Charity number: 1172513 st Joseph's Convent Trustees, Report and Financial Statements For the year ended 31 December 2022 JDAINS ACCOUNThNTS
St Joseph's Convent Contents Page Referen¢e and administrative details of the CIO, its Trnstees and advisfrrs Trust, report Independent auditors, report on the financlal statements Siatement of financial actlvltles 10 Balance sheet 11 Statement of cash flov 12 Notes to the financial statemènts 13-25
St Joseph's Convent Reference and Administrative Detalls of the CIO, its Trustees and Advlsers For the year ended 31 De¢ember 2022 Trustees Sister Anne Tyna Sister Marie-Line Monique Rioux Sister Anne Marie Eden Sister Marie Kiernan Victor Hanson Regional Superior Sister Anne Tynan Charity registered number 1172513 Principal office St Joseph's Convènt The Hawthorns Erdinglon Road Aldridge W81sall WS9 8UH Indèpendent auditors Dains Audrf( Limrted 15 Colmore Row Bimingham B3 2BH Bankers National We51minsler Bank PIC 8 Market Street Tamworth Staffordshire B79 7LS Solicitors Glover Priest Soliertors Limited Tla Argyles Solicitors 43 Albert Road Tamworth staffordshire B79 7JS Investec Fund Managers Investe¢ PIC Colmore Plaza Colmore Circus Bimiingham 84 6AT Page 1
St Joseph's Convent Trustees, report For the year ended 31 Decernbef 2022 The Trustees present their annual report together with the audited financial stslements of the Chartable Incorporated Organisation ICIOI for the year 1 January 2022 tD 31 De¢embor 2022. The CIO also opeiates uftder the names The Convent of the Con9reg81ion of the Sisters of Saint Joseph of Lyon (at Haunlonl. Objectlves and activitles è. Objectives The conslilulion 5ts1es that the charty's objects are. the advancement of the Christian religion for the benefit of the publi¢ by such means as the Iruslees think fil. In the event that the members Of the CIO choose to windup or dissolve the CIO. the members may direct the trustees on how the remaining assets of the CIO shall be applied. If no diTection is given by the members, the Iruslee5 mu51 deGide how the remaining assets of the CIO shall be applied. In either case the remaining assets musl be applied for charitable purposes the same as. or similar to those of the CIO. In setting obje¢lives and planning lor aclivilies, the Tru$lees have given due consideration lo general guidance published by the Charity Commission relating lo public benefit. including the guidance 'Public benefit.. wnning a charity IPB21'. b. Public benefit The Trustees of the CIO are aw8re of the Charity Commision's guidance on public benefit and this fomis part of the induction pack for new Trustees. Because of the 89e of the sisters. their mission is PastOTal not only wh&re they live bul with the A550ciate5 and in connection with those who are suffering emotionally, psychologically andlor spirf(ually. The Sisters encouTage and welcome all Faiths to the Associate Farth Movement Meetings, those who are searching and willin9 to live the ChaTtsm of the Congregation. c. Actlvltles undertakon to a¢hleve objectives Because of oui Charism and Faf(h Commitment we wll eonlinve to support our Sisters and the need of communty-living as well as all who turn to us for help and guiclance. Achievements and performance a. Rgvigw of activitles The CIO mainly derives income from the Sister's pensions and the investment portfolio. Thè investment portfolio is managed by ?n external fund manager. Inve$tec PIC on a discretionary basis. bul inline with the Iruslees, investment policy statement. The investment objective is lo maximise the overall rate of retum by acrepting a moderate level of iisk. b. Investment poll¢y and pgrformance The investment portfolio is managed on a discTelionary basis in line with the Trustee and Congregational Ethical Policy statements. The portfolio should achieve an income of al le881 £130.000 per annum for England and 40.000 for Ireland, whilst having regard for moral and ethical considerations and 8¢cepling a medium level of risk, The value of the investment portfolio has fallen by 8.27 10 Dver the year12021.' increase of 7.26°kl. This is as a result of movements in the market. The performance of the funds is monitored on a regular basis. Pa9e 2
St Joseph's Convent Trustees, report (continued} For the year ended 31 Decemb8r 2022 Financial review a. Golng concern After making appropriate enquiries. the TTUStees have a reasonable expectation that the CIO has adequale resources to continue in operabonal existence for the foreseeable fvlure. For this reason. they continue to adopt the going concern basis in preparing the financial stalemenls. Further details regarding the adoption of the going concern basis Can be found in the 3ccounting policies. b. ReseJve8 policy Charity funds at 31 December 2022 totalled £6,601.97512021 - £7.188,8381. compnsing all unrestrieled funds. Available free reserves (funds excluding equity investments and tangible fixed asselsl al 31 December 2022 totalled £314,443 12021 £483,541). The ITuslees have reviewed the CIO'S needs for reseNes in line with the guidance issued by the Charity Commission and have decided that il is aPprOprale ILI maintain free reserves at a level sufficient lo finance a mnIMuM of e[ve months ol expenditure. which eqijates to approximately £300.000. The trustees are therefore comfortable with the current level of reserves. Structure. govornan¢e and rnanagement a. Constltutlon St Joseph's Convent is a charitable incorporated organisalion ICIOI, which was registered with the Charrty Commission on 1Q April 2017 under ils full name of The Convent of th& Congregation of the Sisters of Saint Joseph of Lyon lat Hauntonl. Ils governing document is ils conslrtution dated 10 April 2017 and ils registered charity numbeT is 1172513. b. Methods of appolntment or election of Truste&s There musl be al least three charity trustees. If the number falls below this minimum, the iernaining trustee or trustees may aet only lo call a meeting of the charity Iruslees lo appoint new ¢harily Irusteès. The maximum number of charity trustees is 12. Apart from the first Charity trustees, every trustee mijsl be appointed by a re501ution passed at a property convened meeting of the charfty trustees. In selecting individuals for appointment a5 charty Iruslees. the chanty tru51ees musl have iegard to the skills, knowledg& and experience needed for the effeclwe administration of the cio. Organisational structure and declslon-making policies The CIO consis15 of a cornrnunily at Aléridge and one in Dublin. These communities are administered by the Regional Council based in Aldridge. Details of the CIO. its trustees and advisèTS for the year ended 31 December 2022 can be found on page 1. d. Pollcles adopted for the induetion and tralnlng of Trustees New Trustees undergo a briefing on their legal obligalions under charity law, the content of the constitution, the decision making prucesses. and recent financial perfomance of the CIO. The new Trustees a180 meet other Trustees. Trustees are eneouraged to attend appiopriale extemal training events where these will facilitate the undertaking of their role. Page 3
St Joseph's Convent Trustees. report Icontinuedl Forthtr year ended 31 De¢ember 2022 Structure, governance and management Icontlnuedl e. Flnanclal rl$k management The Tmstees have assessed the major risks lo which the CIO is exposed, in particular those related to the operations and finances of the CIO, and are satisfied that systems and pro¢edure$ are in plaee to mitigate exposure lo the major risks. Plans for future periods The sisters are adamant that they mainlain a code of condyd. on child and vulnerable adult abuse. standards of behavitsur and a moral stance for Truth and Christian values. Ststement of Trustees. responsibilities The TrLtstees arè responsible for preparing the Trustees, report and the financial stalements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted A¢¢ounling Practice). The law applicable to chariliÈs in England & Wale5 requi5 the Trustees lo prepare financial slalemenls lor each financial year which give a true and fair view of the stsle of affairs of the CIO and of ils incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial statements, Ihe Trustees are required lo.. select suitable accounting poli¢ies and then apply them consistently., observe the methods and PTinciples of the Charities SORP IFRS 102),, make judgements and accounting eslimales that are reasonable and prudent". slate whether applicable UK Accounting Standards IFRS 102} have been followed. subject lo any materi81 departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless (t 18 inappropriale to presume that the CIO will continue in business. The Trustees are responsible for keeping adequate a¢counling record5 that are sufficient to show and expla1n the CIO'S Iransa¢lions and disclose with reasonable accuracy at any time the financial posf(ion of the CIO and enable them to ensure that the financial slalemenls comply with the Charities Act 2011, the Char41y (Arcounls and Reports) Regulations 2008 and the provisions of the conslitL¢lion. They are also responsible for saleguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and olhei irregularrfcies. Disclosure of Information to auditors Each of the persons who are Tru51ees al the lime when this Trustees, report is approved has Confimied that.. so far as that Trustee is aware. there is no relevant audti information of which the ¢harttys audrtofs are unaware. and that TTU5tee has taken all the steps that ought lo have been taken as a Trustee in or(Ser to be aware of any relevant audit infomialion and lo e5t8blish that the charills auditors are aware of that information. Page 4
st Joseph's Convent Trustees, report Icontinuedl For thp year ended 31 December 2022 Auditors The trustees. having been notified of the eessalion of the partnership known as Dains LLP, resolved that Dains Audit Limited be appointed as successor auditor with effect from 1 April 2022. The designated Iruslees will propose a motion ieappoinling Dain8 Audit Limited al a meeting of the trustees. Approved by order of the members of the board of Tiustees on 19 September 2023 and signed on their behalf Sister Anne Tynan Trustee Slstgr Anne Marie Eden Trustee Page 5
StJoseph's Convent Independent Auditors. Report to the Members of St Joseph's Convent Oplnlon We have audited the financial stslements of Sl Joseph's Convent (the 'charilll for the year ended 31 December 2022 which ¢omprise the Slatemènl of financial activities, the Balance sheet. the Statement of cash flows and the related notes. including a summary of signrficanl a¢counling policie5. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Aceounling Standards, including Financial Reporting SlandaTd 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praclicel. The financial statements havè been prepared in accordance w(Lh Accounting and Reporting by Charities preparing their 8¢wunls in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting Reporting by Charities". Statement of Recommended Practi issued on 1 April 2005 which is referred to in the extsnl regulations bul has been withdrawn. This has begn done in order for the accounts lo provide a true and f8ir view accordance with the Generally Accepted AGcounling PTaclice effective for reportin9 periods beginnin9 on or after 1 January 2015. In our opinion the financial statements.. give a true and fair view ol the slat8 of the ¢harty's affairs as al 31 December 2022 and of rts incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accountin9 Praeli¢e', and have been prepared in accordance with the requirements ol the Charities Act 2011. Basis for opinion Wo conducted our audit in accord8nce wlh Intemalional Standards on Auditing IUKI IISA5 IUKII and applicable law. Our Tesponsibilities under those standards are further described in the Auditors. responsibilitie5 for the audit of the finaricièl statements section of our report. W& are independent of the charity in a¢¢ordance with the elhieal reouiremenls that are relevant to our audit of the financial slalements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidonce we have obtained is sufficient and appropriate lo 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 eoneern basis of accounting in the preparation of the financial slalement$ is appropriatè. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions th81. individu8lly or collectively, may ca51 significant doubt on the charrtrf5 ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant se¢lions of this report. Page 6
St Joseph's Convent Independgnt Auditors, Report to the Members of St Joseph's Convent l¢ontinuedl Other information The other infomiation Comprises the information included in thè Annual report other than the financial statements and our Auditors, report Ihereon. The Trusleas are responsible for the other information conl8ined within the Annual report. Our opinion on the financial slalemenls does not cover the other information and, except lo the extent otherwise explicitly slated in our Teport, we do not express any form of assurance ¢on¢lusion Ihereon. Our responsibility is to read the other information and, in doing so, Consider whether the other information is materially inconsislenl with the finan¢i81 statements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identify such material Inconsistencies or apparent materÉal misstatements, we are required lo delemine whether this gives rise to a material misstatement in the financial slalements themselves. If, based on the work we have performed. we conclude that thgre is a mater¢al misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. Matters on whlch we are required to report by exception We have nothing lo report in respect ol thè following matters where the Char*ties (Accounts and Reports) Regulations 2008 requires us to report lo you it, in our opinion.. the information given in the Twslees, report is inconsislenl in any material respect with the financial statements" or sufficient accounting rOrdS have not been kept" or the financial statements are not in agreement with the accounting records and feturns,. o we have not received 811 the information and explanations we require for our audit. Responsibilities of tfustèes As explained more fully in the TfUStees' sponsIbl14t1es statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of ftnanci81 statements that are free from material misstatement, whether due to fraud or error. In preparing the financial ststements. the Trustees are responsible for assessing the charitls ability lo wntinue as a going concern, disclosing, 85 applicable, matters related lo going concern and using the going concern basis of a¢counting unles5 the Trustees either intend to liquidate the charty or lo cease operation5, or have no realistic aernative bul to do so. Pa9e 7
st Joseph's Convent Independent Audltors, Report to the Member5 of St Joseph's Convent l¢ontinuedl Auditors, responslbilities for the audit of the financial statèments We h8ve been appointed as auditor under section 144 of the Charrties Act 2011 and report in accordance with the Act and relevant regulations made or h8ving effect thereunder. Qur objectwes are to obtain reasonable assurance aboLrt whether the financial statements as a whole 2re free from material misstatement, whether due lo fraud 01 error, and lo issue an AudiloTS' report that includes our opinion. Reasonable assufaftce is a high level of assurance, bul Is riot a guarantee that an audit conducted in aecordanee with ISAS IUKI will always delecl a material misslalement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expe¢led to influence the economic decisions of users tsken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wlh our responsibilities, outlined above, to detect material mis5talements in respect of irregularities, including fraud. The extent lo which our prosedures are capable of detecting irregularities, including fraud is detailed below.. Our approach lo identifying and assessing the risks of material misstatement in respect of irre9ularities, including fraud and non-compliance with laws and regulations, was as follows." the senior slalutory auditor ensured that the engagement team collectNely had the appropriate competence, Gapabililies and skills lo identify or re¢ognise non-complian with applicable laws and regulations., we idenltfied the laws and regulations applicable lo the charity through discussions wlh trustees and other associates, and from our commercial knowledge and experience of the charrty se¢lor.' we focused on specific laws and regulations which we considered may have a dI¢t material effKI on the financial slalemenls or the operations of the company, including the financial reporting legislation. Charittes Act 2011, laxalion 18gislalion, anli-bribery, employment, and environmental and health and safety legislation.. we assessed the extent of compliance with th? laws and regulations identified above through making enquiries of Iruslees and Insp119 legal eorrespondence.. and identified laws and regLJlalions were communicated within the audit team regularly and the team femained alert to instanees of non-compliance throughout the audit. We as5es5ed the susPtIbilItY of the charity'$ financial statements to mateTial misslalement. includin9 obtaining an understanding of how fraud might ocBur. by". making enquirie6 of trustees as to where they considered Iheie was susceplibilily to fraud, their knowledge of actual. suspected and alleged fraud,. and considering the internal cuntrols in pla¢e lo mitigate risks of fraud and non-compliance with law5 and regulations. To address the risk of fraud through management bias and override of controls. we.. performed analytical procedures to identify any unusual or unexpected relationships,. lested journal entrie5 to identify unusual transactions", assessed whether judgements and assumptions made in determining aOuntIng estimates were indicative of potential bias., and investigated the rationale behind 5ignific8nt or unusual transactions. In response lo the risk of irregularities and non-ctsmpliance with laws and regulations, we d&signed procedures which included, bul were not limfied lo.. agreeing financial statement disclosures to underlying supporting documentation., reading the minutes of mèetings of those charged with gDveTnance", enquiring of trkjslees as lo actual and potential lrtigation and claims,. and reviewing corSpondence with HMRC. relevant regulators and the charws legal advisors. Page 8
St Joseph's Convent Indgpgndent Auditors. Report to the Members of St Joseph's Convent l¢ontinued) Audltor's responsibilities for the audit of the financial statements Icontinuedl Because of the inhèTent limttations of an audit. there is a risk that we will not detect all irregularities, including thosè leading to a material misslalemenl in the financial slalemenls or non-compliance wlh regulation. This risk increases the more that ¢ompliance with a law OT regulatlDn is remDved from Ihe events and Iransactions reftected in the financial slalemenls, as we will be less likely lo become aware of instances of non-compliance. The risk is glso greater regaiding irregularities occurring due to fraud rather than error, as fraud involves intentional conc&almenl. forgery, collusion, omissiun or misrepresentation. A further description of our responsibilities for the audit of the financial slalements is locatecl on the Financial Reporting Council's websf(e al.. w.IrC.0r .uklaudilorsre5 onsibililie5. This description forms part of our Auditors, report. Use of our report This report is made solety lo the charity's Iruslees. as a body. in accordance wrth Part 4 of the Charrties (Accounts and Reports) Regulations 2008. Our audi( work has been undertaken so that we might state to the chaTitls trustees those matters we are required lo state lo them in an Auditors, report and for no other purpose. To the fullest extent peimitted by Saw. we do not a¢cepl or assume responsibilrty lo anyone other than the chaniy and ils trustees, as a body, IOT our audrt work. for this report. or for the opinions we have fomed. Dains Audit Limited Ststutory Auditor Chartered Accountants Bimingham 19 September 2023 Dains Audit Limited ale eligible to act as auditors terms of sertign 1212 of the Companies Act 2006. Page 9
St Joseph's Convent Statement of flnan¢lal a¢tivitigS Forthe yearended 31 Decgmbgr 2022 Unrestricted lunds 2022 Total funds 2022 Total funds 2021 Note Income from.. Donations and legacies Investments Olhei income 82.528 160.785 7.4S6 82.528 160.785 7,456 102,499 133,090 Total income 250,769 2S0.769 235.589 Expenditure on.. Raising funds Charitsble a¢tivilies 57.410 230.321 57.410 230.321 56,689 237.157 Total expenditure 287,731 287.731 293.846 Net exptndlture before nel Ilossesllgains on Investments Nel Ilossesllgains on investments Net movement in funds before other recognlsed 9alnslllosse$l 136.9621 1655.1571 136,9621 1655,1571 {58,257) 672,828 1692.1181 1692.1191 614.571 Other recogni5ed galn$lllos$e$l: Movement ft)reign exchange 104.158 104.158 (139,9671 Not movement in funds 1587.9611 1587.9611 474,604 Reconciliation of funds: Total funds brought forward Nèl movement in funds 7.188,838 1587.9611 7.188.838 1587,9611 6,714.234 474,604 Total funds carrled foNard 6,600.877 6.600.877 7,188,838 The Slalement of Financial Activities inclLFdes all gains and losstrs recognised in the year. The notes on pages 13 to 25 form part of these financial statements. Page 10
St Joseph's Convent Balance sheet As at 31 December 2022 2022 2021 Note Flxed assets Tangible 8ssets Investments 10 11 15.156 6,443,660 28.355 7.024.565 6,458.816 7.052,920 Current assets DebtOTS Cash al bank and in hand 12 36.295 115.845 41,046 105,063 152.140 146,109 Ciedilors.. amounts falling due within one year 13 110.0791 110,1911 Net current assets 142.061 135,918 Total net assets 6,600.877 7.188.838 Charity funds Unreslricled funds 14 6,600.877 7,188.838 Total funds 6,600,877 7.188.838 The financial sl8lements were approved and authorised for issue by the Trustees on 19 September 2023 and signed on their behalf by.. Sister Anne Tynan Trustee Slster Anne Marie Eden Trustee The notes on pa9e5 13 to 25 form part of these financial stat9menls. Page11
St Joseph'$ Convent Statement ot cash flows Forthe year endgd 31 Dember 2022 2022 2021 Note ash flov from operating a¢tivlties Net cash used in operating activrf(ies 17 {189,809) {184,4611 Cash flows from investing a¢tlvltles Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Proceeds from sale of investments Purchase of investments 160.785 17.153 618.734 {773.2151 133.090 890.244 1667,3751 Net cash provld¢d by investing activities 23,457 355.959 Cash flows from financing actlvltles Net cash provided by financing activities Change In cash and cash equlvalgnts in the year Cash and Cash equivalents at the beginning of the year (166,1521 449,982 171,498 278,484 Cash and Cash equivalents at the end of the year 18 283,830 449,982 The notes on pages 13 to 25 fomi part of these financial statements Page 12
St Joseph's Convent Notes to the flnan¢ial statements For the year ended 31 De¢gmber 2022 General information Sl Joseph's Convent is a Charitable Incorporated Organisation ICIOI registered wlh the Charity Commission in England and Wales under the nurnbeT 1172513. The principal office address is given in the reference and administrative details an¢J the principal objectives of the CIO are sel out in the Trustees, Report. Accountlng pollcles 2.1 Basls of preparatlon of financSal ststements The financial statements have been prepared in a¢¢ordance with the Charities SORP IFRS 1021 Accounting and Reportin9 by Charities.. Slalement of RecDmmended Practice applicable lo chari(ies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191, the Financial Reporting Slandard applicable in the UK and Republic ol Ireland IFRS 102} and the charitS Act 2011. The financial statements have been prepared lo give a Irue and lairf view and have departed from the Charities IAc¢ounls and Reports) Regulations 2008 only to the extent required to provide a 'lrue and fairf view. This departure has involved followin9 the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Slalemenl of Recommended Practice effective from 1 Aprll 2005 which has since been w(thdrawn. Sl Joseph's Convent me8ls the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at hisloTi¢al cost or transaction value unless olhejwise slated in the relevant ?ccounlin9 poliey. 2.2 Income l income is re¢ogni$8d once the CIO has entillemenl lo the income, il is probable that the income will be rece¢ved and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probabilty of receipt and the ability lo estimate with sufficient 8c¢ur8Cy the arnounl receivable. Evidence of entillemenl to a legacy exists when the CIO has sufficient evidence that 8 grft has been left to them (through knowledge of the existence of a valid will and the death of the benelaclorl and the exe¢utor is satisfied that the property in question will not be required lo satisfy claims in the estate. Receipt of a lega¢y musl be recognised when it is probable that il will be received and the fair value of the amount receivable, which will generally be the expected cash amount lo be distributed to thè CIO, can be reliably measured. Gifts in kind donated for distribution are included al valuation and feujgnised as income when they are distributed lo the projects. Gifts donated fof resale are included as income when they are sold. Income tax recoverable in relation lo rjonations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income lax re¢overab18 in relation to investment income is recognised at the lime the investment incomè is receivable. Other income is recognised in the period in which il is re1Vable and to the extent the goods have been provided or on Comption of the service. Page13
St Joseph's Convent Notes to the financial statements For the year ended 31 December 2022 Accounting policies Icontinuedl 2.3 Expondltur& Expenditure 15 recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. il is probable that a transfer of economic benefits will be required in settlernenl and Ihe amount of the obligation can be measured reliably. Expendrture is classified by activity. The costs of each aclsvily are made up of the total of direct costs and shared costs. in¢luding support costs inVoed in undertaking each activity. Direct costs attribLrtable to a single activity ale allocated dI¢11Y to that aclivily. Shared costs which conliibule to more than one a¢livity and support costs whh are not attributable to a single activity are apportioned beeen those activities on a basis consistent wlth the use of resources. Central staff costs are allocated on the basis of lime spent. and depreciatitsn chaiges allocated on the portion of the asset's use. Exp8ndrture on raising funds includes all expenditure incurred by the CIO to raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-ch?rilable trading. Expenditure on charf(able activities is incurred on directly undertaking the activities which further the CIO'S objective5, as well as any associated support costs. All expendEture is inclusive of irrecoverable VAT. 2.4 Interest recelvable Interest on tunds held on depos(( Is included when re¢etvable and the amount can be meaSUd reliably by the CIO.. this is nomially upon nolificalion of the interest paid or payable by the institution wf(h whom the funds arè deposited. 2.5 Foreign curreneles Monetary assets and liabilities denominated in foreign currenGigs aw translated into sterling at rates of exchange ruling at the reporting dale. Transactions in forewn CLErrencies are Iranslated into $leHing al the rale ruling on the date ol the transaction. Exchange gains and losses are reeognised in the Statement of financial a¢livities. 2.6 Tanglble flxed assets and dèpreciation Tangible fixed asset5 costing £250 or more are capilalised and recognised when future economic benefsts are probable and the cosl or value of the asset can be measured reliably. Tangible fixe(l assets are initially ¥e¢ognised al cost. After recognilion. under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment 105ses. All costs incurred to bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Depre¢ialion is charged so as to allocate the cost of tangible fixed asse15 less their residual value ove¥ their eslimaled useful lives, on a reducing balance basis. Depreciation is provided on the following ba¥es'. Motor vehicles Fixtures and tittings 25Q/o reducing balance 109h reducing balance Page 14
St Joseph's Convent Notes to the financial statements For the year ended 31 De¢ember 2022 Accounting pollcies l¢ontinued) 2.7 Investments Fixed a5sel investments are a form of financial instrument and are initially recognised at their transaclion cost and subsequently measured al fair value at the Balance sheet date, unless the value cannot be measured reliably in which case tt is measurecl al cost less impairment. Investment gains and losses, whether re81i$ed or unrealised, are combined and presented as 'GainsllL0s5esl on investments, in the Statement of financial aclivilies. 2.8 Dèbtors TTade and other debtofs are recognised al the settlement amount after any trade discount offered. Prepayments aTe valued al the amounl prepaid net of any trade disGounts due. 2.9 Cash at bank and In hand Cash al bank and in hand includes cash 8nd short-lem hlghty liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.10 Liabilitlos and provisions Liabilrties are recognised when there is an obligation at the Balance sheet date as a result of 8 p8St event, il is probable that a transfer of economic benefit will be required In settlement, and the amount of the settlement Can be estimated reliably. Liabilrties are ¢0nised al the amount that the CIO anliGipates il will pay to settle the debt or the amount il has received as advanced payments for the goods or services il musl provide. 2.11 Financial instruments The CIO onty has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value wlh the exception of bank 108ns which are subsequently rneasured al omortised cost using the effective interest method. 2.12 Fund accountlng General funds aTe unrestricted funds which are available for use al the dis¢relion of the Trustees in furtherance of the gener81 objectives of the CIO and which have not been designated for othei putposes. Designated funds Comprise unrestricted funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the note5 to the finansial statements. Investment income, gains and losses are allo¢ated lo the appropriate fund. Page 15
St Joseph's Convvnt Notes to the financial statements Forthe year ended 31 Decembpr2022 Income from donatlons and legacies Unrestricted funds 2022 Total funds 2022 Gifts and donations Pensions and salaiies 5.298 77.230 6.298 77.230 82,528 82.528 Unrestricted funds 2021 Total funds 2021 Pensions and salafies 102,499 1 [$2,499 Investment income Unrestricted funds 2022 Total fund5 2022 Income from UK & Iland listed inveslmenls 160,785 160.785 Unrestricted funds 2021 Total funds 2021 Income from UK & Ireland listed investments 133.090 133,090 Other incoming rèsources Unrestricted funds 2022 Total funds 2022 Total funds 2021 Profil on sale of fixed assets 7,456 7,456 Pago le
St Josèph's Convent Notes to the financial statements For th8 year ended 31 D¥cemb8r 2022 Exptrnditure on ralslng funds Unrestrlctsd funds 2022 Total funds 2022 Investment management fees 57,410 57.410 Unrestricted funds 2021 Totsl funds 2021 Investment management fees 56,689 56,689 Page 17
StJoseph's Convent Notes to the financial statements For the year ended 31 December 2022 Analysls of expenditure by actlvltlfrs Activitie$ undertaken Governance directly costs 2022 Total fLsnds 2022 2022 England Ireland 209,499 14,872 5,450 500 214.949 15,372 Totsl 2022 224,371 5,950 230,321 Activities undertaken Governance directly costs 2021 2021 Total funds 2021 England Ireland 176.227 55,189 4,470 1.271 180,697 56.460 Total 2021 231,416 5.741 237.157 Page18
St Joseph's Convpnt Notes to the financial statements Forthe year ended 31 December 2D22 Analys1$ of expenditure by activities Icontinuedl Analysis of dlrect costs Total funds 2022 England 2022 Ireland 2022 Depreciation Grants and donations Community expenses Travel and relre8ts Other regional expenses Nursing home costs 3,445 4,999 32,987 7,903 4,968 155.197 57 3,502 4.999 42.700 7.903 10.070 155.197 9,713 5,102 209.499 14,872 224.371 Total funds 2021 England 2021 Ireland 2021 Depreciation Grants and donations Communrty expenses Travel and retreats Other regional expenses Nursing home costs 6,952 4.248 18.184 4,357 2.004 140,482 777 507 6,369 450 1,232 45,854 7,729 4,755 24.553 4,807 3,236 186,336 176,227 55,189 231.416 Analysls of 51JPPQrt costs Total funds 2022 Totsl funds 2021 Audrtorfs remuneration Legal and professional costs 2,200 3.750 2,000 3,741 5.950 5,741 Page19
St Joseph's Convent Notes to the flnanclal statements For the year ended 31 De¢ember 2022 Net inGomellexpendlturel This is staled after ¢harging'. Deprecislion Of tangible red assats Audilorfs remulleration- audrt 3.502 2.200 7,729 2.000 Trustses, remuneration and expen$e$ The CIO has no employees olher than the Trustees who did not receive any direct remuneration, benefits or reimbursement of expenses 12021 £Nil). The living expenses of the $i5tèrs arè included in the community expense5. 10. Tangible flxèd assets Motor Fixtures and vehlcles fittings Total Cost or valuation Al 1 January 2022 Disposals 50,177 135,6321 10.501 60,678 135,6321 Al 31 Decembar 2022 14,645 10,501 25,046 D8preclatlon At 1 January 2022 Charge for the year On disposals 29,571 2,727 125.9351 2.752 775 32,323 3,502 125.9351 At 31 December 2022 6,363 3,527 9,890 Net book value At 31 De¢ember 2022 8,182 6,974 15,IS6 At 31 December 2021 20,806 7,749 28.355 Page 20
St Joseph's Convent Notes to the flnan¢lal statements For the year ended 31 08¢ember 2022 11. Flxed asset investments Listed Cash trading Investments accounts Total Cost or valuatlon Al 2 Janyary 2022 Additions Disposals Revaluations Foreign exchange movement 6.676,942 773,215 1627,6991 1655,1541 105,072 347.623 7,024,565 570,289 1.343,504 1742.4301 11.370,1291 (655.1541 100,B74 14,1981 At 31 Decenkner 2022 6.272,376 171,284 6.443,660 Net book valuè Al 31 December 2022 6.272,376 171.284 6.443,660 Al 31 December 2021 6,676,942 347,623 7,024,565 Tho historical cost of fixed asset investments al the balance sheet date was £5,676.432 12021 £5,515,4351 AJI fixed asset investments are held in the UK and ITeland. Thère were no listed investments held which had a value in excess of 5Yo of the total portfolio size al 31 De¢ember 2022. 12. Debtors 2022 2021 Prepayments and accrued income 36,296 41,046 36.295 41,046 13. Creditors.. Amounts falling duo within one year 2022 2021 Other Creditors Accruals and deferred income 1,075 9,116 10.079 10.079 10.191 Page21
St Joseph's Convent Notes to the flnanclal statements For the year ended 31 December 2022 14. Statement ot funds Statement of funds- current year Balance at 31 Gain$1 December ILoss8sl 2022 Balance at 1 January 2022 Income Expèndlture Unrestricted funds Designated funds Sisters, peTsona5 funds 8,462 8,462 Gen8ral funds General Funds 7,180,376 250,769 1287,7311 1550,999) 6,592,415 Total Unre$tricted funds 7,188,838 250,769 1287.7311 {550,999} 6,600.877 Statement of funds- prior year Balance at 31 Galnsl December ILosse$l 2021 Balance at 1 January 2021 Income Expendlture Unrestricted funds Designated funds Sisters, personal fLtnds 8,462 8,482 General funds General Funds 6,705,772 235,589 1293,8461 532,861 7,180.376 Total Unrestricted funds 6.714,234 235,589 1293,8461 532,861 7,188,838 Page 22
St Joseph's Convent Notes to the financial statements For th9 year endod 31 Docembpr 2022 15. Summary offunds Summary offunds- current year Balance at 31 Gainsl December ILos$esl 2022 Balance at I January 2022 Income Expenditure Designated funds General funds 8.462 7.180,376 ,462 1550,9991 6.692.416 250,769 1287,7311 7.188,838 250,769 1287,7311 {550,9991 6,600,877 Summary of funds - prlor year Balance at 31 Gainsl Dècember ILossesl 2021 Balance at 1 January 2021 Income Expenditure Designated funds General funds 8,462 6,705,772 8.462 7,18D.376 235,589 {293,8461 532,861 6,714,234 235,589 1293,8461 532,861 7,188.838 16. Analy$Ss of net assets betsvoen funds Analys1$ of net assets bptween funds- current year Unrestricted funds 2022 Total fund5 2022 Tangible fixed assets Fixed asset investments Current assets CTedilors due within one year 15,156 6,443,660 152,140 110,079} 15,156 6.443,660 152,140 110.0791 Total 6.600,877 6.600,877 Page 23
St Joseph's Convent Notes to the financial statements For the year end8d 31 December 2022 16. Analysis of net assets bgtweon funds l¢ontinued} Analysis of net assets betsyeen funds - prior year Unrestrlcted funds 2021 Total funds 2021 Tangible fixed assets Fixed a5sel investments Current assets CrlI0¥S due within one year 28.355 7.024.565 146.109 110.1911 28,355 7,024,565 146,109 110,1911 Total 7,188,838 7.188,838 17. RKonciliation of net movement In funds to net cash flow from operatlng activities 2022 2021 Nel incomelexpendilure for the year 18s per Ststemenl of Financial Adiviliesl 1692,1191 614,571 AdJu$tments for: DepTecialion charges Lossesllgain51 on investments Dividends, interests and rents from investments Decrease in debtor$ Decrease cr¢dilors 3.502 655.154 1160.7851 4.751 11121 7,729 1672,8281 1133,0901 175 11.0181 Net cash used In operatlng a¢tivlties {189,6091 1184,4611 18. Analysis of cash and ¢a$h equlvalents 2022 2021 Cash in hand Notice deposits (less than 3 months) 115,845 167.985 105,063 344,919 Total Cash and cash equivalents 283,830 449,982 Page 24
St Joseph's Convent Notes to the financial statèments For the year ended 31 December 2022 19. Analys15 of change5 in not debt At1 January 2022 Cash flows At31 December 2022 Cash at bank and in hand 105.063 10,782 115.845 105.063 10,782 115,845 20. Relatsd party transactions There were no related p8ty transactions during the current or prior year and no balances wère outstandin9 with related parties at the balance sheet dates. Page 25