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2021-12-31-accounts

INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

(Registered Charity Number: 1164298)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Haysmacintyre LLP Chartered Accountants Registered Auditors London

INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

INDEX Page
Report of the Trustees 1 - 7
Auditors’ Report 8 - 9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash flows 12
Notes to the Financial Statements 13 – 18

INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

REPORT OF THE TRUSTEES

LEGAL AND ADMINISTRATIVE DETAILS

TRUSTEES Sister Brigitte Flourez
Sister Alice KilBride
Sister Marina Motta
Sister Marie Pitcher
Sister Jane Sinprayoon
Sister Margaret Walsh
FINANCIAL ADMINISTRATOR George Fitzsimons FCA
REGISTERED OFFICE 16 East Acton Lane
London
W3 7EG
CHARITY REGISTRATION NUMBER 1164298
AUDITOR Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
SOLICITORS Stone King LLP
Boundary House
91 Charterhouse Street
London
EC1M 6HR
PRINCIPAL BANKERS HSBC UK Bank PLC
1 Centenary Square
Birmingham
B1 1HQ
INVESTMENT BANKERS Investec Wealth & Investment Limited
30 Gresham Street,
London
EC2V 7QP

1

INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

REPORT OF THE TRUSTEES (continued)

The Trustees of The Infant Jesus Sisters (Nicolas Barré) Generalate CIO (“the Charity”) present their report and the audited financial statements for the year ended 31 December 2021. These have been prepared under the provisions of the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019) and comply with all statutory requirements and the charity's governing document.

STRUCTURE, GOVERNANCE AND MANAGEMENT

CONSTITUTION

The Infant Jesus Sisters (Nicolas Barré) Generalate CIO is a Charitable Incorporated Organisation (CIO) and a registered charity (Registration Number 1164298). The Charity was incorporated on 9 November 2015.

TRUSTEES

The Trustees who served in the year were as follows:

Sister Brigitte Flourez Sister Alice KilBride Sister Marina Motta Sister Marie Pitcher Sister Jane Sinprayoon Sister Margaret Walsh (appointed 22 July 2021)

RECRUITMENT, TRAINING AND INDUCTION OF TRUSTEES

Trustees are appointed based on the Charity's requirements for knowledge, experience and skills and the suitability of candidates for the role. There is currently a preference for members of the Institute. Trustees are provided with formal and informal training based on identified training needs. New Trustees are provided with induction training which focusses on the requirements of charity law, guidance from the Charity Commission and the Charity's own policies, procedures and circumstances.

The Charity was pleased to welcome Sister Margaret Walsh as a Trustee. She is a long-standing member of the Institute with considerable experience in social projects and charities.

OBJECTS AND ACTIVITIES

The Charity’s object is the advancement of the Roman Catholic religion through the religious and other charitable work of the religious institute known as the Infant Jesus Sisters (including work with people of other faiths). The Charity facilitates the leadership of the worldwide Institute, including international meetings involving its Provincial leadership teams, and funds charitable work performed by sisters of the Institute in various countries as the need arises. The desire of our Institute is to make Jesus Christ known and loved through a variety of ministries which continue to evolve according to the needs in each country. Our particular focus is to reach out to those who are most in need.

The work currently undertaken typically involves education and other ministries to young people, health care and pastoral or parish ministries, usually in developing countries (principally, but not exclusively, in Africa). This includes various forms of support for people who are disadvantaged and in need.

The Charity’s strategy is to provide financial support (through grants) for Institute projects and to sisters who are members of the Institute (normally to the Institute’s administrative units – we do not make personal grants to individual sisters except for religious formation expenses), as well as providing leadership to the Institute worldwide. The Charity organises meetings between various national and international groups of sisters in leadership positions to coordinate the planning and implementation of the Institute’s strategy. To a lesser extent in financial terms, the Charity also makes donations to other charitable causes, including emergency relief in connection with natural disasters, war zones and refugees (among other things).

We invite grant applications from the Institute’s administrative units using a standard application process which requires them to set out their financial needs, what local needs they are seeking to meet, expected outcomes and how the activities will be managed, as well as a range of other information. These applications are considered and, if they meet the Charity’s Grant-making Policy, approved by Trustees.

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INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

REPORT OF THE TRUSTEES (continued)

The current priorities for grant funding stipulated in the Grant-making Policy are:

Due diligence is performed on grant applications to verify the identity, bona fides and other background information relating to applicants and to ensure that the application meets both the Charity’s charitable purposes and the priorities for support set out in the Grant-making Policy.

We obtain reports from grant recipients periodically which require them to explain how the grants have been spent (providing relevant evidence) as well as giving qualitative and quantitative assessments of their impact and effectiveness. The performance measures employed are typically focused on the delivery of support to individuals in need and humanitarian issues, since the Charity believes that its objects are best fulfilled by the pursuit of Catholic Social Teaching (“CST”). CST covers all spheres of life - the economic, political, personal and spiritual - with human dignity at its centre. Trustees also visit the projects and Institute units who have received grants periodically to see for themselves how grants have been deployed.

The Charity makes grants on the basis of need and demand, so does not prioritise any particular areas of charitable activity. Its strategy is based on responding to the sisters and administrative units within the Institute as they identify specific needs and bring them to its attention.

The Charity has no employees. Much of its work is undertaken by the Trustees, supported by a small number of external advisors and personnel for financial management and accounting, general and grant administration and other organisational tasks.

There is an Investment Sub-committee, consisting of three Trustees, which acts with delegated authority on behalf of the Trustees in specific matters related to the Charity’s investments and cash.

ACHIEVEMENTS AND PERFORMANCE

Total funds increased to €42.4m at 31 December 2021 (2020 - €36.9m), with net expenditure before investment gains of €0.5m and investment gains of €6.0m.

Total investment return was very high in 2021 - 20.2% on the main, long-term portfolio (year-end valuation €36.6m) and 5.9% on the lower-risk portfolio (year-end valuation €4.8m). So far in 2022, valuations have fallen back in response to the economic conditions caused by higher inflation and interest rates and the Russian invasion of Ukraine, while remaining well above the 2020 level.

Grants of €1,326,975 (2020 - €661,829) were made during the year to units within the Institute - €987,225 to the ViceProvince of Cameroon (2020 - €511,829), €285,109 to the Vice-Province of Nigeria (2020 - €150,000), €42,342 to Barré Sans Frontières (2020 - nil) and €12,299 to Bolivia (2020 - nil).

The Charity’s activities continued to be influenced by the effects of COVID-19 lockdowns. In particular, these effects partly restricted the General Council’s ability to travel internationally and curtailed the scale of some international meetings. Despite the challenges, there were various celebrations held around the world to celebrate the 400th anniversary of the birth of Blessed Nicolas Barré, the French Minim friar who founded the Institute. The Charity’s own operations were not impaired, with most business and meetings typically conducted by electronic means.

3

INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

REPORT OF THE TRUSTEES (continued)

ACHIEVEMENTS AND PERFORMANCE (continued)

The Charity’s Investment Sub-committee met several times during the year to monitor the investment portfolio and assess investment risks, liaising closely with investment managers. The Charity sold its holdings in fossil fuel companies during the year, because of ethical concerns about climate change.

During the year Trustees and advisers regularly monitored the Charity’s financial situation, which continues to be sound, and discussed relevant matters frequently in between formal meetings. Trustees also carefully considered the CIO’s context in relation to the financial position of the Institute as a whole. To reduce the risk of the CIO becoming inadvertently exposed to money laundering, Trustees approved a new Anti-Money-Laundering Policy in 2021. Trustees considered the Charity Commission’s guidance on safeguarding during the year. The Charity itself has no direct contact with children or vulnerable adults, but the work of the organisations it supports with grants is generally with such groups. Financial policies and procedures were reviewed, as a matter of routine, as was the risk management policy and risk register.

As well as making the major grants, the Charity gave smaller donations to a youth football project in Romania (where the Institute has connections), to organisations addressing the emergency in Afghanistan and to the Institute’s mission in Senegal.

Trustees received training on the latest developments in Charity Commission guidance, investment management, liquidity management and fraud prevention. Sr Margaret Walsh received induction training on a variety of governance and financial matters.

As mentioned in last year’s Trustee Report, the CIO’s house in Crawley (its main fixed asset) was sold in March 2021, since it was no longer serving its original function of domestic and administrative accommodation for the Institute’s General Council.

Cameroon

The grant of €987,225 made to Cameroon in the year was for the charitable activities of the Institute’s sisters in Cameroon as well as for the completion of the primary school begun the previous year. The construction grant was €726,080 and the primary school started operating in September 2021.

The mission work in Cameroon (supported by grant funding of €200,165) continues to focus on health care and the education of young boys and girls, of deaf and dumb children and of young people through Catholic Action movements and catechesis.

There were also grant payments of €60,980 for school equipment and working capital

Nigeria

The Charity’s grant of €285,109 made in the year supported a range of charitable activities, as well as certain capital projects. The Nigerian sisters manage several schools, work with displaced persons, provide vocational training for women and support people with HIV, among other activities.

As in the previous year, exchange rates were favourable to the Charity and so the grant paid in euro was less than the amount originally approved.

A grant of €130,212 was made for the various mission activities of the Nigerian sisters. Grants of €154,897 were made for a range of capital expenditure projects, including a new novitiate house in Jos, new buildings for classrooms and domestic science and computer laboratories at the Nicolas Barré Academy in Kona, equipment for the Women’s Centre and two cars.

Inflation remained high in 2021 at around 16%

Barré Sans Frontières

The Charity’s grant of €42,342 was made to support and maintain the lay members and sisters who visit Myanmar on mission; comprising the living costs of lay members and sisters, including the cost of air travel from Singapore (where they are based), other travel, visas, medical needs and medical insurance. It also pays for the administrative, accounting and auditing required by Barré Sans Frontières. Materials are also purchased for Montessori kindergartens.

4

INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

REPORT OF THE TRUSTEES (continued)

ACHIEVEMENTS AND PERFORMANCE (continued)

In Myanmar, the Institute’s members are involved in:

The military coup in February 2021 and the ensuing civil war obviously had a disruptive effect on mission work in Myanmar and travel there (and within the country) was largely impossible. The CIO’s grant was therefore smaller than originally budgeted. Much tuition has been switched to Zoom rather than being done in-person. Local team members have been able to continue providing various kinds of spiritual and material support to a range of children and adults who face a variety of challenges (eg lack of numeracy and literacy, neglect, unemployment and addiction).

Bolivia

The Charity made a grant of €12,299 towards a food security project run by sisters of the Institute, helping local people in the very poor northern Potosí area to grow food crops.

PRINCIPAL RISKS AND UNCERTAINTIES

The Trustees have considered the major risks and uncertainties to which the Charity is exposed and have implemented policies and controls in order to limit them. The main risks are explained below.

Trustees have considered the risks associated with COVID-19 and the actions of international governments to restrict its spread. The charity does not rely on physical office premises and is able to conduct its business electronically using computer technology, telephone calls and video conferencing. As a charity that makes grants and bears certain costs of the Infant Jesus Sisters religious institute, its operations have not been interrupted by COVID-19. The charity has a clear investment strategy and a structured system for managing liquidity and expects that it will be able to maintain its normal business, including the desired level of grant payments and other expenditure, for the foreseeable future.

5

INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

REPORT OF THE TRUSTEES (continued)

Public Benefit

The Trustees confirm that they have given due consideration to the Charity Commission’s general guidance on public benefit. These requirements are addressed in this report.

FINANCIAL REVIEW

The statement of financial activities on page 9 shows total income for the period of €1.3m (2020 - €1.7m), expenditure of €1.8m (2020 - €1.1m), unrealised investment gains of €6.0m (2020 – €0.9m) and a surplus of €5.5m (2020 - €1.5m). The Charity received donations of €0.1m from constituents of the Institute in 2021, with investment income of €0.7m and a net €0.5m surplus on the disposal of the Crawley property. Grant expenditure was €1.3m and other expenditure (which relates to the professional and governance fees incurred, Trustees’ living and working expenses and central Institute projects) was €0.5m. Total funds (all of which are unrestricted) reached €42.4m (2020 - €36.9m). The Charity expects to be able to finance its typical future level of charitable activity from investment income.

RESERVES POLICY

It is the Charity’s policy to seek to maintain a level of reserves which can generate sufficient investment returns to pay for the anticipated costs of overseas missions and projects (including a contingency for possible but unpredictable future expenses) on a sustainable basis. Reserves of €41.4m have been designated for investment purposes.

The Charity’s free reserves (excluding designated reserves and fixed assets) were €1.0m at 31 December 2021.

INVESTMENT POWERS, POLICY AND PERFORMANCE

No changes have been made to the investment policy during the year.

Investments have been made using the main principles noted below:

Minimum Income Provision: The investment portfolio has been designed to produce sufficient income to ensure the maintenance and sustainability of the organisation (this includes grant expenditure as well as leadership, coordination and administrative costs). This combined income requirement is expected to be approximately €750,000 per annum on average, but may vary significantly from year to year.

Long-term security: The investments require long term financial security so that the charitable objects can be delivered indefinitely, with their value keeping pace with inflation.

Liquidity / flexibility: Investment assets should provide diversification, flexibility and liquidity to cater for changes in the Charity’s situation and requirements. There is a separate lower-risk investment portfolio as an intermediate source of liquidity (ie a stage between cash and the long-term investment portfolio),

Ethical & social investment: The investment manager has been selected from the Principles for Responsible Investment (PRI) Initiative signatory list supported by the United Nations to ensure investments align with the Charity’s ethical standards while seeking maximum return (within the stipulated risk parameters).

The Charity has an ethical investment policy.

Risk

The investments have been sub-divided into sub-portfolios to provide liquidity tiers with the following risk profiles:

The Charity’s investment risk tolerance on its long-term portfolio is described as “Medium” with the aim to produce returns that are better than those from cash deposits with a high level of security of capital. The aim is to avoid the longterm investment portfolio losing more than 15% of value at any point annually.

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INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

REPORT OF THE TRUSTEES (continued)

Bearing in mind the strong investment performance of 2021, the uncertain economic outlook for 2022 and the possibility of further major capital projects in Cameroon, the value of the lower-risk portfolio was increased (and the long-term portfolio reduced) in November 2021.

FUTURE PLANS

The Charity intends to continue to develop its existing activities and to adapt its strategy and operations to changing circumstances, including the trend of fewer vocations in Europe and Asia, and to the needs of the poor and disadvantaged people in the societies where the Institute’s sisters work internationally.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and reports) Regulations 2008 and with the articles of association dated 9 November 2015. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on 21 September 2022 and signed as authorised on their behalf by:

…………………………………………..

Sister Marie Pitcher

Trustee

7

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

Opinion

We have audited the financial statements of Infant Jesus Sisters (Nicolas Barré) Generalate CIO for the year ended 31 December 2021 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash flows and notes to the financial statements, including a summary of significant accounting policies. 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 financial statements:

Basis for opinion

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. 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 financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements 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 financial statements are authorised for issue.

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 7, the trustees are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error.

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and the sector in which it operates, we identified that the principal risks of noncompliance with laws and regulations related to regulatory requirements of the Charity Commission, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011.

We evaluated management’s opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in certain accounting estimates and judgements such as the income recognition policy applied to donation and legacies income. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

Lee Stokes (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP Statutory Auditors

London EC4R 1AG

Date: 21 September 2022

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INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expenditure statement)

FOR THE YEAR ENDED 31 DECEMBER 2021

Total Total
unrestricted unrestricted
funds funds
2021 2020
Notes € €
INCOME FROM:
Donations and legacies 2 104,869 972,806
Investment income 3 741,821 697,133
Other income 4 487,579 -
-------------------- --------------------
Total Income 1,334,269 1,669,939
-------------------- --------------------
EXPENDITURE ON:
Charitable Activities:
Support of members and their ministry 480,421 365,919
Grant expenditure 1,326,975 661,829
-------------------- --------------------
Total Expenditure 5 1,807,396 1,027,748
-------------------- --------------------
NET INCOME/(EXPENDITURE) (473,127) 642,191
BEFORE NET GAINS ON INVESTMENTS
Net gains on investments 7 5,983,380 862,169
-------------------- --------------------
NET INCOME FOR THE YEAR 5,510,253 1,504,360
-------------------- --------------------
NET MOVEMENT IN FUNDS 5,510,253 1,504,360
Fund balances at 1 January 2021 36,857,422 35,353,062
-------------------- --------------------
FUND BALANCES AT 31 DECEMBER 2021 €42,367,675 €36,857,422
=========== ===========

There were no recognised gains and losses other than those included in the Statement of Financial Activities.

The accompanying notes form part of these financial statements.

10

INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

BALANCE SHEET

AS AT 31 DECEMBER 2021

2021 2020
Notes € € € €
FIXED ASSETS
Fixed assets 6 713 239,040
Investments 7 41,393,862 34,852,754
-------------------- --------------------
41,394,575 35,091,794
------------------- -------------------
CURRENT ASSETS
Debtors 8 2,455 2,823
Cash at bank and in hand 1,030,915 1,850,597
-------------------- --------------------
1,033,370 1,853,420
CREDITORS: Amounts falling
due within one year 9 (60,270) (87,792)
-------------------- --------------------
NET CURRENT ASSETS 973,100 1,765,628
----------------------- -----------------------
TOTAL ASSETS LESS
CURRENT LIABILITIES €42,367,675 €36,857,422
=========== ===========
FUNDS
Unrestricted funds
. Designated 10 41,393,862 34,852,754
. General 11 973,813 2,004,668
----------------------- -----------------------
€42,367,675 €36,857,422
=========== ===========

Approved and authorised for issue by the Trustees on 21 September 2022 and signed on their behalf by:

……………………………… Sister Alice KilBride Trustee

The accompanying notes form part of these financial statements.

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INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
€ € € €
Cash flows from operating activities:
Net cash provided by (used in) operating activities (1,728,334) (266,262)
Cash flows from investing activities:
Dividends, interest and rents from investments 741,821 697,133
Tangible fixed asset additions - (770)
Purchase of investments net of fees and cash
movements		 (3,892,842) (3,841,734)
Proceeds from sale of investments 3,336,111 2,537,354
Proceeds from sale of property 723,562 -
-------------------- --------------------
Net cash provided by (used) in investing activities 908,652 (608,017)
-------------------- --------------------
Change in cash and cash equivalents in the
reporting period (819,682) (874,279)
Cash and cash equivalents at the beginning of the
reporting period 1,850,597 2,724,876
-------------------- --------------------
Cash and cash equivalents at the end of the
reporting period €1,030,915 €1,850,597
=========== ===========
Reconciliation of net income to net cash flows from
operating activities 2021 2020
€ €
Net income for the reporting period 5,510,253 1,504,360
Gains on investments (5,983,380) (862,169)
Gain on sales of property (487,579) -
Depreciation 1,347 5,719
Dividends, interest and rents from investments (741,821) (697,133)
Decrease/(increase) in debtors 368 (39)
Decrease in creditors (27,522) (217,000)
-------------------- --------------------
Net cash provided by/(used) in operating activities €(1,728,334) €(266,262)
=========== ===========
Analysis of cash and cash equivalents 2021 2020
€ €
Cash in hand 1,030,915 1,850,597
-------------------- --------------------
Total cash and cash equivalents €1,030,915 €1,850,597
=========== ===========

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INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements 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 UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). There are no areas of critical judgment or estimation used in the preparation of the financial statements.

b) Functional Currency

The functional current of the charity is the Euro (€).

c) Preparation of accounts on a going concern basis

The trustees consider there are no material uncertainties about the charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives trustees confidence the charity remains a going concern for the foreseeable future. Financial projections have been subjected to stress tests based on extreme reductions in both investment valuation and investment income, far beyond anything so far experienced, such as might conceivably result from future actions taken internationally to restrict the spread of COVID-19 in a very adverse scenario, and it is considered that the charity would remain a going concern even in that event.

d)

Income

All income is included in the statement of financial activities when the charity is entitled to the income, it is probable that income will be received, and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Donations and legacies

Donations and legacies are recognised when receivable or when the Charity becomes legally entitled to them. Receipts of property, investments or other gifts in kind are included at market value.

e) Expenditure

Charitable expenditure consists of all expenditure relating to the objects of the Charity. All costs are directly attributable to the activities under which they have been analysed.

Governance costs include expenditure on the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. Irrecoverable VAT is included with the category of expense to which it relates.

Grants payable

Grants are included in the period of account when they are approved at a meeting of the Trustees.

f) Buildings and Furniture, fittings and equipment

Buildings are reported in the balance sheet at original cost. Depreciation is charged over the estimated useful life of the assets using the straight-line method on a monthly basis. Buildings are depreciated over 50 years.

Furniture, fittings and equipment are reported in the balance sheet at original cost. Depreciation is charged over the estimated useful life of the assets using the straight-line method on a monthly basis. A rate of depreciation of 20% is used.

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INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES (CONTINUED)

g) Investments

Quoted investments are valued at their closing middle market price on the balance sheet date and the gain or loss taken to the Statement of Financial Activities. All movements in value are shown in the Statement of Financial Activities.

h) Debtors

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

i) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments.

j) Creditors and provisions

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

k) Estimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the trustees’ best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any estimates and judgements.

l) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value. The portfolio of investments held by the charity is included at fair value.

2. DONATIONS AND LEGACIES 2021 2020
€ €
Congregation:
Thailand 80,361 84,006
Peru 9,276 9,890
Czech Republic 15,000 -
Donation from previous Generalate - 746,628
Other donations 232 132,282
--------------------- ---------------------
€104,869 €972,806
========== ==========

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INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

3. INVESTMENT INCOME 2021 2020
€ €
Dividend income 702,389 694,971
Bank interest 773 2,162
Tax Refunds on dividend income 38,659
---------------- -----------------
€741,821 €697,133
======== ========
4. OTHER INCOME 2021 2020
€ €
Surplus on disposal of tangible fixed assets 487,579 -
---------------- -----------------
€487,579 -
======== ========
5. EXPENDITURE Total Total
2021 2020
€ €
Charitable Activities:
Support of members and their ministry:
Sisters’ living and ministry expenses 199,823 197,093
Travel and international meetings 42,548 22,188
Professional fees 66,242 2,780
Governance costs 10,242 10,457
Depreciation 1,347 5,719
Grants awarded:
. Cameroon 987,225 511,829
. Barré Sans Frontières 42,342 -
. Nigeria 285,109 150,000
. Other grants 12,299 -
Loss on foreign exchange 6,919 2,125
Investment management fees 153,300 125,557
---------------- ----------------
€1,807,396 €1,027,748
======== ========
The charity did not have any employees in the current or preceding period.
Governance costs include: 2021 2020
€ €
Auditors’ remuneration
- Audit services €10,242 €10,457

TRANSACTIONS WITH TRUSTEES

Certain Trustee expenses were borne by the Charity, but the Trustees received no remuneration or other benefits in connection with their duties as Trustees during the current or preceding year.

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INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

6 FIXED ASSETS

Cost
At 1 January 2021
Disposal
At 31 December 2021
Depreciation
At 1 January 2021
Depreciation on disposal
Charge for the year
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Land and
Buildings
Fixtures and
fittings
€
€
249,094
6,566
(249,094)
(2,972)
~~--------------------~~
~~--------------------~~
-
3,594
~~--------------------~~
~~--------------------~~
12,857
3,763
(12,857)
(2,229)
1,347
~~--------------------~~
~~--------------------~~
-
2,881
~~--------------------~~
~~--------------------~~
-
€713
~~==========~~
~~==========~~
€236,237
€2,803
~~==========~~
~~==========~~		 Total
€
255,660
(252,066)
~~--------------------~~
3,594
~~--------------------~~
16,620
(15,086)
1,347
~~--------------------~~
2,881
~~--------------------~~
€713
~~==========~~
€239,040
~~==========~~

During the year, the trustees have sold the property located at 22 Hexham Close. The sales proceeds will be used towards the Charity’s objectives and activities.

7. FIXED ASSET INVESTMENTS 2021 2020
€ €
As at 1 January 2021 34,408,279 32,166,726
Additions less fees 3,776,010 3,916,738
Disposals (3,336,111) (2,537,354)
Net investment gains 5,983,380 862,169
--------------------- ---------------------
Sub total 40,831,558 34,408,279
Cash held in portfolio 562,304 444,475
--------------------- ---------------------
Market value at 31 December 2021 €41,393,862 €34,852,754
========== ==========
Historical cost at 31 December 2021 €30,926,014 €30,065,728
========== ==========

16

INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

8. DEBTORS 2021 2020
€ €
Prepayments and accrued income €2,455 €2,823
======= =======
9. CREDITORS: Amounts falling due within one year 2021 2020
€ €
Accruals €60,270 €87,792
======= =======
10. DESIGNATED FUNDS
Designated
1 January in the 31 December
2021 year 2021
€ € €
Investment portfolio
€34,852,754 €6,541,108 €41,393,862
========== ======== ==========
Designated
1 January in the 31 December
2020 year 2020
€ € €
Investment portfolio
€32,686,205 €2,166,549 €34,852,754
========== ======== ==========

The Trustees of the Charity have designated €41,393,862 (2020: €34,852,754) the majority of its funds, to be invested in assets which generate income to pay for its charitable activities.

11. ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS
2021 Fixed assets Net current
& investments assets Total
€ € €
Unrestricted funds:
General 713 973,100 973,813
Designated 41,393,862 - 41,393,862
----------------------------- --------------------------- --------------------------
€41,394,575 €973,100 €42,367,675
============== ============= ===============
2020 Fixed assets Net current
& investments assets Total
€ € €
Unrestricted funds:
General 239,040 1,765,628 2,004,668
Designated 34,852,754 - 34,852,754
----------------------------- --------------------------- --------------------------
€35,091,794 €1,765,628 €36,857,422
============== ============== ==============

17

INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

11. RELATED PARTY TRANSACTIONS

There were no related party transactions in the current or preceding year.

18