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2022-12-31-accounts

Charity Registration No. 1160898

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Sœur Jeanne Danion, Provincial Superior and Chair of Trustees
Sister Josephine Goggin, Secretary
Sister Mary Grimes
Mr Brian Taylor
Mr Andrew Cole
Mrs Gael Hicks
Mr Henri Carvalho, Provincial Treasurer Delegate
Charity number 1160898
Principal address 218 Sheen Road
RICHMOND
Surrey
TW10 5AN
Independent examiner Old Mill Accountancy Limited
Unit 2
Greenways Business Park
Bellinger Close
CHIPPENHAM
Wiltshire
England
SN15 1BN
Bankers The Royal Bank of Scotland Plc
36-38 Baldwin Street
BRISTOL
BS1 1NR
Solicitors Stone King LLP
13 Queen Square
BATH
Somerset
BA1 2HJ
Investment advisors Newton Investment Management Limited
71 Queen Victoria Street
LONDON
EC4V 4ER

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

CONTENTS

Page
Trustees' report 1 - 11
Independent examiner's report 12
Statement of fnancial actvites 13
Balance sheet 14 - 15
Notes to the fnancial statements 16 - 28

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Congregation of the Sisters of Charity of St Louis CIO's constitution, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019).

Objectives and activities

a. Policies and objectives

The objects of the CIO, subsequently referred to as the charity, are religious, educational or other charitable purposes connected with the Roman Catholic religion and the realisation of the objectives for which the Congregation of the Sisters of Charity of Saint Louis were founded, namely the education of disadvantaged youth, education in the faith of the Roman Catholic religion and concern for the poor and marginalised. The charity attempts to do this specifically from where it is based, namely Richmond.

The sisters fulfil these objectives through the specific commitments of individual sisters and through the decisions made by the Provincial Council and the trustees in exercising their responsibility for and management of the Province and the charity.

b. Activities for achieving objectives

The sisters are committed to ensuring they are faithful to their original founding charism and responsive to the educational, pastoral and social needs of society today as far as they are able given their age, number and health. They are committed, within the level of resources available, to ensuring as many people as possible, especially those who are poor or otherwise disadvantaged, benefit from their work and/or the resources of the charity.

When planning the activities undertaken by the sisters, the Provincial Council aims to be faithful to the common good and carefully consider the Charity Commission’s guidance on public benefit and in particular, the sections specific to charities for the advancement of religion, education and other charitable work. Likewise, the trustees adhere to this guidance when deciding on the allocation of grants for educational projects, research and other charitable works.

“The common good implies that every individual, no matter how high or low, has a duty to share in promoting the welfare of the community as well as a right to benefit from that welfare. “Common” implies all inclusive”; the common good cannot exclude or exempt any section of the population.” (Common Good CBEW Par 70).

Prayer and Worship

The activities in which the sisters are involved include:

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Educaton

The activities in which the sisters are involved include:

Human and Spiritual Development and Pastoral Work

The activities in which the sisters are involved include:

Charitable activity for the sisters is a necessary expression of who they are. It is not an “add on” to the life of faith the sisters profess but a constitutive element of it.

To facilitate the charitable work of the sisters and enhance the ability of the trustees to respond to requests for support, it is important to ensure that resources are carefully and securely managed and that the sisters are supported through appropriate training, up to date equipment and facilities and that their wellbeing and welfare is assured.

Public Beneft

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Congregation of the Sisters of Charity of St Louis CIO should undertake.

c. Grant making policies

The charity makes grants and donations largely to institutions in accordance with its objectives and agreed grants policy.

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Achievements and performance

a. Review of activities

a . During the year to 31 December 2022 the sisters continued to be active participants in the parish of Our Lady Queen of Peace, East Sheen. Sisters were members of the parish council, Eucharistic ministers, readers, representatives on ecumenical forums, volunteers in practical day to day fund raising for charitable outreach work and involved in other parochial activities. The aim was to enable as many people as possible to worship at this church, participate in the services, benefit from the spiritual support on offer and help to facilitate the outreach to the poor and disadvantaged.

b. A sister ran the 1st sacraments preparation programme in East Sheen, thus helping the 15 children in the programme to understand their faith better and take the first steps in becoming informed and active members of the Church. The arrangements to deliver this programme were altered significantly to ensure adherence to social distancing rules and safe implementation. A sister was a team member of the 15 weekly confirmation programme for 35 young people to support them grow as adult Christians.

c. Sisters continue to support a few elderly local residents in their own homes through telephone outreach and a listening ear. They also provided food regularly for a vulnerable, marginalised neighbour.

d. The trustees continue to make grants available to education projects, training centres, justice and peace groups, local parishes and those working with the marginalised at home and abroad.

e. Those who called at the door for food, guidance and comfort were met with kindness, understanding and discretion and where possible or advisable, appropriate support.

f. The elderly and sick sisters are supported and cared for in community as far as possible in terms of the available human resources and in the light of their individual needs. One sister is cared for in residential care.

Evaluaton of Priorites for 2022

In the Annual Report of the charity for 2021 the trustees, conscious of the need to ensure maximum public benefit from the available resources, both human and financial, identified the priorities for expenditure during 2022. Outlined below is an evaluation of the extent to which these objectives have been met during the year.

a. To continue to provide the sisters with all they need, to enable them to fulfil the objects for which the Congregation was founded in 1803. (This will include responding to any request for support to meet the needs of the Congregation in other areas of the world, particularly areas of poverty).

The regular ongoing commitments which enabled the sisters in England to fulfil the objects for which the Congregation was founded were fully supported. This included financial support for the work of education, involvement in parochial life and the local community, catechises, working for social cohesion, social justice and contact with the sick. (See above items a. to f. of Section on Review of Activities).

b. To ensure that with the advancing age and increasing frailty and dependency of some of the older and sick sisters the necessary funds are made available to provide adequate and appropriate care for the elderly and infirm sisters in France/ England.

The elderly and sick sisters in England were appropriately cared for and their medical and nursing needs met. Generalised personal and social care and support of older or sick sisters was given to all who needed it so they could live within community and remain as active and independent as possible for as long as possible.

c. To keep the Reserves Policy under review on an annual basis and update as required, so that the charity is prepared for and able to fund the work of the sisters and meet the objectives for which the charity was established.

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

The evaluation of the predicted costs of care of the sisters as they age was undertaken in 2009. The Reserves Policy drafted as a consequence was agreed at the trustee meeting in April 2010. It was redrafted and agreed in October 2012 as the care costs of the sisters had increased. It was redrafted and agreed in 2014 to ensure there were adequate resources available to meet predicted care costs in the future. The policy was further updated and agreed at the Trustee meeting of 27 April 2018, and again at Trustee meeting of 4 October 2021. It will need to be kept under review in the light of the long-term financial impact of the pandemic, inflation, interest rates and volatility of the market.

d. To continue to work closely with the Provincial Administration France/England to explore possible ways of ensuring that the objects for which the Congregation was founded continue to be supported by some of the financial resources presently managed by the trustees.

Since the English community became a constitutive element of the French province in 2000, it continues to work in partnership with our sisters in France. The Provincial Superior of France/England is chair of trustees and oversees the financial management of the charity; The sisters continue to access courses and renewal opportunities to ensure their ongoing personal, educational and spiritual development. This includes retreats, conferences and workshops. Such ongoing formation informs their contribution to the work of service offered to the wider community e.g. sacramental preparation, parish ministry, work for social justice and social cohesion.

e. To adequately fund the participation of the sisters in the Provincial Assemblies and other significant congregational events held during 2022.

Travel to France to participate in a Provincial Assembly resumed this year. Other congregational reflection, discussion and consultation sessions, such as the Extended Council of Congregation and Finance Steering Committee, were held via Zoom.

f. To ensure adequate resources are made available to fund the necessary translation both oral and written required for the full participation of the English-speaking sisters in the Provincial Assemblies and other Congregation meetings.

Expenditure for the translation services required to ensure the sisters’ access to written and oral information in their own language was made available and the participation of the sisters facilitated.

g. To continue to work with the Provincial Administration France/England to find appropriate and effective ways of responding to the decline in numbers, the ageing profile of the group and increased care needs.

The situation continues to be kept under review at Council and Trustee meetings and decisions are guided by the commitment to ensure sisters can be supported to continue their involvement in ministries and services appropriate to their age and state of health.

The sale of 220 Sheen Road and purchase of 218 Sheen Road in 2021 responded to the need to downsize and provided a more appropriate residence for the sisters.

h. To fund the regular maintenance of our property at Richmond.

Just over £10,920 (excluding utilities) was spent on general maintenance and repairs in the year ended 31 December 2022 and £6,150 was spent on garden upkeep over the same period. This is considerably higher than in previous years because of the need to upgrade services and facilities. In addition the house was rewired, the boiler was replaced, the kitchen and bathroom were refurbished, new floor coverings were fitted in some areas and the loft was insulated, The costs of these have been shown as fixed asset additions.

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

i. To determine annually the future use of the interest from the Education Fund.

In the year ended 31 December 2022, £29,800 was allocated in grants to support education projects, training and research. This figure included £16,300 to the SCSL Sisters in Madagascar; £1,000 Jesuit Refugee Service; £500 Richmond upon Thames Voluntary Fund; £4,000 St Osmond’s Catholic School, Barnes; £1,000 Providence Row; £5,000 St. Elizabeth’s Catholic Primary School, Richmond; £1,000 the Cardinal Hume Centre; £1,000 the Ecumenical Accompaniment Programme.

j. To receive an account from the Provincial Council on an annual basis of the use of the interest from the designated Youth and Senior Sisters funds.

In the year ended 31 December 2022 £27,804 was receivable in interest from the Youth Fund. The money is transferred to France on an annual basis. Generally, the money is used to support small Catholic schools in Brittany and to help facilitate the work of the Tutelle.

In the year ended 31 December 2022 £18,196 was receivable in interest from the Senior Sisters Fund. The money is transferred to France on an annual basis. The money generally is used to support the care and animation activities arranged in the nursing home for the older and sick sisters in Vannes.

b. Investment policy and performance

Investments

All investments at Newton are held in an SRI (Socially Responsible Investment) Fund. As we face an ever-greater economic challenge in 2022/23 it is heartening to note that the Fund has benefited from the performance of the SRI Fund. The very positive performance of 2021 though affected by the downturn in the first quarter of 2022 was showing signs of recovery by year end. The factors affecting the market are, fear of inflation and the policy response to that, namely, raising interest rates, inflation; increased interest rates push up price of bonds and equity valuations are discounted. In addition, Russia’s invasion of Ukraine, the widespread and heavy dependence on Russian oil and gas and consequent impact on energy supply chains was another negative factor on markets. The situation was further exacerbated by governments’ policy reversals of the supportive environment put in place to counteract the effects of the crash of 2008 and the unstable UK governments of 2022. Negative influences continue and investments need prudent management.

The Fund held with CCLA produced a negative return but outperformed the performance benchmark. Proportionally, there was a more significant decline in capital value of the CCLA fund to Newton’s. This was due to CCLA excluding fossil fuel and heath care companies from the portfolio. Despite the downturn the work of the sisters and the impact on the communities they serve has not been significantly adversely affected. In fact, grant allocation has risen slightly.

Caution is still very necessary as the economic outlook is dependent on so many volatile and unpredictable elements, namely, inflation; ensuing cost of living crisis; government’ response to it; social unrest; shortage of labour; low growth and on-going war in Ukraine.

The trustees receive regular reports from the investments managers at Newton and CCLA to enable them to monitor the charity’s investments and make informed decisions. In addition to the face-to-face meetings the trustees appreciated the informative videos and online information posted. The charity’s funds remain well diversified within the portfolios. Cash deposits are held with three different banks or building societies in order to control credit default risk. Minimising risk is one of the trustees’ overriding objectives.

Investment Powers

There are no restrictions in the charity’s governing document regarding the making of investments.

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Investment Policy

The charity's portfolio is managed by the investment manager with quarterly reports provided to the trustees. The portfolio is managed with a medium risk profile which means that the trustees are seeking a return in excess of inflation over the - - long term and are willing to take capital risk to achieve this. A medium risk approach uses a well diversified portfolio but may contain a higher proportion of a single asset class such as equities.

The Trustees, require the managers to pay attention to the standard investment criteria, namely the suitability of the class of investment and the need for diversification insofar as is appropriate to the circumstances of the charity. There is a maximum of 5% allowed in any one holding (bar collectives and UK government issued bonds). Any other restrictions on the type of investments or markets in which the Manager would invest on the client's behalf will be set out in writing.

The Trustees wish to follow ethical guidelines for Catholic charities when making investments. Their main concern is to avoid the exploitation of women and children in the choice of investments. These considerations and others are reflected in the policy pursued by the Newton SRI Fund for Charities in which all four sub portfolios are invested.

The portfolio is divided into the Welfare Fund, the Education Fund, the Youth Fund and the Senior Sisters’ Fund. The objectives for each of these funds set by the trustees for the Investment Manager are as follows:

a. to provide revenue for the charity’s current purposes and to enhance income and capital growth over the longer term, thereby enabling the trustees to meet the current and future objectives in accordance with the purposes of the charity; and b. the performance to be measured against a composite index comprising 20% FTA Government All Stocks Index; 37.5% FTSE All Share Index; 37.5% FTSE World (ex UK) and 5% Cash. This is the same benchmark as the Newton SRI Fund for Charities Fund.

The objectives are subject to an annual review by the trustees.

Investment Performance - Newtons

The portfolio achieved the following returns:

2022 2021
% %
Newton SRI Fund for Charites (6.9) 15.9
Composite Index (7.6) 13.8

c. Investment Performance - CCLA

As of December 2022, the £707,132, invested with CCLA in June 2021 stood at £643,100 (2021 £747,357), £19,647 was received in dividends in 2022. As stated above there was a significant negative impact on the capital. As a long-term investment, it is hoped the capital will rebound before we need to use any of it. Income from the fund is healthy.

d. Welfare Fund

The Welfare Fund which at December 2022 stood at £1,319,806, (2021 £1,456,232) was established as a designated fund in 2009 to service the work of the sisters in England and ensure appropriate provision for their wellbeing and care. £200,000 from a legacy was added in December 2018. As the care needs of the sisters increase the interest from this Fund is more on demand. The income received in 2022 was £29,548.

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

e. Education Fund

The Education Fund which at December 2022 stood at £961,536 (2021 £1,060,097) was established as a designated fund in 1994 to respond to education and training needs in line with the objects for which the congregation was founded in 1803.The income received for 2022 was £27,254.

At the trustee meeting of 6 May 2022, it was agreed to respond to the following requests for grants:

At the trustee meeting of 24 October 2022, it was agreed to respond to the following requests for grants:

f. Youth Fund

The separate designated Youth Fund which at December 2022 stood at £1,163,621, (2021 £1,286,166) was set aside within the portfolio in 2002. It continues to be used to support the education and welfare of young people in the wider provincial context of France/England. The income received for 2022 was £26,193 The interest from the fund, is paid annually into a provincial account, and was used to support the work of the Tutelle and maintenance of the five schools for which the sisters are responsible in France.

g. Senior Sisters Fund

The Senior Sisters Fund which at December 2022 stood at £761,540, (2021 £841,740) was established as a designated fund in November 2006 following the sale of the house at Tolworth. The income received for 2022 was £17,142. It is used to support the older sisters in the Mother House in France with activities which include art therapy, appropriate gymnastics and dance. It is used at the discretion of the Provincial Council.

The interest accrued in the Youth & Senior Sisters Funds for the year ended 31 December 2022 is £43,333 will be transferred to France after the trustee meeting in April 2022.

h. Other Expenditure

i. The annual contribution to the province agreed at the meeting of 4 October 2021 of £50,000 was paid in April 2022.

ii. A gardener/handyman continues to be hired to help with garden maintenance and general repairs. The hours worked relate to the amount of work required but generally averages five hours per week.

iii. Smaller gifts of £50 to £100 were given to individuals who have worked with or served the sisters over the years.

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Financial review

a. Results for the year

Total incoming resources for the year ended 31 December 2022 were £194,833 (2021 £2,499,887) 2021 included the gain on disposal from the sale of 220 Sheen Road which amounted to £2,277,294.

Total resources expended for the year ended 31 December 2022 were £149,171 (2021 £204,627). Included in resources expended were grants and donations of £81,541 (2021 £142,233).

Net incoming resources for the year ended 31 December 2022 amounted to a surplus of £45,662 (2021 deficit of £32,644 when excluding the gain on disposal from the sale of 220 Sheen Road). In addition, there were unrealised losses in 2022 of £542,436 (2021: gains of £554,813).

The net movement in funds for the year ended 31 December 2022 amounted to a deficit of £496,774 (2021 surplus of £2,800,073).

The charity’s balance sheet as detailed on page 14 shows a satisfactory position with funds amounting to £7,703,679 (2021 £8,200,453)

Included in the charity’s net assets of £7,703,679 (2021 £8,200,453) are fixed asset investments totalling £5,051,182 (2021 £5,752,336) All investments held by the charity have been acquired in accordance with the powers available to the trustees.

b. Reserves policy

The reserves of the charity that were freely available for charity use at the year end are as follows:

2022 2021
£ £
Total Funds 7,703,679 8,200,453
Less: Designated Funds (4,206,503) (4,644,235)
Restricted Funds (190) -
Unrestricted Funds that can only be realised by (2,529,576) (2,359,793)
disposing of fxed assets held for charity use
Total Free Reserves 967,410 1,196,425

As well as the ongoing financial commitments which have to be met there are a number of specific projects which the trustees have identified for which funds will be needed over the next few years:

The trustees commissioned a report regarding the costs likely to be incurred in making provision for the long term care of the sisters in England. This report indicates that monies held in reserve are not excessive given the current and future needs of the Congregation. There is an ongoing review of reserves.

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees have assessed the major risks to which the Congregation of the Sisters of Charity of St Louis CIO is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for the future

a. Future developments

The following priorities for 2023 were considered at the meeting of 24 October 2022 and regarded as appropriate and relevant.

Priorites for 2023

The priorities for 2023 remain much the same as last year:

a. To continue to provide the sisters with all they need, to enable them to fulfil the objects for which the Congregation was founded in 1803. (This will include responding to any request for support to meet the needs of the Congregation in other areas of the world, particularly areas of poverty).

b. To ensure that with the advancing age and increasing frailty and dependency of some of the older sisters the necessary funds are made available to provide adequate and appropriate care for the elderly and infirm sisters in France/England.

c. To keep the Reserves Policy under review on an annual basis and update as required so that the Charity is prepared for and able to fund the work of the sisters and meet the objectives for which the charity was established.

d. To continue to work closely with the Provincial Administration France/England to explore possible ways of ensuring that the objects for which the Congregation was founded continue to be supported by some of the financial resources presently managed by the trustees.

e. To adequately fund the participation of the sisters in Provincial Assemblies and other significant Congregational and Provincial events to be held during 2023 including Capitular Provincial Assembly.

f. To ensure adequate resources are made available to fund the necessary translation both oral and written required for the full participation of the English speaking sisters in the Provincial Assemblies and other congregation meetings.

g. To continue to work with the Provincial Administration France/England to find appropriate and effective ways of responding to the decline in numbers and the ageing profile of the group.

h. To fund the regular maintenance of our property at Richmond.

i. To determine annually the future use of the dividend distributions from the Education Fund. In the light of the lump sum donation to St. Richard Reynold’s Catholic College in the Borough of Richmond upon Thames in June 2019 no further grants will be considered for that school until 2024.

j. To receive an account from the Provincial Council on an annual basis of the use of the dividend distributions from the designated funds. Youth and Senior Sisters Fund.

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Structure, governance and management

a. Constitution

The Congregation of the Sisters of Charity of St Louis CIO was constituted by the association model constitution for CIO's on 13 March 2015, and amended by resolution on 12 February 2022. The charity was registered with the Charity Commission on 13 March 2015.

Sœur Jeanne Danion, Provincial Superior and Chair of Trustees Sister Josephine Goggin, Secretary Sister Mary Grimes Mr Brian Taylor Mr Andrew Cole Mrs Gael Hicks Mr Henri Carvalho, Provincial Treasurer Delegate

b. Method of appointment or election of Trustees

The power of appointing new trustees rests with the majority of the trustees subject to the consent of the Provincial Superior to the appointment. The Provincial Superior of the French/English Province of the Congregation may at her absolute discretion remove any Trustee.

Trustees attend training seminars and receive frequent technical updates from their advisers. All new trustees are familiarised with the objectives and workings of the charity. They are provided with a copy of the Constitution, minutes of recent meetings and a copy of the most recent accounts.

c. Organisational structure and decision making

Seven trustees manage the Trust. The Provincial Superior is always chair of trustees. The Provincial Treasurer or Provincial Treasurer delegate is normally a Trustee. The Trust meets at least twice a year. The professional advisers are normally invited to the spring meeting when the annual accounts are presented. All decisions relating to the strategic and financial management of the Trust are taken at Trustee meetings. Meetings are quorate if the Provincial Superior and two other trustees are present. Major financial and strategic decisions are subject to ratification by the Provincial or General Council.

The day to day management of the charity is delegated to the Secretary to the Trustees, Sister Josephine Goggin, with the assistance of Sister Mary Grimes, trustee resident in Richmond.

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Statement of 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 and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Congregation of the Sisters of Charity of St Louis CIO and of the incoming resources and application of resources of the Congregation of the Sisters of Charity of St Louis CIO for that year.

In preparing these financial statements, the trustees are required to;

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Congregation of the Sisters of Charity of St Louis CIO 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 Congregation of the Sisters of Charity of St Louis CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' report was approved by the Board of Trustees.

Sœur Jeanne Danion, Provincial Superior and Chair of Trustees Trustee

Sister Josephine Goggin, Secretary Trustee

Dated: 21 April 2023

Dated: 21 April 2023

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

I report to the trustees on my examination of the financial statements of The Congregation of the Sisters of Charity of Saint Louis CIO (the Congregation of the Sisters of Charity of St Louis CIO) for the year ended 31 December 2022.

Responsibilities and basis of report

As the trustees of the Congregation of the Sisters of Charity of St Louis CIO you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Congregation of the Sisters of Charity of St Louis CIO’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Rachel Wills, FCA Old Mill Accountancy Limited Unit 2 Greenways Business Park Bellinger Close CHIPPENHAM Wiltshire SN15 1BN England

Dated: 21 April 2023

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
funds
Notes
£
Income and endowments from:
Donatons and legacies
3
68,530
Investments
4
119,823
Other income
5
-
Total income and endowments
188,353
Expenditure on:
Charitable actvites
6
142,881
Net gains / (losses) on investments
11
(542,436)
Net movement in funds
(496,964)
Fund balances at 1 January 2022
8,200,453
Fund balances at 31 December 2022
7,703,489		 Restricted
funds
£
6,480
-
-
6,480
6,290
-
190
-
190		 Total
2022
£
75,010
119,823
-
194,833
149,171
(542,436)
(496,774)
8,200,453
7,703,679		 Total
2021
£
66,569
105,394
2,277,924
2,449,887
204,627
554,813
2,800,073
5,400,380
8,200,453

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilites
Income funds
Restricted funds
18
Unrestricted funds
Designated funds:
Welfare Fund
Educaton Fund
Youth Fund
Senior Fund
17
General unrestricted funds
17		 2022
£
29,070
160,414
189,484
(66,563)
1,319,806
961,536
1,163,621
761,540
4,206,503
3,496,986		 £
2,529,576
5,051,182
7,580,758
122,921
7,703,679
190
7,703,489
7,703,679		 2021
£
23,881
172,880
196,761
(108,437)
1,456,232
1,060,097
1,286,166
841,740
4,644,235
3,556,218		 £
2,359,793
5,752,336
8,112,129
88,324
8,200,453
-
8,200,453
8,200,453

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2022

The accounts were approved by the Trustees on 21 April 2023

Sœur Jeanne Danion, Provincial Superior and Chair of Trustees Trustee

Sister Josephine Goggin, Secretary Trustee

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

The Congregation of the Sisters of Charity of Saint Louis CIO is a Charitable Incorporated Orgainsation (CIO), registered in England and Wales. The principle office is 218 Sheen Road, Richmond, Surrey, TW10 5AN.

1.1 Accounting convention

The accounts have been prepared in accordance with the Congregation of the Sisters of Charity of St Louis CIO's association constitution, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019). The Congregation of the Sisters of Charity of St Louis CIO is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Congregation of the Sisters of Charity of St Louis CIO has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

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

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

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

1.4 Incoming resources

Income is recognised when the Congregation of the Sisters of Charity of St Louis CIO is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Congregation of the Sisters of Charity of St Louis CIO has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the Congregation of the Sisters of Charity of St Louis CIO has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Donated services of facilities, which comprise donated services are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by a third party.

1.5 Resources expended

Expenditure is accounted for on an accruals basis and has been included under expenses categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll, and governance costs which support the charity and their activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities.

1.6

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

All items of expenditure of a capital nature costing in excess of £500 are treated as fixed asset additions rather than being expensed fully in the year of the purchase.

Tangible fixed assets transferred from the unincorporated charity are shown at carrying value at the date of transfer. The trustees believe that the cost of obtaining a valuation in respect of these assets would outweigh the benefit. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings £nil Fixtures and fittings 10 years - straight line basis

It is the opinion of the trustees that the residual value of the freehold property is equal to or in excess of cost and therefore the annual depreciation charge in relation to this property continues to be £nil.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Fixed asset investments

Fixed asset investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising revaluations and disposals throughout the year.

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.8 Impairment of fixed assets

At each reporting end date, the Congregation of the Sisters of Charity of St Louis CIO reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The Congregation of the Sisters of Charity of St Louis CIO has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Congregation of the Sisters of Charity of St Louis CIO's balance sheet when the Congregation of the Sisters of Charity of St Louis CIO becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2 Critical accounting estimates and judgements

In the application of the Congregation of the Sisters of Charity of St Louis CIO’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Estimated useful lives of tangible fixed assets

In determining the estimated useful life the charity considers the expected physical wear and tear of the asset that could lead to obsolescence of the asset. Each year the charity reviews the above to establish if there is any change in the expected useful life of tangible assets.

3 Donations and legacies

Unrestricted
Restricted
2022
2022
£
£
Donatons and gifs
-
6,480
Pensions and Annuites
68,530
-
68,530
6,480
For the year ended 31 December 2021
66,569
-		 Total
2022
£
6,480
68,530
75,010		 Total
2021
£
40
66,529
66,569
66,569

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

4 Investments

Investments Listed on a Recognised Stock Exchange
Interest receivable
5
Other income
Net gain on disposal of tangible fxed assets		 2022
£
119,287
536
119,823
2022
£
-		 2021
£
104,556
838
105,394
2021
£
2,277,924

The gain on disposal in 2021 relates to the sale of 220 Sheen Road, which was largely reinvested in the purchase of 218 Sheen Road.

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

6 Charitable activities

Telephone (region)
Subscriptons and audio visual
Masses and funerals
Retreats/Spiritual
Food
Medical and care
Travelling
Personal/Leisure
Outside services/Lawns
Heat and light
Upkeep/Cleaning
Rates
Insurance
Grant funding of actvites (see note 7)
Share of support costs (see note 8)
Share of governance costs (see note 8)
Analysis by fund
Unrestricted funds
Restricted funds
For the year ended 31 December 2021
Unrestricted funds		 Mission Welfare
Premises
£
£
-
284
-
-
-
-
-
-
6,332
-
9,844
-
1,479
-
4,384
-
-
6,148
-
2,829
-
14,404
-
1,708
-
2,281
22,039
27,654
-
-
-
-
-
-
22,039
27,654
22,039
27,654
-
-
22,039
27,654
18,447
28,328		 Total
2022
£
284
1,306
-
1,075
6,332
9,844
1,479
4,384
6,148
2,829
14,404
1,708
2,281
52,074
81,541
13,438
2,118
149,171
142,881
6,290
149,171		 Total
2021
£
328
1,144
100
520
5,602
11,687
18
1,140
5,754
5,459
12,859
1,785
2,143
£
-
1,306
-
1,075
-
-
-
-
-
-
-
-
-
2,381
81,541
13,438
2,118
99,478
93,188
6,290
99,478
157,852		 £
-
-
-
-
6,332
9,844
1,479
4,384
-
-
-
-
-
22,039
-
-
-
22,039
22,039
-
22,039
18,447
48,539
142,233
12,087
1,768
204,627
204,627

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

7 Grants payable

Grants to insttutons:
General Administraton of the SCSL
Contributons to Province of France
Support for Educaton Projects in France (Youth Fund)
Care of Elderly Sisters in France (Senior Fund)
Vice Province of Madagascar
Richmond Upon Thames Voluntary Fund
St Osmund's Catholic School
Religious Life Safeguarding Service Common Fund
Ecumenical Accompaniment Programme
Providence Row
Jesuit Refugee Service
St Elizabeth's School
Cardinal Hume Centre
Grants to individuals		 2022
£
3,000
-
27,804
18,196
16,300
500
4,000
-
1,000
1,000
1,000
5,000
1,000
78,800
2,741
81,541		 2021
£
23,836
50,000
25,157
16,464
10,000
-
5,000
5,000
1,500
-
1,000
-
1,000
138,957
3,276
142,233

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

8 Support costs

Support costs
Governance
costs
£
£
Depreciaton
912
-
Motor expenses
1,759
-
Telephone
2,831
-
Accountancy
6,710
-
Bookkeeping
481
-
Ofce
528
-
Bank Charges
217
-
Independent Examinaton
-
1,540
Legal & Professional
-
294
Telephone
-
284
13,438
2,118
Analysed between
Charitable actvites
13,438
2,118		 2022
£
912
1,759
2,831
6,710
481
528
217
1,540
294
284
15,556
15,556		 2021
£
280
1,515
657
6,060
586
2,782
207
1,440
-
328
13,855
13,855

Governance costs includes payments to the independent examiner of £1,540 (2021:£1,440) for independent examination fees.

In addition are fees payable to the independent examiner of £6,410 (2021:£5,760) in respect of accountancy services and £300 (2021:£300) for other services.

9 Employees

There were no persons employed by the charity during the year.

10 Trustees' expenses

None of the trustees (or any persons connected with them) received any remuneration, benefits in kind or reimbursement of expenses from the Congregation of the Sisters of Charity of St Louis CIO during the year.

The charity provides board and lodging for the trustees who are sisters of the charity.

This charity became a constitutive element of the French Province in 2000 and has some common trustees. During the year this charity paid the following grants to France:

Contributons to Province of France
Support for Educaton Projects in France
Care of Elderly Sisters in France
Total		 2022
£
-
27,804
18,196
46,000		 2021
£
50,000
25,157
16,464
91,621

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

11 Net gains/(losses) on investments

2022 2021
£ £
Revaluaton of investments (542,436) 554,813

12 Tangible fixed assets

Freehold land
and buildings
Fixtures and
ftngs
£
£
Cost
At 1 January 2022
2,354,671
6,277
Additons
166,917
3,778
At 31 December 2022
2,521,588
10,055
Depreciaton and impairment
At 1 January 2022
-
1,155
Depreciaton charged in the year
-
912
At 31 December 2022
-
2,067
Carrying amount
At 31 December 2022
2,521,588
7,988
At 31 December 2021
2,354,671
5,122		 Total
£
2,360,948
170,695
2,531,643
1,155
912
2,067
2,529,576
2,359,793

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

13 Fixed asset investments

Listed
investments
Unlisted
investments
£
£
Cost or valuaton
At 01 January 2022
5,346,272
406,064
Valuaton changes
(542,437)
(158,717)
At 31 December 2022
4,803,835
247,347
Carrying amount
At 31 December 2022
4,803,835
247,347
At 31 December 2021
5,346,272
406,064		 Total
£
5,752,336
(701,154)
5,051,182
5,051,182
5,752,336

Material investments over 5% of total holding: 2,329,509 units - The SRI Fund for Charities £4,160,735, and 442,511 units - CCLA Catholic Investment Fund £643,100.

14
Financial instruments
Carrying amount of fnancial assets
Debt instruments measured at amortsed cost
Equity instruments measured at cost less impairment
Carrying amount of fnancial liabilites
Measured at amortsed cost
15
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
16
Creditors: amounts falling due within one year
Accruals and deferred income		 2022
£
27,648
5,051,182
66,563		 2021
£
21,667
5,752,336
108,437
2021
£
21,667
2,214
2022
£
27,648
1,422
29,070
2022
£
66,563
23,881
2021
£
108,437

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

17 Unrestricted funds

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

Balance at 1
January 2022
£
Welfare fund
1,456,232
Educaton fund
1,060,097
Youth fund
1,286,166
Senior fund
841,740
Designated funds
4,644,235
General funds
3,556,218
Total unrestricted funds
8,200,453
Prior Year
Balance at 1
January 2021
£
Welfare fund
1,293,426
Educaton fund
944,465
Youth fund
1,142,252
Senior fund
747,555
Designated funds
4,127,698
General funds
1,272,682
Total unrestricted funds
5,400,380		 Movement in funds
Incoming
resources
Resources
expended
Revaluatons,
gains/losses
Balance at 31
December 2022
£
£
£
£
31,366
(29,549)
(138,243)
1,319,806
28,532
(29,901)
(97,192)
961,536
27,804
(27,804)
(122,545)
1,163,621
18,196
(18,196)
(80,200)
761,540
105,898
(105,450)
(438,180)
4,206,503
82,455
(37,431)
(104,256)
3,496,986
188,353
(142,881)
(542,436)
7,703,489
Movement in funds
Incoming
resources
Resources
expended
Revaluatons,
gains/losses
Balance at 31
December 2021
£
£
£
£
28,379
(27,923)
162,350
1,456,232
19,992
(18,500)
114,140
1,060,097
25,157
(25,157)
143,914
1,286,166
16,464
(16,464)
94,185
841,740
89,992
(88,044)
514,589
4,644,235
2,359,895
(116,583)
40,224
3,556,218
2,449,887
(204,627)
554,813
8,200,453		 Movement in funds
Incoming
resources
Resources
expended
Revaluatons,
gains/losses
Balance at 31
December 2022
£
£
£
£
31,366
(29,549)
(138,243)
1,319,806
28,532
(29,901)
(97,192)
961,536
27,804
(27,804)
(122,545)
1,163,621
18,196
(18,196)
(80,200)
761,540
105,898
(105,450)
(438,180)
4,206,503
82,455
(37,431)
(104,256)
3,496,986
188,353
(142,881)
(542,436)
7,703,489
Movement in funds
Incoming
resources
Resources
expended
Revaluatons,
gains/losses
Balance at 31
December 2021
£
£
£
£
28,379
(27,923)
162,350
1,456,232
19,992
(18,500)
114,140
1,060,097
25,157
(25,157)
143,914
1,286,166
16,464
(16,464)
94,185
841,740
89,992
(88,044)
514,589
4,644,235
2,359,895
(116,583)
40,224
3,556,218
2,449,887
(204,627)
554,813
8,200,453
4,644,235
3,556,218
8,200,453

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

17 Unrestricted funds

(Continued)

The Welfare Fund is to provide income to fund the future care and welfare of the senior sisters in England.

The Education Fund comprises fixed asset investments and unspent income arising that are used to finance educational projects for disadvantaged children in inner city areas, for the education and training of young people and educational research projects.

The Youth Fund comprises fixed asset investments, the income of which will be be transferred to the Provincial Council to support the education and welfare of young people in the wider provincial context of France and England.

The Senior Sisters Fund is to provide income to fund the care and welfare of the senior sisters in France.

18 Restricted funds

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

Movement in funds Movement in funds
Balance at Incoming Resources Balance at
1 January resources expended 31 December
2022 2022
£ £ £ £
Donatons fund - 6,480 (6,290) 190
- 6,480 (6,290) 190

Donations fund - Certain parishioners have donated funds to be used for specific charitable projects of their choice.

There are no Restricted Fund comparatives to disclose as there were no Restricted Fund movements in the prior year.

THE CONGREGATION OF THE SISTERS OF CHARITY OF SAINT LOUIS CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

19
Analysis of net assets between funds
Unrestricted
funds
2022
£
Fund balances at 31 December 2022 are represented by:
Tangible assets
2,529,576
Investments
5,051,182
Current assets/(liabilites)
122,731
7,703,489
Prior Year
Unrestricted
funds
2021
£
Fund balances at 31 December 2021 are represented by:
Tangible assets
2,359,793
Investments
5,752,336
Current assets/(liabilites)
88,324
8,200,453		 19
Analysis of net assets between funds
Unrestricted
funds
2022
£
Fund balances at 31 December 2022 are represented by:
Tangible assets
2,529,576
Investments
5,051,182
Current assets/(liabilites)
122,731
7,703,489
Prior Year
Unrestricted
funds
2021
£
Fund balances at 31 December 2021 are represented by:
Tangible assets
2,359,793
Investments
5,752,336
Current assets/(liabilites)
88,324
8,200,453		 Restricted
funds
2022
£
-
-
190
190
Restricted
funds
2021
£
-
-
-
-		 Total
2022
£
2,529,576
5,051,182
122,921
7,703,679
Total
2021
£
2,359,793
5,752,336
88,324
2021
£
2,359,793
5,752,336
88,324
8,200,453
8,200,453