The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO
Annual Report
April 2024 – March 2025
Charity registration number 1163502 (England and Wales)
Annual Report 1[st] April 2024 – 31[st] March 2025
|Trustees’ report||
|---|---|
|Introduction|1|
|Organisation|2|
|Trustees|3|
|Advisors and Reference List|4|
|Trustees’ Responsibilities Statement|6|
|Risk Assessment and Control|7|
|Investment Policy|8|
|Safeguarding|9|
|Public Benefit|10|
|Financial Report for the Year|11|
|Pastoral Activities|13|
|Partnerships|13|
|Shepherd’s Purse|16|
|Residential Care Services|20|
|Donations|24|
|Property|25|
|Future Goals|27|
|Independent auditor’s report|28|
|Statement of financial activities|32|
|Balance sheet|33|
|Statement of cash flows|34|
|Principal accounting policies|35|
|Notes to the accounts|40|
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO
Annual Report 1[st] April 2024 – 31[st] March 2025
## Introduction
## The Congregation of Our Lady of Charity of the Good Shepherd
The Congregation of Our Lady of Charity of the Good Shepherd is an international Roman Catholic Congregation of Religious Sisters. It was founded in France by St. Mary Euphrasia Pelletier in 1829 as a house of the Order of Our Lady of Charity, founded by St. John Eudes in 1641. The Order and the house, then became separate entities with the house and those founded from it, becoming a separate Congregation in 1835. The Congregation and the Order were re-united in 2014. The Congregation is present in 72 countries and divided into Units. There is a General House in Rome for the international governance of the Congregation.
## Our Vision
We envision a new way of living that celebrates the oneness of all creation, an inclusive world where the dignity and diversity of all life is honoured and protected.
## Our Mission
Impelled by our evolving understanding of God’s love, we create relationships and build partnerships that promote the dignity and human rights of all, especially women and children. In solidarity, we work for the transformation of unjust systems for the flourishing of humanity and the integrity of all creation.
The accounts accompanying this report are the accounts of the Charitable Incorporated Organisation (CIO) (the Charity) which holds the assets of the English Province of the Congregation and through which its finances operate. The CIO is governed by a constitution dated 1 April 2016 and is registered with the Charity Commission, Charity Registration Number 1163502.
On 31 March 2025 membership of the Congregation of Our Lady of Charity of the Good Shepherd in the UK numbered 34.
All the members of the Congregation have taken a vow of poverty. Therefore, all income, stipends, pensions etc. are covenanted to the Charity, which together with all the charitable works also meets all the needs of the Sisters. The Trustees, therefore, have an obligation to ensure that the resources are available to meet those needs which include the high cost of caring for the elderly and infirm. Increasingly, members require medium to high dependency care. Recognizing the commitment, a large part of the assets is represented by a Reserve Fund for that purpose.
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## Organisation
The English Province of the Congregation is governed by a Province Leader and her Team. The Province Leader is either elected by the members of the Province Chapter, which is effectively a general meeting that takes place every six years, or appointed by the Congregational Leader at the members’ request. The Province Leader’s team is elected by members of the Congregation at the Province Chapters. Their term of office and that of the Province Leader is six years. They follow the direction set for the Charity by the Province Chapters.
The Charity is governed by the Trustees, the power of whose appointment is vested in the Province Leader. In practice, the Leader appoints some members of her Team as Trustees on their election to office. Team members serve for three or six years and on ceasing to be members of the Team, retire as Trustees.
The Trustees are, at present, all members of the Congregation of Our Lady of Charity of the Good Shepherd. Combined, they have more than fifty years of service as Trustees and a variety of experience and qualifications, notably teaching, counselling, social work, hospice, prison work, administration, and management. To help them in their task as Trustees, the Sisters work with several professional advisors: e.g., a Finance Advisory Committee, Investment Consultants, Investment Managers, Solicitors, Safeguarding Commissions and Health and Safety Personnel.
The Trustees consider that they, together with the Finance Manager and Managers of the Communities/Care homes which provide care and support for the Sisters, comprise the key management of the Charity on a dayto-day basis.
## ADMINISTRATIVE ADDRESS
Suite 23, 5th Floor, St. James’ House, Pendleton Way, Salford, M6 5FW Charity Registered England and Wales Number 1163502
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## Trustees
**Sr Anne Josephine Carr** Province Leader Social Worker
**Sr Christine Mearns** RMN
Josephine
**Sr Mary Olivia Gorman** Social Worker
**Sr Eileen Mearns** Social Worker
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AUDITORS PRINCIPAL BANKER Buzzacott Audit LLP Royal Bank of Scotland PLC 130 Wood Street 62-63 Threadneedle Street London London EC2V 6DL EC2R 8LA
SOLICITORS Stone King LLP McSparran McCormick Upper Borough Court 19 Waterloo Street Upper Borough Walls Glasgow Bath G2 6AH BA1 1RG
INVESTMENT CONSULTANTS INVESTMENT MANAGERS Portfolio Review Services Rathbone Investment Management 12 Granard Road Ltd. London Port of Liverpool Building SW12 8UL Pier Head Liverpool L3 1NW
INVESTMENT MANAGERS
Sarasin & Partners LLP Juxon House 100 St Paul’s Churchyard London EC4M 8BU
INSURER EMPLOYMENT ADVISORS CIS (Catholic Insurance Service Stone King LLP Oakley House, Mill Street Upper Borough Court Aylesbury Upper Borough Walls HP20 1BN Bath BA1 1RG
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## SAFEGUARDING ADVISORY
Catholic Safeguarding Standards Agency 39 Eccleston Square London SW1V 1BX
Religious Life Safeguarding Service 84 Church Street Liverpool L1 3AY
## SAFEGUARDING COMMISSION
Scottish Commission
Conference of Religious Safeguarding Service Commission
Sisters of Our Lady of Charity of the Good Shepherd (also known as Good Shepherd Sisters)
Congregational Leadership Team Each Councilor has responsibility for a specific group of Provinces/Units
Elected every 6 years by the Congregational Chapter – the highest governing body of the Congregation when in session
Global Presence
Europe • Asia • Africa • N & S America • Oceania
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO
The English Province is administered by the Province Leader and her team.
Province Locations: Scotland: West Kilbride, Glasgow & Bishopton Manchester: Blackley Birmingham: Northfield London: Hammersmith & Finchley Southampton: Shirley Portsmouth: Waterlooville
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## Trustees’ Responsibilities Statement
The Trustees are responsible for preparing the annual report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Law applicable to Charities in England and Wales requires the Trustees to prepare the Accounts of the Charity for each financial year which give a true and fair view of the state of affairs of the Charity at that date and of the incoming resources and application of resources of the Charity for that period. In preparing accounts, giving a true and fair view, the Trustees should follow best practice and:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in SORP (Statement of Required Practice) Accounting and Reporting by Charities;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on a going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. They are also responsible for safeguarding the assets of the Charity and must take reasonable steps to prevent and detect fraud and other irregularities.
Throughout the year, the Trustees attended several seminars organized by various professional bodies expressly designed to help Trustees understand their duties and responsibilities. Many of these have been held online.
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## Risk Assessment and Control
It is the duty of the Trustees to undertake an annual review of the main risks to which the Charity is exposed. Broadly speaking these risks may be categorized under governance & management, operational risks, financial risks, reputational risks, and risks brought about by external circumstances such as changes in law, regulations and government policies. During the review, any necessary changes to existing policies and procedures and any new policies and practices are identified and implemented to minimize risk.
The main areas of risk to the Charity are as follows, along with the measures in place to safeguard against that risk.
- All Sisters in the Province take a vow of poverty and, accordingly, make a deed of covenant to the Charity of any income received. As a consequence, there are moral and legal obligations on the part of the Trustees of the Charity to provide for the living needs of the Sisters.
- The average age of the Sisters as of 31 March 2025 has risen to 84.5 years. This is accompanied by increasing care needs. Those of our Sisters who need extra care are accommodated in our 2 small residential care facilities, whose staff members are very well trained. The managers of both care facilities meet regularly with the Trustees. In light of the ageing of the Sisters and consequent lack of salaries, we are dependent on income from our investments to cover the living needs of the Sisters. There is also a designated fund set aside to provide for the increasing care needs of the Sisters of the Province.
- To mitigate the inherent financial risks, a finance advisory committee, which includes the Trustees and finance professionals, meets twice yearly with the investment managers. We have professional investment consultants who monitor the performance of the investment managers and who advise the Trustees. Advice from our financial professionals is sometimes sought in addition to these meetings. We require that the investments made on behalf of the Charity meet with ethical criteria in accordance with the Congregation’s beliefs and values.
- Financial Risk: The Trustees have internal procedures in place to safeguard against financial abuse such as requiring two signatures to any cheque to the value of £1,000 or more and the regular change of financial passwords.
- As an international Congregation, we frequently support projects in other countries consistent with the Charity’s objectives. Funds are sent in instalments, either through the GSIF (Good Shepherd International Foundation) based in Rome which provides reports on how the monies have been utilized, or they are sent directly to the project by bank transfer and in return an account is received of how the funds have been used. Any financial transfers are carried out by the Financial Administrator and a Trustee. Sometimes donations are made to individuals but in such cases, the Trustees are given a full briefing of the particular circumstances.
- The work carried out by the Charity has always been with the vulnerable, both children and adults. In line with government legislation and policies of the National Catholic Safeguarding Agencies and Catholic Safeguarding Advisory Services, a Safeguarding policy has been developed by the Trustees of the Charity. Our Care Homes have additional policies with specific guidance from the relevant City Councils.
- The Charity has membership of Safeguarding Commissions, which meet with the requirements laid down by the Cumberledge Report. Meetings are held quarterly and are attended by the safeguarding representative who reports to the Trustees. In addition, safeguarding conferences
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and training days are attended regularly. All Trustees and members of Staff have undertaken training. The Province has a Safeguarding Team, consisting of the Safeguarding Lead and two others.
## Investment Policy
We seek to assist the funding of our activities and our Sisters’ living expenses, plus the cost of care for the elderly by a carefully planned investment policy.
The Congregation has a discretionary investment management arrangement with Rathbones Investment Managers UK Ltd. and invests in the charitable funds of Sarasin & Partners LLP. The target is to achieve an acceptable return of both income and capital growth with no more than a moderate level of risk.
We have updated our ethical investment policy to reflect the Congregation’s orientation in favour of justice and peace and our specific orientation in favour of girls and women struggling on the margins of society.
Examples of investments which the Trustees wish to avoid include those companies dealing primarily in:
- Armaments
o Gambling
- Pornography
- o Tobacco
## Investment performance
During the year the Charity’s listed investments achieved an income yield of 2.8% (2024: 3.2%)
The Trustees are content with the investment performance and will continue to review it regularly via meetings with their investment consultants and each of the investment managers. The Trustees regard the Charity’s investments as being for the long term. They remain confident that the policy adopted is appropriate for the Charity.
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## Safeguarding
There are currently two bodies dealing with historical Child Abuse in residential establishments in Scotland. As we have been major providers of care in the past, we are open to cooperating in any way we can to support the work of these Bodies. We receive regular requests for information from our registers from “Wellbeing Scotland” to which we respond to the best of our ability.
The Trustees regularly update their knowledge of safeguarding and the Safeguarding Lead attends the Safeguarding conference each year.
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## Public Benefit
When settling the objectives and planning the work of the Charity for the year, the Trustees give very careful consideration to the Chairty Commission’s guidance on public benefit.
Because the individual Sisters have become mostly too frail and elderly to work with the public, the Trustees have given priority to partnerships in the UK and abroad with other charitable organizations which resonate with our mission, e.g. Father Hudson’s Care in Birmingham and Anawim in Birmingham which works with women in difficulties. We widened our partnerships in the prior year by adding the Jesuit Refugee Services to our partnership portfolio.
Principal Aims and Activities
The Congregation of Our Lady of Charity of the Good Shepherd CIO aims to support the religious and other charitable works carried out by members of the Congregation. There is a special emphasis on women and children in need within the context of the family, regardless of ethnic origin, sexual orientation, or religion.
The Good Shepherd Constitutions state:
“Our specific orientation is to girls and women whose condition in life cries out for their healing and salvation which Jesus alone can bring. We are deeply committed to their human and spiritual healing and to their integral development. Since the well-being of the person is intimately linked to that of the family, we strive to serve them in the context of the family and the society in which they live. We also respond to apostolic needs which are in accord with our mission.”
Constitution No.6
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## Financial Report for the Year
Total income for the year amounted to £3,306,259 compared to £2,997,423 in the prior year. In both years properties were sold – in the prior year the surplus on the sale of properties was £458k compared with £448k in the current year.
Expenditure for the year to 31 March 2025 totalled £3,500,180 compared to £2,615,096 in 2024. The increase in expenditure in the current year related to the care and support of members of the congregation as Sisters age and the donation of The Priory building (at cost) to The Daughters of Divine Love (charity number 1005536).
The decrease in the net assets and funds of the Charity in the year amounted to £172,615 (2024 – increase of £3,489,276) after accounting for investment gains of £21,306 (2024 – investment gains of £3,106,949).
## Financial position
At 31 March 2025, the Charity had net assets or total funds of £67,842,708 (2024: £68,015,323).
Of the total income funds, £559,419 (2024: £551,752) are restricted, being monies and assets to be applied for specific purposes. Details of these funds are provided in note 17 to the attached accounts.
£7,181,362 represents the net book value of tangible fixed assets by the Charity (2024: £8,642,731). These assets are required for the day-to-day work of the Charity and hence do not represent amounts that may be realised to meet ongoing expenditure. £426,400 represents the net book value of assets held as programme related investments.
The Trustees have decided to set aside or designate funds totalling £47,830,200 (2024: £50,072,974). These funds include amounts set aside in order to provide for members of the Congregation as they grow older and as their care needs increase, a Congregational Giving Fund, and a grant making fund. Designated funds for the prior year also included the assets representing the Charity’s care home, which, for the current year, are now presented under the tangible fixed assets fund. Details of the designated funds may be found in note 19 to the attached accounts.
The general funds or free reserves of the Charity at 31 March 2025 totalled £11,845,327 (2024: £11,732,605).
## Reserves Policy
The Trustees require free reserves to meet any emergencies arising from any interruptions to the flow of income, falls in the value of investments and general emergencies. The Trustees have decided that the free reserves of up to 36 months of expenditure should be retained.
At 31 March 2025, free reserves were in excess of the amount required under the above policy. This is deemed acceptable by the Trustees given the current macroeconomic and geopolitical uncertainty in the United Kingdom.
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## Pastoral Activities
These fall into the following main categories:
- Networking Projects with other Units, for the empowerment of women and girls and the development of the mission.
- Partnerships
We have several partnerships with organizations working with women, refugees, asylum seekers and other vulnerable people.
We continue our partnerships with Father Hudson’s Care in Birmingham, which include Brushstrokes and Sophia House in providing money for the rest of their main hub in Balsall Heath. The CEO of Father Hudsons says that they would not be able to do all that they do if they had to worry about finding money to rent their building. The Trustees reviewed this agreement and agreed to renew it for the next 3 years.
## Partnerships
From the CEO of Brushstrokes:
In the financial year 1 April 2024 to 31 March 2025, your continued generosity and support enabled us to further expand our reach and to provide a safety net for an ever-growing community of the most vulnerable individuals in society. This past year we have worked in four major local authority areas in the Midlands: Sandwell, Birmingham, Dudley and Walsall; we have assisted asylum seekers in four large contingency hotels; and we have seen around 600 people a month through our doors for advice alone. Our Foodbank, run from the main hall, has been a lifeline for those with no statutory support to avoid hunger and destitution. The hall has also hosted a number of weekly activities, ensuring that our community’s problems are not exacerbated by the potential poor mental health triggers of loneliness and isolation. Our Resource Room has allowed us to fulfil our clients’ needs for clothing, bedding, linen, household goods and crucially, baby packs. This service is open to everybody in our community. Please see below a selection of our achievements from the last year.
Selected Outcomes 2024/25:
- Foodbank Clients – 5,992
- Foodbank Beneficiaries – 15,854
- Non-food Resources, Clients Supported – 3,626
- Advice Clients – 4,264
- Advice Clients Total Beneficiaries – 7,903
- Financial Outcomes for Clients - £1,823,440
- Community Café Meals Served – 2,168
- Client Languages – 58
- Client Nationalities – 122
- ESOL, OET and IELTS Student Sessions (English learning) – 2,479
- Volunteers – 82
- Volunteers with Lived Experience – 61
- Clients supported into Employment – 82se Study
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Sophia House
## o Case Study
“MVP, a 60-year-old woman originally from Ukraine, came to the UK in search of a fresh start and better opportunities, but initially found herself living in a challenging and unstable environment. Before relocating to Sophia House, she resided in another HMO (House in Multiple Occupation), where she faced numerous challenges. The living environment lacked both essential support systems and a sense of community, leaving VP feeling isolated, unsupported, and culturally disconnected. As a recent immigrant she had limited access to resources and struggled to navigate her new life. Additionally, the mixed-gender nature of her previous accommodation made her feel uncomfortable. This lack of integration and support contributed to feelings of loneliness and displacement, which negatively impacted her mental and emotional well-being.
- Staff at Sophia House also supported VP in her understanding and accessing the British healthcare system, social services, and other community resources. This empowerment enabled her to fully engage in her new life, reducing her sense of dependency and fostering greater independence.
- Another notable improvement was the quality of VP’s accommodation., Unlike her previous living conditions, the accommodation at Sophia House was clean, comfortable, and better suited to her needs contributing significantly to her improved sense of security and well—being. Housing Team”
We also support Anawim, working with women in Birmingham. We give a donation of £17,000 each year towards the salary of the CEO and we have three Sisters on the Board of Trustees.
In London, we support the Jesuit Refugee Services – After an initial donation towards the building of a house for homeless men in London, the Trustees signed a partnership with the Jesuit Refugee Service. We have committed ourselves to donating £20,000 per year for the upkeep of a house for women refugees in London.
The Good Shepherd Sisters and the Jesuit Refugee Service UK – Together walking with refugees
Advice and support service
Our partnership with the Good Shepherd Sisters also enabled our expert caseworkers to offer high-quality advice and support to refugee women, helping to uphold their dignity and rights, in an asylum system that denies them basic resources and essential support.
Our team assists women to access healthcare, housing, maternity and post-natal support, education, and other vital services. As well as making referrals to JRS UK’s own specialist services including our legal team and accommodation team, we also make referrals to a range of partners including the British Red Cross, foodbanks, and baby banks.
Most women served by JRS UK have experienced sofa-surfing, unstable accommodation, or street homelessness. This leaves people vulnerable to exploitation and unable to properly engage with their asylum case. With the support of the Good Shepherd Sisters, we are able to assist people into safe and secure housing, as we work with them to find a long-term resolution to their situation.
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## Shepherd’s Purse
Last year we had to put this project on hold as we had not been able to appoint anyone to run it for us. However, this year we have had a sister returning to Great Britain after some time in Europe. She has agreed to take on this project for us.
Sister Christine has already taken the templates we had been given from another grant making charity and adapted them for us to use.
Sister has had meetings with our Good Shepherd Associates who we hope will help us in communicating with Charities who work with women in distress.
We hope to have the project up and running by the end of the year.
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Aquinas Scholarship Fund
STUDENT STATUS REPORTS
## Batch 2019
1. Sr. Isabel José Caxicula Unit/Country : Angola/Mozambique Course : Curso de Educadora Social Institute : ISPEL – High Polytechnic Evangelical School of Lubango, Angola Year started : 2019 Year of completion : 2023
Progress Report
I am attending the elementary school teachers’ course, which is dedicated to basic teaching for children and adolescents and is a preparation for entering primary school. It gives me the ability to face and teach them with competence and understanding, each in their own position and culture, especially the most disadvantaged, without great financial constraints, so that I know how to manage my classes and teach them.
As I am almost at the final stage of my preparation for my thesis, I am all the more justified in saying that the culmination has arrived. As a humble daughter of St. Maria Eufrasion, I say that gratitude is the memory of the heart. Using these exact words, I express my eternal gratitude to the Congregation for the financial support, affection, love, and kindness that it has always shown me over the years. I ask and count on your prayers so that the Holy Spirit may enlighten me in this phase of writing the Thesis until the defense. United in prayer.
Lubango November 30, 2024.
## Financial Report
|Budget Description|Budget
(5 Years)|||Expense|Expense|||Total|Balance|
|---|---|---|---|---|---|---|---|---|---|
|||2019|2020|2021|2022|2023|2024|||
|Tuition/School fees|2,616|992|526|338|459|330|249|2,894|(278)|
|Books/Materials|1,090|270|74|117|25|132|155|773|317|
|Transportation|1,439|147|8|30|38|91|55|369|1,070|
|Final Monografia|1.907|||||25||25|1,882|
|Total in Euro|7,052|1,409|608|485|522|578|459|4,061|2,991|
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Residential care services for our elderly Sisters
St. Euphrasia’s Care Home Blackley, Manchester provides 24-hour residential care for 14 Sisters. 206 Regents Park Road, Southampton, provides similar care for up to 10 Sisters. Litchford Court provides sheltered housing for up to 10 Sisters and their Chaplain.
This is what the Managers say:
Litchford Court
In May of this year, we will be approaching four years in Litchford Court. We have had quite a lot of comings and goings this year, and a few 90th birthdays, which included Sr. Agnes Reville and Sr. Bridget Barry.
## New additions
Sr. Monica Dowling joined the community on 3November and was enjoying her single living life and has settled into the community very well, but at this moment she is in our care home for a few weeks’ respite to recover from a short illness. Sr. Christine Mearns also joined the community in May after several years working in Rome.
## Province Meetings
Throughout the year we have held a few Province meetings here at Litchford Court and all preparations and hospitality as usual went well.
We had a visit in September from our Sisters in Germany, who also had some lay partners accompany them. This meeting was a good success, and our leadership team returned the invitation and went to Germany in February for 5 days and the Sisters enjoyed this visit very much.
## Visit from CLT Team
On Wednesday 2April we welcomed the arrival of Sr. Erica Sanchez, Sr. Mijam Beike and Sr. Yolanda Borbon, who are on the Council Leadership Team. The Sisters spent 5 days with the community at Litchford Court and had a meeting with Jayne Brooks and me, discussing our roles as Managers with the Good Shepherd. The meeting was very constructive.
They then went by train to Scotland, and on Wednesday 5 April, flew down to Southampton to spend some time with our Sisters in Shirley. On Friday 11 April the Sisters spent some time speaking with the Sisters at Litchford Court answering questions especially about what the future holds. This meeting was highly informative, and the Sisters were happy to have this opportunity to spend time with the CLT.
## Health and Safety Report
Once again, we have had an excellent Health and Safety report with the most excellent level of Health and Safety Compliance. He said it was the first time ever that he had not found any actions for improvement in his career as a health and safety consultant, and considering that he has worked for over three hundred organisations in 20 years it was the absolute best he has seen. Good to know that sisters, visitors, and staff are in safe hands.
I would like to thank the staff at Litchford court who are only a small team for their commitment to the work they have put into the exceptionally large funerals we have undertaken here and made all the Sisters’ families and friends most welcome and cared for.
Again, I can only say to you that after 20 years of service to the Good Shepherd Sisters, it is still an honour and with great love and affection that I continue to be the Manager of Litchford Court.
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St. Euphrasia’s Care Home
The past year has again seen changes in St Euphrasia’s with the needs of the Sisters increasing due to the physical and mental challenges they face.
Sr Elizabeth’s dementia has become quite advanced and requires one-to-one care for her own safety within the home and this can be quite challenging at times. It is only right Sister remains with her community at this time, although Sister’s memory is very poor, she always remembers she is a Good Shepherd and her vocation.
Sr Angela’s health has deteriorated over the past year, mainly with her dementia. She is more disorientated and can become quite agitated with the staff and Sisters, but all deal with this exceptionally well.
Sister Aine came to St Euphrasia’s this year from Southampton and has settled in well. Sr Regina also joined us from Birmingham after a fall and stay in hospital. She has recovered well from the fall and is a pleasure to have in the Home and she has a wicked sense of humour which we all enjoy.
The Sisters continue to have exercise classes by the Physio every fortnight which is open to all, at the Care Home or Litchford Court. St Euphrasia’s have sponsored Paul to do a 100-mile run for the Charity MIND. Paul also does one-to-one sessions with Sr Josephine and any other Sister who needs a mobility assessment and exercise plan. St Euphrasia’s embrace the ethos that the Sisters bring to the Care Home to enhance their independence, not lose it.
The Hairdresser and Chiropodist continue to visit regularly and are very much part of the Home.
Sadly, Father Ryder who has been visiting for over 10 years for reconciliation, has a long-term health condition so can no longer attend. Thankfully Sister Anne Josephine was able to arrange with the Bishop Fr Michael who now attends the home for reconciliation for the Sisters.
The Sisters still seem guarded about venturing out shopping etc., this may be due to age and mobility issues, but also Covid is still very much a barrier for them.
We are currently 14 residents, 12 Sisters of Charity of the Good Shepherd ,1 Sister from Our Lady of Everon and 1 lay person Ann.
Sadly, three Sisters have passed away in the past year, but the legacy left by Sr Carmel of Netflix series and movie afternoons, catch up TV and Prime carries on, maybe not as frequently as before but the Sisters are avid watchers of “The Crown” on Netflix.
The past year has seen St Euphrasia’s become more environmentally friendly. We have purchased a hybrid car and are benefiting from the solar panels installed in recent years, the latter has seen our electricity bill reduced by at least a third while helping to reduce our carbon footprint.
Staffing levels have increased as we have an extra staff member for Sister Elizbeth, one long term member has left after 8 years as she returned to work in the NHS, and although she is missed, we all wish her well .The staffing team continue to excel in their roles, each one adding something different to the home, but collectively becoming a well-oiled machine and as a unique team we are blessed to have them.
We now have a Deputy Manager in post since April 24, Alina has successfully completed her Level 4 in Leadership and Management and is now able to be a Registered Manager. Alina has faced a few challenges with the course, but many congratulations to her - a well-deserved qualification. The assistance of a Deputy has proven so beneficial as the increase in paperwork is extremely noticeable and the fact that the Registered Manager can attend appointments with the Sisters without compromising the home adds to the high quality of care provided.
The Registered Manager has undertaken trainer training which is a teaching certificate to enable her to provide onsite training for First Aid, Moving and Handling and many other courses, thereby making our training more bespoke to the House and the service we provide for the Sisters .
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |Page | 22
Annual Report 1[st] April 2024 – 31[st] March 2025
## Southampton
This has been a difficult year for the community and staff in 206 Regents Park Road. The move from Redcote Convent to 206 took place in August 2024. It was a distressing time for all concerned but somehow or other everyone found their new rooms and began to settle in. The house being much smaller than Redcote, it took time to find places to store all the items the sisters wanted to bring with them.
Several members of staff had chosen to take redundancy rather than move with the sisters so there were a few new staff members to get used to.
We had hoped that the staff would be able to cope without a manager, but this proved impossible. In December, Sr. Helen returned from her mission in Rome and took over the running of the house and care but this too proved unsatisfactory as it required a tremendous amount of work with little support.
In the spring, the Bishop of Portsmouth visited the community to bless the chapel and the house. It was a very pleasant evening, Mass followed by a lovely buffet provided by the cook.
As we know, moving house and home is one of the most stressful experiences we can have. We hope that by this time next year, the community will have settled into their new home.
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |Page | 23
Annual Report 1[st] April 2024 – 31[st] March 2025
## DONATIONS
Donations given by the Charity Year Ending 31 March 2025
|Generalate - Rome|£20,000|
|---|---|
|Jesuit Refugee Service|£20,000|
|Aquinas Scholarship|£25,000|
|Birmingham Project/Brushstrokes (Father Hudson)|£30,000|
|Kenya|£10,000|
|Other|£18,755|
|Anawim Grant|£17,000|
|TOTAL
In addition to the cash donations detailed above a property known as The Priory was
donated to The Daughters of Divine Love (charity number 1005536).
Fundraising
The Charity does not actively seek donations or fundraise. During the year the Charity
received no complaints about any fundraising activities.|£160,755|
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |Page | 24
Annual Report 1[st] April 2024 – 31[st] March 2025
## Property
Following a directive from the Congregation to rationalize our properties we have spent most of the year rationalizing our property portfolio and updating our information with the Land Registry.
During the year to 31 March 2025, we have sold the following properties:
- 20 Kings Lodge, Kingsway, London
- 50 Kings Lodge, Kingsway, London
- 37 Yarlington Court London
- 27 Shales Road Southampton
In November The Priory, Maryland Drive – Birmingham which is under the Ponsia Trust was gifted to the Congregation the Daughters of Divine Love. The conditions of the Trust meant that we were unable to sell the property, and we do not have the sisters to continue working with the people in Birmingham. The Daughters of Divine Love were looking for a property in the area and have taken over the prescriptions of the Trust along with the building itself.
The property list has been adjusted accordingly.
All properties are used to facilitate the mission and ministries of the Province of Great Britain.
The following properties are owned by the Charity.
FREEHOLD PROPERTIES
Shirley Southampton
o Regents Park Road – 10 bedroom detached house
Bitterne Southampton
- Redcote Close – 11 bedroom detached house
- 29 Shales Rd – 8 bedroom detached house
Ascot
o Fairlight, The Avenue – 10 bedroom detached house
London
o 87 Yeldham Road – 2 bedroom terraced house
Birmingham
o 2 St Laurence Road – 3 bedroom semi-detached house
o 91 Salisbury Road – 6 bedroom semi-detached house
Manchester
o St Euphrasia’s Care Home – 14 bed registered care facility for elderly and infirm Sisters.
o Litchford Court, 118 Chain Road, 11 one bed flats for retired Sisters within a detached building.
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |Page | 25
Annual Report 1[st] April 2024 – 31[st] March 2025
## Property (continued)
LEASEHOLD PROPERTIES
Waterlooville - Portsmouth
o 9 Laurel Court – 3 bedroom semi-detached house
o 8 Laurel Court – 2 bedroom flat
London
o 18 Kings Lodge – 1 bedroom flat (retirement housing)
Birmingham
o 8 Middlepark Drive – 2 bedroom flat
SCOTLAND PROPERTIES FREEHOLD
Bishopton
o 37 Bolero Crescent – 2 bedroom semi-detached house
Glasgow
o 308 Old Rutherglen Road – 2 bedroom flat
West Kilbride
o 88 Bowfield Road - 2 bedroom flat
Other Assets
The Charity owns cemeteries in Colinton, Edinburgh; Bishopton; Blackley, Manchester; Troy, Monmouth; Bartestree, Herefordshire; Redcote, Bitterne and St Michael’s Waterlooville Burial Ground.
The Charity also owns land in Blackley, Manchester and Waterlooville.
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |Page | 26
Annual Report 1[st] April 2024 – 31[st] March 2025
## Future Goals
The year ahead promises to be busy and exciting for the Charity.
We hope to continue to rationalize our property portfolio.
We hope to set up “Shepherd’s Purse” on a firm footing and begin making grants to charities working with women in difficulties.
Approved for and on behalf of the Trustees:
Anne Josephine Carr
Trustee
Date of approval: 27 October 2025
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **27**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Independent auditor’s report
Independent auditor’s report to the Trustees of The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO
## Opinion
We have audited the accounts of The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO (the ‘Charity) for the year ended 31 March 2025 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:
- ♦ give a true and fair view of the state of the Charity’s affairs as at 31 March 2025 and of its income and expenditure for the year then ended;
- ♦ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- ♦ have been prepared in accordance with the requirements of the Charities Act 2011.
## 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.
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **28**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Other information
The other information comprises the information included in the Annual Report, including the trustees’ report, other than the accounts and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the 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 this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
♦ the information given in the Trustees’ report is inconsistent in any material respect with the accounts; or
- ♦ sufficient accounting records have not been kept; or
- ♦ the accounts are not in agreement with the accounting records and returns; or
- ♦ we have not received all the information and explanations we require for our audit.
## Responsibilities of Trustees
As explained more fully in the Trustees’ responsibilities statement on page 6, 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.
## Auditor’s responsibilities for the audit of the accounts
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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.
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **29**
Annual Report 1[st] April 2024 – 31[st] March 2025
Auditor’s responsibilities for the audit of the accounts (continued)
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 to 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:
♦ The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
♦ We identified the laws and regulations applicable to the Charity through discussions with management and trustees and from our knowledge and experience of the charity sector;
♦ We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the Charity. These included but were not limited to the Charities Act 2011; Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); and
♦ We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and those charged with governance and review of minutes of trustees’ meetings.
We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
♦ Making enquiries of management and trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
♦ Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- ♦ Performed analytical procedures to identify any unusual or unexpected relationships;
- ♦ Tested and reviewed journal entries to identify unusual transactions;
- ♦ Carried out substantive testing of expenditure including the authorisation thereof;
- ♦ Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- ♦ Investigated the rationale behind significant or unusual transactions.
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **30**
Annual Report 1[st] April 2024 – 31[st] March 2025
Auditor’s responsibilities for the audit of the accounts (continued)
How the audit was considered capable of detecting irregularities including fraud (continued) In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- ♦ Agreeing financial statement disclosures to underlying supporting documentation;
- ♦ Reading the minutes of meetings of trustees; and
- ♦ Enquiring of as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Charity’s Trustees, as a body, in accordance with section Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an 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 Audit LLP 28 October 2025
Statutory Auditor 130 Wood Street London EC2V 6DL
Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **31**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Statement of financial activities: Year to 31 March 2025
|Notes|Un-
restricted
funds
£|
Restricted
funds
£|
Special trust
fund
£|
2025
Total funds
£|
Un-
restricted
funds
£|
Restricted
funds
£|
Special
trust fund
£|
2024
Total funds
£|
|---|---|---|---|---|---|---|---|---|
|Income from:
Donations and legacies
1
Investments and interest
receivable
2
Charitable activities
. Fees and charges for care
services
Other sources
. Surplus on disposal of
tangible fixed assets
3
. Miscellaneous sources
Total income
Expenditure on:
Raising funds
. Investment
management fees (rebate)
Charitable activities
. Provision of care
services
4
. Support of members of
the Congregation and
their Ministry
5
. Donations and support
of missions
6
Total expenditure
Net (expenditure) income
before net investment gains
8
Net investment gains
.Listed investments
13
Net income (expenditure)
and net movement in funds
Fund balances at 31 March
2024
Fund balances at 31 March
2025|926,292
1,615,941
287,885
448,524
9,125|
—
18,492
—
—
—|
—
—
—
—
—|
926,292
1,634,433
287,885
448,524
9,125|
566,814
1,479,222
295,164
458,648
—|
—
197,575
—
—
—|
—
—
—
—
—|
566,814
1,676,797
295,164
458,648
—|
||3,287,767|
18,492|
—|
3,306,259|
2,799,848|
197,575|
—|
2,997,423|
||
(816)
797,413
2,031,763
605,755|
—
11,065
—
—|
—
—
—
55,000|
(816)
808,478
2,031,763
660,755|
(6,870)
178,145
1,679,745
180,099|
—
521,409
62,568
—|
—
—
—
—|
(6,870)
699,554
1,742,313
180,099|
||3,434,115|
11,065|
55,000|
3,500,180|
2,031,119|
583,977|
—|
2,615,096|
||(146,348)
21,066|
7,427
240|
(55,000)
—|
(193,921)
21,306|
768,729
2,854,311|
(386,402)
252,638|
—
—|
382,327
3,106,949|
||(125,282)
67,408,571|
7,667
551,752|
(55,000)
55,000|
(172,615)
68,015,323|
3,623,040
63,785,531|
(133,764)
685,516|
—
55,000|
3,489,276
64,526,047|
||67,283,289|
559,419|
—|
67,842,708|
67,408,571|
551,752|
55,000|
68,015,323|
All recognised gains and losses are included in the above statement of financial activities.
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **32**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Balance sheet: 31 March 2025
|Notes|2025
£|
2025
£|
2024
£|
2024
£|
|---|---|---|---|---|
|Fixed assets
Tangible assets
12
Investments
. Listed investments
13
. Investment property
13
Programme related investments
14
Total fixed assets
Current assets
Debtors
15
Short term deposits
Cash at bank and in hand
Total current assets
Liabilities:
Creditors: amounts falling due
within one year
16
Net current assets
Total net assets
The funds of the Charity:
Income funds
Restricted funds
17
Special trust fund
20
Unrestricted funds
. Tangible fixed assets fund
18
. Programme related investments fund
. Designated funds
19
. General funds|37,261
5,750,000
2,230,053|
7,181,362
51,676,816
654,999
426,400|
27,976
4,053,451
2,666,757|8,642,731
51,687,510
654,999
426,400|
|||59,939,577
7,903,131||61,411,650
6,603,683|
||8,017,314
(114,183)||6,748,184
(144,501)||
||||
||
|||67,842,708||68,015,323|
|||559,419
—
7,181,362
426,400
47,830,200
11,845,327||551,752
55,000
5,176,592
426,400
50,072,974
11,732,605|
|||67,842,708||68,015,323|
Approved by and signed on behalf of the Trustees by:
Anne Josephine Carr Trustee Approved by the trustees on: 27 October 2025
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **33**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Statement of cash flows: Year to 31 March 2025
|Notes|
2025
£|2024
£|
|---|---|---|
|Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities:
Investment income and interest received
Proceeds from the disposal of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from the disposal of listed investments
Proceeds from the disposal of investment properties
Purchase of listed investments
Purchase of short term deposits
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 31 March 2024
Cash and cash equivalents at 31 March 2025
B|
(2,154,022)|
(1,607,184)|
||1,626,746
1,794,829
(39,707)
3,102,081
—
(3,884,869)
(1,696,549)|
1,676,994
1,024,335
(895,370)
11,277,130
442,510
(10,307,711)
(2,969,356)|
||902,531|
248,532|
||(1,251,491)
4,082,488|
(1,358,652)
5,441,140|
||
2,830,997|
4,082,488|
Notes to the statement of cash flows for the year to 31 March 2025.
A Reconciliation of net movement in funds to net cash used in operating activities
|Reconciliation of net movement in funds to net cash used in operating activities|||
|---|---|---|
||2025
£|2024
£|
|Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
(Gains) losses on listed investments
Investment income and interest receivable
Surplus on disposal of tangible fixed assets
Losses (gains) on disposal of investment properties
Decrease in debtors
Decrease in creditors
Net cash used in operating activities|(172,615)
154,773
(21,306)
(1,634,433)
(448,524)
—
(1,599)
(30,318)|3,489,276
147,700
(3,106,949)
(1,676,797)
(458,648)
—
21,247
(23,013)|
||(2,154,022)|(1,607,184)|
B Analysis of cash and cash equivalents
|Analysis of cash and cash equivalents|||
|---|---|---|
||2025
£|2024
£|
|Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents|2,230,053
600,944|2,666,757
1,415,731|
||2,830,997|4,082,488|
No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the Charity and the above cash and cash equivalents.
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **34**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Principal accounting policies
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
The accounts have been prepared for the year to 31 March 2025 and comparative information is provided in respect to the year to 31 March 2024.
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 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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 and management to make significant judgements and estimates.
The items in the accounts where these judgements and estimates have been made include:
- ♦ estimating the useful economic life of tangible fixed assets for the purpose of determining the annual depreciation charge;
- ♦ estimating the fair value of investment properties; and
- ♦ determining the value of designated funds needed at the year end, in particular in respect to the assumptions made in determining the value of the retirement fund.
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **35**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Principal accounting policies (continued)
## 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 at least one year from the date of approval of these accounts.
The Trustees of the Charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. 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. With regard to the next accounting period, the year ending 31 March 2026, the most significant areas that affect the carrying value of the assets held by the Charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees’ report for more information).
## Income recognition
Income is recognised in the period in which the Charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.
Income comprises donations and legacies, investment income and interest receivable, income from fees and charges for care services and other income including the surplus on the disposal of tangible fixed assets.
Donations, including salaries and pensions of individual religious sisters received under Gift Aid or deed of covenant, are recognised when the Charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation 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.
In accordance with the Charities SORP FRS 102 volunteer time is not recognised.
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.
Dividends are recognised once the dividend has been declared and notification has been received of the 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.
Income derived from the levying of fees and charges for care services is measured at the fair value of the consideration received or receivable, excluding discounts and rebates.
The surplus on disposal of tangible fixed assets is defined as the difference between the gross proceeds received and the net book value of the asset immediately prior to disposal after deducting any costs directly associated with the disposal.
Other income is measured at fair value and accounted for on an accruals basis.
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **36**
Annual Report 1[st] April 2024 – 31[st] March 2025
## 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. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:
Expenditure on raising funds includes expenditure associated with raising funds for the Charity. This comprises those investment management fees charged directly to the Charity. Fees in respect to those investments which comprise pooled investment vehicles, including common investment funds, are inherent within the relevant investment holding.
Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the Charity through the provision of its charitable activities. Such costs include direct and indirect expenditure on the provision of care services at the Charity’s care home in Blackley, Manchester, direct and support costs in respect to the support of members of the Congregation and enabling their ministry (including governance costs) and the provision of charitable grants and donations.
Charitable grants and donations are made where the Trustees consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period end.
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 in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment. Such costs are identifiable in respect to each charitable activity and hence they are allocated to the appropriate heading directly. There has been no apportionment between headings in the statement of financial activities.
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.
Governance costs are allocated in full to support of members of the Congregation and their ministry.
## Services provided by members of the Congregation
For the purposes of these accounts, no monetary value has been placed on administrative and other services provided by the members of the Congregation.
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **37**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Tangible fixed assets
- ♦ Land and buildings
## Non-specialised buildings
Non-specialised buildings (freehold and long leasehold) are defined as those designed as, and used wholly or mainly for, private residential use. Those owned as at 1 April 2016 are included in these accounts at their net book value as at that date, being the date on which they were transferred to the Charity. This net book value equates to their cost or deemed cost (as defined by FRS 102) as at that date. Additions since 1 April 2016 are included at cost. No depreciation is charged on such buildings. Their value and condition are reviewed annually by the trustees who are satisfied that their residual value is not materially less than their book value.
## Specialised buildings
Specialised buildings comprise the Charity’s care homes, health care establishments and large residential convents. Those owned at 1 April 2016 are included in these accounts at their net book value as at that date, being the date on which they were transferred to the Charity. This net book value equates to their cost or deemed cost (as defined by FRS 102) minus accumulated depreciation as at that date. Additions since 1 April 2016 are included at cost. Depreciation is provided at 2% per annum on a straight line basis in order to write off the buildings over their estimated useful life to the Charity.
- ♦ Furniture, equipment and motor vehicles
Expenditure on the purchase and replacement of furniture and equipment and motor vehicles costing more than £2,000 is capitalised and depreciated over a five year period on a straight-line basis.
## Fixed asset listed investments
Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.
The Charity does not acquire put options, derivatives or other complex financial instruments.
As noted above 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.
Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.
## Fixed asset property investments
Investment properties (i.e. those not occupied by the Charity but rented out at a commercial rental) are included on the balance sheet at fair value deemed to be current open market valuation. These properties are not depreciated.
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **38**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Programme related investments
Programme related investments comprise properties leased at a rent below market rate to other charitable organisations with objectives consistent with those of the Charity. They are included in the accounts at cost or where previously classified as tangible fixed assets or investment properties at an amount equivalent to their net book value immediately prior to reclassification, less provision for any diminution in value.
## Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.
## Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.
## 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.
## Pension contributions
The Charity offers its employees membership of a defined contribution pension scheme administered by NOW Pensions Trustees Limited. Contributions to the scheme are debited to the statement of financial activities in the year in which they are payable to the scheme. The assets of the scheme are held by an independent corporate trustee, whose activities are governed by the National Employment Savings Trust Order 2010, made by the Secretary of State in exercise of powers conferred under the Pension Act 2008.
## Fund structure
The income funds of the Charity are, in the main, unrestricted and therefore are available for use in furtherance of the Charity’s objectives at the discretion of the Trustees. Within the total unrestricted funds of the Charity the Trustees have identified those unrestricted funds representing the net book value of tangible fixed assets other than those applied for care services (see note 18) and amounts designated for specific purposes (see note 19).
Details of funds raised for a specific purpose, or subject to donor imposed conditions, and therefore restricted, are given in note 17.
The special trust fund comprised property assets which were held on trust by the Charity (see note 20).
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **39**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Notes to the accounts
## 1 Income from: Donations and legacies
||Unrestricted
funds
£|Restricted
funds
£|Total
2025
£|Unrestricted
funds
£|Restricted
funds
£|Total
2024
£|
|---|---|---|---|---|---|---|
|Salaries and pensions of individual
religious received under gift aid
compliant deed of covenant
Legacies
Other donations|492,799
432,857
636|—
—
—|492,799
432,857
636|531,458
14,670
20,686|—
—
—|531,458
14,670
20,686|
||926,292|—|926,292|566,814|—|566,814|
## 2 Income from: Investments and interest receivable
||Unrestricted
funds
£|Restricted
funds
£|Total
2025
£|Unrestricted
funds
£|Restricted
funds
£|Total
2024
£|
|---|---|---|---|---|---|---|
|Investment income from:
Equities
Government stock
Common investment funds or Charity
Authorised Investment Funds
Fixed interest
Interest on cash held by investment
managers
Bank interest
Rental income|151,816
30,823
1,064,091
134,700
6,923|2,090
423
14,636
1,248
95|153,906
31,246
1,078,727
135,948
7,018|414,448
20,818
836,402
64,280
5,858|4,671
234
191,877
725
68|419,119
21,052
1,028,279
65,005
5,926|
||1,388,353
174,710
52,878|18,492
—
—|1,406,845
174,710
52,878|1,341,806
63,730
73,686|197,575
—
—|1,539,381
63,730
73,686|
||1,615,941|18,492|1,634,433|1,479,222|197,575|1,676,797|
## 3 Income from: Surplus on disposal of tangible fixed assets
||Unrestricted
funds
£|Restricted
funds
£|Total
2025
£|Unrestricted
funds
£|Restricted
funds
£|Total
2024
£|
|---|---|---|---|---|---|---|
|Surplus on disposal of:
. Leasehold property
. Motor vehicles
. Freehold land and buildings|119,654
2,870
326,000|—
—
—|119,654
2,870
326,000|28,701
7,016
422,931|—
—
—|28,701
7,016
422,931|
||448,524|—|448,524|458,648|—|458,648|
## 4 Expenditure on: Provision of care services
||Unrestricted
funds
£
512,195
227,417
22,979
34,822
797,413|Restricted
funds
£
—
—
11,065
—
11,065|
Total
2025
£
512,195
227,417
34,044
34,822
808,478|
Unrestricted
funds
£
84,750
81,417
9,788
2,190
178,145|
Restricted
funds
£
338,999
129,537
39,153
13,720
521,409|
Total
2024
£
423,749
210,954
48,941
15,910
699,554|
|---|---|---|---|---|---|---|
|Staff costs
Premises
Supplies and services
Management and administration expenses|||||||
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **40**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Notes to the accounts (continued)
5 Expenditure on: Support of members of the Congregation and their Ministry
||Unrestricted
funds
£|Restricted
funds
£|Total
2025
£|
Unrestricted
funds
£|Restricted
funds
£|Total
2024
£|
|---|---|---|---|---|---|---|
|Staff costs
Premises
Sisters' living and ministry expenses
Education, training and spiritual renewal
Governance costs (note 7)|691,454
68,011
1,177,825
6,871
87,602|—
—
—
—
—|691,454
68,011
1,177,825
6,871
87,602|643,778
108,994
783,900
25,060
118,013|22,674
8,990
30,782
122
—|666,452
117,984
814,682
25,182
118,013|
||2,031,763|
—|
2,031,763|1,679,745|62,568|1,742,313|
- 6 Expenditure on: Donations and support of missions
||
Unrestricted
funds
£|Restricted
funds
£|Special Trust
Fund
£|Total
2025
£|Unrestricted
funds
£|Restricted
funds
£|Total
2024
£|
|---|---|---|---|---|---|---|---|
|Donations to Generalate of the
Congregation
Donations to Congregational projects in
Angola, Myanmar, Vietnam and Sri Lanka
Aquinas Scholarships
Jesuit Refugee Services
Donation to Anawim
Donation to Brushstrokes
Donations to other institutions
Donation of The Priory building|20,000
6,932
25,000
20,000
17,000
30,000
21,823
465,000|
—
—
—
—
—
—
—|—
—
—
—
—
—
—
55,000|
20,000
6,932
25,000
20,000
17,000
30,000
21,823
520,000|17,000
60,682
32,000
40,000
17,000
—
13,417
—|—
—
—
—
—
—
—
—|17,000
60,682
32,000
40,000
17,000
—
13,417
—|
||605,755|—|55,000|660,755|
180,099|—|180,099|
The Priory building at 2 Maryland Drive, Birmingham B31 2AR was transferred to The Daughters of Divine Love (charity number 1005536) on 8 November 2024 by way of a donation.
## 7 Governance costs
|Governance costs|||||||
|---|---|---|---|---|---|---|
||Unrestricted
funds
£|
Restricted
funds
£|
Total
2025
£
|Unrestricted
funds
£|
Restricted
funds
£|
Total
2024
£|
|Professional fees
Meeting costs|78,412
9,190|—
—|78,412
9,190|80,511
37,502|—
—|80,511
37,502|
||87,602|—|87,602|118,013|—|118,013|
- 8 Net (expenditure) income before net investment gains This is stated after charging/crediting:
||Unrestricted
funds
£|
Restricted
funds
£|
Total
2025
£
1,203,649
154,773
448,524
51,098
23,394|Unrestricted
funds
£
728,528
147,700
458,648
51,350
23,142|Restricted
funds
£
361,673
—
—
—
—|Total
2024
£|
|---|---|---|---|---|---|---|
|Staff costs (note 9)
Depreciation
Surplus on disposal of tangible fixed assets
(note 3)
Auditor’s remuneration (including VAT)
. Statutory audit
. Other services - advisory|1,203,649
154,773
448,524
51,098
23,394|—
—
—
—
—||||1,090,201
147,700
458,648
51,350
23,142|
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **41**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Notes to the accounts (continued)
9 Staff costs and remuneration of key management
|Staff costs and remuneration of key management|||
|---|---|---|
||2025
£|2024
£|
|Staff costs during the year were as follows:
Wages and salaries
Social security costs
Pension contributions
Agency staff
Redundancy costs
Other staff costs
Staff costs per function were as follows:
Charitable activities
. Provision of care services
. Support of members of the Congregation and their Ministry|
996,735
70,129
38,571
69,659
28,555
—|970,951
60,680
37,004
18,941
—
2,625|
||1,203,649|1,090,201|
||
512,195
691,454|423,749
666,452|
||1,203,649|1,090,201|
No employee earned £60,000 per annum or more (including taxable benefits) during the year (2024 - no employee).
The average number of employees during the year, calculated on an average headcount basis and analysed by function, was as follows:
||2025
Average|2024
Average|
|---|---|---|
|Charitable activities
. Provision of care services
. Support of members of the Congregation and their Ministry|25
27|23
34|
||52|57|
The Trustees consider that they together with the Finance Manager, the Care Home Manager of St Euphrasia’s Care Home, the Convent Manager at St John Eudes (Redcote) and the Blackley Convent Manager comprise the key management personnel of the Charity in charge of directing and controlling, running and operating the Charity on a day to day basis.
The total remuneration (including taxable benefits, employer’s national insurance and pension contributions) of the key management personnel for the year was £157,910 (2024 - £159,806).
## 10 Trustees’ expenses and remuneration and transactions with trustees
As members of the Congregation, the Trustees’ living and personal expenses during the year were borne by the Charity but they received no remuneration or reimbursement of expenses in connection with their duties as Trustees or members of key management during the year.
As members of the Congregation, none of the Trustees have resources of their own as all earnings, pensions and other income have been donated to the Charity under a Gift Aid compliant Deed of Covenant. During the year, the total amount donated by the Trustees to the Charity was £38,020 (2024 - £23,322).
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **42**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Notes to the accounts (continued)
## 11 Taxation
The English Province of the Congregation of our Lady of Charity of the Good Shepherd CIO is a registered charity and, therefore, is not liable to taxation on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.
## 12 Tangible fixed assets
|Tangible fixed assets|||||||
|---|---|---|---|---|---|---|
||Land and buildings|||Furniture
and
equipment
£|Motor
vehicles
£|Total
£|
||Freehold||Long
leasehold||||
||Non-
specialised
£|Specialised
£|Non-
specialised
£||||
|Cost or valuation
At 1 April 2024
Additions
Disposals and elimination of fully written
down items
At 31 March 2025
At cost
At deemed cost (based on 1995 valuation)
Depreciation
At 1 April 2024
Charge for the year
On disposals and eliminated of fully written
down items
At 31 March 2025
Net book values
At 31 March 2025
At 31 March 2024|2,038,252
—
(285,000)|6,262,316
—
(710,000)|1,056,782
—
(581,205)|261,441
10,409
—|169,607
29,300
—|9,788,398
39,709
(1,576,205)|
||1,753,252|5,552,316|475,577|271,850|198,907|8,251,902|
||1,547,388
205,864|2,751,336
2,800,980|475,577
—|271,850
—|198,907
—|5,245,056
3,006,844|
||1,753,252|5,552,316|475,577|271,850|198,907|8,251,900|
||97,149
—
(39,900)|728,065
111,046
(190,000)|31,462
—
—|154,595
28,490
—|134,396
15,237
—|1,145,667
154,773
(229,900)|
||57,249|649,112|31,462|183,085|149,632|1,070,540|
||1,696,003|4,903,204|444,115|88,766|49,275|7,181,362|
||1,941,103|5,534,251|1,025,320|106,846|35,211|8,642,731|
Long leasehold land and buildings are held on leases substantially in excess of 50 years.
As permitted under Financial Reporting Standard FRS 102, the Charity has adopted a policy of not revaluing its tangible fixed assets. Land and buildings owned at 1 April 2016 are included in the accounts at their net book value as at that date, being the date on which they were transferred to the Charity. This is defined as original cost or deemed cost (as defined by FRS 102) minus accumulated depreciation where relevant. All other assets owned at 1 April 2016 are stated at their net book value as at that date, being the date on which they were transferred to the Charity and equating to their original cost less depreciation. All assets acquired on or after 1 April 2016 are valued at cost less accumulated depreciation where relevant.
It is likely that there are material differences between the open market values of the Charity’s land and buildings and their book values. These arise from the specialised nature of some properties and the effects of inflation. Whilst the trustees do not consider there to have been any material diminution in value since that date, the differences compared to open market values cannot be ascertained without incurring significant costs, which, in the opinion of the trustees, is not justified in terms of the benefit to the users of the accounts.
The historical cost of the land and buildings included above at a valuation cannot be ascertained with accuracy.
## Capital commitments
At 31 March 2025, the Charity had no capital commitments (2024: Nil)
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **43**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Notes to the accounts (continued)
## 13 Investments
|Investments|||
|---|---|---|
||2025
£|2024
£|
|Listed investments
Market value at 1 April 2024
Additions at cost
Disposals (proceeds: £3,102,081; losses: £138,136)
Net unrealised investment gains
Market value at 31 March 2025
Cash held by investment managers
Time deposit held with Rathbones
Cost of listed investments|49,771,779
3,884,868
(3,240,217)
159,442|47,634,250
10,307,710
(11,403,205)
3,233,024|
||50,575,872
600,944
500,000|49,771,779
1,415,731
500,000|
||51,676,816|51,687,510|
||||
||41,716,794|40,417,127|
The listed investments at 31 March 2025 comprised the following:
||2025
£|
2024
£|
|---|---|---|
|UK Equities
UK Fixed Interest
Overseas Equities
Overseas fixed interest fund
UK Common Investment Funds or Charity Authorised Investment Funds|5,184,937
300,432
9,949,592
386,208
34,754,703|
5,406,550
2,704,155
9,416,142
194,121
32,050,811|
||50,575,872|
49,771,779|
All listed investments held directly or through funds were dealt in on a recognised stock exchange.
The following holdings comprised material holdings when compared to the value of the total listed investment portfolio at 31 March 2025:
||Value of
holding
£|
Percentage
of the
market
value
%
63.44|
|---|---|---|
|Sarasin Endowments Fund Class A Inc|32,085,545||
|Investmentproperties|2025
£|2024
£
1,097,509
(442,510)
654,999|
|At 1 April 2024
Disposals
At 31 March 2025|654,999
—||
||654,999||
The investment properties were formally revalued on 22 November 2022. The trustees have assessed the potential for changes in value since this date and concluded that such changes would not be material.
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **44**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Notes to the accounts (continued)
## 14 Programme related investments
The Charity leases one of its properties in Birmingham at a peppercorn rent to Jericho, an organisation that uses the property for purposes consistent with the Charity’s charitable objectives. The property, which was previously shown as an investment property, was reclassified as a programme related investment in 2019. The value at which the programme related investment is included in the accounts is equivalent to its net book value immediately prior to reclassification. The trustees do not consider there to have been any material diminution in value since that date.
The Charity leases another of its properties in Birmingham at a peppercorn rent to Father Hudson’s Society, an organisation that uses the property for purposes consistent with the Charity’s charitable objectives. The property, which was previously shown as a tangible fixed asset was reclassified as a programme related investment in 2023. The value at which the programme related investment is included in the accounts is equivalent to its net book value immediately prior to reclassification. The trustees do not consider there to have been any material diminution in value since the reclassification.
||2025
£|
2024
£|
|---|---|---|
|At 1 April 2024 and 31 March 2025|426,400|426,400|
## 15 Debtors
|Debtors|||
|---|---|---|
||2025
£|
2024
£|
|Investment income
Prepayments
Other debtors|19,810
15,807
1,644|12,124
14,208
1,644|
||37,261|27,976|
## 16 Creditors: amounts falling due within one year
|Creditors: amounts falling due within one year|||
|---|---|---|
||2025
£|
2024
£|
|Monies held on behalf of individual members of the Congregation
Expense creditors and accruals
Care fees received in advance
Other creditors
Other taxation and social security costs|21,747
69,124
—
6,978
16,334|21,747
94,349
4,644
8,398
15,363|
||114,183|144,501|
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **45**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Notes to the accounts (continued)
## 17 Restricted funds
The income funds of the Charity include restricted funds comprising the following:
||At 1 April
2024
£|Income
£|Expenditure
£|Investment
gains
£|At
31 March
2025
£|
|---|---|---|---|---|---|
|St Mary’s Home fund
International funds
Covid 19 fund|152,765
387,922
11,065|5,225
13,267
—|—
—
(11,065)|68
172
—|158,058
401,361
—|
||551,752|18,492|(11,065)|240|559,419|
||At 1 April
2023
£|Income
£|Expenditure
£|Investment
losses
£|At
31 March
2024
£|
|---|---|---|---|---|---|
|St Mary’s Home fund
International funds
Finchley fund
Covid 19 fund|138,934
352,800
178,094
15,688|4,848
12,131
180,416
—|—
—
(579,354)
(4,623)|8,983
22,811
220,844
—|152,765
387,922
—
11,065|
||685,516|197,575|(583,977)|252,638|551,752|
## St Mary’s Home fund
The assets of this fund are used exclusively for the support of the religious, educational and welfare work of the Order among girls and young women, preferably in Hampshire. The assets are not to be used for the general purposes of the Congregation and, therefore, the Trustees consider this fund to be restricted.
## International funds
The funds are restricted to work carried out by the Congregation overseas.
## Finchley fund
The Finchley fund represented sale proceeds from the disposal of a property held at Finchley, London, together with the proceeds from past part disposals of other property on the same site. Under the terms of the trust deed under which the property was held, any proceeds from the disposal of the property must be applied in England. The fund had been fully expended at 31 March 2024.
## Covid 19 fund
This is funding specifically for infection control at St Euphrasia’s. The fund has been fully expended.
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **46**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Notes to the accounts (continued)
## 18 Tangible fixed assets fund
|Tangible fixed assets fund|||
|---|---|---|
||2025
£|2024
£|
|At 1 April 2024
Net movement in year (including transfers from Care Services designed funds)
At 31 March 2025|5,176,592
2,004,770|4,962,944
213,648|
||7,181,362|5,176,592|
The tangible fixed assets fund represents the net book value of the Charity’s tangible fixed assets (until 31 March 2024 this excluded those used for care services). A decision was made to separate this fund from the general fund and other designated funds of the Charity in recognition of the fact that the tangible fixed assets are essential to the day-to-day work of the Charity and as such their value should not be regarded as funds that would be realisable with ease, in order to meet future contingencies.
## 19 Designated 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:
||At 1 April
2024
£|New
designations
£|Utilised/
released
£|At
31 March
2025
£|
|---|---|---|---|---|
|Congregational giving fund
Care services – Blackley
Care services – Southampton
Retirement reserve|35,332,138
2,190,936
1,049,900
11,500,000|—
—
—
4,500,000|(3,501,938)
(2,190,936)
(1,049,900)
—|
31,830,200
—
—
16,000,000|
||50,072,974|4,500,000|(6,742,774)|
47,830,200|
||At 1 April
2023
£|New
designations
£
Utilised/
released
£
At
31 March
2024
£
3,012,237
(180,099)
35,332,138
—
(9,035)
2,190,936
—
(28,200)
1,049,900
—
—
11,500,000
3,012,237
(217,334)
50,072,974||
At
31 March
2024
£|
|Congregational giving fund
Care services – Blackley
Care services – Southampton
Retirement reserve|32,500,000
2,199,971
1,078,100
11,500,000|||
35,332,138
2,190,936
1,049,900
11,500,000|
||47,278,071||||
## ♦ Congregational giving fund
The Congregational giving fund represents money set aside to generate income which will be applied towards the making of grants both to charities generally and also to the international Congregation.
## ♦ Care services funds
These funds represented the net assets employed by each of the Charity’s care homes. At 31 March 2025 the trustees released the designations, instead including such assets within the tangible fixed assets fund.
## ♦ Retirement reserve
This consists of monies which the Trustees have set aside in order to provide for the Sisters in their retirement. The amount of the fund has been calculated with reference to actuarial principles, but having regard to the resources actually available.
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **47**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Notes to the accounts (continued)
## 20 Special trust fund
|Special trust fund||||||
|---|---|---|---|---|---|
||At 1 April
2024
£|Income
£|Expenditure
£|Investment
gains
£|At
31 March
2025
£|
|The Poncia Trust|55,000|—|(55,000)|—|—|
||At 1 April
2023
£|Income
£|Expenditure
£|Investment
gains
£|At
31 March
2024
£|
|The Poncia Trust|55,000|—|—|—|55,000|
## The Poncia Trust
The special trust fund represents the Poncia Trust for which the Charity acts as trustee. The assets of the Poncia Trust comprise a property located at The Priory, 2 Maryland Drive, Birmingham B31 2AR and are held by the Trust as permanent endowment for the furtherance of the religious and other charitable work of the Congregation in the city or vicinity of Birmingham. In accordance with a vesting Direction dated 29 June 2018, the property is held by the Charity. On 8 November 2024 the property at The Priory was gifted to The Daughters of Divine Love (charity number 1005536).
## 21 Analysis of net assets between funds
||General funds
£|Programme
related
investments
fund
£|Tangible fixed
assets fund
£|
Designated
funds
£|
Restricted
funds
£|Special trust
fund
£|Total
funds
£|
|---|---|---|---|---|---|---|---|
|Fund balances at 31 March 2025 are
represented by:
Tangible fixed assets
Investments
Programme related investments
Net current assets
Total net assets|—
3,942,196
—
7,903,131|—
—
426,400
—|7,181,362
—
—
—|
—
47,830,200
—
—|
—
559,419
—
—|—
—
—
—|7,181,362
52,331,815
426,400
7,903,131|
||11,845,327|426,400|
7,181,362|
47,830,200|
559,419|
—|67,842,708|
||General funds
£|Programme
related
investments
fund
£|Tangible fixed
assets fund
£|
Designated
funds
£|
Restricted
funds
£|
Special trust
fund
£|Total
funds
£|
|---|---|---|---|---|---|---|---|
|Fund balances at 31 March 2024 are
represented by:
Tangible fixed assets
Investments
Programme related investments
Net current assets
Total net assets|—
5,128,922
—
6,603,683|—
—
426,400
—|
5,176,592
—
—
—|
3,411,139
46,661,835
—
—|
—
551,752
—
—|
55,000
—
—
—|8,642,731
52,342,509
426,400
6,603,683|
||11,732,605|426,400|
5,176,952|
50,072,974|
551,752|
55,000|68,015,323|
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **48**
Annual Report 1[st] April 2024 – 31[st] March 2025
## Notes to the accounts (continued)
## 21 Analysis of net assets between funds (continued)
The total unrealised gains as at 31 March 2025 constitutes movements on revaluation and are as follows:
||2025
£|
2024
£|
|---|---|---|
|Unrealised gains (losses) on listed investments included above:
On investments
Total unrealised gains at 31 March 2025
Reconciliation of movements in unrealised gains (losses)
Unrealised gain at 1 April 2024
In respect to disposals of listed investments in the year
Net gains arising on revaluation of listed investments arising in the year
Total unrealised gains at 31 March 2025|8,859,078|
9,354,653|
||8,859,078|
9,354,653|
||9,354,653
(655,016)
159,442|
6,544,364
(422,736)
3,233,025|
||8,859,078|
9,354,653|
## 22 Ultimate control and members’ liability
The Charity, which is constituted as a CIO, was controlled throughout the period by the Province Leader of The English Province by virtue of the fact that the Province Leader, who is the sole member of the CIO, appoints the trustees.
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.
## 23 Contingent liabilities
A contingent liability arises in respect to claims that may arise as a result of allegations that have been made regarding the standard of care provided to children and young people in residential establishments operated by the Congregation in the past. There is currently one National Inquiry into historical child abuse in Scotland. The Congregation and the Charity are co-operating in any way that they can to support the work of the Inquiry. The historic nature of these allegations mean that the trustees have only limited facts available to them and at present they are unable to quantify any possible liability should one arise.
## 24 Grant commitments
At 31 March 2025, the Trustees had committed to make grants subject to certain conditions being met by the intended recipients. The Trustees had committed, for the foreseeable future, to part fund the salary costs of an employee at Anawim-Women Working Together amounting to £17,000 in the year to 31 March 2025 (2024: £17,000).
## 25 Related party transactions
Sister Anne Josephine Carr is a trustee of ‘Anawim-Women Working Together’. During the year, part of a salary for an employee of Anawim was financed by the Charity at a cost of £17,000 (2024 - £17,000). This commitment will continue into 2025 (see note 24).
Other than the receipt of donations from the Trustees (see note 10), there were no related party transactions during the year which required disclosure (2024 - none).
The English Province of the Congregation of Our Lady of Charity of the Good Shepherd CIO |P a g e | **49**