¢h•rlty R•gl¥tr•tion 1188025 Company R•gl•trAtion No. CE020748 (England and Wal••l SISTERS OF ST JOSEPH OF THE APPARITION CIO TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
SISTERS OF ST JOSEPH OF THE APPARITION CIO LEGAL AND ADMINISTRATIVE INFORMATION Tru•teu' Sisler J Arrowsmilh Slsler T Cooney &'sterA Callaghan Sister M J J Aye Sister M E McNamaTa Slsler D Vassallo lappoinled 4 Dec8mbeT 20241 Sisl&r E Talov lappoint•d 11 February 20251 Charfty numb•r 1188025 Company numb•r CE020748 Prln¢lpal •ddr••$ Convenl of Sl. Emllie Grangg Road Bowdon Vale Cheshire WA14 3EZ T•l•phon• 0161928 4412 EamaS1 provbur slapp.org Audltorn Azets Audit Seryices Alpha House 4 Grggk Stroet Stockport SK3 8AB Banker• Royal Bank of Scotland p Drummond Hous8 1 Redheughs Avenue Edinburgh EH12 9JN Sollcltorn Stone King LLP Broad Quay House Bri5t 8S14DJ Inv••tm•nt min•g•rn Bardays 4th floor, Bridgewaler Hous8 Counterslip Finz8ls Rèath Biistol BS168X
SISTERS OF ST JOSEPH OF THE APPARITION CIO CONTENTS P•g• Trustees, rèport Statement of truste•s' r•sponsibiliti8s Indep&ndenl audltors, report 8-10 Statement of financial actiwties 11 Balance sheet 12 Note8 lo the a¢¢ounl8 13-23
SISTERS OF ST JOSEPH OF THE APPARITION CIO TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Tho Trustèès pr&sent thair report and a¢¢ounts for the year 8ndad 31 Dmber 2024 INTRODUCTION The Sisters of Sl Joseph of Ihe Apparition CIO 1188025 (previously Charilable Trust 2265711 is part of an international Roman Catholic Religious Congregation supporting many Sisters woddwide. 11 was founded in France in 1832 and is dmded into indiwdual provinces. Its Generalate is now located in Rome. The 8cxounls a¢¢omp8nyrng this report are the 8e¢ounls of1he CIO of which the assets of tha Congregation in England are held. MISSION The Si$leis of St Joseph of the Appaiilion CIO aims lo support the religious and other charitable works carried on by the members of the Congreg81ion and to cale foi those members throughout their lives within the Congregation. Their overall objective is to further the knovAedge of God's love lor humanty through the lives 8nd actions of its members working for the wellbeing of people, whether directly through their own involvement, or indiredy when that is impossible, by financially supporting Other charities in a position to do so. en setting th& objèth'vg$ and planning the work of tho Charity for thg year. and when encouraging the work of individual si$lÈrs and18y staff. thè trustees have given ¢aTeful ¢onsideialion to the Charrty Commission's general guidance on public benefrt and in particular lo ils supplementary guidance on the advancement of Teligion and fee charging. The original objective or mission of the Charity in this Province was to wovide care homes for aged, infirm and indigent people who could contribute according to their means, Ihe deficiency in their eonlribulions being made up, as far as possible, by donations from friends. These objectives were subsequentty widened - in line with the spirit of the Order and the needs and opportunities which arose- to indude the provision of schools, ho$pttal$ and social work. In recent years OUT direct invofvement has been ¢on5iderabty reduced due to the lack of ¢andidales lo the Religious Life and the consequent inc¥ea5e in the average age of the Sisters of ihe Province. However, they are currently invofved in.. Caring for the members of the congregation Social and pastoral work 0ratiOn of a nursing home Supporting thèir Religious Order Intematitsnal missionary work Supporting other Charities who do similar work. STRUCTURE, GOVERNANCE AND MANAGEMENT Governanc• In terms of Canon Law. the CongTegalion 1$ goveined at an inlernalignal level by the Superior General and her General Council who live in Rome. The General Coun¢il Members are elected every six years al a General Chapter which is a rneeling of repre5enlalives ol all the Provinces of Ihe Congregation. The English congregation became part of a larger European Prownce in 2019. Thè management of this Province con5isls of a European Provincial Sister and a team of Sisters. called Couwllors. In terms of C¢vil Law the Charity is governed by the Constitution of the Sisters of St Joseph of the Apparrtion CIO. agreed by the appli¢ants on 03 January 2020, and registered on 18 February 2020. Règistèrèd Charity numbèr 1188025
SISTERS OF ST JOSEPH OF THE APPARITION CIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Currnnt Tru$ts•$ Sister Mary McNamara- Chair ol Trustees and Bursar Sister J8nelArr¢)wsmilh- Management Team Sister Gabriel Cooney- Management Team Sister Marie Ju Ju Aye- Management Team SisterAnita Callaghan Sister Agni Papaiologou Iceased 2 November 20241 Sister Florentina Ciobanu (ceased 2 November 20241 Sister Dennise Vassallts lappointed 4 Decembèr 20241 Sister Ecalerina Talov lappoinled 11 February 20251 Stru¢tur• and management reporting Th¢ tsustees are ultimatety responsible for the policies, activities and assets of the charty- They meet quarterly lo rewew dèvèlopments with regard to the charity or its actwities. When necessary, the trustees seek advice and support from the ¢harty's professional 8dvisars. A local management team tsf Sisters Control the d8y lo day fundions of the Ioc81 adivities. The day to day management of the Lady of the Vale Nursing Home is delegated lo the exièmal management company capOrt Limited with appropriate member5 oflhe qualified management team in house. Riik managèmont In line with the requiiemenl for Iruslees lo undertake a ii$k a$$tr$smgnl ¢x&r¢i$e, and report on the same in their annual report. the Iruslees have lookefl al the risks the congg9110n la¢es and have rev*wed the measures already in place or needing to be put in place, lo de81 wlh them. Having assessed the major risks to which the charity 15 exposed, the Iruslees believe that by monitoring reserve lèvels, by ensuring controls exisl over key financial systems, and by examining the opèrational and business ri$k$ facèd by thè charity, thèy hav8 established effective systems lo mitigate those risks. ACTIVITIES AND SPECIFIC OBJECTIVES AND RELEVA14T POLICIES In setting our objectives and planning our activities the Tru51ees have given careful consideralton to the Charity Commission's general guidance on public benefit. l. Carfng for thg m•mb•rg of th• Congrggation The Congregation has an obligation to provide care lor its members, none of whom have Tesources of eir own and all of whom, as committed members, have devotèd a significant part of their livès lo the care of the elderty. pool and m8rginaliied in so¢iety. The Trustees feel they must make adequatè arrangemenls for any conlingpncies whith might arise. 2. Spiritual, Social and pastoral work The aims of the trustees in this afea, where possible, are to enable all members of the CongregalBJn to carry out meaningful SOCAal and pastoral work wilhin the communrty after assessin9 their skills and the needs of the local area
SISTERS OF ST JOSEPH OF THE APPARITION CIO TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 3. Lady of the Vale Nursing Home The philosophy of care at the horne is to ensure a hornely. friendly and open atmosphere among residents and slaff whilsl maintaining the privacy, dignity, rights and quality of lrfe of 811 residents. In operating the Home the trustees aim to prowde excellent care by employing high qualrty staff, and ensure th81 the home meets thè required standards and 1$ financialty wable. 4. Supporting Intem•tional mission¥ry work The Charity provides the onty financial support for the Congregation's heaMhcar& and educational mission in Peru and supports international projects wherever a need arises. S. Donations and support of mlsslonary work and ministry Don8lions in support of missionary work and minislry overseas are de¢ided on by the Tru$lees. The Charity supports the work of several other ch8rrties, induding CAFOD. sennng needs in undertl&vel(>ped countries. The Charty also give5 SUPPOrt lo organisations in the United Kingdom and Ireland whose work is within the objects of the Chaiily. The Charity does not regard itself as a granl-making enbty. Other Sp•¢ific Oblectlves and Relevant Pollcb8s'. Protsction of Childrttn •nd VLtln*r•ble Adults Along with all other organisalion5 who serve in the communty, the TtU51ees recognise Iht absolute necessity of ensuring the proleclion and Safety of all those the Charity 5erve5. The Trustees are ¢ommrtted lo implemenling all policies and procedures of the Catholic Safeguarding organisations. One of the sisters has b•en nominated as Safeguarding link. Inv¥stm¢nt poll¢y The Chaiity'5 investments are fflanaged by BaT¢lays. There are no restrictions on the Charty's power lo invest. The inve51menl 51ralegy 15 authori5ed by the Truslees and lakes into account income requirements, the risk profile and the investment manager's view of the rnarkel prospects in the medium term. Thè policy is to maximise total return through a diversified portfolio whilsl providing a level of income adwsed by the Trustees from time to time. There is also an Ethical Policy precluding investment in any mpany which, after reasonable enquiry. clearly has significanl profits from an a¢tivily which is contrary lo the objeetives of thè Christian Chureh. The performance of the portfolio and the Charity's inve$tmenl $lrat¢gy are roviewed by the Trustees who rneet with the investment managers every year. Propèity Management Pollcy Thè trustees have adopted the management of their property portfolio by an annual ieview of the properties and land held wrthin the ¢harty. Decisions may ba made at different times if. for example. a let property becomes vacanl. The 5Ultabilrty of the accommodation for thè ageing sislers will be fLJlly reviewed each year. as the desire is lo keep the Si5ter5 In their own communtty horne for as long as possible. Consideration will be made of the sustainability of any property in order lo avoid situations Wha costs will be incurred on a property that will be closed in the very neai future. Before signing any contract conceming property, Ihe truslees must discuss the issue in depth with advice from Èxtemal professionals. All major decisions have to be submitted lo the Europèan Provinctal Team. Permission is thèn obtained to sell or buy through the Provinaal who is obliged to obtain pemiission from the General Supeiioi in Rome.
SISTERS OF ST JOSEPH OF THEAPPARITION CIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTSAND PERFORMANCE 1. Care of members of the Congregation The Charity continued to assist members ol Congregation in Iheir charitable and religUS work, and also attend lo their physul and spirittsal needs. Members of the Congregation are given the opportunty for private worship and tc¥ ¢tsnlinuo lo dèvelop their knowled9e and Iiu$l in Jesus through quiet prayer. study of the Bible 8nd spiritual retreat. Spiritual, Social and pastoral work The Sisters, where possible, conlinued throughout the year to carry oul as Tn8ny fomis of social and pastoral work in order to lulfil their individual ministriès. This work enables Ihe Charrty to reach out to Iho$e in need within society generalty. Four Sisters from Myanmar now work he under our sponsorship. Three Sisleis are based in Ihe deprived area of Whenshawe. Manchester and one Sisler is the Superioi of the Bowdon Convent in Cheshire. Lady of th• Vale Nursing Home The qualify of care being pmvidgd in thg Home has bn maintained and continues to meet the ftvqulrnmonls of th• Qualily Cat¥ CommASSiOn. The Trustees made the decision to employ an extem81 M8nagemenl Company Careport Ltd lo oversee the day lo day management of the Nursing Home in pla of the Si51er5 themselves, and also to further irnprove the Nursing Home. The Trustee5 continue to mon¢tor the m3nagemenl of the nursing home. The Charity donated £250,OIX) 12023 £10,152) to the Home, from a reslrided fund for a major refurbishment. in the prior year funds were transferred to assist families in need of financial help. The trustees feel thal it is important to support thè Nursing Homè and havè reeently assisted financially with cash loans lolalling £200,000. the home is now in 8 90011 position to repay these loans. l. International missionary work During the year the charity transferred £232.135 in Solidarity giving lo various countriÈ$12023 £211,521). The Trustees again supported their work in Peru- £45,00012023 £40,000). The English Charity now supports the Irish charily- £117,34212023 £84,263). 5. Donotions and $upport of mlsslonary work and mlnlsty General Fund Alms giving lolalled £171.205 12023 £121.0331. This was donated mainly to UK charitie5 and individuals. Some of the UK charities have over5ea5 opeialions. Restricted Fund Alms giving tolalled £88,281 12023 £80,661}. This is a fvnd 'managed' by the sisters to assist the 'elderty over 55, in the UK onty,. This can include the charity nursing home and the sisteTS.
SISTERS OF ST JOSEPH OF THE APPARITION CIO TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 FUTURE PLANS The trustees will contsnue to monitor the acliwlies of the d)arity and make thanges where necessary as they onlinutr lo". care for the sisters and lo monitor the need5 of the sisters as they grow older and, rf necessary. adapt the charity's plans in respect of property needs and the prowsion of care lo eldetly members. To encourage our fundamenlal missionary spirit, in facilitating in(ernational communib.es while living and helping in a mullicullural area. operate a Ca home. via 8 management ¢ompany, and. In particular lo provide qualtty of ¢are for iesidenls In 8 dignified and friendly environment". support the Congregation's work in the Far East, Latin America and the Middle East and for the trustees to satisfy themselves that ihe funds are applied for their inlended purp. make donations to charities to enable missionary and ministry work lo be carried out in the UK and around the world to further the knowledgè ol God's lovè for humanity. RESERVES POLICY AND FINANCIAL POSITION The balance sheet shows lolal reserves of £41,271,730. Of this £33,263,284 is represented by properties plus inve$lmenls used lo support the work of the Sisters. Induded in the Investments are". A designated fund, being the Sister5 Pension Fund. This 15 to provide support for Ihe si51ef5 in Iheir retirement. A Restricted Fund, being Ihe Leeming Fund. This is to provide help, restricted to people living in the UK and aged over 55 years. Thi5 can be donated to Charitiès in the UK or indiwduals who ne•d h61p to stay in their own homè. The charity is proud lo work with Maggies to relieve the sudden finan¢i81 pressures ol ill health due to a ¢an¢&r diagnosis and medi¢31 treatment. The reader will tliscem from the foregoing Ihat Ihe tharity ¢arries oul a diverse range of activities 3nd is responsible for care and support of sisters whose avera9e age 15 increasing and whose neèds a changing. The trustees have examined the need for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated lor specific purposes or otherwise committed. The Irustees consider that, given the nalure of the charty's work and its commrtments, the level of free reserves should be approximatety equal to 8 months, expenditure. DIscIure of Inforni•tlon to •udlior8 Each ol the Trustèè's has confirmed that there is no infom)ation of which they are aware which is r81èvant to the audit. bul of whi¢h the audrtor is unawa. They have further ctsnfimied that they have laken appropriate steps lo identify such relevant inforrn8lion and lo eslablish that the auditors are aware o15uch information.
SISTERS OF ST JOSEPH OF THE APPARITION CIO TRUSTEES. REPORT (coKfiNUED) FOR ThIE YEAR ENDED 31 DECEMBER 2024 Audltorn A2ets Audl SeMc•s were aFpoknled auflttm to the compffj. a ro3oluUon wcyo¥lng that ba fè4PPOint•d WMI b8 Put to thé member•. On bohaWofth• bomrd offrustl. Sht•r M M¢Mamw* Twslee
SISTERS OF ST JOSEPH OF THE APPARITION CIO STATEMENT OF TRUSTEES, RESPONSIBILITIES The Iru51ee5', who are a150 Ihe directors of Sisters of Sl Joseph of the Apparition CIO for the purpose of company law, are responsible for preparing the Trustee5' Report and Ihe accounts in accordance wth appli¢ablfj law and United Kingdom Accounting Standards (United lfjngdom Generally Accèpted Accounting Practs'¢el. Company law requires the twstÈe$' lo prèp8re a¢¢ounts loi each financial year which give a tru& and fair view of the Stale of affairs of the charity and of the incoming resources and applicalion of resources. induding the income and expenditure, of the charitable company for Ihal year. In preparing these accounts, the tnjslees. are required to.. selecl suitable acojunting poliaes and then apply them consislenlly., obseNe the methods and prineiplè$ in the Chanties SORP.. make judgements and eslimales that are reasonable and prudent., and prepare Ihe accounts on the going COrern basis unkss it is inappropriate to presume that the charity will continue in operation. The irustees, are responsible for kèèplng adequate aeeountlng COrdS that disclose with reasonable aceuracy at any timè the financial position of the charity and enable Ihern lo ensure th81 the accounts comply with the Companies A¢t 2006. They are 8lso responsible for 5afeguaTding the assets of the charity and hence for taking reasonable slep5 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 Opinion We have audited Ihe accounts of Sisters of Sl Joseph of Ihe Apparition CIO for the year ended 31 December 2024 sel oul on pages 11 to 23. The finanual reporting framework that has been applied in their preparalion is applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Practicel. This ieport is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 20CkS. Our audit work has been undertaken so that w• might slate lo the charitable company's rnembers Ihose rnatter5 we are required to state to them in an auditors. report and for no other purpose. To the fullest extent pemitted by law, we do not accepl or assume responsibility lo anyone other than the charitable company and its members as a body, lor our audit work, lor this report, OT lor the 0.niOnS we have fom)8d. In our opinion the financial st8lemenls'. give a tnje and fair view of the stale of the charity's affairs as al 31 Decernber 2024 and of its incoming resoLtrces and application of resources, for Ihe year then ended., have been properly prepared in accordance with United K4'ngdom Generally Accepted Accounting Practice". and have been prepad in aordanCe with the requirements ofthe Chanties Ad 2011. B14sis for opinion We conducted our audit in accordance with International Sl8nd8fds on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audil of the financial stalements section of our report. We are independenl of the charity In a¢cordan¢e with the ethical requirements that are relevant lo our audit ol the financial statements in the UK, including the FRC'S Elhical Standard, and we havè lulfilled our other ethical responsibilities in accordanee with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis lor our opinion. Conclusions r•lating to going conc•m In auditing the financial statements, we have concluded that the tru51ees' use of thè going eoncem basi5 of accounting in Ihe preparation ol the financial slatements is appropriale. Based on the work we have perfom)ed, we have not identified any material uncertainties relating lo events or conditions Ih8t. individually 01 ¢olle¢lively. may ¢a$t signrficanl doubt on the ¢harity'5 ability to continue 3$ 8 going concern for a period of al lea$1 twelve months from when the financial slalements are a¢Jthori$ed for 155ue. Our responsibilities and the responsibilrtie5 of the charty with respecl lo going CLJncern ar& described in the relevant sections of this report. Other Infomiatlon The other infomalion ctsmprises thè information included in thè annual report olher than the ffinan¢ial slalemen15 and our audilorfs report Ihereon. The Iruslee's are iesp()nsible for the other information containÈd within the ann(Jal report. Our opinion on the finan¢ial slalements does not ¢tsveT the other information and we do not express any forrn of assurancè conclusion thèrèon. OUT responsibility is to read the other information and, in doing 50. consider whether the other Information is materially illcon5islenl wrth the finanaal slaternenls or our knowledge obtained in the course of the audil. or otherwise appears to be materially misslaled. 11 we identify such malerial inconsistencies or apparent material misstatements. we are required to detemiine whether this gives rise to material misstalement in the financial statements themselves. If, based on the work we have perfomed, we conclude thal there is a material misstatement ol this other inltsrm8lion, we are required lo report that fact. We havè nothing to reptsrt in Ihis règard.
SISTERS OF ST JOSEPH OF THE APPARITION CIO INDEPENDENT AUDITORS, REPORT (CONTINUED) TO THE MEMBERS OF SISTERS OF ST JOSEPH OF THE APPARITION CIO Matters on whlch we are requlred to report by exception We have nothing to report in respect of the following rnatter5 in relalion lo whsch the Charrtses A¢t 2011 require us to report to you if, in our opinion.. the information given in the financial statemenls is inconsistent in any material respect with the report,. or suffiaenl accounting records have nol been kept,. or thè financial statèments are nol in agreement with Ihe accounting records," or we have nol ieceived all the information and explanations we require for our audit. Responsibilities of tru¥tee$ As explained more fully in the statement of responsibilitie5. the truslees are responsible for the preparation of the finanaal statemenis and for being satisfied thal they give a true and fair view, and lor such internal control, as the trustees detemine is necessary to enable the preparation of the financAal statèments that are free from material misstatement. whether due to fraud or error. In preparing, Ihe financial statements. the trustees are responsible for as$e$sing the charity's ability to continue as 3 90ing concèm, disdosing. as applicable, matters related to going concern and using the going concem basis of accounliiig unless the trustees either inténd lo cease operations or have no realistic attemalive bul lo do sts. Auditorfs responsibilities for the audit of the financial ststements We have been appointed as auditor under section 144 of the ChaTlties Act 2011 and report in accordance with the Act and relevant regulations made OT having effect theunder. Our objectives ar& to obtain reasonable assuranc8 about whéther thè financial statÈment5 as a whole are free from materi81 rnisslalement. whèther due to fraud or eiror. and to i$$uè an auditors. report that includès our opinion. Reasonable assurance is a high level of assuran¢e but Is not a guarantee that an audrt condu¢ted in accordance with ISAS IUKI will aayS detect 8 material mi5s1alemenl when it exisls. Misstatements can arise from fraud or error and are c4)nsidered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisH)ns of users taken on the basis ol these ffinan¢ial slalements. A further description ol our responsibilities is available on the Financial Reporting Council's websrte at.. https'.I wivw.frc.oig.uklauditorsresponsibilities. This description fomis part ol our auditorfs report. Extent to wh5ch the audlt was ¢on6ldfftd ¢•p•bl¢ of d¢t¢¢ting IrT•gul•riti¥. Including fraud Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Counal's web511e, lo detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity, its activities, its control enwronmenl. and like future developments, induding in relation to the legal and regulatory framework applicable and how the entily is complying wrth that framework. Based on this understanding, wè identify and assess the risks ol matèrial rn1551alernenl of Ihe ffin8nual slalemenls. whethèr due to fraud 01 eTror, design and perform audit procedures responsive lo those risks. and obtain audil evidence that Is sufficient 8nd appropriate to provide a basis for our opinion. This include5 consideration of the risk of 8¢t5 by the enlrty that were contrary to applicable law5 and regulations, including fraud. In response to the risk ol irregularities and non-compliance with laws and regulations. including fraud, we designed procedures which included.. Enquiry of management and those charged with govemance around actual and potential litsgation and clairrs as well as aclual. suspected and alleged fiaud". Reviewing minutes of meetings of thtsse ch8rgÈd wrth governano". Assessing the extent of compliance wrth the laws and fegulalions considered to have a direct materi81 effect on the financial slalements or the operations of the company through enquiry and inspection, Reviewing finanaal statement disclosures and testing to supporting documentation lo assess Complian with applicable laws and regulalions.. Perftsrming audit work over Ihe risk of management bias and override of controls. including testing of ovmal entries and other adjustmenls for appropriateness, evaluating the business ralionale of $19nificanl Iran$aclions outside the nomial COLTrrse ol businèss and reviewing accounting estimates for Indic8lors 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 B¢Gause ol tha inherènt limitations of an audrt, there is a risk that we will not delecl all irragularilies, including Ih¢se lèading to a matèrial misslatement in the financial statements or non•compliance with regulation. This risk increases the more that compliancè with a law or regulation is removed from thè events and transactions reflected in the financial 51alemenls, as we will be less likely to become aware of instsnces ol nonkncompliancè. The risk of not detecting a material mi551alemenl resuhing from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery. intentional omissions. m15repre6enlalion6, or the override of intemal control. Us¢ of our r•port This report is made solely to the charity's trustees. as a body, in accordance with section 144 01 the Charrties Act 2011 and with iegulations made undei seclion 154 of that Act. Our audit work has been undertaken so that we mighl slate lo the charity's Iruslees those mallers we are required to state to thèm in an auditorfs report and for no other purpose. To the fvllesl extent permitted by law, we do not a¢cepl 01 assume responsibility to anyone other than the charity and Ihe charity's Iruslees as a body. for our audit work, lor this report, or for the opinions we havè lom)ed. Jonoth•n Ward Isènlor Statutory Audltorl for and on behall of Azets Audit Services Statutory Auditor Alpha House 4 Greek Street Stockport Cheshire SK3 8AB United Kingdom Azèts Audit Services is eligible lor appointment as auditor of the charity by virtue of rts eligibility for appointment of a company under section 1212 of the Ctympanies Ael 21)06 Dale.. Charity commlsslon Numbèr: 1188024 Company R•glstratlon Number.. CE020748 10-
SISTERS OF ST JOSEPH OF THE APPARITION CIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Designated Restricted fun(ts funds funds Total 2024 Total 2023 Notss enèrat•d funds tomin rÈsourc•s from Donations and legacies Trading activities Investment income 33.733 soo 2,355,234 71.966 34,233 78,353 2,355.234 2.104,480 401,733 330,055 302,7SI 27,016 336.484 2,427,700 191,613 27.016 2.791.200 2,452,888 191.613 250.508 Other incorning resources Totsl in¢omlng rèsourcès 336,484 2,619.313 27.016 2,982,813 2,703,396 Resources ex nded Costs of generntlng funds Investment management costs 87,783 26.777 9,249 123,809 113,594 Net incoming resour¢e$ available 248.701 2,592.536 17.767 2.859,004 2,589.802 Charitable activities Donalion5 Convent costs 405.788 602,221 337,880 S,308 743,668 620,4SO 470.102 584,044 12,921 Totsl charitsble expenditure 1.008,009 12,921 343,188 1,364,118 1,054.146 Trading activities 2,118.290 2,118.290 2.052,851 Total charitable and trnding expenditure 1.008.009 2.131,211 343,188 3,482,408 3,106,997 Govemance costs 31,745 18,138 49.883 30.710 Totsl resour¢e$ expendèd 1,127,537 2,176,126 352,437 3,656.100 3,251,301 N•t loutgoinglllncomlng rèsources bofor• transfers 1791,0531 443.187 1325.4211 1673,2871 1547.9051 Gross transfers between funds 426,000 1465,0001 30.000 Net outgoing resources 1366,0531 111,8131 1295A211 1673,2871 1547.9051 Other rècognisèd galns and lossos Revaluation ol tangible fixed assets and investment properties Net movement in investments 275,000 2.056,096 275.000 2,893,061 3,332.037 623.555 213.410 N•t mov•m•nt In funds 1,96S,043 611.742 182,0111 2.494,774 2,784,132 Fur balances at 1 January 2024 29.612.021 .509,315 2.655,623 38.776,9S9 35,992,827 Fund balances at 31 December 2024 31.$77,084 7,121.057 2,573,612 41,271.733 38,776,959
SISTERS OF ST JOSEPH OF THE APPARITION CIO BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Flx•d Tanglbl¢ w•etJ Inv•slm•nts 12 13 1.397,220 33263,284 6.280.738 31.D52,731 39.660.004 37.313,489 Curr•Tht w••ts Debtors Cath •1 bank end in hrKI 14 1.168.890 788.151 1.126,397 749,237 1,gS7,041 Cr•dltov•: •mount• f•lllng du• wHhln on• y41r 1.875,634 15 1346I121 1412,1441 N•t GUn•rt4•8•ts 1.611,229 1.463,490 Tgtsl #0 cuvrnnt Ilbilltl• 41.271.733 38,770,959 Incom• fvnd• Get)•ral fun¢ Rtred funds Doslgnated fun¢Js 31Anm4 2M3M12 7.121.067 29,612.021 2.855,623 ,509,31S 41,271.733 38,776.959 The counts wore *pprov•d tyihe B¢wd on. 13 0£ a $1stsr J A SSsl¢r M M¢N•mara Trn•t•• Ch•rlty R•gtstr•tlon No. 11ga028 Company R•ql•tr•tloTr CE020741 12-
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcl•s Charlty Infomlallon Sisters of St Joseph is an unineorporatÈd charity with registerèd charity number 118025. Its hèadquarters are located 8t Conv&nt Lodge, Gran9è Road. Bowdèn. Allrincham. WA14 3EZ. 1.1 Basis of preparation These accounts have been prepared in a¢¢ordance wrth FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 102.1. 'Accounting and Reporting by Charities the Slatement of Recommended Praclice for Charities applying FRS 102, the Companies Act 20C6 and UK Generalty Accepted Accounting Practice as it applies from 1 January 2015. The charty is a Public Bènefit Ents'ty as defined by FRS 102. The a¢¢ounts are prepared in sterling, which is the fundional currency of the charity- Monètsry #moun15 in these financial Stslements are rounded lo the nearest £. The finanrjal Statements have been prepared under the historical CLJSI convention, modified to include the valualion of freehold properties and to indude investment properties and certain financial instruments al fair value. The princjpal acLounting policAes adopled a sel out bebw. 1.2 Going ¢on¢•rn At the tirne of approwng the accounts. thè trustees have a reasonable expectation that the ¢h8rity hag adequate resourcès lo continue in operational existènce for the foreseeable future. Thus the liuslees, nlinue 10 8dopl the going concern basis of accounting in preparing the accounts. 1.3 Charitable fun Unresliicled fund$ are available for use al the discretion of the Iruslees in furtharan¢e of their charitable objectives unless the lunds have been designated for other purposes. Restricted funds are subject lo sperAfic conditions by donors as lo how they may be used. The purposès and uses of Ihe restricted fvnds are set out in the notes to the acLounts. Designated funds are lunds which havè bèèn sat aside out of Un$tri¢ted fvnds by the trustee$ for P1C purposes. 1A Incoming resources In¢omè 1$ recognisad whén the ¢h8rity is legally entitlèd to il after any performance conditions have been met. the amounts can be mtsasud rtrliably, and it is probable that income will be received. Cash donations are recognised on receipl. Other donations are recognised once the charity has beèn notified ol the donation, unless performance conditions require deferral of the amount. IncA)me tax coverable in relation to donations received under Gift Aid or Deeds of Covenanl 15 recognised al the lim& of the donation. Legacias are recognised on racèipt or otherwisè if thè charity has been nolthed of an impending distribution, the amount is known. and re¢eipl is expected. If the amount is not known, the legacy is Irealed as conlin9&nt ass. Turnover is MeasUd at the fair value of the consideration received or receivable and represents amounts receivable for services Provided in the noal course of business, nel of discounts, VAT and other sales related taxes. 13-
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aeeountlng polici•s (Cont[nu) 1.6 R•$ourw 9Xnd*d All expenditure is accounted for on an accruals basis and has been induded undei expense categoriès that aggregat8 all costs for allocath)n 19 8¢tiwties. costs cannot be directly attributed to particular activities they have been allocaled on a basis ¢onsislenl with the use of the resources. Fundraising costs are those incurred in seeking voluntary contriblonS and do not include the costs of disserninating inforrnation in support ol Ihe charitable adivities. Support costs are those costs incurred directly in support of expendilure on the object5 of the company. Govemance costs are those incurred in connection with administraiion of th& company and compliance wAh conslilulional and statutory requirèments. Grants payable arè ¢hargèd in the yéar whèn the offèr is madè ex¢opl in those cases wherè the offer is conditional. su¢h grants being recognised as expendiluie when the condrtions attaching are fulfilled. Granls offered subject to Indl0$ which have not been mel at the year end are noted as a commitment bul not accrued as expenditure. All resources expended are inclusive of irT8coverable VAT. 1.6 T•nglbl¢ fixod a$$ets and d•pr•¢latlon Tangible fixed assets are initially measured at cost and subseqvently measured al cost or valuakn'on, nel of depreryalion and any impairment losses. Depreciation is recognised 50 a5 to write off the ¢osl or valuation of assets less their r¢$idual values over their useful lives on the lollowing bases.. Freehold land is not depreciated Freehold buildings Plant and machinery Motor vehiclas O°h as the residual value is deemed thè fair value 20°h $lraighl line 20°A straight lin& The gain or loss arising on the disposal of an asset is delermned as the differenc8 between the sale proceeds and the carrying value of the asset and is recognised in nel incomellexpendiiui¢l for Ihe year. 1.7 Investments Fixed a55el inve51men15 are initially measured at transaction price excjuding transaction Costs and are subsequently measured al fair value at each reporting dale. Changes in lair value are recognised in nfyt incomel{expenditure) for the year. Transaction cosls are expensed as incurred. 1.8 Imp•imiènt of fixèd a¥s¢ts At each reporting end date, the charity reviews the carying amounls of its tangible and intangible assets lo determine whether there is any indication that those assets have suffered an impoimenl loss. If any such Indication exists, Ihè recoverable amounl of the a$sel is estimated in order lo determine the extent of the impaiment loss lif any). Recoverable amount is the higher of fair value less ¢osl$ to sell and value in use. In assessing value in use, the e51irnaled future cash flow5 are discovnled lo their present valve using a pre-tax dI$unt rale that reflects current market assessments of the time value of money and the risks specJfi¢ tr) Ihtr asset for which the eslimales of future cash flows have not been adjusted. If the recoverable amounl ol an asset is estimated to be less than its carying amount, the carying amount of thè assel is reduced to its rècoverablé amount. An impaim)ent loss is recognised immediately in incomel lexpenditurel for the year, unless the relevant asset is carried at a revalued amount, in which casè the impaim¢nl loss 1$ Irealed a$ a rgvalualion decr¢?se. 14-
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THE ACCOUNTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aeeountlng pollel•s IContinu•dl Recognise¢Y impaiimenl losses are reversed rf, and only if. the reasons ftsr the impairnent loss have ¢eased lo apply. Vvhere an impairmenl 1055 subsequenlty reverse5. the carrying amount of the asset is increased lo the revised e51irnale of ils recoverable amount, bul so that the increased carrying amount does not exceed the carying arnount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediatèly, unless the relevant assat is carried in at a revalued amount, in which case Ihe reversal ol the impairmènt10$5 Is Irealed as a revalualion In¢rease. 1.9 C$h ond eash equfvl•nts Cash and cash equivalents indude cash in hand, deposits held at call with banks, other short term liquld inveslmenls wrth onginal maturities ol three months or less. and bank overdrafts. Bank overdrafts arè shown wrthin borrowings in ¢urrent liabilities. 1.10 Financlal Instruments The charrty has elected Its appty the provisions ol section 11 'B8sic FinanrAal Instruments, and Section 12 'Olher Finanal Instruments Issues, of FRS 102 to all of ils financial instruments. FinancAal instruments are recognised in the chanty's balance sheet when the tharity becorne5 party to the conlractual provisions ol the inslrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements. when there is a legalty enfoice3ble ri9hl to sel off the rt¢ogni$ed arnounl$ and there is an inlenlion lo settle on nel b8sis or lo 311St the asset and settle the liabilty $imuh8neou$ly. Basic financial assets Basic financAal asset5, which include debtor5 and cash at bank and in hand bal8n¢es. are initially measured at transaction price including transaction costs and are subsequently carried 81 amortised cost using the effective intèrest method unless th8 arrang8m8nt constitut&s a financing transaction. where the transa¢tion is measured at the present value of the fijture reeeipts discounted al a market rale ol interest. Financial a$se15 ¢18ssffjed 8$ rg¢9ivable wthln one year are not amorti$ed. Basi¢ finon¢ial liabiliti•$ Bas financial liabilities. induding creditors are inrtialty recognised al Iransactson prt¢e unles8 the arrangement Constitutes a finanryng Iransaclion, where the debt instrvment is measured at the present value of the future receipts di5o)unted at a market rate ol inlere5t. Financial liabilities classified as payable wrthin one year are not amortised. Trade credilors are obligation$ to pay for goods or servicEs that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are reco9nised initially al transaction pri¢s and $tJb$equ&nlly moa$uro(l al amorlised cost using the effective interest method. Derecognition of financial liabllbtles Financial liabililw are derecognised when the charity'5 contractual obligations expire or are discharged or cancelled. 1.11 Employ•• bènefits The cost ol any unused holiday anlill8m&nt is recognised in ihe period in which the employee's semces are reeeived. Tem)ination benefits are rècognised immèdiately as an expense when the charity is demon5trabty ¢ommitted lo teminale Ihe employment of an employee or lo provide lemination benefits. 15-
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies ICont5nuedl 1.12 Leases Renta15 payable under operating lease5, including any lease incentive5 received, are charged lo income on straight line basis over the lemis of the relevant lease. Critical aeeount e$timat•s and judgement In the appli¢ali¢n of the chaTily's accounting policies, thè IrustÈe$ are rèquirèd lo make judgements. estimates and assumptions about the carrying arnounl of assets liabilrties that are nol readily apparènt from other sources. The estirnales and assouated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimatès and underfying assumptions are rewewed on an ongoing basis. Revisions lo accounting Èstimatès ale recognisèd in the period in which the estimatè is revised where the revision affects only that peiiod. or in the period of the revision and fijlufe periods Whe the revision affects both current and future period5. Valuatlon of fr98hold and leasghold buildings The trusteès havè adopted the revaluation model in respect of both freehold and leasehold land and buildings with Ihiid party valuations being obtained as required. Further details are disclosed in note 12 of these financial statements. Valuation of debtordu• o¥•r l y•ar The Chaiity is owed the value of a property from 8 ¢tsnnected Irish charity,. this will be realised upon the sale ol the asset Isubiect to exchange rale variances). Further details are disclosed in note 14 of Ihese financtal stalements. Donations and lega¢le$ Unrestricted Designated funds funds Totsl 2024 Totsl 2023 rx)n8lions antl yifts Leg8aes receivable 400 33,333 500 900 33,333 17.413 33,733 soo 34.233 18,353 16-
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Trading actSvltles 2024 2023 Nursing horne fees 2,355.234 2,104,480 Staff costs Repairs 8nd Èquipment Careport management fees Water, power and rates Consumables and amenities Other Costs 1.586,124 1,479,412 133,853 137,572 64,836 74.718 111,614 155.774 148,057 142,177 73,805 63,198 Net income Ilossl from trading actiwly 236.945 51.629 Inv8Stm•nt Sncom8 Unrestricted Designated Restricted funds funds funds Totsl 2024 Total 2023 Rental in¢ome Dividends Investmenl interest 24,804 135.449 142.498 24.804 193,442 183,487 24.668 176.870 128.517 43,172 28,794 14,821 12,195 302,751 71,966 27,016 401,733 330,055 Othor Incomlng r•soure•$ 2024 2023 Other incorne Sistèrs, p¥nsion$ 1,035 190.578 657 249.851 191,613 250,508 17
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Total mourc•s èxp•nd•d 2024 2023 Co¥ts of g•n•ratSng funds Investment management costs 123,809 113,594 Charflabl• a¢tlvltl•s Donations from unre$lricted funds Doftalion8 from restrlcte(I funds 405.788 337.880 379,289 90,813 Total 743.668 470,102 nve Unrestricted convent ¢0$18 Restricted convgnl costs 602.221 18,229 565, 744 18,300 Total 820.450 584,044 Tr Care home c081s from desSgnaled funds 2.118.290 2,052,851 3A82.408 3,106,997 Goveman¢• costs 2024 2023 A¢Untan¢Y Legal and professional (Xher cogt8 24,260 16,036 9.597 22.756 6.406 1,548 49.883 30,710 Goveman¢e costs Indudes audit fees paid lo the auditors of £19,200 {2023.' £18,000). Tru*t•M' None of the INslee6' lor any lSOn8 Connected wlth Iheml 18ceive(l any remuneration or expens0$ during the year. 18-
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Employe•• Number of •rnploy• The average fflonlhly number tsf employees during the year was.. 2024 Number 2023 Number 76 74 Employm•nt ¢o$ts 2024 2023 Wages and salari•s SocKal security costs Other pènsion 81$ 1,713,S63 147,329 32.390 1.556.455 131.849 29,387 1,893.282 1,717.691 The number of employees whose annual remuneralion was £60,000 or more were.. 2024 Number 2023 Numb8r £80,OOCk£69,999 11 Taxatlon As th• order Is a registered ¢harrty, no prowsion is madg fgf gither Thent gr deferred lax81ion. 19-
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Tanglble fixed assets Land and Plant and buildings machinery Motor v•hieles Total Cost At 1 January 2024 Additions Revaluation 6.240,000 161,961 31.461 26.925 6,428,886 31,461 120,000 120,000 At 31 Dgc•mb•r 2024 6,360.000 193.422 26.925 6,580,347 Depreclatlon Al 1 January 2024 Charge for the year 141,419 14,783 26,729 196 168.148 14,979 At 31 December 2024 15fj,202 26.92S 183,127 N•t book value At 31 December 2024 6,360.000 37,220 6.397,220 Al 31 December 2023 6,240,000 20,542 6,260.738 Fieehold land and buildings wer$ revalued at market value in 2022 by Trafford Surveyors Limited. Charted sUeYrS. Leasehold land and buildings were ievalued at market valuè in 2024 by Trafford Surveyors Limited. Chartered Surveyors. The historical cosl of land and building5 15 £2.199.085. 13 Flx•d ass•t Invèstmènts 2024 2023 Li¥ted inv$tnnts Market value at 1 January 2024 Gains and losses on investments Stockbroker fees Sale of shares Diwdends Interest Funds fOalded lo sistèrs Increase in market value and movements lating lo additions and disposals 30.007,731 92,321 1121,6091 13SO,0001 193,441 140.660 11,050.0001 27,195,447 5,549 (109.8881 176,871 125,284 1712,020} 3.1SO,739 3,326,488 Market value at 31 December 2023 32.063.283 30,007,731 Invèsth)ent property Markel value at 1 January 2024 Gain on r&valu81ion of investment propertiès 1.045,lJOO 1SS,000 1.045,000 Market value at 31 December 2023 1.200,000 1.045,000 Total fix•d assèt Inv•slm•nts 33,263,283 31,052,731 The Trustee5 recognise cash moverTienls lor additions and disposals within the valuation movement. -20-
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THE ACCOUNTS ICONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2024 14 Debtor4 2024 2023 Trade debtors Other debtors 25,762 1,143.128 29,756 1,096,641 1,168.890 1,126.397 Amounts falling due after more than one year and induded in the debtors above are.. 2024 2023 Other dèbtors due over 1 year 991,366 991,3e6 Included in other debtors is a balan¢e of £991.36612023'. £991,366) due from Sligo Convent. an Irish chanly linked through the Catholic Church. 15 Creditors: amounts falling due within one year 2024 2023 Trade creditors Sales ledger credit bal8nces Other creditors Ac¢ruals Deferred incorne 47.331 37.400 57.853 183.960 19,268 155,939 46,075 69.797 135,744 4,589 345,812 412.144 21
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Analysis ot net assets befvMen funds General fund¥ Designated funds Rostdctèd funds Total Fund balancès at 31 December 2024 are represented by". Tangible fixed assets Investments Current a5sels Ciedilors. amounts falling due within one year 6,240,000 23,999,512 1,401.843 164.2911 37,220 6,886,032 477.026 1279.2211 120,000 2.377,740 78,172 {2,300) 6,397,220 33.263.284 1.957,041 1345,8121 31,577,064 7,121,057 2.573,612 41,271,733 Gnral Fund The general fund is a free fund ol the Trust.. it Is not lièd as are the other lunds. which are usèd for a particular defined purpose. The general fund represents the activtties of the convents within one community and includes Ihe"Province' account which is used lo accumulate Ihe funds of each convent at the end of the financial year. Gèneral funds indudès a property revaluation reserve of £4,110,915 {2023'. £3.990,9151 and an invèstment propety revaluation resèrve of £270.00012023'. £115,000). Designated Fund The designated fund relates to a nursing home. Their funds are nol paid Into the"Provincè account at the end of the financial year but are used to fund operations in the coming year. Monies sèt aside for Ihe Sisters on their retirement are also included in this fund. The designated fund also includes the pension fund. R•strlet•d Fund The restncted fund reprenIS monies set up in trust for Ihé purpose of PfOVKling nursing care and aSS151an¢e for the benefit of elderly people in th8 Unitèd Kingdom. 17 Contlng•nt Il•bllltios Al 31 Dernber 2024 there were no commitment5 to expendrture, and no Provision was dèèmed necessary. 18 Commitments under operating leases Al 31 Dember 2024 the company had annual commitments under operaling lease5 88 follows.. 2024 2023 Expiry dale.. Within one year Between two and five years In over five yeafs 37,308 127.154 59.753 31.638 99,744 40,780 224.215 172,162 22-
SISTERS OF ST JOSEPH OF THE APPARITION CIO NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 R•lat•d parti There are no related paty Iransactlons. -23-