Faithful Companions of Jesus CIO
Unaudited Trustees’ report and accounts
For the period from 31 March 2022 to 31 December 2022
Charity Registration Number
1198483 (England and Wales)
Contents
| Reports | |
|---|---|
| Reference and administrative information | 1 |
| Trustees’ report | 2 |
| Accounts | |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Principal accounting policies | 10 |
| Notes to the accounts | 12 |
Faithful Companions of Jesus CIO
Reference and administrative information
| Trustees | Sister Patricia Mary Binchy |
|---|---|
| Sister Mary Ruth Casey | |
| Sister Mary Teresa Fitzpatrick | |
| Sister Bonita Marie Moser | |
| Sister Judith Ellen Routier | |
| General Superior (Chair of | Sister Bonita Marie Moser |
| Trustees) | |
| General Bursar | Sister Mary Teresa Fitzpatrick |
| Principal office | FCJ Generalate, Gumley House Convent |
| 251 Twickenham Road | |
| Isleworth | |
| Middlesex | |
| TW7 6DN | |
| Charity registration number | 1198483 |
| Accountant | Buzzacott LLP |
| 130 Wood Street | |
| London | |
| EC2V 6DL | |
| Principal bankers | The Royal Bank of Scotland plc |
| London City Office | |
| PO Box 412 | |
| 62/63 Threadneedle Street | |
| London | |
| EC2R 8LA | |
| Solicitors | Stone King LLP |
| Upper Borough Court | |
| Upper Borough Walls | |
| Bath | |
| BA1 1RG |
Faithful Companions of Jesus CIO 1
Trustees’ report Period to 31 December 2022
The trustees present the report and accounts of the Faithful Companions of Jesus C I O (the “charity”) for the period from registration as a charity on 31 March 2022 to 31 December 2022.
The accounts have been prepared in accordance with the accounting policies set out on pages 10 to 11 of the attached accounts and comply with the charity’s trust deed, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
Introduction
The Faithful Companions of Jesus CIO is a Charitable Incorporated Organisation (CIO), registered with the Charity Commission (Registration Number 1198483) and governed by a Constitution dated 31 March 2022.
The CIO was established to continue the work of the Faithful Companions of Jesus Charitable Trust, (the predecessor charity), an unincorporated charity (Charity Registration Number 239285). With effect from 1 January 2023, the assets, liabilities and activities of the unincorporated charity were transferred to the CIO. The unincorporated charity remains a separate entity which may be removed from the register in due course.
The Faithful Companions of Jesus (FCJ), an international Roman Catholic Apostolic Religious Congregation of women, is governed by its own Constitution and referred to in this document as "the Society". Present in 16 countries across five Continents, the Society is governed by its General Superior and her Assistants who are elected at the General Chapter, convoked every 6 (six) years. They reside at the Generalate, Gumley House Convent, in Isleworth, West London.
The Charity Commission’s guidance on public benefit and the General Chapter decrees form the blueprint which guides the General Superior in her leadership of the Society. Consequently, the General Chapter decrees remain relevant in generating the charity’s response to the needs of humanity today. The most recent General Chapter was held in Calgary, Canada in 2019.
The Society’s first foundation in England was at Somers Town, London in 1830. Today the Society is present in the northwest and in the south of England, where the active sisters live in small communities, while those who need particular support and care for their daily needs live together at Kersal Hill, Salford where they have round the clock support.
The assets of the Society in England and Wales support such charitable purposes as shall advance the religious and other charitable work of the members of the Society, whether their ministry is carried out in the United Kingdom or in one of the other sixteen countries where they labour, including Belgium, Ireland, Romania, South Sudan, Italy, the Philippines, Canada, and Indonesia.
Faithful Companions of Jesus CIO 2
Trustees’ report Period to 31 December 2022
Mission and objectives of the charity
The charity is wholeheartedly dedicated to the mission of the Society and committed unreservedly to its charitable objectives which are twofold:
-
To provide for the sisters, both active and retired, whether by supporting their daily needs, their ongoing formation, the care of the sick and elderly or by funding their apostolic ministry, be that in education, social or pastoral work; and
-
To provide grants, donations and support to overseas missionary work and provinces, including support of educational institutions and other organisations which assist the charity achieve its objectives.
The priorities set by the 2019 General Chapter decree, entitled, ‘Widening the Circle of Love’, are tangible and invite the sisters to engage with the CIO’s charitable objectives in a concrete manner.
-
Called the members to engage in compassionate action, prioritising people on the margins of society;
-
Called the sisters to care for our Common Home, in line with Laudato Si’, which the capitulars judged to be a matter of deep justice;
-
Explored governance in the Light of our Present Reality—attending to the gift of our diversity and complexity;
-
Called the sisters to deepen our collaboration with the Companions in Mission by supporting their growth and development; and
-
Called the sisters to engage in vocation ministry. Never has there been so great a need as there is today for spiritual guides who are gifted with a profound experience of faith and humanity.
“We will do this by . . . continuing to use our financial resources and influence to alleviate the plight of suffering people and to effect change.” GC 2019 Call 2
Activities and performance
The charity had no activities and hence no income or expenditure in the period 31 March to 31 December 2022.
Future plans
The Faithful Companions of Jesus CIO will continue the work of its predecessor charity following the transfer to it of the activities, assets and liabilities of its predecessor charity with effect from 1 January 2023.
Faithful Companions of Jesus CIO 3
Trustees’ report Period to 31 December 2022
Relevant policies
Reserves policy
The trustees have examined the requirement for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes, or otherwise committed. The trustees consider that, given the nature of the charity’s work in the future, the level of free reserves should approximate to between 12- and 36-months’ expenditure. The trustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in incoming resources due to timing differences in income flows, adequate working capital to cover core costs, and will allow the charity to cope and respond to unforeseen emergencies.
As the charity had no activities in the period from incorporation to 31 December 2022, there were £nil reserves at the balance sheet date. However, with effect from 1 January 2023 the activities, assets and liabilities of the charity’s predecessor charity were transferred to the charity. The trustees are confident that this will enable the above reserves policy to be achieved.
Fundraising policy
During the period, the charity did not carry out any direct fundraising with the public. It did not use the services of any third party organisation to help in its fundraising activities and no complaints were received about its fundraising activities during the financial year. However, if a complaint was to be received, by the charity, it would be handled by a senior member of staff or trustee.
Governance, structure and management
Trustees
Sister Bonita Marie Moser was elected as General Superior at the General Chapter of 2019 and appointed trustee on 31 March 2022. As a General Assistant, in a previous administration, she served the Society for ten years as a trustee of the Faithful Companions of Jesus Charitable Trust from 1993 to 2003. Prior to her election as General Superior she was Area Leader of the Americas.
Sister Patricia Mary Binchy, General Assistant, was re-elected at the General Chapter 2019. She has ministered in Europe, North and South America in education, pastoral work, and leadership. She was appointed trustee on 31 March 2022.
Sister Mary Teresa Fitzpatrick was re-appointed General Bursar for a third mandate on 1 January 2021 and was appointed trustee on 31 March 2022. She has ministered in both Asia and mainland and Eastern Europe and has experience in leadership and administration and qualifications in education. She is a trustee with the Medaille Trust and a member of the executive committee of the Association of Provincial Bursars (APB) since October 2018.
Faithful Companions of Jesus CIO 4
Trustees’ report Period to 31 December 2022
Governance, structure and management (continued)
Trustees (continued)
Sister Mary Ruth Casey, General Assistant, was elected at the 2019 General Chapter and appointed trustee on 31 March 2022. She has worked on mainland Europe for most of her life in leadership and education and she was working in Romania prior to her election at the General Chapter.
Sister Judith Ellen Routier, General Assistant, was elected at the 2019 General Chapter and appointed trustee on 31 March 2022. She has spent most of her life outside of the UK and brings to her present ministry a wealth of expertise gained from her experiences in Africa, Asia, and Australia. She has filled many leadership roles in the Society.
Trustees’ responsibilities statement
The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these accounts, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102);
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
-
prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations and the provisions of the charity’s trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Management
The trustees, aided by the Area Leader, the Head of Finance and Business Administration and middle management govern and manage the charity in a practical and proactive manner.
Faithful Companions of Jesus CIO
5
Trustees’ report Period to 31 December 2022
Governance, structure and management (continued)
Key management personnel
Following the transfer of activities, assets and liabilities from the charity’s predecessor charity with effect from 1 January 2023, the General Superior and her Assistants consider that the trustees and the Head of Finance and Business Administration will comprise the key management personnel of the charity in charge of directing and controlling, running, and operating the charity on a day-to-day basis. Staff salaries will be reviewed annually and normally increased to reflect a cost-of-living adjustment.
All trustees give of their time freely and no trustee received remuneration during the period.
Risk Management
The management of risk will be an on-going process and the trustees will undertake regular reviews of the principal risks and uncertainties that the charity faces. They will regularly review the measures already in place, or needing to be put in place, to establish policies, systems and procedures to mitigate those risks identified in the annual review and ensure that action is taken to implement changes to those policies, systems and procedures should they be needed to minimise or manage any potential impact on the charity should those risks materialise.
In preparation for the transfer of activities, assets and liabilities from the charity’s predecessor charity with effect from 1 January 2023, the trustees have identified the following risks which will apply to the charity:
- Financial risks
The trustees are aware that fraud and cyber-crime has escalated during the pandemic. The trustees will review, and question policies and procedures used in the finance office and the General Bursar with the Head of Finance and Business Administration will focus their attention on the Area finance offices.
The charity’s investments will be managed by reputable professional investment managers who have discretionary power. The portfolio will be reviewed, during regular meetings with the trustees, to examine whether the charity’s investment policy is implemented properly and to monitor its performance.
- Operational risks
Members of the charity will work with children and vulnerable adults and as a consequence the trustees recognise the absolute necessity of ensuring the protection and safety of all those served by the charity. All staff and volunteers who will work in those areas will be required to have clearance from the Disclosure and Barring Service (DBS).
Faithful Companions of Jesus CIO 6
Trustees’ report Period to 31 December 2022
Governance, structure and management (continued)
Risk Management (continued)
- Reputational risks
In today’s climate of growing sensitivity, the risk of offending the other could arise simply by not understanding the purpose or values of religious life. Members of the Society and employees will be made aware of how their actions and behaviour can impact the charity’s reputation. Moreover, reputational risks can arise from situations beyond the control of the trustees. Managing such risks is fraught with difficulty and will require constant vigilance.
Approved by the trustees and signed on their behalf by:
Bonita M. Moser Trustee
Approved on: 9[th] June 2023
Faithful Companions of Jesus CIO 7
Statement of financial activities Period from 31 March 2022 to 31 December 2022
| 31 March to 31 December 2022 £ |
|
|---|---|
| Total income Total expenditure Net income and net movement in funds for the period and total funds carried forward at 31 December 2022 |
— |
| — | |
— |
The charity was dormant during the above financial period.
The charity had no recognised gains and losses during the above financial period and therefore no separate statement of total recognised gains and losses has been presented.
Faithful Companions of Jesus CIO 8
Balance sheet 31 December 2022
As there has been no activity from the date of incorporation (i.e. 31 March 2022) to 31 December 2022, the charity had no assets or liabilities at 31 December 2022.
Approved by the trustees and signed on their behalf by:
Mary T Fitzpatrick
Trustee
Approved on: 9[th] June 2023
Faithful Companions of Jesus CIO 9
Principal accounting policies 31 December 2022
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.
Basis of preparation
These accounts have been prepared for the period from incorporation on 31 March 2022 to 31 December 2022.
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.
The accounts are presented in sterling and are rounded to the nearest pound.
The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
Assessment of going concern
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.
The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.
Critical accounting estimates and areas of judgement
Other than the assessment of going concern, the preparation of the accounts did not require the trustees to make any significant judgements or estimates.
Cash flow statement
The accounts do not include a cash flow statement because the charity, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Charities SORP (FRS 102).
Income recognition
Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.
Faithful Companions of Jesus CIO 10
Principal accounting policies 31 December 2022
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Faithful Companions of Jesus CIO 11
Notes to the accounts 31 December 2022
1 Staff costs and remuneration of trustees and key management personnel
During the period from 31 March to 31 December 2022 the charity employed no staff and therefore incurred £nil staff costs.
The trustees consider that for the period to 31 December 2022, they comprised the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis.
The trustees received no remuneration or reimbursement of expenses in connection with their duties.
2 Taxation
The Faithful Companions of Jesus CIO is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
3 Post balance sheet events
On 1 January 2023, the assets, liabilities and activities of the Faithful Companions of Jesus (Charity Registration Number: 239285) were transferred to the charity in accordance with a legal transfer of undertakings deed. The net assets and funds transferred were as follows:
| Total £ |
|
|---|---|
| Tangible fixed assets Programme related investments Listed investments Debtors Cash at bank and in hand Creditors: amounts due within one year Creditors: amounts due after more than one year Representing Tangible fixed assets fund Programme related investments fund General fund Designated funds |
6,607,291 1,812,655 94,379,230 153,079 5,490,730 (2,843,878) (4,011,347) |
| 101,587,760 | |
| 6,607,291 1,812,655 36,174,068 56,993,746 |
|
| 101,587,760 |
Faithful Companions of Jesus CIO 12