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2023-06-30-accounts

The Sisters of St Joseph of Peace CIO

Report and Accounts

30 June 2023

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 2
Independent auditor’s report 28

Accounts

Statement of financial activities 32
Balance sheet 33
Statement of cash flows 34
Principal accounting policies 35
Notes to the accounts 40

The Sisters of St Joseph of Peace CIO

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

Trustees Sister Teresa Donohue
Sister Susan Francois
Sister Margaret Redmond
Sister Ann Helen Byrne
Sister Hannah Rooney
Congregation Leader Sister Andrea Nenzel
Bursar Sister Margaret Redmond
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
Principal solicitors Shakespeare Martineau LLP
Two Colton Square
Leicester
LE1 1QH

The Sisters of St Joseph of Peace CIO 1

Trustees’ report Year to 30 June 2023

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 2023.

The accounts have been prepared in accordance with the accounting policies set out on pages 35 to 39 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 Foxhall Lodge, Foxhall Road, Nottingham NG7 6LH 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. ’ Constitution 11

‘Our charism of peace challenges us to prophetic risk so that God’s reign might be more fully realized. Confident of God’s faithful love and collaborating with others who work for justice and peace, we face the future with gratitude and hope.’ Constitution 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 2

Trustees’ report Year to 30 June 2023

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 Constitutions is the advancement of the Roman Catholic religion through the religious and other charitable works of the Congregation as the trustees, with the approval of the Congregation Leader, shall, from time to time, think fit.

Our underlying objectives as stated in the Constitutions are as follows:

The Sisters of St Joseph of Peace CIO 3

Trustees’ report Year to 30 June 2023

Objectives and activities (continued)

The activities of the charity can be summarised as follows:

Care of the elderly and infirm Sisters

Sisters' Age Profile at 30 June 2023

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18
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30-39 40-49 50-59 60-69 70-79 80-89 90-99 99+
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The care of our frail elderly Sisters continues to be a central activity, as the age profile of the Congregation has risen. Our most frail elderly Sisters are accommodated in two Convents, at Hanwell and Leicester, which have been specially adapted to meet their needs. Two Sisters with particular medical needs are cared for in special facilities. We employ one Health and Wellbeing Coordinator and two live-in Care Coordinators to assist the trustees and Congregation Leader in managing the care of our frail and infirm Sisters. Care costs continue to increase as Sisters are less able to care for one another, with more staff and agency assistance required.

The Sisters of St Joseph of Peace CIO 4

Trustees’ report Year to 30 June 2023

Objectives and activities (continued)

Care of the elderly and infirm Sisters (continued)

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

The Congregation Leadership Team has placed a renewed emphasis on vocation and initial formation ministry this year, following the direction of the Comprehensive Community Plan approved by the 2021/2022 Congregation Chapter. Two Sisters based in the United Kingdom serve on the Congregation Vocation and Initial Formation Team with other members of the Congregation from the United States. The Congregation Vocation and Initial Formation Team meets monthly via Zoom and is charged with increasing efforts to engage young people in sharing our charism through discerning the vowed life.

One Sister is actively involved in Vocation Ministry in the United Kingdom. She shares the good news of our community and invites young women to learn more about our mission. She responds to individual inquiries and meets individually with women discerning a vocation to vowed religious life.

The Sister also joins with others promoting vocations at public events. For example, she was invited to speak about vocations during eucharistic liturgies at two parishes in the Diocese of Nottingham, Shirebrook and Warsop, for Vocation Sunday in April 2023. She was part of an interview panel for potential students in February 2023 with eleven priests of the Diocese of Nottingham.

As part of the Congregation Vocation and Initial Formation Team, this Sister is a member of the National Religious Vocation Conference (NRVC) in the United States. NRVC set up an International Area membership in February 2021 which has continued to meet by Zoom and involves several different countries. A meeting took place in October 2022 facilitated by Sister Mary Rowell, CSJ, and involved a sharing from the whole membership.

Vocation Sunday Talk

Another event took place in May 2023 regarding the topic “The Challenges of Vocation Ministry in our Communities”. These are usually two-hour events in which Vocation Directors and other personnel can share ideas and learn from one another. The Sister attends training and conferences in the USA with other vocation personnel, for example the NRVC Bi-annual Convocation.

The Sisters of St Joseph of Peace CIO 5

Trustees’ report Year to 30 June 2023

Objectives and activities (continued)

Ministry (continued)

Education, social and pastoral work (continued)

The Sister is involved in regular online meetings organized by the National Office of Vocations (NOV) and is actively involved in both the national Vocations UK Network and the regional Midlands Vocations UK Network. The Midlands group is made up from seven different religious congregations. The group began meeting twice a month via Zoom during the Covid-19 pandemic. Following the lifting of restrictions, they were able to meet in-person for the first time in February 2023. The group is planning inperson vocation events in the coming year.

Midlands Vocation Group

The charity also continues its membership with Catholic Vocations Project/Compass and supports a Discernment Programme that has taken place online since the Pandemic.

 Initial Formation Ministry

The Congregation Novitiate house is presently located at the charity’s property in Carlton, Nottingham. One new Sister is in her second year of the novitiate, having been received as a novice in October 2021. The novitiate programme, which extends over a period of two years, is an opportunity for the novice to deepen her experience of God through prayer, reflection, study, community life, and times of ministry. It is also a time to deepen her understanding of the Congregation’s history, spirit, and mission as peacemakers. During this second year of her novitiate, the Sister has had the opportunity for two ministry and community experiences with the Congregation in the United States. She is presently in discernment to request approval of Congregation Leadership to make her first profession of vows in autumn 2023.

Novitiate Community Members Congregation Novitiate House

The Sisters of St Joseph of Peace CIO 6

Trustees’ report Year to 30 June 2023

Objectives and activities (continued)

Ministry (continued)

Education, social and pastoral work (continued)

The charity provides financial support to the Congregation’s missions in Haiti and El Salvador.

The Congregation has a long-standing relationship in solidarity with the people of Milot, Haiti. Two Sisters from the United Kingdom spent eleven years in ministry in Milot, until advanced age and health concerns required them to withdraw last year. The Sisters continue to stay in close contact with the community in Milot and provide financial support for various community projects, including housing and education.

The charity sponsored eleven students to attend the College Marie Immaculee in Milot during the 22/23 academic year. Two students, Vierge and Foudjy, passed their exams and have completed their studies. The Congregation will support two new students in the coming year. Funds provided by the charity pay for school fees and books. The parish priest provides regular updates on the students’ progress.

The Congregation also maintains a direct link to Milot through Haiti Health Promise (formerly known as CRUDEM), a charity which functions under the umbrella of the Congregation’s hospital in New Jersey, USA to provide financial, volunteer, and medical resources to Hôpital Sacré Coeur (Sacred Heart Hospital) in Milot. Holy Name is able to distribute funds on our behalf to provide food, housing, and other basic needs to very poor people in Milot.

Holy Name CEO visits Milot

The charity also continues to provide financial support to students in El Salvador. Sister Margaret Jane continues to coordinate our efforts, while also mentoring an Associate of the Congregation to take over this responsibility in the future. Congregation Leader Andrea Nenzel joined Sister Margaret Jane on her trip to El Salvador in November 2022. Sister Margaret Jane shares some updates on the scholarship students below.

Sisters Margaret Jane and Andrea with friends

The Sisters of St Joseph of Peace CIO 7

Trustees’ report Year to 30 June 2023

Objectives and activities (continued)

Ministry (continued)

Education, social and pastoral work (continued)

“Wilfredo is making progress, seemingly through stops and starts, as he continues Saturday classes in Engineering at the Catholic University in Ilobosco. He realizes that his major, Food Technology and Processing, is more significant than ever, not only for this small country, but for the entire world!”

“Though his thesis won’t be completed for another month or so, Meme is walking on air these days, and expects to receive his degree in Agricultural Engineering from Romero University in Chalatenango by March 2024. Presented in the form of a demonstration project, the thesis consists of an evaluation of the cultivation of corn using ‘abono verde’ (green fertilizer), a non-traditional method, and recommendations for agriculture. This green fertilizer is actually a type of bean, not a chemical. These practices will protect the soil for future use.”

Meme and Loly

“Karlina continues her study

and practice of Social Work at the National University in San Salvador and assures me that she is very content with this career. The computer we were able to provide for her last year has been a valuable support, especially with her field work and volunteer hours. At this time she anticipates one additional year of study, which will include her thesis. I’m pleased that we can continue to support her journey.”

Karlina

“Tai Chi remains really popular for students of all ages. From time to time, we have helped out by providing student uniforms or funds for the teacher’s salary. This year, we will pay the very modest salary.”

The Sisters of St Joseph of Peace CIO 8

Trustees’ report Year to 30 June 2023

Objectives and activities (continued)

Ministry (continued)

Education, social and pastoral work (continued)

This was the second granting year for the Sisters of St Joseph of Peace Fund for Peace through Justice. The purpose of the fund is to finance small projects in the United Kingdom promoting peace through justice or projects elsewhere with the same objectives in which persons from the United Kingdom are involved. The trustees have set aside funds from the sale of property previously owned by the charity in Rearsby, Leicestershire to fund projects that will carry the Congregation’s charism into the future and promote the gospel values of peace through justice.

Applications for funding are reviewed twice per year by a committee, appointed by the trustees, to ensure they meet funding criteria. The committee makes recommendations to the trustees who provide final approval of all grants. The fund is open for application by anyone associated with the Sisters who may be working for the above goals and to other faith groups with the same objectives.

During the second year of the fund, the following grants were approved:

Organisation Project Objective
Briars Youth
Retreat Centre		 St Francis of Assis
Fund		 Subsidise cost by 50% for families
struggling financially to access
retreats.
Caritas Bakhita
House		 Recovering our Health Support women survivors of modern
slavery to recover physical, mental,
and emotional health.
City of Sanctuary Establishment of
nationwide Schools of
Sanctuary		 Resource and train local leads to
connect schools to organisations
working with those seeking
sanctuary.
Columbans School Media
Competition		 Encourage school commitment to
justice, peace, and care for creation.
Earlsden Primary
School, Coventry		 UNESCO Assoc.
Schools Network 70th
Anniversary Peace
Conference in Japan		 10 pupils to attend and work with
children from 14 other countries on a
global peace project.

The Sisters of St Joseph of Peace CIO 9

Trustees’ report Year to 30 June 2023

Objectives and activities (continued)

Ministry (continued)

Education, social and pastoral work (continued)

Organisation Project Objective
Hope Garden
Project		 Support asylum
seekers and refugees		 Social activity and community
cohesion with emphasis on physical
and mental wellbeing.
Inter Care One Wish Project Provide medical supplies and
equipment to bespoke requests.
Jesuit Refugee
Services UK		 JRS Shop and
Emergency Support		 Provide food, toiletries, and financial
support to refugees.
Journey to 2030 Materials for NJPN
Conference		 Provide advice and guidance on
achieving_Laudato Si’_goals.
Mind the Gap
Studios		 Climate Justice
Engagement		 Theatre Group to engage learning
disabled people on climate
emergency.
St Mary’s
Loughborough		 Summer Grub Club Support primary school families
entitled to free school meals during
the summer holidays.
St Vincent De Paul Cost-of Living-Project Provide individual finance hardship
grants.

Earlsden Primary students preparing for trip to Peace Conference in Japan

The Sisters of St Joseph of Peace CIO 10

Trustees’ report Year to 30 June 2023

Objectives and activities (continued)

Ministry (continued)

Education, social and pastoral work (continued)

Grantees provide a written impact report to the charity detailing outcomes and use of the funds. We include below some highlights of impacts and outcomes reported by two grantees.

The St Vincent De Paul Society Cost-of-Living Project was able to make 13 hardship grants to help individuals and families facing poverty and need. In each case, the Sisters of St Joseph of Peace grant was supplemented by the befriending of local SVP conferences. Those assisted included:

Schools of Sanctuary was able to expand their capacity to support schools in 2022 and deliver specifc outcomes in 2023 as outlined in the chart below.

During the period of the grant, six new schools were awarded School of Sanctuary status and two were reaccredited. Over four hundred schools are actively working towards becoming welcoming places of sanctuary and 54 have already signed the City of Sanctuary pledge.

The Sisters of St Joseph of Peace CIO 11

Trustees’ report Year to 30 June 2023

Objectives and activities (continued)

Ministry (continued)

Education, social and pastoral work (continued)

Hospitality: Three Sisters live at St Joseph’s House of Hospitality in Carlton, Nottingham where they provide overnight hospitality to asylee women and young people experiencing homelessness.

Parish ministry: Six 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. Sisters keep 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 one another.

Spiritual Accompaniment: Two Sisters provide spiritual accompaniment to individuals.

Prison Ministry: One Sister volunteers with the Prison Advice and Care Trust (PACT) helping visitors on family days at HMP Nottingham.

Interfaith and Ecumenism: One Sister is part of Churches Together in Northeast Lincolnshire. Another Sister participates in interfaith women’s groups organised by the Muslim Women’s Council in Bradford.

Social justice and human rights

The trustees hired a part-time Peace through Justice Worker in February 2023. This new position, based in Nottingham, collaborates with the Congregation’s Peace through Justice Facilitator located in the United States. He assists Sisters and Associates to engage social justice and human rights issues local to the United Kingdom and globally. He also connects with other local justice and peace groups to increase our impact and presence.

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 promoting peace, the environment, campaigning on nuclear disarmament, poverty, and human rights of refugees and asylum seekers.

Peace through Justice Worker at meeting with Sisters.

The Sisters of St Joseph of Peace CIO 12

Trustees’ report Year to 30 June 2023

Objectives and activities (continued)

Ministry (continued)

Social justice and human rights (continued)

Other ways in which justice and human rights have been addressed include:

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:

The Sisters of St Joseph of Peace CIO 13

Trustees’ report Year to 30 June 2023

Objectives and activities (continued)

Ministry (continued)

Social justice and human rights (continued)

Environment and ecology

Our charism of peace through justice calls us to right our relationship with Earth. We believe that care of creation is an essential element of peace making. We affirm the sacredness of creation and resolve to live in right relationship with the land. Ecological sustainability is one of the most urgent religious and moral challenges of our time. We are committed to making decisions based on their impact for the whole community of life, especially the weakest and most marginalized.

The Congregation made a public seven-year commitment to participate in the Laudato Si’ Action Platform organized by the Dicastery for the Promotion of Integral Human Development in Rome. This commitment will help us to deepen the commitments we made at our 2008 General Chapter to care for creation and respond to the climate crisis. Work is organized around seven goals, consistent with the work that we are already doing.

  1. Response to the Cry of the Earth;

  2. Response to the Cry of the Poor;

  3. Ecological Economics;

  4. Adoption of Simple Lifestyles;

  5. Ecological Education;

  6. Ecological Spirituality; and

  7. Community Education and Participative Action.

Sisters are involved in a variety of Congregation committees working to live out our commitment to the Laudato Si’ Action Platform locally and globally. We also continue to use an ecological perspective when making financial decisions, such as investing in funds which promote positive responses to the climate crisis, and care of our buildings and grounds. We have fully divested from fossil fuels in our investment portfolio. We use green materials and methods whenever possible in the maintenance of our properties and in our gardens.

The Sisters of St Joseph of Peace CIO 14

Trustees’ report Year to 30 June 2023

Objectives and activities (continued)

Ministry (continued)

Environment and ecology (continued )

Sisters and Associates participated in The Big One event in London on 21 April 2023 with other faith based organisations to advocate for climate justice. They joined more than 1,500 other faith based participants on a pilgrimage to Westminster Houses of Parliament with a stop at the headquarters of Shell, led by Church leaders and the former Anglican Bishop of York, John Sentamu, now Lord Sentamu.

Summary

Over the period, a minimum of 3,424 hours of

voluntary service has been undertaken by the Sisters for the benefit of many people. These hours are listed by category in the table below.

If these hours were remunerated at the Living Wage Rate of £10.90 per hour, advocated by Church Action on Poverty (CAP), it would indicate a contribution in excess of £37,321.60 per annum. This amount does not include the London rate of £11.95 per hour, which would apply for several of our Sisters.

Ministry Number of volunteers Hours volunteered
Care for Creation 16 197
Homeless and Hungry 5 313
Visiting Sick and Homebound 10 440
Ecumenism and Interfaith 8 300
Justice and Peace 39 244
Modern Slavery 4 400
Parish/Pastoral 3 1,040
Prison 1 75
Religious Life 3 96
Women and Children 3 319
TOTAL 92 3,424

Continued impact of Covid-19

Three years after the pandemic lockdown period, the Sisters have begun to be more involved with in-person activities, while still taking precautions as part of a vulnerable population. The advanced age of the majority of Sisters has led many to continue one-to-one and group engagement via telephone and Zoom. For some this includes doing all their spiritual direction and counselling online, others provide a befriending service via phone or email.

For the third year in a row, 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 has been much appreciated both by the recipients but also by the Sisters, who appreciate the opportunity to direct the funds to needy causes. 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 families and groups struggling with the cost-of-living crisis.

The Sisters of St Joseph of Peace CIO 15

Trustees’ report Year to 30 June 2023

Objectives and activities (continued)

Work or ministry of the charity

The general objective of the charity is as stated previously on page 3 and is further explained on page 4 and 5.

‘……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.’ Constitution 11

Chapter Acts 2022

The Congregation Chapter is held every six years and is the highest decision-making body in the Congregation. The Congregation Chapter held in March 2022 acknowledged that:

Urged by a burning desire to speak and act boldly with open, loving, and adventurous hearts, and in collaboration with others, we now commit to:

Spring 2023 Assembly in Nottingham

This Chapter Act will guide our actions and decisions over the next four years.

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 year, the Sisters availed themselves of many opportunities. 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.

The Sisters of St Joseph of Peace CIO 16

Trustees’ report Year to 30 June 2023

Achievements and performance (continued)

Case Studies

We set out below:

Case Study #1

The community consists of two Sisters who live in the Presbytery of St Mary’s, Hyson Green, half of the Parish of St Mary’s with St Paul’s, Nottingham and served by the Priest who lives in the Presbytery at St Paul’s in Lenton. The community is located in a multicultural neighbourhood. The two are not Parish Sisters, although they do provide a daily presence and tend to a variety of practical matters for the Parish as detailed below.

The Sisters respond to people who telephone or come to the door seeking assistance, for example, parents seeking baptism for their child or looking to speak to the Priest, as not everybody realises the Priest does not live in this Presbytery. Other involvement includes making sure the Church is safe, for example if the alarm is activated. Occasionally the Sisters set up for or clear away after Mass and let people in and out of the Church when access is required for building maintenance, cleaning, or other activities. The Parish uses the Sisters’ sitting room and prayer room when extra space is needed.

Both Sisters are Extraordinary Ministers of Holy Communion and minister in the Church for Eucharistic Celebrations, especially on Sundays. Both participate in Reading at weekday Masses as well as ministering Communion when needed. One Sister participates in the Sunday Parish music ministry.

The Sisters are also engaged in their own ministries. One Sister volunteers with the Prison Advice and Care Trust, providing support to families and children that visit their loved ones. She has also been appointed by the Congregation Leadership to serve as Candidate and Temporary Professed Director for women entering the Congregation in the United Kingdom.

The other Sister is the United Kingdom Vocation Director and Co-Director of the Associate Program. She also serves as the Safeguarding Lead for the Congregation in the United Kingdom. In daily living, the Sisters are involved in communal and personal prayer and share the

“Storybook Dads” day at HMP Nottingham

Sister (right) with Associates making their covenant.

tasks of cooking, cleaning, shopping, gardening and all the routines associated with living in community.

The Sisters of St Joseph of Peace CIO 17

Trustees’ report Year to 30 June 2023

Achievements and performance (continued)

Case Studies (continued)

Case Study #2

This Sister belongs to a new community which was set up as a house of hospitality and is able to host failed asylum seekers and homeless women. The latter are recommended by the organisation Nightstop which works with potentially homeless persons between the ages of 18-25. Failed asylum seekers come through the Host organization. The community also acts as the novitiate for the religious congregation and has a regular schedule of prayer and meals together.

The Sister takes care of the house and tries to provide a welcome for guests who are placed there. She takes turns cooking the main meal of the day – guests may either join the community for that meal or, if they prefer, cook for themselves. Usually, guests may stay in the house all day if they wish or need to as a community member will normally be available throughout the day.

The house is very close to one of the parish churches and Sister attends Mass there and goes for coffee afterwards in order to meet the parishioners and get to know the people of the area. She also attends various parish events in this active parish. The Sister also visits the Sisters who are housebound at our house in another part of the city.

As this house is the Novitiate of the religious congregation there is a fixed schedule for prayer and meals, and she takes her turn in leading the prayer and cooking for the community - almost always vegetarian and possibly vegan food. Making sure the guest rooms are clean and welcoming is another part of her responsibilities. Laundry, recycling, composting and some gardening are part of her daily routine. She also keeps the house financial accounts. When possible, she attends other religious events in the Nottingham area.

Sisters in the community garden in Carlton

The Sisters of St Joseph of Peace CIO 18

Trustees’ report Year to 30 June 2023

Achievements and performance (continued)

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 number of visitors to our properties has been limited in the years since the coronavirus pandemic due to the need to stay safe.

The charity’s property in Carlton, Nottingham has been designated as a house of hospitality welcoming asylum seekers and homeless young people for overnight accommodation in collaboration with two local organisations, Host and NightStop.

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. 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.

The Sisters retain the cemetery grounds at the charity’s former property in Leicestershire where Congregation members are buried. This year the trustees have continued efforts to ensure the upkeep of the burial plots here and in other cemeteries across the country where our Sisters were laid to rest.

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 2023 can be found on page 32 of this report and accounts.

Total income for the year amounted to £870,921 (2022: £843,691). Included within income is £509,012 (2022: £481,193) from donations and legacies. This figure includes salaries and pensions of the Sisters amounting to £508,762 (2022: £480,993) covenanted to the charity. Investment income and interest receivable totalled £326,967 (2022: £335,525).

Expenditure totalled £1,526,481 (2022: £1,099,803). Expenditure incurred on supporting the members of the Congregation and their pastoral work and ministry amounted to £1,269,465 (2022: £899,954). Grants and donations amounted to £257,016 (2022: £199,849). Further details of grants and donations are provided in note 4 to the accounts.

During the year to 30 June 2023, gains of £73,130 (2022: losses of £1,280,545) arose on the charity’s listed investments ~~.~~

Net expenditure after these investment gains for the year amounted to £582,430 (2022: net expenditure after investment losses of £1,536,657).

The Sisters of St Joseph of Peace CIO 19

Trustees’ report Year to 30 June 2023

Financial review (continued)

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, 2022, 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 £73,130 (2022: losses of £1,280,545). Total investment income from listed investments was £326,967 (2022: £335,525).

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 £8,562,000 (2022: £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 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 months’ expenditure.

Financial position

The balance sheet shows total reserves of £15,765,354 (2022: £16,347,784). Of this £100 (2022: £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 £3,265,022 (2022: £3,267,060) representing properties and other tangible fixed assets essential for the support and work of the Sisters.

Designated funds of £8,644,098 are made up of £8,562,000 (2022: £8,162,000) set aside for the future care of the Sisters and £82,098 (2022: £109,797) set aside to meet the planned maintenance to the charity’s properties over the course of the next few years.

The Sisters of St Joseph of Peace CIO 20

Trustees’ report Year to 30 June 2023

Financial review (continued)

Reserves policy and financial position (continued)

Financial position (continued)

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 £3,856,134 (2022: £4,808,817). This figure needs to be considered in the light of average annual expenditure (excluding donations) of between £1,000,000 to £1,300,000, 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 and the macroeconomic and geopolitical climate, 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 slightly 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.

Plans for the future

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

The Sisters of St Joseph of Peace CIO 21

Trustees’ report Year to 30 June 2023

Plans for the future period (continued)

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

As some are expressing an interest in our Congregation, we plan to continue to journey with them and begin a process of

Care of the elderly and infirm Sisters

Social and pastoral work

Finance/assets

The Sisters of St Joseph of Peace CIO 22

Trustees’ report Year to 30 June 2023

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 2021-2027 Sister Sheena George, Sister Andrea Nenzel, Sister Susan Francois, Sister Margie Fort and Sister Kathleen Pruitt

In accordance with Canon Law, the Congregation is governed by a Congregation Leader and Council who live in the United States. 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 furthering 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, took place in person in March 2022, and was attended by delegates from the United Kingdom and the United States. The next Chapter will be held in 2026.

There are currently 30 Sisters in ten communities in the United Kingdom. In terms of Civil law, the United Kingdom Congregation is a Charitable Incorporated Organisation 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), spiritual accompaniment, parish work, 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.

The Sisters of St Joseph of Peace CIO 23

Trustees’ report Year to 30 June 2023

Governance, structure, management, and relevant policies (continued)

Governing document (continued)

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.

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. A finance manager was appointed a few years ago following the retirement of the person who had held the position for ten years. 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 Managers.

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 during the year shifted its alignment from the Nottingham Diocesan Safeguarding Commission to the new Religious Life Safeguarding Service. She receives no financial reward for her work.

The Sisters of St Joseph of Peace CIO 24

Trustees’ report Year to 30 June 2023

Governance, structure, management, and relevant policies (continued)

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:

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 Sisters of St Joseph of Peace CIO 25

Trustees’ report Year to 30 June 2023

Governance, structure, management, and relevant policies (continued)

Risk management (continued)

The trustees regularly review the finances and personnel and have concluded that the level of funding of £8,562,000 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.

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 Standards Agency (CSSA) and the Religious Life Safeguarding Service (RLSS). Sisters, employees, and volunteers have had clearance from the Disclosure and Barring Service.

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 the living and personal expenses of the trustees based in the UK 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 and also with WHEB Asset Management.

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

The Sisters of St Joseph of Peace CIO 26

Trustees’ report Year to 30 June 2023

Governance, structure, management, and relevant policies (continued)

Investment policy (continued)

in countries/companies which have proven good human rights records, actively promote selfdevelopment 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 growth ahead of inflation as measured by the UK Retail Prices Index 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.

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

M. Redmond

Trustee

Approved by the trustees on: 30/11/2023

The Sisters of St Joseph of Peace CIO 27

Independent auditor’s report 30 June 2023

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 2023 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:

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.

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.

The Sisters of St Joseph of Peace CIO 28

Independent auditor’s report 30 June 2023

Other information (continued)

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:

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.

Auditor’s responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue 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.

The Sisters of St Joseph of Peace CIO 29

Independent auditor’s report 30 June 2023

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

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:

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

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

The Sisters of St Joseph of Peace CIO 30

Independent auditor’s report 30 June 2023

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

How the audit was considered capable of detecting irregularities including fraud (continued)

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

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.

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

5 December 2023

Date:

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 31

Statement of financial activities Year to 30 June 2023

Notes 2023
£		 2022
£
Income from:
Donations and legacies
1
Investments and interest receivable
2
Other sources
. Surplus on the disposal of tangible fixed assets
. Miscellaneous
Total income
Expenditure on:
Charitable activities
. Support of members of the Congregation and their ministry
3
. Charitable grants and donations
4
Total expenditure
Net expenditure for the year before net investment
gains (losses)
6
Net investment gains (losses)
10
Net expenditure and net movement in funds
Reconciliation of funds:
Fund balances brought forward at 1 July 2022
Fund balances carried forward at 30 June 2023		 509,012
326,967
4,298
30,644		 481,193
335,525
—
26,973
870,921 843,691
1,269,465
257,016		 899,954
199,849
1,526,481 1,099,803
(655,560)
73,130		 (256,112)
(1,280,545)
(582,430)
16,347,784		 (1,536,657)
17,884,441
15,765,354 16,347,784

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 32

Balance sheet 30 June 2023

Notes 2023
£		 2023
£		 2022
£		 2022
£
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
12
Net current assets
Total net assets
The funds of the charity
Restricted funds
13
Unrestricted funds
. Tangible fixed assets fund
14
. Designated funds
15
. General funds

5,230
360,201		 3,265,022
12,174,436

3,888
242,175		 3,267,060
12,899,554
15,439,458
325,896		 16,166,614
181,170
365,431
(39,535)		 246,063
(64,893)

3,265,022
8,644,098
3,856,134
3,267,060
8,271,797
4,808,827
15,765,354 16,347,784
100



15,765,254		 100
16,347,684


15,765,354 16,347,784

Approved by the trustees and signed on their behalf by:

M Redmond

Trustee

Approved on: 30/11/2023

The Sisters of St Joseph of Peace CIO 33

Statement of cash flows Year to 30 June 2023

Notes
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)
Proceeds from the disposal of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from the disposal of listed investments

Purchase of listed investments (excluding accumulation
unit income)
Net cash provided by investing activities

Change in cash and cash equivalents in the period
Cash and cash equivalents at 1 July 2022
Cash and cash equivalents at 30 June 2023
B
2023
£		 2022
£
**(959,101) ** (589,134)
16,225
4,298
(52,386)
1,107,336
—		 14,560

—
(252,812)

665,999
(25,140)
1,075,473
402,607
116,372
270,754		 (186,527)

457,281

387,126
270,754

Notes to the statement of cash flows for the year ended 30 June 2023.

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

2023
£		 2022
£
Net movement in funds (as per the statement of financial
activities)
Adjustments for:
Depreciation charge
(Gains) losses on investments
Losses on disposal of tangible fixed assets
Investment income and interest receivable
Increase in debtors
Decrease in creditors
Net cash used in operating activities		 (582,430)
48,861
(73,130)
1,265
(326,967)
(1,342)
(25,358)
(1,536,657)
40,340
1,280,545
—
(335,525)
(1,019)
(36,818)
(959,101) (589,134)

B Analysis of cash and cash equivalents

2023
£		 2022
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 360,201
26,925		 242,175
28,579
387,126 270,754

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 34

Principal accounting policies 30 June 2023

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 2023 with comparative information provided for the year to 30 June 2022.

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:

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.

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 2024, 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.

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.

The Sisters of St Joseph of Peace CIO 35

Principal accounting policies 30 June 2023

Income comprises donations, legacies, investment income, interest receivable and miscellaneous income.

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.

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.

The Sisters of St Joseph of Peace CIO 36

Principal accounting policies 30 June 2023

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:

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.

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 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:

Tangible fixed assets (continued)

The Sisters of St Joseph of Peace CIO 37

Principal accounting policies 30 June 2023

that their residual value is not materially less than their book value.

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 straightline basis.

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.

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.

The Sisters of St Joseph of Peace CIO 38

Principal accounting policies 30 June 2023

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.

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 39

Notes to the accounts 30 June 2023

1 Income from: Donations and legacies

Total funds Total funds
2023
£		 2022
£
Pensions of individual religious received under Gift Aid or Deed
of Covenant
Other donations and gifts		 508,762
250		 480,993
200
509,012 481,193

2 Income from: Investments and interest receivable

Total funds Total funds
2023 2022
£ £
Income from listed investments (including accumulation units)
Interest on cash held by investment manager		 325,050
1,917		 335,493
32
326,967 335,525

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

Total funds Total funds
2023 2022
£ £
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
£103,381 (2022: £89,642)
Governance costs (note 5)		 322,714
76,154
680,050
50,639
127,128
12,780		 156,557
53,446
507,465
37,533
133,773
11,180
1,269,465 899,954

The Sisters of St Joseph of Peace CIO 40

Notes to the accounts 30 June 2023

4 Expenditure on: Charitable grants and donations

Total funds Total funds
2023 2022
£ £
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
Association of Ukraine
Bakhita House
Connect and Grow
Disasters Emergency Committee
Earlsdon Primary School
Hangpop Kabataan
Hope Garden Project
InterCare
Jesuit Refugee Service
Loughborough Town of Sanctuary
Medaille Trust
Mind The Gap
Mount St Bernard Abbey
PACT
Portchester Project
Schools of Sanctuary
Society of St. Columban for Foreign Missions
St Marys Grub Club
St Francis of Assisi Fund
St Vincents de Paul Society
The Ecological Centre
Donations of £1,000 or less to institutions		 177,400
—
—
—
5,000
—
5,000
4,500
5,010
4,000
—
5,000
5,000
4,000
2,400
—
3,500
—
5,000
4,900
2,370
5,000
5,000
3,111
10,825		 138,647
5,000
5,300
5,000
5,050
5,000
—
—
5,010
—
5,000
—
—
—
—
10,000
5,000
5,000
—
—
—
—
—
—
5,842
257,016 199,849

The charity made no donations to individuals (2022: none).

5 Governance costs

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

Total funds Total funds
2023 2022
£ £
Legal andprofessional fees 12,780 11,180

The Sisters of St Joseph of Peace CIO 41

Notes to the accounts 30 June 2023

6 Net expenditure for the period before net investment gains (losses) This is stated after charging (crediting):

2023
£		 2022
£
Staff costs (note 7)
Auditor’s remuneration (including VAT)
. Statutory audit fee
.. Current period
.. Prior period
Depreciation
Operating lease charges
Foreign exchange losses(gains)		 179,536
12,780
900
48,861
17,400
3,199		 143,088
10,500
680
40,340
12,900
(2,741)

Staff costs during the period were as follows:

2023
£		 2022
£
Wages and salaries
Social security costs
Pension contributions		 161,623
15,353
2,560		 132,360
8,721
2,007
179,536 143,088

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

2023
£		 2022
£
Care of members of the Congregation
Peace thru Justice ministry
Administration and support		 4.00
0.46
2.00		 4.00
—
2.00
6.46 6.00

Higher paid staff

The number of employees whose employee benefits (excluding employer pension and employer national insurance costs) fell within the following bands was:

2023
Number		 2022
Number
£60,001 - £70,000 1 —

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 the living and personal expenses of those resident in the United Kingdom are borne by the charity, none of the trustees receive any remuneration or reimbursement of expenses in connection with their duties as trustees or work as key management (2022: none).

The Sisters of St Joseph of Peace CIO 42

Notes to the accounts 30 June 2023

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.

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 2022
Additions
Disposals
At 30 June 2023
Depreciation
At 1 July 2022
Charge for the year
Disposals
At 30 June 2023
Net book values
At 30 June 2023
At 30 June 2022		 2,256,091
—
(5,563)		 1,082,143
—
—		 156,092
—
—		 151,069
52,386
(29,016)		 3,645,395
52,386
(34,579)
2,250,528 1,082,143 156,092 174,439 3,663,202
—
—
—		 103,126
21,643
—		 139,134
6,963
—		 136,075
20,255
(29,016)		 378,335
48,861
(29,016)
— 124,769 146,097 127,314 398,180
2,250,528 957,374 9,995 47,125 3,265,022
2,256,091 979,017 16,958 14,994 3,267,060

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 2023, the charity had capital commitments relating to refurbishment works on various properties amounting to £220,000 (2022: £ nil).

10 Listed investments

2023
£		 2022
£
Listed investments
Market value at 1 July 2022
Additions at cost
Disposals at book value (see below)
Net unrealised losses
Market value at 30 June 2023
Cash held by investment managers
Cost of listed investments at 30 June 2023		 12,870,975
310,742
79,142
(1,113,348)		 14,471,412
346,107
(682,402)
(1,264,142)
12,147,511
26,925		 12,870,975
28,579
12,174,436 12,899,554
10,760,216 11,457,331

The Sisters of St Joseph of Peace CIO 43

Notes to the accounts 30 June 2023

10 Listed investments (continued)

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

2023
£
1,107,336
6,012
1,113,348		 2022
£
Proceeds
Losses
Disposals at book value		 665,999
16,403
682,402

Listed investments held at 30 June 2023 comprised the following:

2023
£		 2022
£
10,048,014
1,277,486
11,325,500
1,545,475
12,870,975
Common Investment Funds and Charity Authorised Investment
Funds:
. Sarasin Climate Active Endowments Fund (accumulation units)
. Alpha Common Investment Fund for Income and Reserves
(accumulation units)
Unit trusts:
. FP WHEB Sustainability Fund
9,340,014
1,126,041
10,466,055
1,681,456
12,147,511

The underlying investment assets in the funds noted above were all dealt in on a recognised stock exchange.

11 Debtors

2023
£		 2022
£
Other debtors
Prepayments and accrued income		 4,680
550		 3,888
—
5,230 3,888
Creditors: amounts falling due within one year 2023
£		 2022
£
Expense creditors
Additions to tangible fixed assets
Accruals		 17,933
—
21,602		 30,888
13,007
20,998
39,535 64,893

12 Creditors: amounts falling due within one year

The Sisters of St Joseph of Peace CIO 44

Notes to the accounts 30 June 2023

13 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
£
At 1 July2022 and 31 June 2023 100
100

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.

14 Tangible fixed assets fund

At 1 July 2022
Net movement in period
At 30 June 2022		 2023
£
3,267,060
(2,038)
3,265,022		 2022
£
3,054,588
212,472
3,267,060

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.

15 Designated funds

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

At 1
July 2022
£		 Designated
(utilised)
£		 At 30
June
2023
£
Retirement fund
Property maintenance fund		 8,162,000
109,797		 400,000
(27,699)		 8,562,000
82,098
8,271,797 372,301 8,644,098
At 1
July 2021
£		 Utilised
£
—
(5,835)
(5,835)		 At 30
June 2022
£
8,162,000
109,797
8,271,797
Retirement fund
Property maintenance fund		 8,162,000
115,632
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 Sisters of St Joseph of Peace CIO 45

Notes to the accounts 30 June 2023

15 Designated funds (continued)

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.

16 Analysis of net assets by fund

General
funds
£		 Designated
funds
£		 Tangible
fixed
assets
fund
£		 Restricted
funds
£		 Total
£
Balances at 30 June
2023 are represented
by:
Tangible fixed assets
Investments
Net current assets		 —
3,530,338
325,796		 —
8,644,098
—		 3,265,022
—
—		 —
—
100		 3,265,022
12,174,436
325,896
3,856,134 8,644,098 3,265,022 100 15,765,354
General
funds
£		 Designated
funds
£		 Tangible
fixed
assets
fund
£		 Restricted
funds
£		 Total
£
Balances at 30 June
2022 are represented
by:
Tangible fixed assets
Investments
Net current assets		 —
4,627,757
181,070		 —
8,271,797
—		 3,267,060
—
—		 —
—
100		 3,267,060
12,899,554
181,170
4,808,827 8,271,797 3,267,060 100 16,347,784

The total unrealised gains as at 30 June 2023 constitute movements on revaluations and are as follows:

2023
£		 2022
£
Unrealised gains included above:
On listed investments
Reconciliation of movements in unrealised gains
Unrealised gains at 1 July 2022
Net gains (losses) arising on revaluation in the period
On disposals on investments
Total unrealisedgains at 30 June 2023		 1,387,295 1,413,644
1,413,644
79,142
**(105,491) **		 2,803,450
(1,264,142)
(125,664)
1,387,295 1,413,644

The Sisters of St Joseph of Peace CIO 46

Notes to the accounts 30 June 2023

17 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.

18 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.

19 Related party transactions (including transactions with trustees)

As members of the Congregation, none of the trustees have resources of their own. All earnings, pensions and other income of those trustees resident in the Unted Kingdom have been donated to the charity under a Gift Aid compliant Deed of Covenant. During the period, the total amount donated by these trustees to the charity was £89,488 (2022: £86,321).

During the year, contributions amounting to £177,400 (2022: £138,647) 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; Sister Teresa Donohue, who is a trustee of the charity, is also a member of the Congregation’s Finance Committee.

There were no other related party transactions requiring disclosure (2022: none).

20 Lease commitments

At 30 June 2023, the charity had total future commitments under non-cancellable operating leases in respect to land and buildings as follows:

2023
£		 2022
£
Amounts due within one year
Amounts due between two and five years inclusive		 19,000
1,500		 17,400
1,450
20,500 18,850

The Sisters of St Joseph of Peace CIO 47