OpenCharities

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

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

2024-12-31-accounts

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

(Registered Charity Number 1171001)

TRUSTEES' REPORT AND ACCOUNTS

31 DECEMBER 2024

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

REFERENCES AND ADMINISTRATIVE DETAILS

TRUSTEES Sister Paula Marie Spark
Sister Annette Lawrence
Sister Sheila Josephine Moloney
Mrs Hilary Gal
Mr Marc Stas
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 HaysMac 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.

2

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees are pleased to present their report for year ended 31 December 2024.

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

1. HEALTHCARE

3

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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 2022, 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 the DMJ Charism and prepares young people for the challenge of adult life. The sisters continue to have links with the school through a sister who is a governor, visits and grant-making.

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 five Trustees (see Page 1). The trustees are:

Sister Annette Lawrence

Sister Sheila Josephine Moloney

and

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 been joined by two lay trustees to strengthen the expertise of the board. These lay trustees are becoming familiar with the charity and its workings and bring a new dimension to the board. 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.

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.

4

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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.

(Sr. Sheila Moloney at the baptism of a patient)

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.

5

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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.

The school has now become part of the Southeast London Catholic Academies Trust and been handed over to Southwark Diocese. Despite no longer being trustees of Coloma, the DMJ retain strong links. One of the Sisters continues to serve as a Governor. 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, is very much appreciated by all and has made a great contribution to the Catholic Life of the School. There are now annual retreats for most year groups, weekly masses and chaplaincy representatives from each class. She has also increased the links with the sisters and the pupil’s knowledge of the Congregation and its history. A “Founder’s Day” mass is celebrated on 1[st] December each year, to which the sisters are invited. This is organised and attended by year 9.

(DMJ and yr 9 Chaplaincy reps at the Coloma Founder’s Day mass.)

One sister is invited to speak to Year 7 each year about the history of the school and the Chapel. Another sister speaks to Year 8 pupils about the spirituality and History of the Daughters of Mary and Joseph and their ministry today.

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 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 many different clubs helping pupils gain skills such as teamwork, commitment and resilience.

Healthcare

The overall occupancy for 2024 in Coloma Court Care Home averaged 93.6% although it ended the year at 97.7%. Residents are well cared for and are encouraged to take part in various activities. They have organised their own Carol Service for the last few 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 links between Home and Convent have

6

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

strengthened over the last couple of years with new managers in Coloma Court, regular Joint consultative committee meetings between the HMT Executive and DMJ representatives and some sharing of resources such as the Chapel, the Convent Chaplain who covers for the Home’s chaplain when necessary, and the TV connection to the Convent chapel.

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 was installed in 2023 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.

The sisters who live alone are aging. One who previously lived in Cornwall has moved into St. Joseph’s Community this year. It is foreseen that others will follow when necessary.

Grants

The focus for grant-giving in 2024 was Coloma School in Shirley.

The Bridge

In August a grant of £10,000 was given to Coloma to decorate and supply initial materials for a Nurture Space in the school to help reintegrate pupils who have struggled to attend school for various reasons. Particularly since Covid, many pupils have suffered from anxiety and have not managed well in mainstream lessons.

The report from the school says:

“We were able to open the doors of the Bridge thanks to our grant in September 2024 and we continue to work on it as a physical space with nurture at its heart. It has already been very successful with our first student now back in all her lessons full time. Previously she had spent almost an entire academic year at home due to anxiety. She spent under two weeks with us at the Bridge, reintegrating into mainstream lessons and she now visits at the start and end of some days, but otherwise manages herself. Staff report that she is a completely different student and are amazed by her confidence.

7

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Students use the bridge as a safe space but do not need to spend large amounts of time out of lessons, they pop in for nurture and then have the confidence to tackle the rest of the day.”

We have been able to offer both academic and emotional based interventions for students who find lesson challenging.

Toilets

The refurbishment was completed on time and within budget and the upgraded toilets now feature modern fixtures that we believe has created a more positive physical environment, allowing the young ladies of Coloma Convent Girls School access to amenities they deserve. The new bathrooms are cleaner, brighter and more functional.

Feedback from students has been so positive. They report that they like that the doors are higher than they had been previously and the privacy that brings, that they now have functioning locks and they like the design of the new sinks. They love the colours. I believe that the intended goal for our

students has been achieved and that they feel more comfortable using the facilities, which helps them to be in the best mindset for learning also supporting their general health and wellbeing.

Here are comments from some of the students:

8

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Pilgrimage

Another grant was agreed at the end of 2024 for £7,500 to help pay the costs for students to go on the HCPT pilgrimage to Lourdes at Easter, as helpers for the sick and disabled pilgrims. This was a regular event in the Coloma calendar, which is being revived post-covid, but the costs have risen. The students are also fundraising to help.

FINANCIAL REVIEW OF THE YEAR

The charity’s principal sources of income are charitable trading income, largely consisting of rent from, and a share of the surplus of the Coloma Court Care Home and Investment income. There are also donations which mainly consist of pensions and stipends of the sisters. Ordinary income from sisters was lower at £396k compared to £452.3k in 2023 due to the extraordinary lump sum pension received by a sister in 2023 and the death of 1 sister in 2024. Charitable trading income was higher at £543.5k (2023: £477.6k) as £245.2K share of surplus was received from HMT in 2024 compared to £179k in 2023. Income from investments and interest increased slightly to £494.2k (2023: £469.8k). Thus, total income from recurring sources was around £1.41m (2023: £1.36m). In 2024 there were no gains on the sale of tangible fixed assets. (2023: £3.8k).

Expenditure amounted to £1.68m (2023: £1.41m). The higher expenditure in 2024 was due to grants given to Coloma Convent Girls School. Therefore, the results for the year, before investments gains/losses, was a deficit of £243k (2023: £11k).

Investments gains amounted to £294k (2023: £1.27m) and thus the overall increase in funds over the year was £51k (2023: £1.23m).

RESERVES POLICY

At the end of the year the total reserves of the charity stood at £27.3m, of which £24.7m has been designated, leaving general reserves of just under £2.55m.

An actuarial review was carried out in 2024 to determine the capital funds now needed to provide for the care of the sisters. It took into account the number and ages of the sisters and their life expectancy as well as the cost of care in the Congregations own facility or a care home. This indicated that a reserve of £14m was more appropriate than the £10m which had 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.

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 2024, the fund stood at £10.7m.

The Trustees’ policy is to hold between twelve and twenty-four months’ expenditure in reserve. The expenditure for the last 12 months excluding grants was £1.52m. The current reserves stand at £2.55m which is equal to approximately 18 months expenditure, therefore the Trustees are satisfied with this.

9

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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 most of 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 5.14% (2023: 11.35%) This was below the stated aims of CCLA (CPI plus 5% = 6.5%). The returns reflect the decision of the managers to limit investment in the “magnificent seven” and the ethical limitations of the Catholic Fund. The income remained sufficient and consistent. The Trustees therefore consider that the year’s return was satisfactory given our ethical policy.

During 2024 the Trustees investigated other suitable charity investment funds in order to diversify and spread the risk to our funds. They also wished to invest in a more climate focussed fund. After a process of research and interviewing the managers of 3 unit funds, it was decided to move £1 million from the CCLA Catholic Fund to the Sarasin Climate Active Fund. The decision was based on performance, risk, size of fund and the fit with Charity’s policy. The transfer was made in January 2025.

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:

One area is to ensure that our properties continue to be safe places for the Sisters and visitors to use. Attention is given to keeping our properties in good repair. General maintenance is regularly carried out and for any repairs

10

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

INVESTMENT POLICY AND PERFORMANCE

local firms are used and so the local workforce is supported. All of the buildings on the West Wickham Site have gradually been replaced or demolished partly to overcome risks with regard to the buildings as well as to conform with the new National Care Standards and accommodate the changes in the sisters’ ministries.

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 possibly 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

h lowsen ce

….…………….

Sr. Annette Lawrence

Date: 9 July 2025

11

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

YEAR ENDED 31 DECEMBER 2024

We have audited the financial statements of The English Region of the Daughters of Mary and Joseph CIO for the year ended 31 December 2024 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.

12

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

YEAR ENDED 31 DECEMBER 2024

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:

13

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

YEAR ENDED 31 DECEMBER 2024

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.

Hasgoc LLP

………………………………………

HaysMac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG

Date: 10 July 2025

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

14

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

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 income/(expenditure) before gains/(losses) on investments
Other recognised gains and losses
Net gains/(losses) on investments
Net movement in funds for the year
Fund balances brought forward at 1 January 2024
Fund balances carried forward at 31 December 2024		 Total
2024
£
395,993
494,263
543,548
-
1,433,804
1,515,595
160,989
1,676,584
(242,780)
294,133
51,353
27,239,481
27,290,834		 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

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

The notes on pages 18 to 25 form part of these financial statements.

15

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

BALANCE SHEET

AS AT 31 DECEMBER 2024

AS AT 31 DECEMBER 2024
Notes 2024 2023
£ £
TANGIBLE FIXED ASSETS 10
10,745,201		 10,745,201 11,014,659
INVESTMENTS 11
15,625,837		 15,625,837 15,331,703
26 26,371,038 26,346,362
CURRENT ASSETS
Debtors 12
502,657		 502,657 379,512
Cash at bank 728 728,692 838,418
1,231,349 1,231,349 1,217,930
CREDITORS: Amounts falling due within one 13
year (311,553) (324,811)
NET CURRENT ASSETS 919,796 919,796 893,119
NET ASSETS 27 27,290,834 27,239,481
Represented by:
ACCUMULATED FUNDS
Unrestricted funds:
Designated funds 24,745,201 24,745,201 21,014,659
General funds 2,545,633 2,545,633 6,224,822
27 27,290,834 27,239,481

The notes on pages 18 to 25 form part of these financial statements.

Approved by the Trustees and signed on their behalf by

………………………………… Sr. Annette Lawrence

Date: 9 July 2025

16

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024
2024 2023
£ £
Cash inflow from Operating Activities
Net cash provided by/(used in) operating activities A
(603,989)		 (360,695)
Cash inflow/(outflow) from investing activities
Dividends and interest from investments 494,263
 469,772
Payments to acquire fixed assets - (51,968)
Receipts from sales of fixed assets -
 3,772
Net cash provided by/(used in) investing activities 494,263
 421,576
Cash inflow/(outflow) from financing activities (109,726) 60,881
Change in cash and cash equivalents in year
Cash and cash equivalents at 1 January 2024 B 838,418
 777,537
Cash and cash equivalents at 31 December 2024 B 728,692
 838,418
Notes to the Cash Flow Statement
A. Reconciliation of net movement in funds to net cash flow from operating 2024 2023
activities
£ £
Net movement in funds (as per the Statement of Financial Activities) 51,353 1,259,285
Adjustments for
(Gains)/losses on investments (294,133) (1,270,053)
Surplus on disposal of fixed assets - (3,772)
Dividends and interest from investments (494,263) (469,772)
Depreciation 269,458
 273,792
Decrease/(Increase) in debtors (123,145) (129,127)
Increase / (Decrease) in creditors (13,259) (21,048)
Net cash provided by/(used in) operating activities (603,989) (360,695)
B. Analysis of cash and cash equivalents
Cash at bank and in hand
728,692 838,418
Analysis of changes in net debt At 1 Jan 2024 Cashflows
At 31 Dec		 2024
Cash in bank and in hand £838,418 £109,726
£728,692

17

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

PRINCIPAL ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 DECEMBER 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

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). The financial statements are presented in UK pound sterling, the Charity’s reporting currency, 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 no less than one year from the date of approval of these accounts.

The trustees have drawn up a cash flow forecast to July 2026 and attempted to assess the risks involved, (See Risk Assessment on page 11). Assurances of ongoing income from investments have been given by the investment managers. The charity also has a 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 2024, 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

18

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

PRINCIPAL ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 DECEMBER 2024

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.

19

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

PRINCIPAL ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 DECEMBER 2024

Tangible fixed assets

Individual fixed assets costing £5,000 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

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 3 of the Trustees Report.

20

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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		 2024
£
373,509
17,352
5,132
395,993
2024
£
459,336
34,927
494,263
2024
£
298,332
245,216
-
543,548		 2023
£
412,182
18,677
21,487
452,346
2023
£
444,282
25,490
469,772
2023
£
298,332
179,024
220
477,576

21

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

4
SUPPORT OF MEMBERS OF THE CONGREGATION AND THEIR
MINISTRY
General Support of sisters and their
ministry
Medical & Care costs
Premises and equipment
Meetings
Depreciation
Support Costs
Governance costs
Support Costs
Bank charges
Salaries
Agency staff
Telephone
Administration
5
DONATIONS
Grants
General alms and donations		 2024
£
356,936
70,584
162,604
338
269,459
637,674
18,000
1,515,595
600
578,471
48,935
4,437
5,231
637,674
2024
£
133,829
27,160
160,989		 2023
£
294,278
83,644
114,327
-
273,792
583,325
18,000
1,367,366
487
528,796
44,545
5,147
4,350
583,325
2023
£
24,821
22,047
46,868

Grants payments in 2024 were made up of 4 grants to one institution, Coloma Convent Girls School: £44,501 for Chaplain’s salary, £10,000 for a Nurture Space, £71,828 to renovate the girl’s toilets and £7,500 to subsidise the 6[th] Form participation in an HCPT pilgrimage to Lourdes. (See the Trustees report, pages 7 – 9, for further details).

6 NET MOVEMENT IN FUNDS 2024 2023
£ £
This is stated after charging:
Staff costs (note 7) 627,406 573,341
Auditor's remuneration (including VAT)
- Statutory audit services 17,400 16,250
Depreciation 269,458 273,792

22

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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:		 2024
£
519,839
43,032
15,600
48,935
627,406
20
Nil		 2023
£
471,926
42,716
14,154
44,545
573,341
20
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 (including taxable benefits but excluding employer's pension contributions) of the key management personnel was Nil (2023:Nil).

8 TRUSTEES' EXPENSES & REMUNERATION AND TRANSACTIONS WITH TRUSTEES & RELATED PARTIES

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 2024 donations of £9k were given to this charity and a refund for international meetings of £5.6k. (2023: £8k).

The two Lay Trustees do not receive any remuneration (2023: £Nil) and there have been no other related party transactions (2023: £Nil).

9 TAXATION

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

23

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

10
TANGIBLE FIXED
ASSETS
COST OR VALUATION
At 1 January 2024
At 31 December 2024
DEPRECIATION
At 1 January 2024
Charge for year
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 Freehold
Fixtures &
Land
Motor
Office
and Buildings
Vehicles
Equipment
Total
£
£
£
£
14,251,145
126,716
117,392
14,495,253
14,251,145 126,716 117,392
14,495,253
3,305,037
80,191
95,366
3,480,594
244,822 17,294
7,342
269,458
3,549,859 97,485
102,708
3,750,052
10,701,286 29,231
14,684
10,745,201
10,946,108 46,525
22,026
11,014,659

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.

11
INVESTMENTS
Value:
At 1 January 2024
Revaluation for the year
At 31 December 2024
Cost at year end
At the year-end quoted investments comprised:
CCLA Catholic Charities Fund		 Total
2024
£
15,331,704
294,133
15,625,837
13,944,338
15,625,837		 Total
2023
£
14,061,651
1,270,053
15,331,704
13,944,338
15,331,703

24

THE ENGLISH REGION OF THE DAUGHTERS OF MARY AND JOSEPH CIO

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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
-
-
11,014,659
(269,458)
-		 Balance b/f
Net Income/
Expenditure
Gains/
(Losses)
£
£
£
10,000,000
-
-
11,014,659
(269,458)
-		 2024
2023
£
£
65,323
63,195
437,334
316,317
502,657
379,512
2024
2023
£
£
153,088
166,057
11,142
11,431
147,323
147,323
311,553
324,811
Balance at
Transfers
31 December
2024
£
£
4,000,000
14,000,000
-
10,745,201
21,014,659
(269,458)
-		 4,000,000
24,745,201
Tangible
Net current
Fixed assets
Investments
Assets
Total
£
£
£
£
-
14,000,000
-
14,000,000
10,745,201
-
-
10,745,201
10,745,201
14,000,000
-
24,745,201
-
1,625,837
919,796
2,545,633
10,745,201
15,625,837
919,796
27,290,834

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 2024, the balance on the account stood at £582,761.

25