harfty Regl•tratlon Mo. 1188020 Company Reglstratlon No. CE020748 (England and Wal•$l SISTERS OF ST JOSEPH OF THE APPARITION CIO TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
SISTERS OF ST JOSEPH OF THE APPARITION CIO LEGAL AND ADPJIINISTRATIVE INFORMATION Trust••$' Si$l•r J Arrowgmilh Slsler M McNamara Sister T Cooney Sist•rA Callaghan Sister M J J Aye SlsterA Papaiologou Sister F Ciobanu Charlty number 1188025 Company numb•r CE020748 Prlnclpal address Convent of St. Emilie Grange Road 8owdon Vale Cheshlre WA14 3EZ T•l•phone 0161928 4412 E-mall provbur slapp.org Audltors AzetsAudrt Services Alph8 House 4 Greek Street Stockport SK3 8AB Bankers Royal Bank of Scouand plc Drummond Hous• 1 Redheughs Avenue Edinburgh EH12 9JN Sollcltor• Stone King LLP Broad Quay Hou58 Bri8101 8S14DJ Inv•stm•nt managern 8arclay8 4th floor. Brldgewaler Hou8a Counlerslip Flnzels Rèach 8rlslol BS16BX
SISTERS OF ST JOSEPH OF THE APPARITION CIO CONTENTS Page Trustees, report Statement of Irustee8' re8ponslbilllle8 Ind¢pendenl audrtor3' reptyt 8-10 Statement of financial a(*viligs 11 Balance sheet 12 Notes lo the accounts 13.22
SISTERS OF ST JOSEPH OF THE APPARITION CIO TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their report and accounts for the year ended 31 December 2023 INTRODUCTION The Sisters of Sl Joseph of the Apparition CIO 1188025 Ipreviously Charitable Trust 226571) Is part of an international Roman Catholic Religious Congregation supporting many Sisters worfdwde It was foundèd in France in 1832 and is divided into individual provinces. Ils Generalate is now located in R¢Jne. The accounts accompanying this report a the accounts of the CIO of which the assets of the Congregation in England are hekl. MISSION The Sisters of Sl Joseph of the Apparition CIO aims lo support the religious and other charitsble works Carri on by the members of the Congregation 8fKI to care for those membets throughout their lives wrthin the ConggatiOn. Their overall objective is to further the knOedge of God's love for humanity through the lives and action$ of its members working lor the wellbeing of people, whether directly through their own involvement, or indirectly when that 18 impossible, by financially supporting other charities in a positson to do so. )en setting the objectives and planning the work of thè charty for the year, and when encouraging the work of individual sisters and lay staff, the trustees have given careful considèration lo the Charity Commission's general guidance on public benefit and in path'cular to Ils supplementsry 9uidane£ on the advancement of reh.gion and fee charging. The original objective or mission of the Charity in this Province was to proviije care homes for aged, infim and indigent people who could contribute according to their means, the deficiency in Ihar wntribulions being mad up, as far as pos%ble, by donations Irom fn'ends. These objectives were subsequently widened- in line wth the spirit of the Order and the needs and opportunitses which aros8- to include the provision of schools. hospitals and social work. In recent years our dired involvement has been considerably reduced due lo the lack of candidales to the Religious Life and the consequent Ine0$e in the average age of the Sisters of the Provlnts. However, they are currently involved in.. CaTin9 for the membèrs of ttte congregation Social 8nd pastor81 work Operation of 8 nursing home Supporting their Religious Order Inlemational missionary work Supporting other Charities who do Similar work. STRUCTURE. GOVERNANCE AND MANAGEMENT Govèrninc• In terms of Canon Law, the Congregation is govemed al an intemational level by the SLtperior Genwal and her General Council who live in Rome. The Gèneral Council Members a elected every six years al 8 General Ch8pler which is a meeting of representatives of all the Prownces of the Congregation. The English congregation beeame part of a larger European Province in 2019. The management of this Province consists of a European Provinc1 Sister and a team of Sisters, called Counallors. In temis of Civil Law the Charity is govemed by the Constitution of the Sisters of St Joseph of the Apparition CIO, agr¢ed by the applicants on 03 January 2020. and registerèd on 18 February 2020. Registered Charity number 1188025
SISTERS OF ST JOSEPH OF THE APPARITION CIO TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Current Trustees Sister Mary McNamara- Chair ofTruslees and Bursar Sister JanetArrowsmilh- Management Team Sister Gabriel Cooney- Management Team Sister Marie Ju Ju Aye- Management Team Sister Anita Callaghan Sislef Agni Papaiologou- for her lime on th$ European Council Sister Florenline Ciobanu- for her ts'me on the European Council Slructurn and manag•m8nt reportlng The trustees are ultimately responsible for the polioes, activities and assets of the charity. They rneet regularty lo review developments with regard lo the Charity or its activities. When necessary, the trustees s&k advice and support from tho charity's profeswonal advisers. The day to day management of the Lady of the Vale Nursing Home is delegated to the extemal management company Careport Limited with appropriate members of the qualified management team in house. Rlsk m•nogoment In line wth the requirement for trustees lo undertake a risk assessment exercise, and rew)rt on tr same in theif annual report, the trustees have looked at the risks the Congrègation face8 and have rewewed the measures already in place or need1ng to be pul in place, lo deal with Ihern. Having assessed the major risks to which the charity is exposed, the trustees belièvo that ty monitoring e1Ve levels, by ensuring ttjnlrols exist over key financial systems, and by examining the operational and business ri5k8 faced by the charity. they have established effective systems lo mrtig81e those risks. ACTMTIES AND SPECIFIC 08JECTIVES AND RELEVANT POLICIES In setting our objectives and planning our activities the Trustees have given careful consideration lo the Charity Commission's general guidance on public benefft. 1. Carlng for the memr5 of the Congregatlon The Congregation has an obligation to provide care for ils mefnbers, none of whom have 50Yr¢eS of their own and all of ¥thom. as committed members. have devoted a signfficanl part of their lives lo the care of the elderly, poor and marginaliz8d in society. The Truslegs feel they must make adequate arrangements for any ¢onts'ngencies vthich might arise. 2, Splrftual, Soclal and pastoral work The aims of the trustees in this area, where Possible, are to enable all members of the Congregation lo carry out meaningful social and pastoral work wlhin the eommunty 8fter assessing their skills and th8 needs of the Ioc81 area
SISTERS OF ST JOSEPH OF THE APPARITION CIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 3. Lady ofthe Valo Nurslng Homg The philosophy of care al the home is lo ensure a homely, friendly and open atmospherè among residents and staff whilst maintaining the privacy, dignity, rights and quality of lrte of all reSentS. In operating the Home the trustee5 aim lo provide excellent care by employing high quality staff, and ensure that the home meets the required standards 2nd is financially viable. 4. Supporting Int•Tnation•l misslonary work The Charity provides the only financial support fof the Congregation's heawhcare and educalFon81 mission in Peru and supports inlemalional projects wherevei a need arises. 5. Donations and support of missionary work and minlslry Donations In Support of missionary work ind ministry overseas are deeided on by the TrL¢slees. The Charity supports the work of several other charities, including CAFOD, serving needs in underdeveloped eounlries. Thè Chalily also gives support lo organisalions In the Unrted Kingdom and Ireland whose work is wlhin the obJ'ecl$ of the Charity. The Charity does not regard itseff as a grant-making entity. Other Speclflc Objectlves and Relevant Pollcles: Protectlon of Chlldren and Vulnerable Adults Along wth all other organisalions who serve in the community, the Trustees recognise the absOle necessity of ensuring the protection and safely of 811 those the Charity serves. The Trustees are committed to implementing all policies and procedures of the Catholic Safeguarding organisalions. One ol Ihe gslers has been nominated as Safeguarding link. Investment poll The Chanty's investments are managed by Barclays. There are no restrictions on the Charity's power to invest. The investment slralegy is aulhorised by the Trustees and takes into account income requirements, the rtsk profile and the investment manager's view of the mark¢l prosp9¢1$ in the medium term. The policy is lo maximise total retum through a diversified portfolio whilst providing a level of income advised by the Trustees from time lo lime. There is also an Ethical Policy precluding investment in any company which, Ifter reasonable enquiry, clearly Mas significant proffts from an activity which is o)nlrary to the objectives of the Christsan Church. The performance of the portlolio and the Charity's investment strategy are reviewed by the Trusleeg who meet wrth the investment managers every year. prOrtY Management Policy The trustees have adopted the management of their propety Portfolio by an annual reMew of the pPertIeS and land held wrthin the charity. Decisions may be made al different times rf, for example, a let property becomes vacant. The Suilabilty of the accommodatson for the 8geing sisters will be fully revwfftl each year, as the desire is lo keep the Sisters in their own community home for as long as possible. Consideration will be made of the sustainability of any propety in order to avoid situations where costs wll in¢urrod on a property that will be ¢108ed in the very near future. Before signing any contract conceming propety, the trustee8 must discuss the issue in depth wlh advice from external professionals. All major Oecisions have lo be submitted to thè European Provincial Team. Permission is then obtained to sell or buy through the Provincial who is obliged to obtain permission from the General Superior in Rome.
SISTERS OF ST JOSEPH OF THE APPARITION CIO TRUSTEES. REPORT ICONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE 1. Care of membern of the Congregation The ChafTty continued to a85151 members of the Congregation in their charitable and religious work, and also atten(J lo their physical and spiritual needs. Members of the congregation are given the opportunity for private worship and lo continue lo develop their knowledge and trust in Jesus through quiet prayer, study of the Bible and spiritual retreat. 2. Splrltual. Soclal and pastoral work The SisleTr, where wssible, continued throughout the year to carry out as many forms of social and pastoral work in order to lulfil their individual ministries. This VK•rk enables the Charity lo reath oui lo those in need wrthin society generally. Four Sisters from Myanmar now Wofk here under our sponsorship. Three Sisters are based In the deprived area of Whenshawe, Manchester and one Sister is the Superior of the Bowdon Convent in Cheshire. 3. Lady of the Vale Nur6ing Hom• The quality of caTr being provided in rhe Home has been malnlained 8nd continues to meet the requirnmenls oflhe Quality Care Commissn. The Trustees made the deusion to employ an extemal Management Company Careport Ltd lo oversee the day to day management ol Ihe Nursng Home in place of the Sisters themselves, and also lo fvrther improve the Nursing Home. The Trustees continue lo monitor the management of the nursing home. The Charity donated £10,15212022 £12,519) to the Home, from a restricted fund to assist families in need of finanryal help. The trustees feel that this is an important work to support and ale prepared lo assist financially in speaal rcumstances, such as COVID-19 has affeded the occupancy levels and therefore the income of the home. The home continued to struggle financially in 2023 due to the Russian invasion of Ukraine, leading to Wortide high inflation, especially of gas Supplies. The Trustee$ have made cash loans lotalling £200,000 lo the homè to enable it to continue. 4. Internatlonal mlgslonary yrk During the year the ch8rity transferred £211,521 in Solidarity giving lo various COLtnlries {2022 £186,850}. The Trustees again supported their work in Peru . £40,00012022 £40,000). The English Charity now supports the Irish charity- £84,263 {2022 £86.850). 5. Donatlon8 and 811PPOrt of ml88Sonary work and mlnlstry General Fund Alms g¢ving tolalled £121,083 12022 134,854}. This was donated mainly lo UK charities and individuals. Some of the UK charities have overseas operations. Restricled Fund Alms giving lotalled £80.66112022 63.344) This is a fund 'man89ed' by the 51ste to assist the'elderly over 55. in the UK only,. This can include the charity nursing home and the sisters.
SISTERS OF ST JOSEPH OF THE APPARITION CIO TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 FUTURE PLANS The trustees will eLJntinue lo monitor the activities ol the charity ar make changes wher8 necessary as tY continue to.. care for the sisters and to monllor the needs of the sisters as they grow older and, rf necessary, adapt the charity's plans in respect of property needs and the provision of care lo elderty members. To encourage our fundamental missionary spirit, in facllilating inlemational communities while living and helping in a multicultural area. operate a care home, vla 8 management company, and, in p8rticular lo provide qualty of care for residents in a dignified and friendly environment.. support the Congregation's work in the Far East. Latin America and the Middle East and for the trtee6 lo satisfy themselves that the funds are applied lor their intended purpose. make don81ions lo charities lo enable missionary and ministy work to be carried in the UK and around the world lo further the krlledge of God's love for humanity. RESERVES POLICY AND FINANCIAL POSITION The balance sheet shows total reserves of £38.776.959. Of this £31.052,731 is represented by properties plus investments used to support the work of the Slsters. Induded in the Investments are..: A designated lund, being the Sisters Penson Fund. This is to prov¢de 8UPkK)rt for the sisters in their retirement. A Restricteil Fund, being the Leeming Fund. This is to provide help, restricled lo people living in the UK and aged over 55 years. This can be donated lo Chaflties in the UK or individuals who need help lo slay in their own home. The charity is proud lo work with Maggies lo relieve the sudden financial pressures of ill heallh due lo a cancer diagnosis and medical treatment. The reader wll di5M from the foregoing that the tharity carries out a diverse range of activities and is responsible for Te and supp(xt of sisters whose average age is increasing and whose needs are changing. The trustee5 have examined the need for free reserves i.e. those unrestrided funds not invested in tangible fixed asset5, designated for specific purposes or otherwse commrtted. The trustees consider that, given the nature ol the chanty's work and its commilmenls, the level of free rèservès should be approximately equal lo 8 month5, experKtllu. Dlsclosure of Infomiatlon to audltors Each of the Trustee's has confirmed that there is no information of whith they are aware which is levant to the audit, but of which the auditor is unaware. They have further confirmed that they have tsken appropriate steps to identify such relevant information and lo establish that the auditors are aware of such infomiation.
SISTERS OF ST JOSEPH OF THE APPARITION CIO TrUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Audltors lots Audil Serth8 were 8PPOtnted auditLy¥ to tho compony, a r•BoluliDn propoling that thèy h rmpwlrtsd be put to th• m•rt*ors. On behaff ofth• board of trust, Sl•t•r M McN•marn Tru•tee la
SISTERS OF ST JOSEPH OF THE APPARITION CIO STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iruslees,. who are also the directors of Sister5 of Sl Joseph of the Apparition CIO for the purpose of company law, are responsible for preparing the Trustees. Report and the accounts in accordince with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Aceounling Practice). Company law requires the trustees, to prepare accounts for each finawal year which give 8 true and fair view of the stsle of affairs of the charity and of the incoming resources and application of resource5, induding the incorne and expenditure, of the tharitable company for that year. In preparing these aOUnt$. the trustees, are required lo.. select suitable aUntIng policies and then apply them con5iStenWy'. - observe the methods and prin¢iplgs in the Charities SORP., make judgements and e$timate$ that are reasonable and prudent; and prepare Ihe aOuntS on the going concem basis unless it 1$ inappropriale to presume that the charty will ontinue in operation. The trustees. are responsible for keeping adequate accourbting records that disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the accounts comply wth the Companies Act 2006. They are also sponsible lor safeguarding the 85sels of the Charity and hence br taking reasonable steps for the prevention and detection of fraud and other irregularities.
SISTERS OF ST JOSEPH OF THE APPARITION CIO INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SISTERS OF ST JOSEPH OF THE APPARITION CIO Oplnlon We have audi18d the acwunts of Sisters of St Joseph of the Apparition CIO for the year ended 31 December 2023 sel out on pages 11 to 22. The finanaal reporting framework that has l)een applied in Iheir preparation is applicable law and United Kingdom Accounting Stan(taTds Iunited Kingdom Generally Accepted Accounting Pradiee}. This report is made solely to the charitable company's memb8rs, as a body, in accordance with Chapter 3 01 Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the chartsble eompany's members those matters we arè required lo stale to them in an auditors, report and for no other purpose. To the lullesl extent permitted by law, we do rK>t accept or assume responsibility to anyone other than the charitable company and its members as a body. for our audit work. for this report, Of for the opinions we have formed. In our opinion the finanual statements.. give a true and fair view of stale of the charty's affairs as at 31 December 2023 and of its incoming resources and application of resources. for the year then ended., have been properly prepared in accordance wth United Kingdom Generally Accepted Aceounting Practice.. and have been prepared in accordance wKh the requirements of the Charits'esAd 2011. Basis for opinion We conducted our audit in accordance with Intemabonal Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilth'es under those standards are further described in the Auditors, responsbililies for the audr( of the financial statements section of our report. We a independent of the charity in accordance wrth the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, induding 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. Concluslon$ relatlng to golng concern In audrting the finan¢ial statgments, we have ¢onduded Ihal th8 Iw$tees' use of the going con¢em basis of acwuntr'ng in the preparation of the financial Statements 1$ appropriate. Based on the work we have performed, we have not Klentified any material uncertainlies relating to evenl$ or conditions that, individually or collectively, may cast $ignifi¢anl doubl on the charity's ability to ts)nlinue as a going concern for a period ol at least 1ve months from when the finanaal statements are authorised for Issue. Our responsibilities and the responsibilities of the tharity wth respect to going concern are described in the relevant section$ of this report. Other Inlormallon The other infomalion comprise8 the infom)allon induded in the annual report other than the financial ststements and our auditor's report thereon. The trustees's a responsible for the other informats'on contained thin the annual report. Our opinion on the finanaal statements does not cover the other information and we do not express any form of assurance conclusion Ihereon. Our responsibility is lo rèad thfj other information and, in doing so. con&der whether the other information is materially inconsistent th the finanaal slalemenls or OUT knowledge obtained in the course of the audit, or otherwise appears lo be materially rnisststed. If we identfy such matertral incongslencies or apparent material misstslemenls. we are rèquired to determine whether this give$ rise lo material misstatement in Ihg financial slalement$ themselves. If, based (n Ihe work we have performed, we condude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in thi5 regard.
SISTERS OF ST JOSEPH OF THE APPARITION CIO INDEPENDENT AUDITORS, REPORT (CONTINUED) TO THE MEMBERS OF SISTERS OF ST JOSEPH OF THE APPARITION CIO Mattsrs on thlch wo Jr• requlred to report by exceptlon È have nothing lo report in respect of thè following mattets in relation lo vthieh the Charities Act 2011 require us lo report to you if, in our opinion.. the infomialion given in the financial slalements is ineonsistent in any ma18rial respect the report,. or sufficient accounting reocrds have not been kept,. Qr the financial 5talemenls are not in agreement with the accounting records., or we have not recieved 811 the information and explainations we require for our audit. Re¥ponslbllit•s of trustses As explained more fvlly in the statement of respon$ibif(ies, the twsleeg are responsible for the preperation ot the financial statements and for being satisfied that they give 8 ture and fair view, and for such intemal control, as the Iruslees determine is necessary to enable the preperation of the financial statements that are free from material misstalemenl, vthdher due lo fraud or error. In preparing, the financial slalemenls, the trustees are responsible for assessing the thairty's abilty to continue as a going concem, disclosing. as applicable, matters related to going eonceTn and using the going eoncem basis of accounting unless the trustees either intend lo cease operations or have no aliStIC alteiantive but lo do so. Audltorf8 r•sponslbllltles for thè audlt of Ihe financlal stat•m•nts Wè have bèen appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objeth'ves are to obtain reasonable assurance about whether the financial stslemenls as a whole are free from material misstatement. whether due lo fraud or error. and lo issue an auditors. report that indudes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducied in accordance with ISAS IUKI will always delect a material misslalemenl when rt exists. Misstatement$ arise from fraud or error 8nd are considered material rf, individually or in the aggregate. they could reasonably be expected lo influence the economic derywons of users taken on the basis of these financi81 statements. A further description of our responsikn'lities 1$ available on th8 Financial Reportiry Council's website at. https'.I www.frc.org.uklauditorsrgsponsibililies. This descripts'on forms part of our audilorfs report. Extent lo whlch the audlt was con51dered capable of detectlng Irregularftles, Includlng frnud IrregularitEs. including fraud, are instances of non-compliance wlh laws and regulations. We de&gn procedures in line with our respon$ibilf(ies, outlined above and on the Financial Reporting Council's website, lo dele¢t material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity. ils activities, ils control environment, 8nd likely ftrture developments, induding in Telation lo the legal and regulatory framework applicable and how the enb'ty is complying with that fiamework. Based on this understanding, we identify and assess the risks of malenal misstatement ol the financ1 slalements, whether due to fraud or error, design and perform aut1il procedures responsive lo those risks, and obtain audrt ewdenee that is sufficient 8nd appropriate lo provide a basis for our opinion. This includes consideration of the risk of 8Cts by the entity that were contrary to applicable laws and regulations, Including fraud. In response lo the risk of irregularities and non-compliance with laws and regulations, including fraud, we clesigned procedu$ which induded". Enquiry of management and those charged wlh governance around actual and potentKal liligalion and claims as well as actual. suspected and alleged fraud., Reviwng minutes of meetings of Ihosg charged wth governance., Assessing the extent of compliance with the laws and regulations considered to have 8 direet material effect on the financial slalemenl$ or the operations of the company through enquiry and inspeetion., Reviewing financial statement disdosures and testing to supporting documentation to asses$ compliance wlh applicable laws and regulalion5', Perforniing audit work over the risk of management bias and override of controls, induding lesling of jouml enlnes and other adjustments for appropriateness, evaluating the business ration81e ol significant transactions outside the nomial course of business and reviewng accountr'ng estsmates for indicators of potential bias.
SISTERS OF ST JOSEPH OF THE APPARITION CIO INDEPENDENT AUDITORS. REPORT (CONTINUED) TO THE MEMBERS OF SISTERS OF ST JOSEPH OF THE APPARITION CIO Because ol the inherent limitations of an audit, there is a risk that we bMII not detect all irregularities, ineluding those leading lo a malefial misstalemenl in the financial slalemenls or non<ompliance vAlh regulation. This risk Increases the more that compliance wrth a law or regulation is removed from the events and transactions refiected in the financial stslemenls, as we will be less likely lo become aware of instsnces of non- compliance. The risk of not detecting a material misstalement resulting from fraud is higher Ihan for onè resutting from error, as fraud may Involve collusion, forgery. intentional omissions, misrepresenlalK)ns, or the overriite of internal control. Use of oui report This report is made solely to the charity's Iruslees, 8s a b¢)dy, in accordance with se¢lion 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 slate lo the chaftty's Iruslees those matters we are requireij lo slate lo them in an auditor's report and for no other purpose. To the fullest extent perrnitted by law, we do not 8¢cepl or assume responsibility to anyone other than the charity 8nd the charity's Iruslees as a body, for our audrt work, lor this report. or for the opinions we have fomed. Jonathan Ward (Senlor Slatulory Audltor) for and on behalf ofAzets Audit S8Nices statutory Audltor Alpha House 4 Greek Street Stockport Cheshi SK3 8AB United Kingdom Azets Audit Services is eligible for appointmènt as auditor of the chaity by virtue of its eligiblty for appointment of a company under section 1212 ofthe CompaniesAct 2006 Date.. Charlty commlsslon Number: 1188024 Company Reglstratlon Number- CE020748 10-
SISTERS OF ST JOSEPH OF THE APPARITION CIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted Designated Restricted funds funds funds Total 2023 Total 2022 Notes Donations and lega¢ies Trading activities Investment income 18,353 18,363 160 2.104,480 1,720,251 330,055 287,994 2.104.480 67,969 236,176 26.910 264,529 2.172,449 250,462 25,910 2.462.888 2,008,405 250,508 184,689 Other incoming resources Total Incomlng resources 254,675 2.422,911 25,910 2,703.396 2,193.094 Costs of generatlng funds Investment management costs 80.164 23,768 9,662 113,694 105,350 Not Incomlng rosourcgs avallable 174,411 2.399.143 16,248 2.589,802 2,087,744 CharStsble actlvltles Donations Convent ¢osl$ 379,289 565,744 90,813 6.652 470.102 584.044 385.053 598,160 12.648 Totsl charltable •xp•ndllur• 945,033 12.648 96.465 1.064.146 983,213 Trading athvites 2,052,851 2.052,851 1,867,759 Total charltable and tradlng èxpendlture 946,033 2,066,499 96.465 3,106,997 2,850,972 Govemance costs 23.517 7.193 30.710 29.742 Totsl resources expended 1.048.714 2,096,460 106,127 3,251,301 2.986,064 Net loutgolnglllncornlng resources {794,1391 326.461 180,2171 IfA7.9061 (792,9701 Other recognlsed galns and losses Revaluation of tangible fixed assets Net movement In investments 2,400,000 3,332,037 13,333,187) 2,795,592 262.048 274,397 Net movement In funds 2,001,463 588.499 194.180 2.784,132 11,726,157) Fund balances al 1 January 2023 27.610,668 5,920,816 2.461.443 36.992,827 37.718,984 Fund balances at 31 DeCemr 2023 29.612,021 6,509,315 2,855,623 38.776,gS9 35,992.827
SISTERS OF ST JOSEPH OF THE APPARITION CIO BALANCE SHEET ASAT 31 DECEAIBER 2023 2023 Not• 2022 Flx•d iM•ts T•ThJlbtO 8S80ts Inlments 12 6260.738 31.9517J1 6.283.420 28,240.447 37,313,46B 34,S23.867 Curr•rt •u•ts D•btors Cash at bank and In hand 14 1,126,397 749.237 1204,654 575.887 Cr•dltor•: •moun¢•falllnB wthln on• yelr 1.674834 1.780,541 15 (412.1441 (311,581) M•t ¢uir•Trt ••••t• 1.463,490 1,468,9eo Totsl 48••ts I Gltrrnnt Il•bllltlg• 38,776,959 35.992.827 Inc•m• fvnd# General R08tCted funds Oe8ipnat•d fvnds 29,012.021 2.655,623 1.509.315 27.610.$68 2,461,443 S,920.816 38,776,959 35,992.827 The attounts wero rgved ty thè Board on .... TN•t•• Sister U M¢N•maFa Tiusl•• charlty R•qlstratlon No. 1188025 comp R•yl•tr4tt•n No. CE020748 12
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Charfty Infomiatlon Sisters of Sl Joseph is an unincorporated Charity with regislered charity number 118025.lts headquarters are lo¢aed at Convent Lodge, Grange Road. Bowden. ArinChaM, WA14 3EZ. 1.1 Basls of preparatlon These a)untS have been prepared in accordance wlh FRS 102 "The Financial Reporting Standard appli¢able in the UK and Republi¢ of Ireland. I'FRS 102.1, °Accounting and Repy)rting by Charities. the Slalement of Recommended Pradice for Charrf(ies applying FRS 102. the Companies Ad 2006 and UK Generally Accepted Accounting Practice as rt applies from 1 January 2015. The charty is a Public Benefft Entity a$ defined by FRS 102. The accounts are prepared in sterling, which is the functional currency of the chanty. Monetary amounts in these financial statements are rounded to the nearest £. The finala1 statements have been prepared under the historical eost c¢ftvenlion, modified to inelude the revaluation of freehold properties and lo include investment properties and certain financial instruments al fair value. The principal a)Unting poli¢ie¥ adopted are Sel ¢xrt below. 1.2 Golng ¢oncem At the lime of approving the accounts, the trustees have a reasonable expectstion that the eharity has adequate resources to continue in operational existence for the foreseeable future. Thus the Iru51ees' continue lo adopt the going coneern basis of accounting in preparing the accounts. 1.3 Charlt•ble funds Unreslricled frJnds are available for use al the discretion of the trustees in furtherance of their charitable objectives unle55 the funds have been designated for othèr PLtrposes. Restricted funds are subject to speofie condf(ions by donors as to how they fflay be used. The purposes and uses of the restricted lunds are sel out in the notes to the accounts. Designated funds are funds which have been Sel aslde out of unrestricted funds by the trustees for speafic purposes. 1.4 Incomlng resources Income is recognised %then the charty is legally entitled to it after any performance conditsons have treen met, the amounts can be measured reliably. and il is probable that income IMII be ceiVed. Cash donations are recognised on receipt. Other donatsons are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or Deeds of Covenant is reeogni3ed al the time of the donation. Legacies are r8¢ognised on receipt or otherwiso if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a conlingenl asset. Tumover 15 measured at the fair value of the considerth'on re¢¢ivfjd or re1vable an¢J represents amounts receivable for goods arb(F serviees provided in the normal course of business, net of discounts. VAT and other sales related tsxes. 13-
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THE ACCOUNTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollclos IContlnued} 1.6 Resources expended All expenditure is accounted lor on an accruals basis and has been included under expense categorie5 that aggregate all costs for allocation to aclivrf(ies. W)ere costs cannot be diieclly attributed lo particular activities tw have been allocated on a basis consistent wlh the use of the resources. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of di$seminabng infomialion in support of the charitable activities. Support cos15 are Ih¢)se costs iUrred directly in support of expenditure on the objects of the company. Govemance Costs are those incurred in connects'on with adminislralion of the company and compliance wrth constilLth'onal and slalulory requirements. Grants payable are charged in the year lthen the offer is made except in those cases where the offer is conditsonal, such grants being re¢ognised as expendf(ure when the Conditions attaching are fulfilled. Grants offered Subject lo conditions which have not been mel al the year end are noted 8s è commitment but not accrued as expendtture. All resources expended are inclusive of irrecoverable VAT. 1.6 Tangibl8 fixed assets and depre¢latlon Tangible fixed assets are initially measured al cost and subsequently measured al cost or valuation, nel of depreciation and any impairment losses. Depreuation is reeognised so as to write off the wsl or valuation of assets less their SIdUal values ovei thèir useful lives on the following bases.. Freehold land is not depreciated Freehold buildings Plant and machinery Motor vehicles 0% as the residual value is deemed the fair value 20•A straight line 20% slraighl line The gain Of loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset 8nd is recognised in net incomellexpenditurel for the year. 1.7 Investments Fixed asset investments are initially measured at transaction price excluding transaction costs and are subsequently measured al fair value al each reporting date. Changes in fair value are recognised in nel incomellexwnditulel for the year. Transaction costs afe expensed as incuried. 1.8 Impalment of fixed assets Al each reporting end dale. the charty reviews the carrying amounts of ils tsngible and intsngible assets to determine whether there is any indication that those assets have suffered an impaimient k)ss. If any such indication eSts, the recoverable amount of the assel is estimated in order to detemine Ihg extent ol the impairnent loss lif any}. Recoverable amount is the higher of fair value les$ costs to sell and value in use. In 8ssessing value in use. the eslimaled fijlure cash flows are discounted lo their present value using a pr&tsx discount rate that reflects current market assessments of the lime value of money and the risks specffic to the as$el for which the estimates ol future cash flows have not been adjusted. If the recoverable amount of an asset is eslimaled to be less than rts carrying amount. the carryw)g amount of the asset is reduced lo ils recoverable amount. An impairment loss is recognised immediately in incomel lexpenditurel for the year, unless the relevant asset is carried al a revalued amount, in which case the impairment loss is treated as a revalLtation decrease. 14-
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles IContInu) Recognised impairment losses are reversed if, and only if. the reasons for the impaim)enl Ios5 have aSed lo apply. W)ere an impaiment loss subsequently revefses, the carrying amount ol the asset is increased to the revised estimate of ils recover8ble amount, but so that the increased carrying amount does not excèed the carrying amount that would have been delemined had no impaifmenl loss been recognised for the asset in prior years. A reversal of an impairment loss 16 recognised immediately. unless the relevant as1 1$ Carried in al a revalued amount, in which case the reversal of the impairment loss is treated as a revalu*ion increase. 1.9 Cash and cash equlvalents Cash and cash equivalent$ include cash irb hand, deposlts held at tall with banks, other short term liquid inveslments wlh original maturities of three months or les5, and bank overdrafts. Bank overdrafts are shown wlhin borrowngs in current liabilitse$. 1.10 Flnanclal Instruments The charity has elected lo apply Ihe provisions of section 11 'Basic Finanaal Inslrumenls, and section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial inslrumerts. Finenciel in5trumenl$ are recognised in the tharily's balance sheet when thè tharity b8comes paty to the conlraclual provisions of the instrument. Financial assets and liabilrties are offset, with the nel amounts presented in the financial stalem8nls, when theTe is a legally enforceable right lo set off thè recogni8ed amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial ass•ts Basic financial assets, which include debtors and cash al bank and in h8nd balances, are initially measured al transaction price including transaction costs and are subsequently carried at amortised cost using the effective InteSt method unless the arrangement conslilutes a finanang transaction, where the transaction is measured al the pre8enl value of the future receipts discounted al a mafkel rate of interest. Financial assds dassified as receivable within one year are not amortised. Baslc flnanclal Ilabllltle8 Basic financial liabilf(ies, including creditors are inrtially recognised al transaction price unless the arrangement conslrtutes a financing transaction. where the debt instrurnenl is measLtred al the presert value of the fvlure receipts discounted al a market rale of interest. Financial liabilities classffied as payable wthin one year are not amortise(l. Trade credrtors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabi1ilres if paymenl is due within one year or less. If not. Ihey are presented a5 nonthcurrent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of flnanclal Ilabllltles Financial liakn'lilies are derecognised when the charrty's contractual obligations expire or are discharged or caelled. 1.11 Employee bon•fSts The cost of any unused holiday enlillement is recognised in the period in which the employee's services are received. Teminalion benefits are recognised immeijialely as en expense when the charty is demonstrably committed to leminale the employment of an employee or to provide lermination benefits. 15-
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies {Continu•dl 1.12 Lèases Rentals payable under operating leases, induding any lease incentwes received, are charged lo ineome on a slr8ight line basis over the terms of the relevant lease. Crftlcal account estimates and judgement In the 8pplieation of the eh8nty's aceountsng policies, the trustèes a required lo make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from othèr sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimate$ and underlying a$sumplions are feviewed on an ongoing basis. Revisions to accountsng estimates are recognised in the period in which the e*imale is revised where the revision affects only that period, or in the period of the revision and fLrture periods %there the revision affects both current and future periods. Valuatlon ol freehold bulldlngs The trustees revalue the land and buildings every hvo years. The last valuatbon was completed in 2022 and the next to be completed in 2024. They believe Ih8t th818nd and buildings are al fair value and do not proces8 depreciation charges. Further details are noted in note 12 of these financial statements. Valuatlon of debtor due over 1 year The Charlty is owed the value of a property from a connected Irish charity. Thls will be realised upon the sale of the asset and subject lo exchange rate variences. FLrther detsils are presented in note 14 of thege financi81 stalemenls. 18-
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Crltical account estimatss and judg&m•nt {Contlnu•dl Donatlons and 1ogacleB 2023 2022 Donations and grfts Legacies receivable 940 17,413 160 18.353 180 Tradlng actlvltles 2023 2022 Nurwng home fees 2,104.480 1,720,251 Staff costs Repairs and equipment Careport management fees Water. power and rates Consumables and amenities other costs 11,479,412) 1,375,097 {137,5721 165,502 {74,7181 60,445 (166,7741 104,037 1142,1771 96,495 {63,1981 66,183 Net income Ilossl from trading activity 61,629 147,508 Investment Incomo Unrgstrictgd Doslgnatod R•strl¢tod funds funds fund$ Total 2023 Total 2022 Rentsl income Dividends Investment interest 24.668 124.632 86,876 24.668 176,870 128.517 24,600 173.376 90.018 37,117 30,852 16.121 10,789 236.176 67.969 25.910 330.055 287,994 Othèr ineoming rosourc•s Unrestricted Designated funds funds Total 2023 Total 2022 Other income Sisters, penwons 657 249,851 74,860 109.829 249,851 250.462 250,508 184,689 17-
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Other Incomlng resources (Contlnuedl Totsi resources exp•nd•d 2023 2022 Costs of generntlng funds Investment management costs 113.694 105,350 Charltable actlvltles Donations from rèstricted funds Donations from unreslncled lunds 90.813 379.289 63,349 321, 704 Totsl 470.102 385.053 Restricted convent costs Unrestricted convent costs 18,300 565.744 10,564 587,596 Total 684,044 598,160 Care home costs from do*gnated fvnds 2.052.851 1,867,759 3,106,997 2,850,972 Govemanc• costs 2023 2022 Aecountancy Legal and professional Olh8r costs 22,756 6,406 1,548 21,543 5,861 2,338 30,710 29,742 Governance costs includes audit fees paid to the auditors of £18,00012022.' £16,140). Trust••s' None of the trustees, lor any person8 connecte(I wih Iheml received any remuneration Of expenses during the year. 18-
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THEACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Employees Number of employees The average monthly number of employees during the year was.. 2023 Number 2022 Number 74 72 Employm•nt costs 2023 2022 Wages and salaries S¢xi81 securty cost5 Other pension costs 1,656,466 131,849 29,387 1.388,570 116,550 26,177 1,717,691 1,531,297 No employees eamed £60,000 per annum more. 11 Taxatlon As the order is a registered Charty, no provision 1$ made for either current OT deferred tatiOn. 12 Tanglble flx•d assets Land and Plant and bulldlng8 machlnery Motor vehl¢les Totsl Cost At 1 January 2023 and at 31 Decembei 2023 6.240.000 161,961 26.925 6,428,886 Deprèclation Al 1 January 2023 Charge for the year 121.959 19,460 23.507 145,466 22,682 At 31 Decembor 2023 141,419 26.729 168.148 Net book value At 31 December 2023 6.240.01)0 20,$42 6,260.738 At 31 Decembèr 2022 6,240,000 40,002 3,418 6,283,420 Freehold land and buildings were revalued at market value in 2022 by Trafford SuNeyors Limrted, Chartered Surveyors. Leasehold land and buildings are due lo be revalued in 2024. The historical cost of land and buildings is È2.199,085. 19-
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THEACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Flxed asset Investments 2023 2022 Llsted Invegtments Market value at 1 January 2023 Translerred to entity Gains and losses on investments Stockbroker fees Caprtal introduced Dividends Interest Funds forwarijed lo sisters Increase in market value and movements relating to additions and disposals 27,195.447 31,360,015 5.549 1109,8881 362,242 108,341 176,871 125,284 1712,0201 173.376 87.584 984,000 3.326,488 3,695,429 Mark•t value at 31 Dec•mber 2023 30,007,731 27,195,447 InVlMnt property Market value at 1 January 2023 Transferred to entity 1.046.000 1,045,000 Markèt value at 31 December 2023 1,046.000 1.045.000 Total flxed asset Investments 31,052.731 28,240,447 The Trustees reeognise cash movements for additions and disposals within the valuation movement. 14 Debtors 2023 2022 Trade debl¢ys Other debtors 29.766 1.096.641 24,032 1,180.622 1,126.397 1,204.654 Amounts falling due after more than cne y8ar and ilUded in the debtors alx)ve are.. 2023 2022 Other debtors due over 1 year 991,366 991,366 Inled in other debtors is a balance of £991.366 due from SlvJo Convent. an Ifish charity link¢d through the Catholic Church. 20-
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THEACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 1S Cr•dltor5: amounts falllng duo wlthln ono year 2023 2022 Trade credrtors Sales ledger credit b818nces othgr creditors Accruals Deferred income 156,939 46.075 69.797 136.744 4.589 89.212 94.436 123,522 4,411 412.144 311,581 16 Analysls of net assets beiween funds General funds Deslgnated funds Rgstrlcted funds Totsl Fund balances al 31 December 2023 8re rep¥esenle(I by". Tangible fixed assets Investments Current assets Creditors.. amounts falling due within one year 6.120,196 22,245,073 1,321,788 {75,0361 20,542 6,622,393 200,988 {334,6081 120,000 2.185.285 352,858 12,5001 6,260,738 31.052.731 1,875,634 1412,144) 29,612,021 6,509,315 2,655,623 38,776,969 Genaral Fund The general fund is a free fiJnd of the Trust., it 1$ not tied as are the other lunds, whith are used for a particular defined purposo. The gèneral fund represents the activities of the convents within (Th community and includes the"Province" acccHJnt which is used to accumulate the funds of each convent al the end of the financial year. General funds indudes a propgfty 18valuation reserve of £3,990.915 and an investment proFerty revaluation reserve of £115,000. Desl9natod Fund The designated fund relates lo a nurstrng home. Their funds are not paid into the 'Provinee ae¢ounf al Ihe end of the fin8ncial year bul are used lo fund operations in the coming year. Monies sel aside for the Sisters on their tirement are al80 includèd in this frjnd. The dèsi9nated fund also includes the pension fund. Restrlcted Fund The reslricled fund preSentS monies set up in trust for the purF4)se of providing nursing care and assistance for the b&nefil of elderty people in the United Kingdom. 17 Contingent liabiliti•$ At 31 Decembef 2023 there were no commitments lo eyndilure, and no proviston was deemed necessary. 21
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 C¢mmltmgnts und•r op•ratlng l•as•• At 31 December 2023 the company h8¢J annual commitments under operating leases as lollows.. 2023 2022 Expiry date: Imthin one year Betsyeen tsvo and years In over five years 31,638 99.744 40,780 25.255 125,630 172,162 1 $0,885 19 Pt balanco $he¢t ¢v•nts There wll be • rofiJrbishmenl at the Laty of the Vale premiw. Al this point no fixed Contract been agreod and the tosl of the Tgfurbishment is unknown.