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 COnst￿t￿tIon 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