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2023-03-31-accounts

Charity number: 1154248

THE DAUGHTERS OF JESUS CIO

TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

DAUGHTERS OF JESUS CIO

CONTENTS

Page
Reference and administrative details 1
Trustees' annual report 2 - 9
Independent auditors' report 11 - 12
Statement of financial activities 13
Balance sheet 14
Cash flow statement 15
Notes to the financial statements 16 - 35

DAUGHTERS OF JESUS CIO

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023

Trustees / directors Sister Mary Clare Mason (Chair) District Leader - appointed Jan 2022 Mrs Shiria Halsey Reappointed Sep. 2020 Sister Marie Yvonne Fontaine Reappointed Sep. 2022 Mr Nicholas J Muston Reappointed Sep. 2022 Sr Ruthina Francis Appointed October 2022

Registered office

2 Carlton Road West, Westgate – On – Sea, Kent CT8 8PL

Charity registered number 1154248

Independent auditors

Burgess Hodgson LLP, Camburgh House, 27 New Dover Road, Canterbury, Kent. CT1 3DN

Bankers

The Royal Bank of Scotland, 6[th] Floor City of London Office, 1 Princes Street, London, EC2R 8BP.

Solicitors

IBB Solicitors, Capital Court, 30 Windsor Street, Uxbridge, UB8 1AB

Investment Advisors

Rathbones, Port of Liverpool Building, Pier Head, Liverpool, L3 1NW

Page 1

DAUGHTERS OF JESUS CIO

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees are pleased to present the statutory annual report with the accounts of the Daughters of Jesus CIO, for the year ended 31[st ] March 2023. The charity previously known as the Daughters of Jesus was incorporated as a CIO on 17[th ] October 2013. The results presented here for the year 2022-23 are in the form of a Statement of Financial Activities. This incorporates the traditional income and expenditure account, in order to comply with the revised Statement of Recommended Practice for Charities 2015, and in accordance with the Charities Act 2011.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The English District (changed from Province by resolution 16[th] February 2022) of the Congregation, known as The Daughters of Jesus, was previously registered as a charity in 1962 (reg.no. No.234925). On the 17[th ] October 2013, The Daughters of Jesus became a Charitable Incorporated Organisation. The governing document of the charity is the Memorandum and Articles of Association. Charity registration was given on 17[th ] October 2013, charity number 1154248.

Details of the trustees who served throughout the year are included in the Reference and Administrative Details on page 1.

Trustees’ indemnities

Trustees benefit from indemnity insurance to cover the liability of the Trustees which by virtue of any rule of law would otherwise attach to them in respect of any negligence, default or breach of charitable company or breach of duty of which they may be guilty in relation to the charitable company. The cost of this insurance in the year was £1,673.

Method of Appointment or Election of Trustees

The constitution for Daughters of Jesus CIO states there should be not less than 3 nor more than 5 appointed Trustees and 1 ex officio Trustees. At least 3 Trustees or at all times the majority of the Charity Trustees must be members of the Congregation.

To appoint a Trustee, every appointed Trustee must be appointed by a resolution passed by the District Delegate, (changed from Provincial Superior by resolution on 16[th] February 2022). Every appointed Trustee shall be appointed for a term of four years, save that any appointed Trustee who is a Council Member shall be appointed for the duration of their period of office as a Council Member. In selecting individuals for appointment as appointed Charity Trustees, the District Delegate must have regard to the skills, knowledge and experience needed for effective administration of the CIO.

Policies and procedures adopted for the induction and training of trustees

New Trustees are offered an induction programme tailored to their needs. All Trustees benefit from seminars and study days offered by various professional organisations designed to maintain the skills they need to fulfil their responsibilities as trustees.

Organisational structure, Related parties and other charities and organisations

The Trustees are also assisted by a number of professionals in legal, financial and property matters, to whom day to day responsibility is delegated, via the District Delegate. The Finance Officer assures the day to day smooth running of the accounting systems of the Charity. The communities and individual Sisters who make up the district are key beneficiaries of the Charity. They are accountable to the District Council and the Trustees in financial matters. The District Council, in turn, is accountable to the Generalate in Paris, which itself reports at six yearly intervals to the General Chapter of the Congregation. Regular monthly financial reporting from the communities provides complete, accurate and contemporaneous record keeping for the charity. Internal and external security and monitoring measures are in place and are reviewed regularly.

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DAUGHTERS OF JESUS CIO

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

OBJECTIVES AND ACTIVITIES

Objects and aims

The Daughters of Jesus CIO supports the small group of religious Sisters in England whose members form the English District of the Congregation of the Daughters of Jesus. It describes the various charitable activities which they undertake or support, at home and abroad. In the English District this translates into pastoral care of the elderly, the isolated and those in need, as well as the advancement of the Roman Catholic religion through the Sisters’ witness of their life and prayer together in community, and direct service to each other and the people among whom they live and worship.

Objectives, strategies and activities

Public benefit

“Wherever we are sent we associate ourselves closely with the people of the locality in all simplicity.” RL15

All the different activities described in this report contribute to public benefit and to the advancement of religion – in small ways and large. The Covid pandemic reduced the face-to-face contact and support the sisters had been able to offer for a while, but they are now as active as they were pre covid times. All the sisters are proactive in as far as their health allows them to assist others who are less fortunate than themselves. Those who live in Care Homes are committed to a ministry of kindness and good neighbourliness by their daily contact with staff and residents.

Small things matter to people – and this belief makes the sisters responsive to needs which might otherwise pass unnoticed – bereavement, an illness or a loss, or simply a family celebration. Advancing age has not reduced their capacity or their willingness to share their time or to offer a listening ear to the lonely or the distressed – it has simply changed the way they do things. Here are some examples: -

PASTORAL COMMUNITY ACTIVITY: The pastoral support has continued to be offered by the sisters remotely

via electronic means i.e. emails, telephone and video calls.

OUTREACH : Three Sisters have made the choice to move into assisted living accommodation, where they share the life, concerns, and companionship of the other elderly residents. All the sisters have been proactive and keen in offering support to fellow residents.

DONATIONS : As the District has got older and are all retired, they continue to provide a public benefit by making small or large, one off or regular payments to charitable causes that are in line with their objectives. The funds for this arise from the disposal income after the cost of looking after the Sisters is deducted. Sources include Investment dividends, donations and pensions. More detail can be found in the Achievements and Performance section.

MINISTRY ABROAD : “…we take up the cause of those who have no voice or who are victims of injustice … we support those of our Sisters who are called to share more directly in the lives of these least privileged … “RL17

The Sisters’ overseas outreach these days normally takes the form of carefully targeted charitable giving to specific agencies whose expertise and concern matches the Charity objectives. They can do what we no longer can.

In planning the activities for the Charity, the Trustees pay due regard to the Charity Commission guidance on Public Benefit.

ACHIEVEMENTS AND PERFORMANCE CHARITABLE GIVING

“In a world characterised by unequal distribution of wealth we consider it a duty of justice … to share our goods with those who are most deprived.” RL51

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DAUGHTERS OF JESUS CIO

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

As part of an international Congregation, the Charity participates in the strategic planning process of both District and General Chapters, majority policy-making events which occur every six years. In 2016 the international governing body of the Congregation, the General Chapter, developed and reaffirmed guidelines established in 2004, 2010, 2016 and 2022 to determine priorities for the following six years.

The District Council has the task of maintaining the strategic direction set by these General Chapter guidelines. They provide a basis for the Council’s recommendations to the Trustees. In the English District each community, as well as the Charity as a whole, finds its own way of implementing these operations.

The Charity’s giving responds to a wide spectrum of need at local, national and international levels. The Trustees believe that this is a vital aspect of the public benefit offered by the Charity.

Further charitable giving

The Sisters continue to provide further charitable giving through supporting projects which comply with criteria such as demonstrated need, transparency, efficacy, accountability and sustainability, The Sisters can enable other organisations, as well as their own Sisters overseas, to realise many objectives which they can no longer directly achieve themselves. The seven main categories of donation correspond to the aims of the Charity in the following fields. Our giving aims to maintain a balance across this spectrum both at home and abroad:

Each of these fields, in one way or another, meets the Gospel injunction to care for those in need. Each in its way contribute to the advancement of religion since it forms an integral part of the Gospel message.

The Charity continues to donate £1,000, via standing order to 9 established charities working in these fields. This ensures systematic giving to a very diverse range of causes in line with the Charity’s Trust Deed. The Trustees review, amend and update these commitments annually.

The Charity finds that it is being led to use its resources for grant-making. Its personnel therefore must acquire the essential skills and competences to manage and monitor a sound, just and comprehensive system. The Trustees are giving thought to this increasing demand on their expertise. Long term sustainability has been a key criterion in the choice of these projects, so grants are frequently committed over a period of 3 or more years. In 2022/23 6 new grant donations started with varying lives of either 3 or 5 years. These will total £145,000 over the next 5 years.

Some of the major beneficiaries of the past year, at home and abroad, are listed below (the figures in brackets are the contributions made during the current reporting year.)

Home :

Abroad :

Page 4

DAUGHTERS OF JESUS CIO

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

Key financial performance indicators

FINANCIAL REVIEW

Asset Management

The charity’s assets were managed by one investment house, Rathbones, providing for all the present needs of the Charity, including the long-term care of the sisters in Nursing Homes and the annual Charitable contributions within and beyond the Congregation.

Income

In 2022/23 the total income was £616,954 compared to £620,513 in 2021/22. The majority of this income is from returns on the equity market, £426,235 (£392,037 2021/22) and from state and professional pensions donated by the Sisters to the charity, £184,803 (£223,461 2021/22).

Expenditure

In 2022/23 the total expenditure was £659,530 compared to £716,721 in 2021/22, in maintaining the Sisters and enabling them to carry out their various activities. The daily living costs of the Sisters, which includes the communities and nursing care is covered by their pooled pensions and incomes from Rathbones investments. The general ongoing expenditures in the year 2022/23 were Nursing care £296,528 (£306,597 2021/22), Community Cost £167,840 (£186,526 2021/22) and Raising Funds £53,118 (£77,357 2021/22). Donations remained fairly consistent at £119,700 (£103,764 2021/22).

Fraud

After a fraud incident the previous year, the Charity took steps to make sure this would not happen again and it seems to have borne fruit, with no incident reported this year. The Sisters are constantly reminded to be vigilant.

Property

There has been no change to the makeup of the property portfolio in 2022/23. The Charity carried out its 5-year property revaluation, using Savills (UK) Ltd, Chartered Surveyors, March 2021. During 2022/23, 2 flats in Peterborough became vacant. The Trustees have decided to sell both of them. One of the properties is sold, subject to contract.

Reserves policy

“The temporal goods that God has given you are not just for you …. Take what is necessary for yourself, but the rest must be shared among the poor” RL.p.58

As at 31 March 2023 the total funds comprised:

General Funds
Designated funds:		 565,940
Pensions and Annuity
13,000,000
Fixed Assets
1,370,714
Repair Fund
250,000
Legacy
209,759
Donation/Pledges
110,000
Dowry 2,579
£15,508,991

General funds

These funds are available to support the life and work of the 12 Sisters in the future. This figure needs to be considered in the light of an estimated £769k annual expenditure in 2023/24 and beyond. This reserves policy has been established in view of the age profile of the Sisters (12 Sisters, average age 90) and the need to support them throughout the inevitable dependence of their later years.

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DAUGHTERS OF JESUS CIO

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

Pensions and Annuity

This is capital set aside to generate income to assure the Nursing Home fees for the elderly sisters in the future.

Fixed Assets

This represents the assets used to support the life and work of the sisters. The properties are shown at market value, primarily based on reports drawn up in November 2020 and March 2021.

Dowries and Legacies

These belong to the Sisters as shown in note 16 of the accounts. These are funds held in trust during the Sister’s lifetime.

Repair Fund

The Charity has two large houses, one Victorian and the other post war era that could require costly emergency repair at any time. This fund covers this eventuality.

Donations and Pledges

This is the total of future pledges in 2023 and beyond.

Going concern

After making appropriate enquiries, the board of trustees has a reasonable expectation that the charitable organisation has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues 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.

Investment policy

The charity has a total portfolio of investments with a market value of £13,283,762 (£14,201,297 in 2021/22).

It is the purpose of the investments to be held for the long term. In line with this expectation, there will be a rise and fall in the value of the investments. As noted above, the investments are managed by Rathbones. They operate within specific guidelines which are set and regularly reviewed by the Trustees. Fund management is compliant with the Trustee Act 2000. In September 2022, Mr N Muston was reappointed as a trustee, who has experience in this area.

The Charity’s policy is to maintain an appropriate balance between capital growth and income, so that in the long term the real value of assets will be maintained. This policy is designed to ensure that the future care of the primary beneficiaries of the Charity is protected and that its charitable objectives can continue to be realised.

Although the sisters who live in communities are normally able to live within the constraints of their income from the state and professional pensions, and some interest from investments, any further activity, such as provision for nursing home care or major charitable support for initiatives in line with the Charity’s objectives, must be funded from the investment income – hence the Trustees’ agree the designated reserves for care of the elderly should remain at £13,000,000. This will continue to be reviewed as the community houses are sold and the congregation shrinks.

Ethical policy

“We collaborate with others to build a world of greater justice and brotherhood, where the freedom and dignity of all will be restored.” RL10

The Sisters take seriously their commitment to justice, non-violence and care of the environment. This year we have reviewed the ethical policy for investment which is in keeping with charity law while avoiding, where possible, investments which have specific negative social or environmental impact, or conflict with Church teaching. The Fund manager observes these restrictions while maintaining a strategy to maximise total returns, income and capital within acceptable levels of risk.

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DAUGHTERS OF JESUS CIO

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

An active, practical concern for the environment and protection of the planet forms a basic part of the Sisters’ lives and finds multiple expressions.

The CIO has an auto enrolment pension scheme for all employees.

Principal risks and uncertainties

As part of a program of greater active participation in the governance of the Charity, the Trustees have assumed direct responsibility for conducting the annual risk assessment required by SORP 2015. The contact with the entire District offers the opportunity of greater insight into the daily realities of the life of the Charity. The Trustees are satisfied that all appropriate, feasible measures have been put in place to reduce the risks to which the Charity is exposed.

The results of the risk assessment exercise are recorded in the Risk Register held in the District Leader’s Office. A formal annual review of full insurance provision takes place in September with the Charity’s Insurance Broker.

Fundraising

The Charity does not undertake any public fundraising. The costs of raising funds included within the accounts relate wholly to investment managers fees.

PLANS FOR FUTURE PERIODS

“We remain attentive to the signs of the times and the appeals of the Church.” RL12

In the future the charity plans to continue downsizing and rehousing the Sisters in residences suitable to their needs and ability as required. 2 sisters died and 1 sister moved into nursing care in 2022/23.

We hope to complete the sale of two community flats.

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DAUGHTERS OF JESUS CIO

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

Post Covid

Every effort has been made to return to face to face Trustee Meetings after Covid Restrictions were lifted but other situations arose, such as train strikes, so Zoom meetings were used. To make it easier for the majority of Trustees to attend meetings in person, in this coming year a London meeting centre has been booked. After a trial run we will evaluate the situation.

The Sisters continue to follow any safe-keeping guidance issued by the care homes or in their assisted residences. This can include providing negative lateral flow tests for visiting sisters to gain entry.

Auditors

Burgess Hodgson LLP are the appointed auditors and 2022/23 was their third audit of Daughters of Jesus CIO.

Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the 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 & Wales requires Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

By order of the board on 13 September 2023

Sister Mary Clare Mason District Leader

For the Trustees

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DAUGHTERS OF JESUS CIO

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
2022/23
Average
No. No. Total
Group meetings Frequency Individuals Hours hours
Hosting Provincial Council
Trustees 3 4 6 72
Community 6 1 12 72
Average
No. No. Total
Individuals Frequency Individuals Hours hours
Accompaniment 52 2 2 208
Support for sisters in care homes 52 5 1 260
Appts: Hosp, dr, optician, pharmacy 52 4 1 208
----- End of picture text -----

By Sisters outside the community - Serving the local community and parish

----- Start of picture text -----
Average
No. No. Total
Individuals Frequency Individuals Hours hours
Contacting housebound or elderly 52 3 2 312
Take/collecting residents shopping 52 2 1 104
Social events with residents 52 4 2 406
Average
No. No. Total
Groups and individuals Frequency Individuals Hours hours
Participating in technical seminars 4 2 8 64
----- End of picture text -----

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DAUGHTERS OF JESUS CIO

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE DAUGHTERS OF JESUS CIO

OPINION

We have audited the financial statements of The Daughters of Jesus CIO (the 'charity’) for the year ended 31 March 2023 set out on pages 13 to 35. 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

OTHER INFORMATION

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements do not cover the other information and we do not express any form of assurance conclusion thereon.

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DAUGHTERS OF JESUS CIO

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.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

AUDITORS' 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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance with particular reference to the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets.

We also consider the results of our enquiries of management, relating to their own identification and assessment of the risks of irregularities and possible related fraud. This includes reviewing available documentation on their policies and procedures and performing tests of controls to evidence their effectiveness.

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DAUGHTERS OF JESUS CIO

Throughout the audit testing we are considering the incentives that may exist within the organisation for fraud. Key areas include timing of recognising income around the year end, posting of unusual journals and manipulating the Company's performance measures to meet remuneration targets and bank covenants. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We ensure we have an understanding of the relevant laws and regulations and remain alert to possible noncompliance throughout the audit.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

USE OF OUR REPORT

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Collyer (Partner) For and on behalf of Burgess Hodgson LLP Chartered accountants & statutory auditor

Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN

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DAUGHTERS OF JESUS CIO

STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted Total
Total
funds funds funds
2023 2023 2022
Note £ £ £
INCOME FROM:
Donations 5,916 5,916 5,015
Donated pensions of members 184,803 184,803 223,461
Investment income
Listed investment income 426,235 426,235 392,037
Bank interest - - -
TOTAL INCOME 616,954 616,954 620,513
EXPENDITURE ON:
Raising funds:
Fundraising activities 53,118 53,118 77,357
Charitable activities:
Nursing care establishments 296,528 296,528 306,597
Community houses 167,840 167,840 186,526
Provision of pastoral and parish work 3,001 3,001 13,813
Ministry and support of members of the Order 19,344 19,344 28,664
Donations and support of missions 119,700 119,700 103,764
TOTAL EXPENDITURE 659,530 659,530 716,721
NET EXPENDITURE BEFORE INVESTMENT
GAINS/(LOSSES) (42,576) (42,576) (96,208)
Net gains/(losses) on investments (870,104) (870,104) 614,538
NET INCOME / (EXPENDITURE) BEFORE OTHER
RECOGNISED GAINS AND LOSSES (912,680) (912,680) 518,330
Gains on revaluations of assets (23,500) (23,500) (5,000)
NET MOVEMENT IN FUNDS (936,180) (936,180) 513,330
RECONCILIATION OF FUNDS:
Total funds brought forward 16,445,170 16,445,170 15,931,840
TOTAL FUNDS CARRIED FORWARD 15,508,990 15,508,990 16,445,170

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 16 to 35 form part of these financial statements.

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DAUGHTERS OF JESUS CIO

BALANCE SHEET AS AT 31 MARCH 2023

Note
FIXED ASSETS
Tangible assets
12
Investments
13
CURRENT ASSETS
Debtors
14
Cash at bank and in hand
CREDITORS:amounts falling due within
one year
15
NET CURRENT ASSETS/ (LIABILTIES)
NET ASSETS
CHARITY FUNDS
Unrestricted funds
16
TOTAL FUNDS		 2023
£
£
1,370,714
13,283,762
14,654,476
51,800
896,336
948,136
(93,621)
854,515
15,508,991
15,508,991
15,508,991		 2022
£
£
1,390,599
14,201,295
15,591,894
40,329
871,853
912,182
(58,905)
853,277
16,445,171
16,445,171
16,445,171		 2022

£
1,390,599
14,201,295
16,445,171
16,445,171
16,445,171

The financial statements were approved by the Trustees on 13 September 2023 and signed on their behalf, by:

Sister Mary Clare Mason District Leader

The notes on pages 16 to 35 form part of these financial statements.

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DAUGHTERS OF JESUS CIO

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Note
Cash flows from operating activities
Net cash provided by operating activities
18
Cash flows from investing activities:
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
19		 2023
£
(252,351)
16,500
(17,359)
1,082,853
(994,720)
87,274
(165,077)
1,406,869
1,241,791		 2022
£
(1,384,342)
900
-
2,956,860
(1,981,466)
976,294
(408,048)
1,814,917
1,406,869

The notes on pages 16 to 35 form part of these financial statements.

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DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

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 the Charities SORP (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1st April 2005 which has since been withdrawn.

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 notes 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) and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.

The Daughters of Jesus CIO constitutes a public benefit entity as defined by FRS 102.

1.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

1.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 16

DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES (continued)

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit 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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Raising funds are costs incurred on investment activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Charitable activities are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

1.5 Going concern

At 31 March 2023 the charity had net current assets of £854,515. For this reason, the trustees believe preparation of the accounts on a going concern basis is appropriate.

1.6 Tangible fixed assets and depreciation

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Tangible fixed assets are carried at cost or valuation, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor vehicles - 20% reducing balance Fixtures and fittings - 15% reducing balance

Freehold property is not depreciated as it is held at valuation.

1.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities.

1.8 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.

Page 17

DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES (continued)

1.9 Debtors

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

1.10 Cash at bank and in hand

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

1.11 Liabilities and provisions

Liabilities 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. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.12 Financial instruments

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.

1.13 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of financial activities.

1.14 Pensions

The charity operates a defined contribution pension scheme, and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

Page 18

DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. INCOME FROM DONATIONS AND LEGACIES

Donations
Donated pensions of members
Total donations and legacies
Total 2022		 Unrestricted
funds
2023
£
5,916
184,803
190,719
228,476		 Total
funds
2023
£
5,916
184,803
190,719
228,476		 Total
funds
2022
£
5,015
223,461
228,476

3. INVESTMENT INCOME

Listed investment income
Bank interest
Total		 Unrestricted
funds
2023
£
426,235
-
426,235		 Total
funds
2023
£
426,235
-
426,235		 Total
funds
2022
£
392,037
-
392,037

In 2023 of the total investment income, all income was to unrestricted funds.

4. RAISING FUNDS

Investment management costs
Exchange losses / (gains)
Support costs
Total		 Unrestricted
funds
2023
£
63,273
(13,636)
3,482
53,118		 Total
funds
2023
£
63,273
(13,636)
3,482
53,118		 Total
funds
2022
£
75,450
(1,280)
3,187
77,357

In 2023 all of the total expenditure derived from unrestricted funds.

Page 19

DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

5.
RESOURCES EXPENDED –
CURRENT YEAR
Direct
costs
£
Cost of generating funds
Investment management costs
63,273
Exchange losses / (gains)
(13,636)
49,637
Charitable activities
Maintenance of members
Nursing care establishments
290,794
290,794
Community houses
Medical and healthcare
25,889
Food, board & personal
i
24,427
Travel
14,362
Maintenance of buildings
21,857
Running costs
19,493
General expenses
708
Professional fees
6,735
Depreciation
5,530
Wages and salaries
10,745
Support costs
129,747
Provision of pastoral and parish work
Pastoral
-
Travel
-
Loss/(Profit) on sale of tangible
assets
(8,286)
Formation & Cult
8,891
Interest payable
1,576
Support
-
2,182		 Direct
costs
£
63,273
(13,636)
Support
costs
£
3,482
-
3,482

5,734
5,734
-
-
-
-
-
-
-
-

-
38,093
38,093






819

819		 2023
£
66,755
(13,636)
53,118
296,528
296,528
25,889
24,427
14,362
21,857
19,493
708
6,735
5,530
10,745
38,093
167,840
-
-
(8,286)
8,891
1,576
819
3,001		 2022
£
78,637
(1,280)
49,637 77,357
290,794 306,597
290,794 306,597
25,889
24,427
14,362
21,857
19,493
708
6,735
5,530
10,745		 37,324
22,742
16,746
19,566
31,387
1,363
5,224
6,361
10,942
34,871
129,747 186,526
54
3,800
602
6,878
1,729
750
2,182 13,813

Page 20

DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

RESOURCES EXPENDED –
CURRENT YEAR (continued)
Direct
costs
£
Ministry and support of members
of the Order
Travel
2,032
Congregation
14,854
Donations (Generalate)
-
Exchange losses
-
16,886
Donations and support of missions
Donations and support of missions
114,375
Travel
-
114,375
Total
603,619
Analysis 2022
665,540		 Support
costs
£
-
-
2,458
-
2,458
5,325
-
5,325
55,911
51,181		 2023
£
2,032
14,854
2,458
-
19,344
119,700
-
119,700
659,530
716,721		 2022
£
1,552
24,862
2,250
-
28,664
103,764
-
103,764
716,721

Page 21

DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

5.
RESOURCES EXPENDED –
PRIOR YEAR
Direct
costs
£
Cost of generating funds
Investment management costs
75,450
Exchange losses / (gains)
(1,280)
74,170
Charitable activities
Maintenance of members
Nursing care establishments
301,348
301,348
Community houses
Medical and healthcare
37,324
Food, board & personal
22,742
Travel
16,746
Maintenance of buildings
19,566
Running costs
31,387
General expenses
1,363
Professional fees
5,224
Depreciation
6,361
Wages and salaries
10,942
Support costs
151,655
Provision of pastoral and parish work
Pastoral
54
Travel
3,800
Loss/(Profit) on sale of tangible
assets
602
Formation & Cult
6,878
Interest payable
1,729
Support
-
13,063		 Direct
costs
£
75,450
(1,280)
Support
costs
£

3,187

-

3,187

5,249

5,249

-

-

-

-

-

-

-

-

-
34,871

34,871






750

750		 2022
£
78,637
(1,280)
77,357
306,597
306,597
37,324
22,742
16,746
19,566
31,387
1,363
5,224
6,361
10,942
34,871
186,526
54
3,800
602
6,878
1,729
750
13,813		 2021
£
88,887
41,906
130,793
255,291
255,291
18,085
23,737
11,483
17,354
19,276
1,862
8,250
7,867
10,592
40,287
158,793
100
3,178
-
8,232
1,795
866
14,171
74,170
301,348
301,348
37,324
22,742
16,746
19,566
31,387
1,363
5,224
6,361
10,942
151,655
13,063

Page 22

DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

5. RESOURCES EXPENDED – PRIOR YEAR (continued)

Ministry and support of members of
the Order
Travel
Congregation
Donations (Generalate)
Exchange losses
Donations and support of missions
Donations and support of missions
Travel
Total
Analysis 2021		 Ministry and support of members of
the Order
Travel
Congregation
Donations (Generalate)
Exchange losses
Donations and support of missions
Donations and support of missions
Travel
Total
Analysis 2021		 Direct
costs
£
1,552
24,862
-
-



Support
costs
£
-
-
2,250
-
2,250
4,874
-
4,874
51,181
56,315		 2022
£
1,552
24,862
2,250
-
28,664
103,764
-
103,764
716,721
10,043,674		 2021
£
-
5,170
83,078
-
88,248
9,396,378
-
9,396,378
10,043,674
26,414
98,890
-
98,890
665,540
9,987,359

Page 23

DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. SUPPORT COSTS – CURRENT YEAR

5,249
34,871
750
2,250
4,874

Nursing care
Community
Provision of
Ministry of Donations and
establishments
houses
pastoral and
support of
support of
£
£
parish work members of the
missions
£
order
£
congregation
£
Travel
39
261
6
17
36
District administration
725
4,818
104
311
674
Bank charges
76
505
11
33
71
Insurance
159
1,053
23
68
147
Food
-
-
-
-
-
Governance
1,821
12,097
260
780
1,691
Wages and salaries
2,673
17,759
382
1,146
2,483
Employers national insurance
-
-
-
-
-
Pension cost
241
1,598
34
103
223
5,734
38,093
819
2,458
5,325
Total 2022		 47,994
Total
2023
£
359
6,632
696
1,450
-
16,650
24,443
-
2,200
52,429		 Total
2022
£
691
5,613
834
1,121
-
14,332
23,503
-
1,900
47,994

Page 24

DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

SUPPORT COSTS – PRIOR YEAR


Nursing care
Community
Provision of
Ministry of Donations and
establishments
houses
pastoral and
support of
support of
£
£
parish work members of the
missions
£
order
£
congregation
£
Travel
74
502
10
32
69
District administration
614
4,079
88
263
570
Bank charges
91
606
13
39
85
Insurance
123
815
18
53
114
Food
-
-
-
-
-
Governance
1,568
10,413
224
672
1,456
Wages and salaries
2,571
17,076
367
1,102
2,387
Employers national insurance
-
-
-
-
-
Pension cost
208
1,380
30
89
193
5,249
34,871
750
2,250
4,874		 Total
2022
£
691
5,613
834
1,121
-
14,332
23,503
-
1,900
47,994		 Total
2021
£
-
6,598
988
900
-
21,206
21,998
486
1,540
53,715

Total 2021

4,332 40,287 866 2,599 5,632 53,715

Page 25

DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. ANALYSIS OF EXPENDITURE-BY-EXPENDITURE TYPE – CURRENT YEAR
Staff costs
2023
Depreciation
2023
Other costs
2023
Total
2023
£
£
£
£
Expenditure on fundraising
activities
1,769
-
51,349
53,118
Cost of raising funds
1,769
-
51,349
53,118
Maintenance of members
2,914
-
293,613
296,528
Community houses
30,103
5,530
132,207
167,840
Provision of pastoral and
parish work
416
-
2,585
3,001
Ministry and support of
members of the Order
1,249
-
18,095
19,344
Donations and support of
missions
2,706
-
116,994
119,700
Charitable activities
37,388
5,530
563,493
606,411
39,157
5,530
614,842
659,530
Total 2022
38,032
6,361
672,328
716,721		 Total
2022
£
77,357
77,357
306,597
186,526
13,813
28,664
103,764
639,364
716,721

Page 26

DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. ANALYSIS OF EXPENDITURE-BY-EXPENDITURE TYPE – PRIOR YEAR

Expenditure on fundraising
activities
Cost of raising funds
Maintenance of members
Community houses
Provision of pastoral and
parish work
Ministry and support of
members of the Order
Donations and support of
missions
Charitable activities
Total 2021		 Staff costs
2022
Depreciation
2022
£
£
1,687
-
1,687
-
2,778
-
29,399
6,361
397
-
1,191
-
2,580
-
36,345
6,361
38,032
6,361
35,778
7,867		 Other costs
2022
£
75,670
75,670
303,819
150,766
13,416
27,473
101,184
596,658
672,328
10,000,029		 Total
2022
£
77,357
77,357
306,597
186,526
13,813
28,664
103,764
639,364
716,721
10,043,674		 Total
2021
£
130,793
130,793
255,291
158,793
14,171
88,248
9,396,378
9,912,881
10,043,674

8. GOVERNANCE COSTS

Audit and accountancy fees
Professional fees
Travel
Wages and salaries
Insurance
Total		 Unrestricted
funds
£
7,317
966
239
7,667
1,567
17,756		 Total funds
2023
£
7,317
966
239
7,667
1,567
17,756		 Total funds
2022
£
6,390
(575)
758
7,310
1,401
15,284

Page 27

DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. NET INCOME/(EXPENDITURE)

This is stated after charging/(crediting):

10. AUDITORS' REMUNERATION
11.
STAFF COSTS
Staff costs were as follows:
2023
£
Wages and salaries
43,845
Social security costs including Employers' allowance refund
-
Other pension costs
2,979
46,824
The average number of persons employed by the charity during the year was as follows:
2023
No.
Support staff3
2023
£
Depreciation of tangible fixed assets:
-
Owned by the charity
5,530
Exchange losses / (gains) on foreign currency
(13,636)
Loss on sale of tangible assets
(8,286)
2023
£
Fees payable to the charity’s auditor and its associates for the audit of
the charity’s annual accounts
7,317
Fees payable to the charity’s auditor and its associates in respect of:
All Other non-audit services
-		 2022
£
6,361
(1,280)
602
2022
£
6,390
-
2022
£
42,769
-
2,573
45,342
2022
No.
3

No employee received remuneration amounting to more than £60,000 in either year.

There are no key management personnel.

As members of the order, trustees' living expenses during the year were borne by the charity, but the trustees received no remuneration or other benefits in connection with their duties as trustees during the year. Trustee indemnity insurance has been purchased at a cost of £1,673 (2022: £1,461). Travel expenses and consultancy fees paid to trustees amounted to £42 in 2023 (2022: £nil).

Page 28

DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. TANGIBLE FIXED ASSETS

Cost or valuation
At 1 April 2022
Additions
Disposals
Revaluation Loss
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
On disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Freehold
Motor Fixtures and
property
£
vehicles
£
fittings
£
Total
£
1,361,001
41,669
85,737
1,488,408
-
14,835
2,524
17,359
-
(25,070)
(838)
(25,908)
(23,500)
(23,500)
1,337,501
31,434
87,424
1,456,358
-
29,868
67,940
97,808
-
2,622
2,909
5,530
-
(17,352)
(342)
(17,694)
-
15,138
70,507
85,644
1,337,501
16,296
16,917
1,370,714
1,361,001
11,801
17,797
1,390,599

All freehold property is held for direct charitable purposes and comprises residential properties used to house members of the Order. All other assets are used for direct charitable purposes.

The freehold properties were professionally valued on 1 April 2021 on an open market value basis. by Savills (UK) Ltd, Chartered Surveyors, in accordance with guidelines set out by the Royal Institution of Chartered Surveyors. In 2022/23, a second flat in Peterborough went on the market. Both flats are sold subject to contract. The flats had offers for less than their book value, hence the revaluation loss in the year. Furniture and fittings were valued in 1996 at their insurance value. Subsequent additions are shown at cost. 3 cars were sold in the year and only 1 was replaced.

Page 29

DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13. FIXED ASSET INVESTMENTS

Market value
At 1 April 2022
Additions
Disposals
Revaluations
Transfer
Cash balances movement
At 31 March 2023
Historical cost		 Listed
securities
£
14,201,295
994,720
(1,082,853)
(638,622)
-
(190,778)
13,283,762
11,471,983

Investments at market value comprise:

UK Overseas 2023 2022
£ £ £ £
Listed investments 8,490,525 4,793,238 13,283,762 14,201,295

14. DEBTORS

DEBTORS
Other Debtors
Prepayments and accrued income		 2023
£
-
51,800
51,800		 2022
£
200
40,129
40,329

15. CREDITORS: Amounts falling due within one year

Trade Creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2023
£
50,240
547
1,220
41,614
93,621		 2022
£
21,567
750
1,277
35,311
58,905

Page 30

DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Designated Funds
Pension and annuity
Dowry
Legacy
Fixed Assets
Repair fund
Donation pledges
General funds
General funds
Total unrestricted
funds
Total of funds		 Balance at
1 April
2022
£
13,000,000
2,540
210,155
1,390,599
250,000
11,000
14,864,295
1,580,875
16,445,170
16,445,170		 Income
£
-
38
3,152
-
-
-
3,190
613,763
616,954
616,954		 Expenditure
£
(61,921)
-
(1,576)
2,756
-
-
(60,742)
(598,788)
(659,530)
(659,530)		 Transfers
in/out
£
913,438
-
(1,973)
859
-
99,000
1,011,324
(1,011,324)
-
-		 Gains/
(Losses)
£
(851,517)
-
-
(23,500)
-
-
(875,017)
(18,587)
893,604
893,604		 Balance at
31 March
2023
£
13,000,000
2,579
209,759
1,370,714
250,000
110,000
14,943,050
565,940
15,508,991
15,508,991

Page 31

DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. STATEMENT OF FUNDS (continued)

STATEMENT OF FUNDS – PRIOR YEAR

Designated Funds
Pension and annuity
Dowry
Legacy
Fixed Assets
Repair fund
Donation pledges
International
Solidarity fund
General funds
General funds
Total unrestricted
funds
Total of funds		 Balance at
1 April
2021
£
13,000,000
2,993
241,183
1,403,462
250,000
22,000
-
14,919,640
1,012,200
15,931,840
15,931,840		 Income
£
-
45
3,458
-
-
-
-
3,503
617,010
620,513
620,513		 Expenditure
£
(63,656)
-
(1,729)
(6,963)
-
-
(4,956)
(77,304)
(639,417)
(716,721)
(716,721)		 Transfers
in/out
£
(493,558)
(497)
(32,757)
(901)
-
(11,000)
(6,844)
(545,557)
545,557
-
-		 Gains/
(Losses)
£
557,214
-
-
(5,000)
-
-
11,799
564,013
45,525
609,538
609,538		 Balance at
31 March
2022
£
13,000,000
2,540
210,155
1,390,599
250,000
11,000
-
14,864,295
1,580,875
16,445,171
16,445,171

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year		 Unrestricted
funds
2023
£
1,370,714
13,283,762
948,136
(93,621)
15,508,991		 Total
funds
2023
£
1,370,714
13,283,762
948,136
(93,621)
15,508,991

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DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Unrestricted Total
Funds funds
2022 2022
£ £
Tangible fixed assets 1,390,599 1,390,599
Fixed asset investments 14,201,295 14,201,295
Current assets 912,181 912,181
Creditors due within one year (58,905) (58,905)
16,445,171 16,445,171
18. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2023 2022
£ £
Net income/(expenditure) for the year (as per Statement of Financial
Activities) (912,680) 518,330
Adjustment for:
Depreciation charges 5,530 6,361
Unrealised (Gains) / losses on investments 653,476 (600,332)
Loss on sale of fixed assets (8,286) 602
Exchange movement (13,636) (1,280)
Decrease/(increase) in debtors (11,471) (20,517)
(Decrease)/increase in creditors 34,716 (1,287,507)
Net cash provided by operating activities (252,351) (1,384,342)
19. ANALYSIS OF CASH AND CASH EQUIVALENTS
2023 2022
£ £
Cash in hand 896,336 871,853
Held within investment portfolio 345,456 535,016
Total 1,241,792 1,406,869

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DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

20. ANALYSIS OF NET DEBT

Cash at bank and in Hand At 1 April
2022
£
1,406,869
1,406,869		 Cash flows
£
(165,077)
(165,077)		 At 31 March
2023
£
1,241,792
1,241,792

21. RELATED PARTY TRANSACTIONS

There have been no related party transactions in the year.

22. DONATIONS

The charity made donations to individuals and organisations during the year amounting to £114,375 (2022: £98,890).

The following causes were supported: children, disasters, education, homeless, medical needs, mentally handicapped, needy families, physically handicapped, priests, prayer and worship, refugees and prisoners.

Specific single donations over £1,000 totalling £104,420, (2022: £91,745) were made to the institutions listed below for support of work in the following areas:

Development
Manna Society
Total Development
Education
Margaret Beaufont Institute
Total Education
Health
Alzheimer's Society
Cancer Research
Doctors of the World
Medeins Sans Fronteries
The Leprosy Mission
Total Health		 National International
£
£
1,000
1,000
-
5,000
5,000
1,000
1,000
5,000
1,000
1,000
8,000
1,000

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DAUGHTERS OF JESUS CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

22. DONATIONS (continued)

Humanity
Action for Humanity
The David Nott Foundation
Habitat for Humanity
Hope in Action
Housing Justice
Mary’s Meals
Total Humanity
Religion
Peterborough Cathedral
CAFOD
Christian Aid
East Anglia Diocese
RCAS Archbishops
Saint Luke Church
Total Religion
Social Welfare
CHICKS
Emmaus UK
PARCA
Prison Advice
RNLI
Royal British Legion
Food Vouchers
Total Social Welfare
Environmental
PECT
Total Environmental
Total		 10,000
15,000
10,000
3,200
1,000
1,000
National International
£
£
40,200
3,000
5,000
5,000
1,918
5,000
5,000
24,918
1,000
1,000
10,000
1,000
1,000
1,000
4,302
19,302
-
5,000
5,000
103,420
1,000

Page 35