Chority number: 1172513 St Joseph's Convent Trustee5' Report and Flnonciol Statements For the yeor ended 51 December 2024 INS AUDIT
St Joseph's Convent Contents Page Reference ond Administratlve Details of the CIO. its Trustees and Advisers Trustees, Report Independent Auditor's Report on the Finonciol Stotements Statement of Financial Activities 10 Balance Sheet 11 Stotement of Cash Flows 12 Notes to the Finonciol Stotements 13-28
st Joseph's Convent Reference and Administrotive Detolls of the CIO. its Trustees and Adviser5 For the year ended 51 December 2024 Trustees Slster Anne Tynan Sister Morle-Line Monique Rloux Sister Anne Marie Eden (deceosed 13 r4(Jy 2024) Slster Morie Kiernon Sister Fronces Russell (oppointed 10 June 2024) Regionol Superlor Sister Anne Tunon Chority reglstered number 1172513 Princlpal office St Joseph's Convent The Hawthorns Erdington Road Aldridge Walsoll WS9 8UH Independent auditor Doins Audit Limited 2 Chamberlain Squore Birmingham B3 3AX Bankers Notional Westminster Bank PIC 33 Pork Street Wolsoll WS1 IER Solicitors Partridge Allen Solicitors 30 Anchor Flood Aldridge Wolsoll WS9 8PJ Investec Fund Manogers Investec PIC Colmore Plozo Colmore Circus Birminghor B4 6AT Poge 1
St Joseph's Convent Trustees, report For the year ended 31 December 2024 The Trustees present their annual report together with the oudlted f inonclol stotements of the Charitoble Incorporated Organisation (CIO) for the yeor 1 January 2024 to 31 December 2024. The CIO olso Dperotes under the nomes The Convent of the Congregotion of the Sisters of Solnt Joseph of Lyon (ot Hounton). Oblectlves and activities a. Oblectlves The constitutlon states thot the chorltu's objects ore. the advoncement of the Christian religlon for the benef it of the public by such meons os the trLJStees Ihlnk flt. In the event thot the members of the CIO choose to windup or dissolve the CIO, the members moy direct the trustees on how the remoining assets of the CIO sholl be applied. If no direction Is given by the members, the trustees roust decide how the remoining ossets Df the CIO sholl be applied. In either case the remoinino ossets must be opplied for choritoble purposes the same os, or similar to those of the CIO. In setting objectives and plonning for ortivlties. the Trustees hove given due considerotion to general guidonce published by the Charity Commission reloting to pvblic benefit, including the guidonce 'Public benefit.. running a chority (PB2)'. b. Public benefit The Trustees of the CIO ore owore of the Chorlty Commlslon's guldonce on public benefit ond this forms part of the induction for new Trustee5. 8ecouse of the oge of the slsters, their mission Is Pastoral not only where they live but with the Associates and in connection with those who are Suffering emotionally. psychologically and/or spirituolly. c. Actlvltles undertaken to achieve objettives Becouse of our Chorism ond Foith Commitment we will continue ta support aur Sisters ond the need of community- living as well os oll who turn to us for help ond guldonce. Achievements and performance a. Review of activities The CIO moinly derlves Income from the Sister's pensions ond the investment portfollo. The Investment portfolio is monoged bu on extern(Jl fund monoger. Investec PIC on o discretionory bagis, but inline with the trustees, investment policy slotement. The investment objective is to moximise the overoll rate of return by accepting o moderole level of risk. Poge 2
St Joseph's Convent Truslees. report (continued) For the year ended 31 December 2024 Achlevements and performance (continued) b. Investment policy and performance The investment portfolio is managed on o discretionory bosls Sn line with the Trustee ond Congregotional Ethicol Policy statements. The portfolio should ochieve on income of ot least £145,000 per onnum for Englond and £nil for Ireland. whilst hoving regord for moral ond ethicol considerotions ond occepting a medium level of risk. The volue of the investment portfolio hos increased by 6.83Yo over the yeor (2023.. increase of 3.59Y•). This Is 05 a result of movements in the morket. The performonce of the funds is monitored on o regular basis. Flnancial review a. Going concern After making oppropriote enquiries. the Trustees hove o reosonoble expectation thot the CIO hos adequote resources to continve in operotlonol existence f or the foreseeable future. For this reoson. they continue to adopt the going concern basis preparing the f inoncial stotemenls. Further detoils regording the odoption of the going concern bosis can be found in the occounting policies. b. Reserves policy Charity funds ot 31 December 2024 totolled £7,039,646 (2023 - £6.722.074}. comprising oll vnrestricted funds. Avoiloble free reserves (funds excluding equity investments ond tongible flxed assets) ot 31 December 2024 tDtolled £105,448 (2023 - £128.897)- The trustees hove reviewed the CIO'S needs for reserves in line wlth the guldonce issued by the Charily Commission ond hove decided thot it 15 approprlote to maintain free reserves ot o level svf ficient to finance o minimum of six to twelve months of expenditure. which equotes to approximotely £150.000 to 300.000. The trustee5 ore therefore comfortoble wlth the current level Of reserves. Structure. governance and management o. Constitutlon St Joseph'5 Convent is a choritable incorporoted orgonisotion (CIO), which was registered wlth the Chority Commission on 10 April 2017 under ils full nome of The Convent of the Congregotion of the Sisters of Soinl Joseph of Lyon (ot Haunton). Its governing document is its COnstttIon doted 10 April 2017 ond its registered chorily number is 1172513, b. Methods of appolntment or election of Trustee5 There musl be at leost three chority trustees. If the nvmber folls below this minimum. the remolning trustee or trustees moy oct only to coll o meeting of the choritu trustees to appoint new chority trustees. The moxlmum number of chority trustees is 12. Apart f rom the first chority trustees. every trustee must be oppointed by o resolution pos5ed ot o properly convened meeting of the charity trustees. In selecting individuals for oppointment as charity trustees. the chorily trustees must hove regord to the skills. knowledge ond experience needed for the effective odministrotion of the CIO. Poge
St Joseph's Convent Trustees, report (continued) For the year ended 31 December 2024 structure. governance and management (contlnued) c. Organis*Jtional structure ond declslon-maklng pollcles The CIO consists of o community at Aldridge ond one in Dublin. These communities ore known os a sector. Detoils of the CIO. its trustees and cjdvisers for the yeor ended 31 December 2024 con be found on poge 1, d. Policies adopted for the InductSon and tralning of Trustees New Trustees vndergo a briefing on their legol obligation5 under chority law. the content of the constitution, the decision making processes. ond recent finonciol performonce of the CIO. The new Trustees olso meet other Trustees. Trustees are encouraged to attend oppropriate external trcsining events where these will focilitate the undertoking of their role. e. Financial rlsk monagement The Trustees hove ossessed the mojor risks to which the CIO 15 exposed. in particular those reloted to the operotlons ond finance5 of the CIO. or)d are satisfied that systems and procedures are in ploce to rftitigate exposure to the major rlsks. Plons for future perlods The sisters ore odomont that they mointoin a code of conduct, on child and vulnerable adult obuse, stondords of behaviour ond o moral stance for Truth and Christian volues. Members, Iloblllty The Members of the CIO guarantee to contribute on amount not exceeding £1 to the assets of the CIO In the event of winding up. Poge 4
St Joseph's Convent Trustees, report (contlnued) For the year ended 31 December 2024 Statement of Trustees, responslbllltles The Trustees are responsible for preporlng the Trustees, report ond the finonciol stotements in occordance with opplicable low ond United Kingdom Accounting Stondords (United Kingdom Generolly Accepted Accountlng Proctlce). The law appllcable to charities in Englond & Wales requires the Truslees to prepore financiol stotements for each f inonciol which give o true ond fair view of the stote of offoirs of the CIO ond of its incoming resources and opplicotion of resources, including its Income and expenditure, for that period. In preporing these f inonclol stolements. the Trustees are required to: select sijitoble OCCDunting policie5 ond then opply them consistently- obsewe the methods ond principles of the Chorlties SORP (FRS 102).. moke judgements and occounting estlmales that ore reasonable and prudent. stote whether applicoble UK Accountlng Standards (FRS 102) have been followed. subject to any material deportures disclosed cjnd explained in the f inanciol statement5,' prepore the financial stotements on the going concern basis unless it is inoppropriate to presume thot the CIO will continue in business. The Trustees are responsible for keeping odequate accounting records thot ore sufflcient to show and explain the CIO'S tronsoctions ond disclose with reasonoble occuracy ot any time the f inancial positlon of the CIO ond enable them to ensure thol the f inanciol stotement5 comply with the Charities Act 2011, the Charity (Accounts and Fleporls) Regulations 2008 and the provisions of the constitutlon. They ore a150 responsible for sofegLJording the assets of the CIO and hence for toking reosonoble steps for the prevention ond detectiori of frovd ond other irregularitles. Disclosure of informotion to oudltor Each of the persons who ore Trustees at the tlme when thls Trustees, report is opproved has confirmed that.. so for as that Trustee is aware, there is no relevont oudit informotion of which the charity's auditor is unaware. ond thot Trustee hos token oll the steps thot ought to have been taken as a Trustee in order to be owore of ony relevont oudit informotion and lo estoblish thot the chority's ouditor is oware of thot information, Auditor The designoted trustees will propose o motion reoppointing Doins Audit Limited ot a meeting of the trustees. Approved by order of the members of the boord of Trustees on 18 September 2025 and signed un their beholf by. Slster Anne Tynan Trustee Poge 5
st Joseph's Convent Independent Audltorts Report to the Members of St Joseph'$ Convent Oplnlon We hove oudited the finonclol 5totements of St Joseph's Convent (the 'chority') for the yeor ended 31 December 2024 which comprise the Statement of finonciol octivities. the Bolonce sheet. the Statement of cosh flows ond the related notes, including o summory of signif icant occounting policies. The finonciol reporting framework thot has been opplled in their preporotion Is opplicoble low ond United Kingdom Accounting Stondords, including Financial Fleporting Stondord 102 'The Finonciol Reporting Stondord opplicoble in the UK ond Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). The finonclol statements hove been prepared in occordonce with Accountlng ond Reporting by Choritles preparlng thelr accounts in occordonce with the Finoncial Reporting Standards opplicoble in the U K ond Republic of Ireland (FFIS 102) in prelerence to the Accovntlng ond Reporting by Choritles". Stotement of Recomrnended Practice issued on l April 2005 which is referred to in the extant regulations but has been withdrawn. Thls hos been done in order for the rjccounts to provide a true ond foir view in occordance with the Generally Accepted Accounting Practice eff ective for reporting periods beginning on or ofter l Jonuory 2015. In our opinion the finonciol stotements". give a true ond fair view of the state of the charity's affairs o7s ot 51 December 2024 ond of its incoming resources ond applicotion of resources for the yeor then ended., hove been properly prepared In occordonce with United Kingciom Generolly Accepted Accounting Practice., ond have been prepared in occordonce with the requirements of the Chorities Act 2011. Basis for opinion We conducted our audit in accordance with Internotionol Stondords on Auditing (UK) (ISAs (UK)) ond applicoble low. Our responsibillties under those stondords ore further described in the Auditor's responsibilities for the oudit of the finonciol stotements section of our report. We ore independent of the chority in occordonce with the ethical requirements thot are relevont to our audit of the financial statements in the United Kingdom, including the Flnonclol Reporting Council's Ethical Stondord, ond we have fulfilled our other ethicol responsibilities in accordonce wlth these requirements. We believe thot the audit evidence we hove obtoined Is sufficient and oppropriate to provide o bosis for our opinion. Concluslons reloting to golng concern In ouditlng the financiol stotements. we hove concluded thot the Trustees, use of the going concern basis of accounting in the preparotion of the finonciol stotements is appropriate. Brysed on the work we hove performed. we hove not identified ony moteriol uncertointies reloling to events or conditions that. individuolly or collectively. may cost significant doubt on the chority's obility to continue 05 0 golng concern f or o period of ot least twelve months from when the financial statements ore authorised for issue. Our responsibilities and the responsibilities of the Trvstees with respect to going concern are described in the relevant sections of this report. Page 6
St Joseph's Convent Independent Auditorfs Report to the Members of St Joseph's Convent (contlnued) other Information The other informotlon comprlses the informotion included in the Annual report other than the financial stotemenls ond our Auditor's report thereon. The Trustees ore responsible for the other inf ormotion contained within the Annuol report. Our opinion on the finonciol stotements does not cover the other informotlon and. except to the extent otherwise explicitly stated In our report, we do not express anu forni of assuronce conclvsion thereon. Our responsiblllty is to read the other informotion ond, in doing so, consider whether the other informotion is materially inconsistent with the finonciol stotements or our knowledge obtoined in the course of the oudit, or otherwise oppeors to be moteriolly misstoted. If we identify such moterlol inconsistencies or opparent moteriol misstatements, we are required to determine whether this gives rise to o moteriol misstotemenl in the financiol stotements themselves. If. based on the work we hove performed, we corsclude that there is o moteriol misstotement of this other Snformotion. we ore required to report thot fact. We hove nothing to report In this regord. Matters on which we are required to report by exception We have nothlng to report in respect of the following motters where ihe Chorlties (Accounts ond Reports) RegulotlDns 2008 reqLsires us to report to you if, in our opinion.. the infortnotion given in the Trustees, report Is inconsistent in ony moterial respect with the finonciol stotementS' or sufficient accountlng records hove not been kept- or the financial statements are not in ugreement with the accounting records ond returns.. or we have not received all the information ond explontstions we require for our oudit. Responslbllltles of trustees As explained more f ully In the Trustees, responsibilities statement, the Trustees ore responsible for the preporotion of the financiol stotements which give o true ond foir view. and for such internol control as the Trustees determine is necessory lo enable ihe preporation of f inoncial 5totements thot are free from moteriol misstutement, whether due to f raud or error. In preporing the finonciol stotements, the Trustees are responsible for ossessing the charity's obility to contirnue os o going concern, disclosing. os applicable. motlers related to going concern and using the going Concern bosis of accounting unless the Trustees elther intend to liquidate the chority or to ceose operotions, or hove no realistic alternative but lo do so. Poge 7
St Joseph's Convent Independent Audltorfs Rèport to the Member$ of St Joseph's Convent (eontlnued) Auditor's responsibilities for the oudit of the financiol stotements We hove been appointed as auditor under section 144 of the Chorities Act 2011 ond repart in occordonce wlth the Act ond relevont regulations made or hoving effect thereunder. Our objectives ore to obtain reasonoble assurance about whether the f inonciol staternents os o whole are free from moteriol misstotement, whether dve to froud or error. and to issue on Auditor's report thot includes our opinion. Reusonoble assurance is a high level of ossuronce, but is not a guarantee thot on oudit conducted in occordonce with ISAS (Uk<) will olwoys detect a materiol misstotement whell it exists. Ni55totements can arise from frovd or error and ore considered material if, individvally or in the aggregate. they could reasonably be expected to inf luence the economic decisions of users token on the bosis of these finonciol stotements. Irregulurities. including froud, are instonces of non-compliance with laws ond regulotions. We deslgn procedures In line with ovr responsibilitie5. Outlined obove. to detect material misstatements in respect of irregulorities, including froud. The extent to which our procedures are copoble of detecting Irregularities. inclvding f roud Is detailed below.. Our opprooch to identifying ond osse5sing the risks of material misstotement in respect of irregulorlties, including frovd and non-complior)ce with laws and regulotions. wos os follows.. the senior stotutory oudilor ensured thot the engagement team collectlvely had the opproprlote competence. copabillties and skills to identify or recognise non-compliance with opplicable laws and regulotions. we identified the laws ond regulotions applicoble to the chority through discussions with trustees ond other a5socioles, ond from our commerciol knowledge ond experience of the chority sector". we focused on specif ic laws ond regulations which we considered may hove u direct materiol effect on the flnonciol stotements or the operations of the compony. including the financial reporting leg151ation. Charities Act 2011. toxation legislation, onti-bribery, employment, ond environmentol ond health ond safety legislation.. we 055essed the extent of complionce with the lows ond regulotions Ider¥tified obove through making enquiries of trustees and inspecting legal correspondence,. ond identified laws ond regulotions were communicated within the audit teom regulorly ond the teom remoined olert to instances of non-compliance throughout the audit. We assessed the susceptibility of the chority's financic21 statementg to material misstatement, includlng obtolning on vnderstondifjg of how frtsud might occur, by.. moking enquiries of trustees os to where they considered there was susceptibility lo froud. thelr knowledge of actuol, suspected ond olleged fraud., and considering the internal controls in ploce to mitigate risks of froud ond non-compliance with laws and regulatlons. To address the risk of froud throuoh monogemenl bios ond override of controls, we.. performed onolytical procedures to identify any unusvol or unexpected relationships- tested jcurnal entrie5 to identify unusual tronsoctions., ossessed whether judgements ond ossumptions mode in determining OCCDuntlng estlmotes were Indlcotive of potential bias,. ond investigoted the rationale behind Signif icont or unusual transactions. Poge 8
St Joseph's Convent Independent Audltorfs Report to the Members of St Joseph's Convent (continued) In response to the risk ol irregulorSties ond non-complionce with lows ond regulations, we designed procedures which included. but were not limited to,. ogreeing financiol stotement disclosures to underlying supporting documentation: reoding the minutes of meetings of those chorged with goverrnance., enquiring of trustees os to octuol and potential Iitigotion ond claims. ond reviewing correspondence with HMRC, relevont regulotors and the charity"s legol odvisors. Becouse of the inherent limitotions of an oudit, there is a risk that we wlll not detect oll irregulorities. including those leoding to o moteriol misstotement in the f inonciol statements or non-complionce with regulation. Thls rlsk Increoses the more thot complionce with o low or regulation is removed f rom the events ond tronsoctions reflected in the financial slotements, os we will be less likely to become owore of instances of non-complionce. The risk is also greater regording Irreguloritie5 occurring due to froud rather thon error. os froud involves intentionol concealment, forgery, collusion. omission or misrepresentotion. A fLJrther descriplion of our responsibilities for the oudit of the f incjnciol stotements Is located on the Finonciol Reporting Council's website ot.. www.frc.or auditor5res ibilities. This description forms port of our Auditor's report Use of ovr report This report is made solely to the charlty's trustees, ag o body. In accordance with Port 4 of the Chorities (Accounts ond Reports) Regulations 2008. Our oudit work hos been undertoken so thot we might stote to the choritu's truslees those mcjtters we ore required to stote to them in an Audilorfs report ond f or no other purpose. To the f ullest extent permitted by law, we do not accept or ossume responsibility to onyone other thon the chority and Its trustees, os o body. for our oudit work, for this report. or for the opir)ions we hove formed. Dains Audlt Llmited Stotutory Auditor Chartered Accountonts Birminghom 18 September 2025 Doins Audit Limited are eligible to oct as auditors in terms of secllon 1212 of the Companies Act 2006. Page 9
St Joseph's Convent Statement of flnanclal actlvitles For the year ended 31 December 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donotions ond legacies Investments 73.695 75.695 67.734 196.238 196.238 126.670 Other income 2.348 2.348 Total income 272.281 272.281 194.404 Expendlture on: Raising f unds Choritoble octlvitles 56.734 56.754 53.482 262.524 262.524 208.926 Totol expenditure 319.258 319.258 262.408 Net expendltvre before net goins on investments Net goins orn investments (46.977) (46.97T) (68,004) 201.925 366,406 366.406 Net movement In funds before other recognised gains/(losses) 319.429 319.429 133,921 Other recognlsed galns/(losses)'. Movement in foreign exchonge ,857) (1.857) (12.724) Net movement in funds 317.572 317,572 121.197 Reconciliotion of fvnds: Totol funds brovght forward Net movemernt in funds 6.722,074 6.722.074 6.600.877 317.572 317.572 121,197 Total funds carried forward 7.039.646 7.039.646 6.722,074 The Stotement of Flnonciol Activities includes oll goins ond losses recognised in the year. The notes on page5 13 to 28 form port of these flnanciol statements. Page 10
St Joseph's Convent Registered number: Bolonce sheet As ot 31 December 2024 2024 2023 Note Fixed assets Tongible 05setS 10 28.053 27.442 Investments 6,906,145 6.565.735 6.934.198 6.593.177 Current assets Debtors 12 34.659 39.740 Cash ot bank and in hond 82.704 100.056 117.363 139,796 Current liobilities Creditors: omounts falling due within one year 15 (11.915) (10.899) Net current ossets 105.448 128.897 Total net assets 7.039.646 6.722.074 Charity funds Unrestrlcled funds 14 7.039.646 6.722.074 Total funds 7.039.646 6.722,074 The finonciol statements were opproved and authorised for issue by the Trustees on 18 September 2025 and signed on thelr behalf by-. Sister AnnqTynan Trustee The notes on poges 13 to 28 form port of these financial stotements. Poge 11
st Joseph's Convent Statement of cash flows For the year ended 31 L)ecember 2024 2024 2023 Note Cash flows from operating actlvitles Net cash used in operotlng octivities 17 (243.342) (195.445) Cosh flow5 from Investing attivities Dividends. interests and rents from Investments 196.238 126,670 Proceeds from the 501e of tongible f ixed assets Purchose of tangible fixed ossets Proceeds from sale of investments 16,575 (21.124) 629.424 (16.140) 581.826 Purchase of investments (563.425) (382.799) Net cash provided by Investlng actlvlties 257.688 109.557 Change In cash and Cash equlvalents in the year 14.546 (83.888) Cosh ond c05h equivolents ot the beginning of the year 199.942 283.850 Cash and cash eqvivalents at the end of the year 18 214.288 199.942 The note5 on pages 13 to 28 form port of these finonciol stotements Poge 12
St Joseph's Convent Notes to the f inanciol statements For the year ended 51 December 2024 General informution St Joseph's Convent is o Charitable Incorporoted Organisotlon (CIO) registered with the Charity Commission in Englornd ond Wales under the number 1172513. The principol office address is glven In the reference and odministrotive detoils and the princlpol objectives of the CIO are set Dut in the Trustees, Report. Accounting policies 2.1 Basis of preporation of financial statements The finonclol statements hove been prepared in accordonce with the Charities SORP (FRS 102) - Accounting and Reporting by Choritles.. Stotement of Recommended Proctice opplicable to chorities preparing their occounts in Dccordance with the Finonciol Reportlng Standard opplicoble in the UK ond Republic of Irelond (FFIS 102) (effective 1 Jonuary 2019). the Finonciol Repor1ing Standard applicoble in the UK ond Republlc of Irelond (FRS 102) and the Charitles Act 2011 The finonciol slutements hove been prepared to give o 'true ond foir, view and hove deported from the Choritles (Accounts and Report5) Regulotions 2008 only to the extent required to provide o 'true Dnd fair. view, This deporture hos Involved fallDwing the Chorities SORP (FRS 102) published In October 2019 rather thon the Accounting ond Reporting by Charities.. Slotement of Recommended Proctice effective from 1 April 2005 which has since been withdrown. St Joseph'g Convent meets the definition of o pvblic benefit entity under FRS 102. Asset5 and liobilitles ore initiolly recognised ot historical cost or tronsoction value uriless Otherwise stated iri the relevont accounting policy. 2.2 Income All income is recognised once the CIO hos entitlement to the income. it Is proboble Ihot the Income will be received ond the amount of income receivable con be measured relioblu. The recognition of income from legacies is dependent on estoblishlng entitlement, the probobility of receipt ond the obility to estimote with sufficient occurocy the amount receivoble. Evidence of entltlement to a legacy exists when the CIO hos sufficient evidence thot o gift hos been left to them (through knowledge of the existence of a valid will ond the deoth of the benefortor) and the executor is sotisfied thot the property In question will not be reouired to satisfy claims in the estote. Receipt of o legocy must be recognised when It is probable that It wlll be received and the foir volue of the amovnt receivoble. which will generally be the expected cash omount to be distributed to the CIO. can be relioblu meosured, Gifts in kind donoted for distribution ore included ot voluotion ond recognised os income when they ore distributed to the projects_ Gifts donoted for resale ore inclvded as income when they ore sold. Income tax recoveroble In relotion to donotions received under Gift Aid or deeds of covenant is recognised ot the time of the donotion. Income tox recoveroble in relotion to investment income 15 recognised at the time the investmenl income 15 receivoble. Other income is recognised in the period In which it Is receivoble ond to the extent the good5 have been provided or on completion of the service. Page 13
St Joseph's Convent Notes te the flnanclol statements For the year ended 31 t)ecember 2024 Accounting pollcies (continued) 2.3 Expenditure Expenditure is recogni5ed once there is o legol or constructive obligotlon to tronsfer economic beneflt to o third party, Il is probable thot o tronsfer of economic benefits will be required In settlement ond the amount of the obligotion con be meosured rellobly, Expenditure is classif led by activity. The costs of each octivity ore made up of the totol of direct costs ond shored costs, including support costs involved in underloking each octivity. Direct costs attributoble to o single activity ore ollocoted directly to thot activity. Shored costs which contribute to more thon orne activity ond support costs which are not ottrSbutoble to C7 single octivity are opportioned between those octivities on o bosls consistent with the use of resovrces. Centrol staff costs ore allocoted on the bosis of time spent. and depreciotion charges ollocoted on the portion of the osset's use. Expenditure on roislng funds Includes all expenditure incurred by the CIO to rolse funds for its choritable purposes ond includes costs of oll f undroislng actlvltles events and non-choritable troding. Expenditure on choritoble octivities is ifjcvrred on directly undertoking the activities which further the CIO'S objectives, us well as any associated support Costs. All expenditure Is incluslve of Irrecoveroble VAT. 2.4 Interest receivable Interest on funds held on deposit is inclvded when receivoble ond the omount con be meosured relioblu by the CIO- this Is normally upon notificotiDn of the interest poid or payoble by the Institution with whom the f urids cjre deposited. 2.5 Forelgn currencies Monetary asset5 ond liobilitie5 denominoted in foreign currencies ore. tronsloted into sterling ot rotes of exchonge ruling at the reporting date. TransactlDns in forelgn currencles ore tronsloted Into sterling at the rote ruling on the dote of the transoction. EKchonge gain5 and1055es are recogni5ed in the Stotement of flnonciol octlvities. 2.6 Tangible fixed assets and depreclatlon Tongible fixed ossets costing £250 or more ore copltalised ond recognised when future economic benefit5 ore proboble and the cost or value of the asset con be measured reliobly. Tongible fixed a55et5 are intrticlly recognised at cost. After recognition, under the cost model. tongible fixed assets ore meosured at cost less occumuloted depreciation and any occumuloted impoirment losses. All Costs incurred lo bring o tongible f ixed osset into its intended working condition should be included in the measurement of cost. Page 14
St Joseph's Convent Notes to the financial statements For the year ended 31 December 2024 Accounting policles (contlnued) 2.6 Tangible fixed assets and depreciatlon (contlnued) Depreclotion is charged so os to ollocote the cost of tangible fixed ossets less thelr re5Iduol value over their estlmated useful lives. on a reducing bolonce basis. Depreciatlon is provided on the following bases., Motor vehicles Fixtures and flttings Computer equipment 25Yo redvcing bolonce IOY¥ reducing bolonce 20% reduciryg balonce 2.7 Investments Fixed asset investments ore o f orm of financiol instrument ond ore Initlolly recognised at their transoctlon CDSt ond subseqvently meosured ot fair value ot the Bolonce sheet date. unless the value cunnot be meosured reliably in which cose it is measured ot cost less impairment. Investment golns ond lasses. whether reolised or unreollsèd. ore combined ond presented os 'Guins/(Losses) on investments, in the Statement of finonciol octivlties. 2.8 Debtors Trode (Jnd other debtors are recogni5ed ot the settlement omouni after ony trode discount offered. Prepayments ore volued at the omount prepaid net Df any trade discounts due. 2.9 Cash at bank and in hond Cash ot bonk ond in hond includes cash ond 5hort-term highly liquid investments with o short moturity of three months or less from the dote of acquisition or opening of the deposit or simllor occount. 2.10 Liabilities and provlsions Liobilities are recognised when there is on obligotion ot the Balance sheet dote os o result of a past event, It Is probable thot o transfer of economic benefit will be required in settlement. and the amount of the settlement con be estimated rellably. Liabilities ore recognised at the omount thot the CIO anticlpotes it will poy to settle the debt or the omount it hos received as advonced pouments for the goods or services it must provide. 2.11 Finan¢iol Instruments The CIO only hos f inoncial assets and finonciol liobilities of o kind thot quolify os b05ic financitsl instruments. Basic f inonciol instrument5 cre initiolly recogn15ed ot tronsaction value and subsequently meosured ol their settlement volue wlth the exception of bonk loons which ore subsequently measured ot omortised cost using the effective Interest method. Poge 15
St Joseph's Convent Notes to the financlol statements For the year ended 31 December 2024 Accountlng policles (contlnued) 2.12 Fund accountlng General funds ore unre5tritted funds which ore avoiloble for use ot the dlscretion of the Trustees in furtheronce of the generol objectives of the CIO and which have r)ot been designoted for other purpose5. Designated funds comprlse unrestricted funds thot hove been set aside by the Trvstees for particular purposes. The oim and use of eoch designoted f und is set out in the notes to the financiol stotements. Investment income. gains and losses are ollocated to the oppropricite furnd. Poge 16
St Joseph's Convent Notes to the financial statements For the year ended 31 December 2024 Income from donotlons and legacies Unrestricted funds 2024 Total funds 2024 Penslons ond solories 73.695 73.695 Unrestricted funds 2023 Totol funds 2023 DDnotions 623 623 Pensions and solarles 67.111 67.111 67,734 67.734 Investment Income Unrestricted funds 2024 Total funds 2024 Income from UK & Ireland listed Investments 196.238 196.238 Unrestricted funds 2023 TDtal funds 2023 Income from UK & Irelond listed investments 126.670 126,670 Page 17
St Joseph's Convent Notes to the finanelol statements For the year ended 51 December 2024 Other incoming resources Unrestricted funds 2024 Total funds 2024 Totol funds 2023 Prof it on sole of fixed ussets 2,348 2.348 Expendltvre on raising fvnds Unrestricted funds 2024 Total funds 2024 Investment mc7nogement fee5 56.734 56.734 Unrestricted f unds 2023 Total funds 2023 Investment monLigement fees 53.482 53,482 Page 18
St Joseph's Convent Notès to the financial statements For the year ended 31 December 2024 Analysis of expenditure by Ottivitie$ Artivities undertaken directly 2024 Governonce Totol funds 2024 costs 2024 Englond Ireland 180,458 3,000 183.458 79.066 79,066 Total 2024 259,524 3,000 262.524 Activitles undertoken directly 2023 Governance costs Totol funds 2023 2023 England Ireland 175,586 5.670 181.256 27.670 27.670 Total 2025 203.256 5,670 208.926 Page 19
St Joseph's Convent Notes to the financial statements For the yeor ended 31 December 2024 Analysis of expenditure by actlvlties (continued) Analysis of dirert Costs Total funds 2024 England 2024 Ireland 2024 Depreclatlon 6.286 6.286 Grants and donrytions 3.281 848 4.129 Community expenses Trovel ond retreots 26,102 7.677 33.779 3,122 3.122 Other regionol expenses Nursing home costs 9.833 9.833 131.834 70.541 202,375 180,458 79.066 259.524 Total funds 2023 Englond 2023 Ireland 2023 Depreclotion Gronts ond donotions 3,854 3.854 5,104 5.104 Community expenges Trovel ond retreots 26,414 7.177 33,591 3.954 3.954 Other regionol expenses Nurslng home costs 5.703 487 6.190 130.557 20,006 150,563 175,586 27.670 203.256 Page 20
St Joseph's Convent Notes to the flnonclal statements For the year ended 31 December 2024 Analysis of expenditure by octivities (continued) Analysis of support costs Totol funds 2024 Totol funds 2023 Auditorfs remunerotlon 3.000 2,420 Legal ond professional costs 3.250 3.000 5.670 Net income/(expenditure) This is stoted after charging, Depreciation of tongible fixed assets Auditor's remuneration audil 6.286 3.854 3,000 2.420 Trustees, remuneratlon and expenses The CIO hos no employees other thon the Trusrees who did not receive ony direct remunerotion. benefits or reimbursement of expenses (2023 £Nil). The living expenses of the sisters are included In the community expense5. Page 21
St Joseph's Convent Notes to the flnanclal statements For the year ended 31 December 2024 10. Tangible fixed assets Motor vehicles Flxtures and fittings Computer equlpment Totol Cost At 1 Januory 2024 Additlons 17.548 12,739 2.490 32.777 21.124 21,124 Disposals (17.548) (17.548) At 31 December 2024 21.124 12.739 2.490 36,355 Depreciation At l Jonuory 2024 475 4.393 467 5.335 Chorge for the yeor On disposols 5.046 835 405 6,286 (3.521) (3.521) At 31 December 2024 2.200 5.228 872 8.300 Net book volue At 31 December 2024 18.924 7.511 1.618 28,053 At 31 December 2023 17,073 8,346 2.023 27.442 Poge 22
St Joseph's Convent Notes to the financial statements For the year ended 31 December 2024 Fixed asset investments Llsted Cosh troding investments accounts Tctal Cost or valuation At l Januory 2024 Additions 6,384.935 79.584 6,464.519 563,425 539.663 1.103.088 Disposols Revaluations (631.720) (489.308) 0,121.028) 454.250 454,250 Foreign exchonge movement 5.671 1.645 5.316 At 31 December 2024 6.774.561 131.584 6.906.145 Net book value At 31 December 2024 6,774.561 131.584 6.906.145 At 31 December 2023 6,384.935 79.584 6,464.519 The historical cost of flxed osset investments at the bolonce sheet dote wos £5,823.164 (2023 - £5,574.741) All fixed ossel investments are held in the UK ond Irelond. There were no Ilsted investments held which had a value in excess of 5Yo of the totol portfolio si2e 0131 December 2024. 12. Debtors 2024 2025 Prepoyments and accrued income 34,659 39.740 34.659 39.740 Page 23
St Joseph's Convent Notes to the flnonciol statements For the year ended 31 December 2024 13. Creditors: Amounts folling due withln one yeor 2024 2023 Accruols ond deferred income 11.915 10,899 14. Statement of funds Statement of funds . current year Balance at 1 January 2024 Balance at 31 December Gains/ (Losses) Income Expenditure 2024 Unrestrlcted funds Designated funds Sisters, personojl f unds 8.462 8.462 General fvnds General Funds 6.713.612 272.281 (319,258) 364.549 7.031.184 Total Unrestricted funds 6.722.074 272.281 (319.258) 364.549 7.059.646 Stotement of funds - prior yeor Bolance at 1 January 2023 8olonce ot Gains/ 31 December (Losses) 2023 Income Expendlture Unrestrlcted funds Designated funds Sisters, personol fund5 8,462 8,462 General funds Generol Fvnds 6.592.415 194,404 (262.408) 189.201 6,713.612 Total Unrestrlcted funds 6,600.877 194,404 (262,408) 189.201 6.722.C74 Po9e 24
St Joseph's Convent Notes to the financiol statements For the year ended 31 December 2024 14. siotement of funds (contlnued) 15. Summary of funds Summory of funds - current year Balonce at I Januaru 2024 Balance at 31 Gain5/ (Losses) December 2024 Income Expenditure Designated funds General funds 8.462 8.462 6.713.612 272,281 (319.258) 364.549 7.051.184 6.722,074 272.281 (519.258) 364.549 7.039.646 Summary of funds- prior year Bolonce ot 1 Jonuary 2023 Bo5ance at Golns/ 31 December (Losses) 2023 Income Expenditure Designated funds Generol funds 8.462 8.462 6,592.415 194.404 (262,408) 189,201 6.713,612 6,60Q.87? 194.404 (262,408) 189.201 6,722,074 Poge 25
St Joseph's Convent Notes to the flnanoal statements For the year ended 31 December 2024 16. Analysls of net ¢ssets between funds Analysls of net assets between f unds - current perlod Unrestricted funds 2024 Total funds 2024 Tongible flxed assets 28,053 28.053 Fixed asset investments 6,906,145 6.906.145 Current ossels 117.363 117.563 Creditors due wlthln one yeor (11,915) (11.915) Total 7.039,646 7.039.646 Anolysls of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Tangible f ixed assets Flxed osset investments 27.442 27,42 6.565.735 6,565,735 CLJrrent ossets 139,796 139.796 Creditors due within one yeor (10,899) (10.899) Total 6,722.074 6,722,074 Poge 26
Sl Joseph's Convent Notes to the finonciol statements For the year ended 31 December 2024 17. Reconciliotlon of net movement in funds to net cosh flow from operating activities 2024 2023 Nel income for the period (os per Statement of Flnoncial Activities) 319.429 133,921 Adjustments for: Depreciotion chorges (Goins)/losses on investments Dividends, inrerests ond rents from investments 6,286 3.854 (566.406) (2Ql,925) (126.670) 096.238) {2.34B) Profit on the sole of fixed assets (Increase)/decreose in debtors Increose in creditors (5,081) (3,445) 820 1,016 Net cash used In operoting activitles (243.342) (193.445) 18. Analysis of cash and cash equivalents 2024 2023 Cash ot bonk ond in hand 82.704 100.056 Notice deposits (less thon 3 months) 131.584 99.886 Total cosh and cash equivalents 214.288 199,942 19. Analysis of changes in net debt At31 December 2024 At l Januory 2024 Cash flows Cosh ot bonk ond in hond 100.056 (17.352) 82,704 100.056 (17.352) 82.704 Poge 27
St Joseph's Convent Notes to the flnanclal statements For the year ended 31 December 2024 20. Related party tronsactlons There were rlo reloted party tronsoctions during the current or prior yeor and no bc7lances were outstanding with reloted parties at the bolonce sheet dotes. Poge 28