2021-06-30-accounts

The Sisters of St Joseph of Peace CIO

Report and Accounts

30 June 2021

Charity Registration Number 1173778

Contents

Reports

Reference and administrative details of the	Reference and administrative details of the
charity, its trustees and advisers	1
Trustees’ report	3
Independent auditor’s report	30
Accounts
Statement of financial activities	35
Balance sheet	36
Statement of cash flows	37
Principal accounting policies	38
Notes to the accounts	44

The Sisters of St Joseph of Peace CIO

Reference and administrative details of the charity, its trustees and advisers

Trustees	Sister Margaret Byrne
	Sister Teresa Donohue
	Sister Susan Francois
	Sister Margaret Healy
	Sister Hannah Rooney
Congregation Leader	Sister Sheila Lemieux
Bursar	Sister Margaret Healy
Principal Address	St Mary’s Convent
	50 Uxbridge Road
	Hanwell
	London
	W7 3PP
Charity registration number	1173778
Auditor	Buzzacott LLP
	130 Wood Street
	London
	EC2V 6DL
Principal bankers	The Cooperative Bank plc
	SME Banking
	Second Floor
	Miller Street
	Manchester
	M60 0AL
Investment managers	Sarasin & Partners LLP
	Juxon House
	100 St Paul’s Churchyard
	London
	EC4M 8BU
	WHEB Asset Management
	2 Fitzhardinge Street
	London
	W1H 6EE

The Sisters of St Joseph of Peace CIO 1

Reference and administrative details of the charity, its trustees and advisers

Principal solicitors Shakespeare Martineau LLP Two Colton Square Leicester LE1 1QH

The Sisters of St Joseph of Peace CIO 2

Trustees’ report Year to 30 June 2021

The trustees present their report together with the accounts of The Sisters of St Joseph of Peace CIO, a Charitable Incorporated Organisation (CIO) (the “charity” or the “CIO”) for the year to 30 June 2021.

The accounts have been prepared in accordance with the accounting policies set out on pages 38 to 43 of the attached accounts and comply with the charity’s constitution, applicable laws, applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and the requirements of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Introduction

The Congregation of the Sisters of St Joseph of Peace (the “Congregation”) was founded in Nottingham, England in 1884 and rapidly spread to North America where the majority of the members now live and work. The United Kingdom Sisters of St Joseph of Peace regional office is located at 11 Colwick Road, West Bridgford, Nottingham, England.

The accounts accompanying this report are the accounts of the CIO through which the assets of the Congregation in the United Kingdom are administered.

Mission

The Congregation of the Sisters of St Joseph of Peace is an institute of Religious Sisters in the Roman Catholic Church committed, in the words of the Constitutions:

‘……to promote peace in family life, in the church and in society. We strive to respect the dignity of all persons, to value the gifts of creation, and to confront oppressive situations. We respond to God’s people in need and promote social justice as a way to peace.’ Constitutions 11

‘Our charism of peace challenges us to prophetic risk so that God’s reign might be more fully realised. Confident of God’s faithful love and collaborating with others who work for justice and peace, we face the future with gratitude and hope.’ Constitutions 12

As Sisters and Associates of St Joseph of Peace, our founding spirit calls us to further the work of peace. We are motivated, challenged and inspired by our charism of peace through justice. We share a sense of gratitude for who we are and of enthusiasm for what we can accomplish together. Our intimacy with God unifies our prayer and activity so that we are moved to action by prayer while action urges us to pray.

We are called to root our lives in a deeply prayerful and discerning spirit which flowers in actions for justice, especially for poor people and for women and children.

The Sisters of St Joseph of Peace CIO 3

Trustees’ report Year to 30 June 2021

Mission (continued)

The Sisters of the Congregation freely commit themselves by the three Vows of Poverty, Chastity and Obedience to a life of dedication and service in following Christ. The vow of Poverty commits the members to simplicity of life in which necessity, rather than desire, guides their choice and use of material goods. In the practice of Poverty they acknowledge that any salaries, gifts, and other remuneration that come to them belong to the Congregation and these are held in common. This enables members to carry out voluntary services to people in need. The vow of celibate Chastity, lived in community, is for the sake of God’s reign of love and peace. This vow enables members to be available to all people. The vow of Obedience calls members to assume responsibility for developing their life and mission. The Congregation also has Associates who share the spirituality and mission but do not live in community and do not take vows.

The promotion of peace is central to all the undertakings of the Sisters; this is not the peace of passivity but the peace that comes through freedom from dire poverty, through the dignity of empowerment for good, through education and access to health care, through the ability to exert some control over one’s own destiny while respecting the dignity of others – that is, through the many things that enable human beings to live freely, fully and responsibly in society. As Catholic Christians, the Sisters base their outreach on the example of Jesus whose ministry was to poor and oppressed people and who showed a particular love for the least in society.

In keeping with the mission of the Congregation, the furthering of religion and other charitable works are the criteria by which ministries are undertaken.

By caring for the Sisters of the Congregation throughout their lives, the charity aims to enable and support the Sisters to live out their faith and to put that faith into practice through a wide variety of religious and other charitable works.

Objectives and activities

The overall objective of the charity as stated in its constitution is the advancement of the Roman Catholic religion through the religious and other charitable work of the Congregation as the trustees, with the approval of the Congregation Leader, shall, from time to time, think fit.

The charity’s underlying objectives as stated in the Constitutions are as follows:

•  Support and care for members;

•  Respect the dignity of all persons;

•  Respond to God’s people in need;

•  Promote social justice as a way to peace;

•  Develop a critical, sensitive conscience regarding religious, social, cultural and economic realities;

•  Commit to education and action that aim to eliminate discrimination in all its forms;

The Sisters of St Joseph of Peace CIO 4

Trustees’ report Year to 30 June 2021

Objectives and activities (continued)

•  Commit to ministries and action which affect the contemporary situation of women in the church and in society;

•  Work to heal divisions and hostilities;

•  Value the gifts of creation, and

•  Respond, with the flexibility required, to changing needs and remain open to engaging in new forms of ministry.

The activities of the charity can be summarised as follows:

•  Care of the elderly and infirm Sisters

•  Ministry

•  Education, social and pastoral works

•  Social justice, human rights

•  Environment and ecology

Care of the elderly and infirm Sisters

The graph below sets out the age profile of the Sisters in the United Kingdom at 30 June 2021.

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Age Profile of Sisters
30 June 2021
16
14
12
10
8
6
4
2
0
50-59 60-69 70-79 80-89 90-99 100-109
Age of Sisters
Number of Sisters
----- End of picture text -----

The Sisters of St Joseph of Peace CIO 5

Trustees’ report Year to 30 June 2021

Objectives and activities (continued)

Care of the elderly and infirm Sisters (continued)

The care of our frail elderly Sisters has become a key activity over the last few years, as the age profile of the Congregation has risen. Our frail elderly Sisters are accommodated in two Convents, at Hanwell and Leicester, which have been specially adapted to meet their needs. One Sister with special medical needs is cared for in a special facility in London. We also employ a Health and Wellbeing Coordinator to assist those Sisters appointed to manage the care of our elderly and infirm Sisters.

Of our elderly and infirm Sisters, some worked in voluntary ministries and others spent their working lives in education, health care, and social work. All were also involved throughout their active lives in offering hospitality, visiting people in need, supporting sick and bereaved people, and ministering in the church.

Ministry

Education, social and pastoral work

The Sisters strive to attain the objectives set out above through their ministries. For each Sister involved in ministry, the primary underlying value is the furthering of religion and charitable works. Therefore, the charity supports financially those Sisters working in:

• Vocation Ministry

There is one Sister involved in Vocation Ministry. She shares the good news of our community and invites young women to learn more about our mission. As such, the Sister continues to respond to individual enquiries. She meets individually with women discerning a vocation to vowed religious life.

During the timeframe of this report, the Sister journeyed with one such enquirer. She met regularly with the young woman, although owing to lockdown much of the discernment programme was undertaken online by Zoom with one in-person visit to the Sister’s local living community in Nottingham.

On 5 November 2020, this young woman was received as a Candidate for the

Sister Maureen welcomes Liz, now a Candidate

vowed life in the Congregation. Candidacy is the first step in the process of initial formation. Because of social distancing requirements during the pandemic, Sisters, Associates, family, and friends gathered online via Zoom for the prayer service and celebration.

The Sisters of St Joseph of Peace CIO 6

Trustees’ report Year to 30 June 2021

Objectives and activities (continued)

Ministry (continued)

Education, social and pastoral work (continued)

• Vocation Ministry (continued)

Online prayer service welcoming our new Candidate

The Sister has attended online Training, Conferences and Vocation meetings during the lockdown period.

The Sister attended the National Religious Vocation Conference (NRVC) online in October 2020, along with other members of the Congregation Vocation Team from the USA.

In February 2021, the NRVC set up an International Area with its first gathering taking place online in March 2021. The second gathering took place in May 2021. On both occasions Sister facilitated the group discussion during the breakout sessions with Religious from different countries and continents.

She meets regularly with other Vocation Directors both from the UK and Ireland. She also attended the National Office of Vocations (NOV) Conference and Vocations Ireland Webinar via Zoom.

Whilst the Pandemic has restricted face to face events there has been an increase of Vocation Ministry activity undertaken via the use of Zoom.

During the pandemic, a new networking group of Religious was formed, Vocations UK. The Sister is a member of the Steering Committee which plans events, such as the Living Joyfully 3-day event in April 2021

The Sisters of St Joseph of Peace CIO 7

Trustees’ report Year to 30 June 2021

Objectives and activities (continued)

Ministry (continued)

Education, social and pastoral work (continued)

• Vocation Ministry (continued)

Sister has taken part in Vocation Café meetings, designed to address the needs of enquirers using Zoom, through the National Vocation Office and Nottingham Diocese Vocations Team.

The Sister is a member of the Nottingham Diocesan Vocation Team which includes Diocesan and Religious Priests as well as Religious Sisters covering the counties of Derbyshire, Leicestershire, Lincolnshire, Nottinghamshire and Rutland. They look forward to being able to return to face-to-face events in the future, such as visiting schools and holding ‘Come and See Days’ for Young Adults which they have undertaken in the past.

Another Sister is on the Lincolnshire team for promoting vocations in the county.

• Haiti and El Salvador

We provide financial support to the Congregation’s missions in Haiti and El Salvador.

In Haiti, the donations are used to pay school fees for 50 children. This includes uniforms, books, and other equipment. Although schools were closed periodically during the past year due to both civil unrest and the coronavirus pandemic, continued donations ensured that the students would be able to attend when school reopened.

Sisters Ann and Maureen were unable to return to Haiti during the period, owing to the pandemic and safety concerns. However, they continue to stay in close contact with the community in Milot and provide support from afar. For example, Sister Maureen coordinates with the local parish priest to ensure that school fees are paid for students.

The Sisters of St Joseph of Peace CIO 8

Trustees’ report Year to 30 June 2021

Objectives and activities (continued)

Ministry (continued)

Education, social and pastoral work (continued)

• Haiti and El Salvador (continued)

Sister Margaret Jane was finally able to visit El Salvador in June 2021. Her previous trips to visit students sponsored by the Congregation were cancelled due to the pandemic.

The coronavirus made study very difficult this past year in El Salvador. One student’s culinary program, which had closed in March 2020, has reopened. Other students have continued their studies in agricultural engineering, art and design, non-profit management, and social work. Below Sister Margaret Jane provides an update on some of our scholarship students.

Meme is majoring in Agricultural Engineering at Romero University in Chalatenango. This professional program combines field work with classroom instruction. His final coursework will focus on climate change and the local environment. He anticipates graduation in 2022.

Sister Margaret Jane first met Manuel when

Sister Margaret Jane with Meme

he was a high school student in her English class. He is now finishing a business degree in international marketing from the National University in San Salvador. He is planning to defend his thesis project on the provision of various agricultural products in October. He anticipates graduation in early 2022. In addition to his studies, he works part time to help support his mother, sister, and niece.

Manuel with his mother and niece

Wilfredo is in his fifth year of study at the Catholic University in Ilobosco where he majors in Engineering, with a specialty in Food Technology and processing. He hopes to finish his formal coursework in December 2021. The ongoing COVID19 pandemic means that his practicum and volunteer service required for graduation may be delayed, due to the decrease in food production at this time.

The Sisters of St Joseph of Peace CIO 9

Trustees’ report Year to 30 June 2021

Objectives and activities (continued)

Ministry (continued)

Education, social and pastoral work (continued)

• Haiti and El Salvador (continued)

• Karlina is in her fourth year of study in the Professional Social Work program at the National University in San Salvador. She expects to finish her required course work in December 2021. Next year she will begin her field work placement and volunteer service hours required for graduation.

Liliana is in her sixth year studying art and design at

Francisco Gavidia University. During the COVID closure, she earned social service hours for her help in creating the current display, “The Earth is in Our Hands – Our Hands are in the Earth” at the Centro Arte para la Paz in Suchitoto. Next year, as her thesis, she plans to legalise

her small business. She continues to sell purses made

from recycled materials.

Lidia continues her studies at the Academy of Gastronomy. She had hoped to graduate as a professional cook last year, but her school was closed due to the pandemic. She is specialising in pastries and cakes and hopes to be certified by May 2022.

• Other ministries

• Parish ministry: Seven Sisters live in three Parish houses where there are no Parish Priests in residence. In one of these Parishes one Sister co-ordinates all the Parish liturgies, as well as spiritual and secular activities. Several Sisters are involved in Parish-based visiting services for the elderly and housebound. In times of need, material help is given on a small scale to families and individuals. During the coronavirus pandemic, the Sisters have kept in touch with the most vulnerable persons and the elderly in the parishes via telephone and email on a regular basis, listening, encouraging, and linking housebound or lonely parishioners with online services and each other.

• One Sister volunteers at CAFOD headquarters, and CAFOD have kept in touch with her during the pandemic as they value her services. Two Sisters belong to a parish CAFOD group which organises school visits and educational games for the parish.

The Sisters of St Joseph of Peace CIO 10

Trustees’ report Year to 30 June 2021

Objectives and activities (continued)

Ministry (continued)

Education, social and pastoral work (continued)

• Other ministries (continued)

• Interfaith empowerment of women: In multi-faith areas where it is often difficult for women to have their voices heard, one Sister works with groups of interfaith women to enable them to voice their community’s needs and celebrate social and religious events together.

• One Sister provides spiritual accompaniment to individuals.

Social, justice and human rights

Throughout the period, the charity has continued to address issues of justice, which is in keeping with its objectives. Sisters and Associates have been involved in campaigning on nuclear disarmament, poverty, and human rights of refugees and asylum seekers. Other ways in which social justice and human rights have been addressed are:

• One Sister is a member of the Justice and Peace Commission for the Nottingham Diocese.

• One Sister participates in the “Nottinghamshire Hate Crime Commission” meetings which take place six times a year.

• One Sister facilitates training across the Nottingham Diocese using a resource for mission called “Here, Now, Us” and one Sister participates in the series of workshops offered.

• One Sister is a member of the parish St. Vincent de Paul society and has been able in between lockdowns to give instruction in the faith to one of the housebound and has done doorstep visits to others.

One Sister facilitates training on justice and peace formation for head teachers and chaplains across Catholic Academy School Trusts, youth ministry teams in a number of dioceses, and Catholic Youth Retreat Centres. She has given input on themes such as “Creating a Culture of Discernment,” “Faith Based Activism,” and “Radical Hospitality.”

Sister Katrina meets with Youth Retreat Team

• One Sikh family lost a relative and were very upset they could not have their usual service. They asked if they could use the convent chapel, keeping social distancing, and were most grateful to the Sisters for giving them a chance to mourn as a family in time of pandemic.

The Sisters of St Joseph of Peace CIO 11

Trustees’ report Year to 30 June 2021

Objectives and activities (continued)

Ministry (continued)

Social, justice and human rights (continued)

• One Sister advocated at local voluntary agency meetings for local families experiencing poverty, which resulted in financial assistance for food and payment of utility bills during the lockdown period.

• One Sister went down every week during lockdown and bought hot drinks and pies for the homeless huddled near the city centre. One young man even told her “you are better than my granny and I never thought I would be able to say that about anyone.”

• Several Sisters are involved in working to eliminate the trafficking of vulnerable people. One house on our former property in Leicestershire was used by the police to bring women freed in a raid to a safe house. Sisters are now involved in anti-trafficking work in Leicester, Nottingham, London, Grimsby, and Cleethorpes.

• One Sister is a member of the “No Faith In War” steering committee, which works to end government subsidy to the arms trade and the bi-annual Defence and Security Equipment arms fairs.

• One Sister has volunteered to write letters to prisoners, especially those with no home ties, and one writes to Christians in the West bank of Jerusalem.

• One sister represents the charity as a member of the steering committee for “FaithJustice,” a collaborative initiative which offers workshops, training, prayer days and festivals to young adults wanting to explore how their Christian faith leads them into acting for social justice and peace. The sister has helped to organise

• short courses on Zoom, such as “Creating the New Normal,” in response to the pandemic. The aim is to give young adults the space to dialogue and reflect on such topics as militarism, death, feminism, and ecology from a faith perspective.

The Sisters of St Joseph of Peace CIO 12

Trustees’ report Year to 30 June 2021

Objectives and activities (continued)

Ministry (continued)

Social, justice and human rights (continued)

The Sisters and Associates are alert to opportunities to make their voices heard on behalf of poor people and victims of injustice, and they network with religious and other organisations in addressing their concerns by:

• In July 2020 the Congregation adopted an updated statement on nuclear weapons. We committed to monitor our investments to assure divestment from companies that might fund manufacturers of weapons. We also committed to work in active nonviolent resistance to nuclear weapons.

• We joined 40+ Christian organisations in signing a letter to a major bank asking them to update their defence sector policy and divest from companies that have significant involvement in the production of nuclear weapons.

• We promoted a Novena prayer on social media to commemorate the 75th Anniversary of the bombing of Hiroshima and Nagasaki.

• We issued a public statement regarding the government’s decision to increase its number of nuclear warheads by forty percent.

• Getting involved in letter writing, emailing, signing, and mailing cards in support of justice issues for example, racial justice, housing justice, Jubilee Debt Campaign, ecology, water aid, global trade, animal rights, Campaign for Nuclear Disarmament, Faith in Action, Catholic Climate Action, rendition, violence and domestic abuse of foreign workers.

• As the Congregation has NGO status at the United Nations, worldwide justice issues such as human rights, trafficking of women and children, environmental concerns, and many more, are kept in focus. Two lay staff members represent us at the UN and keep us informed of all developments and we, in this country, address these by emailing our Members of Parliament and International Agencies. Two Sisters met with their MP on Zoom as a part of a question time from the Justice and Peace group.

• Several sisters were part of a Zoom meeting of the Santa Marta Trafficking initiative led by Cardinal Vincent Nichols.

• According to the charity’s policy, and within our means, we donate to charities whose work is consistent with the objectives as set out above. Details of donations made during the period are given in the accounts.

The Sisters of St Joseph of Peace CIO 13

Trustees’ report Year to 30 June 2021

Objectives and activities (continued)

Ministry (continued)

Impact of Covid-19

When lockdown came this year, the normal activities for mission of the sisters ended and a new way of fulfilling their commitment had to be sought. For some it meant doing all their spiritual direction and counselling online, for others it became a befriending service via phone or email.

To counteract the loss of personal contact and active engagement, each sister was given £100 at Christmas to give to charities of their own choosing. This was much appreciated both by the recipients but also by the sisters who felt they had been able to do something positive towards alleviating the effects of Covid. Donations were made to food banks, towards the purchase of utility cards for light and heating and for other ways to make life easier for struggling families and groups.

The other effect of Covid was the time given to participating in seminars on poverty, world debt, climate change and conflicts in parts of the world. All of which brought new thinking and a worldwide perspective to our mission of peace and justice. It is hoped that the fruits of all this education on local and global suffering will deepen each sister’s commitment to the charism and be ready to work more intensely when lockdown ends.

Environment and Ecology

Our charism of peace calls us to see our Planet Earth as a revelation of God who is the sustainer of all life. We believe in a sustainable world, yet we see Earth’s life-giving resources weakened by human choices and actions. Climate change, especially global warming, is already affecting peoples and biological systems throughout the world. War and nuclear proliferation pose a particular threat to the integrity of Earth. We continue to be committed personally and communally to the Care of Creation and Climate Change. At our 2014 Chapter, we recommitted ourselves to:

• Deepen our spirituality of peace regarding care of creation.

• Pray, study, and act to promote a sustainable lifestyle. As part of renovations of the charity’s property in Carlton, we are installing environmentally sustainable ground sourced heat.

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Sister Margaret monitors building work
progress at Carlton property
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The Sisters of St Joseph of Peace CIO 14

Trustees’ report Year to 30 June 2021

Objectives and activities (continued)

Ministry (continued)

Environment and Ecology (continued)

• Participate in legislative efforts to support the integrity of creation. Sisters are involved with Christian Climate Action, an ecumenical group working to influence government, churches, and faith organisations, as well as the Global Catholic Climate Movement, on meeting the net zero commitment by 2030. One sister is a CAFOD climate activist preparing for the Conference of Parties Summit in Glasgow, postponed from 2020 to 2021. She engages with the local environment officer.

• Two Sisters participated in a Climate Extinction demonstration on the east coast to highlight the vulnerability of the local area to flooding. They were interviewed by Radio Humberside as to why they participated and were able to articulate the Congregation’s commitment to the urgency of this problem.

• Stand in solidarity and act in justice with marginalised people whose lives are already affected by the devastation of Earth. This has been highlighted by the Sisters living and working in Haiti and the global experience of the pandemic.

• Collaborate with others, including interfaith and civic groups who are addressing climate change. During the period, one Trustee presented on a webinar on divestment from fossil fuels sponsored by Operation Noah, Catholic Impact Investing Collective, the Global Catholic Climate Movement, CAFOD, Trocaire, Conference of Religious, Association of Provincial Bursars, National Justice and Peace Network, and Justice and Peace Scotland. She shared the story of our experience that led to the charity’s full divestment from fossil fuels in 2019.

• Uphold our commitment to care of the Earth. Sisters and Associates continue to engage in recycling, composting, organic gardening, and in general care of their gardens and property. They also purchase Fair Trade goods and eco-friendly household products, and they contribute towards practical gifts such as “Plant a Tree” or “Buy a Goat.”

Garden at a local community house in Nottingham

The Sisters of St Joseph of Peace CIO 15

Trustees’ report Year to 30 June 2021

Objectives and activities (continued)

Work or ministry of the charity

The general objective of the charity is as stated previously on page 4 and is further explained on pages 5 to 16.

‘……to promote peace in family life, in the church and in society. We strive to respect the dignity of all persons…… and promote social justice as a way to peace.’ Constitutions 11

Chapter Acts 2014

The Congregation Chapter of 2014 acknowledged that:

Disturbed by the Spirit, we recommit ourselves to Jesus’ way of radical hospitality. We are called to a deeper and wider living of community for mission in company with poor and marginalised people. Our contemplative discernment pushes us, individually and as a Congregation, to action; deeper mutual support enables us to take risks for justice, peace and the integrity of creation. As disciples of Jesus, we respond anew to the call of Mother Clare to be “brave, noble, large-minded and courageous souls.”

Achievements and performance

The trustees confirm that they have referred to the Charity Commission’s guidance on Public Benefit in reviewing the charity’s aims, objectives and future plans. Details of how the charity fulfils this responsibility are given above and in the achievements and performance sections below.

Sisters are responsible for their spiritual development, physical well-being, general development and growth through retreats, conferences, holidays and leisure pursuits. During the period, the Sisters availed themselves of many opportunities, mostly online due to the pandemic.

Sisters and associates gathered on Zoom during lockdown for prayer, reflection, and mutual support

The Sisters of St Joseph of Peace CIO 16

Trustees’ report Year to 30 June 2021

Achievements and performance (continued)

Through study opportunities, meetings and assemblies, the lives of the Sisters have been changed in many ways; their awareness of global issues has been enhanced and they have become much more alert to local and global needs.

While not owning property, Sisters are provided with all the necessities needed e.g., housing, food, clothing and health care. It is important to the members that the charity’s facilities are used for the maximum benefit of local communities.

Case studies

We set out below:

• a case study about one of our communities in Nottingham; and

• a case study on a Sister’s ministry in Cleethorpes.

Case study #1

Lockdown has changed the routine of this house somewhat. Where Sisters went out to the homeless day shelter to help or as chaplain to the local hospital or to the elderly coffee mornings weekly in the local church or took the Eucharist to the local housebound or had people come to the house for spiritual direction, all these activities have stopped.

The house maintenance and shopping are shared as is the house and maintenance accounts. One Sister still takes the two Sisters in their nineties to all their clinical appointments and does most of the cooking. The older Sisters see their task out of lockdown to welcome everyone and provide tea and refreshments but during lockdown they write letters and cards for special days or to the lonely and depressed.

90[th] Birthday celebration for one of the Sisters

One Sister is now doing her spiritual direction by Zoom and is regional coordinator, finding directors for enquirers. She has kept in touch with those to whom she took the Eucharist by phone or email. She has completed bereavement and isolation courses and is putting them into practice and has used lockdown to take online courses in dementia, modern day slavery and welcoming asylum seekers so that post pandemic, she can put these into practice.

Age, while emphasised by the government, has little meaning for this community as they pray and put their radical hospitality into practice by any means available.

The Sisters of St Joseph of Peace CIO 17

Trustees’ report Year to 30 June 2021

Achievements and performance (continued)

Case studies (continued)

Case study #2

Although the country has been in lockdown for most of the timeframe of this report, this sister, who works in a parish has been extremely busy. She lives in a presbytery attached to one of the three churches which make up the parish. The parish itself covers the whole of a small county. While the churches were closed earlier last year, her work was accomplished mainly by phone calls to the housebound, lonely, bereaved and hospital returnees. Contact with the parish priest and administrator, vicar for religious and deanery was by email or phone.

As her address is the presbytery, the post has to be sorted everyday - priest, papers, bills, circulars and personal mail.

Visiting with the parish priest

When the churches reopened, her work really increased. The church had to be opened and closed, the heating and lighting checked as the gentleman who normally does the monthly readings went into hospital, but the daily onus fell on her and more because the cleaners, flower arrangers and clerical washers were all shielding because of age.

Christmas meant the tree decorations had to be put up and the crib assembled and repacked, crib and candle money collected and as our parish keeps the Christmas show till Candlemas, it takes time and energy to keep everything looking fresh.

In order to keep the church open everything was set out and marked for social distancing by others but the supply of sanitisers, gloves and masks (for those who forgot) had all to be set out and maintained by her.

The church hall was used for the local CARE group who set it up for three days called Toys for Joy. Social workers, support workers and parents chose gifts for families who would otherwise have none and 750 children were given gifts. During that time the opening and closing, heating and lighting of the hall was her task and during the later cold weather spell, everything had to be checked and thermostats changed to ensure there were no freeze ups.

The Sisters of St Joseph of Peace CIO 18

Trustees’ report Year to 30 June 2021

Achievements and performance (continued)

Case studies (continued)

Case study #2 (continued)

Christmas decorations in the church are the responsibility of the sister

Toys collected for children in need

Mass and prayer time stewarding is also her responsibility. Preparing the sign in papers, checking the name sheets and sanitising before and after every service has to be done. Because of Covid, there has been a surge in funerals so for the month prior to Christmas and the two months afterwards there have been three or four funerals per week. This means the church and grounds have to be prepared, the chosen music, photographs, flowers and booklets received ahead of time and also that only the designated number attend. If the service is videoed, then she has to allow the family in prior to the funeral to set everything up and also to ensure the readers know what to do and where to go.

As she is known locally, she is usually the first port of call for parishioners wanting the bulletin to be posted to them or how to get the link for livestream Masses and other services both parochial and worldwide.

The Sisters of St Joseph of Peace CIO 19

Trustees’ report Year to 30 June 2021

Achievements and performance (continued)

Case studies (continued)

Case study #2 (continued)

During the Christmas period, clothes, rosaries, boxes of chocolates and money had to be received by her for the Stella Maris chaplains to the port at Immingham who are parishioners. The homeless also know the house so Vinnie packs are kept for them with clean socks, toiletries and warm clothing. Vouchers for meals at local takeaways are also given out. The local homeless shelter appealed for food, milk and coffee and this was collected and delivered.

Finally Zoom calls for deanery meetings, justice and peace and a support group have taken place regularly during lockdown. So, while others have found the time dragging during the pandemic, she has never been busier.

Use of our Convents and grounds

Each convent is a centre of hospitality for visitors of all ages and backgrounds. While we can measure in hours the voluntary work done by individual Sisters, there is an enormous wealth of public benefit given by all our convents opening their doors for community use. The coronavirus pandemic and the need to stay safe during lockdown has necessarily limited the number of visitors to our properties during the period.

Meetings of Churches Together groups and Open House volunteers also use our convents. Similarly, regular meetings of St Vincent De Paul Society are held in one of our convents. Before the second lockdown, Justice and Peace meetings, with suitable social distancing, were held in the garden of one convent.

All of these groups, in addition to appreciating the space to meet and the support of the group members, comment on the sense of peace which our convents convey.

While the Sisters are motivated by a commitment to live and proclaim Christ’s gospel of peace, they do so through prayer, contemplation and actions that provide an undoubted public benefit as previously stated. The Sisters live in the spirit of the Constitutions of the Congregation which variously speaks of our tradition of gracious hospitality …. , a special love for those who are poor …. , solidarity with our sisters and brothers …. , justice toward women …. , peace through justice …. , aim to eliminate discrimination …. , value the mutuality that empowers people …. , work to heal divisions and hostilities ….

Financial review

Results for the financial period

A summary of the results of the year to 30 June 2021 can be found on page 35 of this report and accounts.

Total income for the year amounted to £1,181,295 (2020: £946,208)

The Sisters of St Joseph of Peace CIO 20

Trustees’ report Year to 30 June 2021

Financial review (continued)

Results for the financial period (continued)

Included within income is £775,469 (2020: £628,052) from donations and legacies. This figure includes salaries and pensions of the Sisters amounting to £473,963 (2020: £488,541) covenanted to the charity. Investment income and interest receivable totalled £379,028 (2020: £295,082).

Expenditure totalled £844,702 (2020: £910,710). Expenditure incurred on supporting the members of the Congregation and their pastoral work and ministry amounted to £700,483 (2020: £770,140). Grants and donations amounted to £144,219 (2020: £140,570). Further details of grants and donations are provided in note 4 to the accounts.

During the year to 30 June 2021, gains of £1,496,853 (2020: gains of £648,151) arose on the charity’s listed investments reflecting the increase in stock market indices during that period.

Net income for the year amounted to £1,833,446 (2020: net income of £683,649).

Investment performance

The investment managers are guided by the trustees’ investment policy and comply with the ethical guidelines given to them. As of June 30, 2021, 100% of the charity’s investments are in funds with the objectives of addressing climate change and creating sustainable economies.

Net gains on investments amounted to £1,496,853 (2020: £648,151). Total investment income from listed investments was £379,028 (2020: £295,082).

The trustees continue to take a long term view and believe their investment policy continues to be applied and remains appropriate.

Reserves policy and financial position

Reserves policy

The reader will discern from the foregoing that the charity carries out a diverse range of activities and is responsible for the care and support of Sisters whose average age is increasing and whose needs are changing. The trustees recognise the need to provide adequately for the maintenance of the Sisters in their retirement. Following the production of the report on the Financial Implications of Care of Elderly Sisters in 2009, the trustees of the Charitable Trust decided to set funds aside as a retirement fund. This was transferred to the CIO and now stands at £8,162,000 (2020: £8,162,000), a figure calculated using actuarial principles. It is only through knowing that the charity has the capability to care for its members now and in the future that the work can go on, because the greatest asset of the charity is its members.

In addition, a decision has been made to separate the balance of unrestricted funds represented by tangible fixed assets as a separate tangible fixed assets fund in recognition of the fact that the tangible fixed assets are essential to the day-to-day work of the charity and as such their value should not be regarded as funds that would be realisable with ease, in order to meet future contingencies.

The Sisters of St Joseph of Peace CIO 21

Trustees’ report Year to 30 June 2021

Financial review (continued)

Reserves policy and financial position (continued)

Reserves policy (continued)

The trustees have examined the need for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The trustees consider that, given the nature of the charity’s work and its commitments, the level of free reserves should be equal to approximately 24 to 30 month’s expenditure.

Financial position

The balance sheet shows total reserves of £17,884,441 (2020: £16,050,995). Of this £100 (2020: £100) represents restricted funds. These monies have been donated by the international Congregation towards the cost of formation ministry. Also included in total funds is an amount of £3,054,588 (2020: £2,551,106) representing properties and other tangible fixed assets essential for the support and work of the Sisters.

Designated funds of £8,277,632 are made up of £8,162,000 (2020: £8,162,000) set aside for the future care of the Sisters and £115,632 (2020: £118,557) set aside to meet the planned maintenance to the charity’s properties over the course of the next few years.

Funds available to support the work of the Sisters in the future, in particular the support of the Congregation’s ministry, are shown as general funds on the balance sheet and amount to £6,552,121 (2020: £5,219,232). This figure needs to be considered in the light of average annual expenditure of between £800,000 to £900,000, the increasing age profile of the Sisters and the need for the charity to continue to support the work of the Congregation, both in this country and overseas. The Sisters are also aware of the importance to the charity of the investment assets and the income generated therefrom. Given the low interest rates, there is a real need to retain monies to ensure the long-term financial stability of the charity. The trustees consider that whilst the level of free reserves is in excess of that required by the charity’s reserve policy, the current political and economic uncertainties render this prudent. The trustees, therefore, believe the charity’s free reserves to be adequate but not excessive.

Tax exemptions etc.

The beneficiaries of the work of the charity have the assurance that all of the income of the charity must be applied for charitable purposes in furtherance of the charity’s object of furthering the Roman Catholic faith. The charity enjoys tax exemption on income from its activities and on its investment income and gains provided these are applied for its charitable aims. As a charity, it is also entitled to a reduction of 80% on business rates on the property it occupies for its charitable purposes, and a 50% reduction in Council Tax for its properties that are occupied by members of the Congregation. The financial benefits received as a result of these exemptions are all applied for the purposes of furthering the Roman Catholic faith by enabling and supporting the Sisters to live out their faith and to put that faith into practice through a wide variety of religious and other charitable works.

The nature of the charity’s activities means that it is unable to reclaim VAT input tax on its costs as it is exempt for VAT purposes. The charity also pays tax as an employer through the national insurance contributions it makes.

The Sisters of St Joseph of Peace CIO 22

Trustees’ report Year to 30 June 2021

Plans for the future

To respond to the needs of the times and fulfil public benefit:

• To continue to implement the Chapter Call of 2014.

• To “re-commit ourselves to Jesus’ way of radical hospitality”.

• To implement the Comprehensive Community Plan next step recommendations agreed at the Chapter of 2021.

• Seeds of Peace: Growing in Non-Violence.

• Care of Creation and Climate Change.

To respond to the call from the Congregation Leadership Team to address needs within the charity and the world:

• To continue the process of establishing a house of hospitality in Nottingham.

• To establish guidelines to make grants in support of small projects in the UK promoting peace through justice.

• To explore opportunities for collaboration with other organisations in line with our charism and mission.

As some women are expressing an interest in our Congregation, we plan to:

• Continue to journey with them and begin a process of initiating them into our way of life.

• Continue to make the Congregation known with the aim of attracting new members.

Care of the elderly and infirm Sisters:

• To be sensitive to the viability of Communities.

• To continue to monitor the needs of all the Sisters.

Social and pastoral work:

• To continue to address Justice, Peace, Integrity of Creation, Interfaith and Multi-faith issues.

• To raise awareness of trafficking and to support victims.

• To assist migrants and asylum seekers.

The Sisters of St Joseph of Peace CIO 23

Trustees’ report Year to 30 June 2021

Plans for the future (continued)

Finance/assets:

• To ensure funds are available for the continuation of our social and pastoral work.

• To continue the refurbishment of the newly purchased property in Carlton.

Governance, structure, management and relevant policies

Governing document

The charity is a Charitable Incorporated Organisation (CIO) governed by a Constitution agreed by the trustees on 29 April 2017 and registered with the Charity Commission on 11 July 2017.

Congregation Leadership Team 2015 - 2021 Sister Melinda McDonald, Sister Susan Francois, Sister Sheila Lemieux and Sister Margaret Shannon

Congregation Leadership Team 2021-2027 Sister Sheena Georgie, Sister Andrea Nenzel, Sister Susan Francois, Sister Margie Fort and Sister Kathleen Pruitt

The Sisters of St Joseph of Peace CIO 24

Trustees’ report Year to 30 June 2021

Governance, structure, management and relevant policies (continued)

Governing document (continued)

In accordance with Canon Law, the Congregation is governed by a Congregation Leader and Council who live in Englewood Cliffs, New Jersey. They are elected every six years at a General Chapter, when members of the Congregation gather for prayer, reflection and discussion to explore ways of addressing the mission and to elect new Leadership. For a year prior to the General Chapter all members of the Congregation are involved in intense preparation, evaluating the mission of the Congregation since the previous Chapter and setting an agenda for the next six years. The Congregation Chapter was originally scheduled to take place in August 2020. Because of the coronavirus pandemic, it was split into two parts. The first part took place in April 2021 when the new Congregation Leader and Council were elected. The second part of the Chapter, focused on agenda setting, will be held by April 2022.

There are currently 30 Sisters in ten communities in the United Kingdom. In terms of Civil law, the affairs of the United Kingdom Congregation are administered through a Charitable Incorporated Organisation, a registered charity in England and Wales under the Charities Act 2011, Charity Registration No 1173778, and governed by its Constitution dated 11 July 2017. Three Sisters resident in the United Kingdom and two Sisters resident in the United States are trustees of the charity.

All the trustees are vowed members of the Congregation, most for over thirty-five years. All of them have served the Congregation in various capacities in education (primary, secondary, special needs, adult, catechetics and family support), legal affairs, social care (children and adults with special needs, homeless people, refugees and asylum seekers) and in a variety of ministries including senior administrative posts in the Congregation. They are fully aware of everything pertaining to the charity and participate in assemblies where all the important decisions are made.

On being appointed, new trustees undergo induction and training in the roles and responsibilities of their office. This induction, initially, is carried out by the retiring trustees and all are given a written statement of their duties and responsibilities which is updated with current legislation. Every year some trustees attend training courses necessary to keep themselves updated with new legislation governing trustees. The information is shared not only with other trustees but throughout the charity.

All trustees are members of the Congregation; those resident in the United Kingdom have their living expenses and personal costs borne by the charity. However, they receive no remuneration or expenses for their services as trustees.

The names of the trustees who served during the period are set out as part of the reference and administrative details on page 1 of this annual report and accounts.

The Sisters of St Joseph of Peace CIO 25

Trustees’ report Year to 30 June 2021

Governance, structure, management and relevant policies (continued)

Structure and management reporting

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet regularly to review developments with regard to the charity and its activities and make the necessary important decisions. They are assisted in this task by a lay manager who deals with finance, human resources and health and safety matters. No executive power attaches to this position. The finance manager, together with external advisers, advises the trustees as to their legal and fiscal responsibilities and duties and provides training in these matters.

When necessary, the trustees seek advice and support from the charity’s professional advisers including property consultants, portfolio managers, solicitors and accountants.

The trustees have established a Finance Committee to advise them on matters relating to the finances of the charity. The Finance Committee meets during the year to review and make recommendations in regard to the financial control of the charity’s resources and assets. Management accounts are reviewed against budget, and the performance of the charity’s portfolio is reviewed.

While two trustees are part of the Finance Committee which meets to make appropriate recommendations to the trustees, the full body of trustees, together with the Finance Committee, meets annually with our Auditor and semi-annually with our Investment Manager.

Charity administration

The Congregation has employed staff to perform the administrative tasks previously undertaken by members. One Sister continues as the safeguarding lead for the Congregation in the United Kingdom which is presently aligned with the Nottingham Diocesan Safeguarding Commission pending the creation of the Religious Life Safeguarding Service. She receives no financial reward for her work.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the trustees' report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period.

In preparing these accounts, the trustees are required to:

•  select suitable accounting policies and then apply them consistently

•  observe the methods and principles of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)

•  make judgements and estimates that are reasonable and prudent

The Sisters of St Joseph of Peace CIO 26

Trustees’ report Year to 30 June 2021

Governance, structure, management and relevant policies (continued)

Statement of trustees’ responsibilities (continued)

•  state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts

•  prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions with reasonable accuracy and disclose at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations, and the provisions of the charity’s Constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Risk management

The trustees have reviewed the risk management process. Four designated areas have been identified and delegated to various trustees. These areas are governance and strategic risk, environment, operations and finance. The trustees have assessed the major risks to which the charity is exposed. These major risks concern potential damage to reputation or name, protection of assets, liabilities, and compliance with laws and regulations. The trustees are satisfied that systems are in place to mitigate any exposure to the major risks.

The main long term risk facing the charity is that it may not be able to meet all of the costs of caring for sick and/or elderly Sisters. This is, in general, not a risk that can be avoided. Prudent management of funds will continue to be exercised and properties provide a potential source of funding should activities contract in the long term. This has become more acute as the Sisters age.

The trustees regularly review the finances and personnel and have concluded that the level of funding of £8,162,000 to care for our elderly and set aside as a designated fund in the accounts is appropriate. This has allowed us to plan the finances for twenty-four hour care for the Sisters.

During each year, the trustees coordinate an updated review of risk including matters of health and safety and risk assessment. This is done in conjunction with the health and safety advice from the charity’s insurance brokers. The results are communicated to the Sisters and staff. Risk continues to be an ongoing area for review.

The investments are managed by reputable investment managers who adhere to a policy agreed by the trustees. The trustees meet regularly with the investment managers and the managers’ performance and that of the portfolio are monitored. The investment strategy is assessed regularly to ensure it remains appropriate to the charity’s needs – both now and in the future.

The Sisters of St Joseph of Peace CIO 27

Trustees’ report Year to 30 June 2021

Governance, structure, management and relevant policies (continued)

Risk management (continued)

Having assessed the major risks to which the charity is exposed, the trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks.

Protection of children and vulnerable adults

As with all organisations serving in the community, the trustees recognise the necessity of ensuring the protection and safety of all those the charity serves. Therefore, a Sister has been appointed to implement within the charity, the policies and procedures of the Catholic Safeguarding Advisory Service (CSAS) while the National Catholic Safeguarding Commission (NCSC) sets the strategic direction of the Church’s safeguarding policy for children and vulnerable adults. It also monitors and audits the compliance of the Church with safeguarding procedures. Sisters, employees and volunteers have had clearance from the Disclosure and Barring Service which is undertaken by the Nottingham Diocese with whom we are presently aligned. In addition, she and four Trustees have attended regular meetings via Zoom regarding the progress of the Independent Review of Safeguarding and plans to establish the Religious Life Safeguarding Service and Catholic Safeguarding Standards Agency.

Key management personnel

The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis.

All the trustees are members of the Congregation and, whilst their living and personal expenses are borne by the charity, they receive no remuneration or reimbursement of expenses in connection with their duties as trustees.

Investment policy

The charity has a discretionary investment management agreement with Sarasin & Partners LLP.

The trustees receive a report and valuation every three months and meet twice a year with the charity’s investment managers. They ensure that the portfolio is managed in accordance with their written guidelines and with the religious and ethical principles of the charity. Acceptable investments, mostly equities, are chosen so that through their activities people’s lives will be enhanced, natural resources will be used responsibly and all of creation will be respected. The trustees and their Investment Advisor are alerted to opportunities for investment in countries/companies which have proven good human rights records, actively promote self-development in its people/employees and are sensitive to environmental concerns.

The target set for the investment managers is to achieve a certain return of both income and capital growth with no more than a moderate level of risk. Within these guidelines, the investment managers are expected to generate £10,000 income per month to ensure the charity’s cash flow objectives are met. Overall performance is measured by the achievement of benchmark indices based on the main indicators of Government Stock and FTSE.

The Sisters of St Joseph of Peace CIO 28

Trustees’ report Year to 30 June 2021

Governance, structure, management and relevant policies (continued)

Employees, volunteers, and members of the Congregation

The trustees wish to record their recognition of the professionalism and commitment of all their staff, volunteers and the individual members of the Congregation, without whom we would not be able to do the work we do. Their dedication and positive approach are very much appreciated.

Approved by the trustees and signed on their behalf by

Margaret Healy

Trustee

Approved by the trustees on: 22 November 2021

The Sisters of St Joseph of Peace CIO 29

Independent auditor’s report 30 June 2021

Independent auditor’s report to the trustees of The Sisters of St Joseph of Peace CIO

Opinion

We have audited the accounts of The Sisters of St Joseph of Peace CIO (the ‘charity’) for the year ended 30 June 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

• give a true and fair view of the state of the charity’s affairs as at 30 June 2021 and of its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

The Sisters of St Joseph of Peace CIO 30

Independent auditor’s report 30 June 2021

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

• the information given in the trustees’ report is inconsistent in any material respect with the accounts; or

• sufficient accounting records have not been kept; or

• the accounts are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

The Sisters of St Joseph of Peace CIO 31

Independent auditor’s report 30 June 2021

Auditor’s responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounrs an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• We identified the laws and regulations applicable to the charity through discussions with trustees and from our knowledge and experience of the charity sector;

• We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019); and

• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of trustees and review of minutes of trustees’ meetings.

We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:

• Making enquiries of trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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Independent auditor’s report 30 June 2021

Auditor’s responsibilities for the audit of the accounts (continued)

To address the risk of fraud through management bias and override of controls, we:

• Performed analytical procedures to identify any unusual or unexpected relationships;

• Tested and reviewed journal entries to identify unusual transactions;

• Tested the authorisation of expenditure as part of our substantive testing thereon;

• Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• Agreeing accounts disclosures to underlying supporting documentation;

• Reading the minutes of meetings of trustees; and

• Enquiring of as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The Sisters of St Joseph of Peace CIO 33

Independent auditor’s report 30 June 2021

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

28 November 2021

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

The Sisters of St Joseph of Peace CIO 34

Statement of financial activities Year to 30 June 2021

Notes	2021 £	2020 £
Income from: Donations and legacies 1 Investments and interest receivable 2 Other sources Total income Expenditure on: Charitable activities . Support of members of the Congregation and their ministry 3 . Charitable grants and donations 4 Total expenditure Net income for the period before net investment gains 6 Net investment gains 10 Net income and net movement in funds Reconciliation of funds: Fund balances brought forward at 1 July 2020 Fund balances carried forward at 30 June 2021	775,469 379,028 26,798	628,052 295,082 23,074
	1,181,295	946,208
	700,483 144,219	770,140 140,570
	844,702	910,710
	336,593 1,496,853	35,498 648,151
	1,833,446 16,050,995	683,649 15,367,346
	17,884,441	16,050,995

All income and expenditure was unrestricted in the above two financial periods.

All recognised gains and losses are included in the statement of financial activities above.

All activities of the charity derived from continuing operations during the above two financial periods.

The Sisters of St Joseph of Peace CIO 35

Balance sheet 30 June 2021

Notes	2021 £	2021 £	2020 £	2020 £
Fixed assets Tangible assets 9 Investments 10 Current assets Debtors 12 Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 13 Net current assets Total net assets The funds of the charity Restricted funds 14 Unrestricted funds . Tangible fixed assets fund 15 . Designated funds 16 . General funds	2,869 435,628	3,054,588 14,493,065	3,395 45,770	2,551,106 13,487,291
		17,547,653 336,788		16,038,397 12,598
	438,497 (101,709)		49,165 (36,567)
	3,054,588 8,277,632 6,552,121		2,551,106 8,280,557 5,219,232
		17,884,441		16,050,995
		100 17,884,341		100 16,050,895
		17,884,441		16,050,995

Approved by the trustees and signed on their behalf by:

Margaret Healy

Trustee

Approved on: 22 November 2021

The Sisters of St Joseph of Peace CIO 36

Statement of cash flows Year to 30 June 2021

Notes	2021 £	2020 £
Cash flows from operating activities: Net cash used in operating activities A Cash flows from investing activities: Investment income and interest received (excluding accumulation unit income) Purchase of tangible fixed assets Proceeds from the disposal of listed investments Purchase of listed investments (excluding accumulation unit income) Net cash provided by (used) in investing activities Change in cash and cash equivalents in the period Cash and cash equivalents at 1 July 2020 Cash and cash equivalents at 30 June 2021 B	(4,573)	(194,730)
	13,629 (475,676) 935,148 (157,640)	295,082 (117,995) 11,398,818 (11,972,711)
	315,461	(396,806)
	310,888 146,393	(591,536) 737,929
	457,281	146,393

Notes to the statement of cash flows for the year ended 30 June 2021.

A Reconciliation of net movement in funds to net cash used in by operating activities

B	Net movement in funds (as per the statement of financial activities) Adjustments for: Depreciation charge Gains on investments Investment income and interest receivable Decrease in debtors (Decrease) increase in creditors Net cash used in operating activities	2021 £	2020 £
		1,833,446 38,143 (1,496,853) (379,028) 526 (807)	683,649 53,385 (648,151) (295,082) 4,600 6,869
		(4,573)	(194,730)
	Analysis of cash and cash equivalents Cash at bank and in hand Cash held by investment managers Total cash and cash equivalents	2021 £	2020 £
		435,628 21,653	45,770 100,623
		457,281	146,393

No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).

The Sisters of St Joseph of Peace CIO 37

Principal accounting policies 30 June 2021

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 30 June 2021 with comparative information provided for the year to 30 June 2020.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

•  estimating the useful economic lives attributed to tangible fixed assets and used to determine the annual depreciation charge;

•  the assumptions applied in determining the size of the retirement reserve, created in order to provide for the continuing care of the members of the Congregation; and

•  estimating future income and expenditure flows for the purpose of assessing going concern (see below).

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

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Principal accounting policies 30 June 2021

Assessment of going concern (continued)

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ending 31 June 2022, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees’ report for more information).

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount can be measured reliably, and it is probable that the income will be received.

Income comprises donations, legacies, investment income, interest receivable and miscellaneous income. In both periods covered by these accounts there was also a transfer of assets and liabilities from the charity’s predecessor charity – The Sisters of St Joseph of Peace Charity.

Donations, including salaries and pensions of individual religious received under Gift Aid or deed of covenant, are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charity.

The Sisters of St Joseph of Peace CIO 39

Principal accounting policies 30 June 2021

Income recognition (continued)

Dividends arising on income units are recognised once the dividend has been declared and notification has been received of the dividend due. Income arising on accumulation units is reinvested directly by the investment managers and added to the capital value of the funds rather than paid as a distribution. To reflect the substance of this transaction, the amounts “accumulated” are recognised as income in these accounts at the date on which the charity becomes entitled to the funds with a corresponding amount reflected as an addition to listed investments.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Other income is measured at fair value and accounted for on an accruals basis.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses are allocated to the applicable expenditure headings. The majority of expenditure is directly attributable and any apportionment between headings is negligible.

Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities and includes:

•  Expenditure on the support of members of the Congregation and their ministry. Such expenditure enables the members to carry out the work of the charity in the areas of the advancement of the Roman Catholic faith, the relief of poverty and supporting the other charitable activities of members of the Congregation.

•  Grants and donations to support the Congregation’s own work overseas and to support other charitable organisations with objectives consistent with those of the charity.

All expenditure is stated inclusive of irrecoverable VAT.

Support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of financial procedures, provision of office services and equipment.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

The Sisters of St Joseph of Peace CIO 40

Principal accounting policies 30 June 2021

Support and governance costs (continued)

All expenditure on support and governance is allocated to the charitable activities of care of members of the Congregation and enabling their ministry as any costs in relation to provision of donations and grants is considered to be minimal.

Tangible fixed assets

All assets costing more than £2,000 and with an expected useful life exceeding one year are capitalised.

•  Freehold land and buildings Freehold land and buildings purchased by the charity’s predecessor charity on or prior to 1 July 1997 and transferred to the CIO are included in the accounts at a valuation determined by the trustees as at 1 July 1997 with professional assistance, based on replacement cost for existing use. As permitted by FRS 102, with effect from 1 July 2014 the value assigned to this property is now deemed its cost. Land and buildings purchased by the predecessor charity or CIO on or after 1 April 2008 are shown on the balance sheet at cost. Freehold land and buildings comprise:

•  Freehold land and buildings (continued)

• a. Non-specialised buildings i.e. those designed as, and used wholly or mainly for, private residential accommodation. Such land and buildings are not depreciated. Their value and condition are reviewed annually by the trustees, who are satisfied that their residual value is not materially less than their book value.

• b. Specialised buildings defined as those comprising the Congregation’s large residential convents and its care home. Depreciation calculated using a straight line basis is provided at 2% per annum in order to write the buildings off over their estimated useful economic life.

•  Furniture and equipment

• Expenditure on the purchase and replacement of furniture and domestic equipment is capitalised and depreciated over a four year period on a straight line basis. Expenditure on office equipment is capitalised and depreciated over a four year period on a straight line basis.

•  Motor vehicles

• Motor vehicles are capitalised and depreciated over a four year period, on a straight line basis, in order to write off the cost of each vehicle over its estimated useful life.

Investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

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Principal accounting policies 30 June 2021

Investments (continued)

As noted above the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year are disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Funds structure

The charity’s funds include unrestricted income funds which are available for application towards the charity’s objectives. Within unrestricted funds the trustees have designated certain amounts for specific purposes and have identified those non-liquid funds represented by tangible fixed assets.

The charity’s funds include restricted funds also which comprise monies raised for, or their use restricted to, a specific purpose or monies subject to donor imposed restrictions in use.

Details of these designated and restricted funds are given in the notes to the accounts.

The Sisters of St Joseph of Peace CIO 42

Principal accounting policies 30 June 2021

Foreign currencies

Assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.

Pensions

The charity offers its employees membership of a defined contribution pension scheme administered by the National Employment Savings Trust (NEST). Contributions to the scheme are debited to the statement of financial activities in the year in which they are payable to the scheme. The assets of the scheme are held by an independent corporate trustee, whose activities are governed by the National Employment Savings Trust Order 2010, made by the Secretary of State in exercise of powers confirmed under the Pensions Act 2008.

Services provided by members of the Congregation

For the purposes of these accounts, no value has been placed on administrative and other services provided by the members of the Congregation.

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight line basis over the lease term.

The Sisters of St Joseph of Peace CIO 43

Notes to the accounts 30 June 2021

1 Income from: Donations and legacies

Income from: Donations and legacies
Pensions of individual religious received under Gift Aid or Deed of Covenant Contributions from the Generalate of the Congregation Other donations and gifts Legacies	Total funds
	2021 £	2020 £
	473,963 300,916 590 —	488,541 105,037 625 33,849
	775,469	628,052

Contributions from the Generalate of the Congregation over the above two years have been applied towards the cost of refurbishing the charity’s property at Carlton Hill.

2 Income from: Investments and interest receivable

Income from: Investments and interest receivable
	Total	funds
	2021	2020
	£ 378,993 35 379,028	£
Income from listed investments (including accumulation units) Interest on cash held by investment manager		294,324 758
		295,082

3 Expenditure on: Support of members of the Congregation and their ministry

Premises Staff costs (excluding administration and support staff) Sisters’ living and personal expenses Education, training and spiritual renewal Administration and support costs (including staff costs of £80,515 (2020: £57,874) Governance costs (note 5)	Total funds	Total funds
	2021 £	2020 £
	150,374 37,137 378,164 19,808 103,290 11,710	143,989 43,105 450,602 22,289 98,417 11,738
	700,483	770,140

The Sisters of St Joseph of Peace CIO 44

Notes to the accounts 30 June 2021

4 Expenditure on: Charitable grants and donations

Grants in support of the missionary and other work of the Congregation of the Sisters of St Joseph of Peace: . Congregation stipend . Overseas missions of the Congregation .. El Salvador .. Haiti CAFOD Faith in Families The Catholic Trust England and Wales Jesuit Refugee Service UK Pax Christi Donations of £1,000 or less to institutions	Total funds	Total funds
	2021 £	2020 £
	128,730 5,000 — 1,580 — — — 1,480 7,429	118,526 — 250 10,100 5,000 1,200 — 5,494
	144,219	140,570

The charity made no donations to individuals (2020: none).

5 Governance costs Included within expenditure on supporting members of the Congregation and their ministry are governance costs as detailed below:

6	Total funds 2021 £ 2020 £ Legal andprofessional fees 11,710 11,738 Net income for the period before net investment gains This is stated after charging (crediting): 2021 £ 2020 £ Staff costs (note 7) 117,652 100,979 Auditor’s remuneration (including VAT) . Statutory audit fee .. Current period 10,000 8,850 .. Prior period 1,710 2,888 Depreciation 38,143 53,385 Operating lease charges 12,900 12,900 Foreign exchange losses(gains) 2,322 (686)	Total funds	Total funds
		2021 £	2020 £
		11,710	11,738
			2020 £ 100,979 8,850 2,888 53,385 12,900 (686)
	Staff costs (note 7) Auditor’s remuneration (including VAT) . Statutory audit fee .. Current period .. Prior period Depreciation Operating lease charges Foreign exchange losses(gains)

The Sisters of St Joseph of Peace CIO 45

Notes to the accounts 30 June 2021

• 7 Staff costs, key management and trustees’ remuneration Staff costs during the period were as follows:

Staff costs during the period were as follows:
	2021 £	2020 £
Wages and salaries Social security costs Pension contributions	108,486 7,592 1,574	96,396 3,261 1,322
	117,652	100,979

The average number of employees (excluding agency staff), analysed by function, was:

	2021 £	2020 £
Care of members of the Congregation Administration and support	4.00 2.00	4.14 2.07
	6.00	6.21

No employee earned £60,000 per annum or more (including taxable benefits) during the period (2020: none).

Key management

The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis.

All trustees are members of the Congregation and whilst their living and personal expenses are borne by the charity they receive no remuneration or reimbursement of expenses in connection with their duties as trustees or work as key management (2020: none).

8 Taxation

The Sisters of St Joseph of Peace CIO is a registered charity and, therefore, is not liable to income tax or corporation tax on income on gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

The Sisters of St Joseph of Peace CIO 46

Notes to the accounts 30 June 2021

9 Tangible fixed assets

	Freehold land and buildings	Freehold land and buildings	Fixtures and fittings £	Motor vehicles £	Total £
	Non- specialised £	Specialised £
Cost At 1 July 2020 Additions At 30 June 2021 Depreciation At 1 July 2020 Charge for the year At 30 June 2021 Net book values At 30 June 2021 At 30 June 2020	1,515,029 516,047	1,072,293 9,850	128,239 15,728	147,594 —	2,863,155 541,625
	2,031,076	1,082,143	143,967	147,594	3,404,780
	— —	58,975 22,508	124,352 7,819	128,722 7,816	312,049 38,143
	—	81,483	132,171	136,538	350,192
	2,031,076	1,000,660	11,796	11,056	3,054,588
	1,515,029	1,013,318	3,887	18,872	2,551,106

It is likely that the open market values of certain of the charity’s land and buildings are materially greater than their book values. The amount of such differences cannot be ascertained without incurring significant costs, which, in the opinion of trustees, is not justified in terms of the benefit to the users of the accounts.

Capital commitments

At 30 June 2021, the charity had capital commitments in respect to amounts contracted but not provided for regarding additions to non-specialised freehold buildings amounting to £184,000 (2020: nil).

10 Listed investments

Listed investments
	2021 £	2020 £
Listed investments Market value at 1 July 2020 Additions at cost Disposals at book value (see below) Net unrealised gains Market value at 30 June 2021 Cash held by investment managers Cost of listed investments at 30 June 2021	13,386,668 523,039 (905,769) 1,467,474	12,164,624 11,972,711 (12,032,282) 1,281,615
	14,471,412 21,653	13,386,668 100,623
	14,493,065	13,487,291
	11,667,962	11,986,839

The Sisters of St Joseph of Peace CIO 47

Notes to the accounts 30 June 2021

11 Listed investments

Disposals at book value above are made up of the following:

	2021 £	2020 £
Proceeds (Gains) losses Disposals at book value	935,148 (29,379)	11,398,818 633,464
	905,769	12,032,282

Listed investments held at 30 June 2021 comprised the following:

	2021 £	2020 £
Common Investment Funds and Charity Authorised Investment Funds: . Institutional Sterling Liquidity Fund (accumulation units) . Sarasin Climate Active Endowments Fund (accumulation units) . Alpha Common Investment Fund for Income and Reserves (accumulation units) Unit trusts: . FP WHEB Sustainability Fund	— 11,163,024 1,456,698	150,616 10,269,143 1,458,583
	12,619,722 1,851,690	11,878,342 1,508,326
	14,471,412	13,386,668

All investments were dealt in on a recognised stock exchange.

12 Debtors

Debtors
	2021 £	2020 £
Other debtors	2,869	3,395
Creditors: amounts falling due within one year	2021 £	2020 £
Expense creditors Additions to tangible fixed assets Accruals	22,044 65,948 13,717	23,327 — 13,240
	101,709	36,567

13 Creditors: amounts falling due within one year

14 Restricted funds

The income funds of the charity include the following unexpended balances of donations held on trusts to be applied for specific purposes:

	Novitiate fund £ Total £ 100 100
At 1 July2020 and 31 June 2021

The novitiate fund comprises monies donated by the international Congregation towards the care and education of novices while they live within communities in the United Kingdom.

The Sisters of St Joseph of Peace CIO 48

Notes to the accounts 30 June 2021

15 Tangible fixed assets fund

Tangible fixed assets fund
	2021 £	2020 £
At 1 July 2020 Net movement in period At 30 June 2021	2,551,106 503,482	2,486,496 64,610
	3,054,588	2,551,106

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets. A decision was made to separate this fund from the general fund and other designated funds of the charity in recognition of the fact that the tangible fixed assets are essential to the day-to-day work of the charity and as such their value should not be regarded as funds that would be realisable with ease, in order to meet future contingencies.

16 Designated funds

The trustees have designated funds from the unrestricted funds for specific purposes as follows:

follows:
	At 1 July 2020 £	Utilised **£ **	At 30 June 2021 £
Retirement fund Property maintenance fund	8,162,000 118,557	— (2,925)	8,162,000 115,632
	8,280,557	(2,925)	8,277,632

The retirement fund comprises monies set aside to provide for the care and support of members of Congregation in the United Kingdom as they grow older. The value of this fund has been calculated using actuarial principles.

The property maintenance fund has been set aside to meet the costs of planned maintenance to the charity’s properties over the course of the next few years.

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Notes to the accounts 30 June 2021

17 Analysis of net assets by fund

	General funds £	Designated funds £	Tangible fixed assets fund £	Restricted funds £	Total £
Balances at 30 June 2021 are represented by: Tangible fixed assets Investments Net current assets	— 6,215,433 336,688	— 8,277,632 —	3,054,588 — —	— — 100	3,054,588 14,493,065 336,788
	6,552,121	8,277,632	3,054,588	100	17,884,441
	General funds £	Designated funds £	Tangible fixed assets fund £	Restricted funds £	Total £
Balances at 30 June 2020 are represented by: Tangible fixed assets Investments Net current assets	— 5,206,734 12,498	— 8,280,557 —	2,551,106 — —	— 100	2,551,106 13,487,291 12,598
	5,219,232	8,280,557	2,551,106	100	16,050,995

The total unrealised gains as at 30 June 2021 constitute movements on revaluations and are as follows:

are as follows:
	2021 £	2020 £
Unrealised gains included above: On listed investments Reconciliation of movements in unrealised gains Unrealised gains at 1 July 2020 Net gains arising on revaluation in the period On disposals on investments Total unrealisedgains at 30 June 2021	2,803,450	1,399,829
	1,399,829 1,467,474 (63,853)	838,266 1,281,615 (720,052)
	2,803,450	1,399,829

18 Ultimate control

The charity, which is constituted as a CIO, was controlled throughout the period by the Congregation of the Sisters of St Joseph of Peace due to the Congregational Leader, by virtue of her office, being ex-officio the sole member of the CIO.

19 Liability of the member to contribute to the assets of the CIO if it is wound up

If the charity is wound up, the member of the CIO has no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

The Sisters of St Joseph of Peace CIO 50

Notes to the accounts 30 June 2021

20 Related party transactions (including transactions with trustees)

As members of the Congregation, none of the trustees have resources of their own as all earnings, pensions and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant. During the period, the total amount donated by the trustees to the charity was £54,367 (2020: £52,869).

During the year, contributions amounting to £128,730 (2020: £118,526) were made to the Generalate of the Congregation. Sister Susan Francois, who is a trustee of the charity is also a member of the Congregation Leadership Team.

There were no other related party transactions requiring disclosure (2020: none).

21 Lease commitments

At 30 June 2021, the charity had total future commitments under non-cancellable operating leases in respect to land and buildings as follows:

	2021 £	2020 £
Amounts due within one year Amounts due between two and five years inclusive	12,900 28,698	12,900 41,598
	41,598	54,498

The Sisters of St Joseph of Peace CIO 51