	78,389	(42,266)	_127,651 _	53,967	47,185
	4,738 826,653 (137,212) —	55,526 54,618 (5,456) —	2,020 25,394 (60,032) —	1,288,200 3,399,612 (540,292) _(350,000) _	— 430,003 (169,244) —	565,308 1,913,889 (282,088) —
	694,179	104,688	(32,618)	_3,797,520 _	260,759	2,197,109
	6,662 687,517	108,355 (3,667)	— (32,618)	8,786 _3,788,734 _	13,242 247,517	39,920 2,157,189
	694,179	104,688	(32,618)	_3,797,520 _	260,759	2,197,109

The Daughters of Charity of St Vincent de Paul Services 42

Notes to the consolidated financial statements 31 March 2024

2 Donations, grants and legacies

Donations, grants and legacies
	Unrestricted funds £	Restricted funds £	Total funds 2024 £
Donation from The Daughters of Charity of St Vincent de Paul CIO Non-government grants Legacies Donations and gifts in kind	— 333,088 19,470 414,378	500,000 504,275 — 225,807	500,000 837,363 19,470 640,185
	766,936	1,230,082	1,997,018
	Unrestricted funds £	Restricted funds £	Total funds 2023 £
Donation of investments from Daughters of Charity of St Vincent de Paul Charitable Trust Non-government grants Donations and gifts in kind	2,600,835 335,380 199,094	— 520,093 105,791	2,600,835 855,473 304,885
	3,135,309	625,884	3,761,193

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

	Unrestricted funds £ 96,678 2,785,096 5,267,407 71,042 76,909 124,454 7,099,907 374,286 15,895,779	Restricted funds £	Total funds 2024 £
Services to vulnerable families and children Home care visiting services Support for people with learning disabilities Accommodation for adults with learning disabilities Support for families of prisoners Enabling families to live flourishing lives Nursing care and related services Organisational development services		243,624 108,705 17,931 — 194,316 124,201 39,507 21,260	340,302 2,893,801 5,285,338 71,042 271,225 248,655 7,139,414 395,546
		749,544	16,645,323

	Unrestricted funds £ 151,941 2,244,474 5,342,442 69,440 53,963 74,453 6,558,427 294,356 14,789,496	Restricted funds £	Total funds 2023 £
Services to vulnerable families and children Home care visiting services Support for people with learning disabilities Accommodation for adults with learning disabilities Support for families of prisoners Enabling families to live flourishing lives Nursing care and related services Organisational development services		203,724 40,877 — — 155,348 171,942 32,630 19,240	355,665 2,285,351 5,342,442 69,440 209,311 246,395 6,591,057 313,596
		623,761	15,413,257

The Daughters of Charity of St Vincent de Paul Services 43

Notes to the consolidated financial statements 31 March 2024

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

of those services(continued)
	Staff costs £	Premises £	Welfare, support and office costs £	Gover- nance costs £	Total funds 2024 £
Vulnerable families and children Home care visiting services Support for people with learning disabilities Accommodation for adults with learning disabilities Support for families of prisoners Enabling families to live flourishing lives Nursing care and related services Organisational development services	251,935 2,584,773 4,819,730 — 179,141 185,713 5,518,531 301,087	48,067 93,876 25,567 54,170 46,470 33,960 950,244 10,000	37,450 207,280 421,841 7,674 43,964 24,729 655,978 46,735	2,850 7,872 18,200 9,198 1,650 4,253 14,661 37,724	340,302 2,893,801 5,285,338 71,042 271,225 248,655 7,139,414 395,546
	13,840,910	1,262,354	1,445,651	96,408	16,645,323

	Staff costs £	Premises £	Welfare, support and office costs £	Gover- nance costs £	Total funds 2023 £
Vulnerable families and children Home care visiting services Support for people with learning disabilities Accommodation for adults with learning disabilities Support for families of prisoners Enabling families to live flourishing lives Nursing care and related services Organisational development services	280,851 2,010,004 4,969,976 — 152,232 173,853 5,037,066 249,241	50,023 74,378 43,790 53,940 22,947 32,536 847,467 10,000	22,631 194,849 315,823 7,670 31,732 38,291 686,904 30,671	2,160 6,120 12,853 7,830 2,400 1,715 19,620 23,684	355,665 2,285,351 5,342,442 69,440 209,311 246,395 6,591,057 313,596
	12,873,223	1,135,081	1,328,571	76,382	15,413,257

4 Governance costs

Governance costs
	Unrestricted funds £	Restricted funds £	Total funds 2024 £
Statutory audit services Bank charges 2024 Total funds	96,346 62	— —	96,346 62
	96,408	—	96,408
	Unrestricted funds £	Restricted funds £	Total funds 2023 £
Statutory audit services Bank charges 2023 Total funds	76,278 104	— —	76,278 104
	76,382	—	76,382

The Daughters of Charity of St Vincent de Paul Services 44

Notes to the consolidated financial statements 31 March 2024

5 Net income for the year before transfers

This is stated after charging:

	Total 2024 £	Total 2023 £
Staff costs (note 6) Auditor’s remuneration (excluding VAT) . Statutory audit services – current year .. Principal auditor .. Component auditor Lease payments Depreciation(note 8)	13,840,910 68,948 27,398 96,879 172,648	12,873,223 55,595 20,683 102,583 170,962

6 Staff costs and remuneration of key management personnel

Staff costs and remuneration of key management personnel
	Total 2024 £	Total 2023 £
Staff costs during the year were as follows: Wages and salaries Social security costs Pension costs Agency costs Gift in kind staff costs Contract workers	11,487,061 926,763 311,802	10,716,356 900,065 274,864
	12,725,626 972,847 88,000 54,437	11,891,285 872,262 53,000 56,676
	13,840,910	12,873,223

Staff costs per function were as follows:

	Total 2024 £	Total 2023 £
Services to vulnerable families and children Home care visiting services Support for people with learning disabilities Nursing care and related services Support for families of prisoners Enabling families to live flourishing lives Organisational development services	251,935 2,584,773 4,819,730 5,518,531 179,141 185,713 301,087	280,851 2,010,004 4,969,976 5,037,066 152,232 173,853 249,241
	13,840,910	12,873,223

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

	2024 No.	2023 No.
£60,001 - £70,000 £70,001 - £80,000 £80,001 - £90,000 £100,001 - £110,000 £110,001 - £120,000 £120,001 - £130,000 £170,001 - £180,000	4 2 1 1 1 1	1 1 2 — — 1 —

Included in the earnings of MNCC is backdated bonuses, which has put their leadership team into higher salary brackets in the year.

The Daughters of Charity of St Vincent de Paul Services 45

Notes to the consolidated financial statements 31 March 2024

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

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

	2024 No.	2023 No.
Services to vulnerable families and children Home care visiting services Support for people with learning disabilities Nursing care and related services Support for families of prisoners Enabling families to live flourishing lives Organisational development services	7 104 220 182 8 10 6	8 92 230 161 6 8 6
	537	511

The total remuneration (including taxable benefits and employer’s pension contributions) of the key management personnel of the group for the year was £1,420,114 (2023 - £1,313,226).

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 (2023 – 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

	Freehold Property £	Leasehold Improvements £	Furniture and equipment £	Computer equipment £	Motor vehicles £	Total £
Cost At 1 April 2023 Additions Disposals At 31 March 2024 Depreciation At 1 April 2023 Charge for year Disposals At 31 March 2024 Net book values At 31 March 2024 At 31 March 2023	1,335,000 — —	789,472 972,804 (31,537)	274,982 75,112 (77,657)	21,937 14,184 (8,692)	25,644 — —	2,447,035 1,062,100 (117,886)
	1,335,000	1,730,739	272,437	27,429	25,644	3,391,249
	46,800 16,700 —	291,045 93,409 (31,537)	151,322 55,681 (77,657)	14,751 6,858 (7,710)	25,643 — —	529,561 172,648 (116,904)
	63,500	352,917	129,346	13,899	25,643	585,305
	1,271,500	1,377,822	143,091	13,530	1	2,805,944
	1,288,200	498,427	123,660	7,186	1	1,917,474

The Daughters of Charity of St Vincent de Paul Services 46

Notes to the consolidated financial statements 31 March 2024

9 Investments

Investments at 31 March 2024 comprised:

	2024 £	2023 £
Listed investments Foreign exchange contracts	5,204,446 (3,121)	4,858,632 5,344
	5,201,325	4,863,976
	2024 £	2023 £
Listed investments Market value at 1 April 2023 Additions Disposals on opening book value (proceeds £2,340,070, losses £56,613) Net gains (losses) on revaluation Market value at 31 March 2024 Cash held by investment managers Cost of listed investments at 31 March 2024	4,767,623 2,160,746 (2,396,683) 520,640	2,516,538 4,613,394 (2,173,762) (188,547)
	5,052,326 152,120	4,767,623 91,009
	5,204,446	4,858,632
	4,531,903	4,759,904

In addition, during the year, the investment manager carried out some trades in derivatives and the resulting realised and unrealised gains amounted to £1,707 (2023 - £4,761).

Listed investments held at 31 March 2024 comprised the following:

	2024 £	2023 £
Government Bonds Non-Government Bonds UK Equities Global Equities UK Property and Unit Trusts Alternative Investments	304,148 438,977 198,314 3,611,516 182,198 317,173	360,222 351,817 870,132 2,390,994 210,705 583,753
	5,052,326	4,767,623

At 31 March 2024 listed investments included the following holding which is deemed a material holding in the context of the entire portfolio valuation as at that date:

	2024	2024	2023	2023
	Market value of holding £	Percentage of portfolio %	Market value of holding £	Percentage of portfolio %
Sarasin Responsible CorpBond Inc	438,977	8.69%	385,640	8.09%

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

The Daughters of Charity of St Vincent de Paul Services 47

Notes to the consolidated financial statements 31 March 2024

9 Investments (continued)

Gains on foreign exchange contracts for the year ended 31 March 2024 consisted of the following:

following:
	2024 £	2023 £
Foreign exchange contracts Fair value gains (losses) on settlement (settled cost: £1,401,573; market value: £1,414,536) Fair value (gains) losses on unsettled contracts (unsettled cost: £805,861; market value: £808,982) Total gains (losses) on foreign exchange contracts	12,963 (3,121)	(46,721) 5,343
	9,842	(41,378)

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).

10 Debtors

Debtors
	2024 £	2023 £
Prepayments and accrued income Fees receivable Other debtors	633,709 1,123,686 76,281	490,127 1,275,569 99,567
	1,833,676	1,865,263

The Daughters of Charity of St Vincent de Paul Services 48

Notes to the consolidated financial statements 31 March 2024

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
	2024 £	2023 £
Sundry creditors Accruals Social Security and other taxes Expense creditors Other loans (note 12) Deferred income	196,584 309,882 351,001 315,886 104,500 72,957	263,953 231,119 285,942 186,299 79,500 214,031
	1,350,810	1,260,844

The movement in deferred income during the year was:

The movement in deferred income during the year was:
	2024 £	2023 £
At 1 April 2023 Released during the year Deferred during the year At 31 March 2024	214,031 (141,074) —	244,763 (202,263) 171,531
	72,957	214,031

Deferred income relates to grant monies received for restricted fund projects where at the year end the performance criteria has not been met but will be met in a future accounting period.

12 Creditors: amounts falling due after one year

Creditors: amounts falling due after one year
	2024 £	2023 £
Loans from the Daughters of Charity of St Vincent de Paul Charitable Trust to St Joseph’s Homes	300,000	350,000
	300,000	350,000

A loan of £500,000 was advanced to St Joseph’s Homes Limited during the year to 31 March 2021 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 the Bank of England base rate. Due to the sudden increase in interest rate in 2023 the Trustees of St Joseph’s Homes Limited made a request of the Daughters of Charity of St Vincent de Paul to see if they would cap the interest at 2% for 2 years in order to gives the Charity enough time to budget for this increase in interest. This request was granted. £50,000 (2023 - £50,000) has been classified as a creditor falling due within one year, the remaining £300,000 (2023 - £350,000) has been classified as amounts falling due after more than one year.

Included within amounts due within one year is a cash flow loan of £54,500 (2023 - £29,500) provided to St Vincent’s Family Project by the Daughters of Charity of St Vincent de Paul CIO. This cash flow loan was to allow St Vincent’s Family project to meet its costs and is due to be repaid when the Charity has sufficient funds, but not exceeding three years.

The Daughters of Charity of St Vincent de Paul Services 49

Notes to the consolidated financial statements 31 March 2024

13 Restricted funds

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

specific purposes:
	At 1 April 2023 £	Income and gains £	Expenditure and losses £	Transfers £	At 31 March 2024 £
Investment fund Salaries fund Charity Other restricted funds Staff Costs Funds Family Space Project Creative Arts Therapy Project Infection Control Fund Rent Fund Building Refurbishment Fund Migrant Sponsorship Fund Supporting Families in Crisis Fund Resident Activity Fund Miscellaneous restricted funds Group restricted funds	2,000,000 1,760	236,801 19,500	— (21,260)	(236,801) —	2,000,000 —
	2,001,760 18,405 — — — — 93,389 6,662 24,013 13,521 20,975	256,301 368,267 157,560 39,086 10,684 584,000 — 24,167 1,075 52,938	(21,260) (366,049) (157,560) (86,064) (10,684) (27,268) (6,662) (27,081) (1,210) (45,706)	(236,801) — — 46,978 — (589,800) — — (9,111) —	2,000,000 20,623 — — — 60,321 — 21,099 4,275 28,207
	2,178,725	1,494,078	**(749,544) **	**(788,734) **	2,134,525

	At 1 April 2022 £	Income and gains £	Expenditure and losses £	Transfers £	At 31 March 2023 £
Investment fund Salaries fund Charity Other restricted funds Staff Costs Funds Family Space Project Creative Arts Therapy Project Infection Control Fund Rent Fund Building Refurbishment Fund Migrant Sponsorship Fund Supporting Families in Crisis Fund Resident Activity Fund Miscellaneous restricted funds Group restricted funds	2,582,118 —	48,971 21,000	(107,184) (19,240)	(523,905) —	2,000,000 1,760
	2,582,118 87,415 — — — — 17,773 19,525 917 — 26,444	69,971 190,577 113,325 52,040 5,830 35,684 103,417 — 48,647 13,521 47,212	(126,424) (259,587) (113,325) (90,399) (5,830) (35,684) (8,601) (12,863) (25,551) — (52,681)	(523,905) — — 38,359 — — (19,200) — — — —	2,001,760 18,405 — — — — 93,389 6,662 24,013 13,521 20,975
	2,734,191	680,224	_(730,945) _	(504,746)	2,178,725

The Daughters of Charity of St Vincent de Paul Services 50

Notes to the consolidated financial statements 31 March 2024

13 Restricted fund (continued)

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

Investment fund

This fund comprises a grants given by the Daughters of Charity of St Vincent de Paul, to provide both capital and income to meet the ongoing costs of Daughters of Charity Services in the medium term. This fund must maintain the original £2 million (its absolute Value), but may be expended with the permission of the Daughters of Charity of St Vincent de Paul. Gains and income arising on the fund is transferred to the designated sustainability fund (see note 14).

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.

Infection Control Fund

This fund comprises of grants and donations received to be used for specific expenses in relation to the Covid 19 Pandemic.

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 refurbishment of the charity’s building. Transfers from the fund represent the purchase of capital items.

Migrant Sponsorship Funds

This Fund comprises of grants awarded to recruit oversees care workers.

Supporting Families in Crisis Fund

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

Resident Activities Fund

This fund comprises of donation given to provide activities for the residents of Marillac Neurological Care Centre.

The Daughters of Charity of St Vincent de Paul Services 51

Notes to the consolidated financial statements 31 March 2024

14 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 2023 £	New designations £	Utilised/ released £	At 31 March 2024 £
Sustainability investment fund St Vincent’s Family Project Vincentian Care Plus St Joseph’s Services Out There Supporting Families of Prisoners The Louise Project Marillac Neurological Care Centre	2,763,976 (32,618) 687,517 3,788,734 (3,667) 247,517 2,157,189	337,349 132,452 2,904,880 5,586,126 83,323 165,030 7,940,164	— (143,656) (2,785,096) (5,338,449) (76,909) (124,454) (7,099,907)	3,101,325 (43,822) 807,301 4,036,411 2,747 288,093 2,997,446
	9,608,648	17,149,324	**(15,568,471) **	11,189,501

Group	At 1 April 2022 £	New designations £	Utilised/ released £	At 31 March 2023 £
Sustainability investment fund St Vincent’s Family Project Vincentian Care Plus St Joseph’s Services Out There Supporting Families of Prisoners The Louise Project Marillac Neurological Care Centre	— 9,648 542,460 3,661,083 (23,507) 154,230 2,128,529	2,763,976 148,034 2,389,531 5,539,533 73,803 167,740 6,587,087	— (190,300) (2,244,474) (5,411,882) (53,963) (74,453) (6,558,427)	2,763,976 (32,618) 687,517 3,788,734 (3,667) 247,517 2,157,189
	6,472,443	17,669,704	(14,533,499)	9,608,648

The funds have been designated for the following purposes:

Sustainability investment fund

This fund was established following the donation of investments to the charity in 2022-2023 by the Daughters of Charity of St Vincent de Paul, with an object of providing both Capital gains and income to meet the ongoing costs of the Daughters of Charity Services.

This fund comprises the original donation plus accumulated capital gains on the funds invested, transfers of gains and income arising on the restricted investment fund (note 13), less any drawdowns needed to meet the ongoing costs of the Charity.

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.

The Daughters of Charity of St Vincent de Paul Services 52

Notes to the consolidated financial statements 31 March 2024

14 Designated funds (continued)

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.

Marillac Neurological Care Centre

This fund comprises the net assets representing unrestricted funds of Marillac Neurological Care Centre.

15 Analysis of net assets between funds

	General fund £	Designated funds £	Restricted funds £	At 31 March 2024 £
Tangible fixed assets Investments Net current assets Creditors: amounts falling due after one year	1,994 — 156,265 —	2,803,950 3,201,325 5,484,226 (300,000)	— 2,000,000 134,525 —	2,805,944 5,201,325 5,775,016 (300,000)
	158,259	11,189,501	2,134,525	13,482,285

	General fund £	Designated funds £	Restricted funds £	At 31 March 2023 £
Tangible fixed assets Investments Net current assets Creditors: amounts falling due after one year	1,682 100,000 48,924 —	1,915,792 2,763,976 5,278,880 (350,000)	— 2,000,000 178,725 —	1,917,474 4,863,976 5,506,529 (350,000)
	150,606	9,608,648	2,178,725	11,937,979

The Daughters of Charity of St Vincent de Paul Services 53

Notes to the consolidated financial statements 31 March 2024

15 Analysis of net assets between funds (continued)

The total unrealised gains as at 31 March 2024 constitute movements on the revaluation of investments.

	Total 2024 £	Total 2023 £
Unrealised gains (losses) included above Listed investments Foreign exchange contracts Total unrealised gains at 31 March 2024 Reconciliation of movements in unrealised gains (losses) Total unrealised gains at 1 April 2023 Disposals in the year Gains (losses) arising on revaluations in the year Total unrealisedgains at 31 March 2024	520,423 (3,121)	7,719 5,343
	517,302	13,062
	13,062 (26,242) 530,482	285,080 (42,093) (229,925)
	517,302	13,062

16 Leasing commitments

Operating leases

At 31 March 2024, the group had the following future minimum commitments under noncancellable operating leases in respect to property as follows:

	2024 £	2023 £
Leases which expire: . Within one year . Within one to two years . Within two to five years	139,465 335,680 1,846,240	159,154 386,654 1,939,981
	2,321,385	2,485,789

Operating leases

At 31 March 2024, the group had the following future minimum commitments under noncancellable operating leases in respect to equipment as follows:

	2024 £	2023 £
Leases which expire: . Within one year . Between one and two years . Between two and five years	89,214 78,450 71,347	74,109 77,697 122,795
	239,011	274,601

The Daughters of Charity of St Vincent de Paul Services 54

Notes to the consolidated financial statements 31 March 2024

16 Leasing commitments (continued)

Operating leases – rent receivable

At 31 March 2024, the group had the following future minimum receivables under noncancellable operating leases in respect of rental income:

cancellable operating leases in respect of rental income:
	2024 £	2023 £
Amounts falling due: . Within one year . After one but within five years . After five years Total	69,391 277,565 832,696	66,150 264,600 859,950
	1,179,652	1,190,700

17 Connected organisations and related party transactions

The parent charity is related to the Daughters of Charity of St Vincent de Paul Charitable Trust (the Charitable Trust) (Charity Registration No. 236803) and, from 31 December 2023, its successor CIO, The Daughters of Charity of St Vincent de Paul CIO (Charity Registration Number 5221396) by virtue of the fact that three of its Trustees are also Trustees of the Charitable Trust.

The following transactions occurred between the above entities and the parent charity:

Included in donations and grants are gifts in kind of £98,000 (2023 - £63,000) representing facilities and staff costs donated by the Charitable Trust. In 2023, a donation of £2,600,835 was also received from the Charitable Trust being the transfer of an investment portfolio..

The parent charity holds a restricted investment fund which may be applied towards meeting expenditure should the financial position of the parent charity require this, and provided there is consultation with the Trustees of the Charitable Trust, the charity which gave the original donation.

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 senior employee and trustee of Methodist Central Hall. Two other trustees are active members of the Methodist Central Hall.

The Daughters of Charity of St Vincent de Paul Services 55

Notes to the consolidated financial statements 31 March 2024

17 Connected organisations and related party transactions (continued)

St Vincent’s Family Project

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 (2023 - £5,844), £487 (2023 - £487) of which was accrued at the year end. In addition, the Project paid rent to the Methodist Central Hall of £22,800 (2023 - £22,800), £1,900 (2023- £1,900) of which was accrued at the end of the year.

• ♦ During the year the Methodist Central Hall gave a donation of £23,750 (2023 - £ 25,000) 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.

• ♦ The Daughters of Charity of St Vincent de Paul have provided a 3 year grant to St Vincent’s Family Project to the value of £40,000 per year, the final grant was received in November 2023. This grant is for core costs.

• ♦ Cash flow loans of £54,500 was given by the Daughters to help with the cash flow of the Family Project and is repayable as soon as fund become available.

St Vincent’s Family Project is a subsidiary of the Daughters of Charity of St Vincent De Paul Services, which prepares group accounts, including St Vincent’s Family Project. The Daughters of Charity of St Vincent De Paul Services will pay £2,500 of the audit fee for The St Vincent’s Family Project (2023: £2,400). See note 3 for further detail. The registered office address of the Daughters of Charity of St Vincent De Paul Services is St Vincent’s Centre, Carlisle Place, London, SW1P 1NL.

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.

• ♦ There were no transactions between the Congregation and Out There (2023 - none).

St Joseph’s Services Limited and St Joseph’s Homes

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 three 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:

• ♦ Loans from the Charitable Trust to St Joseph’s Homes are disclosed in note 12.

The Daughters of Charity of St Vincent de Paul Services 56

Notes to the consolidated financial statements 31 March 2024

17 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 £25,000 (2023 - £25,000) in respect of rent to the Daughters of Charity of St Vincent de Paul Charitable Trust.

Vincentian Care Plus

Vincentian Care Plus is connected to the Daughters of Charity of St Vincent de Paul Charitable Trust (the Charitable Trust) (Charity Registration Number 236803) by virtue of the fact that two Trustees are members of the Daughters of Charity of St Vincent de Paul

• ♦ During the year the Charitable Trust gave a donation of £91,359 in response to a crisis request to help with staff costs from Vincentian Care Plus

Marillac Neurological Care Centre (MNCC)

Marillac Neurological Care Centre is connected to the Daughters of Charity of St Vincent de Paul Charitable Trust by virtue of the fact that two Trustees of Marillac Neurological Care Centre are also members of the Daughters of Charity of St Vincent de Paul.

• ♦ A donation of £500,000 was also given to MNCC from the Charitable Trust during the year for capital projects (2023 - £nil).

• ♦ During the year MNCC paid £80,000 (2023 - £76,000) to the Daughters of Charity of St Vincent de Paul Charitable Trust in respect of a rental charge for the use of the land and buildings.

• ♦ During the year MNCC received £66,150 (2023 - £63,000) from the Daughters of Charity of St Vincent de Paul Charitable Trust in respect of rental charges for use of the land and buildings.

• ♦ During the year MNCC received £85,995 (2023 - £81,900) from the Daughters of Charity of St Vincent de Paul Charitable Trust in recognition of the provision of catering facilities.

There were no other related party transactions during the year (2023 – none).

The Daughters of Charity of St Vincent de Paul Services 57

Notes to the consolidated financial statements 31 March 2024

18 Agency arrangements

The below table details the fees receivable for home care visiting services where the Group, via Vincentian Care Plus, has acted as agent rather than principal but has been administratively responsible for the provision:

administratively responsible for the provision:
	2024 £	2023 £
Balance owed to providers at 1 April Add: Funds received as agent Less: funds disbursed as agent Less: management fee receivable Balance owed toproviders at 31 March	— 797,054 (773.142) (23,912)	— 621,234 (602,499) (18,735)
	—	—

19 Liability of members

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

20 Ultimate control

The parent charity was controlled throughout the period by the Daughters of Charity of St Vincent de Paul.

21 Capital commitments

At 31 March 2024, the Group, via Marillac Neurological Care Centre, had £46,454 capital commitments in respect to improvement to premises that had been authorised but not contracted for (2023: £40,000).

The Daughters of Charity of St Vincent de Paul Services 58

Annual Report and Financial Statements

(separate accounts of the Parent Charity)

31 March 2024

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	61
Trustees’ report	62
Independent auditor’s report	78
Financial Statements
Statement of financial activities	83
Comparative statement of financial activities	84
Balance sheet	85
Statement of cash flows	86
Principal accounting policies	87
Notes to the financial statements	92

Reference and administrative details of the charitable company

Trustees	Sister Ellen T Flynn (Chair)
	Sister Mary T Bain
	Sister Margaret Barrett
	Mrs Louisa Collyer-Hamlin
	Sister Kathleen Hogg
	Sister Sarah King-Turner
	Mr James O’Connor
	Sister Kathleen Page
	Father Paul Roche
	Mr Gareth Rowe
	Sister Theresa Tighe
Registered Office	St Vincent’s Centre
	Carlisle Place
	London
	SW1P 1NL
Telephone	020 7931 8738
Charity Registration Number	1149326 (England and Wales)
Company Registration Number	07638065 (England and Wales)
Chief Executive Officer	Mark Choonara
Business Executive Officer	Sheree Rowland
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 LLP
	4 More London Riverside
	London
	SE1 2AU
Investment managers	Sarasin & Partners LLP
	Juxon House
	100 St Paul’s Churchyard
	London
	EC4M 8BU

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The Trustees present their report together with the financial statements of The Daughters of Charity of St Vincent de Paul Services (DCSVP Services) for the year to 31 March 2024. These financial statements relate to DCSVP Services, as parent company for the group. The consolidated annual report and financial statements of the group is at pages 1 to 58 of this document.

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 87 to 91 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, whose vocation is to serve Jesus Christ through serving those on the margins of society, 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.

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”.

DCSVP Services currently provides support to six subsidiaries, often referred to as the Group Charities, which are listed in Note 16 below. These charities provide a diverse range of support to marginalised communities and people in need in areas across Great Britain, and we serve to ensure that their long-term development remains true to the Vincentian character of the Daughters of Charity.

By Vincentian character, we speak of the ethos established by St Vincent de Paul, a Catholic priest in 17[th] century France who, along with St Louise de Marillac, founded the Daughters of Charity to serve people experiencing poverty and those in need. This service was, and remains to be, inspired by the teaching of Jesus Christ, most succinctly expressed in Matthew 25:40, “Whatever you did for one of the least of these brothers and sisters of mine, you did for me.” Further information on our origins can be found at - www.dcsvpservices.org/our history

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Principal aims (continued)

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

In addition to supporting the work of our group charities, we seek to live out our mission through actively seeking out emerging poverties and needs in order to provide an appropriate response, and through challenging structural injustice, advocating for systemic reform on behalf of and alongside those who are on the margins of society.

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.

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 Values

We work with and serve people of all faiths and none, drawing inspiration from our Christian roots and our Vincentian heritage. Our Vision and Mission are reflected in five core values, which are the driving force of all works within Daughters of Charity Services:

Achievements and performance

The past year has seen both significant challenges and achievements both within the team and across our group of charities. Working against three strategic aims, we have made substantial progress against each of these, as highlighted below.

Organisational Development

♦ Strategic Aim 1: The Development of a Vincentian Resource Hub

At the heart of our work remains our commitment to ensuring that the charities operating within our group remain living examples of the Vincentian Charism in action. This Charism, emphasising the dignity of each individual person, and anchored by the preferential option for the poor as understood in Catholic Social Teaching, is the common bond between our diverse range of services, from large residential care organisations to small, outreach-based services, and all those in between. In addition to the tailored support available from our team to each charity, is our core Vincentian Values Training programme, which we expect every employee and volunteer across our group to undertake. This programme has developed and grown over the years and is deliberately designed to balance the history and heritage of our Charism with the practical application and its impact on a day-to-day basis.

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Training

The roll out of the Vincentian Values Today (VIVAT) training programme has continued, with each group charity taking on greater responsibility for the development and delivery of this, in order to tailor it to the needs of their own staff teams. We work closely with other Vincentian organisations in sharing ideas and learning from our training, but remain committed to the particular approach of the VIVAT model, insofar as it both celebrates the heritage and faith basis of our Vincentian Charism, whilst also actively seeking to engage those joining our services from a diverse range of backgrounds, helping to unpack both our unwavering commitment to our Charism of service and also our inclusive approach to people of all faiths and none.

This year, we organised an online governance training and development day for trustees from across our group of charities, which received very positive feedback, including a call for further such cross-group training and development opportunities, which will we seek to pursue.

Advocacy and Communications

Our commitment to the development of a Vincentian resource hub has included a focus on further developing our work in the field of advocacy and campaigns, seeking to strengthen our resource here for our group charities, and the people and issues they serve. In addition to supporting our individual group charities, our wider efforts included a focus on issues such as improving adult social care and campaigning for the national roll-out of free school meals.

In developing our resource hub, we have also sought to work more closely with a number of partners from across the wider Vincentian Family. In particular, over the past year we developed a Vincentian Family Advocacy Group, actively encouraging other members from across our Vincentian Family in Great Britain to seek common ground and to pool our efforts in speaking out together on issues we share a commitment too. Whilst progress on this front has faced its challenges, this work also led to the first Vincentian Manifesto ahead of the 2024 General Election, reflecting the beginnings of a movement which has the potential to become more unified still.

♦ Strategic Aim 2: Building Vincentian collaboration in the service of those living in poverty

Group Assembly

A significant step forward was our first whole group assembly, bringing together leaders and practitioners from across the group for a residential gathering to explore how we can both draw more deeply on our common values in looking to the future, and how we can better collaborate as we seek to face new challenges and respond to emerging needs.

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With a particular focus on our growth in the field of advocacy, we were delighted to welcome speakers from across and outwith the Vincentian Family, including those well experienced in values-based group development and in developing effective, community-led advocacy. We also explored the overlap between our Vincentian and the core tenets of Catholic Social Teaching, and discussed models on which we might seek to base our own collaborative growth. In particular, the assembly was inspired by with insight of Sir John Battle, a former Member of Parliament and Minister of State, who led the assembly through a workshop on empowerment and community-based approaches to truly effective advocacy, an approach which echoes so closely the intention of our Vincentian Charism.

Annual Values Week

This year saw our third annual Vincentian Values Week, held as part of our celebrations around the feast day of St Vincent de Paul in September. Following the programme of research outlined above, this year’s Values Week saw the focus of the week being on social care, and the issues facing those working and living within the sector.

We welcomed speakers from across our group of charities, as well as those representing care providers founded by the Daughters of Charity in Australia. We were delighted to welcome a range of leaders, practitioners, and people who are supported by our services, and to gain an insight into the diverse range of settings in which our group charities provide essential and person-centred support with dignity, respect and love at the heart of all services.

Vincentian Manifesto

Early 2024 saw us prepare a ‘Vincentian Manifesto’, along with other organisations from within the wider Vincentian Family who share our mission, in anticipation of the General Election which was to be called later in the summer.

This manifesto broadly reflected our overall strategic aims, and highlighted the need for any incoming government to address the following areas:

• Tackling child and family poverty

• Investing in and improving adult social care

• More humane treatment of refugees and asylum seekers

• Improving inclusion and reducing isolation

• Improving access to housing and tackling homelessness

This built upon our first formal submission to the government for the Spring Budget, another step in our journey to becoming a stronger voice on behalf of those we seek to support, and in our desire to help bring about systemic change in pursuit of a more just society.

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♦ Strategic Aim 3: A Vincentian response to emerging poverties

Social Care

Over the past year, we have undertaken a programme of research into the state of the adult social care sector. We spoke to over 200 care organisations operating across England, to gain a better understanding of the challenges currently being faced, and to seek an insight into the potential solutions that could address some of the structural challenges facing the sector.

The programme of research culminated in a report, published in early 2024, entitled Searching for Consensus: Surveying Social Care in England . The report outlines a number of key recommendations. The first is that the ongoing challenges faced by organisations in the recruitment of carers will not be overcome without a governmentled drive to develop care as an attractive career. This would include a comprehensive review of contract rates, regional differences, and a greater openness to international recruitment. The second recommendation addresses the issues of poor retention within the sector, recognising the need for a greater investment in training resources accessible to care providers, and clearer pathways for carers to earn promotion and develop a career in the sector. The third recommendation highlights the desperate need for funding if the sector is to be able to come close to meeting the increasing demand being placed upon it. The report endorses the Health Foundation’s call for an £18.4 billion investment as being necessary to keep the social care sector safe, viable, and equipped to face the increasingly complex needs of an aging population. In addition to these recommendations, the report calls for care providers themselves to be brought into decision-making on the future of the sector, to help drive the policy reforms that are required, and to ensure that best practice lies at the heart of the strategy.

Collaboration on Wider Issues

As part of our efforts to tackle child poverty, we have joined a number of alliances campaigning on issues which we feel require our voice or support, and to which we believe we can lend our experience and credibility.

We have been proud participants in the Free School Meals For All and the No Child Left Behind campaigns, facilitated by the National Education Union, seeking to raise awareness of the need to address child poverty in Great Britain and ensure that all primary school aged children across the country are able to access free school meals.

We have also supported a number of initiatives which align with our values and our mission, including:

• Guarantee Our Essentials campaign, led by the Joseph Rowntree Foundation and the Trussell Trust

• Together with Refugees campaign

• Let’s End Poverty campaign, led by the Methodist Church

• Children at the Table campaign, led by the Children’s Charities Coalition.

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In addition to this, we made further progress in the development of our advocacy work through making a formal submission to the Treasury ahead of the 2024 Spring Budget, and through the development of a Vincentian Manifesto for the first time ahead of the 2024 General Election.

Challenges and New Opportunities

Over the course of the past year we have celebrated a number of successes, as well as facing notable challenges. As we look to the year ahead, we can forecast likely further challenges ahead.

The funding environment has become exceptionally challenging, particularly for small organisations, and we have seen some of our group members face the tough reality of that over the past year. Looking to the year ahead, we would not expect the situation to become any less challenging, either for them or for ourselves. For the group charities, we will continue to offer the support and experience of our Group Fundraising Manager. For ourselves, we are undertaking a comprehensive review of our own fundraising strategy, with an intention to shift out fundraising efforts towards a more diverse range of income streams, including legacies and individual giving.

As highlighted in our social care research, the care sector remains woefully underfunded and, as of yet, we have seen no proposals for a clear or comprehensive national strategy to resolve the structural deficiencies of a system that is no longer fit for purpose. We will support our group charities operating in the care sector to continue to support some of the most vulnerable individuals and communities, and will also continue to seek to develop a strong and respected voice in the field of advocacy for a more effective and just social care system.

Financial review

A summary of the results of the charity for the year to 31 March 2024 is given on page 83.

During the year, income totalled £289,176 (2023 - £2,852,446). Last year included in donations is an exceptional donation of £2.6 million given by the Daughters of Charity of St Vincent de Paul Charitable Trust to safeguard the future of the Charity. This was a oneoff donation which will not be repeated.

Expenditure amounted to £421,510 (2023 - £336,588) of which £301,087 (2023 - £249,241) relates to staff costs.

Net income for the year was £343,242 (2023 – £2,223,735) after accounting for net investment gains of £475,576 (2023 losses– £292,123).

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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 at least six 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 £5,259,584 (2023 - £4,916,342).

The investment fund amounting to £2,000,000 (2023 - £2,000,000) 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. The intention behind the donation was that the absolute value of the capital should be maintained at all times and with a secondary objective of generating income. Any capital gains earned over and above the absolute amount can be withdrawn to meet operational expenditure. If the absolute value falls below £2,000,000, the shortfall will be transferred from general funds to maintain the value at £2,000,000. 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 amount to £nil (2023 - £1,760) representing funds received for the specific purpose of staff salaries.

The designated fund of £3,101,325 (2023 - £2,763,976) represent funds initially received from the Daughters of Charity of St Vincent de Paul Charitable Trust in 2022-2023 in the form of an an investment portfolio with a value at of the date of the gift of circa £2.6 million. DCSVP Services is able to draw down both capital and income from the portfolio up to an annual amount of £250,000 for 10 years from the date of the gift to meet its annual operational costs.

Free reserves available to support the work of the DCSVP Services in the future are shown as general funds on the balance sheet and amount to £158,259 (2023 - £150,606). 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.

Investment policy

The charity has a portfolio of listed investments with a market value of approximately £5.2 million (2023 - £4.86 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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Financial review (continued)

Investment policy (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, longterm 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 2.45% (2023 – 2.33%). The capital yield for the year was 9.73% (2023 – minus 3.23%). Throughout the year the Trustees have continued to liaise closely with the charity’s investment advisers and seek their advice.

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Fundraising policy

The charity aims to achieve best practice in the way in which it communicate with donors and other supporters. It takes care with both the tone of communications and the accuracy of data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, never swaps data and ensures that communication preferences can be changed at any time. The charity does not employ the services of professional fundraisers. It undertakes 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.

Structure, governance 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 2023 are as follows:

Trustees	Appointed/Resigned
Sister Ellen T Flynn (Chair)
Sister Mary T Bain
Sister Margaret Barrett	Appointed 13thMay 2024
Mrs Louise Collyer-Hamlin	Appointed 11 December 2023
Sister Kathleen Hogg
Sister Sarah King-Turner
Mr James O’Connor
Sister Kathleen Page	Appointed 13thMay 2024
Father Paul Roche
Mr Gareth Rowe
Sister Theresa Tighe
Sister Barbara C Quilty	Resigned 13thMay 2024

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

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Structure, governance and management (continued)

Governance (continued)

Sister Ellen T Flynn (Chair)

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 Board notes that Sr Ellen Flynn has exceeded nine years of continuous service as a Trustee of DCSVP Services. Given the in-depth knowledge, insight and experience which Sr Ellen Flynn brings to the Board, along with her deep understanding of the Vincentian Charism in application to service, and the ability to both provide both oversight of and support to the work of those Trustees leading each of our group charities, we express our view that any concerns over excessive length of service are far outweighed by the benefits of her continued work on our Board.

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.

Sister Margaret Barrett

Sister Margaret Barrett joined the Daughters of Charity in 1965. Her ministry has included. Secondary School teaching, Formation, Leadership at local, Provincial and General Level CEO of Daughters of Charity Services, Mentoring of Leaders, Facilitation, leading a Vincentian Research Group and Translation. She is a qualified teacher. AI Facilitator, and General Group Facilitator.

Mrs Louisa Collyer-Hamlin

An external affairs professional with over twenty-five years’ experience working in the thick of it, including representing care homes during the pandemic. A good insight into the workings of Government, Parliament and Whitehall with the proven ability to work proactively to influence policy. Louisa currently works as Head of External Affairs at the Catholic Union.

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Structure, governance and management (continued)

Governance (continued)

Mr 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 DCSVP Services.

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.

Mr Gareth Rowe

Gareth Rowe combines roles in finance, theology and charity senior leadership. He is currently the chief financial officer at Your Voice Counts, a learning disability and advocacy charity in the North East of England and the inaugural CAFOD-Durham Research Fellow working with CAFOD’s Theology Team on projects exploring the role of Catholic social teaching in our response to climate, Covid and conflict. He is a member of the Institute of Chartered Accountants in England and Wales, a third order Carmelite and a deacon in the Catholic Church.

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.

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Structure, governance and management (continued)

Sister Kathleen Page

Sister Kathleen Page joined the Daughters of Charity in 1986. Her ministry has engaged her in a variety of work with families, homeless people and people with disabilities within the contexts of residential care, community organising and project management. She is trained in community and youth work, social care and pastoral care. Since 2005 she has undertaken pastoral care within a social care setting, most recently within one of the DC Services projects.

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.

Sister Kathleen Hogg

Sister Kathleen Hogg is a member of the Daughters of Charity of St. Vincent de Paul. Having qualified as an Occupational Therapist, she has experience working with people with disabilities across the age spectrum, children and adults. Over the last 20 years she set up and managed a Charity in Scotland offering a Personal and Spiritual development programme for people with special needs, involving managing and training staff, teams of volunteers, trust fund applications and general fund-raising.

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 income and expenditure of the charitable company 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;

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• ♦ 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.

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 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.

Key management personnel

The Trustees consider that they together with the Chief Executive Officer and Business Executive Officer 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 Business Executive Officer’s time is donated by the Daughters of Charity of St Vincent de Paul Charitable Trust.

Employees

DCSVP Services has always been, and remains, committed to opposing discrimination in its many forms. To further this commitment, the management team ensures 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 charity’s equal opportunities policies and are familiar with the legal framework.

Along with the wellbeing of the people we support, employee wellbeing is central to the ethos on which our group of charities is based. We take our commitment to pastoral support seriously, and seek to provide support, guidance and assistance to those working for us as required. All employees are provided with Vincentian Values Training, in order to better understand the wider Vincentian family and community which they join when working for us or any of our charities.

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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:

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Trustees’ report Year to 31 March 2024

Structure, governance and management (continued)

Risk management (continued)

Risk 1: Reputational Exposure

The Trustees of DCSVP 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, DCSVP 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. The Memorandum of Understanding we hold with each subsidiary, and the practice set out within it, provides clear expectations on both the charity and the subsidiaries, and on the need for consistent and clear communication. The importance of clear and well understood safeguarding policies and processes across the group is integral to this. A further focus on good governance and clear reporting processes will also help to mitigate this risk.

Risk 2: Funding Challenges

DCSVP 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. DCSVP 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. We recognise that as a parent organisation operating as a central resource hub, there are additional challenges to securing funding for our work, given the preference of a great many funders to directly support the frontline work of our subsidiaries. To address this, we are seeking to diversify the sources of our income, including the development of a legacies programme and an initiative to explore the potential for individual giving.

Risk 3: Advocacy

As DCSVP Services seeks to develop a stronger voice in order to advocate alongside and on behalf of vulnerable communities, we recognise the central importance of ensuring that any such activity does not go beyond the guidelines and restrictions in place for charities. Our overall approach, which is one of supporting only considered and targeted initiatives relating to issues on which we are focusing, helps to reduce this risk. To further mitigate this risk, any team members with responsibility for any advocacy or campaigning activities, or involved in operating any online or social media profiles for our organisation, will receive appropriate training and supervision. We will also provide advice to our group charities to ensure that they also continue to operate within the guidelines and restrictions for charities.

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 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.

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Trustees’ report Year to 31 March 2024

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.

Where possible, a great deal of our work has moved towards being paperless, and substantially reducing the use of paper where it is not necessary. Flexible and online working has allowed us to reduce the carbon impact of regular staff travel, and where projects visits are undertaken, considerations are made to balance the need to seek out affordable forms of transport with our commitment to lower carbon travel. When large inperson meetings are held, we seek to identify locations which will allow and encourage people to use public transport rather than private vehicles.

This Trustees’ Report has been approved by the Trustees and signed on their behalf by:

Margaret Barrett

Trustee

Approved by the Trustees on: 16 December 2024

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Independent auditor’s report Year to 31 March 2024

Independent auditor’s report to the members 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 company’) for the year ended 31 March 2024 which comprise the statement of financial activities, the comparative statement of financial activities, the balance sheet, the 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 charitable company’s affairs as at 31 March 2024 and of the 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

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Independent auditor’s report Year to 31 March 2024

Other information

The other information comprises the information included in the Annual Report and Financial Statements, including the Trustees’ report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the Annual Report and Financial Statements. 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.

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

We have nothing to report in this regard.

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.

Matters on which we are required to report by exception

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

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

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

• ♦ the 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

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Independent auditor’s report Year to 31 March 2024

Responsibilities of Trustees

As explained more fully in the statement of Trustees’ responsibilities set out on page 73, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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

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);

• ♦ 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.

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Independent auditor’s report Year to 31 March 2024

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

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

• ♦ making enquiries of management 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 the charity; and

• ♦ enquiring of management of the charity as to actual and potential litigation and claims.

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.

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Independent auditor’s report Year to 31 March 2024

Use of our report

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

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

Date: 17 December 2024

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Statement of financial activities Year to 31 March 2024 (incorporating an income and expenditure account)

Notes	Notes	Un- restricted funds £	Restricted funds £	Total funds 2024 £	Total funds 2023 £
Income: Donations, grants and legacies 1 Investment income and interest receivable Total income Expenditure: Cost of raising funds .Investment manager’s fees Expenditure on charitable activities . Charitable services and the safeguarding and deepening of the Vincentian character of those services 2 Total expenditure Net (expenditure) income for the year before investment gains (losses) Net investment gains (losses) . Listed investments .Derivatives . Foreign exchange Net income before transfers 4 Transfer between funds Net income (expenditure) for the year and movement in funds Reconciliation of funds: Balance brought forward at 1 April 2023 Balance carried forward at 31 March 2024		141,700 76,786	19,500 51,190	161,200 127,976	2,732,535 119,911
		218,486	70,690	289,176	2,852,446
		25,964 374,286	— 21,260	25,964 395,546	22,992 313,596
		400,250	21,260	421,510	336,588
		(181,764) 278,416 1,707 9,842	49,430 185,611 — —	(132,334) 464,027 1,707 9,842	2,515,858 (255,506) 4,761 (41,378)
		108,201 236,801	235,041 (236,801)	343,242 —	2,223,735 —
		345,002 2,914,582	(1,760) 2,001,760	343,242 4,916,342	2,223,735 2,692,607
		3,259,584	2,000,000	5,259,584	4,916,342

All of the activities were derived from continuing operations during both of the above financial years.

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Comparative statement of financial activities Year to 31 March 2023 (incorporating an income and expenditure account)

Notes	Un- restricted funds £	Restricted funds £	Total funds 2023 £
Income: Donations, grants and legacies 1 Investment income and interest receivable Total income Expenditure: Cost of raising funds .Investment manager’s fees Expenditure on charitable activities . Charitable services and the safeguarding and deepening of the Vincentian character of those services 2 Total expenditure Net income (expenditure) for the year before investment (losses) gains Net investment (losses) gains . Listed investments . Derivatives . Foreign exchange Net income (expenditure) before transfers 4 Transfer between funds 11 Net income (expenditure) for the year and movement in funds Reconciliation of funds: Balance brought forward at 1 April 2022 Balance carried forward at 31 March 2023	2,711,535 70,940	21,000 48,971	2,732,535 119,911
	2,782,475	69,971	2,852,446
	22,992 294,356	— 19,240	22,992 313,596
	317,348	19,240	336,588
	2,465,127 (148,322) 4,761 (41,378)	50,731 (107,184) — —	2,515,858 (255,506) 4,761 (41,378)
	2,280,188 523,905	(56,453) (523,905)	2,223,735 —
	2,804,093 110,489	(580,358) 2,582,118	2,223,735 2,692,607
	2,914,582	2,001,760	4,916,342

The Daughters of Charity of St Vincent de Paul Services 84

Balance sheet 31 March 2024

Notes	2024 £	2023 £
Fixed assets: Tangible assets 7 Investments 8 Total fixed assets Current assets: Debtors 9 Cash at bank and in hand Total current assets Liabilities: Creditors: amounts falling due within one year 10 Net current assets Total net assets The funds of the charity: Restricted investment fund 11 Other restricted funds 12 Unrestricted funds . Designated fuds 13 . General fund	1,994 5,201,325	1,682 4,863,976
	5,203,319	4,865,658
	2,913 87,609	1,799 115,405
	90,522 (34,257)	117,204 (66,520)
	56,265	50,684
	5,259,584	4,916,342
	2,000,000 — 3,101,325 158,259	2,000,000 1,760 2,763,976 150,606
	5,259,584	4,916,342

Approved by the Trustees and signed on their behalf by:

Margaret Barrett Trustee

…………………………

Approved by the Trustees on: 16 December 2024

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

The Daughters of Charity of St Vincent de Paul Services 85

Statement of cash flows Year to 31 March 2024

Notes	2024 £	2023 £
Cash flows from operating activities: Net cash (used in) 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 Net cash provided by (used in) investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 1 April 2023 B Cash and cash equivalents at 31 March 2024 B	(292,316)	2,361,524
	127,976 2,340,070 (2,160,746) 20,014 (1,683)	119,911 2,106,804 (4,613,394) (41,149) (1,194)
	325,631	(2,429,022)
	33,315 206,414	(67,498) 273,912
	239,729	206,414

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

A	Reconciliation of net movement in funds to net cash (used in) provided by operating activities 2024 £ 2023 £ Net movement in funds (as per the statement of financial activities) 343,242 2,223,735 Adjustments for: Depreciation charge 1,371 1,799 Net (gains) losses on investments, derivatives and foreign exchange (475,576) 292,123 Investment income and interest receivable (127,976) (119,911) Increase in debtors (1,114) (266) Decrease in creditors (32,263) (35,956) Net cash(used in) provided by operating activities (292,316) 2,361,524	Reconciliation of net movement in funds to net cash (used in) provided by operating activities 2024 £ 2023 £ Net movement in funds (as per the statement of financial activities) 343,242 2,223,735 Adjustments for: Depreciation charge 1,371 1,799 Net (gains) losses on investments, derivatives and foreign exchange (475,576) 292,123 Investment income and interest receivable (127,976) (119,911) Increase in debtors (1,114) (266) Decrease in creditors (32,263) (35,956) Net cash(used in) provided by operating activities (292,316) 2,361,524	Reconciliation of net movement in funds to net cash (used in) provided by operating activities 2024 £ 2023 £ Net movement in funds (as per the statement of financial activities) 343,242 2,223,735 Adjustments for: Depreciation charge 1,371 1,799 Net (gains) losses on investments, derivatives and foreign exchange (475,576) 292,123 Investment income and interest receivable (127,976) (119,911) Increase in debtors (1,114) (266) Decrease in creditors (32,263) (35,956) Net cash(used in) provided by operating activities (292,316) 2,361,524
	Net movement in funds (as per the statement of financial activities) Adjustments for: Depreciation charge Net (gains) losses on investments, derivatives and foreign exchange Investment income and interest receivable Increase in debtors Decrease in creditors Net cash(used in) provided by operating activities	343,242 1,371 (475,576) (127,976) (1,114) (32,263)	2,223,735 1,799 292,123 (119,911) (266) (35,956)
		(292,316)	2,361,524

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
	2024 £	2023 £
Cash at bank and in hand Cash held by investment managers Total cash and cash equivalents	87,609 152,120	115,405 91,009
	239,729	206,414

C Analysis of changes in net debt

Analysis of changes in net debt
	At 1 April 2023 £	Cash flows £	At 31 March 2024 £
Cash at bank and in hand Cash held by investment managers Total	115,405 91,009	(27,796) 61,111	87,609 152,120
	206,414	33,315	239,729

The Daughters of Charity of St Vincent de Paul Services 86

Principal accounting policies 31 March 2024

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

Basis of preparation

These financial statements have been prepared for the year to 31 March 2024 with comparative information provided in respect to the year to 31 March 2023. These financial statements are for the parent charity only. A separate annual report and financial statements of the group is at pages 1 to 58 of this document.

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

Trustees and management did not make any significant judgements and estimates in the preparation of these financial statements.

Assessment of going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect to a period of 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) and, from 31 December 2023, its successor CIO, 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.

In April 2022, the Charitable Trust gave DCSVP Services a grant in the form of an investment portfolio with a value of circa £2.6 million at the date of the gift to contribute towards the annual operational costs of the charity for the medium-term future.

The Trustees have considered the potential impact of the current macroeconomic and geopolitical climate on the charity into 2024/25. However, the Trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

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

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Principal accounting policies 31 March 2024

Assessment of going concern (continued)

With regard to the next accounting period, the year ending 31 March 2025, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the Trustees’ report for more information).

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 and interest receivable.

Donations and grants are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations and/or grants pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation or grant 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.

Investment income is recognised once the dividend or similar income has been declared and notification has been received of the dividend due. Investment income and gains or losses on listed investments are apportioned between restricted and unrestricted funds based on the market value of restricted and unrestricted listed investments at the year end.

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

Expenditure recognition

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.

The Daughters of Charity of St Vincent de Paul Services 88

Principal accounting policies 31 March 2024

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

• ♦ 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 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 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:

• ♦ Furniture and equipment 25% on cost

• ♦ Computer equipment 25% on cost

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.

The Daughters of Charity of St Vincent de Paul Services 89

Principal accounting policies 31 March 2024

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.

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 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 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 13 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.

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Principal accounting policies 31 March 2024

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.

The Daughters of Charity of St Vincent de Paul Services 91

Notes to the financial statements 31 March 2024

1 Donations, grants and legacies

Donations, grants and legacies
	Unrestricted funds £	Other restricted funds £	Total funds 2024 £
Non-government grants General donations Gifts in kind	42,500 1,200 98,000	19,500 — —	62,000 1,200 98,000
	141,700	19,500	161,200
	Unrestricted funds £	Other restricted funds £	Total funds 2023 £
Donation of investments from Daughters of Charity of St Vincent de Paul Charitable Trust Non-government grants General donations Gifts in kind	2,600,835 46,500 1,200 63,000	— 21,000 — —	2,600,835 67,500 1,200 63,000
	2,711,535	21,000	2,732,535

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

of those services
	Unrestricted funds £ 279,827 10,000 46,735 37,724 374,286	Other restricted funds £	Total funds 2024 £
Staff costs Premises costs Office and support costs Governance costs		21,260 — — —	301,087 10,000 46,735 37,724
		21,260	395,546
	Unrestricted funds £ 230,001 10,000 30,671 23,684 294,356	Other restricted funds £	Total funds 2023 £
Staff costs Premises costs Office and support costs Governance costs		19,240 — — —	249,241 10,000 30,671 23,684
		19,240	313,596

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Notes to the financial statements 31 March 2024

3 Governance costs

Governance costs
	Unrestricted funds £	Restricted funds £	Total funds 2024 £
Statutory audit services - Charity – current year - -- prior year - Group – current year - - Prior year - On behalf of subsidiaries – current year - Prior year Total audit services Bank charges 2024 Total funds	3,810 3,600 15,870 3,582 9,000 1,800	— — — — — —	3,810 3,600 15,870 3,582 9,000 1,800
	37,662 62	— —	37,662 62
	37,724	—	37,724
	Unrestricted funds £	Restricted funds £	Total funds 2023 £
Statutory audit services - Charity - Group - On behalf of subsidiaries Total audit services Bank charges 2023 Total funds	— 13,980 9,600	— — —	— 13,980 9,600
	23,580 104	— —	23,580 104
	23,684	—	23,684

4 Net income before transfers

This is stated after charging:

	Total 2024 £ 301,087 3,810 15,870 9,000 9,536 1,371	Total 2023 £ 249,241 — 13,980 9,600 9,536 1,799
Staff costs (note 5) Auditor’s remuneration (excluding VAT) . Statutory audit services - Charity - Group - On behalf of subsidiaries Lease payments Depreciation(note 7)

5 Staff costs and remuneration of key management personnel

Staff costs and remuneration of key management personnel
	Total 2024 £ 191,822 14,149 7,116 213,087 88,000 301,087	Total 2023 £ 177,613 13,329 5,299 196,241 53,000 249,241
Staff costs during the year were as follows: Wages and salaries Social security costs Pension costs Gift in kind staff costs

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Notes to the financial statements 31 March 2024

5 Staff costs and remuneration of key management personnel (continued)

The average number of employees during the year was 6 (2023 –5).

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

	2024 No. 1	2023 No. 1
£60,001 - £70,000

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 and the Chief Executive Officer and the Business Executive Officer. The total remuneration (including taxable benefits and employer’s pension contributions) of the key management personnel for the year was £71,703 (2023 - £68,585). The Business Executive Officer’s time is donated by the Daughters of Charity of St Vincent de Paul Charitable Trust.

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 (2023 – none).

6 Taxation

DCSVP Services is a registered charity and, therefore, it is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

7 Tangible fixed assets

Tangible fixed assets
	Furniture and equipment £	Computer equipment £	Total £
Cost At 1 April 2023 Additions Disposals At 31 March 2024 Depreciation At 1 April 2023 Charge for year Disposals At 31 March 2024 Net book values At 31 March 2024 At 31 March 2023	685 — —	6,512 1,683 (3,397)	7,197 1,683 (3,397)
	685	4,798	5,483
	171 171 —	5,344 1,200 (3,397)	5,515 1,371 (3,397)
	342	3,147	3,489
	343	1,651	1,994
	514	1,168	1,682

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Notes to the financial statements 31 March 2024

8 Investments

Investments at 31 March 2024 comprised:

	2024 £	2023 £
Listed investments Foreign exchange contracts	5,204,446 (3,121)	4,858,632 5,344
	5,201,325	4,863,976
	2024 £	2023 £
Listed investments Market value at 1 April 2023 Additions Disposals on opening book value (proceeds £2,340,070, losses £56,613) Net gains (losses) on revaluation Market value at 31 March 2024 Cash held by investment managers Cost of listed investments at 31 March 2024	4,767,623 2,160,746 (2,396,683) 520,640	2,516,538 4,613,394 (2,173,762) (188,547)
	5,052,326 152,120	4,767,623 91,009
	5,204,446	4,858,632
	4,531,903	4,759,904

In addition, during the year, the investment manager carried out some trades in derivatives and the resulting realised and unrealised gains amounted to £1,707 (2023 - £4,761).

Listed investments held at 31 March 2024 comprised the following:

	2024 £	2023 £
Government Bonds Non-Government Bonds UK Equities Global Equities UK Property and Unit Trusts Alternative Investments	304,148 438,977 198,314 3,611,516 182,198 317,173	360,222 351,817 870,132 2,390,994 210,705 583,753
	5,052,326	4,767,623

At 31 March 2024 listed investments included the following holding which is deemed a material holding in the context of the entire portfolio valuation as at that date:

	2024	2024	2023	2023
	Market value of holding £	Percentage of portfolio %	Market value of holding £	Percentage of portfolio %
Sarasin Responsible CorpBond Inc	438,977	8.69%	385,640	8.09%

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

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Notes to the financial statements 31 March 2024

8 Investments (continued)

Gains on foreign exchange contracts for the year ended 31 March 2024 consisted of the following:

	2024 £	2023 £
Foreign exchange contracts Fair value gains (losses) on settlement (settled cost: £1,401,573; market value: £1,414,536) Fair value (gains) losses on unsettled contracts (unsettled cost: £805,861; market value: £808,982) Total gains (losses) on foreign exchange contracts	12,963 (3,121)	(46,721) 5,343
	9,842	(41,378)

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).

9 Debtors

Debtors
	2024 £	2023 £
Prepayments and accrued income	2,913	1,799

10 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
	2024 £	2023 £
Accruals Social Security and other taxes Deferred income	28,680 5,577 —	19,200 4,820 42,500
	34,257	66,520

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Notes to the financial statements 31 March 2024

The movement in deferred income during the year was:

	2024 £	2023 £ 85,000 (85,000) 42,500 42,500
At 1 April 2023 Released during the year Deferred during the year At 31 March 2024	42,500 (42,500) —
	—

Deferred income relates to grant monies received for restricted fund projects where at the year end the performance criteria has not been met but will be met in a future accounting period.

11 Restricted investment fund

This fund comprises a grant from the Daughters of Charity of St Vincent de Paul and is held with the principal objective of maintaining the absolute value at £2 million.

	Restricted investment fund 2024 £ 2,000,000 51,190 — 185,611 (236,801) 2,000,000	Restricted investment fund 2023 £
At 1 April 2023 Income Expenditure Gains (losses) Transferred to designated funds At 31 March 2024		2,582,117 48,971 — (107,184) (523,904)
		2,000,000

Any capital gains earned on the investments are transferred to the designated sustainability fund (see note 13).

12 Other restricted funds

The income funds of the 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 2023 £	Income £	Expenditure £	At 31 March 2024 £ —
Salaries fund	1,760	19,500	(21,260)
	At 1 April 2022 £	Income £	Expenditure £	At 31 March 2023 £ 1,760
Salaries fund	—	21,000	(19,240)

Salaries Fund

The salaries fund comprises monies to be applied towards the cost of salaries.

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Notes to the financial statements 31 March 2024

13 Designated funds

Designated funds
	At 1 April 2023 £ 2,763,976	Designation £	Release £ —	At 31 March 2024 £
Sustainabilityinvestment fund		337,349		3,101,325

This fund was established following the donation of investments to the charity by the Daughters of Charity of St Vincent de Paul in 2022-23. The fund is to be held with the principal objective of generating a return for the charity for the medium term and can be applied towards the cost of operational expenditure.

New designations include the gains made on the original restricted investment fund (see note 11).

14 Analysis of net assets between funds

	General fund £	Designated fund £	Restricted fund £	At 31 March 2024 £
Tangible fixed assets Investments Net current assets	1,994 100,000 56,265	— 3,101,325 —	— 2,000,000 —	1,994 5,201,325 56,265
	158,259	3,101,325	2,000,000	5,259,584
	General fund £	Designated fund £	Restricted fund £	At 31 March 2023 £
Tangible fixed assets Investments Net current assets	1,682 100,000 48,924	— 2,763,976 —	— 2,000,000 1,760	1,682 4,863,976 50,684
	150,606	2,763,976	2,001,760	4,916,342

The total unrealised gains as at 31 March 2024 constitute movements on the revaluation of investments.

investments.
	Total 2024 £	Total 2023 £
Unrealised gains (losses) included above Listed investments Foreign exchange contracts Total unrealised gains at 31 March 2024 Reconciliation of movements in unrealised gains (losses) Total unrealised gains at 1 April 2023 Disposals in the year Gains (losses) arising on revaluations in the year Total unrealisedgains at 31 March 2024	520,423 (3,121)	7,719 5,343
	517,302	13,062
	13,062 (26,242) 530,482	285,080 (42,093) (229,925)
	517,302	13,062

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Notes to the financial statements 31 March 2024

15 Leasing commitments

Operating leases

At 31 March 2024, the charity had the following future minimum commitments under noncancellable operating leases in respect to equipment as follows:

cancellable operating leases in respect to equipment as follows:
	2024 £	2023 £
Leases which expire: . Within one year . Between one and two years . Between two and five years	9,536 9,536 7,152	9,536 9,536 16,688
	26,224	35,760

16 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) and, from 31 December 2023, its successor CIO, The Daughters of Charity of St Vincent de Paul CIO (Charity Registration Number 5221396) by virtue of the fact that three of its Trustees are also Trustees of the Charitable Trust.

Included in donations and grants are gifts in kind of £98,000 (2023 - £63,000) representing facilities and staff costs donated by the Charitable Trust. Last year a donation of £2,600,835 was received from the Charitable Trust being the transfer of an investment portfolio. No such donation was received in 2024.

Group structure

At 31 March 2024 DCSVP Services had six subsidiaries limited by guarantee, 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).

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Notes to the financial statements 31 March 2024

1. Marillac Neurological Care Centre, (Company Registration Number 12085591 (England and Wales) and Charity Registration Number 1184495).

There were no other related party transactions during the year (2023 – none).

16 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.

17 Ultimate control

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

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