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2023-12-31-accounts

Infant Jesus Sisters (Nicolas Barré) Generalate CIO

Annual Report and Financial Statements

31 December 2023

Charity Registration Number 1164298

Contents

Reports
Reference and administrative information 1
Trustees’ report 2
Independent auditor’s report 11
Financial statements
Statement of financial activities 15
Balance sheet 16
Statement of cash flows 17
Principal accounting policies 18
Notes to the financial statements 21

Infant Jesus Sisters (Nicolas Barré) Generalate CIO

Reference and administrative information

Trustees Sister Brigitte Flourez
Sister Alice KilBride (retired 2 February 2024)
Sister Marina Motta
Sister Marie Pitcher
Sister Jane Sinprayoon
Sister Margaret Walsh
Financial Administrator George Fitzsimons FCA
Registered address 16 East Acton Lane
London
W3 7EG
Charity registration number 1164298
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
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
2 Gresham Street
London
EC2V 7QP

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 1

Trustees’ report Year to 31 December 2023

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 2023. These have been prepared under the provisions of the Statement of Recommended Practice for Charities (Charities SOP FRS 102) 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

Sister Alice KilBride retired as a Trustee on 2 February 2024.

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, although lay people may also be appointed as Trustees. 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.

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.

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 2

Trustees’ report Year to 31 December 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Objects and activities (continued)

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.

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.

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 3

Trustees’ report Year to 31 December 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Objects and activities (continued)

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 a minimum of two 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 €39.1m at 31 December 2023 (2022 – €36.8m), with a net surplus of €2.3m, representing a deficit of €0.9m before net investment gains of €3.2m (2022 – a net deficit of €5.6m representing a surplus of €0.8m before net investment losses of €6.3m).

The global investment environment was much improved in 2023, with falling interest rates and inflation.

Total investment returns in the year were 12.4% on the main, long-term portfolio (year-end valuation €35.1m) and 5.2% on the lower-risk portfolio (year-end valuation €2.8m). The lowerrisk portfolio is intended to provide liquidity and £1.5m was withdrawn from it during the year to pay the CIO’s costs.

Grants of €1,358,920 (2022 – €777,149) were made during the year to units within the Institute – €915,923 to the Vice-Province of Cameroon (2022 – €370,841). €339,931 to the ViceProvince of Nigeria (2022 – €371,186) and €103,066 to Barré Sans Frontières in Singapore (2022 – nil). No grant was made to Peru in 2023 (2022 - €35,122).

As usual, Trustee meetings focussed carefully on applications received for future grants and monitoring reports received in respect of previous grants.

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 4

Trustees’ report Year to 31 December 2023

ACHIEVEMENTS AND PERFORMANCE (continued)

Trustees visited many communities of the Institute in various parts of the world during the year, in Africa, Asia, Latin America and Europe, to see the work being done and the use being made of the Charity’s grants. A meeting of the Council of the Institute was held in Madrid in May, attended by members of all the Institute’s Provinces and Vice-Provinces.

The new Institute headquarters (known as the ‘Procura’) is now established and the CIO has been funding its furnishing and equipment and its ongoing running costs.

The Charity’s Investment Sub-committee met twice during the year to monitor the investment portfolio and assess investment risks, liaising closely with investment managers. The Subcommittee reviewed the Investment Policy and recommended certain changes which the Board of Trustees adopted. The main changes acknowledged a ‘total return approach’ to investing (i.e. taking account of unrealised investment returns when considering how much to spend on grants and other costs), clarification of certain ethical and risk aspects and clarification of ethical requirements in respect of pooled funds. The Sub-committee also considered (and subsequently presented to the Board of Trustees) a report on the long-term sustainable level of grant awards given realistic expected future investment returns. The Charity’s investment managers prepared for the Sub-committee a review of the CIO’s investment performance (recently and since inception), and also presented information to enable consideration of the ethical and environmental, social and governance credentials of the investment portfolios.

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. Safeguarding was a standing item on the agenda of Trustee meetings during the year (although the Charity itself has no direct contact with children or vulnerable adults, 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 emergency earthquake response operations in Turkey/ Iraq and Syria and to a project that supports refugees and asylum seekers in the UK Midlands.

Trustees received training on the latest developments in charity law and governance and safeguarding.

Cameroon

The grant of €915,923 made to Cameroon in the year was for the charitable activities of the Institute’s sisters in Cameroon as well as continuing the development of a secondary school in Yaoundé, commencing construction of a new community house in Dougar and purchase and renovation of a group of houses for the community based at Gashiga in northern Cameroon.

Within the total figure, the school development grant was €481,184, the Dougar construction grant was €139,648 and the Gashiga grant was €53,357.

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 5

Trustees’ report Year to 31 December 2023

ACHIEVEMENTS AND PERFORMANCE (continued)

Cameroon (continued)

There is considerable local need in Dougar and Gashiga and more permanent bases were required for the sisters working there.

The mission work in Cameroon, supported by grant funding of €241,734, 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.

Nigeria

The Charity’s grant of €339,931 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 €149,751 was made for the various mission activities of the Nigerian sisters. Grants of €190,180 were made for a range of capital expenditure projects, including buying an 18-seater bus to provide transport for St Monica’s Nursery and Primary Schools, building two new classrooms and a hall for Nicolas Barré Academy in Kona, the purchase of a community house in Caro, Abuja and fencing of community land in Gwagwalada, Abuja.

Inflation in Nigeria increased to around 29% in 2023 (from 22% in 2022).

Barré Sans Frontières

Barré Sans Frontières, based in Singapore, supports the work of the Institute’s members in Myanmar, in particular the following:

The Charity’s grant of €97,225 included €57,028 for the Pyinya Sanyae teacher training project and €40,197 for the travelling, living, formation and other expenses of the sisters and lay members who support Pyinya Sanyae, the Montessori School and the Community College.

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 6

Trustees’ report Year to 31 December 2023

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.

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 15 shows total income for the period of €1.0m (2022 – €2.0m), expenditure of €1.9m (2022 - €1.3m), unrealised investment gains of €3.2m (2022 – losses of €6.3m) and a surplus of €2.3m (2022 – deficit of €5.6m).

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 7

Trustees’ report Year to 31 December 2023

FINANCIAL REVIEW (continued)

The Charity received no donations from constituents of the Institute in 2023 (2022 – €1.2m) and received investment income of €1.0m (2022 – €0.8m). Grant expenditure was €1.4m (2022 – €0.8m) and other expenditure (which relates to professional and governance fees incurred, Trustees’ living and working expenses and central Institute projects) was €0.5m (2022 – €0.5m). Total funds (all of which are unrestricted) increased to €39.1m (2022 – €36.8m). The Charity expects to be able to finance its typical future level of charitable activity from investment returns.

Reserves policy

It is Charity’s policy to seek to maintain a level of reserves which can generate sufficient investment returns to pay for the anticipated cost of overseas missions and projects (including a contingency for possible but unpredictable future expenses) on a sustainable basis. Reserves of €37.9m (2022 – €35.3m) have been designated for investment purposes.

The Charity’s free reserves (excluding designated reserves and fixed assets) were €1.2m (2022 – €1.5m) at 31 December 2023.

INVESTMENT POWERS, POLICY AND PERFORMANCE

Trustees have recently reviewed the investment policy and made some changes to it, in particular to permit the use of total investment returns (not just investment income) for the Charity’s purposes. The Charity’s ethical requirements in respect of excluded sectors and due diligence on pooled funds have also been amplified.

Investments have been made using the main principles noted below:

The Charity has an ethical investment policy.

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 8

Trustees’ report Year to 31 December 2023

INVESTMENT POWERS, POLICY AND PERFORMANCE (continued)

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 long-term investment portfolio losing more than 15% of value at any point annually.

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’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 9

23 September 2024

Independent auditor’s report on the financial statements 31 December 2023

Independent auditor’s 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 2023 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 trustees with respect to going concern are described in the relevant sections of this report.

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 11

Independent auditor’s report on the financial statements 31 December 2023

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Financial Statements, including the Trustees’ Report, other than the accounts and our auditor’s report thereon. 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 pages 9 and 10, 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.

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.

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 12

Independent auditor’s report on the financial statements 31 December 2023

Auditor’s responsibilities for the audit of the financial statements

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 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 non- compliance with laws and regulations related to regulatory requirements of the Charity Commission, and we considered the extent to which noncompliance 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:

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 13

Independent auditor’s report on the financial statements 31 December 2023

Auditor’s responsibilities for the audit of the financial statements (continued)

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 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’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

30 September 2024

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

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 14

Statement of financial activities Year to 31 December 2023

Notes Unrestricted Unrestricted

Total
funds
2023
€		 Total
funds
2022
€
Income from
Donations and legacies
1
Investment income
2
Total
Expenditure on
Raising funds:
. Investment management fees
Charitable activities:
. Support of members and their ministry
3
. Grant expenditure
4
Total
Net (expenditure) income before net gains (losses) on
investments
Net gains (losses) on investments
6
Net movement in funds
Fund balances at 1 January 2023
Fund balances at 31 December 2023
—

964,929		 1,188,232
828,985
964,929 2,017,217
145,902 142,968
145,902

385,339

1,358,920		 142,968
335,877
777,149
1,744,259 1,113,026
1,890,161 1,255,994
(925,232)

3,252,106		 761,223
(6,329,681)
2,326,874
36,799,217		 (5,568,458)
42,367,675
39,126,091 36,799,217

There were no recognised gains and losses other than those included in the financial statements.

The accompanying notes form part of these financial statements.

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 15

23 September 2024

Statement of cash flows Year to 31 December 2023

2023
€		 2022
€
Net cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interest and rents from investments
Additions to tangible fixed assets
Purchase of listed investments
Proceeds from the sale of listed investments
Net cash provided by investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period		 (1,680,023)
964,929
—
(2,294,503)
2,820,221		 (258,854)
828,986
595
(4,682,000)
4,599,202
1,490,647 746,783
(189,376)
2,081,149		 487,929
1,593,220
1,891,773 2,081,149

A Reconciliation of net income to net cash flows from operating activities

2023
€		 2022
€
Ne movement in funds as per the statement of financial activity
Adjusted for:
(Gains) losses on listed investments
Depreciation
Dividends and interest from investments
Decrease (increase) in debtors
(Decrease) increase in creditors
Net cash used in operating activities		 2,326,874
(3,252,106)
263
(964,929)
252,915
(43,040)		 (5,568,457)
6,329,681
798
(828,986)
(274,366)
82,476
(1,680,023) (258,854)

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2023
€		 2022
€
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 1,317,503
574,270		 1,336,542
744,607
1,891,773 2,081,149

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 17

Principal accounting policies 31 December 2023

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

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 judgement or estimation used in the preparation of the financial statements.

Functional currency

The functional currency of the Charity is the Euro (€).

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, and it is considered that the Charity would remain a going concern even in that event.

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 and other gifts in kind are included at market value.

Investment income

Investment income is recognised once the dividend or similar income has been declared and notification has been received of the amount due.

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 18

Principal accounting policies 31 December 2023

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 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.

Tangible fixed assets

All assets costing more than €1,000 and with an expected useful life exceeding one year are capitalised.

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.

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.

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.

Cash at bank and in hand

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

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.

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 19

Principal accounting policies 31 December 2023

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 of actions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any significant estimates and judgements.

Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as a basic financial instrument.

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.

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 20

Notes to the Financial Statements Year to 31 December 2023

1
2
3		 Donations and legacies 2023
€		 2022
€
Congregation:
. Thailand
. Spain
. Japan
. Czech Republic
Other donations		 —
—
—
—
—		 41,086
1,000,000
140,496
6,532
118
— 1,188,232
Investment income 2023
€		 2022
€
Dividend income
Bank interest
Tax refunds on dividend income		 947,528
97
17,304		 812,381
107
16,497
964,929 828,985
Support of members and their ministry 2023
€		 2022
€
Support of members and their ministry:
. Sisters’ living and ministry expenses
. Travel and international meetings
Professional fees
Governance costs
Depreciation
Gains on foreign exchange		 292,757
67,555
6,687
19,762
263
(1,685)		 192,840
107,922
24,081
16,011
798
(5,775)
385,339 335,877

The Charity did not have any employees in the current or preceding period.

Governance costs include:

2023
€		 2022
€
Auditor’s remuneration
. Audit services – current year
. Audit services – prior year under-accrual		 17,250
2,512		 16,011
—
19,762 16,011

Included within professional fees for the year ended 31 December 2023 are taxation compliance fees of €6,061, of which €3,715 relate to the year ended 31 December 2023 and €2,346 relate to services provided in respect of the year ended 31 December 2022 (2022 – €4,881). These services were provided by the charity’s auditors.

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.

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 21

Notes to the Financial Statements Year to 31 December 2023

4 Grants awarded 2023
€		 2022
€
. Cameroon, including amounts for Senegal
. Barré Sans Frontières Singapore
. Nigeria
. Peru		 915,923
103,066
339,931
—		 370,841
—
371,186
35,122
1,358,920 777,149

5 Fixed assets

Fixed assets
Fixtures
and
fittings
€
Cost
At 1 January 2023 and 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
4,189
3,679
263
3,942
247
510
6 Fixed asset investments 2023
€		 2022
€
Market value of listed investments
At 1 January 2023
Disposals at market value (proceeds: €2,820,220, losses: €57,423)
Additions
Net unrealised investment gains (losses)
Cash held in portfolio
At 31 December 2023
Cost of listed investments at 31 December 2023		 34,583,483
(2,877,643)
2,294,503
3,309,529		 40,831,558
(4,599,202)
4,680,808
(6,329,681)
37,309,872
574,270		 34,583,483
744,607
37,884,142 35,328,090
30,255,054 31,469,952

All listed investments were dealt on a recognised stock exchange.

Total unrealised gains on the market value of listed investments (excluding cash) at 31 December 2023 amounted to €7,054,818 (2022 – €3,113,531), calculated as follows:

2023
€		 2022
€
Market value of listed investments (excluding cash held)
Less: cost of listed investments		 37,309,872
**(30,255,054) **		 34,583,483
(31,469,952)
7,054,818 3,113,531

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 22

Notes to the Financial Statements Year to 31 December 2023

7 Debtors

Debtors
2023
€		 2022
€
Prepayments
Accrued income
Other debtor – IJ Procure		 1,880
97
21,928		 1,722
3,148
271,951
23,905 276,821

8 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2023
€		 2022
€
Accruals 99,706 142,746
Designated funds At 1
January
2023
€		 Designated
in the year
€		 At 31
December
2023
€
Investmentportfolio 35,328,090 2,556,052 37,884,142
At 1
January
2022
€		 Designated
in the year
€		 At 31
December
2022
€
Investmentportfolio 41,393,862 (6,065,772) 35,328,090

9 Designated funds

The Trustees of the Charity have designated €37,884,142 (2022 – €35,328,090) the majority of its funds, to be invested in assets which generate income to pay for its charitable activities.

10 Analysis of net assets between funds

Analysis of net assets between funds
General
funds
€		 Designated
funds
€		 Total
€
Fund balances at 31 December 2023 are represented
by:
Tangible fixed assets
Fixed asset investments
Net current assets		 247
—
1,241,702		 —
37,884,142
—		 247
37,884,142
1,241,702
1,241,949 37,884,142 39,126,091
General
funds
€		 Designated
funds
€		 Total
€
Fund balances at 31 December 2022 are represented by:
Tangible fixed assets
Fixed asset investments
Net current assets		 510
—
1,470,617		 —
35,328,090
—		 510
35,328,090
1,470,617
1,471,127 35,328,090 36,799,217

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 23

Notes to the Financial Statements Year to 31 December 2023

11 Related party transactions

Other than those items disclosed under note 3, there were no related party transactions in the current or preceding year.

Infant Jesus Sisters (Nicolas Barré) Generalate CIO 24