OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Ursuline Sisters Brentwood CIO

2024-02-29-accounts

Ursuline Sisters Brentwood CIO

Annual Report and Accounts

29 February 2024

Charity Registration Number 1168579

Contents

Reports

Reports Reports
Reference and administration details of the
charity, its trustees and advisers 1
Report of the trustees 2
Independent auditor’s report 10
Accounts
Statement of financial activities 14
Balance sheet 15
Statement of cash flows 16
Principal accounting policies 17
Notes to the accounts 22

Ursuline Sisters Brentwood CIO

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

Trustees Mrs Sue Cooper
Sister Clare Kane
Mr Michael L’Estrange
Mrs Nicolina Lyon
Sister Margaret Soper
Sister Anne Spilberg
Commissary Sister Margaret Soper
General Bursar Ms Pauline Townsend
Principal Address Ursuline Generalate
27 Eastfield Road
Brentwood
CM14 4HB
Telephone 01277 260156
e-mail admin@ursulinesistersbrentwood.org
Charity Registration Number 1168579
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers National Westminster Bank plc
46 High Street
Brentwood
Essex
CM14 4AL
Investment Managers BlackRock Investment Management (UK) Limited
12 Throgmorton Avenue
London
EC2N 2DL
Principal Solicitors IBB Law LLP
Capital Court
30 Windsor Street Uxbridge
Middlesex
UB8 1AB

Ursuline Sisters Brentwood CIO 1

Report of the trustees Year to 29 February 2024

The trustees present their report together with the accounts of the Ursuline Sisters Brentwood CIO (the ‘charity’) for the year to 29 February 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 17 to 21 and comply with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The principles set out in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) have been followed in the preparation of this report and accounts.

Activities, performance and future plans

Purpose and Impact

The Brentwood Ursuline Sisters were founded from another Ursuline Community in Upton, Forest Gate, 124 years ago, at the request of the Parish Priest of Brentwood, to provide secondary education for girls in the area. The Ursuline Order has been renowned since its origins in the 16[th] century for its

particular emphasis on the education and development of women, which throughout the centuries has taken many and varied forms and has been pioneered in every continent in the world. Ursuline education has been noted for the values of building community, respecting the individual, working for peace and Gospel justice, excellence in academics and ‘cultivating the vine’ of faith with dynamic formation programmes. Our original foundress Angela Merici (14751540) was noted both in her own time and since for setting up a group of consecrated women who elected a leader from among themselves and remained in society to work amongst fellow citizens rather than being withdrawn into a cloister. Over the years the

Brentwood Ursulines have provided formal education through the foundation and support of schools in Brentwood, Dagenham and Harold Hill and in Kenya, and have been active in promoting informal education through parish sacramental programmes, through both Diocesan and parish Youth Work and through a wide network of personal contacts. Now we have mostly retired from active ministry and the schools have passed into lay management, we are proud that our values continue to be promoted in the

Ursuline Sisters Brentwood CIO 2

Report of the trustees Year to 28 February 2024

Activities, performance and future plans (continued)

Purpose and Impact (continued)

institutions we founded or to which we contributed. During the course of the year, we once again welcomed the annual Year 7 visits from the Brentwood Ursuline Convent High School, with two of the Sisters and one of our Associates giving them a taste of our history and the Ursuline ethos. We also attended the Annual Patronal Feast-day, Foundation Day and Academic Masses.

The School has continued to actively promote the Ursuline values of the Student Profile which is shared among all the Ursuline Schools in the UK taking a different theme each month across form-time and assemblies. During the year the school was Peer-Reviewed by the Ursuline Education Community – the joint collaborative project for the Ursuline Schools – and we were proud to note the following comment in the subsequent Report on the visit: “The team had an overwhelmingly positive experience during the review day, teachers and, importantly students, spoke with great authenticity about their school and they were excellent ambassadors to celebrate the school’s successes with future visitors to Brentwood Ursuline.” (United in Mission Visiting Team, November 2023)

Following the reduction in Sisters being cared for and corresponding reduction in Care staff last January, and with the gradually deteriorating condition of another of the remaining sisters, by the summer we came to the reluctant conclusion that continuing to provide 24 hour care in-house for 2 sisters was no longer sustainable nor adequate for the unique social needs of the sister with dementia. Consequently, we made the decision that we would find suitable care provision outside the Community for the two sisters needing care. We also decided that that since the ‘new’ accommodation was now already too large for our needs, we would start the process to move on into domestic situations, finding a buyer for the present convent accommodation and accepting that when any of the rest of us needed care we would seek it outside the Community setting. This inevitably meant a further redundancy process for the rest of the Care staff. We retained a housekeeper, cleaner, gardener and a Care Supervisor to oversee the Care of the Sisters in Care Homes, along with our office staff.

The Archives continue to be securely housed. We are in a process of negotiating with Durham University Library the transfer of those Archives we do not need to keep, but which need to be in a secure environment, before the sale of the property is achieved.

The transfer of the schools’ land to the Diocese of Brentwood (BRCDT) (thereby ensuring their continuance at the forefront of the provision of Catholic Education in our Diocese) has been completed; we are continuing to seek to dispose of land and buildings we no longer use in order to reduce our commitments and to ensure our reserve for the care of the Sisters is adequate.

Negotiations with the highest bidder for the sale of the large playing field, once used by the Brentwood Ursuline School but long since unused due to the distance from the school and now accepted into the Local Plan for housing development, are continuing.

As part of our legacy, the Trustees agreed to contribute to the building of a dedicated Sixth Form block for the Brentwood Ursuline Convent High School.

Ursuline Sisters Brentwood CIO 3

Report of the trustees Year to 28 February 2024

Activities, performance and future plans (continued)

Purpose and Impact (continued)

We will continue the process of identifying beneficiaries and allocating assets to appropriate objects of the Charity.

We have been able to offer hospitality to groups and individuals, though the size and layout of the present house places inevitable limits on how many we can accommodate. We continue to respond to requests for financial assistance from some people suffering hardship, including providing furniture for a refugee family. We started regular contributions to the local food bank and we have maintained contact via telephone, card or Zoom with many individuals and groups.

We continued to fund a young boy requiring extra literacy tuition and have begun funding for tutorials for another. We have funded a hairdressing course to help a young person find work and have continued to support families through difficult periods, also covering the needs of teenage children at school and college, e.g. by providing a weekly payment to one young man at University. We have paid for a course of counselling for someone in need.

I'd also like to thank you for all The Sister who worked as a Chaplain in a local prison retired you and the Sisters have done during the year and has received many tributes for her long in regards to qq education. and dedicated commitment to both prisoners and staff there, especially for the Travellers’ Forum which she initiated.

We contributed financially, mainly through the Catholic Agency for Overseas Development, to various emergencies which have occurred this year, including Ukraine, the Libyan flooding and the Israeli-Palestinian conflict. We have also sent donations with a Priest we know to aid orphan projects in Africa.

Values and Ways of Working

The objects of the CIO are such charitable purposes which advance the religious and other charitable work undertaken, both now and in the past by the Congregation as the Charity Trustees think fit, including in particular (but without prejudice to the generality of the foregoing) the advancement of education, the relief of poverty, the advancement of the Roman Catholic religion and care of the sick and elderly members of the Congregation.

The trustees of the charity support the religious and other charitable works carried out by members of the Congregation, and the care of those members throughout their lives within the Congregation. All of the Sisters are now retired from remunerative work, but even the oldest and frailest support the mission of the Congregation by their interest and their prayer. We employ staff with the necessary knowledge, experience and skills to enable the charity to continue to meet its objectives and maintain efficient and transparent organisation, both for the internal working of the charity and in its relations with the public. We pay salaries that are commensurate with those for similar roles in other organisations and are attentive to ensuring that employees receive a just and living wage and that their conditions of employment meet the highest standards.

Safeguarding: The Leadership Team of the Congregation and the Safeguarding Lead have kept abreast of the changes to CSSA and RLSS and are preparing in anticipation of a safeguarding audit.

Ursuline Sisters Brentwood CIO 4

Report of the trustees Year to 28 February 2024

Governance, structure and management

Originally our work was funded by grants, salaries and fees. Now our income is mainly from pensions, dividends from our investment portfolio and sale of properties. Our main costs are Care Home fees, staff salaries, regular property maintenance (now significantly reduced due to our move) and the ongoing costs of administrating the charity. Each year we revise an actuarial projection in order to ensure that we keep a reserve intact to care for the Sisters to the end of their lives.

The trustees acknowledge that there is a risk that investments lose value. We attend regularly to updates from our investment managers to ensure that they act within a sustainable policy that diversifies investments and aims to achieve a total return from capital growth while providing regular income on a quarterly basis.

Risk management

The Trustees regularly review the principal risks and uncertainties that the charity faces categorising the risks between those affecting the governance and management of the charity and those which occur because of circumstances outside the charity’s control such as changes in government policy, laws and regulations. They regularly evaluate the measures already in place, or needing to be put in place, to establish policies, systems and procedures to mitigate those risks identified. They also ensure that action is taken to implement changes to those policies, systems and procedures should they be needed to minimise or manage any potential impact on the charity should those risks materialise. Having assessed the major risks to which the charity is exposed, the trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks.

The key risks for the charity, as identified by the trustees, are described below together with the principal ways in which they are mitigated:

Ursuline Sisters Brentwood CIO 5

Report of the trustees Year to 28 February 2024

Governance, structure and management (continued)

Risk management (continued)

Canon Law

Following a unanimous decision on the part of the Congregation in 2017 the ordinary governance of the institute has been suspended due to the age of the members and a Commissary (Delegate) currently one of the Sisters, was appointed by the Bishop of Brentwood. The governance of the institute continues to be based in Brentwood and the Commissary assumes all the rights and obligations of the universal law of the Church and the proper law of the institute attributed to the Supreme Moderator and her Council.

Civil law

The CIO is governed by a Constitution dated 3 August 2016 and revised in December 2022. The trustees of the charity include the Commissary (Bishop’s delegate), two other Sisters and three lay trustees. The Sister trustees are long-standing members of the Congregation and have intimate knowledge of the work of the charity. All the lay trustees have known the members of the Congregation for a number of years and each brings a specialised expertise to the trustee body, namely legal, financial and educational respectively.

The trustees make every effort to be conscientious in reading and assimilating the Charity Commission’s general guidance on public benefit with regard to setting objectives and planning the work of individual sisters.

Ursuline Sisters Brentwood CIO 6

Report of the trustees Year to 28 February 2024

Governance, structure and management (continued)

Civil law (continued)

Training and updating are maintained.

The trustees normally meet at least four times a year and with the Congregation’s legal, accounting and property advisers as necessary either in person or via phone or video.

Trustees’ Responsibilities Statement

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 income and expenditure of the charity for that period. In preparing these accounts the trustees are required to:

The trustees are responsible for keeping proper accounting records that 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, applicable Charity (accounts and Reports) Regulations and the provisions of the governing document. 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.

The present report is evidence that the trustees understand their responsibilities and have prepared accounts for this financial period which give a true and fair view of the state of affairs of the charity.

Structure and Management

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet regularly to review developments with regard to the charity or its activities and make any important decisions. When necessary the trustees seek advice and support from the charity’s professional advisers including investment managers, solicitors, property advisers and accountants.

Ursuline Sisters Brentwood CIO 7

Report of the trustees Year to 28 February 2024

Governance, structure and management (continued)

Key management personnel

The trustees consider that they 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. They receive no remuneration in respect of their duties.

Fundraising

The charity is not actively involved in fundraising activities. However, it aims to achieve best practice in the way in which it communicates with donors and other supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data, and ensures that supporters’ and donors’ communication preferences can be changed at any time. The charity does not employ the services of Professional Fundraisers. During the year to 29 February 2024, the charity received no complaints about fundraising activities.

Financial review

Income and expenditure

A summary of the year’s results can be found on page 14 of the attached accounts.

Total income for the year was £333,374 (2023 – £1,564,676). Investment income of £144,427 has decreased compared to the prior year (2023 - £155,802). Income from other sources for the year ended 29 February 2024 includes a surplus on disposal of fixed assets £Nil (2023 – £1,150,486) from the disposal of property.

Total expenditure of £1,022,630 was higher than the prior year (2023 – £891,721). This is due to increased care costs in the year as a result of more Sister’s going into care home’s.

Losses from the revaluation and disposal of listed investments of £40,757 were less than the prior year (2023 – loss of £108,700).

Financial position and reserves policy

The balance sheet shows total net assets of £8,289,208 (2023 – £9,019,221).

The trustees have set aside an amount equivalent to the book value of the tangible fixed assets as a separate fund in recognition of the fact that such assets are required to enable the Congregation to carry out its charitable work and are not available to fund activities or meet future contingencies.

£3,300,000 has been designated to meet the costs of the care and welfare of the Sisters in their retirement (2023 – £3,000,000). The Sisters are wholly dependent on the charity for their maintenance and care; all are of pensionable age; some need constant, skilled care.

The Dr N Hunt fund was set up in 2012 using a legacy of £324,561 received from the estate of Dr Noreen Hunt. The intention is to use the money to make donations to those in need. As at 29 February 2024, £253,507 remains to be spent (2023 – £275,208).

Ursuline Sisters Brentwood CIO 8

Report of the trustees Year to 28 February 2024

Financial review (continued)

Financial position and reserves policy (continued)

The trustees’ reserves policy has been to maintain a level of free reserves approximately equal to six months’ operating expenditure in order to provide for contingencies, equating to approximately £300,000 - £350,000. The free reserves available at the balance sheet date were higher than this range, being £582,746 (2023 – £2,045,579). The trustees deem the level of free reserves to be adequate but not excessive given the inherent uncertainty in the stock markets and the continuing uncertainties in the economy.

Signed on behalf of the trustees

Margaret Soper

Trustee

Approved by the trustees on: 10[th] June 2024

Ursuline Sisters Brentwood CIO 9

Independent auditor’s report Year to 29 February 2024

Independent auditor’s report to the trustees of Ursuline Sisters Brentwood CIO

Opinion

We have audited the accounts of Ursuline Sisters Brentwood CIO (the ‘charity’) for the year ended 29 February 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

Ursuline Sisters Brentwood CIO 10

Independent auditor’s report Year to 29 February 2024

Other information (continued)

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

Ursuline Sisters Brentwood CIO 11

Independent auditor’s report Year to 29 February 2024

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

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.

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

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

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

Ursuline Sisters Brentwood CIO 12

Independent auditor’s report Year to 29 February 2024

Auditor’s responsibilities for the audit of the financial statements (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:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of those charged with governance and 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 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

2 July 2024

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

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

Ursuline Sisters Brentwood CIO 13

Statement of financial activities Year to 29 February 2024

Notes Unrestricted funds Unrestricted funds
2024
£		 2023
£
Income from:
Donations and legacies
1
Investments and interest receivable
2
Other sources
. Surplus on disposal of tangible fixed assets
. Miscellaneous income
Total income
Expenditure on:
Charitable activities
. Support of the members of the Congregation and their ministry
3
. Donations in support of miscellaneous charitable activities
Loss from disposal of tangible fixed assets
Total expenditure
Net (expenditure)/income before investment (losses)
Net (losses) on investments
10
Net (expenditure)/income for the year and net movement in
funds
Reconciliation of funds
Fund balances at 1 March 2023
Fund balances at 29 February2024		 188,947
144,427
—
—		 258,378
155,802
1,150,486
10
333,374 1,564,676
955,734
35,490
31,406		 871,060
20,661
—
1,022,630 891,721
(689,256)
(40,757)		 672,955
(108,700)
(730,013)
9,019,221		 564,255
8,454,966
8,289,208 9,019,221

All recognised gains and losses are included in the above statement of financial activities and are derived from continuing activities.

Ursuline Sisters Brentwood CIO 14

Balance sheet 29 February 2024

Notes 2024
£		 2024
£		 2023
£		 2023
£
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors
11
Short term deposits
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
12
Net current assets (liabilities)
Total net assets
The funds of the charity:
Unrestricted funds
. Tangible fixed assets fund
13
. Designated funds
14
. General funds		 133,329
6,173
91,014		 4,152,955
4,020,410		 37,184
105,381
97,037		 3,698,434
5,261,167
8,173,365
115,843		 8,959,601
59,620
230,516
(114,673)		 239,602
(179,982)
8,289,208 9,019,221
4,152,955
3,553,507
582,746		 3,698,434
3,275,208
2,045,579
8,289,208 9,019,221

Approved by the trustees and signed on their behalf by:

Margaret Soper Trustee Approved on: 10[th] June 2024

Charity Registration Number: 1168579

Ursuline Sisters Brentwood CIO 15

Statement of cash flows Year to 29 February 2024

Notes
2024
£		 2023
£
Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities:
Income received from listed investment and interest received
Rents received from investment properties
Proceeds from the disposal of tangible fixed assets
Purchase of tangible fixed assets
Purchase of listed investments
Proceeds from the disposal of listed investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 March 2023
B
Cash and cash equivalents at 29 February 2024
B
(929,004)		 (625,808)
127,627
16,800
—
(520,654)
—
1,200,000		 139,002
16,800
1,806,341
(10,500)
(1,400,000)
—
823,773 551,643
(105,231)

202,418		 (74,165)
276,583

97,187		 202,418

Notes to the statement of cash flows for the year to 29 February 2024.

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

2024
£		 2023
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Losses on listed investments and investment property
Investment income and interest receivable
Surplus on disposal of tangible fixed assets
(Increase) Decrease in debtors
Decrease in creditors
Net cash used in operating activities		 (730,013)
34,727
40,757
(144,427)
31,406
(96,145)
(65,309)		 564,255
54,438
108,700
(155,802)
(1,150,486)
28,398
(75,311)
(929,004) (625,808)

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2024
£		 2023
£
Cash at bank and in hand
Short term deposits
Total cash and cash equivalents:		 91,014
6,173		 105,381
97,037
97,187 202,418

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

Ursuline Sisters Brentwood CIO 16

Principal accounting policies Year to 29 February 2024

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

Basis of preparation

These accounts have been prepared for the year ended 29 February 2024 with comparative information provided in respect to the year ended 28 February 2023.

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 Charities SORP FRS 102, 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 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 to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made include:

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.

There will undoubtedly be challenges ahead due to the aftermath of the Covid pandemic, and wider macroeconomic and geopolitical uncertainties. However, the trustees do not expect concerns to arise over the charity’s financial position.

Ursuline Sisters Brentwood CIO 17

Principal accounting policies Year to 29 February 2024

Assessment of going concern (continued)

Therefore, the trustees 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 28 February 2025 the most significant areas that affect the carrying value of the assets held by the charity are the level of investment returns and the performance of the investment markets.

Income

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.

Donations, including salaries and pensions of individual religious 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.

Investment income is 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.

Any surplus on the disposal of tangible fixed assets is calculated as the difference between the sale proceeds net of sale costs and the net book value of the asset immediately prior to disposal. It is accounted for once legal completion of the disposal has taken place.

All other income is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be measured reliably. It is measured at fair value and accounted for on an accruals basis.

Expenditure

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.

Ursuline Sisters Brentwood CIO 18

Principal accounting policies Year to 29 February 2024

Expenditure (continued)

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.

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 costs in respect to the support of members of the Congregation and enabling their ministry including governance costs.

Charitable grants and donations in support of miscellaneous charitable activities 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 payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and has satisfied all performance conditions.

All expenditure is stated inclusive of irrecoverable VAT.

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.

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.

All expenditure on support and governance is attributed directly to the charitable activities of supporting members of the Congregation and enabling their ministry and hence has there has been no apportionment between the headings.

Tangible fixed assets

All assets costing more than £1,500 and with an expected useful life exceeding one year are capitalised.

♦ Freehold land and buildings

The charity leased land and buildings of two Catholic voluntary aided schools to the Trustees of the Diocese of Brentwood which is a separate charity .

During the year, the land and buildings which were leased to the Diocese of Brentwood have been transferred to Diocesan ownership.

The trustees consider that no meaningful value can be attributed to these assets since they were not used directly by the charity, do not generate income and cannot be disposed of in the open market value or put to alternative use while such occupation, which may be indefinite, continues. They were therefore valued at £nil in the accounts.

Ursuline Sisters Brentwood CIO 19

Principal accounting policies Year to 29 February 2024

Tangible fixed assets (continued)

Non-specialised buildings are those designed as, and used wholly or mainly for, private residential accommodation. As permitted under Financial Reporting Standard 102 (FRS 102) the charity adopts a policy of not revaluing its tangible fixed assets. The charity has adopted the value of land and buildings as transferred from The Congregation of the Sisters of the Order of St Ursula of the Diocese of Brentwood Charitable Trust on 1 March 2017 as their deemed cost. Additions since 1 March 2017 are stated at cost.

Expenditure on property refurbishment and plant is capitalised and depreciated over a ten year period on a straight line basis.

Expenditure on the purchase of furniture, equipment and motor vehicles is capitalised and depreciated over a four year period on a straight line basis.

Items of plant are depreciated over 5-15 years based on the specific asset.

Fixed asset investments

Fixed asset investments comprise:

♦ 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.

♦ Investment properties

These are included on the balance sheet at fair value estimated as their open market value based on a trustees’ valuation determined with professional assistance.

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

Ursuline Sisters Brentwood CIO 20

Principal accounting policies Year to 29 February 2024

Debtors

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

Cash at bank and in hand

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

Creditors and provisions

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

Funds structure

The funds of the charity are unrestricted and 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 funds represented by tangible fixed assets and designated amounts for specific purposes. Details are provided in notes 13 and 14.

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.

Ursuline Sisters Brentwood CIO 21

Notes to the accounts Year to 29 February 2024

1 Income from: Donations and legacies

Income from: Donations and legacies
2024
£		 2023
£
Salaries, pensions and other income of individual religious received
under a Gift Aid compliant deed of covenant
Other donations
Legacies		 187,822
1,125
—		 214,412
2,560
41,406
188,947 258,378

2 Income from: Investments and interest receivable

Income from: Investments and interest receivable
2024
£		 2023
£
Income from listed investments
UK Charity Authorised Investment Funds
Bank interest receivable
Rental income from investment properties		 123,046
4,581
16,800		 135,510
3,492
16,800
144,427 155,802

3 Expenditure on: Support of members of the Congregation and their ministry

2024
£		 2023
£
Staff costs (note 6)
Premises
Sisters' living expenses
Education, training and spiritual renewal
Legal expenses
Management, computer development and office expenses
Governance costs (note 4)		 374,953
142,486
359,502
2,048
6,349
51,402
18,994		 405,101
195,485
207,829
1,631
20,099
23,648
17,267
955,734 871,060

4 Governance costs

Included within expenditure on supporting members of the Congregation and their ministry are governance costs as detailed below:

Audit and accountancy 2024
£
18,994		 2023
£
17,267

Ursuline Sisters Brentwood CIO 22

Notes to the accounts Year to 29 February 2024

5 Net income (expenditure) for the year and net movement in funds

This is stated after charging:

2024
£		 2023
£
Staff and related costs (note 6)
Auditor’s remuneration (including VAT)
. Statutory audit services
Depreciation
Loss on disposal of tangible fixed assets
Surplus on disposal of tangible fixed assets		 374,953
18,994
34,727
31,406
—		 405,101
17,267
54,438
—
1,150,486

6 Staff costs

Staff and related costs during the year were as follows:

2024
£		 2023
£
Wages and salaries
Social security costs
Pension costs		 340,667
28,100
6,186		 369,243
28,325
7,533
374,953 405,101

Included within wages and salaries are redundancy payments of £70,044, (2023 – £22,495) made to 9 employees. Of this amount, £6,825 was non-statutory.

One employee earned between £60,000-£70,000 (including taxable benefits) during the year (2023 – one).

The average monthly number of employees (based on headcount) during the year, analysed by function, was:

by function, was:
2024 2023
Support of members of the Congregation 14 23

A significant number of employees work part-time. The full-time equivalent number of employees during the year was 7.4 (2023 – 9.56).

7 Key management personnel and transactions with trustees

The trustees consider that they comprise the key management personnel in charge of directing, controlling, running and operating the charity on a day to day basis. None of the trustees received any remuneration during the year (2023 – none). One trustee was reimbursed travel expenses totalling £219 in the year in connection with their duties as a trustee (2023 – £44). A number of trustees are also members of the Congregation and their living and personal expenses were borne by the charity during the year.

Ursuline Sisters Brentwood CIO 23

Notes to the accounts Year to 29 February 2024

8 Taxation

The Ursuline Sisters Brentwood CIO is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

9 Tangible fixed assets

Non-
specialised
Freehold
Land and
Property
£
Property
improvements
£
Plant and
machinery
£
Furniture
and
equipment
£
Motor
vehicles
£
Total
£
Cost
At 1 March 2023
Additions
Disposals
At 29 February 2024
Depreciation
At 1 March 2023
Depreciation
Removed on disposal
At 29 February 2024
Net book values
At 29 February 2024
At 28 February2023		 3,559,917
520,654
—
204,684

—

(182,964)
107,237

—
(44,696)
81,835

—
—
23,250

—

—
3,976,923

520,654

(227,660)
4,080,571
21,720
62,541
81,835
23,250
4,269,917
—
—
—
160,886

2,172

(152,141)
87,305

6,690
(44,113)
20,459

20,459
—
9,839

5,406

—
278,489

34,727

(196,254)
—
10,917
49,882
40,918
15,245
116,962
4,080,571
10,803
12,659
40,917
8,005
4,152,955
3,559,917
43,798
19,932
61,376
13,411
3,698,434

It is likely that there are material differences between the open market values of the charity’s land and buildings and their book values, as is demonstrated by the above transaction. These arise from the specialised nature of some properties and the effects of inflation. The amount of such differences cannot be ascertained without incurring significant cost, which, in the opinion of the trustees, is not justified in terms of the benefit to the users of the accounts.

10 Investments

Fixed asset investments comprised:

Investments
Fixed asset investments comprised:
2024
£		 2023
£
Freehold investment properties (a)
Listed investments and cash held for re-investment (b)
Total cost and market value of investments at 29 February 2024		 640,000
3,380,410		 640,000
4,621,167
4,020,410 5,261,167

Ursuline Sisters Brentwood CIO 24

Notes to the accounts Year to 29 February 2024

10 Investments (continued)

Movements on each category of investment are summarised below:

(a) Freehold investment properties

(a) Freehold investment properties
2024
£		 2023
£
Fair value at 28 February 2023
Revaluation
Fair value at 29 February2024		 640,000
—		 500,000
140,000
640,000 640,000

The freehold investment property has been valued in these accounts at its fair value estimated as its open market value which has been determined by the trustees with assistance provided by estate agents local to the property concerned.

(b) Listed investments

(b) Listed investments
2024
£		 2023
£
Market value at 28 February 2023
Additions
Disposals at book value ( Proceeds £1,200,000, loss: £14,034)
Net unrealised investment (losses)
Market value at 29 February 2024
Cost of listed investments at 29 February2024		 4,621,167
—
(1,214,034)
(26,723)		 3,469,867
1,400,000
—
(248,700)
3,380,410 4,621,167
3,351,809 4,546,131

At 29 February 2024 and 28 February 2023, the charitable company’s listed investments consisted entirely of units in the BlackRock Catholic Charities Growth and Income Fund managed by BlackRock Investment Management (UK) Limited.

All investments within the above Fund were dealt in on a recognised stock exchange.

11 Debtors

Debtors
2024
£		 2023
£
Accrued investment income
Other debtors
Prepayments		 17,767
7,000
108,562		 23,188
2,431
11,565
133,329 37,184

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024
£		 2023
£
Monies held on behalf of individual members of the Congregation
Additions to tangible fixed assets
Accruals
Social security and other taxes		 69,996
—
41,943
2,734		 69,996
50,349
44,110
15,528
114,673 179,982

Ursuline Sisters Brentwood CIO 25

Notes to the accounts Year to 29 February 2024

13 Tangible fixed assets fund

The tangible fixed asset fund represents the net book value of the charity’s tangible fixed assets. This value has been set aside to highlight the fact that the tangible fixed assets are required for the charity’s activities and are not available as a reserve to fund expenditure or meet future contingencies.

meet future contingencies.
2024 2023
£ £
At 1 March 2023 3,698,434 4,398,226
Additions 520,654 10,500
Depreciation and disposal adjustments (66,133) (710,292)
At 29 February2024 4,152,955 3,698,434

14 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
March
2023
£		 Utilised/
released
£		 At 29
February
2024
£
Retirement reserve
Dr N Hunt fund		 3,000,000
275,208		 300,000
(21,701)		 3,300,000
253,507
3,275,208 278,299 3,553,507
At 1
March
2022
£		 Utilised/
released
£		 At 28
February
2023
£
Retirement reserve
Dr N Hunt fund		 3,000,000
285,903		 —
(10,695)		 3,000,000
275,208
3,285,903 (10,695) 3,275,208

♦ Retirement reserve

The retirement reserve had been calculated using actuarial principles and consists of monies set aside by the trustees to assist in providing for the sisters in their retirement.

♦ Dr N Hunt fund

The Dr N Hunt fund represented money received from the estate of the late Dr Noreen Hunt and will be used to make donations to those in need.

Ursuline Sisters Brentwood CIO 26

Notes to the accounts Year to 29 February 2024

15 Analysis of net assets between funds

General
fund
£		 Tangible
fixed
assets
fund
£
Designated
funds
£		 Total
2024
£
Fund balances at 29 February 2024
are represented by:
Tangible fixed assets
Fixed asset investments
Net current assets
Total net assets		 —
466,903
115,843		 4,152,955
—
—		 —
3,553,507
—		 4,152,955
4,020,410
115,843
582,746 4,152,955 3,553,507 8,289,208
General
fund
£		 Tangible
fixed
assets
fund
£
Designated
funds
£		 Total
2023
£
Fund balances at 28 February 2023
are represented by:
Tangible fixed assets
Fixed asset investments
Net current assets
Total net assets		 —
1,985,959
59,620		 3,698,434
—
—		 —
3,275,208
—		 3,698,434
5,261,167
59,620
2,045,579 3,698,434 3,275,208 9,019,221

The total unrealised gains as at 28 February 2024 constitute movements on revaluation and are as follows:

are as follows:
2024
£		 2023
£
Unrealised gains (losses) included above:
On listed investments
On investment properties
Total unrealised gains at 29 February 2024
Reconciliation of movements in unrealised gains
Unrealised gains at 1 March 2023
In respect to disposals in the year
Net gains arising on revaluation in the year
Total unrealisedgains at 29 February 2024		 48,313
640,000		 75,036
640,000
688,313 715,036
715,036
—
(26,723)		 823,736
—
(108,700)
688,313 715,036

16 Ultimate control and member’s liability

The trustees of the charity are also its members.

If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

Ursuline Sisters Brentwood CIO 27

Notes to the accounts Year to 29 February 2024

17 Related party transactions

Other than the transactions with trustees described in note 7 to these accounts, there are no related party transactions requiring disclosure (2023 – none).

18 Lease commitments

At 29 February 2024, the charity had no commitments under non-cancellable operating leases or finance leases.

19 Post balance sheet events

Negotiations to complete the sale of the Priests Lane playing field are concluded and the contracts are ready to exchange, pending approval from Rome. The purchase price is subject to a number of deductions which, due to their nature, are currently uncertain in their value. Payment is expected in instalments. Based on current estimates, we anticipate receiving the first instalment, which is estimated to be in the region of £4m, in Autumn 2024. Further instalments are due to be received over a three year period. The land being sold has a net book value in these accounts of £80,000.

Ursuline Sisters Brentwood CIO 28