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2021-12-31-accounts

Daughters of Mary and Joseph Congregation Fund CIO

Annual Report and Accounts

31 December 2021

Charity Registration Number 1163470

Contents

Reports

Reference and administrative details of
the charity, its trustees and advisers 1
Trustees’ report 3
Independent auditor’s report 24
Accounts
Statement of financial activities 29
Balance sheet 30
Statement of cash flows 31
Principal accounting policies 32
Notes to the accounts 36

Daughters of Mary and Joseph Congregation Fund CIO

Reference and administrative details of the charity, its trustees and advisers

Trustees Sister Helen Lane (Chair)
Mr Ronald Huggett
Mr Phillip Jukes
Sister Annette Lawrence
Sister Marie Claire Nakayiza
Sister Arlette Ngenzebuhoro (resigned 20 March
2021)
Sister Paula Spark
Superior General Sister Helen Lane
General Bursar Sister Annette Lawrence
Administrative address The Regional House
Daughters of Mary and Joseph
Layhams Road
West Wickham
BR4 9QJ
Telephone 07790 382386
Website www.daughtersofmaryandjoseph.org
Facebook Daughters of Mary and Joseph
Charity registration number 1163470
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Principal bankers The Royal Bank of Scotland plc
PO Box 412
62/63 Threadneedle Street
London
EC2R 8LA
Solicitors Stone King LLP
Boundary House
91 Charterhouse Street
London
EC1M 6HR

Daughters of Mary and Joseph Congregation Fund CIO 1

Reference and administrative details of the charity, its trustees and advisers

Investment managers

BNP Paribas Fortis Montagne du Parc Warandeberg 3 B-1000 Brussels Belgium CCLA Senator House 85 Queen Victoria Street London EC4V 4ET Epworth Investment Management Limited 9 Bonhill Street London EC2A 4PE

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Trustees’ report 31 December 2021

The trustees present their annual report together with the accounts of the Daughters of Mary and Joseph Congregation Fund CIO (the charity) for the year ended 31 December 2021.

The accounts have been prepared in accordance with the accounting policies set out on pages 32 to 35 of the attached accounts and comply with the charity’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 United Kingdom and Republic of Ireland (FRS 102).

Introduction and mission

The Daughters of Mary and Joseph (“the Congregation”) (“DMJ”) is a Roman Catholic Religious Congregation founded in Aalst, Belgium in 1817 by Canon Constant William van Crombrugghe. There are currently 168 sisters organised in five Regions (Africa, Belgium, California, England and Ireland). The Congregational Leadership Team (CLT) is the Central Government of the Congregation elected by the sisters. While originally founded for the education of the poor and of middle-class girls, the Congregation has adapted over time and now expresses the Charism of being “instruments of mercy” in many and diverse ministries.

The Daughters of Mary and Joseph Congregation Fund CIO administers the international common fund of the Congregation as well as funds held and raised specifically for the support of the sisters and their ministries in Africa. It is a Charitable Incorporated Organisation (CIO), registered with the Charity Commission with Charity Registration Number 1163470 and governed by its constitution dated 8 September 2015.

Charitable objects

The object of the charity, as set out in its constitution, is the advancement of the Roman Catholic religion through the religious and other charitable work of the Congregation as the trustees with the approval of the Superior General shall from time to time think fit.

The principal aims and activities of the charity cover the following:

When setting the aims of the charity, the trustees have complied with their duty under section 17 of the Charities Act 2011 to have regard to the Charity Commission’s guidance on public benefit. The trustees believe they have demonstrated in detail throughout this report the ways in which the charity has been faithful to this guidance.

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Trustees’ report 31 December 2021

Activities and achievements

CLT visits and ministry

The Congregational Leadership Team (CLT) would normally visit the various regions but, due to the continuing pandemic, travel has been limited. The three team members live in Ireland, England and Belgium and are very much part of the lives of these Regions but visits to the Africa and California Regions have not been able to take place yet. The CLT has always met regularly online but video calls have now become more regular and been the main channel for team discernment and decision making. Support has also been given to the Leadership Teams in the different regions by the same means.

The CLT finally managed to meet in person in Ireland from 15 to 30 November 2021.

Structural changes

The General Chapter of 2019 recognised the need for structural change in the governance of the Congregation. In a response to this, the Irish Region asked that a CLT member be appointed as a link to support and work with the Leadership Team there. Sister Marie Claire was appointed to assist that team and travelled to Ireland for the inauguration of the new team on 2 February 2020. She has since worked with the Irish team who have met mainly online due to Covid-19 restrictions, even within the country. Those sisters who were able, finally gathered together on 11 November 2021 for the first time in 19 months. Sister Helen and Sister Marie Claire were able to take part in the meeting and to celebrate the Jubilees of some of the sisters, including Sister Marie Claire’s Silver Jubilee (25 years).

Also following on from the 2019 Chapter, the English Region requested that a CLT member be appointed Regional Superior. In response to this Sister Paula was appointed as Regional Superior, a role that she carries out along with her membership of CLT. She has carried out this dual role since January 2020.

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Trustees’ report 31 December 2021

Activities and achievements (continued)

Delegation of Final Vows

In ordinary circumstances, if the Congregational Leader cannot be present, she delegates a CLT member to represent her at a ceremony of Final Vows. However, given the limitations on travel, sisters from the Leadership Team for Africa were delegated to assume this role. The final profession of our first Ghanaian sister took place on 28 June 2021. The Archbishop of Cape Coast officiated at the Eucharist and Sister Gladys received the vows. The final profession ceremony of two sisters took place in Burundi on 29 August 2021 and Sister Grace, Regional Superior for Africa received the vows.

----- Start of picture text -----
Sister Theresa, Sister Gladys, and Sister Sister Goreth and Sister Faustine in
Olivia in Ghana Burundi
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International meetings

Meetings of the Extended General Council (EGC) and the General Finance Commission (GFC) were scheduled to take place in Ballyvaloo, Ireland in May 2021. Covid-19 restrictions made this impossible, so it was rearranged to take place online. Due to different time zones, meetings were limited to 3-3.5 hours a day on video calls and this called for some to work from 7am and others to still be online at 9pm.

First, the Finance Advisory Team met with the CLT to review the report to be given to the Leadership Team and Bursars and to discuss some recommendations mainly about the ways in which we invest our funds. This was followed by the GFC, the Bursars from each region with the CLT and General Treasurer. This was the first such meeting for several of the Bursars as they have recently taken on the role. It was a good opportunity for learning how the different parts of the Congregation work and sharing the experience and knowledge that all have in different areas. The Bursars have since formed a WhatsApp group and meet occasionally online to support each other.

The GFC then met with the EGC for a day to hear the Congregation finance and resources reports and discuss together the recommendations carried forward from the Finance Advisory Team. These were later approved by the EGC, including a recommendation to divest from fossil fuels and invest where possible, in ethical, income generating unit funds.

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Trustees’ report 31 December 2021

Activities and achievements (continued)

International meetings (continued)

What followed then was a totally new experience. Over 100 DMJ met online over two days for input from Father Michael Conway, professor of faith and culture in Maynooth University. This was followed by sharing in international groups on what he presented. It was a historic experience for us to have sisters in far-flung places on the globe coming together for on-line input and discussion groups.

The EGC, the leadership and decision-making body, then met to hear the reports from each region, sharing the realities of the DMJ experience and ministry in the various parts of the world. It was a fruitful meeting moving the Congregation forward and deepening the understanding of the lives and ministries of the sisters. Planning for the future as some regions diminish and others grow was also an important element.

Website

The website team have continued to work together to update and refresh the website (www.daughtersofmaryandjoseph.org). This year, there has been a page for the year of St Joseph, updated home pages, more news from the Regions and more memories from sisters, associates, and friends. A page was opened on Synodality to ensure that we are all conversant with the synodal process taking place in the Church. A new Facebook page has also been set up.

Life and ministry in Africa

Much of the funding held by the CIO is used to support the life and ministry of the sisters in Africa. This includes providing for the living costs of the sisters where they are doing voluntary work or earn only small salaries. It also means preparing sisters for future ministry through formation and education. There are currently 70 sisters spread between Burundi, Cameroon, Uganda, Ghana, and Kenya.

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Trustees’ report 31 December 2021

Activities and achievements (continued)

Uganda

Many of the sisters work in Uganda where they are involved in education and healthcare.

One sister teaches tailoring in a vocational college in Mbarara. Another sister works in St Helen’s school for girls and children with visual impairments.

On 19 March 2020, the government of Uganda closed down all of the schools, the institutions of learning, all the places of worship, markets, hotels, bars, and various businesses due to the Covid-19 pandemic. Only essential services were allowed to operate; health services, security etc. Sister Annonciata at Rushoroza Health Centre, Kabale, and Sister Rosemary at Divine Mercy Hospital, Mbarara, continued their ministries.

Bisheshe Farm

The DMJ farm in Bisheshe continued as usual since the lockdown did not affect the agriculture sector. Sister Alice, having studied agriculture and worked for a year in Israel, has introduced new techniques and ideas including greenhouse farming which does not need to have a big fertile piece of land and allows production throughout the year regardless of harsh weather conditions and seasons.

The sisters also run literacy and skills training courses. These have been for local women in the past but have extended to men and youth who have dropped out of school. A CAFOD grant has been given to help with this skills training.

St Francis Family Helper Project

One sister is the director of the St Francis Family Helper Project (http://www.stfrancisuganda.org registered charity 10781) in Mbarara. Another is involved in the counselling courses. The Daughters of Mary and Joseph are now taking a more active role in this project, founded by a former DMJ, Mary Moran. The services provided include counselling training, a tailoring school, child sponsorship and mindfulness courses for teachers. A significant focus of this project is to sensitize and educate teachers and parents in the area of child protection. Corporal punishment is still a common practice in Uganda and programmes have been put in place to address this and raise awareness. Some courses take place in situ and others form part of an out-reach programme. Non-violent communication is a key value that is being fostered. There is also a project to address the issue of domestic violence.

The biggest challenge experienced by the St Francis Project during the pandemic has been for the child sponsorship department where some of the donors were badly affected financially by Covid-19 and so unable to continue their support.

Maryhill High School (www.maryhillug.net) has long been associated with the DMJ. Several sisters are past pupils and/or teachers. The current Congregational Leader was once headmistress there. Funds are raised in England to sponsor children from poor backgrounds in what is a highly ranked school. The current Headmistress, a school counsellor, a senior teacher, and a newly qualified teacher are DMJ. Sister Catherine joined the staff having completed her degree during lockdown.

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Trustees’ report 31 December 2021

Activities and achievements (continued)

Maryhill High School (continued)

They have followed the directives of the Ministry of Education and Sports to open Schools for examination classes.

Many preparations had to be made to open the school including providing hand-washing facilities, hand sanitisers for the staff, and Covid-19 messages to create awareness on how to remain safe from infection. There was also daily disinfection of classrooms. Dormitory allocation was rearranged, and signs placed in the Dining Room and Chapel - reminders to the students to maintain social distancing.

Maryhill School

Classes were also split to cater for the smaller numbers. Staff were trained and masks or face shields worn by both staff and students. A procedure for reporting a suspected Covid19 patient was drawn up by the Health Department of the School. Both staff and students were taken through it before it was displayed. This has helped to avoid stigmatising anyone who has a cough or cold.

There have been periods of opening for some classes and then further lockdowns through 2021. On 10 January 2022, schools finally opened fully.

Coloma Primary School

Coloma School in Nyakisharara, near Mbarara is a primary boarding school built and run by the DMJ. Being a private school, it does not receive any support from government and so all staff salaries have to come from the fees paid by the parents. Also, there are no unemployment benefits for those out of work in Uganda. At the beginning of lockdown, the sisters paid salaries to staff as usual given that the teachers and non-teaching staff remained on site waiting for reopening. As time went on with no sign of the school reopening, salaries were reduced to half of the regular amount and staff were sent home except for those essential workers who remained to maintain the place. Finally, as the months went on all salaries had to be stopped because of lack of income. Gifts from donors have allowed for the equivalent of €12 per month to be paid to staff since July 2020. Little though it seems, it is greatly appreciated and a lifeline in this crisis.

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Trustees’ report 31 December 2021

Activities and achievements (continued)

Coloma Primary School (continued)

On 20 March 2020, the government ordered all schools to close. The school year in Uganda begins second week of February each year so the children had only studied for six weeks in their various classes at the point of closure. No child returned to school until November 2020 when the top class returned and studied till March 2021 when they sat their final exam. They did very well with even the least academic students achieving good results.

Successful P7 Pupils with Sister Justine

The next three classes returned in April 2021 and studied until 4 June 2021 when again a further total lockdown was imposed. Despite all other areas of life opening up, schools remained closed until January 2022.

Financially, the situation for families is very bad. Many people were made redundant and there is no such thing as redundancy pay or welfare payment in the country, or proper medical insurances or any meaningful insurance so people can be left in very difficult situations.

The school has faced problems with food – several times food was bought or harvested when it seemed schools might reopen. When they did not it then had to be sold at low rates as there was a glut in the market from schools in the same position ~~.~~

Many generous donors continued to send sponsorship money and allowed it to be used for whatever seemed most urgent according to the needs at the time. There has also been support through the CIO for the continuing building programme. A further section of the dormitory has been completed. Another staff house is underway as well as further toilet facilities for staff and the few boys who attend as day pupils.

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Trustees’ report 31 December 2021

Activities and achievements (continued)

Burundi

In Burundi, one sister works in a state psychiatric hospital and a couple are involved in Congregation ministry including the formation of six young women wishing to become sisters.

Most of the sisters are involved in the Ecole Maternelle Colette de Brandt , a nursery school which opened in Ngozi in September 2018. A team of DMJ are working here to provide a good educational foundation for the young pupils. Here teaching has been allowed to continue throughout the pandemic.

Eighty-three new children, divided into two classes, started the first-year in September 2020. In second grade, eight new children joining has increased the number of pupils to eighty. Twelve new children joined third grade, bringing to seventy-eight the number in the two classes. So, at the beginning of the year, there was a total of 241 children.

Sister Arlette shares an account of some of the children with special needs:

“In the school, we have four three-year-old children who have language development issues. However, there is no specialised school for these children in Ngozi, and they are too young to be boarders with the Brothers of Mercy in Gitega. Their parents prefer to entrust them to us, rather than leave them at home in the hands of a nanny without education. Despite the difficulty this presents for teachers, it is our charism to welcome them. Little Praise (called “Louange” in French), a child living with a mild form of Down’s syndrome, is not able to go upstairs, where the second-year classrooms are located. We had to change her class and put her downstairs. Nothing else to do! She leaves the class at any time she wants! So she comes to the office, a place she regularly visits. Being unable to pronounce consonants, nothing she says is understood, but her expressions and hand gestures are worth watching. She is so sweet!

Leaving the office briefly one day and knowing from experience that she had to be wary of the comings and goings of Praise, but since a teacher was nearby, Agnès had not bothered to lock the door. On her return, she found Praise sitting in her place, her glasses on her nose, carefully putting her “signature" on an official letter left on the desk. Fortunately, her initials were very light, since she never leans on her biro!”

The Year Three pupils “graduated” from Nursery in September 2021.

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Trustees’ report 31 December 2021

Activities and achievements (continued)

Burundi (continued)

Construction has begun on a new classroom block which will house the primary school which has been funded largely by grants from the Congregation Fund and other DMJ Regions. This is not yet complete, so the first pupils are being accommodated in a neighbouring house which is owned by the sisters and usually rented out.

Ghana

In Ghana there has been only one DMJ community for many years. This is in Ahotokurom, Cape Coast where the sisters have ministered for several decades. Here the sisters work in various capacities at the Padre Pio Rehabilitation Centre (PPRC) which helps Leprosy sufferers, their families, and children with disabilities. (www.padrepio-rehab.com). The fundraising group in England, Friends of Ahotokurom (www.ahoto.org) continues to raise funds for this work although great efforts are being made for the project to become more self-sufficient. The hostel that was supported by the Congregation Fund is now occupied and providing some income to the Centre; the solar energy installed in 2019 and added to in 2020 has reduced electricity bills to practically zero. The farm is also helping to produce food for the community and for sale. A borehole is now being worked on to provide water for irrigation and drinking.

During 2020 the Special Unit (for children with disabilities) had to be closed due to Covid19, and families were supported as much as possible in their homes. In 2021 it reopened, and they were even able to have a nativity play!

Several volunteers went to help in September through the Friends of Ahoto and did great work with some of the young adults with disabilities who are now too old for St Elizabeth’s.

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Trustees’ report 31 December 2021

Activities and achievements (continued)

Ghana (continued)

Some of the class at their craftwork.

They worked with them to find ways they might have work and begin to support themselves. One, Mohammed, now has a full-time job as a painter. Volunteers and clients formed a football team and played a local village team. They won!

St Clare’s home for the elderly, those with disabilities, and leprosy sufferers has been shielded throughout and the PPRC team have also worked with the local hospital on increasing awareness on Covid-19 prevention.

One of the ways in which the PPRC works with clients is by setting up livelihood projects to help individuals become independent. The centre is also closing its childcare unit and moving to supporting families in their own homes instead. The quads and the twins who have lived in Ahoto most of their lives are now old enough to leave and a grant has been given by the CIO to provide housing for them in their home villages. (See below – grants)

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Trustees’ report 31 December 2021

Activities and achievements (continued)

Meme, North Cameroon

In September 2017 three sisters were able to return to take up the mission again in North Cameroon. This followed an absence of over two years when Boko Haram incursions called for temporary withdrawal on safety grounds. There have been a few changes of personnel, but the work continues. The sisters work in the parish and run a course for young women during the post-harvest season when they are relieved of farm work at home. In 2021 there were 48 young women on the course which aims to help them develop literacy skills, crafts and general life skills with a focus on income generation and independence. These courses can introduce an element of choice for the young women and help keep them out of early marriages.

Sister Patricie with some of the 2021 graduates receiving their certificates

Sister Belise teaching catechism

In 2021, Sister Patricie was in charge of the girls in formation, the group of women who are engaged in the parish, the couples, and the HIV positive people. Sister Philomena is in charge of liturgy, Cop Monde, JEC movement, liturgical dancers and she is doing her training in teaching in a nearby primary school. Sister Belise is in charge of the youth, the choir, the divine mercy group, liturgical dancers, teaching catechism in the primary school nearby and vocation promotion.

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Trustees’ report 31 December 2021

Activities and achievements (continued)

Nairobi Kenya

Kenya is the home of the DMJ international novitiate. Here the young sisters receive their basic formation and make their first vows.

In 2021, there were no novices there for the first half of the year as they were on apostolic placement, but the postulants attended an intercongregational course. In September, three postulants were received as novices. Also, Sister Keren made her first vows. Due to the pandemic her parents were not able to attend so one of the Ghanaian DMJ and a Ghanaian brother living in Kenya represented them.

Grants

There were 3 grants given by the CIO in 2021:

Kenya Wall

The Grant was of £38,000 from the Africa restricted fund for formation to rebuild the perimeter wall of the novitiate in Kenya. Accounts and a report were received, and progress followed through the photos sent at different stages.

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Trustees’ report 31 December 2021

Activities and achievements (continued)

Grants (continued)

Kenya Wall (continued)

Permission was sought and given to extend the work to cutting trees, building a generator house and installation of a new electrical pole (KES 140,000.00). This was given and the work is now complete.

Ngozi Primary School

Following on the success of Ecole Maternelle Colette de Brandt, in Ngozi, Burundi, a request was received for further funds to build a Primary School, so that the children could continue their education with the same standards and ethos. Work on the building had already begun with funds remaining after the building of the kindergarten and after due diligence, €100,000 grant was agreed. The Belgium Region of the DMJ also gave €100,000 via this CIO. The first €100,000 tranche was sent in July 2021 and following the receipt of a report and accounts, the second was sent in October 2021. Sister Marie Claire (Trustee) also visited this project when on home leave.

The Plans:

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Trustees’ report 31 December 2021

Activities and achievements (continued)

Grants (continued)

Ngozi Primary School (continued)

Before the first tranche:

At the end of October:

January 2022:

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Trustees’ report 31 December 2021

Activities and achievements (continued)

Grants (continued)

Ghana Livelihood Project

The final grant given in 2021 was to aid six young adults towards independent living – one set of quads and one set of twins. The quads have lived in the childcare facility at Padre Pio Rehabilitation Centre since their birth as the family were unable to care for them and the twins since they were orphaned at the age of twelve. The quads are now fifteen and can be supported by their family with help from PPRC and the twins are eighteen and able to move back to their home village. The grant was to provide housing for them. £19,000 was sent for the quads house which is well underway.

The grant has been agreed in principle for the twins’ house, but a little further information has been requested and payment is pending. In the meantime, the two young men have left Ahoto, and temporary accommodation has been arranged.

Michael and Miguel saying goodbye to the sisters and staff at PPRC

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Trustees’ report 31 December 2021

Grant making policy

The trustees apply the funds of the charity at their discretion and in accordance with the charitable purposes and objectives of the charity. The amount of work or number of projects that can be supported by the trustees is necessarily limited to the amount of funds that are available for distribution each year.

The trustees have determined that the current priorities for funding are:

The priorities for support will be reviewed by the trustees annually and may be changed depending upon circumstances and the perceived effectiveness of the application of funds. Any change to these priorities must still fulfil the charitable purpose and objectives of the charity.

In awarding grants, the trustees apply the following principles:

Covid-19

Due to the pandemic the operations of the charity have had to be adapted and some remain on hold. The CLT has been unable to travel and so visitations and face to face meetings moved online including the annual trustees’ meeting usually held in England. The International Finance and Leadership Meetings were also held online in May 2021 which limited the time available due to widely different time zones. The sisters throughout the Congregation support each other in prayer and through electronic communication.

The effect on Ministries is explained above but there is also a financial impact as the cost of living has risen in most places.

The charity’s income has not been too badly affected in 2021 as investments have recovered fairly well but there will still be volatility in the markets during 2022. The relatively small amount from fundraising and donations has not been greatly affected as donors have been very generous. The Friends of Ahotokurom have some fundraising events and support from parish collections which did not take place in 2021 due to social distancing and restrictions. There has, therefore, been some decrease in their income. Hopefully events will be able to take place in 2022.

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Trustees’ report 31 December 2021

Covid-19 (continued)

In terms of expenditure; grants, donations and support of missionary work and ministry have continued and will continue through the next year. £150,000 was withdrawn from the investments in December 2021 and put aside to provide for foreseen needs of the next year for Africa. This should eliminate the need to withdraw funds from investments during volatile times. The trustees will continue to keep both income and expenditure under review.

Whilst there will undoubtedly be challenges ahead, the trustees do not expect material concerns to arise over the charity’s financial position.

Future plans

In the future, the charity aims to achieve its objects by providing funds to support the Congregation’s projects in Africa; assisting with the funding of the sisters’ living and personal expenses, formation, and ministry in Africa; and providing finance for Congregational meetings, Chapters, and other expenses at a Congregational level.

The Vision Statement of the General Chapter of 2019 said:

“Believing that this is a special moment in the life of our Congregation, we affirm that now is the favourable time to let go of all that is no longer life-giving, scanning the horizon to let come what God is making new among us.

We hear afresh the call to be a deeply contemplative presence at the heart of today’s world. Whatever our milieu, our passionate commitment to our charism impels us to be merciful and compassionate, expressing this in authentic signs and gestures.”

Our Strategic Plan is based on the 5 pillars:

This strategic plan along with the Chapter vision and mandate, will be a guide for the coming years until the next Chapter in 2024.

Fundraising policy

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. The charity takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the charity received no complaints about its fundraising activities.

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Trustees’ report 31 December 2021

Financial review

Results for the period

A summary of the period’s results can be found on page 29 of the accounts.

Total income for the year amounted to £479,951 (2020 – £256,851). Included within this total are donations totalling £284,264 (2020 – £131,030) and investment income totalling £160,614 (2020 – £124,561).

Expenditure in the year totalled £676,527 (2020 – £243,699). Expenditure includes investment management fees of £10,211 (2020 – £18,801), costs in respect to the support of the Congregational Leadership Team and international meetings/administration of £30,110 (2020 – £20,320) and charitable grants, donations and support of missionary work and ministry of £636,206 (2020 – £204,578). Details of charitable grants, donations and support of missionary work and ministry are included in note 5 to the accounts.

Net expenditure for the year before investment gains and foreign exchange gains, therefore, was £196,576 (2020 – net income before investment gains and foreign exchange gains was £13,152). Investment gains amounted to £920,263 (2020 – investment gains amounted to £137,066) and net foreign exchange losses on investments amounted to £118,148 (2020 – net foreign exchange gains on investments of £121,957). Hence, there was a net increase in funds for the year of £605,539 (2020 – net increase in funds of £272,175).

Investment policy

The charity had three investment managers during the year and investments were held in Belgium (in Euros) and in England (in Sterling). During the year to 31 December 2021, the investments held in Belgium and managed by BNP Paribas Fortis were liquidated.

The investment managers work within specific guidelines that are set out and regularly reviewed by the trustees. The investment objectives are to maximise total return through a diversified portfolio and within levels of risk acceptable to the trustees whilst providing a regular level of income advised by the trustees from time to time. The investment managers provide regular reports to the General Treasurer at least bi-annually. These reports confirm also that the ethical requirements stipulated by the trustees have been complied with.

The ethical policy may be summarised as a requirement that funds shall only be invested in companies whose products, services and corporate practices are considered to promote the sanctity and dignity of human life and are not contrary to the Church’s teaching.

The performance of the portfolio reflected the condition of the markets generally throughout the period. The net investment gains for the year to 31 December 2021 totalled £920,263 (2020 – net investments gains amounted to £137,066) and there were net foreign exchange losses in respect to the investments of £118,148 (2020 – net foreign exchange gains on investments of £121,957) reflecting the strength of the Euro against Sterling. The trustees remain satisfied that the portfolio is being managed appropriately relative to the investment objectives and they will continue to monitor movements within the portfolio, to ensure their overall policy is being achieved.

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Trustees’ report 31 December 2021

Financial review (continued)

Reserves policy

The trustees are content for the charity to hold several years of anticipated unrestricted fund expenditure as free reserves. The trustees consider this level of free reserves to be acceptable given the charity’s responsibilities, where in the event of an urgent need in any region, immediate financial assistance may need to be provided. The trustees will review this policy as time passes as and when the level and pattern of expenditure alters.

Financial position

The balance sheet shows total funds of £7,182,548 at 31 December 2021 (2020 – £6,577,009). Amounts totalling £6,858,820 (2020 – £6,273,404) are restricted for the purposes explained in note 13 to the accounts.

Funds which are available to support any of the work of the charity in the future (i.e. free reserves) are those shown on the balance sheet as unrestricted funds. These amounted to £323,728 (2020 – £303,605) at 31 December 2021 and represent more than two year’s expenditure on unrestricted funds. This level of reserves is deemed appropriate, and the trustees are content that the charity is a going concern.

Governance, structure and management

Governing document

Daughters of Mary and Joseph Congregation Fund CIO is an incorporated charitable organisation governed by a constitution dated 8 September 2015. It is a registered charity, Charity Registration Number: 1163470.

Member of the CIO

The Superior General is automatically, by virtue of holding that office, ex officio the sole member of the CIO.

Trustees

The charity has six trustees – the Superior General, the General Bursar, two Congregational Councillors and two lay trustees.

The Superior General and Congregational Councillors shall automatically, ex officio, be trustees for as long as they hold their respective offices. The Superior General may appoint additional trustees by a written resolution with such trustees being appointed for such period of office as the Superior General shall determine. The Provincial Superior of the Africa Region may nominate to the Superior General either one individual to be appointed as a trustee or one of the existing trustees to represent the interests of the Africa Region.

The names of the trustees who served during the period are set out as part of the reference and administrative details on page 1 of this report and accounts.

Daughters of Mary and Joseph Congregation Fund CIO 21

Trustees’ report 31 December 2021

Governance, structure, and management (continued)

Statement of trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and accounts 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 accounts for each financial period which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing the accounts the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the charity’s constitution. 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.

Structure and management reporting

The trustees are ultimately responsible for the policies, activities and assets of the charity. As a result of the international scope of their work, they meet formally as often as necessary to review developments with regard to the charity or its activities and make any important decisions. The trustees use electronic means to be informed and kept up to date with developments within the Congregation and the charity. When necessary, the trustees seek advice and support from the charity’s professional advisers including investment managers, solicitors and accountants. The day-to-day management of the charity’s activities, and the implementation of policies, is delegated to the appropriate members of the Congregation.

Daughters of Mary and Joseph Congregation Fund CIO 22

Trustees’ report 31 December 2021

Governance, structure and management (continued)

Key management

The trustees consider that they alone comprise the key management of the charity in charge of directing and controlling, running, and operating the charity on a day-to-day basis. They receive no remuneration or reimbursement of expenses in connection with their duties as trustees.

Risk management

The trustees believe the significant risks facing the charity to be:

The trustees undertook a formal review of risks in June 2021 and updated the risk register accordingly. This continues to be reviewed annually.

Signed on behalf of the trustees:

H Lane

Trustee

Approved by the trustees on: 31 May 2022

Daughters of Mary and Joseph Congregation Fund CIO 23

Independent auditor’s report 31 December 2021

Independent auditor’s report to the trustees of Daughters of Mary and Joseph Congregation Fund CIO

Opinion

We have audited the accounts of Daughters of Mary and Joseph Congregation Fund CIO (the ‘charity’) for the year ended 31 December 2021, which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Daughters of Mary and Joseph Congregation Fund CIO 24

Independent auditor’s report 31 December 2021

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 accounts 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 in relation to which the Charities Act 2011 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 the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, 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.

Daughters of Mary and Joseph Congregation Fund CIO 25

Independent auditor’s report 31 December 2021

Auditor’s responsibilities for the audit of the accounts

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

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.

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

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

Daughters of Mary and Joseph Congregation Fund CIO 26

Independent auditor’s report 31 December 2021

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

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

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

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

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

We did not identify any irregularities, including fraud.

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

Daughters of Mary and Joseph Congregation Fund CIO 27

Independent auditor’s report 31 December 2021

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011 and with regulations made under section 154 of that Act. 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL 22 June 2022

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Daughters of Mary and Joseph Congregation Fund CIO 28

Statement of financial activities Year to 31 December 2021

Notes Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2021
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2020
£
Income from:
Donations and legacies
1
Investments and interest receivable
2
Other sources
. Miscellaneous income
. Foreign exchange gains
Total income
Expenditure on:
Raising funds
. Investment management fees
3
Charitable activities
. Support of the Congregational
Leadership Team and international
meetings/administration
4
. Grants, donations and support of
missionary work and ministry
5
Total expenditure
Net (expenditure) income for the
year
7
Other recognised gains (losses)
Net gains (losses) on investments
Foreign exchange (losses) gains on
investments
Net income
Transfers between funds
13
Net movement in funds
Balances brought forward at
1 January 2021
Balances carried forward at
31 December 2021		 11,883
66,589
—
35,073
272,381

94,025


—

—		 284,264
160,614
—
35,073		 12,310
62,246
—
—
118,720

62,315

1,260

—
131,030

124,561

1,260

—
113,545
366,406		 479,951 74,556
182,295
256,851
1,575
30,110
106,376



8,636


—

529,830		 10,211
30,110
636,206		 2,806
20,320
4,475
15,995

—

200,103
18,801

20,320

204,578
138,061
538,466		 676,527 27,601
216,098
243,699
(24,516)

(172,060)
 (196,576) 46,955
(33,803)
13,152
17,098
24,541
903,165

**(142,689) **		 920,263
(118,148)		 (19,651)
(23,472)
156,717
145,429
137,066

121,957
41,639
760,476		 802,115 (43,123) 302,146
259,023
17,123
3,000
588,416

**(3,000) **		 605,539
—		 3,832
3,000
268,343

(3,000)
272,175
—
20,123
303,605
585,416


6,273,404		 605,539

6,577,009		 6,832
296,773
265,343

6,008,061
272,175

6,304,834
323,728
6,858,820		 7,182,548 303,605
6,273,404
6,577,009

All of the charity’s activities are derived from continuing operations during the above two periods.

All recognised gains and losses for both periods are included in the statement of financial activities.

Daughters of Mary and Joseph Congregation Fund CIO 29

Balance sheet 31 December 2021

Notes
2021
£		 2021
£		 2020
£		 2020
£
Fixed assets
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due
within one year
12
Net current assets
Total net assets
Represented by:
The funds of the charity
Unrestricted funds
Restricted funds
13

27,547
218,713		 6,960,212
222,336		 20,459
118,631		 6,453,984
123,025
246,260

(23,924)		 139,090
(16,065)
7,182,548 6,577,009
323,728
6,858,820		 303,605
6,273,404
7,182,548 6,577,009

Approved by the trustees and signed on their behalf by:

A Lawrence

Trustee

Approved by the trustees on: 31 May 2022

Daughters of Mary and Joseph Congregation Fund CIO 30

Statement of cash flows Year to 31 December 2021

Notes
2021
£
2020
£
Cash flows from operating activities
Net cash used in operating activities
A
Cash flows from investing activities
Investment income and interest received
Payments to acquire investments

Receipts from disposals of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the period
Cash and cash equivalents at 31 December 2021
B
Change in cash and cash equivalents due to exchange rate
movements
Cash and cash equivalents at 31 December 2021
B

**(384,404) **		 (108,759)


153,526
(4,716,915)
4,864,349		 124,255
(681,247)
845,326
300,960 288,334

(83,444)


267,084

35,073
 179,575
88,871
(1,362)

218,713		 267,084

Notes to the statement of cash flows for the year to 31 December 2021

A Reconciliation of net movement in funds to net cash used in operating activities

2021
£		 2020
£
Net movement in funds (as per the statement of financial activities)
Adjustments:
Gains on investments
Exchange rate movements
. On investments
. On cash
Investment income and interest receivable
Increase in creditors
Net cash used in operating activities		 605,539
(920,263)
118,148
(35,073)
(160,614)
7,859		 272,175
(137,066)
(121,957)
1,362
(124,561)
1,288
(384,404) (108,759)

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2021
£
218,713
—
218,713		 2020
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 118,631
148,453
267,084

No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).

Daughters of Mary and Joseph Congregation Fund CIO 31

Principal accounting policies Year to 31 December 2021

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

Basis of preparation

These accounts have been prepared for the year to 31 December 2021 with comparative information provided in respect to the year to 31 December 2020.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

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

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

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees to make significant judgements and estimates.

The key judgement required in preparing these accounts has been the estimation of the income and expenditure flows of the charity and on its short to medium term financial stability in assessing going concern.

There are no other items in the accounts where key judgements and estimates have been made.

Assessment of going concern

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

With regard to the next accounting period, the year ending 31 December 2022, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment market.

The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above.

Daughters of Mary and Joseph Congregation Fund CIO 32

Principal accounting policies Year to 31 December 2021

Income recognition

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

The principal sources of income are donations, grants, legacies, investment income from listed investments and interest receivable.

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

Donations received in the form of investments are recognised at their market value on the date of the transfer.

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

Income from listed investments is recognised once the dividend has been declared and notification has been received of dividend due.

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

Other income includes exchange gains on currency conversion. The accounting policy for foreign currencies is set out below.

Daughters of Mary and Joseph Congregation Fund CIO 33

Principal accounting policies Year to 31 December 2021

Expenditure recognition

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

All expenditure is accounted for on an accruals basis. The classification between activities is as follows:

Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial period are accrued. Grants where the beneficiary has not been informed or has to fulfil performance conditions before the grant is released are not accrued but are disclosed as financial commitments in the notes to the accounts.

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support including in the form of financial procedures.

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

Support and governance costs are allocated to the support of the Congregational Leadership Team and international meetings/administration.

Fixed asset investments

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

The charity does not acquire put options, derivatives or other complex financial instruments.

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

Daughters of Mary and Joseph Congregation Fund CIO 34

Principal accounting policies Year to 31 December 2021

Fixed asset investments (continued)

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

Debtors

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

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

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

Fund structure

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor-imposed conditions.

Unrestricted funds comprise those monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the trustees.

Foreign currencies

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

Services provided by members of the Congregation

For the purposes of these accounts, no value has been placed on administrative and other services provided by the members of the Daughters of Mary and Joseph i.e. the Congregation.

Daughters of Mary and Joseph Congregation Fund CIO 35

Notes to the accounts Year to 31 December 2021

1 Income from: Donations and legacies

Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2021
£



Unrestricted
funds
£

12,310

—

—

—

—

12,310		 Restricted
funds
£		 Total
funds
2020
£
Congregational contributions for
Congregation Leadership Team and
international meetings/administration
Other gifts and donations
Legacies
Grants
Sisters’ pensions donated to the
charity
Total funds		 11,883
—
—
—
—		 —
105,282
20,000
130,742
16,357		 11,883
105,282
20,000
130,742
16,357		 —
101,302
—
—
17,418		 12,310

101,302

—

—

17,418

131,030
**11,883 **
272,381		 284,264 118,720

2 Income from: Investments and interest receivable

Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2021
£

160,605
9
160,614		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2020
£
Income from listed investments
Interest receivable
Total funds		 66,585
4		 94,020
5		 62,152
94		 62,217
98
62,315		 124,369
192
66,589 94,025 62,246 124,561

3 Expenditure on: Investment management fees

Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2021
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2020
£
Total funds:Investment
management fees		 1,575 8,636 10,211 2,806 15,995 18,801

4 Expenditure on: Support of the Congregational Leadership Team and international meetings/administration

Unrestricted funds
Total
funds
2021
£
Total
funds
2020
£
4,453
3,327
5,584
—
—
(56)
438
401
—
895
2,942
3,132
2,042
197
2,073
—
—
1,362
12,578
11,062
30,110
20,320
Congregational Leadership Team expenditure
Meetings (including facilitation)
Office and administrative costs
Website
Formation
Support of a sister
Subscriptions and fees
Travel and visitation
Foreign exchange losses
Support and governance costs (note 6)
Total funds

Daughters of Mary and Joseph Congregation Fund CIO 36

Notes to the accounts Year to 31 December 2021

5 Expenditure on: Grants, donations and support of missionary work and ministry

Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2021
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2020
£
Support of missionary work and
ministry of the Congregation in:
. Uganda
. Burundi
. Belgium
. Kenya
. Ghana
. Cameroon
. Ireland (for Africa)
. Regions (including sisters’
subsistence)
Total funds		 —
85,595
—
—
19,100
—
—
1,681		 160,441
130,273
—
80,024
104,400
8,731
7,564
38,397		 160,441
215,868
—
80,024
123,500
8,731
7,564
40,078		 —
—
—
—
—
4,475
—
—		 66,811
14,767
895
44,749
34,000
8,950
4,922
25,009		 66,811
14,767
895
44,749
34,000
13,425
4,922
25,009
106,376 529,830 636,206 4,475 200,103 204,578

No grants or donations were made to individuals during either period.

6 Support and governance costs

Unrestricted funds Unrestricted funds Unrestricted funds
2021
£		 2020
£
Governance costs – Auditor’s remuneration
Bank charges		 10,880
1,698		 10,200
862
12,578 11,062
Net (expenditure) income for the year.
This is stated after charging:		 Total
funds
2021
£		 Total
funds
2020
£
10,200
1,362
Auditor’s remuneration (including VAT)
. Statutory audit fees
(Gains)losses on currencyconversion		 10,880
(35,073)

7 Net (expenditure) income for the year.

This is stated after charging:

8 Staff costs and remuneration of key management personnel

The charity did not employ any staff during the year (2020 – none).

The trustees consider that they alone comprise the key management of the charity in charge of directing and controlling, running, and operating the charity on a day-to-day basis. They received no remuneration or reimbursement of expenses in connection with their duties as trustees (2020 – none).

Four trustees of the charity (2020 – five) are also members of the Congregation and as such have taken vows of poverty under which they have renounced all personal rights to income and capital. The charity may provide for the living and personal needs of such members of the Congregation.

Daughters of Mary and Joseph Congregation Fund CIO 37

Notes to the accounts Year to 31 December 2021

9 Taxation

Daughters of Mary and Joseph Congregation Fund CIO is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

10 Investments

Investments
Total
funds
2021
£		 Total
funds
2020
£
6,210,587
681,247
(800,978)
92,718
121,957
6,305,531
148,453
6,453,984
5,497,620
Listed investments
Market value at 1 January 2021
Additions at cost
Disposals at book value (see below)
Unrealised gains on revaluation
Exchange (losses) gains
Market value at 31 December 2021
Cash held by investment managers for reinvestment
Cost of listed investments at 31 December 2021		 6,305,531
4,716,915
(4,781,023)
836,937
(118,148)
6,960,212
—
6,960,212
6,104,426
Disposals at book value included above are made up of the following: 2021
£
4,864,349
(83,326)
4,781,023		 2020
£
845,326
(44,348)
800,978
Proceeds
Realised gains
Disposals at book value(see above)

At 31 December 2021, the charity’s investment portfolio included the following holdings which represented a material proportion of the total value of the fixed asset investment portfolio at that date:

Investment Percentage
of portfolio
%
38.60
61.40		 Market
value
£
Epworth Affirmative Fund
Catholic Investment Fund Founder Class Income Units		 2,686,850
4,273,362
2020
£
4,365,434
1,053,020
566,250
155,854
164,973
6,305,531

Daughters of Mary and Joseph Congregation Fund CIO 38

Notes to the accounts Year to 31 December 2021

11 Debtors

Debtors
2021
£		 2020
£
Accrued investment income 27,547 20,459

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2021
£		 2020
£
Accruals
Grant payable		 12,524
11,400		 16,065
–
23,924 16,065

13 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances held on trusts to be applied for specific purposes:

At 1
January
2021
£		 Income
£		 Expenditure
£

Investment
and foreign
exchange
losses
£


Transfers
£		 At 31
December
2021
£
Africa Fund
Congregation Fund		 3,874,963
2,398,441		 366,406
—		 (538,466)
—
447,419

313,057		 (3,000)
—		 4,147,322
2,711,498
6,273,404 366,406 (538,466)
760,476		 (3,000) 6,858,820
At 1 January
2020
£		 Income
£		 Expenditure
£		 Investment
and foreign
exchange
losses
£


Transfers
£		 At 31
December
2020
£
Africa Fund
Congregation Fund		 3,698,939
2,309,122
182,295

—		 (216,098)
—		 212,827
89,319		 (3,000)
—		 3,874,963
2,398,441
6,008,061
182,295		 (216,098) 302,146 (3,000) 6,273,404

The restricted funds held by the charity comprise:

 Africa Fund

The funds held for Africa are restricted for the use of the Africa Region. Within this fund there are certain amounts restricted to particular purposes by the wishes of the donors. The purposes include formation/education, Burundi Orphans, Coloma sponsorship, Coloma projects, Friends of Ahotokurom projects and support of sisters’ families. The £3,000 transfer from the restricted fund to unrestricted funds represents a contribution towards the expenses of the Congregational Leadership Team (2020 – £3,000).

 Congregation Fund

Daughters of Mary and Joseph Congregation Fund CIO 39

Notes to the accounts Year to 31 December 2021

14 Analysis of net assets between funds

Unrestricted
funds
£


Restricted
funds
£


Total
2021
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2020
£
Fund balances at
31 December 2020
are represented by:
Investments
Current assets
Current liabilities
Total net assets		 286,467
59,368
(22,107)
6,673,745

186,892
(1,817)		 6,960,212

246,260
(23,924)		 259,215
53,702
(9,312)		 6,194,769

85,388

(6,753)		 6,453,984
139,090
(16,065)
323,728
6,858,820		 7,182,548 303,605 6,273,404 6,577,009

15 Reconciliation of movement in unrealised gains

Reconciliation of movement in unrealised gains
2021
£		 2020
£
Unrealised gains included above
On investment assets
Reconciliation of movement in unrealised gains on investment
assets
Unrealised gains (losses) at 1 January 2021
In respect to disposals in the year
Net gains on revaluations
Exchange (losses) gains in respect to disposals in the year
Unrealised exchange gains (losses)
Unrealisedgains at 31 December 2021		 855,786 807,911
807,911
(778,251)
836,937
107,337
**(118,148) **		 794,450
(85,913)
92,718
(115,302)
121,958
855,786 807,911

16 Ultimate control

The charity, which is constituted as a Charitable Incorporated Organisation (CIO), was controlled throughout the period by the Daughters of Mary and Joseph due to the Superior General, by virtue of her office, being ex-officio the sole member of the CIO. If the CIO is wound up, the member of the CIO has no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

17 Related party transactions

During the year to 31 December 2021, the charity received a contribution of £3,000 (2020 – £3,000) towards the CLT and a contribution of £5,000 (2020 – £5,000) towards the DMJ in Africa from The English Region of the Daughters of Mary and Joseph CIO (Charity Registration Number 1171001). Two of the trustees of The English Region of the Daughters of Mary and Joseph CIO are also trustees of the Daughters of Mary and Joseph Congregation Fund CIO.

During the year to 31 December 2021, the charity received €103,500 (£86,989) (2020 – €3,550 (£3,177)) from the ASBL Insitut des Dames de Marie. One of the trustees of the Daughters of Mary and Joseph Congregation Fund CIO is also a trustee of the ASBL Insitut des Dames de Marie.

There were no other related party transactions requiring disclosure during the year to 31 December 2021 (2020 – none).

Daughters of Mary and Joseph Congregation Fund CIO 40