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 Char￿table
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 aPprOpr￿ale ILI maintain free reserves at a
level sufficient lo finance a m￿nIMuM 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 requi￿5 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 r￿OrdS 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 a￿ernative 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 Insp￿11￿9 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 sus￿PtIbilItY 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 a￿OuntIng 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 cor￿Spondence 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 D￿ember 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 charit￿S 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 r￿e1Vable and to the extent the goods have
been provided or on Comp￿tion 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
inVo￿ed 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 wh￿h are
not attributable to a single activity are apportioned be￿een 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 meaSU￿d
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 ￿¢0￿nised 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 & I￿land 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 r￿ed 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
Cr￿lI0¥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