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2022-12-31-accounts

Company registered number 07879303

FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST

(Company registered by guarantee no. 07879303, registered charity no. 1149637)

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

NfP Accountants Ltd

FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST

(Company limited by guarantee no. 07879303, registered charity no. 1149637)

REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2022

CONTENTS

Page
Reference and administrative Information 1
Trustees' Annual Report 2
Independent Examiner's report 10
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15

FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS For the year ended 31 December 2022

Charity name Faithful Companions of Jesus Educational Trust
Charity registration number 1149637
Company registration
number 07879303
Registered office St Aloysius Convent FCJ
32 Phoenix Road
London
NW1 1TA
Trustees Sister Brenda Wallace, Chair
Sister Josephine Grainger FCJ, Treasurer
Sister Moira Cashmore FCJ
Sister Brigid Halligan FCJ
Bankers The Royal Bank of Scotland plc
62-63 Threadneedle Street
London
EC2R 8LA
Solicitors Stone King LLP
16 St. John's Lane
London
EC1M 4BS
Independent Examiner Charles Ssempijja FCA
NfP Accountants Ltd
Chartered Accountants
86-90 Paul Street
London
EC2A 4NE

1

FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST

TRUSTEES' ANNUAL REPORT

For the year ended 31 December 2022

The trustees, who are the directors of the company for the purposes of company law, present their annual report and financial statements of the charitable company for the year ended 31 December 2022. Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity's governing document, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP FRS102.

Taking advantage of the small charities provision in Sections 4.22-4.26 and 4.6 of the same SORP, the trustees have reported income and expenditure on a natural basis.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following SORP 2015 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 (SORP 2005) which has since been withdrawn.

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Constitution and governing document

The charity is a charitable company limited by guarantee and was established by the Congregation of the Faithful Companions of Jesus (“the Congregation”) to work with schools within the trusteeship of the Congregation and to ensure that the schools operate in accordance with the teachings, tenets and practices of the Catholic Church and in accordance with the ethos reflecting the FCJ charism. It is governed by a memorandum and articles of association dated 12 December 2011.

The schools, which shall be academies for the purposes of the Academies Act 2010, will have sole responsibility for:-

  1. the standard of education provided at the academies;

  2. school improvement; and

  3. the conduct of the academies.

The charity may also act as a sponsor or co-sponsor for any academies.

b. Method of appointment or election of Board of Trustees

The trustees are appointed are follows:-

(a) up to five ‘Foundation' trustees appointed by the Congregation; and

(b) up to four trustees appointed by the Foundation trustees from amongst nominations made to the Foundation trustees by the governors of any academy in respect of which the charity acts as a member, sponsor or co-sponsor.

No other person or external body is entitled to appoint any trustees of the charity. The Trustees who served during the period and after the yearend are shown on page 1.

2

FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST

TRUSTEES' ANNUAL REPORT

For the year ended 31 December 2022

The trustees when complete consist of at least three and not more than nine individuals over the age of 18 , all of whom must support the objects of the charity and at least a majority of whom shall be Foundation trustees.

c. Policies adopted for the induction and training of Board of Trustees

On-going training opportunities are announced to trustees when these become available pro bono.

d. Related parties and relationships with other organisations

The Charity has considered the disclosure requirements of the SORP for related party relationships. The trustees consider that the members of the board and their close connections to be the main related parties of the charity. Details of trustee expenses and related party transactions are disclosed in note 3 to the accounts.

e. Risk Management

The Board of Trustees fully accepts its responsibilities for ensuring that the major risks to which the Charity is exposed are identified, and that there are systems and procedures in place to mitigate those risks.

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

a. Purposes and aims

The objects of the charity are:-

(a) to advance, for the public benefit, education, in particular but without prejudice to the generality of the foregoing by establishing and maintaining academies under the direction of the Congregation;

(b) to promote the efficiency and effectiveness of educational institutions and the efficient and effective application of resources for such purposes including, but without limitation, by promoting and disseminating models of good practice and by the delivery of support services generally to such institutions; and

(c) to advance the religious and other charitable work of the Congregation as the trustees from time to time see fit provided always that, if at any time the Congregation shall cease to exist or shall cease to carry on religious or other charitable work, then the trustees may advance such other lawful purposes connected with the advancement of the Roman Catholic faith as the trustees shall determine.

b. Principal programmes and activities

The charity works with schools within the trusteeship of the congregation of the Faithful Companions of Jesus (FCJ) to ensure that the schools operate in accordance with the teachings, tenets and practices of the catholic church and in accordance with the ethos reflecting the FCJ charism.

c. Statement of Public benefit

The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties. The public benefit of the charity’s activities is outlined above.

3

FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST

TRUSTEES' ANNUAL REPORT

For the year ended 31 December 2022

ACHIEVEMENTS AND PERFORMANCE: REVIEW OF ACTIVITIES FOR THE YEAR

Professional development and information sharing for Head Teachers at meetings held on a termly basis.

Regular Topics each year include:

Events

Spring Term (January – March 2022)

Induction training for new staff in all five schools was delivered via Zoom by the Trust. The entire staff body from FCJ Primary, Jersey was able to attend the training because it was online. New staff from 2019/20 and 2020/21 attended the training this year as the national lockdown prevented them from doing so last year. Module 2 (The FCJ Educator) was delivered in January/February and module 3:1 (Ignatian Pedagogy) was delivered in March.

Business Leaders in all five schools wanted to meet more than just once a year to discuss cost saving measures, budgets, business plans as well as share good practice. Kerrie Spiby (Director of Finance, Upton) and the Assistant Education Officer met in January to set the agendas and scheduled meetings for the rest of the academic year.

4

FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST

TRUSTEES' ANNUAL REPORT

For the year ended 31 December 2022

In order to support the Chaplains in their ministry the Trust planned a retreat day for them via Zoom on 10th February. Fr David O’Malley (SDB) facilitated and lead the day. Fr David is well known for his ministry in schools and with young people. His reflections and resources most definitely ‘fed the soul (spirit)’.

The second session of the FCJ Governors’ Formation programme took place in February via Zoom. The same session was delivered on two different evenings at different times to ensure that as many governors as possible could attend the session. The formation session was led and presented by the Trust. Governors continued to explore what it meant to be a governor in an FCJ school and how they were the keepers of the vision. Sr Claire fcJ beautifully linked the life, spirit, and intentions of the Foundress Marie Madeleine with the FCJ charism and showed how her legacy still had a positive influence today. An opportunity for reflection and discernment was also provided. Governors had the opportunity to meet with governors from other schools. In small groups they continued to explore the key features of governance within the FCJ context. 24 governors attended the sessions, and their feedback was encouraging.

23 governors and senior leaders from FCJ schools attended the Religious Orders in Education Symposium on the ‘Spirituality of Governance’ which was delivered via Zoom on 9th March.

The Sixth Form Student Leadership plenary session took place via Zoom on 16th March. Students and staff welcomed Ann Nichols, (Network Facilitator, Edmund Rice schools, England) who had facilitated their Sixth Form Student Leadership Conference in July 2021. Ann joined staff and students in reviewing and celebrating the outcomes of the FCJ Earth Justice projects. The media clip produced by each school was combined to produce one showcase piece which schools could use for educational and marketing purposes.

The planned meetings with Deputy Headteachers, Heads of RE and Chaplains took place in February/March in FCJ House. These were the first face-to-face meetings that were held since March 2020. Everyone enjoyed the opportunity to reconnect again.

Heads of RE and Chaplains explored what schools needed to do in order to prepare for the new Section 48 inspection process. In response to being told by the Educational Officer, that the FCJ Sisters were funding outreach ministries via a Bicentenary grant, over the next four years, the team shared their views on the future of chaplaincy in FCJ schools and how this could be developed. The team also agreed to create a joint statement on ‘Inclusion and Provision for LGBTQ+ students in FCJ schools’.

Deputy Headteachers had met with the Assistant Education Officer several times via Zoom in the Autumn term (2021) to research and explore how the team could facilitate the production of an FCJ Pastoral Guidance booklet. The residential meeting in FebruaryMarch led to the first draft of the booklet being created. Sr Margarita fcJ provided the inspirational prayer and reflection for this session. A pastoral leader from each school also joined the group to enhance the work of the team.

The annual Headteachers’ retreat, led by Sr Ruth Casey fcJ, took place 17th – 19th March, in the Loreto Retreat Centre Llandudno.

Summer Term (April – July 2022)

The FCJ Education: Pastoral Guidance booklet was completed. The text was sent to FCJ Sisters for proof reading and designing the layout. The booklet will be used in the induction and formation programme for new staff in FCJ schools.

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FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST

TRUSTEES' ANNUAL REPORT

For the year ended 31 December 2022

The annual Sixth Form Student Leadership Conference took place face-to-face in FCJ House in April. The theme of the conference was the same as last year, ‘Care for Our Common Home’. The work schools had already done for the FCJ Bicentenary celebrations and COP26 provided the backdrop for this event. The Educational Trust Officer and Ann Nichols, (Network Facilitator for Edmund Rice schools, England) facilitated the conference. Feedback from students regarding their learning from this experience was affirming and testimony to the FCJ education provided by schools.

Induction training for new staff, module 3:2 (Ignatian Pedagogy) was delivered via Zoom by the Trust in June and was well received by staff.

The third session of the FCJ Governors’ Formation programme took place in June via Zoom. The formation session was led and presented by the Trust and Sr Claire fcJ. Governors continued to explore the key features of governance within the FCJ context. Governors attended the training sessions.

21 governors and senior leaders from FCJ schools attended the Religious Orders in Education Symposium on ‘Living the Charism as Governor’ which was delivered via Zoom on 8th June.

The shared statement on Inclusion and Provision for LGBTQ+ students in FCJ schools was produced and submitted to Headteachers for comment. While fully supporting the sentiments expressed in the statement, Headteachers felt that additional work and training needed to be done with staff before the statement could be published or included in school policy. In addition, the Trust felt that Governors also needed training in this field. Governors come from a range of backgrounds with differing and varying views and attitudes about LGBTQ+. Governors need to fully understand and appreciate the implications of the statement before approving it. Therefore, it is the Trust’s intention to provide LGBTQ+ training for governors in 2022/23 in order for them to be able to support FCJ educators in being good companions to LGBTQ+ students (& staff).

Autumn Term (September – December 2022)

The scheduled FCJ Educational Trust meetings and activities took place online via Zoom. Headteachers, Deputy Headteachers (Pastoral), Heads of RE & Chaplains, Heads of Sixth Form and FCJ School Business Leaders met together in their respective groups during September – November. They shared their concerns, learning from the past year as well as their hopes and plans for the academic year.

The final induction training session for new staff (2019/20, 2020/21 & 2021/22), module 4 (The FCJ Classroom Experience) was delivered via Zoom by the Trust in October.

Due to a change in personnel FCJ Days took place in a different format this year. Instead of the team being in schools for two to three days, they were in schools for one day, during either November or December. Three FCJ sisters and two lay Chaplains facilitated the day. The students and staff in our FCJ secondary schools had the opportunity to meet with and learn more about the FCJ Sisters and their individual life stories. They were able to make connections between the life and work of Marie Madeleine and the mission of the FCJ Sisters today. Feedback from schools was heartwarming. Staff felt the team leading the day were inspirational and grateful that students had the opportunity to meet FCJ Sisters in person.

6

FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST

TRUSTEES' ANNUAL REPORT

For the year ended 31 December 2022

Due to industrial action by network rail in November, the planned face-to-face Induction Conference for new staff joining FCJ schools had to take place via Zoom. The conference was facilitated by the Trust with input and participation of additional FCJ sisters. Though the programme was shortened, because no longer a residential overnight 24-hour event, it, nonetheless, covered key areas from previous years; the life and mission of Marie Madeleine, FCJ Vision and Values and FCJ ministries across the globe. Prayer and reflection at the start and the end of the day was facilitated by FCJs along with the discussion in the breakout group sessions.

Other Issues

All the legal and financial formalities of Employer status have been fulfilled. The FCJ Educational Trust is registered for tax purposes with HMRC; with a Pension Fund; with a Payroll Agency; with the Information Commissioner’s Office (ICO for Data Protection) and digital Banking arrangements are established.

All four schools in England are judged to be Good or Outstanding by OfSTED with outstanding judgments in the category for personal development and well-being.

OFSTED inspection took place in one of our schools which resulted in judgment of Outstanding with comments such as these:

“Upton Hall School FCJ is a school where pupils are inspired to succeed in all that they do. Leaders and staff have created an environment where pupils and students thrive.”

“Pupils and students feel safe and happy at school because staff nurture their aspirations and self belief. Leaders have taken care to prioritise pupils’ wider development alongside support for them to achieve academic excellence.”

“Pupils behave in an exemplary manner. They live up to Leaders’ high expectations of how to conduct themselves and try their best. They show a kindness and gentleness, embodied by the school’s values, to their peers and teachers.”

The FCJ Educational Trust looks forward to continuing its work with ROE and with a soon to be established new CIO The Gaudete Trust in 2023.

FINANCIAL REVIEW

a. Financial Position

The Charity incurred net expenditure for the year of £2,897 (2021 - net income of £1,525), details of which are shown in the Statement of Financial Activities on page 12.

The charity had income for the year of £50,000 (2021 - £40,028), which was all in form of provincial grants. Total expenditure for the year was £52,897 (2021 - £38,503).

The charity's net assets at the year end amounted to £5,714, comprising of bank and cash balances of £6,619 and current liabilities of £905.

7

FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST

TRUSTEES' ANNUAL REPORT

For the year ended 31 December 2022

b. Reserves Policy

The Trustees consider that it is prudent to hold reserves in order to meet planned commitments that cannot be met by future income alone. Some examples of such activities include the costs associated with the twoday residential Sixth Form Student Leadership Conference for 30 participants; and a 24 hour residential Induction Conference for new staff - 38 participants. The Trustees estimate that the charity needs £15k – £20k in reserves so that these commitments can be honoured.

The reserves balance at the year end was £5,714. This level of reserves is lower than desired following the unexpected cost of Due Diligence reports (£19,000) that were needed for the schools to be admitted to the Gaudete Trust, which resulted in the use of existing reserves. The trustees are monitoring the reserves levels and have plans to build them up again.

c. Going Concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.

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

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Charity's governing document. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

SMALL COMPANY PROVISIONS

8

FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST

TRUSTEES' ANNUAL REPORT

For the year ended 31 December 2022

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

APPROVAL OF THE REPORT

This report was approved by the Board of Trustees on …………………… and signed on their behalf by:

…………………………………………………

Sister Brenda Wallace FCJ

Chair

9

FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

For the year ended 31 December 2022

I report on the accounts of the charity for the year ended 31 December 2022 set out on pages 12 to 18.

Respective responsibilities of the Trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner’s statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:

/Continued…

10

…/Continued

I understand that the financial statements have been prepared to give a 'true and fair' view, and have departed from the Charities (Accounts and Reports) Regulations 2008, only to the extent required to provide a 'true and fair view'. This departure has involved following SORP 2015 FRS102, rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 (SORP 2005), which is referred to in the exitent regulations, but has since been withdrawn.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Charles Ssempijja, FCA

NfP Accountants Ltd Chartered Accountants 86-90 Paul Street London

EC2A 4NE Date: ………………………….

11

FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating the income and expenditure account and Statement of Recognised Gains and Losses)

For the year ended 31 December 2022

Unrestricted
Funds
Note
2022
£
INCOME
Provincial grants
50,000
TOTAL INCOME
50,000
EXPENDITURE
Salary
20,000
Pensions
413
Students' Conference
2,553
Grants to schools and other Ethos costs
-
Head teachers' meeting
1,382
Retreat costs
153
Staff induction conference
1,978
Governor's conference
1,050
ROE Meeting
196
Travel expenses
-
Resources
560
Printing
2,069
Postage
-
Legal and other professional costs
21,021
Independent examiner's fees
720
Sundry expenses
802
TOTAL EXPENDITURE
52,897
(2,897)
NET MOVEMENT IN FUNDS
(2,897)
RECONCILIATION OF FUNDS
TOTAL FUNDS BROUGHT FORWARD
8,611
TOTAL FUNDS CARRIED FORWARD
5,714
£
Net income / (expenditure) before net
gains / (losses) on investments		 Unrestricted
Funds
Note
2022
£
INCOME
Provincial grants
50,000
TOTAL INCOME
50,000
EXPENDITURE
Salary
20,000
Pensions
413
Students' Conference
2,553
Grants to schools and other Ethos costs
-
Head teachers' meeting
1,382
Retreat costs
153
Staff induction conference
1,978
Governor's conference
1,050
ROE Meeting
196
Travel expenses
-
Resources
560
Printing
2,069
Postage
-
Legal and other professional costs
21,021
Independent examiner's fees
720
Sundry expenses
802
TOTAL EXPENDITURE
52,897
(2,897)
NET MOVEMENT IN FUNDS
(2,897)
RECONCILIATION OF FUNDS
TOTAL FUNDS BROUGHT FORWARD
8,611
TOTAL FUNDS CARRIED FORWARD
5,714
£
Net income / (expenditure) before net
gains / (losses) on investments		 Restricted
Funds
2022
£
-		 Total
Funds
2022
£
50,000		 Total
Funds
2021
£
40,028		 Total
Funds
2021
£
-		 Total
Funds
2021
£
40,028
50,000 - 50,000 40,028 - 40,028
20,000
413
2,553
-
1,382
153
1,978
1,050
196
-
560
2,069
-
21,021
720
802		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 20,000
413
2,553
-
1,382
153
1,978
1,050
196
-
560
2,069
-
21,021
720
802		 20,000
412
1,715
4,000
77
-
-
-
-
113
144
1,938
17
9,255
720
112		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 20,000
412
1,715
4,000
77
-
-
-
-
113
144
1,938
17
9,255
720
112
52,897 - 52,897 38,503 - 38,503
(2,897) - (2,897) 1,525 - 1,525
(2,897)
8,611		 -
-		 (2,897)
8,611		 1,525
7,086		 -
-		 1,525
7,086
5,714
**£ **		 Nil
£		 5,714
**£ **		 8,611
_£ _		 Nil
£		 8,611
_£ _

All incoming resources and resources expended derive from continuing activities.

All income and expenditure is from continuing activities

The annexed notes form part of these financial statements

12

FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST

(Charitable company number 07879303)

BALANCE SHEET As at 31 December 2022

Notes
CURRENT ASSETS
Prepayments and other debtors
6
Cash at bank and in hand
CREDITORS: amounts falling due
within one year
7
NET CURRENT ASSETS
NET ASSETS
FUNDS
Unrestricted funds:
General fund
8		 2022
£
£
-
6,619
6,619
(905)
5,714
5,714
£
5,714
5,714
**£ **		 £
332
8,999		 2021
£
8,611
9,331
(720)
8,611
_£ _
8,611
8,611
_£ _

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.

Members have not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The accounts have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

The financial statements were approved, and authorised for issue, by the Trustees on …………………… and signed on their behalf by:-

………………………………………..

Sister Brenda Wallace FCJ Chair

Date: …………………………………….

The annexed notes form part of these financial statements

13

FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST

STATEMENT OF CASH FLOWS For the year ended 31 December 2022

£
£
Cash flows from operating activities
Net movement in funds
(2,897)
Net cash provided by / (used in) operating activities
Increase/(decrease) in creditors
517
517
Cash flows from investing activities
-
Cash flows from financing activities
-
Change in cash and cash equivalents in the year
(2,380)
Cash and cash equivalents at the beginning of the year
8,999
Cash and cash equivalents at the year end
6,619
2022		 2021 2021
£
(212)		 £
1,525
(212)
-
-
1,313
7,686
8,999

14

FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022

1. ACCOUNTING POLICIES

Basis of preparation of financial statements

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 note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, as updated on 2 February 2016 (SORP 2015), and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Income and expenditure have been analysed on a 'natural basis, taking advantage of section 4.6 of the SORP.

The effect of events relating to the year ended 31 December 2022 which occurred before the date of approval of the financial statements by the Trustees has been included in the financial statements to the extent required to show a true and fair view of the state of affairs at 31 December 2022 and the results for the year ended on that date.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following SORP 2015 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 (SORP 2005) which has since been withdrawn.

Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Key judgements that the charity has made which have a significant effect on the accounts include estimating income and expenditure for the next 12 months.

Income

Income is recognised when the charity has entitlement to the funds: this is when any performance conditions attached to the income have been met, it is probable that the income will be received, and that the amount can be measured reliably.

Income is only deferred when: The donor specifies that the grant or donation must only be used in future accounting periods; or for performance related grants, where these are received in advance of the performances or specific event to which they relate.

Interest receivable

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.

Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

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FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is considered all to relate to Charitable activities and includes the costs of delivering services undertaken to further the purposes of the charity and their associated support costs.

Support and governance costs

All support and governance costs are incurred in relation to the single charitable activity of the charity.

Tangible fixed assets and depreciation

Tangible fixed assets (excluding investments) are stated at cost less depreciation. The cost of minor additions costing less than £1000 are not capitalised. Other fixed assets with an expected life of more than one year are included at cost and depreciated over three years.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2. STAFF COSTS AND NUMBERS

Salary costs
Wages and salaries
Social security costs		 Unrestricted
Funds
2022
£
20,000
-		 Restricted
Funds
2022
£
-
-		 Total
Funds
2022
£
20,000
-		 Total
Funds
2021
£
20,000
-
20,000
**£ **		 Nil
£		 20,000
**£ **		 20,000
_£ _

The charity had one salaried staff during the year (2021 - the same). The average weekly number of consulting staff on a head count basis was 1 (2021 - 1).

The total employee benefits including pension contributions of the key management personnel were £20,000 (2021 - £20,000).

No consultant earned more than £60,000, including benefits, during the year (2021 - the same.)

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FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022

3. TRUSTEES' REMUNERATION AND EXPENSES

The charity trustees did not receive any payments or other benefits for serving as trustees (2021 - £nil). No charity trustee received payment for professional or other services supplied to the charity (2021 - £nil).

During the year, no trustees received payments in reimbursement of expenses (2021 - 2 trustees were reimbursed expenses amounting to £100). The Trustees are members of the Faithful Companions of Jesus order and have no personal bank accounts - the reimbursed expenses are therefore paid to their respective Communities.

4. RELATED PARTY TRANSACTIONS

There are no other reportable related party transactions to disclose for 2022 (2021 - none).

5. GOVERNANCE COSTS

GOVERNANCE COSTS
Independent Examiner's fee Unrestricted
Funds
2022
£
720		 Restricted
Funds
2022
£
-		 Total
Funds
2022
£
720		 Total
Funds
2021
£
720
720
**£ **		 Nil
£		 720
**£ **		 720
_£ _

Governance costs are fully allocable to the charity's work in schools and academies.

6. DEBTORS

Due within one year
Payroll taxes overpaid
Pensions overpaid
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Social security and other taxes
Accruals		 2022
£
-
-		 2021
£
55
277
Nil
£		 332
_£ _
2022
£
185
720		 2021
£
-
720
905
**£ **		 720
_£ _

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

17

FAITHFUL COMPANIONS OF JESUS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022

8. STATEMENT OF FUNDS

8.
STATEMENT OF FUNDS
Brought
Forward
£
SUMMARY OF FUNDS
General Funds
8,611
9.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Net current assets		 Brought
Forward
£
8,611		 Incoming
Resources
£
50,000		 Resources
Expended
£
(52,897)		 Transfers and
investment
gains/(losses)
£
-		 Carried
Forward
£
5,714
Restricted
Funds
£
-		 Total
Funds
£
5,714
Nil
£		 5,714
**£ **		 Nil
£		 5,714
**£ **

10. OTHER COMPANY INFORMATION

Faithful Companions of Jesus Educational Trust is a charitable company limited by guarantee, registered in England with registration number 07879303. Its registered office address is St Aloysius Convent Fcj, 32 Phoenix Road, London, NW1 1TA. The accounts are presented in GBP rounded to £1.

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