SCHOOL SISTERS OF NOTRE DAME CIO
TRUSTEES REPORT AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
(Registered Charity No 1179634)
SCHOOL SISTERS OF NOTRE DAME CIO
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity No. 1179634
| TRUSTEES | Sister Eileen Donohoe |
|---|---|
| Sister Anne Bruder | |
| Sister Arlene Tomlinson | |
| Sister Margaret McPhee | |
| CONTACT ADDRESS | c/o Haysmacintyre LLP |
| 10 Queen Street Place | |
| London | |
| EC4R 1AG | |
| SOLICITORS | Pothecary Witham Weld |
| 70 St Georges Square | |
| London | |
| SW1V 3RD | |
| INDEPENDENT EXAMINER | Jane Askew ACA |
| Haysmacintyre LLP | |
| 10 Queen Street Place | |
| London | |
| EC4R 1AG | |
| BANKERS | Lloyds Bank PLC |
| Blackheath London Branch | |
| PO Box 1000 | |
| London | |
| BX1 1LT | |
| INVESTMENT MANAGERS | Barclays Wealth Management |
| 1 Churchill Place | |
| London | |
| E14 5HP | |
| GOVERNING INSTRUMENT | Charitable Incorporated Organisation (CIO) registered 22 August |
| 2018 | |
| REGISTRATION NUMBER | 1179634 |
| OBJECT | The object of the CIO is such charitable purposes as shall advance |
| the religious and other charitable work of the Society as the Trustees | |
| with the approval of the Provincial Superior shall from time to time | |
| think fit. | |
| INVESTMENT POWERS: | Trust moneys may be invested in any investments authorised by law |
| for the investment of trust funds (and donations in any investment | |
| authorised by the donor). |
REPORT OF THE TRUSTEES OF THE SCHOOL SISTERS OF NOTRE DAME CIO
TO ACCOMPANY THE ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
The society known as The School Sisters of Notre Dame is an international Roman Catholic religious congregation of women with some members living and working in the British Isles. Within the governance structure of the School Sisters of Notre Dame, the sisters in the British Isles are part of the Atlantic-Midwest Province with headquarters at 6401 North Charles Street, Baltimore, Maryland, U.S.A. The Provincial Leader of the Atlantic Midwest Province is the Sole Member of the CIO. For the time being she has declined to act as a Trustee. The trustees receive ongoing advice and updating about their role and responsibilities from their auditors, their solicitors and from the Association of Provincial Bursars.
The CIO supports the life and ministry of the Sisters in the British Isles. The use of funds from the CIO by the Sisters resident in England and Wales is based on budgets submitted to and approved by the Provincial Council. Incoming funds are centralised in the main CIO bank account. Every six months the sisters who are resident in England and Wales send an account of their expenditures to the Provincial Council. Annually all income and expenditure information is collated by the bursar for England who submits all pertinent information to our accountants.
OBJECTS AND ACTIVITIES
The object of the CIO is such charitable purposes as shall advance the religious and other charitable work of the Society as the Trustees with the approval of the Provincial Superior shall from time to time think fit.
In engaging in such work, we follow our international congregation’s constitution, You Are Sent (YAS) which is further nuanced by priorities set at General Chapters held every six years.
Regarding religious activities, You Are Sent would say. “We are called and sent to deepen communion with God and among people wherever we are… As the desire of Jesus that all be one becomes more fully our own, our striving for unity, embraces all humanity and the whole of creation.” (YAS 9)
Regarding educational activities, “For us, education means enabling persons to reach the fullness of their potential as individuals created in God’s image and assisting them to direct their gifts toward building the earth. Like Blessed Theresa (our foundress) we educate with the conviction that the world can be changed through the transformation of persons. (YAS 22). Responding to varying needs, we engage in a diversity of ministries, specific services through which we work for the enablement of persons. (YAS 23) We exclude no one from our concern, but are especially sensitive to youth and women and are impelled to prefer the poor.” (YAS 24)
The General Chapter of our international congregation, which was held in the autumn of 2017, provided theological underpinning to our striving for unity. It called the School Sisters of Notre Dame “to develop skills for intercultural living in community and society”. In calling the members “to discern which urgent and critical global concerns we are called to address,” the Chapter encouraged “collaboration with others for the dignity of life and the care of creation” as well as creativity in our educational efforts “in a rapidly changing world impacted by globalisation and technology”. The Sisters in England try to respond to these priorities in the way they live and serve.
This Trustees Report describes how those activities undertaken by the charity further its charitable purposes for the public benefit. The Trustees confirm that they comply with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance issued by the Charity Commission. In particular, they have considered its supplementary public guidance on the advancement of religion for the public benefit.
ACHIEVEMENTS AND PERFORMANCE
It is difficult to quantify the results of our various ministries and activities. Suffice it to say, we notice and rejoice in signs of growth and attitudinal change in the various people with whom we work. As a consequence, they are more willing and able to take on responsibility in their respective communities, both religious and secular. Whether we are relating to our colleagues or those among whom we minister, we ground our activity in the principles outlined above in the “Objects and Activities”.
At the end of this reporting period for the CIO, there were four School Sisters of Notre Dame in the UK: two in Merseyside and two in London.
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REPORT OF THE TRUSTEES OF THE SCHOOL SISTERS OF NOTRE DAME CIO
TO ACCOMPANY THE ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2023
In Merseyside, one sister, living in Liverpool, has discontinued her previous ministry with another congregation. During this financial period, she has taken on the role of safeguarding lead for the Sisters in England and has facilitated the CIO’s contact with the Religious Life Safeguarding Service. She also serves on the executive of the Association of Provincial Bursars.
The second sister lives in Whiston and carries out her ministry in that area. She is engaged in volunteer chaplaincy in both the local hospital and the local hospice as well as visiting elderly persons in their homes. Due to corona restrictions, these personal visits have been suspended for most of this reporting period. She has kept in touch by phone with those she usually visits and has offered support to colleagues at hospital and hospice by phone and email until she was able to visit in person.
Two sisters live in London. One sister continues ministering in a Catholic parish of about 500 members from diverse ethnic, social and economic backgrounds. The parish also has a primary school of 200 students from mixed religious and social backgrounds. The sister is a governor in this school and a support to staff and families in the school. A priority in parish ministry is development of leadership within the faith community and beyond so that parish and neighbourhood needs can be addressed through mutual service. She also regularly visits housebound parishioners. Fortunately, most of this work has not been restricted by covid regulations during this period.
The second sister in London is engaged in retreat work and spiritual direction/guidance. Through this ministry, men and women of all faiths and none are assisted in their growth as integrated human persons, thus enhancing the quality of their service in the daily contexts of their lives. During this period some of work has been able to be carried out in person with the lifting of covid restrictions. However, from her London base, she has continued to do much of her ministry by Zoom, Skype, telephone and email.
Both of the sisters have been involved in the food bank in the local parish. This continues to be a challenging task as the number of clients has grown dramatically during the pandemic, as has the variety of reasons for which clients need to access a food bank at this time.
Any stipends that the sisters receive for their work are given to the Charity which provides for the sisters’ living and ministerial needs. This enables the sisters, in London particularly, to live among the people they serve. Through the use of the London residence as a base for parish work, the CIO is subsidising the work among the people, particularly outreach to the elderly and the socially disadvantaged and development of leadership among the parishioners in the N1 area of London.
In looking to the future, the Trustees recognise that the sisters in England continue to be able to minister in ways that carry out the Charity’s objects, but, because of ageing, will be less able to draw salaries. This means they are becoming more dependent on the income from the CIO’s reserves for the support of the members and their charitable work. At the same time, they wish to share the income generated by their investments in keeping with the mission of the Charity. To this end, the Trustees are allowed to donate up to 7% of the previous year’s income for charitable purposes consistent with the CIO’s objects and province and congregational priorities. As a means of assuring that the CIO’s assets are used in a manner consistent with the congregation and the church’s mission, the Trustees decided this year to move their investment portfolio from Barclay’s Wealth to CCLA Catholic Investment Fund.
The CIO continues to be privileged to support the mission of the School Sisters of Notre Dame in the British Isles.
2
REPORT OF THE TRUSTEES OF THE SCHOOL SISTERS OF NOTRE DAME CIO
TO ACCOMPANY THE ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2023
FINANCIAL REVIEW
The accounts accompanying this report comply with current statutory requirements and are the accounts for the Charitable Incorporated Organisation in which the assets of the School Sisters of Notre Dame in England are held. Details of the Governing instrument and registration are shown on the front sheet.
The Trustees submit accounts which show a very detailed breakdown of significant items and the accounts are largely self-explanatory. There is a surplus of £122,826 (after investment gains) compared to the restated surplus of £440,784 in the previous year.
Overall the assets of the charity provide income which is adequate to meet the needs of the work. The value of investments increased in line with market conditions, and market value is still in excess of cost.
The Trustees are confident that the work of the charity can be continued in the future.
Reserves Policy
Reserves are required to ensure that sisters who have worked all their lives for the charity without remuneration can be cared for in retirement.
The charity has designated funds totalling £2,045,957 into a Retirement Fund and a Fund for Sharing. The Retirement fund represents amounts set aside by the trustees to provide for the retirement of the sisters of the Society and is represented by assets held for the purposes of providing long term support for the sisters. An appraisal of this fund is considered annually. The amount held is thought to be adequate, but the charity’s situation could change in future years, with additional sums possibly being required to provide fully for the charity’s commitment. The Fund for Sharing relates to specific amounts set aside for the support of particular causes as prescribed by the Society.
At the end of June 2023, the undesignated reserves of the charity were £3,447,530. This enables the holding of investments to provide approximately 85% of the charity’s income which generates an annual contribution of approximately 53% of expenditure. The trustees are of the opinion that reserves are adequate but not excessive for the purposes of the charity.
INVESTMENT POLICY AND PERFORMANCE
The Trustees or their representatives meet Investment Brokers and Accountants every six months in order to discuss the Portfolio. The strategy is to maximise total return within acceptable levels of risk avoiding any investments which conflict with the purposes of the charity. The Trustees are satisfied with the performance of the investments during the year.
RISK MANAGEMENT
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to mitigate our exposure to the major risks.
The principal risks are a significant fall in the value of investments and of an increase in the cost of caring for elderly sisters. The Trustees consider that their reserves are at a level sufficient to provide reasonable mitigation against the impact of both of these events.
3
REPORT OF THE TRUSTEES OF THE SCHOOL SISTERS OF NOTRE DAME CIO
TO ACCOMPANY THE ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2023
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
Select suitable accounting policies and then apply them consistently;
-
Observe the methods and principles in the Charities SORP;
-
Make judgements and estimates that are reasonable and prudent;
-
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the provisions of the trust deed. 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.
Signed on behalf of the Trustees
Sister Anne Bruder Approved on 18 January 2024
4
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
THE SCHOOL SISTERS OF NOTRE DAME CIO
I report on the accounts of the School Sisters of Notre Dame CIO for the year ended 30 June 2023 which are set out on pages 6 to 14.
This report is made solely to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that act. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my independent examiner's work, for this report.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for preparation of the financial statements, and they consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the financial statements under section 145 of the Act;
-
follow the procedures laid down in the general directions given by the Charity Commission under Section 145(5)(b) of the Act; and
-
state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
1) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the Act; and
-
to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the Act
have not been met; or
- 2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Jane Askew ACA Haysmacintyre LLP Chartered Accountants
10 Queen Street Place London EC4R 1AG
22 January 2024
5
SCHOOL SISTERS OF NOTRE DAME CIO
BALANCE SHEET
AT 30 JUNE 2023
| 2023 | Restated | ||||
|---|---|---|---|---|---|
| 2022 | |||||
| Notes | £ | £ | £ | £ | |
| TANGIBLE FIXED ASSETS | 2 | - | - | ||
| INVESTMENTS | 3 | 5,411,995 | 5,286,524 | ||
| CURRENT ASSETS | |||||
| Debtors | 4 | 1,350 | 2,250 | ||
| Cash at bank and in hand | 97,142 | 98,887 | |||
| ------------------ | ------------------ | ||||
| 98,492 | 101,137 | ||||
| Creditors:amounts falling due within | |||||
| one year | 5 | (17,000) | (17,000) | ||
| ------------------ | ------------------ | ||||
| NET CURRENT ASSETS | 81,492 | 84,137 | |||
| ---------------------- | ---------------------- | ||||
| £5,493,487 | £5,370,661 | ||||
| ========== | ========== | ||||
| UNRESTRICTED FUNDS | |||||
| Designated | 6 | 2,045,957 | 2,051,102 | ||
| General | 6 | 3,447,530 | 3,319,559 | ||
| ----------------------- | ----------------------- | ||||
| £5,493,487 | £5,370,661 | ||||
| =========== | =========== |
The financial statements were approved and authorised for issue by the Board of the Trustees on 18 January 2024 and were signed below on its behalf by:
…………………………… Sr Anne Bruder
6
SCHOOL SISTERS OF NOTRE DAME CIO
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2023
| Restated | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Unrestricted Funds | Unrestricted Funds | |||
| Notes | £ | £ | £ | |
| INCOME FROM: | ||||
| Donations and legacies: | ||||
| Salaries, pensions and related income | 43,151 | 20,763 | ||
| Investments | 7 | 4,842 | 126,685 | |
| ------------------- | ------------------- | |||
| Total Income | 47,993 | 147,448 | ||
| EXPENDITURE ON: | ||||
| Raising funds: | ||||
| Investment management fees | - | 33,646 | ||
| Charitable activities: | ||||
| Support of members and their ministry | 8 | 135,961 | 205,297 | |
| ----------------- | ----------------- | |||
| Total Expenditure | 8 | (135,961) | (238,943) | |
| -------------------- | -------------------- | |||
| (87,968) | (91,495) | |||
| Net gains on investments: | 3 | |||
| - Realised | 4,880 | 38,057 | ||
| - Unrealised | 205,914 | 494,222 | ||
| -------------------- | -------------------- | |||
| 210,794 | 532.279 | |||
| -------------------- | -------------------- | |||
| Net income | 122,826 | 440,784 | ||
| Reconciliation of funds: | ||||
| Total funds b/fwd (as previously stated) | 5,370,661 | 5,694,764 | ||
| Prior Year adjustment (note 11) | - | (764,887) | ||
| --------------------- | --------------------- | |||
| Total funds carried forward (2022: as restated) | 6 | £5,493,487 | £5,370,661 | |
| ========== | ========== |
7
SCHOOL SISTERS OF NOTRE DAME CIO
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED TO 30 JUNE 2023
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements 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 Statement of Recommended Practice for Charities (SORP) (Second Edition, effective 1 January 2019) and the Charities Act 2011.
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Preparation of the accounts on a going concern basis
Having considered future budgets and cash flows, the trustees confirm that they have no material uncertainties about the entity’s ability to continue as a going concern for the foreseeable future.
Critical accounting estimates and areas of judgement
Preparation of the accounts requires the Trustees to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made include:
• estimating the economic useful life of tangible fixed assets.
Cash flow statement
The Trustees have taken advantage of the provisions of the Charities SORP (FRS102) for smaller charities and have chosen not to prepare a cash flow statement.
Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations, are recognised when the charity has been notified in writing of both the amount and settlement date. 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.
Members’ salaries and pensions are received under deeds of covenant and are stated inclusive of income tax but net of any deductions for social security payments and contributions to occupational pension schemes.
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.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
8
SCHOOL SISTERS OF NOTRE DAME CIO
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2023
1. ACCOUNTING POLICIES (continued)
Expenditure (continued)
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to the note below.
Charitable expenditure consists of all expenditure directly relating to the objects of the Charity. All central costs are directly allocated between charitable expenditure, governance and costs of generating funds.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.
Tangible Fixed Assets
Tangible fixed assets are shown at cost less depreciation. All assets costing over £100 are capitalised. Depreciation is provided on a straight-line basis to write-off cost over the expected useful lives of the assets as follows:
follows: |
||
|---|---|---|
| Motor cars | - | 25% per annum |
| Furnishings and equipment | - | 20% per annum |
Investments
Investments are a form of basic financial instrument. They are initially recognised at their transaction value and subsequently valued at their fair value at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Investment gains and Losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.
Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Designated Funds
-
i) Retirement Fund The Retirement fund represents amounts set aside by the trustees to provide for the retirement of the sisters of the Society.
-
ii) Funds for Sharing
-
The funds for sharing relate to specific amounts set aside for the support of particular causes as prescribed by the Society. On an annual basis the fund is increased by 9.5% of its opening value subject to sufficient general funds being available.
.
9
SCHOOL SISTERS OF NOTRE DAME CIO
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2023
1. ACCOUNTING POLICIES (continued)
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basis financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Debtors
Other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and in hand includes bank accounts, cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
2. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | Motor | Furnishings | |
|---|---|---|---|
| Cars | & Equipment | Total | |
| £ | £ | £ | |
| COST | |||
| At 1 July 2022 and 30 June 2023 | 29,048 | 20,691 | 49,739 |
| DEPRECIATION | |||
| At 1 July 2022 and 30 June 2023 | 29,048 | 20,691 | 49,739 |
| NET BOOK VALUE | |||
| At 30 June 2023 | £- | £- | £- |
| ======= | ====== | ======== | |
| At 30 June 2022 | £- | £- | £- |
| ======= | ======= | ======== |
10
SCHOOL SISTERS OF NOTRE DAME CIO
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 30 JUNE 2023
3. INVESTMENTS
4.
| INVESTMENTS | |||
|---|---|---|---|
| Restated | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Market Value | |||
| At 1 July 2021 | 5,285,770 | 5,357,083 | |
| Add: Acquisitions at cost | 460,471 | 5,373,955 | |
| Less: Disposals at opening market value | (90,000) | (5,194,457) | |
| Less: Redemptions | (457,669) | - | |
| Net gains on revaluation during the year | 210,794 | (250,811) | |
| --------------------- | --------------------- | ||
| 5,409,366 | 5,285,770 | ||
| Cash held for investment | 2,629 | 755 | |
| ----------------------- | ---------------------- | ||
| At 30 June 2022 | £5,411,995 | £5,286,525 | |
| ========== | ========== | ||
| Historical cost | £5,242,291 | £5,192,830 | |
| =========== | =========== | ||
| Represented by investments listed on a recognised UK stock exchange at market value | |||
| Equities | - | 452,789 | |
| Unit Trusts and open ended investment companies | - | - | |
| Government stocks | - | - | |
| Bond funds | - | - | |
| Fixed interest Funds (CCLA) | 5,409,366 | 4,832,980 | |
| -------------------- | -------------------- | ||
| 5,409,366 | 5,285,769 | ||
| Cash | 2,629 | 755 | |
| ----------------------- | ----------------------- | ||
| Total Investments | £5,411,995 | £5,286,524 | |
| =========== | =========== | ||
| - | |||
| DEBTORS | 2023 | 2022 | |
| £ | £ | ||
| Other debtors | £1,350 | £2,250 | |
| ======= | ======= |
11
SCHOOL SISTERS OF NOTRE DAME CIO
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 30 JUNE 2023
5. CREDITORS: amounts falling due within one year
Accruals
| 2023 | 2022 |
|---|---|
| £ | £ |
| £17,000 | £17,000 |
| ======== | ======== |
6. UNRESTRICTED FUNDS –2023
| Balance as | Balance as | |||||
|---|---|---|---|---|---|---|
| At 1 July | Investment | at 30 June | ||||
| 2022 | Income | Expenditure | Transfers | Gains | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Designated Funds: | ||||||
| Retirement Fund | 2,000,000 | - | - | - | - | 2,000,000 |
| Funds for Sharing | 51,102 | - | (10,000) | 4,855 | - | 45,957 |
| -------------------- | ---------------- | ------------------ | -------------------- | ------------------ | -------------------- | |
| 2,051,102 | - | (10,000) | 4,855 | - | 2,045,957 | |
| General Fund | 3,319,559 | 47,993 | (125,961) | (4,855) | 210,794 | 3,447,530 |
| --------------------- | ------------------ | ------------------ | -------------------- | ------------------ | --------------------- | |
| £5,370,661 | 47,993 | (135,961) | - | 210,794 | 5,493,487 | |
| ========== | ========= | ========= | ========= | ========= | ========== |
The transfers to designated funds are in accordance with the principles stated in the accounting policies.
UNRESTRICTED FUNDS –2022 (as restated)
| Balance as | Balance as | |||||
|---|---|---|---|---|---|---|
| At 1 July | Investment | at 30 June | ||||
| 2021 | Income | Expenditure | Transfers | Gains | 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Designated Funds: | ||||||
| Retirement Fund | 2,000,000 | - | - | - | - | 2,000,000 |
| Funds for Sharing | 55,801 | - | (10,000) | 5,301 | - | 51,102 |
| -------------------- | ---------------- | ------------------ | -------------------- | ------------------ | -------------------- | |
| 2,055,801 | - | (10,000) | 5,301 | - | 2,051,102 | |
| General Fund | 3,638,963 | 147,448 | (228,943) | (5,301) | (232,608) | 3,319,559 |
| --------------------- | ----------------- | ------------------ | -------------------- | ------------------ | --------------------- | |
| £5,694,764 | £147,448 | £(238,943) | - | £(232,608) | £5,370,661 | |
| ========== | ========= | ========= | ========= | ========= | ========== |
12
SCHOOL SISTERS OF NOTRE DAME CIO
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 30 JUNE 2023
7. INVESTMENT INCOME
| 7. | INVESTMENT INCOME | ||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| £ | £ | ||||
| Bank interest | 165 | 117 | |||
| Portfolio of listed investments | 4,677 | 126,568 | |||
| ------------------ | ------------------ | ||||
| 4,842 | £126,685 | ||||
| ======== | ======== | ||||
| 8. | EXPENDITURE –2023 | ||||
| Total | Total | ||||
| Expenditure | Depreciation | 2023 | 2022 | ||
| £ | £ | £ | £ | ||
| Charitable activities: | |||||
| Support of members and their ministry: | |||||
| Establishment expenses | 58,922 | - | 58,922 | 61,688 | |
| Personal and Living expenses | 30,195 | - | 30,195 | 39,109 | |
| Mission and ministry expenses | 16,704 | - | 16,704 | 15,395 | |
| Charitable grants and donations (note 10) | 16,000 | - | 16,000 | 13,650 | |
| Generalate fee | 14,140 | - | 14,140 | 75,455 | |
| ----------------- | -------------- | ----------------- | ----------------- | ||
| 135,961 | - | 135,961 | 205,297 | ||
| Investment management fees | - | - | - | 54,281 | |
| ------------------ | ---------------- | ------------------ | ------------------ | ||
| £135,961 | £- | £135,961 | £259,578 | ||
| ========= | ======= | ========= | ========= |
The charity has no employees. All the activities of the charity are conducted by Sisters of the Society, the trustees being the charity’s key management personnel.
| EXPENDITURE –2022 | |||
|---|---|---|---|
| Expenditure | Depreciation | Total | |
| £ | £ | £ | |
| Charitable activities: | |||
| Support of members and their ministry: | |||
| Establishment expenses | 61,688 | - | 61,688 |
| Personal and Living expenses | 39,109 | - | 39,109 |
| Mission and ministry expenses | 15,395 | - | 15,395 |
| Charitable grants and donations (note 10) | 13,650 | - | 13,650 |
| 75,455 | 75,455 | ||
| ----------------- | -------------- | ----------------- | |
| Investment management fees | 205,297 | - | 205,297 |
| 54,281 | - | 54,281 | |
| ------------------ | ---------------- | ------------------ | |
| £259,578 | £- | £259,578 | |
| ========= | ======= | ========= |
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SCHOOL SISTERS OF NOTRE DAME CIO
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 30 JUNE 2023
9. TRANSACTIONS WITH TRUSTEES
The trustees of the Charity are also members of the Congregation and as such have taken vows of poverty under which they have renounced all personal rights to income and capital. The Charity provides for the essential needs of all the members of the Society within the UK. The living costs of the trustees are therefore borne by the Charity. There were no other related party transactions.
10. GRANTS & DONATIONS
| GRANTS & DONATIONS | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Willowbrook Hospice | 2,000 | 1,000 |
| CAFOD | 4,000 | 4,000 |
| Doctors Without Borders | 1,000 | 1,000 |
| Refuge | 500 | - |
| Other Charitable Donations | - | 150 |
| Medaille Trust | 1,000 | 1,000 |
| Jesuit Refugee Services | 1,000 | 1,000 |
| DEC Coronavirus Appeal | - | - |
| DEC Afghanistan Crisis Appeal | - | 1,000 |
| DEC Ukraine Humanitarian Appeal | - | 1,000 |
| DEC Pakistan Flood Appeal | 1,000 | - |
| DEC Turkey Syria Earthquake | 1,000 | - |
| Crisis | 500 | - |
| Samaritans | 500 | 500 |
| London Refugee Fund | 500 | 500 |
| International Justice Mission | 500 | 500 |
| RLSS Common Fund | 500 | 1,000 |
| Safe Spaces England and Wales | 1,000 | - |
| Operation Noah | 1,000 | 1,000 |
| -------------- | -------------- | |
| £16,000 | £13,650 | |
| ======= | ======= |
11. PRIOR YEAR ADJUSTMENT
As a result of an error in accounting for the transfer between investment managers which occurred during the 2022 financial year, the previous year’s investment and reserve figures were overstated by £764,887. As a result a prior year adjustment is reflected in these financial statements. This has led to prior year reserves being reduced from £6,135,548 to £5,370,661.
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