2024-12-31-accounts - Sisters Of Charity Of Our Lady Mother Of Mercy Scmm

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SISTERS OF CHARITY

OF OUR LADY MOTHER OF MERCY SCMM

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

CHARITY NO: 1190918

SISTERS OF CHARITY OF OUR LADY MOTHER OF MERCY SCMM

REPORTS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR THE YEAR ENDED 31 DECEMBER 2024	FOR THE YEAR ENDED 31 DECEMBER 2024
_____________
CONTENTS	PAGE
Trustees’ Report	2-5
Report of the Independent Accountant	6
Statement of Financial Activities	7
Balance Sheet	8
Statement of Accounting Policies	9-10
Notes to the Financial Statements	11-15

SISTERS OF CHARITY OF OUR LADY MOTHER OF MERCY SCMM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

_____________

Introduction

The trustees submit their first report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out on pages 9 and 10 of the statements and comply with the Charity’s Constitution, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016 and Update Bulletin 2 published on 5 October 2018), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The results of the activities for all services operated within the United Kingdom and Republic of Ireland are encompassed within the financial statements.

History of the Organisation

The Institute of the Sisters of Charity of Our Lady, Mother of Mercy, the Generalate of which is in Tilburg, The Netherlands, was founded in 1832 in Tilburg, The Netherlands. It being an Apostolic Religious Institute of Pontifical Right, the most recent Constitutions were approved by the Congregations for Religious and Secular Institutes in 1988.

The Institute began its work in Britain in 1861, and these works became the responsibility of the newly-formed English Province in 1962. The Charity, which promotes the work of the Institute in the UK and elsewhere, was constituted as a Charitable Incorporated Organisation in July 2022 registered with the Charity Commission under the number 1190918. On 1 April 2021 the CIO took over the assets and liabilities and activities of the Charity known as The Sisters of Charity of Our Lady Mother of Mercy (registered under the number 234283) by way of a transfer agreement signed by the Trustees of both Charities. There are currently 5 sisters in communities in North Wales and Limerick, Ireland. Those sisters who are able are engaged in a variety of apostolates, mainly within the fields of spiritual, pastoral and social care; none of the ministries is the specific financial responsibility of the Institute.

The nature and aim of the Institute, and Institute policy, are set out in the Constitution of the Institute.

Principal Aims and Activities

The spirit of the Institute is essentially apostolic.

“By expressing God’s mercy in our actions in a spirit of simplicity, we respond to the call to be of service, preferably to the poor, the oppressed and the needy.”(Constitutions Chapter 1, Article 2)

This is usually within the context of another organisation, such as a Diocesan team or through another charity, enabling sisters to be involved in a variety of ministries, according to local need, and the specific talents of sisters.

It is the policy of the Congregation to respond “Wherever I may be needed, and wherever I may be sent”, which may involve sisters being invited to work in another Province or Region. In that case the sisters are supported financially from the Generalate.

While we may not always be able to respond physically to the poor, we can do so financially, through other Organisations and Charities. To this end, we have undertaken, throughout the Institute, to set aside a sum each year to allocate to projects, which we feel are in accordance with the aim of our Institute. This fund is called the Consol Fund, which takes its name from the words Congregation Solidarity. Contributions are made following a review of the aims and practices of the charity or project, and also its financial accounts. If the donation is for a project overseas, then it must be paid through a British-based organisation, who can then account for its allocation.

As an Institute, we have a policy of centralisation of funds, which means that funds held in a Province are at the disposal of the entire Institute, via our Generalate.

SISTERS OF CHARITY OF OUR LADY MOTHER OF MERCY SCMM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)

In the 1960’s, it was recognised that the costs of caring for our ageing sisters in the future would need to be addressed, as they had all worked in religious institutions, (ie hospitals, children’s homes, schools), and some would not qualify for a State Pension. To this end, a Designated Fund was established, and is reviewed annually, in a meeting with the Investment Managers, the Trustees and our financial advisers. At the start of 2023 on reviewing the amount held in various investments and the future needs of the sisters it was decided to transfer all the managed funds into a cash investment held through Investment Managers.

Public Benefit

The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Charity’s aims and objectives.

The public benefit which the charity provides includes the following:

Care of the sick and elderly on a permanent and respite basis
Care of the elderly members of the order
The relief of those in need because of age, ill-health, disability, financial hardship, or other disadvantage.
Provision of sacred spaces, churches and worship services
Contribution to the good mental and physical health of those with whom they are in contact.

Review of activities

During the period those sisters who were able continued to be involved in a range of activities in line with our policy. Ministries were conducted in Parishes, Dioceses and in promoting spirituality.

The Institute continued to support the poor, oppressed, needy and young and a total of £12,701 was donated to various causes during the course of the year.

Bryn Mair Convent, the house in North Wales, has been adapted to give the care required for the older members of the Order. The main objectives, in particular the care of the sick and elderly, are being achieved to everyone’s satisfaction.

Financial Report for the period

The main financial activities of the charity are encompassed within the unrestricted fund and the designated fund. The unrestricted fund records income and expenditure of day to day receipts and payments concerning in particular the sisters’ own living expenses, their works and activities and the support of the various people and causes they serve. This fund produced a decrease in net assets of £35,253 for the year after a transfer of £190,696 from the designated fund (see Notes 4 and 12 to the accounts).

The designated fund is a fund that was set up some years ago to cater for the needs of the sisters in retirement, and a greater narrative will be given on this fund under the heading of the Charity’s assets. For the year to 31 December 2024, the designated funds decreased by £99,262 after the transfer of funds to the unrestricted fund in the year.

The trustees consider that the financial affairs of the Charity are satisfactory but there are still some concerns about the funds that will be required to sustain the Sisters in retirement. The Charity funds are supplemented by funds from the Institute Generalate in Holland. In this period £33,6234 has been received from this source.

SISTERS OF CHARITY OF OUR LADY MOTHER OF MERCY SCMM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)

Charity’s Assets

The charity owns a number of properties as detailed in the financial statements and these are held and used by the Sisters themselves for their own residential purposes. Several of the properties have been professionally valued in the last number of years and these values have been incorporated into the accounts. The trustees are of the opinion that the current open market value of the freehold land and buildings is in excess of the values shown on the balance sheet but such values could be dependent on planning permissions to be obtained in the event of any disposals.

The other main assets of the charity comprise a cash investment and cash held at the bank.

As mentioned above in the financial review the designated fund was set up to cater for the needs of elderly sisters. The sisters are now retired and of pensionable age and this fund is now being used to finance current liabilities.

Reserves Policy and Future Plans

The policies of the Institute will continue to be followed and the two main commitments are that of supporting the policies outlined above and catering for the needs of the elderly sisters. Careful monitoring of reserves will continue to be crucial in attempting to ensure that future needs will be met.

Risk Management

The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen the risks.

Trustees’ Responsibilities Statement

The trustees are required under the Charities Act 2011 to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity’s financial activities during the period and of its financial position at the period end. The trustees should follow best practice and:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the accounts;
prepare the statements on the going-concern basis unless it is inappropriate to presume that the charity will continue to operate.

The trustees are responsible for keeping proper records which disclose with reasonable accuracy at any time the financial position of the charity and which also enable them to ensure that the financial statements comply with applicable law and regulations. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps to prevent and detect fraud and other irregularities.

Structure governance and management

The Charity is regulated by its Constitution and was registered with the Charities Commission on 18 August 2020 under the number 1190918. The Charity is registered under the name of “Sisters of Charity of Our Lady Mother of Mercy SCMM” and is known as The Sisters of Charity of Our Lady Mother of Mercy.

The Sister in Charge, in conjunction with the Provincial bursar, run the day to day affairs of the charity.

The Sister in Charge is appointed by the General Council of the Sisters of Charity of Our Lady Mother of Mercy.

SISTERS OF CHARITY OF OUR LADY MOTHER OF MERCY SCMM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)

_____________

The Trustees for the Charity in England:

The following persons were trustees of the charity, as defined by the provisions of the Charities Act 2011 and were in office during the financial period.

Sister Anne McEvoy Sister Patricia Trussell Sister Cecilia Turtle

Bankers:

The principal bankers for the charity services are: NatWest Bank Port Sunlight Branch Wirral, Merseyside CH62 4YU

Investment Advisers

Rathbones 100 Old Hall Street Liverpool L3 9AB Tel: 0151 227 2030 Fax: 0151 227 2444

Solicitors:

The principal solicitors and legal advisers to the charity are: Blackhurst Swainson Goodier 3&4 Aalborg Square Lancaster LA1 1BJ Tel: 01524 386500 Fax: 01524 386515

Insurance brokers:

Marsh Commercial Insurance Brokers Belvedere, 12 Booth Street Manchester M2 4AW Tel 0161 245 3668

Independent Examiner:

P Buck FCA DChA Champion TLL 7-9 Station Road Hesketh Bank Preston PR4 6SN Tel 01772 735000

By order of the Council

………………………………………….

Date of approval:……………………….

SISTERS OF CHARITY OF OUR LADY MOTHER OF MERCY SCMM

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE SISTERS OF CHARITY OF OUR LADY MOTHER OF MERCY FOR THE YEAR ENDED 31 DECEMBER 2024

_____________

I report to the trustees on my examination of the financial statements of Sisters of Charity of our Lady Mother of Mercy SCMM (the charity) for the year ended 31 December 2024.

Respective responsibilities of trustees and examiner

The Charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this period under section 144(2) of the Charities act 2011 (the 2011Act) and that an independent examination is needed. It is my responsibility to:

examine the accounts under section 145 of the 2011 Act.
Follow the procedures laid down in General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
State whether particular matters have come to my attention.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

P Buck FCA DChA Champion TLL 7-9 Station Road Hesketh Bank Preston PR4 6SN ...........................................

SISTERS OF CHARITY OF OUR LADY MOTHER OF MERCY SCMM

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

_____________

		Restricted	Unrestricted	Designated	Total	Total
	Note	Funds	Funds	Funds	Funds	Funds
		2024	2024	2024	2024	2023
		£	£	£	£	£
Income from
Legacies and gifts		-	195	-	195	2167
Charitable activities	1	-	64	84,818	84,882	83,542
Investments	2	-	1,193	8,715	9,908	10,460
Other
Funds received from Generalate		-	336,234	-	336,234	330,640
Total Incoming Resources		-	337,686	93,533	431,219	426,809
Expenditure
Investment management costs		-	-	-	-	268
Charitable expenditure	3	-	560,591	2,099	562,690	547,054
Total Expenditure		-	560,591	2,099	562,690	547,322
Net income/(expenditure) before
gains and losses on investments
and movement in funds		-	(222,905)	91,434	(131,471)	(120,513)
Net gains/(losses) on Investments				-	-	8,495
Foreign exchange gains/(losses)		-	(3,044)	-	(3,044)	734
Net income/(expenditure) before
movement in funds		-	(225,949)	91,434	(134,515)	(111284)
Transfers between funds	4		190,696	(190,696)	-	-
Net movement in funds		-	(35,253)	(99,262)	(134,515)	(111,284)
Balance brought forward
at 1 January 2024		2,250	388,067	170,816	561,133	672,417
Balance carried forward
at 31 December 2024		2,250	352,814	71,554	426,618	561,133

The notes on pages 9 to 15 form part of these financial statements.

SISTERS OF CHARITY OF OUR LADY MOTHER OF MERCY SCMM

BALANCE SHEET AS AT 31 DECEMBER 2024

_____________

	Note		Total Funds		Total Funds
			31 December		31 December
			2024		2023
			£		£
Fixed assets
Tangible fixed assets	5		694,436		716,798
Mortgages			4,397		4,574
			_		_
			698,833		721,372
			_		_
Current assets
Debtors	7	283		956
Cash Investment	6, 8	67,784		167,819
Cash at bank and in hand	9	388,168		156,547
		_		___
		456,235		325,322
		_		_
Current liabilities
Amounts falling due within one year	10	259,082		16,193
		_		_
Net current assets			197,153		309,129
			_		_
Total assets less current liabilities			895,986		1,030,501
			_		_
Liabilities due after one year
Long term loan from Holland	11		469,368		469,368
			_		_
Net assets			426,618		561,133
			_		_
Unrestricted funds
General Fund		166,329		195,566
Unrestricted - Property revaluation reserve		186,485		192,501
		______		_
			352,814		388,067
Designated funds
Designated – Old age funds			71,554		170,816
Restricted funds	12
Endowment Fund			2,250		2,250
			_		_
Total Funds			426,618		561,133
			_		_

Approved by the Trustees on …………………………. and signed on their behalf by:

………………………………………

The notes on pages 9 to 15 form part of these financial statements.

SISTERS OF CHARITY OF OUR LADY MOTHER OF MERCY SCMM

ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2024

_____________

Basis of preparation and assessment of going concern

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016 and Update Bulletin 2 published on 5 October 2018), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, as modified by the revaluation of land and buildings and investments. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £0.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The Trustees consider that there are no material uncertainties about the Trusts ability to continue as a going concern in the foreseeable future. With respect to the future the most significant area of uncertainty that effects the carrying values of the assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the Trustee’s report)

The Trustees have addressed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts. The Trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The Generalate in Holland is committed to providing any support necessary to ensure that all commitments are met.

Funds Structure

The restricted fund is an endowment fund which holds amounts bequeathed to individual members of the Order by others. Such funds revert to the member either on leaving the Order or revert to the estate on death. Such monies cannot be generally utilised by the Charity, although any income arising is unrestricted in its use.

Within the Unrestricted Fund the trustees have established a designated fund to provide care for members of Order in old age. The trustees review the fund each year. All pensions and benefits accruing to retired members of the order are credited to this designated fund and funds representing the income of the fund are transferred to the unrestricted funds annually.

Income Recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations, Legacies and Other Voluntary Income are credited to the Statement of Financial Activities as they become receivable.

Where funds are received for a specific purpose as defined by the donor, these are credited to a restricted fund, and are matched against expenditure incurred with the purpose specified.

Investment income is accounted for in the period on which the Charity is entitled to receipt.

Grants received in respect of expenditure charged to the Statement of Financial Activities during the period, have been included within the Statement of Financial Activities.

SISTERS OF CHARITY OF OUR LADY MOTHER OF MERCY SCMM

ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)

_____________

Expenditure Recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.

Allocation of Expenditure

Allocation of expenditure to cost of generating funds, direct charitable costs, governance costs, and other resources expended have been made on a basis consistent with the nature of the expenditure giving consideration to the application, directly or otherwise, to external charitable causes.

VAT

Irrecoverable VAT is charged against the expenditure heading on which it was incurred.

Cost of raising funds

The cost of generating funds consists of investment management costs.

Investment Assets

The Charity holds assets in an investment portfolio. Investments are included at closing mid-market value at the Balance Sheet date.

All gains and losses on Investment assets are reported in the Statement of Financial Activities on an accruals basis.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost or valuation.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:-

Motor Vehicles Buildings

25% reducing balance 2% straight line

SISTERS OF CHARITY OF OUR LADY MOTHER OF MERCY SCMM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024	NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024	NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024	NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024	NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024	NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
_____________
		Unrestricted	Designated	Total Funds	Total Funds
		Fund	Fund	2024	2023
1	Income from charitable activities	£	£	£	£
	Sisters’ salaries and benefits	-	84,818	84,818	83,479
	Other income	64	-	64	63
		______	_____	______	______
		64	84,818	84,882	83,542
		______	_____	______	______
2	Income from investments	Unrestricted	Designated	Total Funds	Total Funds
		Fund	Fund	2024	2023
		£	£	£	£
	Fixed interest investments	-	-	-	368
	Equity investments	-	-	-	1,208
	Cash Investment	-	8,235	8,235	7,700
	Mortgage interest	-	423	423	416
	Bank interest	1,193	57	1,250	768
		_____	_____	_____	_____
		1,193	8,715	9,908	10,460
		_____	_____	_____	_____

There was no income from investments in the restricted fund in the period.

Charitable expenditure	Unrestricted	Designated	Total Funds	Total Funds
	Fund	Fund	2024	2023
	£	£	£	£
Contributions to charitable projects	12,701	-	12,701	13,209
Community allowances, living expenses
and property costs	515,964	-	515,964	501,912
Accountancy Fees	2,064	2,064	4,128	3,024
Congregation Expenses	29,862	35	29,897	28,909
	______	_____	______	______
	560,591	2,099	562,690	547,054
	______	_____	______	______

None of the Trustees received any emoluments during the year (2023 £Nil) None of the Trustees received reimbursement for any expenses in the year (2023 £Nil)

SISTERS OF CHARITY OF OUR LADY MOTHER OF MERCY SCMM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)

_____________

4 Transfers between funds

A transfer of £ 190,696 (2023 £192,771) was made from the designated fund to the unrestricted fund as a contribution to the living costs of the Sisters.

Tangible fixed assets	Freehold
	Land &	Motor
	Buildings	Vehicles	Total
	£	£	£
Cost or Valuation
At 1 January 2024	1,090,000	29,884	1,119,884
Additions in period	-	-	-
Disposals in period	-	-	-
	_	_____	_
At 31 December 2024
At cost	-	29,884	29,884
At valuation	1,090,000	-	1,090,000
	_	_____	_
Depreciation
At 1 January 2024	375,441	27,645	403,086
On disposals	-	-	-
Charge for the period	21,800	562	22,362
	_	_____	_
At 31 December 2024	397,241	28,207	425,448
	_	_____	_
Net Book Values:
At 31 December 2024	692,759	1,677	694,436
	_	_____	_
At 1 January 2024	714,559	2,239	716,798
	_	_____	_

The land and buildings excluding the Bryn Mair property were re-valued in 2006. Bryn Mair was revalued in 2007 by Eckersley & Co, Chartered Surveyors, Preston.

The buildings have not been revalued in the reporting period as the trustees are of the opinion that the cost of revaluation would outweigh any benefit gained.

SISTERS OF CHARITY OF OUR LADY MOTHER OF MERCY SCMM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)

_____________

Investments	2024	2023
	£	£
Quoted Investments:
Market Value at 1 January 2024 (excluding cash balances)	166,000	258,943
Additions	-	223,625
Disposals (proceeds £99,965; realised profit £35)	(100,000)	(316,568)
Unrealised (losses)/profits on valuation at 31 December 2024	-	-
	_	_
	66,000
		166,000
Cash balances at 31 December 2024	1,784	1,819
	_	_
Market Value at 31 December 2024	67,784	167,819
	_	_
Investments listed on a recognised stock exchange are as follows
	2024	2023
	£	£
Cash Investment	66,000	166,000
Cash	1,784	1,819
	_	______
	67,784	167,819
	_	_

The Cash Investment is in JP Morgan Liquidity GBP account and held on behalf of the Charity by Investec Wealth and Investment Ltd.

The historic cost of investments is as follows:	2024	2023
	£	£
As at 1 January 2024	167,819	259,602
	_	_
As at 31 December 2024	67,784	167,819
	_	_

The following holdings formed more than 5% by value of the total value of the portfolio.

	Value at
	31 December 2024
	£
J P Morgan Liquidity GBP account	66,000

SISTERS OF CHARITY OF OUR LADY MOTHER OF MERCY SCMM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)

_____________

7	Debtors
		2024	2023
		£	£
	Prepayments and accrued income	283	956
		_____	_____
	Accrued income of £283 (2023 £956) relates to the restricted fund.
8	Cash Investment
		2024	2023
		£	£
	JP Morgan Liquidity Account	66,000	166,000
	Cash	1,784	1,819
		67,784	167,819
		______	______
9	Cash at Bank and in hand
		2024	2023
		£	£
	Cash at bank	386,895	155,487
	Cash in hand	1,273	1,060
		______	______
		388,168	156,547
		______	______

Cash at bank and in hand figures were as follows: Unrestricted fund £387,218 (2023: £156,197), Restricted fund £ 0 (2023: £0) and designated fund £ 950 (2023: £350)

10

Liabilities: Amounts falling due within one year:
	2024	2023
	£	£
Accruals	14,462	16,193
Income in advance	244,620	-
	______	_____
	259,082	16,193
	______	_____

Accruals relate to the unrestricted fund and the designated fund only and were as follows: unrestricted fund £ 12,602 (2023: £13,310) and designated fund £ 1,860 (2023: £2,883) The deferred income relates to funds received from the Generalate which relate to the year 2025.

11 Long term loan from Holland

During the period there was no increase in the interest free loan to the Charity from the Congregation’s Mother House in Holland. This loan is repayable as and when properties held by the Charity are sold or transferred.

SISTERS OF CHARITY OF OUR LADY MOTHER OF MERCY SCMM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)

_____________

12 Restricted funds

Such monies cannot be generally utilised by the Charity, although any income arising is unrestricted in its use.

13 Analysis of assets between funds

	Tangible			Net
	Fixed			Current
	Assets	Loans	Mortgages	Assets	Total
	£	£	£	£	£
Unrestricted
General fund	694,436	(469,368)	-	127,746	352,814
Designated
Pension fund	-	-	4,397	67,157	71,554
Restricted
Endowment fund	-	-	-	2,250	2,250
	_	_	_	_	_
Total	694,436	(469,368)	4,397	197,153	426,618
	_	_	_	_	_

14 APB Ethical standards

In common with many other charities of similar size and nature, our accountants assist with the preparation of the financial statements.