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← The English Region Of The Daughters Of Mary And Joseph CIO

2023-12-31-accounts

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

(Registered Charity Number 1171001)

TRUSTEES' REPORT AND ACCOUNTS

31 DECEMBER 2023

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

REFERENCES AND ADMINISTRATIVE DETAILS

TRUSTEES Sister Paula Marie Spark
Sister Sheila Mary Barrett (Resigned April 2024)
Sister Annette Lawrence
Sister Sheila Josephine Moloney
Sister Felicé Anne Bowker Wright (Resigned April 2024)
Mrs Hilary Gal (Appointed 4 June 2023)
Mr Marc Stas (Appointed 4 June 2023)
REGIONAL CO-ORDINATOR Sister Paula Marie Spark
REGIONAL BURSAR Sister Annette Lawrence
LAY BURSAR Mrs Julia Lau
PRINCIPAL ADDRESS The Convent
Daughters of Mary and Joseph
Layhams Road
West Wickham
Kent BR4 9QJ
GOVERNING INSTRUMENT CIO Foundation registered 5 January 2017
CHARITY REGISTRATION NO. 1171001
NAMED CORRESPONDENT Sister Annette Lawrence
The Convent
Daughters of Mary and Joseph
Layhams Road
West Wickham
Kent, BR4 9QJ
AUDITORS Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
PRINCIPAL BANKER The Royal Bank of Scotland
P.O. Box 412
62/63 Threadneedle Street
London EC2R 8LA
SOLICITORS Stone King LLP
13 Queen Square
BATH
BA1 2HJ
INVESTMENT MANAGER CCLA
Senator House
85 Queen Victoria Street
London
EC4V 4ET
INVESTMENT POWERS There are no limitations on the Charity's power of
investment.

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THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees are pleased to present their report for year ended 31 December 2023.

INTRODUCTION

The Daughters of Mary and Joseph are Religious Sisters belonging to an international Roman Catholic Religious Congregation which was founded in Belgium in 1817. In 1869 the first foundation in England developed in Croydon, Surrey, and it was from this foundation that the English Province (now a Region) grew and, from which, Sisters were sent for further mission work to America, Africa and Ireland.

We commit ourselves to:

Over recent years these two Chapter statements have influenced the daily mission of the Sisters in the English Region as well as the Congregation as a whole. Where we have insufficient personnel to fulfil a role that we would wish to do, we give support in whatever way we can to other Charities who are engaged in that work.

OBJECTS

The objects of the CIO are:

PRINCIPAL ACTIVITIES

The CIO will aim to support the religious and other charitable works performed by members of the Congregation. These works will fall into the following areas:

  1. HEALTHCARE

  2. a) The Healthcare Management Trust, subsequently referred to as HMT, continues to be entrusted with the healthcare at Coloma Court Care Home and it leases the property from the DMJ. HMT are dedicated to providing the medical care necessary to promote the well-being of the elderly and frail in order to make their later life a happy and fulfilling experience in a Christian atmosphere of love and security. The Home is staffed by trained nurses and carers and activities are provided for those wishing to avail themselves of outings etc. Coloma Court is registered for up to 62 residents and the DMJ have priority. There is a fulltime priest-chaplain, resident on site.

  3. b) The Convent building, completed in 2014, continues to enable an enhanced level of care for the elderly and sick sisters in a DMJ community environment. Most of these would otherwise have had to be moved into Care Homes. The flats at Southgate near the entrance to the complex now accommodate the chaplains of the nursing home and the convent, the deputy manager of convent and one of the sisters. The solar panels continue to generate a small income. 12 elderly sisters are cared for in St. Joseph’s Community on the West Wickham Site. One sister, who is a nurse, manages this with a deputy and a team of carers.

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THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL ACTIVITIES (continued)

2. EDUCATION

Coloma Convent Girls School, Croydon, founded by the DMJ in 1869. It has always provided a high standard of Education for girls between the ages of 11 and 18. In 2023, the school became part of the South East London Catholic Academies Trust and the Trusteeship was handed over to Southwark Diocese. The School buildings that were owned by the DMJ were gifted to the Diocese which in turn leased them to the Multi-academy Trust.

Coloma has a very good academic record and offers numerous opportunities for pupils to participate in competitive and recreational sport, musical and other non-academic activities. The School's ethos is centred on the Catholic Faith and prepares young people for the challenge of adult life.

PUBLIC BENEFIT STATEMENT

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity.

ORGANISATION/POLICY

The constitution of the CIO states that there must be at least three trustees. At present there are seven Trustees (see Page 1). The trustees are:

Sister Sheila Josephine Moloney

and

Sister Felicé Anne Bowker Wright. Mrs Hilary Gal Mr Marc Stas

The Region is led by the Regional Coordinating Group with Sr. Paula Spark as the named leader. Members of the RCG are automatically, ex officio, trustees. The RCG has the power to appoint or remove trustees by means of a resolution. They also work closely with the English Region Finance Team, Lay Bursar and other Advisors. As the constitution stipulates, the majority of the trustees are drawn from the sisters of the Region and are, therefore, fully conversant with the operations of the Charity. The sisters have now invited two lay trustees to strengthen the expertise of the board. While the lay trustees are becoming familiar with the charity and its workings, the two sisters who are not members of the RCG will remain in place. The trustees also attend conferences and webinars to update themselves on the issues and legislation pertaining to the Charity.

All income earned by the Sisters, such as salaries, stipends and pensions, is paid into a Central Fund and a system of annual budgeting provides for each community of Sisters and those who live alone. Each community and individual renders their accounts to the central office.

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THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

KEY MANAGEMENT

The Trustees consider that the key management of the material assets of the Charity is undertaken by themselves and in particular the Regional Bursar (along with a lay bursar) to whom much of the running of the day-to-day running operation devolves. As religious sisters, under a vow of poverty, the Trustees do not receive remuneration. The lay trustees offer their services on a voluntary basis. The Trustees have adopted a policy of ensuring that all staff are paid at or above the London Living Wage.

REVIEW OF DEVELOPMENTS AND ACHIEVEMENTS DURING THE YEAR

General

Most of the Sisters referred to below work in a voluntary capacity. The DMJ have previously provided Coloma Court Care Home with three Sisters as Pastoral Care Assistants but this is no longer possible due to the age and health of those concerned. Stipends for Sisters working in parishes range from nil to £5,000 per annum. There are occasional Stipends for talks or retreats given by some sisters.

One sister is a hospital chaplain at Croydon University Hospital , visiting patients and organising the work of the priests who visit. As part of the Vicars for Religious team for Southwark Diocese she also supports religious in the Diocese.

Some sisters work as parish sisters, taking part in catechesis, working with the clergy and supporting parishioners in many different ways. They take communion to the housebound, support families in need running RCIA courses for those wishing to join the Catholic Church.

Some sisters who are less mobile, still manage to support parishioners, Associates and other contacts by telephone and email. Others provide Spiritual accompaniment on zoom or in person. One has taken part as a director in online week retreats in daily life organised from the London Jesuit Centre. These have been an opening for people

who would not normally be able to or want to attend in person. Some sisters have given talks to the local Ascent group (for Catholic over 60’s) and other groups, including icon workshops.

(Sr. Sheila Barrett give a talk to an Ascent group on Julian of Norwich.)

Education

Coloma Convent Girls’ School in Shirley has been recognised as one of the top non-selective secondary schools in the country for many years. Following the educational principles and ethos of the Congregation, the emphasis is not solely on the academic but on the development of the whole person where each one is encouraged to see that she can make a positive difference through love, commitment and service.

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THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Two of the Sisters continue to serve as Governors. In order to maintain the ethos and provide spiritual support for both staff and pupils, the DMJ fund a chaplain for the school. The lay chaplain employed, has begun work and has already made a positive contribution. There have already been retreats for most year groups. She has also increased the links with the sisters and the pupils knowledge of the Congregation and its history. A new “Founder’s Day” mass was celebrated on 1[st] December, organised and attended by year 9. Several of the sisters attended.

(DMJ at the Coloma Founder’s Day mass.)

The school has now become part of the South East London Catholic Academies Trust and been handed over to Southwark Diocese. Despite no longer being trustees of Coloma, the DMJ retain strong links and two sisters continue as school Governors.

In extracurricular activities, normally many girls sing in the school’s various choirs. Pupils have an opportunity to play a variety of instruments, with the school holding around 50 concerts throughout the year. Coloma also offers the Combined Cadet Force as an extra-curricular activity, as well as Duke of Edinburgh Awards, along with more than 60 different clubs helping pupils gain skills such as teamwork, commitment and resilience.

Healthcare

The overall occupancy for 2023 in Coloma Court Care Home averaged 93.3% although it ended the year at only 87.3%. The Home is now recovering from the Covid 19 Pandemic and residents are being encouraged to take part in various activities. They have organised their own Carol Service for the last 2 years, taking place in the Convent chapel.

Unfortunately, due to age and health there is no DMJ sister involved in chaplaincy at the moment but there is still a priest chaplain. Daily mass is celebrated and he visits residents regularly.

The care of the elderly sisters and staff in St. Joseph’s community is a priority. 24-hour care is provided for those who need it and the sisters support each other in community life and prayer. A new audio-visual system has been installed in the main chapel and the smaller community chapel. This has improved the sound, making participation easier for the elderly sisters who are hard of hearing. It also enables them to watch the services from their bedrooms if necessary. It is a joy to be able to livestream events from the chapel so that sisters around the world, families and residents of Coloma Court can take part. We have also been able to have Regional meetings online or hybrid (Zoom and live) so that the sisters who live at a distance can take part even if they can no longer travel to West Wickham.

Grants

Since 2019, the English Region has been supporting the establishment and growth of Colette De Brandt school in Ngozi, Burundi. This began as a kindergarten and has expanded to a primary school. In 2022 a loan was sent to finance the building of the 18-classroom primary section until a grant was received from another source. The building was completed and the loan repaid. The first 2 classes of pupils are now in the school. The roll will grow year by year as pupils move up through the classes.

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THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Towards the end of 2022 some land, including a house adjacent to the school was bought and a grant of £100,000 was requested to fence the grounds, develop a playground and carpark for the school and renovate the house for the sisters who will be teaching there. This was agreed and sent in December 2022.

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Fence and Road in front of the School
Playground
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Due to rapidly rising construction costs, the plans for the work were adapted. The fence around the school was built and the road in front re- surfaced. The playground, instead of being laid out as Volleyball and basketball courts was simply levelled and planted with grass.

The renovation of the Community House is also now completed. The walls have been plastered, the roof, the ceiling, the tiles have been put in, the walls painted and electricity and water have been connected. A report and accounts have been received by the Trustees.

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The front of the house
----- End of picture text -----

----- Start of picture text -----
Inside the Chapel
----- End of picture text -----

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THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL REVIEW OF THE YEAR

The charity’s principal sources of income are voluntary income, which mainly consists of salaries and pensions donated by sisters, and charitable trading income, largely consisting of rent from, and a share of the surplus of the Coloma Court Care Home. Ordinary income from sisters was higher at £452.3k compared to £330.1k in 2022 due to the rise in pensions. (There was some extraordinary income received). Charitable trading income was higher at £477.6k (2022: £298.8k) as £179k share of surplus was received from HMT in 2023 but none in 2022. Income from investments and interest increased slightly to £469.8k (2022: £468k). Thus, total income from recurring sources was around £1.40m (2022: £1.30m). In 2023 gains on the sale of tangible fixed assets were £3.8k (2022: £1k).

Expenditure amounted to £1.41m (2022: £1.55m). The higher expenditure in 2022 was due to the donation to Southwark diocese (Coloma School properties) and a grant to DMJ in Africa. The expenditure in 2023 was more ‘usual’. Therefore, the results for the year, before investments gains/losses, was a deficit of £51.9k (2022: £252k).

Investments gains amounted to £1.27m (2022: £2.31m loss) and thus the overall increase in funds over the year was £1.26m (2022: decrease of £2.57m).

RESERVES POLICY

At the end of the year the total reserves of the charity stood at £27.2m, of which £21.0m has been designated, leaving general reserves of just over £6.2m.

A fund of £10m has been designated in respect of the Charity’s commitment to provide for the retirement and care in old age and sickness of the Congregation’s members. A review of the Congregation’s membership conducted during 2018 indicated that a fund in the region of £10m was then required to finance fully the Charity’s commitment to provide for the care for its elderly members after taking account of their occupational pension rights. The trustees intend to carry out an actuarial review of this within the year as the numbers of sisters and the level and cost of care has changed significantly since 2018.

The Charity has a number of properties and other fixed assets which are used to fulfil its charitable objectives. These properties, although unrestricted assets, cannot be realised without undermining the Charity’s work and reflect the investment in properties held to further the charitable work undertaken. At the end of 2023, the fund stood at £11m.

The Trustees’ policy is to hold between twelve and twenty-four months’ expenditure in reserve. The current level is equal to more than two years’ expenditure but as the level of reserves is to be reviewed and most of it is held in investments, the Trustees are satisfied with this.

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THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

INVESTMENT POLICY AND PERFORMANCE

There are no restrictions on investments held.

To ease the administrative duties falling on fewer sisters and to still be sure of the ethical use of funds the investments of the Region are now held in the CCLA Catholic Fund. This matches closely with the values of the Charity. This fund is also disinvested from fossil fuels. The Trustees and/or their representatives meet with the fund managers at least once a year in order to discuss the performance and ethics of the fund. They also attend online update meetings.

The investment strategy is to maximise total return within acceptable levels of risk while maintaining an ethical stance in line with the policy of the Charity. The investments generated a total return of 12.18% (2022: -11.32%) This met the stated aims of CCLA (CPI plus 5%) as the inflation rate fell towards the end of the year. The returns reflect the worldwide problems of high inflation and poor performance of the markets. It is broadly in line with average returns quoted for Charity investment funds in 2023. The income remained sufficient and consistent. The Trustees therefore consider that the year’s return was satisfactory.

Trustees are currently investigating other suitable charity investment funds in order to diversify and spread the risk to our funds.

RISK MANAGEMENT

The Trustees have considered the major risks to which the Charity is exposed. Every effort is being made 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:

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THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

FUTURE PLANS

As the sisters are ageing and decreasing in numbers plans need to be put in place to ensure the care of the sisters, the management and legacy of the Charity and the continuation of ministries by others where appropriate. Work on this has begun in line with the Strategic Plan of the Congregation. Goals have been put in place which include appointing a general manager and working with the new lay trustees as there are fewer sisters able to fulfil these roles.

The trustees are also working on the future of Coloma Court, the land where the Emmaus Centre once stood and the rest of the West Wickham Site. It is hoped that we will be able to work with others to provide care and outreach that will benefit the local community.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Financial Reporting Standard 102).

Charity law 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 at the year end and of its income and expenditure during that year. In preparing the accounts, the Trustees are required to:

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity, and which enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. 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.

They are also responsible for identifying the major risks to which the Charity is exposed, reviewing those risks and establishing systems to mitigate them.

The accounts accompanying this report comply with current statutory requirements and the constitution of the CIO.

By Order of the Trustees

P m Spark

….……………. Sr. Paula Spark.

Date: 12/08/2024

9

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

YEAR ENDED 31 DECEMBER 2023

We have audited the financial statements of The English Region of the Daughters of Mary and Joseph CIO for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the 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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO (continued)

YEAR ENDED 31 DECEMBER 2023

Matters on which we are required to report by exception

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

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 9 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.

Auditor’s responsibilities for the audit of the financial statements

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

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

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

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to depreciation charges. Audit procedures performed by the engagement team included:

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO (continued)

YEAR ENDED 31 DECEMBER 2023

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.

Use of our report

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

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………………………………………
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Haysmacintyre LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG

Date: 13 August 2024

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

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THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Income from
Donations and legacies
1
Investments
2
Charitable trading activities
3
Other
- Surplus on disposal of tangible fixed assets
Total Income
Expenditure on
Charitable activities
Support of members of the Congregation and their
ministry
4
Donations
5
Total expenditure
Net movement in funds for the year before
gains/(losses) on investments
6
Other recognised gains and losses
Net gains/(losses) on investments
Net movement in funds for the year
Fund balances brought forward at 1 January 2023
Fund balances carried forward at 31 December 2023		 Total
2023
£
452,346
469,772
477,576
3,772
1,403,466
1,367,366
46,868
1,414,234
(10,768)
1,270,053
1,259,285
25,980,196
27,239,481		 Total
2022
£
528,333
468,010
298,772
1,355
1,296,470
1,144,563
404,324
1,548,887
(252,417)
(2,313,071)
(2,565,488)
28,545,684
25,980,196

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 16 to 23 form part of these financial statements.

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THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes
TANGIBLE FIXED ASSETS
10
INVESTMENTS
11
CURRENT ASSETS
Debtors
12
Cash at bank
CREDITORS: Amounts falling due within one year
13
NET CURRENT ASSETS
NET ASSETS
Represented by:
ACCUMULATED FUNDS
Unrestricted funds:
Designated funds
General funds		 2023
£
11,014,659
15,331,703
26,346,362
379,512
838,418
1,217,930
(324,811)
893,119
27,239,481
21,014,659
6,224,822
27,239,481		 2022
£
11,236,483
14,061,651
25,298,134
250,385
777,537
1,027,922
(345,860)
682,062
25,980,196
21,236,484
4,743,712
25,980,196

The notes on pages 16 to 23 form part of these financial statements.

Approved by the Trustees and signed on their behalf by

…………………………………

Sr. Annette Lawrence

Date: 12/8/2024

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THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Cash inflow from Operating Activities
Net cash provided by/(used in) operating activities
A
Cash inflow/(outflow) from investing activities
Dividends and interest from investments
Payments to acquire fixed assets
Receipts from sales of fixed assets
Payments to acquire investments
Receipts from sales of investments
Net cash provided by/(used in) investing activities
Cash inflow/(outflow) from financing activities
Cash and cash equivalents at 1 January 2023
B
Cash and cash equivalents at 31 Dec 2023
B
Notes to the Cash Flow Statement
A. Reconciliation of net movement in funds to net cash flow from operating activities
Net movement in funds (as per the Statement of Financial Activities)
Adjustments for
(Gains)/losses on investments
Surplus on disposal of fixed assets
Donation of fixed assets
Dividends and interest from investments
Depreciation
Decrease/(Increase) in debtors
Increase / (Decrease) in creditors
Net cash used in operating activities
B. Analysis of cash and cash equivalents
Cash at bank and in hand
Analysis of changes in net debt
At 1 Jan 2023
Cashflows
Cash in bank and in hand
£777,537
£60,881		 2023
£
(360,695)
469,772
(51,968)
3,772
-
-
421,576
60,881
777,537
838,418
2023
£
1,259,285
(1,270,053)
(3,772)
-
(469,772)
273,792
(129,127)
(21,048)
(360,695)
838,418

At 31 Dec
£838,418

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THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

PRINCIPAL ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 DECEMBER 2023

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

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice for charities (SORP 2019) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.

The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

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 no less than one year from the date of approval of these accounts.

The trustees have drawn up a cash flow forecast to July 2025 and attempted to assess the risks involved, (See Risk Assessment on page 7). Assurances of ongoing income from investments have been given by the investment managers. The charity also has a very strong balance sheet with large investment and cash balances. Whilst there will undoubtedly be challenges ahead, the trustees do not expect material concerns to arise over the charity’s financial position

The Trustees of the Charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees are of the opinion that the Charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ending 31 December 2023, the most significant areas that affect the carrying value of the assets held by the Charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the Trustees’ Report for more information).

Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of Charity. Designated funds are unrestricted funds of the Charity which the Trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Charity’s work or for specific projects being undertaken.

16

PRINCIPAL ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Income recognition

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the Charity or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Sisters’ salaries and pensions are received under deeds of covenant and are stated free of income tax as the amounts were donated by the sisters to a registered charity. They are however net of deductions for social security payments and contributions to occupational pension schemes.

In accordance with the Charities SORP FRS102, volunteer time is not recognised.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

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

Expenditure recognition and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Charitable grants and donations are made where the Trustees consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period end.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the Charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

Pension scheme

Contributions are made to a defined contribution pension scheme for staff. The contributions are charged to the Statement of Financial Activities when they become payable.

17

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

PRINCIPAL ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Tangible fixed assets

Individual fixed assets costing £2,000 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight-line basis as follows:

Annual rate
Freehold land Nil
Freehold buildings 2%
Fixtures and fittings 25%
Motor vehicles 25%

Financial Instruments

The charity will only hold financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Quoted investments are a form of basic financial instrument and are initially recognised at cost and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Gains or losses on investments are disclosed in the statement of financial activities as a combined figure for realised gains or losses from investment sales in the year (sale proceeds less market value last year) and unrealised gains or losses arising from the increase/decrease in value during the year of investments still held.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Deposits for more than three months and up to one year have been disclosed as short-term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions are recognised 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.

Services provided by members of the Congregation

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

Foreign currencies

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

General Information Note

The English Region of the Daughters of Mary and Joseph CIO is a charitable incorporated organisation in England and Wales, with the charity registration number 1171001. The registered office is The Convent, Daughters of Mary and Joseph, Layhams Road, West Wickham, Kent, BR4 9QJ. The principal objectives of the charity are set out on page 2 of the Trustees Report.

18

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1
DONATIONS AND LEGACIES
Stipends and pensions
Legacies
Other donations
2
INVESTMENT INCOME
Income from quoted investments
Bank Interest
3
INCOME FROM CHARITABLE TRADING ACTIVITIES
Rent from Care Home
Share of Care Home surplus
Rent from other properties surplus to charitable requirements

2023
£
412,182
18,677
21,487
452,346
2023
£
444,282
25,490
469,772
2023
£
298,332
179,024
220
477,576		 2022
£
510,102
12,933
5,298
528,333

2022
£
462,762
5,248
468,010
2022
£
298,332
-
440
298,772

19

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

4
SUPPORT OF MEMBERS OF THE CONGREGATION AND THEIR MINISTRY
General Support of sisters and their ministry
Medical & Care costs
Premises and equipment
Costs of development of Emmaus building/site
Education
Depreciation
Support Costs
Governance costs
Support Costs
Bank charges
Salaries
Agency staff
Telephone
Administration
6
NET MOVEMENT IN FUNDS
This is stated after charging:
Staff costs (note 8)

Auditor's remuneration (including VAT)
- Statutory audit services

Depreciation

5
DONATIONS
Grants

General alms and donations

Donation of property to Diocese

 4
SUPPORT OF MEMBERS OF THE CONGREGATION AND THEIR MINISTRY
General Support of sisters and their ministry
Medical & Care costs
Premises and equipment
Costs of development of Emmaus building/site
Education
Depreciation
Support Costs
Governance costs
Support Costs
Bank charges
Salaries
Agency staff
Telephone
Administration
6
NET MOVEMENT IN FUNDS
This is stated after charging:
Staff costs (note 8)

Auditor's remuneration (including VAT)
- Statutory audit services

Depreciation

5
DONATIONS
Grants

General alms and donations

Donation of property to Diocese

 2023
£
294,278
83,644
114,327
-
-
273,792
583,325
18,000		 2022
£
317,278
69,393
49,351
(127,819)
1,087
259,754
557,659
17,860
1,367,366 1,144,563
487
528,796
44,545
5,147
4,350		 675
529,636
18,504
5,223
3,621
583,325 557,659
2023
£
573,341
18,000
273,792
2023
£
24,821
22,047
-
46,868		 2022
£
85,976
21,473
296,875
404,324


2022
£
548,140
17,860
259,754

20

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

7
STAFF COSTS AND REMUNERATION OF KEY PERSONNEL
Wages & salaries
Social security costs
Pensions
Agency staff
The average number of employees in the
year was:
The
number
of
employees
whose
emoluments exceeded
£60,000 were:		 2023
£
471,926
42,716
14,154
44,545
573,341
20
Nil		 2022
£
477,215
39,252
13,169
18,504
548,140
21
Nil

The key management personnel of the Charity in charge of directing and controlling, running and operating the Charity on a day-to-day basis solely comprises the Trustees.

The total remuneration of the key management personnel was nil (2022: nil).

8. TRUSTEES' EXPENSES & REMUNERATION, TRANSACTIONS WITH TRUSTEES & RELATED PARTIES

Most of the Trustees of the Charity are also members of the Congregation and as such have taken vows of poverty under which they have renounced all personal rights to income and capital. The Charity provides for the essential needs of all members of the Congregation within the Region.

Two of the Trustees of the charity are also Trustees of the Daughters of Mary and Joseph Congregation Fund CIO. In 2023 gifts of £8k were given to this charity. (2022: £8k plus a grant of £86k).

The two Lay Trustees do not receive any remuneration (2022: £Nil) and there have been no other related party transactions (2022: £Nil).

9 TAXATION

The Charity is exempt from tax on income and gains derived from its charitable activities to the extent that these are applied to its charitable objects.

21

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

TANGIBLE FIXED

TANGIBLE FIXED
10
ASSETS
COST OR VALUATION
At 1 January 2023
Additions
Disposals
At 31 December 2023
DEPRECIATION
At 1 January 2023
Charge for year
Disposals
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022		 Freehold
Fixtures &
Land
Motor
Office
and Buildings
Vehicles
Equipment
Total
£
£
£
£
14,251,145 105,421 111,044
14,467,610
- 40,760 11,208
51,968
-
(19,465)
(4,860)
(24,325)
14,251,145 126,716 117,392
14,495,253
3,060,213 78,865 92,048
3,231,126
244,823 20,791 8,178
273,792
-
(19,465)
(4,860)
(24,325)
3,305,036 80,191 95,366
3,480,593
10,946,109 46,525 22,026
11,014,659
11,190,932 26,556 18,996
11,236,483

Apart from a small proportion used for management and administrative purposes, all the above assets are used in direct furtherance of the Charity’s objects.

In November 2022 Coloma Convent Girls' School converted to academy status. The school is now part of South East London Catholic Academies Trust (SELCAT), and is under the jurisdiction of the Roman Catholic Archdiocese of Southwark (registered incorporated charity number 1173050). During the year ended 31 December 2022, two properties linked to the Coloma Girls School were transferred out of the ownership of the English Region of the Daughters of Mary and Joseph to the Archdiocese for no consideration. These properties had a net book value of. £296,875. See also note 5.

11
INVESTMENTS
Value:
At 1 January 2023
Disposals
Revaluation for the year
At 31 December 2023
Cost at year end
At the year-end quoted investments comprised:
CCLA Catholic Charities Fund		 Total
2023
£
14,061,651
-
1,270,053
15,331,703
13,944,338
15,331,703		 Total
2022
£
16,674,722
(300,000)
(2,313,071)
14,061,651
13,944,338
14,061,651

22

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

12
DEBTORS
Prepayments
Other debtors
13
CREDITORS: amounts falling
due within one year
Accruals and deferred income
Taxation & Social Security
Other creditors
14
DESIGNATED FUNDS
Movement in the year
Retirement
Fixed Assets
15
ANALYSIS OF NET ASSETS
BETWEEN FUNDS
Designated Funds -
Retirement
Fixed Assets
Unrestricted funds		 Balance b/f
Net Income/
Expenditure
Gains/
(Losses)
£
£
£
10,000,000
-
-
11,236,483
(273,792)
-		 Balance b/f
Net Income/
Expenditure
Gains/
(Losses)
£
£
£
10,000,000
-
-
11,236,483
(273,792)
-		 2023
2022
£
£
63,195
56,944
316,317
193,441
379,512
250,385
2023
2022
£
£
166,057
172,538
11,431
10,908
147,323
162,414
324,811
345,860
Balance at
Transfers
31 December
2023
£
£
-
10,000,000
51,968
11,014,659
21,236,483
(273,792)
-		 51,968
21,014,659
Tangible
Net current
Fixed assets
Investments
Assets
Total
£
£
£
£
-
10,000,000
-
10,000,000
11,014,659
-
-
11,014,659
11,014,659
10,000,000
-
21,014,659
-
5,331,703
893,119
6,224,822
11,014,659
15,331,703
893,119
27,239,481

16. CONTINGENT ASSET -- ESCROW ACCOUNT

As part of the agreement with the tenant of the Coloma Court Care Home, an Escrow Account has been set up to cover the cost of works of maintenance, repair and replacement for the roof as a result of water ingress. The parties each undertake to hold the sums retained in the account on trust. A sum, to be determined by reference to the surplus generated by the Home, but not exceeding £140,000 will deposited into the account each year. It is anticipated that the sum held in the account will be entirely utilised in making good the roof but any excess will be shared equally between the charity and the tenant. At the end of December 2023, the balance on the account stood at £277,312.64.

23