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← Sisters Of The Sacred Heart Of Saint Jacut

2023-12-31-accounts

Sisters of the Sacred Heart of Saint Jacut

Annual Report and Accounts

31 December 2023

Charity Registration Number 1175076

Contents

Reports

Reports
Reference and administrative details
of the charity, its trustees and advisers 1
Trustees’ report 2
Independent auditor’s report 14
Accounts
Statement of financial activities 19
Balance sheet 20
Statement of cash flows 21
Principal accounting policies 22
Notes to the accounts 26

Sisters of the Sacred Heart of Saint Jacut

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

Trustees Sister Yvonne Pilarski
Sister Edith Cochard
Brother James Boner
Father Lijo Jose Payikkattu (appointed 8 June
2023)
District Leader/General Councillor Sister Yvonne Pilarski
Delegate for the District of Great Britain
District Bursar Sister Yvonne Pilarski
Principal address Flat 4, Alisa Lodge
4 Oakleigh Park South
Whetstone
London
N20 9JU
Charity registration number 1175076
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Principal bankers National Westminster Bank plc
Argyll House
250 Regent Street
London
W1B 3BN
Investment managers Rathbones Investment Management Limited
30 Gresham Street
London
EC2V 7QN
CCLA Investment Management Limited
1 Angel Lane
London
EC4R 3AB
Solicitors Stone King LLP
Boundary House
91 Charterhouse Street
Barbican
London
EC1M 6HR7

Sisters of the Sacred Heart of Saint Jacut CIO

1

Trustees' report 31 December 2023

The trustees present their report and the accounts of the Sisters of the Sacred Heart of Saint Jacut (the charity or the CIO) for the year ended 31 December 2023.

The accounts have been prepared in accordance with the accounting policies set out on pages 22 to 25 of the attached accounts and comply with the charity’s constitution, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Introduction

The Order of the Sisters of the Sacred Heart of St Jacut (the Congregation) is an international Roman Catholic religious congregation numbering 347 sisters in different areas of the world. It is divided into seven Entities – France, USA , Canada , Great Britain, Cameroon, Madagascar, Papua New Guinea – and is governed by the Superior General and her Council who are resident in Paris.

The accounts accompanying this report are the accounts of the charity through which the activities and net assets of the Congregation in England are administered.

The Mother House of the Sisters of the Sacred Heart, in Saint Jacut les Pins,

The mission of the Congregation

The mission of the Congregation is clearly stated in the Constitution:

“To make known to all, particularly the poor, the tenderness and merciful love of the Father revealed in Jesus.” (Const.No.4)

Since the Congregation’s foundation in France in 1816, this mission has found expression in education and through social and pastoral care especially in respect of the most deprived.

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Trustees' report 31 December 2023

The mission of the Congregation (continued)

The same would characterise the work in England from the very early days (1903 and ff.). In time, the foundation of schools (two of which are still flourishing) and the work of education at all levels were the predominant expression of the same missionary spirit, with the additional focus of pastoral care in both religious and secular contexts.

Activities and objectives – the present situation

Care of the members

Age profile – 31 December 2023:

----- Start of picture text -----
Age Group Age Group Age Group
<70 71 – 80 Over 80
0 2 3
----- End of picture text -----

Nazareth House, Finchley

St Martin’s, Nazareth House, Finchley

Three sisters live in a wing at Nazareth House Care Home in Finchley. They have their own entrance and live independently, while benefiting from the security of the care home. Their midday meal is provided, and they handle breakfast and supper themselves. The sisters also benefit from the spiritual services offered at Nazareth House, including daily mass, rosary, and adoration of the Blessed Sacrament.

During 2023, two of the sisters experienced quite severe health issues. Thankfully they were resolved towards the end of the year. All three continue to live out their mission as Sisters of the Sacred Heart of Jesus with great love and devotion, despite their age and ongoing health challenges. The words of our Constitutions No 58:

‘Whether we exercise an activity or whether we live the limitations of age or sickness, the gift of our life expresses the same ever-present concern.

remain of great importance to the Sisters. In small ways, they try to be faithful to the charism of the Congregation and to show tenderness and merciful love to all those whom they meet.

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Trustees' report 31 December 2023

Activities and objectives – the present situation (continued)

St Martin’s, Nazareth House, Finchley (continued)

They are more than willing to visit all residents in Nazareth House but they make a special effort to visit those who are lonely and isolated, lacking family or friends. They spend time listening to them or simply offering their presence as a source of comfort and solace.

One sister serves as the sacristan, a role crucial to the Care Home Community. She takes care of the sacred altar vessels and linen, ensuring everything is clean and prepared for mass each morning, including the correct readings and liturgical colours. The Superior of the Nazareth House Community acknowledges the invaluable assistance of this sister, highlighting that her service is integral to the liturgical life of the care home and deeply appreciated by residents and priests alike.

Given their health limitations, the sisters increasingly engage in a ministry of prayer, praying for the residents of Nazareth House and for global issues, particularly those related to the suffering caused by war. They also maintain connections with their former parish of Whetstone, receiving many requests for prayers or simply a listening ear.

One sister, due to personal reasons, lived in an apartment approximately 3.5 miles from the St. Martin community. Her mission was greatly constrained by her age and health problems. For a long time, she cared for her own sister who was seriously ill, providing assistance with shopping and meal preparation every weekend. When her sister passed away, she became too ill to care for herself and moved to Nazareth House in January 2023, passing away in October of the same year.

Another sister resides in a nursing home in St. Albans, which is non-denominational. She continues her mission as an ambassador for the residents, conveying any concerns they have to the management. Additionally, she organizes a weekly prayer service with the help of a local Methodist minister, creating a joyful atmosphere with prayers and hymns that residents of all faiths or none attend. She also spends time with those who are dying, offering companionship and prayer, regardless of their religious affiliation, bringing comfort in their final moments.

Sister also endeavours to spend time with those who are in the final stages of life. If they are feeling fearful and isolated, she sits by their side, offering companionship and sometimes even praying the rosary with them, irrespective of their religious beliefs. The simple act of reciting these prayers often brings immense comfort to those nearing the end of their journey.

Working with other organisations

In addition to the above, the members of the District continue their association with and their support for:

Sisters of the Sacred Heart of Saint Jacut CIO

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Trustees' report 31 December 2023

Activities and objectives – the present situation (continued)

Overseas Mission Support

The charity is willing and eager to support the mission of the Congregation by providing financial assistance to various projects in the Southern Entities, particularly in Cameroon and Madagascar. The Cameroon Entity currently has several projects underway, necessitating funding. The Trustees are awaiting a formal request from both the Regional Superior of Cameroon and the Superior General. Additionally, they anticipate receiving a comprehensive plan outlining a suitable project along with cost estimates for the required work.

Associates

Regrettably, the sisters have experienced a decline due to health issues and aging affecting the contact they have with the Associates. Despite this, one sister residing in Nazareth House maintains communication through letters and phone calls, especially at Christmas and at Easter. Some of the Associates still visit the Sisters at Nazareth House. The Associates keep in touch by telephone and often express their anxieties and rely on the prayers of the Sisters for support.

Financial review for the year

Results for the year

A summary of the year’s results is set out on page 19 of the attached accounts.

During the year to 31 December 2023, income was £221,949 (2022 – £204,250). The principal components of income were donations (including pensions receivable from members of the Congregation under Gift Aid compliant Deeds of Covenant) and investment income and interest receivable.

During the year the charity incurred expenditure of £254,253 (2022 – £253,746). Expenditure on maintaining the members of the Congregation and enabling them to carry out their charitable work was £217,712 (2022 – £204,444). Donations paid during the year amounted to £21,970 (2022 – £29,785). Further details of donations are given in note 4 to the attached accounts. Investment management fees for the period were £14,571 (2022 – £19,517).

Net expenditure for the year before investment gains was £32,304 (2022 – £49,496). Net investment gains for the year totalled £190,808 (2022 – losses of £510,854) and resulted in a net movement of funds of £158,504 (2022 – a negative net movement of funds of £560,350).

Financial position and reserves policy

The balance sheet shows total funds of £5,693,472 at 31 December 2023 (2022 – £5,534,968).

Of this £815,465 (2022 – £789,687) represents the net book value of the charity’s tangible fixed assets and an equivalent amount has been designated as a tangible fixed assets fund in recognition of the fact that the assets are required for the charity’s operations and are not available as a reserve to fund activities or meet future contingencies.

Sisters of the Sacred Heart of Saint Jacut CIO

5

Trustees' report 31 December 2023

Financial review for the year (continued)

Financial position and reserves policy (continued)

Amounts totalling £3,900,000 (2022 – £4,050,000) are designated for the purposes explained in note 14 to the accounts.

Funds which are available as free reserves i.e. those unrestricted funds not designated for specific purposes or otherwise committed, are shown on the balance sheet as general funds and amount to £978,007 (2022 – £695,281).

It is the trustees’ aim to ensure that sufficient funds are generated to be able to provide a proper level of care for sisters of all ages as they need it. The charity is reliant on investment income necessary to meet both current and future requirements. To this end, regular meetings are held to ensure that sufficient funds are generated from the investment portfolio and changes are made to the portfolio as appropriate.

The trustees consider that, given the nature of the charity’s work, the level of free reserves should be sufficient to generate enough income to cover approximately three year’s ongoing expenditure and to provide for contingencies, unevenness in future income and volatility in the value of investments.

At the date of the balance sheet, the actual free reserves are consistent with the charity’s reserves policy set out above.

Investment policy and performance

The charity’s investments are managed by Rathbones Investment Management Limited and CCLA Investment Management Limited. There are no restrictions on the charity’s power to invest. The investment strategy set by the trustees takes into account income requirements, the risk profile and the investment manager’s view of the market prospects in the medium term. The sisters take particular note of the prudent advice of the charity’s investment manager.

The policy adopted by the charity is to maximise total return through a diversified portfolio whilst providing a level of income advised from time to time by the trustees. There is also an Ethical Policy precluding investment in any company which, after reasonable enquiry, clearly has significant profits from an activity which is contrary to the objectives of the Catholic Church.

The investment policy is generally risk averse with the objective of producing total return through growth in capital and income. The risk profile of the investments will be low/medium and, in order to satisfy the requirements, investments normally comprise of leading UK Government securities, UK leading companies, unit and investment trusts (including those investing in major international markets), and in fixed interest securities which merit an international rating of single A or better.

The performance of the portfolio and the charity’s investment strategy have been reviewed by the trustees who have met regularly with the investment managers.

Sisters of the Sacred Heart of Saint Jacut CIO

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Trustees' report 31 December 2023

Financial review for the year (continued)

Investment policy and performance (continued)

The policy of the charity is to achieve a combination of income and capital growth within acceptable levels of risk. The trustees of the charity continue to take a long term view and believe the investment policy continues to be appropriate.

During 2020 the charity invested £230,000 in the COIF Charities Deposit Fund- in order to fund special projects of the Congregation. The deposit fund is held as a short-term investment included within current assets in the balance sheet. £50,000 of these funds were used in 2021 to support a project in Madagascar. The fund has a remaining balance of £169,762 (2022 – £180,000), following a withdrawal to support the charity’s annual contribution to its generalate. These funds will be replenished following the sale of one of the charity’s properties following the year end.

The charity’s two portfolios of investments had a market value at 31 December 2023 of £4,675,129 (2022 – £4,509,953) including cash available for reinvestment of £14,369 (2022 – £52,782). Excluding the cash available for reinvestment, £3,614,953 was managed by Rathbone Investment Management Limited and £1,045,807 was invested in the COIF Charities Ethical Investment Fund managed by CCLA Investment Management Limited.

During the year, the charity’s investments achieved an income yield of 2.15% and a capital yield of 3.98%. The performance of the portfolio reflected investment markets generally throughout the period. The investment managers continued to invest in accordance with the trustees’ investment policy set out above. Further details of the investment portfolio are detailed in note 10 to the attached accounts.

Future plans

The objectives of the trustees of the charity now include:

Sisters of the Sacred Heart of Saint Jacut CIO 7

Trustees' report 31 December 2023

Governance, structure and management

Governance

In terms of Canon law, the Congregation is governed at an international level by the Superior General and her Council in Paris. These officials are elected every six years at a General Chapter, the most recent of which was in August 2019. The Superior General visits each area of the Congregation, including the district of Great Britain, at least once in her six-year mandate.

The District of Great Britain comprised five sisters (including Sister Yvonne) as at 31 December 2023. Although Sister Yvonne is the General Councillor Delegate, she is also a member of the Generalate community in Paris. She spends her time between Paris and London in order to offer care and support for the group of elderly Sisters in London. These sisters are from different countries, which give the district an element of internationality.

The District is governed by the General Councillor Delegate. Her mandate is for six years. Given the situation and following the death of one of the Sisters, Sister Yvonne spends much more time in London, and travels to Paris for the General Council meetings. She lives in one of the flats in Whetstone. She accompanies the Sisters to their various hospital appointments and is available to the Sisters at all times.

In terms of Civil law, the charity is governed by the new constitution which was adopted on the 8 September 2022. and is a Charitable Incorporated Organisation, Charity Registration number 1175076. The trustees are presently the General Councillor Delegate, the General Bursar, a Religious from another Congregation and a Priest. As all trustees are either members of the Congregation or have a historic connection to the Congregation, they have a detailed knowledge of the work of the charity and of its structures. On being appointed, new trustees are required to spend some time with those leaving office, to receive a briefing on their responsibilities and the current position of the charity. They also meet with the Congregation's legal, accounting, investment and property advisers during the course of a day to obtain a full briefing of their responsibilities and the charity's position. On-going inservice training takes place during the mandate.

Trustees

The charity’s constitution states that there must be at least three trustees. There is no maximum number of trustees. Trustees are appointed for a term of six years by a resolution passed by the charity trustees.

In selecting new individuals for appointment as trustees, the existing charity trustees have regard to the skills, knowledge and experience needed for the effective administration of the charity.

The names of the trustees who served during the year are set out as part of the reference and administrative details on page 1 of this Annual Report and Accounts.

Sisters of the Sacred Heart of Saint Jacut CIO

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Trustees' report 31 December 2023

Governance, structure and management (continued)

Trustees (continued)

Brief biographical details of the trustees are as follows:

Sister Yvonne Pilarski

A qualified teacher with a degree in French and German, Sister Yvonne worked in education for 20 years, holding various posts of responsibility including School Chaplain and Head of Department of Religious Studies until her retirement in 2013.

In January 2018 Sister Yvonne was asked to take over the leadership of the District of Great Britain and she was also asked to be District Bursar from January 2019. In August 2019 Sister Yvonne was elected as a General Councillor for the Congregation and in September 2019 was named as General Councillor Delegate for the District of Great Britain.

Sister Edith Cochard

Sister Edith worked in France for many years as a primary school teacher. In 1995 she was asked to go to Papua New Guinea as a formation director. In 2014 she was named General Bursar for the Congregation and now resides in Paris.

Brother James Boner

Brother James is a Capuchin Friar. For many years he was chairman of the Association of Provincial Bursars and the General Secretary of the Conference of Religious in England and Wales. He holds a number of positions as a trustee and ethics advisor. At present he is Provincial Minister for the Capuchin Franciscans in Great Britain and a special envoy for the Capuchin's General Minister in Rome.

Father Lijo Jose Payikkattu (appointed 8 June 2023)

Father Lijo Jose is from Kerala in southern India and a member of the Congregation of the Missionaries of St Francis de Sales. After his ordination, he was engaged in different kinds of pastoral ministry in India and also taught in schools belonging to his Congregation.

In 2017 Father Lijo Jose was sent to work in the English Province of the Missionaries of St Francis de Sales. He was assistant priest in the St Barnabas Cluster of Parishes in Milton Keynes, in the Diocese of Northampton, for two years and since 2019 he has been parish priest of St Teresa’s, Princes Risborough, also in the diocese of Northampton.

Structure and management reporting

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet regularly to review all aspects regarding the charity and its activities, to plan and make relevant decisions for the future. When necessary, the trustees seek advice and support from the charity’s professional advisers, including property consultants, investment managers, solicitors and accountants. The day to day management of the charity’s activities and the implementation of policies are delegated to the appropriate members of the Congregation.

Sisters of the Sacred Heart of Saint Jacut CIO 9

Trustees' report 31 December 2023

Governance, structure and management (continued)

Structure and management reporting (continued)

The District is governed by the General Councillor Delegate. Her mandate is for six years. Sr Yvonne visits the sisters regularly and keeps in touch with them by means of phone calls and emails. She frequently consults the sisters of the District on all aspects of their lives, especially the problems and difficulties due to aging and failing health. and discusses with them different aspects of their mission.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and 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 period 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 the accounts the trustees are required to:

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the provisions of the 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.

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.

Two of the trustees are members of the Congregation, but only one is a member of the District. Her living and personal expenses are borne by the charity. The Trustees receive neither remuneration nor reimbursement of expenses in connection with their duties as trustees or key management personnel.

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Trustees' report 31 December 2023

Governance, structure and management (continued)

Liability of the members

If the charity is wound up, the members of the charity, who are also the trustees of the charity, have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

Policy on receipt of donations and legacies

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. It protects donors’ data and never sells data, it never swaps data and ensures that communication preference can be changed at any time. The charity does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its approach to those who give it money and to learn from them. During the year, the charity received no such complaints.

Risk management

In line with the requirement for trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks the Congregation and the charity currently face and have reviewed the measures already in place to deal with them.

The areas identified for particular attention within our risk management strategy are:

Governance and management: looks at the risk of the Congregation, and hence the charity, of the skills and training of its members, and the good use of its resources.

An analysis of the age profile of the sisters shows that the average age at 31 December 2023 was 82 years. The trustees are aware that there is both a moral and legal obligation to care for the sisters. None of the sisters have resources of their own as all earnings, pensions and any other income have been donated to the charity under a Gift Aid compliant Deed of Covenant.

As the age profile increases, so too does the need to provide care for the sisters. Key elements of the management of this risk are: a) ensuring that the charity has the available financial resources to finance this care both now and in the future by setting aside assets in a designated fund, the value of which has been based on actuarial principles; and b) ensuring that processes are in place to review the ministries and needs of individual sisters -identifying those who need extra care and help.

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Trustees' report 31 December 2023

Governance, structure and management (continued)

Risk management (continued)

Operational: looks at the risks inherent in the activities of the charity.

The trustees recognise the absolute necessity of ensuring the protection and safety of all whom the charity serve. This means that all sisters who are in any kind of ministry have obtained clearance from the Disclosure and Barring Service (DBS). The trustees are committed to implementing all policies and procedures of the Catholic Safeguarding Standards Agency (CSSA) and the Religious Life Safeguarding Service (RLSS).

The activities of the charity do not involve work with children but they do involve work with adults who may need help at particularly vulnerable moments in life.

Financial: looks at risks including those arising as a result of poor budgetary control, poor accounting and poor management of the investment portfolio.

The charity's principal asset comprises listed investments, the value of which is dependent on movements in UK and world stock markets. The investments are managed by reputable investment managers who adhere to a policy agreed by the trustees. The trustees meet with the investment managers regularly and the manager's 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. Given the current macroeconomic and geopolitical environment, the trustees continue to communicate with the charity’s investment managers and, whilst there are concerns over the volatility in world stock markets, they acknowledge also that the charity is a long-term investor. As such, the charity will be able to wait for markets to stabilise over time whilst the trustees keep a watching brief.

Reputational: looks at possible damage to the Congregation’s and hence the reputation of the charity.

Laws, regulations, external and environment: looks at the effect of government policies and the consequences of non-compliance with laws and regulations in so far as they are applicable to the Congregation’s activities.

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, they have established effective systems to mitigate those risks.

The trustees are united in their concern for the overall health and wellbeing of each of the members of the District. They are equally concerned that the members be supported and encouraged to live to the full the Mission of the Congregation to which each one has professed.

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Y. Pilarski

Independent auditor’s report 31 December 2023

Independent auditor’s report to the trustees of the Sisters of the Sacred Heart of Saint Jacut

Opinion

We have audited the accounts of the Sisters of the Sacred Heart of Saint Jacut (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and 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 other information comprises the information included in the annual report, including the trustees’ report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

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Independent auditor’s report 31 December 2023

Other information (continued)

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 course of 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 this gives rise to a material misstatement in the accounts themselves. 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

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 10, 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

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

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Independent auditor’s report 31 December 2023

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

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

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

How the audit was considered capable of detecting irregularities including fraud

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

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:

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Independent auditor’s report 31 December 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 Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.

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Independent auditor’s report 31 December 2023

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 21 Ocotber 2024

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

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18

Statement of financial activities Year to 31 December 2023

Notes 2023
£		 2022
£
Income from:
Donations
1
Investments and interest receivable
2
Other sources
Surplus on disposal of tangible fixed assets
. Miscellaneous income
Total income
Expenditure on:
Raising funds
. Investment management fees
Charitable activities
. Support of members of the Congregation and their ministry
3
. Charitable donations
4
Total expenditure
Net expenditure for the year before net investment
gains (losses)
6
Net investment gains (losses)
10
Net movement in funds
Reconciliation of funds:
Funds brought forward at 1 January 2023
Funds carried forward at 31 December 2023
108,156

105,793
8,000
—		 122,042
79,176
—
3,032
221,949 204,250
14,571

217,712

21,970		 19,517
204,444
29,785
254,253 253,746

(32,304)

190,808		 (49,496)
(510,854)
158,504
5,534,968		 (560,350)
6,095,318
5,693,472 5,534,968

All income and expenditure of the charity for the year to 31 December 2023 is in respect to unrestricted funds.

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

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

Sisters of the Sacred Heart of Saint Jacut CIO 19

Notes 2023

E		 2023t 2022t 2022
E
Fixedassets
Tangible assets 9 815,465 789,687
lnvestments 10 4,675,129 4,509,953
5,490,594 5,299,640
Current assets
Debtors 11 15,74',1 57,315
Current asset investments 169,762 181,825
Shortterm deposits 37,3M 41.443
Cashatbank and inhand 43,657 49,387
266,504 329,970
Creditors:amounts fallingdue
within one year		 12 (63,626) (94,642)
Netcurrent assets 202,878 235,328
Totalnetassets 5,693,472 5,534,968
Thefundsof thecharity
Unrestricted funds
.General funds 978,007 695,281
.Tangible fixed assets fund 13 815,465 789,687
.Designated fund
..Retirement reserve fund 14 2,700,000 2,850,000
..Financing and Congregational fund 14 1,200,000 1,200,000
5,693,472 5,534,968

Statement of cash flows Year to 31 December 2023

Notes
2023
£		 2022
£
Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities:
Investment income and interest received
Proceeds from the disposal of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from the disposal of investments
Additions to (withdrawals from) current asset investments
Investments in (withdrawals from) short term deposits
Purchase of fixed asset investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January 2023
B
Cash and cash equivalents at 31 December 2023
B		 (126,478) (129,547)
104,327
8,000
(33,373)
436,954
12,063
4,099
(449,735)
79,542

1,917

(1,650)

670,706

(1,757)

(24,237)
(556,033)
82,335
168,488
(44,143)
102,169
38,941

63,228
58,026
102,169

Notes to the statement of cash flows for the year to 31 December 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
Investment income and interest receivable
Surplus on disposal of tangible fixed assets
(Decrease (increase) in debtors
(Decrease) Increase in creditors
Net cash used in operating activities		 158,504
7,595
(190,808)
(105,793)
(8,000)
43,040
(31,016)		 (560,350)
1,180
510,854
(79,176)
—
(37,031)
34,976
(126,478) (129,547)

B Cash and cash equivalents

Cash and cash equivalents
As at 31
December
2022
£		 Cash flows
£		 As at 31
December
2023
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 49,387
52,782		 (5,730)
(38,413)		 43,657
14,369
102,169 (44,143) 58,026

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).

Sisters of the Sacred Heart of Saint Jacut CIO 21

Principal accounting policies 31 December 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 ended 31 December 2023 with comparative information given in respect to the year to 31 December 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 such 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 will continue to keep both income and expenditure under review. Undoubtedly there will be challenges ahead but the trustees do not expect material concerns to arise over the charity’s financial position or going concern. The trustees have concluded that the charity will have sufficient resources to meet its liabilities as they fall due.

Sisters of the Sacred Heart of Saint Jacut CIO 22

Principal accounting policies 31 December 2023

Income recognition

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

Income comprises donations, investment income, bank interest receivable, the surplus on disposal of tangible fixed assets and other 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.

Investment income is recognised once the dividend has been declared and notification has been received of the dividend due. 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.

The surplus on the disposal of tangible fixed assets is calculated as the difference between disposal proceeds and the net book value of the asset immediately prior to disposal. The disposal is accounted for at the date of legal completion.

All other income is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be measured reliably. It is measured at fair value and accounted for on an accruals basis.

Expenditure recognition

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

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

Sisters of the Sacred Heart of Saint Jacut CIO 23

Principal accounting policies 31 December 2023

Expenditure recognition (continued)

Charitable donations are made where the trustees consider there is real need following a review of the details of each particular case. Donations are included in the statement of financial activities when approved for payment. Provision is made for donations approved but unpaid at the period end.

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of 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 personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

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 attributed directly to the charitable activities of supporting members of the Congregation as any governance costs in relation to the provision of donations and grants is considered to be negligible.

Tangible fixed assets

All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised.

Land and buildings are those designed as, and used wholly or mainly for, private residential accommodation. They are stated at cost. Such buildings are not depreciated. Their value and condition are reviewed annually by the trustees, who are satisfied that their residual value is not materially less than their book value. Disposals and additions to land and buildings are accounted for on legal completion of the relevant transaction.

Expenditure in relation to major improvements to the buildings is capitalised and depreciated over a ten year period on a straight line basis.

Fixed asset 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.

Sisters of the Sacred Heart of Saint Jacut CIO 24

Principal accounting policies 31 December 2023

Fixed asset investments (continued)

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

Debtors

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

Cash at bank and in hand

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

Current asset investments

Current asset investments represent such accounts and instruments that are available on demand and are held in deposit funds administered by institutions other than those designated as banks.

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.

Fund structure

The funds of the charity comprise unrestricted funds available for use in furtherance of the charity’s objectives at the discretion of the trustees. Within the total unrestricted funds are amounts representing tangible fixed assets and amounts which the trustees have designated for specific purposes. Details of these are provided in notes 13 and 14 respectively.

Services provided by members

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

Sisters of the Sacred Heart of Saint Jacut CIO 25

Notes to the accounts 31 December 2023

1 Income from: donations

Income from: donations
2023
£		 2022
£
Salaries and pensions of individual religious received under deed of
covenant and gift aid
Legacies receivable
Other donations		 108,156
—
—		 115,052
6,329
661
108,156 122,042
Income from: investments and interest receivable 2023
£		 2022
£
Income from listed investments
. UK fixed interest bonds
. Overseas fixed bonds
. UK equities
. Overseas equities
. Alternatives and property
Interest received
. Current asset investments - interest
. Bank interest
. Cash held by investment managers		 21,283
14,779
16,002
27,741
15,993		 12,292
12,504
18,460
18,444
10,325
95,798
8,736
450
809		 72,025
1,757
90
5,304
105,793 79,176

2 Income from: investments and interest receivable

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

2023
£		 2022
£
Premises
Sisters' living and personal expenses
Nursing care and medical costs
Sisters’ accommodation and related costs
Education, training and spiritual renewal
Support costs
. Legal and professional fees
. Miscellaneous support costs
. Governance costs (note 5)		 26,271
41,244
76,673
37,258
1,430
13,711
1,769
19,356		 26,239
48,961
62,828
39,291
749
6,543
1,551
18,282
217,712 204,444

Sisters of the Sacred Heart of Saint Jacut CIO 26

Notes to the accounts 31 December 2023

4 Expenditure on: charitable donations

Donations during the year comprised:

2023
£		 2022
£
Contributions to the Congregation’s Generalate
. support of overseas missions
. support of the work of the Generalate
Other sundry donations		 2,370
19,452
148		 —
29,250
535
21,970 29,785

At 31 December 2020, the trustees had agreed in principle to donate £230,000 to the Generalate of the Congregation but final confirmation of this was subject to the Generalate providing details of projects that were acceptable to the trustees. A donation of £50,000 was made in the year to 31 December 2021. No further donations have been made and at 31 December 2023 £180,000 remains to be donated. No provision has been recognised in these accounts in relation to this amount but it is included within the amount designated as part of the Financing and Congregational Fund (see note 14).

5 Governance costs

Governance costs
2023
£		 2022
£
Legal andprofessional fees 19,356 18,282

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

2023
£		 2022
£
Auditor’s remuneration
. Statutory audit services:
.. Current year
.. Previous year
. Other services: advisory services
.. Current year
.. Previous year
Depreciation		 15,900
2,074
3,240
2,970
7,595		 13,800
(480)
—
—
1,180

7 Staff costs and key management personnel

The charity did not employ staff during the year and therefore there were no employees who earned more than £60,000 during the year. The trustees consider that they comprise the key management of the charity in charge of directing, controlling, running and operating the charity on a day-to-day basis.

8 Taxation

The Sisters of the Sacred Heart of St Jacut is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

Sisters of the Sacred Heart of Saint Jacut CIO

27

Notes to the accounts 31 December 2023

9 Tangible fixed assets

Tangible fixed assets
Land and
buildings
£		 Furniture
and
equipment
£		 Motor
vehicles
£		 Total
£
Cost
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
Disposals
At 31 December 2023
Net book values
At 31 December 2023
At 31 December 2022		 784,183
—
—		 7,857
—
—		 12,404
33,373
(12,404)		 804,444
33,373
(12,404)
784,183 7,857 33,373 825,413
—
—
—		 2,353
920
—		 12,404
6,675
(12,404)		 14,757
7,595
(12,404)
— 3,273 6,675 9,948
784,183 4,584 26,698 815,465
784,183 5,504 — 789,687

Land and buildings included two properties held on long leases originally of 125 years, both of which commenced on 25 March 2014. The net book value of these properties at 31 December 2023 was £784,183 (2022 - £784,183). All other land and buildings are freehold.

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

As permitted under Financial Reporting Standard 102, the charity continues to adopt a policy of not revaluing its tangible fixed assets.

10 Investments

Investments
2023
£
4,457,171
449,735
(423,455)
177,309
4,660,760
14,369
4,675,129
3,934,899		 2022
£
5,082,698
556,033
(696,683)
(484,877)
4,457,171
52,782
4,509,953
3,768,446
Listed investments
Market value at 1 January 2023
Additions at cost
Disposals at book value (see below)
Net unrealised investment gains (losses)
Market value at 31 December 2023
Cash held by investment managers for re-investment
Cost of listed investments at 31 December 2023

Sisters of the Sacred Heart of Saint Jacut CIO 28

Notes to the accounts 31 December 2023

10 Investments (continued)

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

2023
£		 2022
£
Proceeds
Realised (gains) losses
Disposals at book value		 436,954
(13,499)		 670,706
25,977
423,455 696,683

Listed investments held at 31 December 2023 comprised the following:

2023
£		 2022
£
UK Common investment funds
UK fixed interest bonds
Overseas fixed bonds
UK equities
Overseas equities
Alternatives and property		 1,045,807
499,092
480,497
310,139
1,588,585
736,640		 922,743
520,717
441,898
578,159
1,378,190
615,464
4,660,760 4,457,171

All listed investments were dealt in on a recognised stock exchange.

Listed investments included the following holdings deemed material when compared with the overall portfolio valuation:

Holding 2023 2023 2022 2022
Market
value of
holding
£		 Percentage
of
portfolio
%		 Market
value of
holding
£		 Percentage
of
portfolio
%
CCLA COIF Ethical Investment Fund 1,045,807 22.44%
922,743		 20.70%

11 Debtors

Debtors
2023
£		 2022
£
Investment income receivable
Prepayments
Refund of nursing homes fees
Other debtors		 5,387
10,354
—
—		 3,921
9,480
43,469
445
15,741 57,315

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2023
£		 2022
£
Expense creditors
Amounts held on behalf of individual sisters
Donations payable
Accruals		 1,214
35,262
—
27,150		 751
35,262
29,250
29,379
63,626 94,642

Sisters of the Sacred Heart of Saint Jacut CIO 29

Notes to the accounts 31 December 2023

13 Tangible fixed assets fund

Tangible fixed assets fund
2023
£		 2022
£
At 1 January 2023
Net movements in the year
At 31 December 2023		 789,687
25,778		 789,217
470
815,465 789,687

The tangible fixed assets fund represents the net book value of the charity’s freehold properties and other tangible assets. A decision was made to separate this fund from the general funds of the charity in recognition of the fact that the tangible fixed assets were 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.

14 Designated funds

The income funds of the charity include the following funds designated by the trustees:

Retirement reserve fund

The retirement reserves fund consists of monies set aside by trustees in order to provide for the sisters in the future. The calculations of the fund are based on actuarial methods taking into account of the increasing costs of specialised care required as the sisters grow older.

2023
£		 2022
£
At 1 January 2023
(Released) designated during the year
At 31 December 2023		 2,850,000
(150,000)		 3,144,000
(294,000)
2,700,000 2,850,000

Financing and Congregational fund

The Financing and Congregational fund has been established to finance future grants and donations. The trustees are yet to formalise their plans for the future and need to carry out further work on deciding how these funds are to be applied.

2023
£		 2022
£
At 1 January 2023
Utilised during the year
Designated during the year
At 31 December 2023		 1,200,000
—
—		 1,200,000
—
—
1,200,000 1,200,000

As discussed in note 4, as at 31 December 2020 the charity committed to fund overseas projects of the Generalate to a value of £230,000. £50,000 was utilised during the year 31 December 2021. No further utilisation has been made to 31 December 2023. No provision is recognised in the accounts in relation to the balance of this commitment as the Generalate has not formalised the details of further projects to date. The amount set aside for this purpose has been deposited with CCLA Investment Management Limited and is classified as a current asset investment in these accounts.

Sisters of the Sacred Heart of Saint Jacut CIO 30

Notes to the accounts 31 December 2023

15 Analysis of net assets between funds

The fund balances are represented by the following assets and liabilities.

General
fund
£		 Tangible
fixed assets
fund
£		 Designated
funds
£		 2023
Total
funds
£
Fund balances at 31 December 2023
are represented by:
Tangible fixed assets
Investments
Net current assets
Total net assets		 —
944,891
33,116		 815,465
—
—		 —
3,730,238
169,762		 815,465
4,675,129
202,878
978,007 815,465 3,900,000 5,693,472
General
fund
£		 Tangible
fixed assets
fund
£		 Designated
funds
£		 2022
Total
funds
£
Fund balances at 31 December 2022
are represented by:
Tangible fixed assets
Investments
Net current assets
Total net assets		 —
639,953
55,328		 789,687
—
—		 —
3,870,000
180,000		 789,687
4,509,953
235,328
695,281 789,687 4,050,000 5,534,968

The total unrealised gains as at 31 December 2023 constitute movements on revaluation of listed investments and were as follows:

listed investments and were as follows:
2023
£		 2022
£
Total unrealised gains on investments included above:
Reconciliation of movements in unrealised gains
Unrealised gains at 1 January 2023
In respect to disposals in year
Net (losses) gains arising on revaluation in the year
Unrealisedgains at 31 December 2023		 725,861 688,725
688,725
(140,173)
177,309		 1,306,059
(132,457)
(484,877)
725,861 688,725

16 Transactions with trustees and other related party transactions

Three of the charity’s trustees are members of the Congregation. Two of these were resident in England for part of the year and their living and personal expenses have been borne by the charity. No trustee received any remuneration or reimbursement of expenses in connection with their duties as trustees (2022 – £nil).

As members of the Congregation, three of the trustees have no resources of their own as all earnings, pensions and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant. During the year, the total amount donated by the trustees to the charity was £19,452 (2022 – £42,036).

Sisters of the Sacred Heart of Saint Jacut CIO 31

Notes to the accounts 31 December 2023

There were no other related party transactions during the year which require disclosure (year to 31 December 2022 – none).

17 Ultimate control and liability of the member

The charity, which is constituted as a CIO, was controlled throughout the period by the Congregation of the Sisters of the Sacred Heart of St Jacut, by virtue of the fact that the relevant superior of the Congregation appoints all of the trustees.

Sisters of the Sacred Heart of Saint Jacut CIO

32