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2023-12-31-accounts

Sisters of Charity of St Jeanne Antide CIO

Annual Report and Accounts

31 December 2023

Charity Registration Number 1177116

Contents

Reports

Reports Reports
Reference and administration details of the
charity, its trustees and advisers 1
Report of the trustees 3
Independent auditor’s report 12
Accounts
Statement of financial activities 17
Balance sheet 18
Statement of cash flows 19
Principal accounting policies 21
Notes to the accounts 27

Sisters of Charity of St Jeanne Antide CIO

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

Trustees Sister Philomena Ann Archer
Sister Yannick Berges
Sister Elizabeth Hannon
Sister Margaret Hunston
Sister Noelle Portal
Sister Christine Walczak
Bursar Sister Yannick Berges
Principal Address 6 Woodfield Road
London
W5 1SJ
Telephone 00393 401 913 641
E-mail jeanneantidew5@btinternet.com
Charity Registration Number 1177116
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers National Westminster Bank plc
1 The Mall
Ealing
London
W5 2PL
Solicitors Stone King LLP
Upper Borough Court
Upper Borough Walls
Bath
BA1 1RG
Gianni & Origoni
20 Via delle Quattro Fontane
00184
Rome

Sisters of Charity of St Jeanne Antide CIO 1

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

Investment managers Bank Julius Baer & Co Limited Lefebvre Court Lefebvre Street P.O. Box 87 St Peter Port Guernsey GY1 4BS Sarasin & Partners LLP 100 St Paul’s Churchyard London EC4M 8BU Gold Grain Capital Limited 1 Harewood Place, Floor 5 Mayfair London W1S 1BU Bank J. Safra Sarasin SA Via Marconi 2 Casella postale 5846 CH-6901 Lugano

Sisters of Charity of St Jeanne Antide CIO 2

Report of the trustees Year to 31 December 2023

The trustees present their report together with the accounts of the Sisters of Charity of St Jeanne Antide CIO (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 21 to 26 and comply with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The principles set out in 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) have been followed in the preparation of this report and accounts.

Introduction

The Sisters of Charity of St Jeanne Antide CIO is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission and governed by a constitution dated 12 February 2018.

The CIO was set up to continue the work of the Congregation of the Sisters of Saint Martha Charitable Trust, an unincorporated charity (Charity Registration number 233809) and The English Region of The Sisters of Charity of St Jeanne Antide, also an unincorporated charity (Charity Registration Number 246712).

Canonically, the Congregation of the Sisters of Saint Martha was a Roman Catholic religious order which comprised a small group of sisters in the United Kingdom. In April 2014 following the granting of permission by the Vatican, the congregation merged for Canonical purposes with another Roman Catholic Congregation, The Sisters of Charity of St Jeanne Antide, to form a new congregation referred to in the foregoing as “the Congregation”.

Further to the canonical merger in 2014, the merger of the two aforementioned charities was finalised within civil law – with effect from midnight on 31 December 2019, in accordance with a legal transfer of undertakings and a resolution of the trustees of the two respective charities, the activities, assets and liabilities of both charities were transferred (on a going concern basis) to the CIO.

Principal aims and objectives

The overarching objective of the CIO is the advancement of the Roman Catholic religion through the religious and other charitable work of the Congregation.

The aims of the charity are to support the religious and other charitable works carried out by the members of the Congregation, and to care for those members throughout their lives within the Congregation. The majority of the sisters are now retired from remunerative work, but even the oldest and the frailest continue to support the mission of the Congregation by their interest and their prayer.

In setting the charity’s objectives and planning its activities, the trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and to the supplementary guidance on the advancement of religion.

Sisters of Charity of St Jeanne Antide CIO 3

Report of the trustees Year to 31 December 2023

Activities, achievements and performance

Caring for members of the Congregation

On being accepted as members of the Congregation, the sisters commit themselves entirely to its life and work and, in return, the Congregation accepts the responsibility to care for them throughout their lives. The trustees are aware of their moral and legal obligations and are giving careful consideration to the health and care needs of the sisters given the age profile of the members. The sisters are assured that as far as possible they will be cared for within their own community house. The following graph provides an indication of the age profile of the sisters at the end of the period of report:

The trustees continue to ensure that each of the members receives the care she needs. This involves an on-going evaluation of the properties and facilities used by the members of the charity.

St. Martha’s Convent in Rottingdean was run as a retreat house by two of the sisters offering quiet breaks and private retreats until October 2022 when it was closed ahead of a major refurbishment programme in 2024. It is expected to re-open in 2025 and will be open for anyone of any faith who wishes to have a quiet time for peace and prayer.

Whilst the work is undertaken, the Sisters in community have moved to rented accommodation in the local area, maintaining their links to the Rottingdean parish.

In December 2023, the convent at Potters Bar was sold with one Sister moving to be welcomed into the Rottingdean community.

Vocational work

The trustees ensure the continued and considerable contribution the sisters make in the voluntary sector. So that a living dynamism is maintained through unremunerated work. This considerable outreach and are able to put their skills from their former professional life to work in places where there are gaps and needs left unmet.

Sisters of Charity of St Jeanne Antide CIO 4

Report of the trustees Year to 31 December 2023

Activities, achievements and performance (continued)

Mission and charitable donations

Overseas support

The trustees continue to financially support work overseas. The Congregation works in 30 countries, always in very poor and needy regions, especially in the developing world. Money transferred to the Congregation’s Mother House in Rome is being used in Asia, Central Africa (including provision of primary care and support of a hospital), Chad, Sudan, parts of South America and to fund a school in Naples. Priority is given to educational development and to emergencies, usually dire poverty and hunger.

Charitable Donations

The charity supports those in need both directly and through other charities. Details of the financial support given are set out in note 5 to the accounts. This included:

Financial review

Results for the year

A summary of the year’s results can be found on page 17 of this report and accounts.

Total income in the year was £762,792 (2022 – £818,307). Total income in 2023 includes investment income of £463,907 (2022 – £683,414), salaries and pensions from members of the Congregation of £70,995 (2022- £65,798) together with donations from other Provinces of the Congregation of £148,329 (2022 – £nil), guest house contributions of £nil (due to closure of the guest house for refurbishment) (2022 – £44,723) and sundry income of £289 (2022 – £1,718). In addition, income for the year ended 31 December 2023 includes a one off gain of £79,182 (2022 – £nil) on the sale of the freehold property in Potters Bar.

Total expenditure in the year was £933,171 (2022 – £775,139). Expenditure of £906,159 (2022 – £729,809) was incurred in caring for the sisters and enabling them to carry out their work. Grants and donations totalled £17,251(2022 – £23,786). There was also £9,761 (2022 – £21,544) incurred on the cost of managing the charity’s listed investments.

Sisters of Charity of St Jeanne Antide CIO 5

Report of the trustees Year to 31 December 2023

Financial Review (continued)

Results for the year (continued)

Net deficit for the year before investment gains amounted to £170,379 (2022 – net surplus of £43,168). Net investment gains of £2,858,696 (2022 – net investment losses of £2,992,923) arose on the revaluation and disposal of the charity’s investments, and the overall net movement in funds for the year, therefore, was an increase in funds of £2,688,317 (2022 – decrease in funds of £2,949,755).

Reserves policy and financial position

The balance sheet shows total reserves of £16,278,585 (2022 – £13,590,268).

£2,044,455 (2022 – £3,276,943) is represented by the tangible fixed assets of the charity held within unrestricted funds which are used for the support of the members and their ministry. A further £227,225 (2022 – £227,525) is represented by the programme related investment, again held within unrestricted funds, and used to support the CIO’s charitable work. A decision was made to separate both of these funds from the general funds in recognition of the fact that the tangible fixed assets and the programme related investment are required to support the CIO’s day-to-day charitable objectives and, therefore, cannot be realised easily if needed to meet future contingencies.

An additional £3,720,000 (2022 – £3,200,000) has been designated by the trustees to provide for the Sisters in their retirement. The value of the fund has been calculated using actuarial principles to provide for each of the Province’s Sisters. Given the increasing age profile of the Sisters and few new vocations this sum will provide only modest resources to look after the Sisters, many of who will need increasing support and increasingly expensive residential and nursing care.

Funds available to support the work of the members of the Congregation in the future are shown as general funds on the balance sheet and amount to £10,286,605 (2022 – £6,885,800).

As a recently registered charity with a new board, the trustees of the CIO are currently in the process of determining the most appropriate strategy for the charity to deliver on its charitable objectives, and also the level of financial reserves that will be necessary to help facilitate this. Therefore, the trustees are content with the level of free reserves which was held at 31 December 2023. In due course, once the strategy has been agreed, amounts held within general funds will be utilised or designated for the longer term as needed, and a formal policy on reserves will be determined.

Investment policy and performance

The charity’s listed investments are managed by Safra Sarasin Bank and Sarasin & Partners LLP, which operate within specific guidelines set and regularly reviewed by the trustees. At the beginning of the reporting period investments were manged by Julius Baer and Co Limited but the investment held here were transferred to Safra Sarasin Bank during the year. There were no legal restrictions on the charity’s power to invest. The trustees’ investment objective is to maximise total returns within acceptable levels of risk in order to meet the charity’s ongoing needs. In addition, the trustees have agreed that investments should never be made in organisations or products that would conflict with the objectives of the charity or of the Church.

Sisters of Charity of St Jeanne Antide CIO 6

Report of the trustees Year to 31 December 2023

Financial Review (continued)

Investment policy and performance (continued)

During the year ended 30 December 2023, net investment gains of £2,845,730 (2022 – net losses of £2,992,923) were generated on the revaluation and disposal of the charity’s listed investments. Investment income in the same period totalled £463,907 (2022 – £683,414).

Donations and grant making policy

The trustees each year make a choice of the charities or projects they feel are in keeping with the charitable objects of the charity. The usual criterion is to choose to collaborate with, or support, those projects where government and local funding does not exist or has ceased to exist.

Fundraising policy

The charity on occasions receives donations and voluntary income from the general public. It aims always to achieve best practice in the way in which it communicates with donors and other supporters. It applies best practice to protect data relating to donors and does not sell data. The charity manages its own activities in respect to raising funds and does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its activities for raising funds and to learn from them and improve its service. During the year, the charity received no formal complaints about its activities for raising funds.

Governance, structure and management

Governance

In terms of Canon Law, the Congregation is governed at an international level by the Superior General and her General Council in Rome. These sisters are elected every five years at a General Chapter. Each country has a delegation with a co-ordinator in charge but is directly responsible to the Regional Council in France which in turn responds to the General Council in Rome. Visits from the Superior General or a member of her Council are made every year to each house in England.

In terms of Civil Law, the charity is a Charitable Incorporated Organisation (CIO), governed by its constitution dated 12 February 2018, and is registered under the Charities Act 2011, Charity Registration Number 1177116.

Sisters of Charity of St Jeanne Antide CIO 7

Report of the trustees Year to 31 December 2023

Governance, structure and management (continued)

Governance (continued)

In accordance with the CIO’s constitution, trustees are appointed by a written resolution of the Superior General. The trustees were all members of the Congregation and were responsible for the policies, activities and assets of the charity. They meet regularly to review developments with regards to the charity and its activities and make any necessary decisions. Where necessary, the trustees have sought advice and support from the charity’s professional advisers, including solicitors and accountants. The day-to-day management of the charity’s activities is delegated to the appropriate members of the Congregation.

As set out in the CIO’s governing document, in the event of the CIO being wound up, the members of the CIO will have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

Trustees

The trustees in office at any time during the year and to the date of the signing of this report are listed on page 1. Brief biographical details of each are given below:

Sister M Cecile Archer

Sister Cecile was previously Head of English at St Martha’s Senior School and then became Headmistress. She was also a superior of the community in Hadley Bourne. During this time, Sister Cecile was part of the Ecumenical Movement and worked very closely with them. She was the Regional Superior of the English region for many years. She then moved to the General Council in France where she remained for six years. During her stay in France she was also responsible for the Spanish Province.

Sister Yannick Berges

Sister Yannick is a 62-year-old French Sister. She joined the Congregation of the Sisters of Charity in 1985. She worked as a nurse, particularly assisting patients receiving palliative care, in several hospitals in France and abroad. She is a member of the Provincial Council of the Congregation in France, Switzerland, England and Spain.

Sister Elizabeth Hannon

Sister Elizabeth is a qualified teacher and holder of a degree in Theology. She joined the Congregation in 1964 and worked as a teacher for many years before qualifying as an educational therapist and practising therapy for children with emotional problems. She currently works as a Parish Sister, involved in Catechetics programmes, taking communion to the housebound.

Sister Margaret Hunston

Sister Margaret is a qualified teacher and holder of a master’s degree in theology. She joined the Congregation in 1958 and worked as a teacher for many years. She currently works as a lecturer and tutor to Westminster Diocesan Seminary at Allen Hall. She was appointed as a trustee of the English Region of the Sisters of Charity of St. Jeanne Antide in 1975.

Sisters of Charity of St Jeanne Antide CIO 8

Report of the trustees Year to 31 December 2023

Governance, structure and management (continued)

Trustees (continued)

Sister Noelle Portal

Sister Noëlle is a 55-year old French Sister. She joined the Congregation of the Sisters of Charity in 1998. She qualified as a nurse and worked in that profession until 2016 when she began to work with the initial formation into the Congregation. In 2018, she was appointed as Provincial Superior for the province of Besançon- Savoie, a province that operates in four different countries: Switzerland, England, Spain and France.

Sister Christine Walczak

Sister Christine, a French Sister, is a laboratory technician and nurse. She was a missionary in Central Africa for several years and then responsible for the initial formation of young Sisters in France and then in Rome. She was provincial councillor of the Besançon Savoie Province and also a general councillor in Rome. She has been a Provincial Councillor since June 2022.

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 any important decisions. Where necessary, the trustees seek advice and support from the charity’s professional advisers.

There are three community houses in England, situated in Rottingdean and two in Ealing. The house in Rottingdean closed at the end of the year with Sisters moving to alternative accommodation whilst a major refurbishment of the property was undertaken. All houses are run and directly controlled by members of the Congregation. The English Delegation of the Congregation comprised an average of ten sisters during the period.

Key management personnel

The trustees consider that they alone comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. During the period of report, the trustees received no remuneration in respect to their duties.

Trustees’ responsibilities statement

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 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:

Sisters of Charity of St Jeanne Antide CIO 9

Report of the trustees Year to 31 December 2023

Governance, structure and management (continued)

Trustees’ responsibilities statement (continued)

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable 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.

Future plans

The CIO will continue to support the objectives and work of the sisters. In particular, the CIO’s major areas of focus for the future will include:

Risk management

The trustees have undertaken a review of the principal risks and uncertainties to which the charity is exposed. Having assessed the major risks to which the charity is exposed, the trustees believe that they have established effective systems to mitigate those risks.

The key risks faced by the charity and the means by which they are mitigated are described below:

Increasing age profile of members

The trustees are aware that there is both a moral and legal obligation to care for the older members. None of the Sisters have resources of their own as all earnings, pensions and other income had been donated to the charity under a Gift Aid compliant Deed of Covenant.

Sisters of Charity of St Jeanne Antide CIO 10

Report of the trustees Year to 31 December 2023

Risk management (continued)

Increasing age profile of members (continued)

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 years ahead 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 regularly the ministries and needs of individual Sisters encouraging those who need it to take on less demanding ministries and for identifying those who need extra care and help.

Safeguarding of the vulnerable

Along with all other organisations who serve the community, the trustees recognise the absolute necessity of ensuring the protection and safety of all they serve. The trustees are committed to implementing all policies and procedures of the Catholic Safeguarding Standards Agency (CSSA).

Listed investments

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 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.

Signed on behalf of the trustees

Trustee Approved by the trustees on:

Sisters of Charity of St Jeanne Antide CIO 11

Independent auditor’s report Year to 31 December 2023

Independent auditor’s report to the trustees of Sisters of Charity of St Jeanne Antide CIO

Opinion

We have audited the accounts of Sisters of Charity of St Jeanne Antide CIO (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 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.

Sisters of Charity of St Jeanne Antide CIO 12

Independent auditor’s report Year to 31 December 2023

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.

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

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on pages 9 to 10 of the trustees’ report, 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.

Sisters of Charity of St Jeanne Antide CIO 13

Independent auditor’s report Year to 31 December 2023

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.

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 financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Sisters of Charity of St Jeanne Antide CIO 14

Independent auditor’s report Year to 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)

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

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.

Sisters of Charity of St Jeanne Antide CIO 15

Independent auditor’s report Year to 31 December 2023

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.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 31 October 2024

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

Sisters of Charity of St Jeanne Antide CIO 16

Statement of financial activities Year to 31 December 2023

Notes Unrestricted funds Unrestricted funds

2023
Total
funds
£		 2022
Total
funds
£
Income from:
Donations and legacies
1
Investments and interest receivable
2
Charitable activities
. Retreat and guest house contributions
Other sources
. Miscellaneous income
. Gain on foreign exchange transactions
. Surplus on disposal of tangible fixed asset
Total income
Expenditure on:
Raising funds
3
Charitable activities
. Support of members of the Congregation and their ministry
4
. Missions, grants and donations
5
Total expenditure
Net (expenditure) income for the year before investment gains (losses)
Net investment gains (losses)
13
Net income (expenditure) and net movement in funds
7
Reconciliation of funds
Fund balances brought forward at 1 January 2023
Fund balances carried forward as at 31 December 2023
219,414

463,907
—
289
—
79,182		 69,108
683,414
44,723
1,718
19,344
—
762,792 818,307

9,761

906,159

17,251		 21,544
729,809
23,786
933,171 775,139
(170,379)

2,858,696		 43,168
(2,992,923)

2,688,317
13,590,268		 (2,949,755)
16,540,023
16,278,585 13,590,268

All the charity's activities derived from continuing operations during the above two financial periods. All recognised gains and losses are included in the above statement of financial activities.

Sisters of Charity of St Jeanne Antide CIO 17

Balance sheet 31 December 2023

Notes
2023
£		 2023
£		 2022
£		 2022
£
Fixed assets
Tangible fixed assets
11
Programme related investment
12
Financial investments
13
Current assets
Debtors
14
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due
within one year
15
Net current assets
Total net assets
The funds of the charity:
Unrestricted funds
. Tangible fixed assets fund
16
. Programme related investment fund
17
. Designated funds
18
. General funds



496,863
1,446,737		 2,044,455
227,525
12,175,505		 330,056
202,548		 3,276,943
227,525
9,668,864
14,447,485
1,831,100		 13,173,332
416,936
1,943,600

(112,500)		 532,604
(115,668)


16,278,585 13,590,268
2,044,455
227,525
3,720,000
10,286,605		 3,276,943
227,525
3,200,000
6,885,800
16,278,585 13,590,268

Approved by the trustees and signed on their behalf by:

Trustee

Approved on:

Sisters of Charity of St Jeanne Antide CIO 18

Statement of cash flows Year to 31 December 2023

Notes
Year to 31
December
2023
£		 Year to 31
December
2022
£
Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities:
Investment income and interest received
Proceeds on disposal of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from the disposal of financial investments
Purchase of financial 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

**(841,789) **
(722,116)


463,907
1,282,010
(11,994)
72,221
—


683,414

1,150

(9,036)

100,000

(94,117)
1,806,144
681,411

964,355


874,620

(40,705)


915,325

1,838,975
874,620

Notes to the statement of cash flows for the period to 31 December 2023

A Reconciliation of net income (expenditure) to net cash flows from operating activities

Year to 31
December
2023
£		 Year to 31
December
2022
£
Net income (expenditure)(as per the statement of financial activities)
Adjustments for:
Depreciation charge
Gains on investments
Investment income and interest receivable
Decrease in debtors
Increase in creditors
Gains on disposal of tangible fixed assets
Net cash used in operating activities		 2,688,317
41,654
(2,858,696)
(463,907)
(166,807)
(3,168)
(79,182)		 (2,949,755)

42,093

2,992,923

(683,414)

(145,702)

22,009
(270)
(841,789) (722,116)

Sisters of Charity of St Jeanne Antide CIO 19

Statement of cash flows Year to 31 December 2023

B Analysis of cash and cash equivalents

B Analysis of cash and cash equivalents
C Year to 31
December
2023
£		 Year to 31
December
2022
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 1,446,737
392,238		 202,548
672,072
1,828,975 874,620
Reconciliation of net (debt) funds At 1
January
2023
£
874,620		 Cash flows
£		 At 31
December
2023
£
Cash and cash equivalents 964,355 1,828,975

Sisters of Charity of St Jeanne Antide CIO 20

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 the comparative information in respect to the year ended 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 are presented in sterling and are rounded to the nearest pound.

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.

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.

In forming their assessment, the trustees have considered the aftermath of the coronavirus pandemic and the current macroeconomic and geopolitical climate on the charity’s operations, with a particular focus on its effect on the charity’s financial position. Whilst they acknowledge that there may be challenges ahead, the trustees do not consider there to be any material uncertainty in respect to the charity’s ability to continue as a going concern.

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 below. With regard to the next accounting period, the year ending 31 December 2024, the most significant areas that may affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets.

Critical accounting estimates and areas of judgement

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

Sisters of Charity of St Jeanne Antide CIO 21

Principal accounting policies 31 December 2023

Critical accounting estimates and areas of judgement (continued) The items in the accounts where these judgements and estimates have been made include:

Income

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, retreat and guest house contributions, bank interest, investment income and other income.

Donations, including salaries and pensions of individual religious received under Gift Aid or deed of covenant, and contributions received in connection with retreat and guest activities 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.

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.

Sisters of Charity of St Jeanne Antide CIO 22

Principal accounting policies 31 December 2023

Income (continued)

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.

Investment income from investments listed on a recognised stock exchange is recognised when the charity becomes entitled to the dividend or interest.

Expenditure

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.

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 and inclusive of irrecoverable VAT. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between expenditure headings is as follows:

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.

Sisters of Charity of St Jeanne Antide CIO 23

Principal accounting policies 31 December 2023

Expenditure (continued)

Support and governance costs (continued)

All expenditure on support and governance is attributed directly to the charitable activities of provision of education and supporting members of the Congregation and enabling their ministry and hence there has been no apportionment between headings.

Tangible fixed assets

All assets costing more than £500 and with an expected useful life exceeding one year are capitalised at cost and depreciated annually as set out below in order write off each vehicle over its estimated useful life.

Specialised buildings comprising the charity’s large residential convent and guest house which have been adapted for specific purposes are depreciated over a 50 year period on a straight line basis.

Freehold land is not depreciated.

Financial 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 investments in BBVA Global Markets (via Safra Sarasin) are Tranched Index Credit Linked Notes, which are structured products involving derivatives. They are initially recognised at their transaction value and are subsequently measured at their fair values at the balance sheet date using the closing quoted market price. The performance of the investments is linked to the iTraxx-Europe index.

Sisters of Charity of St Jeanne Antide CIO 24

Principal accounting policies 31 December 2023

Financial 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.

Programme related investments

Programme related investments comprise assets held by the charity in order to directly further the aims of the charity whilst also potentially providing a financial return. All such investments are carried on the balance sheet at cost net of any impairment provisions. Any gains (or programme related losses) arising from the disposal of such investments are credited (or debited) to the statement of financial activities 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.

Creditors

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

General funds represent those monies that are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objects.

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets.

The programme related investment fund represents the carrying value of the charity’s programme related investment.

Sisters of Charity of St Jeanne Antide CIO 25

Principal accounting policies 31 December 2023

Fund structure (continued)

Designated funds comprise monies set aside out of unrestricted general funds for specific future purposes or projects.

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.

Pension costs

Contributions in respect to the charity’s defined contribution pension schemes are charged to the statement of financial activities when they are payable to the schemes.

Leased assets

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

Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful economic lives (or the term of lease if shorter). The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the statement of financial activities over the period of the lease at a constant proportion of the outstanding balance of capital repayments.

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 members of the Congregation.

Sisters of Charity of St Jeanne Antide CIO 26

Notes to the accounts 31 December 2023

1 Income from: Donations and legacies

Income from: Donations and legacies
Unrestricted Funds
2023
£		 2022
£
Donations received
Pension income of individual religious gifted to the charity
Sisters’ salaries and stipends gifted to the charity
Other gifts		 148,379
70,995
—
40		 3,220
65,798
90
—
219,414 69,108

2 Income from: Investments and interest receivable

Income from: Investments and interest receivable
Unrestricted Funds
2023
£		 2022
£
Interest receivable
Income from financial investments		 599
463,308		 171
683,243
463,907 683,414

3 Expenditure on: Raising funds

Expenditure on: Raising funds
Unrestricted Funds
2023
£		 2022
£
Investment manager’s fees 9,761 21,544

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

Unrestricted Funds Unrestricted Funds
2023
£		 2022
£
Staff costs (note 8)
Premises costs
Depreciation
Education training and spiritual renewal
Care and medical costs
Other welfare costs
Support costs
Governance costs (note 6)
Other		 296,909
173,344
41,654
2,792
65,973
115,241
181,619
23,158
5,469		 230,200
131,972
42,093
3,546
53,020
103,644
145,925
19,409
—
906,159 729,809

Sisters of Charity of St Jeanne Antide CIO 27

Notes to the accounts 31 December 2023

5 Expenditure on: Missions, grants and donations

5 Expenditure on: Missions, grants and donations
6 Unrestricted Funds
2023
£		 2022
£
2,200
2,200
—
4,616
9,016
3,260
3,945
7,565
14,770
23,786
Donations to institutions
Donations to institutions individually of more than £1,000
. Grace and Compassion Benedictine Sisters – Montana Care Home
. Jesuit Refugee Service
. Ealing Abbey
Other donations to institutions individually of £1,000 or less
Donations to individuals(approximately 20 individuals / families)
Donations for the education of priests
Donations towards masses and missions
Other donations to individuals for welfare support		 2,400
—
1,200
3,696
7,296
3,365
2,038
4,552
9,955
17,251
Governance costs
Auditor’s remuneration
Other		 2023
£
21,780
1,378
23,158		 2022
£
18,000
1,409
19,409

7 Net (expenditure) income and net movement in funds This is stated after charging:

2023
£
296,909
21,780
7,146
41,654		 2022
£
Staff costs (note 8)
Auditor’s remuneration including VAT
. Statutory audit services
Current year
. Other services
Depreciation(note 11)		 230,200
18,000
5,564
42,093

8 Staff costs and remuneration of key ma9nagement personnel

2023
£		 2022
£
209,817
14,962
5,421
230,200
230,200
Staff costs during the period were as follows:
Wages and salaries
Staff pension costs
Staff costs per function were as follows:
. Support of members of the Congregation		 268,278
21,223
7,408
296,909
296,909

Sisters of Charity of St Jeanne Antide CIO 28

Notes to the accounts 31 December 2023

8 Staff costs and remuneration of key management personnel (continued)

Included within wages and salaries above is a redundancy payment of £nil (2022 – £10,000) due to one employee.

There were no employees who earned emoluments of £60,000 or more per annum during the period of report (2022 – none).

Remuneration of key management personnel

The trustees consider that they alone comprise the key management of the charity in charge of directing and controlling the charity and making all key decisions. All of the trustees are members of the religious congregation and whilst their living and personal costs are borne by the charity, they receive no remuneration.

The average full-time equivalent (FTE) and the average numbers of employees during the period, analysed by function, were as follows:

2023
FTE		 2023
average
number		 2022
FTE		 2022
average
number
Support of members of the Congregation 9 6 5 7

9 Trustees' expenses and remuneration and transactions with trustees

The charity's trustees are all members of the Congregation. The living and personal expenses of those living in England, all of which are consistent with the amounts paid in respect to other members of the Congregation, are borne by the charity. No trustee received any remuneration or reimbursement of expenses in connection with their duties as trustees (2022 – none).

As members of the Congregation, none of the trustees have resources of their own as all earnings, pensions and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant. During the period, the total amount donated by the trustees to the charity was £26,821 (2022 – £24,364).

10 Taxation

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

Sisters of Charity of St Jeanne Antide CIO 29

Notes to the accounts 31 December 2023

11 Tangible fixed assets

Tangible fixed assets
Specialised
land and
buildings
£		 Non-
specialised
land and
buildings
£		 Fixtures,
fittings 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		 694,732
—
—		 2,492,417
—
(1,202,828)		 314,323
11,994
—		 55,831
—
—		 3,557,303
11,994
(1,202,828)
694,732 1,289,589 326,317 55,831 2,366,469
58,579
13,799
—		 —
—
—		 165,951
27,855
—		 55,830
—
—		 280,360
41,654
—
72,378 — 193,806 55,830 322,014
622,354 1,289,589 132,511 1 2,044,455
636,153 2,492,417 148,372 1 3,276,943

12 Programme related investment

£

At 1 January 2023 and at 31 December 2023 227,525

The programme related investment wholly relates to the charity’s ownership of a flat within the London Borough of Hackney, used by the charity to accommodate carers supporting the members of the Congregation. Given that this facility has been made available in direct support and furtherance of one of the charity’s principal objectives, the care of the members of the Congregation, the asset has been classified as a programme related investment within these accounts and carried at historic net book value.

13 Financial investments

Financial investments
£
Listed investments
At 1 January 2023
Additions at cost
Disposals at opening book value (proceeds: £72,221, realised gains: £971)
Unrealised investment gains
Cash held by investment managers for re-investment
Total
Cost of listed investments		 8,996,792
—
(71,250)
2,857,725
11,783,267
392,238
12,175,505
11,452,140

Sisters of Charity of St Jeanne Antide CIO 30

Notes to the accounts 31 December 2023

13 Financial investments (continued)

At 31 December 2023, listed investments comprised the following holdings:

£
BBVA Global Market 4.68% Notes January 2027
Aldburg S.A. Fiduciary Certificates July 2035
Sarasin Endowment Fund Class A Inc
Sarasin IE Diversified Endowments Fund Class J Inc		 5,824,900
705,826
3,410,211
1,842,330
11,783,267

The investments in BBVA Global Market 4.68% Notes January 2027 are part of BBVA Global Markets €6,000,000 Structured Medium Term Note Programme dated 1 July 2021 and are unconditionally and irrevocably guaranteed by Banco Bilbo Vizcaya Argentaria, S.A. The investments are Index Credit Linked notes, linked to the iTraxx-Europe Crossover Series 35 Version 1 index. In purchasing these notes, the charity exposes itself to the risk that the Issue and the Guarantor may become insolvent, subject to early intervention or resolution measures, or otherwise be unable to make all payments due in respect of the Notes. The main risk factors that the BBVA Group takes into consideration are macroeconomic risks; business risks, including credit and interest rate risk, competition risk, diversification risk; financial risks; operational risks; and legal, regulatory, tax and compliance risks. As such, the investments are considered to have a higher level of risk.

On 18 August 2023, the management of investments in BBVA Global Market 4.68% Notes January 2027 and Aldburg S.A. Fiduciary Certificates July 2035 were transferred from Bank Julius Baer & Co Limited and are now managed by Bank J. Safra Sarasin Limited. The value of the investments at the transfer date was £6,516,408.

14 Debtors

Debtors
2023
£		 2022
£
Prepayments
Accrued investment income
Other debtors		 10,962
310,864
175,037		 7,003
323,053
—
496,863 330,056

15 Creditors – amounts falling due within one year

Creditors – amounts falling due within one year
2023
£		 2022
£
Taxation and social security
Accruals
Other creditors		 5,132
96,411
10,957		 5,132
102,161
8,375
112,500 115,668

Sisters of Charity of St Jeanne Antide CIO 31

Notes to the accounts 31 December 2023

16 Tangible fixed assets fund

Tangible fixed assets fund
2023
£		 2022
£
At 1 January 2023
Movement during the year
At 31 December 2023		 3,276,943
(1,232,488)		 3,310,880
(33,937)
2,044,455 3,276,943

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets. The fund has been recognised in recognition of the fact that the assets which it represents are required for the day-to-day work of the charity and therefore not available for other purposes or as a general reserve.

17 Programme related investment fund

At 1 January 2023
Movement during the year
At 31 December 2023		 2023
£		 2022
£
227,525
—		 227,525
—
227,525 227,525

The programme related investment fund represents the carrying value of the charity’s programme related investments. The fund has been recognised in recognition of the fact that the asset which it represents is held for the longer term and in support of the charity’s objects, and as such, not available for other purposes or as a general reserve.

18 Designated funds

The unrestricted funds of the charity included the following funds which were designated for specific purposes.

At 1
January
2023
£
New
designations
£		 Utilised/
released
£
At 30
December
2023
£
Retirement reserve 3,200,000
520,000		 —
3,720,000
At 1
January
2022
£
New
designations
£		 Utilised/
released
£
At 30
December
2022
£
Retirement reserve 3,200,000
—		 —
3,200,000

Retirement reserve

The retirement reserve has been calculated using actuarial principles and consisted of monies set aside by the trustees to assist in providing for the sisters in their retirement.

Sisters of Charity of St Jeanne Antide CIO 32

Notes to the accounts 31 December 2023

19 Analysis of net assets between funds

General
fund
£		 Tangible
fixed
assets
fund
£		 Programme
related
investment
fund
£		 Designated
funds
£		 Total
funds
£
Fund balances at 31 December
2023 are represented by:
Tangible fixed assets
Programme related investments
Investments
Current assets
Creditors: amounts falling due
within one year		 —
—
8,455,505
1,943,600

(112,500)		 2,044,455
—
—
—
—		 —
227,525
—
—
—		 —
—
3,720,000
—
—		 2,044,455
227,525
12,175,505
1,943,600
(112,500)
10,286,605 2,044,455 227,525 3,720,000 16,278,585
General
fund
£		 Tangible
fixed
assets
fund
£		 Programme
related
investment
fund
£		 Designated
funds
£		 Total
funds
£
Fund balances at 31 December
2022 are represented by:
Tangible fixed assets
Programme related investments
Financial investments
Current assets
Creditors: amounts falling due
within one year
—
—
6,468,864
532,604

(115,668)		 3,276,943
—
—
—
—		 —
227,525
—
—
—		 —
—
3,200,000
—
—		 3,276,943
227,525
9,688,864
532,604
(115,668)
6,885,800 3,276,943 227,525 3,200,000 13,590,268

20 Related party transactions

Income from donations includes the pensions of the trustees of the charity received under Gift Aid or deed of covenant. For the year ended 31 December 2023, £26,821 of pensions income donated by the trustees was receivable by the charity (2022 – £24,364).

Other transactions with the charity trustees are disclosed within note 9 to the accounts.

There were no other related party transactions during the year ended 30 December 2023 (2022 – none).

21 Members’ liability

As set out in the CIO’s governing document, in the event of the CIO being wound up, the members of the CIO will have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

Sisters of Charity of St Jeanne Antide CIO 33

Notes to the accounts 31 December 2023

22 Post balance sheet events

In February 2024 a contract was signed for the refurbishment of the convent at Rottingdean to provide a more modern retreat house and living accommodation for the sisters. The contract sum is £1,976,806 with work starting in February 2024 and an estimated completion date of March 2025.

Sisters of Charity of St Jeanne Antide CIO 34