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2021-12-31-accounts

Society of the Holy Child Jesus CIO

Annual Report and Accounts

31 December 2021

Charity Registration Number 1177555

Contents

Reports

Reference and administrative details of the Reference and administrative details of the
charity, its trustees and advisers 1
Trustees’ report 3
Independent auditor’s report 35
Accounts
Statement of financial activities 40
Balance sheet 41
Statement of cash flows 42
Principal accounting policies 44
Notes to the accounts 50

Society of the Holy Child Jesus CIO

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

Trustees Sister Angela O’Connor (Chairperson)
Sister Marguerite Bouteloup (resigned 30 October
2021)
Sister Jenny Bullen
Sister Helen Costigane (appointed 15 November
2021)
Sister Eileen Crowley
Sister Maria Dinnendahl (resigned 30 October
2021)
Sister Judith Lancaster
Sister Catriona McPhail (resigned 11 October
2021)
Sister Monica Matthews (appointed 1 May 2022)
Sister Carmel Murtagh
Sister Celestina Oyidu Okwori
Sister Anne Stewart
The trustees are incorporated under the Charities
Act 2011
Province Leader Sister Angela O’Connor
Provincial Bursar Sister Carmel Murtagh
Principal office Provincial Offices
14-16 Norham Gardens
Oxford
OX2 6QB
Website address www.shcj.org
Charity Registration Number 1177555
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL

Society of the Holy Child Jesus CIO 1

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

Investment managers Smith & Williamson Investment Management LLP 25 Moorgate London EC 2R 6AY Sarasin & Partners LLP Juxon House 100 St Paul’s Churchyard London EC4M 8BU Cazenove Capital 1 London Wall Place London EC2Y 5AU Bankers Metro Bank plc 4-5 Queen Street Oxford OX1 EJ Royal Bank of Scotland plc 7 Cambridge Crescent Harrogate HG1 1PH

Society of the Holy Child Jesus CIO 2

Trustees’ report Year to 31 December 2021

The trustees present their statutory report and the accounts of the Society of the Holy Child Jesus CIO (the “charity”) for the year to 31 December 2021.

The accounts have been prepared in accordance with the accounting policies set on pages 44 to 49 of the attached accounts and comply with the charity’s constitution, applicable laws and requirements of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Introduction

The Society of the Holy Child Jesus (SHCJ) (referred to as the “Society”) is an international Roman Catholic Religious Order of around 350 sisters worldwide, with a network of associates. It was founded in England in 1846 and the Generalate is now situated in Rome, Italy. The Society comprises three provinces, Europe, Africa and the Americas.

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 charity is a Charitable Incorporated Organisation (CIO) and is governed by a Constitution dated 14 March 2018 and is registered under the Charities Act 2011 – Charity Registration No. 1177555.

Mission

The object of the Society of the Holy Child Jesus CIO is to support the religious and other charitable works carried on by the Society and its members.

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

When setting objectives and planning the work of the charity for the year, and when encouraging the work of individual sisters, the trustees have given careful consideration to the Charity Commission’s guidance on public benefit.

The work or ministries of the sisters fall into the following main areas:

Worship and prayer

Worship and prayer are integral to the lives of the members of the Society. Each sister is given the opportunity for private prayer and continued spiritual and theological development. Members avail of opportunities to celebrate and pray with the wider community when possible. Several sisters provide spiritual guidance and are available to listen to people who need support. Some give occasional retreats and days of reflection.

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Trustees’ report Year to 31 December 2021

Mission (continued)

Grant Making

The charity accepts applications for grants from other charities and not for profit organisations. An annual grant making budget of £900,000 is approved by the trustees. The trustees’ grant making policy is posted on the charity’s grant making website (www.shcj.co.uk) along with the principles the trustees apply when approving grants and the procedure for applying for a grant. The trustees have determined that the current priorities for support are Education, Environmental Justice, Social Justice, Anti-Trafficking, Refugees and Asylum Seekers. The grant making policy is reviewed regularly.

Caring for members of the Society

The majority of sisters are over 80 years of age. While a number are still active in ministry an increasing number are in need of extra care. Apley Grange, a CQC registered care home in Harrogate, Yorkshire provides for this care. Apley Grange also cares for a small number of private residents.

Education

Having previously been involved in teaching, particularly in schools founded by the Society, three sisters continue their involvement as governors and/or trustees in schools founded by the Society in England, Ireland and France. These schools are, or were under the auspices of, separate charities and outside the scope of these accounts.

Human development, social and pastoral work

Several members of the Society are involved in various forms of human development, facilitation, social and pastoral work in different parts of the country, including support of families and elderly people and voluntary support work in hospitals. The sisters aim to help in particular poor and marginalised people in society regardless of their personal background, faith, gender or individual circumstances.

Overseas Work of the Society

In addition to its broader grant making activities, the charity supports the work of the Society in Nigeria, Ghana, Kenya and the USA. This is done through support of a Society wide strategic plan.

Associates

Associates are women and men who make a commitment to the Society and involve themselves in its spiritual and apostolic work. The trustees support the Associates in developing their ministry to the wider community.

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Trustees’ report Year to 31 December 2021

Activities, specific objectives and relevant policies

Activities and specific objectives

As stated above under ‘Mission’, the aims of the charity are to care for individual members of the Society throughout their lives with the Society and so to enable and support them to live out their faith and to put that faith into practice through a wide variety of religious and other charitable works.

Caring for members of the Society

The age profile of members of the Society is such that the majority of sisters are over 80 years of age and women are no longer joining the Society in Europe. The Society has an obligation, both moral and legal, to provide care for its members, none of whom has resources of her own. All Society members have devoted their lives to educational, pastoral or social ministries particularly to those who are most in need. A number of sisters did not receive salaries or occupational pensions. Among these are sisters who have served in Africa, in administration, or in church or social ministries that depended on providing services at low or no cost. Consequently, this has implications for present and future use of funds.

The age profile of the Society in the European Province is shown graphically below:

----- Start of picture text -----
30
25
25
20
16
13
15
10
4
5
1
0
Under 60 60-69 70-79 80-89 90-99
Ages
Number of Sisters
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The charity provides for all sisters irrespective of any pension income or lack of it. Earned income has become insignificant in the context of the accounts as a whole, because of retirement or sisters changing ministries. The charity is now substantially reliant on investment income to enable the sisters to continue in ministry.

Given the age profile there is need to provide increasing, and increasingly expensive, care for the sisters; many of the older members are resident at Apley Grange Care Home in Harrogate and this will be the case for some years. The trustees give careful consideration to the impact of this situation on the work of individual members of the Society, on property requirements and on the financial implications.

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Trustees’ report Year to 31 December 2021

Activities, specific objectives and relevant policies (continued)

Caring for members of the Society (continued)

The objectives of the trustees over the next few years in respect to the care of the sisters include:

Enabling and supporting members in a variety of religious and charitable works

The principal works in which the sisters engage include: worship and prayer; education in its widest sense of encouraging mature reflection on the needs of the present day and working with other local groups and charities to enact this; human development and spiritual and pastoral work; and care of the sisters.

Worship and prayer

The charity is committed to helping as many people as possible to join with the sisters in prayer and reflection, with the aim of putting faith into action.

The objective of the trustees is to support sisters who are involved in a number of activities which include:

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Trustees’ report Year to 31 December 2021

Activities, specific objectives and relevant policies (continued)

Enabling and supporting members in a variety of religious and charitable works (continued)

Grant making

The charity makes one-off grants distinct from the more informal donation giving which continues to operate but which typically gives smaller amounts to organisations well known to one or more of the sisters. Grants support the objects of the charity through enabling and encouraging the work of charities operating in England, Ireland and Wales. As the age profile in the Society has changed and fewer sisters are in active ministry, the trustees have chosen to widen the charity’s outreach and public benefit by giving grants to support social justice, environmental justice, anti-trafficking, projects that support refugees and asylum seekers, and educational projects that help maximise the potential of those who have experienced social and economic disadvantage.

Donations and other payments in support of ministry are decided by the trustees in consultation with other members of the Society as appropriate.

Caring for retired sisters

The Society owns and runs Apley Grange, a registered care home for older and infirm sisters and private residents who are not members of the Society. Care is provided respecting the dignity, privacy, rights and quality of life of all residents. Apley Grange can accommodate 42 residents. Respite care is offered to both sisters and private residents on a temporary basis. Short term accommodation is offered to guests and visiting family members and this contributes to the homely and friendly atmosphere. Apley Grange is a place where older sisters are able to support the religious and charitable works of the charity. Prayer is at the centre of the life of the community. Private residents, staff and guests are welcome to join the community for worship. A small centre adjacent to the main house offers hospitality to local community groups and provides a space where they can hold meetings. This strengthens the links between the local community and the residents of Apley Grange.

In operating the home, the trustees aim to:

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Trustees’ report Year to 31 December 2021

Activities, specific objectives and relevant policies (continued)

Enabling and supporting members in a variety of religious and charitable works (continued)

Education

The charity enables and supports the educational activities of its members.

Human and spiritual development and pastoral work

The charity owns and operates a Retreat and Conference Centre in Oxford, the Cherwell Centre, which comprises facilities for day conferences and meetings, and six en-suite bedrooms for guests. The facilities include a small chapel, a comfortable sitting room, a library and a large spacious conference room. The facilities are used by parish and local groups as well as other charities.

In operating the Cherwell Centre the trustees aim to:

The charity aims to enable and support sisters in ministries which fulfil the Society’s mission to help people to grow strong in faith and lead fully human lives. Sisters who are retired continue to support parishioners, be involved in local charities and support of community social work such as local foodbanks.

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Trustees’ report Year to 31 December 2021

Activities, specific objectives and relevant policies (continued)

Enabling and supporting members in a variety of religious and charitable works (continued)

Overseas work

The charity provides financial support to the ministries of the Society across the world through contributions to the Generalate in Rome. In particular, the charity contributes financially to rapidly developing educational ministries in Ghana and Nigeria in the African Province of the Society.

The trustees’ objectives are to support ministries recommended to them by the Society Leadership Team after consideration by the International Finance Committee on which there are two members of the European province.

Associate programme

The associate programme offers those who are not members of the Society, men and women, the opportunity to share in the charism and mission of the Society through regular meetings for prayer and reflection.

The objectives of the trustees are to:

Volunteers

Members of the Society give their time to assist people who are poor, vulnerable, marginalised or in need of help in a number of different ways, including asylum seekers, refugees, people who are housebound, hospital patients, students from overseas and people who are homeless. This voluntary work contributes to the overall achievement of the charity’s objectives. It is very difficult to provide any sort of quantitative analysis.

In addition, members are involved in administering the work of the Society and charity. Without their contribution the charity would not be able to function as effectively or fully as it does. Because of the diversity of work, it is difficult to quantify this contribution in monetary terms. However, a conservative estimate of expenses saved is around £256,250.

Investment policy and performance

The charity’s investments during the period were managed by Smith & Williamson Investment Management LLP, Sarasin and Partners LLP and James Hambro & Partners LLP. There are no restrictions on the charity’s power to invest.

The investment strategy is set by the trustees and takes into account income requirements, the risk profile and the investment managers’ views of the market prospects in the medium term.

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Trustees’ report Year to 31 December 2021

Activities, specific objectives and relevant policies (continued)

Investment policy and performance (continued)

The policy is to maximise total return through a diversified portfolio whilst providing a level of income advised by the trustees from time to time. 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 Roman Catholic Church.

The performance of the portfolio and the charity’s investment strategy are reviewed by an investment committee which meets with the investment managers every six months and reports back to the trustees.

The investment managers continued to invest in accordance with the trustees’ investment policy and comply with the ethical guidelines given to them.

During the period, the charity’s investments achieved an income yield of 2% (period to 31 December 2020 – 3%). At the end of the period the charity’s portfolio of listed investments comprised 47% UK equities (period to 31 December 2020 – 56%), 47% overseas stocks (period to 31 December 2020 – 42%) and 6% cash (period to 31 December 2020 – 2%).

Fundraising policy

The charity manages its own fundraising activities and does not employ the services of a Professional Fundraiser. Any complaints about the quality of our fundraising activities are thoroughly investigated so that we find ways to improve our service. During the year ended 31 December 2021, the charity received no complaints about its fundraising activities.

Some of our funding comes from voluntary donations. The trustees are vigilant in applying the donations according to the wishes of the donors. The charity applies best practice to protect donors’ data and never sells data; it never swaps data with other organisations and ensures that communication preferences can be changed at any time.

Achievements and performance

This year achievements and performance continued to be impacted by the Covid-19 pandemic.

Grants, donations and support of ministry and missionary work

Grants are given to registered charities and other charitable organisations operating in England, Ireland and Wales.

The priorities for grant support are:

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Trustees’ report Year to 31 December 2021

Achievements and performance (continued)

Grants, donations and support of ministry and missionary work (continued)

During the year 55 grants totalling £1,024,912 were paid out (see note 6 to the accounts).

In 2021 charities were still experiencing the ongoing effects of the pandemic. However, most of the charities that the Society supported with grants adapted to the circumstances and managed to find new and sometimes innovative ways to keep providing their services. Most reported that fundraising was still a challenge particularly in terms of events, community and corporate fundraising which sometimes still couldn’t go ahead or was greatly reduced. This made the grants from the Society ever more vital at this time.

We established a website dedicated to our grant making – www.shcj.co.uk. This has made it much easier for applicants to be aware of our priorities and our grant making policy. Applicants can submit their applications through the website. In the last year the number of applications for grants has more than trebled.

Apps for Good was established in 2010 to empower young people to improve their lives, their communities, and wider society, using technology. Their vision is for young people, from all backgrounds, to have the skills and confidence they need to thrive, to take action and make a difference. They support and empower educators to teach young people everything they need to use technology to create a brighter future for themselves and their community. They want to ensure that tech careers are open to everyone, while making sure the sector works to solve society’s biggest problems.

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Trustees’ report Year to 31 December 2021

Achievements and performance (continued)

Grants, donations and support of ministry and missionary work (continued)

Grant: £19,000 towards the Climate Change Learning Programme

A grant towards the new Climate Change learning programme was requested to help guide young people to design and build a technology-led solution to a problem that causes or contributes to global climate change. The programme gives young people an understanding of the key issues, including environmental justice. By the end of the programme students create a prototype app and are able to pitch their idea to industry ‘experts’, demonstrating what they have learned and getting feedback on what they have produced.

Impact

The grant given enabled 20 UK educators to deliver the Apps For Good Climate Programme benefiting approximately 600 children and young people. By training educators Apps for Good has an impact not just on the lives of individual teachers but on a generation of young people and, through the skills they gain and the products they create, on their communities and the planet. Apps for Good have reached more than 200,000 young people in 4,270 UK schools since 2010

Case Study - Chris Aitken -teacher

When I first started teaching there was a fundamental change in how the curriculum was delivered, and a lot of that revolved around giving young people personal choice, projects and all of these things. I saw an article on TES about Apps for Good, on how they were doing great things in the centre of London. I immediately emailed Apps for Good and said could we do this in Scotland.

I thought it was such a lovely fit for how the course is structured and how it fit into our curriculum, we just had to make it happen. It put our students on a trajectory that inspired them to take Computer Science. It really was an incredible experience for our pupils for six or seven years, an experience that is going to last a lifetime for them and will stand them in good stead with confidence and connections to people in industry and job opportunities from the back of it.

Even for those that weren’t engaged in education there was something special in the Apps for Good course and a lot of my students have gone on to choose careers in digital simply because of where things started with Apps for Good.

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Achievements and performance (continued)

Grants, donations and support of ministry and missionary work (continued)

Baby Basics has been working in Sheffield since 2009 providing essential baby/toddler equipment to vulnerable women, including but not limited to, teenage mums, women seeking asylum, women fleeing domestic abuse and trafficking. They provide thousands of items of

provision from cots and push chairs to beautiful new-born Moses basket starter packs containing clothing, bedding and toiletries. Baby Basics works closely with midwives, health visitors and other agencies to provide a safe, reliable service that people can trust. Their aim is to not only provide some of the essentials needed but to do so in a way that preserves dignity and speaks the truth about how valued these women and their children are.

Baby Basics doesn’t just donate

useful items to people in need, it restores dignity to women who have lost their sense of it through domestic abuse, poverty or displacement. It involves people of all ages in the community, from children who decorate the gift boxes, to older people who knit blankets and baby clothes with as much love and care as if they were

for their own grandchildren. Poverty can render people, particularly women, vulnerable to exploitation and severely limits their choices, the simple act of providing some of the basics needed can offer women choices.

Since the Covid-19 pandemic began Baby Basics has seen a huge increase (166%) in demand across the UK. The centre in Sheffield has seen a massive 400%+ increase in demand. All their centres continued to run throughout the pandemic and 100% of referrals have been completed.

Grant: £20,000 toward core costs

The Society granted £20,000 to support ongoing costs and allow Baby Basics to grow their network to reach more vulnerable families.

Impact

The grant given helped Baby Basics increase their capacity in 2021. They supported over 35,000 children and opened a further 10 centres bringing the total number of centres to 56.

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Achievements and performance (continued)

Grants, donations and support of ministry and missionary work (continued)

Case Study – NHS midwife working with vulnerable women in Sheffield

This quote from a woman who was staying in a refuge after leaving a violent partner and was helped by Baby Basics demonstrates this… ‘Today Baby Basics have given me a choice. Before, in order to be able to give my baby the things it needed I had to go back to a violent man. But with this pack I have the freedom to stay in a safe place and still provide for my baby…’. I find it hard to put into words what a crucial service Baby Basics is, as a midwife it helps me to provide safe care for my clients. There are no other services that could fill this gap locally.

CHAS Bristol has been providing specialist housing advice, practical support and advocacy for marginalised people in poverty for over 55 years. They connect at grassroots levels to help clients achieve lasting solutions - a safe, permanent home appropriate for their needs – recognising that their problems often go deeper than their income, or their housing issues.

They offer translation for nonEnglish speakers, and mediation where needed in dispute resolutions with landlords / ladies. They accompany clients to meetings and court hearings, and/or advocate on their behalf (e.g. with social services, benefits offices). They help them to raise money e.g. by applying for emergency grants or in other ways

like finding a lodger to help meet the rent. CHAS Bristol help clients understand their rights and responsibilities, so that they feel confident to speak directly to their landlords about eviction, repairs, rent increases and are empowered to help themselves.

Grant: £15,000 toward core costs

The grant was requested to help the charity respond to the huge increase in demand for services from both their community partners and their clients.

Impact

CHAS Bristol were able to help 426 families, 970 people (including 460 children in families). The charity consistently achieves positive outcomes and this benefits the whole household.

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Achievements and performance (continued)

Grants, donations and support of ministry and missionary work (continued)

Case Study

“I don’t know how to give thanks for everything you’ve done for me…. the service CHAS provides is number one, it cannot be beaten by other services”.

When Thomas first came to CHAS, he was in severe rent arrears and was facing eviction after having separated from his wife. Thomas cannot read or write - his wife used to manage all their finances; after they separated, the paperwork and bills quickly got on top of him. His zero hours job meant he did not have a steady income, making financial management even more difficult. Additionally, with his wife moving out, Thomas was now liable for bedroom tax on his two empty bedrooms. CHAS worked with Thomas to suspend the possession warrant and apply for Universal Credit; supporting him to secure an emergency charity grant for that month’s rent while his claim was pending. To stabilise his situation in the longer-term, CHAS helped him agree a long-term debt repayment plan and find lodgers for his spare rooms. Thomas was prevented from becoming homeless and is now in a much more secure position. CHAS helped him to be flagged within the highest priority group for being rehoused via their local social housing agency - HomeChoice. He needs a more affordable home in the long run; which HomeChoice can help him access once his rent arrears have cleared via the debt relief support.

Read Easy provides free, confidential, one-to-one reading coaching for adults, from trained volunteers, through local-run, affiliated volunteer groups. The first Read Easy group was set up in Dorset in 2010.

Each Read Easy group is set up and managed by local volunteers with day-to-day support for volunteer Reading Coaches and Readers provided by the local group’s Coordinator, who is also a volunteer. All volunteers are provided with high quality training from our freelance specialist Regional Trainers, along with handbooks and other information and resources for their roles.

New ‘Readers’ are referred by Job Centres, Social Services, local NHS trusts and libraries, or self-refer. The confidential one-to-one nature of the service is vital to encouraging people to come forward and ask for help. Many adults are deeply embarrassed and ashamed by the fact that they are unable to read and have bad memories of school. Working with one dedicated volunteer coach, a supportive and trusting bond develops between the pair, which helps motivate the Reader to complete the course.

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Achievements and performance (continued)

Grants, donations and support of ministry and missionary work (continued)

All Readers follow a highly-effective phonics-based programme called ‘Turning Pages’, which is published by the charity The Shannon Trust. The programme takes people systematically through the learning process step by step, and steadily builds their confidence. As learners discover that they can read, their self-esteem grows, and their excitement about the opportunities that are opening-up to them for them first time.

Grant: £20,000 toward core costs

The grant is supporting existing Read Easy groups across England and enabling new projects to start.

Impact

The grant provided by the Society not only helped increase the financial stability of Read Easy but is enabling them to start up new Read Easy groups in towns and cities where there is no provision for adult reading. There are currently 37 affiliated groups across England, with a further 15 groups in development, involving over 1,000 Volunteers in total. Since their small beginnings, more than 1,400 Readers have enrolled onto the programme, with more than 550 adults currently learning to read.

Case Study

Joanne had a chaotic childhood, leaving home at a young age she lived with aunties and uncles and didn’t have a great deal of support or routine. She struggled at school and left education the moment she could, without being able to read or write very well. Despite her limited literacy skills, Joanne was a hard worker, getting her first job at the age of 13. She was determined to buy her own house and using a financial adviser to help her complete all the paperwork, she got her first house at just 21. Unfortunately, not being able to read well meant that life remained challenging and stressful for Joanne. Going to the doctors was a stressful event, as was joining a gym, and anywhere she knew she would have to fill in forms. A turning point came when she was married with two children and whilst trying to read a story her daughter, aged 7, said “Mummy you can’t read very well, can you?” she knew she had to face her fears and finally seek help.

Joanne found out about Read Easy Nottingham and met group Co-ordinator Louise. She felt sick with nerves but found it comforting talking to Louise, who praised her for what she did know, unlike her family, who had criticized her for what she didn’t know. She immediately felt more confident and when linked with reading coach Fiona, she started her sessions, determined to learn to read.

Now Joanne is correcting her daughter’s reading and is able to help her son with his phonics. She says that a whole new world has opened up to her, a world she sees with fresh eyes. She can read road signs, shop signs and is able to read the letters that arrive in the post. Joanne says “I just want to thank both Louise for making this dream happen for me and Fiona, for all the super coaching, support and encouragement. You are a truly amazing person. You’ve changed my life and I feel so privileged to have had this opportunity.”

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Achievements and performance (continued)

Grants, donations and support of ministry and missionary work (continued)

Rekindle is a mental health charity based in Newtown Powys, Wales with clients from rural Mid Wales and Shropshire. It was set up in 1997 by a group of people who had all experienced mental health problems. The Small Steps Project was set up specifically to help young people aged 16 to 25, who are disabled by mental illness. This group has tended to be neglected by the statutory services, falling between childhood and adulthood. Young people respond well to the Small Steps recovery model of early, personalised intervention and many recovered young clients now play a role as volunteers.

Grant: £20,000 toward a pandemic recovery programme and core services

During the Pandemic Small Steps found itself responding to people in great need of immediate help and nowhere else to turn. Many of the existing problems of their clients such as isolation, anxiety, relationship issues and conflict were heightened to crisis point. Small Steps requested financial support for a pandemic recovery programme and for core costs.

Impact

The grant helped provide planned recovery to around 100 clients helping their mental health and transforming them into happy and healthy participating people.

Case Study

Marie came to Small Steps on her 16th birthday. She is a determined but gentle girl with definite goals: getting a full-time job, holding a passport, going on holiday. However, at this time she was deeply troubled, naive, vulnerable and withdrawn. She was undernourished and had scabies. She was a looked-after child (by the local authority) from a dysfunctional and abusive family who had evicted her at a young age. A spell in a homeless hostel subjected her to sexual grooming, exploitation, and trafficking. She was on the streets late at night and vulnerable to drug networks. The police were on constant look out for her. It was the police who made her aware of Small Steps.

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Achievements and performance (continued)

Grants, donations and support of ministry and missionary work (continued)

Through a structured plan of recovery, Marie has developed resilience and learnt to make good decisions. Housing, food, clothing, personal hygiene and even social skills such as how to talk on the telephone, all had to be addressed. She needed nurturing as well as therapy. In due course she volunteered at a takeaway and was soon taken on permanently as a cook, server and taking orders. Work has become like a family to her.

Marie is now 19. She has her own flat, a healthy relationship with her boyfriend and at last with her own family. She still needs support, and often comes to Small Steps but she has met her goals and is on her way.

Woman’s Trust has 25+ years’ experience of providing person-centered, trauma informed specialist therapeutic support to women in London. Domestic abuse can affect anyone, but repeated and severe abuse most frequently happens to women, leaving physical and emotional scars that can last a lifetime. Woman’s Trust services help women overcome the mental and emotional harm caused by domestic abuse and rebuild their lives. They increase a woman's capacity to help herself and her children, improving her mental health, resilience, and self-esteem; reducing her vulnerability to repeat abuse.

Services:

Since the pandemic began Woman’s Trust have responded to increased demand for support from women approaching them for the first time for mental health support. This included women whose abuse got worse, happened for the first time, or who found themselves unable to cope due to their past domestic abuse experiences. All services were changed to remote delivery.

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Achievements and performance (continued)

Grants, donations and support of ministry and missionary work (continued)

Grant: £25,000 towards core costs

The request was for funding to allow the charity to become stronger and more sustainable.

Impact

The grant from the Society not only enabled Woman’s Trust to sustain their services but also gave them the flexibility to adapt services to ensure that they are providing support where it is most needed and to grow their partnership work, hence reaching more women. They are the largest provider of specialist domestic abuse counselling in London. They supported 450 women in counselling in 2021.

Case Study

I came to Woman’s Trust through a referral from Talking Therapies. I had been suffering from domestic abuse for 12 years and had only disclosed it this year. I needed somewhere to talk and let out the feelings that I had suppressed for so long. I was offered a place on the support group sessions on Zoom, due to Covid-19. It has been a very difficult time for me during Covid-19 as I had taken the first step to remove myself and the children from the domestic violence. But we were isolated, and our abuser was targeting us as police and other services were busy with the pandemic. I was happy that I had the weekly session with Woman’s Trust as I did not feel that I was alone. The group counsellor would phone before each session to see how I was coping. I was able to talk and listen to others and realised that I was not alone. My ex-partner made me believe that everything was all my fault. I was able to share my story and my confidence grew. When I had issues which were troubling me, I was able to speak to others. After 12 years of abuse I felt valued, respected and treated like a human being .

Support of Society Ministry in the Africa Province

The African Province of the Society of the Holy Child Jesus is growing in number of sisters and so is expanding its ministries particularly in education. The trustees have been pleased to support the expansion of the Society’s educational ministry in Nigeria and Ghana.

In 2021 we continued our support of the educational ministries being developed by the African Province of the Society in Cape Coast, Ghana and in Asa, Nigeria. The second phase of funding was granted for the development of a boy’s dormitory at Cape Coast Junior High School and a multipurpose hall and property wall at Holy Child College, Asa, Otuko, Nigeria.

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Trustees’ report Year to 31 December 2021

Achievements and performance (continued)

Support of Society Ministry in the Africa Province (continued)

The boy’s dormitory in Cape Coast is still under construction. Sr Lilian Okwechime, Head Mistress, writes:

We are grateful to the European province for their financial support. The dormitories will be of great benefit to students, parents and the entire school community. They will help to reduce or eliminate lateness to school by students. Students will be able to maximise their study hall time under effective supervision. They will have the opportunity to meet new people and develop lasting friendships through social, educational, cultural and recreational opportunities.

The multipurpose hall at Holy Child College, Asa, Otukpo, Nigeria, which can hold 1,500 people will play a very important role in the life of the school.

It wil be a place for students activities and school events such as assemblies, movie nights, drama, musical performances, graduations, speech and prize giving, liturgy and other activities that have previously been conducted outside exposing the students to excessive heat. It will aid and facilitate the official accreditation of the school as a Center for External Examinations such as those run by the West African Examinations Council, the National Examinations Council and the General Certificate Examinations. The hall will be used by the students in writing the compulsory external examinations both at Junior and Senior level, these cannot be written in regular classrooms. Sister Genevieve, School Administrator.

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Trustees’ report Year to 31 December 2021

Achievements and performance (continued)

Support of Society Ministry in the Africa Province (continued)

Security is of paramount importance in Benue State, Nigeria hence the importance of a property fence wall around the school site to ensure that children are secure from bandits and any other harm. A wall also helps to forestall encroachment of herdsmen seeking pasture for their cattle. The gate and gate house are still under construction.

With the growth of membership and ministries in the Africa province there is an ongoing need for new accommodation for sisters. A second phase of funding was approved for the construction of a convent in Jikwoyi, Abuja, Nigeria. Construction was severely delayed as a result of the heavy rain season and Covid 19 which impacted heavily on the cost of materials. In December 2021 the convent was handed over to the Society by the contractor. It will provide accommodation for sisters who work in nearby Cornelian Jubilee

Hospital, Jikwoyi. Sister Assumpta, Hospital Administrator writes: We are grateful for the concern about sisters working in Jikwoyi and the provision of a home for them. The convent close to the hospital means that the sisters are now nearby and available when there are emergencies, especially at night. Proximity to the hospital will enable the sisters to have a more balanced life of ministry, prayer and community. Living among the people we are serving will help us to share our mission with them and help them to know that God lives and acts in them and in our world and to rejoice in God’s presence.

Care for Retired Sisters

The charity runs a care home, Apley Grange in Harrogate, North Yorkshire. Care is provided for members of the congregation and other women residents who are not members of the Society. The primary aim is to provide appropriate individual and personalised care, including nursing care when needed. The home can accommodate 42 residents. On 31 December 2021 there were 34 long term residents.

Covid-19 continued to have a significant impact on the day to day running of the home. Covid cases were kept to a minimum through meticulous infection control. The home has a dedicated team of permanent staff who are very flexible about their rotas. These staff members were supplemented from the home’s own bank staff when needed hence there was no need to engage agency staff. Vaccinations were rolled out in January and April with boosters being given in September. The clinical lead continued to have routine meetings with the CQC and the local authority to discuss Covid-19 related matters. In March Apley Grange recommenced the admission of respite care residents who are fully vaccinated.

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Trustees’ report Year to 31 December 2021

Achievements and performance (continued)

Care for Retired Sisters (continued)

The restrictions on visits were hard on residents. However, the sisters in the care home were very inclusive of the private residents and this added to their well-being. When visiting inside was restricted the staff facilitated window visits and socially distanced visits in the garden. Gazebos were bought and erected for inclement weather and use was made of a large day centre which was sanitized after every use. The staff supported residents to stay in touch with family and friends by using Zoom and enabled the sisters to be part of congregational meetings on Zoom.

Social opportunities for the residents were severely curtailed. The staff ensured that the home had its own entertainment and social occasions. There were celebrations for birthdays, feast days, and anniversaries. M&S shopping days were arranged in the home, as well as a barbeque and a fireworks display.

During the year the well-established Pastoral Care Team was strengthened by the appointment of a full time Pastoral Care Coordinator. She manages the team and is responsible for development of the pastoral care service which includes attendance to spiritual care and all non-clinical well-being. The Pastoral Care Team takes a holistic approach encouraging all residents to feel empowered to reach their goals and needs.

Electronic care planning was introduced at the end of the year following training of all staff in its use. Electronic plans will be more secure than paper plans, will ensure accurate up to date information is always available, and enable quick searches to find specific information, all to the benefit of both residents and staff.

Covid-19 resulted in a lack of training opportunities for staff. The home introduced e- learning and more in house training. The home is in contact with the Community Research Team and are participating in studies to stay updated and improve patient care and outcomes.

A survey which the home manager sent to staff indicated that staff felt supported and happy in their work despite the challenges of Covid-19.

A space utilisation survey of the site of Apley Grange has indicated that space is not being used as efficiently as it could be. As a result of this there are plans to increase capacity at Apley Grange so as to be able to increase the number of long-term residents.

The trustees express their gratitude to the management and staff at Apley Grange for their leadership, dedication and provision of excellent care during the year.

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Trustees’ report Year to 31 December 2021

Achievements and performance (continued)

Education

Supporting the identity and mission of Holy Child schools is very important to the Society and we seek to support those working in the schools of the Holy Child Education Network by providing resources and advice, and in some cases through the appointment of governors.

Each year the Society runs a residential conference for head teachers with an emphasis on the distinctive ethos of Holy Child Schools and encouraging school leaders to develop their knowledge and understanding of the educational vision of Cornelia Connelly.

Covid-19 restrictions meant that again in 2021 the schools could not physically meet together again but their link with the SHCJ community has helped to keep the schools in contact with each other throughout the year. During the year the schools had celebrations to mark the Society’s 175[th] anniversary. Many of these focused on care of the environment. A Zoom meeting of the network took place in September 2021. A face-to-face meeting is was held in March 2022 to celebrate and articulate their common Holy Child identity and mission.

Worship and Prayer

Sisters continued to live and deepen their life of prayer and their spiritual lives. This too was impacted by the ongoing situation created by Covid-19. Online worship continued to be important when sisters felt unsafe in churches. The online prayer opportunities offered by sisters and associates using Zoom continued to be offered through the year.

Human and spiritual development and pastoral work

Sisters continued to offer spiritual direction online using online platforms and accompanied people on individually guided retreats, again mainly using online platforms.

Individual sisters work in local parishes offering pastoral support and spiritual accompaniment. There is a small pool of sisters who do meaningful work within organisations in the wider community and many do so on a voluntary basis.

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Trustees’ report Year to 31 December 2021

Achievements and performance (continued)

Human and spiritual development and pastoral work (continued)

The Cherwell Centre is a space in Oxford where individuals and groups may avail of quiet days of reflection, retreat. Groups can use the conference room for training sessions or meetings. In the last year the Centre was used by the following groups: Family Links, Windle Trust, University Church, Read Easy Oxford and Oxford University Catholic Chaplaincy. The Society also used the centre for Trustee meetings, province leadership meetings and other province meetings. Covid-19 continued to impact heavily on both bookings for accommodation and use of the centre. Bookings have not returned to pre pandemic levels.

The charity continued to provide financial support to other charities and groups that are in line with the ethos and aims of the Society. Amongst these groups are Unicef – appeals for Afghanistan and Covid-19 vaccinations, Age UK, Crisis at Christmas, Mary’s Meals, Salford Loaves and Fishes, Dover Baptist Church, The Passage and Providence Row.

Associates

Associates are men and women who are not members of the Society but who choose to share in some way in the mission and spirit of the Society. The group is supported particularly by two members of the Society. The Associates share the sisters’ interest in justice and peace. They organise retreats and workshops for their members. This year they celebrated the Society’s 175[th] anniversary with the planting of 175 trees between the Laudato Si Centre at Wardley Hall, Salford and the National Forest.

Covid-19

Covid-19 presented challenges to the trustees throughout 2021. Individual sisters continued to have their lives disrupted and many were unable to be involved in local parishes and charities as they would normally be. They continued to find other ways of engaging with people primarily by more use of technology. The management of Apley Grange found that day to day operations were impacted by Covid 19. Their focus was on infection control, the physical, mental and spiritual well-being of all residents in the midst of tight restriction, the drafting of a new contract for private residents to take account of changes in the Home’s insurance as a result of Covid-19, and regular review of the admissions policy.

The Cherwell Centre was closed for four months in 2021 and bookings were very slow for the rest of the year. The loss of demand now raises questions for the trustees about future use of the centre.

The charity’s income has been affected by reduced income particularly at Apley Grange. However, demand for places in the care home is increasing again and the trustees are now planning to increase the capacity of the Home.

Society of the Holy Child Jesus CIO 24

Trustees’ report Year to 31 December 2021

Financial review

Results for the period

A summary of the results for the year to 31 December 2021 can be found on page 40 of this report and accounts.

Total income amounted to £4.02 million (period to 31 December 2020: £4.67m). £0.84 million (period to 31 December 2020: £1.2m) was received by way of donations and legacies. This figure includes salaries and pensions of the sisters amounting to £0.83 million donated to the charity using a Gift Aid compliant deed of covenant (period to 31 December 2020: £1.1m). Investment income and interest receivable totalled £1.9 million (period to 31 December 2020: £2.7m).

Expenditure for the period ended 31 December 2021 totalled £7.74 million (period to 31 December 2020: £7.89 million). The total expenditure on the provision of residential care services to fee paying residents was £0.5 million (period to 31 December 2020: £0.7 million) with staff costs representing a very significant proportion of this. Staff costs in total amounted to £1.6 million (period to 31 December 2020: £2.1 million). Total expenditure incurred on maintaining the members of the Society and supporting them in their pastoral work and ministry amounted to £2.5 million (period to 31 December 2020: £3.2 million). Grants and donations amounted to £4.5 million (period to 31 December 2020: £3.6 million) following the development of the charity’s grant making activities in the period. Fees paid to the charity’s investment managers during the period amounted to £0.3 million (period to 31 December 2020: £0.4 million).

Net expenditure before net investment gains was £3,717,745 (period to 31 December 2020: net expenditure £3,216,911). Net investment gains of £7,836,949 (period to 31 December 2020: £6,714,355) resulted in a net increase in funds for the period of £4,119,204 (period to 31 December 2020: net increase of £3,497,444).

Reserves policy and financial position

Reserves policy

The reader will discern from the foregoing that the charity carries out a diverse range of activities and is responsible for care and support of sisters whose average age is increasing and whose needs are changing. The trustees have examined the need for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes, or otherwise committed. In considering the level of reserves, trustees take into account forecasts of future income and expenditure, potential needs and risks, and the need to ensure the continuity of activity.

In particular, at the current time, the reserves need to be sufficient to enable the charity to operate in the aftermath of the Covid-19 pandemic.

The trustees consider that, given the nature of the charity’s work and its commitments, the level of free reserves that should be available to the charity should be between two and three years’ expenditure.

Society of the Holy Child Jesus CIO 25

Trustees’ report Year to 31 December 2021

Financial review (continued)

Reserves policy and financial position (continued)

Financial position

At 31 December 2021, the charity had net assets totalling £114,223,483 (period to 31 December 2020: £110,104,279).

Of this, £4.4 million was restricted and was to be applied for specific purposes.

A further £88.3 million had been set aside or designated by the trustees for specific reasons:

£8.0 million (period to 31 December 2020: £8.4 million) represented tangible fixed assets essential for the support and work of the Sisters and not available to meet ongoing expenditure.

Therefore, at 31 December 2021, the CIO had free reserves of £13.6 million (31 December 2020: £13.3 million). Whilst the level of free reserves exceeded the reserves policy of the CIO, the trustees are conscious of the fact that listed investments comprise the key asset and that these may be subject to significant fluctuation given the current economic climate, Covid-19 pandemic and political uncertainty in the United Kingdom, Europe and elsewhere in the world. Consequently, the trustees are of the opinion that the level of free reserves is adequate but not excessive at the current time. In particular, the level of reserves is deemed sufficient when considered in the light of the continued uncertainties arising due to the Covid-19 pandemic.

Society of the Holy Child Jesus CIO 26

Trustees’ report Year to 31 December 2021

Financial review (continued)

Tax exemptions etc

The beneficiaries of the work of the charity have the assurance that all of the income must be applied for charitable purposes in furtherance of the object of advancing the Roman Catholic faith. The charity enjoys tax exemption on income from its activities and on its investment income and gains provided that these are applied for their charitable aims. It is also entitled to a reduction of 80% on business rates on the property occupied for charitable purposes. The financial benefits received as a result of these exemptions are all applied for the purposes of furthering the Roman Catholic faith by enabling and supporting the sisters to live out their faith and to put this into practice through a wide variety of religious and other charitable works, including the operation of a care home.

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

The charity has brought substantial benefits to the residents in its care home, the local communities where sisters live, and society in general, through its newly developed grants programme, the social and pastoral work, care services, and education services provided by sisters, often on a voluntary basis. In addition, the charity has created social assets without cost to the Treasury through social and educational projects supported, the care home’s links with the wider community, and through the significant amount of voluntary work carried out by the sisters.

Future plans

The trustees do not anticipate any significant change to the charity or its activities over the next two to five years. They aim to meet the following objectives:

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Trustees’ report Year to 31 December 2021

Future plans (continued)

Governance, structure and management

Governing document

The charity is a Charitable Incorporated Organisation (CIO) governed by a Constitution agreed by the trustees and registered with the Charity Commission on 14 March 2018.

Liability of the member

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

Governance

In terms of canon law, the Society is governed at international level by the Superior General and her General Council in Rome. They are elected every six years at a General Chapter, which is a meeting of elected representatives of all provinces of the Society. The European Province is governed by the Provincial Leadership Team (PLT), comprising the Province Leader and three other members, all of whom are trustees, and the membership is involved in their selection.

In terms of civil law, the charity (which is a CIO) is governed by a constitution dated 14 March 2018 and is registered with the Charity Commission, Charity Registration Number 1177555. In addition to the members of the PLT, there are five further trustees who also understand the work of the province. The trustees work closely with the Province Leadership Team and its advisory committees. Members of the Province Leadership Team and the trustee body are chosen for their personal qualities, skills and understanding of the needs and aspirations of the Province as a whole. The trustees are appointed by the Province Leader based on their knowledge of the Province and particular competencies. At any one time there must be a minimum of four trustees and a maximum of ten.

As all trustees are members of the Society they have a detailed knowledge of the charity and of its structure. On being appointed new trustees have a period of induction when they obtain a full briefing of their responsibilities and the charity’s position. During each year, individual trustees attend seminars and training courses to keep themselves up to date with governance, finance and property issues.

All trustees are members of the Society of the Holy Child Jesus and their living and personal costs are borne by the charity. They receive no remuneration for their services as trustees.

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Trustees’ report Year to 31 December 2021

Governance, structure and management (continued)

Governance (continued)

The names of the trustees who served during the period are set out as part of the reference and administrative details on page 1 of this annual report and accounts, and brief biographical details on each of the trustees in office at the date of signing the accounts are given below.

Sister Angela O’Connor

Sister Angela is Province Leader. She has previous experience of leadership having been a member of the province leadership team and province bursar for three years. She has also worked in school administration and in parish pastoral work and has directed the work of the Cherwell Centre, in Oxford.

Sister Jenny Bullen

Sister Jenny currently works as a primary school teacher and as a counsellor in a secondary school.

Sister Helen Costigane

Sister Helen is a canon lawyer. She has lectured in Christian Ethics and Canon Law and served as Province Bursar for a number of years. She is a member of the Society’s international finance and planning committee.

Sister Eileen Crowley

Sister Eileen is a member of the Province Leadership Team. She has extensive experience in the area of pastoral care having been a prison chaplain for many years.

Sister Judith Lancaster

Sister Judith is a member of the Province Leadership Team. She is a spiritual director and has prior experience of province leadership having served on a team for six years. She has been the Society Archivist and has experience in school governance.

Sister Monica Matthews

Sister Monica is Vicar for Religious for the Diocese of Northampton, a member of the executive of the Conference of Religious in England and Wales and a school governor. She previously served as Province Leader for six years.

Sister Carmel Murtagh

Sister Carmel, a former teacher, has experience of province leadership and administration having previously served as province leader for three years and as a team member for four years. She also served on the Society leadership team for six years.

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Trustees’ report Year to 31 December 2021

Governance, structure and management (continued)

Governance (continued)

Sister Celestina Oyidu Okwori

Sister Oyidu is a member of the African Province Leadership Team. She is also a member of the Society’s International Investment Committee. She has experience of administration and is currently responsible for finance in projects being developed in the African province.

Sister Anne Stewart

Sister Anne is a member of the Province Leadership Team. She is a former teacher and community worker. She has extensive experience of working in community projects.

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:

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and 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, the relevant Charity (Accounts and Reports) Regulations and the provisions of the charity’s Constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Society of the Holy Child Jesus CIO 30

Trustees’ report Year to 31 December 2021

Governance, structure and management (continued)

Structure and management reporting

The trustees are ultimately responsible for policies, activities and assets of the charity. As the executive committee of the trustees, the Province Leadership Team meets six times a year and the trustees meet three times a year to review developments regarding the charity or its activities and make any important decisions. 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 is delegated to the appropriate members of the Society or senior staff.

The European province comprises 59 sisters who live in several communities in England and Wales, France and Ireland (the latter being supported by separate French and Irish charities). In England and Wales, the communities are situated in London, the Midlands, the South East, the North of England and Wales, the largest of the communities being Apley Grange, the care home for the sisters in Harrogate. This is run by a Registered Care Manager who has several years of experience in caring for older people in a care environment. She is directly managed by an independent director who has expertise in care sector management, and who supports the senior management team. A Governance Board, comprised of the Province leader, two members of the province leadership team, the province bursar, the province Finance Director, the senior management of Apley Grange and the independent director is the framework of accountability between Apley Grange management and the province leadership team. The Governance Board meets four times a year.

Key management

The trustees, together with the senior management team of the care home and the Finance Director, comprise the key management of the charity who direct, control, run and operate the charity on a day-to-day basis.

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

The pay of the senior management team of the care home is reviewed annually by the management committee which makes recommendations to the trustees who then consider whether or not to approve the proposals. Pay is normally increased in accordance with average earnings. In view of the nature of operations of the care home and the national shortage of qualified nurses and care staff, the trustees benchmark pay rates against pay levels in other similar charitable care homes and the National Health Service. The remuneration benchmark is based on published pay grades for nursing, care and administrative staff but considers additional responsibilities to ensure that the remuneration paid is fair not out of line with that paid for similar roles. The pay of the finance director is agreed by the trustees and reviewed annually.

Society of the Holy Child Jesus CIO 31

Trustees’ report Year to 31 December 2021

Governance, structure and management (continued)

Working with other organisations

The charity works closely with a number of other charities and public bodies which work in the fields of education, providing support to vulnerable groups, and working for justice and peace.

Examples of organisations with which the charity has cooperated during the period:

Risk management

The Covid-19 pandemic presented us with challenges and threats to the well-being of our charity and its activities. These are now reflected in our risk assessment. The trustees recognise their responsibility for the management of risks faced by the charity and the sisters. Risk assessments have been carried out and new policies and procedures put in place. These are reviewed regularly.

We note above the financial and operational effects of Covid-19. Over and above these, the areas identified for particular attention within our risk management strategy are:

Governance and management covers the risk of the province, and hence the charity, suffering from a lack of direction, and the skills and training of its members and staff, and the good use of resources.

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Trustees’ report Year to 31 December 2021

Governance, structure and management (continued)

Risk management (continued)

Operational looks at the risks inherent in activities including the operation of the care home, its members engaging in inappropriate activities, the unsuitability of buildings, poor maintenance, shortcomings in the services provided, difficulties with staff, poor health and safety.

Financial risks include those arising as a result of poor budgetary control, inappropriate spending, poor accounting, and inappropriate investment policies.

Reputational looks at possible damage to the Society’s and hence the charity’s reputation.

Laws, regulations, external and environment consider the effects of government policies, the consequences of non-compliance with laws and regulations, and poor risk assessment in the care home and elsewhere.

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

The key risks, as identified by the trustees, are described below together with the principal ways in which they are mitigated:

  1. Inappropriate investment policies.

Investment advisors are given guidance on investment strategies to be undertaken (low/medium risk and no speculative activity), with ethical investment guidelines. Performance is reviewed quarterly and on a 1/3/5 year basis. The investment committee, which includes three trustees, is aided in reviewing the performance of managers by Portfolio Review Services. Reporting is made to the trustees at their meetings.

  1. Safeguarding allegations.

The charity is fully compliant with the safeguarding policies of the Roman Catholic Church in England and Wales and members receive appropriate training and updating. All active members of the Society have been DBS checked, as have all staff involved in the care of vulnerable adults and any volunteers who work with vulnerable members of the Society. The care home at Apley Grange has its own safeguarding policy and training sessions are regularly given to staff. Safeguarding in the Catholic Church is being restructured. In the past the Society as aligned with the Roman Catholic Diocese of Lancaster Safeguarding Commission. It is now a member of the Catholic Safeguarding Standards Agency (CSSA) to whom it is accountable and with whom it contracts services. The Society is also a member of the Religious Life Safeguarding Service (RLSS) which will provide services similar to those previously provided by the Diocese of Lancaster Safeguarding Commission. Should there be an allegation of historic abuse, the Society is very well supported.

Society of the Holy Child Jesus CIO 33

Trustees. report Year to 31 December 2021 Governance, structure and management Iconts'nued} RITsk management (continued) 3. Misuse of resources. Budgets are drawn up annually and ￿K)nItored. Any large items of expenditure are fully discussed with the trustees al their rree_b"n9s. Significantly large donations for the development of ministries in the growing African Province of the Society are fully documented and the Province Leader is involved in negots'alions and monitoring through attendance at intemational meetings of the whole Society. 4. Lack of Complian￿ with regulations. This applies partieularly to the care home. Apley Grange in Harrogate. To miligale risk, the Govemance Boatd, comprising of province leadership team members, the independent direclor and the management team, meets quarterly. It alerts thè trustee5 to any significant issues. The home manager has in pla￿ 811 the required policies, risk assessments and procedures. The home is regularfy inspected by the Care Quality Commission. 5. Covid-19 During the current Covid-19 pandemic. we conbnue to communicate with our investment managers and, whilst there are concems over Ihe falls in world stock markets, we acknowledge also that we are long term investors. As such. the charity will be able to wait for markets to recover over time whilst we. as trustees. keep a watching brief. Employees. volunteers. and members of the Society The trustees wish lo record their recognition of the professionalism and commitment of all their staff, volunteers and the individual memtErs of the Society. Their dedication and positive approach are very much appreciated. Approved by the trustees and signed on their behalf by.. Angela O'connor Trustee Approved by the trustees on.. Society of the Holy Child Jesus CIO 34

Independent auditor’s report 31 December 2021

Independent auditor’s report to the trustees of the Society of the Holy Child Jesus CIO

Opinion

We have audited the accounts of the Society of the Holy Child Jesus CIO (the ‘charity’) for the year ended 31 December 2021, which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

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 financial statements 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 financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements 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 charities ability to continue as a going concern for a period of at least twelve months from when the financial statements 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.

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Independent auditor’s report 31 December 2021

Other information

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

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

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Responsibilities of trustees

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

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

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Independent auditor’s report 31 December 2021

Auditor’s responsibilities for the audit of the accounts

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

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

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 how fraud might occur by:

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Independent auditor’s report 31 December 2021

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.

Society of the Holy Child Jesus CIO 38

Independent auditor’s report 31 December 2021

Use of our report

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

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 11 July 2022

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

Society of the Holy Child Jesus CIO 39

Statement of financial activities Year ended 31 December 2021

Year ended 31 December 2021 Year ended 31 December 2021 Year ended 31 December 2021 Period from 1 September 2019 to 31
December 2020		 Period from 1 September 2019 to 31
December 2020		 Period from 1 September 2019 to 31
December 2020
Unrestricted
funds
£		 Restricted
funds
£
Total
funds
2021
£		 Unrestricted
funds
£
Restricted
funds
£
Total
funds
2020
£
Income from:
Donations
1
Investments and interest
receivable
2
Charitable activities
. Residential care home
Other sources
. Miscellaneous income
. Government Coronavirus related
grants
. Surplus on disposal of tangible fixed
assets
3
Total income
Expenditure on:
Raising funds
. Investment management costs
Charitable activities
. Support of members of the Society
and their ministry
4
. Provision of residential care
services
5
. Donations and grants in support of
charitable activities
6
Total expenditure
Net (expenditure) income for the
period before gains on
investments
8
Net investment gains
Net income and net movement in
funds
Reconciliation of funds:
Fund balances at start of period
Fund balances at 31 December		 848,684
1,780,441
482,668
2,473
—
749,030		 —
89,109
—
—
69,159
—		 848,684
1,869,550

482,668

2,473
69,159
749,030		 1,208,099
2,532,805
713,613
28,713
—
291
10,750

118,861

—

—

56,364

—
1,218,849

2,651,666

713,613

28,713

56,364

291
3,863,296 158,268 4,021,564 4,483,521
185,975
4,669,496
252,729
2,478,720
470,908
4,404,793		 —
48,917
20,242
63,000


252,729

2,527,637
491,150
4,467,793		 370,139
3,232,404
670,301
3,466,791
—

—

56,364

90,408
370,139

3,232,404

726,665

3,557,199
7,607,150 132,159 7,739,309 7,739,635
146,772
7,886,407
(3,743,854)
7,585,879		 26,109
251,070
(3,717,745)

7,836,949
 (3,256,114)
6,401,970
39,203

312,385
(3,216,911)

6,714,355
3,842,025
105,998,199		 277,179
4,106,080		 4,119,204


110,104,279		 3,145,856
102,852,343
351,588

3,754,492
3,497,444

106,606,835
109,840,224 4,383,259 114,223,483 105,998,199
4,106,080
110,104,279

Society of the Holy Child Jesus CIO 40

Balance sheet 31 D￿rnber2021 31 Dècèmber 31 December 2021 2020 Notes Fixèd a5sèts= Tangible assets Investments 7,970,977 8,455,535 12 105,567,664 101.185.884 113,538,641 109,641,419 Current assets: Debtors Cash al bank and in har Total current assets 13 128,190 1.215.905 1,344.095 127,763 1,110,133 1,237,896 Llabilities: Creditors.. amounts falling due ￿thIn year 14 1569,2531 (640,0361 Net current Iliabilitiesl assets 774,842 597,860 Total net assets less Cur￿ nt liabilities 114,313,483 110.239.279 Creditors.. amounts falliThJ due aftei more than one year Total net assets 14 190,0001 1135,0001 114,223,483 110,104.279 The funds ofth• eharity: Restricted funds Unre5trided funds Designated funds Tangible fixed assets fund General funds 15 4,383,259 4,1[￿,080 16 88,309,276 84,2(Y3.281 7.970.977 8,455,535 13,559,971 13,333,383 114,223,483 110,104.279 Approved by the trustees and signed on their behalf by". Trustee Approved on.. 8k Society of the Holy Child Jesus CIO 41

Statement of cash flows Year ended 31 December 2021

Notes
Year ended
31
December
2021
£		 Period from 1
September
2019 to 31
December
2020
£
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
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the period
Change in cash and cash equivalent due to exchange rate
movements
Cash at bank and in hand at start of period
Cash held by investment managers at start of period
Cash and cash equivalents at 31 December
B
(6,215,392)		 (5,378,811)
1,865,286
1,131,920
(131,211)
47,067,759
(38,818,058)		 2,774,763
291
(76,998)
28,992,818
(27,340,172)
11,115,696 4,350,702
4,900,304
31,277
1,110,133
1,698,293		 (1,028,109)
(1,200)
1,045,583
2,792,152

7,740,007		 2,808,426

Notes to the statement of cash flows for the period to 31 December 2021.

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

Year ended 31
December
2021
£		 Period ended
31 December
2020
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Gains on investments
Investment income and interest receivable
Net gains on disposal of tangible fixed assets
Decrease (increase) in debtors
Decrease in creditors
Net cash used in operating activities		 4,119,204
232,879
(7,836,949)
(1,869,550)
(749,030)
3,837
(115,783)		 3,497,444
311,773
(6,714,355)
(2,651,666)
(291)
208,607
(30,323)
(6,215,392) (5,378,811)

Society of the Holy Child Jesus CIO 42

Statement of cash flows Year ended 31 December 2021

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
31
December
2021
£
31
December
2020
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 1,215,905
6,524,102		 1,110,133
1,698,293
7,740,007 2,808,426

No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the charity and the above cash and cash equivalents.

Society of the Holy Child Jesus CIO 43

Principal accounting policies Year ended 31 December 2021

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

Basis of preparation

These accounts have been prepared for the year to 31 December 2021 with comparative information provided in respect to the period from 1 September 2019 to 31 December 2020.

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

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102) issued on 16 July 2014, 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 and management to make significant judgements and estimates.

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

Assessment of going concern

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

Society of the Holy Child Jesus CIO 44

Principal accounting policies Year ended 31 December 2021

Assessment of going concern (continued)

With regard to the next accounting period, the year ending 31 December 2022, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees’ report for more information).

However, 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.

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, interest receivable, fees from the charity’s residential care home and income from other sources including the surplus on the disposal of tangible fixed assets.

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.

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.

Society of the Holy Child Jesus CIO 45

Principal accounting policies Year ended 31 December 2021

Income recognition (continued)

Fees from the charity’s residential care home are recognised when receivable.

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.

Income derived from the levying of charges for residential care and support services is measured at the fair value of the consideration received or receivable, excluding discounts and rebates. Fee income is recognised when the charity is entitled to receipt under the relevant contractual agreements.

A surplus on the disposal of tangible fixed assets is defined as the difference between the sale proceeds and the net book value of the asset at the time of disposal and after deducting any costs associated with the disposal. In the case of disposing of a freehold property, the surplus is recognised at the time when legal completion of the sale takes place.

Income from Government Coronavirus related grants is recognised when the charity has made a valid claim for the income, the amount can be measured and it is entitled to receive the income.

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:

Society of the Holy Child Jesus CIO 46

Principal accounting policies Year ended 31 December 2021

Expenditure recognition (continued)

The majority of costs are directly attributable to specific activities. Certain costs in respect to the provision of residential care services have been allocated to expenditure categories by reference to the ratio of the number of fee paying residents to the number of residents who are members of the Society.

Governance costs comprise the costs which are directly attributable to the procedures for compliance with statutory requirements. Governance costs are allocated in full to expenditure on the support of members of the Society and their ministry.

Tangible fixed assets

Non-specialised buildings are all freehold properties and are defined as those designed as, and used wholly or mainly for, private residential accommodation. They were stated at a trustees’ valuation made, with professional assistance, in 1996 based on market value for existing use, with additions since stated at cost. As permitted by FRS 102, with effect from 1 September 2014 the 1996 values assigned to these properties are now deemed to be their 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.

With the exception of one flat held on a 999 year lease, all specialised land and buildings are freehold. They comprise the Society’s provincial administration centre, conference centre and care home for elderly sisters. They were stated at a trustees’ valuation made with professional assistance, in 1996 based on replacement cost for existing use. As permitted by FRS 102, with effect from 1 September 2014 the 1996 values assigned to these properties are now deemed to be their cost. Depreciation is provided at 2% per annum on a straight-line basis to write the specialised buildings off over their estimated useful economic life to the order.

The Chapel at Mayfield is not valued for the purposes of the accounts, as permitted by the Charities SORP FRS 102. It is a Grade I listed building and has been in the ownership of the sisters since 1863. The religious and historical nature of the building means that it would be difficult to obtain a meaningful valuation.

Society of the Holy Child Jesus CIO 47

Principal accounting policies Year ended 31 December 2021

Tangible fixed assets (continued)

Expenditure on the purchase and replacement of furniture and equipment over £2,000 and motor vehicles is capitalised and depreciated over a five year period on a straight line basis. Items classified as plant are capitalised and depreciated over a ten year period on a straight line basis, in order to write the assets off over their estimated useful life.

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.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value as 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.

Deferred annuity contracts represent annuity contracts with an insurance company to provide for individual members of the Society on their retirement. The fund is revalued annually by the trustees. Any resultant surpluses and deficits on revaluation are credited or charged to the statement of financial activities.

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.

Society of the Holy Child Jesus CIO 48

Principal accounting policies Year ended 31 December 2021

Creditors and provisions

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

Funds structure

The funds of the charity are, in the main, unrestricted and therefore available for use in furtherance of the charity’s objectives at the discretion of the trustees. Within the total unrestricted funds of the charity are funds representing tangible fixed assets and funds which the trustees have designated for specific purposes. Details of these are provided in note 16 and note 17.

Details of funds which are restricted for certain purposes are given in note 15.

Foreign currencies

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

Services provided by members of the Society

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

Operating leases

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 term of the lease.

Pension contributions

Contributions in respect of the charity’s defined contribution pension scheme are charged to the statement of financial activities when they are payable to the scheme. The charity’s contributions are restricted to the contributions disclosed in note 9. There were no outstanding contributions at the period ended 31 December 2020. The charity has no liability beyond making its contributions and paying across the deductions for the employees’ contributions.

Society of the Holy Child Jesus CIO 49

Notes to the accounts Year ended 31 December 2021

1 Income from: Donations

Year ended 31 December 2021
Unrestricted
Funds
£
Restricted
Funds
£
Total
£

830,478
—
830,748
18,206
—
18,206
848,684
—
848,684		 Year ended 31 December 2021
Unrestricted
Funds
£
Restricted
Funds
£
Total
£

830,478
—
830,748
18,206
—
18,206
848,684
—
848,684		 Year ended 31 December 2021
Unrestricted
Funds
£
Restricted
Funds
£
Total
£

830,478
—
830,748
18,206
—
18,206
848,684
—
848,684		 Period from 1 September 2019 to 31
December 2020
Unrestricted
Funds
£
Restricted
Funds
£
Total
£
1,134,079
—
1,134,079
74,020
10,750
84,770
1,208,099
10,750
1,218,849		 Period from 1 September 2019 to 31
December 2020
Unrestricted
Funds
£
Restricted
Funds
£
Total
£
1,134,079
—
1,134,079
74,020
10,750
84,770
1,208,099
10,750
1,218,849		 Period from 1 September 2019 to 31
December 2020
Unrestricted
Funds
£
Restricted
Funds
£
Total
£
1,134,079
—
1,134,079
74,020
10,750
84,770
1,208,099
10,750
1,218,849



Restricted
Funds
£

—

—

—		 Total
£
830,748
18,206
848,684


Restricted
Funds
£

—

10,750

10,750		 Total
£
1,134,079
84,770
1,218,849
Salaries, pensions, social
security and similar support
of individual religious
received under Gift Aid
compliant deed of covenant
Other donations

2 Income from: Investments and interest receivable

Year ended 31 December 2021
Un-
restricted
Funds
£
Restricted
Funds
£
Total
£
884,211
44,263
928,474
895,828
44,844
940,672
1,780,039
89,107
1,869,146
68
2
70
334
—
334
402
2
404
1,780,441
89,109
1,869,550		 Year ended 31 December 2021
Un-
restricted
Funds
£
Restricted
Funds
£
Total
£
884,211
44,263
928,474
895,828
44,844
940,672
1,780,039
89,107
1,869,146
68
2
70
334
—
334
402
2
404
1,780,441
89,109
1,869,550		 Year ended 31 December 2021
Un-
restricted
Funds
£
Restricted
Funds
£
Total
£
884,211
44,263
928,474
895,828
44,844
940,672
1,780,039
89,107
1,869,146
68
2
70
334
—
334
402
2
404
1,780,441
89,109
1,869,550		 Period from 1 September 2019 to 31
December 2020		 Period from 1 September 2019 to 31
December 2020		 Period from 1 September 2019 to 31
December 2020
Un-
restricted
Funds
£
Restricted
Funds
£		 Unrestricted
Funds
£
Restricted
Funds
£		 Total
£
Investment income
. Listed investments – UK
. Listed investments –
Overseas
Interest receivable
. Interest on cash held by
investment managers
. Bank interest – UK		 884,211
895,828
44,263

44,844		 928,474
940,672		 1,445,100
1,066,420
43,967

74,864		 1,499,067
1,141,284
1,780,039
89,107		 1,869,146 2,521,520
118,831		 2,640,351
68
334
2

—		 70
334		 8,776
2,509
30

—		 8,806
2,509
402
2		 404 11,285
30		 11,315
1,780,441
89,109		 1,869,550 2,532,805
118,861		 2,651,666

3 Income from: Surplus on disposal of tangible fixed assets

Year ended 31 December 2021
Unrestricted
Funds
£
Restricted
Funds
£
Total
£
—
—
—
749,030
—
749,030
749,030
—
749,030		 Year ended 31 December 2021
Unrestricted
Funds
£
Restricted
Funds
£
Total
£
—
—
—
749,030
—
749,030
749,030
—
749,030		 Year ended 31 December 2021
Unrestricted
Funds
£
Restricted
Funds
£
Total
£
—
—
—
749,030
—
749,030
749,030
—
749,030		 Period from 1 September 2019 to 31
December 2020		 Period from 1 September 2019 to 31
December 2020		 Period from 1 September 2019 to 31
December 2020
Unrestricted
Funds
**£ **
Restricted
Funds
£		 Unrestricted
Funds
£		 Restricted
Funds
£		 Total
£
Surplus on disposal of
motor vehicles
Surplus on disposal of land
and buildings		 —
**749,030 **
—

—		 —
749,030		 291
—
—

—		 291
—
**749,030 **
—		 749,030 291
—		 291

Society of the Holy Child Jesus CIO 50

Notes to the accounts Year ended 31 December 2021

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

Year ended 31 December 2021 Year ended 31 December 2021 Year ended 31 December 2021 Period from 1 September 2019 to 31
December 2020		 Period from 1 September 2019 to 31
December 2020		 Period from 1 September 2019 to 31
December 2020
Un-
restricted
Funds
£		 Restricted
Funds
£		 Total
£		 Unrestricted
Funds
£


Restricted
Funds
£

—

—

—

—

—

—

—		 Total
£
Staff costs
Premises
Sisters’ living and ministry
expenses
Education, training and spiritual
renewal
Governance costs (note 7)
Other		 1,236,160
629,028
477,378
7,839
108,592
19,723		 —
—
48,917
—
—
—		 1,236,160
629,028
526,295
7,839
108,592
19,723		 1,650,972
700,037
717,910
21,041
88,170
54,274		 1,650,972
700,037
717,910
21,041
88,170
54,274
2,478,720 48,917 2,527,637 3,232,404 3,232,404

5 Expenditure on: Provision of residential care services

Year ended 31 December 2021 Year ended 31 December 2021 Year ended 31 December 2021 Period from 1 September 2019 to 31
December 2020		 Period from 1 September 2019 to 31
December 2020		 Period from 1 September 2019 to 31
December 2020
Un-
restricted
Funds
£		 Restricted
Funds
£		 Total
£		 Unrestricted
Funds
£		 Restricted
Funds
£		 Total
£
Staff costs
Premises
Welfare and other		 398,880
40,632
31,396		 —
—
20,242		 398,880
40,632
51,638		 528,755
76,568
64,978		 —
—
56,364		 528,755
76,568
121,342
470,908 20,242 491,150 670,301 56,364 726,665

Society of the Holy Child Jesus CIO 51

Notes to the accounts Year ended 31 December 2021

6 Expenditure on: Donations and grants in support of charitable activities

Year ended 31 December 2021 Year ended 31 December 2021 Year ended 31 December 2021 Period from 1 September 2019 to 31
December 2020		 Period from 1 September 2019 to 31
December 2020		 Period from 1 September 2019 to 31
December 2020
Un-
restricted
Funds
£		 Restricted
Funds
£		 Total
£		 Unrestricted
Funds
£		 Restricted
Funds
£
Total
£
Support of the work of the
Society overseas
Africa
Lagos
Chad
Generally through the Society’s
Generalate
General donations –
education
Baytree Centre
Comboni Sisters
Create Arts
De La Salle School
Gatehouse
Girton College
Holy Child Community School,
Sallynoggin
Life Skills – Mowbray
Community Church
Maryvale Institute
Peacechild
Priory School
Read Easy Oxford
Royal Philharmonic Orchestra
St Annes & Guardian Angels
Primary School
St Augustines School
St Marys Catholic Academy		 3,242,413
5,000
50
64,846
—
—
—
—		 3,242,413
5,000
50
64,846		 2,598,451
3,300
—
96,910		 10,750
—
—
—		 2,609,201

3,300

—

96,910
3,312,309 — 3,312,309 2,698,661 10,750 2,709,411
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

15,000
2,000
15,000
—
1,500
—
—
2,000
—
15,000
—
1,500
10,000
—
—
1,000		 15,000
2,000
15,000
—
1,500
—
—
2,000
—
15,000
—
1,500
10,000
—
—
1,000		 —
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—		 —
—
—
20,000
—
10,539
2,500
—
3,000
—
10,000
1,000
—
7,987
2,200
1,100
—

—

—

20,000

—

10,539

2,500

—

3,000

—

10,000

1,000

—

7,987

2,200

1,100
— 63,000 63,000 — 58,326
58,326

Society of the Holy Child Jesus CIO 52

Notes to the accounts Year ended 31 December 2021

6 Expenditure on: Donations and grants in support of charitable activities (continued)

Year ended 31 December 2021 Year ended 31 December 2021 Year ended 31 December 2021 Period from 1 September 2019 to
31 December 2020		 Period from 1 September 2019 to
31 December 2020		 Period from 1 September 2019 to
31 December 2020
Unrestricted
Funds
£		 Restricted
Funds
£		 Total
£		 Unrestricted
Funds
£		 Restricted
Funds
£
Total
£
General donations –
other Institutions
Care International UK
Casa Cornellia
CatEW
Darton Longman & Todd
Dementia UK
Dover Outreach Centre
Faith in the Community
Fareshare
Justice & Peace Network
Lebanese Maronite Order
Mobray Community
Church
Montana Care Home
Pax Christi
Religious Life
Safeguarding Service
The Gatehouse
Unicef
Voluntary Sector North
West
Where in the World fund
General donations under
£1,000
General donations to
individuals		 —
—
—
5,000
2,800
—
5,000
5,000
1,000
—
—
—
1,000
10,000
—
10,000
3,000
—
12,500		 —
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—		 —
—
—
5,000
2,800
—
5,000
5,000
1,000
—
—
—
1,000
10,000
—
10,000
3,000
—
12,500		 2,000
—
5,200
—
1,500
1,500
—
10,000
—
5,000
—
18,524
—
—
—
6,000
—
5,000
12,800		 —
5,000
—
—
—
—
—
—
—
—
2,000
—
—
—
3,000
—
—
—
6,432
2,000

5,000

5,200

—

1,500

1,500

—

10,000

—

5,000

2,000

18,524

—

—

3,000

6,000

—

5,000

19,232
55,300 — 55,300 67,524 16,432
83,956
12,272 — 12,272
25,437
4,900
30,337

Society of the Holy Child Jesus CIO 53

Notes to the accounts Year ended 31 December 2021

6 Expenditure on: Donations and grants in support of charitable activities (continued)

Year ended 31 December 2021
Un-
restricted
Funds
£
Restricted
Funds
£
Total
£
15,000
—
15,000
—
—
—
24,600
—
24,600
25,000
—
25,000
—
—
—
19,000
—
19,000
—
—
—
25,000
—
25,000
20,000
—
20,000
10,000
—
10,000
20,000
—
20,000
15,000
—
15,000
—
—
—
—
—
—
—
—
—
—
—
—
20,000
—
20,000
—
—
—
20,000
—
20,000
25,000
—
25,000
15,000
—
15,000
25,000
—
25,000
—
—
—
—
—
—
22,214
—
22,214
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
25,000
—
25,000
—
—
—
—
—
—
20,000
—
20,000
25,000
—
25,000
10,000
—
10,000
15,000
—
15,000
—
—
—
10,703
—
10,703
7,500
—
7,500
—
—
—
20,000
—
20,000
10,000
—
10,000
25,000
—
25,000
10,000
—
10,000
479,017
—
479,017		 Year ended 31 December 2021
Un-
restricted
Funds
£
Restricted
Funds
£
Total
£
15,000
—
15,000
—
—
—
24,600
—
24,600
25,000
—
25,000
—
—
—
19,000
—
19,000
—
—
—
25,000
—
25,000
20,000
—
20,000
10,000
—
10,000
20,000
—
20,000
15,000
—
15,000
—
—
—
—
—
—
—
—
—
—
—
—
20,000
—
20,000
—
—
—
20,000
—
20,000
25,000
—
25,000
15,000
—
15,000
25,000
—
25,000
—
—
—
—
—
—
22,214
—
22,214
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
25,000
—
25,000
—
—
—
—
—
—
20,000
—
20,000
25,000
—
25,000
10,000
—
10,000
15,000
—
15,000
—
—
—
10,703
—
10,703
7,500
—
7,500
—
—
—
20,000
—
20,000
10,000
—
10,000
25,000
—
25,000
10,000
—
10,000
479,017
—
479,017		 Year ended 31 December 2021
Un-
restricted
Funds
£
Restricted
Funds
£
Total
£
15,000
—
15,000
—
—
—
24,600
—
24,600
25,000
—
25,000
—
—
—
19,000
—
19,000
—
—
—
25,000
—
25,000
20,000
—
20,000
10,000
—
10,000
20,000
—
20,000
15,000
—
15,000
—
—
—
—
—
—
—
—
—
—
—
—
20,000
—
20,000
—
—
—
20,000
—
20,000
25,000
—
25,000
15,000
—
15,000
25,000
—
25,000
—
—
—
—
—
—
22,214
—
22,214
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
25,000
—
25,000
—
—
—
—
—
—
20,000
—
20,000
25,000
—
25,000
10,000
—
10,000
15,000
—
15,000
—
—
—
10,703
—
10,703
7,500
—
7,500
—
—
—
20,000
—
20,000
10,000
—
10,000
25,000
—
25,000
10,000
—
10,000
479,017
—
479,017		 Period from 1 September 2019 to
31 December 2020		 Period from 1 September 2019 to
31 December 2020		 Period from 1 September 2019 to
31 December 2020
Restricted
Funds
£		 Un-
restricted
Funds
£		 Restricted
Funds
£		 Total
£
Grants
A Rocha UK
Abigail Housing
Advice for renters
Amber Trust
ANAWIM
Apps for Good
Asylum Welcome
ATLEU
Baby Basics
Back on Track Manchester
Bakhita House
Bangladeshi Women’s
Association
Beacon
Blackpool Foodbank
Bradford City of Sanctuary
Bridgebuilder Trust MK
Cardinal Hume Centre
Caritas Social Action
Network
Catholic Association for
Racial Justice
Catholic Workers Farm
CHAS Bristol
Children’s Trust
Church Action on Poverty
Cirencester Housing for
Young People
Cirencester Opportunity
Group
Community Pride Salford
CIC
Creative Dementia Arts
Network
Didcot Train
Destitution Project Bolton
Disability First
ECPAT UK
Educare
Emmaus Oxford
Faithworks Wessex
Family Links
Family Works at St Johns
Father Hudson's Care
Fleetwood Trust
FoodCycle
Global Arrk
Groundworks
Hackney Migrant Centre
Hear Me Out Music
Independent Community
Advocacy Network
International Care Network
Totals carried forward		 15,000
—
24,600
25,000
—
19,000
—
25,000
20,000
10,000
20,000
15,000
—
—
—
—
20,000
—
20,000
25,000
15,000
25,000
—
—
22,214
—
—
—
—
—
25,000
—
—
20,000
25,000
10,000
15,000
—
10,703
7,500
—
20,000
10,000
25,000
10,000		 —
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—		 15,000
—
24,600
25,000
—
19,000
—
25,000
20,000
10,000
20,000
15,000
—
—
—
—
20,000
—
20,000
25,000
15,000
25,000
—
—
22,214
—
—
—
—
—
25,000
—
—
20,000
25,000
10,000
15,000
—
10,703
7,500
—
20,000
10,000
25,000
10,000		 —
24,333
—
25,000
18,000
—
24,941
—
—
—
20,000
—
20,000
24,322
11,653
7,000
—
10,000
—
—
—
—
20,000
10,000
22,170
13,000
10,000
25,000
8,500
25,000
—
12,500
25,000
—
24,750
—
15,000
25,000
—
—
15,000
20,000
—
—
—		 —
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—		 —
24,333
—
25,000
18,000
—
24,941
—
—
—
20,000
—
20,000
24,322
11,653
7,000
—
10,000
—
—
—
—
20,000
10,000
22,170
13,000
10,000
25,000
8,500
25,000
—
12,500
25,000
—
24,750
—
15,000
25,000
—
—
15,000
20,000
—
—
—
479,017 — 479,017 456,169 — 456,169

Society of the Holy Child Jesus CIO 54

Notes to the accounts Year ended 31 December 2021

6 Expenditure on: Donations and grants in support of charitable activities (continued)

Year ended 31 December 2021 Year ended 31 December 2021 Year ended 31 December 2021 Period from 1 September 2019 to
31 December 2020		 Period from 1 September 2019 to
31 December 2020		 Period from 1 September 2019 to
31 December 2020
Un-
restricted
Funds
£		 Restricted
Funds
£		 Total
£		 Un-
restricted
Funds
£		 Restricted
Funds
£		 Total
£
Grants
Totals brought forward
It’s a Penalty
Jesuit Refugee Service
Justice
Kenelm Youth Trust
Lantern Trust
Marine Conservation
Society
Marriage Care
Music4WellBeing
MYTIME Young Carers
Newham Community
Renewal Programme
Operation Noah
Oxford Winter Night
Shelter
Plastic Oceans
Prama Life
Prisoners Education
Providence Row
Read Easy UK
Refugee Resource
Rekindle
Safe in Sussex
Salford Loaves and Fishes
Sanctuary Hosting
Sanctuary in Chichester
Shine Youth
South Harrow Christian
Fellowship
Spitafields Crypt Trust
St Joseph's Hospice
St Simeon's Church Trust
Step by Step
Sullivan’s Heros
Trees For Cities
Via Wings
Vineyard Community
Centre
Voices in Exile
Wigan Youth Zone
Woman’s Trust
Women at the Well
YMCA Burton
Total donations andgrants		 479,017
15,000
—
5,000
—
20,000
—
10,000
10,000
25,000
24,425
10,000
20,000
—
16,000
25,000
20,000
20,000
24,500
20,000
24,970
25,000
—
10,000
18,000
—
18,000
20,000
—
20,000
25,000
—
10,000
20,000
20,000
20,000
25,000
—
25,000		 —
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—		 479,017
15,000
—
5,000
—
20,000
—
10,000
10,000
25,000
24,425
10,000
20,000
—
16,000
25,000
20,000
20,000
24,500
20,000
24,970
25,000
—
10,000
18,000
—
18,000
20,000
—
20,000
25,000
—
10,000
20,000
20,000
20,000
25,000
—
25,000		 456,169
—
10,000
7,000
20,000
—
10,000
—
—
—
—
15,000
—
12,000
—
—
—
—
20,000
—
—
20,000
20,000
—
10,000
15,000
—
15,000
10,000
—
—
10,000
—
—
—
—
—
25,000
—		 —
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—		 456,169
—
10,000
7,000
7,000
—
10,000
—
—
—
—
15,000
—
12,000
—
—
—
—
20,000
—
—
20,000
20,000
—
10,000
15,000
—
15,000
10,000
—
—
10,000
—
—
—
—
—
25,000
—
1,024,912 — 1,024,912 675,169 — 675,169
4,404,793 63,000 4,467,793 3,466,791 90,408 3,557,199

Society of the Holy Child Jesus CIO 55

Notes to the accounts Year ended 31 December 2021

7 Governance costs

Governance costs
Year ended 31 December 2021 Period from 1 September 2019 to
31 December 2020
Unrestricted
Funds
£
Restricted
Funds
£
Total
£
88,170
—
88,170
Un-
restricted
Funds
£
Restricted
Funds
£		 Total
£		 Restricted
Funds
£		 Total
£
Legal andprofessional fees 108,592
—		 108,592 88,170 — 88,170

8 Net (expenditure) income for the period before gains on investments This is stated after charging (crediting):

Year ended
31
December
2021
£		 Period from
1 September
2019 to 31
December
2020
£
Staff costs (note 9)
Auditor’s remuneration (including VAT)
. Audit services – current year
. Audit services – prior year
. Non audit services: payroll and other consultancy
Depreciation
Operating lease charges		 1,594,598
31,200
—
9,936
232,879
42,122		 2,122,219
31,000
1,838
15,062
306,688
43,182

9 Staff costs, remuneration of key management personnel and trustees’ remuneration

Year
ended 31
December
2021
£		 Period from
1 September
2019 to
31 December
2020
£
Staff costs during the period were as follows:
Wages and salaries
Social security costs
Pension costs		 1,455,406
113,306
25,886		 1,950,313
138,251
33,655
1,594,598 2,122,219

The average number of employees during the period (including part time staff):

Year ended
31
December
2021		 Period from
1 September
2019 to
31 December
2020
82
Support of Members of the Society and their ministry, the operation of
residential care home andgrant making		 83

Society of the Holy Child Jesus CIO 56

Notes to the accounts Year ended 31 December 2021

9 Staff costs, remuneration of key management personnel and trustees’ remuneration (continued)

No employee earned above £60,000 per annum (including benefits) during the period (16 month period to 31 December 2020 – none).

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis comprise the trustees, the finance director and the senior management team of the charity’s care home. The total remuneration (including taxable benefits but excluding employer’s pension contributions) of the key management personnel for the year to 31 December 2021 was £124,012 (16 month period to 31 December 2020: £139,179).

The charity’s trustees are all members of the Society and consequently their living and personal expenses, all of which are consistent with the amounts paid in respect to other members of the Society, are borne by the charity. No trustee received any remuneration or reimbursement of expenses in connection with their duties as trustees (16 month period to 31 December 2020 – none).

As members of the Society, 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 year, the total amount donated by the trustees to the charity was £97,467 (16 month period to 31 December 2020: £80,886).

10 Taxation

The Society of the Holy Child Jesus CIO 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.

11 Tangible fixed assets

Tangible fixed assets
Land and buildings
Furniture,
equipment
and plant
£		 Motor
vehicles
£		 Total
£
Non-
specialised
£
Specialised
£
Cost or valuation
At 1 January 2021
Additions
Disposals and eliminations
At 31 December 2021
At cost
At deemed cost
Depreciation
At 1 January 2021
Charge for year
On disposals and eliminations
At 31 December 2021
Net book values
At 31 December 2021
At 31 December 2020		 3,857,947
—
(379,837)		 6,292,662
46,551
—		 1,908,452
84,660
(18,817)		 114,915
—
—		 12,173,976

131,211

(398,654)
3,478,110 6,339,213 1,974,295 114,915 11,906,533
3,478,110
—		 4,186,213
2,153,000		 1,974,295
—		 114,915
—
9,753,533

2,153,000
3,478,110 6,339,213 1,974,295 114,915 11,906,533
—
—
—		 1,902,860
126,784
—		 1,718,415
93,933
(15,764)		 97,166
12,162
—
3,718,441

232,879

(15,764)
— 2,029,644 1,796,584 109,328
3,935,556
3,478,110 4,309,569 177,711 5,587
7,970,977
3,857,947 4,389,802 190,037 17,749
8,455,535

Society of the Holy Child Jesus CIO 57

Notes to the accounts Year ended 31 December 2021

11 Tangible fixed assets (continued)

All land and buildings are freehold with the exception of a flat included in non-specialised land and buildings which is held on a 999-year lease and which has a net book value at 31 December 2021 of £110,667.

Under previous Generally Accepted Accounting Practice, freehold land and buildings purchased prior to 1996 were held at a book value based on a trustees’ valuation made in 1996 based on replacement cost for existing use. As permitted under the transitional provisions of FRS 102 (section 35), the charity has elected to use these valuations as deemed cost. The remaining properties and other tangible fixed assets are held at cost less accumulated depreciation where applicable.

It is likely that there are material differences between the open market values of the charity’s land and buildings and their book values. These arise from the specialised nature of some properties and the effects of inflation. The amount of such differences cannot be ascertained without incurring significant costs, which, in the opinion of trustees, is not justified in terms of the benefit to the users of the accounts.

Certain of the freehold land and buildings are subject to restrictive covenants in relation to their future disposal.

The charity has title to a number of unique religious artefacts including statues and paintings which form part of the heritage of the Society and which the charity intends to preserve for future generations of Sisters. One of the principal objectives of the charity is “ to support the religious and other charitable works carried on by the Society and its members ”. As such, the assets meet the definition of heritage assets in the Charities SORP FRS 102 and are not valued for the purposes of these financial statements. Details of specific items are not given for security reasons.

12 Investments

Investments
31
December
2021
£		 31
December
2020
£
Listed investments
Unlisted investments
. Deferred annuity contracts		 105,509,548
58,116		 101,096,489
89,395
105,567,664 101,185,884
Listed investments 31
December
2021
£		 31
December
2020
£
Fair (market) value at 1 January 2021
Additions
Disposals (proceeds: £47,067,759; realised gains: £2,410,148)
Net unrealised investment gains
Fair (market) value at 31 December 2021
Cash held by investment managers for reinvestment
Cost of listed investments at 31 December 2021		 99,398,196
38,818,058
(44,657,610)
5,426,801		 94,351,615
27,340,172
(31,488,569)
9,194,978
98,985,445
6,524,102		 99,398,196
1,698,293
105,509,597 101,096,489
83,099,956 78,928,238

Society of the Holy Child Jesus CIO 58

Notes to the accounts Year ended 31 December 2021

12 Investments (continued)

Listed investments (excluding cash held by investment managers for re-investment) held at 31 December 2021 comprised the following:

Listed investments – UK
Listed investments – Overseas		 31
December
2021
£		 31
December
2020
£
49,169,703
49,815,742		 54,050,974
45,347,222
98,985,445 99,398,196

The following holding represented a material holding when compared to the total portfolio valuation at 31 December 2021:

Market
value
£		 Percentage
of
portfolio
%
Sarasin Climate active endowments fund class A income 36,923,135 37.4

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

At 31 May 2022 the charity’s investment portfolio had decreased in value by 10.4%.

Deferred annuity contracts 31
December
2021
£		 31
December
2020
£
Valuation at 1 January 2021
Additions
Withdrawals
Profit on withdrawal
(Deficit) surplus on revaluation
Valuation at 31 December 2021		 89,395
500
(26,170)
2,751
(7,360)		 73,067
1,200
—
—
15,128
59,116 89,395

The contracts are held with the Eagle Star Assurance Company Limited.

13 Debtors

Debtors
31
December
2021
£
23,628
43,749
5,065
55,748
128,190		 31
December
2020
£
Investment income and income tax recoverable
Care home fees receivable
Other debtors
Prepayments		 19,364
17,191
4,775
86,433
127,763

Society of the Holy Child Jesus CIO 59

Notes to the accounts Year ended 31 December 2021

14 Creditors

Creditors
31
December
2021
£		 31
December
2020
£
Amounts falling due within one year
Monies administered by the charity on behalf of individual members of the
Society
Care home fees received in advance
Accruals and expense creditors
Grants and donations payable
Amounts falling due after more than one year
Grants and donations payable
284,045
20,637
219,571
45,000		 284,130
8,271
292,635
55,000
569,253 640,036
90,000 135,000

At 31 December 2021 the charity had committed to fund further donations totalling £2,202,433 (31 December 2020 - £1,677,930) which are payable on the satisfaction of certain conditions.

15 Restricted funds

The funds of the charity include restricted funds comprising the following amounts to be applied for specific purposes:

At
1 January
2021
£
4,106,080
—		 Income
£
89,109
69,159		 Expenditure
£
(63,000)
(69,159)		 Gains
£		 At
31
December
2021
£
Cornelia Connelly Fund
Donations for specific purposes		 251,070
—		 4,383,259
—
4,106,080 158,268 (132,159) 251,070 4,383,259
At
1
September
2019
£
3,748,060
6,432		 Income
£
118,861
67,114		 Expenditure
£
(73,226)
(73,546)		 Gains
£		 At
31
December
2020
£
Cornelia Connelly Fund
Donations for specific purposes		 312,385
—		 4,106,080
—
3,754,492 185,975 (146,772) 312,385 4,106,080

The Cornelia Connelly Fund was previously a separate charity, administered by the same trustees as the Society of the Holy Child Jesus Charitable Trust. During 1998 permission was sought and given by the Charity Commissioners under Section 96(6) of the Charities Act 2011 for the accounts of the two charities to be combined, on the condition that the Cornelia Connelly Fund remain as a separate fund within the accounts of the main charity, restricted to the charitable purposes set out in the original trust deed of the Cornelia Connelly Fund, being ‘such educational charitable purposes as advance the educational charitable work for the time being carried on in any part of the world by or under the direction or with the support of the European Province’.

Society of the Holy Child Jesus CIO 60

Notes to the accounts Year ended 31 December 2021

16 Designated funds

The income funds of the charity includes the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

At 1
January
2021
£		 New
designations
£		 Utilised/
released
£		 At
31
December
2021
£
Society Strategic Plan fund
. Retirement fund for support of the
African Province
. Support of goals
Property development and refurbishment fund
Grants reserve
Retirement reserve		 8,907,539
10,102,754
350,000
32,432,098
32,416,890		 967,792
—
5,650,000
3,258,140
—
—
(3,242,413)
—
(1,024,912)
(1,508,612)		 9,875,331
6,860,341
6,000,000
34,665,326
30,908,278
84,209,281 9,875,932 (5,775,937) 88,309,276
At 1
September
2019
£		 New
designations
£		 Utilised/
released
£		 At
31
December
2020
£
African Province fund
Society Strategic Plan fund
. Retirement fund for support of the
African Province
. Support of goals
Property development and refurbishment fund
Grants reserve
Retirement reserve		 230,458
7,813,571
12,431,047
350,000
20,075,815
40,000,000		 —
1,093,968
—
—
13,031,462
—		 (230,458)

—
(2,328,293)
—
(675,179)
(7,583,110)		 —
8,907,539
10,102,754
350,000
32,432,098
32,416,890
80,900,891 14,125,430 (10,817,040) 84,209,281

The African Province fund represented monies designated by the trustees to fund the education and formation of sisters in Africa. It was fully utilised during the period to 31 December 2020.

The Society Strategic Plan fund (formerly known as the Congregational fund) represents monies designated by the trustees to support the international work of the Congregation, including the implementation of the Society-wide strategic plan. The fund has two elements: The ‘Retirement fund for the support of the African Province’ and the ‘Support of Goals’. It is the intention that this fund continues to be increased to be held over the next four to five years until they are required by the wider Congregation. Sisters and projects of the Society overseas will be able to apply for monies from the fund but these will be paid out only after successful due diligence and, thereafter, the use of the monies will be monitored closely by the trustees. The trustees will review the Society Strategic Plan fund and the charity’s financial position on a year by year basis. At 31 December 2021, £2,202,433 (31 December 2020 - £1,964,749) of the Support of Goals fund had been committed to specific projects, and becomes payable on satisfaction of certain conditions. The balance of the fund was £4,657,908 (31 December 2020 - £8,138,005).

The property development and refurbishment fund represents monies designated by the trustees to build and refurbish a number of the charity’s freehold premises.

Society of the Holy Child Jesus CIO 61

Notes to the accounts Year ended 31 December 2021

16 Designated funds (continued)

The grants reserve represents monies designated by the trustees for the charity’s grant making programme.

The retirement reserve represents monies designated by the trustees to provide for the sisters in their retirement. It has been calculated using actuarial principles and is reviewed regularly by the trustees in the light of the resources available and likely to be required.

17 Tangible fixed assets fund

The tangible fixed asset fund represents the net book value of the charity’s tangible fixed assets. A decision was made to separate this fund from the general fund in recognition of the fact that the tangible fixed assets are used in the day-to-day activities of the charity, and the fund value would not be easily realisable if needed to meet future contingencies.

Total
£
At 1 January 2021
Net movement in the year
At 31 December 2021		 8,455,535
(484,558)
7,970,977
Total
£
At 1 September 2019
Net movement in the period
At 31 December 2020		 8,690,310
(234,775)
8,455,535

18 Analysis of net assets between funds

General
funds
£
 Designated
funds
£
7,970,977
88,309,276
—
—
96,280,253		 Restricted
funds
£
—
4,383,259
—
—
4,383,259		 Total
2021
£
Fund balances at 31 December 2021
are represented by:
Tangible fixed assets
Investments
Net current assets
Creditors: amounts falling
due after one year
Total net assets		 —
12,875,129
774,842
(90,000)		 7,970,977
105,567,664
774,842
(90,000)
13,559,971 114,223,483
Fund balances at 31 December 2020
are represented by:
Tangible fixed assets
Investments
Net current assets
Creditors: amounts falling
due after one year
Total net assets		 General
funds
£
 Designated
funds
£		 Restricted
funds
£		 Total
2020
£
—
12,870,523
597,860
(135,000)		 8,455,535
84,209,281
—
—		 —
4,106,080
—
—		 8,455,535
101,185,884
597,860
(135,000)
13,333,383 92,664,816 4,106,080 110,104,279

Society of the Holy Child Jesus CIO 62

Notes to the accounts Year ended 31 December 2021

18 Analysis of net assets between funds (continued)

The total unrealised gains on listed investments as at 31 December 2021 constitute movements on revaluation and are as follows:

31
December
2021
£		 31
December
2020
£
Unrealised gains included above:
On investments
Total unrealised gains at 31 December 2021
Reconciliation of movements in unrealised gains (losses)
Unrealised gains at 1 January 2021
In respect to disposals in the period
Add: net gains arising on revaluation arising in the period
Total unrealised gains at 31 December 2021		 15,885,494 20,469,963
15,885,494 20,469,963
20,469,958
(10,011,265)		 19,481,908
(8,206,928)
10,458,693
5,426,801		 11,274,980
9,194,978
15,885,494 20,469,958

19 Operating lease commitments

At 31 December 2021, the charity had future minimum commitments in respect to noncancellable operating leases in respect to land and buildings as follows:

31
December
2021
£		 31
December
2020
£
Land and buildings
Payments which fall due:
. Within one year
. Within two to five years		 13,500
30,375		 13,500
43,875
43,875 57,375
31
December
2021
£		 31
December
2020
£
Equipment
Payments which fall due:
. Within one year
. Within two to five years
. Over five years		 28,622
51,892
20,866		 28,622
55,948
31,752
101,380 116,322

Society of the Holy Child Jesus CIO 63

Notes to the accounts Year ended 31 December 2021

20 Ultimate control and liability of member

The Province Leader of the Congregation for the time being shall automatically, by virtue of holding that office, be ex officio the sole member of the CIO. The sole member is responsible for the appointment of the trustees.

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

21 Connected charity and related party transactions

During the year a donation of £25,000 (16 month period to 31 December 2020: £20,000) was paid to Salford Loaves and Fishes, a charity of which Sister Anne Stewart, a trustee of the CIO, is a trustee.

Amounts donated to the charity during the year by the trustees are disclosed in note 9.

There are no further related party transactions requiring disclosure (16 month period to 31 December 2020 – none).

Society of the Holy Child Jesus CIO 64